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New Class A Office Planned For South Beach

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An approved plan calls for the construction of a new Class A office building in South Beach by premium real estate developer Shvo.

The Miami Beach Planning Board unanimously approved the construction of One Soundscape Park on January 30, according to Michael Shvo, CEO and Chairman of the real estate development company. Located at 1665-1667 Washington Ave., this five-story Class A office building spans 62,500 square feet and is situated across from both SoundScape Park and the New World Symphony.

According to a press release, the project would be the first office structure built by Peter Marino Architect, a 160-person architecture business based in New York that Marino started in 1978. The building will have a roof terrace, on-site valet parking, and a private porte-cochere entrance with vertical gardens. It will be co-designed by Miami-based firm Kobi Karp Architects.

 

Source:  SFBJ

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Bills Threatening Miami Beach Buildings Are Back

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Last May, preservationists across Florida breathed a sigh of relief when a bill seeking to gut protections for historic coastal buildings died in the Florida House after passing the Senate. But similar proposals are back for this year’s legislative session in Tallahassee, sending local leaders scrambling once again.

On Monday, the Senate version of the bill passed its first committee hearing — a 6-2 vote of the Community Affairs committee — despite a parade of speakers saying they feared the language would let developers strip away the unique character of tourist destinations like Miami Beach, St. Augustine and Key West. At the legislation’s core is a notion that old buildings near Florida’s coast ought to be demolished if a local building official deems them unsafe or if they don’t meet federal standards that call for flood-resistant materials and elevated structures in vulnerable areas. Preservationists say few historic buildings conform to those rules.

Both the Senate bill and its companion bill in the House would exempt single-family homes, as well as structures that are individually listed in the National Register of Historic Places. In Miami Beach, that includes the Fontainebleau, Cadillac and Ocean Spray hotels. But historic hotels along Collins Avenue in the Mid-Beach and North Beach neighborhoods would not receive similar protections under either proposal. Among them are Art Deco buildings like the Faena, Sherry Frontenac, Casablanca and Carillon.

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The Senate bill sponsor, Bryan Avila, a Republican from west Miami-Dade, acknowledged during Monday’s hearing that the idea is controversial. His proposal would kneecap Miami Beach’s Historic Preservation Board, which is empowered to block demolition of historic buildings and, if a building is knocked down, dictate what can go in its place.

Avila reiterated arguments he made for similar legislation he filed last year. He painted Miami Beach as a community that has gone too far in its historic protections, upsetting what he described as a “very delicate dance” between preserving history and maintaining property rights. About 2,600 buildings in Miami Beach are part of locally designated historic districts.

HOUSE BILL WOULD SOFTEN THE BLOW

Rep. Spencer Roach, R-North Fort Myers, has filed a companion to Avila’s bill in the Florida House with language that would soften the legislation’s impacts. Last year, Roach abandoned a similar bill amid fierce opposition from local governments but vowed to bring it back in 2024. While Avila’s bill would affect buildings within a half-mile of the coast, Roach’s proposal is limited to properties at least partially east of the state’s coastal construction control line, a boundary that hugs the coast and is meant to restrict construction near beaches. Roach’s bill, which has not yet faced a hearing, would also exempt buildings in nationally designated historic districts established before 2000 — meaning the Miami Beach Architectural District, an area that stretches from Ocean Drive at Sixth Street to Collins Avenue at 22nd Street, would be protected.

‘BAD, BUT LESS BAD’

Facing questioning Monday from Sen. Jason Pizzo, D-Hollywood, Avila pledged to revise his bill to make it more like the House version.

“I am committed to going in that direction and working with the House sponsor to adopt that language,” he said. Avila did not respond to an inquiry from the Miami Herald on whether he would adopt the entire House bill or parts of it. The House bill is “bad, but less bad than [the Senate] one,” said Daniel Ciraldo, executive director of the Miami Design Preservation League, which advocates for historic preservation in Miami Beach. “They’re trying to undo decades of good urban planning and community consensus building,” Ciraldo said. “We’re basically trying to explain why Miami Beach should still exist.”

Miami Beach City Commissioner Alex Fernandez said at Monday’s hearing that the city has worked cooperatively with owners of historic buildings to revitalize Art Deco gems, pointing to a $500 million renovation of The Raleigh and an $85 million makeover for The Shelborne.

The proposed legislation, Fernandez said, would only encourage owners to let their properties fall into disarray in order to incur unsafe structure violations and make it easier to knock buildings down. In Key West, Mayor Teri Johnston said she hopes the city will ultimately be removed from the legislation. Last year, language added to Avila’s proposal exempted “areas of critical state concern,” which includes Key West and much of the Florida Keys.

‘WHAT HAPPENED TO PROPERTY RIGHTS?’

Lawmakers supporting the bills say property owners should have more freedom to develop than Miami Beach and other cities with strict historic protections allow.

“What happened to property rights?” Sen. Dennis Baxley, R-Lady Lake, said at Monday’s hearing. “Everybody else has a claim to somebody’s property but the person that owns it, apparently. I don’t share that viewpoint.”

The bills’ backers also say the changes are crucial to ensuring building safety and resiliency against flooding near Florida’s coast. Last year, Avila argued it was necessary to replace older buildings with new structures that meet FEMA rules for flood- and storm-surge resistance to obtain insurance under the National Flood Insurance Program.

Opponents say they’re skeptical and that they believe powerful — and secretive — interests may be behind the effort. Last year, a group called A Resilient Future Florida hired a lobbying firm to push for the bills, according to public records. One of the firm’s lobbyists, Gov. Ron DeSantis’ former chief of staff Adrian Lukis, sent a draft of the legislation to staffers for Avila and Roach, according to records obtained by reporter Jason Garcia.

But it’s unclear who is funding the group, which donated $40,000 late last year to several political committees supporting Republican lawmakers. It was incorporated last March by Tallahassee elections attorney Natalie Kato and lists two Jacksonville residents, Joey McKinnon and Casey Hendershot, as its officers. Reached by phone, McKinnon and Hendershot declined to talk about their roles in the group or what it does, referring questions to Kato. Kato did not respond to a request for comment. This year, records show the group has again retained Lukis to lobby on the legislation. Lukis did not respond to a request for comment.

 

Source:  Miami Herald

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Developer Proposes 120K SF Office With Studio Apartments In Aventura

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Privé Group is planning to build 120K SF of office space in the Ojus neighborhood near the Aventura Mall.

The Aventura-based investment and development firm filed a pre-application on Wednesday seeking approval from the county to build an 11-story office building and a small residential building connected by a seven-story parking garage at 18802 and 18820 W. Dixie Highway.

The Arquitectonica-designed development is called Aventura Office Center in a site plan for the three structures submitted with the application. The office building includes 4,400 SF of ground-floor commercial space and a rooftop terrace with landscape architecture from the Miami office of Enea, which is headquartered in Switzerland.

The office would front Dixie Highway with a two-story residential building set in the rear of the 1.32-acre site behind the parking garage. Privé is planning 12 studio units at the building sized at around 380 SF each.

Floor plates at the office building would span around 14K SF, with elevators, staircases and bathrooms in the core of the building.

The proposal is an update to plans submitted more than six years ago called Aventura Square. A local community council approved plans in June 2017 for Privé to build 94K SF of office condos, 5,700 SF of retail and 340 parking spaces on the site, the South Florida Business Journal reported. The council also approved up to 12 apartments at the property.

The original plans called for an eight-story building, but zoning rules have since been modified to allow buildings up to 12 and 15 stories in the Ojus District, allowing Privé to submit its 11-story plan, according to the letter of intent submitted by Vazquez with the application.

Source:  Bisnow

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Construction Permits Filed For 186-Unit Wynwood Residential Development

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Another residential development has entered the construction permitting process in Wynwood.

The construction permit application is for a 12-story mixed-use building replacing a parking lot formerly owned by the Salvation Army.

The permit filing was first created in late November, with the full plans filed in late December. Review is currently underway by Miami’s Building Department.

Beauchamp Construction is listed as the contractor on the permit.

Miami’s Urban Development Review Board voted unanimously in October to approve the development without requiring any modifications.

The mixed-use development is planned to rise 12 stories and include:

  • 186 residential units
  • 9,444 square feet enclosed amenity space, plus outdoor amenity space
  • 14,618 square feet of ground floor retail space
  • 167 parking spaces on three levels

Breakers Capital and Alchemy-ABR Investment Partners of New York are the developers.

Arquitectonica is the architect.

 

Source:  The Next Miami

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Miami Beach: Where The Magic Numbers Add Up To Investing In Real Estate

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Miami, known as “The Magic City”, is where the world’s richest choose to invest in real estate. Based on the volume of transactions over US$10 million per annum, Miami ranks as the fifth most important property market; only London, New York, Los Angeles and Hong Kong place higher.

Last year in the Magic City, around 146 luxury residences sold for $10 million plus, and there were 23 recorded real-estate deals at $25 million. Ultra-high-net-worth individuals (UHNWIs) have been very active—including Kenneth C. Griffin, a billionaire hedge-fund manager who purchased two glamorous homes for more than $150 million combined.

Miami is much more than a tourist destination with its beautiful beaches and bayfronts; a sunny, warm climate; and a vibrant culture that reflects Florida’s laid-back lifestyle with a metropolitan sense of excitement, although this backdrop has certainly contributed to the strong rental appetite. Known as a luxury holiday destination to a steady tribe of tourists, it is also home to expatriates, young professionals and entrepreneurs. Such a varied surge of incomers has driven the demand for quality rental units in the city’s desirable residential areas. Investors have seen their rental investment properties provide excellent yields throughout the past year. Figures produced by Zillow show that in Miami Beach, the median rent is $1,200 higher than the national median.

The real-estate sector has always capitalised on those elements that make Miami feel like a prize offering, and this has been reflected in the volume and variety of investment opportunities and big-name developers stealing slices of the Miami property pie. Rarely a day passes without a big-time developer making headlines for acquiring a site, transacting on a building for redevelopment or launching a state-of-the-art luxury residential scheme in a prime location.

So, who are some of these major real-estate players, and what are the biggest benefits of owning condos, apartments and beachfront villas in Miami Beach?

Tax benefits

Unlike most other US states, Florida has no state income tax, which offers financial benefits to property owners. Investing in Miami Beach real estate also brings other tax advantages, including deducting mortgage and property taxes from federal income taxes. For those who want to commit to long-term investment plans, these tax benefits can substantially boost overall real-estate investment portfolios.

Capital appreciation

The city’s limited amount of available prime beachfront property guarantees that demand will always exceed the supply of superior investment real estate. Miami Beach has seen real-estate prices increase substantially over the last decade as it has become an international jet-setters’ destination, attracting a new breed of resident and their wealth. Experts predict that property values will continue to rise with substantial capital gains over time.

Liquidity

Property owners in Miami Beach find selling their real estate comparatively easy and quick, providing an attractive liquid asset. Interest in this popular global city from local and international buyers is continuous. Unlike other investments that may take time to convert into cash, well-located properties in a popular destination can be relatively easy to sell. Miami Beach property owners manage their investments effortlessly and flexibly.

Lifestyle

Miami offers a rare blend of superb lifestyles and wealth opportunities. The city boasts exciting nightlife, fine dining and cultural events throughout the year, as well as a healthy way of life with the beach and sunshine on tap. Property owners can enjoy the city’s diverse offerings while maximising their potential investment returns.

Entry for UK citizens retiring to the US

For those seeking to retire to the United States from the United Kingdom without the benefit of a Green Card (Permanent Resident Card) or marriage to a US resident, there is another route: applying via the EB-5 Immigrant Investor Program. This requires a minimum investment of US$500,000 in a US enterprise. It is not a retirement visa per se, but a popular route for many retirees.

The popularity of Miami Beach and its dynamic real-estate market full of opportunities is ideal not only for experienced investors but also for newbies looking for safe, attractive havens and avenues to join a thriving coastal community of real-estate investors.

 

Source:  International Banker

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‘The Julia Residences’ Open For Pre-Leasing In Miami’s Newest Art District

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Neology Development, led by Lissette Calderon, has begun pre-leasing for its residential mixed-use apartment complex, “The Julia Residences.”

The stunning $100 million, new 14-story residential tower, characterized by artistic design, is set to grace Miami’s Allapattah neighborhood, with completion expected in the 1st quarter of 2024.

The Julia offers a unique opportunity for individuals looking to live, work, and play in Miami, with a unique market value proposition. One-bedrooms rent as low as $1,765, and two-bedrooms start at $2,411 per month.  Residents who apply now can take advantage of promotional pricing that offers two months free. With the exclusive pre-leasing offerings, prospective tenants can secure a new apartment in Miami’s trendiest community at an excellent price point.

“We are thrilled to announce that we are now pre-leasing for The Julia, inviting art enthusiasts and professionals alike to embrace unique living experiences, modern amenities, and breathtaking views of Miami’s city skyline,” said Lissette Calderon, President and CEO of Neology. “With the soaring demand for high-quality housing in the area, we are eager to introduce this exceptional community priced within reach to renters seeking proximity to work, renowned art galleries, and the cultural heartbeat of Miami. The value proposition we’re offering for living in Miami is unmatched, and that truly sets The Julia apart from any other option available.”

Comprising 323 carefully curated one- and two-bedroom apartments, The Julia is located at 1625 NW 20th Street, in the heart of Allapattah —a historic neighborhood bordering Wynwood and Miami’s Health District. Recognized nationally for its museums, galleries (including the Rubell Museum and Superblue), cultural institutions, new businesses, and vibrant nightlife, Allapattah has emerged as one of Miami’s most desired areas.

Inspired by the visionary Julia Tuttle, The Julia embraces a “tropics-meets-metropolis” aesthetic, blending Art Deco with 1950s-style glam. Offering one-of-a-kind living experiences at an attainable price point, the pet-friendly property features a mix of one- and two-bedroom apartments ranging from 600 to 1,000 square feet.

 

Source:

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Rentyl Resorts Partners With New Luxury Hotel Brand To Develop, Manage Upscale Historic Hotel In Miami Beach

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Rentyl Resorts announced its collaboration with DaVinci Hospitality Group and Ferrari Group to brand and manage a new, cutting-edge boutique hotel at 2814 Collins Avenue in Miami Beach.

This partnership unites Rentyl’s expertise in creating authentic, extraordinary experiences with DaVinci Hospitality’s proven success in developing captivating properties.

“We are delighted to work with DaVinci Hospitality Group,” said Nicholas Falcone, CEO of Rentyl Resorts. “This venture aligns perfectly with our goal of providing a unique Miami Beach experience at a vibrant condo hotel.”

Set for transformation into a chic 44-unit retreat, the property boasts a prime location with direct beach access and proximity to fine dining. In homage to autistic artist J. Stacholy, whose historic mosaic graces the courtyard, the hotel will feature artworks by other local artists, celebrating Miami’s rich cultural and artistic heritage.

The ground floor will debut innovative restaurant and entertainment concepts, reflecting Miami’s diverse cultural and culinary landscape. Rentyl and DaVinci Hospitality will work collaboratively to preserve the property’s historical significance, while integrating contemporary design elements and cutting-edge technologies to ensure the highest possible overall guest satisfaction.

Rentyl will employ targeted branding and marketing strategies, alongside comprehensive hospitality services including front-office operations, concierge services, and exceptional management, to position this boutique hotel as a top Miami destination. Additionally, this partnership enhances developer options by offering the flexibility to consider integrating condo sales into Rentyl Resorts’ comprehensive rental program.

Together, Rentyl Resorts, DaVinci Hospitality and Ferrari Group look forward to creating an unparalleled hospitality experience at this iconic Miami Beach location.

 

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Miami Beach Weighs A Hotels Moratorium

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Miami Beach, the county’s visitor magnate for a century, is considering a moratorium on adding hotel rooms.

A discussion headed to the city commission’s Land Use and Sustainability Committee is to weigh repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York model for addressing the limits on approvals for hotels.

The city commission approved a market study researching the correct balance of residents and hospitality in Miami Beach in December 2021.

“The reason why I commissioned this study is [because] I think that you hit a fine line when you cross over a certain amount of hotel rooms versus residential, and studies like this have been done in other communities.… I wanted to get this presentation and have a robust discussion. We might have to recommission this study,” said Commissioner Kristen Rosen Gonzalez, who brought the discussion to the city commission in December.

“I think it’s a very different commission,” she said at that meeting. “I think that … the former commission was a lot more excited about building thousands more hotel rooms and the reason I commissioned this study was so that we would stop…. We’re going to… flood the market now with an additional 800 rooms when the new Convention Center hotel hits.”

In addition to Commissioner Rosen Gonzalez’s initial item, the complexity of the topic interlaced with other commissioners’ talking points.

A discussion to repeal the floor area ratio incentive for hotel development in areas like the commercial district was approved to be sent to the Land Use and Sustainability Committee, said Commissioner Alex J. Fernandez.

“I think that’s going to be important, sending a big message when we repeal an incentive like that that right now incentivizes hotel development, and we’re going to be discussing that at Land Use,” he said. “We also approved a referral to the Land Use Committee on another item to establish a cap on the maximum number of hotel rooms that may be developed in particular zoning districts.

“As part of that discussion,” he said, “we’re looking to limit which zoning districts permit hotels, increasing the minimum and average unit size potentially for hotel rooms because that’s one of the ways through which we can limit hotel development and promote more permanent residential development and limit the density of new hotel rooms in the city.”

Commissioner Fernandez suggested that the discussions are “all alike and almost belong together at the Land Use Committee” and could be referred a single conversation.

In the December meeting, commissioners pointed to 21,000 hotel rooms in the city and a little over 2,000 hotel rooms in the pipeline to be built.

Commissioner Rosen Gonzalez used the statistics to showcase her point.

“You’ve got an additional 2,000 rooms including the Convention Center hotel, which would take us to 23,000,” she said. “I would say after listening to this we consider a possible moratorium and then the city can possibly absorb more hotel rooms, but right now we are suffering economically. Across South Beach, there’s rooms at $40 … a night.”

“I believe in supply and demand,” said Commissioner Joseph Magazine. “I believe that our ecosystem is out of whack, and I want that to be data dependent and data driven. For years, ever since 2017 when the state and local tax reform was passed that actually was the catalyst for the wealth migration out of high tax states like New York, Illinois, California, and the entire rest of our region benefited from that, we just continue adding… hotel[s], whether that leads to a moratorium or something else.

“We need to address this,” Mr. Magazine said. “It needs to be data driven. We are not adding full-time residential housing. That’s a fascinating stat that we have about 20,000 hotel rooms. We’re increasing our capacity by 10%.”

Some sort of action must be taken, said Commissioner Rosen Gonzalez. She suggested a case-by-case system whereby “if anybody wanted to build a hotel, and they had some ridiculous vision that was not permitted and they had a new use,” she said, “they could come before us and they could ask for special permission. But I would like to stop it. Because I don’t think we need any more hotel rooms right now.”

“That [Gonzalez case by case idea] actually segways into a conversation I’ve had with legal,” said Commissioner Magazine. “It didn’t make the December agenda, because we’re still fleshing out the legal viability of that, but New York City, just in recent years, actually said you can no longer build a hotel as of right. It has actually come to their version of the city council, and I would entertain something like that because I don’t know if I’d buy into a complete moratorium for a six-star hotel in the Faena district, on the waterfront where room rates are $1,200 a night … sure, maybe that adds to things.”

“However, more infill hotels in the middle of Collins Park or other areas that should be dedicated and provide incentives for full-time residential housing,” he said, “essentially, an ordinance like that, which I’m going to continue to discuss with legal actually would provide a case-by-case basis. I don’t want to say that we would make exceptions, but for a certain period of time, we could even say until the Convention Center is built – I originally had three to five years but I think maybe that’s a great leeway – that any hotel application actually has to be approved by the City Commission and could no longer be done as of right.”

 

Source:  Miami Today

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Developers Obtain $64 Million Construction Loan For Aventura Multifamily Project

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Belmont Village and Turnberry Associates obtained a $64.21 million construction loan to build a senior living facility in Aventura.

Parcel U / SR-1 Trust LLC, an affiliate of Aventura-based Turnberry Associates and the Soffer family, sold the 1.4-acre site at the southeast corner of East Country Club Drive and Yacht Club Way for $8 million to Belmont Village Aventura Property Owner, a joint venture between Houston-based Belmont Village and Turnberry.

Synovus Bank provided the construction loan.

The developers filed plans for Belmont Village Senior Living Aventura in early 2022. It was ultimately approved for 184 senior living beds. Amenities would include a dining room, a sports lounge, a wellness room, a library, an arts and crafts room, and a salon.

 

Source:  SFBJ

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New York Developer Secures $18M Construction Loan For Allapattah Project

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An $18.3 million construction loan was obtained by New York-based Knickpoint Ventures for a self-storage facility located in Miami’s Allapattah district.

KV 36th Street Storage LLC received the mortgage from Bank Hapoalim B.M., an Israeli bank with a branch in New York, through Knickpoint Ventures. It encompasses the 1.08-acre property located a few streets south of State Road 112/Airport Expressway, at 2915 and 2925 N.W. 36th St.

The land for a 140,623-square-foot self-storage facility was approved by the city.

In 2022, the developer paid $4.6 million for the site. There used to be a car dealership there.

On its website, Knickpoint Ventures claims to have 15 self-storage locations in Miami and New York. It also makes investments in offices, shops, and housing.

 

Source:  SFBJ

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