Aimco plans to list waterfront Hamilton apartment tower, its second major Miami asset to hit market
Aimco’s waterfront Hamilton apartment tower in Edgewater will hit the market, marking its second major Miami property to list for sale this year. The real estate investment trust will put the 28-story, 276-unit Hamilton at 555 Northeast 34th Street on the market this quarter, according to Aimco’s filings to the Securities and Exchange Commission. An asking price was not…
David Martin, partners propose 1,200 resi units in Overtown, luxury condo tower in Midtown Miami
Developer David Martin is teaming up with partners on two separate projects: a 1,215-unit residential complex in Miami’s Overtown and a 400-unit condo in Midtown Miami. The developers will go before the city’s Urban Development Review Board on Wednesday, as will a Canadian firm seeking approval of its proposed residential tower in downtown Miami. Martin’s Coconut…
World’s Largest Cruise Terminal – MSC’s $450M Facility – Nearing Completion At PortMiami
PortMiami has seen a number of giant cruise terminal’s completed in recent years, but none are bigger than the new MSC Terminal that is now moving closer to completion. MSC’s $450m PortMiami facility will be the world’s largest cruise terminal when it opens later this year. It will have capacity for 36,000 guests each day, with 3 cruise berths. A parking garage for 2,400 cars…
Legal battle escalates at Spanish billionaire Amancio Ortega’s Epic condo-hotel
Condo owners at downtown Miami’s Epic Hotel & Residences are escalating a legal standoff with the global real estate titan who owns the hotel portion. Epic West Condominium Association sued an affiliate of Grupo Ponte Gadea, the real estate investment arm of Spanish billionaire Amancio Ortega, on May 6 in Miami-Dade Circuit Court. The complaint alleges that Ponte Gadea’s…
Photo: Construction Progress At Wynhouse Miami, Where 308 Apartments Being Built
Wynhouse Miami now has nearly all its glass installed, a new photo shows. Construction on the 8-story building began last summer. A top off ceremony was held in March. A $117.5 million loan provided by JP Morgan Chase and affiliates of Canyon Partners is financing construction. Wynhouse is planned to include: 308 rental residences approximately 26,000 square feet…
LA-Based Cigar Company Tatuaje Opens New Distribution Center In Doral
While Tatuaje might be known as a Los Angeles-based cigar company, it now has a new distribution center in the Miami, Fla. suburb of Doral. Adding a Miami-area warehouse gives the company the opportunity to fulfill orders and optimize shipping costs and times for its retailers. The company says that the goal is to ship products to the eastern part of the country from Miami…
Construction Starts on 99-Unit ‘Wellspring Apartments’ at 14701 NW 27th Avenue in Opa-locka
Construction has started on Wellspring Apartments, a senior housing development in Opa-locka. The six-story building will offer 99 residences: seven studios, 81 one-bedroom units, and 11 two-bedroom units. According to Multi-Housing News, 67 units will be reserved for residents making 50 percent or below of the area median income (AMI). The remaining 32 will be available…
Kayak Miami Beach hotel sale results in loss for Varde
Varde Partners wasted no time unloading a Miami Beach hotel, even taking a loss on the quick sale of the Kayak-branded property. An affiliate of Varde, a Minneapolis-based global alternative investment firm, sold the two-story, 51-unit hotel at 2216 Park Avenue for $12.8 million to New York-based Blue Suede Hospitality Group, records and real estate database Vizzda show.
Cranes Now In Place For 100-Story Waldorf Astoria Miami
Two tower cranes are now in place at the construction site of the 100-story Waldorf Astoria Hotel and Residences Miami tower. The Waldorf Astoria Miami is planned to rise to a supertall height of 100 stories, or 1,038 feet above ground and 1,049 feet above sea level. That is taller than any building ever built in Miami, by far. The building is planned to include 360 residential…
NoMad Residences Wynwood Gets Construction Financing, Cranes Installed
NoMad Residences Wynwood now has its cranes in place, and a construction loan for the project has been issued. The developers of the project announced earlier this month they has been issued $141.5 million in construction financing. The financing includes a $51.5 million mezzanine loan from Related Fund Management, the investment management arm of New York’s Related…
Berkadia Arranges $54.5M Refinancing for Downtown Miami Apartment Tower Pier 19 Residences & Marina
Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951…
County selling 17 acres it needs to Costco at big discount
A split Miami-Dade commission last week voted to sell water and sewer land to developer Michael Swerdlow to build a Costco at far below appraised value and without a viable alternative to fill county needs. The county didn’t seek to sell, but Mr. Swerdlow made unsolicited offers, $4.5 million last year and about $9 million last week as the deal evolved. Under the 8-5 vote…
Miami luxury rentals’ development outpaces demand
Even though the desire to live in luxury residential buildings is high, the supply is currently outweighing that strong demand, according to high-end luxury residential developers. There’s no question that South Florida is the place where many Americans want to live and demand is high but recently supply is higher, said Asi Cymbal, chairman of Cymbal DLT. “We believe this…”
Henry Pino’s Alta buying South Miami hotel, plans short-term rental condo
Developer Henry Pino is buying a development site in South Miami for $17 million to $19 million, with plans for a 310-unit short-term rental-friendly condo project, The Real Deal has learned. Pino’s Kendall-based Alta Development is under contract for the Rodeway Inn South Miami-Coral Gables hotel at 5959 Southwest 71st Street, Pino said. The plan is for a 15-story building…
Golden Glades getting $17 million bike-pedestrian bridge
Six major highways converge at an interchange in northern Miami-Dade County. The Golden Glades Interchange, however, isn’t known only for its complicated design and heavy traffic. In March 2023, a tractor-trailer rig’s cargo struck a bridge at the interchange, prompting four nights of road closings to make repairs. Major traffic jams occurred last August near the interchange…
LatAm Airlines to expand its MIA VIP club; New Lease Proposed
A new lease proposed for the VIP club for Latam Airlines Group at Miami International Airport would add substantially to the club’s space, the club’s use, and the airport’s revenues. The group would spend $4 million to $5 million to build out its new space, growing the current 10,264-square-foot space of the club on the third floor of Concourse J to 17,884 square feet.
Miami International Airport seeks Zzzzz payoff at sleep centers
Awakening to a global trend, Miami International Airport plans to contract with a Boynton Beach company to offer sleep center amenities to waiting passengers who aren’t looking for the full overnight amenities of the airport’s internal hotel. After advertising for bidders and getting just one that met airport specifications, the Airport and Economic Development Committee this…
South Florida Leads U.S. In Office Attendance Recovery
People come to South Florida for the sunshine, palm trees and beaches, but the region’s workforce is more likely than any other U.S. city’s employees to be in the office. South Florida leads the nation in office attendance compared to pre-pandemic levels, according to new data from Placer.ai, which tracks mobile phone data. Office visits are just 14% off from April 2019 in the Miami metro…
Joe Rasco: Key Biscayne mayor targeting flooding, shoreline, traffic
Joe Rasco is a senior management executive with over 30 years of leadership in local government and large businesses. After moving to Key Biscayne in 1978, he fought alongside other residents to incorporate the town and establish the first village council as well as the village’s independent fire and police departments. In 1998, the community elected Mr. Rasco to his first term…
Developers Close On $141.5 Million In Financing For NoMad Residences Wynwood
Related Group and Tricap have secured $141.5 million in financing for NoMad Residences Wynwood. The project, underway in Miami’s Wynwood Arts District, received a $51.5 million mezzanine loan from Related Fund Management and a $90 million senior construction loan from Kennedy Wilson. The nine-story condominium tower commenced construction in October 2023…
Related, Macklowe buy more units at North Bay Village condo deemed unsafe
The Pérez family’s Related Group and New York developer Harry Macklowe acquired more units at a waterfront condo building in North Bay Village, where they plan a luxury residential development on a larger assemblage of land. The partnership paid $7.9 million for 14 units at Majestic Isle, at 7946 East Drive. It now controls just over half of the building, or 20 of 56 units…
First Renderings Released For Midtown Miami’s Tallest Tower Ever
The Midtown 1 tower which has been in planning for several years has been sent to review by Miami’s Urban Development Review Board, with renderings of the tower publicly released for the first time Midtown 1 is planned to become the tallest tower ever in Midtown Miami, at 48 stories and 596 feet above ground. The new building is planned to include: 400 residential units 27,658…
Revealed: 60-Story Clear Residences Planned In Downtown Miami
Plans and renderings for a new downtown Miami tower called Clear Residences have been made public for the first time, after being in planning since at least 2022. Clear Residences is planned as a 60-story tower, rising 690 feet above ground. The new building is planned to include: 544 residential units 3,680 square feet of commercial 157 parking spaces on five levels…
“Largest affordability crisis” in US: Miami-Dade is short 90K housing units
Miami-Dade County is short more than 90,000 affordable units, as residents struggle to find and keep attainable housing across South Florida. The county is lacking 90,181 units for households earning below 80 percent of the area median income, which comes out to about $75,000 a year, according to a report released by the nonprofit Miami Homes For All. Miami-Dade is facing…
1,219 Residential Units Planned At Former Beckham Stadium Site In Overtown
Plans and renderings for a residential project on the former David Beckham stadium site in Overtown have just been revealed for the first time. The new buildings and parking garages are planned to rise between 3 and 12 stories. Plans for the development include: 1,219 residential units 16,337 square feet of commercial 1,798 parking spaces Arquitectonica is the architect.
Ken Griffin, Orlando Bravo Join Developers, CEOs With Plan To Supercharge Miami
A group of South Florida’s heavy-hitting business leaders has banded together to put forward a plan they say will help Miami capitalize on pandemic-era momentum, overcome its growing infrastructure challenges and solidify its position as a global destination for business and talent. The Partnership for Miami launched this week with a 118-page report outlining Miami’s shortcomings…
Photo: Nameplates Installed At Brickell’s Tallest Office Tower, Opening Soon
830 Brickell is nearing completion as Brickell’s tallest ever office tower, with nameplates now installed at the front entrance. The 55-story tower stands at 724 feet. The building was nearly 100% leased long before completion. Pricing per square foot reached record-breaking levels for Miami. Tenants will include Microsoft, Citadel, Kirkland & Ellis, Sidley Austin, Winston & Strawn…
EIG, Midtown Group Acquire 20.8-Acre Mixed-Use Development Site in Homestead
The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet…
Maersk Launches Air Freight Gateway In Miami
A.P. Moller-Maersk (Maersk) extended its air freight operations footprint in April with the launch of a full-service, in-transit gateway solution in Miami, Florida. According to Maersk, the Miami gateway will act as a critical node in the company’s worldwide air freight network. John Wetherell, Global Head of Air Freight Forwarding at Maersk, said: “Our Miami expansion…”
Developers Plan 48-Story Condo Tower With 400 Units At 3501 NE 1st Avenue In Midtown Miami
Terra and Lion Development Group have unveiled plans for Midtown 1, a 48-story residential building located at 3501 Northeast 1st Avenue in Midtown Miami. Scheduled to be reviewed by Miami’s Urban Development Review Board on May 15, this 598-foot-tall structure will offer 606,856 square feet of space, encompassing 400 condominium units, 27,658 square feet…
Terra Plans 48-Story Condo Tower With Healing, Sculpture, Rainforest Gardens
Terra Group and Lion Development Group have unveiled a plan for a 606-foot-tall tower with a trifecta of themed gardens, bringing greenery to the edge of Midtown and the Miami Design District. Midtown 1, planned for a 1.6-acre parcel at 3501 NE First Ave., is an Arquitectonica-designed tower set to rise 48 stories from a now-vacant site. Its 400 condos would sit…
Plans have been filed for a massive mixed-use development at 650 Northwest 8th Street and 678 Northwest 7th Street in Overtown, Miami. The project is a collaborative effort between 0101 Miami Properties, LLC, led by brothers Jorge and Jose Mas, and 8th Street Connections Holdings, LLC, an affiliate of Terra. The proposed development would yield 1,827,392 sf…
The Weekly Dirt: Will developers’ Brickell office bet pay off?
Planned office towers in Brickell are devoid of preleasing. Will they get built? Miami’s financial district’s success since the pandemic has made headlines across the country. It’s the site of billionaire hedge fund manager Ken Griffin planned mixed-use office tower on the bay, where his firms Citadel and Citadel Securities will have their headquarters. So, developers are doing what developers…
RCLCO takes big hit offloading Miami Design District buildings
In a perplexing move, RCLCO Fund Advisors offloaded two retail buildings in Miami’s Design District, one of the nation’s top retail real estate submarkets, at a steep $17.9 million discount. In one deal, Bethesda, Maryland-based RCLCO sold a two-story, 23,645-square-foot building at 3800 Northeast Miami Court to an affiliate of Miami Beach-based Comras Company, records show.
Developer Files Plans For Clear Residences, A 60-Story Tower At 130 SE 1st Street in Downtown Miami
Toronto-based Blutrich Holdings, led by Israeli-Canadian real estate investor Gil Blutrich, has filed plans for Clear Residences, a 60-story mixed-use building at 130 Southeast 1st Street in Downtown Miami. Designed by Kobi Karp Architecture & Interior Design with KEITH as the landscape architect, the nearly 690-foot-tall structure would yield approximately 666,432 square feet…
ROVR lands $66M construction loan for 300-unit apartment project amid Miami River development boom
ROVR Development scored a $66 million construction loan for a 300-unit apartment project on the Miami River. Coral Gables-based ROVR will start construction this month on the eight-story Tides building with a 444-space garage at 2750 Northwest South River Drive in Miami, according to the development firm’s news release. Los Angeles-based alternative investment manager…
Chick-fil-A to Open Four New Restaurants in Metro Miami
Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development…
Chetrit scores appeals court win against lender in foreclosure case of Miami Beach hotel
The Chetrit Group scored a win in the legal battle against its lender over the Tides hotel in South Beach. This week, the Third District Court of Appeals reversed a motion for summary judgment issued in a lower court in late 2022 over the $45 million loan backing Tides, a 45-key hotel at 1220 Ocean Drive in Miami Beach. An affiliate of Miami Beach-based Safe Harbor Equity…
FAA Permits Issued For 39-Story Mixed-Use Tower At 128 SW 7th Street In Miami’s Brickell Area
The Federal Aviation Administration (FAA) has issued permits for a 39-story mixed-use building planned at 128 Southwest 7th Street in Miami’s Brickell financial district. Designed by Gensler, developed by Focus Development Inc (Focus) and tentatively dubbed Miami Starlite, the development is projected to yield 685,710 square feet of space. This includes 517 residential units…
Vantage Capital pays $21M for 108-unit Hialeah rental complex amid investment sales slowdown
Vantage Capital Partners scooped up a 108-unit apartment complex in Hialeah for $20.6 million, marking one of the few multifamily investment sales this year. Coconut Grove-based Vantage bought the San Sherri Apartments at 1310–1345 West 29th Street from a pair of affiliates tied to Brooklyn-based Freshwater Group, according to records and real estate database Vizzda.
Lissette Calderon’s Miami River apartment project scores refi amid multifamily distress
As multifamily landlords and developers face a distressed market, Lissette Calderon scored fixed-rate refinancing for a Miami River apartment building. New York-based Apollo Asset Management provided the $54.5 million loan to Calderon’s Miami-based Neology Development Group, a press release states. The fixed-rate mortgage is for five years and is secured by Pier 19…
Lease roundup: Macchialina’s owners plan new restaurant in Miami’s Little River
The hospitality group that owns Macchialina in South Beach will open a new restaurant in Miami’s Little River. Pirolo Hospitality leased 3,600 square feet at 7220 North Miami Avenue for its Bar Bucce, an Italian pizzeria, wine shop and market, according to a news release from the tenant and landlords. Bar Bucce is expected to open this year. Pirolo Hospitality is led by chef Michael…
‘Alexan Kendall’ Makes Headway at 9030 Southwest 158th Avenue in the Hammocks
An affiliate of Dallas-based Trammell Crow Residential has filed a pre-application for the second phase of Alexan Kendall, the first phase of which is still under construction in West Kendall. The expansion would require 278,076 square feet of new construction, offering 224 studio and three-bedroom apartments in three six-story buildings. The homes’ square footage would span…
Miami Airport Moving Forward With South Terminal Expansion
Miami Dade’s Aviation Department is moving forward with the construction of Concourse K, as part of an expansion of the South Terminal. A public notice was issued this week requesting design-build services. Miami Today first reported on the notice. The new building will have three levels that match the finish of the existing South Terminal. It is planned to accommodate…
Photo: Construction At Multiple 65-Story Towers In Park West
Construction of multiple towers in Park West is continuing to progress, a new photo shows. The 65-story E11even Hotel & Residences is rising in the foreground. It will have 449 condos, 36,852 square feet of commercial space, 2,049 square feet of office space, and four floors of parking garage. Foundation equipment can be seen doing piling work at the site of the second 65-story tower…
Partial Demolition At Former Omni Mall Approved
A permit for partial demolition at the former Omni Mall has been approved. The demolition permit was applied for in November 2022, and approved last week. Most of the wait time was for the applicant to make corrections to plans, a permit tracker shows. According to notes attached to the permit, partial demolition is planned at the former JCPenney space, along with work…
Is the new Liberty Square delivering on its promises to public housing residents?
Within a decade, Liberty City will look totally different. That is by design. A 2016 partnership between Miami-Dade County and Related Urban, the affordable housing arm of Related Group, aimed to redevelop Liberty Square, the first public housing project in the southeastern United States, in order to transform the community. Gone will be the pre-World War II row…
James Curnin’s Clara Homes sold an unfinished waterfront spec house in Miami Beach’s Venetian Islands for $23.1 million. Records show Curnin’s Clara Homes sold the house at 416 West San Marino Drive to Justin Korsant, after asking as much as $29 million for the property. Korsant, CEO of Miami-based family office Long Light Capital, plans to spend another $5 million…
Day in the life of: Erik Rutter of Oak Row Equities
Count Erik Rutter, 31, among the New York developers betting big on South Florida. Rutter is the co-founder of Oak Row Equities, formerly known as Carpe Real Estate, a private equity and development firm with six mixed-use projects in Miami and 4 million gross square feet under development. He launched the company in 2018 alongside his partner, David Weitz…
Jockey Club unit owners hit with $347K judgment in suit tied to common areas
A Jockey Club condo association was hit with a $347,000 judgment tied to its lawsuit. against the owner of the common areas, marking the latest chapter in the nearly decade-long legal saga. The waterfront Jockey Club consists of three condo towers on 22 acres at 11111 Biscayne Boulevard in unincorporated Miami-Dade County, near North Miami. The towers sit on a total of 8 acres.
“Financially devastating”: Receiver takes over embattled Pembroke Pines condo complex
A receiver took over an embattled Pembroke Pines condo association that residents allege was long mismanaged by former board members, The Real Deal has learned. The lakefront Heron Pond complex, consisting of 19 two-story beige buildings, has been repeatedly slammed by the city over structural safety issues. Since last summer, Pembroke Pines officials ordered the…
Developer Proposes 48-Story Apartment Tower At 203 NE 3rd Street In Fort Lauderdale
Secaucus, New Jersey-based National Realty Investment Advisors (NRIA) has filed plans for a 48-story apartment tower with ground-floor retail space at 203 Northeast 3rd Street in Fort Lauderdale. Proposed to rise on a 0.66-acre site comprising four vacant land parcels west of NE 3rd Avenue and east of North Andrews Avenue within the Downtown Regional Activity Center…
Claridge Homes, based in Ottawa, Canada, and led by Bill Malhotra, has proposed a new condominium development along the Intracoastal Waterway in Fort Lauderdale. The city’s Development Review Committee will review plans for 3000 Waterside at 3000 East Oakland Park Boulevard today. Claridge Homes 3000 Waterside, an affiliate of the Canadian developer…
Bankrupt Developer Forges Ahead With 48-Story Project In Fort Lauderdale
A New Jersey-based development firm that operated as a Ponzi scheme isn’t letting its ongoing bankruptcy stopping it from advancing a proposal for a soaring apartment tower in Fort Lauderdale. An affiliate of National Realty Investment Advisors, which has been in Chapter 11 bankruptcy restructuring since June 2022, wants to build a 48-story tower at 203 NE Third Street…
It’s one of Key Biscayne’s last connections to “yesteryear.” Now, Terra Group CEO David Martin, the proclaimed “King of Miami” when it comes to real estate development, plans to turn the Silver Sands Beach Resort, a quaint motel built in 1956 at 301 Ocean Drive, into a modern 56-residential, climate-resilient condo with a floating beach bar. The Village Manager, Steve…
Green Mills Group Proposes ‘Peace Village’ for 5088 Summit Boulevard in West Palm Beach
Fort Lauderdale-based Green Mills Group hopes to move forward with Peace Village, a four-story affordable housing development for residents 55-plus. The community would offer 104 apartments aimed at those making 70 percent of the area median income (AMI). Palm Beach County reports that a one-person household earning 80 percent of the AMI would make $51,500 a year.
US Sugar scoops up 1,300 acres in Palm Beach County for $27M
U.S. Sugar Corp. scooped up a 1,346-acre agricultural tract in west Palm Beach County for $27.2 million, marking sugar cane producers’ continued appetite for South Florida land. Clewiston-based U.S. Sugar bought the tract east of Brown’s Farm Road and north of Dairy Road in an unincorporated area of the county from an entity tied to Costa Rica-based sugar and honey…
Bank branches vanishing with acquisitions, tech changes
Technology and bank acquisitions continue to guide the conversation in the financial world as banks decide on leasing sites. “I think there are a number of reasons that the number of primary bank offices and branches have been declining, and perhaps one of the major reasons is that … community banks are consolidating, and as they consolidate, they have branches frequently in…
The Discussion: Navigating the Dynamics of America’s Multifamily Real Estate Market In the realm of real estate, few sectors have captured investor interest and market attention quite like multifamily properties. Offering a blend of stability, demand, and potential for growth, multifamily real estate has been a favored asset class for many investors, particularly in the…
CRE Sales Nationally Are Ticking Back Up Despite Stagnant Interest Rates
Commercial real estate sales transaction data is starting to show signs of recovery, though numbers are still well below the low-interest-rate days of the early pandemic. The number of CRE sales still dropped 8% in the first quarter of 2024 compared to a year earlier, according to an analysis from Moody’s. But that is substantially less of a drop than the last quarter of 2023…
Starwood CEO Barry Sternlicht Warns Of Commercial Real Estate’s Balance Sheet Crisis
Starwood Capital Group CEO Barry Sternlicht said commercial real estate is facing a balance sheet crisis, even though the underlying assets are performing. Borrowers will have trouble refinancing debt because interest rates have risen 500 basis points, Sternlicht said, during a May 8 interview with Bloomberg at the Milken Institute Global Conference in Beverly Hills, California.
The post Miami Commercial Real Estate News May 15, 2024: 1,200 Units Proposed for Overtown; 276-Unit Hamilton to Hit Market; 108-Unit Hialeah MF Trades for $21M; More… appeared first on Hawkins Commercial Realty.
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