May 2024 | Page 2 of 2 | FIP Commercial

May 06 No Comments

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

Author: Admin

Categories: Allapattah,Commercial News,Development,Multifamily

river district 14 rendering_image credit river district 14 website 1170x435

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

May 06 No Comments

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

Author: Admin

Categories: Commercial News,Retail,Wynwood

Society Wynwood_Image Courtesy of Boardroom PR 1170x435

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

May 02 No Comments

Delilah Owner Eyes Venue On Miami Beach’s Lincoln Road

Author: Admin

Categories: Commercial News,Miami Beach,Retail

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

May 01 No Comments

Three Wynwood Buildings Assemblage Changes Hands

Author: Admin

Categories: Commercial News,Development,Hospitality,Multifamily,Wynwood

2324-2328 North Miami Avenue & 36-38 Northwest 24th Street aerial map_Photo Credit Google Maps 1170x435

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

Blog

Month: <span>May 2024</span>

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

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

Delilah Owner Eyes Venue On Miami Beach’s Lincoln Road

Three Wynwood Buildings Assemblage Changes Hands

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