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Mixed-Use Allapattah Project Gets A City Green Light

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami.

Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue.

Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces, at 1400 NW 20th St.

The city’s Urban Development Review Board unanimously recommended approval with a condition and a recommendation.

Erick Valderrama, the company’s vice president of development, wrote of the project: “The property is situated in the up-and-coming Allapattah neighborhood and sits across the City of Miami’s General Services Administration building to the west. Given its zoning potential, the property is currently underutilized and is used as a single-story bank, with a drive-through and a large surface parking lot.”

He said, “The project’s maximum (floor space) as of right is 439,085 square feet and the project proposes to utilize an additional 9,829 square feet for a total of 448,914 square feet of public benefits … and trust fund contribution.”

Mr. Valderrama wrote, “… this project will revitalize the existing underutilized land into a vibrant development that will bring additional housing opportunities to the neighborhood, promote a pedestrian-friendly center, bring retail to activate the public realm, and improve the area’s vibrancy.”

The developer is requesting waivers from the Miami 21 zoning code that would:

  • Reduce required parking spaces by up to 30%.
  • Reduce access aisle width from 23 feet to 22 feet.
  • Substitute one commercial loading berth for two residential berths.

The project was designed by Corwil Architects. Alberto Cordoves, firm president, told the board about the design of the building, which will have a courtyard and a rooftop swimming pool and other amenities.

“This is a very interesting area, a great area. We are infilling almost half a city block. (The project) will take the pedestrian experience to the next level,” he said.

Mr. Cordoves added. “We hope to bring in one of the well-known coffee houses.”

Board Chair Ignacio Permuy commended the developer’s team for a beautiful presentation.

Board member Dean Lewis said, “Another well thought out project.”

Board member Robert Behar voiced a concern there won’t be enough room in the loading area for big trucks to maneuver.

Board member Willy Bermello complained of the building entrance, saying, “It just doesn’t read as an entry. You probably need signage … It doesn’t take away my support of what you want to do.”

Mr. Cordoves responded, “We can definitely study that.”

Mr. Permuy said. “You’ve done such a great job, with the building’s articulation, defining the corners … the void, that would be the entrance. You just need to – and I’m sure you will – make it work.”

Mr. Behar made the motion to recommend approval of the project, with a condition that the developer revisit the front entry and consider how to better articulate clearly the entrance, and a recommendation to study the loading area space and improve it.

 

Source:  Miami Today

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Developer Aims To Boost Density Of Project Near Aventura Brightline Station

Stellar Communities is seeking more density for an apartment complex planned in the Ojus neighborhood near the Aventura Brightline passenger rail station.

The Dania Beach-based developer, via affiliate 18801 WDH PO LLC, filed plans in May for 204 apartments in a 15-story building at 18801 W. Dixie Highway. It purchased the vacant site of 1.58 acres for $7.85 million in 2021.

The developer recently filed an administrative site plan review application with Miami-Dade County showcasing a new design and more density. The 15-story tower would now contain 245 apartments, 13,816 square feet of retail and 316 parking spaces, with 42 of them available for electric vehicle charging stations. It would secure more density by utilizing the workforce housing density program, which will require 10% of the apartments leased as workforce housing.

Totaling 318,652 square feet, Element Aventura would have a rooftop amenity deck with a pool, a gym, a yoga room, a clubroom and a barbecue area.

 

Source:  SFBJ

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Moishe Mana Nabs $275M Credit Line For Wynwood Assemblage

Real estate investor Moishe Mana scored $275 million in financing for his Wynwood portfolio, property records show.

The financing from Centennial Commercial Finance Group provided Mana a $275 million line of credit — of which he’s drawn down an initial $58 million loan, according to mortgage documents.

The portfolio spans 17 low-rise properties in the southwest section of Wynwood, a Miami neighborhood known for its colorful murals that’s welcomed a slew of tech companies in the past two years.

The assemblage includes the Mana Wynwood Convention Center, which hosted the Spectrum Miami and the Red Dot Miami art fairs during this year’s Art Basel season.

The site is set to become Mana Wynwood, a 24-acre mixed-use development. Mana announced the project in 2015 and last year tapped Sidewalk Labs, which is owned by Google’s parent company, to design and plan the master infrastructure. But construction has yet to commence.

It’s unclear how the funds will be used. A spokesperson for Mana declined to comment, and a representative for Centennial did not respond to a request for comment.

In Downtown Miami, Mana has reportedly spent over $500 million on 70 buildings, mostly along Flagler Street. Mana has touted plans to repurpose the properties into a business hub but, like in Wynwood, those endeavors have yet to come to fruition. Only one building, Nikola Tesla Innovation Hub, is under construction and is set to be delivered next year.

 

Source:  Commercial Observer

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Wynwood Streetscape Plan Under City’s Microscope

The Wynwood Streetscape Master Plan project is currently under a call cost evaluation by the City of Miami.

The streetscape plan was initiated in 2018 by the Wynwood Business Improvement District, which has partnered with the City of Miami, Miami-Dade County and the neighborhood’s private-public property owners.

“This is a very ambitious project,” said Manny Gonzalez, the BID’s executive director. “What we’re doing is with the city’s property valuations, we want to come up with a total data number that could be shared or that could be evaluated by the organization and by the property owners to see if that would be a way that we could contribute into the project with other sources of funding.”

The streetscape plan’s main aspects are to strengthen a sense of place, neighborhood identity through new green space and artsy aesthetics and improve the public landscaping experience.

The project would also build the community’s resilience to the impacts of climate change by promoting green infrastructure to mitigate urban stormwater runoff and encourage actions that reduce greenhouse gas emissions and improve the pedestrian experience with appropriate street furniture and lighting.

The BID is requesting new projects that are being constructed to follow the master planning guidelines that are going to be applied, he said.

“We could already have some aspects of the master planning in place, which will save us money in the end,” Mr. Gonzalez added. “When the projects come up, they’re doing their designs according to the master planning that we’re waiting for.”

The other aspect of the streetscape is the Woonerf, which is going to be the centerpiece of the master planning project.

The first-ever Woonerf would share the street with bicycles, pedestrians and automobiles, and would be designed to slow traffic and safely share roads, create new crosswalks and widen sidewalks. The lively street concept is projected to be on 29th Street and Northwest First Avenue, and 29th Street and Northwest Third Avenue, running from 29th to 25th streets.

“Property owners have already agreed to put money into it because we understand that nothing happens without public-private partnerships,” Mr. Gonzalez said. “We want to make sure our property owners are seeing the way that they’re helping us out by doing this work.”

 

Source:  Miami Today

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Bazbaz Buys Wynwood Development Site For Mixed-Use Project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood.

An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate investor who heads Miami Beach-based Centric Capital, according to his LinkedIn profile.

In 2003, Lang’s affiliate paid $1.7 million for the six vacant parcels, which are currently used as temporary parking lots.

Bazbaz is planning two interconnected buildings with 229 apartments and 79 extended stay hotel rooms according to Bazbaz’s website. The project will also include 45,000 square feet of office, 18,000 square feet of retail and 293 parking spaces.

In 2015, the Miami Urban Design Review Board approved Bazbaz’s architectural plans, which show an eight-story building and 12-story building connected in a L-shape. Bazbaz’s project is adjacent to another development site where The Related Group is also planning a two-building mixed-use complex.

 

Source:  The Real Deal

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Commuter Rail From Downtown Miami To Aventura Getting $103M From FDOT

The Florida Department of Transportation has agreed to commit $103.5 million towards Miami-Dade’s Northeast Corridor rail project, Brightline told investors last week.

FDOT’s announcement came in a November 9 letter to the county, Brightline said.

On the same day, FDOT also informed Broward that it would provide $74.3 million towards its commuter rail project on the same tracks from Aventura to Fort Lauderdale. The two counties are working together on the service.

That brings the total FDOT commitment for the new train service to $177.8 million.

Brightline expects to execute definitive documents with Miami-Dade in the next several months to allow the service on its tracks.

The Northeast Corridor is expected to run 13.5 miles and cost $682 million, including track and right-of-way access fees.

The county is seeking 50% funding from the Federal Transit Administration, 25% from the state and 25% from local funds, according to the project website.

Station locations are being studied at:

  • MiamiCentral/Government Center (existing)
  • Wynwood/Edgewater
  • Design District
  • Little Haiti
  • North Miami (near Northeast 123rd Street)
  • North Miami/North Miami Beach (near Northeast 151st Street)
  • Aventura (construction already nearing completion)

The service is expected to run 5 AM to midnight, with 60 minute headways. During peak morning and afternoon weekday rush hour times, headways would be 30 minutes.

Engineer HNTB is now working on 30% level rail infrastructure and platform drawings, after the county issued a Notice to Proceed to the firm in August.

 

Source:  The Next Miami

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Plans Submitted For Mixed-Use 1920 Alton, Designed By Gensler

Plans have been filed to build a mixed-use project called 1920 Alton Road in South Beach.

1920 Alton is planned to rise 5 stories and include:

  • 25,223 square feet of Class A office space
  • 8,284 square feet of restaurant space at the ground level (split between two separate tenants)
  • three residential units that will total approximately 13,271 square feet
  • a screened-in parking garage on the second level with 45 spaces

Gensler is the architect. Alton Office Holdings II LLC is the developer.

The LLC is controlled by three separate companies, each owning a 33.33% stake. They include WMB Resources of Dublin, Ohio (managed by Wayne M. Boich), Edge Park Realty LLC of Greenwich, Connecticut (managed by Andrew Mathias), and Beachbox Holdings II, LLC of New York (managed by Bruce Beal). A Related Companies logo is attached to the plan submittal.

A hearing before the Miami Beach Design Review Board is scheduled December 6.

 

 

Source:  The Next Miami

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Tech, Finance And Dining Fuel Wynwood Realty

Wynwood commercial real estate continues to flourish as several large tech companies, financial institutions and top food and beverage concepts continue to choose this desired neighborhood as their headquarters.

Over the past three to four years, Wynwood has been transformed thanks to vertical development, said Randy Carballo, senior vice president of CBRE Miami Office. With the extended variety of residential offerings now in Wynwood, corporations are competing to stay in this submarket.

“Rent levels have increased significantly, well north of 20%,” said Mr. Carballo. “The office product in Wynwood, a few years prior, was repurposed warehouses and smaller projects. Now, you have true Class A product, where construction and land costs have risen rental rates.”

In the Wynwood-Design District submarket, average asking rate per square feet is at $78.35 for Class A office space and $67 for Class B, according to Blanca Licensed Real Estate Broker’s Miami Office Market 3Q 2022 report.

The vacancy rate has declined since the highest point in 2020’s third quarter, from 53.5% to 27.7% for this year’s third quarter Class A office space.

The weighted average asking rate has increased 22.4% year-over-year, direct vacancy has also decreased 37.5% compared to the same time last year. There has been 212,316 square feet of net absorption – the change in occupied space, measured between this year and last year, with the space vacated and the newly constructed space. There also are 252,428 square feet of offices under construction as of this quarter, and 320,904 square feet of total space leased, according to the Blanca report.

Some of the new-to-market tenants include Knotel, leasing 38,400 square feet in Wyncatcher; MindSpace, leasing 30,000 square feet at The Gateway at Wynwood; and The Chef’s Warehouse, leasing 4,100 square feet of space in 545 Wyn.

About 1 million square feet of new development is coming online, Mr. Carballo added.

“Our team is representing LYNQ at Wynwood, which is a about 330,000 square feet of brand-new trophy office space on Fifth Avenue. And so, you’re continuing to see a flow of high-quality office space coming into this market for users who are looking for different offerings, but also large blocks of space that really don’t exist in the [overall] market.”

According to Colliers Miami-Dade County Office 22Q3 report, there are 40 office space buildings in Wynwood and the Design District and a total inventory of 1,955,890 square feet.

Colliers retail report for the third quarter shows 2,795,620 square feet of inventory for retail space and a total vacancy of 7.3%, with 9,010 square feet of net absorption,15,000 square feet of space under construction, and an average asking rate of $69.40 per square foot.

The growth in multi-family developments in Wynwood is opening the area’s retail and office submarket to be more of a live-work-play environment. “In a couple years, we’ll have north of 5,000 residential units in Wynwood,” said Mr. Carballo. “That’s saying a lot, because, two years ago we had less than 500 residential units there. So, the neighborhood is growing ten times, and with that comes new retail offerings, new food and beverage opportunities, new services into the neighborhood. Couple that with the future potential of the Brightline station coming soon… Wynwood has a long, long way to run, and it’s truly one of the more exciting neighborhoods than South Florida.”

In an October report prepared by Related ISG Realty with data from CoStar, the top retail leases in the Wynwood-Design District area in the last year include for 2610 N Miami Ave., leased by Metro 1 Commercial; 3711 NE 2nd Ave. for Eichholtz Furniture, leased by DWNTWN Realty Advisors; and 3800 NE Miami Ct., leased by Cushman & Wakefield.

The same reports estimate average asking rent for retail in Wynwood at $61.69, with 12.4% growth since last year.

Additionally, Endeavor Miami, the local branch of the global non-profit organization that supports entrepreneurs with the help of the John S. and James L. Knight Foundation, moved its Coral Gables office into Wynwood, a “strategic location” for the organization, said Claudia Duran, managing director. The new office is 3,000 square feet.

The Gateway at Wynwood, which has 24,041 square feet of flexible retail space and a total of 183,990 square feet of Class A office space, announced in May that tech start-up OpenStore is to lease about 26,000 square feet. At the same building, Baseline, an investment company, would lease 5,000 square feet of offices. Asian-Fusion Steakhouse Daliyah and Mizu Rooftop Garden are leasing about 6,000 square feet of ground floor space and 3,000 square feet of rooftop area, respectively.

Marcus & Millichap also moved its Miami office from The Waterford Business District, near Miami International Airport, into The Gateway at Wynwood, leasing 12,029 square feet on the seventh floor, paying substantially more than at its previous office space, the company announced in March. Venture capital company Funders Fund also leased 14,914 square feet on the building’s 10th floor, and Veru, a biopharmaceutical company, leased 12,155 square feet of office there too, according to the Business Journal.

PricewaterhouseCoopers, known as PwC, also closed a 38,409-square-foot deal at the 545 Wyn office building, according to the Commercial Observer; and Schonfeld Strategic Advisors has leased at The Dorsey, a mixed-use development in Wynwood, for a 20,000-square-foot space.

Other companies that have recently moved into the neighborhood include Spotify Technology, Blockchain.com, Live Nation, Chase Bank and Spearmint Energy, a renewable energy company.

Experts agree that the emerging housing development in Wynwood is contributing to the densification of commercial real estate in the area. “So, you’re going to see more and more service-oriented retailers that need to service those customers,” said Drew Schaul, executive vice president of advisory and transaction services at CBRE. “There are certain retailers that service a daytime population, and then there’s a group of retailers that not only [service] the daytime population, but also the residential population that call Wynwood home.”

 

Source:  Miami Today

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Miami Beach Seeks Development Partner For Art Deco Apartment Building

Miami Beach officials are contemplating partnering with a developer to renovate a city-owned Art Deco apartment building.

The Miami Beach City Commission on Wednesday authorized staff to move forward with crafting a request for proposals to partner with a developer that can fix up the Barclay Plaza Apartments at 1940 Park Avenue. Bidders can also include possible additions to the 1935-era building in their proposals.

Miami Beach commissioner David Richardson told his colleagues that allowing interested developers to build on the vacant area behind the three-story, L-shaped structure would make the project financially viable.

Miami Beach officials would enter into a private-public partnership and sign a 99-year ground lease with the winning bidder, according to a memo from City Manager Alina Hudak. A developer can also choose to maintain the Barclay as an apartment building with some workforce units, or reposition the property as an office project.

The project does not require a voter referendum, but any proposal would need approval from the Miami Beach Historic Preservation Board because the Barclay is considered a “contributing” building in the city’s Art Deco Historic District.

In 2014, the Barclay was condemned by the city, which then purchased the property a year later. The city paid the Miami Beach Community Development Corporation $5.4 million for the former affordable housing building. Since then, it has remained vacant.

Miami Beach also briefly listed Barclay for sale last year. Commissioner Kristen Rosen Gonzalez, the lone no vote on the RFP, said the better option is for Miami Beach to pursue funding from the Florida Legislature to renovate the apartment building.

“I don’t like this RFP at all,” she said. “I do feel strongly we can get the [state funds] to renovate the Barclay. Why give it away when we can do workforce housing ourselves.”

 

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Brightline Says Aventura Train Service Will Begin Within Weeks, Take 17 Minutes To Downtown

We’re just a few weeks away from Brightline beginning train service to Aventura, the company announced recently. An exact date will be announced soon, but will come before year end.

In the meantime, new details of operations in Aventura were released.

  • Trip time between downtown Miami’s MiamiCentral and Aventura is expected to take about 17 minutes
  • Trip times from Aventura to Fort Lauderdale will be 14 minutes, according to the Herald.
  • A ride from Aventura to Boca Raton will take 32 minutes.
  • Aventura to West Palm Beach will take 56 minutes.

Miami-Dade County will offer subsidized fares for a percentage of riders between Aventura and MiamiCentral.

Design of a pedestrian bridge to Aventura Mall is now 50% complete, according to SFBJ.

The 34,000 square foot station will have an autonomous market and lounges for Smart and Premium passengers.

There will also be a parking garage with 240 spaces, with prices starting at $5 for prepaid parking, rising to $12 if paid at the garage.

 

Source:  The Next Miami

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