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Terra Breaks Ground on Upland Park in West Miami-Dade, A $1 Billion Transit-Oriented Development

Terra has officially broken ground on Upland Park, a $1 billion mixed-use community that will transform the Dolphin Park-and-Ride Transit Terminal Facility into a 47-acre, transit-oriented development. Conceived in partnership with Miami-Dade County, the project will bolster public transit ridership while anchoring the new East-West Corridor of the County’s SMART…

$1B Upland Park Transit-Oriented Development Breaks Ground

A groundbreaking ceremony was held yesterday for the largest public-private transit-oriented development in Miami-Dade County’s history. Upland Park is being built next to the Dolphin Park-and-Ride Transit Terminal Facility . It is being developed on land that was producing zero public revenues previously. The new development will generate over one billion dollars in new rent…

Miami-Based Developer Proposes Complex with Workforce Housing at 8445 S.W. 94th Street in Kendall

A Miami-based developer has filed a pre-application for a multi-family housing community in Kendall. 8445 Galloway LLC wants to proceed with a six-story apartment building, requiring 53,218 square feet of new construction. Current plans call for 41 residences—10 of which would be designated as workforce housing. According to Miami-Dade County records, a family…

Harvey Hernandez, Two Roads selling piece of Miami River dev site

Developer Harvey Hernandez and Two Roads Development are under contract to sell a portion of their Brickell assemblage along the Miami River, The Real Deal has learned. Miami Beach-based Prosper, a development firm led by Jay Roberts, is working with an undisclosed partner to acquire the 1-acre property at 66 Southwest Sixth Street and 625 Southwest First Avenue…

Development district to finance Freedom Park improvements

The 58-acre public park promised in the Miami Freedom Park project will be backed by a dedicated fund and district, securing its maintenance, while officials are also committing $10 million in future funding to improve parks across the city. During the Feb. 13 meeting, the Miami City Commission approved two resolutions to secure funding for the maintenance…

Noguchi-designed fountain flows again, but higher, in Bayfront Park

Water is once again flowing through the newly renovated fountain at Bayfront Park, where its historic design meets modern enhancements. City officials gathered at Bayfront Park last week for an evening ribbon-cutting ceremony as the sunset and the Mildred and Claude Pepper Fountain’s vibrant, colorful display took centerstage. After decades of disuse, the iconic downtown…

Shoreline Review Application Submitted for 39-Story ‘Isle of Dreams’ at 1400 79th Street Causeway

A shoreline development review application has been submitted for Isle of Dreams, a 39-story mixed-use tower planned at 1400 79th Street Causeway in North Bay Village. Developed by Sunbeam 1400, LLC, an affiliate of Sunbeam Television,  and designed by Arquitectonica, the project marks the first phase of the Sunbeam NBV Special Area Plan (SAP), which was approved in 2022.

duPont REGISTRY Group Partners with Fortune to Develop Tower for Car Collectors in Magic City Innovation District

duPont REGISTRY Group, Fortune International Group, and Pininfarina have partnered to develop duPont REGISTRY Tower, a luxury tower designed for automotive collectors and high-end businesses in Miami’s Magic City Innovation District. The project will merge automotive culture with premium office and lifestyle spaces, offering a first-of-its-kind destination…

South Florida’s older, suburban office buildings ripe for deep discounts and conversions: panel

South Florida’s office market is in the midst of a deep exhale after years of pandemic-fueled momentum, according to members of Avison Young’s top brass. “I think we are taking a breath in South Florida right now,” said Greg Martin, a principal in the brokerage’s Fort Lauderdale/Boca Raton office. “In the last 12 months particularly, the nation has caught up with us.

Developer Proposes ‘Gallery in the Grove’ for 3170 Mundy Street in Coconut Grove

Related Urban Development Group has proposed a high-rise, mixed-income tower in Coconut Grove. The aptly named Gallery in the Grove would measure 20 stories above grade and comprise 248,265 square feet of new construction. It would be one of the tallest buildings in the area. Gallery in the Grove would feature 345 apartments; the South Florida Business Journal shares…

Two Roads’ Edgewater condo buyout at impasse: What could happen next?

It’s been nearly a year since a Florida appellate court entered a ruling in favor of the eight holdout unit owners at a bayfront condo in Miami’s Edgewater, putting the developer’s plans to build a luxury Edition Residences project in limbo. The developer, Miami and West Palm Beach-based Two Roads, and the holdout unit owners at Biscayne 21 still have not reached an agreement.

One Kane Breaks Ground in Bay Harbor Islands, Secures First Tenant BondST

Construction is now underway at One Kane, a 126,000-square-foot Class A office building rising at 9551 E Bay Harbor Drive in Bay Harbor Islands. The seven-story project will introduce Miami’s first office building with private boat access, offering reserved dock slips and boat valet service alongside a suite of high-end amenities. Developed by Taubco and Landau Properties…

Related Urban’s plan for $148M Coconut Grove mixed-income project nabs committee approval

Related Urban’s potential replacement of a Coconut Grove public housing project for seniors with a $148 million mixed-income multifamily project is gaining steam. Miami-Dade County Commission’s housing committee on Tuesday voted unanimously and without discussion in favor of Mayor Daniella Levine Cava negotiating a 99-year lease with Related Urban, led by President Albert Milo…

Indian Creek Residences & Yacht Club Tops Out in Bay Harbor Islands

Indian Creek Residences & Yacht Club has officially topped out in Bay Harbor Islands, reaching its full eight-story height. Developed by Landau Properties and designed by Kobi Karp Architecture & Interior Design, the boutique waterfront condominium is now over 80 percent sold, with only two residences remaining. Closings are anticipated to begin by the end of the year.

Baywood, Dolphin Capital score $36M loan for Wynwood’s Moxy hotel, as they bring in new partner

When DolphinBay Hospitality sold a majority stake in the Moxy Miami Wynwood hotel recently, the joint venture also secured $35.5 million in new financing. DolphinBay obtained the loan from Synovus Bank on Jan. 30, records show. The same day, Istanbul-based Süzer Group paid $99 million to become 52 percent owner of the recently completed 120-key hotel at 255 Northwest 25th Street.

Plans for 68-Story One Brickell City Centre Canceled Amid Market Shifts

Swire Properties has canceled its plans for One Brickell City Centre, a proposed 68-story office tower in Miami’s Brickell neighborhood. The decision comes after challenges in securing sufficient pre-leasing commitments, leading the company to list the 2.8-acre site at 700 Brickell Avenue and 799 Brickell Plaza for sale through brokerage firm CBRE….

Affordable Housing Development ‘Rainbow Village’ Starts Construction at 2000 NW 3rd Avenue in Miami

Construction has started on Rainbow Village, a mixed-use affordable housing complex in Miami. The 310-residence development will offer studio to four-bedroom homes, with the project itself comprising close to 700,000 square feet of new construction. Yield PRO shares that residency will be available to those earning at or below 30, 50, 60, 70, and 80 percent of the area…

Cymbal DLT scores $114M refi for Live Local Act apartment complex in Miami Gardens, as South Florida loans flow

Asi Cymbal scored a $114 million refinancing for a 341-unit Live Local Act apartment complex in Miami Gardens, as loans keep flowing in South Florida. Apollo Global Management and RXR Realty Investments provided the loan, which paid off the $102.5 million construction financing for the 14-acre Laguna Gardens at 20775 Northwest 17th Avenue, according to the developer’s news release.

Housing Trust Group Breaks Ground on $185M Affordable Housing Development in Miami

Housing Trust Group has broken ground on Rainbow Village, a $185 million affordable housing development located at 2000 N.W. Third Ave. in Miami.  Spanning 698,000 square feet, the community will feature 310 units alongside 12,000 square feet of retail space, 50,000 square feet of amenities and 442 parking spaces.  Units will be offered in studio, one-, two-, three…

The Residences at 1428 Brickell Secures Master Permit, Clearing the Way for Vertical Construction

Master permit approval has been secured for The Residences at 1428 Brickell, a 70-story, 195-unit residential tower in the heart of Brickell. Developed by Ytech and led by Yamal Yidios, the approval sets the stage for construction to move full speed ahead. Unlike phased permitting, the master permit allows the project to proceed without interruption, keeping…

Historic preservation board greenlights Keyah’s plans for new Miami Beach hotel

The Miami Beach Historic Preservation Board is keen on Keyah Real Estate Group’s plan to reshape nearly an entire Art Deco block between Washington and Collins avenues. On Feb 11, the board unanimously approved by a 5-0 vote a new 262-key hotel project by Aventura-based Keyah and Grup Peralada, a family office based in Barcelona, Spain.

Keyah Real Estate Group Unveils Plans for a New Iconic Miami Beach Hotel

Keyah Real Estate Group, a dynamic, rising hospitality developer with footprints in Miami and New York, is thrilled to unveil plans for a 262-key multi-structure boutique hotel, that is set to redefine the Miami Beach hospitality scene and become the city’s next hotel, wellness, and F&B destination. The project has just secured unanimous approvals from both the City of Miami Beach…

duPont Registry Tower Announced For Miami

Plans were announced this morning for a luxury tower for car collectors in Miami, to be called the duPont Registry Tower. duPont Registry is partnering with Miami developer Fortune International and Italian design firm Pininfarina on the project. The tower will house an invitation-only club for collectors of exclusive cars. It will be located in the upcoming Magic City…

Phased Vertical Permit Issued For 67-Story JEM Private Residences

The 67-story JEM Private Residences at Miami Worldcenter has been issued a phased vertical permit. Miami’s Building Department issued the permit this morning, allowing vertical construction work to commence. The 67-story tower is planned to rise to a height of over 700 feet. It will include 259 luxury condo units on the upper levels, and 530 multi-family units on the lower levels.

$25.8M Sale-Leaseback of Cold Storage Facility Near Miami Airport Arranged

Digiacomo Group and JLL have negotiated the $25.8 million sale-leaseback of a cold storage facility located at 2323 N.W. 72nd Avenue in Miami. The seller, produce distributor Sun Belle LLC, will lease back the 82,261-square-foot property from the new owner, locally based Iconic Equities LLC, which specializes in industrial outdoor storage (IOS) and traditional industrial…

Demolition Continues At One Bayfront Plaza Supertall Site

Demolition is continuing at the One Bayfront Plaza site in the heart of downtown Miami, new photos by Phillip Pessar show. The 19-story, nearly 70-year-old building is being demolished to make way for a new supertall tower. Demolition is taking place in phases. It began in 2023 with interior demolition, and recently progressed to demolition of its massive parking garage and retail…

Lease roundup: Morgan Stanley renews at Flow and Canada Global’s Aventura Corporate Center

Morgan Stanley kept its offices at the Aventura Corporate Center. The New York-based financial services behemoth renewed its 42,400-square-foot lease at 20801 Biscayne Boulevard in Aventura, according to a news release from the landlord’s broker. Christina Jolley of Blanca Commercial Real Estate represented the landlord. Adam Bernstein and Zach Wendelin of JLL…

DWS Sells Fort Lauderdale Office Tower for $220M

The office building at 401 E. Las Olas Blvd. rises 23 stories in Fort Lauderdale, Fla.’s financial district. Image courtesy of Square2 Capital The partnership of Highline Real Estate Capital, Square2 Capital and Lone Star Funds has acquired 401 E. Las Olas Blvd. in Fort Lauderdale, Fla.’s financial district. CBRE represented the seller of the 410,561-square-foot office asset…

Lone Star Funds, Highline, Square2 buy Bank of America tower in downtown Fort Lauderdale for roughly $220M

Three investment firms bought the Bank of America Plaza at Las Olas City Centre in downtown Fort Lauderdale for about $220 million, marking the second major office sale in the city this week. Lone Star Funds, through its real estate fund VII, Highline Real Estate Capital and Square2 Capital bought the 23-story building at 401 East Las Olas Boulevard, according to news…

Benjamin lists Fort Lauderdale dev site for over $33M, as construction prices continue to climb

Benjamin Companies put a 2.4-acre multifamily development site in Fort Lauderdale on the market for more than $33 million, amid elevated construction costs and slower rental growth. Garden City, New York-based Benjamin Companies scored approval in 2022 for a pair of 33-story towers with 542 apartments, combined, and 13,800 square feet of commercial space…

Bradford Allen pays $208M for Las Olas Centre I & II offices in downtown Fort Lauderdale

Bradford Allen Investment Advisors bought a two-building office complex in downtown Fort Lauderdale for $208 million, marking the biggest office sale this year. Chicago-based Bradford Allen bought the Las Olas Centre I & II at 350 and 450 East Las Olas Boulevard from DWS Group, according to the buyer’s news release, which doesn’t include the price. A source familiar…

Developer Seeks $6M CRA Incentive for 121-Unit Mixed-Use Project in Historic Sistrunk Neighborhood in Fort Lauderdale

A local developer is seeking $6 million in incentives from the Fort Lauderdale Community Redevelopment Agency (CRA) to support a mixed-use development in the Historic Sistrunk neighborhood. The proposal, part of the CRA’s Development Incentive Program, aims to stimulate economic growth in the historically Black community located just west of Flagler Village.

Related, BH and Pebb clear final hurdle for Office Depot campus mixed-use project

A partial redevelopment of Boca Raton’s Office Depot campus is set to go forward after receiving final city zoning approval. The Boca Raton City Council on Tuesday unanimously approved a site plan to demolish an existing office building to make way for an eight-story building with 500 apartments, nearly 43,000 square feet of retail and restaurant space and a 36,400-sf…

Terra, Frisbie win bid for Boca Raton City Hall redevelopment, plan 2M-plus sf mixed-use complex

Davd Martin’s Terra and Frisbie Group won a coveted bid to redevelop Boca Raton’s government campus, where the firms plan a 2.5 million-square-foot mixed-use complex. Terra and Frisbie beat three other contenders, including second-ranked bidder Related Ross, led by billionaire Steve Ross. On Tuesday, the Boca Raton City Council voted to select Coconut…

Related Ross Seeks Rezoning for Mixed-Use Development at K Park Site in Wellington

A rezoning application is moving forward for a 66.3-acre site in Wellington, where Related Ross, led by billionaire developer and Miami Dolphins owner Stephen M. Ross, plans to develop a large-scale mixed-use project. The site, K Park, is located at 10400 Stribling Way and is currently designated for community facilities and commercial uses. The Village of Wellington’s Planning…

Prologis Says Warehouse Leasing Rises After U.S. Election Eases Uncertainty

The world’s largest industrial developer and landlord said a burst of leasing since the U.S. November election has bolstered the company’s expectations for accelerating warehouse demand this year. Prologis signed a company record of more than 60 million square feet of leases in the fourth quarter, with most of the deals signed in the weeks after the Nov. 5 election reduced econo…

For Some CRE Owners, Insurance Now Gobbles Up Double the Revenue 

Since around 2018, property insurance costs began a steady march upward, almost universally across commercial real estate (CRE), broadly forcing property owners and lenders to strategically confront the reality of soaring premiums and shrinking availability. But much of CRE has also enjoyed significant rent growth, which has seemingly muted the overall impact to bottom line…

Reducing Costs & Increasing Value: Climate-related Trends for CRE in 2025 

While some elements of sustainability may face growing political headwinds, climate risk is engrained in CRE. Investors and lenders are focused on identifying opportunities to reduce costs, while also determining the long-term implications for asset value. Energy efficiency and resilience to extreme events address both of these concerns and thus are expected to stay…

Commercial Property Values Drive Optimism Around 2025 Investments, TD Bank Survey Finds

Despite rising energy costs, office vacancies, interest rates and economic uncertainties as the industry adjusts to a new administration, recent insights garnered from TD Bank’s survey at the CRE Finance Council Miami found that commercial real estate leaders are still excited for the opportunities this year could bring. More than 200 commercial real estate professionals…

The post Miami Commercial Real Estate News February 19, 2025: $1B Transit-Oriented Dev Breaks Ground; Edgewater Condo Buyout Impasse Update; More… appeared first on Hawkins Commercial Realty.

Live Local Project The HueHub with 4,000 Units Moving Through Site Plan Approval

A massive Live Local development is continuing through the site plan approval process. The development name is listed as The HueHub in plans prepared by architect Arquitectonica and submitted to the county. The first site plan application for The HueHub was submitted in July. Yesterday, the third version of plans was submitted following the first several phases of review.

The Residences At 1428 Brickell Gets Master Construction Permit

Developer Ytech has been issued a master construction permit for The Residences at 1428 Brickell. The development is now on track to begin going vertical and make its impact on the Miami skyline. By obtaining a master permit first, the developer ‘underscores its commitment to delivering the project on schedule without compromise.’

Brickell City Centre Retail Remains 100% Leased At The Start Of 2025

Swire Properties says that its popular Brickell City Centre shopping mall continued to remain 100% occupied at the end of 2024. It is the second year in a row that the shopping center was 100% occupied. Brickell City Centre’s mall was also listed as 100% occupied at the end of 2023. That was the first time it had ever reached 100% since the complex opened in 2016.

$185M Rainbow Village Breaks Ground Next To Wynwood

Construction is now underway at Rainbow Village, according to a press release. The $185m mixed-use development is being built on county-owned land at the border of Wynwood in Overtown. Rainbow Village will include: 310 affordable housing units almost 12,000 square feet of retail more than 50,000 square feet of amenity space 442 parking spaces Units will be income restricted…

Contractor Selected For Riverside Wharf, Groundbreaking June

The developers of Riverside Wharf have selected a contractor and announced a groundbreaking date, according to the Herald. The project is now said to be valued at $300m. Moss Construction will serve as the General Contractor for the development. Groundbreaking is planned for June, with completion planned for 2027. Riverside Wharf will include a 167-room Dream hotel…

It was a spot to party on the Miami River. Now a hotel, club and raw bar are moving in

A slice of land on the Miami River where people had gathered to party, drink, do Sunday yoga and eat food truck fare will be transformed into a major waterfront development featuring a hotel, entertainment complex and an offshoot of a popular seafood house. The Wharf Miami closed in August 2023, but details and a timeline of what’s next for the now-vacant site…

World’s Largest Cruise Terminal Opens At PortMiami

MSC’s new terminal at PortMiami welcomed passengers for the first time on February 8. Currently, the terminal isn’t yet fully completed, around three years after groundbreaking. When it is full operational, the terminal will be able to handle three ships and 36,000 passengers simultaneously. There are reports suggesting that the cost to built the terminal has increased from $350M…

New Renderings & Sales Records For Brickell’s Mandarin Oriental Residences

Swire Properties has released new renderings and announced new sales milestones for The Residences at Mandarin Oriental in Brickell. The development will include two towers, one rising 850 feet with 228 residences and another rising 426 feet with 66 private and 28 hotel residences, along with a flagship Mandarin Oriental hotel. Condo units have been selling for a blended…

661-Unit Metro Parc North Transit-Oriented Development in Hialeah Breaks Ground

A groundbreaking ceremony took place yesterday for Metro Parc North, a transit-oriented development. The development will be a highly amenitized, Class-A building – said to be one of the first of its kind in the Hialeah area. It will have 661 rental units, and over 15,000 square feet of retail. The development will be located on a full city block steps away from the Tri-Rail/Metrorail…

Baron Begins Hialeah Luxury Project

Baron Property Group, a Miami- and New York-based developer, has broken ground on a 661-unit luxury multifamily property adjacent to the Metrorail station in Hialeah, Fla. Metro Parc North will rise next to Hialeah Hospital, one of the largest hospitals in Florida. Located at 983 E. 26th St., Metro Parc North is next to Metro Parc, Baron Property Group’s 559-unit mixed-use…

Kendall Parkway development back on fast track

A long-stalled bid to cut driving time from West Kendall to downtown by adding 13 miles to SR 836 is set to rev up after the county pulled out of a war over control of five tollways. Commissioners voted unanimously last week to exit the fight, clearing the way for the Greater Miami Expressway Agency to put Kendall Parkway construction in high gear.

Miami’s Bayfront Park may come under park department control

Miami officials are considering dissolving the agency responsible for overseeing the operations of downtown’s two waterfront parks and transferring its duties to a new division within the city’s Parks and Recreation Department. The Miami City Commission is to review legislation today (2/13) that would repeal part of the city code that established the Bayfront Park…

Commissioners To Vote On Abolishing Bayfront Park Management Trust

Miami Commissioners are scheduled to vote on a resolution that would abolish the Bayfront Park Management Trust. The trust was initially created to manage Bayfront Park. Later, the trust took control of Museum Park (which the city officially now calls Maurice Ferre Park). A total of three commissioners must vote in favor in order for the trust to be abolished…

Miami aims to preserve the green at new Freedom Park

As work on Miami Freedom Park progresses, the City of Miami is taking steps to secure funding for the upkeep of the 58-acre public park promised as part of the development deal. Miami commissioners are to vote today (2/13) on two key measures designed to secure funding for maintaining and enhancing the expansive green space guaranteed as a public benefit of the Miami…

Careful logistics let PortMiami handle record 13 ships in a day

Preparations and planning were the framework for smooth sailing when PortMiami seamlessly welcomed a record number on ships on a single day on Saturday in a dress rehearsal for even more ship traffic. Feb. 8 was a historic day at the port, said Hydi Webb, PortMiami director and CEO, as, for the first time, 10 cruise ships and three cargo ships were at the port at the same time.

Revolutionary vertical air cargo hub at MIA is five years away

A revolutionary vertical center that will increase Miami International Airport’s cargo capacity by 50% is working through 18 months of due diligence before construction can begin, with actual operation of the center still five years away, aviation officials say. A 40-year lease for Miami Gateway Partners to spend $400 million to develop and then operate the cargo center…

661-Unit Metro Parc North Breaks Ground in Hialeah

Baron Property Group has officially broken ground on Metro Parc North, a 661-unit residential development in Hialeah. Designed by Modis Architects and built by KAST Construction, the project will introduce Class-A multifamily housing with a range of amenities, located adjacent to the Metrorail station and Hialeah Hospital. Completion is expected in Q3 2027….

$35.5M Loan for Moxy Miami Wynwood Hotel Arranged

Atlanta-based Hunter Hotel Advisors has arranged a $35.5 million loan for the recapitalization of the Moxy Miami Wynwood, a 120-room hotel that opened in October. The developer of the eight-story hotel was a 50/50 joint venture between Baywood Hotels and Dolphin Capital Partners. Charlie Ryan and Adeel Amin of Hunter’s capital markets team arranged the loan through…

Baywood, Dolphin Capital score $36M loan for Wynwood’s Moxy hotel, as they bring in new partner

When DolphinBay Hospitality sold a majority stake in the Moxy Miami Wynwood hotel recently, the joint venture also secured $35.5 million in new financing. DolphinBay… The same day, Istanbul-based Süzer Group paid $99 million to become 52 percent owner of the recently completed 120-key hotel at 255 Northwest 25th Street. Charlie Ryan and Adeel Amin…

The Residences at Mandarin Oriental, Miami Reveals 100K SF of Amenities

Swire Properties has unveiled the first images of the extensive amenities at The Residences at Mandarin Oriental, Miami, located on Brickell Key. The development offers over 100,000 square feet of resort-style amenities within a lush, multi-tiered podium designed by Thai landscape firm Shma. The Residences will feature 11 pools—the most in any new Miami development…

Lennar Plans 178-Unit Townhome Development in Hialeah, FL

Lennar is under contract from Miami Lakes-based Ita Regio LLC to purchase an 18.2-acre property in Hialeah, FL. The South Florida Business Journal reports that 15.2 acres could be developed into a single-family housing development that would feature 178 townhomes. Every home would offer three bedrooms, and the complex itself would offer 356 surface parking spots…

In Park West, 65-Story E11EVEN Tower Has Topped Off

The first 65-story tower at E11EVEN Club Hotel & Residences has topped off. Developer PMG and E11EVEN Partners are building the dual-tower development in Park West. The first tower, E11EVEN Club Hotel & Residences, features residences and hotel rooms, while the second tower, E11EVEN Club Residences Beyond, offers condominiums. A foundation pour for the first tower…

Brickell’s Mercedes-Benz Places Launches Sales For Tower 2

Mercedes-Benz and JDS Development Group have launched sales for Tower 2 at Mercedes-Benz Places. The 67-story building is already under construction. The design of the cuboid tower is said to embody the Mercedes-Benz brand aesthetic. “We are transferring our significant automotive design expertise into architecture and with that make a strong…”

171-Unit Domus Brickell Park Tops Off

Domus Brickell Park has become the first development in Brickell to top off this year. With the shell now complete, the tower is on track to obtain a temporary certificate of occupancy by the end of 2025, with its hotel and residences on schedule to open in Q1 of 2026. The 12-story development will include 171 fully furnished, short-term friendly units. More than 60% of units…

New Edgewater Tower Submitted To FAA At 333 Feet

The planned height for Metro Edgewater’s second tower has been submitted to the FAA. Metro Edgewater’s first 32-story tower reached completion in 2023. The second tower, Metro Edgewater 2, was first revealed in a hearing before the Urban Development Review Board in 2024. It is planned to rise 28 stories. The height will reach 333 feet above ground, or 341 feet above sea…

Witkoff to revive Blavatnik and Scher’s long planned Ocean Terrace project in Miami Beach

Witkoff Group formed a joint venture with Ocean Terrace Holdings, reviving development plans for a mixed-use luxury condo project in North Beach, The Real Deal has learned. Witkoff, led by Chairman Steve Witkoff and his son, CEO Alex Witkoff, is joining existing partners Alex Blavatnik and Sandor Scher on Ocean Terrace in Miami Beach. The new partnership closed on…

E11EVEN® Club Hotel & Residences Tower One Tops Off in Downtown Miami

Construction has officially topped off at E11EVEN® Club Hotel & Residences Miami, marking a significant milestone for the dual-tower luxury development rising in Downtown Miami’s Park West neighborhood. Developed by PMG and E11EVEN Partners, the project is redefining resort-style, entertainment-driven living in the city’s evolving urban core….

MG, Vertical launch condo sales for Alhambra Parc in Coral Gables

MG Developer and Vertical Developments are launching sales for their planned Coral Gables project, Alhambra Parc. The 78-unit condominium is planned for 33 Alhambra Circle, according to a press release. MG Developer, led by Alirio Torrealba, landed a $14.5 million preconstruction loan for the project in October. Torrealba partnered with co-developer…

BGO & Dermot Complete Solar Panel Installation at Cordoba in Downtown Doral

BGO and The Dermot Company have completed the installation of a $1.7 million solar energy system atop the parking garages at Cordoba, a 454-unit apartment community in Downtown Doral. The new system is expected to generate enough electricity to cover 50% of the energy needs for the property’s common areas, including its amenity spaces….

Reserve Padel Opens First Permanent Club at SoLé Mia in North Miami

Reserve Padel has officially opened its first permanent club at SoLé Mia, a 184-acre master-planned community in North Miami developed by LeFrak and Turnberry. Located at 2251 NE 146th Street, the new 100,000-square-foot facility features ten professional padel courts, including six outdoor and four indoor courts with 35-foot ceilings, along with two dedicated pickleball…

Aconcagua Developers Proposes 162-Unit Apartment for 12867 S.W. 248th Street in Homestead

Miami-based Aconcagua Developers has proposed a mid-rise housing development in southern Miami-Dade County. The unnamed complex would measure eight stories and feature 162 units. Residences would include one-bedroom and two-bedroom floorplans, measuring 590 to 985 square feet each. Communal amenities would feature a dog park and ground-floor swimming pool.

Aconcagua proposes 162-unit apartment building in Princeton, amid a development rush on south Miami-Dade

A developer proposes a 162-unit apartment project in Princeton, amid a continued rush on south Miami-Dade County. Aconcagua Developers wants to build an eight-story building on a 3-acre site on the northwest corner of Southwest 248th Street and Southwest 128th Avenue in an unincorporated area of the county, according to an application filed late last month.

BH adds to portfolio, pays $83M for waterfront North Bay Village apartment complex

BH Group expanded its South Florida portfolio once again, dropping $83 million for a waterfront North Bay Village multifamily project. The Aventura-based firm acquired Wake Biscayne Bay, a complex of three 10-story buildings with 338 apartments at 7501 and 7525 East Treasure Drive, confirmed Isaac Toledano, who leads BH along with his wife, Liat Toledano.

Permit Issued For $2M Island Gardens Sales Center

A construction permit has been issued for a temporary sales center on Watson island. The structure will likely be used to sell condos at an upcoming development. The name on the permit is listed as Island Garden Sales Center. Miami’s Building Department issued the construction permit last month. The temporary facility will have two floors, rising 26 feet in height…

Related Urban wants to bring mixed-income apartments to Coconut Grove

Related Urban is eyeing a public housing site in Coconut Grove for a mixed-income multifamily project. The Miami-Dade County Commission housing committee on Tuesday will review a resolution that would authorize Mayor Daniella Levine Cava’s staff to begin negotiations with Related Urban, led by President Albert Milo. The firm is seeking a 99-year lease…

831-Foot Building Proposed In Downtown Miami

A filing has been submitted to the Federal Aviation Administration for an 800+ foot building in Downtown Miami. The filing was submitted on February 3. It requests approval to build a tower rising to a height of 831 feet above ground, or 840 feet above sea level. The site coordinates submitted with the filing appear to be the same as the Clear Residences property.

Developer files for bankruptcy over North Miami Beach apartment tower dev site, amid dispute with lender

Developer Celal Ozkan filed for bankruptcy on his North Miami Beach development site for a 341-unit apartment tower, marking the latest in his nearly yearlong dispute with the lender. Sky Gardens Residences, an entity tied to Ozkan, CEO of Turkish firm CEO Contract, is pursuing Chapter 11 reorganization on the 1-acre site at 16300 Northeast 19th Avenue.

With Over 75% Of Units Sold, The Perigon Miami Beach Gets $390M Loan

The developers of The Perigon Miami Beach have reached a sales milestone and obtained a massive construction loan, More than 75% of units have been sold, the developers said. Construction financing totaling $390 million has been issued by Eldridge Real Estate Credit. The Perigon will include 73 ultra-luxury condos. The building is being designed by OMA, led by architect…

The Last Carrot in Coconut Grove Forced to Relocate After 50 Years

After 50 years of serving the Coconut Grove community with fresh veggie sandwiches and healthy bites, the Last Carrot must relocate come November. According to Coconut Grove Spotlight, Coral Gables-based developer Allen Morris Company is slated to knock down the tiny strip mall located at 3133 Grand Ave., the home of the Last Carrot, to build a five-story, mixed-use office…

Poof! Judge dismisses foreclosure lawsuit against Masoud Shojaee

In one of the shortest lived foreclosure actions, City National Bank of Florida resolved a loan dispute with developer Masoud Shojaee in less than a month. On Jan. 24, Miami-Dade Circuit Court Judge Beatrice Butchko Sanchez approved the Miami-based bank’s motion to dismiss its lawsuit. Three weeks earlier, City National filed the complaint against Shojaee and an entity…

Launch party at Mercedes-Benz Places oozes pre-pandemic energy

Ugo Colombo walked into the Mercedes-Benz Places sales center launch wearing sunglasses with a light orange tint. Colombo glided through the building, sizing up the finishes for the planned Brickell condo project. The car enthusiast — he owns the luxury car dealership the Collection — is rarely seen at industry events. He was among a handful of developers and hundreds…

Lease roundup: Tech firm Kandji opening East Coast HQ in Coral Gables, Venture X outpost on tap in Miami Lakes

Tech firm Kandji will open its East Coast headquarters in Coral Gables. Kandji, which provides automation-forward Apple device management software, leased 30,000 square feet at 2811 Ponce de Leon Boulevard at The Plaza Coral Gables, according to the tenant’s news release. It will open on March 5. The San Francisco-based firm is led by CEO Adam Pettit.

Equinox preleases 31K sf at Oak Row’s Edgewater project, as it expands in South Florida

Equinox will open at one of Oak Row Equities’ mixed-use multifamily projects in Miami’s Edgewater, as it expands in South Florida, The Real Deal has learned. Equinox preleased 30,700 square feet at the 2600 Biscayne tower at 2600 Biscayne Boulevard, according to representatives for the tenant. The luxury gym is expected to open late next year or early 2027.

The Calta Group Secures $53.7 Million in Financing from Forman Capital for Two Projects in Downtown Hollywood

The Calta Group, led by brothers Ignazio and Gaetano Caltagirone, has announced closing a $53.693 million construction loan for two new rental apartment projects in Hollywood, Florida: Caltopia Hollywood and Caltopia Hollywood II designed by Kaller Architecture. The loans were provided by Forman Capital, under the leadership of Scott Mehlman, with advisory…

Calta lands $54M construction loan for Hollywood apartments, amid South Florida multifamily supply overhang

The Caltagirone brothers’ Calta Group scored a $53.7 million construction loan for a pair of Hollywood apartment projects with a total of 251 units. The deal comes as South Florida is dealing with a multifamily supply overhang following a yearslong construction flurry. Coral Gables-based Calta plans the 151-unit Caltopia Hollywood on a nearly 2-acre site at 2750 Van Buren Street…

Raimundo Onetto’s Alta plans 466-unit condo project on Hollywood site previously slated for apartments

Developer Raimundo Onetto plans a 466-unit wellness-focused condo project near the Hollywood Beach Golf Club, shifting from his previous plan for apartments, The Real Deal has learned. Onetto’s Miami-based Alta Developers will build Gaia Residences as a pair of 18-story towers with 72,000 square feet of amenities on a roughly 2-acre site at 401 North Federal Highway…

Dealership expanding? Craig Zinn Automotive pays $15M for Hollywood church site near its Toyota sales centers

Craig Zinn Automotive Group paid $14.5 million for a Hollywood church building that’s near its existing Toyota dealerships. The Hollywood-based auto dealer, led by CEO Craig Zinn, bought the one-story, 51,700-square-foot building at 1800 North State Road 7 from Hope Church of Christ, according to records and real estate database Vizzda. The building…

Miami Heat Co-Owner Raanan Katz Buys Pembroke Pines City Furniture Store For $15 Million

As someone who closely follows South Florida’s retail and real estate scene, I was intrigued to learn that City Furniture has decided to sell one of its Pembroke Pines locations. This property, located at 11211 Pines Blvd., just traded hands for $15.24 million. The buyer? RK Centers, a firm led by Miami Heat minority owner Raanan Katz—which already owns neighboring…

Miramar Commerce Park Gets New Pharma HQ

Miramar Park of Commerce comprises more than 5 million square feet across numerous low-rise buildings. Image courtesy of CommercialEdge Nearly two years after acquiring Aveva Drug Delivery Systems, DifGen Pharmaceuticals has relocated its corporate headquarters from Princeton, N.J., to Miramar Park of Commerce in Miramar, Fla.

Stiles Corp. Seeks Rezoning Request for Apartment Complex at 8201 to 8151 Peters Road in Plantation

Fort Lauderdale-based Stiles Corp. wants to proceed with a multi-family housing development in Plantation, FL. Currently, it’s seeking approval for a land use amendment and rezoning request of a 22.3-acre property––4.3 acres of which could host the new complex. Plans call for 385 apartments. Configurations include one-bedroom to three-bedroom models…

Boca Raton selects developers to build city hall campus

Two South Florida real estate development companies beat out Related Ross as the city of Boca Raton’s preferred partner to redevelop 30 acres of publicly owned land. The Boca Raton City Council unanimously ranked Boca Raton City Center LLC, a joint venture of David Martin’s Miami-based Terra Group and Palm Beach-based Frisbie Group, as the No. 1 choice…

La Clara condo owners in West Palm, allegedly “stripped” of promised luxury experience, sue development team

Condo owners at La Clara in West Palm Beach were promised a luxurious experience with high-end finishes “smooth and free of imperfections.” But now they’re alleging the finished product was anything but that. The condo association representing owners at the waterfront tower is suing the developer, an affiliate of Toronto-based Great Gulf, and the design…

First look: Vanderbilt reveals renderings for planned $520M West Palm Beach campus

Vanderbilt University revealed renderings offering a first look at its planned $520 million West Palm Beach campus. The proposed campus will span a total of 300,000 square feet, with the aim to serve 1,000 graduate students in tech and business programs when it is completed, according to a press release. Vanderbilt, known as “the Harvard of the South,” tapped Boston-based Elkus…

Video: First Street’s Jeremy Porter; climate risks could erase $1.4 trillion in U.S. property value by 2055

Climate Change and the Future of U.S. Real Estate: $1.47 Trillion at Risk The U.S. housing and commercial real estate markets are on the verge of a major transformation as climate risks escalate. According to a recent study by First Street Foundation, discussed here by First Street’s head of climate implications research Jeremy Porter, extreme weather patterns and rising insurance…

The Atlanta Fed’s REIN Team Looks Back at the Economy in 2024

As 2025 begins, the Atlanta Fed’s Regional Economic Information Network (REIN) looked at 2024 in the rearview mirror using what firms told us over the course of the previous year. Here are our key takeaways, which we will elaborate upon in this article: Growth in demand eased from pandemic-era highs, settling at more historically normal levels. Labor tightness has eased…

Affordable Housing Within America’s Housing Affordability Landscape; Notable Demand Despite Substantial Growth

Housing affordability discussions have become commonplace across the country resulting from  long-term housing supply challenges since the Great Financial Crisis (GFC) and short-term economic volatility through the pandemic and subsequent inflationary period. Despite possessing a variety of local housing ecosystems across America’s metros, housing affordability challenges…

Report: Final Quarter 2024 North American Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier

Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much…

Nationally, Five Apartment Communities Sell for Roughly $250 Million or More in 2024

Following record-setting sales in 2021 and 2022, investments in U.S. apartments plummeted in 2023 amid the rising cost of debt and economic uncertainty. However, sales picked back up in 2024. During the year, five apartment communities changed hands for roughly $250 million or more. A total of 5,700 apartment properties changed hands across the U.S. at a value…

Office Loan Maturity Monitor: Another Year in the Books. What Lies Ahead?

Highlights: $487.5 million of CMBS office loans reached fully extended maturity in December, bringing the total for 2024 to $15 billion 27.5% of the loans maturing in December paid off, the third lowest monthly rate of 2024 Full year 2024 saw minimal improvement over 2023, with the full-year payoff rate climbing from 35.9% to 38.5% Debt yield was far and away…

The post Miami Commercial Real Estate News February 12, 2025: North Bay Village Multifamily Trades for $83M; 661-Unit Hialeah TOD Breaks Ground; More… appeared first on Hawkins Commercial Realty.

Climate Change and the Future of U.S. Real Estate: $1.47 Trillion at Risk

The U.S. housing and commercial real estate markets are on the verge of a major transformation as climate risks escalate. According to a recent study by First Street Foundation, discussed here by First Street’s head of climate implications research Jeremy Porter, extreme weather patterns and rising insurance costs will significantly impact property values, with an estimated $1.47 trillion in real estate losses by 2055. This discussion is somewhat reminiscent of observations we shared in a post last year; Helene/Milton Losses of the Florida “Self-Insured” May Be Near a Tenth of State’s GDP.

The Growing Threat of Climate Change on Real Estate

Historically, climate-related studies have focused on direct property damage , such as flooding or wildfire destruction. However, the latest research sheds light on indirect impacts , including population shifts, long-term environmental hazards, and skyrocketing insurance premiums. These factors are beginning to reshape the real estate market in unprecedented ways.

Regions that are particularly vulnerable include:

• Florida – While still experiencing population growth, Florida faces rising insurance costs due to increased hurricane intensity and flooding.
• Louisiana – A state already grappling with extreme weather events, now seeing further devaluation due to climate risks.
• Western U.S. – Wildfires and drought conditions continue to pose significant threats to property values.
• Mid-Atlantic & Midwest – These regions are experiencing more extreme precipitation events, leading to flooding and higher insurance costs.

The Insurance Crisis: Residential and Commercial Properties Impacted

One of the most pressing concerns is the rising cost of insurability, which is affecting both residential and commercial real estate. Over the past two to three decades, climate disasters have steadily increased in frequency and severity. However, the most dramatic surge in insurance premiums has occurred in the last five to six years, as insurers adjust to the growing number of claims.

This shift is now being directly reflected in property values. Homeowners, commercial property investors, and business owners are factoring in insurance costs during negotiations, leading to devaluations in at-risk markets. Key climate threats impacting insurability include:

• Hurricanes and wind damage along the Gulf Coast
• Increased flood risks nationwide
• Wildfire-prone areas in the West

The Commercial Real Estate Factor

While much of the discussion has focused on residential housing, commercial real estate is equally at risk . Businesses and investors are seeing:

• Higher insurance premiums cutting into operational budgets and profitability.
• More difficulty securing financing, as lenders factor climate risks into property valuations.
• Potential migration of businesses away from high-risk areas, reshaping regional economies.

For retail, office, and industrial properties, these risks create uncertainty in long-term investments. Areas with increasing disaster exposure may see commercial properties struggle to attract tenants, while businesses may be forced to move to lower-risk markets to control operational costs.

Homeownership and Wealth Building at Risk

For many Americans, homeownership is a key path to financial stability and long-term wealth. However, the rising costs associated with climate risk are altering this fundamental principle.

• Insurance costs are rising disproportionately – At the beginning of the 21st century, homeowners typically paid about 10% of their mortgage toward insurance. Today, that figure has more than doubled to 23%.
• Recent homebuyers are most vulnerable – Those who purchased homes in the past five to seven years are facing unexpected costs that significantly increase their overall mortgage burden.
• Property valuations are adjusting downward – In climate-vulnerable regions, home appreciation is slowing, and in some cases, reversing.

For longtime homeowners with built-up equity, higher insurance costs may be a manageable burden. However, for newer buyers, these expenses could alter home affordability calculations, forcing them to either purchase lower-value properties or reconsider homeownership altogether.

The Future of Residential and Commercial Real Estate in a Changing Climate

As climate risks become more embedded in the real estate market, risk-based pricing will become the new norm. Insurance companies will continue to adjust premiums to reflect actual exposure, which in turn will shape both residential and commercial property values.

This shift challenges the traditional American dream of homeownership as a surefire way to build wealth. In climate-vulnerable areas, home values may not appreciate as they did in previous decades, making real estate a less reliable investment. Additionally, business owners and investors must account for climate-related expenses, as insurance and disaster recovery costs eat into potential profits.

The First Street study highlights the urgent need for homebuyers, investors, and policymakers to reevaluate how climate risks influence real estate. As insurance costs continue to rise and climate-driven migration patterns shift, the future of U.S. real estate— both residential and commercial —will be increasingly tied to the realities of a warming world.

The post Video: First Street’s Jeremy Porter; climate risks could erase $1.4 trillion in U.S. property value by 2055 appeared first on Hawkins Commercial Realty.

Groundbreaking Ceremony Held for Ella Miami Beach, a 10-Story Condominium at 6940 Abbott Avenue in North Miami Beach

Construction is officially underway on Ella Miami Beach, a 10-story, 103-unit boutique condominium at 6940 Abbott Avenue in North Beach. Developed by Constellation Group and The Boschetti Group, the project aims to bring a contemporary take on Miami Beach’s Art Deco heritage while expanding luxury residential offerings in the area. Ortega Construction…

Brickell’s Tallest-Ever Tower Is Now Rising Vertically

The tallest tower to ever break ground in Brickell is now rising vertically, according to a photo by Due Italiani a Miami. Cipriani Residences is planned to eventually reach a height of 80 stories, or 940 feet above ground, and 950 feet feet above sea level. Developer Mast Capital broke ground on the tower in February 2024, after securing a $600m construction loan that…

At Least 10K Residential Units Planned In City Of Miami Under Live Local Act

There are now over 10,000 Live Local residential units moving through the planning process with City of Miami boundaries. Miami’s Planning Department maintains a list of all applications received under the Live Local law, which went into effect in 2023. As of the end of 2024, a total of 32 Live Local plans had been received by the city. Some of the applications have…

Ella Miami Beach Breaks Ground, With 103 Residences Planned

Ella Miami Beach has held a groundbreaking ceremony, according to the development’s Social Media account. Ella will have 103 residential units offering short-term rental flexibility upon completion. The building is planned to rise 10 stories, with a design by Arquiteconica. Previously, the developer described the design of the building as having Art Deco curves with modern…

Development With 1,450 Live Local Residential Units Planned In Edgewater

An application to build a major development in Edgewater has been submitted to Miami’s Planning Department. For now, the project name is known only as 3180 Biscayne. The development is planned under Florida’s Live Local Act, which came into effect in 2023. Developers can bypass certain local zoning restrictions if they dedicate part of their new development to income-restricted…

Deauville redevelopment secures Miami Beach planning board’s blessing

The Meruelo family and David Martin are one step closer to securing approval to build on the former site of the Deauville Beach Resort in Miami Beach. The city’s planning board unanimously recommended at its meeting on Tuesday that the Miami Beach City Commission approve land use changes that will allow the developers to build a larger project on the 3.8-acre oceanfront…

Miami’s Office Market Topped the Charts in 2024

The Miami office sector posted strong fundamentals throughout 2024, according to the latest CommercialEdge data. The metro marked a more than 41 percent jump in investment volume year-over-year, recording the busiest period in the last quarter. Last year, high prices in the Magic City placed it fourth in the nation, the market also emerging as the most expensive…

Dead deal: Related Urban cancels mixed-use project at former Homestead city hall

After nearly four years of negotiations, Related Urban is backing out of a pending deal to partner with the city of Homestead on a major mixed-use project, The Real Deal has learned. Last week, the affordable housing arm of Coconut Grove-based Related Group, led by Jorge Pérez and his sons Jon Paul and Nicholas Pérez, notified city officials that Related Urban is out.

Construction Braces For Impacts Of Tariffs, Deportations

Implications of trade tariffs and immigration policies could impact the construction industry, according to local experts. Trade tariffs could lead to inflation and recession, as has happened historically with tariffs. This could have significant impacts on the construction industry, affecting both costs and demand, said Lisa Colon, a partner at Saul Ewing. “The tariffs on materials imported from…

Transit team calls on Trump for help with Amtrak

In hopes the train hasn’t already left the station, the Citizens’ Independent Transportation Trust is urging Amtrak to reconsider keeping its vow to use the depot that the state built for it in Miami and is asking federal officials for help. The trust “is disappointed in Amtrak’s reversal to extend its passenger rail service to the [Miami Intermodal Center], where a more logical terminus…

Citadel developer goes back to drawing board, gets OK

A developer working to reactivate the rehabilitation of the historically designated Salvation Army Citadel building in Miami, and develop an adjacent property, has gained city support after a redesign. Owner-developer 49 NW 5th Street LLC is proposing the major rehabilitation of the historic site at 49 NW Fifth St. and 50 NW Sixth St. The applicant plans a restoration of the…

70-story tower ups contribution and enters Brickell Metrorail zone

A 70-story tower encompassing 464 residences, retail space and a performing arts venue near the Brickell Metrorail station has won unanimous county approval to apply development criteria of the Metrorail Subzone of the Rapid Transit Zone. In the process, Millennium Developments of Brickell LLC last week raised its voluntary contribution to improve area transit stations…

Plans Revealed for The James Hotel & Residences, an 82-Story Supertall Tower in Downtown Miami

Mint Developers and Sonesta International Hotels Corp. have announced plans for The James Hotel & Residences, an 82-story mixed-use supertall at 231 East Flagler Street in Downtown Miami. Estimated to cost $850 million, the project will introduce a blend of luxury residences and hospitality, becoming one of Miami’s tallest buildings. The project is designed by Idea…

Partnership Unveils Plans for $850M Hotel, Residential Skyscraper in Downtown Miami

A partnership locally based firm Mint Developers, hospitality owner-operator Sonesta International Hotels Corp. and property manager AD1 has unveiled plans for an $850 million hotel and residential project in downtown Miami. The James Hotel & Residences in Downtown Miami will comprise 336 fully furnished, for-sale residences and roughly 200 hotel rooms. At 82 stories…

82-Story Supertall Planned In Downtown Miami

Sonesta International Hotels Corporation says it has executed an agreement to build The James Hotel & Residences Downtown Miami. The 82-story $850 million, building will be a supertall, a press release said. A separate press release by AD1 Hospitality says the building will be the tallest in Miami. It will also have the highest elevation luxury bar and restaurant in the Americas.

Mint Developers plans $850M Sonesta supertall in downtown Miami

Mint Developers is teaming up with Sonesta International Hotels on the James Hotel & Residences, a planned supertall in downtown Miami. The two companies revealed their plans for the $850 million, 336-unit condo-hotel tower, a block west of Biscayne Boulevard. It will mark the first residential building for the James, one of Sonesta’s brands.

Demolition, Construction Permits Submitted For Urban Core Site Near Former Omni – 400-Foot Tower Planned

Applications for new construction and total demolition permits have been submitted for a property near the former Omni. The FAA also granted height approval last week for the new tower, at 380 feet above ground, or 388 feet above sea level. According to the master construction permit filing with Miami’s Building Department, the new development will have 33 floors…

SkyRise Miami Was Resubmitted To The FAA Yesterday

The Federal Aviation Administration has received an application to approve the height of SkyRise Miami. The agency received the application on February 3, 2025. It’s not clear who submitted it, or if it would look the same as an earlier proposal. According to the filing, SkyRise is planned to rise 1,045 feet above ground, or 1,049 feet above sea level. The application cites…

Miami-Dade Could Eliminate Parking Minimum In Government Center Subzone

Miami-Dade Commissioners were scheduled to vote today on eliminating a parking requirement for new developments in the Government Center Subzone of the Rapid Transit Zone. All properties within the Government Center Subzone are County-owned or County-developed properties. The area is served by Metrorail, Metromover, Tri-Rail, Brightline, and Bus Rapid Transit.

Viceroy Residences Aventura Launches Sales

Plans have been unveiled for Viceroy Residences Aventura. Viceroy Residences Aventura will include 274 residential condos, becoming the first new construction condos in Aventura in nearly 7 years, according to the developers. Residents will have access to 36,000 square feet of amenities, including a rock climbing wall, pickleball courts, and an indoor basketball half court.

Commissioners Vote In Favor Of 70-Story Calle 8 Brickell Tower

Brickell’s planned 70-story Calle 8 tower received a key approval from Miami-Dade last week. County commissioners voted unanimously to approve a special exception for a general development plan for Calle 8. The vote came at Miami-Dade’s Comprehensive Development Master Plan & Zoning. Commissioner Eileen Higgins noted several positive aspects that the development…

Kolter Group, BH list oceanfront Miami Beach condo dev site with whisper price of $110M

A joint venture between Kolter Group and BH Group is looking to sell an oceanfront development site in Miami Beach for a big profit. Delray Beach-based Kolter and Aventura-based BH tapped Berkadia to market the 1-acre property at 6985 Collins Avenue with a whisper price of $110 million, The Real Deal has learned. The developers paid $24 million…

Revised Demo Permit Approved For Santander Site In Brickell

Miami’s Building Department has approved a revision to a demolition permit for the Santander Tower site in Brickell. The revision was approved on January 31. It appears to be the second revision to the permit. Another revision was approved in December. Meanwhile, a dewatering permit application was submitted to Miami-Dade for the site in January. Coastal Construction…

Downtown Miami Fountain Is Now On, With 500 Lights & 800 Water Jets

The large fountain at Bayfront Park has been turned on following extensive construction. Renovation of the fountain cost $5.5 million, according to Axios. It will additionally cost an estimated $20,000 to $30,000 per month to operate, the report said. The fountain now features extensive upgrades compared to when it originally opened in 1990. There are over 500 lights…

FAA Filing Reveals Potential 1,000-Foot Tower in Brickell Adjacent to I-95

A filing with the Federal Aviation Administration (FAA) suggests the potential for another supertall tower in Brickell, with new permits requesting a height of 1,000 feet, or 1,010 feet above sea level. The filing, submitted on January 28, lists the project under the name “Brickell Mixed Use” and describes it as a multi-purpose building. However, it remains unclear whether the FAA…

1000-Foot Mixed-Use Building Planned In Brickell

A filing with the Federal Aviation Administration reveals that yet another supertall tower is under planning in Brickell. The filing was received by the agency on January 28. The structure will be a multi-purpose building, the application states. For now, the building name is listed in the filing as Brickell Mixed Use. Coordinates submitted with the filing show it will be built…

As part of $850M nationwide leaseback deal, AT&T sells 10 South Florida sites for $63M

AT&T has disconnected its ownership of 10 South Florida sites, selling the office/industrial properties to Reign Capital for a combined $62.9 million. An affiliate of New York-based Reign acquired buildings spanning roughly 1 million square feet in Coral Gables, Homestead, Miami, Miami Gardens, Sunrise and West Palm Beach, records and real estate database Vizzda show.

Ira Giller aborts Miami Beach project, sells dev site to Miami jewelers planning bigger development

Ira Giller canceled plans for a Miami Beach mixed-use building, after selling his development site to jewelers assembling land for a larger project, The Real Deal has learned. Gateway Group, a Miami Beach-based firm led by the architect, Jason Giller and other family members, sold three retail buildings at 976 West 41st Street, 3907 Alton Road and 3915 Alton Road for a combined…

BridgeInvest Provides $15.7M Loan for 53-Story Tower at Miami Worldcenter

BridgeInvest has closed a $15.7 million loan to refinance existing debt on Block C East, a 1.4-acre development site at 155 NE 10th Street within the Miami Worldcenter district. The financing supports plans for a 53-story mixed-use tower by Falcone Group, further expanding the 27-acre Miami Worldcenter, one of the largest mixed-use developments in the country….

Industrial gain: TA Realty sells Miami-Dade warehouses for $22M, more than double its purchase price in 2019

Fresh off buying a Blackstone Opa-Locka industrial portfolio for nine figures, TA Realty sold a nearby warehouse complex for $22 million, marking a sizable gain. An affiliate of Miami-based Midtown Capital Partners, led by CEO Alejandro Velez, acquired the two buildings spanning 83,000 square feet at 5261 Northwest 161st Street in unincorporated northwest Miami-Dade…

Escapology, OAKBERRY, and Petricor Join CityPlace Doral’s Expanding Retail Lineup

CityPlace Doral has announced the addition of three new tenants to its retail and entertainment offerings: Escapology, an immersive escape room experience; OAKBERRY, a global quick-service superfood brand specializing in açaí bowls and smoothies; and Petricor, a fashion destination. These new arrivals continue diversifying the lifestyle center’s dining, retail, and entertainment options….

Süzer buys majority stake in Wynwood’s Moxy hotel for $99M

Süzer Group bought a majority stake in the Moxy Miami Wynwood hotel for $99 million, The Real Deal has learned. The Istanbul-based firm purchased a 52 percent stake in the eight-story, 120-key building at 255 Northwest 25th Street in Miami, Baran Süzer said. The deal, which closed on Thursday, includes the Sparrow Italia and Casa Madera restaurant spaces in the building.

Site Work Starts on ‘The Delmore’ at 8777 Collins Avenue in Surfside

Dubai-based DAMAC International has started site work on a 12-story high-rise tower on the former site of the collapsed Champlain Towers South in Surfside. The Delmore will comprise 37 ultra-luxury residences, with the condos averaging 7,000 square feet and the penthouses starting at 10,000 square feet. The Real Deal reports that layout plans include four-bedroom to five-bedroom…

DAMAC Kicks Off Luxury Surfside Project

Dubai-based DAMAC International has broken ground on The Delmore, a 37-unit, ultra-luxury condominium development in Miami’s Billionaire’s Triangle. Zaha Hadid Architects designed the project that is slated for completion in 2029. New York-based Douglas Elliman is the exclusive broker in charge of sales at the property. Prices will start at $15 million, The Real Deal reported.

Meet Ken Griffin’s platoon of planners and professionals building his business in South Florida

In less than three years, billionaire Ken Griffin has turned into one of South Florida’s biggest real estate tycoons. The Daytona Beach native with a net worth of $43.8 billion, per Forbes, moved his hedge fund Citadel and its sister financial services firm Citadel Securities to the Magic City from Chicago in 2022. Griffin has since amassed a residential and commercial real estate…

Why condo developers flush with optimism should think twice

Some condo developers experienced slower sales in 2024. That didn’t stop developers from launching more projects. Expect more of that this year, developers and brokers say. The consensus is that condos are still “where we can make the numbers work,” says developer Gaetano Caltagirone. Multifamily is way more challenging (see last week’s Weekly Dirt) and some…

Miami-Dade Commissioners Vote in Favor Of 42-Story Tower

Miami-Dade commissioners voted today to approve a zoning application for a 42-story tower next to a historic church. The favorable vote came at a county Comprehensive Development Master Plan & Zoning meeting. The approval is for a special exception for a general development plan, under Miami-Dade’s Rapid Transit zoning plan. In order to gain approval…

Raanan Katz boosts retail empire, pays $15M for City Furniture showroom

Raanan Katz’s RK Centers added a second Broward retail property to its portfolio in less than three months, paying $15.2 million for a furniture store. An affiliate of Sunny Isles Beach-based RK acquired a City Furniture showroom at 11249 Pines Boulevard in Pembroke Pines, records and real estate database Vizzda show. The deal breaks down to $243 a square foot…

CSL Partners, Presidium buy 260-unit Hialeah apartment complex for $95M, plan Live Local Act conversion

CSL Partners and Presidium scooped up the 260-unit Pura Vida Hialeah apartment complex for $95 million, with plans for a Live Local Act conversion, The Real Deal has learned. Montreal-based CSL Partners, a joint venture between Benjamin Farkas and Brandon Chemtov, and Dallas-based Presidium bought the property at 3051 West 16th Avenue in Hialeah from Coral Rock…

Retail asking rents rise across South Florida in fourth quarter

South Florida retail landlords boosted their asking rents during the fourth quarter of last year, while investors continued scooping up shopping centers, especially properties anchored by Publix grocery stores, a recent report shows. Yet, restaurants and the big box sector felt the effects of national chains filing for bankruptcy last year. More than 95 companies closed 211 sites…

NYC Bagel Company H&H Bagels Opening 5 Miami Locations

After causing a frenzy in Boca Raton with lines out the door, famed New York City bagel shop H&H Bagels is headed to South Florida where it will open five locations in Miami. Founded in 1972, the legendary fresh bagels shipped directly from New York City will finally be available down in Miami, where authentic New York bagel lovers will be in for a treat. Not only will the longtime…

Pinnacle proposes 110-unit affordable housing project in Princeton, as development rush in south Miami-Dade continues

Pinnacle proposes a 110-unit affordable apartment project for seniors in Princeton, amid a continuing development rush in south Miami-Dade County. The Kendall-based firm wants to build the eight-story building with 1,000 square feet of ground-floor retail on a 1-acre site on the southeast corner of South Dixie Highway and Southwest 250th Street in unincorporated Miami-Dade…

Allen Morris launches sales of Ponce Park luxury condo project

Allen Morris Company is launching sales of its luxury condo project in Coral Gables, about nine months after securing approval from the city. The Coral Gables-based firm, led by W. Allen Morris and his son, Spencer Morris, plans to build Ponce Park at 3000 Ponce de Leon Boulevard. Prices for condos at the 11-story, 58-unit building start at $2.4 million, according…

Notable Retail Leases Signed in South Florida Q4 2024

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2023. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store closures nationwide…

Lease roundup: Niku X restaurant opening in South Beach, Equinox coming to Boca Raton

Hospitality firm Chubby Group will open its upscale buffet-style restaurant Niku X in South Beach, The Real Deal has learned. Philadelphia-based Chubby Group leased 10,000 square feet at 555 Washington Avenue in Miami Beach, according to Aaron Butler, the landlords’ broker. Niku X will open early next year at the four-story office building.

Hallandale Beach board green-lights BH, Prime’s Homewood Suites by Hilton hotel project

BH Group and Prime Group are a step closer to building a new hotel near Gulfstream Park. The Hallandale Beach Planning and Zoning Board on Monday unanimously approved the joint venture’s site plan for a Homewood Suites By Hilton hotel at 804 South Federal Highway, city records show. Designed by Hollywood-based Prime Design Associates, the planned…

HTG Seeks Approval for ‘Paramount Place’ at 826 S. Dixie Highway and 2115 Washington Street in Hollywood

Coral Gables-based Housing Trust Group (HTG) is seeking approval for “Paramount Place”, an affordable housing development for seniors in Broward County. Plans call for an eight-story building comprising 162,541 square feet of new construction. There would be 96 residences ranging 699 to 1,066 square feet, with floorplans including one-bedroom and two-bedroom designs.

Developer Proposes Expansion of ‘the Celtic Apartments’ at 4682 and 4724 Davis Road in Lake Worth Beach

As it stands, the Celtic Apartments in Palm Springs is a mostly vacant multi-family complex built in the early 1990s. Yet, a developer hopes to expand the number of units by 325 percent with the addition of 26 residences, bringing the total number of homes to 46. According to the South Florida Business Journal, 17 homes would be available to those earning up to 140 percent…

Investor sues developers of Icon Palm Beach Shores over allegedly unpaid loans

The developers of Icon Palm Beach Shores are facing yet another lawsuit tied to the luxury condo project. Investor Daniel Perla sued Marc Shulman, Anthony Shafer, IRC Equities III FL, Icon Development Holdings I, Icon Dev Owner I and ARKNH Servicing in Palm Beach County Circuit Court last week. Perla alleges he is owed $4.9 million in unpaid loans that…

Henderson Park-led JV takes over PGA National Resort in $400M-plus deal

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Video: BGO Chief Economist Ryan Severino; Commercial Real Estate Market Forecast 2025

In a recent episode of America’s Commercial Real Estate Show, the host of the show welcomed Ryan Severino, Chief Economist with BGO, to discuss the evolving landscape of commercial real estate. Their conversation, which was national in scope, touched on key economic indicators, capital markets, policy shifts, and emerging investment opportunities that will shape…

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The post Miami Commercial Real Estate News February 5, 2025: 82-Story $850M Supertall Planned for Miami CBD; AT&T Sells 10 South Florida Sites for $63M; more… appeared first on Hawkins Commercial Realty.

In a recent episode of America’s Commercial Real Estate Show, the host of the show welcomed Ryan Severino, Chief Economist with BGO, to discuss the evolving landscape of commercial real estate. Their conversation, which was national in scope, touched on key economic indicators, capital markets, policy shifts, and emerging investment opportunities that will shape the industry in the coming years.

The Interest Rate Conundrum and Economic Implications

A major point of discussion was the perplexing rise in the 10-year Treasury yield despite the Federal Reserve’s decision to cut interest rates. According to Severino, the bond market’s reaction reflects uncertainty over inflation, fiscal policy, and the Fed’s communication strategy. While the market appears to be pricing in worst-case scenarios, Severino believes a more moderate outlook is warranted. He emphasized that the Fed must balance its dual mandate of price stability and full employment while managing real interest rates that remain relatively high.

The Impact of Trade Policies and Market Sentiment

The conversation also addressed the potential economic impact of new tariffs proposed by former President Donald Trump. Severino suggested that while political rhetoric can create market jitters, a full-blown trade war remains unlikely. Instead, he predicts a more measured approach that allows political wins without excessive economic disruption. The discussion underscored how negotiation strategies—similar to those in real estate—often involve positioning from a place of strength rather than a true commitment to extreme action.

The Future of Commercial Real Estate Transactions

Despite economic turbulence, Severino is optimistic about the trajectory of commercial real estate. Transaction volume appears to have stabilized, and while capital markets have been cautious, there is growing confidence in the sector’s fundamentals. He noted that although commercial real estate cycles are prolonged, we are likely beyond the turning point, with appreciation, cap rate compression, and stronger returns expected in the near future.

Office Market: Challenges and Opportunities

Perhaps the most debated asset class in commercial real estate today is office space. Severino cautioned against the overly broad negative sentiment surrounding office properties, comparing it to the premature doomsday predictions for retail a decade ago. While the office market is experiencing a demand shift, many premium assets continue to thrive. With rising occupancy in top-tier buildings and the return-to-office movement gaining momentum, there is potential for a long-term recovery. Severino believes that as the economy expands and labor markets stabilize, demand for office space will eventually grow, making it a contrarian investment opportunity for those willing to take the risk.

AI, Energy Demand, and Data Centers

The discussion also explored the growing influence of artificial intelligence (AI) on commercial real estate, particularly through the demand for data centers. AI-driven technologies require vast amounts of electricity, and the industry is already facing challenges in meeting this demand. Severino highlighted concerns over energy supply constraints, warning that the rapid expansion of AI data centers could lead to increased electricity rationing in the future. He suggested that prioritizing energy efficiency and sustainable power sources will be crucial to mitigating these risks.

Key Investment Opportunities

When asked about potential investment areas, Severino pointed to several promising sectors:

• Retail: Despite negative headlines, retail has demonstrated resilience and is expected to be one of the best-performing asset classes in the coming years.
• Multifamily Housing: With a persistent housing shortage, demand for multifamily properties remains strong, particularly as financing conditions improve.
• Industrial and Cold Storage: Supply chain optimization and e-commerce growth continue to drive demand for industrial and specialized storage facilities.
• Office Redevelopment: As market fundamentals shift, well-located office properties with strong tenant demand could provide significant upside potential for investors.

Conclusion: A Market Ripe for Strategic Moves

The overarching theme of the conversation was that while commercial real estate has faced headwinds, the industry remains cyclical, and opportunities abound for those who understand market dynamics. Severino’s perspective aligns with the philosophy that successful investors capitalize on periods of uncertainty by acquiring undervalued assets with long-term growth potential. As he put it, “If the deal makes sense today, the financing will take care of itself over time.”

For those in the commercial real estate sector, staying informed, thinking strategically, and embracing contrarian opportunities could make all the difference in the years ahead.

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