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Related Group Lands $142M To Complete NoMad Condos In Wynwood

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A joint venture led by Related Group secured a $141.5 million construction package for the NoMad Residences development in Miami’s Wynwood neighborhood.

The condo project — a partnership between Sydell Group, parent company of the now-shuttered New York NoMad hotel, and New York-based Tricap — will feature 329 units and about 18,500 square feet of retail space. Construction has been underway since September and is expected to be completed in 2025, with 80 percent of the condos already under contract, according to Related.

 

Source:  Commercial Observer

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River District Condo Near Miami’s Allapattah Nabs $68 Million Loan

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Alta Developer obtained a $68 million construction loan to commence construction on a condo near the Miami River.

Boynton Beach-based Forman Capital provided the mortgage to the Miami-based developer, led by Principal Henry Pino. It covers the River District 14 project on the 1.26-acre site at 1451 N.W. 14th St. It is located within Allapattah, near the new River Landings retail, apartment and office center. Pino calls this section of the area the River District because the Miami River is a block away.

Site work on River District 14 will start in two weeks and it will go vertical in August. The general contractor is Doral-based Jaxi Builders. Pino said it will be completed in the first quarter of 2026. The 16-story project will have 283 units, all of them fully furnished. They will average 725 square feet with a starting price of $475,000. The developer will permit short-term rentals, like roughly half of the new condo developments in Miami.

 

Source:  SFBJ

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JV Acquires 32K SF Ground Floor Retail Space In Wynwood For $700 PSF

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Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project,

A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base of the nine-story development at 2431 Northwest Second Avenue that is currently under construction, a press release states.

The deal breaks down to $703 per square foot.

Society Wynwood’s developers, Miami and New York-based Property Markets Group, or PMG, and Toronto-based Greybrook, are the sellers.

Roughly 50 percent of Society Wynwood’s ground-floor retail space is pre-leased to Starbucks, Nacho Daddy, Chama De Fogo Brazilian Steakhouse and I Scream Gelato, the release states.

Society Wynwood will also almost 300 modern residential units, including co-living units, and a private parking garage.

 

Source:  The Real Deal

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Delilah Owner Eyes Venue On Miami Beach’s Lincoln Road

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The Hwood Group is looking to bring its celebrity touch to Miami Beach’s Lincoln Road with initial plans to open an upscale Nice Guy restaurant.

The L.A.-based hospitality group — best known for celebrity haunts like Delilah, a favorite of rapper Drake — is in the early stages of taking over the entire 7,500-square-foot building at 947 Lincoln Road, which abuts Michigan Avenue, according to a city filing. The Italian establishment would house 358 seats in total, including 96 booth seats and some bar seating.

The group has not yet signed a lease for the Miami Beach building, however it wants to cover some windows with “cypress paneling that will be used to cover these windows to provide privacy for patrons,” the application states. The Miami Beach Historic Preservation Board will consider the proposal May 14.

The group’s Nice Guy brand has restaurants in Dubai and L.A., which offers $24 margarita pizzas, $14 truffle fries, and $89 16-ounce, dry-aged ribeye steak. The Miami Beach restaurant would mark Hwood Group’s second location in the Miami area. Last year, it opened a Delilah in Brickell.

 

Source:  Commercial Observer

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Three Wynwood Buildings Assemblage Changes Hands

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Crunch Fitness founder Doug Levine sold a trio of commercial buildings in Miami’s Wynwood for $23.5 million, roughly $6 million below his asking price.

Wynwood 126 acquired the 0.7-acre portfolio that can be redeveloped into a mixed-use project with a hotel or multifamily component.

Levine paid a combined $5.9 million for the assemblage between 2013 and 2014, records show. The three buildings at 2320-2328 North Miami Avenue and 36-38 Northwest 24th Street were completed in 1928 and 1950.

 

Source:  The Real Deal

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CRE Company Plans $23M Redevelopment Of Aventura Shopping Center

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Regency Centers is investing $23 million in the redevelopment of three retail buildings totaling more than 28,000 square feet.

Located in Northeast Miami’s highly affluent Aventura suburb, Avenida Biscayne, a ground-up redevelopment, emphasizes an outdoor-oriented dining experience with large canopies situated adjacent to the restaurant locations.

Slated to open in 2025, the shopping center, located on a prime corner in a regional shopping trade area, will offer great visibility, ease of access and ample parking for the restaurants and upscale retailers and service providers.

 

Source:  SFBJ

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Lights Now On Five-Park, Miami Beach’s New Tallest Building

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The lights have now been turned on at South Beach’s new Five Park tower.

The 48-story tower broke ground in 2021 at the entrance to South Beach. It is said to be taller than any other building in the city of Miami Beach, at 519 feet. When complete, it will include 280 luxury residential units.

The tower was designed by Arquitectonica. Terra and GFO Investments are the developers.

 

 

Source:  The Next Miami

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One Of Wynwood’s Biggest Apartment Buildings Now Open

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Get ready for hundreds more residents in Wynwood.

AMLI Wynwood, a property with 316 luxury apartments, is now open, according to the AMLI Residential blog.

Units are available now, the property website shows.

A cross-block pedestrian passage is also now open, the blog post said.

The project also includes 388 parking spaces, and is among the largest to break ground in Wynwood.

 

Source:  The Next Miami

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Neology Development’s ‘The Julia’ Residences In Allapattah Receives TCO

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The Julia Residences, a $100 million, 14-story residential tower developed by Neology Life Development Group, announced the receipt of a Temporary Certificate of Occupancy (TCO) for its 323 upscale one- and two-bedroom apartments in Miami’s Allapattah neighborhood.

Residents of The Julia will enjoy an array of amenities, including its signature ninth-floor “Sunset Sky Lounge” with a resort-style pool deck, shaded gardens, cabanas, an indoor/outdoor club lounge, a wellness center, and a starlight dining terrace. The property also features private co-working areas, a dog spa, a children’s play area, high-speed fiber optics, and 13,000 square feet of street-level retail space.

“We are excited to announce The Julia Residences has received TCO,” said Lissette Calderon, Founder and CEO of Neology Life Development Group. “This milestone marks the culmination of years of hard work and dedication to creating a distinctive living experience that embodies the spirit and energy of Miami and it’s founder Julia Tuttle. The Julia Residences is a tribute to the significant role women have played in shaping Miami.”

Despite its scale and complexity, The Julia Residences was completed expeditiously, showcasing Neology’s commitment to delivering high-quality developments efficiently. This achievement underscores the company’s dedication to providing attainable luxury living while meeting Miami’s evolving housing needs within a dynamic urban landscape.

“We are very excited to be leading the residential transformation of Allapattah – helping meet the demand for housing while being able to deliver quality and access to professionals that want to live, work, and play within close proximity to the health district, downtown Miami and so many great Miami venues,” added Calderon. “Our three developments in the heart of Allapattah perfectly embody this vision.”

Located at 1625 NW 20th Street, just blocks west of the main entrance to Jackson Memorial Hospital and the new Transplant Institute, The Julia is positioned in the heart of Allapattah, a historic neighborhood bordering Wynwood and home to elite cultural institutions such as the Rubell Museum and Superblue. Allapattah has rapidly emerged as one of Miami’s most coveted neighborhoods, with a burgeoning scene of new businesses, restaurants, and entertainment venues.

Inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, The Julia embraces a “tropics-meets-metropolis” aesthetic, combining elements of Art Deco with 1950s-style glam.  The pet-friendly property features floor-to-ceiling windows, 9-12 foot ceilings, walk-in closets, and balconies in every unit. Each apartment is equipped with energy-efficient stainless-steel appliances, quartz countertops, European-inspired kitchen cabinetry, and in-unit washer and dryers.

As with Neology’s prior buildings, the general contractor for The Julia is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect.

The Julia’s central location offers convenient walking access to, the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center.  It is also a short distance from Brickell and Downtown, home to major employers, dining, shopping, and popular attractions such as Marlins Park, Kesaya Center, and the Adrienne Arsht Center for the Performing Arts.

Neology also anticipates achieving TCO for Fourteen Allapattah Residences, its third apartment community in the district, by Q3 of 2024. Neology’s current ownership portfolio consists of 1,000+ apartments recently built or under construction in Miami’s urban core, with another 1,600 apartment units in the permitting or predevelopment phase and a pipeline of 2,000 additional units in South Florida and beyond.

 

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WeWork’s Last Remaining Miami Beach Office Is Up In The Air

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Major coworking space operator WeWork submitted a move to revoke the lease at its Miami Beach facility.

Based in New York, WeWork submitted a motion to the United States Bankruptcy Court District of New Jersey to reject two leases on April 16. One of the leases is in South Beach at 429 Lenox Avenue. The other is in Irvine, California. On May 31, WeWork may terminate both leases, per court filings.

A spokeswoman for WeWork said the company wants to remain at Lenox Avenue, but has to make preparations to exit in case a deal can’t be worked out. WeWork is the sole tenant in the five-story building.

 

Source:  SFBJ

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