Surfside condo “a time bomb:” Survivor’s lawsuit cites falling concrete, cracks and standing seawater in garage
Raysa Rodriguez recounts a harrowing escape from her unit at the collapsed Surfside condominium, and lays out mounting warning signs in a newly filed lawsuit. Among them: a concrete chunk that had fallen from the garage ceiling and a “wide crack” above her parking space. In her suit, which seeks class action status, Rodriguez also cites flooding in the…
Champlain Towers South carried a $5M policy, insurers gear up for legal claims
As lawsuits mount against the Champlain Towers South condominium association, the building’s and unit owners’ insurers will play key roles in footing the bill for any payouts arising from legal claims, according to local property insurance experts. Since the deadliest building catastrophe in South Florida history last Thursday, three residents have filed lawsuits…
Fire Official Says Six Floors of Surfside Condo Are Believed to Be Underground
The giant pile of debris in Surfside rises more than two stories above the earth and has proven to be a huge challenge for teams searching for victims of the Champlain Towers South building collapse. But that’s only what can be seen. Officials believe there is nearly as much of the building below ground level. Miami-Dade Assistant Fire Chief Ray Jadallah said…
State attorney’s office plans grand jury investigation into cause of Surfside collapse
State Attorney Katherine Fernandez Rundle will empanel a grand jury investigation to determine the cause of the fatal condo collapse in Surfside, as President Joe Biden plans a visit to the site. Miami-Dade County Mayor Daniella Levine Cava announced on Tuesday that Fernandez Rundle will ask a grand jury to look into the partial Champlain Towers South…
Surfside condo president’s April letter warned of more repairs required
The condo board sent a letter to unit owners of the Champlain Towers South in April cautioning the importance of major repairs, mere months before the oceanfront portion of the Surfside condo tower collapsed, trapping more than 150 people. The letter, signed by condo board president Jean Wodnicki, detailed extensive work the Champlain Towers South…
Dire Warnings Arose In Months Before Miami-Area Condo Tower Collapse
Although the images produced by the collapse of the Champlain Towers South complex in the Miami suburb of Surfside were shocking, the collapse itself wasn’t out of the blue. The president of the building’s condo association sent a letter to residents in April asking them to contribute for $15M in assessed repairs to the tower’s concrete structure, The Wall…
County, cities rush to inspect older buildings in wake of Surfside collapse
Miami-Dade County, Miami and Miami Beach are reviewing older buildings in the wake of the Surfside condo collapse that left residents concerned for their safety. Champlain Towers South, a 12-story, 136-unit oceanfront condo, partially collapsed last week, killing at least 11 people and trapping more than 150. The building was in the midst…
Emails, condo meeting minutes show Surfside official turned a blind eye to structural issues
An ex-Surfside building official who was emailed a report about the Champlain Towers’ structural damage told residents the building was in good condition in 2018. Residents of the collapsed Surfside condominium were told in 2018 that their building was in good condition. The town’s main building official at that time offered them the assurance even…
Engineer raised red flags more than 2 years before Surfside condo collapsed
A 2018 report raised major red flags about the structural integrity of the Champlain Towers South, the Surfside condo building that partially collapsed this week, killing at least five and trapping another 156. The engineer tasked to survey the building for its 40-year recertification found “abundant concrete cracking and spalling” as well as failed…
Details emerge in search for cause of fatal Surfside condo collapse
In the search for a cause of the Surfside condo collapse, more details are emerging about re-construction work needed at the building, as 159 remain missing and four are confirmed dead. Champlain Towers South’s condo association had put out bids for concrete restoration work, as part of the required 40-year recertification, the association’s lawyer, Donna…
159 still missing: Surfside rescue mission frustrates condo victims’ loved ones
As heavy rains complicated the search and rescue operation for possible survivors of the Champlain Towers South collapse, family and friends of people believed to be trapped beneath the rubble stood by at a reunification site in Surfside on Thursday. Maurice Waxman, whose friend Harry Rosenberg is among the 159 people still missing, said…
Photos: Devastation at Champlain Tower South
Police tape blocks access to the partially collapsed Champlain Tower South in Surfside on June 24. As of Friday, four people were confirmed dead and 159 missing at the 12-story building. (Photo by CHANDAN KHANNA/AFP via Getty Images) Police stand guard near the badly damaged building. (Photo by CHANDAN KHANNA/AFP via Getty Images) Rubble hangs from…
‘Walls Were Crumbling’ At 12-Story Florida Condo Building Before Deadly Collapse
A 12-story beachfront condominium building in Surfside, Florida, just north of Miami Beach, collapsed around 2 a.m. Thursday, killing at least one and leaving dozens more unaccounted for. The Champlain Towers South Condo building has 130 units and was completed in 1981, according to the Miami Herald. A massive search and rescue operation is underway after…
First lawsuit filed in deadly Surfside condo collapse
The first known lawsuit has been filed in the aftermath of the Surfside condominium building collapse that left 159 missing and at least four dead. Unit owner and resident Manuel Drezner sued the Champlain Tower South Condominium Association, seeking class action status and more than $5 million in damages. Drezner, who owns unit 1009…
After Miami Collapse: How to Prevent the Unthinkable
The deadly partial collapse of the 12-story Champlain Towers South condominium in Surfside, Fla., has left multifamily property owners and operators with many questions: How could this have happened? How can it be prevented from occurring again? What role may climate change play in placing buildings like this one in jeopardy? Jonathan Weislow, vice…
Miami CRE On What Condo Collapse Means For The Market
People in South Florida commercial real estate are saddened, confused and concerned about the collapse of Champlain Tower South in Surfside. “Our community, and the entire nation, is in shock and grieving over the collapse,” said Mike Pappas, president and CEO of The Keyes Co./Illustrated Properties. They are also thinking ahead to how the collapse is likely…
Supreme Court declines to lift CDC eviction ban
The CDC-imposed federal eviction moratorium will live on — at least for another month. In a 5-to-4 ruling late Tuesday, the Supreme Court rejected an emergency request to vacate the ban, which President Joe Biden extended last week for a fourth and likely final time. It is set to expire July 31. Opponents of the ban, including the Alabama Association of…
JV buys One Biscayne Tower in downtown Miami for $225M
A joint venture paid $225 million for One Biscayne Tower, an office building in downtown Miami, The Real Deal has learned. CP Group, which until recently was called Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought the high-rise at 2 South Biscayne Boulevard, according to a news release. The seller was…
JV Acquires Downtown Miami Office Tower
A joint venture of CP Group, formerly known as Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners has acquired the downtown Miami office building One Biscayne Tower, CP Group announced. The purchase price was $225 million, according to The Real Deal, which first reported the purchase. The…
Developer Jeff Berkowitz cancels plans for SkyRise Miami observation tower
Rendering of SkyRise Miami and Jeff Berkowitz SkyRise Miami, the controversial tie clip-shaped observation tower that has been in the works for roughly a decade, will no longer be built. Developer Jeff Berkowitz canceled plans for the downtown Miami tower, expected to rise 1,000 feet next to Bayside Marketplace, according to the Next Miami. The…
Partnership Breaks Ground on 224-Unit Wynwood Haus Apartments in Miami
A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N Miami Avenue in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two…
Swerdlow Group Breaks Ground on $300M Sawyer’s Walk Mixed-Use Development in Miami
Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment…
Opening of Jackson West in Doral finally firm
Jackson West Medical Center will open its doors to patients Aug. 2, while staff will be in the building starting July 12 according to CEO Eddie Borrego. The opening of the facility, which Mr. Borrego said will be the first acute-care hospital in Doral, has been delayed several times. In 2019, Miami Today reported, Jackson Health System announced its plan to open…
Wix Is Actively Seeking To Double Its Office Space In Miami – Commercial Observer
Wix, a leading web development company, is looking to expand its presence in Miami, Commercial Observer has learned. The technology company is currently based in The Lincoln, a mixed-use Class A building one block from South Beach’s famous one Lincoln Road, covering an area of approximately 25,000 square meters. Wix aims to expand and…
Monarch Alternative Capital Acquires Majority Interest in Miami’s Citigroup Center
Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, today announced that it has acquired a majority interest in the Citigroup Center office building located at 201 S Biscayne Boulevard in downtown Miami. The Citigroup Center purchase is Monarch’s fifth office building investment…
UBS Group going hybrid as workers return
Not every bank is giving love to office landlords: UBS Group AG plans to deploy a hybrid work model. The Swiss multinational investment bank said about two-thirds of its employees will have flexibility to work at home for part of the week after they return to their workplace, according to an internal memo reviewed by Bloomberg News. The date for a return…
Driveshack at Wynwood Walk, GoPuff in Coral Gables, other notable leases inked
Driveshack chose Wynwood Walk as its first Florida location. The entertainment and golf simulator concept signed a 10-year lease for 17,616 square feet at Wynwood Walk, a Thor Equities property. Michael Sullivan from Koniver Stern Group, and Jeremy Zidell and Tripp Russ from Rue represented Driveshack. It’s expected to open next year. State…
Trouble in EB-5 land: Congress at impasse on extension
Last week was a roller coaster for the cash-for-visas EB-5 program. Its backers celebrated Tuesday when a federal judge struck down a Trump administration rule that experts say nearly killed the program. The judge’s ruling reduced the minimum investment amount to $500,000 from $900,000, although it also reduced the number of areas that qualified…
Edgewater investor shells out $46M for downtown Miami development “Burdines” site
Enrique Manhard and his partners, who recently sold land in Edgewater to the Kushner Companies, have reinvested in downtown Miami. The investors paid $46 million to buy the “Burdines” site, a 2.2-acre block at 16 Southeast Second Street, from Wharton Equity Partners and Cross Lake Partners The development site is zoned for a 2.2-million-square-foot…
Wharton Equity Partners, Cross Lake Partners Sell Development Site in Downtown Miami for $46M
Wharton Equity Partners and Cross Lake Partners LP have sold a 92,972-square-foot development site located at 16 SE 2nd St. in downtown Miami. Colliers International’s Urban Core Division facilitated the $46 million sale of the full city block, known as Miami Center. The property is currently home to a parking lot. Mika Mattingly of Colliers and Robert Given…
Downtown Miami Mixed-Use Development Site Commands $46M
A New York-based venture of Wharton Equity Partners and Cross Lake Partners has sold one of the largest undeveloped parcels in downtown Miami, zoned for a 2 million-square-foot mixed-use development. According to South Florida Business Journal, South American businessman Enrique Manhard picked up the 2.2-acre site for $46 million. Zoned…
Fifty former Sears stores go to market
The owner of the defunct Sears franchise is looking to unload a chunk of properties. Andrea Olshan, chief executive officer of the real estate investment trust Seritage Growth Properties that bankrupt Sears formed five years ago, wants to sell 40 to 50 former stores to generate cash, Bloomberg News reported. The sales will also allow Seritage to…
Biden extends CDC eviction moratorium one more time
The Biden administration Thursday extended the federal ban on evictions for a fourth and likely final time, pushing a moratorium set to sunset at the end of the month until July 31. Landlord groups like the National Multifamily Housing Council criticized the extension, calling the move “out of step with the significant progress made in…
Brookfield pays $26M for Doral warehouse
Brookfield Asset Management bought the Bristol Logistics Center in Doral for $26.3 million. The Toronto-based alternative asset manager purchased the building at 1900 Northwest 92nd Avenue from an affiliate of San Francisco-based Bristol Group, according to a news release. Larry Genet and Tom O’Loughlin were part of the CBRE team that represented…
Travel Tech Company Amadeus Downsizing in Doral, Puts 85K SF on the Market
As high-profile newcomers snatch up Miami leases, Amadeus, a leading travel software company, is downsizing its footprint in the city, Commercial Observer has learned. The tech company is vacating its entire North American headquarters at One Park Square in Doral, Fla., placing the entire 84,110 square feet on the market. The global firm is looking for a new…
Doral Bans Gambling Amid Trump-Owned Casino Prospects
The Doral city council earlier this month voted 4-0 to ban gambling and casinos from the city unless approved by residents in a referendum, weeks after Gov. Ron DeSantis negotiated a $500 million gaming deal with the Seminole Tribe of Florida, reports the Miami Herald. Critics believe the compact was tailored to allow casinos at properties such as the Trump…
Landlords in peril, tenants in distress: Expiring eviction bans foreshadow national reckoning
In Connecticut, real estate attorney Ori Spiegel hadn’t heard much from landlords as the end of his state’s eviction ban approached. He expects that to change, starting today. “There are many who I’ve asked to call me back on June 30,” Spiegel said. “The governor has often waited until the last minute to extend the moratorium…”
BTI Partners buys Hollywood Bread Building for $11M, plans multifamily tower
BTI Partners plans a 25-story multifamily project on the site of the Hollywood Bread Building, after buying the property for $11 million. Fort Lauderdale-based BTI Partners and its equity partner Bridge Investment Group bought the Bread Building at 1747 Van Buren Street, according to a news release. Steve Kohn and Chris Moyer were part of the Cushman…
KPC Properties buys Plantation apartment complex for $46M
KPC Properties bought a Plantation apartment complex for $46 million. The Fort Lauderdale-based group bought Axis at One Pine at 1 South Pine Island Road from Pensam Capital, according to Tal Frydman, one of the brokers on the deal. Frydman worked with Avery Klann, both of Newmark, to close the sale. The five-story complex totals 209 units and more than 228,275 sf…
Batmasians buy Deerfield Beach multifamily complex for $46M
James and Marta Batmasian’s investment firm bought a Deerfield Beach apartment complex for $46 million. Their firm, Investments Limited, bought the 212-unit Lakes at Deerfield at 1100 South Military Trail from GFI Capital Resources Group, according to a news release from the brokers involved. The deal breaks down to $216,981 per unit. Tal Frydman…
Avanti buys Boynton Beach apartments for $105M
LeCesse Development Corporation sold a 341-unit apartment complex in Boynton Beach for $105 million. Skye at Boynton Beach LLC, tied to LeCesse, sold 500 Ocean Apartments at 101 South Federal Highway to four Delaware entities. Three are tied to Denver-based Avanti Residential and one is linked to a real estate investment trust, records show. The deal equates to…
Downtown West Palm Beach office building, parking lot sell for $20M
The Galleria International, an office building in West Palm Beach, sold for $20 million, in a deal that included a parking lot, The Real Deal has learned. Galleria International LLC sold the 42,263-square-foot office building at 301 Clematis Street to Clematis Banyan Investors LP, according to a press release. Safe Parking LLC sold the 30,000-square-foot parking lot adjacent…
The post Miami Commercial Real Estate News June 30, 2021: Condo Disaster Updates; One Biscayne Tower Sells for $225M, “Burdines” Dev Site for $46M; More… appeared first on Hawkins Commercial Realty.
