Month: March 2025

Sabet and Evolve’s proposed projects in Miami’s Wynwood Norte and near Edgewater get green light

Miami architect Kobi Karp pulled off a double play, scoring a green light on designs for a pair of apartment projects near Edgewater and Wynwood Norte. On Wednesday, the Miami Urban Development Review Board approved 1600 Edgewater, Sabet Group’s 33-story tower with 282 apartments, as well as Evolve Companies’ Evolve Wynwood 35, an eight-story building…

2600 Biscayne Continues Vertical Ascent Towards 41-Story Apex in Edgewater

Construction continues to rise on 2600 Biscayne, a 41-story mixed-use tower at 2626 Biscayne Boulevard and 246 NE 26th Terrace in Edgewater, Miami. Designed by the globally-renowned architecture firm Arquitectonica with interior design by Vida Design and developed by Oak Row Equities, the 521-foot-tall structure will comprise over 900,000 square feet of space.

Construction to Start on ‘ENSO’ at 3025 SW 3rd Avenue in Miami

Florida YIMBY has an update regarding a mixed-use development we first covered in July 2021. Our initial report indicated that the then-named Ambienta Brickell would comprise 79 residences, ground-floor retail, and office space, but plans have since changed. The community is now named ENSO, and while it’ll still measure eight stories, it’ll instead offer 85 residences and ground-floor retail.

Ivan Herrera’s Unicapital pays $72M for late Sergio Pino’s apartment building

Insurance mogul Ivan Herrera’s family office acquired a Miami apartment building for $71.5 million that was developed by the late Sergio Pino. The sale of 850 Living, an eight-story multifamily project with 230 units at 811 Northwest 43rd Avenue, resolves the disposition of another key property among Pino’s numerous assets that his widow, Tatiana Pino, and her brother-in-law…

Construction Reaches Residential Levels On 80-Story Cipriani Residences Miami in Brickell

Construction is steadily advancing on Cipriani Residences Miami, an 80-story residential skyscraper at 1420 South Miami Avenue in Brickell. Designed by Arquitectonica with Thornton Tomasetti as the structural engineer and interiors by 1508 London, and developed by Mast Capital, the 940-foot-tall structure will span over 1.2 million square feet and house 397 condominium…

Aventura mixed-use project engulfed in legal turmoil faces foreclosure

The owner of a recently completed, yet troubled, Aventura mixed-use project is facing foreclosure after allegedly defaulting on $49.6 million mortgage debt. An affiliate of Las Vegas-based Dornin Investment Group last week sued Medical District Developments, managed by Felix Martinez Jansen in Aventura, which owns 1212 Aventura at 21290 Biscayne Boulevard.

14 ROC Moves to Contracts, Completion Planned In 2027

The 14 ROC tower planned near downtown Miami’s Adrienne Arsht Performing Arts Center is moving to the contract phase ahead of construction. There has been “robust sales momentum,” since sales launched last July, with 20% of units already sold, according to the developer. “Converting reservations to contracts represents a pivotal achievement in 14 ROC’s development…

Wynwood Haus Now 96% Leased, Less Than A Year After Opening

Renters have been flocking to the 20-story Wynwood Haus since it opened less than a year ago, according to its developers. The building is now 96% occupied, and has achieved stabilization. Black Salmon and LD&D in joint venture with IGEQ are the developers. “Over the past 12 months, Wynwood Haus has outperformed the market and expectations—surpassing average occupancy…

Developers Announce Plans To Build Ultra-Luxury Casa Cipriani Miami

Developer have announced plans to build a Casa Cipriani tower in Miami Beach. Casa Cipriani brand currently has locations in Milan and New York. The brand is led by the Cipriani family and traces its roots to the landmark Harry’s Bar in Venice, which opened in 1931 and is now a National Landmark. Casa Cipriani Miami will include a 40-key all-suites hotel, a private members club…

Cipriani, 13th Floor and Midtown Equities plan oceanfront tower in Miami Beach

The Cipriani family is jumping into another branded condo development in South Florida. Cipriani and developers 13th Floor Investments and Midtown Equities revealed plans for Casa Cipriani, a 40-key hotel, private members club and 17-story, 23-unit luxury condo tower in Miami Beach. The project, called Casa Cipriani Miami, is planned for the oceanfront property at 3611 Collins…

Photo: Cranes Removed From Topped-Off 40-Story Miami’s 501 First Tower

The cranes have been removed from downtown Miami’s 501 First tower, as it moves closer to completion. The 40-story tower is being built without a parking garage. It will include 448 residential condos allowing short-term rentals, along with 3,198 square feet of retail. A groundbreaking ceremony was held in December 2022, and the tower topped off just 18 months later.

Florida Memorial University plans $1B+ revamp with Redwood Dev Co

Florida Memorial University is working with Redwood Dev Co on the first phase of a redevelopment of the Miami Gardens campus, The Real Deal has learned. FMU, a historically Black university, tapped Redwood as the lead developer on the 52.6-acre project, according to FMU’s Interim President William McCormick and David Burstyn, principal of Miami-based Redwood Dev Co.

Omni area getting 33-story 282-unit residential tower

A developer plans a new mixed-use mixed-income residential tower for the Omni neighborhood of Miami, a few blocks from the School Board Metromover Station. 1600 NE 2nd Avenue LLC is the owner-developer of property at Northeast 16th Street and Northeast Second Avenue. Plans include a 33-story tower with 282 multi-family residential units, 10,000 square feet…

First Phase of Mercedes-Benz Places Goes Vertical in Brickell

Formwork is now rising above ground at Mercedes-Benz Places in Miami, marking the start of vertical construction on the first of two interconnected towers at 1 Southside Park in Brickell. Developed by JDS Development Group in collaboration with Mercedes-Benz, the mixed-use complex is designed by SHoP Architects, with ODP Architecture & Design as the architect of record.

RUDG Seeks Approval for 19-Story Workforce Housing Development at 1175 NW South River Drive in Miami

Related Urban Development Group (RUDG), the affordable housing branch of the Related Group, is seeking approval for a 19-story mixed-use building. Gallery at Riverwalk would comprise 236 apartments. The venture would offer workforce housing, and affordable housing units for those earning up to 80 percent of the area median income (AMI). Records report that Miami-Dade’s…

Miami Administrative Building at Miami Freedom Par Gets Utilities; First Look Inside

The City of Miami has signed a deal with Miami-Dade to connect its new administrative building to the county’s water and sewer system. The new 8-story city administrative building is currently being constructed at Miami Freedom Park, which will also be home to Inter Miami’s soccer stadium. Groundbreaking for the office building took place in mid-January.

700+ Foot Cranes Filed For Villa Residences Construction Site In Edgewater

Plans have been filed for two construction cranes at the Villa Miami Residences site in Edgewater. The 56-story Villa Residences tower broke ground in December, with construction now underway at the site. On March 20, plans were submitted to the Federal Aviation Administration for the two cranes. One crane is planned to rise 754 feet above ground, while the second…

Two Miami-Dade Cities Buying Up Commercial Property

Two Miami-Dade cities are taking advantage of the real estate slump by buying up commercial properties, planning to use the sites for parks, senior housing and other community purposes. Miami Gardens — the county’s third-largest city — has made several deals in the past year. “We’re 95% built out, and you just can’t find vacant land here,” City Manager Danny O. Crew says.

Photos: Under-Construction Casa Bella Residences Near Level 40

The Casa Bella Residences by B&B Italia tower is now around level 40 of construction, new photos show. The tower is planned to top off at 56 stories this summer. Groundbreaking took place in November 2023, with a foundation pour in May 2024. Casa Bella Residences by B&B Italia is planned to include 319 condos, along with amenities, including a 56th floor rooftop pool and terrace.

Drainage Construction Permit Applied For At 800-Room Grand Hyatt Miami Beach

The developers planning to build the new Grand Hyatt convention center hotel in Miami Beach have applied for a drainage system construction permit. The Class VI Permit application was submitted to Miami-Dade last week. It calls for construction of six interconnected drainage wells and related systems, at an estimated cost of $500,000. Balfour Beatty is listed as the contractor.

Aria Reserve North Tower Surpasses Halfway Mark In Edgewater

Construction has surpassed the halfway mark on the North Tower at Aria Reserve, the second skyscraper in Melo Group’s twin-tower luxury condominium development located at 725 NE 24th Street in Edgewater, Miami. Designed by Arquitectonica, with interiors by MORADA Haute Furniture Boutique and landscaping by ArquitectonicaGEO, the waterfront high-rise is planned…

Constellation, partners score $42M construction loan for North Beach condos

Constellation Group, Boschetti Group and Vietmar scored a $42.3 million construction loan for their planned North Beach condo project. Ella Miami Beach, a 10-story, 103-unit short-term rental-friendly condo building planned for 6940 Abbott Avenue in Miami Beach, is more than 50 percent presold, according to a press release. The developers landed the three-year…

‘Hideaways by the Bay’ to Offer Residency for Unhoused Individuals at 10821 Caribbean Blvd. in Cutler Bay

Miami-Dade County has plans to redevelop a shuttered La Quinta Inn into “Hideaways by the Bay,” a community that would offer long-term accommodations for homeless individuals. The effort will involve updating the hotel’s 107 rooms into those that can serve as residences for those struggling with housing insecurity. Each unit features its own bathroom, and planners intend…

Casa Bella Residences by B&B Italia Reaches Upper Floors in Miami’s Arts & Entertainment District

Construction has reached the upper floors at Casa Bella Residences by B&B Italia, a 56-story condominium tower rising at 1400 Biscayne Boulevard in Downtown Miami. Developed by Related Group and Alta Developers, with Arquitectonica as the architect, Piero Lissoni handling interior design, and Enzo Enea overseeing landscaping, the tower steadily advances toward…

Miami World Tower 1 Completes Construction, Rising 53-Stories in Downtown Miami

Miami World Tower 1, the first phase of the Miami World Towers development at Miami Worldcenter, officially opened at the end of 2024, introducing 560 rental units to Downtown Miami. Standing 579 feet tall and comprising 53 stories, the tower enhances the city’s skyline with its sleek and modern design. It features a fully glazed façade and a unique arrangement of balconies…

One Park Tower by Turnberry Tops Out at 33 Stories in North Miami’s SoLé Mia District

One Park Tower by Turnberry has officially topped off at 33 stories, marking a significant milestone for the residential development within SoLé Mia, a 184-acre master-planned community in North Miami. Developed by Turnberry and LeFrak, the tower is set to bring 303 luxury residences to the northern edge of the seven-acre Crystal Lagoon known as Laguna Solé….

Nine-Story Residential Tower VIDA Residences Progresses at 410 NE 35th Terrace in Miami

Florida YIMBY has an update regarding a mid-rise building we first covered in April 2023. Our sources share that the final deck of VIDA Residences has been poured, indicating that that the project is moving forward with its scheduled 2026 completion. At full buildout, the nine-story building will feature 121 fully furnished units, spanning studio to four-bedroom models.

Miami-Dade housing chief Alex Ballina leaving to start own firm

Miami-Dade’s housing czar Alex Ballina is leaving his government post to cash in on demand for affordable and workforce developments across the Sunshine State, The Real Deal has learned. He recently formed Florida Development Building Group, or FDBG, a firm that will use “data driven insights and data-backed strategies to focus on projects for essential workers in underserved…

Google funds Miami’s AI experiment with automatic zoning verification letters

A $250,000 donation from Google is funding a three-month pilot program using artificial intelligence to automate zoning verification letters while the City of Miami explores broader uses of the technology to optimize municipal services. The city commission approved a March 13 resolution from Mayor Francis Suarez accepting the donation from Google to utilize its C3…

Slate Hallandale Beach Secures $225 Million Refinancing in Hallandale Beach

PPG Development and BH3 Management have announced the successful refinancing of Slate Hallandale Beach, a 26-story luxury residential tower completed in 2022. J.P. Morgan and Monroe Capital provided the $225 million loan, which supports the continued stabilization and operation of the 250-unit property. Faisal Ashraf of Lotus Capital Partners…

BH, Prime score approval for Hallandale Beach hotel project

BH Group and Prime Group can charge ahead with plans for a Homewood Suites By Hilton hotel near Gulfstream Park, as South Florida’s hospitality sector expects growing demand this year. On Wednesday, the Hallandale Beach City Commission by a unanimous 7-0 vote approved a site plan for the joint venture’s 15-story project with 246 rooms and 281 parking spaces…

Affiliated lands $80M construction loan for Fort Lauderdale multifamily project

Affiliated Development is the latest South Florida developer to nab construction financing for an apartment project, despite a slowing multifamily market. Fort Lauderdale-based Affiliated, led by CEO Jeffrey Burns, secured an $80 million loan from Bank of Montreal to build The Era, a planned eight-story building with 400 apartments in the firm’s home city, records show.

Oak Lane advances 243-unit Live Local Act multifamily development next to its Boca Raton HQ

Oak Lane Partners plans to develop a 243-unit Live Local Act project next to its headquarters in Boca Raton, and is seeking streamlined approval under the state’s affordable housing law. Oak Lane, led by founder and managing partner Bhavin Shah, plans 226 apartments and 17 townhouses next to an office building that houses its headquarters in Boca Raton’s…

Principal Asset Management Sells 204,000 SF Pinewood Square Shopping Center in Lake Worth

Principal Asset Management has sold Pinewood Square Shopping Center, a 204,000-square-foot retail center in Lake Worth, roughly 35 miles north of Fort Lauderdale. Situated on the southeast corner of Lantana and Jog roads, the property was 99 percent leased at the time of sale to 42 tenants including T.J. Maxx/HomeGoods, Ross Dress For Less, Five Below, Goodwill and Delray…

Acadia dives back into South Florida with $68M Lake Worth Beach retail purchase

Nearly a decade after selling its interest in a large Miami Beach retail portfolio, Acadia Realty Trust is back in South Florida, acquiring a Palm Beach County shopping center for $68 million. An affiliate of Rey, New York-based Acadia, led by CEO Kenneth Bernstein, purchased Pinewood Square, a 96,586-square-foot center and six outparcels spanning 24,279 square feet at 6330 Lantana…

SROA Capital adds 12th facility to South Florida portfolio with $17M West Palm Beach site purchase

SROA Capital picked up its 12th South Florida self-storage facility for $17.1 million, 205 times more than the previous sale price nearly a half-century ago. An affiliate of SROA Capital, a West Palm Beach real estate investment firm that owns self-storage company Storage Rentals of America, bought a complex of 18 single-story warehouses at 1547 North Florida Mango Road…

Southeast Industrial Boom Driven By Population Growth And Strategic Infrastructure

Southeast Industrial Boom Driven by Population Growth and Strategic Infrastructure The Southeast United States has successfully attracted industrial occupiers and investors, driven by ongoing population growth, low costs, strategic infrastructure access, and a favorable business operation environment. Industrial vacancy rates remain below pre-pandemic averages, and rental rates…

Video: MSCI Research Executive Director Jim Costello Provides Retail Market Update & Forecast

In a recent episode of America’s Commercial Real Estate Show, the show’s host sat down with veteran economist Jim Costello of MSCI to explore the latest trends, challenges, and opportunities in the U.S. retail real estate sector. With over 30 years of experience analyzing market cycles, Costello provided valuable insights into how retail is faring in the wake of shifting…

The Byproducts of Eliminating Property Taxes

Eliminating property taxes for homeowners isn’t a concept I’ve heard often. Given Florida’s history as a pro-growth state that consistently seeks to improve its economic appeal, it’s not entirely shocking that such a bold proposal would surface there. What did surprise me, however, is that this tax cut would come in addition to Florida already not having a state income tax.

Strong Job Gains Meets High Apartment Supply Across Florida

Job growth has been significant across the state of Florida in the current cycle, which would typically lead to solid apartment occupancy and rent growth. But apartment performance in the Sunshine State has been subdued by staggering new supply volumes. Florida added 950,000 jobs in the 2020–2024-time frame, according to data from the Bureau of Labor Statistics.

The Fed: an update on the breakeven inflation rate

Expectations about inflation are an important indicator of actual future inflation: If market participants expect inflation to be higher, they may elevate prices, increasing the actual inflation rate and creating a self-fulfilling prophecy. In this FRED Blog post, we compare “breakeven” inflation expectations with actual inflation to see how they’ve both evolved over time.

The post Miami Commercial Real Estate News March 26, 2025: Wynwood Norte Projects Approved; 230-Unit Multifamily Trades for $72M; More… appeared first on Hawkins Commercial Realty.

In a recent episode of America’s Commercial Real Estate Show, the show’s host sat down with veteran economist Jim Costello of MSCI to explore the latest trends, challenges, and opportunities in the U.S. retail real estate sector. With over 30 years of experience analyzing market cycles, Costello provided valuable insights into how retail is faring in the wake of shifting interest rates, inflation concerns, evolving consumer behavior, and macroeconomic uncertainty. Note that this discussion is national in scope, thus aspects may be less relevant to South Florida commercial property.

Signs of Recovery in Retail Transactions

One of the most notable themes from the conversation was the recent rebound in retail property transaction volume. According to Costello, Q4 2024 saw a meaningful uptick in sales—not driven by a single blockbuster deal, but rather by a healthy spread of “singles and doubles.” This signals renewed confidence and activity among investors who have spent much of the past two years waiting out market volatility caused by rapid interest rate hikes.

He emphasized that while the market isn’t back to the heights of 2021 and early 2022—when low interest rates fueled record valuations—it’s stabilizing. Investors are gaining clarity on pricing, with many recalibrating expectations around cap rates and future growth, rather than chasing a return to pandemic-era peaks.

Interest Rates and Investor Mindset

The conversation naturally turned to interest rates and their impact on investment behavior. The host noted that some buyers and sellers are still in “wait-and-see” mode, hoping for rate cuts. Costello explained that while the Fed has signaled a cautious approach to lowering rates, uncertainty around inflation and federal policy continues to widen the spread between the 10-year Treasury and the Fed Funds Rate.

Despite this uncertainty, Costello stressed that well-located assets with stable cash flow remain attractive. He added that private investors have been leading the charge in recent retail acquisitions—perhaps due to their greater flexibility compared to institutions, which often face reputational risk if they move too early.

Fundamentals: Rent Growth and Occupancy

Retail fundamentals are proving more resilient than many had expected. Costello shared data from MSCI’s U.S. Quarterly Property Index showing that high-quality malls and lifestyle centers have bounced back dramatically from their COVID-era lows. As of late 2024, NOI per square foot for these assets was nearly 100% above pre-COVID levels.

Meanwhile, neighborhood and community centers—which tend to be anchored by grocery stores and essential services—have shown steady performance, with NOI per square foot up over 12% from pre-pandemic figures. These more utilitarian retail centers have remained relatively insulated from economic fluctuations, further boosting investor confidence.

Triple Net Retail: The Outlier

One area lagging behind is the triple net (NNN) retail segment. These single-tenant properties, often leased to national brands, are typically structured more like bonds, with limited rent growth. As Costello noted, they’ve seen significant cap rate expansion in the past year, rising from the 6% range toward 7%, with no clear sign of stabilization yet. Investors are pricing in bond-like risk, especially in a higher-rate environment.

Tariffs, Inflation & Consumer Spending

The discussion also touched on macroeconomic risks—particularly tariffs and their potential inflationary effects. Costello explained that while previous tariff rounds were largely absorbed by companies (hurting corporate margins rather than consumer wallets), the current economic climate may not be so forgiving. If businesses pass those costs onto consumers, retail spending—and by extension, retail property performance—could take a hit.

Despite these risks, anecdotal signs point to resilient consumer behavior. The show host observed that retail spaces in markets like Atlanta remain busy, reinforcing the strength of experiential retail and mixed-use developments that combine living, working, and entertainment.

Construction, Supply Constraints & Labor

Another factor supporting retail’s recovery is the slowdown in new supply. High interest rates, rising construction costs, and labor shortages have dramatically reduced new development activity. Costello also highlighted a long-term structural trend: declining retail space per capita. Much of the oversupply built during the 20th-century suburban boom is being demolished, which helps concentrate demand and support rent growth for surviving properties.

Where the Opportunities Are

Looking ahead, Costello sees opportunity in several areas:

• Triple Net Retail: While currently challenged, this sector could present upside once interest rates stabilize and investors reprice risk more accurately.
• Distressed or Underperforming Assets: Buyers with operational expertise can add value by improving management or repositioning assets.
• Credit Funds & High-Yield Lending: With some deals facing funding gaps, private credit funds are stepping in to provide mezzanine debt or bridge capital.
• Aggregations & Efficiency Plays: As the market matures, there may be room for portfolio consolidations that yield operational synergies.

2025 Outlook: A Market in Transition

Overall, the outlook for retail in 2025 is cautiously optimistic. The worst of the interest rate shock appears to be behind us, pricing is beginning to stabilize, and demand fundamentals remain strong in many segments. However, uncertainty around inflation, policy shifts, and tariffs means that investors must continue to build scenarios into their underwriting.

Costello’s final takeaway? Success in the current market will rely less on passive cap rate compression and more on savvy asset selection, efficient operations, and creative capital structuring.

The post Video: MSCI Research Executive Director Jim Costello Provides Retail Property Market Update & Forecast appeared first on Hawkins Commercial Realty.

First Tower Of 800+ Unit Project Proposed In Health District

Related Urban has submitted a Zoning Verification Letter to Miami-Dade planners for a property in Miami’s Health District. The project name for the proposed development is listed as Gallery at Wagner Creek. Gallery at Wagner Creek’s North Tower is proposed to rise 27 stories. It is proposed to include 460 residential units, 354 parking spaces, and a 7th level amenity deck.

Sabet and Evolve’s proposed projects in Miami’s Wynwood Norte and near Edgewater get green light

Miami architect Kobi Karp pulled off a double play, scoring a green light on designs for a pair of apartment projects near Edgewater and Wynwood Norte. On Wednesday, the Miami Urban Development Review Board approved 1600 Edgewater, Sabet Group’s 33-story tower with 282 apartments, as well as Evolve Companies’ Evolve Wynwood 35, an eight-story building…

Developers Plan 2,400 Apartments On Biscayne Boulevard

A massive apartment complex is being planned on Biscayne Boulevard, according to The Real Deal. The development will have over 2,380 apartments, a school, and commercial space, the report said. Israeli company Canada Global is said to be partnering with Adam Neumann’s Flow on the development. The 16-acre El Portal property was formerly a trailer park, and is now vacant.

Baron scores $206M construction loan for 661-unit apartment project in Hialeah

Baron Property Group scored a $206 million construction loan for the Metro Parc North apartment project in Hialeah. The New York-based firm is building the eight-story building with 661 units at 901 East 26th Street, according to a Baron news release. Construction started last month, and is expected to be completed in late 2027. Stamford, Connecticut-based Post Road Group is the lender…

Baron Property Group Secures $206M for Florida Project

Baron Property Group has secured $206 million in construction financing from Post Road Group to help transform Hialeah, Fla., with a new transit-oriented residential property. Developers broke ground on the project, Metro Parc North, last month, with completion expected in late 2027. Metro Parc North will offer 661 homes ranging from studios to three-bedrooms.

Facade Work Progresses on The First of the ‘222’ Namdar Towers in Downtown Miami

Facade work is making significant progress on the first of two 43-story towers at 222 NE 1st Avenue in Downtown Miami, known as Namdar Towers or simply “222.” Developed by New York-based Namdar Group, the project will encompass approximately 1.3 million square feet, integrating residential, commercial, and parking components. Designed by Behar Font & Partners…

Miami Beach commission grants initial approval of Deauville redevelopment

Miami Beach commissioners approved land use changes that will allow the Meruelo family and David Martin’s Terra to build a larger project on the oceanfront property that was previously home to the Deauville Beach Resort. The commission on Wednesday evening voted six to 1, with commissioner David Suarez casting the sole ‘no’ vote, on first reading to approve two amendments…

Summit Brickell Enters Construction Permitting

The 65-story tower known as Summit Brickell has entered the construction permitting phase. The permit application was submitted to Miami-Dade County in late February, with review now underway. Turner Construction is listed as the contractor. Zoning review of the tower was completed by Miami-Dade late last year. Summit Brickell is planned to include 505 residential units…

Map: Here are South Florida’s canceled or delayed office projects

In recent years, South Florida’s office market appeared resilient to financial woes experienced elsewhere in the U.S. Major companies leased across the tri-county region, making brokers giddy. Developers announced plans for new South Florida office projects, offering flashy renderings. Yet by now, some of these projects are canceled or paused. The progress and success of others…

Botched $11M land deal costs city of Doral nearly double the price six years later

Six years after allegedly trashing a vacant property it intended to buy for $10.7 million, the city of Doral will pay the landowner nearly double the originally agreed purchase price. On Wednesday, the Doral City Council approved a settlement agreement that will pay Doral 10, an entity managed by Lizbeth Arencibia of Hialeah Gardens, $21 million to drop a 2019 civil lawsuit…

Miami-Dade Office Vacancy Among Nation’s Lowest

The office market in Miami-Dade is among the strongest in the nation, according to a new report by Marcus & Millichap. “Miami’s office market continues to outperform, with one of the lowest vacancy rates in the nation and sustained investor interest in both urban and suburban submarkets. Strong pre-leasing activity and an expanding knowledge-based economy…

Developer Vivian Dimond to revive stalled waterfront North Bay Village condo project

Developer Vivian Dimond took over the stalled condo building in North Bay Village, a 15-story shell on Harbor Island, The Real Deal has learned. The planned 54-unit building at 7918 West Drive will now be called Tula Residences. Dimond’s Bayshore Grove Capital is now the sole managing member of the LLC that owns the property, she said. Malaysian developer Pacific & Orient…

Signage Installed At Edgewater Whole Foods, Opening Date Coming Soon

Signage for Edgewater’s new Whole Foods Market has been installed, as construction on the new store continues. An opening date for the store will be announced soon, a broker involved in the lease of the store said. Whole Foods is building out 50,812 square feet of space at the ground floor of the new Forma tower. By comparison, the existing downtown Miami Whole Foods…

Photo: Demolition Activity At Brickell’s Santander Tower Site

Demolition activity can be seen at the Brickell Avenue site were Santander Bank is planning a landmark tower. The new 40-story tower is planned to rise 765 feet, with a design by Handel Architects and Bernardi & Peschard Arquitectura. It will include 612,918 square feet of Class A office space, and 1,496 parking spaces. There will also be 107,953 square feet of food and beverage…

Construction Cranes Installed To Build 58-Story Downtown Miami Tower

Multiple construction cranes have now been installed at the Downtown 6 site. Downtown 6 is a massive apartment tower under development by Melo Group. It will rise 58 stories upon completion. The tower will have 824 apartments, 2,247 square feet of retail, and 639 parking spaces. Melo also built the two 52-story Downtown 5 towers seen in the background…

606-Unit Worldcenter Tower Reaches Level Ten Of Construction

Contractors have now completed ten floors at the 600 Miami Worldcenter tower, about a year after groundbreaking. The groundbreaking ceremony for the tower took place last year in mid-March, with vertical construction beginning around six months later. By December, the third floor of the tower had been poured. The tower is eventually planned to top off at 32 stories…

Lewis Swezy plans age-restricted low-income apartment project in Miami-Dade, as developers target affordable housing

Affordable housing developer Lewis Swezy plans an 80-unit age-restricted apartment project near the Earlington Heights Metrorail stop in Miami-Dade County. Swezy, through his Miami Lakes-based Centennial Management, wants to develop the six-story building with 60 one-bedroom apartments and 20 two-bedroom apartments on a 0.7-acre site at 4052 Northwest 22nd Avenue…

Okan Towers Ascent Continues at 555 North Miami Avenue in Downtown Miami

Construction continues to climb at Okan Tower, a 70-story mixed-use skyscraper at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners with Thornton Tomasetti as the structural engineer and Ortus Engineering as the civil engineer, and developed by Okan Group, the 902-foot-tall tower will feature 163 luxury residences, 236 condo-hotel…

More South Florida distress: Brickell commercial condo owner’s bankruptcy filing delays foreclosure sale

A disgraced Venezuelan ex-banker identified in the Panama Papers joins a growing number of South Florida commercial real estate owners feeling the pinch of distress. An entity managed by Eligio Cedeño in Coral Gables filed for Chapter 11 reorganization in Miami federal bankruptcy court on Saturday, two days before its four commercial units at Brickell House condominium…

University of Miami plans major campus

University of Miami’s Coral Gables campus is on track to complete a large residential project in 2026 and continues to work on more capital improvement projects. Centennial Village is to be a first-year experience for students, said Jessica Brumley, vice president of facilities, operations, and planning. “The majority of our freshman students would live in the Centennial Village…

Brazilian billionaire’s firm completes dev site purchase for first Coral Gables condo project

Multiplan Real Estate Asset Management completed an assemblage for its first condo development in Coral Gables, The Real Deal has learned. Brazilian billionaire Jose Isaac Peres’ firm, led by managing partner Marcelo Kingston, paid $17.8 million for the second half of the assemblage, an office building at 1501 Venera Avenue, Kingston told TRD. Mutiplan acquired the first piece…

Adam Neumann’s Flow nabs $51M loan for $71M El Portal site purchase, partners with Canada Global on mixed-use development

Adam Neumann’s Flow nabbed a $51 million acquisition loan and is partnering with Canada Global for a planned mixed-use project on an El Portal development site. New York-based Ladder Capital provided the mortgage to a Delaware entity with ties to Flow that paid $71.5 million for a 16-acre former trailer park at 8500 Biscayne Boulevard, records show. Canada Global…

Miami International Airport pivoting stores to dining

Miami International Airport, in the midst of $9 billion in physical growth, is on the runway to also revamp the stores and dining that passengers can choose from in an upgrade that will markedly swing the mix from mostly shopping to nearly two-thirds food and beverage. While reworking terminals is slow, most food and shopping concessions will vastly alter within three years…

Habitus scores approval for 61-key hotel in Miami’s Edgewater, ramping up its South Florida hospitality investment

Habitus Capital scored approval for a 61-key boutique hotel in Miami’s Edgewater, marking the firm’s continued investment in South Florida’s hospitality market. Brickell-based Habitus plans the eight-story building on a 0.2-acre lot at 459 Northeast 25th Street with 20 on-site parking spaces and two street parking spaces, according to a Miami City Commission agenda item.

Homestead gears first strategic plan as roadmap to future

The City of Homestead is undertaking steps to develop its first-ever strategic development plan, following a major push from City Manager Zerry Ihekwaba. “It was part of the vision and mission statement to have a clear concept of what are we looking at for the future. What exactly are we looking to accomplish?” asked Dr. Ihekwaba. “Upon my assumption of office, I realized…”

Trinity leading development of JMH’s former condo project near Faena District

Bill and Dana Lozito’s Trinity Southern is taking over development of a long-planned luxury condo project in Miami Beach called 29 Indian Creek, The Real Deal has learned. Developer Jason Halpern’s JMH Development will remain an investor-partner and adviser on the planned 22-unit development at 2901 and 2911 Indian Creek Drive, near the Faena District, Bill Lozito said.

Construction Rises Higher on the 100-Story Waldorf Astoria Hotel & Residences in Downtown Miami

Construction is rising higher on the Waldorf Astoria Hotel & Residences Miami, a 100-story supertall mixed-use skyscraper at 300 Biscayne Boulevard in Downtown Miami. Designed by Sieger Suarez Architects in collaboration with Carlos Ott and developed by Property Markets Group (PMG) and Greybrook Realty Partners, alongside Mohari Hospitality, S2 Development, and Hilton…

Shoma sheds another property, sells Hialeah project to IMC for $81M

For the second time in less than a month, Shoma Group’s commercial portfolio got lighter — along with its overall debt. The Coral Gables-based firm, led by power couple Masoud Shoajee and Stephanie Shojaee, sold a fairly new Hialeah mixed-use project to Yoram Izhak’s North Miami-based IMC Equity Group, records and real estate database Vizzda show.

Waldorf Astoria Supertall Reaches Level 19

Developer PMG says that the Waldorf Astoria Hotel & Residences Miami has reached a new construction milestone. Level 19 of the tower’s shell has now been poured, and contractors have begun pouring the building’s pool level. Contractors are also now installing the glass facade in the building’s first cube (there will be nine cubes in total). Once the pool level has been poured…

Tourmaline pays $76M for Coral Gables office complex facing foreclosure

A year into Coral Gables’ Columbus Center’s debt woes, Tourmaline Capital Partners paid $76 million for the property facing foreclosure. Bryn Mawr, Pennsylvania-based Tourmaline bought the office complex consisting of a 14-story building and an eight-story building on a 2.5-acre site at 1 Alhambra Plaza, according to records and real estate database Vizzda.

Developer Of 848 Brickell Agrees To Public Benefits Contributions

The developer planning an office tower at 848 Brickell Avenue has agreed to public benefits contributions as a condition for obtaining development approval. The contributions will include: $2m towards the 10st Street Metromover Station, to be used at the county discretion for repairs, maintenance, and improvements Pedestrian improvements surrounding the development…

Photo: 44 & 45-Story Towers Rising In Brickell

Two towers are rising in Brickell, a new photo shows. One of the tower is the 44-story Lofty Brickell, which is planned to include 364 residential units allowing short-term rentals. The second tower will be the 45-story Standard Residences, which will have 422 condo units, a 45th floor rooftop lounge, amenities, and a restaurant. The towers will be be connected by a podium.

33-Story 1600 Edgewater Tower Proposed in Miami, Set for UDRB Review on March 19

Plans have been submitted to Miami’s Urban Development Review Board for 1600 Edgewater, a 33-story mixed-use tower proposed at the former Miami Cash Register site at 1600 NE 2nd Avenue. Designed by Kobi Karp Architecture & Interior Design, the project aims to integrate elements reflective of Biscayne Bay, Wynwood, and Miami’s evolving skyline, according to…

Okan Group Unveils New Hilton Residences Miami Bayfront

Okan Group, in partnership with Hilton (NYSE: HLT), has unveiled the first look at Hilton Residences Miami Bayfront, a new collection of residences offering modern, high-rise living in downtown Miami. With prices starting at $685,000, the homes bring additional housing options to a growing urban center while incorporating world-class hospitality and amenities….

‘Season One Brickell’ Planned for 1200 SW 2nd Avenue in Miami

Developers Habitat Group and BI Group are one step closer to making One Season Brickell a reality. Miami Dade’s Water & Sewer Department recently agreed to provide utilities to the pre-construction high-rise. Plans call for 88 residences in a 22-story tower, including studio to three-bedroom models; homes would span 432 to 1,017 square feet. Homes would come outfitted…

33-Story Edgewater Tower Revealed For The First Time

Plans for a 33-story tower have been revealed for the first time in a filing to Miami’s Urban Development Review Board. The building is named 1600 Edgewater, according to a letter to board members from an architect at Kobi Karp Architecture & Interior Design, the firm designing the building. “This building aspires to be more than just a physical structure; it is a celebration…

Plans Submitted For 141 Residential Units In Wynwood

Plans have just been revealed for another residential project in the Wynwood Norte area. The project name is listed as either 35th Wynwood or Evolve Wynwood 35 in documents and plans submitted to Miami’s Urban Development Review Board. Evolve Wynwood 35 is planned to rise 8 stories and include: 141 residential units 202 on-site parking spaces Parking will be located…

Update Provided On 55-Story Legacy Miami Worldcenter

The developer of the 55-story Legacy Miami Worldcenter tower has provided an update on a construction halt, according to the SFBJ. The developer expected to remobilize construction in around five to six weeks, the report said. Construction has been halted since 2024. A foundation pour for the tower took place in 2022, with a crane installed in early 2023. After the halt…

Miami Multifamily Real Estate Report – Q4 2024

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 information about…

Lease roundup: Call Me Gaby on tap on Miami River, Brightline’s MiamiCentral lands Brooklyn Dumpling Shop and five other tenants

Call Me Gaby, the Italian restaurant in Miami Beach’s South of Fifth neighborhood, will expand to the Miami River. Call Me Gaby owners Cathy and Anthony Arrighi, in partnership with restaurateur Roman Jones, will open the restaurant in a two-story, 8,500-square-foot building at 5 Southwest South River Drive in Miami, according to a news release from Call Me Gaby and Jones.

‘Parks at Davie’ Planned for 2027 Completion at Northwest Corner of Davie Road and Southwest 37th Street in Davie

With the security of a $67.5 million construction loan, two developers are one step closer to making their multi-family housing project a reality. That venture? Parks at Davie, a 383-unit apartment complex. The one-bedroom to three-bedroom homes will measure 568 to 1,415 square feet; in-unit amenities include stainless steel appliances, nine-foot-high ceilings, and quartz…

Construction Financing Secured for Apex Logistics Park at Signature Grand in Davie, FL

Altman Logistics Properties and FRP Development Corp. have secured $31.9 million in construction financing for Apex Logistics Park at Signature Grand, a two-building, 182,000-square-foot logistics development planned for Davie, Florida. The site, formerly home to the Signature Grand events and catering space, will undergo demolition in preparation for vertical construction…

13th Floor scores $68M construction loan for Davie rentals

13th Floor Investments and JSB Capital Group scored a $67.5 million construction loan for a 383-unit apartment complex near Broward College in Davie. Coconut Grove-based 13th Floor and Miami Beach-based JSB Capital plan the five-story Parks at Davie with some workforce apartments on the northwest corner of Davie Road and Southwest 37th Street, according to a 13th…

Developer Proposes Mixed-Use Venture for 228 SE 9th Street in Hallandale Beach

Hallandale Beach-based Grupo Eco intends to move forward with a mixed-use development in the area. The Web Center would replace two duplexes and a few single-family homes, offering residences, office space, and retail. Plans call for two structures: a four-story office building and a seven-story multi-family tower, both connected by a podium that would feature 9,350 square feet…

PPG, BH3 score $225M refi for Hallandale Beach apartment tower, as lending still flows in South Florida

PPG Development and BH3 Management scored a $225 million refinancing for the Slate Hallandale Beach apartment tower. The deal marks continued lending in South Florida, despite higher interest rates, slower apartment leasing and other economic headwinds. JP Morgan Chase and Monroe Capital provided the refinancing for the 26-story, 250-unit Slate…

Developers Secure $225 Million in Refinancing for 26-Story Slate Hallandale Beach Residential Tower

PPG Development and BH3 Management have secured a $225 million refinancing package for Slate Hallandale Beach, a 26-story residential tower completed in 2022. The financing, provided by J.P. Morgan and Monroe Capital, will support the continued operation of the 250-unit luxury development, which is positioned among Hallandale Beach’s premier residential…

Journey Capital buys multifamily complex in Plantation for $102M

Journey Capital scooped up a 404-unit multifamily complex in Plantation for $102 million. The New York-based investment manager bought Rise at Plantation Walk at 333 North University Drive from Boca Raton-based Encore Capital Management, according to records and real estate database Vizzda. The deal breaks down to $252,500 per unit. Journey borrowed $89.7M…

Miami Manager cuts fully leased Broward retail center from commercial portfolio

Miami Manager is left with three shopping centers in South Florida, after selling Village Shoppes of Coconut Creek for $21.3 million. An affiliate of Sunrise-based Miami Manager, led by Claudio and Milton Mekler, sold the two-building retail site at 4690 North State Road in Coconut Creek to an entity managed by Dayvana Milano and Lisette Hermoso in Coral Springs…

Publix picks up another of its South Florida stores for $25M

Publix is back at the South Florida retail checkout line, paying $25 million for one of its stores near Galleria Mall in Fort Lauderdale. Since last year, the Lakeland-based grocery chain has dropped $273 million for standalone Publix supermarkets and shopping centers anchored by its stores, including its latest purchase. An affiliate of Publix, led by CEO Kevin Murphy, acquired…

14-Story ‘Sereno Fort Lauderdale’ Planned for 2028 Completion at 2901 NE 9th Court in Fort Lauderdale

Two developers are moving forward with a high-rise multi-family development in Broward County. Sereno Fort Lauderdale will measure 14 stories above grade, requiring 230,000 square feet of new construction. Our sources indicate that the tower will host 76 “boutique residences,” with homes spanning one-bedroom to three-bedroom models. They will measure 1,080…

Integra launches sales for Sereno Fort Lauderdale condos

Integra Investments is launching sales for Sereno Fort Lauderdale, a condo project with prices starting at $1.4 million. The Miami-based developer is planning the 14-story, 76-unit condominium for 2901 Northeast 9th Court in Fort Lauderdale, according to a press release. It was originally planned as an 11-story, 54-unit condominium with a 12-story, 100-key hotel.

Triarch, partners buy Dania Beach’s Airport Commerce Park for $18M, amid a South Florida office market paradox

A group of investors bought Airport Commerce Park near Fort Lauderdale-Hollywood International Airport for $18.3 million. The deal comes amid a paradox for South Florida’s office market. While aging suburban buildings have traded at discounts and foreclosures have popped up, Broward County recently scored two office deals for over $200 million each. An entity managed…

TM Real Estate scores $54M construction loan for 250-unit Boynton Beach complex, amid South Florida multifamily supply overhang

A developer scored a $53.5 million construction loan for a 250-unit apartment complex in Boynton Beach, amid a multifamily supply overhang in South Florida. TM Real Estate Group plans the Shalimar at Boynton Beach project with 10 three-story and four-story buildings, a nearly 10,000-square-foot clubhouse and 4,300 square feet of retail in two additional buildings…

Harnessing Critical Mass: The Key to a Thriving Office Environment

The story of the office market is an epic tale filled with dramatic twists and turns, reminiscent of a cinematic thriller. As we delve into in the Moody’s docuseries, Work from Where: Building the Future of Work and Urban Life, obsolescence is a key theme in this narrative; however, it is not solely a consequence of the pandemic. Instead, it stems from longer, more subtle changes in how…

Fed Stays Put on Interest Rates, but Uncertainty Looms

The Federal Reserve Open Markets Committee elected to keep interest rates the same at the conclusion of its March meeting, at a target range of 4.25 to 4.5 percent. The current Federal funds rate has remained unchanged since last December. The decision follows consistent reports of a strong, yet slowing economy and even more uncertainty around inflation, particularly as it…

What’s in and what’s out five years after COVID-19 lockdowns began: commercial real estate edition

The COVID-19 pandemic’s onset set off a once-in-a-century exogenous macroeconomic shock has left lasting scars on commercial real estate (CRE). In this report, we explore the shifts that occurred across CRE after this historic disruption and its aftermath, from property tastes to geography to lifestyle to lending dynamics, and their impact on the asset class. Location, Location…

Property Tax & Extreme Weather Events: A Complicated Relationship

As extreme events contribute to the recent surge in P&C insurance premiums, some lenders have noted that there might be a knock on effect on property tax. Perhaps municipalities striving to rebuild from hurricanes or wildfires, or implement resilience projects to mitigate future risks, may raise property taxes to finance these initiatives.  Is this true? The answer is complicated…

The post Miami Commercial Real Estate News March 20, 2025: 2,400 Multifamily Units Planned on Biscayne Blvd; Mapping Canceled or Delayed Office Projects; More… appeared first on Hawkins Commercial Realty.

Developer plans 163-unit Live Local Act project near West Little River, amid flurry of proposals under state law

A developer proposes a 163-unit Live Local Act multifamily project near West Little River, as the industry continues to seize on the state affordable housing law. Dan Ainuz, a residential real estate investor and developer, wants to build a 14-story building with 40 percent of the units, or 65 apartments, at below-market rents, according to an application Ainuz’s affiliate filed…

Lower Level Curves Now Visible At 80-Story Cipriani Tower In Brickell

Brickell’s 80-story Cipriani Residences Tower is continuing to take shape, new photos show. Cipriani is expected to become the tallest tower in Brickell when it tops off (there are other Brickell buildings planned to rise even taller, but they are not yet under construction). The Cipriani tower is planned to reach a near-supertall height of 940 feet above ground, or 950 feet…

No bid, no problem? Miami-Dade eyeing deal with Michael Swerdlow for workforce housing project

Miami-Dade officials could forgo competitive bidding to have developer Michael Swerdlow build a workforce housing project near a site he’s buying from the county for a planned Costco store. The unusual arrangement is part of a proposed county resolution to amend a pending sales contract for Swerdlow to pay Miami-Dade $8.1 million for 17 acres of county-owned vacant land…

Swerdlow proposes replacing Miami public housing complexes with 5,000-plus apartments with affordable, workforce units

Developer Michael Swerdlow wants to develop 5,730 multifamily units with some affordable and workforce apartments, replacing five public housing complexes across Miami. Coconut Grove-based Swerdlow Group’s project also will include 370,000 square feet of commercial space such as offices and a school; 250,000 square feet of open space and amenities…

Demolition Progress At Edgewater Site Where 635-Foot Tower Planned

Demolition now appears to be mostly complete at the Tower 36 site in Edgewater. Developer One Thousand Group is planning a 635-foot tower on the property. The developer closed on the purchase of the site in December, for a reported $53m. In January, a demolition permit for a former Shell gas station on the property was issued. The permit is still active as of this morning.

13th Floor, LeFrak and Related take over Shoma dev site in Miami

Shoma Group is abandoning plans to redevelop a shuttered car dealership, selling the 2.5-acre site for $35 million to a group that includes Richard LeFrak’s eponymous firm. An entity managed by Arnaud Karsenti, principal of Coconut Grove-based 13th Floor Investments, acquired the property at 3650 Bird Road, records and real estate database Vizzda show. 13th Floor partnered…

Fifield Cos. Welcomes First Residents to 266-Unit Avida Aventura

Fifield Cos. has opened Avida Aventura, a 266-unit luxury apartment community located at 19401 W. Dixie Highway in Aventura. The project sits steps away from the new Brightline station, with direct access to the Aventura Mall, the fifth-largest mall in the U.S. and one of Miami’s premier dining, retail, and entertainment hubs. “As the first upscale multifamily development…

“Out of scale”: Michael Stern’s and Gianluca Vacchi’s condo tower proposal shot down by Miami Beach board, now heads to commission vote

Michael Stern’s JDS Development Group and Gianluca Vacchi’s GV Development Group are heading to the Miami Beach City Commission next month with an unfavorable recommendation from the city’s planning board for their proposed tower. The developers are proposing a luxury condo project on the bay at 1250 West Avenue that would require legislative changes to the city’s future…

Construction Underway at Cassia, a 12-Story Condominium in Coral Gables’ Merrick Park District

Construction is now underway at Cassia, a 12-story condominium at 4011 Salzedo Avenue in Coral Gables’ Merrick Park District. Developed by Alta Developers, the project will introduce 174 fully furnished residences, with Behar Font & Partners as the design architect and IDDI overseeing interiors. Residences at Cassia will range from 662 to 1,461 square feet, offering one-, two-, and…

The HueHub Gets FAA Approval

The Federal Aviation Administration issued a letter this morning stating that the proposed height of a Live Local development is not a hazard to air navigation. The development is named The HueHub in the FAA application, and in plans filed with the county. The HueHub will have a permanent building height of 350 feet above ground…

24-Story Excel Miami Continues Rising

Excel Miami, a 24-story apartment complex under construction near the Arsht Center, is quickly rising. As of last week, construction of the building’s shell appears to have passed the podium garage levels, moving towards the typical residential floors. Shell construction tends to accelerate once buildings reach their typical residential floors. Excel will have 427 apartments…

Kolter, BH seek redevelopment approval for Miami Beach oceanfront site they listed for $110M

Kolter Group and BH Group are pursuing a redevelopment plan for an oceanfront hotel that the joint venture recently listed with a whisper price of $110 million. Delray Beach-based Kolter’s hospitality division and Aventura-based BH submitted a site plan application with the city of Miami Beach to tear down the Crystal Beach Suites Miami Oceanfront Resort at 6985 Collins Avenue…

FAA Approves 831-Foot Building Height In Downtown Miami

A proposal for a building in downtown Miami has been given the green light by the Federal Aviation Administration. A determination letter was sent by the agency on March 11 to Clear Communities Miami North & South, LP. The approved height is 831 feet above ground, or 840 feet above sea level. The project is located at 130 SE 1st Street, a description states. It is the same address…

174-Unit Cassia Breaks Ground In Coral Gables

A groundbreaking ceremony has taken place in Coral Gables for the Cassia condominium development. Cassia will rise 12 stories, and is being designed by architect Behar Font & Partners. The building will be located adjacent to Merrick Park. There will be 174 condos that will be delivered furnished. Units will have European appliances, RH furnishings, and Italian cabinetry…

Glass Installed At 138-Unit Vida Edgewater

Glass has been installed at Vida Residences, which is under construction in Edgewater. Vida Residences is planned to rise nine stories and include 138 condo units. The developer of the project obtained $38.5m in construction financing last year, according to Commercial Observer. Kobi Karp is the architect. The developer is Urbana.

New sanitation/storage hub for ports targets meat, medical imports

A lease of Miami International Airport land on the runway this week will provide an option to bring perishables into the airport and PortMiami that now are diverted to Northeastern ports and trucked back to South Florida. The deal could add $318 million to the county’s revenue. The agreement being heard by the Appropriations Committee stems from an airport-seaport…

Miami-Dade to consider $318 million cold chain processing facility

A Hollywood, Florida-based real estate developer may soon make a deal with Miami-Dade County for the right to build a new treatment and processing facility on county land. On March 12, the Miami-Dade County Commission’s appropriations committee will discuss a proposed lease deal with Mandich Group, LLC for the design, permitting, construction, financing and operation…

Lefferts starts closings for 72 Park condos in North Beach

Lefferts has begun closings for its first of four condo projects planned in Miami Beach’s North Beach neighborhood. 72 Park, a 22-story, 206-unit short-term rental-friendly building at 580 72nd Street is 90 percent sold, according to Miami Beach-based Lefferts founder Mendy Chudaitov. So far, deeds for 40 units have been recorded by Miami-Dade County. Condos range from studios…

Vote Scheduled On Nearly 6K Units Planned In Little River

Miami-Dade’s Housing Committee has scheduled a vote on a lease deal that could see thousands of residential apartments and condos developed in Little River. SG Little River Holdings LLC, led my Michael Swerdlow, is proposing to redevelop county land with 5,730 housing units,, 370,000 square feet of commercial space, office space, schools, a Tri-Rail Station, condo units…

Phased Vertical Permit Issued For 50-Story St. Regis In Brickell

Miami’s Building Department has issued a phased vertical permit for the 50-story St. Regis Residences in Brickell. According to an email from the developer, structural foundations and vertical construction of the tower is planned to start in May or June. A groundbreaking ceremony for the 152-unit condo tower took place in November, and foundation work is underway.

Developers Buy Site For 40-Story Towers At Metrorail Station

A transit-oriented property in Coral Gables where two 40-story towers were planned has been sold, according to Bisnow. 13th Floor Investments partnered with Related Group and LeFrak on the $35M acquisition. Shoma Group was the seller. In 2023, Shoma filed plans for two 40-story towers on the site, which is near the Douglas Road Metrorail station. The development…

Cymbal DLT Closes on $114 Million Financing for Laguna Gardens in Miami Gardens

South Florida-based Cymbal DLT Companies has secured $114 million in permanent financing for Laguna Gardens, a 341-unit multifamily community in Miami Gardens. The senior and mezzanine loans, provided by Apollo Global Management and RXR Realty Investments, paid off the development’s $102.5 million construction loan issued in 2022 by Related Fund Management…

Developer Seeks Funding for Affordable Housing Development at 3650 Florida Avenue in Coconut Grove

Grove Prosperity Partners LLC, an entity comprising a church, non-profit organization, and developer, is seeking funds for an affordable housing development in Coconut Grove. Grand Bahamas Place is slated to include two buildings: a five-story structure featuring 56 condos and a two-story building that would offer 2,950 square feet of retail and 4,000 square feet…

Collins Avenue retail storefront targeted in $6M foreclosure

The retail woes along a stretch of Collins Avenue in South Beach have sparked a foreclosure lawsuit against a storefront owner that allegedly owes $5.5 million to a lender. Last week, Troy, Michigan-based Flagstar Bank sued Brooklyn resident Zipporah Goldstein and her entity that owns nine ground-floor commercial units of a three-story condominium at 751 Collins Avenue, records show.

Miami-Based Lombardi Properties Proposes Office Building for 160 N.W. 30th Street in Miami

Miami-based Lombardi Properties has proposed a high-rise office building in Miami-Dade County. The project, which the Next Miami calls “161 Office,” would measure 12 stories above grade and comprise more than 45,000 square feet of new construction. It would take shape on two parcels that make up a 12,200-square-foot site. The already-existing commercial building on the property…

An Expanding Menu of Green Financing Options

Investing in energy efficiency retrofits often comes down to finding financing that can offset the high capital expenditure (CapEx) required while still enabling reduced operating expenses (OpEx) over time due to savings on utility bills. A range of drivers may push CRE companies to look for green financing opportunities, from fluctuating energy costs or tenant demand for green…

North Beach’s Development Boom Gains Momentum With New Residential and Mixed-Use Projects

North Beach, a historically low-rise and quiet section of Miami Beach, is undergoing a wave of redevelopment as developers capitalize on new zoning incentives and increasing demand for housing. The neighborhood, which spans 63rd to 87th streets between the Atlantic Ocean and Biscayne Bay, has seen an influx of investment following a 2017 voter-approved increase in floor area…

Carrfour Supportive Housing Debuts Miami Affordable Community

Carrfour Supportive Housing has opened Southwest Hammocks, a 100-unit fully affordable community in Miami, designed to serve adults with severe mental health issues. The National Alliance on Mental Illness, together with Broward Behavioral Health Coalition, Foot Print to Success Clubhouse and South Florida Wellness Network, were also involved in developing the project.

Developer Proposes Redevelopment of Affordable Housing Community at 750 NW 18th Terrace in Miami

As it stands, the Mildred & Claude Pepper Tower is a 166-unit affordable housing development for seniors in Miami. Built in 1970, the 12-story complex currently offers efficiencies and one-bedroom homes. Yet, Related Urban Development Group (RUDG) has filed documents to redevelop the complex into a 14-story tower with 398 apartments. The one-bedroom and two-bedroom…

First Phase Of $1.5B Southplace City Center Breaks Ground

Construction is now underway on the first phase of Southplace City Center. Southplace City Center is planned as a $1.5B redevelopment of the Southland Mall property, to be built over seven years. A 350-unit apartment building called The Current at City Center is the first phase. It will have luxury amenities and a parking garage. Presidente Supermarkets will occupy the entirety…

Related proposes 390-unit Live Local Act project for South Miami public housing redevelopment

The Pérez family’s Related Group proposes a 390-unit Live Local Act project for the second phase of its redevelopment of a South Miami public housing complex. The application comes as the Coconut Grove-based firm has seized on the state law that incentivizes development of apartments at affordable and workforce rents, with a flurry of new proposals.

Russell Galbut plans 410-unit Live Local Act project in Miami-Dade, amid rush on state workforce housing law

Russell Galbut’s GFO Investments plans a 410-unit Live Local Act apartment project in Miami-Dade County, as developers seize on the state affordable housing law. Miami-based GFO, the Galbut family’s office, proposes a 19-story building and a 16-story building with a seven-story, 950-space garage podium, and a seven-story medical office building on a 4.1-acre site at 7350 Coral Way…

Condo Building With 360-Degree Rooftop Reaches Completion In North Beach

North Beach’s 72 Park condo tower has obtained its TCO and reached completion, with residents moving in. 90 Percent of the building has been sold, according to the developer. Remaining units are priced from the $800,000s. 72 Park includes 206 luxury condo units, allowing short term rental flexibility. The building has a 360-degree rooftop with a sundeck and dining spaces.

Canero plans 54 townhouses in Homestead, amid surge of south Miami-Dade projects

The Canero Group is planning a 54-unit townhouse project in Homestead, aiming to appeal to Miami locals priced out by the area’s luxury boom. The Coral Gables-based firm scored Miami-Dade County’s approval for a total of 66 townhouses for the 2.7-acre site at 27800 Old Dixie Highway, but decided against using the total allotment, President Jose A. Canero confirmed.

Burger King Across From Brickell City Centre Renovated

A Burger King located in a strip mall across from Brickell City Centre has been renovated. Redevelopment has previously been proposed for the property, which is in a prime location. In 2017, Miami’s Planning & Zoning Department granted approval for a 78-story tower on the site called 18, designed by architect Nichols. The plan included 392 residential units with four levels of retail…

DOGE federal property purge may create redevelopment plays in South Florida

Elon Musk’s purge of nationwide federal properties owned and leased by the U.S. government is causing ripples in South Florida’s commercial real estate market. Already, a handful of federal office buildings in Miami and West Palm Beach could be hitting the market, and a couple of Miami-Dade and Broward leases have been canceled, as Musk’s Department of Government…

Lease roundup: Chicago grocery store on tap in Flagler Village, Manolo Blahnik coming to Miami Design District

The Miami Design District, an upscale shopping, dining and arts area developed by Craig Robins’ Dacra and its partners, scored a slew of tenants. Fendi, which previously had a space in the district, reopened an expanded store spanning 6,700 square feet at 150 Northeast 40th Street; and Beth Buccini’s Kirna Zabête opened a 3,000-square-foot store at 106 Northeast 40th Street…

$4.9M Sale of Wawa-Occupied Gas Station and Convenience Store in Davie Brokered

SRS Real Estate Partners has brokered the $4.9 million ground lease (land ownership) sale of a gas station and convenience store located at 2500 Davie Road in Davie. Pennsylvania-based chain Wawa fully occupies the 5,636-square-foot property on a corporate-guaranteed lease. The property was built in 2019 and is situated on 1.4 acres nearly 28 miles north of Miami.

Developer Proposes 325-Unit ‘Pembroke Oaks’ Under Live Local Act at 5434 W. Hallandale Beach Blvd in Pembroke Park

Fort Lauderdale-based Austin Fox Architecture is working alongside Riking Enterprises V LLC on a residential complex submitted through the Live Local Act. The multi-building Pembroke Oaks (among the tallest multi-family developments in the city, if approved) would comprise 582,950 square feet of new construction, featuring 325 residences among three buildings.

FCP JV Acquires in Sunrise

FCP, a Chevy Chase, Md.,-based real estate investment company, is expanding its presence in Florida with the acquisition of ARIUM Sunrise, a 400-unit community in Sunrise, Fla. The company made the purchase with partners BMC Investments and The RMR Group. The property sold for $90 million, or $225,000 per unit, according to Yardi Matrix data. The RMR Group…

Construction to Start on ‘Regency Park’ by Q4 at 809 N.E. 16th Avenue in Fort Lauderdale

Chicago-based Regency Development Group intends to start construction on a luxury townhome development by the end of this year. Regency Park would comprise 24 townhomes, each measuring three stories above grade. The three- and four-bedroom residences would span 2,930 to 3,077 square feet; in-unit features would include private elevators, ground-floor…

Construction Progresses at Marina Landings at 2300 SW 15th Avenue in Fort Lauderdale

Construction is advancing at Marina Landings, a 34-home single-family community in East Fort Lauderdale by 13th Floor Homes. The boutique gated development is now more than halfway complete, with the first residents expected to move in this spring. More than half of the community’s homes have now been sold and are completed as residents prepare for move-ins…

BH3 adds 200-plus units to its planned two-tower DNA project in Fort Lauderdale’s Flagler Village

BH3 Management proposes 844 units at its two-tower project in Fort Lauderdale’s Flagler Village, up 38 percent from its previous plan. Fort Lauderdale-based BH3 raised the number of units from 612 and made both towers 45 stories, rather than one 45-story tower and one 40-story tower, according to the city’s Development Review Committee meeting agenda. As a whole…

‘Casamar’ Primed for Summer 2025 Completion at 900 North Ocean Boulevard in Pompano Beach

Florida YIMBY has an update regarding Casamar, a 21-story beachfront tower that we first covered in 2022. The development broke ground in May 2023, slated to offer 119 luxury residences. Now, contractors are working on interior and sitework, gearing for a summer 2025 completion. The three- and four-bedroom homes at Casamar will span 2,982 to 3,934 square feet…

Vertical Construction Underway for Boynton Tropical in Boynton Beach

Vertical construction has commenced at Boynton Tropical, a 55+ active adult apartment community planned for Boynton Beach. Developed by Kolter Multifamily LLC, an affiliate of The Kolter Group, the project will introduce 210 rental residences alongside a 15,000-square-foot amenities package designed to promote active living and social engagement. Completion is expected…

Only in America! Don King slapped with foreclosure lawsuit alleging $5M default

A lender is going toe-to-toe with Don King, alleging the Donald Trump loving boxing promoter defaulted on a $5.3 million mortgage. An affiliate of Miami-based Blueprint Capital Partners filed a foreclosure complaint in Broward County Circuit Court against King and his entity Fairway Enterprises that owns a 46,467-square-foot warehouse at 501 Fairway Drive in Deerfield Beach…

Savanna lands $380M construction loan for Olara in West Palm

Savanna landed $380 million in construction financing for its waterfront Olara project in West Palm Beach. It marks a crucial milestone for the firm’s first South Florida development, more than two years after launching sales. Zeckendorf Development, Sculptor Real Estate, One Investment Management (OneIM) and Octo Capital provided the financing, according to a press release.

More mileage: Krause Auto buys two Palm Beach County dealerships for $31M

Krause Automotive Group is branching out to South Florida after acquiring a pair of Nissan dealerships in Palm Beach County for a combined $30.5 million. The Alpharetta, Georgia-based company, led by CEO Vernon Krause, acquired two automobile retail sites at 5353 Lake Worth Road in Greenacres, and 3870 West Blue Heron Boulevard in Riviera Beach for $17.5 million…

Florida bills aim to boost HOA and condo association oversight, ease structural integrity requirements

The Florida Legislature is considering bills this session that target two of the thorniest issues at condo and homeowners associations: alleged fraud and structural requirements. For decades, some communities have been hotbeds for board members’ alleged mismanagement and fraud. In the biggest fraud case in recent years, authorities in 2022 charged four former board…

GSEs and Their Counterparts – A Multifamily Agency Financing Primer

Federal Agencies in the Housing Finance Space – Who is Who? Federal Agencies and the Government Sponsored Enterprises (GSEs) are often cited in the multifamily housing space. From new rules to new incentives or grant programs, they are ubiquitous in the industry. However, the details of their functions can be a bit opaque for those who are new to the industry…

Q4 2024 Housing Affordability Update

Key Takeaways The national rent-to-income (RTI) ratio has steadily decreased over the last five quarters, reaching 27.6% in Q4 as the median household income continues to outpace rent growth.Increased housing supply and strong wage growth provide first-time home buyers more options despite elevated mortgage rates.The rise in inventory from higher completions…

Beige Book: Modest Economic Growth, Steady Employment in the Southeast

The Southeast economy continued to grow and employment held steady, while consumer spending dipped slightly, according to the new Beige Book. The Atlanta Fed’s latest report on economic conditions includes anecdotal feedback from January through mid-February. On the labor market front, little changed since the last report: headcounts remained mostly flat and…

Q4 2024 CRE Tech Market Performance Index

The national office market reverted back to increased vacancy rates after seeing a brief dip in the third quarter, as vacancies increased by 0.2% to 20.3% during the fourth quarter. Even with a rise in vacancy, rents also experienced growth of 0.2%. The following will not only discuss this data but also how layoffs in the tech sector stayed persistent. We have compiled a brief update…

Flood of policy changes in Washington befuddles bankers

With a flurry of executive orders being rolled out by the presidential administration, the international banking and finance industry waits to see if any established policies will be impacted. There’s quite a confusion as some of the changes as executive orders with potential rule changes continue to take hold, said David Schwartz, president and CEO of the Financial & International…

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Inter Miami’s New Soccer Stadium Now Taking Shape

Inter Miami’s new stadium at Miami Freedom Park is now rising, a new photo shows. The 25,000 seat stadium is being built as part of a 130-acre development next to Miami International Airport. In addition to the stadium, the development will eventually have around 600,000 square feet of retail and restaurant space, and 750 hotel rooms. An 8-story 382,592-square-foot…

Updated Plans Filed for The HueHub, a 4,032-Unit Live Local Development in West Little River

Newly revised plans have been submitted for The HueHub, also known as Holland Park, a large-scale Live Local Act development at 8400 NW 25th Avenue in Miami-Dade County’s West Little River neighborhood. Designed by Arquitectonica and developed by 27th Ave Hollandpark Ecoresidences LLC, led by developer Pablo Castro, the mixed-use project continues to progress…

Brickell’s House Of Wellness Submitted For Site Plan Review

Plans to build a Brickell tower called House Of Wellness have been submitted to the county for site plan review. House Of Wellness was also submitted for zoning review on February 24 The site plan filing was submitted on March 4. Plans call for a tower rising approximately 47 stories, or 481 feet. A modern hotel with 832 lodging units will be housed within the tower.

South Florida pushed to make tech a core part of its economy. This didn’t yield new office tenants

In 2022, Dara Ladjevardian co-founded artificial intelligence digital clone firm Delphi in Miami, joining a wave of tech entrepreneurs moving to the city. “Miami was an incredible launchpad for Delphi — vibrant energy, a melting pot of cultures and a growing tech scene,” Ladjevardian’s digital clone (don’t ask) told The Real Deal. From late 2020 through 2022, venture capitalists…

Miami Dade’s 2025 Courthouse & 1928 Courthouse

A photo shows Miami-Dade’s new and old courthouses. The new courthouse is replacing the older one across the street. The older Dade County Courthouse was completed in 1928 and became the tallest building south of Baltimore. It was also the tallest municipal building in the United States. GFO Acquisitions LLC, which is a subsidiary of GFO Investments, has reportedly…

Construction Permit For Midtown 7 In Process

The construction permit to build the Midtown 7 building planned in Midtown Miami is now in review again. Construction permits typically require multiple review cycles before they can be approved. This is the fourth cycle of review for the permit. The process began in July 2023, and the last review cycle was completed in January. The building was submitted for UDRB review…

Miami Congressional District Among Top Income Tax Contributors

The congressional district that includes Miami is among the top contributors of federal income tax in the country. The analysis by Bloomberg looked at IRS data from 2022. The districts that paid the most in federal income tax that year were: New York’s 12th congressional district (NYC) – $27.3B California’s 18th congressional district (Silicon Valley area) – $27B…

262-Key Boutique Hotel Planned for Miami Beach’s Washington and Collins Corridor Moves Forward with Unanimous Approvals

Keyah Real Estate Group has unveiled plans for a 262-key boutique hotel, which includes renovating the historic Haddon Hall Hotel at 1500 Collins Avenue and constructing a new building at 1509-1515 Washington Avenue. The project has secured approvals from both the City of Miami Beach Planning Board and, most recently, the Historic Preservation Board, allowing it to move forward.

Lefferts Delivers 206-Unit Miami Beach Condo Tower

Lefferts has completed 72 Park, its 206-unit luxury condominium tower totaling 501,788 square feet in Miami Beach, Fla. The 22-story is now 90 percent sold, with Cervera Real Estate in charge of sales and marketing. The property is Lefferts’ first new luxury development that allows short-term rentals opportunities, as well as the company’s first of four developments to reach…

Miami Worldcenter name may get ride on Metromover station

The Park West Metromover Station could be renamed this week for the nearby Miami Worldcenter development without the county receiving naming rights payments or repayment of its costs in making the name change. The resolution by Commission Keon Hardemon to permanently name the 800 NE Second Ave. site the Miami Worldcenter Metromover Station comes…

Park West Metromover Station Proposed To Be Renamed

Miami-Dade could soon rename the Park West Metromover station. The new name of the station is proposed to be the Miami Worldcenter Metromover Station. A memo from county staff notes that Worldcenter is a massive development spanning multiple blocks and a mix of uses. Renaming the Park West Metromover Station as the Miami Worldcenter Metromover Station…

Shovels in the ground for city building in Miami Freedom Park

Miami’s new government headquarters is finally taking shape, with site work underway for a state-of-the-art administration building next to Miami Freedom Park that will provide the city’s first custom-designed offices and a modern hub for municipal operations. Groundbreaking Jan. 15 marked the start of a long-anticipated project to relocate the city’s administrative offices that…

History for Sale: Will historic Miami Shores church be acquired by a development company?

Miami Shores Community Church is a landmark. For decades, the bells of the oldest Christian meeting place in the village provided a musical soundtrack. The golden-hued bell tower was lit up, a beacon visible from far away. And it’s historic. In 1949, its white minister, Donald Douds, invited a Black colleague, the Rev. Edward T. Graham, to preach at the church for “Brotherhood Week.”

First Glass Installed At 41-Story Complex In Edgewater

Edgewater’s under-construction 2600 Biscayne tower has had its first glass installed as it continues to rise. The massive mixed-use development takes up a fully city block, one block away from a planned Northeast Corridor rail stop. The tower is planned to reach a height of 521 feet upon completion. It is planned to include 399 luxury apartments, 187,000 square feet of office…

75-Story Baccarat Residences Is Rising In Brickell

Brickell’s 75-story Baccarat Residences tower is continuing to rise, a new photo shows. Baccarat is approved to rise to a height of 848 feet above ground, which is taller than any existing building in Brickell other than Panorama Tower. A foundation pour took place in August The development will include 324 tower residences, 8 penthouses and 28 riverfront flats and duplexes.

12-Story Office Planned In Wynwood

Wynwood’s Design Review Committee is scheduled to have a hearing on a new office proposal next week. The 12-story project is named 161 Office. 161 Office is planned to include 45,666 square feet of office area, with an amenity floor. There will also be 25 parking spaces. Deforma Studio is the architect, with Lombardi Properties the developer. To see the full plans…

Doug Levine cashes out of another Wynwood project, sells office condos for $24M

Crunch Fitness founder Doug Levine is burning more weight off his commercial portfolio in Miami’s Wynwood neighborhood, selling office condos for $23.5 million. Levine, who leads Miami Beach-based Big Move Properties, sold the fully leased upper two floors of the three-story Wynwood Sky Office Building at 1900 Northeast Miami Court, Devlin Marinofff with Dwntwn…

Construction Commences on ‘The Current at City Center’ at 20505 S. Dixie Highway in Cutler Bay

Construction has started on part of a $1.5 billion redevelopment project that will transform Cutler Bay’s Southland Mall into Southplace City Center, a mixed-use venture that will feature residences, shopping, and communal gathering areas. Here’s what’s in store. The Current at City Center, located in Cutler Bay, will offer 350 residences; communal amenities will include a dog park…

JV Breaks Ground on $1.5B Miami Redevelopment in Cutler Bay

Joint venture partners American Landmark and BH Group have commenced construction on The Current at City Center in the southern Miami-Dade town of Cutler Bay, Fla. The development represents the initial step in a $1.5 billion redevelopment that, over the next seven years, will transform Southland Mall into Southplace City Center. Poised to redefine Cutler Bay’s…

Developer Signs Deal For 872 New Apartments in Edgewater After Strong Leasing

Another 872 apartments are planned to be connected to the water and sewer system in Miami, according to a newly completed utilities agreement. The agreement comes a few months after strong leasing was reported for the first of three towers planned at the development, known as Edgewater Collective. The first tower has 420 apartments in 36 stories. A grand opening…

Demolition Permit Activity At One Brickell City Centre Site

A total demolition permit for a building at the One Brickell City Centre site is back in review as of this morning. There’s now just one correction left to be made before the permit can be approved. There also appears to already be preparation for demolition underway at the building. Once the building is demolished, the One Brickell City Centre site will have been fully cleared.

Related scores funding from city of Miami for 98-unit affordable housing project in Flagami

Jorge Pérez’s Related Group scored an up to $5.7 million loan from the city of Miami for a 98-unit affordable housing project for senior residents in the Flagami neighborhood. On Thursday, Miami commissioners voted to award the funds from the Miami Forever Bond program for pre-development and construction costs for the second phase of Flagler Villas at 5350 West Flagler Street.

YouTuber Explores Why Many Americans Are Moving To Miami

A YouTuber with millions of subscribers has released a video documenting the migration of Americans to Miami. Peter Santenello’s latest video is titled: Inside Wealthy Miami – Why Are So Many Americans Moving Here? It features some of Miami’s thriving and fast developing neighborhoods, such as Edgewater and Brickell.

Groundbreaking Held for Fifth Street Pedestrian Bridge in Miami Beach

Construction has officially begun on the Fifth Street Pedestrian Bridge, a colorful, elevated walkway designed by French conceptual artist Daniel Buren to enhance pedestrian and bicycle connectivity in Miami Beach. The City of Miami Beach, in collaboration with developers Terra and GFO Investments, held a groundbreaking ceremony at 500 Alton Road to commemorate the milestone….

Hialeah Officials Approve Eight-Story Project for 552 East 26th Street

Hialeah city officials have greenlit a mixed-use project that would offer both retail and residences. The venture, which would occupy 5.6 acres, would measure eight stories above grade and feature 559 apartments. Five percent of those homes (about 28) would be reserved under the Hialeah Heroes Program, an initiative that aims to provide workforce housing for firefighters…

Electrical Permit Applied For At Brickell’s Santander Tower Site

A permit for temporary electrical power during construction has been applied for at Brickell’s Santander Tower site. The electrical permit application was submitted February 14 and is in prescreening. Santander is building a “landmark” 1.6 million square foot development on the property. The new 765-foot tower is being designed by Handel Architects and Bernardi & Peschard…

New Lighting System At 816-Foot Aston Martin Tower ~ Insta

A video by Due Italiani a Miami shows that a colorful lighting system has now been turned on at the recently completed Aston Martin Residences. Aston Martin Residences opened in April, becoming the second tallest building in Miami and all of Florida. The 66-story tower rises 816 feet. It includes 391 luxury condos.   View this post on Instagram   A post shared by Due Italiani…

Groundbreaking Ceremony Held For The Rider Residences

A groundbreaking ceremony took place for The Rider Residences across from Midtown Miami. The developer told the SFBJ that the condo units are about 30% sold. The Rider will rise 12 stories, and include 146 condos. Units will be delivered furnished, without rental restrictions. Rilea Group and Cipres are the developers.

Nightingale’s lender takes over Miami Beach building tied to Elie Schwartz scandal

A lender for Nightingale Properties is the new owner of a Miami Beach building that played a leading role in the downfall of Nightingale CEO Elie Schwartz. But Granite Point Mortgage Trust will likely draw buyers seeking a price discount for Lincoln Place, a distressed mixed-use project at 1601 Washington Avenue, brokers say. In a ground lease in lieu of foreclosure deal…

Surfside Approves Plans for Champlain Memorial

Almost four years after the tragic collapse of Surfside’s Champlain Towers South in 2021, the town commission has approved a final conceptual design plan for a memorial to honor the victims and their families. The memorial will be located at the end of 88th Street and Collins Avenue and across from the site of the collapse. After three conceptual designs that were…

Fraud accusations fly in Miami waterfront dev site foreclosure suit

A lender is accusing a Marlon Gomez joint venture of engaging in fraud to obtain a $10 million loan. An affiliate of Coral Gables-based The Fiorentino Family Office filed a foreclosure complaint last week Gomez, who leads Miami-based Gomez Development, two of his entities, Coral Gables-based Gumbo Limbo Holdings and its principals Fausto Callava and Antonio Pardo…

Lease roundup: Chef Michelle Bernstein and restaurateur David Martinez opened a restaurant at Palms at Town & Country; More…

Chef Michelle Bernstein and restaurateur David Martinez opened a new restaurant in Kendall. La Cañita leased 5,400 square feet at 8405 Mills Drive at the Palms at Town & Country Plaza in unincorporated Miami-Dade County, according to the tenant’s news release. The space seats about 180 guests. Jason Sims of Serhant represented the tenant. Maggie Reyes of The Shopping Center…

David Beckham, partners in $1B Miami Freedom Park allegedly owe $590K in pre-construction services

Development of the $1 billion Miami Freedom Park is off to a rough start with a contractor alleging its owners haven’t paid a past due six-figure bill. Indianapolis-based Hunt Construction Group, led by CEO Robert Hunt, sued Coral Gables-based Miami Freedom Park LLC in Miami-Dade Circuit Court last month for allegedly skipping out on three invoices totaling…

Foreclosure woes worsen for Raoul Thomas’ CGI Merchant Group

Investor Raoul Thomas is having a hard time stemming the collapse of his commercial real estate portfolio. Recently, Thomas’ CGI Merchant Group lost its Coconut Grove headquarters at a foreclosure auction, and is now one step closer to losing 65 commercial units at a Coral Gables mixed-use building. Before the latest blows, CGI Merchant lost a Gabriel-branded…

Lincoln Property JV Buys Weston Food Distribution Facility for $44M

The cross-dock facility at 1600 N. Park Drive features 25-foot clear heights and ample vehicle and trailer parking spaces. Image courtesy of Lincoln Property Co. Lincoln Property Co., in joint venture with Walton Street Capital, has purchased a 226,392-square-foot distribution center for $43.8 million in Weston, Fla. The buyer assumed a $41.8 million loan and increased it to…

Developer Proposes ‘Blue Park’ for Hallandale Beach

Four parcels comprising 1.47 acres could soon be transformed into a multi-family housing development in Hallandale Beach. 221 Developers LLC has proposed an eight-story building that would comprise 274,000 square feet of new construction. Plans for “Blue Park” call for 185 homes; layout plans span studio to two-bedroom units, along with eight ground-floor…

White Oak scores $67M construction loan for 286 apartments in Davie, amid South Florida multifamily supply overhang

White Oak Development scored a $67 million construction loan for a 286-unit apartment project in Davie. Coral Springs-based White Oak and Los Angeles-based Ares Management plan a pair of four-story buildings and a four-story garage with about 480 spaces at 4181 and 4233 Davie Road, according to city records. Last week, an entity tied to White Oak bought the 4.1-acre site…

Joint Venture Finalizes Major Office Transaction at 401 East Las Olas Boulevard

A joint venture comprised of Lone Star Funds, Highline Real Estate Capital, and Square2 Capital has acquired 401 East Las Olas Boulevard—also known as Bank of America Plaza at Las Olas City Centre—in what is considered Fort Lauderdale’s largest office transaction of the past ten years. The 23-story, 410,561-square-foot Class AA tower sits on a full city block in the heart of the Las Olas…

Integritas proposes 57-story hotel, apartment tower in Fort Lauderdale, as investment in the city intensifies

Integritas Capital proposes a 57-story tower with apartments and a hotel in Fort Lauderdale, as investment and development intensifies in the city. The New York-based firm filed a site plan for 550 apartments and a 253-key branded hotel at the tower’s podium at 111 Southwest Third Avenue, said Stephen Palmese, who leads Integritas. Brooklyn-based Heights Advisors…

Regency launches sales of luxury townhouses in Fort Lauderdale’s Victoria Park

Regency Development Group is launching another residential project in South Florida. The Miami-based firm kicked off sales for Regency Park, a 24-unit townhouse development planned for the assemblage at 809 Northeast 16th Avenue in Fort Lauderdale, said Michael Troyanovsky, a managing partner at Regency Development Group. The site runs along 16th Avenue…

Industrial vs yachts: Boat storage owner plans to replace Dania Beach marina with spec warehouses

The owner of a boat storage facility in Dania Beach plans to replace the property’s marina with two spec warehouses. Banyan Bay Marine Center won site plan approval Tuesday for the development of two warehouses with a total of about 170,000 square feet, in place of the marina. “The site hasn’t gone out to market yet to potential tenants,” Tracy Slavens…

FCP buys 400-unit Sunrise apartment complex for $90M, amid slow investment sales so far this year

FCP bought a 400-unit apartment complex in Sunrise for $90 million. Chevy Chase, Maryland-based FCP bought the Arium Sunrise complex at 1501 Northwest 124th Terrace from Los Angeles-based PCCP and Newton, Massachusetts-based RMR Group, according to records and real estate database Vizzda. The deal breaks down to $225,000 per unit.

Vertical Construction Underway for Apex Logistics Park at Delray in Palm Beach County

Vertical construction is now underway for Apex Logistics Park at Delray, a 200,000-square-foot Class A logistics development in Delray Beach, Florida. The project, led by Altman Logistics Properties in partnership with PCCP, marks the first phase of a larger industrial complex that could eventually total up to 672,000 square feet across three buildings.

Lotis nabs another construction loan for Wellington mixed-use project

Lotis Group landed a $28.2 million construction loan for a Wellington mixed-use project. Amerant Bank provided the financing for the commercial portion of The Square & Residences at Lotis Wellington, which will consist of 60,000 square feet of medical offices and 61,400 square feet of retail space, including restaurant outparcels, a press release states. Sean Harrington…

Developer Proposes High-Rise Residential Tower for 3930 North Ocean Drive in Riviera Beach

HHC Singer Island LLC has proposed a high-rise luxury tower on an oceanfront property in Palm Beach County. The 20-story development calls for approximately 188,950 square feet of new construction and would offer 52 condos. At the time of publication, our sources did not reveal measurements or layouts. The complex would offer 121 parking spots (2.33 per residence), along…

EB-5 investor program may expand as Gold Card visas eyed

With its shift to come under the Secretary of Commerce, the EB-5 Immigrant Investor Program could potentially expand and have more visas made available to attract foreign investment. By bringing it to the attention of the commerce department, the intended result is to see the program expanded and more visas made available – something that has long been desired by industry…

25% Tariffs On Mexico And Canada Begin, Adding Uncertainty To CRE Outlook

https://www.bisnow.com/national/news/commercial-real-estate/trump-to-implement-25-tariffs-on-mexico-canada-128313 President Donald Trump imposed 25% tariffs on Canada and Mexico starting Tuesday, ruling out an eleventh-hour deal to avoid penalties on some of the country’s top trading partners — a measure that will reverberate through commercial real estate.

Commercial Lenders Sharpen Their Pencils

Sometimes, you just know when it’s time.  For all the number crunching, quantitative analysis and formulaic modeling that their job demands, commercial real estate lenders are harnessing the qualitative and intangible factors as they prepare to boost deal volume in 2025.  Vibe, sentiment, intuition — call it what you want, but there’s an emerging sense within the commercial…

Strong Job Gains Meets High Apartment Supply Across Florida

Job growth has been significant across the state of Florida in the current cycle, which would typically lead to solid apartment occupancy and rent growth. But apartment performance in the Sunshine State has been subdued by staggering new supply volumes. Florida added 950,000 jobs in the 2020–2024-time frame, according to data from the Bureau of Labor Statistics.

Proposed housing bills expand on Florida’s Live Local Act, further reducing local government authority

Florida Rep. Vicki Lopez filed two housing bills that would ease the development of Live Local Act and other affordable housing projects. Lopez, a Miami Republican whose district includes Key Biscayne, is sponsoring House Bill 943, called Real Property and Land Use Development, and House Bill 923. The legislative session started on Tuesday, and both bills were read…

The Yellow Brick Road to Opportunity Zones

If you’re an investor and don’t know what an Opportunity Zone (OZ) is, you should. This legislation has been in place since 2017 and aims to increase investment in disadvantaged areas across the United States. As of 2022, the program has attracted over $100 billion in capital. While the current legislation has successfully attracted capital, it has specific deadlines. As we approach those…

Industrial Property Rents Start The Year Strong

Rents for industrial space were up nationwide to start the year while U.S. manufacturing has been expanding, according to CommercialEdge. Rents averaged $8.35 per square foot across the U.S. in January, up 6.8% compared to a year earlier, reported CommercialEdge, a division of Yardi. Industrial rents vary tremendously by region, with several cities…

 

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