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The Canvas Multi-Brand Platform Expands Into 5000-Square-Feet Miami Wynwood Residence

The Canvas is a sustainable multi-brand fashion and lifestyle retail platform combining traditional retail spaces with Web 3.0 technology.

In the past year, The Canvas and its founder Devin Gilmartin have covered ground by opening seven locations in New York City. Its marquee location at Manhattan’s largest retail and transportation hub, the Westfield Shops at The Oculus World Trade Center, credits The Canvas as one of the largest retail tenant by square feet with six spaces. Besides the strategic partnership with Westfield, an additional store sit in the historic Seaport district in Manhattan.

Expanding into Wynwood in April 2023, The Canvas will open its first store outside New York in the US. As the CEO of The Canvas Global, Gilmartin is taking over the 5000-square-foot ground floor space previously occupied by Solana Spaces, a Web3 infrastructure promoting blockchain and NFT technology. The store will combine the retail platform and The Canvas 3.0, a Web3 gallery concept, similar to what The Canvas has established at the Westfields Shops in the Oculus WTC.

“The Canvas sits at the intersection of sustainability and artisan empowerment through its platform that provides a physical space for connection and enhances interactions with the community,” says David Ruddick, Unibail-Rodamco-Westfield, Group Director of New Ventures and Strategic Relationships. “The Canvas has ambition, and we look forward to working with them to power this drive over time.”

Customers can browse, purchase, and interact with the products, understanding each story behind each product and the creators who crafted them. Creating a community of people passionate about sustainable fashion will also provide an opportunity for independent creators to gain visibility. Brands can access resources that help them realize their visions of creating a sustainable fashion brand. The Canvas has been influential in the start-up 3D sneaker-printing brand, Zellerfeld, fostering an incubator for next generation talent.

“Wynwood continues to grow and refine itself into what is perhaps the country’s most interesting neighborhood,” says Jesse Feldman, Gilmartin’s real estate partner on the project, based in Miami. “Brick & Timber Collective is focused on curating our properties as well as this unique neighborhood while keeping the spirit of Wynwood thriving. Given Canvas’ focus on curated fashion and technology, we see this brand as yet another business that is additive to the spirit, vibe, and artistry of Wynwood.”

Source: Forbes

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Developers Looking To Buy Commercial Sites Due To New Legislation

Developers are analyzing how to take advantage of Florida’s new legislation, which will set aside over $700 million in funding, create tax breaks, and provide zoning-related incentives for affordable and workforce housing developments.

The law could contribute to a new boom in housing development, from entirely affordable buildings to mixed-income towers on commercial sites that developers are now looking to purchase, experts say.

The Live Local Act, which Gov. Ron DeSantis signed aims to help fill financing gaps, making more developments economically feasible. What is still crucial, attorneys and developers said, is combining that with incentives on the local level.

“These incentive programs, in conjunction with working cities and municipalities — that’s the way you’re going to fill a void and a gap and a huge need,” said Brian Sidman, of Miami Beach-based Redwood Dev Co. “The problem isn’t going to be solved by developers buying private land. That ship has sailed due to the cost of private land.” 

Still, Sidman called the legislation “a great start,” and applauded DeSantis and the Florida Legislature.

“If we don’t fix our housing crisis, we’ll have other material programs that will trickle down,” he said.

Redwood is analyzing the SAIL (State Apartment Incentive Loan) program to see which of its projects could secure low-interest loans for workforce housing. Redwood, which has more than 1,500 units in the pipeline in South Florida, aims to build more than 5,000 affordable and/or workforce units over the next five to seven years. It recently broke ground on Mosaic, a 98-unit development in Opa-locka.

The new legislation sets aside $259 million in SAIL funds. It also promises $252 million in SHIP (State Housing Initiatives Program) funding to incentivize local governments to partner with developers preserving or building new housing.

The law goes into effect July 1. Developers are expected to apply for incentives this summer, and receive funds next year.

 

 

Source:  The Real Deal

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Commercial Real Estate Miami Beach Apartment Building Auctioned In Bankruptcy

A bankruptcy court auction for a Miami Beach apartment complex concluded with a $7.79 million winning bid.

The auction concerned the 29-unit apartment hotel that’s been set up for short-term rentals at 942 Pennsylvania Ave. The winning bidder was 942 Pennsylvania Owner LLC, managed by Salem Mounayyer.

In May 2022, property owner 942 Penn RR LLC filed for Chapter 11 reorganization in Miami. That followed a 2017 foreclosure lawsuit filed against the property by 1250916 Ontario Limited.

According to the motion to sell the property, 942 Penn RR LLC is equally co-owned by Raziel Ofer and Roberto Mendez.

 

Source:  SFBJ

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Developer Exploring Second Co-Living Project On Miami Beach

Rishi Kapoor is looking to develop a second Urbin-branded, co-living project on Washington Avenue in Miami Beach.

The Miami Beach City Commission on Monday granted preliminary approval to allow co-living units on Washington Avenue north of 12th Street, and to extend a deadline for Kapoor to obtain building permits until 2027.

Kapoor, CEO of Coconut Grove-based Location Ventures, is under contract to buy a retail building at 1509 Washington Avenue and a mixed-use apartment building at 1515 Washington Avenue, said Michael Larkin, a lawyer representing the developer.

Kapoor has submitted an application to redevelop the properties that will have to go before the Miami Beach planning and zoning and historic preservation boards, Larkin added.

The city has already approved Kapoor’s six-story co-living project at 1260 Washington Avenue (rendering pictured above), which he is developing under Location Ventures’ Urbin brand.

Under the proposed new legislation, the city would allow developers to build projects with co-living units north of 12th Street and Washington Avenue, but any proposed building cannot have hotel rooms or short-term rentals. In addition, only 50 percent of the project can be set aside for co-living units, and the apartments or condos must be a minimum of 275 square feet.

 

Source:  The Real Deal

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Sale Leaseback Cap Rates Continue To Attract Investors

While pricing has widened, early indications in 2023 point to a growing return to confidence for the sale leaseback market, according to a market update report from SLB Capital Advisors.

The report cites “strong credits and robust business models achieving successful processes with large interest from investors”, even in non-core markets, particularly industrial.

Due to the current interest rate environment and companies’ overall cost of capital, the SLB cap rates offer a more attractive cost-of-capital solution than ever, according to the report.

“SLB rates remain well inside of many companies’ WACCs and today, in more cases than not inside companies’ current cost of debt financing, making the sale leaseback an incredibly attractive financing alternative,” it stated.

There continues to be an attractive value arbitrage across various industry sectors driven by the delta between business and real estate multiples. The multiple implied by average SLB cap rates (i.e., 6.25% to 8.25%) implies a multiple of over 12x to 16x.

This compares favorably to general middle market transactions which averaged 6.9x LTM EBITDA for 2022. Attractive arbitrage opportunities are generally prevalent across many middle-market sub-sectors, the report said.

 

Source:  GlobeSt.

 

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