DR Horton drops $65M for 97 acres in Homestead
Homebuilding giant D.R. Horton dropped $65 million for 97 acres of Homestead farmland for its planned Sandero Landing community. Records show D.R. Horton bought the site at Southwest 328th Street and Southeast 6th Street from the Alger family, led by Richard Alger. The Algers are longtime Homestead farmers, and their Alger Farms specializes in growing…
D.R. Horton Buys Land For 1,200-Unit Project
D.R. Horton paid $65M to assemble 97 acres of agricultural land across 11 parcels in Homestead where it is planning 1,170 residential units and 216K SF of commercial space, according to records from property data platform Vizzda. D.R. Horton’s 97-acre plan in Homestead would create a village with a grocery store, fitness center and urgent care facility. John and Richard…
CMC Group Obtains $69.9M Loan for Refinancing of Coral Gables Mixed-Use Development
Locally based CMC Group has obtained a $69.9 million loan for the refinancing for 4000 Ponce, a mixed-use development located in Coral Gables, a western suburb of Miami. City National Bank of Florida provided the loan to CMC, whose affiliate Ugo Colombo developed the nine-story project in 2002. Paul Stasaitis, Paul Adams and Nicole Barba of JLL arranged the five-year…
Miami-Dade plans for future with 30-member Vision Council
County Commission Chairman Oliver G. Gilbert III wants to create the equivalent of a United Nations of Miami-Dade organizations – from labor, business, health, education, culture, recreation, government – to plot a positive course for the county’s next 30 years. Mr. Gilbert called for the creation of a 30X30 Vision Council before the Policy Council & Intergovernmental Affairs…
Miami-Dade Courthouse up for auction at $52 million plus
The old Dade County Courthouse at 73 W Flagler St., which is still in daily use by the county, is being put on the market. Minimum bid: $52.3 million. Not a bad profit for a building that cost $4 million when it opened in 1928. The historic, 28-story building is being sold “As Is,” according to a legal ad that appeared in Miami Today last week. It was added to the U.S. National Register…
Downtown Miami Courthouse For Sale, Bids Start At $52.3M
Downtown Miami’s Dade County Courthouse is being sold. Courthouse operations have been active in the building for nearly 100 years, but will soon move to a new building under construction across the street. Miami-Dade will be accepting bids for the original courthouse building, which are due September 4. The minimum bid is listed at $52.3m. Buyers will need to comply…
Review boards reject plans for tallest Wynwood residential tower
A plan to build the tallest residential tower in the Wynwood Arts District has been rejected by two City of Miami review groups. The site is at the northwest corner of North Miami Avenue and Northwest 21st Street. Wynwood Interest LLC owns 2110 N Miami Ave., 2118 N Miami Ave., 2134 N Miami Ave., 2135 NW Miami Court, 2129 NW Miami Court, and 2101 NW Miami Court.
Sears site beside Gables targeted for 1,050 residences in three buildings
A developer has plans to redevelop the Sears store property in Miami’s Coral Gate neighborhood, bringing new retail and affordable housing to a high-profile area. RK Associates #5 Inc LLC proposes three new eight-story mixed-use buildings offering 1,050 residential units and related amenities, paseos, courtyards, and parking for about 1,924 vehicles for property at 3655…
Whale of 39-story Park West residences planned
A prominent development firm is planning one whale of a project for Miami’s Park West neighborhood, with a giant whale sculpture crashing through glass and steel anchoring the new tower. Owner-developer Property Markets Group (PMG) has proposed a 39-story mixed-use building, West Eleventh Residences, containing 670 residential units, including micro-size units…
176-Unit Apartment Building Now Rising One Block Away From Brickell
A construction crane for the Gallery at Marti Park apartment building is now in place. The 12-story development is being built just a block away from Brickell. Groundbreaking for the project took place in January. Around half of the units will be normal market-rate apartments. The remainder of apartments will be targeted towards low-income seniors under the Rental….
Former Virgin Hotel Site In Brickell In Contract, Up To 300 Units Planned
The Brickell property where a Virgin Hotel was once planned is now in contract to another developer, according to The Real Deal. Prosper Group is said to be in contract on the property for $40M. Closing is expected in the first half of 2026. A condo-hotel is likely to be built. The developer will partner with another developer to build up to 300 units, with a vision to build…
Another one: PMG, partners launch short-term rental condo project in Overtown
The 22-story project at 105 Northwest Eleventh Terrace, called One West Twelve Residences, will include a ground-floor restaurant and lounge led by celebrity chef Marcus Samuelsson, Simkins said. Sales launched about a month ago, and the 372-unit development is more than 50 percent presold, a spokesperson said. It adds to an expanding pipeline of short-term rental-friendly…
First major revamp of Miami-Dade’s Better Bus Network coming
Miami-Dade’s bus network is expected to get its first major revamp Nov. 25 as the transit system tries to quell loud rider complaints on a handful of specific routes. Introduction of the Better Bus Network routes and schedules Nov. 13, 2023, was geared to provide faster and more-frequent trips on the most heavily traveled of the county’s 70 routes by spreading bus stops farther…
Site and Financing Secured for 77-Story ‘ORA by Casa Tua’ in Miami’s Brickell Financial District
Miami-based developer Fortune International Group has acquired a 46,373-square-foot site at 1210 Brickell Ave and secured a $36,080,000 pre-development loan for the ORA by Casa Tua project. The loan, provided by Amerant Bank, marks a significant step forward in development. Fortune International Group purchased the site from Miami-based Patagonian…
Developer Completes Acquisition of Site for 77-Story Brickell Tower Ora by Casa Tua
Fortune International Group has completed the acquisition of the site where it will build the 77-story Ora by Casa Tua. A pre-development loan has also been issued. The 46,373-square-foot site at 1210 Brickell Ave was acquired from Miami-based Patagonian Investment Internacional LLC. The developer can now further the development and ready the site for construction.
Developer proposes 2,200-unit multi-tower project in North Miami
Redwood Dev Co is proposing a massive mixed-use development in North Miami. The phased project calls for 2,193 residential units, 121,500 square feet of commercial space and more than 4,100 parking spaces across eight 18-story buildings, plans filed with the city show. Kobi Karp Architecture & Interior Design is designing the project, which is proposed for nearly 39 acres…
Nearly 2,200 Apartments Across 8 Towers Proposed At North Miami Park
The North Miami City Commission is considering a proposal to build 2,190 apartments as part of a redevelopment of Claude Pepper Park. The proposal, from Miami Beach-based Redwood Dev Co, includes eight buildings designed by Kobi Karp rising from 11 acres adjacent to the park. The project would include 121K SF of retail space and 4,114 parking spaces. Commissioners are…
Developer Could Demolish Harry Cain Building in Downtown Miami
Downtown Miami’s 154-unit Harry Cain building could be demolished, according to a Miami-Dade agenda item. Related Urban Development Group would be selected to demolish the building, if commissioners approve the item. The developer had been awarded a ground lease for the property in 2013, and competitively selected to redevelop the County property, the memo…
Codina JV strikes another Hialeah industrial deal with Mormon church, sells warehouse for $56M
Seven months after purchasing a Hialeah industrial portfolio from a Codina Partners-led joint venture, The Church of Jesus Christ of Latter-day Saints is hungry for more. An affiliate of Property Reserve, the Salt Lake City, Utah-based church’s real estate investment arm, paid $55.8 million for a recently completed 232,620-square-foot warehouse at 4141 West 91st Place within…
MGM Construction Group’s Florida Tower on Target for Fall Debut
With the pouring for levels 1 to 13 underway at the 25-story West Tower of Oasis Hallandale mixed-use luxury condominium project in Hallandale Beach, Fla., MGM Construction Group expects to top out the 250-unit building by late fall. It will be the first mixed-use development in Hallandale Beach, which is about 20 miles north of downtown Miami and near Aventura, Fla.
Demolition Now Underway At Site Where 41-Story Hub Miami Planned
Demolition has commenced at the site where the 41-story Hub Miami tower is planned. A 17-year-old partially built shell of a building is coming down to make way for the new Hub tower. The shell now being demolished was planned as an office tower called Logik, which halted construction around 2007. The new Hub Miami tower is planned to include 306 condos and 245k sf…
Foreclosure auction averted: R&B Realty avoids losing Gateway at Wynwood with bankruptcy filing
R&B Realty narrowly stalled a foreclosure auction for its fairly new mixed-use building in Miami’s Wynwood neighborhood. On Monday, two R&B entities that own Gateway at Wynwood at 2916 North Miami Avenue, filed for Chapter 11 in U.S. Bankruptcy Court in New York, court records show. The 14-story office and retail building, which R&B completed in 2022, was scheduled…
Photo: First Fully Formed Arch At Downtown Miami’s Signature Bridge
A photo shows the first fully formed arch at Downtown Miami’s Signature Bridge, which is under construction. The top of the arch was recently poured, with forms now removed to reveal the shape of the structure. As part of the project, six arches are being built as a design feature next to the overpasses passing through Miami’s urban core. The arches will range in height from 180 feet…
FAA Permits Filed for 848 Brickell, Requesting Approval for 764-Foot Tower
Key International and Sterling Bay have filed for FAA permits for 848 Brickell, a 51-story Class A office and retail tower in Miami’s Brickell neighborhood. Designed by Skidmore, Owings, & Merrill (SOM), the project’s permits were filed on June 27, 2024, and are currently under review, with the status showing “work in progress.” The structure is planned to reach 764 feet…
Planned Brickell Office Tower Submitted To FAA At 764 Feet
Plans have been filed with the Federal Aviation Administration for a commercial tower on Brickell Avenue. The filing was made on June 27. Multiple heights were submitted for the new tower, which is named 848 Brickell. The tallest proposed height filed is 764 feet above ground, or 775 feet above sea level. Plans for the new 51-story tower were originally submitted to Miami-Dade..
An Administrative Site Plan Review (ASPR) application was submitted on July 1 for Princeton Manor, an affordable housing development aimed at providing 132 new rental apartments. The project is planned for an eight-story high-rise building at 13841 Southwest 252nd Street within the Princeton Community Urban Center in Florida. Princeton Manor is being developed…
FAA Approves Permits for 57-Story ‘M-Tower’ at 56 SW 1st Street in Downtown Miami
The Federal Aviation Administration (FAA) has approved permits for M-Tower, a mixed-use development planned for downtown Miami. The permits allow for a structure to reach 605 feet above ground or 615 feet above mean sea level. These permits were approved on July 2, 2024, and will expire on January 1, 2026. M-Tower, developed by Lions Group NYC and Fortis Design + Build…
UHealth expansion? University of Miami scoops up Pinecrest Macy’s for $40M
The University of Miami scooped up the Macy’s furniture store in Pinecrest for $40 million, signifying a potential expansion of its medical center network. UM bought the one-story, 78,000-square-foot building at 13251 South Dixie Highway from New York-based Macy’s, according to records and real estate database Vizzda. Completed in 1972, the building is on a 4.6-acre site.
J.P. Morgan-Advised Investors Land $148M Miami Refi for Gio Midtown
Institutional investors advised by J.P. Morgan Asset Management have secured a $147.7 million five-year, fixed-rate loan from PGIM Real Estate to refinance Gio Midtown, a 32-story, 447-unit luxury mixed-use property in midtown Miami. PGIM Real Estate provided the loan through its core debt financing platform. Tom Goodsite, managing director, financing, at PGIM Real Estate…
Magellan lands $148M refi for Midtown Miami mixed-use tower
Magellan Development Group and its partners scored a $147.7 million refinancing for a 32-story mixed-use tower in Midtown Miami. PGIM Real Estate, the global asset management arm of Prudential, provided the fixed-rate loan for Gio Midtown at 3101 Northeast First Avenue, according to a press release. Chicago-based Magellan, Miami real estate investor…
Future of Downtown Miami; An Interview with Miami DDA
To materialize its vision of creating a world-class, inclusive, and safe city, Miami DDA leads a variety of public-private investment initiatives that will help build a more resilient and sustainable Downtown Miami, by: Improving and expanding the city’s infrastructure with additions such as the Signature Bridge that will help ease traffic bottlenecks around Downtown Miami…
Kimco Proposes 282-Unit Apartment Complex at 2609 N 26th Avenue in Hollywood
An affiliate of New York-based Kimco hopes to get the greenlight for a residential venture in the Oakwood Plaza redevelopment project in Hollywood. The complex, which would take shape on a vacant 2.42-acre plot, would measure eight stories above grade and offer 282 apartments. The South Florida Business Journal reports that homes would measure 448 to 1,350 square feet…
From events to warehouses: BBX, FRP will redevelop Davie’s Signature Grand
Signature Grand, a prominent venue in Davie that’s hosted weddings, galas, homecomings, politicians and political party events, will be replaced with an industrial park. BBX Logistics Properties and FRP Development bought the building at 6900 State Road 84 and an adjacent parking lot, with plans to redevelop the 11.3-acre site with a pair of warehouses spanning 182k sf…
Mixed-Use Project Proposal in Downtown Pompano Beach Submitted for Review
An application for a mixed-use project in Downtown Pompano, known as Patagonia, has been submitted for review by the city’s Development Review Committee on July 3. The project, proposed by the Pompano Beach Community Redevelopment Agency (CRA) in collaboration with developers Frank Gotsman of Hadar Homes and Invest Capital Group under the ICG CGP 58…
Fort Lauderdale’s DRC to Consider Plans For 7-Story Residential Development ‘New Hope II’
An application has been submitted to Fort Lauderdale’s Development Review Committee (DRC) for New Hope Rentals II, a 7-story residential development by LandAmerica Development Corporation under the New Hope Development Corp. The project, located on an 11,100-square-foot site at the northeast corner of NW 6th Street and NW 14th Avenue in Fort Lauderdale’s…
Mystery buyer acquires Coral Springs shopping center for $20M, amid flurry of retail sales
Palm Beach real estate investor Beverlee Raymond sold a Coral Springs shopping center for $20.4 million to a mystery buyer. An entity managed by Raymond, CEO of Palm Beach-based Extraordinary Charities, sold Plaza at Royal Palm at 10299 Royal Palm Boulevard to a Boca Raton-based entity whose authorized representative is Rocco Labella, a Hackensack, New Jersey-based…
Bridge sells office complex in Sunrise for $49M –– a 34% discount
Bridge Investment Group sold the Sawgrass Technology Park in Sunrise for $49 million, marking a 34 percent discount from its purchase price five years ago. North Miami-based IMC Equity Group and investor Alan Lipton bought the 515,000-square-foot office campus at 1601-1699 Northwest 136th Avenue from Salt Lake City, Utah-based Bridge, according to records and real estate…
Golf course redevelopment: 13th Floor plans 335 homes at Tamarac’s closed Woodlands Country Club
After a seven-year effort to redevelop Woodlands Country Club in Tamarac, 13th Floor Homes bought the closed golf course and plans to start construction this year. The firm paid $14 million for the roughly 270-acre golf course at 4600 Woodlands Boulevard from ClubLink US Corporation, a subsidiary of King City, Ontario-based TWC Enterprises, according to records and real…
S2 Development converting Dania Beach apartment complex into condos
S2 Development bought a recently completed Dania Beach apartment complex and plans to sell the units as condos. An affiliate of Aventura-based S2, led by principals J. Claudio Stivelman and Marc Schmulian, paid $36.7 million for the 99-year ground lease to Atlantica at Dania Beach, records and real estate database Vizzda show. The buyer of the 124-unit garden-style…
Milestone Group bought a 488-unit apartment complex in Delray Beach for $111.6 million, amid a continuing flurry of South Florida multifamily investment sales. Milestone bought the Axis Delray Beach at 1495 Spring Harbor Drive from Bainbridge Companies, according to records and real estate database Vizzda. The deal breaks down to $228,770 per unit.
Jeff Greene hit with $4M-plus lawsuit tied to One West Palm project
Jeff Greene allegedly micro-managed work at his unfinished One West Palm project, creating significant delays and friction with a general contractor that is now seeking more than $4 million in damages, a recent lawsuit states. Kast Construction sued Greene’s entity, 1370 South Ocean, developing the $300 million mixed-use complex at 550 South Quadrille Boulevard in downtown…
It Is Not All About Insurance: Navigating Through Major Expenses for Multifamily Properties
In the dynamic landscape of commercial real estate (CRE), multifamily properties stand as a cornerstone, drawing significant attention from investors for their potential for steady cash flows and appreciation. However, the profitability and valuation of these investments are intricately tied to the effective revenue growth and management of expense line items. The average operating…
Labor Market Continues to Gradually Moderate
Highlights: Despite the uptick in May’s job openings which increased to 8.14 million, the labor market continues to normalize with the ratio of job openings per unemployed, for example, nearly at parity with its 2019 average.ADP’s private sector employment increased by 150,000 jobs in June while pay gains for job-stayers rose by 4.9% YoY – the slowest pace of growth since…
Small Bay Market Emerges As Strong Industrial Performer
Over the past 4 years, 100 million square feet of small-bay industrial space has been added to the market, according to Newmark’s first-quarter U.S. Industrial Market Conditions and Trends report. The small bay segment is increasingly attractive to investors because it provides diversification in tenancy and therefore cash flow, as well as greater tenant management…
The Discussion: The Resurgence of Office Spaces In a recent episode of America’s Commercial Real Estate Show the spotlight was on the hotly debated topic, “the demise of the office sector.” The show host, a seasoned commercial real estate broker, shared his platform with Mitch Roschelle, Chief Strategy Officer for Madison Ventures Plus and a regular on Fox Business News.
How real estate investors can prepare for an economic rebound
An economic rebound may not be on the immediate horizon, but multifamily investors can still make preparations for the future. Multifamily investors should look at economic indicators, such as housing markets, interest rates, and political and geopolitical dynamics—including the upcoming U.S. election—to get a clearer picture of the economy. Performing market research…
The post Miami Commercial Real Estate News July 10, 2024: Homestead 1200-Unit MXU Dev Site Trades for $65M; 2,200 Unit Dev Proposed for North Miami; More… appeared first on Hawkins Commercial Realty.
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