MG Developer Obtains $105M Construction Loan for Multifamily Development in Hialeah
MG Developer has obtained a $105 million construction loan for Metro Parc South, a 347-unit apartment community located at 954 and 934 E. 25th St. in Hialeah, a suburb of Miami. The multifamily project will be part of MG Developer’s 2.3 million-square-foot Metro Center master project that also includes the 10-story Metro Parc tower, the 55-unit Metro Station and the 620-unit…
MG Developer lands $105M construction loan for Hialeah multifamily project
MG Developer will soon break ground on a Hialeah multifamily project after scoring a $105 million construction loan. Scale Lending, a joint venture between Slate Property Group and The Carlyle Group, provided the financing for Metro Parc South, a planned 10-story building with 347 apartments at 954 and 934 East 25th Street, a press release states. Coral Gables-based MG Developer…
Goal! Jorge Mas, David Beckham, Ares score $450M construction loan for soccer stadium
Billionaire Jorge Mas, David Beckham and Ares Management nabbed a $450 million loan for a planned soccer stadium in Miami that is already under construction. It marks the largest construction loan in South Florida so far this year. The partnership developing the $1 billion Miami Freedom Park, a massive mixed-use project anchored by a new 25,000-seat home for Inter Miami…
Pinnacle Opens 215-Unit Affordable Housing Community in South Miami-Dade County
Miami-based Pinnacle has opened Pinnacle at Tropical Pointe, a new 215-unit affordable housing community located at 25155 S.W. 136th Ave. in Princeton, a city in south Miami-Dade County. The property features a mix of one- to four-bedroom apartments spread across six garden-style buildings, with amenities including a swimming pool, fitness center, business center and a playground.
i5 Wynwood Nears Full Lease-Up, Advancing Co-Living Model in Miami’s Urban Core
Leasing activity at i5 Wynwood continues to advance, with the co-living development now reportedly 90% leased less than a year after its market debut. Located at 51 NW 28th Street in the Wynwood Arts District, the nine-story project represents Miami’s first purpose-built co-living community and was developed by Related Group in partnership with W5 Group.
The Pérez family’s Related Group proposes an 842-unit Live Local Act project with a hotel at Jackson Memorial Hospital’s campus in Miami. Coconut Grove-based Related’s affordable housing arm wants to develop a 27-story tower with 460 apartments on a parking lot at 1165 Northwest 11th Street and an adjacent 31-story tower with 382 units replacing a garage and medical…
‘Twenty Sixth & 2nd Wynwood Residences’ Proposed for 201 NW 26th Street in Miami
Property Markets Group (PMG) and LNDMRK Development have announced plans for a unique housing development in Miami. Twenty Sixth & 2nd Wynwood Residences will measure eight stories, offering fully-furnished 233 residences and offices that owners could rent out through Airbnb. Sources share that the studio, junior suites, and one-bedroom units would span about 400 to 760 sf…
In Park West, Two Cranes Planned To Rise Over 500 Feet
Plans for two temporary construction cranes have been submitted to the Federal Aviation Administration. The cranes are proposed for the 38 West Eleventh Residences site, where foundation work is underway. In the filings received by the agency earlier this month, the cranes are both proposed to rise over 500 feet. The first crane is proposed at 550 feet above ground, or 562 feet above sea level.
Developer Of 70-Story Brickell Tower Calle 8 Seeks Clarity On Rental Flexibility
The developer planning Brickell’s 70-story Calle 8 tower has filed a Zoning Verification Request with Miami-Dade. Miami-Dade recently approved the property for a mixed-use development with 464 residential units, a 75,736 square foot performing arts venue, and 28,599 square foot of commercial space. The developer is asking for confirmation from the county that residential…
82-Story Downtown Miami Development Site on Biscayne Blvd Being Marketed
A development site in downtown Miami is being marketed, according to a press release. Hilco Real Estate said it has been retained to market the property. The property is on Biscayne Boulevard, and a Holiday Inn is currently operating there. Renderings show an 82-story tower on the site. A bankruptcy case was filed several months ago by the owner of the hotel…
Downtown Miami hotel planned for 82-story redevelopment hits market
Four months after filing for bankruptcy on his downtown Miami hotel, Brazilian investor Gilberto Bomeny put the storied building planned for a massive redevelopment on the market. Bomeny is open to options for the Holiday Inn Port of Miami-Downtown at 340 Biscayne Blvd, including selling the site, securing a debt or equity investor to refinance the $70 million loan that defaulted…
Report: New York City Lost Billions In Income To Miami
Tens of thousands of New Yorkers with a combined billions in income have moved from New York to the Miami area in recent years, according to a new analysis. The study analyzed IRS and other data, and was first reported on by Bloomberg. Here’s how many moved from New York City to the Miami area between 2018 and 2022, and their combined income…
Top 5 Office Projects Under Construction in Miami
Miami’s office construction activity continued solid performance recorded throughout 2024. During the first three months of the year, the metro’s pipeline consisted of 2.5 million square feet of space across 16 properties, according to CommercialEdge data. This accounted for 3.1 percent of its existing stock, above the national average of 1 percent. The following list consists…
Women’s Cancer Center rising at Baptist Health ~ 155k sf
Construction is visibly underway on the Al and Jane Nahmad Women’s Cancer Center at Baptist Health’s main campus in Kendall, where metal beams and early framing are rising on the southwestern portion of the property. The 155,000-square-foot outpatient facility, which broke ground last fall, is slated for completion by the end of 2026. It will expand the capabilities…
Push aims to get behind-schedule Metromover upgrades on track
A behind-schedule upgrade of the Metromover transit system is seeking ways to get its timetable back on track while it continues to disrupt downtown mobility to let the county finish a long list of upgrades, a spokesman says. In the past four months, the county has been overhauling the hydraulics that let the rubber-tire trains switch guideways, upgrading the power…
Carlos Migoya: Steers Jackson Health System through funding uncertainties
Carlos Migoya has served as president and CEO of Jackson Health System since May 2011, overseeing one of the nation’s largest and most respected public healthcare networks. Mr. Migoya said Jackson has the distinction of bringing world-class medical care – including the medical school faculty and students from the University of Miami and Florida International University…
Allapattah development agency up to county now
Allapattah is on the cusp of major change after city leaders signed off on the official redevelopment plan for one of Miami’s most historic yet overlooked neighborhoods. On April 24, The Miami City Commission approved the Community Redevelopment Agency (CRA) Plan for Allapattah, paving the way for long-term investment in affordable housing, infrastructure and economic…
PMG Secures $413M Construction Loan for One Twenty Brickell Residences in Miami
PMG has secured a $413 million construction loan for One Twenty Brickell Residences, a two-tower condominium and apartment development located at 120 S.W. 8th St. in Miami’s Brickell Financial District. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams of JLL arranged the financing through an Ares Real Estate fund…
PMG scored a $413 million construction loan for its planned two-tower development in Brickell, marking the largest financing in South Florida so far this year. Ares Management and Monarch Alternative Capital are teaming up to finance One Twenty Brickell Residences, the complex PMG plans to build at 120 Southwest Eighth Street, according to a press release. It follows just weeks…
MG Developer Secures $105 Million in Construction Financing for Metro Parc South in Hialeah
Miami-based MG Developer has announced the securing of $105 million in construction financing for Metro Parc South, a forthcoming 347-unit transit-oriented multifamily development in Hialeah, Florida. The project is part of the larger Metro Center master plan and will be developed with financing provided by New York-based SCALE Lending, the lending arm of Slate Property Group.
Live Local Act amendment threatens Art Deco, MiMo buildings: Miami Beach officials
Imagine a world where developers would be allowed to bulldoze historic Miami Beach buildings designed by famous architects such as Morris Lapidus, Lawrence Murray Dixon and Henry Hohauser. That’s the alarm Miami Beach elected officials are sounding if changes to Florida’s Live Local Act don’t include protections for historic Art Deco, Miami Modern (MiMo)…
Northlink launches sales for short-term rental-friendly North Miami Beach condos
Northlink Capital is launching sales for a planned short-term rental-friendly condo project in Miami Beach’s North Beach neighborhood. Prices at 7200 Collins, the 12-story, 222-unit building planned at 7200 Collins Avenue start at $600,000, according to a press release. New York City-based Northlink, led by Robert Rosenthal, tapped OneWorld Properties…
Photo: Construction Progress At Brickell’s Una Tower
Construction is continuing at Una Residences in Brickell, which topped off last year. The 47-story, 579 foot tower is one of the tallest in that part of Brickell. It is being designed by Adrian Smith + Gordon Gill architects. Una will include around 135 residential condos. Construction for the project began in the fall of 2020, with contractors working to build the deepest and most expensive…
39-Story Isle of Dreams Planned With Sweeping, ‘Innovative’ Design for North Bay Village
Plans for a 39-story, 450-foot tower called Isle of Dreams have been submitted to Miami-Dade’s Shoreline Review Committee. Isle of Dreams will have an innovative architectural design that “not only creates a landmark entry to the island but also sweeps the building mass away from the waterfront to avoid the “walled off” effect typical of some waterfront developments,” according…
Garage Demolition Nearly Complete At One Bayfront Plaza
Demolition of the retail and garage structure at One Bayfront Plaza appears to be nearing completion. The next phase will be demolishing the 19-story tower that was attached to the garage. Demolition of the nearly 70-year-old structure in the heart of downtown Miami began in 2023. The owner of the property is planning a supertall, landmark 1,049-foot tower on the site, with offices…
Exterior Work Advances on Viceroy Brickell at 77 SE 5th Street in Miami’s Financial District
Exterior work continues to advance on Viceroy Brickell – The Residences, a 45-story residential tower underway at 77 SE 5th Street along the Miami River and Brickell Avenue. The project is being developed by Related Group and GTIS Partners, in partnership with hospitality brand Viceroy Hotels & Resorts. Arquitectónica is serving as the architect, with interiors by Meyer Davis…
41-Story ‘Wynwood Tower’ Proposed for 330 NW 37th Street in Miami
A 41-story tower has been proposed under the Live Local Act for Miami’s Wynwood Norte neighborhood. Wynwood Tower would comprise about 400,000 square feet of new construction, offering 234 residences. There would be studio to two-bedroom apartments, measuring 400 to about 890 square feet, along with a 9,749-square-foot penthouse. Currently, the 0.56-acre site is zoned…
Two New Brickell Towers About To Break Ground, With $413M Loan Secured
Two Brickell towers will break ground shortly, after the developer secured a massive construction loan for them. Groundbreaking is planned this week, with completion expected in 2028. The construction loan amount is $413 Million. The towers will rise 37 and 41 stories, and share a podium. The first tower, known as One Twenty Brickell Residences, will include 266 condos…
24-Story 400-Unit Live Local Development with Micro Units Proposed Near Metrorail
Plans have been submitted to Miami’s Urban Development Review Board for a live local tower in Allapattah. The property is about a five minute walk from both the Santa Clara Metrorail station and from the Rubell Museum. The new tower is planned to rise 24 stories and include: 400 multifamily residential units (including around 40 micro units) 17,800 square feet…
Miami’s Brickell props up South Florida’s office market in first quarter
Class A demand in Miami’s Brickell and West Palm Beach propped up South Florida’s office market in the first quarter. Landlords experienced positive signs, such as rising average asking rents, and vacancy rates ticked down even as the tri-county region experienced a glut of new inventory, a JLL report shows. Some developers are pulling back by either canceling…
Photo: Glass Installed At 65-Story E11EVEN Residences Beyond
The first glass was recently installed at the 65-story E11EVEN Residences Beyond tower in Park West, photos shows. The tower is planned to top off at 699 feet above ground, or 709 feet above sea level. It will include around 558 residential units, 7,119 square feet of bar or lounge space, and 21,611 square feet of retail. Two E11EVEN towers are under construction on the same block…
A Miami board approved Braman Motors’ 11-story automotive building in Edgewater and former professional baseballer Alex Guerrero’s apartment tower in Wynwood Norte. But the board tied on Acre’s proposed multifamily project near Miami’s MiMo Biscayne Boulevard Historic District. At their Wednesday meeting, members of the Miami Urban Development Review Board…
Michael Stern’s JDS scores upzoning approval to build South Beach condo tower
The Miami Beach commission granted Michael Stern’s JDS Development Group and Gianluca Vacchi’s GV Development Group initial approvals on an upzoning for a planned luxury condo tower in South Beach. Commissioners unanimously passed on first reading zoning amendments that will allow the developer to build a taller and slimmer tower on the site at 1250 West Avenue.
Miami-based developers Rilea Group and Cipres have announced the completion of the first direct wallet-to-wallet cryptocurrency residential sale at The Rider Residences, a 12-story, 146-unit residential building under construction at 94 NE 29th Street, situated between Midtown Miami and Wynwood. The transaction involved the sale of an east-facing studio spanning 391 sf…
Hialeah affordable housing incentives get initial green light
Developer-driven legislation in Hialeah to reward more density to projects that set aside apartments for low-income residents is likely to win final approval. On Wednesday, the Hialeah City Council unanimously approved on first reading an ordinance that gives developers up to an additional 25 units per acre if they designate 15 percent of a project’s units for tenants who earn up to 60…
With sitework already complete, developers Terra and Turnberry are advancing on a 17-story hotel in Miami Beach. Originally approved in 2018, Grand Hyatt Miami Beach will feature 800 rooms spanning 12 floors. A press release shares that of those rooms, 52 will be luxury guest suites. There will also be four floors with event and ballroom space. Communal amenities will include…
Deep-Soil Mixing Process Set to Begin at The Delmore in Surfside, Miami
Construction continues at The Delmore, where DAMAC International has announced the upcoming commencement of the deep-soil mixing (DSM) process for its 12-story, ultra-luxury oceanfront condominium project at 8777 Collins Avenue in Surfside, Miami. The Delmore represents DAMAC’s initial foray into the U.S. market and is positioned within Miami’s…
Freehold Capital pays $32M for dev site approved for 309 townhouses in south Miami-Dade
Legacy Residential Group and CD Group sold a development site near Florida City for $31.6 million, scrapping their plan for 309 rental townhouses. Boston-based Freehold Capital Management bought the 50-acre land assemblage on the southeast corner of Southwest 344th Street and Southwest 199th Avenue in unincorporated Miami-Dade County, according to records.
$7.6M Sale of Flex Office Building at 6405 NW 36th Street in Miami Brokered
Cushman & Wakefield has brokered the $7.6 million sale of the Avex Building, a 48,881-square-foot, multi-tenant flex office and warehouse building located at 6405 N.W. 36th St. in Miami. Miguel Alcivar, Scott O’Donnell, Greg Miller and Mike Ciadella of Cushman & Wakefield represented the seller, Taha Properties, in the transaction. Joseph Suarez of Trustpoint Realty LLC….
Construction is officially underway at ENSO, an eight-story boutique multifamily residential development located at 3025 SW 3rd Avenue in Miami’s historic The Roads neighborhood. Developed by Empira Group, the 85-unit project marks a significant addition to the Coral Way corridor, positioned between the urban cores of Brickell and Coral Gables. Designed to blend timeless…
Live Local Tower Planned Near Metrorail With ‘Dramatic’ Nighttime Lighting
Miami’s Urban Development Review Board was scheduled to review a proposal for a new tower called Aurea at a meeting yesterday. The development site is about a seven minute walk from the Culmer Metrorail station. Aurea is planned to rise 29 stories, or 310 feet, and include: 352 residential multifamily units 3,611 square feet of ground floor commercial 291 parking spaces…
Photos: Glass Installed at Domus Brickell Park Development With 171 Units
Photos show the Domus Brickell Park development, which topped off earlier this year. The 12-story development will include 171 fully furnished, short-term friendly units. The building is on track to obtain a temporary certificate of occupancy by the end of 2025, with its hotel and residences on schedule to open in Q1 of 2026. North Development is the developer. …
Photo: Six Cranes On One Downtown Miami Block
There are now six cranes in place on a single block in downtown Miami, where four towers are being built. The four towers under construction on the block include: Okan Tower, planned to reach 70 stories, or 902 feet. It will include a 316-key Hilton hotel, 236 condo units, 163 Sky Residences, and 64,000 square feet of office space Downtown 6, planned to rise 58 stories…
Utilities Deal Completed For Brightline Bridge To Aventura Mall
Brightline’s bridge to Aventura Mall got a boost earlier this month with the completion of a utilities relocation deal with Miami-Dade. The agreement was dates April 9, and is between Miami-Dade’s Water & Sewer Department and an entity owning a parcel on the east side of Biscayne Boulevard, next to Aventura Mall. Once complete, Brightline passengers will be able to use…
North Miami’s 7th Avenue corridor eyes major revitalization
Since opening in 2020, outdoor entertainment venue The Nomi Village has hosted numerous community events in North Miami. However, according to owners Aston McEwan and Vic Jean Claude, attracting visitors from surrounding municipalities has been difficult. “Updating the area and bringing different things to attract different people into the community — that’s needed…”
Census: Miami Moves up to 6th Place on Biggest Metros List
The metro areas of both Miami and Washington D.C. have leapfrogged metro Atlanta in terms of overall population, bumping Georgia’s capital city back to No. 8 on the list of largest metros in the country, according to Vintage 2024 estimates of population totals and components of change recently published by the U.S. Census Bureau. Last year, the 2022-2023 version…
Prominent restaurateur Jay Shirodkar, known for his Naked Taco venues in South Florida, plans a new dining concept in Fort Lauderdale. Shirodkar will open the 9,500-square-foot Jay’s Steakhouse at 441 Northeast Third Avenue in the Flagler Village neighborhood, according to the broker’s news release. Shirodkar is president of Yes Hospitality Group.
Coral Gables History: The Birth of The City Beautiful
According to a report by Bloomberg in April 2024, Coral Gables is the most expensive and sought after neighborhood in the U.S. and the third-most expensive city in the world. In addition to Coral Gables, Florida has seven of the nation’s wealthiest neighborhoods, and, since the pandemic, Florida has become the fastest growing state in the Union. But, ironically, for most of its history…
Florida authorities have made an arrest in the 1986 cold case murder of a successful commercial real estate developer. Jeffrey Taylor, 64, was taken into custody Thursday, April 24, in connection with the killing of 49-year-old Shirley Brant. He is charged with second-degree murder with a firearm. “The resolution of this case reflects our department’s commitment to justice…
Coral Gables History: George Merrick was a Man with a Plan
Twenty-five years into the 20th century, Florida real estate developer George Merrick rode the national wave of optimism following the end of WWI and achieved his long-standing goal of creating a new resort destination in the heart of the American tropics. Coral Gables was on the map. Merrick was not alone among the country’s developers in seeing opportunity in the creation…
Raanan Katz jumps onboard Publix buying spree, pays $16M for Miramar site
Raanan Katz is getting in on the Publix action. His Sunny Isles Beach-based RK Centers paid $16.4 million for a Miramar shopping center anchored by the popular supermarket. An RK affiliate picked up Shoppes at Monarch Lakes at 14303 Miramar Parkway, records and real estate database Vizzda show. The deal breaks down to $247 a square foot for the 66,481-square-foot…
33,827 SF Office Lease Arranged for MSC Cruises in Fort Lauderdale
Cushman & Wakefield has arranged a 33,827-square-foot lease for MSC Cruises USA, the North American arm of the Geneva, Switzerland-based international cruise line, at BayView Corporate Tower in Fort Lauderdale. MSC Cruises USA will expand its office by 15,000 square feet, using the sixth floor of the tower to house its finance, outbound sales, IT and human resource teams.
Miami-Based Developer Proposes 300 Apartments for 7510 West Sunrise Boulevard in Sunrise
Developer Plantation B2 LLC hopes to get approval for an apartment complex that would take shape in the parking lot of Chewy’s headquarters in Sunrise. The Miami-based firm has proposed a six-story, 300-unit apartment building. Homes would span studio to three-bedroom floorplans, and 20 percent of them (60) would be reserved for tenants earning up to 120 percent…
Six-story hotel to replace aging, single-story motel on U.S. 1 in Dania Beach
A developer won city approvals to replace an aging, single-story motel on U.S. Highway 1 in Dania Beach with a six-story, 79-room hotel that would affiliate with an extended-stay hotel chain. The Dania Beach City Commission voted 3-2 last week to approve a site plan for the hotel development, plus two zoning variances related to trees and landscaping, two variations from design…
Morgan picks up waterfront Deerfield Beach dev site four years after initial offer
Morgan Group paid $12 million for a waterfront Deerfield Beach development site, four years after an initial $16 million deal fizzled for the same property. An affiliate of Morgan, a Houston-based multifamily development firm led by Phillip Morgan, acquired four parcels totaling 8.4 acres at 412 to 450 North River Drive, 414 to 480 Northeast First Avenue, 409 North River Avenue…
Butters sells Delray Beach dev site for $20M where buyer plans new HQ
Butters Group sold a development site in Delray Beach for $20 million, where the buyer is building a new headquarters. Hoerbiger Corp. of America, led by CEO Thorsten Kahlert, bought the 14.2-acre property at 9888 West Atlantic Avenue from an affiliate of Coconut Creek-based Butters, led by Malcolm Butters, records and real estate database Vizzda show. The site is within…
West Palm Beach medical office and retail plaza sells for $18M
An entity managed by broker Kenneth J. Mantovani III bought a medical office and retail plaza in West Palm Beach for $18 million. Mantovani purchased the commercial center at 8120, 8132, 8136, 8140, 8144, 8146 and 8170 Okeechobee Boulevard from an entity managed by Richard, Patricia, Grant and Tucker Elliott, according to records. The buyer borrowed $17.6M…
Index scores approval for 323-unit multifamily project with workforce apartments in West Palm Beach
A developer scored approval for a 323-unit multifamily project in West Palm Beach that will include workforce apartments. Index Investment Group, a Jupiter-based firm that was founded in Sweden, plans the 12-story Oasis Tower on a 2.2-acre vacant site at 1415 Centrepark Boulevard, according to West Palm Beach’s commission agenda. On Monday, West Palm…
Can Don King’s 52-acre Palm Beach County site fetch $100M-plus offers?
Don King is stepping back into the real estate ring by listing 52 acres in Palm Beach County’s Mangonia Park where previous attempts to develop the property fizzled out. The former Palm Beach Jai Alai fronton site at 1415 45th Street owned by the iconic boxing promoter recently hit the market without an asking price, The Real Deal has learned.
Marriott to Acquire CitizenM Hotel Brand for $355M
Marriott International has reached an agreement to acquire the brand and related intellectual property of citizenM, a hospitality brand based in the Netherlands. The deal is valued at $355 million. The citizenM brand comprises 36 open hotels spanning 8,544 rooms, with properties located in cities such as Paris, Rome, London, New York City and Miami. There are three more…
How Tariffs Impact Retail Foot Traffic
Retail shopping foot traffic hasn’t just recovered, it’s accelerating, according to recent data for April from pass_by. The ongoing news about import tariffs is a factor, according to the survey firm. Not all agree. Some point to the Easter holiday, the 3.6 percent rise in income tax rebates this spring, and Wall Street chatter that is louder than that heard on Main Street.
Self-Storage: So Far, So Good.
2024 certainly wasn’t a standout year for self storage. Lower home sales led to fewer movers, and fewer movers meant reduced demand for storage space. Now, 2025 has brought its own challenges. Home sales still haven’t returned to their long-term averages, and the combination of tariff uncertainties and looming recession fears is causing businesses to hesitate…
U.S. Apartment Market Sees Strong Leasing Momentum
The U.S. apartment market saw strong momentum in new lease trade-out in the first three months of 2025. The month-over-month change in new lease trade-out ranked consistently around 1.4% in January, Febraury and March. While this time frame historically is a strong one for the U.S. apartment market, early 2025’s momentum was the strongest in at least three years.
Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development
The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending…
The post Miami Commercial Real Estate News April 30, 2025: 800-Unit LLA Dev Proposed at Jackson Memorial Campus; MLS Stadium Snags $450M Construction Loan, Brickell Dev $413M; More… appeared first on Hawkins Commercial Realty.
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