October 2022 | FIP Commercial

Oct 19 No Comments

Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

Author: Admin

Categories: Commercial News,Development,Miami Beach,Offices

Shvo is betting big on Miami Beach.

Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city.

The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park.

The tower would mark Shvo’s third office project in the city.

But first Shvo’s firm has to acquire the property. An entity called EuroAmerican Group owns the building, which is split into 12 office condos, according to property records. Shvo’s filing with the city likely means a sale will soon be finalized. Shvo declined to comment and Michael Shvo could not be reached for comment.

Shvo tapped Foster + Partners and Kobi Karp as architects. Shvo will seek to completely renovate the exterior of the building and renovate the lobby, elevators and clock display, plans show. The renderings of the building look unrecognizable from the building’s current design.

Wealthy people have long flocked to Miami Beach, but mostly to live, not work. In recent years, developers have sought to capitalize on the wealth migration by building more office space for family offices and headquarters, as well as for the influx of tech and financial firms to the Miami area.

In addition to the Lincoln Road project, Shvo is building a six-story office building on Washington Avenue, and a 250,000-square-foot office building on Alton Road, both in Miami Beach. Shvo’s plans follow two major, controversial Miami Beach office proposals, one by Don Peebles, former Miami Beach mayor Philip Levine and Scott Robins, and another by Integra Investments, Barry Sternlicht’s Starwood and Michael Comras’ The Comras Company. The proposals, to be built on city-owned parking lots under 99-year leases, are heading to a referendum on Nov. 8.

An entity tied to Key International founder Jose Ardid bought the Lincoln Road office tower from the Financial Federal Savings & Loan Association in 1982, records show. In 2003, Key International sold the property to EuroAmerican Group, which lists Ivan Gonzalez Ruiz as president.

Shvo’s other major project in Miami Beach is the redevelopment of the oceanfront Raleigh and two other neighboring hotels. Shvo is planning to redevelop the historic Raleigh and build a 44-unit luxury condo tower. Rosewood Hotels & Resorts was tapped as the branding partner for the hotel.

Source: The Real Deal

Oct 17 No Comments

Aventura Condo Project Moves Forward

Author: Admin

Categories: Aventura,Commercial News,Development,Multifamily

2151 Development Group and 2020 Acquisitions have received conditional use approval for Tal Aventura, an upcoming 86-unit luxury condo tower in Aventura, Fla. IDEA Architects is behind the design of the 26-story, family-oriented project.

Units are set to range between 2,500 and 3,500 square feet, offering roofed porches and views of the nearby Maule Lake, while penthouses are slated to exceed 6,000 square feet. Common-area amenities, along with public green spaces, will total more than 50,000 square feet.

The South Florida Business Journal reported at the beginning of the month that the 1.6-acre vacant site was recently rezoned for high-density residential development. The plot is situated just off Biscayne Boulevard, at 2785 NE 183rd St., roughly 18 miles north of downtown Miami. Top-rated schools, along with various retail and dining options, are within walking distance of the property.

According to Florida YIMBY, the City Commission will allow the partners to construct 56 units per acre—above the city’s standard limit of 45 units. The tower will also be one story higher than the 25 stories permitted in the area. In return for these benefits, developers are set to contribute $72,000 per year toward the city’s public transportation program, for a total of five years.

South Florida’s dynamic condo market

Despite condo purchases being more difficult to finance in the current high interest rate environment, Miami’s condo market has remained active this year. In late August, Bentley Motors and REALM-Global shared plans for an upcoming 62-story luxury condominium tower in Sunny Isles Beach, Fla. Bentley Residences is set to become the tallest coastal multifamily building in the country.

In July, The Related Group announced the development of a 343-unit luxury condo tower in downtown Miami. Dubbed District 225, the 37-story high-rise will offer units ranging between 441 and 847 square feet.

Source: MHN

Oct 16 No Comments

School Of Whales Crowdfunding Project Will Turn Miami’s Historic Post Office Into Food Hall

Author: Admin

Categories: Commercial News,Development,Retail

Miami-based real estate crowdfunding startup School of Whales has unveiled plans for its second restoration project aimed at revitalizing a historic city landmark while offering locals an investment opportunity.

Next year, School of Whales cofounder Andrea Petersen says the group will launch its latest crowdfunding complex in the city’s historic Post Office building located at 100 NE First Avenue.

When complete, the 36,500-square-foot space will transform into a four-level gastronomic hub, a development Petersen promises to be a mindful preservation of the 1912 neo-classical building.

While the property is currently in the final stages of planning, a number of tenant selections have already been secured and two floors fully renovated. When it opens, the venue will offer a number of food and beverage-themed concepts, and will also be home to Biscayne Bay Brewing, which first announced plans of opening a downtown brewery and taproom in 2018.

Additional concepts will include the first stateside restaurant by a well-known Mexican chef; a Japanese izakaya and sake bar curated by a world-renowned restaurateur; a traditional Mexican café and bakery; and a mezcal bar.

Source: New Times

Oct 13 No Comments

Three Lots Slated For Brickell Megaproject

Author: Admin

Categories: Commercial News,Development,Multifamily

Newgard Development Group fattened up its assemblage for a Miami River megaproject by picking up three more redevelopment properties near Brickell City Centre.

Miami-based Newgard, led by founder and CEO Harvey Hernandez, paid a combined $7 million for a trio of small commercial buildings at 66 Southwest Sixth Street, 625 Southwest First Avenue and 69 Southwest Seventh Street, according to a press release.

An Avison Young team led by Michael Fay and John Crotty represented the seller, Norman Superstein Trust, which acquired the property at 66 Southwest Sixth Street for $9,100 in 1975, records show. Previous sale information for the other properties is not available. Completed in 1951 and 1953, the three buildings have a combined 19,000 square feet.

The three properties, totaling about 0.6 of an acre, will serve as the gateway to three residential towers and a marina Newgard plans to develop at a 1.6-acre site at 99 Southwest Seventh Street, the release states. Last year, Newgard paid $50.5 million for that land. The new buildings will span 2 million square feet with 400 feet of frontage on the Miami River.

Source: The Real Deal

Oct 12 No Comments

The Fontainebleau Miami Beach To Add 50K SF Events Center

Author: Admin

Categories: Commercial News,Miami Beach

The Fontainebleau Miami Beach has unveiled plans to build a 50,000-square-foot events center, which the hotel said will meet “the needs of the growing Miami market for business and leisure events.”

The center will be located adjacent to the 1,504-room hotel. It is expected to open in the first quarter of 2025.

Plans call for two ballrooms, 10 breakout rooms and a 9,000-square-foot rooftop deck. An indoor sky bridge will connect the events center with the hotel’s Tresor Tower.

In addition to the integration of digital amenities like LED walls, touchscreens and state-of-the-art audio and visual tools, the center will incorporate ecofriendly features, including rainwater collection, recycling systems and insulated glass designed to reduce energy use. The project has received LEED certification from the U.S. Green Building Council.

According to the Fontainebleau Miami Beach, additional details on the project will be released as construction moves forward.

The venue will add to the hotel’s existing 200,000 square feet of indoor and outdoor meetings and events space.

Source: Travel Weekly

Oct 11 No Comments

Texas Restaurant Group Inks First Deal In Wynwood

Author: Admin

Categories: Commercial News,Retail,Wynwood

Clé Group is opening a restaurant in Wynwood — the Houston-based hospitality company’s first expansion beyond Texas as out-of-state operators continue to migrate to Florida.

The company inked a 10-year lease for the building at 2600-2610 North Miami Avenue, Hidrock Properties’ Steven Hidary said. Clé will lease the entire space, nearly 14,000 square feet, where it will open Kiss restaurant. Hidrock and Robert Finvarb Companies own the property.

Clé, whose partners were eyeing spaces in Brickell, Miami Beach and Wynwood, narrowed their choices down to about 5 locations before landing on Wynwood, partner Zack Truesdell said. Kiss Miami could open in 14 to 18 months, depending on permitting. Truesdell said that the company is working with a local architecture and design firm to design the space, and has local investment partners he declined to name.

In Texas, Clé, which is also expanding into Dallas, has three nightclubs, two restaurants and three concepts under construction.

Oct 10 No Comments

Rilea Group Plans Short-Term Rental In Wynwood

Author: Admin

Categories: Commercial News,Development,Wynwood

Rilea Group has proposed an apartment building in Miami’s Wynwood neighborhood that would be exclusively for short-term rentals.

The Wynwood Design Review Board will consider plans for The Rider on the 31,358-square-foot site at 100 N.E. 29th St. and 101 N.E. 28th St. on Oct. 12. The Rider LLC, an affiliate of Miami-based Rilea Group and Michigan-based Promanas Group, acquired the property for $12 million in 2021.

It currently has a small industrial building on the site, which is located along the FEC Railway. Rilea Group President Diego Ojeda said the project is called The Rider because it’s near the tracks and that Brightline’s expansion plan for local rail will include a station there at some point.

The project would total 237,823 square feet in 12 stories, with 130 apartment/hotel units, 6,439 square feet of retail and 146 parking spaces. There would be a pool and a bar on the roof.

Ojeda said the bar was inspired by Sugar at Brickell City Centre and it should bring more people to the neighborhood, which is already popular with tourists.

The apartments would be placed on short-term rental platforms like Airbnb and Booking.com, he said.

The units, which will come furnished, would range from 445 to 1,451 square feet. There would be 18 studios, 67 one-bedroom units, 36 two-bedroom units, and nine three-bedroom units.

Source: SFBJ

Oct 05 No Comments

Salvation Army Sells Wynwood Site For $526 PSF

Author: Admin

Categories: Commercial News

The Salvation Army sold its property in the Wynwood area of Miami to a developer for $18 million.

The nonprofit sold the 34,200-square-foot parking lot at 18 N.W. 23rd St. to Alchemy-ABR-BCP Wynwood LLC, in care of Alchemy-ABR Investment Partners in New York.

Israel Discount Bank of New York provided a $12 million mortgage to the buyer.

The price equated to $526 a square foot of land.

It’s located just west of the Wynwood Square mixed-use project.

According to an analysis of the development potential of the site by Miami-based Deepblocks, the property could be developed with 118 residential units in up to 12 stories.

Wynwood was transformed from an industrial area to a center for street art, restaurants and entertainment. After the city approved more density there, there was a boom of multifamily, office and retail construction in the neighborhood.

Alchemy Properties is best known as a condo and apartment developer in New York. Brian Ray, managing partner of the firm, said they plan to build high-end multifamily rentals in Wynwood.

Oct 03 No Comments

Trio Of Boutique Miami Beach Hotels Sell For Combined $100M

Author: Admin

Categories: Commercial News,Development,Miami Beach

Ahead of Florida’s peak winter tourist season, a trio of historic, boutique Miami Beach hotels traded hands recently for a combined $100 million, property records show.

In the most recent sale that closed last week, Boca Raton-based investor Opterra Capital paid $28 million for a Hilton Garden Inn-branded hotel in the Mid Beach neighborhood, located along a strip of resorts at 2940 Collins Avenue.

The art deco-style property, originally constructed in 1935, holds 96 rooms. The seller, Baywood Hotels, bought the 40,300-square-foot building for $12.5 million in 2013.

Across 30th Street at 3010 Collins Avenue, a joint venture between Assouline Capital and August “Gussie” Busch dropped $33 million for the Red South Beach Hotel — exactly triple its last sale price in 2009. The seven-story hotel, erected in 1939, features 110 rooms.

Busch is a descendant of Adolphus Busch, who co-founded beer giant Anheuser-Busch, while Assouline Capital is a Coral Springs-based real estate investment firm led by Tom Assouline.

In the largest transaction, Catalyst Capital Group, a Canadian private equity firm, bought The Balfour Hotel (pictured above) for $39 million. Built in 1940, the Balfour consists of two buildings along Ocean Drive in Miami Beach’s upscale South of Fifth neighborhood.

The 81-room property underwent a $4 million renovation, reopening in 2021, according to Lodging Magazine. Two year earlier, the seller, Moto Capital Group, paid $34.7 million for the 42,206-square-foot hotel.

Miami’s hospitality industry is recovering well post COVID-19.

More than 24,000 tourists came to Miami-Dade County in 2021, about the same as pre-pandemic levels in 2019, according to data from the county’s tourism board. The number of Miami hotel rooms booked this summer was more or less on par with the busy winter months.

Source: Commercial Observer

Blog

Month: <span>October 2022</span>

Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

Aventura Condo Project Moves Forward

South Florida’s dynamic condo market

School Of Whales Crowdfunding Project Will Turn Miami’s Historic Post Office Into Food Hall

Three Lots Slated For Brickell Megaproject

The Fontainebleau Miami Beach To Add 50K SF Events Center

Texas Restaurant Group Inks First Deal In Wynwood

Rilea Group Plans Short-Term Rental In Wynwood

Salvation Army Sells Wynwood Site For $526 PSF

Trio Of Boutique Miami Beach Hotels Sell For Combined $100M

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