No Comments

Blockchain.com To Open 22,000 SF Miami HQ In Wynwood

Blockchain.com, a major player in tech, is opening its Miami headquarters on the top two floors at Cube Wynwd in Miami, bringing the building to full occupancy.

Blockchain.com, which provides consumer crypto products, signed a 22,000-square-foot lease at Cube Wynwd, at 222 Northwest 24th Street, according to a news release from the building’s owners. The company, which announced in 2021 it is moving its base from New York to Miami, will soon start the design of its new space.

Peter Smith is the CEO of Blockchain.com.

Tricera Capital and Lndmrk Development, both based in Miami, bought the eight-story, roughly 100,000-square-foot Cube Wynwd for $28 million in April from the property’s developers, Redsky and JZ Capital Partners. The property includes ground-floor retail.

 

Source:  The Real Deal

 

No Comments

Cheesecake Factory Inks Lease On Miami Beach’s Lincoln Road

The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space.

The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal options, for the 7,000-square-foot corner space. It’s expecting to secure a building permit soon for an extensive interior buildout and could open in the fall, he said.

Second-generation restaurant spaces, meaning they have built out kitchens and grease traps, have been in high demand over the past year throughout the region.

“After really a treacherous 2020 in the restaurant business, restaurants have experienced a remarkable recovery in markets like South Florida that have been wide open the whole time,” Bittel said.

Sushi Samba closed in December 2019, just before the pandemic began.

Terranova owns the property with Morgan Stanley’s Prime Property Fund. A Terranova affiliate paid $108.6 million for the property with two addresses at 600 Lincoln Road and 1630 Pennsylvania Avenue in 2014. The building was completed in 1931.

Cheesecake Factory expects to lease outdoor space from the city of Miami Beach for outdoor dining in front of the restaurant, Bittel said.

 

Source:  The Real Deal

No Comments

Mixed-Use Project With High Street Retail Planned As ‘Alternative To Aventura Mall’

Developer Dan Kodsi plans a major mixed-use project with apartments, offices, and high street retail in Aventura.

Kodsi’s Miami-based Royal Palm Companies, through an affiliate, paid a reported $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street.

Reuven Tako and Jacqueline Tako of North Miami sold the properties through affiliates, according to deeds and state corporate records. Greg Greer of CRR Acquisition represented the buyer and sellers.

This is just the first portion of the assemblage, as more deals are on tap for nearby parcels, with the entire site for the planned development spanning more than 10 acres, Kodsi told The Real Deal. Royal Palm Companies could enter joint venture partnerships for the development.

Kodsi declined to name potential project partners or the total purchase price for all of the lots, only saying that the total project’s value would exceed $500 million.

The overall site currently consists of land and small residential buildings that Aventura-based Rieber Developments succeeded in getting rezoned to allow for 1.3 million square feet of mixed-use development, Kodsi said.

 

Source:  The Real Deal

No Comments

Crescent Heights Scores School Board Approval To Buy Downtown Miami Land For Mixed-Use Project

Real estate giant Crescent Heights secured approval from the School Board of Miami-Dade County to purchase a lot north of downtown Miami, capping a yearslong effort to acquire the site.

Crescent Heights, a Miami-based developer led by Managing Principal Russell Galbut, is expected to pay $20.6 million for the property at 1370 Northeast Second Avenue.

The deal still hinges on the extension of the ​​Omni Community Redevelopment Agency through 2045, which would have to occur by the end of this year, as well as zoning approvals. Crescent Heights is seeking tax incentives the CRA would provide for the Arts & Entertainment District site.

Crescent Heights would double the size of its assemblage with the acquisition of the school board’s 1.1-acre lot, to build a major mixed-use development designed by architect Rafael Viñoly, who designed the developer’s NEMA tower in Chicago. Crescent Heights owns the adjacent parcels immediately south.

The Miami project, called Casa Forma, calls for a 43-story, 1,100-unit residential tower on top of a podium with eight floors of parking and two floors of office space. The school board would receive roughly 100,000 square feet of office space and Crescent Heights would also provide about 1,100 parking spaces, half of which the school board would control. The build-out cost for the office space would be capped at $420 per square foot, according to the proposal.

The residential units at Casa Forma would likely be apartments, Galbut said. He expects to begin construction immediately after obtaining entitlements, and the project would take about 38 months to complete from groundbreaking. Crescent Heights plans to invest about $100 million into the project, he said.

 

Source:  The Real Deal

No Comments

Miami Beach Readies Four City-Owned Sites For Sale

The City of Miami Beach is preparing four city-owned properties for their potential sale to finance various unfunded capital improvement projects.

Two city-owned vacant lots have been removed from the list that included five properties and the North Shore Branch Library, located at 7505 Collins Ave., that could be sold by the city.

An 8,700-square-foot lot at 8100 Hawthorne Ave., which is valued at about $984,000, and a 31,808-square-foot lot on Sunset Drive, which could be worth $5.7 million, are now out of the list of properties to be potentially sold by real estate company CBRE Group.

The library, which is estimated to be valued at $75 million, received approval for a request for proposals and the city is waiting to issue it based on community engagement sessions held by city staff, according to the city’s spokesperson and director of communications.

The other properties are expected to have their offers submitted to the city by CBRE this month, the spokesperson said. These properties include a 15,313-square-foot lot at 226 87th Terrace valued at $4.6 million; a 12,105-square-foot lot on Pine Tree Drive valued at $3.4 million; and a 2,757-square-foot lot on Commerce Street, which could be worth $1.5 million.

Funds from the sales of these properties were considered to fund capital projects such as the 72nd Street Community Complex project in North Miami Beach, a project that includes a 7,500-square-foot library, a 50-meter competition pool and a 25-meter multi-purpose pool, among other amenities, and which had a budget shortfall of $16.1 million, according to the latest estimate.

At a city commission meeting, Jan. 20, Commissioner David Richardson laid out a plan to fund the community complex using allocations from other overfunded projects, revenue from the Seventh Street Parking Garage, funds from resort taxes and other avenues.

Nonetheless, other unfunded city projects need allocations, which a combined $9.5 million from these city-owned properties could help fund.

The city has already received interest from developers and representatives of the private sector and will review their offers, presented by CBRE, to discuss it with the city commission after planning analysis required for the sale of public property, according to the spokesperson.

“The potential funding of other capital projects,” the city spokesperson said, “will be addressed during our budget process this summer.”

 

Source:  Miami Today

No Comments

Multifamily Developments In Pipeline Could Take Years To Finish

Feeding into a record-breaking in demand real estate market, multifamily developers have enough work in the pipeline to last into 2024.

With a tremendous amount of backlog, demand for multifamily development will not diminish any time soon, said Al Fernandez, president for ANF Group, a firm providing construction management in commercial, multi-family and education projects.

Like new multifamily buildings like St. Martin Place and Edison Place apartments in Miami, calls from either new developers or existing developers for multifamily projects in Miami-Dade will continue to be an increasing trend, he said.

“I would say that no one particular area in Miami-Dade has been isolated,” Mr. Fernandez said. “For these types of units (market rate rentals), I think they’re sprinkling it all over the county.”

In the past year, Miami delivered 7,400 units and had a net absorption of 13,900 units. The county also experienced year-over-year positive rent growth of 19.7%, according to CBRE Group’s multifamily end of 2021 market report.

Riding the multifamily construction trend wave is a soon-to-be luxury waterfront townhome community in North Miami Beach called Koya Bay.

Real estate firm Macken Companies has broken ground on the intracoastal waterway in the Eastern Shores neighborhood at 4098 NE 167th St. Koya Bay will feature 10 four-story residences in a gated community with three-, four- and five-bedroom floorplans ranging from 4,327-5,288 square feet.

With VCM Builders as general contractor, the project is expected to be completed in early 2023. Koya Bay is currently 60% sold and Macken predicts to sell out somewhere between $28 million and $32 million.

“We are thrilled to have reached this milestone and look forward to delivering an exceptional community to the City of North Miami Beach,” said Alan Macken, principal for Macken Companies.

Local developers are fortunate to be based in South Florida, which is the epicenter of growth, Mr. Fernandez added.

“I think that the reason that we’re having so much success with this multifamily product is because we have over 1,000 people a day moving to South Florida,” he said. “We’re going to continue to see this growth, even if there is a slowdown throughout the rest of our country, for several years to come.”

 

Source:  Miami Today

No Comments

Goldman Properties Proposes Office Building In Wynwood As Big Companies Descend On The Arts District

Goldman Properties, one of the pioneers of art and development in the Wynwood Arts District, has proposed a new office building in the Miami neighborhood.

Core Wynwood would total 140,000 square feet in nine stories at 390 N.W. 25th St., plus 375 and 391 N.W. 24th St. Goldman Properties affiliate 2425 Ltd. owns the total 22,838-square-foot property, which currently has two industrial buildings that combine for 10,470 square feet. Both buildings would be demolished to make way for the project.

Core Wynwood would feature 115,000 square feet of office space, 9,000 square feet of ground-floor commercial space, and a roof terrace with a food and beverage offering. The office floor plates would be about 19,000 square feet with 14-foot ceilings and private terraces. The design would include a nine-story spiral staircase encased in glass and visible from the street. It will include 116 parking spaces on site.

It would also have 30,000 square feet of murals on its exterior, curated by Jessica Goldman Srebnick of Goldman Global Arts.

The developer aims to break ground on the project in late 2022 and complete the building by 2024.

No Comments

Related Group, W5 Group Break Ground On Quarters Wynwood Co-Living Development

The Related Group and W5 Group have broken ground on Quarters Wynwood, a new co-living development coming to Miami’s hot Wynwood neighborhood, after the developers locked down a $29 million construction loan.

The building, which will be located at 33 NW 28th St., will feature shared living spaces and residents will rent bedrooms in shared apartments. The financing was provided by the Chicago-based MP Real Estate Capital and the property will be managed by Quarters, a Berlin-based co-living operator.

Quarters Wynwood is designed by Arquitectonica and will feature 63 apartments with 217 full furnished co-living bedrooms. Amenities will include a rooftop pool deck, fitness center, co-working spaces. The project will also bring 3,852 square feet of ground floor retail.

 

Source:  ProfileMiami

No Comments

$100 Per Square Foot? Rent For Prime Office Space Puts Miami On Par With New York

It’s a new record price for Miami office space — and it’s sending shock waves through the city’s real estate market, at a time when companies are still trying to figure out their return-to-work plans as the coronavirus pandemic drags on. Recent leasing activity at 830 Brickell, an office building under construction defined as Class A for its location, amenities and management services, has hit at least $100 per square foot, area real estate brokers say. That puts the property on par with pricing in New York City at places like the World Trade Center and offices in Midtown East and Soho.

While individual firms at the 830 tower are not disclosing their leasing terms, companies that have recently signed leases for offices there include Microsoft, private equity group Thoma Bravo and Canadian investment group CI Financial. AerCap, an Ireland-based firm that is the largest aircraft financing group in the world, just signed a lease this week, too, at the coveted Brickell office building.

“There’s a heightened demand for office space here, whether it’s new-to-market tenants or local tenants expanding,” said Ryan Holtzman, Miami-based managing director at Cushman & Wakefield real estate group. “$100 — that’s new in Miami’s history.”

 

Source:  Miami Herald

No Comments

New Downtown Miami High-Rise Project Seeks To Bring More Affordable Urban Living

A proposed new high-rise project in Downtown Miami will aim to to bring workforce housing — and potentially affordable housing — to the Miami Dade College Wolfson Campus to fill a need for more attainable living in the urban core. Three residential towers are expected to replace the seven-story College Station Garage at 190 NE Third St. After issuing a request for proposals late last year, the Miami Parking Authority selected a proposal on Tuesday from developers Related and Rovr over a proposal from Terra.

Three towers, between 39 stories and 48 stories, would sit on top of a new public parking garage with 1,350 spaces and retail on the ground floor.

The high-rise buildings will deliver a total of 1,200 units, including 180 workforce housing units and 780 market-rate units, according to the proposal. The component of 240 affordable housing units in the proposal may change or be eliminated based on further negotiations. The asking rents of the affordable housing units would be up to 50% of the area median income and the workforce housing units would be up to 140% of the area median income. The median household income is about $79,000 in the Central Business District, according to the last Miami Downtown Development Authority Demographics report published in 2018.

Related and Rovr’s proposal exceeded the Parking Authority’s minimum requirement of 8% workforce housing. Units range in layout from a 500-square-foot studio to an 1,100-square-foot unit with two bedrooms, two bathrooms and a den. Rents continue to rise across South Florida. But Downtown Miami has one of the highest year-over-year increases given the influx of firms relocating from across the Northeast to the urban core. The ZIP code 33132 has a median rent of $4,000, up nearly 74% from December 2020, according to year-over-year data from the rental housing site RentHub.

Thousands of affordable and workforce housing units are needed to ease the long-running affordability crisis in Miami, said Annie Lord, executive director of Miami Homes For All.

“You’re talking about the center of a community where you have the concentration of education, jobs, mass transit, that is where we absolutely need to focus mixed-income development,” Lord said. “The public has a right to demand a contribution for affordable housing to meet the needs of the people that live in the city. It is the number one need and we are in a state of emergency. If it was a crisis a year ago, we’re in a state of emergency today.”

The project is the first mixed-income development so far in Downtown Miami. The closest completed project, Lord said, is Brickell View Terrace in Miami’s financial district. Miami Dade College faculty and students will have priority for the affordable and workforce housing, said Oscar Rodriguez, principal of Rovr Development. His firm and Related will also focus on providing housing to “our middle class, who we believe need the most options, including nurses, teachers, emergency workers, municipal workers,” he said.

“We are at an inflection point in Miami,” said Rodriguez. “If we don’t start to work together to provide this type of opportunity to the people who have worked and are the backbone to our society, we are wasting an opportunity. We believe that the best project takes all the needs into account.” Negotiations start in two weeks regarding the final project plans, said Alejandra Argudin, CEO of the Miami Parking Authority.

Some project details might change, she said, over the next few weeks. Final details, she said, are still being ironed out.

“How can the authority make a decision that is so transformational? You don’t get those chances all the time,” said Argudin. “This was our one chance. We wanted to make sure we got it right. We thought it was important.”

Rodriguez said negotiations usually take about five months. Afterwards, the developers will focus on finalizing the design. The goal would be to start construction during the first quarter of 2023 and complete the first phase by the first quarter of 2024. Related and Rovr will land a 99-year lease agreement, said Argudin, and the Miami Parking Authority will earn all of the parking revenue and a portion of the commercial leases. In the first 30 years, she said, the Miami Parking Authority anticipates earning $116 million.

 

Source:  Miami Herald

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.