Nuveen’s 701 Brickell office tower hits the market for over $500M
Nuveen Real Estate listed its 701 Brickell office tower in Miami for more than $500 million, marking at least the fourth property in the financial district to hit the market since the fall. New York-based Nuveen’s 33-story bayfront tower, named for its address at 701 Brickell Avenue, is more than 90 percent leased, according to a source. Tenants include law firm Holland & Knight…
Nuveen Seeking More Than $500M For Brickell Office Tower
Nuveen Real Estate is looking to sell 701 Brickell Ave. less than a year after it offloaded another nearby office building in Miami’s financial district. Nuveen, the real estate investment arm of the Teachers Insurance and Annuity Association of America, is looking for more than $500M for the 685K SF office tower in the heart of Brickell. The property is around 92% occupied by high…
Foundation Work Progresses On The Site Of Miami’s First Supertall Skyscraper
Foundation work at 300 Biscayne Boulevard, the site of the forthcoming Waldorf Astoria Hotel & Residences, has reached a significant milestone. This 100-story supertall tower, designed by Sieger Suarez Architects in collaboration with Carlos Ott, is poised to transform the downtown Miami skyline. Developed by Property Markets Group in partnership with Greybrook Realty Partners…
Codina-led JV scores approval for Hialeah mixed-use project
A Codina Partners-led joint venture nabbed the initial green light for a planned transformation of a former Sears store, an outparcel and a parking lot in Hialeah into a mixed-use project. The Hialeah City Council voted unanimously on first reading last week to approve Westland Plaza, a planned complex of 815 apartments, 15 townhomes, roughly 32,624 square feet of commercial…
Major developers are converting South Florida malls into mixed-use projects
Electra America and BH Group plan to tear down a big box store on an outparcel of Cutler Bay’s Southland Mall later this year, after the current tenant, Ross Dress For Less, moves into a space in the indoor shopping center. The move will jumpstart the first phase of the joint venture’s $1 billion makeover of Southland Mall into Southplace City Center, a mixed-use project that will…
The Weekly Dirt: South Florida developers go shopping at the mall
At least seven redevelopments of indoor malls are in the works, fueled by the demand for housing. Electra America, BH Group, Aimco, Codina Partners, Midtown Equities, Jericho and Kimco Realty are all playing in the space, Francisco Alvarado reports. It’s a win-win for struggling malls and developers looking to cash in on opportunities to fill the need for housing — a need that was…
Miami Worldcenter to get 53-story condos-and-hotel tower
A developer is bringing a new mixed-use residential tower that will include a hotel and outdoor dining to Miami Worldcenter. Miami A/I Parcel 3 Subsidiary LLC has presented a plan for Miami Worldcenter Block C East at 155 NE 10th St., in the northern edge of the booming Miami Worldcenter District. This latest project will be a 53-story mixed-use tower with a 280-key hotel…
Henry Pino’s Alta lands $68M construction loan for short-term rental condo near Miami River
Alta Development scored a $68 million construction loan for a 283-unit short-term rental-friendly condo near the Miami River. The Kendall-based firm plans the 16-story River District 14 on the 1.3-acre site at 1451 Northwest 14th Street in Miami, according to Alta principal Henry Pino. Boynton Beach-based Forman Capital is the lender. River District 14 is more than 70…
Allen Morris scores approval for once-controversial Ponce Park Residences
After a number of rejections and opposition from neighbors, the Allen Morris Company secured approval for a downsized version of its plans for Ponce Park Residences in Coral Gables that’s been years in the making. The latest version of its plans call for a nine-story building with 57 luxury condos at 3000 Ponce de Leon Boulevard, across from the major mixed-use Plaza Coral…
Fuse sells pair of unfinished Coconut Grove buildings seized from developers
Lender Fuse Group sold a pair of unfinished Coconut Grove buildings tied to defaulted loans from two developers. Fort Lauderdale-based Fuse sold the building shells at 2961 and 2967 Bird Avenue in Miami to an entity led by Patrizio De Brasi for $8.1 million, according to records. De Brasi took out an $8.2 million loan from Fuse. The deal comes after the properties were tied…
Homestead Will See Construction of 1,100 Unit Mixed-Use Development
The Homestead Commission is discussing a large development which will be known as Sandero Landing. This is set to have 1,100 units, along with restaurants and stores. The development will be located on 90 acres of land. The project in question will be built on 90 acres on South 328th Street. The goal is to create a place where many people can live, work and play. There will be office…
Wynwood Arcade being redesigned as Wynwood Jungle
An old established building in the booming Wynwood Arts District is being reborn – again. The City of Miami’s Wynwood neighborhood continues its evolution from industrial warehouse district to a new and vibrant mixed-use neighborhood peppered with street art. The former warehouse at 50 NW 24th St., first reborn as the Wynwood Arcade, is being repurposed once more…
Coto family, Aston Martin complete $1B branded condo tower in downtown Miami
A marching band began playing “Celebration” by Kool & the Gang at the ribbon-cutting ceremony marking the opening of Aston Martin Residences, a waterfront luxury condo tower just completed in downtown Miami. The Coto family, executives from Aston Martin, architect Rodolfo Miani of Buenos Aires-based Bodas Miani Anger, Cervera Real Estate leaders and Miami Mayor…
‘It was heaven. It’s gone.’ Grove Isle residents say Miami broke laws to let tower rise
One of the serene pleasures of Wendy Gordon’s daily routine was sitting on her Grove Isle balcony and watching the sun rise over Biscayne Bay, framed by Key Biscayne and the downtown skyline. No more. The sun is blotted out by a new 91-foot tall, stadium-like condominium that curves around the north end of the island and shrouds Gordon’s Building 3 in shadow…
174-Unit ‘Cassia’ Planned for 4011 Salzedo Street in Coral Gables
Cassia, a 12-story upscale housing complex, is slated for Coral Gables. Our sources indicate that the building will host 174 condos, with homes measuring 662 square feet to 1,439 square feet each. The furnished residences will span one-bedroom to three-bedroom floorplans, with the cost of ownership starting in the $700,000s. The most expensive units hover around $1.8M…
New Renderings Revealed For Okan Tower At 555 North Miami Avenue In Downtown Miami
New renderings have been revealed for Okan Tower, a 70-story mixed-use building under construction at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will yield 399 residences, a 316-key hotel, along with 64,000 square feet of ‘Class A’ office space…
Miami Worldcenter Was Almost A ‘Dinosaur.’ Now It’s A $6B Juggernaut
The Miami Worldcenter team had just broken ground on its debut tower when its plans began to fall apart. Macy’s and Bloomingdale’s were set to anchor the first phase of the 27-acre, $6B development in the heart of Miami, but in mid-2015, the company’s stock was cratering as Americans shifted to shopping online. The 60-story Paramount Miami Worldcenter condo…
Crunch Fitness founderDoug Levine sells three Wynwood buildings for $24M
Crunch Fitness founder Doug Levine sold a trio of commercial buildings in Miami’s Wynwood for $23.5 million, roughly $6 million below his asking price, The Real Deal has learned. Wynwood 126 acquired the 0.7-acre portfolio that can be redeveloped into a mixed-use project with a hotel or multifamily component, according to Tony Arellano and Devlin Marinoff with Dwntwn…
Gucci opens at Dadeland Mall & Other South Florida Leasing News
Gucci opened a boutique in Dadeland Mall. The luxury fashion brand’s 6,000-square-foot store features handbags and accessories, including items from the Gucci Valigeria collection, according to the tenant’s news release. Simon Property Group owns Dadeland Mall at 7535 Southwest 88th Street in the Kendall neighborhood of unincorporated Miami-Dade County.
FAA Permits Issued For 33-Story Residential Tower At 2411 Laguna Circle In North Miami
The Federal Aviation Administration (FAA) has issued permits for One Park Tower by Turnberry, an imminent 33-story residential building located at 2411 Laguna Circle within the 184-acre master-planned community of SoLé Mia in North Miami. Conceived by Arquitectonica and developed by the Aventura-based Turnberry, the 370-foot-tall structure will sit south…
Developers propose 44-unit multifamily project in Goulds
A trio of developers want to build a 44-unit multifamily building with workforce apartments in Goulds, marking continued interest in south Miami-Dade County’s residential market.Javier Sanchez, Marianna Parra Villegas and Adriana Ortega, through an affiliate, propose the six-story Horseshoe Cay Apartments on a 0.3-acre site at 21839 Southwest 118th Court in an unincorporated…
44-Unit ‘The Horseshoe Cay Apartments’ Proposed for 21839 SW 118th Court in Miami
Horseshoe Cay LLC secured a .34-acre parcel for $1.5 million in 2023. Now, it has filed a pre-application with Miami city officials for a six-story apartment complex. The Horseshoe Cay Apartments would offer 44 apartments: 17 one-bedroom units and 27 two-bedroom units. Homes would measure about 545 square feet to 870 square feet each. The South Florida Business…
Developer proposes 23-story mixed-use tower with racket sports courts in Brickell
A developer wants to build a 23-story mixed-use tower with racket sports courts on the former Babylon Apartments site in Miami’s Brickell. The plan comes five years after a contentious proposal for a 24-story building on the property fizzled amid neighbors’ opposition. Yet, the zoning has changed since then. In February, Miami-Dade County included the development site…
First Standalone Four Seasons Condo Planned for 2699 S Bayshore Drive in Coconut Grove
Four Seasons Private Residences Coconut Grove is slated to be the luxury brand’s first standalone venture in the state, offering “legendary service and experiences outside of a hotel or resort.” The 20-story tower will offer 70 homes, four of which are penthouses. Our sources indicate that standard floorplans range from one-bedroom to two-bedroom models, measuring 2,000 to 3,980 sf…
Miami commissioners reduce fines for Château Group’s downtown Miami dev site
Château Group is getting an $800,000 reduction in fines accrued at a downtown Miami development site where a tenant operated an illegal parking lot. The Miami City Commission voted on Thursday to slash $1.1 million in daily accrued fines to $300,000 stemming from a former tenant at 666 Biscayne Boulevard operating a parking lot without a certificate of use from the city.
‘In a holding pattern’: South Florida apartment developers pause projects
Developer Dan Kodsi isn’t rushing to build multifamily projects in South Florida. Two years ago, he jumped into the market with proposals for an apartment tower in Aventura and another in Miami. Now, he’s reevaluating the developments and tweaking both. “It’s too expensive to build [high-rise] apartments today,” Kodsi said. “The margins are very razor tight…
Prologis Expects Lower Average Occupancy Nationally in The Year Ahead
Skittish customers determined to keep a tight rein on costs are holding back on leasing additional logistics space, executives of Prologis reported in their 1Q 2024 earnings conference call. “While operating conditions are healthy in the majority of our markets, customers remain focused on controlling costs, which is weighing on decision making and the pace of leasing,” Prologis…
MisterO1 Extraordinary Pizza Signs 10-Year Retail Lease in Pinecrest
MMG Equity Partners’ retail shopping center in Pinecrest, Pinecrest Shoppes, will be the new home of MisterO1 Extraordinary Pizza. The 2,730-square-foot, newly renovated space (formerly occupied by Mayweather Fit) required a full build-out. Pinecrest Shoppes is located in Miami-Dade’s busiest retail corridor. Its affluent and densely populated trade area includes some…
Preserve or Tear Down: The dilemma of old vs. new plagues Belle Meade residents
Belle Meade is at a turning point in its long-winding history, but as is the case with most evolutions, it’s being preceded by a war. There are two camps developing in the Upper East Side neighborhood: those who want to preserve the eclectic character of the community, and those who want to preserve their rights as property owners to remodel and rebuild as they wish. Surely, there…
Pharmaceuticals take off as a top Miami export
As Miami International Airport continues to grow its cargo, pharmaceuticals fly high among its top commodities. “Over the last, I want to say three, four years, we’ve had… [about] four straight record-breaking years in just cargo overall,” said Ralph Cutié, director of the Miami-Dade Aviation Department. “Back during the pandemic we had, I think it was a little bit over 2.3 million…
Assurant To Relocate In One Of Miami’s Largest Leases Of 2024 So Far
Assurant is moving its Miami offices from the sprawling 79-acre campus it owns to a 78K SF lease that marks the second-largest office deal in the city so far this year. The insurance giant is slated to move into three floors at 701 Waterford Way in the Waterford Business District in June 2025 after listing its campus west of Cutler Bay for sale nearly a year ago. The Waterford…
Tri-Rail chugging toward tri-county express trips
Tri-Rail is closing in on an express service with limited stops between downtown Miami and West Palm Beach, the first Tri-Rail into downtown where passengers won’t have to change trains. The request for a single express train morning and night was on track for South Florida Regional Transportation Authority board action, executive director David Dech told the Citizens…
Miami Beach’s oldest structure, Collins Canal, may get historic label
Miami Beach’s oldest manmade structure, the Collins Canal, is flowing slowly toward historic designation. The flow of state grants could follow. The Miami Beach City Commission referred historic branding to a May 1 meeting of the Land Use and Sustainability Committee. The Historic Preservation Board initiated the designation talks, said Deborah Tacket…
City of Miami Sides with Arts Groups in Billboards Vote
City of Miami commissioners voted 3-2 April 25 to ban future construction of oversized, digital billboards in the municipality. But to be clear, residents will still stumble upon these very structures during their downtown walks or drives. The vote puts the city one step closer to rescinding an ordinance passed in 2023 that allows 100-foot LED billboards spanning 1,800 square feet…
On April 23, the Development Review Committee in Fort Lauderdale began reviewing plans for a new 46-story multi-family development at 100 Northwest 7th Avenue, situated just a few blocks east of Brightline’s Fort Lauderdale Station. The project, designed by Josh Bailey of the local architecture firm FSMY Architects & Planners and developed by Miller Property Invest…
Steve Ross’ Related sells W Fort Lauderdale to Blackstone for $98M
After holding onto the W Fort Lauderdale for more than a decade, Steve Ross’ Related Companies sold the 346-key oceanfront hotel for $97.7 million. An affiliate of New York-based Blackstone, led by CEO Stephen Schwarzman, acquired the hotel portion of the 3.8-acre property at 401 North Fort Lauderdale Beach Boulevard, records show. The investment giant paid $282,225…
Related Companies, headed by Stephen M. Ross, and Frisbie Group have partnered with the Family Church to envision a transformative redevelopment project in downtown West Palm Beach. Designed by New York’s Kohn Pedersen Fox Associates, the project calls for two condominium towers of 28 and 32 stories on the church’s expansive 9.6-acre site at 1101 South Flagler Drive…
Steve Ross’ Related, Frisbie propose 190-unit condo project on West Palm church site
Steve Ross’ Related Companies and a partner propose a pair of condo towers with a total of 190 units on a church site near downtown West Palm Beach. New York-based Related and Palm Beach-based Frisbie Group want to build a 28-story building and a 32-story tower on the Family Church property at 1101 South Flagler Drive, while preserving the main worship hall and…
Forté on Flagler Tops Off At 1309 South Flagler Drive in West Palm Beach
Construction has topped off on Forté on Flagler, a 25-story residential building at 1309 South Flagler Drive in West Palm Beach. Designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Jean-Louis Deniot and developed by a joint venture between Two Roads Development and Alpha Blue Ventures, the approximately 300-foot-tall structure will yield 41 residences…
South Florida’s branded condo boom arrives in West Palm Beach
Behind the hedges in Palm Beach hide meticulously maintained architectural samples of old-world opulence. Regency, Mediterranean and Georgian-style estates, many of them built for the heirs to America’s early industrial fortunes, blend into palm trees and lush tropical landscaping. They’re understated, but commanding. The condominiums that sprang from the sand in the…
Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028
Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also…
How Dollar Strength Can Affect Industrial Commercial Real Estate
Reshoring manufacturing has become a trend since the pandemic, as reported by outlets like CNBC, and it all comes down to supply chains. But those in industrial CRE who could benefit from it are learning that keeping up with foreign exchange issues and the current strength of the dollar can be as important as monitoring interest rates. During the pandemic, supply chains broke.
Video: Hessam Nadji discusses bright spots and challenges in commercial real estate
The Discussion: Navigating Storm Clouds and Bright Spots: Insights on Commercial Real Estate As the economic landscape continually shifts, discussions surrounding the commercial real estate market are more pertinent than ever. Recently, on a segment dedicated to real estate, Hessam Nadji, CEO of a large brokerage, provided invaluable insights into the sector’s current state…
Report: Red Lobster Wants To Reel In A Buyer Amid Debt Restructuring And Potential Bankruptcy
Red Lobster has reportedly been fishing for a potential buyer as it considers debt restructuring options that include possible Chapter 11 bankruptcy. The struggling seafood chain sought a buyer in recent months, people familiar with the matter told CNBC. A potential buyer was lined up but the deal fell through, the outlet reported. Red Lobster has been trying to break some contracts…
Amazon has been building out infrastructure for electric vehicle fleets over the last two years, and it has reached a turning point that industrial real estate developers and owners should take note of, one of the firm’s senior managers said Tuesday. “The [electric] vans are coming … I believe we’re past the tipping point,” Mark Purcell, a senior construction manager with Amazon…
Self-Storage Slide Continues With Declining Rents, Projects Abandoned
Self-storage, an early pandemic wunderkind in commercial real estate, continued its steady decline in March, with rents dropping 4.5% annually, according to Yardi Matrix. Rents hit $16.25 per SF, showing declines for both climate-controlled and non-climate-controlled properties, the company found. REITs dropped their rates to attract new customers and smaller operators…
CRE Industry Nationally Less Optimistic About Cap Rates, Interest Rate Cuts
Optimism levels about the impact of mortgage and cap rates on commercial real estate are mixed, according to a new survey from CRE Finance Council, with 31% expecting a positive impact and 37% foreseeing a negative one. This marks a shift from the previous quarter’s more optimistic 48% reading, according to the 1Q 2024 Board of Governors Sentiment Index survey.
Republic First Bank Seized With $1.7B Of CRE Loans On Its Books
Republic First Bank, which had $1.7B in commercial real estate and construction loans on its books, was taken over by regulators and sold this weekend. The Philadelphia-based bank was shut down by the Pennsylvania Department of Banking and Securities on Friday, the first regional bank failure this year. It had $6B in total assets. Fulton Financial bought its deposits and assets…
Yardi To Become WeWork’s Majority Owner In $450M Bankruptcy Exit Plan
Attorneys for WeWork revealed in a Monday morning bankruptcy hearing that under its plan to exit bankruptcy, property management software provider Yardi Systems would become the majority owner of the coworking titan. Under the terms of WeWork’s proposed financing deal to exit bankruptcy, the company’s senior lenders agreed to inject WeWork with $50M to keep…
In the dynamic world of commercial real estate, staying ahead requires not only understanding the current market trends but also engaging in insightful conversations with industry experts. Recently, a conversation on America’s Commercial Real Estate Show with Lonnie Hendry, Chief Product Officer at Trepp, provided a deep dive into the current state of commercial…
The post Miami Commercial Real Estate News May 1, 2024: Brickell Office Tower Hits Market at $500M; Hialeah MXU Project Approved; $1B Aston Martin Tower Completed; More… appeared first on Hawkins Commercial Realty.
Powered by WPeMatico