Central Rock Gym, a chain of indoor climbing gyms, signed a 10,175-square-foot lease on the ground floor of The Gateway at Wynwood office building.
The facility, at 2916 North Miami Avenue, is scheduled to open in the first quarter of 2024. It marks Central Rock Gym’s first facility in South Florida and its 24th nationwide.
The agreement also brings the retail component of The Gateway at Wynwood, which spans 25,000 square feet, to full occupancy.
Source: Commercial Observer
13th Floor Investments is assembling a prime oceanfront site in Miami Beach, having purchased an aging resort along Collins Avenue next door to a condo property it terminated last year.
The Miami-based developer paid $73 million for the Westgate South Beach Oceanfront Resort at 3611 Collins Avenue, located north of the Faena district in the Mid-Beach neighborhood, property records show.
The three-story building, which functions as a timeshare resort, was built in 1938 and houses 46 units on 0.8 acres.
The purchase comes eight months after 13th Floor Investments terminated the condo association of All Seasons property, which neighbors the Westgate resort. The move grants 13th Floor Investments full control of the seven-story building, which was completed in 1980 and sits on 0.4 acres.
Combined, 13th Floor Investments’ assemblages span 1.18 acres, and is a likely target for condo development. Bank OZK provided a $51.9 million loan for both properties, according to records. A representative for the developer declined to comment on plans for the site or the price of the All Seasons property, divulging only that Opera Acquisitions LLC, managed by Valerio Spinaci, was a partner and responsible for assembling both properties.
Condo terminations are a growing trend among developers following the deadly collapse of the Champlain Towers South condominium, which was built in 1981 and was poorly maintained. As owners of similar aging condos face expensive assessments to fund repairs, some are opting to sell to developers, who often tear down the building to construct luxury condominiums.
Source: Commercial Observer
Lincoln Road, Miami Beach’s iconic outdoor shopping, dining and cultural destination which features more than 200 shops, cafés, galleries and restaurants spanning eight blocks (east to west), will further enhance its offerings this summer by welcoming eight new tenants. The globally recognized, architecturally significant promenade continues to evolve by adding new, unique concepts, popular restaurants and local businesses.
New tenants for Summer 2023 include:
Lincoln Road also recently extended its partnership with Smorgasburg for another year. The open-air food market featuring dozens of local vendors takes place every Friday from 5:30-10:30 p.m. on Lincoln Road’s 1100 block and has become a local favorite hot spot.
The new tenants will join top retailers such as Nike, Apple, Zara, Lululemon, Anthropologie and West Elm and popular restaurants Mila Miami Rooftop Restaurant & Bar, Juvia Rooftop Restaurant, Chotto Matte Miami, Issabella’s, Tacombi Taqueria and Harry’s Pizzeria.
New York developer Fisher Brothers is looking to fill out its capital stack for a $179 million Wynwood development with $29 million in crowdfunding.
The development company posted an offering for Wynhouse Miami, a mixed-use development in the Miami neighborhood, on online investment platform Crowdstreet, its first time financing a project via crowdfunding. Wynhouse Miami is an eight-story mixed-use building proposed for 2200 NW First Avenue with 308 residential units, designed by Coral Gables-based Nichols Architects.
The company plans to secure $117.5 million in senior funding, and is anticipating to close on the financing very soon, a spokesperson said. Once closed, the loan will comprise 65.6 percent of the capital stack, while Fisher Brothers will contribute $32.6, 18.2 percent of the stack, but retain more than 50 percent of the equity.
The specifics of the 340,394-square-foot project include 107 parking spaces, 10 ground-floor retail stores spanning 24,114 square feet and 8,165 square feet of rooftop amenities which include a pool and lounge. The building surrounds a central courtyard, and the property is bisected by more than 8,000 square feet of public paseo space, open to the public and creating more frontage for retail.
The project is Fisher Brothers’ third House-branded project, which also includes House39 in Manhattan and Station House near Union Station in Washington, D.C., all designed by New York’s Rockwell Group. The brand emphasizes art, amenities and community, Fisher said.
“We think that when we introduce the House brand to Miami, to Wynwood … this is the market that will reward you for it, that’s hungry for it,” said Fisher Brothers principal Winston Fisher in an online presentation.
The offering, which opened earlier this month, is for a three-year term with a projected 19.2 percent internal rate of return, per the offering documents. The underwriting for the project assumes an average of $3,350 in rent per unit per month, with 5 percent vacancy and 3 percent growth annual, as well as similar vacancy and rent growth for the retail portion, according to the presentation.
Fisher Brothers acquired the property in 2021 for $17.6 million, then filed building plans in July 2022, according to public records. The property abuts a Florida Power & Light substation, and plans for the site call to contribute energy to the grid with solar panels on the roof. Fisher Brothers has used a local Wynwood program to acquire development rights for 99 of the units from the City of Miami, and will pay into the Wynwood Parking Trust Fund to reduce required parking by 185 spaces.
Construction is set to be fast-tracked for a January 2025 completion date, per a Fisher Brothers spokesperson.
Source: Commercial Observer
The Wynwood Business Improvement District (BID) is on the road to a 10-year renewal to continue building upon the neighborhood’s economic success as a globally recognized center for arts, innovation and culture.
On June 8, the Miami City Commission unanimously approved renewal of the BID’s special assessment district. As part of the resolution, the city allocated $1.7 million for the BID’s 2023-2024 budget to fuel projects like streetscape beautification, clean team initiatives, transportation and improved signage.
After receiving the commission’s authorization last week, the BID now will start to collect affidavits of support from business property owners to be included within the boundaries. Approval from more than 50% of affected property owners is needed to re-establish the BID.
The deadline to collect and file affidavits is Aug. 18. The commission is to meet Sept. 14 to accept results of the affidavit process, upon which 30 days’ notice will be issued for people to testify Oct. 26.
Pending approval by a majority of business owners within the area, the BID is set to officially be renewed for another 10 years on Nov. 6.
The Wynwood BID was established in 2013 to strengthen the neighborhood and solidify it as an international hub for creativity and culture with clean and safe streets. The BID now represents more than 400 property owners over 50 city blocks within the Wynwood Arts District. It works to enhance security and sanitation services, encourage artistic programming and advocate for the area’s betterment and future success.
“We have managed to converge art, fashion and technology to create a neighborhood that has enabled locals, owners, artists and community members to work together to reinvigorate the district from its former manufacturing decline,” said Manny Gonzalez, executive director of the BID, in a May 24 letter to stakeholders asking for their support.
The Wynwood BID has enabled the neighborhood to become one of the most successful and self-sufficient in Miami. Property owners and businesses have transformed Wynwood into a viable pedestrian-friendly café and art district, boosting the local economy.
Property values have increased exponentially as well as tourism, skyrocketing 2400% from only 600,000 annual visitors in 2013 to over 15 million in 2023.
As a result, Wynwood has become a top contributor of taxes to the city, county and school boards. In 2022, the area grossed $21,663,756 in total annual assessments compared to only $741,606 in 2013 before the BID was formed.
Some of the organization’s most notable accomplishments in its first decade include over 400 new businesses opened in the district, $3.5 million donated towards affordable housing totaling 120 units, more than 5,000 micro units built to assist with the youth and young adult housing crisis, the donation and installation of one-fifth of all of the City of Miami’s security cameras since 2018 and a clean team that operates 365 days a year to keep streets debris-free.
The district has also been at the forefront of working with city officials to incubate ideas into action. Such initiatives include the creation of the city’s first neighborhood revitalization district, co-living legislation and the Wynwood Streetscape Master Plan.
Looking forward 10 years, the district’s priorities include installation of a Wynwood/Mid Town commuter rail station, neighborhood and highway wayfinding signage, streamlining connectivity by re-opening local Overtown/Wynwood I-95 exits, streetscape master plan improvements and upgrades to Roberto Clemente Park.
The resolution approved June 8 also allocated $1,705,752 for the BID’s 2023-2024 operational budget. The monies will fund administrative staffing, which the BID wishes to increase to four office workers and one more clean team member. The clean team now has seven members, working about 200 hours a week across the district’s 47 blocks.
Expenditures also include office rent, supplies and utilities, security cameras, marketing and advertisement and streetscape enhancements.
Source: Miami Today
A 12-story mixed-use residential building is planned for a site where Wynwood meets Edgewater in Miami.
Developer Wynwood Owner LLC is proposing the project, 2100 NMA, at 2100 N Miami Ave.
The building will be home to 339 residential units with amenities, and about 407 on-site parking spaces and five on-street parking spaces.
The city’s Urban Development Review Board unanimously recommended approval.
Along with the residential uses, the building is to include 25,653 square feet of retail and 18,713 square feet of amenities.
Carli Koshal, an attorney representing the developer, said the property at the northwest corner of North Miami Avenue and Northwest 21st Street is 65,842 square feet, or 1.512 acres. The structure will amount to 503,000 square feet of floor area.
The developer is requesting zoning code waivers to allow:
Ms. Koshal told the board the property was rezoned to permit structures of this size and mass.
Arquitectonica is the architect.
Source: Miami Today
Miami Heat’s Udonis Haslem retired this week, but his career as a developer is just getting started after he broke ground on a project for affordable housing in Wynwood.
Wynwood Works, which received a large amount of public investment, was started by Haslem and Magellan Housing.
The 20,238-square-foot lot at 2035, 2037, and 2043 N. Miami Ave. was deeded free of charge to Wynwood Works MTZ LLC, headed by Larry D. Capp of charity Mt. Zion Developments. Then, the nonprofit sold the lots to Wynwood Works LLC, a joint venture between Magellan Housing and Haslem, for $6 million.
The developer agreed to preserve affordable housing on the property for 50 years in exchange for a grant from the CRA worth $9.9 million and a portion of the retail rents. There will be 48 studio apartments, 66 one-bedroom units and eight two-bedroom units with rents ranging from $512 to $1,756 per month.
Source: SFBJ
The owners of a fitness center building in Miami are seeking to rezone the property to foster redevelopment.
The city’s Planning, Zoning and Appeals Board will consider the rezoning application concerning the 0.88-acre site at 1601 N. Miami Ave. on June 14. Located in the Arts & Entertainment District, it currently has a 17,616-square-foot fitness center leased to Elev8tion Fitness.
In 2022, the property was acquired for $19 million by 1601 N. Miami Property LLC, a joint venture between New York-based Hidrock Properties and Miami-based LNDMRK Properties.
The property owners want to change the zoning from T6-24A-O to T6-24B-O. This would increase the maximum floor plate size of a building there, although the permitted height and density would remain the same.
The preliminary plans are for 430 apartments and 15,000 to 20,000 square feet of commercial space on the ground level in about 48 stories.
Source: SFBJ
A recent panel discussion at ICSC Las Vegas covered the state of the capital markets and during a morning session, where industry experts provided insights into the current situation, shedding light on the challenges and opportunities facing the market. Hessam Nadji, the president and CEO of Marcus & Millichap, kicked off the discussion by acknowledging the significant disruption caused by the movement of interest rates.
Nadji compared the situation to the financial crisis of 2008 and 2009, emphasizing that while the financial system was not on the brink of collapse this time, the impact on valuation and transaction velocity was similar. Sellers, Nadji noted, were hesitant to enter the market unless compelled by urgent circumstances. However, any products that did hit the market were attracting multiple offers, despite the tight financing conditions, with the intention of refinancing later, he said. Nadji also pointed out that retail, surprisingly, emerged as the new darling of the industry, outperforming other property types.
Glenn Rufrano, ICSC Chair and former CEO of VEREIT, moderator of the panel, expressed relief that the industry had moved away from the bottom of the economic downturn. This sentiment was echoed by other participants who acknowledged the progress made but also emphasized the need for more activity. Alex Nyhan, CEO of First Washington Realty and ICSC Trustee, for example, noted the changing composition of buyers for grocery-anchored shopping centers.
Nyhan explained that “caution had become prevalent in the market,” prompting a “wait for the debt market to stabilize approach” before putting more properties up for sale. However, he mentioned that demand from life companies remains strong.
Rufrano asked about the dynamics of buyers and sellers in the market where panelist Devin Murphy, president of Phillips, Edison & Co., responded that there was still considerable activity in the market. According to Murphy, while overall activity had declined, there were still opportunities to acquire assets. For example, Murphy’s company had successfully acquired four grocery-anchored centers in the first quarter, despite the challenging environment. The sellers encountered currently are primarily institutional investors motivated to sell due to the denominator effect, which aimed to rebalance their portfolios. Additionally, individual holders who were not willing to inject more equity into their assets are also ones who are seeking to sell. Despite the decline in overall activity, Murphy revealed that his company had managed to purchase nearly $100 million worth of assets in Q1.
Rufrano acknowledged the importance of understanding the motivations behind buyer and seller decisions. He expressed optimism, expecting to see more activity before the end of the year, indicating potential progress in the capital markets.
Source: GlobeSt.
New plans have just been sent to Miami’s Wynwood Design Review Committee for an apartment building in Wynwood.
Previously, plans for the site were submitted to the UDRB for project with a similar unit count.
The new plans show that the 12-story project is now proposed to include:
The parking garage is lined on three sides with residential. There were 5 walk-up residential units on the ground floor in the previous plan which have been removed.
Leo A Daly is now the architect. Arquitectonica was the architect for the first submittal.
The developer is Clearline Real Estate.
In February, the developer signed a deal for water and sewer utilities for 310 apartments, 1,000 square feet of full service restaurant, and 8,300 square feet of retail.
The WDRC hearing is scheduled for June 20.
Source: The Next Miami