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Month: <span>May 2023</span>
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Newmark Arranges $91 Million Financing Of Kushner Companies, Block Capital Group’s Wynwood 27 & 28

Author: Admin
Categories: Commercial News,Development,Multifamily,Offices,Retail,Wynwood

Newmark announced it has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy Wynwood submarket.

The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Christopher Kramer and Nick Scribani, as well as Senior Managing Director Danny Matz from the Miami office, who provided regional support on the transaction. Valley National Bank and Israel Discount Bank provided the loan.

The project commenced construction in Q4 2021 and recently obtained its certificate of occupancy. At completion, the development will deliver 52,000 square feet of commercial office space, 33,000 square feet of ground-floor retail, 152 residential units and parking for 232 vehicles. Wynwood 27 & 28 rivals any asset in the area regarding product quality, build construct, design appeal and offering diversity. The property has been creatively designed and constructed with a modern style driven by smart, leading-edge amenities, including a full-scale garage, high-energy retail with innovative cuisine and fashion-driven qualities, spacious mid-rise apartments, modern open floor office configurations and outdoor terrace availability.

Wynwood 27 & 28 are surrounded by a diverse package of public amenities and attractions at the center of Wynwood – directly adjacent to the famous Design District and proximate to all major Miami destinations and minutes from primary beaches, Edgewater, Brickell, Downtown and Miami International Airport. The site location is highly advantageous, on a desirable plot seamlessly becoming an instant focal point of the popular submarket. Wynwood has emerged as a cultural epicenter, offering the trendiest locales and destinations for the new-era urban consumer.

 

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Steven Oved Buys Boutique South Beach Hotel For $15M

Author: Admin
Categories: Commercial News,Miami Beach

The boutique Greenview Hotel in Miami Beach has traded for $15 million. An entity tied to investor Steven Oved was the buyer of the 45-key hotel at 1671 Washington Avenue, just north of Lincoln Road. 

The hotel was built in 1939 in classic Art Deco style, and its facade was restored while it was owned by Marcelo Tenenbaum of Blue Road Development, which purchased the hotel for $1.1 million back in 2010, according to property records. 

Blue Road, led by Tenenbaum and Jorge Savloff, listed the property for sale — for $15 million — in 2020 along with another hotel it owned, the Casa Hotel on Washington Avenue, The Real Deal reported at the time.

While the Greenview Hotel has not been sold since 2010, Tenenbaum and Savloff are no longer part of the property’s ownership. Both were removed from the owner entity, Greenview Hotel LLC, in 2021, according to state documents. A recent lawsuit filed in Miami-Dade Circuit Court involving Greenview identifies the principals as real estate broker Roberto Camilo Matarraz and Pedro Miguel Rodriguez, so it’s not entirely clear who controls the property.

Oved, with his partner Jack Avid, have made several purchases in South Florida over the years, including an apartment portfolio in Broward County in 2019 and an apartment building in Coconut Grove in 2016, The Real Deal has reported. 

CBRE’s Natalie Castillo and Austin LaPoten executed the Greenview deal on behalf of the seller. 

 

Source:  Commercial Observer

 

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Wynwood Dev Site Goes On The Block For $30M

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

Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million.

The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering.

Levine paid a combined $5.9 million for 0.7-acre assemblage in 2013 and 2014, records show. The buildings were completed in 1928 and 1950.

The three buildings, totaling 25,855 square feet, are fully occupied, but the majority of tenants have expiring leases, the offering states. Tenants include 305 Degrees Burger Bar and Back Door Monkey bar nightclub.

The site also comes with a liquor license.

Potential buyers can redevelop the properties into an eight-story to 12-story mixed-use project with either 108 residential units or  216 hotel rooms, the brochure states. Under Wynwood’s zoning overlay, developers can also obtain bonuses to build an additional 54 residential units or an additional 108 hotel rooms.

Levine is also willing to provide seller financing of up to 50 percent of the portfolio’s value, according to the offering.

 

Source:  The Real Deal

 

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‘Skyline Of Miami Gardens.’ Formula One Museum, Hotels, Apartments Planned Near Hard Rock

Author: Admin
Categories: Commercial News,Development,FIP News
mixed-use project planned near hard rock 1170x435

A massive new development coming to Miami Gardens would cater to tourists visiting for events at Hard Rock Stadium with new hotels and a Formula One museum as well as bring more rental housing to the area.

The sports-themed complex will be called Miami Gardens City Center and be built on a 35-acre vacant property within walking distance of Hard Rock Stadium, Gilbert Benhamou, CEO of Immocorp Capital, told the Miami Herald. The firm is one of the developers of the property.

As the city celebrates its 20th anniversary, Mayor Rodney Harris sees the development as shaping Miami Gardens’ future.

“It’s going to be a fun time in the city when we sit down and actually get that facility built out,” he said.

Benhamou noted that Hard Rock Stadium is unique because it hosts professional and college football, tennis and auto racing in one place. The stadium is home to the Miami Dolphins and the University of Miami football team. It was once home to the now-Miami Marlins. The stadium is also the site of Jazz in the Gardens, the city’s annual premiere music event.

Developers purchased the property for $25 million in 2021, according to Miami-Dade County property records.

The development will include apartments, two hotels with a combined 320 rooms and a five-story parking garage, Benhamou said.

The project will also feature an entertainment area that will include an interactive Formula One museum and a 100,000-square-foot “amusement building” with arcades, a bowling alley and a trampoline, he said.

Immocorp joined with The Faith Group and Azur Equities to create Miami Gardens Town Center, LLC and to spearhead the development.

Immocorp is partnering with D.C.-based developers Capstone Development on the hotels and on the residential piece with New York-based Kushner Companies, LLC, which is run by the family of Jared Kushner, son-in-law of former President Donald Trump.

The entire project is estimated to cost $400 million-$500 million, Benhamou said.

The initial phase of the project will focus on the residential components — two luxury apartment towers. The first tower will be 10 stories and consist of 252 units and include a mix of studio, one-, two-, and three-bedroom rental apartments, according to Benhamou. The second tower could go as high as 15 stories with 360-400 units depending on the market.

“We’re going to create the skyline of Miami Gardens,” he said.

Pascal Cohen, founder and CEO of Azur Equities, described the planned complex as upscale and a way for residents to immerse themselves in the sporting/entertainment destination that Miami Gardens has crafted.

Cohen said outside of Miami Gardens, “you don’t have one city in the world that delivers tennis, soccer, football, Formula One and concerts.”

Developers expect to break ground on the project in late summer or early fall with an expected completion date of 2025, just a year shy of when the 2026 FIFA World Cup and College Football National Championship will be held at Hard Rock Stadium.

 

Source:  Miami Herald

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Miami Beach South Of Fifth Projects Could Score More Density

Author: Admin
Categories: Commercial News,Development,Miami Beach,Multifamily

In Miami Beach’s South of Fifth neighborhood, more density is the carrot. And three hotel owners are the rabbits.

And at least one of those hospitality landlords, an affiliate of Miami-based Key International, is eyeing that carrot.

The Miami Beach City Commission on Wednesday approved a measure that would encourage South of Fifth hotel owners to redevelop their properties into condominiums or multifamily projects. By agreeing to convert their land from transient uses such as hotels, hostels and short-term rentals to residential use, the owners would get an increase in the allowable floor area ratio, or FAR, to 2.75 from 2.0, according to a city memo.

Key International owns the Marriott Stanton South Beach at 161 Ocean Drive, through its affiliate Komar Investments, records show. The Key International affiliate is interested in exploring possible redevelopment of the 224-room hotel and taking advantage of the density bonus, said Christopher Penelas, an attorney for the hotel owner.

The legislation, sponsored by Miami Beach city commissioner Alex Fernandez, was mandated by Miami Beach residents. In November, 66 percent of voters approved a referendum directing the city to enact the legislation.

In order to receive the density bonus, property owners must pledge that any new projects will not allow rentals shorter than six months.

 

Source:  The Real Deal

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Rishi Kapoor’s Co-Living, Micro-Unit Project In Miami Beach Scores Approval

Author: Admin
Categories: Commercial News,Development,Leasing,Miami Beach,Multifamily

Miami Beach commissioners tweaked city development regulations to benefit Rishi Kapoor’s planned co-living and micro-unit project on Washington Avenue.

Commissioners voted 6-1 on Wednesday to give final approval to an ordinance that allows for the development of co-living units on the east and west side of the North Washington Avenue district between 15th and 16th streets. Under the new code, developers have to vow that at least 20 percent of the apartments would be priced as workforce housing and that projects won’t be hotels or hostels.

Kapoor, who leads Coral Gables-based Location Ventures, is under contract to purchase the properties at 1509 and 1515 Washington Avenue. While he has previously declined to share project details, his attorney shed light on the plans during the commission meeting. It’s for 46 co-living apartments, which residents rent by the bedroom but have access to common areas; 48 micro-units that span 275 square feet; and 24 micro-units that span 448 square feet, attorney Michael Larkin said. The micro-units will include kitchens.

The vote stirred a discussion on the dais over the type of housing the city wants to provide, whether micro-units and co-living units truly address the lack of affordable housing, and if the project would amount to party houses.

After some debate, commissioners imposed a minimum lease term of six months and a day. That’s longer than the three-month to four-month terms that Larkin argued for on behalf of Kapoor, though the attorney reluctantly agreed to the longer lease term.

“There are seasonal workers who come here,” Larkin told commissioners. “We greatly prefer to have less than six months.” 

Mayor Dan Gelber said during the meeting that six months and a day would at least allow “all those New Yorkers who come down” to get their tax benefit.

Commissioners Ricky Arriola and David Richardson countered that the project would offset illegal Airbnb rentals in other parts of the city that are fueled by demand from seasonal workers and others who only need to stay in Miami Beach for a few months.

“I think it would actually present some good competition to Airbnbs, and it would put some of those Airbnbs out of business,” Arriola said. 

The ordinance also sets a three-year time limit for Kapoor to apply for a building permit.

The developer already has approval for a six-story co-living project at 1260 Washington Avenue, which is in the South Washington Avenue district. The new ordinance gives him a year to apply for building permits for that project.

 

Source:  The Real Deal

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ABH Developer Group Completes Development Site Assemblage In Wynwood Norte, Becomes Largest Stakeholder In The District

Author: Admin
Categories: Commercial News,Development,Wynwood

ABH Developer Group, a rapidly growing, fully integrated real estate firm, announced the acquisition of two duplexes located at 84-86 NW 32nd St. and 90-92 NW 32nd St. to complete an acre assemblage within the Wynwood Norte district in Miami.

The purchase was made through Wyn Garden North, LLC, a subsidiary of ABH Developer Group led by Alexis Bogomolni. Closing took place May 11th. The acquisition completes ABH Developer Group’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st St., 79 NW 31st St., 85 NW 31st St., and 93 NW 31st St., bringing the total purchase price of the assemblage to $10,125,000.

ABH Developer Group is the largest property owner in the Wynwood Norte District, having assembled a total of 180,000 square feet since 2021. The firm has 13 projects ranging from 24 to 150 units in various stages of development just within the Wynwood Norte boundaries. ABH is planning to transform the assemblage into a multifamily development to serve the growing demand for attainable housing options in Miami.

“We were attracted to Wynwood Norte for its prime location adjacent to the Wynwood Arts District, Miami Design District and Midtown Miami and recognized this as an emerging area for significant development,” said Bogomolni, CEO, ABH Developer Group. “More importantly, we saw an opportunity to create a new mix of attainable housing options for working families and young professionals. We knew that by amassing a collection of properties and creating several high-quality developments, our team could make a greater impact, contribute to the revitalization of this vibrant and diverse neighborhood, and hopefully serve as a catalyst for further development.”

The Wynwood Norte district is bordered by I-95 to the west and North Miami Avenue to the east, and Northwest 29th Street to the south and I-195 to the north. Given its walkability to many art, cultural and entertainment and dining destinations and its recent zoning overhaul, the neighborhood is poised for significant development.

ABH Developer Group has been working closely with The Wynwood Community Enhancement Association (Wynwood CEA), a guided effort by the community and diverse neighborhood stakeholders, to help further its mission to restore and grow the neighborhood’s housing stock, make neighborhood improvements and enhance the quality of life for current and future residents. As an advocate and one of the largest stakeholders in the district, ABH Developer Group is committed to contributing to the NRD-2 Public Benefits Trust Fund for the long-term. The Fund was established to support reinvestment and supplement affordable and workforce housing, public parks and open spaces, and civic space or civil support space within Wynwood NRD-2.

Founded in 2021 and headquartered in Miami, ABH Developer Group is focused on residential and commercial ground-up development in South Florida. The firm’s portfolio features a mix of garden-style and mid-rise developments with over 750 units in the pipeline. This marks the 12th acquisition made by ABH Developer Group in the last 12 months. Current projects under construction include: Hollytown, a 24-unit townhome development in Hollywood, and a 28-unit rental building located at 3422 NW 5th Ave. in Wynwood Norte.

ABH Developer Group is led by an executive management team with decades of experience, including in-house expertise in development, acquisitions, finance, design, management, marketing, sales, and leasing.

 

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Multifamily May Outperform Expectations in Q2

Author: Admin
Categories: Commercial News,Multifamily,Trends

It is looking possible that multifamily’s fundamentals in the second quarter will finish stronger than a year ago. It is even possible that the quarter overall may outperform expectations. This is according to CoStar Group, which is basing this premise on April’s rental numbers that are showing every sign that the sector is beginning to stabilize.

“National year-over-year asking rent growth slowed to 2.1% at the end of April from 2.6% at the end of March, vacancy rates held steady and 34,000 units were absorbed, signaling a strong start to the second quarter,” says Jay Lybik, National Director of Multifamily Analytics at CoStar Group.

It is welcome news for the category, which CoStar had put on alert about a month ago that the following 90 days were critical for apartments. The firm’s hope was that absorption can match deliveries by the end of the second quarter to help stabilize this sector, Lybik said at the time. Yet, there’s no guarantee since risks are prevalent, including a potential weakening in the labor market and tighter financial conditions, he noted.

One month later and it appears multifamily may be over the hump.

“With the peak leasing season now underway, multifamily conditions started to show signs of stabilization,” Lybik said.

National average rents rose by 4% to $1,656 from $1,650 last month’s April, according to CoStar. And Heartland Indianapolis showed the highest year-over-year rent growth by a much bigger climb to 6.1%, which was ahead of the nearby Midwestern cities of Cincinnati, Columbus, St. Louis. In fact, the Midwest region took six of the top 10 rent growth spots in April. Fifth in place was San Diego, followed by Chicago, Boston. Northern New Jersey, Cleveland and with Miami coming in tenth.

In other markets, however, year-over-year rent growth slowed as demand for multifamily weakened. Among those are some in the Sun Belt where the uptick is headed down after those markets grew quickly when renters relocated in recent years.

 

Source:  GlobeSt.

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Real Estate Lending Firm To Open 8,000-SF Wynwood Office

Author: Admin
Categories: Commercial News,Leasing,Wynwood

Arbor Realty Trust, a publicly-traded lender of residential rental projects, will move into an 8,000-square-foot office in Miami’s Wynwood Arts District later this year.

The Uniondale, New York-based company with $16.59 billion in assets as of March will open an office on the seventh floor of Wynd 28, an eight-story building at 127 N.W. 27th Ave. Its Miami office is currently in a WeWork space at 360 N.W. 27th St. in Miami.

Arbor Realty Trust specializes in providing financing for multifamily and single-family rental portfolios and other diverse commercial real estate assets.

The company opted to stay in Wynwood because the location “symbolizes the trends and growth potential of the Miami market as the neighborhood has emerged as a marquee hub for young creatives — not unlike Brooklyn and Arts District Los Angeles,” the company stated. The neighborhood is also part of Miami’s downtown submarket, “which accounts for one-fifth of the Miami multifamily market’s total inventory.”

Available office space for Wynd 28 is listed on LoopNet.com for $65 per square foot.

 

Source:  SFBJ

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Moishe Mana Plans $20M+ Redevelopment Of RC Cola Plant In Wynwood

Author: Admin
Categories: Commercial News,Development,Retail,Wynwood

Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district.

The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square feet of parks and gardens at 550 Northwest 24th Street, according to Mana and Thomas Martin, RC Cola project director.

Dubbed Mana Wynwood @ RC Cola, the project is more of a repurposing than a new development. While two small buildings will be demolished per city requirements to allow for a loading area, the rest of the site and all of the murals will remain, Martin said.

Mana bought the 2.7-acre RC Cola Plant in 2010 for $2.1 million, according to records. Since then, he has run it as a concert venue. The 145,000-square-foot site will continue as such a venue, and will include outdoor event space and 10,000 square feet of indoor seating and stage space.

“We are going to put [on] outdoor music at night that we have for concerts. During the day, it will be a place for families to visit,” Mana said. “It’s really a huge undertaking.” 

Mana Common, the developer’s company, has narrowed down the list of potential tenants to 20 but leases have not been signed, according to Martin. One retailer will sell RC Cola-themed and Wynwood-themed merchandise. The rest of the retailers are expected to rotate and sell merchandise tied to events.

Renderings show the main entrance emulates the look of a subway station with a graffitied sculpture of a subway car.

“It’s an ode to the original tagging community, when the tagging community used to tag on the subway trains. That was their canvas,” Martin said. 

Construction is expected to start soon, with completion slated for December of next year.

The RC Cola Plant is separate from his Wynwood properties that obtained a special area plan, or SAP, designation from the city in 2016.

 

Source:  The Real Deal

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