Month: October 2022

Electra, BH purchase former Cutler Bay Sears store for $34M

Seritage Growth Properties’ Andrea Olshan and Electra America’s Joe Lubeck with former Sears store at Southland Mall, 20505 South Dixie Highway:  Electra America and BH Group added a former Sears store to the joint venture’s Southland Mall assemblage slated for a $1 billion overhaul. The joint venture acquired the 130,000-square-foot big box building for $34 million from Seritage…

Ugo Colombo and Craig Robins’ trial begins over $19M plane loan

CMC Group’s Ugo Colombo and Dacra’s Craig Robins with a Bombardier Challenger jet (Ugo Colombo, Dacra, Bombardier, Getty) A pair of prominent Miami developers are duking it out again in Miami-Dade Circuit Court in what could be the closing chapter to an epic 12-year-old legal war over a private plane they jointly owned in the late 2000s. Dressed in natty suits, Ugo Colombo…

Pérez’s Related scoops up multifamily dev site in North Miami

Jorge Pérez’s Related Group bought a multifamily development site at the closed Johnson & Wales University campus in North Miami. The Coconut Grove-based firm plans Manor Biscayne, an eight-story building with 382 apartments and 9,000 square feet of retail on a parking lot at 1650 Northeast 124th Street. Yoram Izhak’s IMC Equity Group sold the 3-acre site for $13.6 million…

The Fed’s Beige Book: Worker Shortage Improving, Home Sales Falling

Economic activity in the Southeast expanded “slightly” from the middle of August through September, as a shortage of available workers eased somewhat, according to the Federal Reserve Bank of Atlanta’s Beige Book compilation of reports from business contacts. Most employers said pressure to increase wages remained but had lessened in recent months. Although most…

Ganja time: Miami to vote on medical marijuana dispensary rules

Developer Michael Comras isn’t ready for his medical marijuana dispensary plan to go up in smoke. Comras, of Miami Beach-based Comras Company, is asking the Miami commission to overturn a city board’s decision that shot down his bid to open a store in the MiMo Biscayne Boulevard Historic District. It’s the latest in the drawn-out controversy over dispensaries in the city that…

Mount Sinai cancer center clears Miami Beach hurdle

Mount Sinai Medical Center’s Irma and Norman Braman Cancer Center in Miami Beach is on schedule and projected to open in September 2025. This month, Mount Sinai Medical Center received approval from the City of Miami Beach Design Review Board, which is one of the principal components of getting the cancer center approved from a design standpoint, Gino Santorio…

Coral Gables project adds two parks, swaps historic rights

A 16-story mixed-use development known as 1505 Ponce got the green light to proceed with plans after obtaining a transfer of development rights from seven historic properties and offering to create two permanent parks. On Tuesday, Coral Gables commissioners gave the OK for Location Acquisitions LLC, the contract purchaser of 1505 Ponce de Leon Boulevard, to proceed…

In Coconut Grove, Tigertail building’s strange geometry

A new mixed-use residential project is coming to Coconut Grove, at 2835 Tigertail Ave. Residences in the Grove will offer 174 dwellings, ground floor commercial, and basement parking. The site is north of Tigertail, on the corner of Mary Street. The city’s Urban Development Review Board unanimously recommended approval. Iris Escarra, an attorney representing the developer, explained…

Buyer’s Due Diligence; What Can A Level II Thermographer Do?

Miami-Dade County has made significant changes to the 40-year recertification requirement for commercial buildings since the Surfside condo collapse in 2021. One change includes lowering the age of a building to 25 or 30 years rather than 40, and another significant change is the introduction of an infrared electrical inspection performed by a certified Level II thermographer.

Lease roundup: Link Logistics, Gatsby, Lincoln score tenants

Challenge Warehousing I Port Everglades Distribution Center I Dania Beach Challenge Warehousing moved to Port Everglades Distribution Center in Dania Beach. The firm leased 82,000 square feet of industrial space at 1900 Northeast Seventh Avenue from Blackstone’s subsidiary Link Logistics, according to a news release from the tenant’s broker. JC Conte and Brian Ahearn of Butters…

Video: Federal Reserve Real Estate Subject Matter Expert Brian Bailey Discusses the Fed’s View on Commercial Real Estate 2022

In this video, Brian Bailey, Federal Reserve Real Estate Subject Matter Expert, joins America’s Commercial Real Estate Show to shares view on the commercial real estate market. He discusses expectations for the fed funds rate, then goes on to discuss balance sheet health of banks and the implications for lending. This is a varied discussion that goes from remote working trends…

Growing Wynwood Investment

During the past two years, large tech and venture companies relocated to South Florida, fleeing high-tax locations. The Wynwood BID has been positioning the neighborhood to grow in stature to become a 24/7 mixed-use community. A short list of companies already committing to office space in Wynwood includes Founders Fund, Spotify, Technology SA, Blockchain.com…

Ranaan Katz’s RK Centers buys Aldi-anchored plaza near North Miami

RK Centers’ Ranaan Katz, Seritage Growth Properties’ Andrea Olshan, an aerial of 10790 Biscayne Boulevard and 1290 Northeast 108th Street in Miami-Dade County: Seritage Growth Properties is continuing to retreat from its South Florida retail real estate assets. After the firm’s board recommended this summer that it liquidate its properties, Seritage sold the shopping plaza with…

Canceled: Related, 13th Floor’s $500M Miami Beach condo buyout falls apart

13th Floor Investments’ Arnaud Karsenti and Related’s Jorge Pérez with 5445 Collins Avenue: One major South Florida condo buyout has fallen apart, after a group of unit owners blocked the half-a-billion-dollar deal, The Real Deal has learned. The Related Group and 13th Floor Investments confirmed they pulled out of their proposed purchase of the Castle Beach Club condo in Miami Beach.

Russell Galbut scores approval for Art Deco hotel renovation

Russell Galbut’s Crescent Heights can move ahead with plans to build two additional floors at the Regent Hotel… The Miami Beach Preservation Board on Monday approved a Galbut affiliate’s request to demolish the rooftop pool and deck of the two-story Regent that is adjacent to the three-story Gale Hotel at 1690 Collins Avenue. The two new floor…

Mexican restaurateur sells Edgewater development site for $21M

Mexican restaurateur Juan Carlos Cachoua sold an assemblage in Miami’s Edgewater for $21 million, adding to the buyer’s adjacent portfolio. An entity managed by Maria Menzel in Coral Gables purchased the six contiguous properties totaling 0.8 acres, according to the brokers… The properties include: an 11,000-square-foot retail building at 2699 Biscayne Boulevard…

Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate Outlook and Strategies

Thomas LaSalvia, Senior Economist with Moody’s Analytics, joins this commercial real estate show to discuss the latest performance and cap rates for retail commercial properties. Discussions include a forecast for current markets as well as some strategies for retail property investors.The post Video: Senior Economist with Moody’s Analytics Thomas LaSalvia Discusses Retail Real Estate…

Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his Firm’s 2023 Commercial Real Estate Outlook

In this awesome video covered are highlights and takeaways from Deloitte’s annual outlook survey of Real Estate Chief Financial Officers. John D’Angelo, U.S. Real Estate Solutions Leader, joins this commercial real estate related show to discuss this report and planning for 2023 in general.The post Video: John D’Angelo, U.S. Real Estate Solutions Leader at Deloitte, Discusses his…

Rock Soffer, partners bet on Little River multifamily

Turnberry’s Rock Soffer, Native Construction’s Gaudi Castro and Cade Capital’s Jose Vizcarrondo with 123 and 137 Northeast 79th Street: Most developers in Miami’s Little River bet on retrofitting aging buildings into trendy dining and retail spots. But they stop short of ground-up residential construction. Rock Soffer, Gaudi Castro and Jose Vizcarrondo aren’t most developers.

Amid Unyielding Labor Shortage, Construction Leaders Call For Immigration Reform

With billions in federal funding set to flow to infrastructure projects across the country in the coming years, the labor shortage that has long plagued the construction industry could get even direr. In order to build the projects spurred on by the passage of the Infrastructure Investment and Jobs Act, CHIPS Act and the Inflation Reduction Act over the last two years, construction…

Fort Lauderdale developer launches condo project planned as rentals

Ocean Land Investments plans to launch condo sales of Sixth & Rio, a boutique residential building that was planned as rentals. Fort Lauderdale-based Ocean Land, led by founder and CEO Jean Francois Roy, said that construction costs for the 94-unit building were 40 percent higher than originally priced. That prompted the switch to condos for the project planned for 501…

AMAC, ROVR score $41M construction loan for Hollywood project

AMAC founders Maurice and Ivan Kaufman and ROVR Development principals Oscar Rodriguez and Ricardo Vadia with a rendering of Griffin 441: AMAC and ROVR Development broke ground on a 180-unit multifamily project in Hollywood having secured $41 million in construction financing. Ocean Bank provided the loan to the joint venture, according to a press release.

BTI wins key approvals for major downtown Hollywood development

BTI Partners won site plan approval and a rezoning for Block 57, a two-tower, mixed-use development in downtown Hollywood with 856 planned apartments. The Hollywood City Commission granted the approvals Wednesday amid concern about future traffic patterns around the 3.2-acre development site on Young Circle. Along with 856 apartments, Block 57 will have about…

Cymbal DLT lands $31M construction loan for Fort Lauderdale apartment towers

Cymbal DLT Companies nabbed a $31 million construction loan for a pair of Fort Lauderdale towers, but the firm doesn’t expect to break ground until next year. The Miami-based developer and general contractor won financing from 3650 REIT, which also recently funded construction of another Cymbal DLT multifamily project in South Florida, according to a press release. The funding…

Grupo Eco plans 12-story office building in Hallandale Beach

Grupo Eco won a rezoning for its planned 12-story office building in Hallandale Beach, the fourth phase of the mixed-use Atlantic Village development on Federal Highway. The building will have 97,735 square feet of office space on the top five floors, 7,745 square feet of ground-floor retail and restaurant space, and a parking garage with 298 spaces from the ground floor to the seventh…

Developer advances affordable housing project in downtown Hollywood

Hollywood gave conditional approval to a design and site plan for University Station, an eight-story, affordable rental development by Housing Trust Group. The Hollywood City Commission conditioned its approval on a pledge by Coconut Grove-based HTG to restore the curvy architectural style that the developer originally proposed for University Station. The commission also…

Foundry Commercial Breaks Ground on Coral Springs Industrial Park

Osprey Logistics Park groundbreaking event. Image courtesy of Foundry Commercial Foundry Commercial has broken ground on Osprey Logistics Park, a two-building industrial development in Coral Springs, Fla. Slated to rise on 22 acres, the project will bring a total of 427,000 square feet to the South Florida industrial market. Located at the intersection of Northwest 39th street…

Doronin, partner buy aging waterfront Palm Beach co-ops for $147M

OKO’s Vlad Doronin and Cain International’s Jonathan Goldstein with 2730 South Ocean Boulevard and 2720 South Ocean Boulevard: Vlad Doronin’s OKO Group and partner Cain International bought a pair of co-op buildings in Palm Beach for a combined $146.6 million. The purchase comes as real estate investors have targeted aging waterfront structures for redevelopment, following…

The post Miami Commercial Real Estate News October 26, 2022: North Miami Multifamily Dev Site Trades for $14M, Edgewater Dev Site for $21M; $500M Miami Beach Condo Buyout Falls Apart; More… appeared first on Hawkins Commercial Realty.

In this video, Brian Bailey, Federal Reserve Real Estate Subject Matter Expert, joins America’s Commercial Real Estate Show to shares view on the commercial real estate market. He discusses expectations for the fed funds rate, then goes on to discuss balance sheet health of banks and the implications for lending. This is a varied discussion that goes from remote working trends to the Fed’s core priorities, particularly price stability (inflation).

The post Video: Federal Reserve Real Estate Subject Matter Expert Brian Bailey Discusses the Fed’s View on Commercial Real Estate 2022 appeared first on Hawkins Commercial Realty.

Oak Row and Lndmrk pay $23M for Edgewater dev site

Oak Row’s David Weitz and Erik Rutter, Lndmrk’s Alex Karakhanian with 2927 Northeast Fourth Avenue: Oak Row Equities and Lndmrk Development are embarking on another Edgewater joint venture, snapping up a 1.5-acre site for $22.5 million in the booming Miami neighborhood. The joint venture is proposing to build a luxury apartment tower with ground-floor retail, but the partnership is…

Housing Trust Group, AM Affordable Housing Break Ground on $44M Seniors Housing Project in Miami

Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors aged 62 and older. Located at 9940 W. Hibiscus St. in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median…

Renderings Revealed: Miami’s First Supertall, The Waldorf Astoria Hotel & Residences

The Miami skyline is about to change forever with the groundbreaking of the city’s first supertall tower. Developer PMG, along with partners Greybrook, Mohari Hospitality, S2 Development and Hilton, are set to start construction this month on the Waldorf Astoria Hotel & Residences at 300 Brickell Ave. in Downtown Miami, soaring 100 stories and 1,049 feet over Biscayne Bay. The design…

Warehouse Demand Shows Signs of Cooling for First Time Since Pandemic’s Onset

The softening economy is finally catching up with the nation’s industrial real estate as a pandemic-fueled boom in warehouse demand shows signs of slowing. The U.S. industrial vacancy rate ticked up slightly in the third quarter to 3.2% from 3% at midyear as leasing slowed and developers completed a record 148 million square feet of projects, with more than two-thirds of the new space built…

Corporate Migrants Drive Miami Office Rents To New Record As Demand Outpaces Supply

Competition for office space in the most desirable neighborhoods in Miami has pushed rents to levels that experts say would have been unbelievable nearly two years ago. Miami’s Brickell neighborhood has been the epicenter of office activity in South Florida. Direct asking rates for Class-A office space in Miami-Dade County rose 13% year-over-year in the third quarter, increasing more than $7 per SF…

“Embarrassment” to Miami-Dade: Vote on project outside UDB deferred again

From left: Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia with a rendering of the planned industrial complex outside UDB (Coral Rock, Aligned Real Estate Development) In a push to get their controversial industrial complex approved, developers Stephen Blumenthal and Jose Hevia offered a series of last-minute concessions for their proposal. It wasn’t…

After Ian: South Florida’s construction costs, insurance to rise

(Photo Illustration by The Real Deal with Getty Images) Amid South Florida’s development boom, shell construction contractor L & R Structural has had plenty of work. The firm is slated to start an Edgewater condominium tower and a pair of apartment buildings in downtown Miami early next year. But L & R’s Richard Marquez’s mind isn’t at ease. The company has secured some, but not all…

South Florida office rents climb again

The Fifth Miami Beach at 944 Fifth Street, 830 Brickell at 830 Brickell Plaza in Miami and One Flagler at 154 Lakeview Avenue in West Palm Beach: South Florida’s office rents continued climbing in the third quarter, as landlords remained confident tenant demand justified the hikes, according to a recent report. A booming state economy coupled with continued migration and expansions by out-of-state…

Miami International Airport sees a 50-million-passenger load

With now 93 international non-stop routes at Miami International Airport, international passenger levels recorded high volumes, setting the pace to hit an all-time-high record of 50 million passengers for 2022. Since May, six routes have been added to the international list at MIA, including Fortaleza, Brazil, with LATAM Airlines; San Salvador Island, Bahamas, with Bahamasair; Amsterdam, Netherlands, with…

Brightline bridges the gap in Aventura

Brightline has officially completed its Aventura station structure with the installation of a 68-ton pedestrian skybridge. The 131-foot-long bridge stretches on two 41-foot-high towers and is the final piece of the station’s structuring. Brightline is expected to launch service to the Aventura station at 19796 W Dixie Hwy, before the end of the year. “This topping off is a testament of our team’s dedication to…”

Port Miami sees 3% rise in rail cargo

Rail cargo volume at PortMiami has decreased slightly during the 2022 fiscal year, although it’s still the second largest ever recorded, trailing only last year. For the 2022 fiscal year, beginning October 2021 and ending in September, Florida East Coast Railway cargo volumes at PortMiami have slightly decreased by 1.2% from last year. Despite the decrease, this year’s volumes were the second…

Miami targets even larger billboards throughout urban core

While a city board has caused a major delay to the Miami City Commission’s plan to allow outdoor advertising signs in some of the city’s premier waterfront parks, the commission followed with a vote advancing an even more aggressive measure allowing large digital ad signs on city property. Before the commission Oct. 13 were two related items: The final reading of an amendment to the sign…

Expressways sell land to speed Miami International Airport growth

The Miami-Dade Expressway Authority has authorized the sale of 5.3 acres to the county’s Aviation Department for a $10.1 million tag price. The terrain is to be used as a construction staging area for the Capital Improvement Program of Miami International Airport. The operation is yet to be approved by county commissioners, likely in early 2023, Greg Chin, communications director for the…

Reservations for Full-Service Dining Show Signs of Rebounding From Pandemic

The time-honored tradition of making a restaurant reservation nearly became extinct early in the pandemic, with people hunkering down at home to prepare meals as restaurant dining rooms essentially shut and many eateries turned to carry-out and deliveries. Now the industry appears to have recovered by one measure. More than two years later, dining out as reflected in demand for seated…

Karim Alibhai: Aims to develop notable project at riverfront Hyatt Regency

Karim Alibhai started his career in the hospitality industry over 35 years ago. In 1987 he became the founder and principal of Gencom, one of the leading real estate investment and development firms with a focus on the acquisition, development and management of luxury mixed-use hotels and resorts with some residential components.  Over his career, Mr. Alibhai has led the company through more…

September Jobs Report Sends Positive Signals for Commercial Real Estate

September’s addition of 263,000 payroll jobs underscores the continuing strength of the economic recovery and commercial real estate markets despite the Federal Reserve’s moves to normalize borrowing costs and control inflation. No other numbers are as important as the employment report in assessing overall economic conditions. Job growth has none of the “good news/bad news” ambiguity of…

Downsizing plans: Related, Integra shrink St. Regis Brickell

Related Group’s Jon Paul Pérez, Integra’s Nelson Stabile, and Related Group’s Jorge Pérez with St. Regis Residences: The developers of the waterfront St. Regis Residences Miami are downsizing their plans and increasing condo prices, The Real Deal has learned. Instead of two 46-story towers, Related Group and Integra Investments will build one 46-story tower. And instead of about 330 units, the two…

Suburban Miami Condo Project Moves Forward

Tal Aventura. Image courtesy of Tal Aventura 2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project. Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby…

Integra Investments to Build 338-Unit Mixed-Use Project in North Miami

Integra Investments has received final approval from the City of North Miami to build a 338-unit mixed-use multifamily community located at 13855 N.W. 17th Ave. Called NoMi Square, the project will sit on 7.6 acres and take the form of a seven-story building comprising apartment homes in one-, two- and three-bedroom layouts, as well as four live/work units with commercial space.

Bilzin Sumberg Renews 84,000 SF Office Lease at 1450 Brickell Tower in Miami

Law firm Bilzin Sumberg has renewed its office lease at 1450 Brickell office tower in Miami’s Brickell district. Barbara Black, Matthew Goodman and Jeff Gordon of JLL represented Bilzin Sumberg. The firm occupies 84,000 square feet of space at the 625,000-square-foot tower. Tere Blanca and Danet Linares of Blanca Commercial Real Estate represented the building owner, an entity doing business as…

Law Firm Extends 84 KSF Lease at Miami Tower

1450 Brickell. Image courtesy of Bilzin Sumberg Bilzin Sumberg has renewed its lease of 84,000 square feet at Miami’s 1450 Brickell. The law firm’s initial commitment dates back to 2009, when the 650,000-square-foot office building was nearing completion. The renewal marks one of the largest law firm leases completed in Miami this year. JLL represented the tenant, while Blanca Commercial…

Anchor Health JV Grows Miami Footprint

4675 Linton Blvd. Image courtesy of Anchor Health Properties Anchor Health Properties, in a joint venture with Harrison Street, has acquired a 31,886-square-foot medical office building in Delray Beach, Fla. According to Palm Beach County records, the property sold for $14.9 million and the buyer received an acquisition loan of $15.1 million from Capital One. CommercialEdge data shows that the…

Inflation Is Still High and Widespread

Inflation has remained elevated since early 2021. Annual inflation, measured by the 12-month change in the personal consumption expenditures (PCE) price index, surpassed 2% in March 2021 and has remained above 6% since December 2021. It reached a peak of 7% in June 2022; the latest report, from August 2022, was 6.2%.1 The figure below shows annual inflation rates since 2012 to put the…

Lynd unveils $30M Dadeland self-storage project

Lynd’s David Lynd with project rendering of development site at 9300 South Dixie Highway (Lynd Development Group) Lynd Development Group is jumping into the self-storage sector with a $30 million facility near Dadeland Mall. The San Antonio-based firm, led by CEO David Lynd, acquired a 99-year ground lease to redevelop a 14,500-square-foot office and retail building at 9300 South Dixie Highway…

Industrial project outside Miami UDB hinges on one vote

Coral Rock Development’s Stephen Blumenthal and Aligned Real Estate Holdings’ Jose Hevia along with a rendering of the planned industrial complex outside the Urban Development Boundary (Coral Rock Development, Aligned Real Estate Holdings) Stephen Blumenthal and Jose Hevia are about to find out if a fourth time’s a charm. The Miami-Dade County Commission is expected to vote…

Jeffrey Soffer-led JV plans oceanfront condos in Tequesta

Fontainebleau Development’s Jeffrey Soffer and a rendering of the planned Savoy condominium in Tequesta: Jeffrey Soffer’s Fontainebleau Development advanced plans for Savoy, a 10-story oceanfront condominium in Tequesta that will replace an older building on the site. The project is part of a broader trend of developers targeting aging South Florida condominiums, where increased safety…

Lease roundup: Pubbelly opening in West Palm, Bilzin renews in Brickell

Renderings of Banyan & Olive in downtown West Palm Beach with Banyan & Olive developers Andrew Dance and Adam Demark of Brand Atlantic Real Estate Partners and Chef José Mendín: Pubbelly Sushi I Banyan & Olive I Downtown West Palm Beach Chef José Mendín’s popular Miami Beach restaurant Pubbelly Sushi is expanding north. Pubbelly will open in a 3,200-square-foot space in the third…

Movers & Shakers: Medina, Brandao and Tiné launch Side-backed brokerages

Lauren Pace, Jose Medina, Dexter Brandao and David Moghavem: It’s been a busy week for hiring news in South Florida real estate. Side, the venture-backed startup based in San Francisco, which calls itself a back office for top brokers, scored two new partnerships in Miami. Jose Medina and Dexter Brandao left OnePath Realty to launch their own Chez Realty. The pair said they have closed more than $150…

T-ROC Opens New Logistics Warehouse Facility In Doral To Meet Customer Demand

The Revenue Optimization Companies (T-ROC), the leading provider of people and technology solutions for the global retail market, announces it opened a new logistics warehouse facility in Doral near its headquarters of Coral Gables. The facility features enhanced inventory and shipping tools to further expand its suite of services to T-ROC clients including high demand services like product…

Notable Retail Leases Signed in South Florida Q3 2022

South Florida Retail Real Estate Leases 2021 – 2022 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in…

Jeffrey Soffer’s Fontainebleau Miami Beach getting new event center

Jeffrey Soffer with 4360 and 4370 Collins Avenue (Getty) In an effort to boost business conference bookings at Fontainebleau Miami Beach, Jeffrey Soffer’s firm has begun construction on a new five-story event center on a former surface parking lot adjacent to his iconic oceanfront resort. The 50,000-square-foot building at 4360 and 4370 Collins Avenue will connect to the historic hotel’s Tresor Tower…

Lurra Capital drops $43M for apartment complex near Coral Gables

Greystone’s Stephen Rosenberg with 1501 Southwest 37th Avenue: Lurra Capital paid $42.5 million for a 100-unit apartment complex near Coral Gables, as the Swiss firm continues to dive into South Florida’s multifamily market. Lurra, a Zurich-based private equity firm led by founder and CEO Tyron Birkmeir, acquired Blume Coral Gables at 1501 Southwest 37th Avenue in Miami, according to a press release.

Midtown, Prospect plan second Flagler Village apartment project

From left: Prospect Real Estate Group’s Michele Zahn and Richard Zahn Sr., Midtown Capital Partners’ Alejandro Velez, and a rendering of the planned Flagler Village apartment project (Baker Barrios Architects, Prospect Real Estate Group, Midtown Capital Partners) Midtown Capital Partners and Prospect Real Estate Group are making their second bet on Flagler Village’s multifamily market. The developers…

In Grove playhouse drama, lawsuit is latest act

Miami-Dade County Mayor Daniella Levine Cava with 3500 Main Highway: The drama over the Coconut Grove Playhouse project hasn’t reached its final act. The controversial plan to demolish part of the property — but preserve the historic theater — was in the clear this summer when a major legal pushback led by Miami Mayor Francis Suarez ended. But a new lawsuit has rekindled opposition to the…

Lawsuit Once Again Snares Plan To Redevelop Historic Coconut Grove Playhouse

The debate over the historical Coconut Grove Playhouse project has taken center stage once again. The disputed proposal to knock down a majority of the building but preserve the historic theater had cleared legal challenges from Miami Mayor Francis Suarez but is now back in court, facing a new lawsuit filed by 14 neighbors, Miami Today reports. The residents sued Miami-Dade County, claiming the…

Victory in North Bay Village for billionaire Ansin family’s Sunbeam Properties

The billionaire Ansin family’s Sunbeam Properties secured the final vote needed to build a taller 7.3 million-square-foot development on 13 acres it owns in North Bay Village. Despite residents’ opposition to the height increases, North Bay Village commissioners voted in favor of three ordinances, on second reading after midnight Tuesday. The ordinances allow the developer to build up to 650 feet high…

Harvey Hernandez’s firm picks up three more lots for Brickell megaproject

Newgard’s Harvey Hernandez with aerial of 66 SW 6th Street, 625 SW 1st Avenue and 69 SW 7th Street: Newgard Development Group fattened up its assemblage for a Miami River megaproject by picking up three more redevelopment properties near Brickell City Centre. Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a combined $7 million for a trio of small commercial buildings…

Downtown Hollywood project with 856 rentals up for approval

BTI Partners’ Noah Breakstone with rendering of Block 57 (BTI Partners) Downtown Hollywood may be poised for more development with a proposed major mixed-use project. Fort Lauderdale-based BTI Partners’ plan for an 856-unit apartment development, called Block 57, will go before the city commission on Wednesday. BTI Partners proposes a site plan for the two-tower development on the east…

Mesirow bets on Coconut Creek apartments with $132M deal

Broadstone Cypress Hammocks apartment complex at 5201-5381 West Hillsboro Boulevard in Coconut Creek with Mesirow Financial’s Natalie Brown and PGIM Real Estate’s Eric Adler (Google Maps, Mesirow, PGIM) Mesirow Financial continues to bet on Broward County’s multifamily market. The firm paid $132 million for the Broadstone Cypress Hammocks complex at 5201-5381 West Hillsboro Boulevard…

Estate scores approval for pair of Hollywood rental projects

With its first Hollywood apartment building under construction, The Estate Companies is embarking on two more projects in the city. Estate will develop a 12-story building at 2001 Van Buren Street and an eight-story building at 2000 Van Buren Street, according to the developer’s news release. The projects, which will be part of Estate’s Soleste brand, are dubbed Soleste Hollywood Village North…

Stockbridge JV pays $59M for Deerfield industrial site

Industrial Outdoor Ventures’ Thomas Barbera and Stockbridge Capital Group’s Terry Fancher and Sol Raso with 2501 Wiles Road: Stockbridge Capital Group and Industrial Outdoor Ventures dropped $59 million for a Deerfield Beach industrial development site. The pair bought the 22.7-acre property at 2501 Wiles Road from an affiliate of West Palm Beach-based construction firm Vecellio…

The post Miami Commercial Real Estate News October 19, 2022: UDB Expanding Project Vote Deferred; Edgewater Dev Site Trades for $23M; Office Rents Climbing; More… appeared first on Hawkins Commercial Realty.

Miami accounting firm pays $17M for Blue Lagoon office building

Accounting firm Benitez & Co.’s principals rang up a $16.9 million purchase in Miami’s Blue Lagoon neighborhood, acquiring a four-story office building with a helipad. Juan and Maria Benitez bought the roughly 61,000-square-foot Waterford Corporate Centre at 5835 Blue Lagoon Drive, said their broker, Manny Chamizo III with One Sotheby’s International Realty.

Russell Galbut wants to heighten South Beach hotel, add rooms

Russell Galbut’s Crescent Heights wants to stack two more floors on top of an Art Deco building that is part of the Gale South Beach hotel at 1690 Collins Avenue. The addition would house 12 new guest rooms and four meeting rooms to help accommodate spillover business from a nearby convention center hotel that is under construction. The Gale’s owner…

South Beach office project backed by Google ex-CEO Eric Schmidt launches leasing

Ex-Google CEO Eric Schmidt and his New York-based partners are ready to start courting high-profile, deep-pocketed tenants for a planned office project… In a statement, Schmidt’s partners Sumaida + Khurana and Bizzi & Partners… with 3,125 square feet of ground-floor retail on two vacant lots at 944 Fifth Street and 411 Michigan Avenue. It is not yet under construction.

Inside look at planned Edgewater mixed-use condo tower

From left: Ansorg Development’s Karl-Ulrich Ansorg, Tulip Group’s Kobi Elbaz, and Ofir Gabriel in front of 234-264 Northeast 34th Street in Miami: A partnership of four developers wants to build a mixed-use tower with condominiums in Miami’s Edgewater neighborhood. Karl-Ulrich Ansorg, Yakov Elbaz, Ofir Gabriel and Amit Kort plan a 44-story building…

Shvo wants to redevelop aging Lincoln Road clock tower building

Shvo is betting big on Miami Beach. Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city. The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park. The tower would mark Shvo’s third office…

Major Food Group to open Contessa in Miami Design District

Major Food Group is opening Contessa in the Miami Design District, marking its 10th South Florida restaurant. The New York restaurant group, whose partners have relocated or expanded to Miami over the past couple of years, inked a long-term lease on the northeast corner of Northeast 41st Street and Northeast First Avenue, said Major Food Group partner…

Inside Ytech’s plans for 70-story Brickell condo tower

Developer Yamal Yidios revealed plans for his luxury condominium tower on Brickell Avenue, a 70-story building with 80,000 square feet of amenities partially powered by solar energy. Milan, Italy architecture firm ACPV Architects, led by Antonio Citterio and Patricia Viel, is designing the 189-unit tower, called The Residences at 1428 Brickell.

Residential tower advances on scarce Midtown land

A development planned for one of the last undeveloped parcels in Miami’s Midtown neighborhood is moving forward. A mixed-use residential tower at 3001 NE First Avenue. is proposed by owner-developer PPF AMLI 3001 NE 1ST Avenue LLC. Under the Miami 21 zoning code, approval of a Major Use Special Permit (MUSP) would allow the construction of a 31-story…

Doral transit-oriented development near groundbreaking

One of the largest transit-oriented developments to date is about to break ground. Developers of Upland Park, a project with almost 2,000 residential units, a hotel, retail space, and general office space adjacent to Miami-Dade County Smart Plan’s Dolphin rapid transit station, are working with the county to get the necessary permits and close the lease on phase one…

Lawsuit could set back Coconut Grove Playhouse reopening

A plan to revive the Coconut Grove Playhouse is back in court as a group complained to the 11th Judicial Circuit against Miami-Dade County. The 14 plaintiffs, represented by attorney David Winker, argue the county is violating the Florida Constitution by using public funds at the closed playhouse contrary to what voters authorized. The filing seeks a…

Newgard Acquires Key Miami Parcels

Three Miami, Fla. land parcels have been acquired by Harvey Hernandez’ Newgard Development… master-planned three-tower residential and marina project in the city’s Brickell… the parcels commanded a $7 million purchase price. That brings to $57.5 million… the parcels are 66 SW 6th Street, 625 SW First Avenue and 69 SW Seventh Street  in Brickell…

As Miami targets lighted ad signs for parks, bigger signs sought elsewhere

Miami city commissioners today (10/13) are prepared to give final approval to a measure that will allow outdoor advertising signs in three of its premiere parks, while one of the commissioners has introduced a much more aggressive proposal that would allow digital advertising signs on city-owned properties. On today’s agenda are two related items: The second…

Leading Swiss investment firm Lurra Capital completes $42.5 million multifamily acquisition in Miami

“This is another strategic acquisition in Miami within…” Located at 1501 SW 37th Avenue in Miami, Blume Coral Gables is a boutique, Class-A, 100-apartment high-rise community that was developed in 2019. The property has large floorplans—almost 900 square feet—with a mix of lofts, one-, and two-bedroom units, along with 6,191 square feet of ground floor retail.

Drawn-out negotiations over purchase agreement result in extensive litigation

A recent case weighed the extent to which a purchaser was able to negotiate terms when exercising a purchase of property under an option in a lease. The litigation began when, after the tenant/buyer exercised its purchase option, the landlord/seller refused to honor it. The case went to trial and the buyer won, with the trial court ordering the buyer to draft…

Record rent hikes had slowed. Ian may change that

South Floridians had begun to see a slowdown in record apartment rent hikes. Now Hurricane Ian could change that. After the deadly Category 4 storm pummeled much of southwest Florida, some seasonal residents are expected to opt out of the Gulf Coast and make a beeline for South Florida, the Miami Herald reported. “We can expect some temporary…”””

North Bay Village commissioners to decide fate of Sunbeam’s multi-tower project

North Bay Village commissioners will take a final vote Tuesday on zoning changes that would allow for up to 650-foot towers in Sunbeam Properties’ bayfront assemblage. Sunbeam, led by president and CEO Andrew Ansin, is a subsidiary of Sunbeam Television. It is the owner of WSVN-Channel 7, whose headquarters is in North Bay Village, which is part of the…

Miami-Dade faces suit over water park, hotel project near zoo

Michael Diaz Jr., Bernard Zyscovich, Paul Lambert and renderings of the Miami Wilds project: After years of delays, plans for the controversial Miami Wilds water park gained ground this summer when the developer leased the project site. But a new lawsuit adds another twist to the proposed development that has been in the works for a decade. Developers Paul…

Lease roundup: PMG’s Elser, Terra’s Doral Square nab tenants

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with Elser Hotel & Residences; Terra’s David Martin and Doral Square: Sky Technologies I The Elser Hotel & Residences I Miami Smart-home technology firm Sky Technologies leased an office and roof signage space at one of downtown Miami’s newest towers. Rani…

Inside James Batmasian’s complicated legacy

James Batmasian was ready to give most of his wealth away.  In 2019, the real estate investor and developer applied to join a campaign established by Warren Buffett and Bill Gates that encourages the world’s wealthiest people to contribute the majority of their riches to philanthropic causes of their choosing.  Three years later, his photo still isn’t among the more than…

Renaissance Properties buys Boca Raton offices for $51M

Renaissance Properties’ Bradley Fishel and Kenneth Fishel with Penn-Florida Companies’ Mark Gensheimer and 1515 South Federal Highway:  More than a year after selling the Aventura Corporate Center, Renaissance Properties New York scooped up an office property in Boca Raton for $51 million. The Fishel family’s New York-based company bought the…

Core pays $45M for West Kendall shopping plaza

Core paid $44.8 million for a fully leased, grocery-anchored shopping center in West Kendall. The Miami-based retail real estate investment firm picked up Deerwood Town Center, a retail complex spanning more than 205,000 square feet at 11905 Southwest 152nd Street and 12107 Southwest 152nd Street, according to a press release. Core, led by managing principals…

Inside Robert Rivani’s wild Beverly Hills mansion

The castles in the seven kingdoms of Westeros can’t compete with the lavish palace that retail real estate investor Robert Rivani and his wife Krystal have curated in Beverly Hills. “Being ‘extra’ is everything to us,” Krystal Rivani told the Wall Street Journal for a profile on Castle Rivani, a 1.7-acre, chateau-style compound the couple bought for $13.7 million…

Centner Academy owners sell Edgewater dev site

David and Leila Centner, owners of a controversial private school in Miami, sold a development site in an Opportunity Zone in Edgewater. Amit Kort and his investment partners, through an entity called Tulip Developments Group, bought the almost 1-acre property on the southwest corner of Biscayne Boulevard and Northeast 34th Street in Miami for $16.5 million…

Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood

Alchemy-ABR Investment Partners wants to develop a Salvation Army parking lot in Wynwood into the firm’s first Miami project. An affiliate of the New York-based developer paid $18 million, or about $526 a square foot, for the 0.8-acre development site at 18 Northwest 23rd Street, records show. Israel Discount Bank of New York provided…

South Florida Is the Office Market’s Bright Spot

South Florida’s regional office market continued to improve from the impacts experienced as a result of the COVID-19 global pandemic. All three counties, in fact, recorded more than 100,000 square feet (sf) of positive net absorption during the third quarter of 2022, bringing year-to-date net absorption to more than 1 million square feet (msf). Overall vacancy…

Related-led team wins approval for oceanfront Bal Harbour tower

Jorge Pérez’s Related Group, Two Roads Development and Rockpoint Group scored approval from a Bal Harbour board for their plans for the oceanfront Carlton Terrace property. The Bal Harbour Architectural Review Board voted unanimously in favor of the planned Residences at Bal Harbour, a 24-story, 61-unit luxury condo tower that would be built…

Bridge bets on Miami Gardens’ Palmetto Lakes Industrial Park

Already among the biggest South Florida industrial real estate players, Bridge Industrial further extended its empire with the purchase of a pair of Miami Gardens buildings. Bridge, headed by Steve Poulos, bought the fully leased properties at 16175 Northwest 49th Avenue and 16250 Northwest 48th Avenue that sit on 6 acres at the Palmetto Lakes Industrial Park…

Bridge Industrial Acquires Miami Warehouse Properties For $26.26 Million

Chicago-based Bridge Industrial recently acquired a 6.19-acre warehouse property in Miami for $26.26 million. The property at 16175 N.W. 49th Ave. in Palmetto Lakes Industrial Park consists of two warehouses totaling 123,814 square feet and 200 parking spaces. The acquisition was financed by a loan provided by Chicago-based CIBC Bank USA. Jose Sasson of…

888 Brickell Supertall Developer Files Revisions; New Rendering Released

JDS Development Group has filed revised plans with Miami-Dade County for the 888 Brickell tower. The tower is still planned to rise to a supertall height of exactly 1,049 feet, the maximum permitted in the area. With the revisions, 888 Brickell is now planned to include: 259 residential units; 52,144 square feet of health/fitness; 38,727 square feet of food and…

Developer Pitches 70-Story Brickell Condo Tower With Solar Panel Windows

Yamal Yidios’ Ytech is launching an ambitious project on the site of its current offices, planning a high-end, 70-story condo tower slated to be run partly on solar power generated by the building’s glass facade. The 850-foot-tall Residences at 1428 Brickell will offer 189 for-sale apartments and be designed by Arquitectonica and Italian firm ACPV Architects, which…

Analysis Shows Most Office Spaces, Even Fancy Ones, Are Vastly Underused

The return-to-office in the wake of the pandemic has happened in fits and starts, but a consistent theme is that offices are far less full than they once were. While building swipe data from Kastle Systems has shown that office occupancy nationally is still less than half of the pre-pandemic average, a new analysis by proptech firm Density shows how spaces inside the…

South Florida Based Talkin’ Tacos to Open in Wynwood; Will be Third Corporate Location

Talkin’ Tacos, a food truck turned fast-casual Mexican eatery based in South Florida, will open their third corporate restaurant in Wynwood located at 172 NW 24th Street, on October 7. The growing Miami sensation serves scratch-made, innovative and Instagram-worthy Mexican dishes. The new 1,600 sq. foot restaurant will provide the same authentic halal Mexican…

Hotel in Lauderdale-by-the-Sea approved to replace aging inn

Lauderdale-by-the-Sea approved a site plan for Sea Glass Beach Place, a three-story, 31-room hotel that would replace a one-story inn built 70 years ago near the beach. The town’s commission voted last week in favor of the plan to build the 21,990-square-foot Sea Glass Beach Place after demolition of the aging Dolphin Harbor Inn. The current three-building, 21-room…

Covenant bets on Margate multifamily with $61M deal

The Blue Isle apartment complex at 5100 West Sample Road in Margate, FL and Covenant Capital Group’s Frederic Scarola and Govan White: A Nashville-based multifamily real estate firm scooped up an older apartment complex in suburban Broward County for $60.9 million. Covenant Capital Group, through an affiliate, bought the Blue Isle community at…

Key International to build 377 apartments on former Publix site in Coral Springs

Key International advanced its plan to build a mixed-use project with 377 apartments on the former site of a Publix supermarket in Coral Springs. Publix Super Markets demolished its former Coral Springs supermarket at 9201 West Sample Road, on the northeast corner of West Sample Road and University Drive, in 2007 after Hurricane Wilma damaged it in 2005…

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Aventura officials give thumbs-up to 86-unit condo tower

A 26-story condo project is moving forward in Aventura after developers scored a key approval from the city. The Aventura City Commission voted to grant a conditional-use permit for an 86-unit condo tower proposed by a joint venture between 2151 Development Group and 2020 Acquisitions. The tower, dubbed Tal Aventura, will be located at 2785 Northeast 183rd Street.

FTX Swaps Windy City For Magic City, Relocating To Miami From Chicago

Cryptocurrency exchange service FTX appears to be the latest corporate powerhouse to swap Chicago for South Florida, hot on the heels of Citadel Securities announcing a similar move in June. FTX CEO Sam Bankman-Fried said the Bahamas-based financial company would move its U.S. headquarters to Miami via Twitter Tuesday, also announcing the…

Texas restaurant group inks first deal in Miami

Clé Group is opening a restaurant in Wynwood — the Houston-based hospitality company’s first expansion beyond Texas as out-of-state operators continue to migrate to Florida. The company inked a 10-year lease for the building at 2600–2610 North Miami Avenue, Hidrock Properties’ Steven Hidary said. Clé will lease the entire space, nearly…

Sizing up the booming global market for trophy real estate

A mansion in Dubai won’t be completed until next year, but it already holds the title of the emirate’s priciest home. A mystery buyer recently dropped 302.5 million dirhams — the equivalent of $82.4 million — for a villa on Dubai’s Palm Jumeirah, a tree-shaped artificial island jutting into the Persian Gulf. Though it stands as Dubai’s most expensive home sale…

Deauville owners offer $200M for historic Casablanca Miami Beach

The Meruelo family, owners of the Deauville property in Miami Beach, want to buy the historic oceanfront Casablanca resort for $200 million, The Real Deal has learned. The condo-hotel at 6345 Collins Avenue, with about 350 residential and commercial units, was developed in 1948 on a nearly 2-acre site in North Beach. It hit the market this summer. Still, certain events,,,

Churchill’s Pub in Little Haiti hits market

Little Haiti real estate investor Mallory Kauderer is looking to offload Churchill’s Pub, the legendary bar known for its raucous punk and heavy metal shows…  marketing the 5,000-square-foot live music venue at 5501 Northeast Second Avenue in Miami and an adjacent 7,000-square-foot parking lot at 5431 Northeast Second Avenue….

US retail real estate rises from the ashes

The onset of the pandemic sent retail real estate through the ringer, first with lockdown-imposed closures before the rise of e-commerce inspired predictions of doom. But the market climbed to new heights earlier this year as asking rents are soaring and vacancies are declining across the country, according to a second quarter report from Cushman…

Real Estate’s Florida Migrants Undeterred By Hurricane Ian’s Devastation

The pandemic supercharged a mass migration from the Northeast to Florida — and a bevy of New York real estate players shifted their business to follow suit. Hurricane Ian, one of the costliest storms in U.S. history, which displayed the ever-worsening threat of the climate crisis on the Sunshine State and threatens the state’s teetering insurance market…

Nine hurdles delaying arrival of Tri-Rail downtown

Steps needed to bring Tri-Rail trains into Miami Central Station are complex. They won’t be arriving for another year, as David Dech, new executive director of the South Florida Regional Authority, told two public meetings last week. The project was to be completed in 2017 but several factors have delayed completion of a link to the Brightline station.

College, without a lease, seeks alternative to Tower Theater

Miami Dade College is searching for alternatives after 20 years of operating the Tower Theater art cinema, where Miami city officials decided to terminate the college’s lease. For the past 20 months the college has been trying to negotiate, in good faith, to renew the operating agreement with the city before it expires on Jan. 2, 2023, said Nicolas Calzada, MDC…

Muriel Siebert & Co. moving NY headquarters to Miami Beach

A financial institution founded by the first woman to purchase a seat on the New York Stock Exchange is relocating to Miami Beach, thanks to the city’s job creation incentive program. Muriel Siebert & Co., which offers investment and other financial advice, portfolio management, and personal and commercial insurance, was founded in 1969 and its current…

Miami applies for Coconut Grove Playhouse building permit

Miami-Dade County has applied with the City of Miami Building Department to obtain the permits and begin reconstruction of the Coconut Grove Playhouse, Chief Operations Officer Jimmy Morales confirmed to Miami Today. Once the county gets the necessary city permits, the county can begin site preparations, procure the construction contract…

Bridge Industrial Acquires Two Miami Gardens Industrial Facilities Totaling ±124,000 SF

Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced the acquisition of two, well-located industrial facilities totaling 123,814 square feet situated on a strategically located, 6.2 acre site in central Miami-Dade County. The properties are located just south of the Palmetto…

Doral adding new trolley corridor to new UHealth center

Doral residents and commuters will soon have access to a new trolley corridor and a state-of-the-art UHealth center. Miami-Dade County and the City of Doral are partnering to widen Northwest 84th Avenue from Northwest 58th to 74th streets in Doral. The route expansion design would accommodate new bus-only lanes that will be used by Doral’s trolley…

In eviction case, trial court wrongly made landlord produce leases with other tenants

IIn eviction case, trial court wrongly made landlord produce leases with other tenantsn a recent decision, the Second District Court of Appeal indirectly addressed an issue that comes up from time to time in landlord-tenant litigation: whether the landlord must produce in discovery documents relating to other tenants. The facts are…

Insured losses from Hurricane Ian could reach $40B

As emergency responders continue their search and rescue efforts in the aftermath of Hurricane Ian, a clearer picture of property damage is beginning to emerge, with one rating company estimating insured losses of up to $40 billion. Hurricane Ian made landfall on Wednesday afternoon at Cayo Costa in southwest Florida, with 155 mile-per-hour winds…

“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami

Billionaire Ken Griffin revealed details of his plans to put his stamp on Miami — including a waterfront office tower with a helipad, marina and restaurants — that could cost the Citadel founder and CEO $1 billion to develop. It’s well known that Griffin and his companies, Citadel and Citadel Securities, are relocating from Chicago to Miami. The office tower…

Eichner launches sales for second La Baia building in Bay Harbor Islands

Ian Bruce Eichner is launching sales for the second building in his waterfront La Baia Bay Harbor Islands condo project. The developer, who heads New York-based Continuum Company, kicked off sales for the eight-story, 57-unit La Baia North at 9481 East Bay Harbor Drive, with prices starting at $1.3 million, according to a press release. The building will…

Ronny Finvarb proposes new resi project in Sunset Harbour

Developer Ronny Finvarb is returning to the Miami Beach Design Review Board with plans for a new project in Sunset Harbour. At next week’s meeting, the board will vote on plans for the developer’s mixed-use project at 1790 Alton Road in the Sunset Harbour neighborhood. Finvarb previously sought to build a hotel on the property, but the city…

The Fed: Peaks in Housing Construction as a Recession Signal

Economists have long known that trends in housing construction and sales are important indicators of future real gross domestic product (GDP) growth. The 2001-09 housing boom and bust was the latest example of this phenomenon. Indeed, some economists have gone so far as to claim that “housing really is the business cycle.” One key measure of U.S. housing…

Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M

A joint venture bought the Hilton Garden Inn Miami Beach from Baywood Hotels for $28 million. Montford Group and Opterra Capital, led by Sunju Patel and Glenn Alba, respectively, bought the eight-story, 96-key hotel at 2940 Collins Avenue, records show. The price equates to $292,000 per room. The partnership secured a $20.2 million mortgage from Georgia-based…

PMG, Greybrook score $235M refi of downtown Miami project

Property Markets Group and Greybrook secured a $235 million refinancing for the Elser Hotel & Residences condo tower in downtown Miami. Franklin BSP Realty Trust is the lender, with the debt fund RMWC also providing a $25 million mezzanine loan for the recently completed 49-story, 646-unit condo-hotel at 398 Northeast Fifth Street, according to a press…

Mortgage rates climb to 15-year high

Mortgage rates hit their highest level in 15 years, continuing a surge that’s likely no longer a big surprise in the market, but not any less painful. The average 30-year fixed mortgage rate reached 6.7 percent, according to Freddie Mac’s weekly survey of lenders reported by the Wall Street Journal. The figure marks the sixth straight week the average increased and the…

South Florida by the numbers: Living on the Edge(water)

It wasn’t so long ago that Miami’s Edgewater neighborhood was a faceless, unappreciated section of the city, known for disjointed streets and deteriorating homes and apartment buildings. But as neighboring areas such as Wynwood, the Design District, and the Arts District enjoyed massive redevelopment and rebranding success, the neighborhood bordered…

Chetrit’s lender scores victory in South Beach hotel foreclosure

The lender for the Chetrit Group’s Tides South Beach hotel notched a win in its $45 million foreclosure case. Safe Harbor Equity’s affiliate sued CG Tides and other companies linked to New York-based Chetrit Group over the long-shuttered Tides, a 45-key hotel at 1220 Ocean Drive in Miami Beach. The lender’s suit, filed in February 2021, alleged that Chetrit stole $2 million…

LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio

A Los Angeles-based investment firm scooped up a 90-unit portfolio of older apartment buildings in Fort Lauderdale for just under $30 million. George Coloney of The Keyes Company (The Keyes Company) Cochise Capital bought the Cordova Arms building at 1401 Southeast 15th Street for $19.5 million and The Isle at 1300 Northeast Third Street for $10.1 million…

Alta pays $21M for downtown Fort Lauderdale multifamily dev site

From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development’s Josh Schuster with 100 Southwest Sixth Street: Raimundo Onetto’s Alta Developers bought a downtown Fort Lauderdale development site, taking over construction of a long-planned — but never built — 35-story apartment tower. Alta purchased the 1-acre…

Apollo wins approval for multifamily project in Dania Beach

A developer won site plan approval for a 12-story, 278-unit apartment building in Dania Beach. The Dania Beach City Commission voted 4-1 on Tuesday to approve a variance from zoning rules and a site plan proposed by the Apollo Companies, an Aventura-based firm led by CEO Edward Abbo. The property is near the intersection of Stirling…

Ross’ Related nabs $243M construction loan for West Palm offices

Stephen Ross nabbed a $242.5 million construction loan for One Flagler, marking a major boost to the developer’s plans for office towers in downtown West Palm Beach. Ross’ New York-based Related Companies scored the financing from an affiliate of MSD Partners for the 25-story tower under construction at the foot of Royal Park Bridge overlooking…

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