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Regency Development Group Proposes Five-Story Townhomes In South Beach

Villas On Jefferson Rendering_Image Credit Kobi Karp 1170x435

Regency Development Group wants to build townhomes near Lincoln Road in Miami Beach.

The Chicago-based developer has filed a proposal for a 10-unit project at 1701 Jefferson Avenue, at the corner of 17th Street, a block north of the Lincoln Road shopping promenade.

Called the Villas on Jefferson, the Kobi Karp-designed development would be split between two buildings, each housing five units spanning roughly 2,800 square feet. All residences will be five stories high and include a two-car garage on the ground floor.

The Miami Beach Historic Preservation Board will hear the proposal April 9.

Regency Development Group, led by Michael Troyanovsky, bought the half-acre site for $4.4 million last year, according to property records. The vacant parcel is now used as a parking lot for the nine-story office building at 1688 Meridian Avenue.

A representative for Regency Development Group did not immediately respond to a request for comment.

The previous owner had proposed a 40-unit residential building with a workforce housing component that the Historic Preservation board approved.

 

Source:  Commercial Observer

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Sumaida + Khurana Proposes Five-Story Office Building In South Beach

1100 Fifth Street-Miami Beach-Photo Credit-Miami Dade County Property Appraiser 1170x435

Less than a year after starting construction of the Fifth Miami Beach office project, Sumaida + Khurana is proposing a second office building in the city.

New York-based Sumaida + Khurana, led by Amit Khurana and Saif Sumaida, wants to develop the 101,400-square-foot building with a ground-floor restaurant on a 0.8-acre lot at 1100 Fifth Street, near the MacArthur Causeway exit ramp, according to the firm’s filing to the city.

The property owners, Roslyn and Norton Nesis, as well as Robert and Miriam Weiss of Weiss Properties, are partnering on the project.

The building is designed by Pritzker Architecture Prize-winner Eduardo Souto de Moura, in collaboration with Zyscovich and Gabellini Sheppard.

The Miami Beach Planning Board is expected to vote on the project at its meeting on April 25.

If approved, construction is expected to start in the middle of next year, and completion is expected in the summer of 2026, Khurana said.

 

Source:  The Real Deal

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Raccoon Coffee To Open At Wynwood Haus

Raccoon Coffee-Photo Credit Raccoon Coffee dot com 1170x435

A coffee shop will open at the recently completed Wynwood Haus mixed-use project.

Raccoon Coffee leased 1,800 square feet at 23 Northeast 17th Terrace in Miami, marking the first retail tenant at the development, according to the landlords’ news release. Wynwood Haus is in the Arts & Entertainment District, which is south of Wynwood.

Raccoon Coffee will operate a full-service food truck in front of its space until the interior buildout of its new space is finished and the restaurant moves in by year-end, the release says.

The homegrown brand, started by the Di Frisco brothers, also has Miami outposts at 609 Brickell Avenue in Brickell and 330 Northeast 30th Street in Edgewater.

Black Salmon, led by Jorge Escobar and Camilo Lopez, as well as Bridge Investment Group and LD&D, which collaborated with IGEQ, completed the 20-story Wynwood Haus building this year with 224 multifamily units and 5,500 square feet of ground-floor retail space.

Black Salmon, LD&D and IGEQ are based in Miami. Led by Jonathan Slager, Bridge Investment is based in Salt Lake City, Utah.

 

Source:  The Real Deal

 

 

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The Gateway at Wynwood Targeted In $101.7 Million Foreclosure Lawsuit

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A $101.7 million foreclosure complaint was filed against the Gateway at Wynwood office complex and a nearby bank office.

On March 19, Wilmington Trust, a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint against 2830 Wynwood Properties and Gateway at Wynwood LLC.

The 14-story office building at 2916 N. Miami Ave. is targeted for seizure by the lender. With 490 parking spaces, 25,000 square feet of retail space, and over 200,000 square feet of office space, it has a total area of 418,337 square feet. On the 1.11-acre plot, it was finished in 2021. The 5,187-square-foot Chase Bank bank branch at 2994 N. Miami Ave. is also the subject of the case. The building, which occupies 11,383 square feet, was bought by 2830 Wynwood Properties in 2015 for $7.4 million.

In February 2023, A10 Capital granted $109.7 million in mortgages to Gateway at Wynwood and $3.3 million to 2830 Wynwood Properties. The loans represented a refinancing of the office building’s construction loan. Afterwards, the loans were moved to a CMBS fund by A10 Capital. In accordance with the lawsuit, the borrowers owe $98.68 million and $3.04 million, respectively, plus interest and fees, after they stopped making payments on the loans on December 1, 2023.

On February 27, the lender sent a letter to Aron Rosenberg of R&B Realty in New York, requesting repayment of the debt.

The Gateway at Wynwood was one of the first office buildings constructed in the Wynwood area. According to a recent online listing, 80,031 square feet of space in Gateway at Wynwood is available for lease. The asking rate was $70 per square foot.

 

Source:  SFBJ

 

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Aventura MOB Under Construction Hit With Foreclosure Suit

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A 142K SF medical office building under construction in Aventura is the subject of a foreclosure lawsuit while its developer looks to sell it for $90M.

An affiliate of Rok Lending filed suit against Gomez Development Group alleging that the Miami-based developer has defaulted on a $15M loan for the property at 21291 NE 28th Ave., where Gomez is building a speculative medical office building.

The suit from Aventura-based Rok alleges that Gomez Development entered into the mortgage in May but stopped making monthly payments on the debt in July. Rok is seeking a $16M judgment to recover the loan’s principal, interest and fees, and asked the court to also allow the firm to recover attorneys’ fees.

Rok is suing Aventura Eco-Offices Property Owner LLC, an affiliate of Gomez Development, and the firm’s managing partner, Marlon Gomez, who personally guaranteed the debt, the lender claims. The suit was compiled by property intelligence platform Vizzda.

Gomez is negotiating with a new lender to refinance the debt and maintain control of the property, he wrote in an email.

“While our project faced hurdles securing construction financing these last few months due to challenges many lenders are facing with their current portfolios, we’ve found a new private lender to work on refinancing our current loan and enabling us to utilize CPace as an alternative financing to fully capitalize and complete our project,” Gomez told Bisnow

Gomez paid $19M for the 1.6-acre site in October 2021, property records indicate. His firm secured a $45M loan from Los Angeles-based Parkview Financial in 2021 to begin construction on the planned seven-story medical office with a four-level parking garage adjacent to Aventura Hospital and Medical Center.

The project, designed by Miami-based Caymares Martin, was originally slated to deliver by the end of 2022 but remains under construction. The Parkview loan was fully paid off last year with a final closing balance of around $10M, Karina Parada, the firm’s marketing director, told Bisnow.

Gomez said the Rok funding helped pay down the Parkview loan and also covered costs on pre-development and site utilities, infrastructure and foundation work, which is now completed. Vertical construction has commenced and the firm is aiming to deliver the building before the end of the year, Gomez said.

The unfinished project is being listed for sale by Fortune International Realty broker Cesar Sanchez. The building will seek LEED Gold Certification and will include around 100K SF of rentable medical office space and a 5K SF ground-floor retail space, according to a marketing brochure for the property.

“We are confident in our project’s value, with our land’s value doubling that of our current loan and we are communicating openly with our current lender regardless of any claims being made,” Gomez said. 

 

Source:  Bisnow

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Miami’s New Julia Apartments Aim At Young Professionals In Emerging Allapattah

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“The building was designed from the perspective of a woman,” said Lissette Calderon, the CEO of Neology Development Group, as she walked through a corner unit at The Julia, her newest multifamily property in Miami. “Or at least, what I look for in apartments.”

The 323-unit Julia is named after Julia Tuttle, the only woman to have founded a major American city. In the late 1800s, the property owner convinced oil magnate Henry Flagler to extend his rail line to the Miami River, which laid the groundwork for the modern metropolis that would become Miami.

Calderon is somewhat of a maverick, too. A first-generation American and the daughter of a maid, she founded Neology Development Group at age 28. In 2004, the Miami native completed her first development, the 20-story Neo Lofts condo complex along the Miami River.

After years of developing condos, Calderon noticed a gap in the rental market for young professionals, much like herself. That demographic wanted — and still wants — to live in amenitized apartments at reasonable prices near their workplaces, but could not yet afford glitzy neighborhoods such as Brickell and South Beach.

So in 2017, Calderon moved on to Allapatah, an industrial district that’s home to two major hospitals and the Rubell Museum, buttressed by Wynwood and Downtown Miami.

“It’s the belly button of the city, and it was the last authentic neighborhood that had yet to be reimagined,” the developer explained. 

While the types of projects that Neology develops have been criticized for gentrifying neighborhoods, Calderon contends that she’s not pushing residents out. The Julia’s 1.6-acre site previously held a cold-storage facility, and another development parcel was home to a pawn shop.

The Julia, Neology’s third Allapattah project, is scheduled to open this month with rents starting at $2,000 a month. With sweeping views of Sunny Isles Beach, Downtown Miami and Coral Gables, the 14-story property pays homage to Tuttle in its design. The orange-colored cabanas commemorate the oranges that Tuttle sent to Flagler to entice him to build farther south. The large black and white tiles in the lobby and pool deck were a popular design feature during Tuttle’s time.

“In the same way that Neo Lofts is the embodiment of the American dream, I hope The Julia is the embodiment for every little girl with big dreams,” Calderon said.

And, much like the American dream and women’s rights, movements that have at times prospered and stagnated, the area surrounding The Julia is still a work in progress.

But with Wynwood and Downtown Miami nearby, as well as the Rubell Museum, hospitals, and brand new buildings with rents starting at $2,000 per month it will not be a work in progress for long.

 

Source:  Commercial Observer

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Blocklong Wynwood Dev Site Listed For $31M

2200 and 2230 Northwest Second Avenue and 224 Northwest 22nd Lane in Wynwood_Image Credit Google Maps 1170x435

New York-based Abingdon Square is telling prospective buyers that a 0.7-acre assemblage at 2200 and 2230 Northwest Second Avenue and 224 Northwest 22nd Lane could potentially accommodate a skyscraper with 789 residential units under Florida’s Live Local Act, according to an offering memorandum.

The site is being marketed for $31 million. Abingdon Square, led by principal Benjamin Atkins, purchased the three properties for $5.1 million in 2013, records show.

Prospective buyers will be interested in knowing that they could build a potentially larger project under the Live Local Act, Ari Dispenza, who is marketing the site, said.

In Wynwood, the height of buildings is capped at five to eight stories, but developers can go as high as 12 stories in some areas of the neighborhood by offering public benefits. The Abingdon site’s current zoning allows for a five-story mixed-use development of office or residential with ground-floor retail, the offering states. A residential component could only have a maximum of 70 units.

But a project could score an additional three stories and 55 more units by providing public benefits, the memo states.

Yet, the memo primarily highlights the advantages of the Live Local Act, which allows developers to build new mixed-use or residential projects that can be as tall as buildings within one mile. The Abingdon site is within one mile of multiple high-rise buildings.

 

Source:  The Real Deal

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Rilea Launches Sales Of Rock ‘N’ Roll-Themed Condos In Wynwood

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Rilea Group is hoping to tap into buyers’ rock ‘n’ roll energy with its latest condo project, where buyers and residents can drive a fleet of Harley-Davidson motorcycles and relax in a vinyl record lounge.

The Miami-based firm is launching sales of a short-term rental-friendly project in Wynwood called The Rider at Wynwood, according to Rilea President Diego Ojeda. Ojeda said he even trademarked the phrase, “Take a ride on the wild side,” a play on Lou Reed’s “Take a walk on the wild side.”

The 12-story, 146-unit building, planned for 94 Northeast 29th Street, will be next to Rilea’s Mohawk at Wynwood, a planned 12-story, 300-unit apartment building at 56 Northeast 29th Street. Coastal Construction will be the general contractor for both, Ojeda said. Construction is expected to begin this year.

The Rider at Wynwood, which got its name in part because of its proximity to Brightline’s planned Wynwood station, will have units priced from the $600,000s to $1.8 million. Buyers will face no rental restrictions and can enter their units into a rental program or manage them themselves. Cervera Real Estate is handling sales and marketing.

The units will be delivered furnished, with high-end amenities that include Bertazzoni appliances, Cosentino Dekton countertops and Porcelanosa bathroom fixtures.

Condos offering short-term rental options have become a favorite for investors across South Florida because iInvestors can profit more from renting their units out for shorter periods of time than traditional rentals.

The Rider will have 11,000 square feet of retail space, divided between 5,000 square feet on the ground floor and the remainder for a 6,000-square-foot rooftop speakeasy lounge inspired by Sugar at East, Miami, that will be accessible via two private elevators. The rest of the rooftop will be for residents only.

 

Source:  The Real Deal

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$38 Million Mixed-Use Redevelopment Proposed In Miami Beach

Giller Tower Rendering_Image Credit Commercial Observer 1170x435

Architecture firm Giller & Giller wants to redevelop a trio of short retail buildings into a $38 million, mixed-use complex, according to a filing to The Miami Beach Planning Board, which will hear the proposal March 26.

Called the Giller Tower, the seven-story development would total 102,701 square feet at 3915 Alton Road, at the intersection with 41st Street near the Julia Tuttle Causeway. The ground floor would house retail space, floors two to four would be dedicated to parking, and the remaining stories would house 50,000 square feet of offices.

The property currently holds three low-rise retail buildings that were constructed between 1938 and 1954 and are leased to UPSMiami Fresh Fish Market, and restaurants such as Bagel Time Cafe and Grill House. Giller & Giller, a local architecture firm founded in 1944 that’s now led by Ira Giller, is based across the street at the historic, MiMo-style Giller Building.

While Giller & Giller would occupy a small portion of the proposed development, likely 2,000 square feet, “This is primarily a commercial office building leasing venture,” Ira Giller told Commercial Observer. “I think there’s a demand for new Class A office space in Miami Beach.”

Giller estimates that the development will cost $38 million. Construction could begin in early 2025.

The Giller family assembled the half-acre of property between 1980 and 1983, paying $730,000 in total, according to property records.

 

Source:  Commercial Observer

 

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Aventura Brightline Station Attracts Another Big Apartment Proposal

Ram Realty and Pinnacle Housing's Ojus Apartment Project Rendering

A new multifamily proposal in the Ojus neighborhood of Aventura is the latest in a string of signals that developers are leveraging the recently opened Brightline station in the area to add density to their projects.

Developers Ram Realty and Pinnacle Housing are proposing a 16-story apartment building at 19640 W. Dixie Highway, directly across from the Aventura Mall and Brightline station. The joint venture submitted a pre-application with Miami-Dade County for the project, which would include 334 units, 10% of which would be designated as workforce housing, set atop a four-level parking garage.

Site plans submitted to the county include a 2,900 SF ground-floor retail space marked for coworking and a dog-washing station. A fifth-floor pool deck would have amenities including a fitness center, golf simulator and 2,700 SF club room. The building, designed by Orlando-based architect Baker Barrios, would have units ranging from studios to three-bedroom apartments.

Apartments would rise on three sides of the pool deck starting on the fifth floor before shifting to cover only two sides of the property beginning on the ninth level.

The proposal is an update to plans originally presented in January 2022, leveraging zoning changes passed last year to increase the project’s density by 49 units, according to a letter of intent submitted by Edward Martos, a partner at Weiss Serota Helfman Cole + Bierman who is representing the developers.

The workforce housing units would be available for residents making up to 110% of the area median income, or $82,170 for a single person, Martos said in the letter of intent, which asks the county to provide feedback on the project at the next available pre-application meeting.

The joint venture paid $15.4M in January 2022 to acquire the vacant 2.25-acre parcel via an entity called 19640 WDH LLC, property records indicate.

The seller was an entity controlled by Miami Beach-based Privé Group, a development and land banking firm that has also proposed a new project near the Aventura Brightline station.

Privé Group filed a pre-application in January, disclosing plans for an 11-story office building with a 12-unit residential component connected by a parking garage at 18820 W. Dixie Highway, half a mile from the Ram and Pinnacle site.

That proposal also took advantage of changes to the zoning rules that increased the maximum allowable density in the county’s Ojus District. The neighborhood has attracted interest from developers since the Brightline added a station adjacent to the Aventura Mall in December 2022.

Aventura-based BH Group also filed a pre-application last January to replace eight small apartments and a vacant lot with a 132-unit apartment building spanning 232K SF, the South Florida Business Journal reported at the time.

Raphael Ammar, a preschool developer and operator, filed plans in August for an 18-story mixed-use project with 210 apartments called The Gateway in OjusThe Real Deal reported, and Lumer Real Estate and Goldberg Cos. filed plans in November for a 700-unit apartment complex in the neighborhood, according to TRD.

Mark Gilbert, a vice chair at Cushman & Wakefield who recently brokered the $48M sale of a 90K SF shopping center near Ojus in Aventura, told Bisnow earlier this month that the opening of the Brightline station was transformative for the area.

“The amount of residential growth and commercial activity in the region is probably unprecedented,” Gilbert said. 

 

Source:  Bisnow

 

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