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New Wynwood Residences In Assemblage Of Cubes Win OK

An assemblage of cubes and dark colors will become home to 326 new residential units in the heart of Wynwood.

PMG-Greybrook Wynwood Trustee LLC is the owner-developer for a project called Society Wynwood, to rise at 2431 NW Second Ave.

The mixed-use residential project was reviewed Jan. 20 by the city’s Urban Development Review Board and approved with several recommendations.

The site is east of Northwest Second Avenue, south of Northwest 25th Street and north of Northwest 24th Street.

The project is 528,075 square feet, including 48,288 square feet of commercial-retail space and 8,603 square feet of open space.

The building will be eight stories, up to 124 feet, and have parking for 211 vehicles and 30 bicycles.

In a letter to the city, Javier F. Aviñó, an attorney representing the developer, wrote: “The proposed Project will bring 326 residential units to Wynwood, complete with high quality amenities and a roof deck to allow Wynwood residents to socialize and enjoy outdoor space in their neighborhood.

“The ground floor incorporates over 48,000 square feet of commercial uses, including retail uses and multiple restaurant spaces, providing convenient go-to spots for residents and visitors,” he wrote.

The project will have a cross block passage lined with retail and food and beverage options connecting 24th and 25th streets. A second cross block passage running east-west will connect this passage to Northwest Second Avenue, providing further through-site connectivity.

Mr. Aviñó wrote: “The Project will also incorporate artistic elements including art walls, stucco with graffiti, metal mesh, and green walls, reflecting the surrounding aesthetic of the neighborhood.

“This mix of uses within one site combined with design elements that encourage socialization and pedestrian activity, creates a strong neighborhood anchor for the continued growth and vitality of Wynwood,” he said.

The developer is asking for three waivers:

  • To allow up to a 30% reduction in required parking for a site within a quarter mile radius of a transit corridor.
  • To allow 89.9% lot coverage when 80% is permitted.
  • To allow parking in the second layer, when an art, glass, or architectural treatment, of a design to be approved by the planning director, with the recommendation of the Wynwood Design Review Committee, is provided for that portion of the façade.

“I’m excited with your project. I like it,” said board Chairman Willy Bermello.

Board member Robert Behar said, “I like all that you’ve done.” He did caution about the use of dark colors.

“Be careful with the color you select. In South Florida, that black will turn into gray very soon,” he said.

Board member Dean Lewis said the designers should articulate and celebrate the building corners more.

Board member Fidel Perez called it a “very well put together building.”

The motion to recommend approval included these recommendations: re-think the corners of the building to add light; integrate the artwork; re-evaluate the paint colors for the façade; and include more glass into the base.

The motion passed unanimously.

 

Source:  Miami Today

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New Brickell District Mixed-Use Development To Span Full City Block

Walker & Dunlop has arranged $43 million in construction and acquisition financing for 1 Southside Park, a mixed-use development spanning a full city block in Miami’s Brickell district.

The borrower is JDS Development Group, a development firm based in New York City. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Michael Ianno, Sean Bastian and Ian Hawk arranged the fixed-rate, interest-only loan through Atalaya Capital.

Designed by SHoP Architects, 1 Southside Park will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will be located near the Miami-Dade Metrorail Brickell Station as well as The Underline, a newly delivered linear park stretching from Brickell to Dadeland.

Landscape architect James Corner Field Operations is working with JDS to integrate 1 Southside Park with The Underline, which was formerly a Metrorail line. The new development will feature 90,000 square feet of wellness-centric amenities such as a fitness center and spa to complement The Underline. JDS plans to break ground in the near future, according to founder and CEO Michael Stern.

 

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Retail Building In Miami Design District Faces $5M Foreclosure

A retail building in the Miami Design District that’s occupied by clothing retailer Theory has been targeted in a $5.4 million foreclosure lawsuit.

Wilmington Trust, on behalf of a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint Dec. 18 against Miami DD 101 Blue LLC. It concerns the 4,958-square-foot retail building at 101 N.E. 40th St.

Miami DD 101 Blue took out a $5.3 million mortgage on the property in 2015 and boosted it to $5.4 million in 2019. According to the complaint, the borrower went into default by failing to make payments starting May 11, 2020, and owes $5.4 million in principal, plus interest.

On Jan. 20, Miami-Dade County Circuit Court Judge Samantha Ruiz Cohen issued an order giving the borrower until March 23 to show cause as to why a final judgment of foreclosure should not be issued.

 

Source:  SFBJ

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Downtown Miami Office Building Targeted In Foreclosure

The Security Building, a 95-year-old office building in downtown Miami, is the subject of a $37.2 million foreclosure lawsuit.

Platform Capital Funding filed a foreclosure lawsuit Dec. 22 against Security Building AR Owner LLC, along with loan guarantors Richard Weisfisch, Andrew Joblon, Arash Gohari and Daniel Gohari.

WeWork, the anchor tenant at the property, remains open. WeWork is not named in the lawsuit, and there is no lawsuit against WeWork from the landlord.

The complaint concerns the 92,910-square-foot office building at 117 N.E. First Ave. The 17-story building was constructed on the 7,500-square-foot lot in 1926, making it one of the oldest office towers in the downtown area.

 

Source:  SFBJ

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Car-Free Life Comes With A Quandary. Fortunately, Milam’s Markets Has Some Answers

Mindful of the traffic woes along U.S. 1, hometown favorite Milam’s Markets is opening a location on the west side of the highway.

The new Milam’s Market grocery will cover the ground floor — similar in size to a typical Target store — at the 36-story apartment building Cascade at Link at Douglas, which is under construction next to the Douglas Road Metrorail Station just west of Coconut Grove. The project includes a second, 22-story tower. Cascade will open in 2022.

The Coconut Grove-Coral Gables-South Miami area has an abundance of grocers, including Fresh Market, Publix, Whole Foods and several Milam’s Markets. Most are located east of U.S. 1. The new Milam’s — the family-owned group’s sixth store — will offer a new option west of the busy thoroughfare for apartment dwellers who depend on public transit.

Rendering of The Link at Douglas, being developed by 13th Floor Investments and the Adler Group. (CREDIT: ADLER GROUP/13TH FLOOR INVESTMENTS)

“Our new store will provide a shopping experience similar to our other stores. Not only will we be able to better serve those living on the West side of US-1 — trust us, we know how hard it can be to cross that intersection sometimes — but we will also be joining the ‘Urban Evolution’ and Metrorail redevelopment with our store having immediate access to the Douglas Metrorail Station,” said Kristie Milam, Milam’s Markets CMO and director of real estate, in a statement.

Miami-based Milam’s first opened in 1984. The upscale grocer now has locations in Coral Gables, Coconut Grove, Pinecrest Plaza, Miami Springs and Sunny Isles Beach.

Link at Douglas’ first tower is expected to open in the second quarter of this year. The seven-acre project — developed by 13th Floor Investments, Adler Group and Barings — includes rental apartments, retail space and offices. It is adjacent to The Underline, a 10-mile-long linear park running underneath the Metrorail from South Miami to downtown Miami.

 

Source: Miami Herald

 

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Tax Relief May Be Coming To Miami-Dade Commercial Property Owners

Tax relief may be coming to commercial and industrial property owners in Miami-Dade County.

Miami-Dade County’s Office of the Property Appraiser announced on Thursday that it will consider landlords’ financial losses when assessing 2021 fair market values.

The office will consider local market conditions, like vacancy and rental rates, as well as individual property conditions such as lease agreements and concessions, according to a press release. The move could help landlords save on property taxes while the country returns to pre-Covid-19 activity.

The office will also consider expenses as of Jan. 1 of the year, unit counts, leasable areas, gross rents and professional estimates of market value from licensed appraisers.

That’s good news for some of the harder hit properties in the area. Landlords in the Miami-Dade office market, for example, have offered incentives in exchange for keeping rents from dropping as workers go remote.

“The effects of the COVID-19 pandemic in the commercial real estate market have been unprecedented,” Miami-Dade Property Appraiser Pedro Garcia said in a statement. “Many property owners relying on rental income to cover operating expenses are struggling or unable to meet their financial obligations.”

Last year, the owners of Aventura ParkSquare, the SunTrust office building on Brickell and the Delano South Beach filed lawsuits against Garcia, seeking to lower their tax appraisals for the 2019 tax year.

Overall, property tax values across Miami-Dade County rose in 2020 compared to the previous year. The taxable value for Miami-Dade properties totaled $324.36 million, up 5.1 percent from 2019, according to the property appraiser’s office.

 

Source:  The Real Deal

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Related Scores $88M Construction Loan For Dorsey Project In Wynwood

The Related Group and its partners secured an $87.5 million construction loan for the Dorsey project in Wynwood.

Bank OZK provided the financing for the 12-story mixed-use development planned for Northwest Third Avenue between 28th and 29th streets. Related, Alex Karakhanian’s Lndmrk Development and Tricera Capital are partnering to develop the project.

The Dorsey will include 306 apartments, with a majority between 500 square feet and 620 square feet, with some as small as 400 square feet. The commercial space will be divided into about 33,000 square feet of retail and 78,000 square feet of office. The project will also run along a planned woonerf, a Dutch-inspired pedestrian-friendly street. The Related joint venture secured approval for the project from the Miami Urban Development Review Board in late 2019. Arquitectonica is the architect.

Monthly rents are expected to range between $1,800 and $3,900. Amenities will include a gym with a yoga studio and spa, a courtyard, recreation area for pets and a garage, according to a spokesperson.

Karakhanian said the building is expected to be delivered in about 20 months. Construction began this month.

Weck 29 LLC paid $32 million for the assemblage in September 2019. Affiliated companies secured the loan.

Related has been active in Wynwood, where Jon Paul Pérez, newly minted president of the firm, has taken the helm.

 

Source:  The Real Deal

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Wynwood Votes Down 12-Story Mixed-Use Project

A sprawling mixed-use proposal plans to bring with it apartments and more than 60,000 square feet of office space to two lots in Wynwood.

PRN N. MIAMI is planned for property at 2150 N Miami Ave.

Along with the new office space, the 12-story project is to include 317 residential units, 22,700 square feet of commercial-retail uses, and a garage for up to 534 vehicles.

The Wynwood Design Review Committee recently voted to recommend denial, after itemizing concerns about the project.

After the meeting, attorney Iris Escarra said the developer appreciates the committee comments, is seeking to incorporate them into the design, and will submit updated plans to the City of Miami’s Planning Department for consideration by the Urban Development Review Board early in 2021.

Ms. Escarra said the committee requested that the applicant consider the following items:

  • Emphasize the lobby entrance at the East Tower.
  • Break up the retail/pedestrian façade on North Miami Avenue (East Tower) and Northwest 22nd Street (West Tower) by bringing the vertical elements to the ground level.
  • Further articulate the garage screening on the East Tower.
  • Add landscaping on the north setback area of the East Tower.
  • Reconsider the architectural treatment on the West Tower at the northeast corner, including changing of the curved balconies.

Brian A. Dombrowski, an attorney also representing the developer, wrote to the city saying the site plan was prepared by CFE Architects.

He said the property consists of 95,090 square feet or 2.182 acres. The existing structures at the property are to be demolished.

“The Property has a Principal Frontage on N Miami Avenue which bisects the Property. The Property fronts NE/NW 22 Street to the North comprising the Property’s Secondary Frontage, with NW Miami Court on the West being a Secondary Frontage as well,” wrote Mr. Dombrowski.

The site has the FEC Railway tracks to the east and commercial properties to the south.

He said the property is generally divided into two parcels, Parcel 1 to the west of North Miami Avenue and Parcel 2 to the east of North Miami Avenue.

The property is to be developed with a 12-story mixed-use structure consisting of retail, office, and residential uses.

The east parcel would be of retail space at the ground level, a 7-level parking garage lined on the east façade with residential units up to the 8th level, and office space up to the 12th level.

The west parcel would have retail at the ground level, residential units up to the 12th level and amenity spaces for the residents.

The developer is requesting waivers including:

  • To permit up to a 10% increase in the maximum floorplate length above the 8th story for residential uses. This waiver is requested in order to create an effective design.
  • To permit additional residential floorplate dimensions not to exceed 30,000 square feet.
  • To allow a decrease of required parking by up to 30% within the quarter-mile radius of a Transit Corridor. The waiver would reduce the required parking from 719 spaces to 504.

 

Source:  Miami Today

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Dozens Of New Stores And Restaurants Are Coming, Despite COVID-19

Never mind COVID-19. People in South Florida appear ready to eat and shop.

From West Palm Beach to the commercial enclaves of Miami, shoppers are cautiously easing back into the fold, but with a preference for open spaces, familiar brands, things to do besides shopping and, of course, safety precautions against the coronavirus.

In turn, a new stable of retailers has taken notice. Many are replacing those who failed during the early stages of the pandemic, confident they can adjust to changing consumer needs and preferences, analysts and developers say.

“People are looking for more of an experience similar to Wynwood [in Miami], where you have an integration of art and fashion and events and drinking and retail,” said Dave Preston, executive managing director of the real estate service firm Colliers International in Miami. “It’s much more interactive and reengaging and more modern. Consumers are raising their expectations. That’s what they’re looking for these days.”

According to a survey of buying habits by the Boston consulting firm McKinsey & Company, consumers nationwide are increasingly supporting local retailers.

“Community spirit is high,” the survey concluded. “People are shopping more with local brands, both for convenience and to support their community: 46% are shopping in closer neighborhood stores and 80% feel more or as connected to their communities. Meanwhile, 88% expect these connections to remain long after the crisis is over.”

The prescription appears to be in play in West Palm Beach, where the Related Companies of New York completely made over the decades-old CityPlace enclave. Now known as Rosemary Square, the area consists of a 72-acre residential and commercial neighborhood with a growing roster of new retail and restaurant tenants supplemented by art and cultural exhibitions.

Within the last half of 2020, the developer has welcomed the outdoor gear retailer Yeti and clothiers Lululemon, Faherty and Nantucket Whaler, as well as Solid & Striped, a designer swimwear chain.

A contemporary shoe and accessory brand known as mint&rose is now open, while West Elm, the home furnishings retailer, is expected to open its doors in the summer, a Related spokeswoman said.

Newly opened restaurants include Fish Bowl at High Dive, a pop-up seafood eatery serving light bites and drinks on an outdoor terrace, Pura Vida, which serves juices and health-conscious sandwiches, soups and salads, and Bonita’s, a pop-up tacos and tostadas outpost.

Restaurants scheduled to open in early to mid-2021 include Barrio, a covered outdoor restaurant serving classic Latin neighborhood street food, Planta, a plant-based eatery and True Food Kitchen, which specializes in health-conscious food and drink.

“We’re optimistic. It’s a process, this doesn’t happen overnight,” said Gopal Rajegowda, senior vice president of Related Companies. “The good news for 2021 is that there’s a vaccine on the way.”

Even before COVID’s arrival, he said, the retail world was changing as people moved to buying online and away from the free-standing malls.

“We had a Macy’s in the middle of our district that was built 20 years ago,” he said. “The department store is not the right energy. Things change. Times change. You’ve got to evolve with the times. You’ve got to react to what the market wants.”

That means offering plenty of space to walk around and events such as public art displays.

The old Macy’s — closed three years ago — is being displaced by a 21-story luxury residential tower with retail on the ground floor.

Other enclaves around the region are reporting similar stories.

In Delray Beach, the largest food hall in Florida is set to open next spring at 33 SE Third Ave. with space for 25 vendors.

In Fort Lauderdale, three to four would-be tenants are in negotiations for space along the Las Olas Boulevard commercial district, said Charles Ladd, president and principal of Barron Real Estate. He declined to name them.

Pending new arrivals in early 2021 that have been announced include a GreenWise Market, an Eddie V’s Prime Seafood and a Cuba Libre Restaurant and Rum Bar.

“We’re lucky. We’re in an area that has dynamism and growth,” Ladd said. “If you’re in Nowhere, Georgia, or Missouri, and you have a mall where a Kmart left, you’ll see it sit there for 20 years.”

At the toney Aventura Mall in upscale Aventura just south of the Broward-Miami-Dade County line, new retailers and six new restaurants announced openings in late November.

Nearby, a Brightline high speed rail station is under construction. Although the line suspended service due to COVID-19, business leaders expect the rail line’s eventual resumption will deliver large numbers of potential customers to the area’s doorstep.

A demand for open, smaller spaces

Claudio Mekler, CEO of Miami Manager, a Sunrise-based operator of shopping centers in Coconut Creek, Doral, Sunrise, Plantation and West Palm Beach, said he’s seen a “healthy demand” for retail space over the last six months from store owners who want to occupy vacated areas, or to relocate to spots where consumers feel comfortable shopping during the pandemic.

“For the most part, they are local and regional retailers,” he said. “We are receiving a significant number of inquiries from local and national casual dining restaurant chains seeking to either enter the South Florida market or expand their footprint in this market. The local restaurants want small spaces to do mainly pickup and delivery due to current demand for those services.”

He said it takes up to six months to open a store, so by signing a lease now, an owner “will be able to open by the time the pandemic is more under control due to the vaccine and other factors.”

“Retailers are seeing that consumers are learning to live with the pandemic and getting smart about shopping safely, choosing curbside pickup and more,” he said.

They are catching on to a consumer preference for shopping in places “not confined to the inside of a mall.” So some owners are leaving closed-in malls for more open spaces, he said.

Consumers, Mekler added, “are tired of being at home 24/7. They are increasingly venturing out to connect with the world out there. Our tenants are doing a lot better than they were doing several months ago.

“We have a retail center in West Palm Beach that is home to Kohl’s and Dick’s Sporting Goods and the parking lot in that retail center has been packed in recent months. Our retail tenants are slowly seeing their businesses come back. They still have a way to go to be where they were 10 months ago, but they are optimistic.”

A river runs past it

Along the Miami River west of Brickell Avenue in Miami, the River Landing Shops & Residences occupies more than 8 acres in a complex that is poised to welcome nearly a half dozen retail tenants between now and mid-2021. They include an Ulta Beauty, Ficelle Boulangerie & Patisserie, Sapphire Prive Med Spa, Pediatric Dental Center, and Aspen Dental. A new Planet Fitness just opened its doors.

They’ll be joining a Publix, Ross Dress for Less, Hobby Lobby, Burlington Stores, Five Below, Chase Bank, Old Navy and AT&T, which opened earlier this fall. A Chick-Fil-A and a T.J. Maxx are also scheduled to open in the first quarter of 2021.

Andrew B. Hellinger, a principal of URBAN-X Group, a real estate development and advisory firm that oversees the River Landing development, said it’s becoming a magnet for people from both inside and outside Miami.

“I got a phone call last week from a lady asking if we were open and was looking for something to do,” Hellinger said. “If the shops were open, she was going to shop. She was from West Kendall. We get a lot of people coming out just to check out the property. They walk up the various floors of the project and take selfies. It’s exactly what we had hoped would happen — that residents of the county would come and hang out.

“We know they’re shopping because our retailers are reporting strong activity in their stores,” he added.

Between people’s desire to escape their homes after being cooped up and the sheer nature of South Florida’s consumer-based economy, Hellinger believes a retail revival is inevitable.

“I think there’s pent-up demand,” he said. “South Florida is a consumer market. We buy stuff. People are constantly changing what they wear and how they look. Retailers get that now.”

 

Source:  SunSentinel

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Sterling Bay Completes Wynwood’s Largest Office Building

Sterling Bay has completed 545wyn, the largest office building in Miami’s Wynwood Arts District.

The building has about 270,000 square feet of office space with floor plates ranging from 20,000 to 38,000 square feet and 14-foot ceilings. Each floor has a private terrace. There’s 26,000 square feet of retail on the ground floor, plus a 440-space parking garage. The fifth floor features 25,000 square feet of amenities, including a wellness center, indoor/outdoor collaborative space, conference rooms, an open-air terrace and food and beverage service.

 

Source:  SFBJ

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