Five 800+ Foot Towers Now Under Construction In Miami
There are now five 800-foot tower under active construction in Miami, for the first time ever. There are also now two completed towers taller than 800 feet, making it seven Miami towers either completed or under construction at that height. Miami’s first 800-foot tower was completed in 2017, when the 868-foot Panorama Tower opened in Brickell. Another reached completion…
Rooftop Club & Restaurant Coming To New 830 Brickell Tower In 2025
Plans have been announced for a rooftop club and restaurant at the new 830 Brickell tower. Developer OKO Group and hospitality operator Tao Group are partnering on a new venture called Miami Members Hospitality. The space at 830 Brickell will be their first venue. The rooftop at 830 Brickell will include a Mediterranean restaurant and club which features a private…
51-story 848 Brickell office tower adds to county donation, wins
Zoning approval for a 51-story tower that would add 14% to the Brickell area’s pricy Class A office space, twice deferred as county commissioners sought more from the applicant, sailed through as developers raised their cash contribution to $2 million. “I really do appreciate all the work that’s happened,” said Commissioner Eileen Higgins, who in two earlier meetings…
Bell Partners drops $79M for Kendall West apartment complex, its second South Florida multifamily deal this month
Bell Partners scooped up a 228-unit apartment complex in Kendall West for $78.5 million, marking its second investment this month in South Florida’s multifamily market. The Greensboro, North Carolina-based firm bought the community at 8485 Hammocks Boulevard in unincorporated Miami-Dade County from the Los Angeles County Employees Retirement Association, or Lacera…
I-395 Signature Bridge project rises higher
As the year winds to a close, the Florida Department of Transportation (FDOT) can boast of significant progress in 2024 on all three project corridors in the vast and impactful I-395/SR 836/I-95 Design-Build Project in Miami. The $818 million undertaking is the product of a partnership between FDOT and the Greater Miami Expressway Agency and its contractor…
Two Wynwood towers to add 1,300 residences
A dual tower mixed-use residential development with more than 20,000 square feet of commercial uses is proposed for a site at 520 NW 26th St., near the heart of the Wynwood Arts District and in the shadow of I-95. Owner-developer Ultimate Equity Inc. plans to build Ultimate Wynwood, a pair of 36-story towers, home to 1,300 residential units, 21,601 square feet…
Art Basel has most galleries in 16 years
As artists, art vendors, and art lovers prepare to turn out to another year at Art Basel Miami Beach, the Miami Beach Convention Center is preparing itself for its largest festival yet. This year, the acclaimed arts festival is boasting 286 galleries, the largest selection of artists and galleries present at Art Basel since 2008. This year also marks one of the more diverse lineups present…
Miami #2 in List of Top 10 REIT-Dominated Self Storage Markets
The U.S. self storage sector has grown exponentially over the past few decades, as the demand upswing has also drawn the attention of institutional investors. As of October, the industry totaled more than 1.9 billion rentable square feet of space according to Yardi Matrix data. Among the players influencing this booming commercial real estate sector are the five self storage REITs…
70-Story Brickell Tower ‘Calle 8’ Submitted For Final Site Plan Approval
Brickell planned 70-story Calle 8 tower has moved to the Administrative Site Plan Review phase. The December 2 site plan filing with Miami-Dade revealed new and refined details planned at the development. The building is moving through an approval process with Miami-Dade, under their Rapid Transit zoning plan, rather then being reviewed by the City of Miami…
142 Residential Units Planned At Culmer Metrorail Station
A residential development is in planning at Metrorail’s Culmer Station. A special exception application for the property was submitted to Miami-Dade on November 26. The property is within Miami-Dade’s Rapid Transit Zoning area. A variance is being requested to allow for development of the building without a habitable liner, including the ground floor and parking garage.
Developer Files Pre-Application for 81-Story Tower at 1421 South Miami Avenue
A developer has proposed a supertall skyscraper in Miami-Dade County. Walter Defortuna, the brother of Fortune International Group’s CEO, wants to move forward with an 81-story building. The South Florida Business Journal reports that the 1,010-foot-tall tower would host 560 residences, with the homes spanning 533 to 1,907 square feet each. The studio to three-bedroom…
Negotiations With One Brickell City Centre Anchor Tenants ‘Ongoing’
There are new details on plans to build a near supertall office tower at Brickell City Centre. Previously filed plans showed the tower would reach a height of 68 stories, or 977 feet, putting it just below supertall height. Developers Swire Properties and Related Companies are partnering on the development, which will have around 1.5 million leasable square feet of office.
Hearing Scheduled On Brickell Avenue Supertall Church Site
Miami’s Historic and Environmental Preservation Board has scheduled a hearing on the Brickell Avenue’s First Presbyterian Church property, where a supertall tower could be built. The First Presbyterian Church and partner developer 13th Floor Key Church, LLC are requesting an amendment to the historic designation. An iconic, 80-story tower is being planned…
Cranes, Construction Permit Submitted In Little River Where 454 Units Planned
A Live Local apartment building in Little River is advancing with multiple new filings. Filings with the FAA on November 27 show that two construction cranes are planned to be installed at the property, reaching heights of 390 and 430 feet above ground. A master construction permit application was also filed with Miami’s Building Department on November 18…
New Renderings Of 400-Foot Deauville Towers
The developers planning to rebuild the Deauville in North Beach have revealed new details and renderings in a presentation to a city board last week. The Deauville hotel was demolished in 2022, and there are plans add two new condo towers in addition to rebuilding the original tower. The design team for the new development will include Foster + Partners, ODP, and Shulman…
Thor Equities Secures Loan for Wynwood Walk Neighborhood Retail Center
Thor Equities Group has secured a $37 million construction loan from ACRES Capital for the 63,000-square-foot Wynwood Walk neighborhood retail center in Miami. Wynwood Walk is at 230 N.W. 29th St. in Miami. Image courtesy of CommercialEdge The funding reportedly will enable the ongoing leasing of the property, whose tenants already include Puttery, Velvet Taco…
Industrial Rent Growth Rises Nationwide As Miami Takes The Lead
National in-place rents for industrial space increased 6.8% year over year in October to $8.22 per square foot, which was a six-cent increase from September, according to CommercialEdge’s US industrial market report. October was one of the few months in which a Southern California market did not lead in rent growth. Industrial rents grew fastest in Miami – up 11% year-over-year – with more t…
ASPR Filed for 50-Story Mixed-Use Tower at 1315 NE Miami Court in Miami’s Omni/Arts and Entertainment District
An Administrative Site Plan Review (ASPR) has been filed with Miami-Dade County for a 50-story mixed-use tower proposed at 1315 NE Miami Court in the Omni/Arts and Entertainment District. Submitted by 1315 Partners LLC, the project is designed by Behar Font & Associates, Inc. and aims to leverage its location in the Metromover Subzone of the Rapid Transit Zone…
Developer Files Pre-Application for ‘Jardon’s Tower’ at 4350 SW 8th Street in Coral Gables
Wellness Stay LLC has proposed a mixed-use project featuring medical space, homes, and a hotel in Miami-Dade County. Jardon’s Tower would comprise 134,350 square feet of new construction. Conceptual renderings show an eight-story building connected to a four-story parking garage via a pedestrian bridge. The smaller structure would feature 78 parking spots and three…
New EV Charging Station To Be Unveiled In Doral
On Monday, December 2nd, Miami-Dade Solid Waste Management Department (DSWM) will unveil the newly completed construction charging station with five dual port chargers capable of charging 10 light EV units simultaneously from its operations building. The state-of-the-art charging station can replenish an EV within six to eight hours, depending on battery level…
Wynhouse Rebranded as Joule House, Opening Spring 2025 at 2200 NW First Avenue in Wynwood
Fisher Brothers has rebranded the Wynhouse Miami project as Joule House. Located at 2200 NW First Avenue in Wynwood, the eight-story development is slated to open in Spring 2025. Bozzuto will serve as the exclusive leasing and marketing agent. Joule House will featuring 308 rental residences, 26,000 square feet of ground-floor retail and paseo space, and over 23k sf…
Two Multifamily Projects Add (or Will Add) Homes to Miami-Dade County
Florida YIMBY has learned of two Miami-based projects: one that has finished construction and another that could break ground next year. Here’s what we know. Atlanta-based ACRE (formerly Asia Capital Real Estate) is moving forward with the second phase of Adela at MiMo Bay. The multi-family housing development, which currently comprises 236 apartments, opened in 2020.
Developer Announces Plans for Mixed-Use Development at 3101 Grand Avenue in Coconut Grove
The Allen Morris Company has announced plans for a mixed-use development at 3101 Grand Avenue, located at the intersection of Grand Avenue, Matilda Street, and Florida Avenue in Coconut Grove. Covering approximately 1.7 acres, the project will include office, residential, and retail spaces designed to blend seamlessly with the neighborhood’s natural and cultural fabric.
Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District
A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 sf…
Wynwood’s ‘Condo Quality’ Highley House Reaches Completion
A mixed-use complex in Wynwood called The Highley House has just opened, with robust demand for its luxury residential units being reported. The Highley House includes two towers with 304 “condo quality” residences being offered for rent, 72,000 square feet of Class A office space, and 18,000 square feet of retail. With apartment leasing now underway, developers say they…
The Tallest Tower In Miami Beach Is Now Complete
Miami Beach has a new building that has taken the title of the city’s tallest. Five Park, a 48-story, 519-foot tall luxury condo tower, received its TCO, its developers said. It is now the tallest tower in the city of Miami Beach (although there are much taller buildings across the causeway in the City of Miami). Condos range from 1 to 4 bedrooms, with prices from $1.5M…
Demolition Permit Issued For Brickell Site Where 90-Story Dolce&Gabbana Tower Planned
Miami-Dade has issued a total demolition permit for the Brickell Avenue site where the 1,049-foot Dolce&Gabbana Tower is planned. A 7-story office building dating to 1972 with 53,000 square feet and one basement parking level is currently on the site. Alpha Wrecking Group is listed as the contractor. The new 90-story Dolce&Gabbana tower planned on the site recently…
Ceremonial Tree At Newly Topped Off Downtown Miami Tower Being Built by Namdar
A 43-story Downtown Miami tower that topped off construction appears to have a ceremonial tree on the rooftop, recent photos show. A top-off ceremony for the 680-unit apartment tower took place on November 15. The photos below were taken on November 22. The tower is being built by developer Namdar. Namdar is also now in permitting to build a second tower on the property…
Five Park, Miami Beach’s Tallest Tower, Is Now Complete at 500 Alton Road
Five Park, a 48-story residential tower located at 500 Alton Road at the entrance to South Beach, is now complete, standing as the tallest building in Miami Beach. Developed by Terra and GFO Investments, the project combines modern design, green spaces, and residential amenities at one of Miami Beach’s most prominent locations. The tower, which rises alongside the newly…
Miami’s New Billionaires Jeff Bezos, Ken Griffin Are Making Local Donations
Amazon founder Jeff Bezos and Citadel founder Ken Griffin have announced new charitable donations in Miami. Bezos announced he was moving to Miami a year ago. Griffin announced he was moving his company headquarters to Miami in 2022. The Miami-Dade County Homeless Trust announced last week it had received a $5 million donation from Jeff Bezos and Lauren Sánchez…
Brickell’s 645-Foot Miami River Tower Moving Closer To Completion
The 54-story Miami River apartment tower under construction in Brickell is moving closer to completion, new photos by Phillip Pessar show. The photos show that a decorative element is now being installed on the building’s parking garage. The building will include 632 rental apartments. Also now under construction is retail space, and a riverfront promenade open to the public.
North Miami Developer Files Application for 50-Story Tower at 1315 NE Miami Court
Optimum Property Management hopes to get approval for a high-rise tower in Miami-Dade County. Plans call for the demolition of a low-rise apartment complex built in 1960. In its place would rise a 50-story building comprising close to 560,000 square feet of new construction. There would be 378 studio to two-bedroom residences, with square footage ranging…
Terreno Sells Doral Industrial Property For $20.6 Million
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located at 1401 NW 78th Avenue in Doral on November 21 for a sale price of approximately $20.6 million. The property consists of one industrial distribution building totaling 75,000 square feet on 2.8 acres, which is 100% leased to one…
Developers Announce The Standard Residences, Brickell, a 45-Story Tower at 690 SW 1st Avenue
Newgard Development Group and Two Roads Development, in collaboration with The Standard team, have officially announced The Standard Residences, Brickell, a new residential tower in Miami’s Financial District. Located at 690 Southwest 1st Avenue, this project is part of the One Brickell Riverfront mixed-use development featuring three high-rise towers. The Standard Residences…
Developers Secure Construction Loan for ‘Rivage Residences’ at 10245 Collins Avenue in Bal Harbour
The acquisition of a $424 million construction loan will make completing Rivage Residences in Miami-Dade County possible. Florida YIMBY first reported on this luxury high-rise in early 2023. The venture will comprise 56 condos (also called “sky villas”, according to the South Florida Business Journal) and measure 24 stories above grade. The homes will span about…
The St. Regis Residences, Miami, Now Under Construction at 1809 Brickell Avenue
The St. Regis Residences, Miami, a 50-story residential tower at 1809 Brickell Avenue on the Biscayne Bay waterfront in South Brickell, is now under construction. A groundbreaking ceremony for the development was held on the morning of November 21, featuring 152 bespoke residences—including penthouses, sky villas, and two stand-alone garden villas. The project offers…
Simon, Brookfield face tough road ahead for their South Florida zombie malls
The outlook for owners of two South Florida zombie malls to refinance maturing nine-figure loans next year is pretty grim. Even with recent interest rate cuts, Simon Property Group and Brookfield Asset Management face a tough road convincing commercial mortgage-backed security lenders that Miami International Mall in Doral and Pembroke Lakes Mall in Pembroke Pines…
Brickell condo board president ousted after passing $21M assessment
Unit owners at a two-tower condo on Brickell Avenue in Miami voted out their board president following a series of events that included the allegedly illegal passage of a $21 million special assessment. Some condo owners at 1060 Brickell flew in from out of the country to vote in person, after their board president, Jacob Kassell, eliminated electronic voting. On Saturday they…
Miami board shoots down Oak Row’s and Asi Cymbal’s projects
A Miami review board approved four projects, but shot down two others at its meeting this week. The Miami Urban Development Review Board didn’t take kindly to the designs of Oak Row Equities’ proposed downtown Miami apartment tower and to Asi Cymbal’s Live Local Act project in the Wynwood Norte neighborhood. The board approved CMC Group and Fort Partners…
Allen Morris Co. plans condo, office development in Coconut Grove
The Allen Morris Company is shifting its attention to Coconut Grove, where the development firm is planning a mixed-use office and condo project with a streetscape and park component. Coral Gables-based Allen Morris plans to move its headquarters to the development, The Real Deal has learned. The company, led by its namesake Chairman and CEO…
Longpoint’s industrial binge: $331M South Florida warehouse portfolio purchase from Blackstone
Longpoint Realty Partners continues to gorge on South Florida industrial properties, picking up a Blackstone warehouse portfolio for a combined $331.3 million. The purchase represents the largest industrial deal of this year. Affiliates of Boston-based Longpoint, led by Dwight Angellini, acquired 26 properties in Miami-Dade, Broward and Palm Beach Counties from affiliates…
Miami Live Local Act project planned on Model City Burger King site
A Burger King in Model City may soon be replaced with a Live Local Act workforce housing project after it traded for just below $4 million. An affiliate of Houston-based BCS Capital sold the 35,966-square-foot site for $3.65 million on November 25, according to a special warranty deed recording with Miami-Dade County. Including broker fees, the transaction totaled…
Developer Proposes to Build Tallest Building in Miami at 1010′
1414 Brickell LLC, under the leadership of Walter Defortuna, has filed a pre-application with Miami-Dade County to redevelop a mixed-use site that would include 81 stories. Should the plans materialize, the property on Brickell Avenue would become Miami’s largest tower — standing at 1,010 feet, according to a report from the South Florida Business Journal. The current setup…
Argentinian sports stars, including NBA legend Manu Ginobli, seek county deal for $337M Homestead project
A consortium of retired Argentinian sports stars, including NBA Hall of Famer and ex-soccer player Juan Sebastián Verón, wants to build a $337 million mixed-use project on county-owned land in Homestead. A majority of Miami-Dade County commissioners last week authorized Mayor Daniella Levine Cava to negotiate a possible 99-year lease agreement with Ponte Vedra…
Adam Neumann’s Flow, Israeli firm Canada Global buy Aventura Corporate Center for $116M
Adam Neumann’s Flow and an Israeli real estate firm bought the Aventura Corporate Center for $116.2 million. Flow and Canada Global bought the three-building office complex at 20801, 20803 and 20807 Biscayne Boulevard in Aventura, according to Canada Global’s filing to the Tel Aviv Stock Exchange last week. Neumann contributed about $36 million…
IMC Equity bags Miami shopping center for $62M –– 33% less than sale price over a decade ago
IMC Equity Group bagged a retail center in Miami for $62 million, marking a 32.6 percent discount off its purchase price over a decade ago. The North Miami-based firm bought Miracle Marketplace at 3301 Coral Way from an affiliate of Chicago-based Heitman, according to IMC Equity Chief Investment Officer Carlos Segrera. The buyer borrowed $42.5 million from Ocean Bank.
Electra, BH land $125M pre-dev loan for $1B Southplace City Center in Cutler Bay
Electra America and BH Group are gearing up for the first phase of a $1 billion mixed-use project in Cutler Bay after landing a $125 million predevelopment loan, The Real Deal has learned. New York-based Tyko Capital provided the financing for the joint venture’s planned Southplace City Center at 20505 South Dixie Highway, confirmed Joe Lubeck, CEO of Tampa…
The Majestic Hotel South Beach listed for $35 million (Photos)
The Majestic Hotel South Beach, an 83-year-old Art Deco-style hotel in Miami Beach, was listed for $35 million. The boutique accommodation at 660 Ocean Drive was listed Nov. 20 by Susan Gale of Miami Beach-based Gale Group International, an affiliate of Coconut Grove-based One Sotheby’s International Realty. Trending: University of Miami buys shopping…
Clearline Secures $95M for Miami Tower
Clearline Real Estate is getting $94.5 million in funding to support the development of a multifamily tower called Excel Miami Apartments. Centennial Bank is providing a $68.5 million loan to support the construction. The subordinate loan worth $26 million total, is being issued by Sunrise Realty Trust, Inc. and an unnamed affiliated entity. They are committing $13 million…
Citigroup Center scores five new tenants, soccer apparel store plans first US outpost in Miami Beach
Citigroup Center in downtown Miami scored five new tenants. Wealth management firm Boreal Capital Management leased 12,500 square feet at the 34-story tower at 201 South Biscayne Boulevard, where it will move in 2026 from its office in Brickell, according to the landlords’ news release. Boreal now is at 1450 Brickell Avenue in Miami, the firm’s website shows.
South Florida’s Retail Sector Sees Slowdown in Leases for Q3
South Florida is seeing a slowdown in retail leasing activity, as available space becomes more scarce in the region. The news comes from Matthews Real Estate Investment Services’ third-quarter market report, which analyzed the performances of Miami, Palm Beach, and Fort Lauderdale. Most notably, leasing is down significantly in Miami and Palm Beach, with 2.5 million and 1.6…
Inter Miami opens store at Miami International Airport, UBS moving Coral Gables office
The Inter Miami Major League Soccer team opened a retail store at Miami International Airport. Inter Miami leased nearly 200 square feet between gates D27 and D28, according to a Miami-Dade County news release and a spokesperson for the Miami-Dade Aviation Department. The landlord is the county’s aviation department. The store offers Inter Miami apparel…
Closings begin at Martin and Galbut’s $1B Five Park tower, tallest in Miami Beach
Developers Russell Galbut and David Martin completed the tallest building in Miami Beach, a 48-story condo tower called Five Park. Galbut’s family office, Miami-based GFO Investments, and Martin’s Coconut Grove-based Terra secured a temporary certificate of occupancy and began recording condo closings at the project at 500 Alton Road, records show.
Shoma’s Stephanie Shojaee newest cast member of the “Real Housewives of Miami”
Bravo’s Andy Cohen introduced the newest cast member to join “Real Housewives of Miami:” developer Stephanie Shojaee, president of Shoma Group. Shojaee, who is married to Masoud Shojaee, co-founder of Coral Gables-based Shoma, joined the reality TV show after Dr. Nicole Martin announced she would not be returning this upcoming season. Shojaee has teased the news…
The Easton Group’s Next Generation Taking 50-Year-Old Family Business In New Direction
Almost every Sunday after church, Ed Easton and his seven siblings would pile into the family Buick, cruising Pittsburgh’s horizons past rolling farmland. Their father, Samuel M. Easton, a lumberman with an eye for opportunity, would talk business as they drove, plotting how to turn his profits into new lots across the city. Ed Easton took those lessons with him when he moved…
Under fire, Miami-Dade incinerator site choice put off to February
Newly-elected county commission Chairman Anthony Rodriguez had his feet held to the proverbial fire Tuesday as commissioners once more dove into where to build Miami-Dade’s new waste-to-energy plant to replace the one real fire destroyed some 661 days ago. And, for the most part, Chairman Rodriguez emerged unscathed, or at the least, no worse than outgoing chairman…
Design and Site Plan To Be Reviewed for 120,000-Square-Foot Retail and Recreational Development at Oakwood Plaza in Hollywood
Oakwood Plaza LP, an affiliate of New Hyde Park, New York-based Kimco, has filed plans for a new two-story retail and commercial building at 2800 Oakwood Boulevard within the Oakwood Activity Center in Hollywood, Florida. The proposed development, spanning 120,000 square feet, will include an outdoor recreational track, associated parking, and pedestrian-friendly…
Multifamily deals heat up: Blackstone sells 349-unit Miramar rental complex for $121M
Blackstone sold a 349-unit apartment complex in Miramar for $121.3 million, a sign that multifamily deals are heating up. Greensboro, North Carolina-based Bell Partners, through its value-add fund VIII, bought the garden-style community at 11338 Southwest 45th Place, paying $347,564 per unit, according to records and real estate database Vizzda. The buyer borrowed a $73.6M…
Naftali launches Viceroy-branded Fort Lauderdale condo project
Naftali Group is launching sales for a Viceroy-branded luxury condo tower in Fort Lauderdale, nearly a year after a neighboring hotel owner sued to stop the project. Naftali, led by Chairman and CEO Miki Naftali, is launching Viceroy Residences Fort Lauderdale with Douglas Elliman leading sales, according to a press release. The 45-story tower will have 370 units on…
Integra to launch sales of 14-story, 76-unit waterfront condo project in Fort Lauderdale
Integra Investments will launch condo sales at the start of the new year for Ocean Park Residences, a 14-story, 76-unit waterfront building planned for the northern end of Fort Lauderdale’s beach area. Miami-based Integra had won city approval in June 2022 to build an 11-story, 54-unit condominium and a 12-story, 100-room hotel on the development site at 2851 and 2901 NE…
World’s First Pickleball Stadium Nears Completion in Fort Lauderdale, Secures $7M Construction Loan
Fort Lauderdale is set to welcome The Fort, the world’s first dedicated pickleball stadium and entertainment complex, nearing completion at 891 SW 34th Street in Snyder Park. Spanning 10 acres, this innovative facility blends sports and leisure, featuring state-of-the-art amenities designed to elevate the pickleball experience in South Florida….
Plans Unveiled for Bungalow East, a 14-Story Condo at 530 North Birch Road in Fort Lauderdale Beach
Merrimac Ventures has unveiled plans for Bungalow East, a 14-story condominium at 530 North Birch Road in Fort Lauderdale Beach. The boutique development will feature 34 residences, with construction expected to begin in late 2025 and a completion timeline of 18 months.Merrimac Ventures Unveils Plans for Bungalow East, a 14-Story Condo at 530 North Birch Road…
Whitfield Hotel Redesign Adds Condos and Increases Height at 1007 East Las Olas Boulevard in Fort Lauderdale
The Whitfield Hotel, located at 1007 East Las Olas Boulevard in Fort Lauderdale, is undergoing a significant redesign to add luxury condominiums and increase its height. Initially approved as a 10-story development with 140 hotel rooms, the updated plans call for a 12-story building that will reduce the number of hotel rooms to 81 and incorporate 17 upscale condos.
Hall of Fame Partners Obtains Financing for Phase I of $200M Aquatics Complex Redevelopment in Fort Lauderdale
Hall of Fame Partners has obtained a $54 million credit-tenant lease loan for the construction and permanent financing of Phase I of the International Swimming Hall of Fame (ISHOF) complex. ISHOF is the planned $200 million redevelopment of the Ft. Lauderdale Aquatics facility, which was originally built in Fort Lauderdale in 1965. Phase I of the ISHOF complex…
‘Cross Creek Apartments’ Could Occupy Former Motel Site at 1201 NW 31st Avenue in Pompano Beach
The Related Group hopes to move forward with an affordable housing complex in Broward County. Plans involve purchasing a now-shuttered Motel 6 that occupies a 5.2-acre site. A community known as “Cross Creek Apartments” would replace the hotel, offering 467 residences. The South Florida Business Journal indicates that 327 homes would be affordable housing…
AMAC and ROVR Propose 302-Unit Complex for 3151 to 3251 N. Federal Highway in Pompano Beach
In September 2022, Florida YIMBY reported on Sentosa, a proposed 285-unit apartment complex in Pompano Beach. Now, we have an update: two developers hope to expand the number of units under the Live Local Act. In June, AMAC and ROVR purchased Sentosa’s undeveloped 6.2-acre site from Falcone Group for $13.5 million. The South Florida Business Journal notes…
General Contractor Appointed for Glass House Boca Raton at 280 E Palmetto Park Road
Developer 280 E Palmetto Park Road, LLC has selected KAST Construction as the general contractor for Glass House Boca Raton, a nine-story luxury condominium development in downtown Boca Raton. Located at 280 E Palmetto Park Road, the project will feature 28 residences and rooftop amenities on the 10th floor, with completion anticipated in the first quarter of 2027….
The Nora Hotel Breaks Ground at 1021 North Railroad Avenue in West Palm Beach’s Nora District
Construction has officially begun on The Nora Hotel, a 201-key boutique hotel set to anchor the transformative Nora District in West Palm Beach. Developed by BD Hotels in partnership with Wheelock Street Capital, Sean MacPherson, NDT Development, and Place Projects, the project marks BD Hotels’ first new construction outside of New York City.
‘Berkeley Palm Beach’ to Offer 193 Luxury Condos at 601 and 621 Clearwater Park Road in West Palm Beach
Berkeley Palm Beach, a luxury residential building, is slated to break ground in the second week of December. The 25-story condo will offer 193 units, with layout plans ranging from two-bedroom to four-bedroom models. Twenty units have already been pre-sold. Al Adelson and Sympatico Real Estate are the developers. According to the venture’s website…
Details Revealed for Shorecrest at 1901 North Flagler Drive in West Palm Beach
Developer Related Ross recently unveiled renderings for Shorecrest, a residential development in West Palm Beach. Designed by Roger Ferris + Partners, the redesigned construction at 1901 North Flagler Drive features a curvilinear façade with floor-to-ceiling glass and panoramic views of the waterfront. Interiors and amenities are designed by Rottet Studio…
Is Fort Partners planning a West Palm project? Firm pays $20M for aging waterfront apartment complex
Luxury developer Fort Partners bought an aging bayfront apartment complex in West Palm Beach for $20 million. The deal could signal that the firm, which owns all of South Florida’s Four Seasons-branded hotels and condominiums, will join a growing number of developers seizing on West Palm’s waterfront with high-end developments. Fort Lauderdale-based Fort Partners…
On hallowed ground: Pulte plans 42-unit Wellington luxury community on 23-acre church site
National homebuilder PulteGroup is planning a 42-unit luxury single-family home community in Wellington. The developer’s luxury division, DiVosta, just bought the 22.5-acre site from the Catholic Church for $11.7 million, a spokesperson confirmed. The land is an unused portion of the 39 acres the church owns at its St. Therese De Lisieux Church at 11800 Lake Worth…
National CBD Office Vacancy Rates
As the office sector continues to work through its period of distress, one positive development in the third quarter was that the national vacancy rate ticked down ever so slightly by 10-bps to 20.0%. Despite this, we should not necessarily expect it to monotonically increase going forward with our baseline forecast predicting a peak in late 2025/early 2026. The path ahead will be…
Q3 2024 Housing Affordability Update
Housing Affordability and Emerging Affordability Concerns in Student Housing Key Takeaways The national median household income rose 3.6% over the year, easing the Rent-to-income (RTI) ratio which declined to 26.7%, providing relief for rent-burdened metros.Population growth in the South, driven by migration from expensive cities, is changing demographics…
Office Loan Maturity Monitor: Is 8% Debt Yield Enough?
Highlights: $1.75 billion CMBS office loans reached fully extended maturity in October, the third month in a row with over one billion reaching maturity69% of the loans maturing in October paid off, a significant improvement over September’s 7.2%While most loans with high debt yield and limited lease rollover pay off, loans with low debt yield regardless of lease rollover struggle…
Video: Placer.ai Director of Research Caroline Wu Discusses Whether Malls are Making a Comeback
In the latest episode of America’s Commercial Real Estate Show, the show host explored the evolving landscape of malls and retail, addressing common misconceptions about the state of these commercial spaces. Featuring Caroline Wu, Director of Research at Placer.ai, the discussion illuminated trends, innovations, and opportunities driving a resurgence in mall traffic.
Scheduled Apartment Supply Peaks by Market
We on the data provision side of things talk (and hear) a lot about the national supply peak, but the local figures are what really matters for those on the practitioner’s side of the business. That isn’t to discount the national narrative, but ultimately what’s happening in your city is going to tell you more about the near-term than the nation at large. Macro and micro go hand in hand…
Americans are moving back to cities. Here’s why.
The pandemic had a major impact on migration, hitting gateway metros the hardest. After several years, migration trends have normalized, with current urban-to-suburban patterns largely in line with pre-pandemic numbers. Economic, lifestyle and environmental issues influence migration patterns across the United States. While major metros have seen a return to urban living…
Four challenges facing Commercial Real Estate lenders
Commercial Property Lenders need to get creative to succeed in the current market The landscape of commercial real estate (CRE) lending has changed steadily over the last decades, but the changes brought about by the pandemic and its affects are leaving lenders reckoning with a whole host of unprecedented issues. Offices remain empty, transaction activity has all…
The post Miami Commercial Real Estate News December 4, 2024: Five 800+ Foot Towers Under Construction; Industrial Rent Growth Leads Nation; Kendall West MF Trades for $79M, Doral Industrial for $20.6M; More… appeared first on Hawkins Commercial Realty.
