Swerdlow Group, led by veteran developer Michael Swerdlow, is moving forward with plans to transform the Little River District in Miami’s Little Haiti neighborhood. The proposed development, spanning approximately 63 acres, will include 7,500 residential units, combining affordable, workforce, and market-rate housing. Swerdlow’s vision for the area builds on his…
Developer Planning 7,500 Units In Little River, Will Build New Tri-Rail Station
Swerdlow Group is advancing plans for a massive project in Little River, according to Multi-Housing News. The development will include approximately 7,500 residential units, with a mix of affordable, workforce and market-rate housing. The affordable units will be higher end and look like market rate apartments, similar to Swerdlow’s recently completed Sawyer’s Walk…
$103 Million Loan Secured for Mixed-Use Development ‘The Gardens Residences’ in North Miami
Berkadia has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami being completed in two phases. The financing was secured by Berkadia’s Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director…
659-Unit Condo Tower West Eleventh Residences Breaks Ground, Nearly 100% Sold (New Renderings)
The 44-story West Eleventh Residences is now officially under construction, and almost the entire building was sold before groundbreaking. The developer told the SFBJ that just nine condo units remain to be sold, out of 659 available. The new 482-foot tower will include: 659 condo units 30,000 square foot, tri-level experiential entertainment venue 4,840 sf…
New Permitting Activity At 41-Story HUB Miami
There is now permitting activity this week for the the 41-story HUB Miami tower site. A site work permit went into prescreening with Miami’s Building Department on September 24. The site work permit was first applied for in May 2023, but later moved to inactive status. It was reactivated on September 20, with a note stating that the soil permit was ready to be submitted.
Commuter Train Service Between MiamiCentral & Aventura To Enter Engineering Phase
Brightline has provided an update on the commuter rail service planned on its tracks, known as the Northeast Corridor. The project is expected to formally move to the engineering phase in October 2024, according to a development update released to investors on September 20. Brightline said it has substantially completed negotiations with Miami-Dade County…
Romero Britto buys his art studio in Miami’s Little River
Brazilian artist and sculptor Romero Britto purchased his biggest gallery piece, his company’s headquarters. Britto paid $11.8 million for the 58,000-square-foot art studio at 795 Northwest 72nd Street in Miami’s Little River neighborhood, according to a press release. Real estate investor Joe Del Vecchio sold the property. The Britto Group creates artwork for consumer goods…
Developer Seeks Funding for ‘Flagler Villas’, Planned for 5215 West Flagler Street in Coral Gables
An affordable housing developer is seeking funding for a 60-unit complex in Miami-Dade County. Flagler Villas would comprise 60 affordable residences, reserved for seniors earning up to 30 percent of the area median income (AMI). At the time of publication, Miami-Dade County reported that a one-person household would have to earn $23,850 a year to qualify.
Citadel Tower Submitted At Taller 1,032′ Height
Citadel’s new supertall headquarters tower has been submitted for site plan review, at a taller height. In late August, the plans were submitted to Miami-Dade for zoning review showing a height of 1,032 feet above sea level. Zoning review is currently in process. With the new site plan filing on September 23, the height has been increased to 1,049 feet above sea level.
You Can Now Watch Live As The 56-Story Casa Bella Tower Rises
A webcam showing construction of the 56-story Casa Bella Residences by B&B Italia tower is now live and available on YouTube. The webcam was created by Ryan RC Rea. You can expect to see lots of activity on the feed. Crews now appear to have reached the typical residential floors, where shell construction typically moves fastest. A groundbreaking ceremony…
Bal Harbour Condo Tower Designed By SOM Breaks Ground
In Bal Harbour, a 24-story condo tower designed by Skidmore, Owings & Merrill is now under construction. A ribbon-cutting ceremony was held on September 20 to celebrate groundbreaking. It will include 56 ultra-luxury units “Designed to provide a single-family home experience,” with private elevators and garages. Units will range in size from 3,300 to nearly 13,000 sf.
Paul Singer’s Elliott Investment Management is under contract to puvrchase the 701 Brickell office tower in Miami for about $450 million. The deal marks the New York-based hedge fund’s expanding investments in South Florida. Elliott is buying the 33-story tower at 701 Brickell Avenue in Miami from New York-based Nuveen Real Estate, according to a source.
Blackstone subsidiary nabs $95M loan for Medley industrial complex
Link Logistics secured a $95 million loan for a quartet of recently completed warehouses in Medley. An affiliate of New York-based GID provided the loan to Link Logistics, the industrial real estate subsidiary of investment giant Blackstone, led by CEO Stephen Schwarzman. Both firms are headquartered in New York. The mortgage is secured by Palmetto 74 Logistics Center…
Ansin family’s Sunbeam buys North Bay Village condo complex
The billionaire Ansin family’s Sunbeam Properties paid $8 million to complete a bulk purchase of an aging condo complex in North Bay Village. Sunbeam acquired the 24-unit, six-building Treasure Island Cove property at 1631 North Treasure Drive, said Andy Ansin, president and CEO. The acquisition equates to about $333,000 per condo. Treasure Island Cove was built…
Future Of $4B American Dream Miami Clouded Amid Lawsuit Over Land Sale
Nearly a decade after it was first proposed, the American Dream Miami mall remains just a dream, and its future is getting more uncertain. Triple Five Group, the Canadian development firm that proposed the 6M SF retail and entertainment complex outside of Hialeah, recently filed a lawsuit to keep alive its plan to purchase a large segment of the site to make way…
Miami Beach won’t raze Jackie Gleason Theater
Miami Beach has rejected a call to tear down and replace the landmark Fillmore Miami Beach at Jackie Gleason Theater but now must decide what to do next and who’s going to pay for it. Commissioners this month asked administrators to talk with Live Nation, the theater’s operator, to decide whether to tear out the interior and start over or just renovate what’s there…
283-Unit River District 14 Condo Project Gets $78M Construction Loan
River District 14 has obtained construction financing. Forman Capital granted a $77,805,708 loan to an affiliate of Alta Development. River District 14 will include two 16-story towers with 283 fully furnished condo units, allowing short term rentals. More than 50% of units have been sold. “The new construction condominium market continues to sizzle, and residences…
$77.8 Million Loan Secured for Short-Term Rental Condominium Project in Miami’s River District
Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is set to commence before the end of the year….
Developers Propose 42-Unit ‘River Square’ for 2655 N.E. 205th Street in Miami
Two Sunny Isles Beach-based developers have proposed a mid-rise housing complex in Miami-Dade County. The South Florida Business Journal reports that the venture, known as “River Square”, would measure eight stories above grade and offer 42 apartments. The one-bedroom and two-bedroom residences would span 677 to 1,056 square feet. The publication notes that…
Developer proposes 42-unit multifamily project in Ojus, amid record South Florida apartment pipeline
A developer proposes a 42-unit multifamily project in Ojus, amid a record apartment construction pipeline in South Florida. Entities managed by Jacobo and Fortuna Toledano of Sunny Isles Beach want to build the eight-story building on a 0.7-acre assemblage on the southwest corner of the Florida East Coast Railway tracks and Northeast 206th Street in unincorporated…
Solina Bay Harbor Breaks Ground at 1055 93rd Street in Bay Harbor Islands
Solina Bay Harbor, a boutique condominium development by RedHoek+, has officially commenced construction after surpassing the 50% sales milestone within six months. Located at 1055 93rd Street in the heart of Bay Harbor Islands, this exclusive project is set to redefine the standard of luxury living in the area. In partnership with The INSIDE Network, sales and marketing…
Little River Tower Submitted To FAA, Demolition Permit Issued
A tower planned in Little River under Florida’s Live Local act is advancing. Miami’s Building Department issued a total demolition permit for the property on September 9, records show. On September 17, the FAA received a submission showing a proposed structure height of 360 feet above ground, and 368 feet above sea level on the property. The 28-story tower had a hearing before…
South Miami Moves Forward With $309M Transit Oriented Development
South Miami commissioners voted Tuesday to move forward with a redevelopment at its City Hall property. The development will be transit oriented, according to a presentation to commissioners. It is a short distance from a Metrorail station. There will be two phases to the $309m development. Combined it will have: 70,000 square feet of civic space…
13th Floor will redevelop South Miami city hall with 670 apartments, new municipal building
13th Floor Investments will redevelop South Miami’s city hall with a mixed-use project that will include 670 apartments and a new municipal building. On Tuesday, city commissioners voted to select the Coconut Grove-based firm as the developer. The $309 million project, called Link at SoMi, will be on the 4.5-acre site 6130 Sunset Drive. Link at SoMi will include…
Inside Miami’s Milestone Senior Housing Project, Block 55 at Sawyer’s Walk
More than 90,000 units are needed in Miami-Dade County for renters earning below 80 percent of the area median income—which is roughly $75,000—according to an analysis released earlier this year by nonprofit Miami Homes for All. And seniors are among the most cost-burdened population. One project that caters to this vulnerable segment recently opened in the Overtown…
“Miami has jumped the shark”: Analyzing South Florida’s office sales slump
South Florida real estate players became giddy in recent years over the influx of businesses and ensuing office leasing spree at record rents. The bonanza prompted an investment sales flurry, with buildings from Brickell to Boca Raton trading at ever-rising prices. But that party ended. The Federal Reserve imposed 11 aggressive interest rate hikes, lenders turned skittish…
Miami Office Deal Volume Increases, Prices Surge
Miami’s office market continued its good performance recorded at the beginning of the year, CommercialEdge data shows. The metro’s significant development pipeline was coupled with heightened investment activity, as assets changed hands at high prices. The Offices at 601 is the most recent office project delivered in Miami as of August. The Offices at 601 is a recently…
Waldorf Astoria’s Miami Supertall Tower Now Several Floors Up
Waldorf Astoria’s 1,049-Foot Miami supertall tower is rising vertically out of the ground, photos by Ryan RC Rea show. Second-level columns appear to have been poured as of early September. A foundation pour for the tower was completed in June, and the developers obtained a record-breaking $668M construction loan that same month. Completion of the tower…
What is happening to Shops at Sunset Place? Future of South Miami mall takes new path
It’s déjà vu for a South Miami landmark on the verge of disappearing and turned into the next big thing. We’ve seen this a few times before on the 10-acre property at Red Road, Sunset Drive and U.S. 1. First, a beloved bakery plant, where Holsum doughnuts and bread sent up the most heavenly of scents, cleared the way for a mixed-use center called Bakery Centre.
A developer scored a $103 million loan for a nearly finished apartment project in North Miami, marking a continuing surge in South Florida lending. Omega Real Estate Management landed the financing, which consists of a construction loan refinancing and a bridge loan, for the 358-unit Gardens Residences at 1155 Northeast 126th Street, according to Berkadia’s Charles…
BurgerFi is cutting the fat from its real estate, abandoning leases at four South Florida restaurants and its corporate office in Fort Lauderdale. The fast food chain, which also owns Anthony’s Coal Fired Pizza, abandoned leases for its headquarters at 200 West Cypress Creek Road, three BurgerFI spots in Pembroke Pines, Jupiter and Delray Beach and a pizzeria in Hallandale…
Italian restaurant Toscana Divino, once a staple at Mary Brickell Village, will re-open as a pop-up in Key Biscayne. Toscana Divino Hospitality Group leased retail space at the Towers of Key Biscayne residential condominium at 1121 Crandon Boulevard, according to the tenant’s news release. The pop-up will be open on Fridays and Saturdays starting Oct. 4, Eater Miami…
Nurock Cos. Proposes ‘the Residences at Foxcroft Cove’ for 3300 Foxcroft Road in Miramar
In January 2023, Florida YIMBY reported on a project we knew then as “Foxcraft Estates”. Led by Pinnacle, the venture called for 84 homes on a 2.13-acre site. Yet, the developer didn’t close on the land acquisition, so the project never came to fruition. Now, we have an exciting development regarding this affordable housing venture. The South Florida Business Journal…
A development partnership proposes a 500-unit residential project on a 3.2-acre assemblage in Fort Lauderdale that includes a church, as redevelopment of religious sites surges in South Florida. Tal Levinson and Eric Malinasky’s preliminary plan is for a pair of six-story buildings with about 400 units to 500 units and ground-floor retail on the southwest corner of Northwest…
Cleared for landing: Patrick Bet-David pays $25M for Broward office building and airplane hangar
Patrick Bet-David is ready for takeoff after paying $25 million for a Fort Lauderdale office building and airplane hangar. An entity tied to Bet-David acquired the mixed-use project at 1200 and 1400 Northwest 62nd Street in a bankruptcy sale, records show. Bet-David is an author and social media influencer with more than 10 million followers on Youtube, X, Instagram…
Related, BH score approval for larger Plantation mixed-use project
Related Group and BH Group are planning a larger mixed-use project in Plantation than the joint venture previously envisioned. On Tuesday, the city’s planning and zoning board approved a site plan for Plantation City Center, a complex featuring 512 apartments and townhomes, 24,970 square feet of retail space and 833 parking spaces. The joint venture had previously…
Urban League advances plan for 469-unit affordable housing development in Oakland Park
The Urban League of Broward County expects to break ground next year on Village at Oakland Park, a 469-unit affordable housing development that will include for-sale townhouses west of I-95 in Oakland Park. The Oakland Park City Commission on Wednesday rezoned the 19.7-acre development site, on the northwest corner of Northwest 21st Street and Northwest 26th…
Sienna Motors expands in Pompano Beach, buys shuttered dealership for $22M
Sienna Motors is expanding in Pompano Beach, acquiring a shuttered dealership less than a block away from its existing auto sales site for $21.9 million. An affiliate of Sienna, led by CEO Claude Senhoreti, acquired the former home of defunct Pompano Ford Lincoln at 2714 North Federal Highway, and an adjacent retail strip plaza at 2860 Northeast 17th Avenue…
Boca Raton Approves Glass House at 280 E Palmetto Park Road in the City’s Downtown Area
The City of Boca Raton has approved Glass House Boca Raton, a luxury residential development and the first modern glass building to be constructed in the city’s downtown area. Situated at 280 East Palmetto Park Road, the 9-story development will feature rooftop amenities on the 10th level and is expected to reach completion by the fourth quarter of 2026. Sales for the 28-unit…
Mill Creek Residential Proposes ‘Modera Boca’ for 400 South Dixie Highway in Boca Raton
Boca Raton-based Mill Creek Residential could replace a mixed-use building with a 12-story residential venture in Palm Beach County. Modera Boca would comprise close to 330,000 square feet of leasable space. The South Florida Business Journal reports that there would be 304 homes in six different floorplans, featuring studios, lofts, and multi-bedroom units.
Boca Raton approves Anthony Perera and ASG’s Glass House condos
Anthony Perera and ASG Development won approval from Boca Raton for their planned Glass House condos. Groundbreaking for the nine-story, 28-unit project at 280 East Palmetto Park Road is slated for early 2025, according to a press release. Douglas Elliman Development Marketing is leading sales for Glass House, which launched in February with prices ranging…
JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales
A joint venture scooped up the Ray Hotel Delray Beach, Curio Collection by Hilton for $57.7 million, marking a resurgence of hospitality investment sales. Tmgoc Ventures and Certares Management bought the four-story, 141-key hotel at 233 Northeast Second Avenue, according to records and real estate database Vizzda. The property’s sale price according to the deed…
Ventas expands South Florida health care portfolio with $37M Riviera Beach hospital purchase
Ventas bulked up its South Florida hospital portfolio after paying $37 million for a 79-bed facility in Palm Beach County. An affiliate of Ventas, a Chicago-based, health care-focused real estate investment trust led by CEO Debra Cafaro, acquired Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach, records and real estate database…
CS Ventures buys Worth Avenue luxury storefronts for $30M
Spencer Schlager and Charles Rosenberg’s CS Ventures bought six Worth Avenue luxury storefronts for $30.3 million. The investment firm bought the 8,500-square-foot retail building at 243 Worth Avenue from Middleburg, Virginia-based Greenstone Realty Advisors, records show. The building, built in 1925, is center stage on the island’s luxury shopping corridor.
Senior Housing Asset in Lake Worth Trades for $64M
Focus Healthcare Partners has bought Mariposa, a senior housing community in Lake Worth, Fla. Ventas sold the asset for $63.8 million, and a seven-year, $48 million fixed-rate acquisition loan from Freddie Mac was involved, according to public records. JLL Capital Markets represented the seller and procured the buyer. Arbor Senior Living is the new property manager.
In a recent episode of America’s Commercial Real Estate Show, the show’s host engaged with Carl Whitaker, Director of Research & Analysis, Market Analytics at RealPage, to discuss the multifamily housing market. Their conversation explored current trends, market forecasts, and challenges facing multifamily properties in the U.S., offering valuable insights…
America Needs More Affordable Housing, Not Just Class A Inventory
Highlights: After eight consecutive FOMC meetings of holding the federal funds rate steady at a 23-year high, the Federal Reserve lowered its benchmark policy rate by 50-bps to the target range of 4.75% to 5.0%.The notion of ‘higher-for-longer’ is well in the rear view mirror as the focus on the Fed’s dual mandate has shifted away from price stability to maximum employment.
How interest rate cuts could impact commercial real estate
The Federal Open Market Committee (FOMC) lowered its benchmark by 50 basis points—the first rate cut in over four years—bringing the target federal funds range to 4.75%–5.25%. The Fed indicated it will continue to decrease interest rates, but the timing and pace of rate decreases will depend on multiple factors, including inflation and other future economic data.
Using bridge loans with agency financing in multifamily
Bridge loans and agency loans can be a powerful combination for multifamily investors. A bridge-to-agency execution pairs flexible short-term capital with competitive long-term financing to help investors implement a business plan with an eye to locking in long-term fixed rates. “Our goal is to provide clients with as many options as possible and let them choose what’s best…
Protect data and residents with multifamily technology
While apartment safety and security is wide ranging, it can be divided into two categories: data security and physical security. Multifamily technology is key to addressing both. Multifamily technology for data security. Multifamily technology can help organizations improve data security by providing real-time visibility into cash flows. The same technology can help prevent rent…
The post Miami Commercial Real Estate News September 25, 2024: 7,500-Unit Little River MXU with New Tri-Rail Station Plans Advancing; South Miami City Hall to be Redeveloped with 670 Apartments; More… appeared first on Hawkins Commercial Realty.
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