No Comments

Miami Beach Mayor Announces List Of New Projects – New Cancer Center, 3-Acre Public Park And Push To Renovate Lincoln Road

Miami Beach Mayor Dan Gelber on Monday rattled off a list of new projects coming online this year — including a new cancer center, a 3-acre public park and a push to renovate Lincoln Road — during his annual State of the City speech.

Gelber, speaking from the stage at the New World Center, announced the development of the $250 million Irma and Norman Braman Cancer Center at Mount Sinai Medical Center.

With Braman, the billionaire philanthropist, and his family in attendance, Gelber showed a rendering of the sleek new building that he said will be an “ultramodern” facility overlooking Biscayne Bay. He also announced the opening of a new 3-acre public park at Sixth Street and Alton Road to be built as part of the Park on Fifth condo development. Other park projects, like the conversion of an old Mid-Beach golf course into a sprawling new park, are expected to break ground in months, he said.

“Our goal: No city anywhere should have better parks, promenades and outdoor spaces than we do,” Gelber said.

Gelber said that in April he will also advocate for $60 million in renovations for Lincoln Road using property taxes from an anti-blight Community Redevelopment Agency, or CRA. Upgrades would include more fountains, cultural event space and a children’s park.

 

Source:  Miami Herald

No Comments

Turnberry Proposes Office/Retail Project Near Aventura Mall

Jackie Soffer’s Turnberry Associates wants to build a 14-story office and retail project near Aventura Mall — and link it through a pedestrian overpass to a future Brightline station.

Turnberry Associates is asking the city of Aventura for conditional use approval for the extra two stories of height from the currently allowed 12 stories on the 3.4 acre site at 2750 Northeast 199th Street, according to the city’s commission agenda documents.

The project, called Two Turnberry, would have 240,000 square feet of offices and 20,000 square feet of retail.

Two Turnberry also would have a bank, food and beverage concepts, and space for Brightline station-related activities, although details are yet to be finalized, according to agenda documents. The building would have an access point to a planned bridge over Biscayne Boulevard leading to the Brightline station, which is currently under construction and is expected to be completed this year.

 

Source:  The Real Deal

No Comments

Core Wynwood Development Site Sells For $11.5 Million

UOVO Storage Deluxe has acquired a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. The buyer was represented by Jordan Karp and the seller was represented by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.

330 NW 29th Street is currently two fully occupied buildings leased as creative office space spanning 10,939 square feet. The 21,000-square-foot lot is zoned T6-8-0 and is primed for a hotel or office project.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic and others. Recent notable transactions include Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

 

Source:  ProfileMiami

No Comments

Miami-Dade Plans Massive Redevelopment In Downtown Miami

County authorities are working to redevelop over 20 acres of the downtown Government Center to include a transit terminal, affordable housing, and community cultural facilities and schools. Procurement for the first phase is expected during or after summer, but many details are still being discussed as the project encompasses many county departments.

The purpose of the 10- to 15-year redevelopment is to better use county-owned lands and meet community needs. The county would include a downtown intermodal terminal to provide bays for all buses terminating in Government Center to rise north of the Stephen P. Clark Center.

As Miami Today reported, the $35 million intermodal terminal project is part of the People’s Transportation Plan for 2022-2026, approved by county commissioners Feb. 2. As is the entire redevelopment area, the terminal is still in the definition phase and county staff is hashing out what features it would have.

“There have been talks for several years of developing a bus terminal here at the north of the Stephen P. Clark Center, where the county has excess land,” Dawn Soper, director, P3 & property development of the Internal Services Department, who is on the county team for the redevelopment, told Miami Today.

The redevelopment would also include open space areas such as parks for the residents.

“As you build these higher-density buildings, some of them might be office spaces, market-rate housing, but because it’s a priority of mine, some of these properties have to be redeveloped with affordable and workforce housing in mind,” said Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Some county-owned structures within the 20-plus acres aren’t necessarily earmarked to be torn down, such as the new Children’s Courthouse, open since April 2015. But areas such as the main county library and History Miami museum’s two buildings might be reconstructed to allocate higher buildings. The intention is to do so without interrupting service to residents.

“One of the things that will be in the RFP (request for proposals) is some kind of educational component,” Commissioner Higgins said. “Downtown doesn’t have elementary, middle or high schools, so it will include educational, cultural and parks components and affordable housing.”

While Ms. Higgins, the Mayor’s Office and the county departments work to define what they want the redevelopment to include, the staff is also going through infrastructure planning to identify necessary improvements in water and sewer, stormwater, and drainage, the conductivity in the streets, and electric power before beginning with procurement.

The efforts of the county to redevelop the Government Center area date as far back as 2014, when commissioners approved a resolution directing the mayor to report on the plan, development, and maintenance of county-owned property in downtown Miami.

In 2017, former Mayor Carlos Gimenez presented a report that outlined the county-owned properties, the redevelopment potential of some lands and assets, vacant lands, and the potential opportunities.

Since then, new county rezoning ordinances placed the Government Center area in the ​​Transit Oriented Development zoning, the county held public workshops with input from FIU students, the project took shape, and priorities were identified, Ms. Soper said.

The next step is to let developers bid on the project and propose what they can do to reach the county’s goals.

“We are in the planning stages, with the anticipation to finally benefit the community,” Ms. Soper said.

 

“It’s exciting to create a new neighborhood centered on affordability, centered on transit,” Ms. Higgins said. “County land is actually the people’s land, so we should be giving it the best use for things like museums, parks, and affordable housing.”

When asked about a resolution headed to the commission to allow five constitutional officers, including those to be elected in 2024, to move their offices outside the City of Miami, Ms. Higgins said she didn’t think that decision would have any impact on this project: “It might free up some space. It might not.”

 

Source:  Miami Today

No Comments

Wynwood Annex Sells To New-To-Market Buyer For $44 Million

DWNTWN Realty Advisors closed a monumental transaction in Wynwood’s history, representing the culmination of many years of organic, artistic and eclectic development efforts, led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

This transaction, the $44 million sale of Wynwood Annex, underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market.

Wynwood, a once sleepy and functionally obsolescent shoe wholesale and manufacturing district in the center of Miami, has transformed into one of the most vibrant and cool streets in the country. This office transaction represents a turning point in the market. Wynwood is now accepted as home by the top VCs, technology and finance firms like Founders Fund, Atomic VC, GAC Financial, Ramp Financial, Open Stores, Blockchain.com and Schonfeld – to name a few.

Miami is now regarded as the “Capital of Capital,” and efforts by the founders of these new to Miami companies like Peter Thiel, Keith Rabois and Jack Abraham, in lockstep with Mayor Francis Suarez, has created a pro-business city with inertia and durable momentum behind it. The market dynamics and fundamentals in Wynwood currently are some of the strongest in the country as markets, tenants and cities have rebalanced. Today, decoupled from their old foundations in the pandemic, business leaders have taken a step back to rethink everything.  Investors, tenants and employees continue to choose Miami and Wynwood as their home and headquarters because it is an ideal place to live, work and enjoy a great quality of life.

DWNTWN Realty Advisors was retained by Related Group President Jon Paul Perez and East End Capital Managing Partner Jonathan Yormak to stabilize the asset during the depths of the pandemic. Tony Arellano P.A. and David Lerner at DWNTWN led the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market. This is a departure from historical Miami office norms.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

The lease-up was so successful it attracted unsolicited offers from all over the country. DWNTWN ran a very clean and concise off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $44 million sale.

Brick & Timber Collective is from the San Francisco’s Bay Area, making its first foray into the Wynwood Miami market. DWNTWN Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff represented both sides of the transaction.

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

DWNTWN has more than $100 million in pending transactions expected to close in the first quarter of 2022, with a trailing 12-month gross sales volume of a quarter billion dollars.

“The incredible demand for prime real estate in Miami is only getting stronger,” Marinoff said. “The pandemic accelerated the city’s evolution into a vibrant, full-service economy and a place where you can work year-round in a pro-business environment. Miami’s ‘secret’ is out and businesses and investors from high-tax states around the U.S. are taking notice.”

Over the course of his career, Arellano has completed more than 150 significant leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings, into a vibrant new urbanist walkable city center.

Marinoff and Arellano have also brokered many of the neighborhood’s hallmark transactions and continued to set the standard as market leaders of the Greater DWNTWN Miami Area.

 

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

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.