Month: June 2024

$6.1B In New Construction Added In Miami-Dade Over The Past Year

Miami-Dade County Property values rose significantly last year, and new construction helped add to that growth. Overall taxable values in the county were up 10%, according to an official June 1st estimate released by the county’s Property Appraiser office. Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023. Of that increase, $6.1B came…

Sunshine Gasoline Distributors expands storage space in Miami-Dade County

Sunshine Gasoline Distributors beefed up its storage capacity by acquiring a Hialeah warehouse. The Doral-based petroleum company is among the top gas station owners and commercial fuel distributors in Florida. In the tri-county region, Sunshine owns 92 commercial properties, a majority of which are service stations, records show. Recently, Sunshine expanded its…

Pérez family’s Related, partners score $400M construction loan for Six Fisher Island

The Related Group and its partners secured a $400 million construction loan for the Residences at Six Fisher Island, an ultra luxury condominium project. The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida. Miami-based Related, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago…

Resia plans 1,300-unit apartment complex in North Miami Beach, amid record South Florida multifamily construction

Resia advanced plans for a 1,296-unit apartment project in North Miami Beach, amid record multifamily construction in South Florida that threatens market oversaturation. Resia, a subsidiary of Brazilian real estate firm MRV, scored preliminary approval on Monday for the New North Town Center project with five 12-story buildings at 15530, 15540 and 15780 West Dixie Highway…

Winholt Equipment Group To Open Fourth U.S. Manufacturing Facility In Doral

Winholt is set to open a new Florida facility in July. It will become the hot-holding and warming equipment specialist’s fourth national manufacturing facility in the country, adding to existing locations in Pennsylvania, Texas and California. The company said the expansion adds significant manufacturing and supply chain capacity to the Southeast. With the investment in automated…

Retail Asking Rents Trending Up in South Florida

The retail market dynamics in South Florida are pointing to rising rents as available space continues to get harder to find. Robust tourism, including the return of international visitors, and consumer spending that is outpacing the national average are driving the market, with the demand for space outrunning the supply. Retail rental asking rates have increased in South Florida…

Aby Rosen under contract to sell distressed Lincoln Road retail building for $14M

Aby Rosen is under contract to sell his distressed retail building on Miami Beach’s Lincoln Road for $13.6 million, The Real Deal has learned. Ben Mandell’s Tricera Capital is the contract buyer of the one-story building at 318-334 Lincoln Road, according to sources. Tricera has partners on the purchase, but the sources declined to identify them. The deal could resolve Rosen’s…

“Simplistic” and “unremarkable”: Board slams 48-story Live Local Act project proposed in Wynwood

Bazbaz Development’s plan for a 48-story tower in Wynwood, the area’s tallest ever planned building, struck out in front of a Miami review board. The Wynwood Design Review Committee voted against the proposal after a roughly two-hour discussion this week. The committee’s vote isn’t final but merely a recommendation. Sonny Bazbaz’s eponymously named firm…

Jolt EV charging stations promised to Coral Gables commissioners as free to all users

Coral Gables commissioners on Tuesday got the chance to hear about the possibly of having Jolt EV charging stations throughout the city. City officials heard from Jolt EV representatives on how the electric charging stations would offer free energy to every user of the charger, which would be about 7 kilowatt hours of energy per user per day. The free energy would be roughly…

Miami Beach 63rd Street Bridge openings may be cut in half

Miami Beach is asking the Coast Guard to cut in half the openings of the 63rd Street bridge over Indian Creek at Allison Island to alleviate traffic congestion. City commissioners asked administration to work with the office of US Rep. Frederica Wilson “to engage in the formal process with the US Coast Guard to modify the current operating of the 63rd Street drawbridge…

Surging South Florida condo demand pushing multifamily developers to pivot

It was the “right time, right place” for PMG when it decided to convert a planned multifamily tower into condos in downtown Miami about two years ago. Ryan Shear, managing partner at PMG, said that demand for condos drove the company’s decision to convert the under-construction Society Biscayne rental tower into The Elser Hotel & Residences about two years ago.

Unanimous OK for a sister tower for Metro at Edgewater

The end of 2023 saw completion of Metro at Edgewater, a mixed-use residential tower a couple of blocks from Biscayne Bay, and now an affiliate of the developer is bringing plans for the next phase, Metro 2. Metro Tower II LLC is the applicant with a proposal for Metro 2 at Edgewater, a 28-story mixed-use residential tower at 3055 NE Fourth Ave. Metro 2 is to rise adjacent…

$29M Forfeiture Sheds Light On How Drug Money Infiltrates Commercial Real Estate

There are documentaries and books outlining how drugs fueled Miami’s real estate market 40 years ago, but a new report shines a light on how illicit funds continue to make their way through commercial properties in South Florida and beyond. Miami-based real estate investment firm Sefira Capital agreed to forfeit more than $29M in assets in 2021 as part of a settlement…

Beacon Council mission to Spain nets 14 hot prospects to come here

The Miami-Dade Beacon Council continues to pave the way for the county’s future with an economic development mission to Spain. “It’s really to engage Spanish businesses and Spanish business leaders in a way that allows us to showcase Greater Miami,” said Juan Carlos Liscano, American Airlines vice president for Miami, the Caribbean and Latin America and Beacon Council…

UHealth buys naming rights to a Metrorail stop

Capping 16 years of effort, Miami-Dade has sold naming rights to a transit station. It agreed to sell the title of the Civic Center Metrorail Station to the University of Miami’s Health System for just over $2.9 million for 20 years. The station will become UHealth Jackson Station on July 1. By federal rules, funds from a transit naming right sale must go to the county’s…

Short-Term Rental Market Will Continue to Grow, Says Miami Developer

Catering to those who seek flexibility and convenience above anything else, the short-term rental sector has only been growing over the past few years. In South Florida, an area known to be a tourist magnet and a sought-after business destination, condo developers have been increasingly embracing the short-term rental model. Rilea Group has been constructing condo towers…

Signature Bridge in downtown Miami closes its first gap

A massive cobweb of steel rods is being woven together by the work crews building a new highway and Signature Bridge in the heart of Miami. The first of six towering arches that will hold and hug the new roadbed that is I-395 has been connected at the top, and a final concrete pour at the end of June will secure that last section – with five to go. Total project completion…

412-Apartment ‘Sevilla’ Planned for Northwest 53rd Street and Northwest 52nd Terrace in Downtown Doral

A new residential development is headed for Downtown Doral. Meet Sevilla, a seven-story apartment building offering 412 homes. Led by Coral Gables-based Codina Partners, the venture would offer one-bedroom to three-bedroom layout plans, with square footage ranging from 720 to 1,708 square feet each. Per the South Florida Business Journal, plans also call for 15,800 sf…

25-Story Residential Tower In Edgewater To Be Named ELLE Residences Miami

Global fashion brand and magazine ELLE has signed its first-ever name branding deal for a condominium project near Miami’s Edgewater neighborhood. Designed by Miami-based Kobi Karp Architecture, ELLE Residences Miami is being developed by Urban Network Capital Group (UNCG) and Vertical Development. The 25-story condo will feature 180 units…

Codina plans another apartment building at Downtown Doral

Codina Partners is ramping up multifamily development at Downtown Doral with a planned mid-rise apartment building. The city of Doral recently approved the Coral Gables-based development firm’s site plan for Sevilla, a seven-story building with 412 apartments on a 4.2-acre vacant lot on the corner of Northwest 53rd Street and Northwest 52nd Terrace, a press release states.

Miami Multifamily Real Estate Report Q4 2021

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some…

Doug Levine continues Wynwood sell-off, listing two office floors for $28M

Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood. The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows.

Hotel coming to South Beach: Keyah buys Washington Ave site for $20M

Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue. An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show. The seller…

3,233-Unit Project With 6 Towers Marks Miami’s Largest Live Local Proposal To Date

A developer is looking to leverage the Live Local Act to win administrative approval for a six-tower project spanning nearly 12 acres in Miami’s West Little River. The plan to build 3,233 residences on a site at 8400 NW 25th Ave. is the largest development proposed in Miami under the state’s recently created affordable housing law. The towers would reach up to 37 stories…

Total Demolition Permit At One Brickell Citycentre Site Back In Review

There’s activity again on a total demolition permit at the One Brickell Citycentre site. The permit to demolish an office building at 799 Brickell Plaza was submitted for its eighth review cycle on June 3, according to Miami Building Department records. A demolition permit was never issued for that building, although it is vacant. A total demolition permit is active for 700 Brickell…

Lease roundup: Action Black fitness brand coming to Brickell

Fitness concept Action Black will open its first outpost in Florida at Brickell’s Panorama Tower. Action Black leased 8,500 square feet on the second floor of the tower at 1101 Brickell Bay Drive in Miami, according to a news release from the tenant’s broker. The fitness center, which will be Action Black’s flagship Florida outpost, will open next year. Jonathan Rosen of JLL represented…

$34.8 Million Mezzanine Financing Secured For Miami Airport Marriott Connection

Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year…

Developer U.G. Investments Files Pre-Application for 46-Unit Complex at Northwest 30th Court and Northwest 54th Street in Brownsville

A Southwest Ranches-based developer has filed a pre-application regarding a 0.36-acre site in Miami-Dade County’s Glenwood Heights/Brownsville neighborhood. The unnamed affordable housing complex would measure three stories above grade and offer 46 one-bedroom apartments, measuring 460 to 612 square feet. There would be no major on-site amenities, but plans…

Rivian to open first South Florida showroom at Aventura Mall

Rivian Automotive, Inc. is on track to open its first South Florida retail showroom at Aventura Mall. On June 4, the mall’s owner, Turnberry Associates, received unanimous approval from the Aventura City Commission, to move forward with its plan to welcome another electric vehicle retailer. Turnberry requested permission to open a Rivian location, which would…

Is the Miami hype waning? In South Florida, defaulted debt volume skyrockets by 100%

The financier of a $7.2 million loan on a three-story office building in Lauderdale Lakes was tired of waiting to get paid. His borrower stopped making debt service payments two months after taking out the loan last spring, according to court filings. In May, the lender sued to foreclose on the note. Meanwhile, over at a 38-unit apartment complex in Opa-locka, the lender filed a $3.9M…

Billionaire Family Builds a Real Estate Empire Fueled by Tequila

The heir to a fortune built on Jose Cuervo tequila has plowed cash into US commercial real estate for the past 15 years, quietly amassing a portfolio that runs from Miami to Minneapolis. Juan Beckmann Vidal, the patriarch behind the tequila maker and other spirits housed under Becle SA, has purchased and developed at least 5 million square feet (464,515 square meters) of mostly…

Amazon’s Zoox To Begin Testing Self-Driving Cars In Miami

Another company has chosen Miami as one of its first cities to test self-driving cars. Zoox, a subsidiary of Amazon, said yesterday that it will soon begin testing here. The company won’t be deploying its custom-built vehicles at first, instead sending a fleet of retrofitted Toyota Highlanders. The fleet will be deployed in a small area near the “business and entertainment…”

Amazon Robotaxi fleet to be cruising Miami’s streets by summer

A new fleet of robotaxis will be introduced to Miami streets this summer, allowing the autonomous vehicles to hone their driving abilities before catering to the public. Zoox, an Amazon subsidiary, announced June 5 that it will begin testing its autonomous technology in two new markets, Miami and Austi, TX. The mobility company says it hopes the deployment in Miami’s…

Morgan Auto adds Hollywood Kia to South Florida portfolio

Morgan Auto Group souped up its South Florida portfolio by acquiring a high-performance Kia dealership in Broward County. As a result, Tampa-based Morgan Auto is now Florida’s largest car dealership owner with 77 across the state. A Morgan Auto affiliate paid $22.5 million for Hollywood Kia at 1640 South State Road 7 in Hollywood, records and real estate database Vizzda.

Tishman Speyer drops $100M for Pompano Beach warehouses, marking its Florida industrial market debut

Tishman Speyer dropped $100.2 million for a fully leased warehouse complex in Pompano Beach, marking its first investment in Florida’s industrial market. New York-based Tishman Speyer bought the 35-acre Rock Lake Business Center 3150-3250 Northwest 33rd Street from Atlanta-based IDI Logistics, according to records and real estate database Vizzda. IDI Logistics…

Developer switch: AMAC, ROVR scoop up 285-unit multifamily site in Pompano Beach

Three years after scoring approval for a 285-unit multifamily project in Pompano Beach, Art Falcone opted to sell the development site for $13.5 million. AMAC, led by Ivan and Maurice Kaufman, and Coral Gables-based ROVR Development bought the 6.2-acre property at 3151-3251 North Federal Highway, said Jeremy Forman, vice president of acquisitions at AMAC. The buyers…

Heafey’s Conrad Fort Lauderdale scores $80M refi

Heafey Group secured an $80 million refinancing of its loan backing the Conrad Fort Lauderdale Beach condo-hotel, amid a high interest rate environment that’s made it difficult to refinance and secure new debt. Ocean Bank provided the loan to FLB Hotel and FLB Restaurant, two entities managed by the Canadian real estate firm, records show. The 24-story development…

Preparing for a Highly Active Hurricane Season; Implications for Commercial Real Estate

Hurricanes have multifaceted impacts on commercial real estate. Damage from hurricanes is primarily driven by precipitation, wind and storm surge, which all manifest impact in different ways, causing both direct property damage, as well as indirect regional disruption that contributes to business interruption. Wind is often responsible for damage to a building itself…

Video: MSCI Research Executive Director Jim Costello Discusses Retail Investment Property Performance & Market Dynamics

The Conversation: Resilience and Revival; Insights from America’s Commercial Real Estate Show In a recent episode of America’s Commercial Real Estate Show, the show host delves into the dynamic world of retail real estate, offering a comprehensive analysis of current trends and future prospects.  Among the topics are insights on cap rates, performance…

NYT: What Retail Apocalypse? Shopping Centers Are Making a Comeback.

Shopping center landlords have found themselves in a wholly unfamiliar position: For the first time in 20 years, demand for retail space outstrips supply. That demand has soared recently and, after years of muted construction and a purge of weak-performing properties, met a retail market with less available space. Properties that survived the purge signed up tenants that would draw…

Video: BOMA President & COO Henry Chamberlain on the History of BOMA International

Henry Chamberlain, a notable figure in the building management sector, recently shared an insightful historical overview of the Building Owners and Managers Association (BOMA). Founded in 1907 as the National Association of Building Owners and Managers (NABOM), BOMA has grown into an international powerhouse within the commercial real estate industry. Chamberlain…

How the real estate cycle can inform multifamily investment strategies

In both good and bad economic times, navigating the real estate cycle is critical to multifamily and other commercial real estate investors’ success. “Understanding the real estate cycle can help multifamily investors not only project the income and capital appreciation of their properties, but also use the best investment strategy to maximize returns,” said Matt Felsot, Central Region…

How defeasance works in commercial real estate

Selling or refinancing a multifamily property before its loan matures often involves paying a prepayment premium such as yield maintenance. Defeasance is an alternative that can be an attractive option depending on a commercial real estate investor’s individual situation and market conditions. But multifamily loan defeasance is a more complex process than…

10 Worst Apartment Occupancy Performers Nationally See Vacancies Climb

Vacancies across the South have climbed in the face of a 40-plus year high supply wave. In May, the worst occupancy performers in the U.S. accounted for more than 749,600 apartment vacancies nationally, according to data from RealPage Market Analytics. Heavily concentrated in Gulf Coast states and the southeast, 11 markets logged occupancy at or below 92%.

Florida Rent Premiums Are Fading Fast

Apartment rent in most Florida cities are trading either at a discount compared to long-term pricing trends or premiums of less than 1%, according to researchers at Florida Atlantic University and two other schools. Just a year ago, nearly all the measured Florida metros were at double-digit premiums. The Waller, Weeks and Johnson Rental Index, a part of FAU’s Real Estate Initiative…

What Are the Long-run Trade-offs of Rent-Control Policies?

When economists evaluate policies, they typically find both positive and negative effects. These trade-offs are at the core of economics, where there is generally no free lunch. The role of the economist is to identify these trade-offs; the policymaker can, then—with full information—determine how to weigh one aspect of the trade-off against another. These trade-offs are apparent…

The post Miami Commercial Real Estate News June 12, 2024: 1,300-Unit MF Planned for North Miami; $6.1B in New Construction in 2023; appeared first on Hawkins Commercial Realty.

The Conversation: Resilience and Revival; Insights from America’s Commercial Real Estate Show

In a recent episode of America’s Commercial Real Estate Show, the show host delves into the dynamic world of retail real estate, offering a comprehensive analysis of current trends and future prospects.  Among the topics are insights on cap rates, performance, sales velocity, new supply, and how rising/higher interest rates are affecting the sector. The episode features Jim Costello, Executive Director of MSCI Research, who provides expert insights into the sector’s performance and challenges. The general focus of this discuss is retail investment property around throughout the United States at large. Thus, observations can apply less to Miami and other South Florida markets.

A Vibrant Retail Property Landscape

The discussion kicks off with an overview of the retail real estate market. Despite some lingering challenges from the past, retail real estate is experiencing a notable recovery. According to Costello, while the total deal volume for April was down 11% from the previous year, there are promising signs of growth within certain sub-sectors. Notably, shopping centers have seen increased activity, driven by smaller, individual deals rather than large corporate acquisitions. This indicates a healthy interest in retail properties, particularly those that offer robust income growth potential.

Historically, the retail market was oversaturated with excess space built during the 70s, 80s, and 90s. However, many of these underperforming properties have been repurposed or removed, leaving behind a leaner and more profitable market.

The Evolution of Shopping Centers

One of the key points highlighted in the conversation is the transformation of shopping centers. Historically, the retail market was oversaturated with excess space built during the 70s, 80s, and 90s. However, many of these underperforming properties have been repurposed or removed, leaving behind a leaner and more profitable market. This reduction in supply, combined with a shift in consumer spending towards experiential and service-oriented activities, has bolstered the performance of surviving retail centers.

Impact of Interest Rates and Cap Rates

Interest rates and cap rates are critical factors in real estate investment. Costello explains that while retail property cap rates have increased due to rising interest rates, the growth has been relatively moderate. This stability is partly due to the rising property income, which helps offset the impact of higher interest rates. For example, retail NOI (Net Operating Income) has risen by 8% compared to pre-pandemic levels, reflecting a strong recovery in the sector.

Mixed-Use Developments: A Recipe for Success

The conversation also touches on the trend of mixed-use developments, which are becoming increasingly popular. These projects combine residential, commercial, and retail spaces, creating vibrant, walkable communities that cater to modern lifestyles. Both the show host and Costello emphasize the benefits of such developments, noting that they provide a built-in customer base for retail tenants and enhance the overall appeal of the area.

Consumer Spending and Economic Stability

Despite concerns about potential slowdowns in consumer spending, the retail market remains resilient. Costello points out that consumer spending typically aligns with personal income growth and that the current economic environment supports continued retail activity. Additionally, the episode discusses the broader economic implications of interest rates, with both experts agreeing that higher rates, while challenging, are indicative of a healthy, growing economy.

Future Outlook for Retail and Office Real Estate

The episode concludes with a forward-looking perspective on retail and office real estate. The show host remains optimistic about the office sector, drawing parallels to the retail market’s recovery. He anticipates that a reduction in new supply, combined with ongoing demand and adaptive reuse of existing spaces, will lead to a resurgence in the office market over the next five years.

In summary, the episode offers a nuanced and optimistic view of the retail real estate sector, highlighting its adaptability and growth potential. As retail properties continue to evolve and adapt to changing consumer preferences and economic conditions, they present promising opportunities for investors and developers alike. The insights shared by Costello underscore the resilience of commercial real estate and its capacity for reinvention in the face of challenges.

The post Video: MSCI Research Executive Director Jim Costello Discusses Retail Investment Property Performance & Market Dynamics appeared first on Hawkins Commercial Realty.

Live Local Project With 3,233 Residential Units Proposed in North Part of Miami-Dade

Plans have been submitted to Miami-Dade reviewers for a massive Live Local project. The project is named The HueHub or Holland Park. It is planned to include: 3,233 residential units 57,260 square feet of retail 4,249 parking spaces Multiple towers are planned, with the tallest topping off at 37 stories. The property currently has one-story buildings with residential, office…

3,200-unit project in West Little River marks Miami-Dade’s biggest Live Local Act proposal

A developer wants to build a 3,233-unit Live Local Act project in West Little River, marking the largest proposal under the affordable housing legislation in Miami-Dade County and likely all of South Florida. The proposal is for six towers reaching up to 37 stories on an 11.7-acre site at 8400 Northwest 25th Avenue in unincorporated Miami-Dade County, according…

Civic Center Metrorail Station Could Be Renamed UHealth Jackson Station Under Marketing Deal

A proposed naming rights deal would see a Metrorail station renamed for decades to come. The station currently known as Civic Center would become UHealth Jackson Station. UHealth would pay $120,000 per year for the naming rights, with increases of 2% per year. They would also be required to cover the costs of updated wayfinding throughout the Metrorail system. The deal…

Condos Now Being Proposed At Jungle Island, Along With Park

The leaseholders of Jungle Island are proposing to build condos on the property, according to a statement released to the Herald. The land is owned by the City of Miami, and leased to the operator of Jungle Island for a theme park. ESJ Capital Partners and Terra are in talks with the city to allow the condo project on five acres of the property. ESJ took over the lease from…

North Corridor rapid rail transit still a 12-year wait

Don’t plan to ride North Corridor rapid rail to Hard Rock Stadium until 10 years after World Cup games are played there in 2026. The long-awaited North Corridor is expected to open in 2036, Nilia Cartaya of the Florida Department of Transportation told the Citizens’ Independent Transportation Trust last week. The trust oversees county transportation tax receipts…

Miami-Dade taxable property values rise in double digits again

As evidence of Miami-Dade’s real estate strength, estimated taxable values of county properties rose by double digits again this year, the third consecutive year of 10% or more gains. This year’s June 1 estimate of annual growth of taxable values was exactly 10%, following last year’s estimate of 12.3% and a 10.2% estimated rise in 2023. Totals are likely to change when official figures…

Miami Beach moves to speed construction of convention hotel

The Grand Hyatt Miami Beach Convention Center Hotel continues to be atop Miami Beach’s project list as plans for the long-awaited hotel advance. Commissioners passed at first reading last month a resolution amending the city code to “authorize the review and approval of certain requests for funding from the Redevelopment Trust Fund of the Miami Beach Redevelopment…

Miami Beach ponders a homeless drop-in center

Miami Beach is mulling options to provide a nighttime drop-in center for homeless and vulnerable populations. A referral to the Public Safety and Neighborhood Quality of Life Committee passed unanimously in this month’s city commission meeting for the “administration to explore and provide options for establishing a nighttime drop-in center in Miami Beach,” says the item’s…

South Dade bus rapid transit coming ‘sometime’ in 2025

The trust that approves transportation tax spending and is one of three funders of the first new Miami-Dade rapid transit corridor asked last week when South Dade’s bus rapid transit will finally open and was told only sometime “in the first part of 2025.” County transportation head Eulois Cleckley could not be pinned down to a narrower time range when passengers…

Blackstone Proposes 128,000-SF Warehouse In Miami Airport West Distribution Area

Amid an ongoing shortage of industrial space, investment giant Blackstone (BX) plans to build a 127,655-square-foot distribution center in Miami-Dade County’s Airport West distribution area. Link Logistics, Blackstone’s industrial unit, has asked county officials to build the warehouse in an unincorporated area near Miami Springs and Medley, areas northwest of Miami International…

Morabito’s Wynwood office-retail project lands $35M construction loan, as office market slows

Morabito Properties advanced its Wynwood office-retail project with a $35 million construction loan, as looming doubts over the neighborhood’s office market viability persist. The Miami Beach-based development firm dropped $14.6 million for the Wyncatcher II project development site at 2150 Northwest Miami Court in Miami, according to Morabito’s spokesperson.

WeWork out: Co-working giant closing outpost in Miami Beach in bankruptcy restructuring

WeWork wants to scrap its South Beach co-working space. The firm, which filed for Chapter 11 bankruptcy restructuring in November, put the branch at 429 Lenox Avenue in Miami Beach on the chopping block, according to a notice WeWork filed in court on Thursday. The closing would be the first Miami-Dade County outpost WeWork wants to scrap as part of its restructuring plan.

Back to the voters: Jungle Island owner proposing condo project with Terra

David Martin’s Terra is partnering with the owner of Jungle Island to redevelop part of the city-owned site into a residential project, The Real Deal has learned. The proposal hinges on voters approving the deal, possibly later this year. Jungle Island, a waterfront eco-adventure park on Miami’s Watson Island, would close if the project moves forward, sources told TRD.

Project Peach Four-Story MXU Breaks Ground In Overtown

A groundbreaking ceremony has been held for Overtown’s Project Peach, and construction is underway. According to a 2021 presentation, the four-story project was estimated to cost $2.6 million. The developer was requesting $1.3 million in financing from the Omni Community Redevelopment Association to help make it happen. The 2021 filing showed that Project Peach…

Photos: Construction Progress At Overtown’s Block 55

Overtown’s largest mixed-use project in decades is moving closer to completion, a photo shows. Across the street, the 36-story Atlantic Station tower is near top off. The first project is known as Sawyer’s Walk (previously Block 55). It is planned to include: 578 housing units, predominantly for low income seniors; 130,000 square feet of office space; 175,000 square feet of retail…

7410 LLC Proposes Two Projects for 7401 to 7425 Harding Ave and 7410 Collins Avenue in Miami Beach

Miami Beach’s Planning Board is scheduled to hear a proposal for a five-story, mixed-use project. Our sources indicate that, presently, the 30,000-square-foot site in question serves as a parking lot for the adjacent CVS. Yet, if approved by city officials, the new venture would require 60,000 square feet of new construction, with 38,805 square feet (64.7 percent) serving as office space….

Tri-Rail’s New One-Seat Express Service From Downtown Miami Begins July 1

Tri-Rail has announced the start date of a new express service from MiamiCentral that won’t require a change of trains. Service will begin July 1, 2024. The train will stop at just five stations: West Palm Beach Station Boca Raton Station Fort Lauderdale/Hollywood International Airport Station at Dania Beach Metrorail Transfer Station MiamiCentral Station Departure…

Community Meeting Planned To Discuss $83M The Underdeck

A community meeting to discuss The Underdeck is planned by the City of Miami tomorrow. The $83M project includes public park space underneath the new Signature Bridge in downtown Miami. A $60M grant from the U.S. Department of Transportation was recently awarded, the largest such award in Miami’s history. Miami commissioners voted recently to recommend…

Quest Expands Miami Coworking Footprint. Again.

Quest’s new Doral location has fully equipped board rooms. Image courtesy of Quest Workspaces Quest Workspaces has opened its second coworking space in Doral, Fla. The company leased 23,454 square feet of office space at Doral Center in December 2022. CBRE represented the owner, Banyan Street Capital, while Newmark represented the tenant in the negotiations.

31-Story Midtown 7 Gets FAA Approval To Rise 352 Feet Above Ground In Midtown Miami

Midtown 7, a 31-story mixed-use building planned at  3001 Northeast 1st Avenue in Midtown Miami, has recently received height approval from the Federal Aviation Administration (FAA) and is progressing in the permitting process. According to a determination letter issued on May 22, the tower is approved to rise to a maximum height of 352 feet above ground…

Plans Filed for Wynwood’s Tallest Tower: 48-Story Mixed-Use Development at 2101 NW Miami Court

Plans for Wynwood’s tallest-ever tower have been filed. Currently known by its address, 2101 NW Miami Ct, the proposed mixed-use development, designed by Arquitectonica and developed by Wynwood Interest LLC, managed by Isaac, Jacobo, Simon, John, and Rosa Bazbaz, is set to rise 48 stories, or 490 feet above ground and 506 feet above sea level. The project would yield…

Juvia to open rooftop restaurant at Standard Residences in Midtown

Juvia Group inked a 15-year lease to open a rooftop restaurant at the Standard Residences, Midtown Miami, The Real Deal has learned. Carlos Rosso’s Rosso Development, Standard International and Alex Vadia’s Midtown Development are developing the 12-story, 228-unit building at 3100 Northeast First Avenue. It’s under construction and is expected to be completed…

Driftwood Capital Provides $34.8M Mezzanine Loan for Marriott-Branded Hotel Complex near Miami International Airport

Driftwood Capital has provided a $34.8 million mezzanine loan for the refinancing of Miami Airport Marriott Connection, a complex comprising three Marriott-branded hotels near Miami International Airport. Driftwood Capital provided a two-year loan with three one-year extension options on behalf of the borrowers, an affiliate of Cerberus Capital Management and Highgate…

Miami Design District billboard ban could have bigger implications for CRE

A billboard ban in Miami’s Design District did not cause a single-story office building in the chic neighborhood to lose millions of dollars in value, according to a recent court ruling. On May 20, six months after a week-long bench trial, Miami-Dade Circuit Court Judge Migna Sanchez-Llorens ruled that the city of Miami was not liable for property owner Karenza Apartments…

Digital Billboard Battle Just Getting Started; Fights still pending in court and at Miami-Dade County

What was thought to be a victory for the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center for the Performing Arts in a monthslong digital billboard debate has since turned into something quite different. Rather, the real battle has only just begun. In a recent reversal by the Miami City Commission at its May 23 meeting, the body voted to completely repeal…

Moderate Industrial Growth Can’t Stop Miami’s Enduring Appeal

In 2023 and continuing into 2024, Miami’s industrial sector experienced moderate growth due to reduced lease turnover, accelerating interest rates and economic uncertainty. However, the market’s strong industrial fundamentals and international connectivity via Miami International Airport and PortMiami continue to demonstrate its enduring strength and resilience.

Ira Giller planning mixed-use mid-rise in Miami Beach

Ira Giller wants in on his home city’s burgeoning office market. Gateway Group, the family-owned firm led by the Miami Beach architect and real estate investor, is planning a new $21.6 million mixed-use building with three floors of offices in the city’s Mid-Beach neighborhood. On Thursday, the Miami Beach Design Review Board approved Giller Tower, a seven-story…

‘Urbania NoMi 6th Ave’ Proposed for 12830 Northeast Sixth Avenue and 575 Northeast 127th Street in North Miami

North Miami’s Planning Commission will review a proposal for Urbania NoMi 6th Ave, a mixed-use development. Proposed by NoMi Holdings Group 2, the 11-story venture would feature 240 apartments, measuring about 695 to 1,070 square feet each. According to Colombia-based Continua Developments’ website, there would be 97 one-bedroom homes and 143…

Developer Sets Eyes on Imperial Club; $60M sought for rehab of Aventura retirement home

Developers are looking to soon purchase a 14-story senior living facility in Aventura known as Imperial Club. Located at 2751 NE 183rd St., Imperial Club is an assisted living facility that also offers accommodations for independent living. Darren Smith, president of Smith & Henzy Advisory Group, says the real estate development firm plans to convert the building to a completely…

Developer Plans 6-Story Hotel Tailored For Pilots At 4849 NW 36th Street Near Miami International Airport

A developer has proposed a new hotel for pilots just north of Miami International Airport in Miami Springs. The city’s Planning and Zoning Board was scheduled to review the site plan for the Pilot House Suites by Sucre LLC on the evening of May 28. The proposed development encompasses 1.13 acres of vacant land at 4849 Northwest 36th Street, 673 La Villa Drive…

Plans Unveiled For 28-Story Mixed-Use Development ‘Shoma 88’ In Kendall

Miami-based developer Shoma Group has announced plans for Shoma 88, a mixed-use development in Kendall. Designed by PPK Architects, this 28-story project will feature 405 rental units, each offering approximately 920 square feet of space. In alignment with Florida’s Live Local Act, at least 40 percent of the units will be designated for workforce housing.

Shoma plans 404-unit rental tower in Kendall, amid a Live Local Act bonanza

Shoma Group wants to build a 404-unit apartment tower with workforce housing in Kendall, amid a torrent of Live Local Act project proposals. The Coral Gables-based firm, led by married couple Masoud and Stephanie Shojaee, proposes a 31-story tower on a 1.9-acre site at 9525 North Kendall Drive in unincorporated Miami-Dade County, according to an application Shoma…

Construction Starts on ‘Wyn Ave’ and ‘W35’ in Miami’s Wynwood Arts District

South Florida-based ABH Developer Group has announced construction on two mid-rise buildings in Miami’s Wynwood Arts District. Here’s what we know. The larger of the two buildings is Wyn Ave, a six-story structure comprising 44 apartments, measuring about 425 to 875 square feet each. Our sources indicate that rent will start at $2,400 a month. Communal amenities…

Miami-Dade could lease 10 acres to Terra for workforce housing

Terra is seeking a deal to build up to 675 workforce apartments around South Dade Government Center through a ground lease with Miami-Dade County. The Miami-Dade Housing, Recreation, Culture and Community Development Committee will consider the ground lease for two sites for a combined 10.74 acres surrounding the government complex at 10740 S.W. 211th Street…

Affinius Capital Originates $70M Refinancing for Multifamily Community Modera Skylar in Miami

Affinius Capital LLC has originated a $70 million loan for the refinancing of Modera Skylar, a 263-unit apartment community in Miami. The borrower is a joint venture between Rockwood Capital and Mill Creek Residential. The property includes a 20-story building comprising 166 units and a 10-story building spanning 97 units. Modera Skylar features a mix of studio…

Caroline Weiss’ mother-daughter Blue Lagoon dev site feud ends

Caroline Weiss’ legal battle with her eldest daughter for control of a 7-acre development site in Miami’s Blue Lagoon district appears to be over. On May 29, the Third District Court Of Appeals affirmed a 2022 lower court ruling that dismissed Adeena Weiss-Ortiz’s 10-year-old lawsuit against her mother and entities that own the three-property waterfront assemblage on Northwest 7th St…

April 2024 Industrial Report: Miami Takes Lead in Rent Growth

At the same time, the U.S. industrial market maintained its upward trend in rent prices. In March 2024, national in-place rents averaged $7.85 per square foot, reflecting a robust 7.3% year-over-year increase. Notably, new leases signed in the last year commanded a premium by averaging $10.43 per square foot. However, the biggest story lies in Miami’s rise: After two years of dominance…

Plans for Live Local towers popping up across Miami-Dade

Bazbaz Development plans a 48-story building in Wynwood. These are just the latest development applications filed under the Live Local Act. The new state law, which incentivizes developers that incorporate workforce housing into their projects, was recently enhanced by the passage of Senate Bill 328. In exchange for setting aside at least 40 percent of the residential units in a project…

Miami-Dade OKs $182M for new county government building after controversy over previous above-market price

After residents raised concerns last year with Miami-Dade County’s plan to pay well-above market-value for a new government center, the commission approved a tweaked deal that dropped the price by around 11 percent. Miami-Dade plans to buy the six-story Flagler Corporate Center at 9250 West Flagler Street in the Fontainebleau neighborhood in an unincorporated…

Teachers Could Live Where They Work; New Brickell school going up to house school staff

There’s a new kind of development going up in Brickell. With granite countertops and a balcony, this building’s 600-square foot units will go for no more than $1,700 a month – not bad for a one-bedroom apartment in Miami these days. Just blocks away from a Metro station and Brickell City Center, this is just the kind of place where many of South Florida’s young professionals…

Marion to Close After Nearly a Decade in Brickell, Will Reopen as New Venue

After nearly a decade of throwing Thursday night soirées, iconic ladies’ nights with French flare, and serving America-Asian fusion cuisine to a crowd looking for an elevated night out, Marion in Brickell will close this summer. The dining and nightlife destination, which opened its doors in 2015 and paved the way for elevated Brickell restaurants to come, has announced it will close…

How 2 Miami Neighborhoods Have Grown To Outshine Its Urban Core

Executives at FIFA, international soccer’s governing body, were torn. They wanted to open a Miami office last year but couldn’t decide between a location in Coral Gables or at the Waterford Business District, a 250-acre office park near Miami International Airport. “If you’re trying to do something world-class and connect yourself to the city in preparation for the 2026 World Cup…

The Magic City’s Rise; An interview with Miami mayor Francis Suarez

Miami began styling itself “The Magic City” just a month after its incorporation in 1896. In recent years, it has lived up to the name, topping lists of the world’s most successful urban centers. As its staggering real estate prices, heavy traffic, stunning beauty, and aura of prosperity testify, Miami has been integral to Florida’s rise to the forefront of American life. As many cities…

BH partners with Prime on Hallandale Beach condo-hotel project

BH Group is partnering with Prime Group to develop a condo-hotel project in Hallandale Beach. The joint venture is now shopping for a hotel brand to reside in the proposed 14-story building at 804 South Federal Highway, according to Isaac Toledano, who along with his wife, Liat, leads Aventura-based BH. A site plan application for the development, which includes 138…

Cortland drops $63M for 240-unit Pembroke Pines rental complex, amid muted investment sales market

A Morgan Stanley asset manager sold the Harbour Cove apartment complex in Pembroke Pines for $62.6 million, despite cooling South Florida investment sales. Atlanta-based Cortland bought the 240-unit community at 1601 South Hiatus Road from Boston-based Eaton Vance, according to records and real estate database Vizzda. The buyer took out a $47.5 million Freddie…

Developer Advances With 620-Unit Residential Development Across 30.6 Acres At 1600 S. Park Road In Hollywood

Developer Park Road Development LLC is advancing with detailed plans for 30.6 acres of city-owned land in Hollywood five years after securing the bid for the property. The city’s Technical Advisory Committee is set to review the residential and commercial components proposed for 1600 South Park Road on June 3. Additionally, a concurrent land use amendment will require…

Trinity, Credit Suisse secure $575M refi for Hollywood’s Diplomat

Trinity Real Estate Investments and Credit Suisse Asset Management lined up a $575 million refinancing of the Diplomat Beach Resort in Hollywood. The joint venture is expected to close on a $452 million first-lien mortgage from Citi Real Estate Funding and German American Capital Corp. next week, according to a Kroll Bond Rating Agency report. TD Miami Beach Mezz…

R&B’s Gateway at Wynwood heads to foreclosure

Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month. On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show. Two months ago, Wilmington Trust filed a foreclosure…

$84.4M Loan Secured For The Arcadian Mixed-Use Affordable Housing Project In Fort Lauderdale

Centennial Bank has provided an $84.4 million loan for The Arcadian, an 8-story mixed-use affordable housing project at 640 Northwest 7th Avenue in Fort Lauderdale. Designed by Behar Font & Partners and developed by Fuse Group in collaboration with Boca Paila led by Grupo Krea, the project will include 478 residential units, 15,000 square feet of retail space, and a 212,000 sf…

Fuse and Boca Paila land $84M loan to build Fort Lauderdale project

Fuse Group and Boca Paila recently broke ground on a Fort Lauderdale mixed-use project after scoring a $84.4 million construction loan. Centennial Bank provided the financing for The Arcadian, a planned $153 million complex of two eight-story buildings at 640 Northwest Seventh Avenue, according to a press release. The development consists of 480 apartments…

Church redevelopment is gospel in South Florida: 160-unit apartment project planned in Fort Lauderdale

Developers plan a 160-unit apartment project on an assemblage that includes the Shaw Temple AME Zion Church in Fort Lauderdale, as redevelopment of religious sites soars across South Florida. Tal Levinson and Eric Malinasky want to build a six-story building on a 1.3-acre property at 500, 506, 510, 522, 530 and 534 Northwest Ninth Avenue in the Dorsey-Riverbend neighborhood…

BBX Logistics, PCCP Break Ground on Delray Beach Industrial Park

The Park at Delray groundbreaking ceremony. Image by Marco Bell Photo, courtesy of BBX Logistics Properties BBX Logistics Properties and joint venture partner PCCP LLC have broken ground on The Park at Delray, a 40-acre campus in Delray Beach, Fla. Phase one of the project includes the development of a 200,000-square-foot building. The Park at Delray is taking shape…

Financial firms magnet? Here’s who leased at Steve Ross’ downtown West Palm office towers

South Florida’s office market prospered from an influx of companies over the past four years, pushing up rents to record rates and prompting developers to jump on projects. But now, as tenants pause expansion plans due to elevated interest rates and more expensive financing, some office owners and developers are feeling the sting of higher vacancies and a lack of preleasing.

The Pros and Cons of a Strong Economy for CRE 

In CRE, good and bad news come hand-in-hand. What’s bad for the retail sector might be good for warehouse performance; trends that put major metros at a disadvantage may be supporting success in suburbs or smaller cities.   The strong economy that we’ve seen over the last few quarters presents a similar scenario. Market conditions have no doubt been great for rents…

Video: RXR CEO Scott Rechler; There’s Been A Day Of Reckoning For Commercial Real Estate Nationally

The Conversation: Navigating the Financial Landscapel A Conversation on the Challenges and Opportunities Ahead In a revealing conversation, Scott Rechler, CEO and Chairman of RXR, joins Bloomberg Intelligence to delve into the evolving landscape of interest rates, debt, and real estate, painting a complex picture of the challenges and opportunities that lie ahead.

Industrial Property Trends For 2024

The likes of manufacturing facilities, warehouses, and distribution hubs have all been influenced by developments in technology, sustainability, and customer expectations. Insider looks at some of the trends that are shaping the industrial property space for 2024 and beyond. Smart warehousing. Isra Akhter is the senior consultant in the digital advisory team at CBRE.

Riding Out the Storm in Some Office Markets, Potential Opportunities

Across the United States, cities are grappling with an unprecedented crisis in the office sector, underscored by staggering drops in commercial real estate values. Recent reports have painted a grim picture, with total losses potentially reaching as high as $1 trillion. This downturn has been felt in many areas, including the California market, where large defaults in cities…

Video: Costar National Director of Office Analytics Phil Mobley Provides Office Real Estate Forecast, Discusses Performance & Cap Rates

An In-Depth Discussion on the Future of the Office Market: Insights from Phil Mobley, National Director of Office Analytics at CoStar Introduction In a recent conversation with Phil Mobley, the National Director of Office Analytics at CoStar, the host of America’s Commercial Real Estate Show delved into the complexities and current state of the office market.

More Pain to Come for Regional Banks Nationally

Regional banks and commercial real estate are inevitably linked. As commercial properties, most notably office space, work through the current crisis of sliding valuations and high interest rates, it is important for brokers to understand how intertwined these two sectors are in the current economy. The following are a few different ways of looking at the connection between…

Will RealPage face a long line of court cases?

Judging by the news these days, you might think that RealPage CEO Dana Jones is commercial real estate’s Public Enemy No. 1. Her company has certainly garnered plenty of negative publicity for its YieldStar Revenue Management software that collects data about rental units and then tells landlords how much they can charge for an apartment. I first wrote about the Texas-based…

Put It on Ice: Climate-controlled storage facilities are heating up the market

Modern climate-controlled facilities play an ever-greater role in the nation’s supply chain. America’s food processing, pharmaceutical and cold storage warehousing infrastructure continues to grow with a larger emphasis on just-in-time logistics and last-mile delivery. Brokers seeking financing for these projects, which can include new construction, retrofits, expansions and facility…

Debt service coverage ratios warn of office distress in some metros

The good news thus far for the beleaguered office real estate sector is that the surge of distress that many observers have predicted has yet to be actualized. The bad news, though, is that according to research from Yardi Matrix, many markets remain at risk of distress from offices that don’t have the income to cover their debt obligations. Debt costs for commercial real estate have…

The Fed’s Beige Book: Cautious Optimism in the Labor Market

The new Beige Book largely describes economic trends holding steady in the Southeast with slow overall growth as price pressures generally continue to ease and employers have a slightly easier time finding labor. This edition of the anecdotal report included a “community perspectives” section on conditions in low- and moderate-income communities that appears…

“Becoming a big issue”: Conflicts at condo, homeowners associations fuel insurance woes

In Pembroke Pines, the Heron Pond condo complex’s property insurer halted coverage in April, and the general liability carrier warned it won’t renew its policy when it expires in June. Near North Miami Beach, the Star Lakes condo complex’s board president said he expects this year’s insurance premiums to be about 45 percent more than the association paid in prior years.

Is Bank OZK overexposed to real estate?

When a Citi analyst downgraded Bank OZK from a buy to a sell, sending the stock price tumbling 17 percent, the news shook the industry. Normally, an analyst’s downgrade is not the center of real estate water cooler conversations. But OZK is arguably the most important bank in commercial real estate. It is watched more closely than any other bank, and for good reason.

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The Conversation: Navigating the Financial Landscape; A Conversation on the Challenges and Opportunities Ahead

In this interesting, quick-paced, conversation, Scott Rechler, CEO and Chairman of RXR, joins Bloomberg Intelligence to delve into the evolving landscape of interest rates, debt, and real estate, painting a complex picture of the challenges and opportunities that lie ahead. The discussion underscores the industry’s transition through the five stages of grief—moving past denial to acceptance—regarding the reality of persistently high interest rates and their far-reaching implications.

Interest Rates and Market Realities

The conversation opens with a reflection on the industry’s initial optimism last year when the Federal Reserve hinted at a more dovish stance. This optimism was soon replaced by a sobering acceptance that lower interest rates are not on the horizon. The industry now faces the daunting task of managing a trillion dollars of debt maturing this year, with another two trillion in the next three years. Much of this debt was financed at historically low interest rates, which are unlikely to return.

The Impact on Banks and Commercial Real Estate

As institutions adjust to this new normal, they are busy taking appropriate marks and reserves. The discussion highlights the significant impact on banks, particularly concerning commercial real estate. U.S. pensions are already taking write-offs on commercial properties, and more banks are expected to face similar issues. The current scenario is starkly different from the 2008 crisis, where an injection of capital helped lift all values. Today, structural issues between interest rates and property values present a more complex challenge.

The Future of Office Buildings

The fate of office buildings, especially in the post-pandemic world, is a focal point of concern. Office spaces are undergoing revaluation due to interest rates and changing usage patterns. Some buildings are becoming competitively obsolete, necessitating careful selection and strategic adjustments. Banks need to reconfigure loans, equity holders must inject new capital, and properties must be chosen for their potential success in the new environment.

The Multifamily Sector: An Achilles’ Heel

The multifamily sector emerges as a critical concern, particularly for regional banks with heavy concentrations of such loans. Even if the credit quality remains good, many of these loans are underwater due to interest rate increases. Additionally, new supply entering the market exacerbates the situation, creating significant headwinds for the next few years.

Opportunities Amid Distress

Despite these challenges, the discussion also points to potential opportunities. This period could represent a generational moment to be a buyer in the market, provided one is selective and strategic. The key is not just having capital but also the capability to identify properties that can succeed. The approach should focus on creating value rather than relying on a return to lower interest rates.

Addressing the Housing Shortage

A critical issue highlighted is the housing shortage in the country, exacerbated by the financial crisis of the last decade. Conservative building practices post-crisis and the pandemic-driven home-buying frenzy have left the market with an estimated shortage of six million units. This shortage, coupled with less new construction, is expected to continue putting pressure on housing availability and prices.

Strategic Investment: The Digital vs. Film Analogy

In identifying investment opportunities, the conversation introduces the analogy of “digital” versus “film” buildings. “Digital” buildings are those designed for the modern era, fostering collaboration, accessibility, and engagement—qualities necessary for attracting tenants and ensuring success. The strategy involves investing in these digital properties, even if they have broken capital structures, and then fixing those structures to unlock value.

Conclusion

The conversation concludes with a nuanced view of the future. While there are significant challenges ahead, particularly with high interest rates and a looming debt crisis, there are also strategic opportunities for those willing to navigate the complexities. The key lies in selective investment, understanding the evolving market dynamics, and focusing on long-term value creation. As the industry continues to adapt, these insights provide a roadmap for navigating the financial landscape in the coming years.

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