Month: October 2019

Bridge Investment picks up downtown Miami’s Museum Tower for $65M

Bridge Investment Group paid $64.6 million for downtown Miami’s Museum Tower, marking the company’s fourth office acquisition in South Florida this year. The Salt Lake City-based investment firm bought the 259,666-square-foot Class A office tower at 150 West Flagler Street for $250 per square foot, records show. Dallas-based Gaedeke Group sold the building. Gaedeke Group paid…

Bridge Investment Group Snags Miami Office Tower for $65M

Bridge Investment Group has acquired Museum Tower, a 259,666-square-foot office tower in Miami’s central business district. The sales price was reported as $64.6 million. Located at 150 West Flagler St., the 29-story tower was originally built in 1986. Since 2016, more than $3 million of capital has been invested in the building, including upgrades to HVAC and security systems, an overhauled fire alarm…

Apartment REIT Aimco Buys Brickell Bay Office Tower for $157M

A multifamily investor looked like it was changing its stripes when it bought the 1001 Brickell Bay office tower in Miami for $157 million in South Florida’s second biggest office sale of the year. But maybe not. The transaction remained off the radar since closing three months ago with Aimco buying majority control of the owner of the building on Biscayne Bay. The purchase was reported in the company’s…

The Fed lowers rates, and once again real estate is loving it

There may come a time when a Federal Reserve interest rate cut is met with skepticism from the broader real estate industry. But now is not that time, experts say. Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. Lowering interest rates makes other asset classes such as bonds less attractive,

Mana Group reveals timeline for downtown Miami plans

Moishe Mana and a map of the project It’s been nearly a decade since developer Moishe Mana began buying real estate in Miami, and now his team has released a construction timeline for his major redevelopment of downtown. The Mana Group unveiled plans for the project at a community meeting on Tuesday night, giving a rare glimpse of the first buildings that the development firm is working…

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

JPMorgan announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday Areas near the Virgin Trains USA stations in Overtown and Fort Lauderdale could see a wave of new affordable housing. JPMorgan Chase announced on Wednesday it plans to invest $5 million to develop affordable housing in South Florida in areas near…

Fifth delay shoves 22-acre Little Haiti project vote to February

An application for a 22-acre Little Haiti project has stagnated in a City of Miami board, with members deferring action once again because the developer hasn’t got an adequate traffic study nor done enough strategizing to protect surrounding neighborhoods. The Planning, Zoning and Appeals Board unanimously deferred a land use designation change for the Eastside Ridge special area plan (SAP) to…

Jackson Health System targets 2020 Doral hospital finish

Jackson Health System is still targeting late 2020 to finish construction on the new José Milton Memorial Hospital at the Jackson West Medical Center in Doral, give or take a couple months, according to Jackson President and CEO Jose Migoya. “We believe it should be done around October [next year],” he said Monday. “Then we have 60 days to be operational. We hope to open doors to patients…

Miami Worldcenter tower beside Freedom Tower OK’d

As continued construction brings the sweeping Miami Worldcenter to life in the heart of the City of Miami, the southern edge of the mixed-use project is coming into focus. Sixth Street Miami is to include several uses in one tower and its expansive podium at 601 NE First Avenue. The site is bordered on the north by FEC railroad tracks, on the east by Northeast Second Avenue, on the south by Northeast…

Virgin Train to run from PortMiami to Disney World

Within three years, Florida’s visitors and residents may be able to go to Disney World or Universal Studios, then take a Virgin Train directly from Orlando International Airport to PortMiami and board a cruise ship – or vice versa. That potential boon to the Sunshine State’s tourism industry moved closer to reality Tuesday, when Miami-Dade lawmakers unanimously OK’d terms of an estimated $53.3…

Chart: Miami-Dade County Unemployment Rate Creeps Up, but Remains Low at 3.5%

As can be seen in the accompanying chart, the unemployment rate remains low at 3.5%. It has, however, crept up from its recent even lower -the lowest since 2007 – levels of 3.0%. These minuscule levels of unemployment are a marked improvement from the 12.4% peak reached in 2009 following the subprime mortgage crisis. An uptick like this current one may very well be only a blip – let’s hope…

Repurposing historic church adds 40-story Biscayne Boulevard tower

A plan to repurpose a historic church building on Biscayne Boulevard and build a new residential tower next door is back before the City of Miami with a new design. Fifteen 1836 Biscayne LLC intends to redevelop a church at 1836 Biscayne Blvd. and construct an adjacent 40-story building for more than 360 dwelling units and parking levels to accommodate 421 vehicles. A similar plan for the property was…

300 Affordable Units Coming Along FEC Rail Corridor

The South Florida Housing Link Collaborative, a coalition of five nonprofit groups, announced a $5M investment Wednesday from JPMorgan Chase, which will be used to develop affordable, resilient housing along the Florida East Coast Railway line in Miami-Dade, Broward and Palm Beach counties. Miami Mayor Francis Suarez, Florida Lt. Gov. Jeannette Nunez and former U.S. Sen. Mel Martinez…

$1.9 billion Metrorail extension may run to Broward

Eleven months after voting that rapid transit to the Broward County line should use an “elevated fixed guideway,” Miami-Dade’s transportation planning board today (10/31) may choose a $1.9 billion Metrorail extension. State consultant WSP compared Metrorail with automated people mover, monorail and urban magnetic-levitation trains for the 9.5 miles through Miami Gardens along Northwest…

What Does “Ordinary Wear And Tear” In A Commercial Lease Really Mean?

This post is adapted from an article that was originally published in the Fall 2019 issue of ActionLine, a Florida Bar Real Property and Trust Law Section publication. Many commercial leases direct the tenant as to the condition in which the tenant must keep the premises during the lease term, or return them to the landlord at the end of the lease term.  It is common for these provisions to carve out “ordinary…”

Developers of historic downtown Miami Post Office building get OK to open multiple bars

Daniel Pena-Giraldi and Luis Rojas, developers of downtown Miami’s Langford Hotel, continue moving forward with their plan to convert a century-old building that once served as a Post Office and courthouse into a food and beverage center that will include downtown Miami’s first brewery. The Miami City Commission last week unanimously granted an exception that will all…

Can region escape industrial slowdown?

The nation’s supercharged industrial real estate sector appears to be braking from its breakneck growth, after taking a battering from a prolonged government shutdown, an escalating trade war, a slowing gross domestic product, global turmoil and sinking CEO confidence. According to NAIOP’s third-quarter Industrial Space Demand Forecast, net absorption of warehouse, distribution, assembly, showroom…

Terra Group Completes Coconut Grove Office Building

Terra Group, in partnership with Mayfair Advisors, has completed the construction of Mary Street, a Class A office building in Miami’s Coconut Grove at 3310 Mary Street. The seven-story development was transformed from a parking garage into a modern office property by architect Touzet Studio and recently received its temporary certificate of occupancy. The developers broke ground on the project in…

Giant wheel coming to Miami’s Bayside Marketplace

Coming soon to Bayside Marketplace: a giant observation wheel. Miami commissioners on Thursday endorsed a revenue-sharing deal and height variance that will enable Sky Views of America to build a 190-foot-tall wheel on city-owned land that’s now controlled by Ashkenazy Acquisitions and General Growth Properties, the owners of Bayside Marketplace. Resembling a Ferris wheel, the Sky Views…

Co-living venture Urbin expanding to Miami Beach

Rendering of Urbin Coconut Grove and Rishi Kapoor Developer Rishi Kapoor is betting on co-living, starting with three projects in Miami-Dade. Kapoor, CEO of Location Ventures, is moving forward with a $50 million co-living project at 1234 to 1260 Washington Avenue, now that the Miami Beach City Commission passed co-living legislation for a portion of Washington Avenue from Sixth to 16th streets. Urbin…

Homestead mobile home park sells for $22M

New Aquarius Corp. sold a 200-unit mobile home park in Homestead for $22 million. A company tied to Bradley Dressler of Stuart, Florida bought the mobile home community at 451 Southeast 8th Street for $110,000 per home site. New Aquaris Corp., led by Margitta Di Gennaro of Key Colony Beach, Florida, sold the property. The mobile home community spans 24.3 acres. It last traded for $1.3 million…

Video Montage of Comments About Sea Level Rise from Miami Developers and Brokers

In this short video, a set of Miami developers and brokers offer their views on the effects of sea level rise on the Miami real estate market. These comments were made backstage at a TRD forum held recently at Mana Wynwood. Among those that commented are: Melissa Rose, Managing Director at Ackman-Ziff; Phil Gutman, President of Brown Harris Stevens; Dob Peebles, CEO of The Peebles Organization…

Financing in hand, Florida’s first LGBTQ+ senior housing development breaks ground

Carrfour Supportive Housing and The Pride Center have secured all of their funding for what is expected to become the first LGBTQ+ senior housing development in Florida. Construction is now underway on The Residences at Equality Park, a 48-unit building at 2040 North Dixie Highway in Wilton Manors, said Stephanie Berman, president and CEO of Carrfour Supportive Housing. The $15.3 million…

With Booming Numbers, Miami’s Hospitality Market Can’t Lose

Yeah, yeah, Miami might be underwater soon, but for now at least, the city has a key ingredient going for it: hard numbers. The city is first in employment growth and fourth in population growth, according to a CityLab analysis of fastest-growing cities this August. Last year broke tourism records — 16.5 million overnight visitors and 6.8 million day-trippers came through — and 2019 is likely to top those.

Scaramucci slashes his sights on his Opportunity Zone fund

Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event…

South Florida Office Market Still Growing: ‘It Has Been The Seventh Inning For 5 Years’

A cyclical peak in South Florida office development appears remote, as demand has been growing faster than the supply of new space. “It has been the seventh inning for five years,” said Stiles Senior Managing Director Kyle Jones, using a familiar baseball analogy to describe the timing of the market cycle. Jones joined a slate of office market experts at Bisnow’s Office Market Update event last week at the…

Coral Gables Zoning Law: Mixed Use Development Overview

The clear evolution of infill real estate redevelopment in South Florida and Greater Miami is towards a true mixed-use environment that makes areas desirable places to work, live, and play.  Coral Gables, with its vibrant commercial areas, is an example of a municipality within Greater Miami-Dade County that is leading this charge through a specific mixed-use zoning code overlay to promote these…

Cutler Bay Mixed-Use Property Trades

MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay, located at 18901 SW 106th Avenue, from a local private investor for $16 million. Avison Young Senior Vice President Rosendo Caveiro, Principals John Crotty, Michael Fay and David Duckworth, along with Senior Associate Brian de la Fé and Associates Berkley Bloodworth and Emily,,,

Video: Kaseya COO Joe Smolarski Discusses Benefits of its International HQ Location in Downtown Miami

In this Miami DDA produced video, Joe Smolarski, Chief Operating Officer for Kaseya®, discusses benefits of its downtown Miami location. Kaseya® refers to itself as the leading provider of complete IT Infrastructure Management Solutions for managed service providers (MSPs) as well as for internal IT organizations. The company notes that through its open platform and customer-centric…

Equity Residential decries rent control’s “chilling effect” on development

Sam Zell’s Equity Residential said rent control is having a “chilling effect” on capital going into development. The real estate investment trust, which owns 80,000 units nationwide, saw its total revenue from rental income and fee and asset management increase to $685 million in the third quarter, from $652 million a year earlier. But on Wednesday’s third-quarter earnings call, executives pointed to…

Blackstone reports boost in Q3 net income; eyes more industrial buys

Blackstone Group, which has been on an industrial-buying binge, reported a jump in overall net income in the third quarter compared to the same period last year. Blackstone’s $779 million in net income from July through September was up more than 75 percent from the $442 million it reported over the same period in 2018, the company announced Wednesday. The numbers were also higher than the…

As can be seen in the accompanying chart, the unemployment rate remains low at 3.5%. It has, however, crept up from its recent even lower -the lowest since 2007 – levels of 3.0%. These minuscule levels of unemployment are a marked improvement from the 12.4% peak reached in 2009 following the subprime mortgage crisis. An uptick like this current one may very well be only a blip – let’s hope – but every uptick is worth carefully watching. There are economic storm clouds around the world, with large swathes of sovereign debt priced at negative yields, and the Fed right here in the good ol’ USA seems to be at least somewhat concerned. Thus, this little blip seems ever more worth watching.

In this short video, a set of Miami developers and brokers offer their views on the effects of sea level rise on the Miami real estate market. These comments were made backstage at a TRD forum held recently at Mana Wynwood. Among those that commented are: Melissa Rose, Managing Director at Ackman-Ziff; Phil Gutman, President of Brown Harris Stevens; Dob Peebles, CEO of The Peebles Organization; Jules Trump, Co-Founder of The Trump Group; Lisete Calderon, CEO & President of Neurology Life Development Group; Mike Pappas, President of The Keyes Company.

In this Miami DDA produced video, Joe Smolarski, Chief Operating Officer for Kaseya®, discusses benefits of its downtown Miami location. Kaseya® refers to itself as the leading provider of complete IT Infrastructure Management Solutions for managed service providers (MSPs) as well as for internal IT organizations. The company notes that through its open platform and customer-centric approach, it (Kaseya) delivers best in breed technologies that allow organizations to manage, secure, and backup IT efficiently. Their Kaseya IT Complete platform is, they say, the industry’s most comprehensive, integrated solution suite purposely engineered to help IT both run and grow the business.

Video: A-Rod Discusses Benefits and Pitfalls of Being a Celebrity Investor

Alex Rodriguez has been investing in real estate for decades. He made his first purchase — a duplex outside of Miami that he needed a $48,000 downpayment for — when he was 22. That was, of course, before his $20 mil per annum salary as a baseball legend. However, in the years since, the former Yankee third baseman, now at the ripe age of 44, has built a rather sizable national real estate portfolio.

Urban Land Institute recommends changes to city of Miami zoning code

A new Urban Land Institute (ULI) report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations. Report co-author Andrew Frey presented his ULI focus group’s findings on Friday to Miami Mayor Francis Suarez, who declined to…

AVE Aviation & Commerce Center Sells Industrial Portion of Hialeah Mixed-Use Development for $126 Million

AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office…

BentallGreenOak-Led JV Pays $126 million for Miami Industrial Assets

A partnership of BentallGreenOak and Bridge Development Partners has acquired four industrial properties and 1 million square feet of development rights at a mixed-use Miami business park for $126 million. The seller was CPF Investment Group. The buildings are located within the 2.6 million-square-foot AVE Aviation & Commerce Center, located adjacent to Miami-Opa Locka Executive Airport.

JV pays $126 million for Opa-locka industrial property

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. CPF Investment Group sold…

Florida Grand Opera sells Doral hub, seeks new home

Florida Grand Opera is on the hunt for its new home after selling its Doral headquarters. Represented by Cushman & Wakefield, the opera sold the 35,000-square-foot Doral Center building at 8390 NW 25th Street for $7 million to Imagik International Corp., an in-flight entertainment systems company. “We are looking for a facility that is more sufficient and aligns with our organization,”

Miami-Dade, cities target docks for waterborne transit

Miami-Dade and the cities of Miami and Miami Beach have been collaborating to identify potential docking locations for waterborne transit services between the two municipalities across Biscayne Bay, county Transportation Director Alice Bravo said last week. Finding places for water transit vessels to dock that have been or can be upgraded with connections to other forms of transportation is one of…

Ferris wheel spins around at Bayside with bigger deal

Miami commissioners today (10/24) are to again debate a 176-foot Ferris wheel at Bayside, with a new offer on the table for a bigger city revenue cut that reflects last month’s contentious call for the city to do better on the deal. An agenda resolution would authorize the city manager to amend a lease between the city and Bayside Marketplace LLC to allow for up to 190 feet for the Ferris wheel. In exchange…

SR 836 Signature bridge, double-deck viaduct roll ahead

The I-395/SR 836/I-95 Design-Build Project in the heart of the City of Miami is reported progressing steadily, with regular notices about lane closures and other information for area residents and motorists. Up-to-date details are at the project’s website, www.i-395miami.com, from the Florida Department of Transportation (FDOT). “Progress continues along all arteries within the project limits,” said Senior…

River Land near Health District adds green space

Land abutting the rising River Landing mixed-use project near the Health District is set to be transformed into 1.5 acres of green space with the Miami City Commission’s approval. The commission is to vote today to amend the development agreement to require certain improvements on the site acquired by… River Landing Conservation Foundation. In 2017, the foundation acquired 1280 NW 11th Street…

Bank OZK lends $28M for Holiday Inn project in Edgewater

A Holiday Inn by IHG will soon rise in Miami’s Edgewater neighborhood. Bank OZK provided a $27.5 million construction loan for the eight-story, 207-key hotel planned for 410 Northeast 35th Terrace. The hotel is being developed by Amaury Martinez of Edgewater Hotel Management. It’s expected to be completed next summer. The loan closed on Friday. BGI Capital, led by Robert M. Barthelmess…

Opportunity Zones, real estate’s next big thing, fails to attract much investment

Despite all the hype, investor interest in Opportunity Zone funds simply hasn’t materialized as fund managers had hoped. According to an analysis by Novogradac, a San Francisco-based accounting firm, 103 Opportunity Zone funds have raised just 15 percent of what fund managers expected. There are at least 285 Opportunity Zone funds in the United States, and many have not shared…

Miami Gardens commercial site sells for $19M

Concorde Group Holdings sold two commercial buildings near Miami Gardens for $19.4 million, a 61 percent increase from the last sale price in 2016. The Boca Raton-based real estate investment firm sold the 139,495-square-foot buildings at 900 and 1000 Park Centre Boulevard for $139 per square foot, records show. Park Centre Partners LLC, which is tied to Kenneth Israel of Hallandale Beach-based…

Video: PwC Partner Mitch Roschelle Discusses Tariffs and Commercial Real Estate

Mitch Roschelle, Partner and NY Metro Business Development Leader with PwC, joins America’s Commercial Real Estate Show to talk about the potential impact tariffs could have on our economy and the commercial real estate industry. In this episode, he quickly adjusts the conversation to talk about the economy, and potential effects of tariffs and anti-trade rhetoric and policy on it, and in turn on…

SoftBank to take control of WeWork at less than $8B valuation, Down 83% from January’s

WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. The deal would buy out some earlier investors and shareholders, and dilute the stake of former CEO Adam Neumann, those sources said. The final…

Foundry Commercial bought an 18-acre site in Hialeah Gardens, plans industrial project

Paul Ellis Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000 square foot speculative industrial development. The site sits off of Northwest 107th Avenue between Northwest 144th Street and Northwest 146th Street, according to a release. The two properties were sold for a combined $13.1 million by two sellers, according to a source. Property…

Foundry Commercial to Develop 320,000 SF Spec Industrial Building in Hialeah Gardens

Foundry Commercial has acquired an 18-acre site in Hialeah Gardens with plans to develop a speculative 320,000-square-foot industrial building. The site is situated on NW 107th Avenue between NW 144th and NW 146th streets, about 20 miles northwest of downtown Miami. Orlando-based Foundry Commercial plans to break ground in early 2020 and expects to deliver the asset by the end of 2020.

Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami

Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin…

Co-living trend of renting bedrooms is back and here to stay say forum participants

Co-living is becoming a growing segment of South Florida’s multifamily market amid increased competition from each other and from conventional apartment developers, according to a group of such developers and operators. “Sure, there’s competition. But it’s a big opportunity,” said Brian Lee, senior director of real estate at Common, on a panel on co-living and other new housing trends…

120,590 SF Lease Negotiated Within Airport North Logistics Park in Northwest Miami

Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in…

Report: Miami Office Property Inventory Increased 13.5% Over 10 Years

An office property study was recently published by CommercialCafé that details how much office space the top 20 U.S. markets have added in the past 10 years. Perhaps more interestingly, they also look at where this space was added within these markets, central business district (CBD), urban, or suburban. In the state of Florida, 30.5 million square feet of space was added, with 77% – the biggest…

SoftBank rescue plan would bring WeWork’s valuation to $8B

SoftBank is considering a financing package to save WeWork that would value the embattled office-space company at $8 billion, according to Bloomberg. It is a stunning drop from WeWork’s $47 billion valuation set in January by SoftBank, at the time of its last cash infusion. The Japanese conglomerate owns about a third of the company and has already invested more than…

Rents dip nationally, slightly up in Miami

The housing market has been slowing across the nation, and now rent prices have finally begun to fall. Very very slightly. The average rent across major U.S. cities dipped for the first time on a monthly basis since February 2017. This was not the case in Manhattan or Los Angeles, however. From August to September, average monthly rent decreased $1, or 0.1 percent, according RentCafe. September’s…

Active South Florida Lender Bank OZK reports uptick in construction lending in Q3

Bank OZK reported an uptick in real estate construction lending in the third quarter amid cooling markets in New York City and Miami. The bank reported on Friday that its total construction loan portfolio grew to $6.68 billion at the end of the quarter, up from $6.49 billion a year earlier. Overall, the company’s real estate lending arm RESG originated $2 billion of loans in the third quarter, marking the…

Spirit Airlines plans to build $250M HQ campus in Dania Beach

Miramar-based Spirit Airlines will consolidate its headquarters and other facilities in Broward County at a new $250 million campus in Dania Beach. Spirit’s project at the Dania Pointe mixed-use development, just south of Fort Lauderdale-Hollywood International Airport, will span up to 500,000 square feet. It will include corporate offices and a crew-training facility equipped with flight simulators. Spirit…

At forum Ben Carson discusses how Opportunity Zones are unlike red and black ants

When talking about federal Opportunity Zones, Secretary of Housing and Urban Development Ben Carson said you need to understand ants. And use them as a cautionary tale. On the whole, ants work well together and are “sophisticated” and “industrious,” said the former neurosurgeon, during prepared remarks at The Real Deal’s annual Showcase & Forum in Miami’s Mana Wynwood.

Forum: South Florida developers riff on the shift from condos to rentals

The cyclical nature of Miami’s condo market has many developers shifting toward rentals – but not Michael Shvo. The New York developer, who is making a big push in Miami Beach, said that as long as you have the right site and project, the overall market’s performance is irrelevant. “It doesn’t really matter what the market is. You build something special in the right…

Bacardi-owned company sues construction firm for defects and delays at Coral Gables office development

After opening a six-floor office building in Coral Gables nine months ago, a Bacardi-owned firm is accusing national conglomerate OHL USA of causing $5 million in construction delays. 1515 Sunset LLC, a company controlled by Facundo Bacardi, sued OHL USA last month in Miami-Dade Circuit Court for construction defects, untimely payments to subcontractors and delay damages. The property is located…

Citing Health Concerns, Coral Gables Halts Approvals of Vape and CBD Shops

Since the news broke this summer that vaping has caused dozens of people to grow sick and even die, consumers and government agencies have been in full panic mode. As of now, 33 people, including at least one in Florida, have died from a mysterious lung illness. Those health concerns are now trickling down to local governments. Yesterday, Coral Gables city…

Miami Is the Most Rent-Burdened City in America, Study Says

Another week, another study telling us what we already know about Miami’s housing affordability crisis: The rent is too damn high, and residents of the Magic City are more burdened by rental costs than those of any other U.S. city. An analysis by Apartment List shows 62.7 percent of renters in Miami are cost-burdened, the highest percentage of the nation’s 100 largest metro areas. Nearly 34 percent of…

Shoma Group launches lower-priced condo project near Lincoln Road

Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site. Ten30, at 1030 15th Street, will have 43 condos, including six studios, 29 one-bedroom units and eight two-bedroom units, priced from $498,000…