Category: Commercial Realty

Grand Station moves forward with 30-story apartment tower in downtown Miami

Grand Station Partners is moving forward with its plans for a public-private partnership with the Miami Parking Authority to develop a high-rise rental tower on a site in downtown Miami. The developer, led by Rovr Development principals Oscar Rodriguez and Ricardo Vadia, submitted a building permit request for a 30-story, 300-unit tower at 40 Northwest Third Street, public records show. The total…

YotelPad Miami will begin construction in October

The residence from a brand known for micro-hotels just announced its sales director YotelPad, the new residence from a brand known for its design-focused and millennial-friendly micro hotels, is gearing up for its Miami debut — the first YotelPad to arrive on the East Coast.
Aria Development Group just named Luis Chacon as the sales director for YotelPad Miami, located at 227 NE 2nd Street. He comes to…

Royal Castle plans to turn brownfield site in Opa-locka into mixed-use project

A company tied to real estate investment firm Royal Castle Companies just purchased a contaminated brownfield site in Opa-locka, with plans to develop a mixed-use project. The 7.6-acre property once served as the dumping grounds for demolition contractor Cuyahoga Company. The sale of the parcel at 1700 Service Road, along State Road 9, required clearing multiple code enforcement liens on the…

Video: MarketGraphics Founder & CEO Edsel Charles on Predicting Economic Cycles

While at the Realtors Land Institute Conference & Expo, America’s Commercial Real Estate Show host Michael Bull talks with Edsel Charles, the Founder and CEO of MarketGraphics Research Group, which provides market research information for builders, developers, banks, city governments and others. Among the topics discussed are the economic and political outlook for 2018, cycle and downturn predictions…

Bombardier may move its Learjet servicing to Opa-Locka

Canada-based aerospace manufacturer Bombardier may soon unveil a move of its Learjet service center from Fort Lauderdale-Hollywood International Airport to Miami-Opa Locka Executive Airport, bringing with it 150 full-time jobs and $15 million in public infrastructure upgrades. Bombardier manufactures business jets. Nine service centers around the world serve Bombardier aircraft owners.

Miami owners of historic properties might sell extra density

City of Miami officials are working to clarify proposed legislation designed to incentivize the preservation of historic properties by allowing those properties to sell unused residential density to sites near public transit. The aim is to benefit several parties: the owners of historic designated properties gaining money for preservation work and upkeep; the developers who could purchase added density for…

Construction jobs boom might have short life

Despite continued growth in construction jobs since the economic collapse in 2007, industry experts predict that construction job growth will start to slow down in the next year or two due to low unemployment rates and tighter hiring markets. According to a US Bureau of Labor Statistics report, Miami-Dade County saw a peak of 55,300 construction jobs in 2007, followed by a low of 30,100 jobs in 2012…

Skanska sues Frost Science Museum, alleging millions in unpaid work

The Phillip and Patricia Frost Museum of Science’s general contractor just filed suit, alleging millions of dollars in unpaid work owed to the firm and its subcontractors. The lawsuit, filed by Skanska USA Building last week in Miami-Dade Circuit Court, claims the museum is in breach of contract for failing to pay for past construction work and to pay for it to finish 7,000 punch list items to fully…

New Florida law gives property owners – including hotels, condos – some control over beaches

A new state law will give property owners the ability to kick the public off of their beaches. Florida’s beaches have long belonged to the public thanks to the state’s “customary use” policy. Beginning July 1, house bill 631 will allow property owners, including hotel, condo and home owners, the option to ask people to leave, according to First Coast News. The “Possession of Real Property” bill only applies to dry…

SH Communities proposes rental project in Kendall, but first it must fill a lake

SH Communities wants to fill part of a lake in the West Kendall area and build an apartment community on top. The Miami-based developer submitted a pre-application to Miami-Dade County officials to build Boardwalk at Lakeside, a 192-unit complex consisting of four four-story buildings, according to the South Florida Business Journal. The property sits north of Southwest 132nd Street and west…

Surprise: Coconut Grove Activist Not Happy with Proposed Zoning Mods

Miami City Planning department has a plan to increase the supply of housing in Coconut Grove by changing government regulations (up-zoning) to allow more units in the same space and District 2 Commissioner, Ken Russell has said he will sponsor the amendment. The Planning Department tried to sell us on their proposal in a workshop ostensibly to gather resident input. Neighbors had little…

Who Knew The Salmon Industry Was Important To Miami Real Estate?

Who knew salmon — that cold water fish better associated with Seattle — would be having such an impact on commercial real estate in Miami? A major supplier of salmon to the U.S. just inked a big industrial deal in Medley, and Homestead will soon be the site of a major state-of-the art fish farm. Marine Harvest ASA, a Norwegian company that is traded on the Oslo stock exchange, says it is the world’s…

Redeveloped Continental on Collins hits the market

The owners of the nearly completed Hampton Inn at the Continental on Collins are looking to sell the property. Sukkah Miami Beach Acquisitions LLC, a holding company owned by Boca Raton-based investment firms Pebb Capital and Duncan Hillsley Capital, hired CBRE’s Paul Weimer, Christian Charre and Natalie Castillo to list the 100-room hotel at 4000 Collins Avenue. Weimer said the property is…

Feds hike threshold for appraisals tied to commercial real estate loans

California Investment Immigration Fund, LLC operated out this space at a Hilton-brand hotel in San Gabriel, California (Credit: Pixabay)
New federal regulations mean fewer commercial real estate-related loans will require an independent, certified appraiser to weigh in on a property’s value before a bank can lend against it. An inter-agency group of regulators decided on Monday to raise the threshold for…

Miami Teachers On Plan For Workforce Housing At Schools: ‘What A Joke’

With starting salaries around $40K, Miami teachers can barely afford to pay rent — which averages $1,421 for a one-bedroom apartment. This week, Miami-Dade County officials announced an exploratory plan to build affordable workforce housing on campuses, or right next door. The plan entails a joint venture between the county’s school board and housing authority that would first construct a middle…

Paper company inks deal at Miami Gardens industrial park, more leasing highlights

Acorn East Paper Products Company is turning a new page with its recent lease at the 330-acre Sunshine State Industrial Park in Miami Gardens. Acorn East, a paper and packaging company with operations throughout the western U.S., is taking a 42,000-square-foot warehouse at 16301 Northwest 15th Avenue, according to Rise Realty’s Keith Darby. Darby represented the tenant. Records show the…

Condo Developers Use Techy New Weapons In The Amenity Arms Race

As developers at the top end of the residential market know all too well, amenities can often make the difference in courting the small demographic that can afford the most extravagant residences. The result is an arms race among building owners to provide truly unique services and offerings — in this day and age that translates to the liberal use of technology. Property Markets Group, for example, is…

South Florida construction starts on the rise in February

Residential and commercial construction starts in South Florida are picking up momentum. In February, construction spending was up 81 percent to nearly $1.5 billion compared to the previous year, according to a new report from Dodge Data & Analytics. Starts of commercial projects totaled $775 million, up 99 percent year-over-year. Residential construction increased by 64 percent to $698 million.

Knotel takes on CoStar with blockchain-based leasing data platform

As if facing off against WeWork in the flexible office market isn’t enough, Knotel is now going after property data behemoth CoStar.
The New York-based startup plans to launch an online office listing data platform dubbed KnotelKoin, according to an email the company’s founder Amol Sarva sent to acquaintances and business partners Thursday. The platform will be based on blockchain…

Engineering techniques used in collapsed FIU bridge are common: experts

Experts say the engineering behind the collapsed FIU bridge in Miami was nothing special. As scrutiny turns to what led to the bridge’s collapse, the structure’s so-called unconventional engineering and construction has been put in the spotlight, but the techniques used to build the bridge, known in the business under the umbrella term of “ABC” or Accelerated Bridge Construction, are typical and…

Florida commercial real estate industry ranks third in U.S.

Florida’s commercial real estate industry contributed $189.4 billion to the state’s economy in 2017, the third most of any state, according to an annual economic impact study. Only California and Texas contributed more, according to a NAIOP Commercial Real Estate Development Association survey conducted by George Mason University. Download the white paper, “Economic Impacts of Commercial…”

Miami will expedite reviews of permit applications by property owners

The municipal government of Miami plans to expedite the process of obtaining city permits for such property improvements as building a backyard shed or installing a new door. Starting April 9, city employees will take applications for certain types of permits from one municipal department to another for their review, rather than requiring property owners…

A medical marijuana clinic is opening in Wynwood in May

It’s from an NFL linebacker-turned-radiologist Grassroots Medicine & Wellness Center is slated to open in Wynwood on May 1 at 2328 N. Miami Avenue, and it’s touted as the neighborhood’s first medicinal marijuana clinic. The wellness center is set to focus on cannabis evaluations, nutrition counseling, and alternative medicines. It’s from an entrepreneur who was once a Buffalo Bills linebacker and went…

A new virtual reality lab for builders and developers opens in Miami

See Suffolk Construction’s Smart Lab Real estate’s obsession with virtual reality is taking hold in Miami. The Miami Herald takes a look at Suffolk Construction’s virtual reality Smart Lab, which opened in the national contractor’s downtown office earlier this month. The lab includes a CAVE or Computer Aided Virtual Environment room where clients and builders can actually walk through renderings wearing…

Codina to bring senior and assisted living to Downtown Doral

From pre-kindergarten to old age, Downtown Doral is now planning to offer options for people of all ages. Codina Partners is bringing assisted and senior living to the mixed-use, master-planned community in two deals, the first with apartment developer Greystar. The Charleston, South Carolina-based firm recently paid $14 million for the 2-acre site, a piece of the White Course, from Lennar Corp…

Apartment rents in Miami are finally falling: report

Miami is inching closer to falling off the list of the country’s most expensive cities to rent. The Magic City has long held the No. 8 and 9 spots on Zumper’s monthly ranking. In last month’s report, Miami fell to No. 10 but median rents rose to $1,790 a month. Now, Miami remains No. 10 but rents are down 3.4 percent on a monthly basis and 3.9 percent compared to the previous year to a median of $1,730…

Gratigny Warehouse in Miami Leased

A Miami commercial group announces the completion of a long-term lease for the +/-47,500 Sq. Ft. building known as the Gratigny Warehouse at 3360 NW 110th Street in Miami, Florida in Seaboard Industrial Park. Only six months after being sold and having gone through renovations, the building will now be occupied by HardTen Clothing Inc., a clothing company relocating its headquarters from…

Developers reimagine South Florida’s money-losing golf courses

The Carolina Club, an 18-hole championship golf course in Margate, has served as a qualifying site for the PGA Honda Classic and is known for its fast, well-manicured greens and contoured fairways. But the semi-private club, built in 1971, isn’t making the cut. Miami-based developer 13th Floor Homes plans to acquire the 140-acre facility and completely transform it into a 350-unit residential…

Luxury condo sales on the rise in Miami-Dade, but inventory still growing

Luxury condos aren’t flying off the shelves, but the pace of sales is up in Miami-Dade County, according to a new analysis of MLS data.
Sales of condos priced $1 million and above increased 47 percent year-over-year from December to the end of February, a report by EWM Realty International shows. That does not include the pipeline of new development. Luxury condos that sold between December and…

Retail Hotspot Envisioned for Wynwood Site

David Weitz and Erik Rutter of Carpe Real Estate Partners have plans to transform a longstanding marine repair facility in Miami’s Wynwood neighborhood into a trendy retail destination. And they say they can do it without wholesale renovations or new construction. “The bones of the buildings are really great,” Weitz told CoStar News. “We don’t feel like we have to pour a tremendous…”

75 Percent Of South Florida Entrepreneurs’ Group Plan To Add New Jobs

usinesses in South Florida are adding new full-time jobs, according to a survey by the Fort Lauderdale-based Entrepreneurs’ Organization. In the survey, 75 percent of participating members said they planned to add new jobs over the next six months — a higher projection than the 63 percent who said they planned to hire additional workers about a year ago.

City of Miami and WeWork announce partnership

It’s a referral program with discounted rates Co-working’s ubiquity in Miami just reached a whole new level. Today, Mayor Francis Suarez announced a long-term partnership between the City of Miami and co-working company WeWork. New or relocating entrepreneurs and companies will be able to use a referral program with discounted rates for access to WeWork’s network of workspace, amenities and…

North Beach’s Tatum Waterway buildings edge closer to historic status, forbidding demolition

A plan to grant historic protection to more than 100 buildings — many of them aging Miami Modern structures — in Miami Beach’s North Beach neighborhood is one step away from reality. The Miami Beach Planning Board on Tuesday voted to recommend approval of extending the North Beach Historic District so that it includes Tatum Waterway from 73rd Street to 87th Street. The proposal must now…

Facebook hit with lawsuit over alleged housing ad discrimination

Facebook vowed to end discrimination in housing ads on its network, but a new lawsuit alleges the company didn’t live up to its promise.
The National Fair Housing Alliance and other groups allege in their suit, filed in Manhattan federal court Tuesday, that the company “continues to enable landlords and real estate brokers to bar families with children, women and others from receiving rental and sales…

Downtown Miami Site on the Block for $125M

Flagler City Center, a 2.52-acre site in downtown Miami, has hit the market for $125 million. The property at 251 East Flagler Street operates as a 163,000-square-foot, mixed-use project anchored by Marshall’s. But a buyer can redevelop the site with up to 4 million square feet of commercial space and 2,500 multifamily units, according to listing firm DWNTWN Realty Advisors. Devlin Marinoff…

Real Estate Tax Help Arrives for Vertical Subdivisions

For many years we have sought to address the problems faced by mixed-use developments where different uses in a single structure are carved up into separate fee simple parcels. The main problem has been the inability to obtain separate tax folio numbers for the separate parcels. This has resulted in a situation where it is either difficult or impossible to finance the separate parcels since they all share one tax…

While at the Realtors Land Institute Conference & Expo, America’s Commercial Real Estate Show host Michael Bull talks with Edsel Charles, the Founder and CEO of MarketGraphics Research Group, which provides market research information for builders, developers, banks, city governments and others. Among the topics discussed are the economic and political outlook for 2018, cycle and downturn predictions, overall supply outlook, development, affordable housing, expectations for interest rate and issues related to interest rates.

Here’s where construction stands on the massive Miami Worldcenter

The $2 billion Miami Worldcenter project will create its own mini Miami skyline when it’s done. The development, spearheaded by Art Falcone and Nitin Motwani, will include a street retail component, along with an office tower, two apartment buildings and the Marriott Marquis convention center in partnership with the MDM Group. Construction of the mega project’s crown jewel, the 60-story Paramount…

Massive downtown Miami site hits market — again — for $125 million

A development site in downtown Miami is back on the market with a big price tag. The 2.52-acre property at 251 Flagler Street is asking $125 million, according to Dwntwn Realty Advisors’ Devlin Marinoff, Tony Arellano and Skyler Marinoff. The firm is marketing the property as Flagler City Center, and can be developed into up to 4 million square feet and 2,500 residential units, according to a release. It’s also…

A mixed-use project is proposed for a formerly contaminated 18-acre site in North Miami Beach

A vacant property in North Miami Beach at 15680 West Dixie Highway could undergo a major transformation. The Real Deal Miami reports on the master plan for New North Town Center — a mixed-use project with 1,650 apartments, 175,000 square feet of retail, 150,000 square feet of office space, a hotel, and a school — proposed for an approximately…

Downtown Development Authority’s Biscayne Green wilts in Tallahassee

For Miami’s Downtown Development Authority, results of this year’s Florida legislative session could be summed up by the phrase “so near, yet so far away.” Board members learned at their March 16 meeting that Biscayne Green, an audacious plan to create a “grand boulevard” on Biscayne Boulevard by replacing parking and traffic lanes with public spaces, had been awarded $1 million in the 2018-19…

Check out Flagler City Center, a 2.52-acre development site in downtown Miami 

DWNTWN Realty Advisors is bringing to market this high-density site for $125 million A full city block in downtown Miami is on the market. DWNTWN Realty Advisors is bringing Flagler City Center, a 2.52 acre site downtown at 251 Flagler Street, to market with an asking price of $125 million. The Flagler City Center site can accommodate up to 4 million square feet of buildable area and up to 2,500…

Miami’s hotel market got a boost from hurricane-damaged competitors. Will that continue?

Miami’s hotel market experienced a rise in occupancy over the last six months following devastating hurricanes that tore through the Keys and the Caribbean, rendering those destinations off limits to vacationers. An analysis from hotel research firm STR tracked that growth from September through February, looking at occupancy, revenue per available room and demand. And as those storm-battered islands…

Miami-Dade proposes two projects with teacher housing

Miami-Dade County Public Schools and the county’s housing department are proposing a new kind of mixed-use development for Miami.
The school system and housing department are proposing a middle school with apartments for teachers as part of Southside Elementary’s expansion in the Brickell area. The mid-rise building would have residential units on the ground floor and classrooms above. The school …

Chinese investment in US real estate fell 55% in 2017

Chinese investment in U.S. commercial real estate registered a jaw-dropping 55 percent decline in 2017, a result of tighter capital controls imposed by the Chinese government, increased regulatory scrutiny and more attractive opportunities in other countries, according to a report by Cushman & Wakefield released this morning. While experts had expected a sharp decline, the numbers reveal that the bottom…

Developer in contract to buy Coral Gables site of planned condo project

Coconut Grove-based Location Ventures is under contract to purchase a Coral Gables rental complex for $16 million where the firm plans to build a boutique condo project. Villa Valencia, a 13-story, 39-unit condo building, would be built on the property at 501-525 Valencia Avenue, replacing low-rise apartment buildings built in the 1950s, Location Ventures CEO Rishi Kapoor told the South Florida Business…

Miami-Dade officials propose building apartments for teachers on school grounds

That’s one idea for affordable housing When you were in elementary school, did you ever imagine that your teacher lived at school? That could actually be a reality in Miami. The Miami Herald’s Douglas Hanks reports on an interesting idea to create more affordable housing In Miami-Dade county by building apartments right on school grounds. There’s a proposal in its preliminary stages to build a middle…

Micro units are good for Seattle but not Miami: Eden Multifamily’s Jay Jacobson

Don’t count developer Jay Jacobson among the multifamily developers catching onto the micro unit wave. “I’m not a big fan of solving affordability issues by cramming people into glorified hotel rooms,” Eden Multifamily’s president said during a Miami Finance Forum event on Friday. “I apologize to anyone in that business or [who] invested in it. If you…

Moishe Mana buys more office condos at 100 East Flagler

Moishe Mana dropped nearly $5 million on office units at 100 East Flagler Street, adding to his holdings at the downtown Miami office building. Mana paid $4.75 million for more than 25,600 square feet of office space on floors 2, 3, 8 and 9 at the 10-story Wells Fargo building. Popular Condo No. 3 LLC, led by Abraham Franco, sold the units. Mika Mattingly and Linn Ahsberg of Colliers International…

Israeli investor buys Miami apartment building

Miami-based Bar Invest Group just sold an apartment building in Miami’s Upper East Side to Israeli-born real estate investor Yoram Izhak. Izhak, co-founder and CEO of IMC Equity Group, paid about $5.6 million, or $124,000 per unit, for the 45-unit building at 8000 Northeast Bayshore Court. He financed the deal with a nearly $4 million mortgage from Banco Popular, according to property records.

Major mixed-use project planned for North Miami Beach’s West Dixie Highway

North Miami Beach planners on Thursday got their first look at a master plan for New North Town Center, slated to be built on a nearly 18-acre site on West Dixie Highway between 155th Street and 163rd Street. The property, which is mostly vacant, has been lying idle for at least four or five years, according to Justin Proffitt, North Miami Beach’s planning and zoning director. In the next few years, New North…

Video: Elevator technology is revolutionizing vertical travel as supertalls abound

Over the next two years alone, there are 187 skyscrapers that are expected to pop up across the globe. This fascinating video goes in depth on the go-to technologies that are being engineered by some of the world’s leading elevator firms. This touches on some of the topics in a recent report by Bloomberg, Supertalls are Driving an Elevator Revolution, which examined new technologies addressing…

Court battle ensues after “bizarre” death of real estate exec Andrea Greenberg

The death of Andrea Greenberg last October was declared an opioid overdose, as The Real Deal reported, however, her friends and sister remain suspicious over the circumstances, particularly in light of an ensuing legal battle with Greenberg’s long-time partner, Alejandro Aparicio. According to court documents, Aparicio allegedly withdrew $10,000 from Greenberg’s bank account the day she died and had…

Billionaire bailout: Issac Larian tries one last time to save Toys ‘R’ Us

After Toys ‘R’ Us threw in the towel and announced it would close all 735 American stores, billionaire Issac Larian has come up with a last-ditch effort to save some of the toy retailer’s stores. He’s bringing $100 million of his personal funds, according to Bloomberg, and he’s also launched a GoFundMe campaign to garner external funds, which has currently…

EB-5 program extended through September

The EB-5 visa program is sticking around, though there are mixed feelings about the how. The program, which allows foreign investors to obtain a green card if they put $500,000 into job-creating projects, will remain in place until September 30, thanks to its inclusion in the spending bill Congress passed yesterday as Mansion Global reports. Known to some as the “crack cocaine of real estate financing,” the…

Video: Mitch Roschelle and David Leavitt of PwC Trump Effect on Economy and Real Estate via PwC

Mitch Roschelle and David Leavitt with global accounting and professional service company PwC (PricewaterhouseCoopers) join host Michael Bull on America’s Commercial Real Estate Show to discuss President Trump’s effect on commercial real estate and the economy overall. They discuss a number of topics including trends in the economic outlook, interest rate changes, tax reform impacts, including…

The Ritz-Carlton Residences, Sunny Isles Beach is halfway to the top

Check out the construction video Oceanfront tower Ritz-Carlton Residences, Sunny Isles Beach just hit a big construction milestone: it surpassed its halfway point and is now up to 28 of 52 full stories. The building is on-schedule for next year’s projected delivery date and it recently recorded seven sales in a span of 45 days for a total of $24 million in sales. The tower’s curvilinear silhouette designed by…

Checking in on Park Grove: One Park Grove breaks ground

This is the third and final residential tower in Coconut Grove designed by OMA/Rem Koolhaas Here’s a construction update on Park Grove, the ultra-luxurious residential development in Coconut Grove designed by the starchitect team of OMA/Rem Koolhaas. The development’s first two towers are slated for completion in early summer. Now developers Terra Group and The Related Group just…

Flagstone Island Gardens can develop on Watson Island, judge rules

Mehmet Bayraktar, the Turkish developer behind a long-stalled $1 billion mega-yacht marina and resort project on Watson Island, just won a major court victory that will allow his firm to continue building the development. Miami-Dade Circuit Judge William Thomas on Thursday ruled in favor of Bayraktar’s Flagstone Island Gardens LLC on all counts related to lawsuits he filed last year against the city of…

South Florida by the numbers: Pushing back the rising sea

The facts can no longer be denied: sea levels are rising, and South Florida is becoming more vulnerable to flooding with each passing year. With a population that continues to grow by roughly 8 percent each year, expanded commercial and residential real estate and the annual threat of hurricanes, the challenges facing our region are significant. A recent report from…

Who needs parking? Wynwood developers want new rules to encourage small projects

A proposal to boost development of small-scale warehouses similar to the ones that made Wynwood into a mecca for creative types would allow single lot owners to redevelop their properties into one-story buildings and forgo on-site parking requirements with payments to a neighborhood parking fund. The board of directors for the Wynwood Business Improvement District — an organization…

Publix: Where Real Estate Investing is a Pleasure

Publix Super Markets isn’t just one of the nation’s top grocery chains, it’s also becoming a major real estate investor, buying up its own stores and self-anchored shopping centers when they hit the market. The Lakeland, FL-based retailer has been steadily increasing its ownership of retail real estate and currently owns 371 of its 1,167 stores, or nearly a third, according to the company’s 2017 annual report.

David Beckham’s team goes back to the drawing board for MLS stadium location

More than five sites are in consideration After zeroing in on Overtown and considering Melreese golf course, David Beckham and his partners in Miami’s new MLS team are broadening their search for a stadium location. “We’re actively looking at five or so sites,” MLS Miami partner Jorge Mas told the Miami Herald. “There are a handful of sites that are interesting.” Mas declined to confirm individual…

EB-5 gets yet another six-month extension

The EB-5 visa program, heavily favored by New York developers as a way of raising cheap capital overseas, is headed toward another six-month extension. The so-called “clean” extension does not include changes backed by Sen. Chuck Grassley, a staunch critic of the program, which gives green cards to foreign investors in exchange for a $500,000 investment. Language extending EB-5 through…

Floval Oil pays $6M for Hialeah Executive Motel

A Miami investor just paid $6 million for the Hialeah Executive Motel, property records show. Fraymond Corp and Merco Corp., led by Mercy Posada, sold the motel at 131 Okeechobee Road, as well as adjacent land to Orestes Flores’ Floval Oil Corp. Floval owns a few other sites in Miami-Dade, and sold 15 gas stations to Sunshine Gasoline Distributors in 2015 for about $24 million. Fraymond and Merco sold…

Here are the new sites Beckham group is reportedly eyeing for $200M soccer stadium

The Hialeah Park Casino at 2200 e 4th Avenue, a Pepsi distribution center in Doral, the Melreese golf course and a truck depot near Jackson Memorial Hospital are among the sites David Beckham and his partners are now considering…  Overtown, which has been the site since 2015, is still a possibility. Beckham’s group owns 6 acres of land at 650 nw 8th Street that it purchased for $19 million in 2016…

Crescent Heights close to deal with school board to build mixed-use tower in Miami’s A&E district, could lead to large-scale redevelopment

A Miami-Dade School Board vote regarding the sale of a parking lot could lead to Crescent Heights’ dramatic redevelopment of a large swath of land in Miami’s Arts and Entertainment District. The school board on Wednesday authorized Superintendent Alberto Carvalho to negotiate a deal with 1370 NE 2nd LLC, an affiliate of Crescent Heights, to develop a mixed-use tower on the 49,075-square-foot surface…

Steel prices climb nationwide as real estate industry braces for tariffs

President Trump’s controversial tariffs on steel and aluminum imports haven’t taken effect yet but they are already having an impact on commercial real estate across the country. Steel prices have climbed around 10 percent nationwide as the construction industry prepares for Friday’s change, according to the National Real Estate Investor. Trump announced the 25 percent tax on foreign steel and 10 percent…

Another Big Industrial Lease Signed in Medley

Airport North Logistics Park in Medley, FL is filling up fast. Marine Harvest USA has signed a lease for 106,000 square feet at the park, located east of NW 87th Avenue and NW 80th Street. in the Miami Airport North Industrial submarket. The seafood supplier will more than double its space when it relocates from 8550 NW 17th St. in Doral. The first phase of Airport North consists of four buildings…

Miami bridge collapse underscores dangers of defects

When a defect – or defects – is present in a construction project, the potential liability for a developer or contractor can be enormous. Simply mitigating a defect can result in a seven or eight figure price tag for parties involved in the project. In cases where personal injury or death result from a design or construction defect, which can also be an indication of professional malpractice, the legal and financial…

Fed raises short-term interest rates; signals more hikes on horizon

The Federal Reserve voted to raise short-term interest rates by a quarter of a percent, citing a strong economy, and signaled more hikes were on the horizon this year. The Fed’s decision to raise its benchmark rate to between 1.5 and 1.75 percent came Wednesday, during its first meeting led by new Federal Reserve Chairman Jerome Powell. Officials planned three rate increases for 2018, but it seems…

SoFla lease roundup: Salmon distributor inks lease in Medley & more

Salmon company inks 106,000 sf lease in Medley. The Airport North Logistics Park in Medley just reeled in a big fish. The salmon distributor Marine Harvest US just inked a build-to-suit, 106,000-square-foot lease in a building under construction at the park.
The company will be moving out from its current Doral location to the property located just east of Northwest 87th Avenue and off…

Former NFL Linebacker-Turned-Radiologist Opening Medical Marijuana Clinic in Wynwood

The career path of Dr. Hervé Damas has been unorthodox. He has been a linebacker for the Buffalo Bills, a professor… Now he’s taking his expertise to Wynwood, where he’ll open a clinic offering cannabis evaluations and CBD products. He says Grassroots Medicine & Wellness Center, which will be located at 2328 N Miami Avenue, is expected to open by May 1 as the bustling neighborhood’s first marijuana clinic.

MDX Dolphin Expressway Project Is Opening Avenues To The Future

The world is changing faster than ever. Consider just one of the global megatrends that is challenging highway transportation experts: the population of the world’s urban areas is increasing by 200,000 people per day – all of whom demand fast and easy ways to get between point A to B within their respective metropolitan areas. The post MDX Dolphin Expressway Project Is Opening Avenues To The Future…

Over the next two years alone, there are 187 skyscrapers that are expected to pop up across the globe. This fascinating video goes in depth on the go-to technologies that are being engineered by some of the world’s leading elevator firms. This touches on some of the topics in a recent report by Bloomberg, Supertalls are Driving an Elevator Revolution, which examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the future. Cool stuff.

Mitch Roschelle and David Leavitt with global accounting and professional service company PwC (PricewaterhouseCoopers) join host Michael Bull on America’s Commercial Real Estate Show to discuss President Trump’s effect on commercial real estate and the economy overall. They discuss a number of topics including trends in the economic outlook, interest rate changes, tax reform impacts, including pass-through deductions and entities, employment changes, trade policies impacting GDP, and tariffs.