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Developer Proposes Multifamily Development in RTZ at 1136 NW 8th Ave in Miami

On Saturday, Florida YIMBY reported on San Sebastian Luxury Homes, a venture seeking to double its density because of new Rapid Transit Zone (RTZ) rules. Now, we’ve learned of another transit-oriented development in Miami-Dade County. The South Florida Business Journal reports that an affiliate of New York-based Urban Builders Collaborative and Lettire Construction…

Mixed-Use Project with Affordable Housing Proposed for 1400 NE 116th Street in Miami

Biscayne Shores Development Group LLC, an affiliate of New York-based Ben-Josef Group Holdings, has plans for a residential project in Miami’s Biscayne Shores neighborhood. The unnamed complex would occupy a vacant 4.10-acre site that the developer purchased for $3.2 million in 2004. If city officials approve the project, it would comprise 561 apartments, with floorplans…

Related, Integra score $527M construction loan for St. Regis Brickell condo project

The Pérez family’s Related Group and its partner, Integra Investments, secured $527 million in construction financing for St. Regis Residences, Miami, a luxury condo development in Brickell. Tyko Capital, a private equity and credit investment management firm led by Adi Chugh, is the lender, according to a press release. The loan will fund construction of the 50-story branded…

So long, Miami: Andreessen Horowitz closes South Beach outpost amid doubt over office market’s viability

Venture capital firm Andreessen Horowitz closed its South Beach office, amid looming questions over South Florida’s ability to remain a magnet for out-of-state companies. Andreessen Horowitz exited in May its five-year lease for 8,300 square feet at Barry Sternlicht’s Starwood Capital Group headquarters building at 2340 Collins Avenue in Miami Beach, Bloomberg reported…

Andreessen Horowitz Exits Miami Office In Latest Blow To City’s Tech Dreams

Mayor Francis Suarez’s hopes of making Miami the Silicon Valley of the South and the country’s cryptocurrency capital have been dealt another setback. Andreessen Horowitz, one of Silicon Valley’s most high-profile venture capital firms, has shuttered its office in Miami Beach. The firm, also known as a16z, left its roughly 8,300 SF office at 2340 Collins Ave., a boutique office building…

Saddled with debt woes, Raoul Thomas’ hotel investments are unraveling. But he’s not giving up.

As Raoul Thomas clung to hope that he would recapitalize his $285 million loan on the Waldorf Astoria Washington DC in time to avoid losing the hotel, the financier got tired of waiting. Lender BDT & MSD Partners foreclosed last month after postponing the auction by 45 days to give Thomas time to cure his default. The historic 263-room property in the Old Post Office building…

County plans waste disposal complex at South Dade landfill

Miami-Dade County commissioners are expected to approve this week a $15 million professional services agreement for the transformation of the old South Dade Landfill into an updated Waste Facility Complex for the Department of Solid Waste Management. The project includes the preparation of a complete set of construction documents for a new…

Proposal Intends to Double ‘San Sebastian Luxury Homes’ Garden Style Units at 23220 SW 124th Avenue in Homestead

Developers have filed a pre-application for San Sebastian Luxury Homes, a garden-style housing development in Miami-Dade County’s Goulds neighborhood. In 2023, B2R Builders aimed to have the property rezoned from RU-1 to RU-3M, which would allow for the construction of 39 apartments in two buildings. Yet, the venture never came to fruition. B2R Builders acquired…

Q & A: Michael Swerdlow dishes on Overtown project and other recent deals

For nearly a half-century, Michael Swerdlow has been a driving force in retail and mixed-use development in Miami-Dade County. In the early 2000s, the Coconut Grove-based developer teamed up with Bloomfield Hills, Michigan-based Taubman Centers to build Dolphin Mall, a 1.4 million-square-foot outlet retail and entertainment center in Sweetwater. He cashed out in 2002…

Doral’s Beloved Cow Pasture to be Replaced by Warehouses

While many people visit Doral for its sprawling golf courses and upscale food halls, there’s one longtime attraction that isn’t labeled on Google Maps: the “cow lot.” The sprawling, 175-acre green space — situated on the corner of NW 107th Avenue and NW 41st Street — has long been a familiar landmark for Miami locals. Once owned by siblings Claudia Lemon Cook and Charles Buck…

Barry Sternlicht proposes Bjarke Ingels-designed redevelopment of the Standard Miami Beach

A group of investors led by billionaire Barry Sternlicht is proposing a luxury overhaul and redevelopment of the waterfront Standard hotel in Miami Beach. Starchitect Bjarke Ingels of BIG is designing the project, which is planned for the 100-plus-key hotel at 40 Island Avenue and adjacent properties at 1 and 2 Farrey Lane. Kobi Karp Architecture & Interior Design is the architect…

Plans Submitted To Miami-Dade County for 81-Story Dolce&Gabbana Tower at 888 Brickell Avenue

Plans have been submitted to Miami-Dade planners for the Dolce&Gabbana Tower, an 81-story mixed-use skyscraper designed by Studio Sofield with ODP as the architect of record. Located at 888 Brickell Avenue in Miami’s Brickell district, the tower is set to rise 1,049 feet and will house 259 residential units along with 102,805 square feet of commercial space, including retail…

Panattoni picks up former Miami Herald headquarters in Doral

Panattoni Development jumped into the Doral office submarket, picking up a two-story building that previously housed the headquarters for Miami Herald and El Nuevo Herald. An affiliate of Irvine, California-based Panattoni, led by Carl Panattoni, acquired the 9-acre property at 3511 Northwest 91st Avenue, records and real estate database Vizzda show. The deal breaks down…

Foundation Completed for Baccarat Residences Miami, Marking Key Milestone in 75-Story Condo Tower in Brickell

Related Group and GTIS Partners marked a significant development milestone this past weekend with the foundation pour of the highly anticipated Baccarat Residences Miami. The pour required over 10,000 cubic yards of concrete and 1,500 tons of reinforcing steel, setting a new record for both development firms. This project will be the legendary French crystal brand’s first…

The builders: Ranking Miami’s construction firms

At a busy intersection in North Miami, construction of the 382-unit Manor Biscayne apartment project is underway. So far, the eight-story building is a gray shell with gaping holes for windows and doors, flanked by a pair of cranes. Construction has reached the top floor, and interior finishes are expected to be installed next year, when the project is slated to be completed.

Lease roundup: FIFA opens permanent office in Coral Gables ahead of 2026 World Cup

FIFA expanded its South Florida office ahead of the 2026 World Cup, with plans to keep the space permanently as a base for the Americas. The international soccer governing organization now has a total of 75,000 square feet on four floors at 396 Alhambra Circle in Coral Gables, after adding 15,000 square feet to its previously leased space, Bloomberg reported, citing anonymous…

Three Self-Storage Ventures Proposed for South Florida Region

The construction of self-storage facilities is on the rise in Florida. Our sources point to three separate ventures intending to meet the need for these services. The first is an Extra Space Storage facility headed for the 2.05-acre site at 2401 W. Okeechobee Road in Hialeah. The 113,475-square-foot storage facility will measure three stories above grade, offering 1,025 climate-controlled…

Bradley Houser: Attorney heads Orange Bowl Committee targeting tourism

In February, Bradley D. Houser was officially named the 86th president and chair of the Orange Bowl Committee, and he has not stopped carrying the bowl’s legacy, mission and commitment to the South Florida community.  In this role, Mr. Houser will lead the Orange Bowl Committee’s community outreach, education and youth sports programs, including a full slate of events…

Meet Miami-Dade’s go-to lobbyists for real estate developers

They add skyscrapers to Miami’s skyline and bring new single-family home communities into existence in southwest Miami-Dade. But they’re not the developers. No, they’re the developers’ hired guns: the lobbyists, land use lawyers and consultants who get projects off the ground and across the finish line. They know the ins and outs of municipal and county government and have…

Real Estate Developer Files Application to Build Miami Apartments and Commercial Space

Biscayne Shores Development Group LLC has filed a pre-application with Miami-Dade County to build a multifamily and commercial building. The affiliate of Ben-Josef Group is targeting a vacant 4.1-acre site, which it bought for $3.2 million in 2004, located on the west side of Biscayne Boulevard at 1400 Northeast 116th Street, according to a report from the South Florida…

New 14-Story Apartment Building Proposed Near Seminole Hard Rock Hotel & Casino in Hollywood

A new apartment building has been proposed directly across the street from the iconic Seminole Hard Rock Hotel & Casino Hollywood, utilizing Florida’s Live Local Act to bring more residential units to the area. The proposed development, named Guitar View, is slated for a 38,545-square-foot lot at 5200 S. State Road 7, currently occupied by a used car business called Car Factory Outlet.

Pembroke Pines condo complex deemed structurally unsafe to hit the market

A Pembroke Pines condo complex that was evacuated following monthslong structural safety concerns and allegations of prior board members’ mismanagement will hit the market. Heron Pond, a 304-unit complex at 8400 Southwest First Street, will go up for sale and the condo association will be dissolved, after engineering reports found extensive deterioration that needs…

Condo owners opposing sale of Pembroke Pines’ Heron Pond complex lose first court fight

A pair of condo owners at the embattled Heron Pond complex in Pembroke Pines lost their first court fight against the receiver’s plan to list the property for sale. The 25-acre Heron Pond, at 8400 Southwest First Street, is home to 304 units in 19 two-story buildings. Since last summer, the city has slammed Heron Pond with multiple unsafe structure notices, rendering six buildings…

Citrix sells its Fort Lauderdale HQ for $37M, leases back office space

Cloud computing and software company Citrix sold its headquarters in Fort Lauderdale for $37 million, leasing back its office space. Citrix sold the nine-story building at 899 West Cypress Creek Road, six-story building at 851 West Cypress Creek Road and adjacent garage, according to records and real estate database Vizzda. The buyer is an entity tied to Maksim…

Publix’s $83M double play: Grocer adds two Broward shopping centers to South Florida portfolio

Publix continues expanding its South Florida portfolio, picking up a pair of Davie shopping centers for a combined $83 million. The Lakeland-based grocery chain paid $50.7 million for Davie Shopping Center at 4601-4777 South University Drive, and $32 million for Regency Square Shopping Plaza 4801-4995 and 4997 Southwest 148th Avenue, records and real estate…

Could Mega Publix Supermarkets Be Coming to Broward?

Florida’s largest supermarket chain is on the path to expanding even further throughout the state — and it’s making huge moves in Broward. Publix has just purchased two Davie shopping centers for a combined total of $83 million. According to records acquired by the Real Deal, the grocery chain paid $50.7 million for Davie Shopping Center located at 4601-4777 S. University…

Bridge Loan Secured for Condo Conversion in Pompano Beach’s Growing Koi Community

Forman Capital has provided a $55.22 million bridge loan to facilitate the conversion of 214 Class A rental units into for-sale condominium residences in Pompano Beach, one of South Florida’s rapidly developing cities. The Envy project comprises two 11-story buildings located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1, and is part of the larger Koi…

BH and Related score design board approval for oceanfront Pompano Beach condo-hotel project

BH Group and Related Group can plow ahead with a planned oceanfront condo-hotel project in Pompano Beach after securing a design board’s approval. The Pompano Beach Architectural Appearance Committee on Tuesday approved a site plan for a 24-story tower with a parking podium that would include 77 condominiums and 303 hotel rooms at 1 North Ocean Boulevard…

Invesca lands $55M loan for rental-to-condo conversion in Pompano Beach, aiming to match demand

Invesca Development Group landed a $55.2 million loan for an apartment-to-condo conversion of a 214-unit complex in Pompano Beach. The plan to switch the Envy complex, completed in 2021, at 425-475 East Atlantic Boulevard, comes amid continued demand for condos and a slowdown of the multifamily market in South Florida. Invesca and Gold Coast Florida Regional Center…

Buyers Sue To Get Their Deposits Back At Long-Delayed Boca Raton Mandarin Oriental

Construction of the 86 condos and 164 hotel rooms at the Mandarin Oriental Hotel & Residences, Boca Raton was originally scheduled to be complete in 2020. Four years past its original delivery date, the project remains an unfinished shell, with developer Penn-Florida Cos. promising to finish construction by the end of next year. But some of its hopeful residents are tired of waiting.

West Palm Beach Development Group Seeks $10.6M Incentive for 25-story Mixed-Use Project with Affordable Housing in Downtown West Palm Beach

A development group is seeking up to $10.6 million in incentives to incorporate affordable and workforce housing into its proposed 25-story mixed-use project ‘Fern & Gardenia’ designed by Miami-based Arquitectonica in downtown West Palm Beach. The city’s Community Redevelopment Agency (CRA) Board will review the term sheet for tax increment financing (TIF) from WPB Fern…

Construction Starts on ‘the Spruce’ Apartments at 2501 Spruce Avenue in West Palm Beach

Fort Lauderdale-based Affiliated Development has broken ground on the Spruce apartments, an affordable/workforce housing venture. The South Florida Business Journal reports that the Spruce will measure eight stories above grade, offering 270 apartments. Eighteen homes will be reserved for those earning 70 to 80 percent of the area median income (AMI), while another…

Affiliated Development Breaks Ground in West Palm Beach

Affiliated Development has launched construction on The Spruce in West Palm Beach, Fla., after closing $50 million in financing. Situated between 24th and 25th Streets in the heart of Northwood Village, The Spruce will be a 270-unit, eight-story mid-rise building located near Northwood’s shopping, dining and nightlife. Apartments will be offered in one-, two- and three-bedroom…

Affiliated scores $50M construction loan for West Palm multifamily project

Affiliated Development started construction of a planned West Palm Beach apartment building after nabbing a $50 million loan. Bank of Montreal provided the financing for The Spruce, an eight-story multifamily project with 270 units being developed on a 1.5-acre site at 2501 Spruce Avenue, a press release states. Fort Lauderdale-based Affiliated plans to complete The Spruce…

The last piece of paradise: Palm Beach battles for its only major dev site left

The room burst into applause. That’s not typical for development review meetings. But Maggie Zeidman, then-president of Palm Beach’s Town Council, had just suggested a new park in the heart of the island, one block away from the beach. “Whoever owns it gets to make it a park,” she said in the January meeting. “So I just leave it out there for you, if you can make that happen…

Bullish on Palm Beach County, Banesco USA brings local expertise to booming C&I and CRE Industries

Miami real estate may be grabbing headlines, but its neighbor to the north is also capturing the spotlight. Long known for its agricultural production, Palm Beach County is rapidly transforming into a major hub for high-end residential, finance and commercial investment, growth that continues to accelerate in the wake of the pandemic. TRD sat down with Banesco USA Senior…

AvalonBay plans Lake Worth Beach multifamily project adjacent to Publix-anchored shopping plaza

AvalonBay Communities acquired a multifamily development site in Lake Worth Beach that is next to a built-in retail component anchored by a Publix store. Arlington, Virginia-based AvalonBay is planning Northlake Promenade Apartments on a 9-acre site the firm acquired for $16.5 million, records and real estate database Vizzda show. The vacant property is adjacent…

Video: Atlanta Fed Commercial Real Estate Expert Brian Bailey’s View on the Economy, Lending, and the Market

In a recent episode of “America’s Commercial Real Estate Show” the show host engaged in a deep conversation with Brian Bailey, a commercial real estate expert from the Federal Reserve Bank of Atlanta. Their discussion provided valuable insights into the current state of the commercial real estate market, touching on key economic factors, market trends, and strategies…

CMBS Troubled Loan Tracker: Delinquency Rates Nationally Approaching Pandemic Highs

Conduit loan delinquencies ticked up for the tenth consecutive month to reach 6.5%. The rate is now 1.9% above their post-pandemic low of 4.6% in May of 2022 and 4% above their pre-pandemic low of 2.5% in March 2020. Large-loan, single-asset, single-borrower (LLSASB) has followed a similar double-hump pattern, and both segments of the market are marching toward their…

2024 Q3 State of the Property Insurance Market

Time really does fly by. As you read this, you’ll have finished off the first half of the year, celebrated our nation’s independence and engulfed yourself in a transitioning excess and surplus lines property market that picked up a fair amount of speed and momentum as the year progressed. I was at a talk recently, and the speaker indicated that if he had one wish, he would hope to be…

The Fed: Beige Book Reports Slowing Activity

The new Beige Book from the Federal Reserve Bank of Atlanta reports that economic activity slowed a bit in the Southeast during July and the first half of August compared to the previous six weeks. Still, employment in the district edged higher, even as some contacts said they were curtailing hiring for the rest of 2024. Most firms told the Atlanta Fed that it became easier to find talented…

The post Miami Commercial Real Estate News September 4, 2024: Redevelopment of Standard Miami Beach Proposed; Andreessen Horowitz Closes Miami Office; More… appeared first on Hawkins Commercial Realty.

In a recent episode of “America’s Commercial Real Estate Show” the show host engaged in a deep conversation with Brian Bailey, a commercial real estate expert from the Federal Reserve Bank of Atlanta. Their discussion provided valuable insights into the current state of the commercial real estate market, touching on key economic factors, market trends, and strategies for navigating the complexities of this capital-intensive industry. He noted that these were his opinions, not necessarily those of his colleagues at the Atlanta Fed or the Board of Governors. It also should be noted that the conversation is generally national in scope, thus some comments and observations may apply less or even not at all to Miami area commercial property markets.

Economic Context and Market Shifts

The conversation began with an overview of the current economic landscape and its impact on commercial real estate. Bailey highlighted that despite market volatility and a slowing economy, the overall growth remains healthy. The rapid rise in interest rates had previously posed significant challenges, particularly in financing commercial real estate projects. However, recent declines in long-term rates are creating a more favorable environment, potentially easing the pressure on capital-intensive transactions.

Bailey pointed out a significant issue that had emerged due to the economic changes: the disconnect between appraised property values and lenders’ expectations. This disparity has created uncertainty, leading to more cautious underwriting practices and, in some cases, stalling transactions. The reduction in long-term rates, however, may signal a turning point, offering some relief to investors and lenders alike.

Challenges in Valuation and Appraisals

One of the most critical aspects of the discussion revolved around property appraisals. Both Bull and Bailey shared experiences of encountering appraisals that were either significantly overvalued or undervalued, reflecting the challenges appraisers face in a rapidly changing market. Bailey noted that this inconsistency in valuations complicates decision-making for both lenders and borrowers. The conversation underscored the importance of accuracy in appraisals and the potential consequences of errors, especially in a volatile market.

Bailey shared an example from right here in South Florida, where three different brokerage companies provided vastly different valuations for the same office building, ranging from $8 million to $32 million. He noted that the wide discrepancy highlights the challenges facing the industry in establishing reliable property values, particularly in uncertain economic times. I’d correct Bailey on this by noting that the variance is likely among the judgement of brokers.  I see, almost daily, properties with asking prices that area clearly 50%, 100%, or even more in excess of the most generous valuation, though I don’t see this among more reputable commercial brokers. In any case, brokers provide opinions of value, not appraisals. Appraisers exist for a reason.

The Future of Office Space

The future of office space was another focal point of the discussion. Both Bull and Bailey acknowledged the structural shift in the office market, with some properties potentially facing demolition or conversion due to declining demand. However, they also noted signs of recovery, with some companies already finding themselves out of space due to overly conservative efficiency measures. The conversation hinted at a possible resurgence in office demand as more companies recognize the value of in-person collaboration, networking, and training.

Loan Maturities and the Road Ahead

The looming issue of loan maturities was another major topic. With over $2 trillion in commercial real estate loans maturing in the coming years, there is significant concern about how these will be managed, particularly given the current valuation challenges. Bailey explained that many lenders are adopting a cooperative approach, working with borrowers who are in good standing to adjust loan terms or seek additional collateral to mitigate risk.

However, for borrowers who are struggling, the situation may lead to increased foreclosures and note sales as lenders seek to offload risk. The conversation emphasized the importance of early communication between borrowers and lenders to navigate these challenges effectively.

Final Thoughts and Strategic Advice

As the discussion drew to a close, both Bull and Bailey offered strategic advice for those involved in commercial real estate. Bailey stressed the importance of early engagement with lenders, particularly for borrowers facing upcoming loan maturities. He also highlighted the need for lenders to evolve their risk management practices in response to the current market dynamics, particularly with regard to insurance and property appraisals.

Bull echoed these sentiments, advising borrowers to be proactive, transparent, and collaborative with their lenders. He also encouraged lenders to build strong relationships with borrowers, particularly in challenging times, as these relationships can be crucial for navigating economic downturns.

Conclusion

The episode provided a comprehensive overview of the current state of commercial real estate, offering valuable insights for investors, lenders, and other industry stakeholders. The discussion underscored the importance of adaptability, accuracy in valuations, and proactive communication in navigating the complexities of today’s market. As the industry continues to evolve, these strategies will be essential for achieving success in the ever-changing landscape of commercial real estate.

The post Video: Atlanta Fed Commercial Real Estate Expert Brian Bailey’s View on the Economy, Lending, and the Market appeared first on Hawkins Commercial Realty.

Foundation Completed for One Park Tower at SoLé Mia in North Miami

Turnberry has completed the foundation pour for ONE Park Tower by Turnberry, a 33-story ultra-luxury condominium tower within the 184-acre master-planned community of SoLé Mia in North Miami. The tower, located at 2411 Laguna Circle, will feature 292 residences overlooking a seven-acre Crystal Lagoon® and natural landscapes. The project is designed by Arquitectonica…

Citadel Unveils Conceptual Plans for 1,032-Foot Super-Tall Tower at 1201 Brickell Bay Drive

Conceptual plans for Citadel’s new supertall tower in Brickell have been revealed, marking a significant addition to Miami’s ever-evolving skyline. The tower, set to rise 1,032 feet above sea level at 1201 Brickell Bay Drive, is the first phase of a multi-phase development that aims to reshape the landscape of Miami’s bustling financial district. The property is approximately 4.17 acres…

Conceptual Plans Revealed For 1,032′ Supertall At Citadel’s 1201 Brickell Bay Drive Property

Conceptual plans have just been revealed for a new Brickell supertall. Details of the multi-phase project were unveiled in a filing with county planners this morning. 1201 Brickell Bay Drive is planned to rise 1,032 feet above sea level with 54 stories, and include: 1,293,373 square feet of office area 212 hotel rooms and accessory uses, including health spa, fitness club, ballroom…

Details, renderings revealed for billionaire Ken Griffin’s $1B Miami supertall

Billionaire hedge fund manager Ken Griffin spent $670 million assembling land in Miami’s Brickell neighborhood in 2022, generating huge interest in his companies’ move to South Florida. Now his attorney has filed more detailed plans for the proposed supertall, a mixed-use tower with nearly 1.3 million square feet of office space, a 212-room hotel, fine dining restaurants with 915 seats…

Plans Revealed For Citadel’s Miami Supertall Headquarters Tower

Citadel CEO Ken Griffin filed plans for the hedge fund’s 1,032-foot-tall Miami headquarters, revealing plans for a tapering supertall with office space topped by a hotel. The hedge fund’s leader is planning a tower at 1201 Brickell Bay Drive with 1.3M SF of office space and 212 hotel rooms across its highest 14 floors, according to records submitted to Miami-Dade County Monday.

Santander To Demolish Brickell Office To Make Way For 41-Story Tower

At least four office towers are planned in Miami’s financial district of Brickell, with some developers searching for anchor tenants for their properties before beginning construction. Meanwhile, Santander Bank is plowing ahead. The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for a new 41-story tower, it announced…

Watson Island developers plan two hotels, residences, more

Two Miami developers are teaming up to update a 20-year-old vision and revive 10.8 acres of city-owned land on the south side of Watson Island with reduced density and more open, walkable space for the public, including a 1,000-foot waterfront promenade along the bay. This November, city residents will be asked to approve Watson Harbour, a mixed-use development…

Doral OKs 552 residences, 10% for workforce

Development plans for Doral Parc: Midtown Doral Phase IV, V & VI are moving forward in the most northern part of Doral. Doral city officials approved the mixed-use development of 552 units across three 10-story buildings. Situated on the east side of Northwest 107th Avenue, between Northwest 86th and Northwest 90th streets, Doral Parc is to feature a mix of one-, two…

MG expands development pipeline into Doral

MG Developer is adding Doral to its mixed-use project pipeline. The Coral Gables-based firm and its partner, Ernesto de Luca, who owns a printing company in Doral, are planning Doral Parc, a complex of three buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages, a press release states. The city of Doral recently approved the mixed-use…

Developer proposes 119-unit multifamily project near Miami’s Culmer Metrorail stop, amid record apartment pipeline

A developer proposes a 119-unit multifamily building near Miami’s Culmer Metrorail Station, amid a record South Florida apartment construction pipeline. New York-based Urban Builders Collaborative, through an affiliate, wants to develop the 16-story building on a 0.8-acre vacant site at 1136 Northwest Eighth Avenue, according to the developer’s application filed this month…

Condo Buyouts Stall As Developers Balk At Sellers Looking To ‘Hit The Jackpot

South Florida’s thousands of aging condos are at a crossroads. For unit owners it’s a crisis that will likely force hundreds of people out of their homes. For developers, it’s an opportunity to snap up some of the region’s most desirable development sites to build new luxury towers. Deadlines loom for condo owners to pay for expensive repairs mandated by a new law, creating…

Michael Lewis: It’s time for Florida to dig its oldest landmark out of the grave

More than 25 years ago, Miami Today reporter Marilyn Bowden revealed that an archaeologist’s dig at the mouth of the Miami River had uncovered a stone structure. Six months later the Miami Circle turned into a national sensation that everyone waited to see. Two weeks ago, we reported that parking is still lacking to get visitors to the site, where they still can’t see Miami’s most…

FIFA Expands Its Coral Gables Office Space As Workers Relocate From Zurich

Soccer’s international governing body leased another full floor to expand its recently opened office at 396 Alhambra Circle in Coral Gables, a spokesperson for Blanca Commercial Real Estate, which handles leasing at the property, confirmed. Bloomberg first reported the new deal, citing anonymous sources. FIFA, headquartered in Zurich, already has around 350 staff…

Resul Sahinol, Consul General for the Republic of Türkiye in Miami, Seeks to butild trade, investment, cultural ties with Türkiye

Resul Sahinol arrived in Miami in October 2023 after working in Washington as the Deputy Chief of Mission at the Turkish embassy. After serving ten months as the Chargé d’Affaires in Miami, Mr. Sahinol was officially appointed the Consul General for the Republic of Türkiye in Miami at the beginning of August. Established in 2014, the Turkish consulate in Miami caters…

$5.2M Sale of 17.5K Office Building in Miami Brokered

A broker has brokered the $5.2 million sale of an office building located at 2150 Coral Way in Miami. Jeremy Larkin and Craig Merlin of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as Ocean Coral Way Inc., in the transaction. Alphatur LLC acquired the property, which totals 17,450 square feet and is situated along…

1,049-Foot Dolce&Gabbana Tower Submitted For Review

Plans for the Dolce&Gabbana Tower were submitted to Miami-Dade planners last week. According to a letter attached to the application, the developer is requesting administrative site plan review for the new building. The new filing shows the tower will rise 81 stories and include: 259 residential units 102,805 square feet of commercial uses, including retail, restaurant…

Coastland plans 371-unit rental project with workforce housing near Tropical Park, amid swell of below-market proposals

Coastland Residential plans a 371-unit multifamily project with workforce housing near Miami-Dade County’s Tropical Park, as developers continue to bet on below-market apartments. Pinecrest-based Coastland wants to build an eight-story building with 7,500 square feet of retail at 4201, 4321, 4351 and 4383 Southwest 75th Avenue in an unincorporated area…

Lewis Swezy proposes 132-unit low-income multifamily project, as developers seize on affordable housing

Developer Lewis Swezy proposes a 132-unit, age-restricted affordable apartment project in Miami-Dade County’s Princeton neighborhood. The plan comes as South Florida developers continue to seize on low-income housing, which can better withstand the current economic climate of elevated interest rates, as well as skittish debt and equity funding.

Blue Suede nabs $27M loan to update two Miami Beach hotels and apartment building

Blue Suede Hospitality Group landed a $27 million loan to refurbish two Miami Beach hotels and an apartment building undergoing renovations. Franklin BSP Realty Trust, an affiliate of New York-based asset management firm Benefit Street Partners, provided the two-year mortgage secured by Kayak Miami Beach at 2216 Park Avenue, Blue Moon Hotel at 944 Collins Avenue…

Yakov Cohen adds Aventura big box store to North Miami-Dade holdings

Yakov Cohen expanded his holdings in northeast Miami-Dade County after paying $17.7 million for an Aventura big box store. An entity managed by Cohen and partner, Shimon Bouskila, both of whom are based in Sunny Isles Beach, acquired the single-story, 28,376-square-foot building at 18495 Biscayne Boulevard, records show. The deal breaks down to roughly $624 a square foot.

Foundation Pour Completed For 75-Story Baccarat Tower In Brickell

A foundation pour took place this weekend for Brickell’s 75-story Baccarat Residences tower. The pour began on Friday and continued into Saturday, according to Due Italiani a Miami. Roads were closed during the pour. Baccarat is approved by the FAA for a permanent height of 848 feet above ground. The development will include 324 tower residences, 8 penthouses and 28…

Foundation Pour Completed For 65-Story E11EVEN Beyond Tower

A foundation pour was completed over the weekend at the E11EVEN Residences Beyond tower in Park West, according to the developer’s social media. A total of 760 concrete trucks were pouring 6,800 cubic yards of concrete, the post said. It is the second E11EVEN tower to begin construction on the same block. Both towers are planned to top off at the same height of 699 feet…

Construction Now Underway At 58-Story Downtown Miami Tower, Downtown 6

Construction is now underway at the 58-story Downtown 6 tower, according to the SFBJ. Completion is expected in about two years, the report said. The tower is being built on the same block where the two 52-story Downtown 5th towers were completed in 2021 by the same developer. A total of 1,042 apartments are included in those towers. Also on the same block, the 70-story…

Miami at Low End Florida’s Most Expensive Apartment Markets, Ranked by Rent-to-Income

Palm Bay, located along the Atlantic coastline, just about an hour southeast of Orlando, claimed the state’s highest… Meanwhile, only one of Florida’s largest apartment markets boasted a rent-to-income ratio below the national norm: Lakeland at 22% as of July. Deltona, Tampa and Miami also posted rent-to-income ratios within 100 basis points of the national norm.

MG Developer Receives Approval For 552-Unit, Mixed-Use Development In Doral As It Expands Into The City Of Doral

MG Developer, one of South Florida’s most prominent residential developers, has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a premier mixed-use development with 552 units across three 10-story buildings, as well as 22,740 square feet of retail throughout two new parking garages. This ambitious project…

Developers Secure $178 Million Refinancing for Society Wynwood

National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing…

Onicx Lands Refi for Miami Medical Office Building

The 104,238-square-foot Mercy Medical Arts building at 3683 S Miami Avenue came online in 2017. The Onicx Group has received $20.7 million in refinancing for Mercy Medical Arts, a 104,238-square-foot medical office building in Miami. Lake Michigan Credit Union provided the loan, according to Miami-Dade County records. Berkadia Medical & Life Sciences…

FAA Approves 637-Foot Height for Edge House Miami at 1825 Northeast 4th Avenue in Edgewater

The Federal Aviation Administration (FAA) has approved the height for Edge House Miami, a new 55-story condominium tower planned at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. According to an FAA determination letter issued on August 19, the tower can rise 637 feet above ground or 641 feet above sea level. Designed by Kobi Karp Architecture & Interior…

Doral Approves Mixed-Use Development with 552 Units and Retail Space at Midtown Doral

MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas. As Doral continues…

Funding keeps flowing: Two recently completed Miami mixed-use projects score loans totaling $237M

A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million. In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners.

Site Work Permit Issued for 56-Story ‘Villa Miami’ Condo Tower at 710 Northeast 29th Street in Edgewater

Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22k sf…

Developer Royal Palm Companies Plans Branded Condo-Hotel In Miami With Up To 360 Units

Planning is now underway by a developer to build a branded condo-hotel in Miami, according to a press release. A rendering shows the building will have around 30 floors. The developer is working with the City of Miami to increase the site’s density to accommodate up to 360 units, the release said. An $8.36 million pre-development bridge loan was secured for the property…

Maturing Industrial Outdoor Storage Sector Sees New Opportunities For Growth

The industrial outdoor storage asset type has been maturing over the past several years and is now reaching a stage of transition that is creating new opportunities to create value for existing owners and new market entrants. Beginning about five years ago, investors began flocking to the IOS market and institutionalizing the asset class via aggregation. Smaller investment…

$8.36M Bridge Loan Secured for Condo-Hotel Development in Miami’s Arts & Entertainment District

Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16…

Dan Kodsi reworks plans for Miami resi tower, seeks density boost

Dan Kodsi’s Royal Palm Companies is reworking plans for a residential tower in Miami’s Arts & Entertainment District. When Kodsi and his former partner, Rafael Pecchio, acquired the site at 1317 to 1353 North Miami Avenue two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower, joining other…

Meta Development launches sales for boutique Coconut Grove condos

Meta Development launched sales for a boutique Kobi Karp-designed condo project in Coconut Grove, with prices starting at $2.5 million. Meta, a joint venture between Miami-based Lucid Investment Group and Brazil’s Iron Capital, is planning Opus Coconut Grove for the site at 3137 Southwest 27th Avenue, according to a press release. The planned six-story building will have 14 units…

Rockpoint Lands $59M For Strata Wynwood

Rockpoint, a Boston-based private equity firm, secured a $59M loan from Fannie Mae for the residential portion of the mixed-use Strata Wynwood, according to a release. Strata Wynwood, at 21 NE 22nd St., was completed by CIM Group in 2022. It includes 257 apartments, 60K SF of creative office space atop a 474-car parking garage. CIM Group sold the property to Rockpoint…

Continental Realty Corp. Sells Davie Shopping Center for $22M

Completed in 1984, Ridge Plaza encompasses four buildings spread on some 13 acres. Image courtesy of JLL Capital Markets Continental Realty Corp. has sold Ridge Plaza, a 138,554-square-foot regional shopping center in Davie, Fla. An affiliate of JBL Asset Management purchased the asset for $22.3 million. JLL Capital Markets represented the seller. The shopping center…

Continental Realty sells Davie shopping plaza for $22M, amid uptick in retail deals

JBL Asset Management, through an affiliate, bought the Ridge Plaza retail center in Davie for $22.3 million, marking an uptick in shopping center deals. Continental Realty Corporation sold the 138,600-square-foot property at 9000-9200 West State Road 84, according to a news release from the seller’s broker. Danny Finkle and Eric Williams were part of the…

Alliance HP’s downtown Fort Lauderdale office tower faces foreclosure

Alliance HP could lose a downtown Fort Lauderdale office tower to foreclosure. An affiliate of Atlanta-based lender Trimont on Tuesday filed a foreclosure complaint in Broward County Circuit Court that alleges Bryn Mawr, Pennsylvania-based Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year, according to real estate database Vizzda…

‘Oaklyn Crossing’ to Offer 101 Units and Retail Space at 3520 N.W. 9 Ave. in Broward County

About two acres of riverfront land in Broward County could be developed into an affordable housing development. Oaklyn Crossing (not to be confused with “Oaklyn”) would measure 62 feet high, offering 101 residences. The South Florida Business Journal reports that units would range from studio to two-bedroom floorplans. Other features include 170 parking spots and…

Grant Cardone is on a Broward multifamily buying binge, paying more than $200M for two projects

Grant Cardone can’t get enough of Broward County. In recent months, funds affiliated with his Aventura-based Cardone Capital acquired two apartment complexes in Fort Lauderdale and Plantation as part of a half billion-dollar shopping spree across Florida. Cardone, a crowd-funding multifamily syndicator and business advice guru is also possibly buying a third Broward…

Buyers sue developer of long delayed Mandarin Oriental Boca Raton

Frank and Nancy Scala signed a contract for a condo at Mandarin Oriental in Boca Raton, and expected to close on their unit in June 2021. That year, the Scalas sold their waterfront home in Boca Raton. They provided the developer with a nearly $1.3 million deposit. But the closing date for their $4.1 million condo came and went. According to their contract with the developer…

Boca Raton couple siphoned over $40M from investors in a real estate fraud, SEC alleges

A Boca Raton couple siphoned off most of the $56 million they raised from 660 people nationwide for purported real estate investments, according to a Securities and Exchange Commission lawsuit. West Palm Beach-based Wells Real Estate Investment, company CEO Janalie C. Bingham and her husband, Jean Joseph, promised investors their funds would go toward purchasing…

Tribune parent’s real estate arm expands West Palm Beach industrial portfolio

Twenty Lake Holdings, a subsidiary of Tribune Publishing owner Alden Global Capital, is expanding its industrial portfolio in West Palm Beach. An affiliate of Stamford, Connecticut-based Twenty Lake purchased five warehouses spanning 57,282 square feet at 601 Roseland Drive, records and real estate database Vizzda show. The deal breaks down to $262 per square foot.

Vanderbilt, Trinity land $96M refi for West Palm office tower, as South Florida financing keeps flowing

The joint venture that owns Northbridge Centre in downtown West Palm Beach, known as the “Darth Vader building,” landed a $96 million refinancing for the office tower. Vanderbilt Office Properties and Trinity Capital Advisors scored the refinancing for the tower at 515 North Flagler Drive from BMO, according to a news release from the landlords’ broker.

Q&A with a U.S. Practice Lead for Hospitality and Leisure

Like many other sectors of commercial real estate, the hospitality industry is entering a new normal as it seeks firm footing after severe ups and downs brought on by the COVID-19 pandemic. Hospitality now must deal with less business travel, a cooling of the leisure travel market and higher costs. In June, Scotsman Guide spoke with Tom Rowley, an executive managing…

The Warehouse Of The Future: Where Sci-Fi Meets Supply Chain

Traditional warehouses are dangerous workplaces. Warehouse injuries and illnesses nearly doubled from 42,500 to 80,500 between 2016 and 2021. In 2022, forklift accidents caused 73 deaths and thousands of lost work hours in 2021-2022. While the increase in the number of warehouses during these five years may inflate the statistics, the raw numbers still paint a hazardous work…

BNN Bloomberg Video: Christian Ulbrich sees real estate prices stabilizing globally

The Conversation: A Deep Dive into the Real Estate Sector. In a recent segment on BNN Bloomberg’s Trading Day, Amber Kanwar engaged in an insightful conversation with Christian Ulbrich, Global CEO of Jones Lang LaSalle (JLL), about the current state of the real estate market, the impact of potential rate cuts, and the evolving trends in the sector. The discussion provided…

Office Loan Maturity Monitor: U.G.L.Y.: Underperformance Grows vs Last Year

Highlights: A total of $880 million across 28 CMBS office loans reached fully extended maturity in July with a dismal payoff rate of 14%. Maturities with debt yield below 8% and limited lease rollover have underperformed but there are very few observations. Loan size continues to be a significant factor in whether or not a loan pays off but all sizes trail 2023. Spotlight: How a pickup…

Moody’s Identifies Oversupplied Multifamily Markets

Highlights: As of the second quarter of 2024, our 82 primary multifamily markets were evaluated based on their level of excess supply (or demand). Excess supply was measured by total completions less net absorption on a rolling 12-month basis – positive values imply excess supply and negative values excess demand. Excess supply (or demand) was then expressed as a percentage…

National Heat Strategy’s Vision Supports Resilience for CRE

July 22, 2024 was the hottest day on record, with extreme heat baking various parts of the US and the world throughout this summer. Known as the silent killer, extreme heat is the top weather-related cause of death in the US. While it sometimes gets less attention than storms and wildfires which cause structural damage and substantial insurance claims, extreme heat also…

Study: Florida Gained the Most High Income Households Last year

Florida is by far the top state where high income households are moving to, according to a recent analysis. SmartAsset analyzed IRS data from the 2021-2022 tax year for the study. Florida had a net inflow of 29,771 high-income households during the period. That includes 46,874 arriving high-income households, and 17,103 moving elsewhere. The average income of high-earning…

Video: MSCI Real Assets Chief Economist Jim Costello Discusses U.S. Commercial Real Estate Distress Tracker; Updates, Forecast, & Strategies

The commercial real estate market has been under the microscope lately, especially with the specter of distress looming large across various sectors. This topic took center stage in a recent episode of America’s Commercial Real Estate Show featuring Jim Costello, Chief Economist at MSCI Real Assets. The discussion provided critical insights into the state of distressed assets…

JP Morgan: Three reasons we see a potential comeback in commercial real estate nationally

The menacing commercial real estate (CRE) headlines just won’t stop. “U.S. office prices headed for ‘severe crash.” “Wall Street braces for commercial real estate time bomb.” The headlines suggest things will likely get worse. We disagree. CRE property prices have fallen 12%, in aggregate, since peaking in 2022. Following the fastest Federal Reserve (Fed) hiking cycle since the early 1980s…

Florida’s top affordable housing issues

The affordable housing statistics in Florida are staggering. The Sunshine State has only 25 affordable and available rental homes for every 100 extremely low-income renters, according to The Gap report from the National Low Income Housing Coalition. Most extremely low-income Florida renters—82%, the second highest in the country—are severely cost-burdened.

The post Miami Commercial Real Estate News August 28, 2024: Citadel Unveils 1,032′ Supertall Conceptual Plan; 1,049′ Dolce&Gabbana Tower Submitted for Review; Condo Buyouts Stall; More… appeared first on Hawkins Commercial Realty.

The Conversation: A Deep Dive into the Real Estate Sector

In a recent segment on BNN Bloomberg’s Trading Day, Amber Kanwar engaged in an insightful conversation with Christian Ulbrich, Global CEO of Jones Lang LaSalle (JLL), about the current state of the real estate market, the impact of potential rate cuts, and the evolving trends in the sector. The discussion provided a comprehensive overview of his firm’s operations, the challenges and opportunities in the real estate market, and how various economic factors are shaping the industry. Comments made about the commercial real estate markets are summarized below. Observations are generally national in scope, and thus may apply little, if at all, to Miami area commercial property markets.

Capital Markets Outlook and the Impact of Rate Cuts

The conversation touched on the potential impact of the anticipated rate cuts by the Federal Reserve. Ulbrich noted that lower refinancing costs following rate cuts could provide a boost to the real estate market, particularly in capital markets. This could potentially lead to increased activity in transactions, especially in asset classes that are already showing signs of improvement.

Investors are keenly watching the capital markets, and the conversation delved into the outlook for financing and transactions, particularly in the commercial real estate sector. Ulbrich expressed optimism, suggesting that the market may have reached its trough in terms of transaction volumes. He indicated that certain asset classes are beginning to see an uptick in activity, and with potential rate cuts on the horizon, there could be a significant boost to the capital markets.

However, the office sector remains a point of concern, having been one of the hardest-hit segments of the real estate market. Despite the challenges, Ulbrich pointed out that there is still demand for prime office buildings, particularly those that are green-certified. On the other hand, older office buildings are attracting interest from private equity investors who see opportunities for value acquisition, although there remains a gap between seller and buyer expectations.

Challenges of Converting Office Space to Residential

The discussion also touched on the idea of converting underutilized office spaces into residential properties, a concept that has gained traction in light of housing shortages in urban areas. However, Ulbrich was quick to point out the significant challenges associated with such conversions. The structural differences between office and residential buildings, along with regulatory hurdles, make this a costly and complex endeavor. While the idea is appealing, particularly in cities like those in Canada facing housing crises, it is not a straightforward solution.

Conclusion

The conversation between BNN Bloomberg’s Amber Kanwar and JLL’s Christian Ulbrich provided valuable insights into the current state of the real estate market and the factors influencing it. He also discussed topics related to firm, noting how diverse operations and strategic focus on outsourcing services have positioned the company well in a volatile market. The potential rate cuts by the Federal Reserve could bring further opportunities, particularly in capital markets, although challenges remain, especially in the office property sector. The discussion also highlighted the complexities involved in converting office spaces to residential properties, underscoring the need for innovative solutions to address housing shortages.

The post BNN Bloomberg Video: Christian Ulbrich sees real estate prices stabilizing globally appeared first on Hawkins Commercial Realty.

Ben-Josef family proposes 561-unit rental project near North Miami, amid record South Florida multifamily construction pipeline

The Ben-Josef family, owners of the Sagamore Hotel South Beach, propose a 561-unit apartment building near North Miami. Their plan comes as South Florida is experiencing a multifamily construction boom, putting the tri-county region in line for a record number of new units by year-end. Ben Josef Group Holdings wants to develop the project on a 4-acre vacant site between…

641 Foot Tower Approved By FAA For Edgewater

The Federal Aviation Administration has given approval for the height of a new tower planned to rise in Edgewater. According to the August 19 FAA determination letter, the new tower is permitted to rise 637 feet above ground, or 641 feet above sea level. The letter was sent to Meridian TC Real Estate Group LLC. Edge House, a condo building allowing short term rentals…

Miami-Dade (Including Miami Beach) Overwhelmingly Favors Mass Transit Expansion

Miami-Dade voters are strongly in favor of expanding rapid mass transit in the county, according to the results of a referendum held yesterday. The question posed to voters in yesterday’s primary election read: Does Miami-Dade County need to expand its existing rapid mass transit system? (Rapid mass transit is defined here as elevated Metrorail, passenger rail…

Miami International Mall’s market value plummets to $159M

Simon Property Group’s Miami International Mall is in precipitous condition. The struggling indoor retail center ‘s current market value nosedived to $159 million, compared to a $391 million valuation a decade ago, a recent Morningstar report shows. The 59 percent decline in value is on the heels of Simon securing a one-year forbearance on a $157.4 million commercial mortgage…

Simon-Owned Miami Mall Loses Half Its Value As Lender Negotiations Continue

Simon Property Group’s Miami International Mall was hit with more bad news after its appraisal value was recently slashed in half. A July appraisal valued Miami International Mall at $159M, roughly equal to the value of two CMBS loans tied to the property. Miami International Mall was appraised at $159M in July, down 59% from its $391M valuation in 2013…

Foundation Pour Completed For 521-Foot Tower In Edgewater

A foundation pour was completed over the weekend at the Edgewater site where a 521-foot tower is under construction, according to a social media post by a contractor.   The tower is known as 2600 Biscayne and will span an entire city block. In March, the developers obtained $181M in construction financing. Groundbreaking took place in late April. 2600 Biscayne will rise…

Miami Blue Lagoon Development Site Slated for Auction Following Foreclosure Ruling

A development site in Miami’s Blue Lagoon area, previously approved for apartments and a hotel, is now facing foreclosure and is set to be auctioned due to a $17.9 million lawsuit. Miami-Dade… Judge Thomas J. Rebull granted the foreclosure judgment on August 10 in favor of TIG Romspen US Master Mortgage against 7 at Blue Lagoon LLC and loan guarantor Caroline Weiss.

Lender wins final foreclosure judgment for Caroline Weiss’ Blue Lagoon dev site

Caroline Weiss is on track to lose a waterfront Blue Lagoon development site at the center of a bitter legal fight with her eldest daughter. Miami-Dade Circuit Court Judge Thomas ReBull on Aug. 10 granted final summary judgment for TIG Romspen, a lender that filed a foreclosure lawsuit last year against two Weiss entities that own a 7-acre assemblage on Northwest 7th Street…

University of Miami opens residential village, football center on hold

The University of Miami’s Coral Gables campus is debuting a large residential project that opened this month, and continues to work on future capital projects including a theater arts building to open this fall while delaying its highly publicized football operations center. The Centennial Village, said Jessica Brumley, vice president of facilities, operations, and planning…

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller…

PMG, Greybrook Miami Mixed-Use Site Lands $178M Refi

PMG and Greybrook Realty Partners have refinanced the recently completed Society Wynwood property, a 10-story, 318-unit mixed-use development in Miami’s Wynwood Arts District. The $178 million refinancing was provided by funds managed by Ares Management and Monarch Alternative Capital. Eastdil Secured arranged the construction refinancing package. PMG was…

Prologis pays $55M for Verizon subsidiary HQ near Doral, with plans for industrial redevelopment

Prologis bought a Verizon subsidiary’s headquarters near Doral for $54.5 million, with plans for an industrial redevelopment. The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, according to records and real estate database…

Developer Of 90-Story Dolce&Gabbana Brickell Supertall Pledges $1.5M Towards Transportation

The developer planning a 90-story Dolce&Gabbana supertall condo hotel has signed an agreement that will provide transit and transportation upgrades in Brickell. The Dolce&Gabbana tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.

Lynd considers $9M capital call to investors for Miami Gardens rental complex

Multifamily investor Lynd is considering asking its investors in a Miami Gardens apartment complex to pony up additional capital, as skyrocketing insurance premiums and other increased expenses hit South Florida properties. The San Antonio, Texas-based firm has put investors in the 234-unit Parc Place Apartments on alert that it may ask them to infuse $9.1 million…

424 Deeds Already Recorded At New 51-Story Downtown Miami ‘Vertical Neighborhood’

Buyers are quickly closing on their units at a newly opened 51-story tower in downtown Miami, according to county records. Closings of condos at the tower began in late June (a single deed was recorded in May). As of this morning, a total of 424 deeds have already hit county records, including 15 recorded yesterday alone. The building includes the Gale Miami Hotel & Residences…

Trinity Cathedral Site Apartment Tower Submitted To FAA At 448 Feet

The proposed heights for an apartment tower at the Trinity Cathedral site have been filed with the FAA. According to the August 14 filing, the tower is planned to rise 446 feet above ground, or 448 feet above sea level. The 42-story building will have 462 residential units and 14,000 square feet of space for the church. A total of 552 parking spaces will also be built as part of the development.

Work Underway At 38-Story Edgewater Hamilton House Apartment Tower Site

Construction work appears to now be underway at the Hamilton House site in Edgewater, a photo by Ryan RC Rea shows. Hamilton House is now planned to rise 38 stories, rather than the 60 stories previously submitted to planners, according to a representative of developer Aimco. The revised plans call for 114 luxury apartments and 7,000 square feet of waterfront restaurant…

Developer plans 75-unit Live Local Act project in Brownsville, amid surge in proposals under affordable housing law

Miami-based Biscayne Companies, led by Kevin Fantes and Alejandro Reyes, wants to develop a seven-story project on the northwest corner of Northwest 27th Avenue and Northwest 54th Street in unincorporated Miami-Dade County, according to Fantes. The development firm scooped up the nearly half-acre vacant lot for $1.5 million, according to the broker.

Walker & Dunlop Arranges $53.6M Construction Financing for Bay Harbor Islands Multifamily Development

Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds…

Clara Homes lands $54M construction loan for Bay Harbor Islands project, amid record South Florida multifamily pipeline

Clara Homes scored a $53.6 million construction loan for its Bay Harbor Islands multifamily project, advancing the development into its next stage. The deal comes as financing for South Florida developments continues to flow, amid a record pipeline of apartments. Miami-based Clara is developing its project with three six-story buildings with a total of 150 units on several…

Doral City Council green-lights Trump Doral condo expansion

Doral City Council members approved the Trump Organization’s proposal to develop up to 1,500 luxury condos on the Trump National Doral Miami property. Mayor Christi Fraga and councilman Rafael Pineyro voted against the rezoning on first reading at a council meeting Wednesday evening. It passed 3-2. An affiliate of Donald Trump’s firm was seeking a zoning…

Galbut family pays off $213M construction loan for downtown Miami tower, amid unit closings

An affiliate of Galbut Family Office paid off the $213.4 million construction for the Gale Hotel & Residences project in downtown Miami. Bank OZK provided the financing for the 51-story, 688-unit mixed-use tower at 601 Northeast First Avenue in September 2021. The developer, Sixth Street Partners, began recording closings in late May, property records show. A spokesperson…

FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach

FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.

Second Phase Of Quail Roost Station Breaks Ground Along Forthcoming Transit Hub In Miami-Dade County

Atlantic Pacific Companies has broken ground on an affordable housing project for seniors at Quail Roost Station in Perrine. This development will be a hub along Miami-Dade County’s forthcoming electric bus rapid transit system and offer direct access to public transportation along the South Dade TransitWay, making it a crucial part of its transit-oriented community initiatives….

Grant Cardone office building in NW Miami-Dade adds Venture X coworking space

A coworking franchise will soon move into a Northeast Miami-Dade office building owned by real estate investor Grant Cardone. Venture X and a franchiser have secured the second floor of the 11-story 10X Centre at 18851 N.E. 29 Ave. in Aventura, said Barrett Wolf, CEO and founder of Wolf Co Real Estate Brokerage Investments. The 19,127-square-foot office is now being built…

40-Unit ‘Belle Apartments’ Planned for 18234 Homestead Ave in Miami

Belle Development LLC hopes to move forward with the Belle Apartments, an eight-story venture near the future South Dade TransitWay. If approved, the project would offer 40 homes measuring 532 to 1,100 square feet. The average apartment would span 873 square feet, according to the South Florida Business Journal. Communal amenities would include a bike room and lounge.

Construction Progresses on 70-Story Okan Tower at 555 N. Miami Avenue in Downtown Miami

Construction continues to advance on Okan Tower, a 70-story mixed-use building under development at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will include 399 residences, a 316-key hotel, 64,000 square feet of Class A office space, and a range of indoor…

Swire Tells Investors: Demand For Brickell Key Condos Exceeds Expectations

Developer Swire Properties says that demand for condo units in a new two-tower project in Brickell is exceeding expectations. Swire announced plans for The Residences at The Mandarin Oriental, Miami in June 2023, and launched sales in December. “The market response in relation to the sales reservations since December 2023 has exceeded expectations,” the company…

‘Rapid Leasing Velocity’ Reported At New $178M Wynwood Apartment Complex

The developers of the new Society Wynwood apartment complex are reporting strong demand for units, helping to secure a refinance. Developer PMG, and Canadian-based private equity firm Greybrook said they had obtained $178m in refinancing for Society Wynwood. Society Wynwood’s welcomed its first residents in March, and has experienced “rapid leasing velocity” since then.

Construction Permit Issued For Large New Whole Foods Market Next To Midtown Miami

Whole Foods Market has been issued a construction permit for a large new store near Midtown Miami, allowing work to begin. The construction permit was issued this morning (August 19). It was first applied for on January 22. According to the permit, a total of 50,812 square feet will be built out at an estimated cost of $7 million. The new Whole Foods will be located on the ground…

Construction Permit Applied For At $190M Brickell Tower

A construction permit application for a 39-story residential tower one block from Brickell City Centre has been submitted. The filing was submitted to Miami-Dade on August 8. Zoning and construction review are being handled by the county, rather than the city of Miami, under Miami-Dade’s Rapid Transit zoning plan. The estimated value of construction is listed on the permit…

Loews Strikes Deal for $305M Loan to Refinance Miami Hotel

Loews Corporation has struck a deal to secure $305 million to refinance a Miami, Florida hotel. The loan, co-originated by National Association, J. P. Morgan Chase, and Wells Fargo Bank, is interest only, carrying a 10-year fixed rate, as reported by the Commercial Observer, citing Fitch Ratings. The bulk of the loan will be allocated towards refinancing existing debt…

Grant Cardone Bets On South Florida With Aventura Complex Renovations

Grant Cardone is best known for discussing multifamily and residential real estate. However, that doesn’t mean he has stayed out of the office sector. Cardone’s Cardone Capital recently announced the renovations of a building he is calling the 10X Centre, and it’s a window into what Cardone sees as valuable office space right now. Cardone has been bullish on the Florida market…

Lease roundup: Latin Securities opens in downtown Miami, Spanish restaurant picks A&E District for first US outpost

Financial services firm Latin Securities opened an office in downtown Miami. Buenos Aires, Argentina-based Latin Securities, which offers wealth management, securities brokerage and other services, leased 4,000 square feet at Miami Tower at 100 Southeast Second Street, according to its broker. Fabio and Sebastian Faerman of FA Commercial represented the tenant.

Backed by real estate titans, Miami-Dade Mayor Daniella Levine Cava cruises to reelection

Developers and commercial real estate investors are getting another four years of cozying up to Daniella Levine Cava. Miami-Dade County’s first female mayor cruised to a second term in office, nabbing 58 percent of a countywide vote in Tuesday’s August primary election. Although a non-partisan race, Democrat Levine Cava faced six challengers, four of whom are Republicans…

Affiliate of Gables Residential Proposes Community for 250 Racquet Club Road in Weston

The Weston City Commission heard the proposal for Gables Weston on August 19th, where an affiliate of Atlanta-based Gables Residential wanted to have the parcel rezoned from high-rise multi-family to planned development district. Plans called for a community with three housing types: 384 apartments, 80 single-family homes, and 28 townhouses. More specifically…

Chick-Fil-A plans new cold storage center in Weston

Atlanta-based restaurant operator Chick-Fil-A won approval to build a new cold storage warehouse and distribution facility in Weston to replace the one the company bought earlier this year. The Weston City Commission unanimously approved the company’s site plan for a one-story warehouse spanning 157,314 square feet, a standalone vehicle maintenance building with 9,252 sf…

Weston rejects rezoning for Gables Residential’s planned 384-unit apartment project

Gables Residential failed to win a rezoning of the old Bonaventure Resort & Spa site in Weston, 22.5 vacant acres where the Atlanta-based multifamily developer planned to build hundreds of apartments. Gables Residential, led by President and CEO Sue Ansel, paid $50 million for the Bonaventure Resort & Spa in 2022, then demolished the resort to clear the site for the…

13th Floor Breaks Ground on Hallandale Apartments

Developer 13th Floor Investments has broken ground on Parks at Hallandale, a 398-unit multifamily property in Hallandale Beach, Fla. The development will include both market-rate and workforce apartments across several five-story garden style buildings situated on15.5 acres. The property will include 6,500 square feet of ground-floor retail. Miami-based 13th Floor obtained…

Invesca Secures $94M in Additional Financing for Completion of Pixl Apartments in Plantation

Invesca Development Group has secured $94 million in financing to complete the construction of its Pixl apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project…

Longpoint expands South Florida retail portfolio with $33M Pompano Beach purchase

Longpoint Realty Partners added another grocery store-anchored shopping center to its South Florida retail portfolio. An affiliate of Boston-based Longpoint paid $33.1 million for Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach, records and real estate database Vizzda show. The 143,219-square-foot shopping center is anchored by Presidente…

$33.1M Sale of Palm Aire Marketplace in Pompano Beach Brokered

Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez…

Adler Partners Inks Miami-Area Office Lease Renewal

Boston Proper has renewed its 42,563-square-foot office lease at Adler Real Estate Partners’ office and flex business campus in Boca Raton, Fla. Colliers negotiated the long-term deal on behalf of the tenant and CBRE assisted the landlord. The women’s fashion brand will maintain its headquarters at 1155 Broken Sound Parkway NW, a one-story building totaling 62,729 square feet…

Mixed-Use Property “The Press” in West Palm Beach Acquired for $80 Million, Plans for Major Improvements

Pebb Capital and Sabal Investment Holdings have announced the acquisition of “The Press,” a mixed-use property located at 2751 South Dixie Highway in West Palm Beach, Florida. The transaction, made in an off-market deal with Tricera Capital, includes plans for nearly $80 million in acquisition and repositioning efforts. These plans involve significant capital improvements…

Pebb, Sabal scoop up The Press office-retail complex in West Palm

Pebb Capital and Sabal Investment Holdings bought The Press, an office and retail complex in West Palm Beach. Miami-based Tricera Capital sold the complex at 2751 South Dixie Highway in an off-market deal to Boca Raton-based Pebb and Irvine, California-based Sabal, according to the buyers’ news release. Tricera and a spokesperson for Pebb and Sabal declined to disclose…

Witkoff, Blavatnik plan luxury hotel and private golf club at former Banyan Cay Resort in West Palm

West Palm Beach is getting a new private golf club and a luxury hotel after years of stalled progress at the Banyan Cay Resort site. Witkoff and Len Blavatnik’s Access Industries are splitting the former Banyan Cay Resort into two parts: Dutchman’s Pipe Golf Club, and the Belgrove, a 194-key hotel, the Palm Beach Post reported. The private club is expected to open this fall…

Vanderbilt wants to build a $520M West Palm Beach campus

Vanderbilt University pitched county leaders on a $520 million campus in downtown West Palm Beach. The Nashville-based “Southern Ivy” officially presented its vision for a graduate campus with artificial intelligence, data science and business programs during the Palm Beach County commissioners’ meeting Tuesday, following months of behind-the-scenes talks.

Vanderbilt Is Coming To West Palm Beach To Pitch A New Campus

Vanderbilt University officials will travel from Tennessee to West Palm Beach to meet with city and county officials. A new college campus could follow close behind. The West Palm Beach City Commission and Palm Beach County Commission will consider resolutions next week that will start to pave the way for a 300K SF campus in the heart of the city that could host up to 1,000 students…

CMBS Troubled Loan Tracker: Delinquency Rates Trending Higher Since the Spring, Likely Until 2025

Summary Delinquency rates notched up again in July for both conduit and large loan-single asset-single borrower (LLSASB) CMBS loans, with both segments now at 6.3%. This recent period of rising delinquencies began back in the spring, with conduit and LLSASB delinquency rates rising by 114 basis points (bps) and 166 bps, respectively. Some rise in troubled loans…

Video: KCnomics CEO KC Conway Provides U.S. Economic & Real Estate Outlook

The Discussion: Navigating Commercial Real Estate in a Shifting Economic Landscape The recent conversation between the host of America’s Commercial Real Estate Show and KC Conway, CEO of KCnomics, provided a deep dive into the current state of the commercial real estate market. Their discussion, which was national in scope and thus may apply less or not at all to Miami…

Finding an Attractive View: Bridge lending can help deals make sense in uncertain times

The first half of 2024 was marked by tumultuous shifts, creating challenges for conventional bank lenders. While agency lending from Freddie Mac and Fannie Mae never goes away, traditional sources of financing have thinned out. Traditional lenders have grown shy about the overall lending market. Who can blame them with interest rates so high, a mixed economy and the…

‘Extend and pretend’ remains the playbook for troubled lenders

A growing throng of banking and commercial real estate experts are sounding the alarm about the nation’s small and medium-sized banks, which may be on the cusp of another crisis. John Murray, Pacific Investment Management Company’s head of global private commercial real estate, told Bloomberg in June that he expected more regional bank failures in the U.S. because…

Podcast Transcript: FDIC’s Krishna Patel & Kathy Kalser Discuss Risks of Banking

The 2022 Risk Review provides a retrospective summary of conditions in the U.S. economy, financial markets and the banking sector. And continues to cover some of the core risks of areas of credit by which we mean loans, and market, which we mean interest rates, and financial market risks as of year-end in 2021, similar to our previous report.

Moody’s: Mid-Year Retail Property Performance Review

Highlights: As of the second quarter of 2024, our top 80 primary retail markets were evaluated based on their year-to-date (YTD) change in effective revenue/SF. Among our five regions, the Northeastern Region barely clinched the top spot, with effective revenue/SF increasing by 57-bps YTD – behind the Southwestern Region at 56-bps – while the Midwestern Region logged…

Housing and healthcare: An innovative combo

For people without stable housing who are living with challenges such as mental illnesses, chronic health conditions and substance use disorders, navigating a complex network of service providers across a city can be a major hurdle to getting help. At Hobson Place, a permanent supportive housing community in Seattle, help is literally next door. The project, completed…

Southeast Region Apartment Supply Volumes Could be Near a Peak

The Southeast region has been a key spot for investors recently, with annual supply volumes more than doubling over the past five years. However, the region could be approaching a peak for apartment completions. Annual deliveries in the Southeast went from around 20,000 units in the years leading up to the pandemic, to around 50,000 units in the year-ending 2nd quarter…

The post Miami Commercial Real Estate News August 21, 2024: Miami International Mall Value Cut by Half; 561-Unit MF Proposed Near North Miami; 641 Foot Edgewater Tower Gets FAA Nod; More… appeared first on Hawkins Commercial Realty.