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Year: <span>2022</span>
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Miami Beach Votes Down Big Real Estate Projects

Author: Admin
Categories: Commercial News,Development,Miami Beach,Multifamily,Offices,Retail,Trends

Miami Beach voters on Tuesday nixed three major real estate projects proposed by industry heavyweights Stephen Ross, Barry Sternlicht, and Don Peebles.

Some 53.4 percent of voters rejectedRoss’ bid to exceed the current building-size regulations, effectively halting his plans to redevelop the historic Deauville Beach Resort, a MiMo-style property.

The New York-based developer wanted to increase the floor-area ratio, a method of regulating a building’s size, for the Deauville lot at 6701 Collins Avenue and two adjacent parcels. Had the ballot measure passed, Related would have developed an Equinox-branded complex with two luxury towers, featuring 125 condos and 175 hotel rooms. (Related owns Equinox.)

The development seemed like a passion project for Ross, who partly grew up in town.

“As a native of Miami Beach, this project is personal to me. I know what this site means to the people of Miami Beach,” Ross said when announcing his purchase bid in May. 

The billionaire developer enlisted world-renowned architect Frank Gehry to design the new complex. In July, Ross also spoke at a Miami Beach city commission meeting, where he mapped out his plans for “a world-class project.” Yes For A Safe and Strong Future, a political action committee tied to Related Companies, spent over $1 million in favor of the referendum.

Ross’ plans for the Deauville site are unclear following the defeat. The sale was contingent on voters approving the height increase. When reached for comment, Ross and Related representatives provided a statement from Yes For A Safe and Strong Future.

“While we are disappointed with the outcome, we know North Beach deserves an economic engine, not an eyesore. We appreciate the tremendous support we received from thousands who backed a real vision for a better North Beach and still believe there’s a brighter future ahead,” the statement reads. 

Regardless of Tuesday’s vote, the Deauville property will be demolished. The resort has been closed since 2017, following an electrical fire. It fell into such disrepair that a Miami Beach official deemed the resort structurally unsafe and ordered it to be knocked down last January. A Miami-Dade circuit judge later upheld the order. The demolition is scheduled for this Sunday.

No More Offices on Lincoln Road

Ross wasn’t the only developer to lose in Miami Beach.

Ventures led by Sternlicht’s Starwood Capital and Peebles’ Peebles Corporation both sought 99-year leases to build competing office-heavy, mixed-use projects on city-owned land near Lincoln Road, a pedestrian shopping street in Miami Beach. As with Ross, voters rejected each of the proposed leases by 53 percent.

Had they been approved, the leases together would have generated $355 million for the city over 99 years, as stated on ballots. Developers saw an opportunity to build boutique offices in Miami Beach in part to serve billionaires, who relocated to the island town during the pandemic and now seek offices near their residences.

At 1688 Lenox Avenue and 1080 Lincoln Lane North, Starwood’s plans with partners Integra Investments and The Comras Company called for a 100-foot-tall structure that would feature office space, ground-floor retail (including 1,000 square feet leased to a nonprofit rent-free) and a public parking lot to replace the existing surface lot.

Just three blocks east, at 1664 Meridian Avenue, Peebles — along with two partners, local developer Scott Robins and former Miami Beach Mayor Philip Levine — wanted to develop a six-story building with Class A office space, 43 market-rate residential apartments, ground-floor retail space, and public parking to replace the existing 151 spots.

“We will consider working with the city to make some adjustments to our proposal and consider presenting it to the voters again without such a crowded and controversial group of ballot questions. That would give the voters the opportunity to focus on the many public benefits from our proposal,” Peebles said in a statement.

The Ones That Passed 

Miami Beach residents did approve some referendums related to real estate — those which weren’t directly tied to developers.

Voters agreed to boost the floor-area ratio for oceanfront hotels in the South of Fifth neighborhood that want to convert to residential buildings. Residents also greenlighted a floor-area ratio hike for certain office and residential properties east of Washington Avenue between First and Second streets if the owner agrees to prohibit hotels and short-term rentals on the property.

Residents also passed a ballot initiative that asked voters whether the municipality should seek voter approval before selling or leasing city-owned properties for over 10 years. The measure affects properties between West 43rd Street and West 40th Street, and from Pine Tree Drive on the east to Alton Road on the west.

Unlike in Miami Beach, Developers Win in Miami

Across the bay in Miami, developers had better luck Tuesday. Sixty-four percent of voters approved a 99-year lease extension for a waterfront site in Downtown Miami, paving the way for a $1.5 billion development.

Hyatt Hotels and Miami-based developer Gencom plan to tear down the James L. Knight Center and build three skyscrapers. Called Miami Riverbridge, the development would include 1,542 rental apartments in total, along with 615 hotel rooms and 264 serviced apartments. The annual rent will jump from $250,000 to at least $2.5 million. The joint venture has also vowed to make a $25 million contribution to affordable housing initiatives, the details of which have not yet been released.

“Miami Riverbridge will improve access to and from the Hyatt Regency Miami site, activate the Miami riverfront, and meet growing demand for housing, hotel rooms and more meeting space in our downtown,” James Francque, global head of transactions for Hyatt, and Phil Keb, executive vice president of development for Gencom, said in a joint statement.

 

Source:  Commercial Observer

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Budding Urban Arts Hub Allapattah Getting Discounted Homes

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily

The next up-and-coming arts hub in Miami, the gentrifying Allapattah neighborhood, is going to get something it desperately needs: a $47 million housing development with homes carrying leases local workers and lower-income residents can afford. The urban neighborhood, directly west of Wynwood, already has drawn many real estate developers that built homes at the going rate in Miami — which is double that of three years ago and out of reach for many people.

Centennial Management Corp. plans a seven-story building with 149 apartments called Stadium Towers Apartments. Residences will range from 600-square-foot one bedroom units to three-bedroom apartments covering 1,050 square feet. The mid-rise will sit adjacent to Centennial’s last development in the area called Miami Stadium Apartments. Single renters would qualify if they earn $47,810 per year — 70% of Miami-Dade’s median income of $68,300 — or less. All tenants would pay a discounted rent. Attainable housing is needed in Allapattah, said Mileyka Burgos-Flores, founder and CEO The Allapattah Collaborative CDC, a nonprofit organization focusing on sustainable community development. As a result of the area’s rapid and ongoing transformation, longtime residents are priced out. In a span of a decade, single-family homes that sold in the area for $100,000 now go for $400,000. Commercial buildings that closed for $300,000 can now fetch millions. Simultaneously, rents soared for commercial and residential tenants.

“We have the real workforce of Miami living in Allapattah,” Burgos-Flores said, saying a large number of residents work inervice jobs at Miami International, PortMiami, hospitals, warehouses and in the tourism and hospitality industry. Stadium Towers Apartments will be “more aligned with Miami housing needs,” she said. Construction should start in December, after building and demolition permits are secured. Completion is slated for early 2025.

The project will cost $47 million, including $29.4 million for construction. The county, state and the city — as of Thursday with a $1.8 million contribution — will chip in for a portion of tab for the development .

“It is an excellent location. There is a tremendous need for the community,” said Lewis Swezy, president of Centennial Management. “In Allapattah, rents have escalated 100% in the past three years.” Allapattah has a long history, said Seth Bramson, a Florida historian and lecturer at Barry University who has written 33 books, mostly on South Florida’s history.

Swezy expects high demand for his coming apartment building, since Miami Stadium Apartments has remained nearly fully leased since it was built in 2002.

“There’s a strong demand and there’s a lot of employment in the area,” the developer said. “There’s every reason to want to do it.”

 

Source:  Miami Herald

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Wynwood Site Seized In $30M Foreclosure Judgment

Author: Admin
Categories: Commercial News,Development,Wynwood

A development site in Miami’s Wynwood Arts District has been seized by a lender following a $29.8 million foreclosure judgment.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, won the foreclosure auction in September against New York-based Wynwood Gateway II LLC based on a $23 million mortgage, plus interest and fees. The lender submitted the high bid of $250,100 at the Oct. 17 foreclosure auction by utilizing credit from its judgment. That means ownership of the 27,650-square-foot property, at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St., will transfer to Gamma FL Wynwood.

 

Source:  SFBJ

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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

 

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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

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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

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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

 

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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

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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.

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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

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