Michael Stern pays $61M for Brickell site of Dolce & Gabbana supertall
As questions swirl about the future of Michael Stern’s Brooklyn supertall, the developer appears to be all in on Miami. Stern’s JDS Development Group paid $61.2 million for the half-acre site at 888 Brickell Avenue, where the firm plans a Dolce & Gabbana-branded condo-hotel tower, property records show. A company tied to Grupo Mezerhane, led by Mashud Mezzerhane…
New Renderings Revealed For Miami Tower Vying To Be Among Florida’s Tallest
The 70-story Okan Tower, which dwarfs all of Florida’s current skyscrapers, is being built at 542 N. Miami Ave., four blocks from the Kaseya Center. The tower, which is slated to deliver in 2027, will have a 316-key hotel and 236 short-term rental condos both with Hilton branding, 163 traditional condos and 64K SF of office space. The tower is the first U.S. development…
Related Group and GTIS Partners Announce Collaboration with Viceroy on 45-Story Brickell Condo Tower
Real estate leaders Related Group and GTIS Partners, in partnership with the luxury hospitality company Viceroy, have announced the development of Viceroy Brickell – The Residences (Viceroy Brickell). Located at 77 Southeast 5th Street in Miami’s Brickell neighborhood, this 45-story tower, already under construction, was initially envisioned as a rental project but has since…
ASG Equities Sells Retail Property in Miami’s Design District for $14M
New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70–74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property… for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing…
Gindi’s ASG sells another Miami Design District building to Craig Robins and partners
A partnership led by Craig Robins continues expanding its market share in the Miami Design District, buying another retail building from the Gindi family’s ASG Equities. An affiliate of Miami Design District Associates acquired 70 and 74 Northeast 40th Street for $14 million, a press release states. The buyer is a joint venture between Robins’ Miami-based Dacra, L Catterton Real Estate…
Apple’s Coral Gables office hub becomes year’s biggest lease deal in Miami-Dade
Coral Gables continues to welcome world-recognized brands as Apple moves in The Plaza Coral Gables. “I think what’s exciting about Apple is that it is an expansion project,” said Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce. “This comes on the heels of FIFA bringing their corporate headquarters here, which is a relocation project…
Fleischer Studios for fabled cartoons may be labeled historic
Local preservationists are working to secure historic designations for two 20th century landmarks to showcase and preserve Miami’s history for future generations. Today (4/25), the Miami City Commission is to review resolutions highlighting the historic significance of the Halissee Hall Gates and the Fleischer Studio. If approved, the measures would pave the way for…
Multinationals influx spurs Coral Gables economy
Coral Gables is gearing up for a bustling spring and summer season with events to promote local businesses and the influx of major multinational corporations such as FIFA, Ryder and Apple into the city. Nearing its 100th anniversary next year, Coral Gables is home to over 10,000 businesses and continues expanding as an international business hub. In preparation for…
Grupo Frali buys Edgewater dev site to complete full block assemblage
Grupo Frali purchased a development site in Miami’s Edgewater to complete a full block assemblage, but the firm doesn’t have any immediate plans for a project. An affiliate of Grupo Frali, a private investment firm based in Buenos Aires, Argentina, acquired a 20,240 square-foot vacant lot at 3047 Biscayne Boulevard, a press release states. With its purchase, Grupo Fali now…
Piece by piece, Coral Gables’ historic city hall restored
With an estimated $4 million of Coral Gables city funds allocated this year to restore city hall, next up are to replace windows and seal the exterior walls. Since city hall is a historic building, there is a process for every step and the different phases of renovations, said Vice Mayor Rhonda Anderson. “My last update on this was about three weeks ago when I said it takes four months…
Coral Gables’ mobility hub is immobile
Coral Gables city officials and the administration are still trying to find ways to soften the exterior and allocate the liability costs for the long-planned Coral Gables Mobility Hub. The last item regarding the mobility hub that was brought to the commission focused on its façade, Mayor Vince Lago said. “The mobility hub is expected to enhance our city’s revenue, with commercial…
Oak Row Equities Officially Breaks Ground On 2600 Biscayne Boulevard In Edgewater
Oak Row Equities has broken ground on 2600 Biscayne Boulevard, a 41-story tower in Miami’s Edgewater neighborhood that will offer a mix of multifamily residences and office spaces. Coastal Construction Group is tasked as the project’s general contractor. The design is spearheaded by the internationally acclaimed architecture firm Arquitectonica, with interiors by Portland…
Atlantic Pacific Cos. Breaks Ground on Affordable Housing Complex ‘Culmer Place’ at 800 NW Fifth Avenue in Miami
Atlantic Pacific Cos. has broken ground on Culmer Place, an affordable housing complex in Miami-Dade County. Florida YIMBY first reported on the multi-million-dollar project in March 2022. The seven-story building will offer 239 units, ranging from one-bedroom to five-bedroom layout plans. Residency would be available for those making 30 percent to 80 percent of the area…
After yearslong litigation, former lender wins lawsuit tied to Miami Design District dev site
A former lender of the failed project at the entrance to the Miami Design District and Midtown Miami won in court this week, likely closing the door on years of litigation surrounding previous plans for the property. Miami-based HES Group had planned to develop the site into Triptych Miami, a 475,000-square-foot project with a hotel, retail space, offices and parking…
Tecnoglass plans new Morningside HQ after acquiring dev site
Tecnoglass has big plans for a new headquarters in Miami’s Morningside after acquiring a shovel ready development site. An affiliate of Tecnoglass, an industrial glass manufacturer that last year moved to Miami from Barranquilla, Colombia, acquired a 0.6-acre assemblage at 5101 and 5125 Biscayne Boulevard, according to records and real estate database Vizzda.
Haimov lists Miami Gardens site for $25M, abandoning development plans
Haimov Group is listing a Miami Gardens development site for $24.5 million, after abandoning plans for a $200 million mixed-use project. Miami Beach-based Haimov, led by Igal and Aaron Haimov, is looking to sell a 3.6-acre vacant property at 17300 Northwest Seventh Avenue Road, a listing obtained by The Real Deal shows. Aaron Haimov did not immediately…
UHealth’s Largest Outpatient Medical Facility Tops Off at SoLé Mia In North Miami
UHealth—University of Miami Health System has announced the topping off of its largest outpatient medical facility, UHealth at SoLé Mia. This facility, addressed as 2111 Sole Mia Way, is part of the 184-acre master-planned community in North Miami, developed by Oleta Partners, a joint venture between developers LeFrak and Turnberry. Robins & Morton is the general contractor.
Foundation Pour Is Complete For 70-Story Okan Tower At 555 North Miami Avenue In Downtown Miami
Foundation pouring is complete on the site of Okan Tower, a 70-story mixed-use skyscraper under construction at 555 North Miami Avenue in downtown Miami. International property developer Okan Group recently celebrated this significant milestone for their highly anticipated development, which is set to become the area’s next major mixed-use megaplex. The 36-hour…
‘Palma Miami Beach Residences’ Set for 666 71st Street in Miami Beach
Construction could start on Palma Miami Beach Residences later this year. The 14-story condo would comprise 126 furnished units, with most one-bedroom and two-bedroom floorplans measuring 405 to 886 square feet. The South Florida Business Journal reports that there would also be multiple penthouses––some reaching 1,342 square feet. Communal amenities at Palma Miami…
The Gallery at West Brickell with 465 Apartments Topped Off, Being Painted
The Gallery at West Brickell has topped off and is being painted. Developer Related Group says on its website that the tower will be a “Class-A” mixed-income, mixed-use, and transit-oriented development located in the heart of Brickell. Groundbreaking for the project took place in September 2022. It is the the largest single-phase public/private project in the county…
Evictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and Manor
Residents in predominantly working-class Hialeah are feeling the squeeze from soaring apartment rents, and some are getting slapped with evictions, following a wave of high-end multifamily construction in the city. The development spree has led to a surge in rent, now ranging from $2,050 for a studio to $3,765 for a three-bedroom unit, pricing out residents in the city where…
$100M The Julia Residences in Allapattah Reaches Completion, Already 35% Leased
The Julia Residences has received its TCO and the first residents have moved in. The $100 million, 14-story residential tower was developed by Lissette Calderon’s Neology Life Development Group. The Allapattah development includes 323 apartments, amenities, and 13,000 square feet of street-level retail space. A total of 25 residents moved in on day 1, and more than 35%…
Office Tower Inspired By The World’s Top Luxury Hotels Launching In Miami
Aman, Rosewood, Oetker and Four Seasons Hotels & Resorts, as many luxury travelers know, are regarded as the top ultra-luxury hotel brands in the world with exquisite rooms, unbending service and amenities that get more over-the-top by the day. Now, a developer in Miami, Robert Rivani, the founder and CEO of the commercial investment firm Black Lion, has plans…
Rishi Kapoor’s Miami Beach co-living project dev site heads to auction
A Miami Beach property where Rishi Kapoor planned a co-living condo project will be sold at auction. Miami Federal Judge Jacqueline Becerra on Monday authorized the hiring of auctioneer Lamar Fisher and his eponymous firm to sell two commercial buildings at 1234 and 1260 Washington Avenue owned by an affiliate of Urbin, a subsidiary of Location Ventures, the Coral Gables…
Tijuana Flats Closes Nine South Florida Locations After Bankruptcy Filing
Central Florida-based restaurant Tijuana Flats has announced it is filing for bankruptcy and has closed 11 of its restaurants, including a whopping nine of them in South Florida. According to a press release, the Tex-Mex brand has brought in new ownership, Flatheads LLC, with a plan of “revitalizing its restaurants and reinvigorating the customer experience.” The release notes…
51-Story Downtown Miami Tower Gale Hotel & Residences Opening Soon
Get ready for hundreds more short and long-term residents in Downtown Miami, with the 51-story 601 Miami tower said to be opening shortly. Stayntouch, which provides hotel property management software, said in a press release yesterday that the 688-room Gale Miami Hotel and Residences is planned open on May 1. As of this morning, rooms are available on Booking.com…
JLL Secures $100M Loan for Warehouse Portfolio in South Florida
JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include…
Black Lion Pays $63M for Miami Beach Office Building
Black Lion Investment Group has made its first office acquisition in Miami Beach, Fla., purchasing The Lincoln at 1691 Michigan Ave. for $62.5 million, with plans to redevelop the mixed-use property into a luxury office concept it’s calling ‘Class X.’ The seller was Clarion Partners, according to CommercialEdge data. Black Lion Investment Group plans to transform The Lincoln…
Iconic Moore Building in Miami’s Design District Reopens With New Restaurant and Members-Only Club
The iconic Moore building in the Miami Design District, which was built in the 1920s, is officially reopening with a new modern American restaurant, Elastika, a members-only club, a boutique hotel, and more. Helmed by acclaimed Executive Chef Joe Anthony and brought to life by WoodHouse, the modern American restaurant is located on the first floor of the Moore building and…
Privee Capital plans 12-unit waterfront condo in North Beach
Privee Capital plans a 12-unit waterfront condo project in North Beach, marking continued residential development appetite for the neighborhood. The Miami Beach-based development firm will build a five-story building on a 0.8-acre lot at 1940 Bay Drive in Miami Beach, according to Scott Alcus, managing partner at Privee. Designed by Revuelta, the building will include…
Lease roundup: Rosetta Bakery with a speakeasy on tap at Standard-branded condo in Midtown Miami
Rosetta Bakery will open an Italian Bakery Café and cocktail bar at The Standard Residences, Midtown Miami. The restaurant leased 2,500 square feet next to the lobby and 1,200 square feet of outdoor terrace space at the building that’s under construction at 3100 Northeast First Avenue in Miami, according to a news release from the tenant and one of the developers.
Interview: Mandarin Oriental’s Christian Glauser Benz On Expansion Plans And The Rise Of Branded Residences
Christian Glauser Benz has traveled to more than 120 countries in his career managing the strategic growth of some of the best-known luxury hotel brands. He joined Mandarin Oriental Hotel Group in January as the firm’s head of development for the Americas after stints at Hyatt Hotels Corp. and Dream Hotel Group. He saw the pandemic as a transformative moment…
Downtown Miami’s Future Shines Bright with Financing for Parking Garage Redevelopment
Concord Summit Capital LLC recently arranged $20-million in senior financing to refinance the Bayfront Parking Garage, an operating six-story parking garage with 753 spaces located at 255 NE 1st Street, Miami, FL 33131. Concord Summit’s Managing Director Justin Neelis from the firm’s Miami office sourced the loan on behalf of the owners, Artifact Group and Blutrich…
$2.5 Billion Bond Postponed by Mayor Daniella Levine Cava
Alittle more than two months after Miami-Dade County Mayor Daniella Levine Cava floated a $2.5 billion general obligation bond (GOB) referendum during her State of the County address to pay for a series of expansive projects, she’s had a change of heart. The mayor recently announced her decision to postpone those ambitious plans after running into too much opposition…
South Florida industrial vacancies rise in the first quarter
South Florida industrial landlords may see a slowdown on the horizon, as vacancies crept up across the tri-county region in the first quarter, according to a CBRE report. Demand in Miami-Dade County is growing at a slower pace, dropping to 2.1 million square feet in the last 12 months, well below a five-year average annual absorption rate of 4.5 million square feet…
This Week’s South Florida Deal Sheet: Amazon Warehouse Sells For $106M
A 1M SF Amazon fulfillment center near Jupiter was acquired for $106.5M by the investment firm founded by Ross Perot, the late billionaire who ran for president in 1992. Dallas-based Hillwood, the commercial real estate arm of Perot Co., acquired the property through a subsidiary from an entity controlled by Truist Securities, property records from the data intelligence…
Starwood sells four office buildings in Miramar at a loss for $45M
Starwood Capital Group sold an office portfolio in Miramar for $45 million, marking a 45 percent discount off its purchase price nine years ago. YMP Real Estate Management bought the pair of Miramar Centre I and III buildings at 3401 and 3601 Southwest 160th Avenue, as well as the pair of Huntington Centre I and II buildings at 2901 and 2801 Southwest 149th Avenue…
Starwood Sells Miramar Office Buildings At 45% Discount
Starwood Capital Group sold a four-building portfolio of offices outside Fort Lauderdale for $45M, just more than half of what it paid to acquire the buildings nearly a decade ago. Starwood sold two buildings in Miramar Centre, including 3601 SW 160th Ave., and two in another office park. A joint venture between YMP Real Estate Management and three entities tied to Nathan…
Estate wins approval to build 353 apartments in Davie, including affordable housing
South Miami-based Estate Companies advanced its ongoing expansion into Broward County, winning site plan approval in Davie for a 353-unit apartment building with an affordable housing component. The Davie Town Council last week approved the site plan for Soleste Reserve I, as well as a developer agreement with Estate that mandates deed restrictions requiring below-market…
Developer proposes 978-unit apartment complex on Fort Lauderdale mobile home park
A developer wants to build a 978-unit apartment complex at the Pan American Estates Mobile Home Park in Fort Lauderdale. Saulo Perez, a South Florida-based real estate developer, proposes the project on the 22.8-acre mobile home park at 150 Northwest 68th Street in the Cypress Creek neighborhood, according to city records. The Fort Lauderdale Development Review Committee…
Acclaimed Architect Renzo Piano Unveils First Concept Design for The Center for Arts & Innovation In Boca Raton
The Center for Arts & Innovation has unveiled its initial vision for a forthcoming, globally revolutionary creativity and innovation hub in Boca Raton designed by the widely acclaimed Renzo Piano Building Workshop. Renzo Piano, a Pritzker Architecture Prize-winning Laureate, selectively undertakes two to three new commissions worldwide each year, emphasizing the…
Venture One pays $36M for three Boynton Beach warehouses
Venture One Real Estate paid $36.2 million for a trio of Boynton Beach warehouses. Through an acquisition fund, an affiliate of Rosemont, Illinois-based Venture One purchased Boynton Logistics Center, an industrial complex at 1200, 1210 and 1220 Southwest 35th Avenue, records and real estate database Vizzda show. The buyer obtained a $50 million mortgage from…
Related Companies Breaks Ground on South Flagler House At 1355 South Flagler Drive in West Palm Beach
Related Companies held a groundbreaking ceremony on April 17 for South Flagler House, an unparalleled luxury residential development in the Palm Beaches. The development features exquisite design by the renowned Robert A.M. Stern Architects (RAMSA), interiors by the acclaimed firm Pembrooke & Ives, and spectacular waterfront views. Located along the Gold Coast…
Morgans Restaurant Relocates to Allapattah After 14 Years in Wynwood
Beloved modern comfort food restaurant Morgans, known for its brunch, is relocating from its Wynwood location to a restaurant space in Allapattah. The family-owned restaurant, which has been serving brunch staples from its Wynwood patio since 2010, will move from its purple home in Wynwood to a larger location in Allapattah at 2800 NW Seventh Ave. on Wednesday, April 24.
Steve Ross’ Related wins bid to build $300M West Palm convention center hotel
Billionaire Steve Ross’ Related Companies won the bid to build West Palm Beach’s next convention center hotel. New York-based Related will build a $300 million 20-story, 404-key Hilton Signia on the site at 900 South Rosemary Avenue, the Palm Beach Post reported. Related estimated the hotel could be completed in three years, according to the publication. The hotel will add…
The Breakers wins approval for courtyard renovation
The Breakers, Palm Beach’s historic oceanfront resort, won approval for the renovation of a central courtyard, the last site on the property in need of major restoration work. The Town of Palm Beach Landmarks Preservation Commission approved plans to update the 16,000-square-foot Mediterranean Courtyard at its meeting last week. Renovations will include adding a 1,800…
Questions & Answers About Distressed Commercial Properties
Distressed commercial properties are under-performing assets that pose significant challenges to owners from a physical and financial point of view. Whether they’re run down, obsolete properties or they’re simply producing a negative cashflow every month, distressed properties can be great investment opportunities. Having said that, investing in distressed properties…
Video: Foodservice Results CEO Darren Tristano Discusses Restaurants and Real Estate 2024
The Conversation: Navigating the Current Landscape of the Restaurant Industry In a recent episode of *America’s Commercial Real Estate Show*, show host Michael delved into the current state of the restaurant industry with CEO Darren Tristano of Foodservice Results. Their insightful conversation provided valuable perspectives on the trends, challenges, and…
Video: Blackstone Sends ‘Takeoff’ Signal With Big Commercial Property Deal
Blackstone’s $10 Billion Real Estate Deal: A Shift in Market Dynamics In a move signaling confidence in the property market, Blackstone recently closed a significant deal worth approximately $10 billion for another apartment landlord with its purchase of Apartment Income REIT. This transaction underscores the real estate giant’s strategic decision to deploy capital amid changing…
U.S. Industrial Leasing Plunges Nationally In Q1 As ‘Recalibration’ Continues
Industrial users in the U.S. slammed the brakes on leasing in the first quarter, deepening a slowdown that is likely to continue for the remainder of the year. Net absorption reached 28M SF nationwide in Q1, a roughly 70% drop from a year earlier, driving the vacancy rate up to 6.7% from 4.5% last year. But industrial brokers aren’t worried. In fact, they realize their position…
With $191B To Spend, Blackstone Thinks Real Estate Has Hit Bottom
Blackstone sees a recovery in the commercial real estate market coming and is acting accordingly, making major investments in the sector, most notably in multifamily rentals. But the shift in outlook about when interest rates might begin to come down has somewhat tempered spending of the firm’s $191B of dry powder. “The recovery will not be a straight line, but we’re not…”
Apparel Retailer Express Inc. To Close 100 Stores In Bankruptcy
Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy protection, according to a filing with the Securities and Exchange Commission on Monday, and says it will close more than 100 of its 530 locations. The company said it is closing about 95 of its Express locations and all 12 of its UpWest stores, while the remainder of its locations will remain open for normal…
Blackstone Flags Retail Property Investment Opportunity As Big Brands Put Focus Back On Stores
When more than 800 international retailers gathered in Paris last week at the World Retail Congress, their to-do lists were overflowing with a raft of new issues and challenges, many of which barely existed even two years ago. But major investors like Blackstone are buying property again, and that centuries-old route to market, the shop, is seeing a renewed focus. Top of the in-tray…
Optimizing your multifamily portfolio with agency lending
There’s no shortage of multifamily investment strategies, including long-term holds, quick turnarounds and value-add investments. Regardless of the strategy multifamily investors choose, it’s critical that they optimize their portfolios to get the best results. Portfolio optimization, defined. Commercial real estate portfolio optimization is the process of evaluating operations…
How low? LNR buys San Francisco office building for 11% of 2018 price
LNR Partners has snagged a 90,500-square-foot office building in San Francisco with a winning auction bid of $6.56 million — or 10.5 percent of its last traded price. An affiliate of the Miami-based investor took control of the 16-story Hewes Building at 995 Market Street, in Mid-Market, the San Francisco Business Times reported. The seller was Bridgeton Holdings…
The post Miami Commercial Real Estate News April 24, 2024: Brickell Dolce & Gabbana Dev Site Trades for $60M; Miramar Office Properties Sold at 45% Loss; More… appeared first on Hawkins Commercial Realty.
