Author: admin

Mill Creek cuts back Ojus multifamily project, as South Florida sees record apartment construction pipeline

Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans. The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted on Monday. The proposal also is for…

Related plans 316-unit public housing project near West Little River, as developers continue to bet on affordable rentals

Related Group’s affordable housing division proposes a 316-unit public housing project near West Little River, marking an expansion of the firm’s previously planned project on the site. Related Urban wants to build a 12-story building on the 4-acre site at 860, 930 and 950 Northwest 95th Street in unincorporated Miami-Dade County, according to an application. The project…

Trump National Doral seeks approval for 1,500 condos

The Trump Organization is reviving plans to expand Trump National Doral Miami, with up to 1,500 luxury condos and commercial space. An affiliate of Donald Trump’s firm is seeking a zoning change for 56.4 acres of the property at 4400 Northwest 87th Avenue in Doral to the city’s downtown mixed-use zoning. Trump Endeavor 12 LLC will go before the Doral City…

Donald Trump leaves his name off a luxe condo complex he’s building in Doral

Donald Trump plans to bring luxury condominiums to a Miami suburb, but they’re missing one notable selling point: Trump’s name. The former president’s latest South Florida real estate play moved closer to reality on Wednesday evening when the Doral City Council gave preliminary approval for the residential and commercial complex he wants to build on the edge…

Miami awaits judgment to remove final giant billboard

After striking down an ordinance that allowed extra-large LED billboards to rise in downtown Miami, the city is waiting for a declaratory judgment to take down one last sign. In a 4-1 vote on May 23, city commissioners rolled back a January 2023 resolution that allowed for 100-foot-tall, illuminated, multi-faced signs up to 1,080 square feet at an expanded list of locations including…

Bridge Industrial Begins Miami Project

Bridge Industrial is beginning a new project for a two-industrial building development in Miami, Florida. The privately owned real estate firm will start by first demolishing the former headquarters of logistics company Ryder System at 11690 Northwest 105th Street. That will make room for the new site on 16.8 acres, called Bridge Point Flagler Station. It will feature two industrial LEED…

Loews getting $305M refi for oceanfront Miami Beach resort

Loews Corporation is getting a $305 million refinancing of the loan backing its oceanfront Miami Beach resort. The financing is for the 5-acre, 790-key hotel at 1601 Collins Avenue in Miami Beach. Wells Fargo, National Association and JPMorgan Chase Bank are originating the loan, according to Fitch Ratings. It’s expected to close on Sept. 10. A spokesperson for Loews did not respond…

South Florida submarkets see rent declines, amid hefty new apartment supply

Across South Florida, some municipalities are experiencing a drop in apartment rents, marking a sharp turnaround from the tri-county region’s record rate hikes of recent years, a new report shows. Although this comes as bad news for landlords and a welcome reprieve for cost-burdened tenants, the rent declines in some areas may not be indicative of a long-term region-wide trend…

Naftali scores $35M loan for planned Miami Worldcenter high-rise

Naftali Group secured a $35 million pre-development loan for its mixed-use condo and rental tower at Miami Worldcenter. The New York-based developer obtained the financing from BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a press release. The loan is for the planned 70-story high-rise at 1016 Northeast Second Avenue in downtown Miami. Naftali’s…

Doral Continues To Grow And Improve Its Reputation

“Doral continues to grow and improve its reputation.” This was stated by the Economic Developer of the city of Doral, Manuel Pila, after reviewing the economic analysis of Doral recently presented by Florida International University (FIU), which shows that Doral has an excellent reputation as a safe, modern, and efficient city for business. “The economic momentum…”

Citigroup Center Signs 46,000 SF of Lease Agreements

Citigroup Center is keeping and welcoming a series of tenants to its building thanks to the landlord striking roughly 46,000 square feet of lease agreements. The 34-story 810,000 square feet tower has kept four existing companies in addition to bringing in three new ones. The largest occupancy came from a new tenant, classified as a “large full service law firm,” which signed a lease…

Superior Manor Apartments Phase II Completes Construction In Liberty City

ANF has completed construction on the second phase of Superior Manor Apartments, a 76-unit affordable housing development in Miami’s Liberty City neighborhood. This project was developed by New Urban Development, the real estate affiliate of the Urban League of Greater Miami. Superior Manor Apartments Phase II provides affordable housing for residents earning…

Luxury South Beach Hotel Owner Proposes 561 Apartments In North Miami

A parcel in North Miami that has been vacant for more than 15 years could become the site of a 561-unit multifamily development. The development on the 4-acre site at 11400 Biscayne Blvd. would rise up to 15 stories and include 20K SF of ground-floor commercial space and a 723-car garage. Around 84 of the apartments would be designated as workforce housing, according…

Shvo Lays Off Miami Staff As Hurdles Mount For Ambitious Projects

Michael Shvo’s eponymous development firm is scaling back operations in South Florida despite having two projects in the early stages of construction. Shvo is down to four full-time office staff in South Florida after several employees were laid off last week, Bisnow has learned. The terminations — announced at a staff meeting on Wednesday, multiple sources said — were the latest…

Miami private credit firm raises over $670M for commercial real estate loan fund

A Miami-based private credit firm that specializes in commercial real estate lending raised $670 million for its latest fund. BridgeInvest announced Aug. 12 that it closed its fourth vintage specialty credit fund that will provide collateral-backed financing to existing properties or ones that are being renovated or repurposed ranging from $20 million to $150 million. The fund will target…

Heightened demand? MHG, Miami investor buy South Florida hotels

A Miami-based investment firm and a Midwest hospitality company… The deals come at a dubious time for South Florida’s hospitality market, as hotel investment sales… have faced financial woes. In the bigger deal, Brickell-based entity Habitus SPV Miami Airport BB1 bought the six-story, 110-key hotel at 5125 Northwest 36th Street in Miami Springs, near Miami International Airport…

Miami-Dade’s aviation department moving to new digs after $26M purchase of office building near MIA

Miami-Dade County paid $26.3 million for an office building for its aviation department. The county bought the six-story, 112,500-square-foot building at 7200 Northwest 19th Street in an unincorporated area of the county, north of Miami International Airport, from Walton Street Capital, according to records and real estate database Vizzda. Completed in 1982, the building…

CGI Merchant loses downtown Miami Gabriel hotel in UCC auction

CGI Merchant Group lost its downtown Miami hotel at 1100 Biscayne Boulevard in a UCC auction, marking the second time this week the firm parted with one of its properties due to debt woes. Coconut Grove-based CGI Merchant, led by founder and CEO Raoul Thomas, has been fighting foreclosure filings by lenders on three of its biggest hotels this year. Issues partly stem from elevated interest rates…

“A lot of square footage”: Six office buildings are on tap in Miami Beach. Will all get leased?

As South Florida became a magnet for out-of-state companies in the past four years, Miami Beach emerged as a budding office market. The city landed major leases at record rents during the influx of financial firms, family offices, hedge funds and other businesses. Developers seized on the boom, with plans for new Miami Beach projects. In all, six buildings are on tap…

Daniel Motha, Rishi Kapoor’s former right hand, fights SEC subpoena for emails

Daniel Motha played an integral role helping Rishi Kapoor establish Location Ventures. Now, Motha is fighting the U.S. Securities & Exchange Commission’s efforts to pry company information out of him. Motha, a former CFO for defunct Coral Gables-based Location Ventures, wants a Miami federal judge to deny a subpoena filed by the SEC seeking his tax returns, emails…

Lease roundup: Downtown Miami’s Citigroup Center, Hollo family’s 1101 Brickell land tenants

Law firm Fowler White Burnett will move its office to downtown Miami from the city’s Brickell neighborhood. The firm is one of two tenants that leased at the 34-story Citigroup Center at 201 South Biscayne Boulevard. Citigroup Center’s ownership team announced that a law firm leased 18,800 square feet at the tower and seafood company Pescanova leased 2,500 square feet.

Multiplan launches sales for oceanfront Surfside condos

Multiplan Real Estate Asset Management is launching sales of a planned boutique oceanfront condo building in Surfside, seven months after buying the site. The 12-story building, dubbed Ocean House, at 9317 Collins Avenue, will have 25 units, according to a press release. Prices start at $5 million. Multiplan CEO Marcelo Kingston said the firm plans to price the project’s penthouse…

13th Floor lands $83M loan to build 398-unit Hallandale Beach complex, amid record South Florida apartment construction

13th Floor Investments landed an $83 million construction loan for a planned 398-unit apartment complex in Hallandale Beach. The deal comes as South Florida is experiencing a continued flow of financing, despite elevated interest rates, and a record multifamily construction popeline. 13th Floor, led by managing partner Arnaud Karsenti, is developing the five-story…

Developer lands $85M construction loan for Hallandale Beach condo tower, as South Florida financing defies nationwide slump

Developer Giuseppe Iadisernia scored an $85 million construction loan for a 250-unit Hallandale Beach condo tower. The deal comes as South Florida construction lending continues to flow, especially for condo projects, despite elevated interest rates and economic uncertainty. Iadisernia scored the financing for the 25-story West tower, which is already under construction…

‘The Horizon of Oakland Park’ Gets Site Plan Approval for Broward County

Two developers have secured approval from Oakland Park city officials regarding a mixed-use venture in Broward County. The Horizon of Oakland Park will offer 331 apartments and retail space in two mid-rise buildings. The South Florida Business Journal reports that 10 percent of the homes (averaging to about 33) would be reserved as workforce housing. Communal amenities…

Billionaire Bill Malhotra plans 220-room hotel in Pompano Beach

Claridge Homes, a Canadian real estate development company led by billionaire Bill Malhotra, plans to build a 15-story, 220-room Courtyard by Marriott hotel near the oceanfront in Pompano Beach. Ottawa-based Claridge last year paid $4.5 million to acquire the development site at 101 South Ocean Boulevard, now the site of a vacant two-story office building…

Pier Sixty-Six in Fort Lauderdale Nears Completion, Announces Pioneering Spa Concept

Pier Sixty-Six is nearing completion and is on track for a Fall 2024 opening. Located on 32 waterfront acres along the Intracoastal Waterway in Fort Lauderdale, the redevelopment by Tavistock Development Company includes a world-class resort with 325 guestrooms and suites, 12 dining destinations, 40,000 square feet of event space, and62 condominiums.

Developer Seeks Funding for ‘the Villages at East Ocean’ at 405 E. Ocean Avenue in Boynton Beach

In 2017, Edgewater Capital Investments secured approval for the Villages at East Ocean, a mixed-use complex in Boynton Beach. Now, seven years later, the Miami-based firm is seeking $12.5 million in city incentives to move the project forward. Developers originally secured approval for an eight-story building with 371 apartments and 15,757 square feet of retail. Current plans…

ALINA 210 Receives Early TCO At 200 SE Mizner Boulevard in Downtown Boca Raton

El-Ad National Properties, a South Florida-based subsidiary of the Elad Group, has announced that ALINA 210, part of the second phase of the ALINA Residences in downtown Boca Raton, received its temporary certificate of occupancy (TCO) ahead of schedule on July 26, 2024. The nine-story building at 200 Southeast Mizner Boulevard, which features 30 residences, is now…

Alba Palm Begins Vertical Ascent At 4714 North Flagler Drive In West Palm Beach

Construction is ascending on Alba Palm Beach, a 22-story residential building at 4714 North Flagler Drive along the Intracoastal Waterway in West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect and developed by BGI Companies and Blue Road Group, the 262-foot-tall structure will offer 55 residences, including four…

Bessemer Trust sells Palm Beach building for $19M, opting for newer digs

Bessemer Trust sold a Palm Beach office building for $18.7 million to a mystery buyer. New York-based Bessemer, a private wealth management firm, sold the two-story, 11,700-square-foot office building at 222 Royal Palm Way, according to records and real estate database Vizzda. The buying entity, 222 RPW LLC, ties to Gunster attorney Bradley McPherson.

Helgstrand Dressage sells remainder of Wellington sales center for $24M

Helgstrand Dressage sold the remaining 45 acres of its Wellington sales center for $23.6 million, just two years after selling off about half of the original property. The deal follows a tumultuous few years for the horse training and sales operation founded by dressage rider Andreas Helgstrand. In addition to a battle playing out for the horse show in Wellington, a documentary…

Calculating net operating income in multifamily real estate

Net operating income is a metric that can help commercial real estate investors evaluate a property’s performance and estimate its value. Here’s how it works. Calculating net operating income (NOI) is relatively straightforward, but it’s an important metric for multifamily investors. It can help assess a property’s profitability, estimate its value and compare potential investment….

The Fed: Signals of continued economic resilience from the output gap

At the July 31 FOMC press conference, Chair Powell said “recent indicators suggest that economic activity has continued to expand at a solid pace,” even in the face of a labor market that appears to be normalizing. Real GDP growth picked up significantly in the second quarter of 2024, according to the BEA’s advanced estimate, at an annualized rate of 2.8%. While this output…

Real Estate in Focus: Signs of Recovery After the Shocks

Key findings: Global commercial real estate is showing signs of recovery from the slowdown sparked by higher interest rates. Sales of commercial property worldwide in the second quarter of 2024 matched the levels of the same period in 2023, and price declines in the U.S. moderated. Challenges remain, including fears that slowing U.S. job growth could lead to an abrupt…

Using the cash-on-cash return in real estate

Cash-on-cash return is a common metric real estate investors use to measure how much cash flow they can expect from the equity they invest. Using the cash-on-cash return in real estate helps investors estimate how much cash flow each dollar invested in a deal will generate. In other words, it assesses how efficiently the cash, or equity, invested in a property will create…

The Amazing New Residential Buildings Being Developed with Office Space

One of the latest trends in the balance between work from an office and working from home worldwide has arrived in Miami. Mixed use Buildings, with Residential Condos with office spaces are the perfect mix for those looking to live and work in the same place, without doing it completely from home, just taking the elevator to work, without worrying about traffic, weather…

How U.S. elections could impact multifamily real estate

Key takeaways: The results of the upcoming election cycle will influence fiscal and regulatory policies affecting commercial real estate.
Because of legislators’ role in spending, the outcomes of Congressional contests are also important to consider. The results of local elections may be even more impactful, as they can influence city and state policies, such as zoning…

U.S. Inflation Falls Below 3% for the First Time in Over Three Years

The Federal Reserve’s efforts to curb inflation appear to be working, as consumer prices continued to trend down in July. The news could signal an interest rate cut by the Fed in September. The price of goods and services paid by U.S. consumers rose 2.9% in the year-ending July, according to the Consumer Price Index (CPI) for All Urban Consumers measured by the Bureau…

The post Miami Commercial Real Estate News August 15, 2024: Downtown Hotel Lost in UCC Auction; Trump National Doral seeks OK for 1,500 Condos; 316-Unit Public Housing Planned Near West Little River; More… appeared first on Hawkins Commercial Realty.

Brickell City Centre Retail Remains 100% Leased At End Of Q2, Swire Says

Brickell City Centre’s shopping mall continues to be 100% occupied, according to a quarterly release by owner Swire Properties. Swire’s second quarter earnings report was released to investors on August 2. It shows that the space was 100% occupied as of Jun 30, as it also was on December 31, 2023. The tally includes space allocated to prospective tenants who have signed letters…

Scott Robins, Philip Levine team up with Tricera to buy Aby Rosen’s Lincoln Road building at discount

Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…

Torose Equities expands into Miami Beach’s Lincoln Road after acquiring retail building at a discount

Torose Equities is expanding its reach, adding a Lincoln Road retail building in Miami Beach to its commercial portfolio, acquired at a discount. An affiliate of Miami-based Torose, led by principal Scott Sherman, bought 910 Lincoln Road, a two-story storefront spanning 8,700 square feet, records show. Torose paid $10.4 million for the property, partially financing the purchase…

Torose Equities Taking Advantage of ‘Wealth Migration’ in Miami Retail

The retail segment of CRE is thriving thanks to consumer demand – and Torose Equities is seizing the opportunity in Miami. Particularly, Scott Sherman, founder and principal of the real estate investment firm told GlobeSt that demand has been “strong” in the past year or two. “It’s become a more favorable asset class,” he said. “You’re seeing a lot of capital still actively pursuing…

Foundation Pour Completed At 62-Story Aria Reserve North Tower

A foundation pour was completed over the weekend at the 62-story Aria Reserve North Tower, according to a social media post by shell contractor L&R Structural Corp. Miami Building Department Records show a master construction permit for the tower was issued on June 11, with construction cranes installed shortly after. Aris Reserve includes twin towers, each rising…

CMC, Morabito finish Bay Harbor Islands condo project

CMC Group and Morabito Properties completed Onda Residences, their waterfront luxury Bay Harbor Islands condo project. The joint venture has sold all but three units in the eight-story, 41-unit condominium at 1135 103rd Street, according to a company statement. Ugo Colombo’s CMC and Valerio Morabito’s Morabito launched sales for the project three years ago and have…

Miami-Dade Map Shows Where Supertalls Are Permitted In Miami

Below is the the Airport Height Restriction Zones Map for Miami International Airport, issued by Miami-Dade. The map shows that parts of Downtown and Brickell allow for buildings of 1,049 feet above mean sea level, or supertall height. Park West property owners can develop up to 709 feet, while most of Edgewater is in a zone allowing 649 feet. Developers wanting to build…

Nuveen, Pimco list Waterford offices for sale, as Miami-Dade properties keep hitting the market

Nuveen Real Estate and Pimco put an office building at the Waterford Business District in Miami-Dade County on the market, The Real Deal has learned. The companies listed the 10-story 1000 Waterford at 1000 Northwest 57th Court, across from Miami International Airport, according to listing brokers… Bids for the building, which hit the market unpriced…

Okan Tower Construction Workers Warm Up ‘Like Athletes’

Construction crew at the Okan Tower construction site are warming up and stretching before work, “like athletes,” according to the social media feed of contractor  Jacob Companies. Photos uploaded this week show workers pouring walls and columns, while preparing slabs. Okan Tower will eventually reach a height of 70 stories, or 902 feet, making it one of the tallest in Miami.

South Florida’s multifamily construction pipeline reaches record, as developers seize on south Miami-Dade

Across South Florida, developers are building a record number of multifamily units. The booming pipeline comes as the tri-county region’s leasing frenzy has slowed and unbridled rent growth has calmed. By year-end, developers are expected to finish 23,863 units across South Florida, the highest number since 2002, according to Berkadia’s mid-year multifamily report.

Mill Creek cuts back Ojus multifamily project, as South Florida sees record apartment construction pipeline

Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans. The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted on Monday. The proposal also is…

M-Tower Gets Residential Density Boost With New Utilities Agreement

Miami Dade’s Water and Sewer Department has agreed to provide utilities for additional units beyond what was originally planned for M-Tower, a 57-story residential building planned at 56 Southwest 1st Street in downtown Miami. The revised utility agreement, recorded in early July, now states the development will include 765 apartments, 4,708 square feet of retail, and 5,000 sf…

Second Phase of Caribbean Isles Could Offer 142 Residences at 19755 SW 110th Court in Miami

Miami-based Caribbean Village LTD., an affiliate of Pinnacle Housing, hopes to get approval for revised plans regarding the second phase of Caribbean Isles. The first phase, which finished construction in 2019, currently offers 123 units geared toward seniors. The second phase would offer 142 affordable housing units in an eight-story building. This is a 42 percent increase…

33-Story Tower At Miami Worldcenter Celebrates Top Off

The 33-story Crosby Miami Worldcenter has topped off, according to contractor Beauchamp Construction Co. A celebration to mark the event was held on July 19. Groundbreaking for the tower took place in January 2023. The Crosby has a permanent height of 390 feet. It will include: 450 condo units (allowing short-term rentals) 22,000+ square feet of amenities rooftop bar…

40-Story Downtown Miami Tower Without Parking Garage Tops Off After Just 18 Months

Downtown Miami’s 501 First tower topped off recently. The 40-story tower topped off in late June, just 18 months after breaking ground, according to an Instagram post. Glazing installation is also now nearing completion. The development includes 448 residential condos allowing short-term rentals, along with 3,198 square feet of retail. No parking garage was built.

M-Tower Approved At 600+ Foot Height, Gets Utilities For More Units

M-Tower’s new height has been approved by the Federal Aviation Administration. Miami Dade’s Water and Sewer Department has also agreed to provide utilities for additional units over what was originally planned. According to an FAA determination letter issued in July, M-tower’s proposed height of 605 feet above ground and 615 feet above sea level does not represent…

Rendering Released For Miami-Dade Waste To Energy Facility, Largest In U.S.

Miami-Dade is planning the largest waste-to-energy facility in the U.S. AtkinsRéalis Group said today that it had been awarded a $65 million contract to oversee the project, and released a conceptual rendering. The facility could cost $1.5 billion, and be capable of processing 4,000 tons of waste per day. A location has not been selected yet. Only one new WTE facility…

1,000-unit pre-2010 plan near Miami River & 27th Avenue bridge revamped, OK’d

A 1,000-unit residential development first proposed years ago for a site near the Miami River and the 27th Avenue Bridge is moving ahead. Delaware Parkway is the first phase of a larger overall development known as the Miami River Rapids MUSP (Major Use Special Permit). The city’s Urban Development Review Board has unanimously recommended approval…

Mr. Merrick’s Orderly Laws: Blueprint of Coral Gables in the Laws of the City’s Founder, Many Still on the Books

George Merrick’s meticulously planned Coral Gables, conceived a century ago, continues to be influenced by his visionary ideas – and by the laws that he implemented. We did a deep dive to see what strange ordinances are still on the books today and discovered a fascinating interplay between the City’s beginnings and the regulations that continue to shape our community.

North Miami Beach Development With Multiple Towers Rising Up 48 Stories Submitted For Review

Plans for the Uptown Harbor megaproject have been submitted to the North Miami Beach Planning and Zoning Board for review. Uptown Harbor is proposed to include ten high rise buildings, rising up to 48 stories, or 490 feet. The project is proposed to include: 375,000 SF of commercial-retail space 200,000 SF of office space 2,000 residential units 244-key hotel 4,743 garage…

Plat Documents Submitted For 600-Unit Development Across From Midtown Miami

Plat documents have been submitted to Miami-Dade for a proposed development across from Midtown Miami. The name of the new plat is Wynwood HQ. Wynwood HQ is planned to include a development with 598 apartment units, 12,836 square feet of retail, 4,997 square feet of office, and 3,327 square feet of restaurant, the filing states. North Miami Avenue, LLC is listed as the owner.

Commissioner re Miami-Dade Transit: ‘Northeast Corridor Will Be Under Construction The End Of Next Year’

Miami-Dade Commissioner Eileen Higgins has provided an update on the county’s plan to add multiple rapid transit corridors, according to Local10. The 13.5 mile Northeast Corridor commuter rail will be under construction by the end of next year, she said. The Biden administration recently announced that it is recommending the project receive $263.7 million in federal funding.

Tom Brady Enterprises Signs 8,415 SF Office Lease at THE WELL Bay Harbor Islands in Miami

Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building…

Dezer seeks site plan, waivers approval for long-planned Uptown Harbour project

Four years after scoring a key approval for the redevelopment of North Miami Beach’s Intracoastal Mall, Dezer Development is taking the next step. Sunny Isles Beach-based Dezer wants to build the massive mixed-use Uptown Harbour on the 29-acre site of the Intracoastal Mall at 3501 Sunny Isles Boulevard, as well as 3745 and 3909 Northeast 163 Street. The project already…

Allapattah apartment complex proposed near transit station

ERF Investments has proposed a five-story apartment complex that includes workforce housing in the Allapattah neighborhood of Miami-Dade County. The North Miami Beach-based developer filed an administrative site plan with county officials for a 0.25-acre site on the west side of Northwest 23rd Court, just north of Northwest 38th Street. The vacant property is surrounded…

Lennar drops $28M on Homestead dev site, in contract for Princeton site

Records show Lennar bought a 59-acre site in Homestead for $28 million. The seller, J.F.M. Development Corporation, managed by Nelson Graveran, won approval for a 296 townhouse development on the land last year, Florida Yimby reported. Dubbed Palm Cove Reserve, the planned units would range between 1,400 square feet and 1,700 square feet with three…

Developers Sign Utility Agreement For Four Seasons Private Residences Coconut Grove

The developers behind the Four Seasons Private Residences Coconut Grove have signed a utility deal to connect the new 20-story tower to Miami-Dade’s water and sewer system, executed on June 25. According to Miami’s Water and Sewer Department, the agreement will permit the connection for up to 72 residential units and a 5,071-square-foot restaurant. A construction permit…

New Renderings Revealed for Cassia in Coral Gables’ Merrick Park District

New renderings have been revealed for Cassia, a 12-story residential development by Alta Developers in the heart of Coral Gables. This fully furnished luxury turnkey condominium, designed by Behar Font & Partners, is located at 4011 Salzedo Street in the Merrick Park District. Cassia will feature 174 residences, including one-, two-, and three-bedroom units ranging from 662…

Construction Completes on Onda Residences at 1135 103rd Street in Bay Harbor Islands

Construction on Onda Residences, an 8-story residential condominium designed by Arquitectonica in Miami’s Bay Harbor Islands, is complete upon receiving its Temporary Certificate of Occupancy (TCO). This milestone marks the delivery of the boutique waterfront tower located at 1135 103rd Street as owners move forward with unit closings and prepare to move into…

Miami’s Brickell Office Market Hits Record $200 Square Foot Rents in 2024

The Brickell area of downtown Miami’s office market has seen rental prices soar to new heights due to intense demand from blue-chip companies based in New York, Chicago, Los Angeles and Latin America seeking premium office locations, surpassing the available supply. Brazilian bank Banco Master has secured the final 26,000 square feet in the prestigious 830 Brickell…

‘Delmas North Apartments’ to Offer 80 Workforce Units at 13650 N.E. Second Court in Miami

Delmas North LLC is one step closer to breaking ground on an 80-unit apartment complex, thanks to the security of a $16.5 million construction loan. Our sources indicate that the Delmas North Apartments will measure six stories above grade, offering homes measuring 557 to 1,057 square feet each. As an affordable housing development, residency will…

Lease roundup: Venture X co-working on tap in Boca Raton, Brazilian bank opening at 830 Brickell

Co-working space provider Venture X will open in Boca Raton. Venture X leased 29,000 square feet on the top floor of the Palmetto Central office complex at 1489 and 1499 West Palmetto Park Road, according to a news release from the tenant’s broker. Venture X is expected to move in in the third quarter of next year. Derek Baker of Colliers represented Venture X.

South Florida commercial real estate sales volume rebounds in 2nd quarter

The sales volume for commercial real estate in South Florida increased in the second quarter despite high interest rates, according to property data firm Vizzda. Tempe, Arizona-based Vizzda tracked all commercial real estate sales of at least $1 million in the tri-county area. There were $4.17 billion in deals in the second quarter, up 21.6% from the first quarter, up increasing 3.5%…

Miami offers least apartment space for $1,500 in Florida, report says

The city of Miami offers the least amount of space for a $1,500-a-month apartment than any municipality surveyed by RentCafe, a recent report stated. According to the report from RentCafe, a rental listing website run by Santa Barbara-based proptech company Yardi, the average size for an apartment that charges $1,500 a month in Miami is 533 square feet. That is 200 feet below…

IP Capital Targets Two Diverse Asset Types in Florida: South Florida and Tampa Bay are its biggest focuses

IP Capital Partners is looking to take advantage of one struggling asset class and one that is surging – the office and industrial sectors. Most notably the office space is looked at as a scary place for investors in the current landscape. Since the onset of the pandemic, the popularity of working from home has surged – hurting the office sector and driving up vacancies.

TM Residential Proposes 80-Unit ‘Shalimar II’ for 4800 SW 82nd Avenue in Davie

Miami-based TM Residential hopes to get a rezoning approval for a multi-family housing development in Davie. Shalimar II would require 85,000 square feet of new construction on a 4.85-acre build site. The South Florida Business Journal notes that plans call for 80 homes, measuring 767 to 1,731 square feet each. Floorplans span one-bedroom to three-bedroom designs.

White Oak Development Proposes ‘Saddlebridge Downtown Davie’ West of Davie Road and Southwest 42nd Street

In less than two weeks, Davie’s Planning & Zoning Board will hear plans for “Saddlebridge Downtown Davie”, a multi-family housing development in Broward County. The venture would be located on a mostly vacant parcel near the Bergeron Rodeo Grounds. If approved, it would yield 286 apartments in two four-story buildings connected by a pedestrian bridge. The units…

YMP Real Estate adds another Broward office complex to portfolio

For the second time in five months, YMP Real Estate beefed up its commercial portfolio by acquiring a Broward County office complex. An affiliate of Lauderdale Lakes-based YMP, led by Moshe and Yaffa Popack, paid $26 million for Commercial Place I and II, a pair of office buildings at 3230 and 3250 West Commercial Boulevard in Oakland Park, records show.

Developers Reveal Design Plans For 24-Story Tower At 20 N. Ocean Blvd. in Pompano Beach

The Related Group and BH Group have submitted design plans with proposed amendments for a new 24-story condo/hotel project designed by Nichols Architects along the oceanfront in Pompano Beach. The city’s Development Review Committee is set to review the plans for the 3.7-acre site at 20 North Ocean Boulevard on August 7. The developers, operating through…

Silver Star pays $27M for Delray Beach self-storage facility as part of company-wide pivot

Silver Star Properties paid $26.5 million for a Delray Beach self-storage facility as part of a company reorganization. Silver Star, led by co-CEOs David Wheeler and Gerald Haddock, acquired a two-building complex leased to Public Storage at 14810 Hagen Ranch Road, records and real estate database Vizzda show. The buyer obtained a $15.5 million loan that matures in 2026…

BDT & MSD nets $64M with $1B refi of Boca Raton Resort & Club

BDT & MSD Partners is making big equity gains thanks to a $1 billion refinancing of Boca Raton Resort & Club. Citi Real Estate Funding provided the two-year, floating-rate interest only loan, which replaces a previous $900 million debt secured by the 1,047-key luxury hotel and private club at 501 East Camino Real in Boca Raton, according to a Fitch Ratings report.

Developers File Plans for “the Gallery at Marina Village”, Located at 1300 Broadway in Riviera Beach

Three developers have filed plans for “the Gallery at Marina Village”, a mixed-use venture in Riviera Beach. Located on a vacant 2.45-acre parcel, the venture would comprise 418 apartments. The studio to three-bedroom units would measure 490 to 1,195 square feet each, with most hovering around 786 square feet. Related Group, Tezral Partners, and BH Group are leading the venture.

City Officials to Consider 25-Story Dormitory for 1200 S. Dixie Highway in West Palm Beach

In fall 2023, Palm Beach Atlantic University welcomed its largest incoming class—a record 3,800 students in its 55-year history. Now, to accommodate the Christian university’s growing size, it has plans for a 25-story dormitory. The South Florida Business Journal reports that the addition would require 358,400 square feet of new construction, replacing a 3,852-square-foot…

Centaur scores $160M loan for Panther National project in Avenir

Centaur Holdings landed a $160 million loan for Panther National, a planned luxury single-family home community near Palm Beach Gardens. West Palm Beach-based Southern Realty Trust and its affiliate, Sunrise Realty Trust, provided the financing, of which $85 million will refinance an existing note and the remainder will go toward the construction of Panther…

Adapting to Change: The Evolving Landscape of Retail Leasing 

Where Retailers are Looking to Lease  When scouting for lease locations, retailers prioritize visibility and accessibility for shoppers. This focus has boosted the appeal of open-air shopping centers over traditional, dimly lit malls, with even older, unrenovated centers thriving. These open-air shopping centers are usually located in the suburbs and considered safer bets for future…

Eric Eikenberg: Everglades Foundation CEO spearheads restoration plans

Since taking on the role of Everglades Foundation’s CEO in 2012, Eric Eikenberg has been South Florida’s leading voice on expediting restoration efforts and bringing extensive public awareness for the Everglades.  During Mr. Eikenberg’s tenure as CEO, The Everglades Foundation has provided scientific, technical, and policy support to numerous decision-makers…

CRE Lenders and Investors Increase their Focus on Sustainability, Survey Finds

Amid more frequent extreme weather events, varying regulations and raised consumer focus on sustainability, real estate lenders and investors are increasing their focus on the topic. However, the drivers and details of that focus continue to shift, with implications for the CRE landscape of the future. Today I’ll summarize findings from the Commercial Real Estate Finance…

How AI is revolutionizing treasury in commercial real estate

From cash management to resident engagement, artificial intelligence (AI) can play a transformative role in commercial real estate. That’s particularly true for treasury management, which is key to optimizing liquidity and helps drive strategic decisions. The increasing complexity and volume of financial data can challenge traditional treasury management approaches.

Apartment Occupancy and Rent Growth Nationally Continue to Stabilize in July

The U.S. apartment market continued to stabilize in July. Occupancy in market-rate apartments held steady at 94.2% in July, marking the third straight month of occupancy remaining at that rate. Historically speaking, occupancy tends to level off in July. Effective asking rents grew 0.3% during the month of July. That was less than the typical July pace from the 2010s decade…

Citizens Property Insurance seeks approval for rate hike

Citizens Property Insurance requested a 13.5 percent rate hike that will likely affect property owners in the most expensive home insurance market in the country. The Florida-backed insurer needs a nearly 93-percent increase to match the private market, but state regulations cap the amount that rates can rise annually, Newsweek reported. The smaller jump would…

The post Miami Commercial Real Estate News August 7, 2024: Lincoln Road Building Trades at Discount; South Florida MF Construction Pipeline Hits Record; More… appeared first on Hawkins Commercial Realty.

Brickell Office Lease Hits Record High, Matching Manhattan Prices

Miami office space rents have broken a new record, according to the FT and Bloomberg. The reports say that Brazil’s Banco Master leased 26,000 square feet of space at 830 Brickell for around $190 per square foot. That’s a record price for Florida, and “on par with Manhattan’s priciest office space.” 830 Brickell is now 100% leased. It will become the tallest office tower…

Construction Update Issued For Legacy Miami Worldcenter

Construction at Miami Worldcenter’s 55-story Legacy tower could resume in two to three m0nths, according to The Real Deal. The report cited a July 11 letter to buyers stating that drawings necessary to resume construction had been completed. The tower broke ground in 2021, with a foundation pour in mid-2022. Work was halted when the tower reached level 16, where it…

Developer From Kazakhstan To Partner On 185 Units In Brickell

Developers have announced plans for a new building called Parkside in Brickell, according to the SFBJ. Parkside will include 164 condo-hotel units and 21 condo units. A rooftop pool overlooking Simpson Park is also planned. Developer BI Group of Kazakhstan and Miami’s Habitat Group are partnering on the project, after paying $14.8 million for a site at 1750 SW 1st Avenue.

Plat Docs Resubmitted For Trinity Cathedral Site, Where 42-Story Tower Planned

Plat documents for the Trinity Cathedral site were resubmitted this morning. The updated plat survey shows that a new development with 462 residential units and 14,000 square feet of space for the church is planned. It’s not clear why the plat is being resubmitted. A note says that corrections are being made. A 42-story tower is currently moving through the approval process…

Iconic Miami Sports Bar Duffy’s Tavern Sold for $4.5 Million

Months after New Times broke the news that the end of beloved Miami restaurant Duffy’s Tavern was near, the restaurant’s site has sold for $4.5 million. According to Kerdyk Real Estate, who handled the sale of the development site at Duffy’s Tavern Sports Grill, the landmark bar and restaurant at 2108 SW 57th Ave. has sold for $4.5 million in a site deal on July 26.

Last call for Duffy’s Tavern near University of Miami?

Duffy’s Tavern near the University of Miami campus in Coral Gables could be ending its 70-year run after the iconic bar’s owners recently sold the property. Wayne Russell and James Fabbricatore sold the business at the single-story building at 2108 Southwest 57th Avenue that’s been open since 1955, as well as an adjacent 3,150-square-foot automotive center, according to a press…

Alger family sells nearly 800 acres outside Miami-Dade’s UDB for $56M

The Alger family, who have been farmers in Miami-Dade County for generations, sold a nearly 800-acre land tract outside the Urban Development Boundary for $56 million. The deal marks the second big south Miami-Dade property sale this month by the Algers, as the family is trimming its land holdings. The Algers sold 797 acres across 22 parcels that span from north…

David Martin’s Terra completes Mr. C Residences in Coconut Grove

David Martin’s Terra delivered Mr. C Residences in Coconut Grove, with an expected sellout of more than $500 million. The developer partnered with Maggio Cipriani’s Mr. C on the luxury branded condominium project at 2678 Tigertail Avenue. Sales of the 20-story, 230-unit development launched in 2020, and the condos sold out during the pandemic. The biggest sale to be recorded…

SG Holdings Delivers 578-Unit Affordable Seniors Housing Community in Miami’s Overtown Neighborhood

SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning…

Limestone Asset Management Acquires Metro Miami Retail Property Leased to LA Fitness for $13.6M

Limestone Asset Management has acquired a single-tenant retail property in the Miami suburb of Doral for $13.6 million. LA Fitness occupies the building, which was built in 2001 and totals 37,500 square feet. Kevin Sanz of Orion Real Estate Group represented the buyer in the transaction. Alex Sharrin of JLL Capital Markets represented the undisclosed seller.

Nuveen, SJC Ventures Get $69M for Doral Retail Project

The developers will break ground on Doral Marketplace this fall. Image courtesy of CBRE The joint venture of SJC Ventures and Nuveen Real Estate has obtained a $69.4 million loan for the development of Doral Marketplace, a 83,329-square-foot shopping center in Doral, Fla. Construction is slated to begin this autumn, while the initial store openings are expected in the latter part…

Bridge Industrial Begins Office-to-Industrial Redevelopment in Miami

Bridge Point Flagler Station will comprise two industrial buildings totaling 326,448 square feet. Image courtesy of Bridge Industrial Bridge Industrial has begun demolishing the former headquarters of Ryder Systems in Miami, where it will develop a two-building, 326,448-square-foot Class A industrial complex. Bridge Point Flagler Station will come online on a speculative…

Developer scores $17M construction loan for apartments near North Miami, marking one of the first Live Local Act financings

Daniel Abreu scored a $16.5 million construction loan for an 80-unit apartment building near North Miami, marking one of the first Live Local Act project financings. Abreu plans a six-story building on a 1.9-acre vacant site at 13650 Northeast Second Court in unincorporated Miami-Dade County, according to the lender’s news release. Ocean Bank provided the construction financing.

Miami Commission Approves Watson Island Referendum; BH3 & Merrimac Unveil First Rendering

This November, City of Miami residents will vote on Watson Harbour, a mixed-use development planned for the south side of historic Watson Island. The project, proposed by BH3 Management and Merrimac Ventures, includes two hotels, retail spaces, offices, residences, dining areas, and expansive public spaces. Located directly on Biscayne Bay between Downtown Miami…

Watson Island condo revamp? Developers’ $160M+ purchases of city-owned sites head to Miami voters

Voters will decide whether the city can sell land on Miami’s Watson Island to two development groups in separate deals geared at developing more condos. Ecoresiliency Miami, a joint venture between ESJ Capital Partners and David Martin’s Terra, would tentatively pay $135 million for 5.4 acres that are currently part of the 13.3-acre Jungle Island property at 1111 Parrot Jungle…

Snafu pits affordable housing against county’s space needs

A triangle of “surplus” land in Miami’s Allapattah neighborhood has county commissioners squabbling over its best use. Commissioner Marleine Bastien wants to build affordable housing on the site at 2750 NW 20th St. A resolution she submitted at the latest county commission meeting proposed selling the less than two-thirds of an acre for $10 for construction of up to 150…

Tom Brady’s firm leases at Terra’s The Well in Bay Harbor Islands

Former quarterback-turned-businessman Tom Brady will move his family office’s headquarters to The Well health-focused development in Bay Harbor Islands. TEB Capital Management leased 8,400 square feet at the mixed-use project that’s under construction at 1177 Kane Concourse, according to a news release. The deal comes as South Florida has earned a reputation as a magnet…

$100 million grant to help restore Venetian Causeway bridges

As the scenic Venetian Causeway nears its 100th birthday, the federal government is allocating over $100 million to restore 11 historic bridges along the road that connects Miami to the beach so they can endure another 75 years. US Transportation Secretary Pete Buttigieg announced $100.5 million in funding for Miami-Dade County for the Venetian Causeway Bridge Replacement…

World’s largest cruise terminal nears PortMiami opening

PortMiami is preparing for growth with upcoming development focused on denser use to maximize limited port space, including an opening soon of the world’s largest cruise terminal. The two primary sides to the seaport’s business are cruise and cargo, said Hydi Webb, PortMiami director and CEO. “Over the next five years, we have a very strong capital development program…

First of Signature Bridge arches is finished

It’s official. The first of six towering arches that will become a Signature Bridge hugging a rebuilt I-395 in downtown Miami is complete. The I-395/SR 836/I-95 Design-Build Project is the massive undertaking of a partnership between the Florida Department of Transportation (FDOT) and the Greater Miami Expressway Agency and its contractor, the Archer Western…

Wynwood project The Wyn Mood C sets aside units as affordable housing

New workforce housing is coming to the Wynwood neighborhood of Miami. A project called The Wyn Mood C is planned as a four-story building offering 72 apartments, with 20% of the units reserved as workforce housing. Owner-developer Wyn 107 Development LLC plans the new building of about 53,401 square feet at 107 NW 31st St. The city’s Urban Development Review Board…

Zach Vella expands Miami portfolio with Wynwood retail purchase

Zach Vella is boosting his reach in Miami after acquiring a four-building portfolio in Wynwood. An affiliate of Vella’s eponymous Los Angeles-based real estate investment firm bought a restaurant currently leased to Barteco at 282-292 Northwest 25th Street, and an empty space previously leased to Dogfish Head Brewery at 325-339 Northwest 24th Street, according…

Debt payment concerns echo from baseball stadium debacle

A shift in bank letters of credit for $100 million in bonds reactivates an appalling baseball stadium deal that left taxpayers on the hook for $3 billion. That bond issue is among a fistful that Miami-Dade County and the City of Miami used in 2009 to build a stadium as Marlins owners claimed that without a new ballpark the team would leave. Those owners later sold out, bragging about…

Prologis Signs Aeronautical Engineer Global Turbine Services For 78K SF In Miami-Dade

Aeronautical engineer Global Turbine Services (GTS) signed a 10-year lease for 77,900 square feet at Prologis (PLD)’ Beacon Industrial Park in Miami-Dade County. The warehouse — located at 10814 NW 33rd Street, about 10 miles west of Miami International Airport — spans 115,200 square feet. The global industrial real estate investment trust purchased the property…

MHN Miami Multifamily Report – June 2024

South Florida’s strong fundamentals drove its performance following the first quarter of 2024. Advertised asking rents increased 0.2 percent on a T3 basis, to $2,427, marking the fourth consecutive month of positive growth. The average overall occupancy rate in stabilized properties decreased by 40 basis points year-over-year, but still stood…

830 Brickell in Miami Lands $565 Million in Financing Ahead of Completion

830 Brickell, a 57-story, 640,000-square-foot Class A+ office tower in Miami’s Brickell Financial District, has secured $565 million in financing ahead of its delivery this fall. The long-term loan from TYKO Capital will pay off the development’s existing construction loan from MSD Partners. This emphasizes 830 Brickell’s significance as a base for many firms establishing their…

Brickell Tower Height Approval Issued After Dade Objects To Taller Elevation

The Federal Aviation Administration issued a determination this morning that a proposed Brickell tower does not present a hazard to air navigation. According to the determination letter, a building height of 737 feet above ground or 750 feet above mean sea level is not a hazard. The proposed height was submitted to the FAA in April, following an objection by Miami-Dade’s…

Miami High-Rise Construction Activity More Than Double the Entire State Of California

There are currently 90 high rises under construction in the city of Miami – double what is currently under construction in the entire state of California, according to a map created by a Reddit user. The analysis looked at buildings now under construction that are taller than 10 stories. In Miami, 90 such buildings are underway – second most in the U.S., behind only New York.

SJC, Nuveen land $69M construction loan for Whole Foods-anchored project in Doral

SJC Ventures and Nuveen Real Estate are moving quickly to start building a Whole Foods-anchored project in Doral, recently securing a $69.4 million construction loan. Deutsche Bank provided the financing for the joint venture’s Doral Marketplace, a planned 83,000-square-foot shopping center on a 10-acre vacant property on the southwest corner of Northwest 41st Street…

Scott Robins, Philip Levine team up with Tricera to buy Aby Rosen’s Lincoln Road building at discount

Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…

Lights On At 588-Unit Forma As It Nears Completion

The lights are on at the 39-story Forma apartment tower near Midtown Miami as it nears completion. The development includes 588 apartments. Whole Foods has filed for permits to build a large supermarket at the ground floor of the tower. Those permits are still in process as of this morning. Crescent Heights is the developer, with Arquitectonica the architect.

First Rendering Released Of Proposed Watson Island Baywalk; Voters Will Decide

Miami voters will decide in November on charter amendments related to redevelopment at Watson Island. Revised development plans have been proposed for the north side, formerly Parrot Jungle, and the south side, formerly known as Island Gardens. If approved by voters, Ecoresiliency Miami LLC would pay $135 million for 5.4 acres on the north side. They would also build…

Construction at Dan Kodsi’s Legacy Miami Worldcenter still on hold

Construction is still stalled at Legacy Hotel & Residences after a design issue halted work at the mixed-use tower at Miami Worldcenter in March. But work could resume in the next two to three months. Dan Kodsi’s Royal Palm Companies is developing the 50-story building at 942 Northeast First Avenue in downtown Miami. Condo sales launched in 2019 and construction began…

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.

Developers Complete Remi on the River at 999 NW 7th Street in the Miami River District

Mast Capital, in partnership with AEW, has completed Remi on the River, a new multifamily development at 999 Northwest 7th Street in the Miami River District. Designed by Corwil Architects, the apartment community offers 342 rental units with various floorplans and amenities. It is situated near Miami’s Brickell Financial District, the Miami Health District, Downtown Miami…

Habitat, partner plan condo-hotel project in Brickell after paying $15M for dev site

Habitat Group is partnering with a Central Asian firm entering the U.S. market to build a condo-hotel on a Brickell development site acquired for $14.8 million. An affiliate of Miami-based Habitat, led by CEO Santiago Vanegas, and Kazakhstan-based BI Group bought an 0.6-acre assemblage at 1750 Southwest First Avenue previously slated for a Marriott-branded hotel…

Sant Ambroeus to Open First Miami Location at The Fifth Miami Beach

Sumaida + Khurana and Bizzi + Bilgili have announced that Sant Ambroeus will open its first Miami location at The Fifth Miami Beach. The restaurant and coffee bar will occupy over 7,000 square feet at the base of this Class A+ office building designed by Alberto Campo Baeza. Expected to open in late 2025, Sant Ambroeus is renowned for its contemporary interpretation…

Construction Concludes on ‘Remi on the River’ at 999 N.W. 7th Street in Miami

A market-rate apartment complex has officially ended construction along the Miami River. The aptly named “Remi on the River” is a 342-unit community offering studio to three-bedroom apartments. The South Florida Business Journal indicates that they measure 465 to 1,334 square feet. Rent for the smallest units starts at $2,171 a month, per Apartments.com. In-unit features…

Developers complete residential component for Sawyer’s Walk at 249 NW 6th Street in Overtown Area of Miami

SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, has completed the housing component of Sawyer’s Walk at Located at 249 Northwest 6th Street in Overtown, marking it as the largest affordable senior living community in the US within the last decade. The mixed-use development includes 1.5 million square feet of space, featuring 578 residential…

Villa Miami Gets General Contractor, Groundbreaking Set for This Summer for Edgewater Development

Moss Construction has been awarded the construction of Villa Miami, a waterfront residential development in Miami’s Edgewater neighborhood. The project, a collaboration between Major Food Group, David Martin’s Terra, and One Thousand Group, is set to break ground later this summer. “We’re thrilled to work with Moss Construction on another landmark…”

Financially troubled Columbus Center in Coral Gables facing deed in lieu of foreclosure

Affinius Capital may not own the Columbus Center in Coral Gables for much longer. The lender on the office building could move forward in a deed in lieu of foreclosure, according to… Minneapolis-based global alternative investment management firm Värde Partners is considering the workout… for the troubled $67.4 million loan on the property at 1 Alhambra Plaza…

Sunny Isles Now Ranks As The 14th Tallest City In The U.S.

Sunny Isles Beach ranks as the 14th tallest city in the U.S., according to a list compiled by the Council on Tall Buildings and Urban Habitat. The list ranks each city by the number of buildings over 150 meters, 200 meters, and 300 meters. Sunny Isles now has 16 buildings over 150 meters, behind Las Vegas (with eighteen 150 meter buildings) and ahead of Minneapolis…

Galbut family completes short-term rental-friendly Gale tower in Miami, closings underway

The Galbut family completed Gale Miami Hotel & Residences, a short-term rental condominium and hotel tower in downtown Miami. An affiliate of GFO Investments, led by cousins Keith Menin and Marisa Galbut, secured a temporary certificate of occupancy for the 51-story building at 601 Northeast First Avenue, developer Russell Galbut said. The company, Sixth Street Miami…

Miami Among The Fastest Growing Big US Cities Over The Past Year

Miami was among the fastest growing big U.S. cities, according to recently released Census data. Between July 2022 and July 2023, Miami’s population increased by 1.3%. That makes Miami the tenth fastest growing big city (defined as a population above 250,000), according to an Axios analysis. As of July 2023, Miami’s population stood at 455,924. The wider Miami metro…

Documents Submitted For Edgewater Development With 1,178 Residential Units

An Edgewater residential project on the the former Chinatown property is continuing to move through the planning process. On July 16, plat documents for the property were refiled with Miami-Dade to address comments made by the county, according to a note attached to the submission. The plat is named Seventeen Plaza. A Multi-story mixed use C.B.S. Building with 1,178…

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided…

830 Brickell office tower lands $565M perm loan, among South Florida’s biggest refinancings ever

The office tower 830 Brickell scored a $565 million loan from an Elliott Investment Management-backed lender, marking one of South Florida’s biggest refinancings ever. Vlad Doronin’s OKO Group and Cain International are developing the 57-story tower at 830 Brickell Plaza in Miami. The project, the first new standalone office tower in the Brickell Financial District in the…

Lennar, BH drop $18M on shuttered Aventura area golf course to develop homes

Lennar and BH Group dropped $17.5 million on a shuttered 104.3-acre golf course near Aventura, to redevelop with single-family homes. The partnership plans to tear up the fairways and build a community with 103 homes on the site at 19650 Presidential Way, BH’s website shows. The redevelopment of the golf course, known as Presidential Estates, will add to the existing gated…

Lease roundup: Restaurant Sant Ambroeus will open at Fifth Miami Beach project

Italian restaurant Sant Ambroeus will open its first Miami-Dade County outpost in South Beach. Sant Ambroeus leased more than 7,000 square feet at The Fifth Miami Beach office building that’s under construction at 944 Fifth Street and 411 Michigan Avenue in Miami Beach, according to the developers’ news release. The restaurant will open late next year.

Townhome Developments ‘Magnolia at Pembroke Park’ and ‘Dania Preserve’ Emerge in South Florida

Communal amenities include a children’s playground and swimming pool. Currently, residences start at $518,990. At the time of publication, the website’s availability map indicated that 20 homes had already been sold. Lennar secured the build site for $5.2 million in September 2023. Magnolia at Pembroke Park is located at 5190 S.W. 37th Street, Miami, FL, 33155, straddling…

Investors scoop up dev site near Pompano Beach casino for $29M, amid near record South Florida multifamily pipeline

Atlantic Residential and Northwestern Mutual Life Insurance scooped up a development site for $29.1 million, to build apartments near Harrah’s Pompano Beach Casino. Their purchase comes amid a near record construction pipeline of multifamily units in South Florida, which has slowed leasing and calmed rent growth. Atlanta-based Atlantic and Milwaukee-based Northwestern…

Mixed-Use ‘Parc Residences’ Undergoes Construction at 3411 N. Federal Highway in Oakland Park

The former site of a strip club could find new life as Parc Residences, a seven-story residential building in Oakland Park. Our sources indicate that local developer Newrock Partners recently secured a $60 million loan that would go toward the construction of 165 apartments. The South Florida Business Journal notes that communal amenities at the mid-rise complex…

Construction loans keep flowing: Newrock, Brickbox land $60M to build 165-unit Oakland Park rental project

Newrock Partners and Brickbox Development landed a $60 million loan to build apartments in Oakland Park, as South Florida continues to defy a financing slowdown that’s gripping other U.S. markets. New York-based S3 Capital Partners provided the construction loan for the seven-story, 165-unit project planned at 3411 North Federal Highway, according to the lender’s news release.

L+R Hotels’ $22M loan on Fort Lauderdale Marriott enters special servicing

A $22.4 million loan on the Fort Lauderdale Marriott North entered special servicing, according to data from Morningstar Credit, further evidence of South Florida commercial property distress. The loan on the 315-key hotel at 6650 North Andrews Avenue was put into special servicing late last month due to a Dec. 1 maturity that looms, as the property’s net cash flow has…

ShopOne drops $36M on Publix-anchored Tamarac shopping center, amid retail deal uptick

ShopOne Centers REIT is laying down $36.4 million for a Publix-anchored shopping center in Tamarac, as retail deals continue to flow across South Florida. New York-based ShopOne bought the one-story Midway Plaza at 5701-5881 North University Drive from Beachwood, Ohio-based Site Centers, according to records and real estate database Vizzda. Completed in 1986…

Kolter drops $22M for Delray Beach dev site, amid its South Florida resi construction spree

Kolter Group scooped up an asphalt paving business’s headquarters in Delray Beach for $21.9 million as a potential development site. Delray Beach-based Kolter bought the 12.3-acre site at 2101 South Congress Avenue from George T. Elmore, trustee of the George T. Elmore Trust, according to records and real estate database Vizzda. The buyer took out $18 million in seller…

Industrial Complex ‘Bedner Oaks Commerce’ Proposed for West of State Road 7 in Palm Beach County

The Palm Beach Zoning Commission will consider plans regarding “Bedner Oaks Commerce,” an industrial complex proposed on a swath of agricultural land. The multi-million-dollar venture would occupy a nine- and five-acre site currently owned by Bedner’s Farms. The popular farmer’s market would remain on the site. According to the South Florida Business Journal…

321-Unit ‘Soleste Palm Station’ Planned for 2026 Completion at 520 N Rosemary Avenue in West Palm Beach

South Miami-based Estate Cos. recently secured a $72.5 million construction loan for “Soleste Palm Station,” a luxury housing development in West Palm Beach. Initially, per the developer’s website, construction was intended to start on the mid-rise complex in the third quarter of 2022. Now, new developments suggest that groundbreaking could happen later this year…

Estate lands $73M construction loan for West Palm rental complex, amid record multifamily pipeline

As South Florida is experiencing a near-record multifamily construction pipeline, Estate Companies scored a $73M loan to build a 321-unit complex in downtown West Palm Beach. Estate Companies landed a $72.5 million construction loan for a 321-unit apartment complex in downtown West Palm Beach. The financing for the planned complex comes as South Florida…

Related, BH under contract to buy waterfront West Palm Beach dev site

The Pérez family’s Related Group and the Toledanos’ BH Group are teaming up again to acquire a waterfront development site in West Palm Beach, The Real Deal has learned. Related and BH are in contract to acquire the property at 2001 North Flagler Drive for more than $30 million, according to sources. The developers plan a luxury condo project on the 0.8-acre site. Isaac Toledano…

Värde, Unity Medical partner up for West Palm Gardens office acquisition

Värde Partners and Unity Medical Properties are partnering up to acquire a medical office building in Palm Beach Gardens. An affiliate of Värde, a Minneapolis-based global investment firm, and Unity, a Monterey, California-based medical office real estate investment firm, paid $14.5 million for Laser and Surgery Center of the Palm Beaches. The joint venture also obtained $8.7 million…

One Less Headache for Small Businesses as SBA Moves Aim to Make Loan Programs More User Friendly

The American economy has slowly been rebounding from a tumultuous period. Between the Federal Reserve fending off inflation by hiking interest rates 11 times between March 2022 and July 2023, five prominent banks collapsing in 2023, and a debt ceiling deal narrowly passing in May 2023, several events powerfully altered the U.S. financial market.

Office Loan Maturity Monitor: Mid-Year Update and a Peek at Future Maturities

Highlights: A total of $1,072 million across 27 CMBS office loans reached fully extended maturity in June with the payoff rate of 31.5%.A $500 million loan secured by the Bloomberg HQ was extended despite strong characteristicsLoan size continues to be a significant factor in whether or not a loan pays off$1,075 million loan secured by 280 Park Avenue was extended from September…

Video: MBA Head of Commercial Real Estate Research Jamie Woodwell Provides Commercial Mortgage and Lending Updates

In a recent episode of America’s Commercial Real Estate Show, the show host provided an in-depth look at the current state of the commercial real estate mortgage market, focusing on lending, interest rates, and the future of the industry. The episode featured Jamie Woodwell, Head of Commercial Real Estate Research at the Mortgage Bankers Association (MBA), who…

How agency lending impacts affordable housing

Fannie Mae and Freddie Mac have helped to create a more stable and affordable housing market in America for more than 50 years. “The agencies were created to provide liquidity to the housing markets, when and where it’s needed most—during times of economic stress and for markets and product types that traditional lenders may shy away from,” said Greg Rice, Senior Commercial…

 

The post Miami Commercial Real Estate News August 1, 2024: Miami High-Rise Construction 2X State of California; Brickell Lease Record, Manhattan Levels; Duffy’s Site Trades; More… appeared first on Hawkins Commercial Realty.

In a recent episode of America’s Commercial Real Estate Show, the show host provided an in-depth look at the current state of the commercial real estate mortgage market, focusing on lending, interest rates, and the future of the industry. The episode featured Jamie Woodwell, Head of Commercial Real Estate Research at the Mortgage Bankers Association (MBA), who shared valuable insights and data-driven analysis. It should be noted that this discussion was national in scope, thus observations can apply less to Miami or other South Florida markets.

Market Overview and Lending Activity

The show host and Woodwell began by addressing the current logjam in mortgage originations and sales transactions. Woodwell noted that both sales and origination activities were down about 50% in 2023 compared to 2022. While some capital sources, like the banks, have pulled back, others, such as the CMBS (commercial mortgage-backed securities) market and investor-driven lenders, have shown increased activity. This divergence indicates that while capital is available, it is being deployed selectively based on current rates and property values.

Interest Rates and Market Uncertainty

Interest rates remain a critical factor in the commercial real estate market. Woodwell discussed the varying forecasts from members of the Federal Open Market Committee (FOMC) regarding the direction of short-term interest rates. The consensus within the FED is split, with some expecting rates to stay the same, while others predict one or two rate cuts. This uncertainty has led many market participants to adopt a ‘wait and see’ approach, focusing on current market conditions rather than speculative future rates.

Delinquency and Distress in the Office Market

A significant portion of the discussion centered on the increasing delinquency rates, especially in the office sector. According to Woodwell, office property delinquencies have risen to 6.5% as of the first quarter, reflecting broader market stress caused by rising interest rates and uncertain property values. The upcoming maturity of $930 billion in loans in 2024, a substantial increase from previous years, adds another layer of complexity, as many of these loans were extended from 2023.

Regulatory Environment and Lender Strategies

Regulatory scrutiny remains high, with regulators focusing on ensuring banks manage their commercial real estate portfolios prudently. Woodwell highlighted that larger banks have started taking more significant charge-offs and setting aside more reserves for potential losses, indicating a proactive approach to managing risk. Smaller banks, however, have different exposure levels and asset types, which might explain their slower pace in recognizing losses.

Strategic Advice for Commercial Lenders and Borrowers

The episode concluded with practical advice for both lenders and borrowers. For lenders, Woodwell emphasized the importance of building strong relationships and taking advantage of the current market to make quality loans. For borrowers, he advised staying grounded in the present market conditions and making decisions based on the current landscape rather than past expectations or future speculations.

The show host nicely summed up the episode with a poignant metaphor: making decisions by looking through the windshield rather than the rearview mirror, emphasizing the need for forward-thinking in a dynamic market environment.

Final Thoughts

The insights from this episode of America’s Commercial Real Estate Show underscore the complexity and dynamism of the commercial real estate market. As lenders and borrowers navigate these challenging times, the emphasis on current market conditions, regulatory guidance, and strategic decision-making will be crucial for success. The full episode, packed with detailed analysis and expert opinions, serves as a valuable resource for anyone involved in the commercial real estate industry.

One way of considering the impact of borrowing costs / interest rate changes is to consider their impact on borrowing power. This is addressed in a prior post: Chart; Diminished Small Business CRE Buying Power Given Higher Interest Rates.

The post Video: MBA Head of Commercial Real Estate Research Jamie Woodwell Provides Commercial Mortgage and Lending Updates appeared first on Hawkins Commercial Realty.

Construction Starts on Brownsville Transit Village’s Fifth Phase at 5255 N.W. 29th Avenue in Metro Miami

On Monday, July 22nd, Miami-Dade County officials celebrated the groundbreaking of Brownsville Transit Village’s fifth phase. Currently, the affordable housing development offers 401 apartments, along with a 660-spot parking garage and 6,400 square feet of retail. The fifth phase will add an additional 120 homes targeted at those earning 30 percent to 80 percent…

Contractor Hired To Build 56-Story ‘Architectural Marvel’ Villa Miami, Groundbreaking Soon

The developers planning the Villa Miami tower have hired a general contractor. Moss Construction will build the 56-story, 650-foot-tall “architectural marvel,” the developers said. Groundbreaking is planned for this summer. Villa Miami will feature a distinctive copper color-cladded exoskeletal design that “promises to make it an iconic tower.” “Villa Miami is an elegantly…”

Casa Forma Developer Advocating For Omni Community Redevelopment Agency Extension

The developer planning Casa Forma says an extension of the Omni Community Redevelopment Agency will help the project to proceed, according to the SFBJ. Casa Forma is planned to include 1,441 residential units, 143,328 square feet of office, 7,959 square feet of retail, and 1,532 parking spaces. The tower would rise 55 stories, or 650 feet. It would be developed by Crescent Heights…

830 Brickell office tower lands $565M perm loan, among South Florida’s biggest refinancings ever

The office tower 830 Brickell scored a $565 million loan from an Elliott Investment Management-backed lender, marking one of South Florida’s biggest refinancings ever. Vlad Doronin’s OKO Group and Cain International are developing the 57-story tower at 830 Brickell Plaza in Miami. The project, the first new standalone office tower in the Brickell Financial District in the past…

Second Meeting Scheduled To Discuss City-County Conflict Over Rapid Transit Zoning

Miami has issued notice of another joint public meeting to discuss a conflict over Miami-Dade’s Rapid Transit zoning. The first public joint meeting to discuss the conflict took place in March. Here’s what is planned at the new meeting, according to the agenda: A discussion, pursuant to the Florida governmental conflict Resolution act procedures of Chapter 164….

342-Unit Luxury Apartment Development Reaches Completion On The Miami River

Remi on the River has reached completion. The eight-story building includes 342 luxury apartments, ranging from 465 to 1,334 square feet. Remi is the second phase of the development. The first phase, known as Waterline, includes 346 apartments, which were fully leased within months of opening. Mast Capital and AEW are the developers. Corwil is the architect.

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897…

Lender sues to foreclose on Bay Harbor Islands condo site

An affiliate of Allure Development Group is being sued for foreclosure over a stalled condo development in Bay Harbor Islands. Saluda Grade Alternative Mortgage Trust 2023-BC3 sued BHI The Club 2 LLC over the remaining $10.2 million unpaid balance on a $16.5 million loan, according to records and real estate database Vizzda. The loan backs the development site where…

Merrick Parc Phase II wins OK for 225 residences, commercial

The second phase of what will be dual mixed-use residential towers in Miami’s southwest area cleared the city’s Urban Development Review Board with a recommended approval for Merrick Parc Phase II and a suggestion to consider replacing some palms in the landscaping plan with shade trees. This second phase will see construction of a 20-story mixed-use building…

County’s first three-story public library taking shape for branch in Downtown Doral

Downtown Doral is set to welcome the new Doral Branch Library for patrons to use and enjoy. The three-story library, at 5360 NW 84th Ave., will include books, technology and a terrace. It is expected to open its doors in June 2025. The library is rising across from Doral’s City Hall, near schools and retail stores, said Ray Baker, director of the Miami-Dade Public Library System.

Doral gaining during nation’s commercial realty dip

Doral’s commercial real estate defies national trends and continues to showcase high demand. “Viewing commercial real estate overall, even on a national scale,” said Matthew Rotolante, president and broker at Lee and Associates South Florida, “I would say Miami, Doral included… is somewhat resilient in the face of some of the trends that are taking place on a national scale.”

Grove Village, OK’d in 2011, finally moving ahead

A sweeping development destined to transform about 12 acres in the West Grove is finally moving forward with a city board’s unanimous approval. Grove Village, a six-block mixed-use residential and commercial project, has been in the works for more than a decade. The original Grove Village Major Use Special Permit (MUSP) was approved by the City of Miami in 2011.

New Central Park in Doral set to open

Inauguration plans are set for the east portion of the Doral Central Park, according to city officials. As part of the $150 million Doral Parks General Obligation Bond, the flagship project at 3000 NW 87th Ave. will be opening its first half on Aug. 24 with a community event. The project’s opening includes the amphitheater, skate park, playgrounds, multipurpose fields, a boardwalk…

Rodney Harris: Miami Gardens mayor cites taxable value rise and stability

Since becoming the mayor of Miami Gardens in 2020, Rodney Harris’ biggest motivation to build the city a thriving, productive place to live, worship, work and play has been the commitment to residents who initially placed him in public service. In November 2012, he was elected a councilman and in August 2016, he was re-elected for a second term. Later in his career as a public servant…

Nearly 600 Apartments Now Open At New 1.5M Square Foot Overtown Complex

In Overtown, the residential component at Sawyer’s Walk (formerly known as Block 55) has officialy opened. Developer SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, announced the opening this morning. “We’re pleased to announce the highly anticipated opening of nearly 600 residences at Sawyer’s Walk, a tremendous milestone for the city…

FAA Approves Midtown Miami’s Tallest Tower, Midtown One

The Federal Aviation Administration has completed a review of the proposed Midtown One tower, which is set to become the tallest in the neighborhood. According to a July 15 determination letter, the building’s proposed height of 610 feet above ground level and 623 feet above mean sea level does not pose a hazard to air navigation. Midtown 1 is planned to include: 329 residential units…

Miami Review Board Rejects Tall Towers on Small Lots

Miami’s Urban Development Review Board (UDRB) has rejected two projects this month to build really tall towers on small lots, calling both projects “out of scale.” Under Miami’s zoning laws, the board is required to review any project proposal that exceeds 200K SF and base its recommendations to the city planning director on the project’s “urban quality, compatibility and contribution…

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Doral

Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is…

SJC, Nuveen drop $32M for Doral dev site, plan Whole Foods-anchored mixed-use project

SJC Ventures and Nuveen Real Estate scooped up a development site in Doral for $32 million, with plans for a Whole Foods Market-anchored project. Atlanta-based SJC and New York-based Nuveen bought the 10-acre vacant property on the southwest corner of Northwest 41st Street and Northwest 107th Avenue from Bridge Industrial, according to an SJC and Bridge…

Revised Plans and New Renderings Revealed for 1 Southside Park in Brickell

JDS Development Group has filed revised plans and renderings with Miami-Dade County for Brickell’s massive 1 Southside Park, currently under construction. Designed by SHoP Architects with ODP Architecture & Design as the architect of record, the project includes a residential component known as Mercedes Benz Places. The proposed changes to the project…

“Way out of scale”: Miami board rejects SB, Hazelton’s 55-story Edgewater tower

Amid intense neighborhood opposition against a proposal for a 55-story tower in Edgewater, a Miami project review board rejected the plan by SB Development and Hazelton Capital Group. The Urban Development Review Board voted 6-0 on Wednesday to recommend denial of the 463-unit project proposed for a 0.3-acre lot 419 Northeast 19th Street, between the Cité on the Bay…

Brickell Citadel HQ Tower Moves To Pre-Application Phase, With Public Baywalk

An affiliate of Citadel has filed a pre-application with Miami-Dade County for a new mixed-use tower in Brickell. Previous reports have said the tower could end up being a supertall, but the building’s overall size or height was not listed in the new filing. The purpose of the pre-application is to review the approval process and discuss filing requirements. According to the new…

Billionaire Ken Griffin submits site plan for mixed-use Miami supertall

Billionaire Ken Griffin is moving forward with plans to develop a $1 billion-plus mixed-use tower in Miami’s Brickell Financial District. Griffin’s attorney, Neisen Kasdin, this week submitted a pre-application for the sites at 1201 Brickell Bay Drive, 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive. Griffin, founder and CEO of his hedge fund Citadel and owner…

Work Underway At Excel Miami Site, Where 424 Residential Units Planned

Site work is now underway at the Excel Miami site, according to Ryan RC Rea. The city issued a site work permit for the property on June 19, and a tree permit on June 25. The master permit to build the new tower and a phased vertical permit are both still in the review process. Excel Miami is planned to rise 24 stories, and include: 424 residential units (of which 216 will be micro-units)…

Block Capital buys into Diesel Wynwood project, plans relaunch

The Miculitzki family’s Block Capital Group bought into Diesel Wynwood, Bel Invest Group’s planned branded condominium project in the trendy Miami neighborhood, The Real Deal has learned. Wynwood-based Block Capital is taking the lead on the development, according to sources. Bel-Invest Group, led by CEO Maximilian Beltrame, remains a partner. Block Capital…

650-Foot Cranes Approved For Lofty Brickell Construction Site

Several cranes have just been approved for the Lofty Brickell construction site. According to a determination issued by the Federal Aviation Administration on July 17, the temporary cranes can rise 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned as a 44-story building with 364 residential units allowing short-term rentals. The permanent height…

Master Building Permit Issued for 75-Story ‘Baccarat Residences Miami’

A master building permit has been issued for Baccarat Residences Miami, a luxury condominium tower developed by Related Group and GTIS Partners and designed by Arquitectónica. Miami’s Building Department issued the permit to allow for the continued development of the 848-foot-tall skyscraper, under construction at 99 Southeast 5th Street and expected to be completed in early…

Master Construction Permit Issued At 75-Story Baccarat Residences Construction Site

A master construction permit was issued this week for Brickell’s 75-story Baccarat Residences tower. Records show the master permit was issued on July 15, with John Moriarty the contractor. It replaces a phased vertical permit. Baccarat is one of the tallest towers to ever go vertical in Miami, with a planned height of 75 stories, or 848 feet above ground and 852 feet above sea level.

Transit-Oriented Affordable Community Breaks Ground in Miami

The Miami-Dade County Department of Transportation and Public Works, Department of Housing and Urban Development and the County’s Department Public Housing and Community Development have broken ground on Phase V of Brownsville Transit Village, a 120-unit affordable development in Miami. Project partners include Atlantic Pacific Cos., Mount Sinai Community…

Developer Files Pre-Application for ‘Naranja Grove Apartments’ Located at 23435 SW 127th Ave in Homestead

An affiliate of Onyx Housing Group hopes to get approval for a multi-family housing development on farmland in Miami-Dade County. The Naranja Grove Apartments would require 318,108 square feet of new construction, rising eight stories and comprising 285 apartments. According to the South Florida Business Journal, the one-bedroom to three-bedroom homes…

Miami’s Watson Island Development Proposals Reviewed by Climate Resilience Committee

The City of Miami Climate Resilience Committee recently reviewed two proposals concerning developing and using City-owned waterfront property on Watson Island. These proposals were presented for evaluation due to their deviation from previous plans and now include updated requests and public benefits. The following steps involve potential approval by the Miami City…

454-Unit, 28-Story Tower Proposed Under Live Local Act in Little Haiti area of Miami

Developers 8038 and 165 Owner LLC, an affiliate of New York- and Miami-based Infinity Collective, and Miami-based MVW Partners, have proposed a residential development in Miami’s Little Haiti neighborhood under the state’s Live Local Act. The city’s Urban Development Review Board is currently reviewing the application for the 2.17-acre site at 165 Northeast 80th Ter…

Miami International Airport Approves Cargo Facility That Will Move It Up Ranks Of World’s Busiest

Miami International Airport is already the busiest international cargo airport in the U.S., and one of the busiest in the world. Now, a new vertical cargo facility has been approved that will significantly increase airport cargo volumes. Miami-Dade County commissioners voted this week to approve a deal with private developers to build the $400m Vertically Integrated Cargo…

372-Unit Residential Development Planned In Overtown

Plans have been announced for a 22-story development in Overtown called One West Twelve Residences. One West Twelve Residences will include 372 residential units, delivered finished and furnished and allowing short-term rentals. PMG, Lion Development Group, and LNDMRK are the developers. Cube 3 is the architect.  Numbers of pics are displayed…

H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami

Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents…

Tatiana Pino now owns Century Homebuilders after Sergio Pino’s death, her attorney says

Developer Sergio Pino’s death by suicide on Tuesday — as federal agents descended on his home to arrest him — makes his estranged wife, Tatiana Pino, the sole owner of their development firm, Century Homebuilders Group, according to her attorney. And just one day after Sergio’s death, his brother submitted a will, kicking off the probate process tied to the distribution…

BH, Prime submit plans for 15-story hotel in Hallandale Beach

BH Group and Prime Group now plan a hotel on a Hallandale Beach development site where the joint venture previously envisioned a condo-hotel. The joint venture recently submitted a site plan to the city of Hallandale Beach for a 15-story building with 246 hotel rooms, 281 parking spaces and a public plaza at 804 South Federal Highway, according to city records. The project…

Investors scoop up dev site near Pompano Beach casino for $29M, amid near record South Florida multifamily pipeline

Atlantic Residential and Northwestern Mutual Life Insurance scooped up a development site for $29.1 million, to build apartments near Harrah’s Pompano Beach Casino. Their purchase comes amid a near record construction pipeline of multifamily units in South Florida, which has slowed leasing and calmed rent growth. Atlanta-based Atlantic and Milwaukee-based Northwestern…

Prestige scores $20M construction loan for Davie workforce housing project

Prestige Companies can move ahead with a workforce housing project in Davie after landing a $20 million construction loan. A Boca Raton-based entity, Mint 12 Income 3, provided the financing for Pioneer Lofts, a planned garden-style complex with 105 apartments at 6325 Southwest 37th Street, records show. Designed by Hialeah-based architect Albert Gonzalez, Pioneer Lofts…

Plans Filed for New 2-Story Padel and Pickleball Facility at 4000 N. Federal Highway in Fort Lauderdale

A two-story padel and indoor pickleball court facility has been proposed to rise along Federal Highway in Fort Lauderdale. The city’s Development Review Committee is set to review plans for the 1.01-acre site at 4000 and 4008 North Federal Highway on July 23. Padel Broward LLC, managed by Arvinder Bajaj of AB Diversified of Plantation, Vicki Tofte and Vilic Novovic…

Construction Completes on BSO’s New Research, Development, and Training Center in Fort Lauderdale

ANF has completed construction of the new Broward Sheriff’s Office (BSO) Research, Development, and Training Center (R.D.T.C.) in Fort Lauderdale, Florida, serving as the construction manager for the project with Saltz Michelson Architects and RDG Planning & Design as the architects. The building is designed to meet Class “A” Office Building standards. The BSO R.D.T.C. is…

Fortress takes back Fort Lauderdale marina, RV park in $86M deed in lieu of foreclosure

The investors in a Fort Lauderdale RV park and marina surrendered the property to the lender through a deed in lieu of foreclosure valued at $85.8 million. Gary Cioffi and Christopher Hein handed back the keys to the 20.2-acre Yacht Haven Park & Marina at 2295 and 2323 West State Road 84 to Fortress Investment Group, according to records and real estate database…

Zaragon sells Plantation office building for $16M, a 6% discount from 2018

Zaragon sold an office building in Plantation for $15.7 million, a 5.5 percent discount from the firm’s purchase price six years ago. The deal comes as distress continues to trickle across South Florida office properties. The tri-county region experienced a leasing frenzy over the past four years, but office landlords haven’t been spared from the sting of higher interest rates and property…

Seaside Builders Proposes ‘The Tropics of Delray’ for 2400 and 2410 N. Federal Highway in Delray Beach

Locally based Seaside Builders has proposed a high-end housing development in Delray Beach. The Tropics of Delray would offer a total of 34 units: 16 condos in a four-story building and 18 townhomes divided between three six-story buildings. According to the South Florida Business Journal, the condos would measure 2,405 to 3,690 square feet, while the townhomes…

Parking Lot Could Serve as 289-Unit Multifamily at 900 Broken Sound Parkway Northwest in Boca Raton

Locally based 900 Broken Sound Acquisition Co. has filed an application with Boca Raton city officials for the construction of a multi-family housing development. If approved, the venture would require 334,295 square feet of new construction and offer 289 units. Per the South Florida Business Journal, about 10 percent (29 homes) would be reserved as affordable housing…

Singaporean REIT sells Boca Raton office building for $82M –– an 18% discount from 2021

A Singaporean real estate investment trust sold the One Town Center office building in Boca Raton for $82 million, marking a 17.6 percent discount from its purchase price three years ago. Prime US REIT, which is publicly traded on the Singapore Exchange, sold the 10-story, 201,000-square-foot building and attached five-story garage at 1 Town Center Road to Gatsby Enterprises…

Asana sells West Palm Beach’s repurposed warehouse district for $20M, as South Florida retail deals flow

Asana Partners sold a portfolio of West Palm Beach warehouses repurposed into retail, restaurant and office space for $19.5 million. The deal comes as such South Florida commercial trades continue, despite higher interest rates. Charlotte, North Carolina-based Asana sold seven one-story buildings at 1300, 1400, 1500 and 1220-1250 Elizabeth Avenue, as well as 1615 Clare Avenue…

Foreclosure Suit Filed Against Developer Of 41-Acre Palm Beach Mixed-Use Project

Brian Tuttle’s plans to create a sprawling mixed-use community in Royal Palm Beach hit what he described as “a little bump in the road” this week after a foreclosure action was filed. A 41-acre site inside the Tuttle Royale community is facing foreclosure after Tuttle Land Investments stopped making payments on three mortgages totaling $38M. The short-term debt originated…

Related joint venture submits plans for Riviera Beach mixed-use project

Related Group, BH Group and Tezral Partners submitted plans for a mixed-use multifamily development in Riviera Beach. The joint venture plans 418 apartments across a 20-story, two-tower project at 1300 Broadway, just north of West Palm Beach. Miami Lakes-based Cohen Freedman Encinosa & Associates Architects is designing the buildings, according to a copy of the preliminary…

Kolter, Perko win Jupiter Island zoning amendment, allowing for condo project

The Kolter Group and Phil Perko won a zoning amendment that paves the way for a Jupiter Island condo project. The Palm Beach County commission voted unanimously Wednesday at its zoning hearing to allow property owners to apply for waivers for setbacks in the redevelopment of existing coastal multifamily buildings. The zoning amendment applies to buildings over 35 feet…

Video: Marathon CEO Bruce Richards on Rate Cut Possibilities, Commercial Real Estate, Election Effects, more…

In a recent conversation on Bloomberg Television, Bruce Richards, CEO, Chairman, and Co-Founder of Marathon Asset Management, delved into critical financial topics. The discussion covered a range of subjects, from U.S. economic trends to central bank policies, offering deep insights into the financial landscape and including potential effects on commercial real estate…

Sentiment among CRE finance executives nationally drops again in new survey

Higher interest rates continue to cast a pall over commercial real estate, and the latest Board of Governors Sentiment Index from the CRE Finance Council (CREFC) reflects the gloom. The second quarter edition of the index dropped 3 percentage points from the first three months of the year to a reading of 105.4. The decrease reflects growing caution among more than 50…

Elevated Completions Continue to Weigh on USA Multifamily Rent Growth

Highlights: After a banner year for housing completions in 2023, both single-family and multifamily completions are poised for another strong year in 2024. However, elevated multifamily completions coupled with rising operating expenses have weakened profit margins for multifamily landlords. Consequently, as of the second quarter of 2024, Moody’s CRE forecast for asking…

Property Typecast: The self-storage industry shifts from surge to stability

While the industrial sector often gets the most recognition for being a pandemic-era darling, the self-storage industry has also enjoyed the benefits from changes in socioeconomic conditions that have bolstered demand for flexible storage solutions. As the pandemic took effect in early 2020, lockdowns and social distancing measures constrained consumers’ ability to spend money…

Medical Office Building Tenants Pay a Premium for These Markets

Medical office tenants seek densely-populated markets, said Jason Muss, president of Muss Development. Across the nation, demand for medical office buildings is persistent. As the population ages and the youngest of the Baby Boomers enter their 60s, the need for in-person health care is increasingly critical. But some markets in the U.S. are experiencing more demand than others…

Prologis Says Demand For Data Centers Is Boosting The Industrial Property Outlook Nationally

Prologis raised its annual earnings outlook despite a steep decline in revenue in the second quarter, saying that a dwindling pipeline of new warehouses and growing demand for artificial intelligence infrastructure should boost profitability. San Francisco-based Prologis, the world’s largest industrial property company, on Wednesday posted earnings attributable to common shareholders…

CNBC Ranks Florida’s Economy As The Best In U.S. In 2024

Florida has the best economy in the U.S. in 2024, according to a new CNBC ranking. The state added 240,000 new jobs last year, an increase of 2.5%, the report said. GDP increased 5% in 2023 to 1.28 trillion, among the fastest nationwide. New business applications grew even faster, up 9%. Florida’s budget and housing markets are also said to be balanced. The news network…

The Fed: Job openings-to-unemployment ratio; labor markets are in better balance

In the most recent FOMC press conference, on June 12, Chair Powell noted that the labor market “has come into better balance, with continued strong job gains and a low unemployment rate.” One measure of labor market tightness that illustrates this is the job openings-to-unemployment ratio, shown in the FRED graph above. The ratio is taken by dividing the total number…

Bank OZK Prepares For ‘Credit Deterioration’ While Growing CRE Loan Book

Bank OZK posted growing net charge-offs in the second quarter as its pool of nonperforming loans grew to $81M, its highest volume since at least 2009. But the Arkansas-based bank, which reported its second-quarter earnings on Wednesday and held its earnings call Thursday morning, continues to aggressively expand its real estate lending portfolio, the majority of which…

The post Miami Commercial Real Estate News July 24, 2024: 830 Brickell Snags $565M Refi; Citadel Submits Supertall Site Plan; More… appeared first on Hawkins Commercial Realty.