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9-Story Apartment Tower Proposed Near Aventura

BH Group has a property in the Ojus neighborhood west of Aventura under contract with a pending plan to redevelop it with apartments.

The Aventura-based developer filed a pre-application with county officials for the 1.21-acre site at 18440 N.E. 24th Court, 18451 N.E. 24th Ave., and 2327 N.E. 184th Terrace, which is just north of Greynolds Park. It has the four parcels under contract.

The property currently has eight small apartments and a vacant lot. It would be redeveloped to make way for the project.

BH Group wants to build a nine-story building totaling 232,055 square feet with 132 apartments and 162 parking spaces. There would be 19,254 square feet of amenities, including a rooftop pool deck. The developer would utilize a workforce housing density bonus in exchange for making 10% of those apartments workforce housing.

The apartments would range from 656 to 1,229 square feet. There would be 24 studio apartments, 54 one-bedroom units, 30 one-bedroom units with dens, and 24 two-bedroom units.

In order to build this project, BH Group wants the county to rezone the site from Ojus Urban Area District-Edge to Ojus Urban Area District-Center. The developer’s traffic study estimates the project would generate 583 daily vehicle trips.

Source:  SFBJ

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Wynwood Plaza Project Scores $215M Construction Loan

In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan.

Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for the Wynwood Plaza, a 1-million-square-foot office, apartment and retail project planned for 95 Northwest 29th Street in Miami.

The assemblage is anchored by the former Rubell Family Collection properties. Rubell moved its museum to a new space in Allapattah.

Newmark’s Dustin Stolly and Jordan Roeschlaub represented New York-based L&L and Oak Row in finding additional partners, according to a press release. Berkadia’s Scott Wadler and Michael Basinski arranged the construction loan. Bank OZK and other lenders have been providing large loans in South Florida, despite the challenging interest rate environment and the trend of banks pulling back overall.

Construction of the Wynwood Plaza will begin “immediately,” according to the release. The development could be completed in 2025. It includes a 12-story, 266,000-square-foot office building, a 509-unit luxury rental building, 32,000 square feet of indoor and outdoor retail space, and a 26,000-square-foot public plaza. Gensler is the architect and James Corner Field Operations is designing the outdoor spaces.

 

Source:  The Real Deal

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Hotel Development At Miami Beach Convention Center To Move Forward

Construction of a centerpiece hotel for the Miami Beach Convention Center will move forward this year, co-developers Terra and Turnberry announced.

Miami-based Terra and Aventura-based Turnberry said they hired Dallas-based Balfour Beatty as general contractor of the project and site work has already begun. They expect to start vertical construction of the Grand Hyatt Miami Beach Convention Center Hotel later this year and complete the project in 2025.

The 17-story hotel will have 800 rooms, making it the fifth-largest hotel in South Florida and the second-largest hotel in Miami Beach, according to the Business Journal‘s Book of Lists.

The hotel will include four floors of meeting and ballroom space, a resort-style pool deck, a signature restaurant, retail space, a lobby lounge and bar, and a sky bridge with access to the convention center.

It will be developed at the corner of 17th Street and Convention Center Drive.

The project will be privately funded.

 

Source:  SFBJ

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New Apartment Demand ‘All But Evaporated’

Demand for new apartment leases has “all but evaporated” as consumer confidence remains low and inflation continues to rise, according to the latest data from RealPage.

In other words, say farewell to the days of record-high household formations.

“We’ve never before seen a period like this – weak demand for all types of housing despite robust job growth and sizable wage gains,” RealPage Chief Economist Jay Parsons said. “It wasn’t just apartment demand that shot up in 2021 and plunged in 2022. The same pattern played out to varying degrees in other rentals and in for-sale homes.” 

Parsons and his colleagues also note that “while some pundits have suggested demand is slowing due to affordability challenges, there’s not yet any evidence that’s true within the professionally managed, market-rate apartment market,” adding that turnover, while normalizing, is still low and nearly 96% of renters were paying on time as of November 2022.

In addition, “there’s no indication renters are doubling up to any significant degree,” RealPage analysts say. “That may occur later, but as the publicly traded apartment REITs all reported in their last earnings call, it’s not a major factor yet.” What’s more, “there’s no “’flight to affordability’ –meaning that renters aren’t moving down from more expensive units or markets into more affordable units or markets,” according to RealPage. “The drop in demand came across all price points and in essentially all markets.”

According to Parsons, the cause is consumer confidence.

“Low consumer confidence means many American households feel nervous and uncertain, and that has a freezing effect on household formation and housing demand,” Parsons said. “Human nature is that when we feel uncertain, we’re much more likely to stay put – and that’s what happened in 2022.”

Rents for new apartments fell in December for the fourth consecutive month, declining by 0.4%. Rent have dropped by a cumulative 1.6% since September, according to RealPage. The deepest rent cuts were in tech-heavy markets like Austin, San Jose and Raleigh/Durham, as well as cities like Las Vegas, Phoenix and Sacramento, which all benefited from strong pandemic-era in-migration trends.

 

Source:  GlobeSt.

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Chetrit Group To Transform Miami River Waterfront With 4MSF Of Residence, Office, Retail, Hospitality

New York, NY-based developer Chetrit Group, a privately held real estate development company, has begun its transformation of six acres of Miami River waterfront located between I-95, Southwest Second Avenue and Jose Marti Park in Miami.

When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A office space, 30,000 square feet of retail, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues.

“The Miami River has been ripe for a new archetype of riverfront living, especially as the Brickell neighborhood continues to attract national companies and new residents to its urban core,” said Michael Chetrit of Chetrit Group.

Chetrit Group intends for the River District to bring high-end living, working, dining, shopping and yachting to the area with four new skyscrapers, a pair of two-story waterfront retail buildings, a marina and streetscapes inspired by Brazil’s tropical modernism aesthetic.

 

Source:  Connect CRE

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Four Projects Coming Soon To Wynwood

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

According to the Wynwood Business Improvement District, four projects are slated to break ground near North Miami Avenue within the next few years.

In late 2023, Rilea Group, a real estate development company based in Brickell, intends to start building The Mohawk Wynwood, a 12-story mixed-use building with 225 apartments, 22,000 square feet of ground floor retail, and 3,500 square feet of offices. The project includes a roof top pool deck, a dog park, a two-level gym, and a residents’ lounge.

The Mohawk Wynwood will be built on a 1.5-acre site at 56 N.E. 29th St. that the Rilea Group bought from Lombardi Properties for $22 million in June 2021. It is planned to be completed by late 2024 or early 2025, the Wynwood BID stated.

Another project by the Rilea Group, The Rider Wynwood will be a 12-story, 131-unit building with 6,000 square feet of retail, a rooftop deck pool, a dog park, a resident’s lounge, and a state-of-the-art gym.

According to the Wynwood BID, the project, which may be used as a short-term rental property, is expected to break ground in late 2023. It will be built on a 1.5-acre property at 94 N.E. 29th St. that the Rilea Group acquired for $12.21 million in October 2021.

L&L Holding and Oak Row Equities, a pair of real estate development firms with roots in New York, intend to build about 266,000 square feet of offices, 509 apartment units, about 26,000 square feet of retail, and a 25,000-square-foot outdoor public plaza at 95 N.W. 29th St.

L&L and Oak Row Equities (formerly known as Carpe Real Estate Partners) invested $53 million assembling the 2.85-acre site where Wynwood Plaza will be built.

The Related Group in Miami has teamed up with hotelier Sydell Group and New York-based TriStar Capital to build NoMad Residences at 280 N.W. 27th St. The project will include 329 short-term rental condos, 18,452 square feet of commercial and about 200 parking spaces.

The Related Group, TriStar Capital, and Lndmrk Development paid $26.5 million for the 1.25-acre site where NoMad will be built in September 2021. The project is expected to break ground early next year and projected to be finished in 2024.

 

Source:  SFBJ

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Craig Robins’ Dacra Buys Miami Design District Portfolio For New Mixed-Use Dev

Craig Robins has expanded his Design District fiefdom in Miami, buying a large chunk of the neighborhood that he helped make famous, the development’s owning entity, Miami Design District Associates.

Robins’ firm Dacra, together with several partners, bought a 15-building portfolio along NE 39th Street for nearly $200 million in a deal that closed December 22, according to people familiar with the transaction.

The sellers, Miami Beach-based Comras Company and Apollo Global Management‘s real estate trust, had signed furniture store Restoration Hardware to a portion of the portfolio last year, but the deal resulted in a lawsuit a year later and a store never opened.

Apollo, which originally provided a $220 million loan for the acquisition of the property, will provide seller financing in the deal, sources said. Apollo took over the property from the original owners, RedSky and JZ Capital, last year.

During an earning call this November, Stuart Rothstein, CEO of Apollo Commercial Real Estate Finance, said the trust was selling the portfolio, though he did not name the buyers.

The partners in the deal include Qatari firm Constellation Hotels Holding, developer Nadim Ashi’s Fort Partners, New York-based private equity firm Raycliff CapitalThe Real Deal first reported.

Most of the properties sit in an underdeveloped section of the neighborhood, located on the west end along Northeast 39th and 40th Streets from North Miami Avenue to Northeast First Avenue. The joint venture plans to build a mixed-use development that will be announced next year, said a spokesperson for Miami Design District Associates.

The deal gives Miami Design District Associates — a partnership between Craig Robins, L Catterton and Brookfield Properties — almost complete control of the district, which has become a mecca for luxury shopping in Miami, home to ChanelLouis Vuitton, and Gucci, among others.

 

Source:  Commercial Observer

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Turnberry Turns To Wynwood, Plans Mixed-Use Hotel Project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family.

Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock Soffer, will lead the project. AJC Partners, a family office based in Bloomfield Hills, Mich., is a partner.

A company led by Luis L. Bacardi sold the properties. The Turnberry affiliate financed the purchase with a $7.9 million loan from Terrabank.

The Bacardi entity paid just $2 million for the 0.7-acre assemblage in 2006. Bacardi is CEO of Rumbum Racing.

Rock Soffer, a partner at Turnberry, said the site will likely be developed into a hotel with a food and beverage component, and possibly office or retail. The site’s zoning allows for five stories, plus more if the developer takes advantage of bonuses.

Soffer said Turnberry is working with its design team and is patient when it comes to finalizing plans, but that it could break ground in two years.

“We want to see how the neighborhood will evolve,” he said.

The site is sandwiched between two major developments. To the west, PMG and Greybrook Realty Partners are building Society Wynwood, a 289-unit apartment development at 2341 Northwest Second Avenue. To the east, multifamily giant AMLI has a 316-unit apartment building under construction at 70 Northwest 25th Street.

AJC, Turnberry’s partner, is led by Michael Colman, Eric Bean and Richard Mark.

Soffer, through Turnberry Associates, is also working on a market-rate apartment project in Miami’s Little River. He’s partnering with Gaudi Castro and Jose Vizcarrondo on the development of 123 and 137 Northeast 79th Street.

In 2019, Soffer, Elion Partners and members of the Sredni family completed 17 West, a mixed-use building that includes a Trader Joe’s in Miami Beach.

 

Source:  The Real Deal

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Wynwood Norte Development Site Sells For $9 Million

APEX Capital Realty announced the recent closing of a 30,685-square-foot development site located at 475 NW 36 Street in Miami.

APEX’s COO/Partner Martin Bravo, Vice President Jamie Rose Maniscalco, and Commercial Advisor Thano Mazas represented the seller, C.G.Y. Corp.

The buyer, Evolve Companies, is a development, management, and construction firm focused on multifamily and student housing. With over 1 billion properties under management, Evolve Companies specializes in selecting, developing, and constructing properties all over the U.S. Southeast.

Evolve companies paid $8.975 million for the site.

The firm has now set its sights on Miami and has just recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

With a determination to grow its footprint in the Wynwood area, Evolve has counted itself among the many developers that have an increased desire for the Wynwood Norte area. Wynwood Norte has served for decades as a working-class, live-work neighborhood for the broader City of Miami. Due to its location within the urban core and close proximity to the Wynwood Arts District, Midtown, and Downtown Miami, developers are working at an accelerated pace to acquire properties in the area as it is now seen as the next great area for development.

475 NW 36 Street is located within the Wynwood Norte neighborhood and falls within the NRD-2 (Neighborhood Revitalization District-2) zoning overlay. The newly implemented overlay allows for additional benefits over the T6-8-O zoning including the transfer of development rights to increase density.

The site also offers access to fast-growing neighborhoods including Midtown Miami, The Miami Design District, Allapattah, Edgewater and Downtown Miami. With maximum exposure, the property is situated in an ideal location and offers a great opportunity to develop a project which will undoubtedly bring great success.

 

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Hotels Partner To Upgrade Lincoln Road

A beautification project to improve unkempt areas on the east end of Lincoln Road between the commercial district and the beach walk is advancing with the help of the owners of the Ritz-Carlton and the Sagamore South Beach hotels, who are investing millions of dollars.

The owners of the Ritz-Carlton, at 1 Lincoln Road, and the Sagamore South Beach, at 1671 Collins Ave., started plans to revitalize Lincoln Road’s 100, 200 and 300 blocks, hiring a team of consultants headed by planning and design consultants Kimley-Horn and architect Raymond Jungles, who designed the 1111 Lincoln Road (street closure) project.

The Ritz-Carlton, owned by Peter Kanavos, has invested private funds for the pre-development costs, including the consultant report and the vision and material design of the project, which aims to “restore a safe, upscale residential fabric with a sense of place to a district overbalanced by tourism,” according to communications from the hotel.

“We noticed for some time that the area around us was deteriorating,” said Mr. Kanavos, “and we also had been feeling for some time that our neighborhood needed more residents. As someone in the hospitality business, I know it sounds a little odd.”

Lincoln Road would thrive as a neighborhood with a more balanced mix between residents and the tourism industry, he said, because residents have a permanent stake in the community.

“So, we started looking at the surrounding area and said, ‘how can we make this area as dynamic as the plans that we have for our own hotel, our own block?’ And then we started thinking about the 200 to 300 blocks, and the fact that for 70 years now, since Morris Lapidus converted the Lincoln Road into a pedestrian mall, these last three blocks have not really been part of that, physically or functionally.”

The project would also seek to improve traffic flow and aesthetics on the 100 block of Lincoln Road, promoting more and better pedestrian access to the beach for residents and visitors. The block would remain open to vehicular traffic, but with an improved design of its landscaping, traffic flow and a realignment of the beach entrance.

It would also create “one of the largest continuous greenbelts in the US by connecting the garden ways of the Lincoln Road mall with the beach walk and provide residents and tourists with the ability to enjoy the commercial and natural pedestrian experience of an ‘emerald necklace’,” as the communications stated.

The aim, Mr. Kanavos said, is to connect the Lincoln Road mall to the beach, taking “the very central part of the city, the doorway to Lincoln Road, and really make it a showcase, which it really should have been.”

The Ritz-Carlton team also wants to create a park at the back entrance of the hotel, at the end of walkway to the beach. “We are looking at putting up an archway that was conceived by Morris Lapidus (who also designed the Ritz-Carlton) but never realized.”

The Lincoln Road renewal project would close the 200-300 blocks of Lincoln Road to vehicles, extending the pedestrian experience over the entire area. The redesign of those blocks would reinvigorate and increase business with a pedestrian garden way and other features, according to the project’s communications.

A residential component is also planned along the beach walk by the hotel, said Mr. Kanavos, following other developments, such as the Shore Club adding a residential tower with 65 hotel suites and 80 apartments.

The project, finally, aims to eliminate the blight and crime that is affecting the area, attract new private investment to upgrade businesses and provide more public showcases for the arts.

“We’re received nothing but support from the community,” said Mr. Kanavos. “The biggest hurdle is going to be, at the end of the day, finding the financing to start construction of the project,” which is projected to cost $23 million, covered in partnership with the city.

The project, he added, needs to pass the city Finance and Economic Resiliency, Land Use and Sustainability and Neighborhoods/Community Affairs committees. “I expect our upcoming committee meeting (Dec. 14) to go well,” he said, “and hopefully at that point, they will refer the project to the city administration to begin negotiating with us on the development agreement.”

In the 1980s, the Miami Design Preservation League commissioned a study, paid for by the city, where it recognized Lincoln Road as the central node in the city that connects the other activity sectors to the north and south, said Mr. Kanavos. “The logical connector between these developed nodes of activity is where we are. We have to functionally and aesthetically look the part. We’re essentially fulfilling the promise of that study that was done to take this central node of the city and really make it the flow-through connector, rather than the choke point that it is today.”

 

Source:  Miami Today

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