Category: 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

Henderson Park, Salamander Collection and South Street Partners teamed up to purchase the PGA National Resort in Palm Beach Gardens. The Henderson Park-led joint venture paid more than $400 million for the 807-acre property at 400 Avenue of the Champions, a source familiar with the deal told The Real Deal. The buyers declined to comment. PGA National Resort…

With Trump back in office, all eyes are on a changed Palm Beach

Election Day in Palm Beach was relatively quiet. The skies were overcast and schools were closed. Traffic caused by Donald Trump’s motorcade escort to the island’s polling place was intolerable, so the kids stayed home. Palm Beachers, ever a crowd who love to lunch, wore their “I Voted” stickers to their usual spots at Sant Ambroeus and the Honor Bar. The commotion…

What Deregulation Could Mean for CRE Bank Lending

Last week, President Trump issued an executive order to Federal agencies to cut 10 regulations for every new one they institute. This regulation-light approach could have some positive implications for commercial real estate bank lending, which has fallen off considerably in recent years. For example, big banks, those with assets of $100 billion or more…

New Data on Property Insurance Nonrenewal Rates, Claims, Premiums

Earlier this month, the Federal Insurance Office released a detailed report, “Analyses of Homeowners Insurance Markets, 2018-2022: Climate-Related Risks and Other Factors.” While it focuses on homeowners’ insurance, we know that commercial property insurance is facing similar stresses. Trends in premiums, claims and nonrenewals provide insight into where…

The (Student) Housing Crisis

Class, exams, studying…and rent? For students already juggling the demands of school, work, and building their future, the rising cost of housing is becoming an increasingly pressing challenge. The housing affordability crisis—marked by shifting rent-to-income ratios, a limited supply of affordable housing, and growing demand—has dominated discussions in recent years.

What’s Propelling Florida’s Waterfront Development Rush?

A 50-foot-wide linear park at River Landing adds a serene, green escape to the riverfront setting. Image courtesy of River Landing Shops & Residences Florida’s waterfront commercial development boom is being driven by migration, demographic shifts and evolving tenant preferences, creating a surge in demand for mixed-use, lifestyle-driven spaces. According to Ryan Shaw…

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…

Blackstone’s Gray Says ‘Office Has Bottomed,’ Eyes 1.5M SF Manhattan Tower

Blackstone surprised analysts Thursday, both because it beat expectations in its fourth-quarter earnings and because the private equity giant is looking for opportunities in office space. The strong earnings were bolstered by fees from the firm’s management and advisory services. Its flagship real estate funds were down modestly in the fourth quarter, but Chief Operating…

Developers Question Whether Florida’s Live Local Act Can Actually Help Residents Live Local

The Live Local Act, which overhauled rules over zoning and development across Florida, was drafted to address the Sunshine State’s affordable housing crisis. But as the law approaches its second birthday, developers say it hasn’t been enough for them to get projects off the ground and deliver more lower-cost housing. “I keep hearing ‘Live Local, Live Local,’ but I don’t hear anything…

Ramola Motwani: Merrimac Ventures chairwoman on transforming their motel business, more…

For years, Nitin and Dev Motwani have been the talking heads (and managing partners) of their family company, Merrimac Ventures, which has completed more than $3 billion in projects in South Florida. But the two brothers wouldn’t be in their positions without their mother, Ramola. Ramola Motwani and their father, her late husband Ramesh “Bob” Motwani, moved…

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.

The post Video: BGO Chief Economist Ryan Severino; Commercial Real Estate Market Forecast 2025 appeared first on Hawkins Commercial Realty.

Amazon to Anchor 1 MSF Wynwood Plaza Mixed-Use Development

Amazon (NASDAQ: AMZN) has signed on to anchor Wynwood Plaza, a 1 million-square-foot mixed-use campus nearing completion in Miami’s Wynwood Arts District. The Seattle-based e-commerce giant will occupy 50,333 square feet within the development’s 12-story office tower that is set to deliver in the coming months. The landlords in the lease transaction are New York…

Amazon to Open Wynwood Office

The 12-story Wynwood Plaza office tower is set to come online in the next months. Image by Gensler, courtesy of L&L Holding Co. In the largest office lease ever recorded in Miami’s Wynwood submarket, Amazon agreed to occupy 50,333 square feet at Wynwood Plaza, a 1 million-square-foot mixed-use development. L&L Holding Co. and Oak Row Equities are the owners.

Amazon Signs Largest Office Lease in Wynwood’s History at Wynwood Plaza

Amazon has signed a 50,333-square-foot lease at Wynwood Plaza, marking the largest office lease ever recorded in Miami’s Wynwood submarket. Developed by L&L Holding Company, Oak Row Equities, and partners Shorenstein Investment Advisers and Claure Group, the mixed-use campus at 95 NW 29th Street features a 12-story, Class AAA office tower with 266,000 sf…

Amazon Signs Record-Breaking Lease in Miami’s Wynwood Plaza

Miami’s Wynwood Plaza is getting a big name, as Amazon has struck a deal to form a 50,333-square-foot office space. That marks the largest office space ever signed in Wynwood, according to a statement by L&L Holding Company and Oak Row Equities, which struck the agreement with the tech giant. Project partner Shorenstein Investment Advisers…

Amazon leases 50,300-square-foot office at Oak Row, L&L’s Wynwood Plaza project

Amazon will open an office in Miami’s Wynwood, giving a boost to the neighborhood’s push to attract tech firms and become “Silicon Valley of the South.” The Seattle-based company, founded by billionaire Jeff Bezos, leased 50,300 square feet at the Wynwood Plaza mixed-use project under development by Oak Row… Wynwood Plaza, at 95 Northwest 29th Street, is…

Miami Industrial Market Starts 2025 Facing Record Deliveries, Soft Absorption

Miami’s industrial market encountered significant challenges as 2024 closed, navigating a surge of new supply and rising vacancy rates. But the peak could be nigh. An unprecedented 5.6M SF of industrial space delivered in Miami-Dade County in 2024, according to a fourth-quarter CBRE report. The influx of new space coincided with a rise in vacancy rates…

The Delmore Launches In Surfside, With Swimming Pool Suspended In Air

Dubai-based developer DAMAC has launched The Delmore in Surfside. The ultra-luxury residential building is being built on the former Champlain Tower usite. Zaha Hadid Architects is designing the 12-story building with a flow-through canyon and a GFRC exterior façade designed to look and feel like the sand on the beach behind the building…

Damac Unveils Plans For $15M ‘Mansions In The Sky’ On Surfside Collapse Site

Dubai-based Damac Properties has launched sales at The Delmore, its luxury condo development set to rise on the site where the Champlain Towers South collapsed, killing 98 people. The developer’s international arm, Damac International, has started construction on the project, where the 37 units, referred to as “mansions in the sky,” will range between 7K SF and 10K SF…

Damac reveals Delmore luxury condo project on site of deadly Surfside collapse

Dubai developer Damac Properties is launching sales for the luxury condo project it plans to build on the site of the deadly Surfside condo collapse. The 12-story, 37-unit development is called the Delmore. Zaha Hadid Architects is designing the oceanfront building at 8777 Collins Avenue. The tragedy killed 98 people when Champlain Towers South collapsed overnight…

Related and 13th Floor team up on $97M acquisition of Aventura apartment complex

Related Group and 13th Floor Investments joined forces to buy a waterfront Aventura apartment complex, The Real Deal has learned. The Coconut Grove-based firms paid $96.5 million for Arium Lincoln Pointe, a 285-unit property at 17900 Northeast 31st Court, a source familiar with the deal told TRD. Related, led by Jorge Pérez and his sons, Jon Paul…

Architect: Miami Freedom Park ‘A Vision For Future Of Urban Living’

The under-construction Miami Freedom Park is “a vision for the future of urban living,” according to master-planner Arquitectonica. The company is overseeing the 130-acre development, which is being built on a former public golf course. “The master plan integrates green spaces, vibrant public amenities, and cutting-edge design, creating a community hub that will serve…

Miami UDRB Approves 45-Story First and Fifth Tower with Perfect Transit Score

Miami’s Urban Development Review Board voted this month to unanimously approve Downtown Miami’s First and Fifth tower. The location for First & Fifth features a rare perfect transit score of 100. MiamiCentral with Brightline, Metrorail, Tri-Rail, and the Metromover, is directly across the street. Developer Oak Row Equities said in a statement that transit-oriented…

Top Brickell offices near $100 per square foot

Top tier office space rents in the Brickell area are approaching $100 a square foot on average, two new brokerage reports show. Those rates are almost double the average office space rental rates for the county as a whole. “Class A Brickell rates continue to rise, increasing by 5.7% year over year to $101.76 per square foot,” the fourth quarter office report from CBRE said.

$8.4M Sale Negotiated of Retail Strip Center Blue Grotto Plaza in Miami

Marcus & Millichap has negotiated the $8.4 million sale of Blue Grotto Plaza, an 11,890-square-foot retail strip center located in Miami. Built in 1973 and renovated in 2023, the multi-tenant property features a mix of service-oriented businesses and food-and-beverage tenants, including 10 retail spaces and 68 parking spaces. Jonathan De La Rosa and Matthew…

Plans for ‘Legacy Park’ Revised a Third Time, Slated for 13850 SW 248th Street in Homestead

Miami-based 248th Street Properties LLC has revised plans for Legacy Park, a project Florida YIMBY covered in last year’s fourth quarter. In 2019, two years after the site’s acquisition, the developer intended to proceed with 144 apartments. Yet, after the passing of Rapid Transit Zone rules that allowed for higher residential density, it revised plans and increased the number…

UHealth leases wing of Downtown Doral retail expansion

The University of Miami Health System has leased an entire wing of Downtown Doral’s upcoming retail expansion. Located at Northwest 87th Avenue and Northwest 53rd Terrace, which was recently designated UHealth Way, UHealth will occupy an 11,243-square-foot space, which will include comprehensive eye care from Bascom Palmer Eye Institute and physical therapy…

UHealth Signs 11,243 SF Retail Lease at Downtown Doral

Codina Partners has announced that the University of Miami health system (UHealth) will occupy an 11,243-square-foot wing at Downtown Doral, a 250-acre mixed-use community in metro Miami. The tenant is part of the property’s 25,000-square-foot retail expansion, which is located at the intersection of N.W. 87th Avenue and N.W. 53rd Terrace and will include 929 parking garage…

Lease roundup: UHealth will anchor Downtown Doral expansion, Charleston BBQ opening in Little River

The University of Miami Health System will expand its medical care outposts to Downtown Doral. UHealth leased 11,200 square feet at the intersection of Northwest 87th Avenue and Northwest 53rd Terrace in Doral, according to the landlord’s news release. The health care outpost will offer eye care by Bascom Palmer Eye Institute and physical therapy, including pelvic floor…

Can Miami Executive Airport become spaceport?

Florida legislators will be asked to designate land at and near Miami Executive Airport in West Kendall as a spaceport territory, which could create economic benefits including tax incentives for aerospace-related businesses in the area. County commissioners voted 10-2 to seek the designation two days after President Donald Trump promised to send spacecraft and astronauts to Mars.

Gabriel Navarro: His MMG Equity is growing commercial realty, ski resort

After spending over 20 years leading Navarro Discount Pharmacies, Gabriel Navarro is continuing his family’s legacy of entrepreneurship with MMG Equity Partners.  Now, as managing partner and CEO of MMG Equity Partners, a family-owned commercial real estate firm, Mr. Navarro has helped grow its portfolio to nearly 2 million square feet of retail space, much of it in shopping…

‘Indications Many More Will Follow’ After Amazon Leases Wynwood Offices

The developers building the Wynwood Plaza campus announced that Amazon has agreed to Wynwood’s largest office lease ever. The lease announcement comes a little over a year after Amazon founder Jeff Bezos announced he was moving to Miami. Amazon’s new lease is for 50,333 square feet of office space. “We are extremely excited to welcome Amazon to Wynwood Plaza…

39-Story ‘The Brickell Starlite’ Planned for 128 Southwest 7th Street in Miami

Florida YIMBY has an update on the 39-story venture proposed for the former site of the Starlite Motel in Miami-Dade County. The Brickell Starlite has received the greenlight from county officials, allowing developers to move forward with a 697,913-square-foot tower, which will feature 517 Class A housing units. Homes will range from studio to three-bedroom floorplans…

Related Companies To Partner On Citadel HQ

Citadel has announced that it will partner with Related Companies on a tower it is building in Brickell, according to Bloomberg. According to plans filed last year, the 55-story tower would reach a supertall height of 1,046 feet above ground, or 1,049 feet above sea level. It would include mostly office, along with hotel and retail, and a public baywalk. Foster + Partners is the architect.

Ken Griffin taps Related Cos. to co-develop Citadel’s new $1B-plus Miami HQ

Ken Griffin is bringing in the heavy guns, partnering with Related Companies to build Citadel’s new $1 billion-plus Miami headquarters on the bay. Spokespersons for both firms confirmed to The Real Deal that New York-based Related, led by CEO Jeff Blau and President Bruce Beal Jr., will co-develop the planned 54-story mixed-use tower on a bayfront site at 1201 Brickell Bay Drive.

One Brickell City Centre Site Listed For Sale

Swire Properties has hired a broker to sell the One Brickell City Centre site, according to Bloomberg. Swire president Henry Bott told the news agency that preleasing had not materialized for the massive office tower in the way that had been hoped. One Brickell City Centre had been planed to rise 68 stories, or 977 feet, putting it just below supertall height.

Swire nixes plan for office supertall in Brickell, citing “challenging” market and slow preleasing

Swire nixed its plan for an office supertall in Brickell, amid questions over the long-term viability of South Florida’s office market. The real estate arm of the Hong Kong-based firm won’t develop the roughly 1,000-foot-tall One Brickell City Centre, instead hiring CBRE to put the site at 700 Brickell Avenue and 799 Brickell Plaza in Miami on the market, Bloomberg reported.

400+ Residential Units Planned On Alton Road In South Beach

There are at least 400 residential units planned in four developments on Alton Road in South Beach, according to the SFBJ. The developments would be built under Florida’s Live Local Act, the report said. The buildings would rise 31, 27, 18 and 16 stories in height. They would each include parking, with a combined 364 spaces. There would also be a small amount…

“Supply overhang”: After record South Florida apartment completions, lease-ups slow, concessions ramp up

At the 293-unit Elevate in Dania Beach, about 100 apartments remain vacant six months after the project was completed. To entice renters, the property manager is offering two and a half months of free rent and up to a $500 move-in credit, the property’s website shows. “We are getting some of those extra leases because of some of the extra concessions,” said Dan Kodsi…

Wynwood’s Joule House Pre-Leasing 308 Apartments, Opening In Spring

Pre-leasing is now underway for 308 luxury apartment homes at Wynwood’s Joule House. Opening of the multifamily development is scheduled for spring 2025, the developer said last week. The 8-story building is being developed by Fisher Brothers, a fourth-generation real estate company that owns, manages and operates unique spaces across the country. Apartments range…

Pre-Leasing Commences and Murals Revealed at Joule House in Wynwood

Pre-leasing has officially commenced for Joule House, an eight-story, mixed-use residential development at 2200 NW 1st Avenue in Wynwood. Developed by Fisher Brothers, the project will feature 308 residences designed to reflect the energy and creativity of Miami’s most eclectic neighborhood. First move-ins are expected by Spring 2025….

Miami-Based Developer Proposes ‘Azul at Blue Lagoon’ for 1200 NW 57th Avenue in Miami

Miami-based Keystone Holdings Group wants to move forward with a workforce housing development just blocks away from Miami International Airport (MIA). Under the developer’s current proposal, Azul at Blue Lagoon would comprise 284 apartments in a 16-story building, with at least 114 workforce housing units. According to Floridian Development…

Former El Portal Trailer Park Site Sold to WeWork Founder’s Miami Company for $70.5M

Back in 2015, residents of the Little Farm Trailer Park in El Portal learned that their tight-knit community had been sold from beneath them. Owners of the park swiftly ousted residents from the 16-acre low-income community situated just off Biscayne Boulevard, leaving many of them homeless. The owners demolished the park soon after. It was one of Miami’s most sweeping…

Keystone proposes 284-unit Live Local Act project near MIA, amid flurry of applications under affordable housing law

A developer proposes a 284-unit Live Local Act project near Miami International Airport, marking a continued flurry of applications under the state’s affordable housing law. Miami-based Keystone Holdings Group proposes the 16-story Azul at Blue Lagoon building at 1200 Northwest 57th Avenue in unincorporated Miami-Dade County, according to Keystone’s application…

The Perigon Miami Beach Secures $390M Financing as Construction Advances

Following the commencement of construction this past spring, The Perigon Miami Beach, a joint venture between Mast Capital and an affiliate of Starwood Capital Group, has announced the successful closing of $390 million in construction financing. This significant milestone marks a pivotal step forward in delivering what is set to become an architectural landmark…

TransMontaigne under contract to sell Fisher Island terminal and fuel depot for $180M

TransMontaigne Partners is under contract to sell a potential Fisher Island development site for $180 million, but the mystery buyer will have to deal with environmental cleanup. The Denver-based energy and fossil fuels storage company entered into a sales agreement for its 9.6-acre fuel depot at 1 Fisher Island Drive, a press release states. TransMontaigne, led by CEO Randy Maffett…

Related Group Seeks Expansion of Affordable Housing Development at 800 NW 13th Avenue in Little Havana

The affordable housing branch of the Related Group hopes to move forward with an expansion of a 1970s multi-family development in Miami-Dade County. The developer has filed a pre-application seeking approval for six buildings offering residences, commercial space, and parking. The proposal concerns the Haley Sofge Towers, a public housing site in Little Havana.

Supersized: Pérez family’s Related proposes 1K-plus-unit Live Local Act expansion of Little Havana public housing complex

The Pérez family’s Related Group wants to supersize a Little Havana public housing complex with a 1,038-unit Live Local Act development, as the firm ramps up its pipeline under the state’s affordable housing law. Related Urban Development Group, the affordable housing arm of Coconut Grove-based Related, wants to build a pair of 21-story towers and a 12-story building…

Related Turns To Live Local To Boost Size Of Little Havana Apartment Project

Related Group’s affordable housing arm has proposed an expansion of more than 1,000 units at the Haley Sofge Towers in Miami’s Little Havana neighborhood using Florida’s Live Local Act. Miami-based Related Urban Development Group is seeking to maximize the potential of an existing 22-acre site with an additional 1,038 apartment units, more than 22K SF…

South Florida office vacancies and asking rents hold steady in fourth quarter, despite some foreclosures and discounted deals

Outside Miami’s Brickell neighborhood and downtown West Palm Beach, office landlords in South Florida faced troubling trends in the fourth quarter of last year. Older office buildings sold at discounts from previous sale prices, while some property owners faced foreclosure. While average asking rents and vacancy rates in Miami-Dade, Broward…

Château, Fortune score site plan changes for St. Regis Sunny Isles

Château Group and Fortune International Group secured changes to their site plan for St. Regis Residences, Sunny Isles Beach. Sunny Isles commissioners last week approved the tweaks, which reduce the density and increase the floor area ratio, or overall project size, to allow for fewer but larger condos. Manuel Grosskopf, CEO of Hallandale Beach-based Château…

Focus, Group Fox Receive Site Plan Approval for 39-Story Brickell Starlite Multifamily Tower in Brickell Financial District

Focus and Group Fox have received site plan approval for Brickell Starlite, a 39-story multifamily tower located in Miami’s Brickell financial district. Focus is a development and construction firm, and Group Fox is a property asset management firm, and both companies are headquartered in Chicago. Set for completion in 2028, Brickell Starlite will comprise 517 apartments…

Monceau ramps up Live Local Act pipeline with proposals for 120-unit project in Naranja, 252-unit building in Goulds

The Haccoun family’s Monceau Real Estate proposes a 120-unit apartment project in Naranja and a 252-unit development in Goulds, as the firm ramps up its Live Local Act pipeline in south Miami-Dade County. Bay Harbor Islands-based Monceau wants to build a four-story building on a 2.9-acre site at 26710 Southwest 144th Avenue and an adjacent lot in Naranja…

Miami Beach’s The Raleigh, A Rosewood Hotel & Residences, Announces Residential Construction Milestones

SHVO has announced key construction milestones and the general contractor selection for The Raleigh, an ultra-luxury development in Miami Beach. Situated at 1775 Collins Avenue, the three-acre estate will include a 17-story residential tower designed by Peter Marino, a 60-room Rosewood hotel integrated within the historic Raleigh, Richmond, and South Seas Art Deco…

With Clock Ticking, Shvo Looks To Recapitalize Miami Beach Redevelopment

Shvo is attempting to push forward on its redevelopment of The Raleigh hotel in Miami Beach. The developer announced a new future for the historic property in 2022, partnering with luxury hotel brand Rosewood Hotels & Resorts and renowned architect Peter Marino. However, two years later, speculation over the project’s progress swirled as several of the company’s…

Multifamily, luxury homebuilding headed for a slowdown in 2025: CCIM panel

South Florida can expect a slowdown in multifamily and luxury home development in the year ahead, according to a panel of builders. Last week, The Calta Group President Gaetano Caltagirone, Prospera Real Estate Collective CEO Ellen Buckley and The Estate Companies principal Jeffrey Ardizon participated in the main discussion at the 2025 CCIM Miami…

Developer proposes 293 row houses in Naranja’s Mandarin Park project, as push into south Miami-Dade continues

MAS AJP proposes 293 row houses at the Mandarin Park mixed-use complex in Naranja, as developers continue to target south Miami-Dade County with new project plans. The Coral Gables-based firm wants to build a three-story row house complex with 132 homes and a separate two-story row house complex with 161 homes on a 27-acre site on the northeast corner…

TA Realty buys Pembroke Pines apartment complex for $118M, amid uptick in South Florida multifamily sales

TA Realty bought a 300-unit apartment complex in Pembroke Pines for $118 million, as South Florida experiences an uptick in multifamily investment sales. The Boston-based firm bought the Bell Pembroke Pines complex at 16700 Sheridan Street from Greensboro, North Carolina-based Bell Partners, according to records and real estate database Vizzda.

IMC Equity advances mixed-use project with 233 apartments at Lauderhill Mall

IMC Equity Group advanced plans to develop a three-building, mid-rise complex with 233 apartments on the south side of the Lauderhill Mall. IMC Equity, led by President and CEO Yoram Izhak, successfully proposed a special-use exception to the mall’s commercial zoning designation to allow multifamily residential development on the south side of the mall.

Refined Design Unveiled for 3000 Waterside in Fort Lauderdale

Claridge Homes has revealed a reimagined design for 3000 Waterside, an 18-story waterfront tower along the Intracoastal Waterway in Fort Lauderdale. Planned at 3000 East Oakland Park Boulevard, the project will introduce 129 luxury residences with expansive terraces and panoramic views of the Intracoastal, Atlantic Ocean, and Fort Lauderdale skyline…

Kite Realty expands South Florida retail portfolio with $68M West Palm Beach Publix-anchored purchase

Kite Realty Group is the latest retail landlord hungry for a Publix-anchored shopping center, buying a West Palm Beach site for $68 million. An affiliate of Indianapolis-based Kite, led by CEO John Kite, acquired Village Commons Shopping Center at 831 Village Boulevard, records and real estate database Vizzda show. The deal breaks down to $394 a square foot…

Regulatory Developments Related to Managing the Financial Risks of Climate Change – Q4 2024

IntroductionRegulatory OverviewNew Requirements and Resources for Addressing Physical Risks to BuildingsAn Insurance Industry in the SpotlightContinued Gradual Progress on Integration of Climate Risk into Regulatory SupervisionGlobal Progress Toward Consistent Climate Risk Disclosure Introduction Despite the change in 2025 to a U.S. administration less focused…

Rising in Popularity: A Commercial Property Assessed Clean Energy (C-PACE) Primer

The average year over year growth of Commercial Property Assessed Clean Energy (C-PACE) loan volume over the past five years has been 50%. This alternative financing mechanism gained popularity during COVID and the following two years of high interest rates, when developers sought alternative source of capital. The Commercial Real Estate Finance Council…

The Future Is Mixed Use: How Principles of Mixed Use Design Will Restore Our Communities

The real estate industry is in a time of great uncertainty with volatile inflation and interest rates, rising construction costs, major geopolitical events, and social and economic futures that feel unpredictable. Similar to how the past several years created opportunities to fundamentally rethink how we live, work, and interact with our communities and the built environment…

Apartment Occupancy Nationally Returns to Historically Normal Levels at End of 2024

Despite suffering a dip recently, apartment occupancy ended 2024 closer to historically normal levels. The U.S. apartment market delivered a record volume of apartment supply in 2024. This influx of deliveries pushed occupancy down to a recent low of 94.1% in early 2024. However, demand also rebounded significantly during the year, and caught up to record supply…

Moody’s Update: Population Shifts Shape Housing Demand

In 2024, the multifamily housing market experienced substantial inventory growth, adding nearly 300,000 units in 79 major metros tracked by Moody’s, representing one of the highest construction booms on record. This expansion led to slight imbalance between supply and demand, raising the national vacancy rate by 10 basis points each quarter throughout the second…

Small Bays Warehouses Are Becoming Big-Time Targets

Small bay warehouses are often viewed as one of the less important segments of industrial real estate. But that view is changing as demand for small space storage remains high while supply is limited and the high cost of replacement keeps rising, according to Alex Redfearn, CEO of Redfearn Capital, a private equity CRE firm in Delray Beach, FL. What is a small bay?

The post Miami Commercial Real Estate News January 29, 2025: Amazon Signs Record Setting Wynwood Lease; Brickell Supertall Office Development Nixed; More… appeared first on Hawkins Commercial Realty.

Viceroy Residences Aventura Announced for 19790 W Dixie Highway

Viceroy Residences Aventura, a 274-unit branded residential development, has been announced as the first of its kind in Aventura. Developed by Related Group and BH Group in partnership with Viceroy, the project is designed by Arquitectonica with interiors by DesignAgency. Sales, exclusively represented by Cervera Real Estate, are set to launch later this month.

Related, BH launch sales for Viceroy Residences Aventura

Frequent development partners Related Group and BH Group are launching sales for Viceroy Residences Aventura, one of the city’s first planned condo towers in years. Related, led by Jorge Pérez and his sons Nick and Jon Paul, and Isaac and Liat Toledano’s BH are planning the 28-story, 274-unit tower for the site at 2999 Northeast 191st Street, according to a press release.

Trump Gets Approval For $3B Project In Doral

The Trump Organization has won approval for a $3b expansion of the resort they own in Doral, according to Bloomberg. The project will include five condo towers rising 20 stories each. It would have 1,498 residential units along with 141,694 square feet of commercial space and 3,522 parking spaces.  In this post find a rendering as well as a map of the location of the proposed development.

Trump Just Got Final City Approval for His $3 Billion Doral Condo Project

City officials have officially greenlit president-elect Donald Trump’s luxury condo project at Trump National Doral. In a 4-0 vote on Wednesday, the Doral City Council approved the Trump Organization’s plans to build five 20-story condo towers at the Trump National Doral resort, a sprawling 600-acre Miami area property that sits just around the corner from downtown…

Trump scores final approval for 1,500 condos at Trump National Doral

Doral City Council members voted unanimously in favor of the Trump Organization’s plan to develop up to 1,500 luxury condos on the Trump National Doral Miami property. The council passed a site plan, rezoning and development agreement for the phased project on Wednesday evening. The second reading vote came five months after the council granted initial approval.

Mystery logistics firm adding 525 jobs in line for county cash

An unidentified transportation and logistics company whose description matches Ryder Systems Inc. is poised to get $7.5 million in incentives to create a $450 million headquarters in unincorporated Miami-Dade County and add 525 more workers over seven years. The company already employs 1,100 in Miami-Dade, according to the application submitted by the Beacon…

Vertical Developments launches Fendi Casa-branded Aventura condo project

Vertical Developments is launching a Fendi Casa-branded luxury waterfront condo project in Aventura. The developer, led by partner and CEO Fernando de Nuñez y Lugones, is planning the 16-story, 22-unit Avenia Interiors by Fendi Casa project for 20605 Northeast 34th Avenue, according to a press release. The announcement follows Vertical’s sales launches…

Miami-Dade pays $17M for industrial sites to use as staging for MIA improvements, expansion

Miami-Dade County bought a 3.4-acre industrial site for $17 million that it plans to use as staging for improvements and expansion of the nearby international airport. The county purchased the three lots at 3901 and 3975 Northwest 25th Street, as well as 3900 Northwest 26th Street in unincorporated Miami-Dade, from San Francisco-based Prologis, according to records and real estate…

Miami Beach looks to diversify as a business hub

Miami Beach propels its economy as it continues to provide incentives for businesses, welcome high-level events to the city and maintain a safe environment for both visitors and residents. “One of our goals is to diversify our economy,” said Mayor Steven Meiner, “and there’s been a lot of interest from the tech and finance industries to start up here, relocate here in Miami Beach…

Miami’s Industrial Property Sector Shows Resilience Amid Market Changes

https://www.globest.com/2025/01/16/miamis-industrial-sector-shows-resilience-amid-market-changes/?slreturn=20250122155842 Sometimes the obvious fundamentals don’t always tell the story. For example, JLL’s fourth quarter market report on Miami Dade County analyzing the area’s industrial sector showed that net absorption turned negative at -483,906 sf…

Adam Neumann’s Flow lands El Portal dev site with $71M winning auction offer

Adam Neumann’s Flow won an El Portal development site with a $70.5 million offer that beat out Melo Group, The Real Deal has learned. Miami-Dade Circuit Court Judge Thomas Rebull on Tuesday approved the sale of a 16-acre former trailer park at 8500 Biscayne Boulevard to an affiliate of Miami-based Flow. The expansive property landed in court receivership as a result…

Robert Rivani’s Black Lion slims portfolio, sells Catch restaurant for $28M

Robert Rivani’s Black Lion sold one of its signature commercial condo units, a building leased to Catch restaurant in Miami Beach’s South of Fifth neighborhood, for $28 million. The deal marks a nearly $17 million gain from its purchase price two years ago when Miami-based Black Lion paid $11.5 million for the two-story building at 200 South Pointe Drive, It is part of the Continuum…

Mast Capital, Starwood Receive $390M Construction Loan for Residential Project The Perigon Miami Beach

A joint venture between Mast Capital and a controlled affiliate of Starwood Capital Group has secured $390 million in construction financing for The Perigon Miami Beach, a 73-unit condominium development located at 5333 Collins Ave. in Miami Beach. Eldridge Real Estate Credit, a Greenwich, Conn.-based asset manager and holding company, provided the loan.

Mast, Starwood score $390M construction loan for Miami Beach condo project

Mast Capital and Starwood Capital Group secured construction financing for their oceanfront luxury condo project in Miami Beach. The joint venture closed on a $390 million loan from Eldridge Real Estate Credit for the Perigon, according to a press release. Eldridge Real Estate Credit is Cain International’s real estate credit arm that’s merging under billionaire Todd Boehly’s…

New Renderings Unveil Amenities for 57-Story Edge House Miami in Edgewater

Edge House Miami, a 57-story condominium developed by Peru-based Grupo T&C, has revealed new renderings highlighting its luxury amenities and shared spaces. Designed by Kobi Karp, the project is located at 1825 NE 4th Avenue in Miami’s Edgewater neighborhood and introduces a fresh concept of home-sharing in one of the city’s most desirable locales.

Neology Development Receives $84.5M Loan for Julia Apartments in Miami

Neology Development Group has received an $84.5 million loan for The Julia Residences, a 14-story apartment tower that recently delivered in Miami’s Allapattah neighborhood. Affiliates of Apollo provided the permanent loan. The borrower obtained its TCO for the development last May and stabilized the community at 97 percent occupancy by October.

Developer Secures $84.5M Loan for The Julia Residences in Allapattah

Neology Development Group has closed an $84.5 million loan from affiliates of Apollo for The Julia Residences, a recently completed residential tower in Miami’s Allapattah neighborhood. The 14-story building, located at 1625 NW 20th Street, achieved a Temporary Certificate of Occupancy (TCO) in May 2024 and reached lease-up stabilization in just five months…

Lissette Calderon racks up another refi, scores $85M mortgage for Allapattah project

For the second time in less than a month, a Lissette Calderon Allapattah project scored a refinancing. An affiliate of New York-based Apollo Asset Management provided $84.5 million in financing to Calderon’s Coconut Grove-based Neology Development Group, a press release states. The new mortgage replaces a $78.2 million construction loan for The Julia Residences…

First & Fifth Tower Receives Unanimous Approval from Miami’s Urban Development Review Board

Oak Row Equities has secured unanimous approval from Miami’s Urban Development Review Board (UDRB) for First & Fifth, a luxury multifamily tower designed by ODP Architecture & Design. Set to rise at 49 NW 5th Street in Downtown Miami, the project will span over 700,000 square feet and include more than 500 residential units. Located directly across…

Second time’s a charm: Board approves Oak Row’s 526-unit rental tower near MiamiCentral, after previously slamming design

Oak Row Equities scored approval for a 526-unit apartment tower in downtown Miami, after failing last year to impress a city board with the building’s design. The Miami Urban Development Review Board voted in favor of the 45-story First & Fifth project with a five-story podium with retail and 135 parking spaces at 49 Northwest Fifth Street and 50 Northwest Sixth Street…

River Oaks Properties Acquires 200 South Pointe Drive in Miami Beach for $28,200,000

River Oaks Properties has completed the acquisition of 200 South Pointe Drive in Miami Beach for $28,200,000. Located in the most exclusive neighborhood of Miami Beach, the South of Fifth enclave is also home to world famous restaurant and hospitality venues including Carbone, Joe’s Stone Crab and the highly anticipated redevelopment of Nikki Beach.

‘Via Veneto’ to Start Construction This Spring at 915 Palermo Ave in Coral Gables

The Calta Group intends to start construction on a luxury townhome development this spring. The Coral Gables-based developer recently secured a $30 million construction loan for “Via Veneto”, which upon completion will offer 10 three-story residences. Each home will feature four bedrooms and span 5,500 square feet, with in-unit amenities featuring deep soaking tubs…

Pérez family’s Related proposes 398-unit Live Local Act redevelopment of Miami’s Claude Pepper public housing building

The Pérez family’s Related Group proposes a 398-unit Live Local Act project to take the place of the Claude Pepper age-restricted public housing building in Miami’s Health District. Related Urban Development Group, Related’s affordable housing arm, wants to build a 14-story building with all units at below-market rate rents at 750 Northwest 18th Terrace in Miami, according…

Codina lands $124M refi for Downtown Doral apartments, uses part of capital to buy out partner Invesco

Codina Partners scored a $124 million refinancing for a pair of Downtown Doral apartment towers, using part of the capital to buy out Invesco’s stake in one of the buildings. Coral Gables-based Codina… The entire loan package is for the 19-story, 231-unit Palma Tower One at 5250 Northwest 84th Avenue, as well as the 20-story, 228-unit…  at 5225 Northwest 85th Avenue in Doral.

$9.7M Sale of Doral Shops & Professional Center Arranged

Marcus & Millichap has arranged the $9.7 million sale of Doral Shops & Professional Center, a retail center located in the western Miami suburb of Doral. Scott Sandelin and Edward Romo of Marcus & Millichap represented the seller and procured the buyer in the deal. Situated at 3655 NW 107th Avenue, the multi-tenant property spans 15,314 square feet. Nine tenants are operating…

Okan Tower Construction Reaches 12th Floor in Downtown Miami

The 902-foot Okan Tower in Downtown Miami has reached a key construction milestone, with work progressing to the 12th floor following the completion of its expansive 290,000-square-foot parking podium. This 70-story supertall tower, designed by Behar Font & Partners, is set to become one of the tallest buildings in the region when it tops off. The mixed-use development…

Groundbreaking Ceremony Today for Flagler Villas, Offering Housing for Low-Income Seniors

The City of Miami and Related Urban, the affordable housing division of Related Group, are breaking ground today on Flagler Villas, a six-story affordable housing development for low-income seniors. Located at 5215 West Flagler Street, adjacent to Henry M. Flagler Elementary School, the project will deliver 60 one-bedroom apartments designated for residents earning at or below…

Downtown Miami Signature Bridge On Track For Completion In Late 2027

Florida’s Department of Transportation says it is still targeting a late 2027 completion for Downtown Miami’s Signature Bridge, according to Local10. The project cost is also still estimated at $840 million. The construction contract for the project initially began in October 2018, with a four-year deadline to the contractor for completion and a budget of $802 million.

Okan Tower Reaches 12th Floor, 60% Sold

Developer Okan Group says it has reached two milestones at the under-construction Okan Tower. Sales have surpassed the halfway mark and are now at 60%, and construction has advanced to the 12th floor following the completion of a massive 290,000-square-foot parking podium. “We are thrilled to see Okan Tower’s incredible momentum as it takes shape,” says developer…

Developer: Retail Shops At Newly Completed $400M Overtown Complex Packed

Retail shops at Overtown’s new $400M Block 55 complex are filled with customers, developer Michael Swerdlow told the SFBJ. The Target store that anchors the complex is “full” and “packed” with customers, he said, while the Aldi supermarket there is also “packed all the time.” The 1.5- million square foot Block 55 opened last year, with the retail space fully leased. It includes…

Former exec sues Alden affiliate over allegedly lowballing his stake in properties in South Florida, elsewhere

Investment firm Alden Global Capital’s real estate division allegedly tried to shortchange a former property manager and investor in his payout for South Florida hotels and warehouses, as well as a larger nationwide portfolio, according to a recently filed lawsuit. Joseph Miller, who managed the portfolio and held equity in it, sued Alden’s Stamford, Connecticut-based real estate…

Lease roundup: Pura Vida Miami opens new outposts, Big 4 ad agency moves to Coral Gables

Pura Vida Miami, the café known for its health-conscious menu that includes smoothies and açaí bowls, opened new outposts in Miami Beach and Fort Lauderdale. The restaurant leased 2,200 square feet at 1601 Collins Avenue, according to the tenant’s news release. The building is the Loews Miami Beach Hotel, which is owned by New York-based Loews Corporation.

Map: Here is Broward County’s condo development pipeline

South Florida’s condo developers want to build, baby, build — in Broward County. Long overshadowed by Miami-Dade and Palm Beach counties, its more expensive neighbors to the north and south, it seems Broward is getting its moment in the sun. In the wake of South Florida’s pandemic real estate boom, developers have snapped up project sites and are betting big…

Condra sues city of Hollywood over denial of Live Local project

The developer of a planned mixed-use project in Hollywood Beach is alleging the city illegally denied its Live Local Act application, according to a lawsuit filed this week. The complaint marks another example of local governments clashing with developers over the state’s new workforce housing legislation, signed into law by Gov. Ron DeSantis in 2023 and amended last year.

Billionaire Bill Malhotra’s Claridge Homes launches sales for luxury condos in Pompano Beach

Billionaire developer Bill Malhotra is launching sales for Ocean580, a luxury oceanfront condo project in Pompano Beach. Malhotra’s Ottawa, Ontario-based Claridge Homes is planning the 10-story, 17-unit development for the 0.9-acre site at 580 Briny Avenue, according to a press release. Malhotra, who has a net worth of $2 billion, according to Forbes, is also building 3000 Waterside…

Developer Alters Plans for Second Phase of Camino Square at 171 W Camino Real in Boca Raton

In August 2022, Florida YIMBY reported on Camino Square, a mixed-use venture in Boca Raton. Now, developer FCI Residential is moving forward with its second phase––but with different plans than what were initially approved. According to the South Florida Business Journal, the developer originally secured approval for 37,000 square feet of retail.

Nick of time: Penn-Florida files bankruptcy on Boca Raton Via Mizner apartments, dodging $145M UCC auction

An affiliate of Penn-Florida Companies filed bankruptcy on its 101 Via Mizner apartment building in Boca Raton, warding off a foreclosure auction over a $145 million loan. Via Mizner Owner I, the entity Penn-Florida uses for the 14-story, 366-unit building at 101 East Camino Real, is pursuing Chapter 11 reorganization. It listed $100 million to $500 million in assets and liabilities…

‘Boca Village’ Gets Clearances from City Officials, Slated for 680 W. Yamato Road

Boca Village, a mixed-use project offering both residences and retail, is one step closer to becoming a reality, thanks to the security of two ordinances and five resolutions. The Boca Raton Tribune notes that the approvals pertained to construction details and rezoning measures. Florida YIMBY covered Boca Village when it was initially proposed in December 2023.

Developers Seek Approval for ‘Alba Reserve’ at 4720 N Flagler Drive in West Palm Beach

Last November, Florida YIMBY reported on Alba Palm Beach, a 22-story condo slated for a spring 2026 completion. Now, we’ve learned that two developers want to proceed with another high-rise condo right next door. 4700 N. Flagler LLC, a partnership between BGI Cos. and Blue Road Group, hopes to get approval for Alba Reserve, a 31-story tower featuring 87 residences.

AEW scoops up 424-unit senior living complex in Wellington for $100M

AEW Capital Management bought a 424-unit senior living rental complex in Wellington for $100.1 million, marking this year’s first major commercial real estate deal in South Florida. The firm bought Wellington Bay at 2590 Wellington Bay Drive from Ares Management, according to records and real estate database Vizzda. The selling entity also ties to Tampa-based ZRS…

Video: Trepp’s Lonnie Hendry Provides Loan Delinquency Update & Forecast for 2025

In a recent episode of America’s Commercial Real Estate Show, the show host and guest Lonnie Hendry, Chief Product Officer at Trepp, delved into pressing topics shaping the commercial real estate (CRE) landscape. The discussion, centered around distressed properties, the state of debt markets, and office sector challenges, painted a comprehensive picture of current…

Capital Ideas: Trump’s Gift to the Office Market

It was raining executive orders on President Donald Trump’s first day in office. It remains to be seen just how much many of these—like exiting the Paris Agreement, freezing pending regulations and creating an agency to collect tariffs—will impact commercial real estate investment and finance. There is one directive from our returning leader, however, that should have…

Apartment Rent Growth Expectations at the Market Level for 2025

While apartment rent growth is expected to pick up in the coming year – while still trailing previous decade norms under the weight of new supply – market-level expectations vary based on many factors. Generally speaking, rent growth expectations in 2025 at a market-level can be split into a few categories. Markets Expected to Outpace the U.S. Average in 2025: 1. Markets…

The post Miami Commercial Real Estate News January 22, 2025: $390M Scored for Miami Beach Development; Trump Gets Approval for $3B Doral Project; More… appeared first on Hawkins Commercial Realty.