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Co-Living, Senior Housing Can Produce Higher Returns: ULI Panelists

Developers are counting on demand to be strong for co-living apartments in Wynwood, offering lower rents, shared common areas and amenities geared to promote face-to-face interactions among residents.

“There is a real vibe in these buildings,” said Swiss real estate developer Ralph Winter, whose company, W5 Group, is developing a Wynwood co-living project with the Related Group. “It is very comparable to student housing except here you have people coming from all over the world [as roommates]. They really like it.”

Winter joined Alberto Milo Jr., president of Related’s affordable housing division, and Greg West, CEO of ZOM Living, for a panel discussion on the latest trends in multifamily development at the Urban Land Institute’s Housing Opportunity Conference on Monday. Ron Terwilliger, chairman of Terwilliger Pappas Multifamily Properties, was the moderator.

Winter said his project with Related, called w28 and designed by Arquitectonica, will likely take two-and-a-half years to complete. As the lead equity partner, W5 Group is providing 80 percent of the capital to build w28. The project will have 200 co-living apartments and 3,600 square feet of ground-floor retail. The development is set to rise at 33, 45, and 51 Northwest 28th Street, three parcels Related bought for $6.5 million in June.

Apartments at w28 will be fully-furnished, have shared common areas and include streaming services such as Netflix — features that appeal to millennials, Winter said. He said kitchens are designed to encourage interactions between an apartment’s tenants, such as drinking beer on a dining counter.

“This is more of a prime concept to bring people together,” Winter said. “We have seen in our research that the loneliness factor for a 25-year-old is much higher than for a 65-year-old. [Because of smartphones] they are not really connected in a face-to-face manner. That is what we try to do in these buildings.”

Winter said a co-living tenant can expect to pay 15 percent less than the average monthly rent for a studio. However, a room in a co-living apartment averages 140 square feet, he noted. Winter explained co-living apartments are attractive to young professionals who may not stay rooted in one city or often travel for long periods of time for their jobs.

“We have guys from Google and Apple who could easily pay $3,000 a month for an apartment,” Winter said. “You are paying to be part of a membership, an exclusive circle….They say, ‘Oh that is a cool place, and I want to be a part of it.”’

On the flip side of the demographic spectrum, demand for luxury apartment buildings geared to senior citizens is booming, according to ZOM Living’s West. His company is developing the Watermark at Merrick Park in Coral Gables and the Watermark at West Palm Beach, two mid-rise multifamily projects strictly for people near retirement age.

West said senior housing monthly rents can produce about an 8 percent yield compared to the typical 6 percent yield of regular apartment buildings.

“The exit [rate of return is] higher than conventional multifamily,” he said. “We’d sell apartments in the 4 [percent range]. In senior housing, you will sell at 6 [percent].”

However, multifamily owners have to employ more people to provide property management services. And achieving full occupancy takes longer in senior living buildings, West said.

The three-day ULI conference featured two days of panels on Monday and Tuesday. The event concludes Wednesday with site tours of various projects in Miami-Dade, including Related’s Liberty Square redevelopment project, the Link at Douglas transit-oriented development by The Adler Group and 13th Floor Investments, and condo buildings that allow short-term rentals.


Source:  The Real Deal

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Aventura Evolving Into Medical, Financial Office Mecca

Medical Building South Florida

There is 436,514 square feet under construction in the city with internationally known Aventura Mall and high-end condominium towers.

All will be Class A offices in a city where most of the existing inventory, nearly 799,000 square feet of a total of 1.13 million square feet, already is Class A, according to JLL data.

Aventura’s office market is focusing on high-end corporate towers like Inmobiliaria’s Optima complex and a medical district with offices for physicians and other health care and wellness providers.

Construction of the 12-story, 96,000-square-foot Forum Aventura at 19790 W. Dixie Highway just outside city limits wrapped up last year. The Optima complex at 21500 Biscayne Blvd. is to get its biggest building later this year when the 28-story, 300,000-square-foot Optima Onyx opens in Hallandale Beach, Broward County’s southernmost city bordering Aventura. On the Aventura side, the nine-story, 84,401-square-foot Optima White and four-story, 29,621-square-foot Optima Red were completed in 2013.

The budding medical district is growing following expansion of Aventura Hospital and Medical Center, which upgraded and added 22 rooms in a $75.6 million emergency room buildout. It then embarked on a 513-space garage and a three-story, 60-bed patient tower bringing the total number of hospital beds to nearly 500. The hospital owned by publicly traded HCA Healthcare Inc. three years ago obtained a Level Two trauma designation, one of two in Miami-Dade County.

North of the hospital, the 12-story Aventura Medical Tower was completed last year by The Faith Development Group, bringing 105,000 square feet of medical office condos. The tower at 2801 NE 213th St. is comprised of a seven-story, 472-space garage under five stories of offices.

On its heels to the east will be the medical office project Ivory 214 and 12 I 12 Aventura, 10-story buildings to be connected by a pedestrian bridge over 28th Court west of Biscayne Boulevard.


Source:  DBR

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Healthcare Providers Making The Old New Again

Healthcare providers are continually seeking cost-effective ways to deliver care. As construction costs rise, some are choosing to repurpose facilities instead of building new ones.

One example of this is the Texas Children’s Hospital, located in the Texas Medical Center in Houston. The hospital is repurposing seven floors of its West Tower, a 20-story hospital building that went through initial construction in 1991 and had additional floors added in 2001.

The seven floors being redone were vacated when Texas Children’s Hospital relocated some services to its new Legacy Tower in 2018. Two of the floors were inpatient nursing units. In planning the backfill of the seven vacated floors, those two floors were proposed for additional nursing units to address inpatient needs, and repurposed into “new” nursing units. The refresh of those two particular floors allowed the hospital to upgrade technology, repair aged fixtures and materials, implement updated signage and artwork, refresh the look and feel of the unit, and focus on medical specialties in need of beds.

“What we’re finding is, we’re doing this repurposing at half the cost of what new would be,” said Texas Children’s Hospital Vice President of Facilities Planning & Development and Real Estate Services Jill Pearsall, who was one of the panelists at Bisnow’s National Healthcare South event Feb. 13. “The other five floors are being planned for a variety of other uses, some for direct reuse, while others will receive significant demolition and renovation.”

New construction is expensive, and that cost is often passed onto consumers. Transwestern Executive Vice President of Health Advisory Services Justin Brasell said that only some end users can afford a new building, as rents have to reflect the returns required by new owners to take on the risk of building a new project. Brasell said he has seen many older buildings being repurposed, often in less urban areas with more green space. Those buildings tended to have a less efficient build-out, and part of the repurposing involved utilizing space that might otherwise be wasted, such as large atriums.

The challenge of reducing operational costs and construction costs while providing high-quality medical care has been an ongoing trend in healthcare for years, but has reached a new level of intensity, according to Baylor Scott & White Chief Innovation Officer LaVone Arthur.

“When we talk about the reduction of cost, from a provider side, we are every day trying to squeeze out every penny we can from our cost,” Arthur said. “We are just now taking control of trying to manage the cost to our consumers.”

The panelists also discussed other trends in the market, including the decentralization of healthcare. More health systems are redirecting patients to facilities located in neighborhoods to treat lower-acuity cases. Pearsall noted that an urgent care in a community setting does not have to be the same quality as a hospital. She said it is important to manage both internal and consumer expectations of how much investment should go into certain facilities.

“We are really working to develop the right facilities, in the right location at the right cost,” Pearsall said.

The trend of decentralizing care has moved further away from traditional hospitals, with technology developing to allow patients to access care in their own home, through methods such as telemedicine.

“Every health system out there is actively pursuing virtual options, because it’s a lower-cost option, and it also is providing access,” Arthur said.

The technology and infrastructure demands in hospitals and healthcare spaces have also changed over time. Everybody wants emergency power, as well as extensive redundancies built into a system to improve reliability.

“The demand for low-voltage infrastructure in new buildings is also significant,” McCarthy Building Cos. Vice President Preston Hodges said. “Nearly every hospital in the Texas Medical Center, and across Texas, is building or developing something right now. Just about every institution has a large initiative either underway in design or underway in construction.”

As a result, the demand for high-quality contractors and subcontractors has become fierce, with healthcare providers competing for labor earlier than ever before.

“These clients are going to secure teams earlier and earlier,” Hodges said.

With empty land in the Texas Medical Center at a minimum, and needs constantly evolving, Hodges believes demand for backfill and renovations will only grow.

When it comes to new design and new concepts, Arthur said she is most concerned with flexibility and creativity. Arthur points to the examples set by nontraditional players in the healthcare field, like Amazon and Google, and how the industry was closely watching what those technology leaders were doing in an attempt to keep pace.

“Healthcare is changing very quickly, and I think we are on an unprecedented path,” Arthur said. “If you’re building a traditional hospital today, something’s wrong.”


Source: Bisnow

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Apartment With Micro Units Planned In Miami’s Allapattah

Miami’s development wave could take another step into Allapattah with a new apartment project.

On Feb. 19, the city’s Urban Development Review Board considered plans by 2323 Pointe Group LLC, an affiliate of Bay Harbor Islands-based Pointe Cos., for the 0.81-acre site at 2323 N.W. 36th St., plus 3614, 3620, 3624 and 3638 N.W. 23rd Ave. It acquired the property for $1.95 million in March 2019.

The building would total 167,689 square feet in eight stories. Designed by Modis Architects, it would have 116 apartments, 7,708 square feet of retail, 3,220 square feet of offices, and 129 parking spaces.


Source:  SFBJ

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New Office-Apartment Project In Miami’s Wynwood Gets $136 Million Refi

A recently completed office-apartment project in Miami’s booming Wynwood Arts District just secured $136 million in refinancing to pay off construction loans.

The Wynwood 25 apartment building and adjacent Wynwood Annex office building opened last year.

Development team East End Capital, based in New York with a Miami office, and the Miami-based Related Group, founded and led by Jorge Perez, secured the loan from The Blackstone Group Inc.’s Blackstone Real Estate Debt Strategies.

The nine-story, 289-unit Wynwood 25 and the 60,000-square-foot Wynwood Annex sit on the northwest corner of Northwest Second Avenue and 24th Street.

Wynwood 25, which was completed last June, is 90% leased. The market-rate building at 240 NW 25th St. offers units from 400-square-foot studios to three-bedroom apartments. Amenities include an electric car charging station, heated pool with sundeck, rooftop lounge and kitchen, library with coworking areas, gym, pet grooming area and 24/7 concierge.

Wynwood Annex was built with an eye toward tenants in the technology, advertising and marketing fields. Its first tenant is the California-based Live Nation entertainment company, which took a full floor. The building has loft-style offices with 18-foot ceilings and a rooftop terrace.

The office building has 4,429 square feet of ground-floor retail and the apartment building has 28,518 square feet of retail, including the Salt & Straw ice cream shop and the Uchi restaurant, which will open soon.

The financing is another project milestone officially marking its completion, Jonathon Yormak, founder and managing principal at East End, said in a news release.

About $110 million of the proceeds was used for Wynwood 25 and the balance for Wynwood Annex.



Source:  DBR

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Why Super Bowl LIV Could Spark Interest In Miami Gardens Real Estate

Tens of thousands of people passed through the turnstiles into Hard Rock Stadium for Super Bowl LIV, taking part in the spectacle and competition. And when it ended, nearly all of them bypassed the neighborhood entirely on their way out.

While the stadium’s privately-funded, $500 million renovation boasts an open-air canopy along with other impressive additions, the surrounding city of Miami Gardens stands in sharp contrast.

The city has so far failed to attract the wide-scale investment that some sports stadiums in other cities have brought, and has not seen a blossoming of new residential properties outside the stadium.

Hard Rock Stadium owner — and Related Companies’ founder and chairman — Stephen Ross began the massive renovations of the venue in 2015, which brought the Super Bowl back to South Florida after a decade of absence. In addition, the money that Ross invested in the stadium — he also owns the Miami Dolphins — led to the Miami Open tennis tournament there in April and potentially, a Formula 1 race.

Some real estate developers who have built or proposed projects in Miami Gardens believe the renovations may bring about new interest in the city as a whole. The city, incorporated in 2003, is a historic African-American community with a population of about 110,000. It largely consists of older residential properties and commercial and industrial properties. In 2017, the household median income was $41,000 — below the county’s average of $46,388.

“The stadium is starting to be an asset. It was just a football stadium, but now… you are seeing an active asset, you are drawing people,” said Barron Channer, the CEO of Woodwater Investments, a Miami-based real estate investment firm. He previously proposed building a mixed-use project near the stadium.

Some developments are already in the works.

Los Angeles-based Latigo Group recently broke ground on a 259-unit apartment project at 19279 Northwest 27th Avenue in Miami Gardens. Rents will range from $1,700 to $2,300 per month, and the project is one of the first new market rate apartment developments in the city. It’s part of a bigger mixed-use project that will include a 37,000-square-foot building on a 4.63-acre parcel that will be leased to 24 Hour Fitness.

Jonathan Roth of Miami-based 3650 REIT, which provided a $50 million construction loan for the project, said Miami Gardens could become an attractive place to build housing at reasonably priced rents, since land prices are cheaper.

“What is happening nationally, you have a lot of development, but it is all Class A going up. By going into Miami Gardens you are going to pay slightly less for the land,” Roth said.

Sitting right off the Florida Turnpike and I-95 and in between downtown Miami and Fort Lauderdale, Miami Gardens has become a hub for logistics and warehouses, the less sexy part of real estate.

In recent years, institutional industrial investors have been snapping up properties in the area. In October, private equity giant Blackstone acquired two industrial properties in Miami Gardens for $13.6 million at 5120 Northwest 165th Street. And in July, Longpoint Realty Partners bought an industrial park in Miami Gardens from Prologis for $25 million.

In the northeast Miami-Dade County submarket, which includes Miami Gardens, more than 197,000 square feet of industrial space was under construction at the end of 2019, according to a report from Avison Young. The net absorption was 1.1 million square feet, the most of any submarket in the county.

Yet, the question remains whether the city will pivot from attracting industrial development to more residential projects.

Some real estate experts are betting on it, in part due to the rising cost of land in other parts of South Florida, and a lack of developable land to build new projects. The city could also become an alternative for renters on a budget, who would otherwise move further south or west in Miami-Dade County.

Colliers International South Florida’s Gerard Yetming and Mitash Kripalani are listing two parcels of land in Miami Gardens at 1255 Northwest 210th Street, totaling 82.5 acres, which allow for a maximum of 50 residential units per acre. Yetming said he is getting inquiries from developers who are looking to build workforce residential development, and that developer interest is growing in Miami Gardens.

“The level has increased over the past couple of years,” Yetming said. “A few years ago, developers were more interested in downtown and an urban type of environment.”

With new investment also comes the risk of gentrification and displacement of existing residents, something communities in places like Miami’s Little Haiti are trying to combat amid projects like the Magic City Innovation District.

“Miami Gardens is and has been heavily defined by the presence of black residents,” said Channer of Woodwater Investments. “If this is not reflected in who is courted to, and actually investing at all levels, then economic development efforts would have failed their ultimate test.”


Source:  The Real Deal

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Two Years After $88 Million Buy, Nicklaus Children’s Wants To Sell Miami Medical Center

Nicklaus Children’s Hospital plans to sell the failed Miami Medical Center, a specialty hospital that Nicklaus Children’s bought just over two years ago for $88 million, after deciding to focus its growth strategies on more outpatient clinics and its own Coral Terrace campus.

The decision to sell the building follows a year of financial instability, layoffs and administrative changes. At the time of the purchase, in December 2017, questions surrounded the financial underpinnings of the deal. That included questions about the nonprofit Nicklaus Children’s financial interests in the for-profit ventures associated with the Miami Medical CenterMiami Medical Center, located near Miami International Airport, closed in October 2017.

Matthew Love, who took over as chief executive officer on an interim basis in June last year, also announced this week that he will begin serving as the hospital’s permanent CEO. Love said he couldn’t answer questions about the relationship between the nonprofit hospital and the for-profit ventures because much of the arrangement predated his time with the hospital.

Before the bankruptcy filing, one of Miami Medical Center’s biggest investors was Nicklaus Children’s, which served as shareholder, lender and manager of the hospital through a venture called Miami Hospital Holdings. In March 2018, the company that operated Miami Medical Center filed for Chapter 11 reorganization, listing $21.4 million in assets and $67.3 million in liabilities.

Love said the hospital has retained an outside consulting firm to help with the sale, and that Nicklaus Children’s board signed off on the decision to sell. The CEO declined to list a specific price for the facility but said Nicklaus Children’s would sell the building for the “best price we can get.”

“The sale makes sense with Nicklaus Children’s growth strategy,” Love said. “When you talk about expansion and growth, it doesn’t always have to be brick and mortar. Miami Medical Center was right down the street. What I’m not really interested in is replicating high-end services — those are expensive.”

Sal Barbera, a former healthcare executive who now teaches healthcare administration at Florida Atlantic University, said he thinks the decision to sell the building goes beyond growth strategies and has more to do with the hospital’s current financial condition.

“They need to unload that asset, they need the cash,” Barbera said. “They didn’t buy it that long ago.”

In 2014, Nicklaus Children’s — when it was still an investor — signed on to guarantee up to $70 million of financial obligations related to Miami Medical Center. When the private hospital defaulted on its debts, Nicklaus Children’s paid a total of $14 million in 2017 and 2018, according to an analysis by Fitch Ratings.

During 2018, Nicklaus Children’s also funded $7 million of Miami Medical Center’s operating costs as part of its obligations. Miami Medical Center’s bankruptcy was finalized in January 2019.

The company that invested in Miami Medical Center was partly owned by a for-profit corporation whose officers were made up of Nicklaus Children’s board members and executives, including former CEO Narendra Kini, former CFO Timothy Birkenstock and April Andrews-Singh, a senior vice president and general counsel.

Love, the current CEO, said he is hopeful that the Florida Legislature’s deregulation of hospital building guidelines will make the facility attractive to out-of-state healthcare providers or providers from elsewhere in the state.

“What I’m interested in us doing is focusing on the fundamentals,” Love said. “We’re the best pediatric healthcare provider in Florida, and we need to focus on that. That’s who we are.”


Source: Miami Herald

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Another Co-Living Apartment Building Is In The Pipeline For Wynwood

Another co-living project is in the pipeline for Wynwood.

The project between 33-51 NW 28th St. will include 200 fully-furnished units, according to a press release. The 8-story project will have 3,600 square feet of ground-floor retail space. Amenities include a gym and rooftop pool. The Related Group will develop the project with real estate investor W5 Group. Related and W5 hired the Grove-based architectural firm Arquitectonica to design the building.

It will be another co-living building in Wynwood, behind the Property Markets Group and Greybrook Realty Partners project.

“As a Miami resident myself, I have witnessed Wynwood’s ascent with some interest,” said Ralph Winter, principal of W5 Group in the release. “However, as neighborhoods become more desirable, young people are often priced out. Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units — all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas.”

Co-living, or apartments building with micro units and shared amenities, including communal kitchens, is one way developers aim to resolve Miami’s growing affordability issue.

The investment is part of the effort to expand the Berlin-based Quarters co-living and property management brand on behalf of the W5 Group and the Medici Living Group. The teams are investing $300 million of equity to expand the brand in select U.S. cities from Europe. There are 14 cities across the globe, including Miami, that are expected to receive a Quarters-branded project or already have one, including Washington, D.C., New York, Chicago, the Hague, Stuttgart, Munich, Rotterdam, Hamburg, Amsterdam, Frankfurt, Philadelphia and Düsseldorf.

The W5 Group has offices in Switzerland, New York and Miami. It established its foothold in Miami Beach in 2009.

The neighborhood continues to attract developers. A new hotel by the San Francisco-based Sonder team and an office building are also planned for Wynwood.


Source:  Miami Herald

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The Big-Money Development Push Is On In Wynwood, Allapattah

Related Group recently completed two projects in Wynwood and has more in the works, Vice President Jon Paul Perez told Bisnow this week. In Allapattah, it recently opened a gallery and is on the lookout for other opportunities.

“It’s gotten to that point where the buying and trading of land without developing … that ship has sailed,” Perez said. “If you’re buying land there now, you’re assuming you’re going to have to develop.”

Sterling Bay Director of Leasing Michael Lirtzman had a similar assessment. The Chicago development giant closed on a site for $18.9M in December 2018, at 545 Northwest 26th St., where it is building a 10-story, 300K SF office building called 525wyn.

“We got in at a pretty good number,” Lirtzman said. “The pricing was a little more restrained. Now it’s starting to push.”

Sophisticated national developers have “brought some discipline to the pricing,” he said, but he predicted values would stay high as the neighborhood hits maturity.

“Wynwood is in the mode of building now,” said Avison Young principal John Crotty, with the days of flipping mostly gone and big residential developers going vertical.

Allapattah, however, still has pockets of opportunity, he said. “Other than by the [Miami] River and by [Jackson Memorial] Hospital, there’s not much development.”

Related Group and partner East End Capital completed Wynwood 25 in July. Its 289 apartments are now 85% leased at $3.10 per SF, Perez said, and its 35K SF of retail is 45% leased. Another project, the Bradley, which Related developed as apartments, was instead leased entirely to Domio to be operated as short-term rentals.

Perez said that Related benefited by being the first mover, willing to take a risk.

“The bet that we were making was that people wanted to live in Wynwood, right?” he said. “I could never have told you, ‘Hey, I’m going to sign a lease for all the apartments to one operator,’ because I think at that time these types of companies did not exist.”

When Domio came around, “we were the only option for someone that wanted one of those companies to be able to be in the neighborhood,” he added. Domio reportedly fought off competition from rival short-term rental operators to sign the building.

The largest development deal in the area last year was a 1.6-acre site at the corner of Northwest 25th Street and Second Avenue, which buyer Property Markets Group and Greybrook Realty Partners paid $46M to acquire and redevelop from its existing use as a gallery into a six-story resident complex with 222 units, Crotty said.

Crotty said PMG spun out the bottom-floor retail to Tricera Capital, which should be able to garner rents around $80 per SF.

“That’s Main and Main,” said Crotty, a former NBA player who also serves as the Miami Heat’s TV analyst. “That’s top-of-the-market pricing.”

Blocks off the main drag, Wynwood rents are about $50 per SF, he said.

Office leasing at the Wynwood Annex has gone a little slowly, Perez said, but Live Nation leased a floor and he said he is in talks with potential tenants that are similar in size and credit to the events company.

“So definitely by the end of 2022, our buildings should be close, if not 100% occupied,” Perez said. 

Lirtzman compared Wynwood to the Fulton Market area of Chicago, which was “where young people went to hang out. There was no office, but a vibrancy in the neighborhood.”

Sterling Bay decided to build office projects there with large floor plates and top-line amenities geared for creative tenants. It is now building its seventh Fulton Market building in a six- or seven-block radius.

Sterling Bay’s Wynwood project, which recently topped off, will include a fitness center, an indoor/outdoor bar and 440 parking spaces. Its first tenant is architecture giant Gensler, and Lirtzman said a letter of intent has been signed for a consulting firm to take 8K SF.

Goldman Properties opened the 30K SF Wynwood Garage in 2018, and a boutique office building, the eight-story, 86K SF Cube Wynwd, opened last year. Another big project, The Gateway at Wynwood, a 460K SF Class-A office building, broke ground last week.

The same forces that shaped Wynwood have affected the working-class neighborhood of Allapattah, just to the west. Whereas Wynwood had largely been made up of industrial warehouses, Allapattah now buzzes with working-class businesses. But real estate pros have been hyping it as the next hot neighborhood.

Developer Robert Wennett has proposed a mixed-use development by Danish “starchitect” Bjarke Ingels. Neology Life Development Group head Lissette Calderon in October broke ground on No. 17 Residences Allapattah, a 14-story, 192-unit apartment at 1569 Northwest 17th Ave.

“If you go have lunch on a Wednesday, it’s cops, it’s firemen, there’s people that are working nurses, doctors,” Perez said. “Allapattah probably started selling at $20 a foot, and now you have property trading at 130 bucks a foot.

“We’re not in that game of finding land and hoping for the value to rise and then flipping. So we say, ‘OK, at this price, does it make sense where I could build apartments, office, whatever it may be, at this land basis?'” he continued. “We’re looking for sites that are large enough that we can do substantial projects — 300 or so apartments there — and we haven’t found one yet that we are moving forward on.”

Calderon said in an email that construction on No. 17 Residences Allapattah has reached the fifth floor and is expected to be completed in spring 2021. She highlighted its amenities, including smart technology for package receiving, a digital concierge, a gym with virtual fitness and a “bark park” where dogs can play.

She said Neology Life is planning to break ground on another mixed-use project near No. 17, with 323 units, ground-floor retail and office space. It would begin construction after No. 17 opens in late spring 2021.

Crotty said that besides the aforementioned projects, plus a few others in the pipeline — the 555 River House proposed by Avra Jain and a yet-to-be-developed parcel he sold to billionaire developer Moishe Mana for $8.5M — Allapattah “has yet to fill in and grow,” he said.

Florida’s Department of Transportation is exploring the possibility of building a new highway exit off Interstate 95 at Northwest 29th Street.

“That would be a game changer,” Crotty said.


Source:  Bisnow

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