Partnership Tops Out 509-Unit Residences at The Wynwood Plaza
Co-developers L&L Holding Co. and Oak Row Equities, along with project partner Shorenstein Properties and capital partner Claure Group, have topped out the Residences at The Wynwood Plaza, a 509-unit apartment development in Miami. The property serves as the multifamily component of Wynwood Plaza, a 1 million-square-foot mixed-use development underway…
Highly touted 830 Brickell office tower opening awaited
Companies from around the globe continue to come to Miami as the city’s most highly touted Class A office building, 830 Brickell, prepares to welcome tenants. “We have tenants that are currently building out their spaces now,” said Ryan Holtzman, executive managing director at Cushman & Wakefield, “but we believe the building will be complete and TCO’d…
Underdeck 33-acre park under signature bridge underfunded
Final negotiations for design of the Underdeck are in progress and the signature I-395 bridge above is on track to be finished in late 2027, but Underdeck costs have risen significantly and the city is still searching for funding. During a virtual information meeting Feb. 13, David Hoot, the City of Miami’s consultant working on the project, provided an update on the 33-acre green space…
Tri-Rail enters downtown Miami using long-planned safety procedures
Even before the South Florida Regional Transportation Authority’s Tri-Rail trains began carrying passengers into downtown Miami in January, safety has been a top priority along the route, Public Affairs Director Victor Garcia told Miami Today this week. The Tri-Rail corridor operates on an advanced Positive Train Control (PTC) safety system, which uses GPS, wireless…
Greystone Provides $419.6M Refinancing for Panorama Tower in Brickell
Greystone has closed a $419.6 million financing package for the refinancing of Panorama Tower, an 85-story mixed-use skyscraper located on Brickell Bay Drive in Miami’s Brickell district. The tower features 821 apartments; 112,731 square feet of Class A offices; 25,219 square feet of retail space; a 2,000-space private parking garage; and an attached 19-story, 208-room Hyatt…
Hollo family scores $420M refi for Panorama Tower in Brickell
Florida East Coast Realty, led by the Hollo family, scored a $419.6 million refinancing for their Panorama Tower in Miami’s Brickell. The deal comes amid a flurry of refinancings across South Florida, showing the tri-county region is defying the national trend of a slowdown in lending due to elevated interest rates. Greystone Commercial Capital provided the refinancing for the 85-story…
Avi Dishi and Elysee pay $48M for Aventura shopping and office plaza
Fresh off buying a downtown Miami commercial building, Avi Dishi and Elysee Investments acquired a grocery store-anchored shopping and office plaza in Aventura for $48 million. Affiliates of New York-based Dishi and Elysee, a Miami-based firm Dishi co-founded, led by CEO Haim Yehezkel, purchased Aventura Plaza at 17985 Biscayne Boulevard, records and Vizzda show.
Alta Developers Requests Administrative Site Plan Review For Second Phase Of Princeton Commons
On February 14, Alta Princeton, LLC, an affiliate of Miami-based Alta Developers led by Felipe Onetto and Juan Ignacio Montes, applied for an Administrative Site Plan Review for Princeton Commons II, a planned residential community within the Princeton Community Urban Center District (PCUCD) in Miami-Dade County. The project, slated for a 10-acre site at 24441 Southwest…
MG Developer proposes 258-unit multifamily project in Princeton
MG Developer proposes a 258-unit multifamily building in Princeton, marking the firm’s first bet on south Miami-Dade County. MG has the 2-acre development site at 13480 Southwest 248 Street in unincorporated Miami-Dade under contract for $5 million, the development firms’ CEO Alirio Torrealba said. Coral Gables-based MG wants to build an 11-story building with 8,300…
23-Story Tech Tower Secures Approval for 10941 SW 7th Street in Miami
Tech Tower has recently secured approval in Miami’s Sweetwater neighborhood. The 23-story apartment building will offer 170 apartments, with 20 percent (34 homes) designated as workforce housing. The building can accommodate up to 678 beds. Communal amenities at Tech Tower include a yoga lawn, fitness studio, and residents’ lounge. There will also be a rooftop…
‘Tal Aventura’ Developer Seeks Approval for Revised Condo Tower with Hotel Addition
The developer behind the approved Tal Aventura condo tower is proposing a significant change to the project by incorporating a hotel component on the lower floors. Initially greenlit by city officials in 2022 for 86 condominiums across 26 stories, the development site, spanning 1.55 acres at 2785 Northeast 183rd Street, has remained untouched, awaiting construction commencement.
Developer Proposes New Plan for Tal Aventura at 2785 N.E. 183rd Street in Aventura
In 2022, Florida YIMBY reported on Tal Aventura, a luxury residential venture slated for Miami-Dade County. Now, our sources have indicated that the developers aim to revise the original plans, adding more condos and hotels. City officials will review the proposal on Feb. 20th. The new Tal Aventura would measure 21 stories and offer 93 condos, 224 hotel rooms, and 453 parking…
Housing Trust Group (HTG), a leading multifamily developer, has commenced construction on Oasis at Aventura, a new $37 Million affordable senior community with 95 apartments in Miami, Florida. The community is the latest joint venture between HTG and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning….
Miami Urban Development Review Board to Consider Proposal for 5401 NW 7th Avenue in Miami
A 35,966-square-foot parcel in Miami’s Model City neighborhood could soon be home to a high-rise tower. Presently, the site is home a Burger King. Yet, if all goes according to plan, it could be reshaped into Principio. Our sources indicate that the 215,256-square-foot venture would measure eight stories, offering 142 apartments. They would measure 585 to 1,121 square feet.
40-Story ‘Santander Tower’ Planned For 1401 Brickell Avenue In Miami’s Financial District
On February 21, Miami’s Urban Development Review Board is scheduled to review the filed plans for Santander Tower, a visionary project at 1401 Brickell Avenue in the Brickell financial district. This 40-story office building, targeting LEED Platinum certification, is designed to redefine Miami’s skyline and urban experience. The development, designed by Handel Architects from New York…
Banco Santander wants to redevelop its Brickell building with 40-story office tower
Banco Santander proposes to replace its Brickell building with a 40-story office tower, marking at least the fourth planned office project in Miami’s financial district. The Spanish bank proposes to demolish its current 14-story office building at 1401 Brickell Avenue and develop a new tower in its place, according to an application filed to the city late last month. The project, called Santander…
H&M Signs 25,000 SF Retail Lease at Shops at Brickell City Centre
H&M has signed a 25,000-square-foot lease to occupy an anchor space at The Shops at Brickell City Centre (BCC) in Miami. Scheduled to open later this year, the global clothing retailer will occupy two levels at the property, which serves as the primary retail component of BCC, a 4.9 million-square-foot mixed-use development that first opened in 2016. Developed by Swire Properties…
H&M Leases Two Floors At Brickell City Centre, Where Foot Traffic Is Breaking Records
H&M is coming to Brickell City Centre. The new H&M will be located on level two of the mall’s North Block, in the former La Centrale and Luna Park space. H&M Brickell will offer women’s, men’s, and kids’ collections. The storefront will feature upgraded finishes, including tile flooring, special tile detailing, open-air ceilings, a grand staircase, guest lounge areas, and a large-scale screen…
Revealed: 765-Foot Santander Tower Planned In Brickell
Plans have been filed to build a major new office building called Santander Tower on Brickell Avenue. A total demolition permit application has already been filed for an existing 14-story office building on the site. The permit is currently in review. The developer says the new building will reset the standards for the pedestrian experience of the street level of Brickell Avenue buildings.
Shadi Shomar, partners propose 278-unit workforce housing complex near Naranja
Shadi Shomar and his partners propose a 278-unit workforce housing complex near Naranja, marking their continued bet on south Miami-Dade County’s multifamily market. Shomar, Gonzalo De Ramon, brothers Ghassan and Roger Abboud, and Royal American Construction want to develop a pair of eight-story buildings on 4 vacant acres at 23435 Southwest 127th Avenue…
Legacy Residential, partner propose 309-unit townhouse complex near Florida City
Legacy Residential Group and CD Group want to develop a 309-unit workforce townhouse complex near Florida City. The developers propose Legacy Villas at Palm Drive on a 50.5-acre site on the southeast corner of Southwest 344th Street and Southwest 199th Avenue in unincorporated Miami-Dade County, according to an application filed to the county late last month. Legacy Residential…
1000-Foot Cranes Approved At 1428 Brickell
The Federal Aviation Admiration gave the green light this week to install two very tall construction cranes in Brickell. The approval is for the site where the 71-story solar-powered 1428 Brickell residential tower is planned. Both of the cranes are now approved to rise at the same height – 1,001 feet above ground, or 1,010 feet above sea level. The cranes are temporary and are expected…
Miami is poised to further cement its reputation as an international hub for culinary innovation and vibrant nightlife by introducing Villa One Tequila Gardens at Miami Worldcenter, the $6 billion mixed-use behemoth revitalizing the city’s urban core. Co-founded by Nick Jonas and menswear designer John Varvatos, Villa One Tequila promises to bring Mexico’s finest tequila…
Here’s how embattled Rishi Kapoor recruited — and alienated — his biggest investors
By August 2022, a once promising business relationship involving Miami Beach-based real estate investors Alex Kleyner and Diana Ulis and Coral Gables-based developer Rishi Kapoor was quickly unraveling. Kleyner and Ulis, who invested $45 million into Kapoor’s Location Ventures and two of the firm’s planned projects, had discovered Kapoor received $1.3 million in alleged…
Fyre Fest founder uses Gil Dezer’s planned Bentley condo to sell $1M tickets to latest venture
Fyre Festival, the ill-fated music festival that landed its founder behind bars, is back for another round — with one of Miami’s top developers and planned luxury condos in tow. Billy McFarland, the embattled con man who was convicted over fraud charges after the disastrous first iteration of his proposed event series, posted on TikTok to announce details of the most expensive…
David and Leila Centner’s real estate strategy expands beyond schools
David and Leila Centner are building a commercial real estate portfolio in Miami-Dade County beyond their private schools. The Miami Beach power couple — who’ve garnered headlines over their anti-vaccine stance, and more recently, for their connection to an ex-Miami elected official facing public corruption charges — recently bought a ground-floor restaurant space in an Edgewater…
Nick Jonas’ and menswear designer John Varvatos’ Villa One Tequila Gardens will open at Miami Worldcenter. The restaurant leased 12,294 square feet of rooftop space atop the Jewel Box retail building at 150 Northeast Eighth Street, according to a Miami Worldcenter’s news release. The 27-acre, $6 billion mixed-use development is at the intersection of downtown Miami…
Simon fails to pay off $159M Miami International Mall loan on maturity date
Miami International Mall ‘s owner failed to pay off a $159 million debt that matured this month, as the retail center faces sagging occupancy, according to Morningstar Credit. Simon Property Group, the Indianapolis-based real estate investment trust specializing in shopping malls, owns 303,000 square feet of Miami International Mall’s central component. Simon does not…
Simon Fails To Pay Off Debt On Maturing Miami International Mall Loan
A loan tied to a 1M SF Miami mall owned by Simon Property Group is headed to special servicing after the debt matured this month and the retail giant didn’t pay off the $160M balance on its loan. Miami International Mall was 78% leased at the end of 2023 and has seen cash flow fall 13.5% from when its loan was underwritten. The debt tied to a portion of Miami International Mall…
CMBS Loan on Miami International Mall Hits Special Servicing
Simon Property Group is facing a risk of default over a $159 million loan on the Miami International Mall in Doral, Fla. The commercial mortgage-backed debt has been transferred to special servicing following its Feb. 6 maturity date, with the borrowers now seeking a modification and extension agreement, according to a Tuesday report from Trepp.
Coral Gables Zoning Law: Mixed Use Development Overview
The clear evolution of infill real estate redevelopment in South Florida and Greater Miami is towards a true mixed-use environment that makes areas desirable places to work, live, and play. Coral Gables, with its vibrant commercial areas, is an example of a municipality within Greater Miami-Dade County that is leading this charge through a specific mixed-use zoning code overlay…
Miami Beach goes shopping for $6.5 million oceanfront house
Miami Beach is to buy a single-family home for $6.5 million. The site at 7605 Collins Ave. is surrounded by city-owned land on three sides and is the missing piece needed to complete a city-owned oceanfront block with no use yet decided. The city commission discussed its decision to buy the property this month and is act again to finalize the buy. “We’ll direct the administration to work…”
Developer Seeks Approval for Apartment Complex at 31 NE 22nd Avenue in Pompano Beach
GLC Pompano 1 LLC, a Texas-based developer, hopes to get approval for an apartment complex in Pompano Beach. If approved by Pompano Beach’s Development Review Committee, the 19,575-square-foot build site would host 67 apartments in an eight-story building. Per the South Florida Business Journal, the building itself would comprise just over 125,000 square feet of new…
Affiliated pays $15M for Fort Lauderdale multifamily dev site
Affiliated Development acquired a Fort Lauderdale development site for $15.2 million that is approved for a 400-unit apartment building with ground-floor retail. The Fort Lauderdale-based development firm purchased a 2.7-acre assemblage with three single-story buildings and a two-story building slated for demolition at 2125 South Andrews Avenue, records and Vizzda show. The sellers…
Broward County Office Owner Faces Foreclosure As It Pitches Investors On Redevelopment
A 44K SF office building in Lauderdale Lakes is staring down foreclosure as its owner looks to bring on investors to redevelop the property. Best Meridian Insurance Co. of Florida, a subsidiary of Miami-based BMI Financial Group, filed a foreclosure suit on Feb. 13 in Broward County court seeking repayment of a $7.2M mortgage or control of the property at 3361 W. Oakland Park…
Affiliated buys Boynton Beach mixed-use building and 3-acre dev site
Affiliated Development is planning its second workforce housing apartment project in Boynton Beach. The Fort Lauderdale-based firm, led by CEO Jeffrey Burns and President Nicholas Rojo, paid $12 million from a 4.3-acre assemblage that includes a two-story office and retail building and a vacant lot at 2703 and 2755 South Federal Highway, records and Vizzda show. Affiliated…
396 Apartments Planned for 11025 RCA Center Drive in Palm Beach Gardens
Palm Beach Garden officials have approved a second wave of apartments within the PGA Station business park in Palm Beach Gardens. The first phase (which broke ground in 2022) will comprise 396 units in an eight-story building. Known as “The Marc,” construction will end later this year. The second phase will offer 620 apartments divided between two 13-story buildings.
$75M Gift From Billionaire Will Fund New Medical Office In West Palm Beach
The world’s second-richest woman donated $75M for the construction of a medical center in West Palm Beach. The Julia Koch Family Foundation, run by the widow of billionaire libertarian businessman David Koch, provided the donation to help build the NYU Langone Health Ambulatory Care Center. The gift comes a month after the New York University’s health system acquired…
Bang Energy liquidator sues founder Jack Owoc for $100M
Embattled energy drink founder Jack Owoc, ousted from the leadership of his company less than a year ago, now faces a lawsuit seeking more than $100 million in damages for his allegedly reckless management and use of company funds, largely to fund real estate deals. It was Owoc’s “boundless greed” and “self-dealing regime” that caused the collapse of his once booming energy drink…
Charts: Federal Reserve Data Tracks Pronounced Drop in Multifamily Prices Nationally
Multifamily Prices Nationally Have Dipped Nearly 17% from a Year Prior, a Drop Near That of the Great Recession of 2008 In the chart above of the Federal Reserve’s Multi-Family Real Estate Apartment Price Index,, retrieved from FRED (Federal Reserve Bank of St. Louis) on February 9, 2024, one can see that multifamily prices have recently declined considerably. What also stands…
PNC Bank to Invest $1B to Renovate 1,200 Branches, Add 100 New Locations
PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network. According to PNC Bank, the goal of the renovations is to create a better customer…
One Size Does Not Fit All in the Office Market
Price declines for the U.S. office market have led to hand-wringing by investors and policymakers with worries over financial instability as prices fall. Will pension funds be able to live up to their commitments given potential losses on office investments? Will lenders remain solvent as office loans mature? These questions are being debated strenuously, but stakeholders need to understand…
The post Miami Commercial Real Estate News February 21, 2024: Santander Plans to Replace its Brickell Tower; Miami International Mall Loan Payoff Missed; More… appeared first on Hawkins Commercial Realty.
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