Month: November 2022

Genting wants over $1B for waterfront Miami site

Malaysian gambling operator Genting Group is looking to cash in on its bet on Miami — while holding onto some of its chips. Genting is seeking more than $1 billion for its 15.5-acre waterfront assemblage, Bloomberg reported and sources confirmed to The Real Deal. The land at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District represents…

Genting Seeking $1B or More for Some Miami Property Holdings

Malaysian conglomerate Genting Berhad is reportedly marketing some of its Miami property holdings at north of $1 billion. That’s as the company focuses on other casino gaming ventures in the US.Genting is looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. It will have more than quadrupled its investment after…

Bazbaz buys Wynwood development site for mixed-use project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood. An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate…

Treo sells Hialeah warehouses, doubles its investment

Interest rates are rising, recession fears abound and some property types are experiencing a decline in investment sales. None of this concerns South Florida’s industrial market. Case in point: Treo Group sold an industrial property in Hialeah at 1100 East 41st Street, as well as at 4005, 3965 and 3925 East 10th Court, for $19 million, or more than double what the Miami-based firm…

Hyatt Plans to Acquire Dream Hotel Group for $125M

Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.

South Florida by the numbers: Art Basel at 20

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The incomparable Art Basel (and Miami Art Week) return this week, marking the true start of “the season” with a fantastic cornucopia of festivals, exhibitions, conferences, dinners, and parties. Celebrating its 20th anniversary…

Lawsuit targets Miami Beach deal with Bulgari hotel developers

Miami Beach’s deal to hand over a public right-of-way to the Bulgari hotel developers violated the city charter, a recent lawsuit alleges. The lawsuit, filed against the city of Miami Beach in Miami-Dade Circuit Court two weeks ago, claims government officials unlawfully sold the public right-of-way for $7.4 million so the developer could increase the footprint of the proposed…

Three-tower project OK’d for Biscayne Boulevard

A new set of mixed-use residential towers and a companion office building are proposed for Biscayne Boulevard, to be known as 3333 Biscayne. Owner-developer 3333 Biscayne Boulevard LLC plans to build the structures at 3333 Biscayne Boulevard and 300 NE 34th St. in Edgewater. The city’s Urban Development Review Board recommended approval. The residential towers…

Tri-Rail tearing down nine barriers to enter downtown Miami

Nine hurdles stalling the $70 million project to bring Tri-Rail trains into Miami Central Station are being cleared, says David Dech, executive director of the South Florida Regional Transport Authority, long after the original completion date of 2017. Several factors have delayed completion of a link to the Brightline station. The tax-funded project is to add more…

Mega Signature Bridge project now targets delayed 2026 finish

Construction has begun on massive and distinctive arches that will support the new “Signature Bridge” coming to life on I-395 in the heart of Downtown Miami. The Florida Department of Transportation (FDOT) reports continued progress on the sprawling I-395/SR 836/I-95 Design-Build Project, a partnership between FDOT and the Miami-Dade Expressway Authority and…

Shake-a-Leg gets 25 more years to serve handicapped on bayfront

Shake-A-Leg Miami, a non-profit striving to give disabled and disadvantaged communities access to adaptable water sports, renewed its license with the City of Miami and will stay afloat at its prime bayfront location in Coconut Grove. Shake-A-Leg’s license agreement for use of city-owned waterfront at 2620 S Bayshore Drive was to expire 30 years after the non-profit found a…

Developers, brokers pursue wealthy art buyers during Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate. The Related Group, Dezer Development, Douglas Elliman, One Sotheby’s International Realty, and projects like Miami Worldcenter and Standard Residences are hosting…

$4B Miami Worldcenter Debuts Public Art Program Ahead Of Art Basel

The developers of the $4B Miami Worldcenter project launched a 27-acre outdoor museum as Art Basel and Miami Art Week festivities take over Magic City for the next month. The $5M outdoor museum stretches along Northeast Second Avenue in Downtown Miami. Curated by international art dealer and curator Jeffrey Deitch and Miami art curatorial collective Primary…

South Florida Self-Storage Performance Signals Continued Robust Growth

Self-storage properties in Florida throughout the third quarter maintained a good velocity in sales, as sellers rushed to close deals before interest rates were raised further. And though economic headwinds impacted rent, sale price and occupancy, seller sentiment with regards to cash flow or profits was positive. Properties maintained high occupancy rates, coming in at 93 percent…

Alta kicks off plans for second rental building near Dadeland Mall

Alta Developers is diving into the final portion of its multifamily project near Dadeland Mall. Raimundo Onetto’s firm filed plans for a second 18-story building directly south of its first that’s under construction at 9600 South Dixie Highway, according to the application submitted to Miami-Dade County last week. The 2-acre development site is in an unincorporated…

Video: CCIM Economist KC Conway Discusses What Lies Ahead

KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because…

The Fed’s Beige Book: Tepid Growth, Tough Times for Low-Income Households

Economic activity in the Southeast grew tepidly during October and the first half of November, according to the Federal Reserve Bank of Atlanta’s new Beige Book collection of anecdotal reports from business contacts. Labor market conditions remained tight, though pressures eased somewhat, contacts reported. Nevertheless, many executives said attracting and retaining…

Miami’s next big art hub? Dilapidated, industrial district Little River attracts new galleries and art spaces

Two of Miami’s longest-running art non-profits have revealed plans to relocate to the city’s Little River neighbourhood over the next two years. Their moves to the district, situated just north of Little Haiti, bring new momentum to the area, which has been primed for an art-centric transformation by the local community and outside forces. Locust Projects, an alternative art…

$10.5M Sale of Seven-Building Multifamily Portfolio in Miami Brokered

Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio…

Aria Dev and Merrimac Buy Last Miami Worldcenter Site for Condo Project

Miami Worldcenter, the 27-acre megadevelopment in Downtown Miami, is officially all booked. Aria Development Group and Merrimac Ventures paid $17 million for the last available parcel, a 24,000-square-foot site between 33 and 55 NW Sixth Street, one block east of the Miami Central station, the joint venture announced.

TA Realty Pays $241M for Miami Industrial Park

Medley Commerce Center. Image courtesy of CBRE TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed…

The Fed: How Supply Chain Disruptions Contributed to Inflation in 2021

Producer price index (PPI) inflation increased rapidly during the COVID-19 pandemic, with an uneven impact across industries. PPI inflation is the change in input costs to producers. How much did disruptions to supply chains contribute to this increase in inflation? Research Officer Ana Maria Santacreu and Research Associate Jesse LaBelle examined this question in…

Cañero proposes rental complex in south Miami-Dade

The Cañero Group is the latest developer to target south Miami-Dade County, with plans for a multifamily project. The Coral Gables-based firm wants to build a 247-unit complex at 24735 South Dixie Highway in the Princeton neighborhood in an unincorporated area of Miami-Dade, according to an application filed to the county in late September. Cañero Group has the….

Boich, Beal and Mathias score approval for Sunset Harbour project

A group led by Wayne Boich secured approval from the city of Miami Beach for a commercial project in Sunset Harbour. The Miami Beach Planning Board unanimously approved conditional use permits with some conditions for the planned five-story, 50,000-square-foot-plus office and restaurant project at 1920 Alton Road in Miami Beach…

This Week’s South Florida Deal Sheet

Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M. The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS…

Miami Sued For $76M Over Allegedly Overcharging For Building Permit Fees

A property owner has sued the city of Miami, alleging it has been overcharging commercial real estate owners for building permit fees and illegally hoarding $76M that should be refunded. In a lawsuit filed this month in Miami-Dade County Circuit Court, the owner of a small retail property in Little Havana sued the city, claiming it has been charging owners unwarranted…

Married to the Job: Craig Robins and Jackie Soffer On Love, Art and Miami

Every industry has its power couples. The music industry has Beyonce and Jay Z. Among business titans, billionaire Barry Diller and fashion designer Diane von Furstenberg come to mind. For the real estate industry, at least in South Florida, it’s Craig Robins and Jackie Soffer. The two — each in their own right — are giants of Miami’s booming retail landscape…

13th Floor JV nab $102M construction loan for Delray project

13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road: Arnaud Karsenti’s 13th Floor Investments and its partners scored a $102 million construction loan for their master-planned, mixed-use multifamily complex in Delray Beach. 13th Floor…

Two Roads’ suit spells trouble for Frisbie’s West Palm condo project

Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House: When Frisbie Group launched its high-end West Palm Beach condominium project this year, the hype was near deafening. Unit asking prices reached $75 million, promising a new level of luxury living in the city. The project marks…

MG3 drops $78M for Walgreens distribution facility near Jupiter

MG3 Group is upping the stakes on its industrial real estate wager. The firm’s real estate investment trust, or MG3 REIT, dropped $78 million for the Walgreens Distribution Center, an industrial facility that spans 98 acres in west Palm Beach County, according to the buyer’s news release. The property at 15998 Walgreens Drive is west of Jupiter, near…

The post Miami Commercial Real Estate News November 30, 2022: Waterfront Dev Site Hits Market at $1B; 3 Towers Project Approved for Biscayne Blvd; More… appeared first on Hawkins Commercial Realty.

KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because it is inflationary, and that he keeps hearing of deals blowing up due to the banks backing away. He talks about expenses outpacing rent growth and the effects of value. KC believes we are absolutely in a recession already, and goes into detail about 6:30 into this as to why he believes this. The summary for this video is that KC Conway sees some choppy times ahead, but remains a long-term optimist.

The post Video: CCIM Economist KC Conway Discusses What Lies Ahead appeared first on Hawkins Commercial Realty.

TA Realty drops $241M for Medley industrial park

In one of the largest South Florida industrial deals of the year, TA Realty picked up 12 warehouses in Medley for $241 million. An affiliate of the Boston-based real estate investment firm paid $241 million for a 1-million-square-foot industrial park at 9701-9793 Northwest 91st Court, according to the real estate database Vizzda and property records. TA Realty, led by…

Fries with that? Developers propose rental towers at Shorty’s BBQ site

Developers are proposing a high-rise complex on the site of Kendall’s beloved Shorty’s BBQ. But not to worry, the restaurant serving slow-smoked meats for decades will remain in place for at least a couple of more years. Almost a year after purchasing the site, Atlantic I Pacific Companies and Florida Value Partners filed plans… at 9200 and 9180 South Dixie Highway, according…

Map: Here are 655K sf of offices on tap in Miami Beach

Miami Beach voters shot down a November ballot measure for office buildings on city-owned sites near Lincoln Road. But the city still is poised to get 10 projects with more than 655,000 square feet of offices on sites other than those proposed in the referendum. The failed referendum was for two proposed projects: A Don Peebles-led team, which included ex-Miami Beach…

Damaghi family buys resi tower dev sites next to MiamiCentral

The Damaghi family of New York dropped $50.8 million for a pair of development sites approved for two residential towers directly south of MiamiCentral in downtown Miami, The Real Deal has learned. The clan is better known for its Great Neck-based household goods manufacturing firm…bought the vacant sites spanning 2.7 acres on the southwest corner of Northwest…

FECI Sells Downtown Miami Sites for $51M

Florida East Coast Industries (FECI), owner of the Brightline high-speed train line, sold parcels near the Miami Central station for $50.8 million, property records show. The sites — at 200 NW First Avenue and 195 NW Second Street, across the street from the station, just east of the Miami-Dade County government office — total 2.6 acres.

Record-Breaking 57 Companies Relocated Or Expanded Into Miami-Dade This Year

Miami-Dade has had its best-ever year for recruiting companies to open offices in the county — and many more are on the way. Fifty-seven companies either relocated or expanded in the county in 2022, and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday, the Miami Herald reports.

60-story apartment hotel to rise across from downtown Miami nightclub

A new 63-story, mixed-use residential, commercial and apartment hotel building is coming to Miami Worldcenter. PMG 11th Street Developers Group LLC plan the condo hotel with 427 units, and about 42,000 square feet of commercial space, at 20 NE 11th Street. The project, E11EVEN Hotel & Residences, was recommended for approval by the city’s Urban…

Sale of $13.3 million development site in Uptown Miami’s Little River

Gridline Properties and DWNTWN Realty Advisors recently closed on another significant transaction within the Little River neighborhood of Miami. The sale included 2.2 acres on NE Second Ave. in the northern section of Little River. The property, located at 8038 NE Second Ave., Miami, FL 33138, closed on Oct. 27 for $13.3 million. Gridline Properties’ broker and principal…

70-story tower headed for Brickell financial district

Ytech is ready to bring a new residential skyscraper to Brickell in the City of Miami. Ytech 1428 Brickell LLC is the owner-developer of property at that address where a 70-story tower is planned. The Residences at 1428 Brickell will be comprised of a limited collection of 189 fully-finished luxury condominiums. It will offer about 80,000 square feet of amenities dedicated…

Art Basel brings record 282 galleries

Marking its 20th anniversary in Miami Beach, Art Basel reveals a line-up of 282 leading galleries, the fair’s largest edition to date. Running from Dec. 1-3, along with 38 countries and territories exhibiting this year, Art Basel is promising to reinforce its position as the premier global fair in the Americas at the Miami Beach Convention Center at 1901 Convention Center…

PMG, Greybrook Open 49-Story Elser Hotel & Residences in Downtown Miami

PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which…

Sale of 1.1 MSF Industrial Park in Medley Arranged

CBRE has arranged the sale of a 12-building industrial park in the Miami suburb of Medley totaling nearly 1.1 million square feet. Boston-based TA Realty purchased the portfolio from an unnamed global investment advisor for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the transaction. Situated…

The Fed: Will Inflation Play the Grinch This Holiday Season?

The U.S. economy has experienced another year of high inflation; consumer prices in October were 7.8% higher than they were a year earlier. And high inflation has more than offset income growth: Real (inflation-adjusted) per capita disposable personal income was 3.2% lower than it was a year ago. Despite high inflation, retail industry experts are predicting healthy…

Investor home purchases plummet 30%

Investors took a hard pivot away from home purchases in the third quarter, as rising borrowing costs appeared to reverse the sector’s record activity in a matter of months. Investor home purchases dropped 30.2 percent year-over-year last quarter, according to Redfin data. Outside of the onset of the pandemic, it was the biggest decline in investor home purchases…

Dezer scores $40M loan tied to planned Bentley Residences

Dezer Development landed a $40 million loan tied to its planned Bentley Residences condominium project in Sunny Isles Beach. City National Bank of Florida provided the mortgage, according to records. The financing is for pre-development costs associated with the proposed 749-foot luxury tower with 216 units at 18401 Collins Avenue, according to…

Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan

Investor Shadi Shomar and his partners completed the bulk purchase of a South Beach condo-hotel and secured a $36 million loan for the property. Shomar-led entities had paid $28 million in 2019 for the majority of the units — 39 residential and four commercial condos — that make up the Bentley Hotel South Beach at 510 Ocean Drive. Companies tied to Russell Galbut…

Video: Tim Bodner and Byron Carlock of PwC Discuss PwC/ULI 2023 Emerging Trends in Real Estate Report

Tim Bodner, Real Estate Deals Leader at PwC, and Byron Carlock, Real Estate Practice Leader with PwC, appear on America’s Commercial Real Estate Show to discuss highlights and takeaways from the PwC/ULI 44th edition of Emerging Trends. This 125 page report, a joint effort of PwC and ULI (Urban Land Institute) is a must read for anyone involved in commercial real estate.

Lease roundup: Catch Miami Beach to Open at Rivani Property; Levi’s, Blue Nile, Café Americano, Jo Malone London, Calzedonia, and Luca Faloni coming to Brickell City Centre

Catch Hospitality Group will open a restaurant at one of Robert Rivani’s South Beach properties. Seafood eatery Catch Miami Beach will open next fall at 200 South Pointe Drive in a 22,000-square-foot space, including indoor and outdoor dining, according to a news release from the hospitality firm. This will be the seventh location of the Catch concept, with…

Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project

A company owned by Related Companies’ Bruce Beal, SL Green’s Andrew Mathias and Boich Investment Group’s Wayne Boich is seeking approval of a mixed-use office project in Miami Beach’s Sunset Harbour. On Tuesday, the Miami Beach Planning Board will vote on the partnership’s plans for a five-story, 50,000-plus-square-foot commercial building at 1920 Alton Road. Beal, president…

Aria Development JV Lands $81M for Miami Luxury Condo Project

Image by Michael Gaida via Pixabay A joint venture between Aria Development Group and AQARAT has received a $80.9 million in financing for the development of 501 First Residences, a 448-unit luxury condominium project at 501 NE First Avenue in Miami. Berkadia secured the 42-month, full-term interest-only construction loan on behalf of the borrowers.

Aria JV scores $81M construction loan for downtown Miami condo project

Aria’s David Arditi with rendering of 501 Residences (Aria Development Group, Getty) An Aria Development Group joint venture landed an $80.9 million construction loan for a downtown Miami condominium project. Bank OZK provided the financing for 501 Residences, a planned 40-story tower with 448 condos that potential owners can lease as short-term rentals, according…

Focus pays $28M for Brickell apartments development site

Focus is the latest real estate firm to catch Brickell fever. The Chicago-based company now owns a piece of the booming Miami neighborhood, paying $28 million for the development site at 128 Southwest Seventh Street, according to records. An entity managed by Matthew Barry sold the shuttered two-story, 60-key Starlite Motel East. It had paid…

Mapping out Steve Ross’ South Florida empire

Stephen Ross thrives in tumultuous times. The billionaire’s Related Companies has shown a propensity for pushing forward with investments and projects amid turbulent economic times, when others are inclined to pull back. After the 9/11 terrorist attack, when buyers nixed contracts, and construction and lending froze, Related kept building New York’s AOL…

Barry Sternlicht calls Fed’s actions “suicide”

Barry Sternlicht unleashed his contempt for the actions of the Federal Reserve during an interview Thursday. On CNBC’s “Squawk Box,” the Starwood Capital Group CEO said the Fed’s actions were “clearly suicide” for the economy.  The Fed has been raising interest rates quickly in an effort to clamp down on inflation, a decision proving to be critical throughout real estate. Sternlicht…

‘Alarming’ Housing Crisis In South Florida Spurs Search For Solutions

A scarcity of developable land and an influx of wealthy migrants has spiraled South Florida’s affordable housing crisis out of control so fast that it has surprised even the most experienced local developers. “There’s a whole a population of people out there who none of us typically think of as being cost burdened, or, you know, stressed to be able to afford an apartment…”

Capital Markets Weathering Rapid Inflation In South Florida, Thanks To Influx Of Capital, Experts Say

Dark clouds are forming over the global economy, and while South Florida isn’t immune to the effects of rapid inflation and interest rate hikes, the capital that continues to pour into the region is providing it protection from the storm. “I think everybody here understands and recognizes we are in a recession,” Franklin Street Senior Director Javier Herrera said at Bisnow’s Money…

Residential Rent Growth Slows Nationwide, Resumes Regular Seasonal Shifts

The median asking rent for U.S. apartments rose 7.8% year-over-year in October to $1,983, the smallest annual increase since August 2021, Redfin reports. Rents declined 0.9% nationwide month-over-month. October was also the fifth consecutive month in which annual rent growth decelerated, with rents rising at about half the pace they were six months earlier…

Industrial Sales Not Immune from Impact of Higher Interest Rates

All through the pandemic, industrial properties have been among the most desired by commercial real estate investors. But in the current market environment, are industrial assets holding up just as well? In fact, demand for industrial properties is down considerably from the first quarter of this year, says Chris Riley, president of U.S. industrial & logistics capital markets with…

Merit Hill Capital pays $18M for Davie self-storage facility

Merit Hill Capital scooped up a self-storage facility in Broward County for $17.5 million. An affiliate of Merit Hill, a Brooklyn-based real estate firm focused on self-storage properties, acquired the 72,401-square-foot building at 5370 South University Drive in Davie, according to records. The seller, an affiliate of Pasadena, Calif.-based real estate…

Cedar Health scoops up Fort Lauderdale assisted living facility for $39M

Cedar Health Group beefed up its portfolio of assisted living facilities in South Florida. Cedar Health paid $39 million for the assisted living facility at 2855 West Commercial Boulevard in Fort Lauderdale. The seller is Brentwood, Tennessee-based Wickshire Senior Living, according to records. The buyer took out a $38.1 million loan from Ocean Bank. Wickshire sold…

Highgate cashes out of another South Florida La Quinta, this time in Palm Beach County

Highgate Capital Management shed another La Quinta Inn by Wyndham property in South Florida, as hotel sales heat up in the tri-county region. The Irving, Texas-based hospitality real estate firm sold the 114-room hotel at 5981 Okeechobee Boulevard in unincorporated Palm Beach County for $13 million, records show. The buyer is an entity managed by…

Master Mind Behind 156K SF Addition To West Palm Beach’s Office Pipeline

alm Beach County is getting more office space as Master Mind expands its portfolio in the Miami area. Developer Centrepark Master Mind LLC, which is managed by New York-based Master Mind’s Babak Ebrahimzadeh, filed documents with the city of West Palm Beach to build a 13-story office tower at 1545 Centrepark Drive. The 1.27-acre site was purchased for $5.5M in June…

The post Miami Commercial Real Estate News November 23, 2022: Medley Industrial Park Trades for $241M, Dev Sites Near Miami Central for $51M; High-Rise Plans Filed for Former Shorty’s BBQ Site; More… appeared first on Hawkins Commercial Realty.

Tim Bodner, Real Estate Deals Leader at PwC, and Byron Carlock, Real Estate Practice Leader with PwC, appear on America’s Commercial Real Estate Show to discuss highlights and takeaways from the PwC/ULI 44th edition of Emerging Trends. This 125 page report, a joint effort of PwC and ULI (Urban Land Institute) is a must read for anyone involved in commercial real estate. Separated into 4 chapters, the report begins with various pieces discussing trends and observations in chapter 1, then moves on in chapter 2 to discuss the outlook for various property types. Chapter 3 highlights markets to watch. Finally, chapter 4 discusses Canadian real estate. This is a survey based sentiment report, always of interest but perhaps more so in an environment like this.

The post Video: Tim Bodner and Byron Carlock of PwC Discuss PwC/ULI 2023 Emerging Trends in Real Estate Report appeared first on Hawkins Commercial Realty.

Miami Beach seeks development partner for Art Deco apartment building

Miami Beach officials are contemplating partnering with a developer to renovate a city-owned Art Deco apartment building. The Miami Beach City Commission on Wednesday authorized staff to move forward with crafting a request for proposals to partner with a developer that can fix up the Barclay Plaza Apartments at 1940 Park Avenue. Bidders can also include possible additions…

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th Street in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020…

South Florida’s biggest HOA’s leaders charged in massive fraud

Five people were charged with running a massive fraud that allegedly looted more than $1 million from the coffers of South Florida’s biggest homeowners association. The Miami-Dade State Attorneys’ Office on Tuesday arrested former and current board members of the Hammocks HOA for their alleged roles in the scheme. The arrests are a continuation of an investigation…

Tri-Rail service to downtown Miami clears a barrier

Plans for Tri-Rail’s long-delayed arrival to serve downtown Miami have advanced with a three-way agreement for Tri-Rail’s team to start training and testing to get service rolling. The South Florida Regional Transportation Authority (SFRTA), which controls Tri-Rail, has “received a signed Tri-Party Agreement, with Florida East Coast (FEC) Railway and Brightline, that gives…

Miami trolley system may get five more years of life

City commissioners are to act on two resolutions today (11/17) that would provide Miami’s trolley system with additional funding and extend the contract terms with a 20% increase to hourly service rates. The first resolution would authorize the city manager to execute a public transportation grant agreement between the city and the Florida Department of Transportation…

Hyatt Regency riverfront developers negotiate with Miami

Gencom, a real estate and development firm, will now negotiate with the City of Miami to build a reimagined riverfront downtown following voters’ approval of a Nov. 8 referendum to amend the lease of city-owned waterfront where the Hyatt Hotel sitsYatt Hogtl sits. “We’re thrilled with the overwhelming support we’ve earned. Our plans for a privately funded world-class…

Roundup from the Fed: Inflation, Financial Markets and COVID-19 Disparities

In the event you missed it, today we are highlighting some research recently produced by the St. Louis Fed. The following articles were published in the Review and Economic Synopses. Review. Financial Market Reactions to the Russian Invasion of Ukraine. This article analyzes financial market reactions to the Russia-Ukraine war with a focus on the conflict’s opening weeks.

Miami-Dade commissioners override mayor’s vote on industrial megaproject outside UDB

A controversial industrial megaproject survived a last-ditch effort by Miami-Dade Mayor Daniella Levine Cava to kill the proposal. County commissioners on Tuesday voted to quash the mayor’s veto of their approval of South Dade Logistics and Technology District, a development that would sprawl 378 acres outside the Urban Development Boundary in south Miami-Dade.

Evacuated Port Royale Miami Beach residents can return

Residents of a Miami Beach condominium evacuated more than two weeks ago over concerns of the property’s structural integrity were allowed to return home on Monday. A contractor deemed the 164-unit Port Royale at 6969 Collins Avenue safe for occupancy after the shoring, or reinforcement, of beams in the building was completed, the Miami Herald reported. Brian Calderone…

Pantzer pays $175M for newly built apartments in Miami’s MiMo

Pantzer Properties continues to bet big on South Florida’s multifamily market. Pantzer bought The Boulevard, a newly built apartment building at 5700 Biscayne Boulevard in Miami’s MiMo Biscayne Boulevard Historic District, for $175 million, according to sources. No deed was recorded, meaning the deal may have closed through a transfer of the property’s ownership entity.

Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants

Miami River Landing Shops and Residences, the mixed-use development along the Miami River, scored a hair salon as a tenant. ManCave for Men, a luxury barber shop, will open in a 1,200-square-foot space along the riverfront next summer, according to a River Landing news release. Coral Gables-based Urban-X Group, led by Andrew Hellinger and…

South Florida real estate players gear up for recession, but remain optimistic

Top brokers, landlords and developers doing business in South Florida’s real estate market are gearing up for an economic recession, although they believe deal flow and new construction will hold steady in the coming year. That was the consensus among panelists and attendees at The Real Deal’s South Florida Showcase + Forum on Thursday. The all-day event…

“We’re at the teenage years of Miami”: Next gen developers see opportunity

Despite coming from distinct real estate legacies, developers Rishi Kapoor and Alex Witkoff see eye-to-eye on the future of real estate in Miami. “We’re at the teenage years of Miami,” said Witkoff, executive vice president of development at Witkoff. “Miami used to be a boom-and-bust market. Now it’s much more stable.” Location Ventures founder and CEO Kapoor and…

“Miami is the last man standing”: Marc Roberts weighs in with Robert Rivani on hospitality

With his exuberant fashion sense and style, imagine Robert Rivani as a Gen Z Mr. Monopoly, the titular character of the popular real estate board game. His commercial condo buying spree in Miami and Miami Beach this past year is akin to picking up Monopoly properties that can generate the highest income, Rivani told a standing room only crowd at The Real Deal’s…

Lithia Motors pays $29M for Doral industrial building

A national automotive company picked up a Doral industrial building near car dealerships that it acquired over the summer. An entity led by executives with Lithia Motors, including the Medford, Oregon-based firm’s CEO Bryan DeBoer, paid $28.5 million for the 145,000-square-foot facility at 9300 Northwest 13th Street, records show. The seller, an entity with the same address as New York-based…

Two Roads’ Taylor Collins on slowdown, rising interest rates

Taylor Collins, a managing partner at Two Roads Development, is aware of the paradox a lot of developers and brokers are seeing in the market, especially in Miami. He agrees that the slowdown is here, and hesitates to compare anything to the boom in prices of last year. Yet, he is still finding that demand is high. Last year, he said, was “a very strange year” with an…

Michael Shvo and Jeff Greene talk distress, opportunities in office

The office building, once the pinnacle of commercial real estate, now feels more like a liability. Inflation, rising interest rates and remote work have left the asset class uniquely exposed to declines in valuation. Vultures are starting to circle for distress. But Michael Shvo still sees opportunities. The developer bought the Transamerica Pyramid in San Francisco and, according…

“Winter doesn’t really come to South Florida”: Developers on economic climate

Top developers didn’t deny that it’s a tough economic environment right now, but South Florida, they said, has the wind at its back. “Given the macro-economics, I would like to refer to my friend Jon Snow to say, ‘Winter is coming,’” Arnaud Karsenti said in reference to the “Game of Thrones” character. “But fortunately, winter doesn’t really come…”

Health care moguls buy Hialeah Gardens nursing home for $43M

A pair of nursing home investors scooped up a Hialeah Gardens facility for $43.2 million. Bent Philipson and Andrew Bronfeld bought Signature HealthCare Center of Waterford at 8333 West Okeechobee Road from an affiliate of Los Angeles-based Arba Group, records show. The deal for the 214-unit facility breaks down to roughly $202,000 per unit. Philipson has invested…

Video: CoStar’s National Director of Office Analytics Phil Mobley Discusses Office Market Dynamics

CoStar’s National Director of Office Analytics Phil Mobley joins Michael on America’s Commercial Real Estate Show to talk about the U.S. office property market. Discussions include current and forecasted occupancy rates, office rental rates, loan interest rates, cap rates and demand for space. He notes that we are post pandemic in the way we live and work. Vacancy in Q3 2022…

North Beach’s Biggest Development Rejected? What’s Next for the Site of the Deauville Hotel?

After years of sitting in disrepair due to a fire, the beloved and historic oceanfront Deauville Hotel site in North Beach has been waiting for its fate. Bought by Miami Dolphins owner and billionaire Stephen Ross, earlier this year he revealed plans for the site with a 373-feet, “six-star luxury,” two-tower vision designed by stararchitect Frank Gehry. With one a 175-key Equinox-branded…

A Newly Public Company – Miami Based – Wants To Shake Up The Hotel Industry. Customers Say It’s A Scam

A small, relatively unknown company has been quietly taking over struggling hotels across the country in recent months, hoping to build an empire from the rubble of the pandemic. LuxUrban Hotels Inc. has snapped up more than 1,000 rooms this year alone, signing long-term leases with hotel owners grateful for a reliable stream of income in trying times. But the…

CRE Leaders Cheer DeSantis’ Win, Push For More Action On Affordable Housing

Florida Gov. Ron DeSantis won a resounding re-election victory last week, which commercial real estate leaders hailed as a sign that the state will continue with its business-friendly ways. In interviews with Bisnow, industry insiders said that DeSantis’ policies have been good for business, but they hope he focuses more on affordable housing in his second term than his first amid…

FTX Turmoil Undermines Miami’s Crypto Strategy

In a turnabout that illustrates the risk underlying Miami’s attempts to fashion itself as a center of the crypto economy, values of cryptocurrencies are plunging, and one of Miami’s most prominent crypto names is on the brink of collapse. Cryptocurrency exchange FTX this week was caught in a liquidity crisis that roiled crypto market. The global company, headquartered…

Higher Borrowing Costs Cool South Florida’s Sizzling Multifamily Market

South Florida has been one of the hottest rental housing markets in the nation. But even in sunny Miami-Dade, Broward and Palm Beach counties, higher interest rates have cast a shadow on debt-funded acquisitions of apartment buildings and multifamily development. Despite the fundamental strengths of South Florida, including low unemployment and a growing…

Prime buys Fort Lauderdale self-storage facility for $35M

Prime Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale Prime Group Holdings bought a self-storage facility in Fort Lauderdale for $35 million. A Prime affiliate acquired Riverbend Self-Storage, a four-story building with 886 self-storage units at 2401 West Broward Boulevard, according to records. Led by CEO Bob Moser…

Pompano Beach advances 128-unit mixed-income rental project

A key city approval advanced the development of Gateway Luxury Apartments, a 128-unit, mixed-income multifamily complex planned for Pompano Beach. The Pompano Beach City Commission last week approved an allocation of 19 “flexibility units” for moderate-income tenants that will allow development of the apartment complex on a commercially zoned site. The 4.2-acre…

Steve Ross’ Related adds Broward affordable rentals to portfolio

Stephen Ross’ hefty wager on South Florida real estate is no longer limited to prime markets such as Miami’s Brickell and downtown West Palm Beach. The billionaire founder of Related Companies and owner of the Miami Dolphins scooped up the Monterra affordable apartment complex at 2601 Solano Avenue in Cooper City for $55.5 million, according to records. Sellers ZOM…

West Palm approves Immocorp’s mixed-use project in Northwood

For years, West Palm Beach leaders have pushed for redevelopment of the Northwood district, but it’s been to no avail — until now. On Tuesday, the city’s planning board greenlit the first project: A plan by Gilbert Benhamou’s Immocorp Capital for 382 apartments, 63,200 square feet of commercial uses and roughly 13,000 square feet of public space on 4.7 acres at the west end…

Palm Beach County voters approve $200M affordable housing bond

Palm Beach County voters said yes to more housing, approving a $200 million bond for affordable units on Tuesday. The bond, which will be paid for by property tax increases, is designed to subsidize the construction of 20,000 workforce housing units. The subsidy averages about $10,000 per unit. Approval of the housing bond is a win for developers, many of which donated…

The post Miami Commercial Real Estate News November 16, 2022: Veto of Project Outside UDB Overridden; MiMo Multifamily Trades for $175M, Doral Industrial for $29M, Hialeah Gardens Nursing Home for $43M; More… appeared first on Hawkins Commercial Realty.