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Developer Plans Nearly 900-Unit Workforce Housing Project Near Allapattah

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily
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Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project.

Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed next to the Earlington Metrorail Station at 2100 Northwest 41st Street in Miami’s Model City, on the northern border of Allapattah.

Dimond’s Earlington Metro LLC paid $9 million to acquire the 99-year land lease from EH Development, led by Alain Lantigua, in August, records show. EH Development signed the lease with Saint James Community Development Corp. in 2020. Miami-Dade County owns the 7-acre property.

Arquitectonica is designing the project, which will include 856 apartments ranging from studios to three-bedroom units, as well as about 35,000 square feet of retail space, according to a press release.

 

Source:  The Real Deal

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Shvo Secures Approval For The Alton In Miami Beach

Author: Admin
Categories: Commercial News,Development,Miami Beach,Multifamily,Offices,Retail
the alton miami beach_photo credit sfbj 1170x435

Final approval was obtained by Michael Shvo for his mixed-use project in Miami Beach, which was created by the renowned architect Norman Foster.

The Alton, a six-story building, will have five luxury apartments, 17,000 square feet of ground-floor retail space, and 170,000 square feet of rentable office space. It’s unknown if the residential buildings will be rentals or condominiums.

This Monday, the Miami Beach Design Review Board unanimously approved the construction, after the city’s Planning Board’s approval three months earlier. Foster + Partners, the company that Foster started in 1967, is designing the complex, and Kobi Karp will be the local architect for it.

Construction is expected to begin next year.

 

Source:  Commercial Observer

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PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project

Author: Admin
Categories: Commercial News,Development,Leasing,Multifamily,Wynwood
Society Wynwood_Image Courtesy of Boardroom PR 1170x435

PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district.

The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy.

Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys.

Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

 

Source:  RE Business

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Wynwood BID Recertified For An Additional 10 Years

Author: Admin
Categories: Commercial News,Development,Multifamily,Offices,Retail,Wynwood
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Property owners in the decade old Wynwood BID recently voted resoundingly to approve its continuation for a second 10 years, through 2033.

The largest one-of-its-kind in Florida, the BID covers a 50-city-block neighborhood that has experienced an exciting transformation, taking it from an abandoned industrial zone to a bustling arts and nightlife destination.

More recently, Wynwood has become a desirable location for new office and residential developments, and now, major new hotels from the world-renowned Arlo brand and the soon-to-be-launched Moxy by Marriott. The approximately 400-plus property owners within the Wynwood BID’s boundaries signed affidavits supporting its renewal, with about 60 percent voting in favor. The final step was when the City of Miami Commission and Mayor Francis Suarez officially voted to approve the continuation of the BID at their Oct. 26 meeting.

“This recertification is a victory for our neighborhood, our residents, our businesses and our visitors,” said Manny Gonzalez, long-time executive director of the Wynwood Business Improvement District. “Our goal is to have another successful decade of embracing change like urban planning and landscape design while also working to maintain Wynwood’s place as an appealing cultural destination and creative center.”

During the past decade, Wynwood has experienced an exponential increase in visitors, with the number rising from 240,000 in 2013 to a staggering 15 million annually in 2023. Today, Wynwood supports 5,000 new jobs and generates more than 20 percent of the City of Miami’s parking transactions.

In partnership with the City of Miami Planning Department and Plusurbia, the Wynwood BID developed Miami’s first Neighborhood Revitalization District (NRD) plan to maintain the neighborhood’s distinctive street art and industrial feel, while encouraging a 24-hour community for live, work and play lifestyles. The BID has accomplished significant successes through its partnership with the City of Miami Police Department, resulting in a 60 percent reduction in crime. Additionally, the BID has made a substantial contribution of $3.5 million towards Wynwood Works, a program aimed at developing 5,000 micro units of affordable housing, and invested $1 million towards office development in the area.

The BID has also created a Clean Team to remove trash and debris daily to maintain a clean and attractive neighborhood. These notable achievements have garnered national recognition for the BID in the past decade, with awards such as being one of the greatest neighborhoods in America and being recognized for its Economic Development Planning by the American Planning Association (APA)

In the arts, Wynwood continues to thrive and be the home of the iconic Wynwood Walls, Museum of Graffiti, Margulies Collection, Mana Wynwood, Gary Nader Art Centre, recently opened Paradox Museum, and many more.

The neighborhood remains a center for over 3,000 units of unique retail, restaurant and nightlife businesses, including Zak the Baker, Oasis Wynwood, 1-800-Lucky, Gramps and UNKNWN. Annual special events such as Miami Art Week, Miami Music Week and Wynwood Pride fill the community with pedestrian traffic and excitement.

 

Source:  Community Newspapers

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Neology Development Group’s ‘Fourteen Allapattah Residences’ Apartments Tops Off

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily
14-Allapattah12-scaled_Photo Courtesy of Jaxi Builders 1170x435

Neology Development Group, led by CEO and Founder Lissette Calderon, has officially topped off the construction of “Fourteen Allapattah Residences,” Neology’s  third lifestyle-driven residential community in one of Miami’s most dynamic emerging neighborhoods, Allapattah.

The mixed-use residential tower will deliver 237 upscale studios, one- and two-bedroom apartments to Miami’s Allapattah neighborhood in 2024. Members of the development, design, and construction teams, including JAXI Builders, Inc., Behar Font Architects, and interior designer designBAR gathered on Friday, November 10, to commemorate the milestone in construction.

Fourteen Allapattah Residences is located at 1470 NW 36th Street, in the heart of Allapattah, a historic neighborhood that includes Miami’s Health District and borders Wynwood. Allapattah has quickly become one of Miami’s most sought-after neighborhoods. It boasts a cluster of elite cultural institutions (including the Rubell Museum and Superblue) as well as many new businesses, restaurants, and nightlife establishments. It’s also situated just a few blocks from Neology’s first Allapattah apartment community, No. 17 Residences, which opened in April of 2021 and leased up in record time. Neology’s second Allapattah community, “The Julia,” inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, will deliver 323 upscale apartments, also in 2024.

“We are incredibly excited to celebrate this significant milestone in the construction of Fourteen Allapattah Residences. This project is a testament to our commitment to enhancing the vibrancy of the Allapattah neighborhood and offering a truly exceptional living experience,” said Calderon. “With its upscale apartments, innovative amenities, and prime location, Fourteen Allapattah Residences is set to become a cornerstone of this dynamic community. We look forward to delivering a place that residents will be proud to call home in 2024.”

Fourteen Allapattah Residences is a two-building project with a 14-story building comprising 180 apartments and an adjacent five-story building with 57 apartments, including sought-after ground-floor walk-ups. It will offer studio, one- and two-bedroom units ranging from 450 to 1,000 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, energy-efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include a 10,000 square foot resort-style pool deck and clubhouse with poolside cabanas, curated original artwork, a multipurpose lobby, media lounges, , coworking spaces, conference rooms, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, a dog park with dog wash area, bike storage, virtual concierge smart package lockers, and a parking garage with electric car charging stations.

Fourteen Allapattah Residences is centrally located just two blocks from the Allapattah Metrorail Station, as well as in close proximity to the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center.  The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami, Frost Museum of Science and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach and Orlando.

Neology’s current ownership portfolio consists of 1,200+ apartments recently built or under construction in Miami’s urban core, with another 1,600 apartment units in the predevelopment phase and a pipeline of 2,000 additional units in South Florida and beyond.  Combined with 2,000 condo units previously built and sold, this represents a multifamily portfolio of nearly $2 billion.  Neology’s partner on this project is AOZA Fund, which has a history of creating long-term, sustainable real estate value in opportunity zones across the fifty states, and is directed by Dr. Peter Linneman, who has created a platform of successful real estate companies.

 

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Workforce Housing Outperforms But Experts Disagree Why

Author: Admin
Categories: Commercial News,Multifamily,Trends
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Workforce housing has a reputation for being a steady asset class for investors that appreciate its reliable cash flows.

Most residents that live in such housing are the backbone of cities and towns, serving indispensable roles such as teachers, policemen, and firefighters. Therefore, their jobs tend to be resilient during any economic headwinds, “offering a degree of recession resistance compared to more cyclical sectors,” according to a report by Cushman & Wakefield.

But how does the asset class fare during times of both high inflation and a job market that appears to be tightening? C&W has been monitoring this situation – particularly the inventory under its purview  – and it reports that so far the effects of these dual forces has been minimal, if that.

“The pinch of inflation tends to affect Class B renters more, which is why we consistently analyze our dataset for weaknesses that would signal an underlying frailty in the economy,” it said in its report. “Thus far, we haven’t found one.”

Demand has increased for these properties as more renters seek out affordable housing and as Class A renters seek out cheaper housing in the face of increasing rents.

“Those living in Class A residences stand to save an average of about $540 per month by trading to a Class B apartment, a 30% savings,” according to Cushman & Wakefield, which is wider than the $340 historical average.

But other feet on the ground disagree with some of these conclusions.

Jay Lybik, national director of multifamily analytics at CoStar Group, for example, tells GlobeSt.com that it is Class A multifamily residents that have the lowest rent-to-income ratio in the sector.

“For most Class A properties, it hovers near 20% compared to Class B and Class C which tend to be 30% or even higher,” Lybik said.

“Thus, these Class A residents are in the best position to absorb rent increases.” Lybik says he has no evidence of Class A renters “trading” down to Class B properties to save money. “As a matter of fact, Class A absorption has increased in each quarter so far this year.”

Masoud Shojaee, CEO and Chairman of the Board at Shoma Group, agrees, telling GlobeSt.com that he’s seeing renters at his Class A projects staying longer than ever.

“In the post-pandemic rental market, many renters now prioritize safety, cleanliness, and outdoor space and amenities, which has prompted some B renters to reassess their living situations.”

Lybik also argued that Class B renters have, in fact, been impacted by inflation.

“We saw that very clearly in the 2022 absorption,” Lybik said. “Class B absorption ended the year in the negative. One sign that these households struggled to afford the increases from 2021 and the beginning of 2022. In some cases, Class B residents moved in with a roommate, moved back home with parents, or in some cases moved to the cheapest unit available in the property that they already lived in.”

The crux of the matter is that Class B rents outperform because  its residents have a highly inelastic demand, according to Lybik.

 

Source:  GlobeSt.

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JV Agrees To Hero Housing Provisions In Aventura

Author: Admin
Categories: Aventura,Commercial News,Development,Multifamily,Retail
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The City of Aventura recently passed a measure that would offer reduced rents for teachers and first responders so they can afford to live near where they work. They call it the Hero Housing provision.

The Related Group and BH Group are the first developers to build a project incorporating the provision. The city allows the developers to boost the project’s density by agreeing to the rent reductions. Also, the builders promised to provide 10,000 square feet of storage space in the parking garage for the city, pay $125,000 annually for 10 years for the city’s on-demand vehicle service and pay $1 million to offset the impacts of the development on the city.

The Icon Aventura project will be 26 stories and will go up next to the Aventura View office building. It would feature 275 condos, 20 Hero Housing apartments and 12,000 square feet of retail on the ground floor of the new 10-story parking garage.

Miami-based Arquitectonica designed the development. The two joint venture partners acquired the four-acre site for $51 million in 2022.

 

Source: ConnectCRE

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Wynwood Project To Include 54 Small Housing Units

Author: Admin
Categories: Commercial News,Development,Multifamily,Retail,Wynwood
Alchemy-ABR-BCP Wynwood LLC's 12-Story Project At 18 NW 23rd St. 1170x435

The booming Wynwood Arts District is preparing to welcome yet another mixed-use residential development with ground floor retail.

Owner-developer Alchemy-ABR-BCP Wynwood LLC plans the 12-story project at 18 NW 23rd St.

The development is to become home to 178 residential units, 13,498 square feet of retail uses, and parking for 183 vehicles.

The City of Miami’s Urban Development Review Board is recommending approval of the project.

The site is bounded by Northwest 23rd Street on the north, Northwest Miami Court to the west, Northwest 22nd Street to the south, and North Miami Avenue on the east.

According to the attorney representing the developer, the property is within the Neighborhood Revitalization District (NRD-1), the intent of which is to facilitate Wynwood’s transition from an industrial district to an active, diverse, mixed-use neighborhood.

He said to accommodate 178 residential units, the owner-developer intends to utilize the Wynwood Transfer of Development Density Program.

In particular, the project will utilize the Affordable Housing Payout option, which allows for a 50% density increase subject to a cash contribution to the Wynwood Public Benefits Trust Fund.

The 54 bonus units provided will each be less than 650 square feet, as required, he said.

The developer is requesting waivers to the Miami 21 zoning code, which would allow:

  • A 30% parking reduction, for property near a public transit corridor.
  • Parking within the mezzanine level. This parking level will be masked with the required art treatment for 100% of the impacted area of the façade.
  • A 10% increase in lot coverage, for the first through eighth stories. This waiver will allow for the lot coverage of 87.71%, up from the base permitted lot coverage of 80%.
  • Reduction in drive aisle width.
  • A 10% increase in floorplate area above eighth story.
  • A 10% increase in rooftop enclosed area. This waiver will allow for an increase from 20% to 22% of the rooftop to be enclosed space. The project includes a 3,812-square-foot enclosed rooftop area, which will accommodate resident amenity space as well as back-of-house functions.
  • Parking in the second layer on primary frontage, and the secondary frontage, and all of this parking area will be masked by the required art treatment.

Arquitectonica is the architect.

The motion to recommend approval of the project passed unanimously.

 

Source:  Miami Today

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11-Story Apartment Complex Planned Near Brightline Station And Aventura Mall

Author: Admin
Categories: Aventura,Commercial News,Development,Multifamily,Retail
IQ Lofts Ruby-2530 and 2540 N.E. 192nd St. in Aventura_Photo Credit SFBJ 1170x435

IQ Concept Developments, led by Samir Dichy, and Sagewood Corp. have proposed an 11-story apartment complex just west of the Aventura Mall in the Ojus neighborhood.

The developers, through affiliate 2530 NE LLC, filed an administrative site plan with Miami-Dade County officials for the 0.66-acre site at 2530 and 2540 N.E. 192nd St. It currently has a few single-family homes. The site is located just east of the Scheck Hillel Community School and near the Brightline passenger rail station.

The same developer submitted plans to erect 36 rental units there in 2020. Using the county’s new workforce housing density bonus, which mandates that 10% of the units be workforce housing, it now presented a larger bid.

The project, known as IQ Lofts Ruby, would house 92 parking spaces, some of which would have electric vehicle chargers, and 90 units totaling 94,216 square feet of leasable space. Coworking space, a game room, a fitness facility, and a pool on the third level are among the features.

Dichy said he plans to break ground on IQ Lofts Ruby in the second half of 2024. Construction should take around 18 months.

 

Source:  SFBJ

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Hundreds More Residents Incoming: Wynwood Haus Begins Pre-Leasing

Author: Admin
Categories: Commercial News,Development,Multifamily,Retail,Wynwood
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Get ready for several hundred more residents in Miami’s urban core: Wynwood Haus has announced pre-leasing.

The 20-story apartment tower, which broke ground in June 2021, is set to welcome its first residents by year’s end.

Wynwood Haus will include 224 apartments, 5,375 square feet of ground floor commercial space. and 222 parking spaces.

Prices listed on the leasing website range from $2,734 for a 679 square foot 1-bedroom, to $3,955 for a 936 square foot 2-bedroom. There will also be studios available starting at 394 square feet.

The developers say the project rivals luxury high-rises, with 10-foot ceilings, intricate wood paneling, concrete accents, and luxe lighting.

The School Board Metromover station is a short walk away.

Black Salmon and LD&D, in partnership with Bridge Investment Group, are the developers.

Corwil Architects designed the building, with interiors by LD&D’s design division. Landscape design is by Enzo Enea.

 

Source:  The Next Miami

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