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There’s A New COVID-19 Store In Miami & It’s The First Of Its Kind

There is a store in South Florida that is dedicated to protecting you from the novel coronavirus. COVID-19 Essentials in Miami is open for business in the Aventura Mall. The pop-store is gearing Floridians with all the necessary tools for the pandemic.

COVID-19 Essentials sells any-and-everything novel coronavirus related, but with a dash of Miami flare added to the mix. Nadav Benismitzky, the owner of the store, has been operating the brick-n-mortar shop for about three weeks.

Before you even set foot in the store, patrons are prompted to a thermal imaging machine. Working with Kent Services, the machine checks prospective shoppers’ temperature and ensures that they’re wearing a mask before entry.

After passing the scanner, you’ll enter the chicest COVID-19-centric store you will ever lay your eyes on.

They sell $9 hand sanitizers, portable UV lamps, infrared thermometers, and fashionable face masks.

All of the store’s masks are made with 100 percent cotton, N95-grade material, and some are fashioned with LED lights, Benimetzky told Narcity. In short, these aren’t your Walmart face coverings on display.

In Miami, there is zero-tolerance for drab, so Benismitzky set out to change the lackluster mask scene in the area. He says he got the idea to open the store because he was “tired of seeing the ugly N95 masks around town.”

Working with Aventura Mall, he was able to land a lease for a space in the Nordstrom wing of the shopping center.

With most of South Florida now under some form of a face mask mandate, and a continued spike in cases in-and-around the region growing more worrisome by the day, Benimetzky’s unique store could see more business.

For now, the store is a pop-up, but Benimetzky says they’ll “be here as long as the pandemic is here,” with hopes that it’ll be a permanent fixture at Aventura.

The next time you’re on South Beach with your cool LED mask, raise a glass to Bemimetzky.

 

Source:  NARCITY

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Pandemic Transportation Changes In Miami Could Become Permanent

Miami-Dade’s transportation picture has been in flux since the onset of the coronavirus pandemic, and many changes – including new safety strictures, increased telecommuting and a rise in non-motorized mobility – could prove permanent, experts say.

“This is a lifetime event that’s really going to change a lot of things, including transportation, how people work and where,” said Javier Betancourt, executive director of the Citizens’ Independent Transportation Trust. “And if anyone tells you they know for sure what’s going to happen, they’re lying to you.”

That’s not to say there aren’t indicators of where things are going. Following a nationwide shutdown to stem the spread of the virus, once-bustling workplaces have been replaced – either temporarily or permanently – by home offices connected digitally through email and apps like Zoom and Slack.

Working remotely, or telecommuting, has increased in recent years, but Covid-19 accelerated what would have been a much slower evolution. Only 7% of US workers telecommuted at least once weekly prior to the pandemic, according to the Pew Research Center. Once the virus hit, the figure shot up to 50%, an analysis by research group Brookings Institute found.

If a significant portion of people continue to work from home, Mr. Betancourt said, Miami-Dade’s transportation decision-makers must take a hard look at whether some transit and roadway expansion projects should proceed as previously planned.

“All these capacity-building projects need to be examined in light of reduced demand,” he said.

A directive to launch the first such examination here is incoming, said Aileen Bouclé, executive director of the county Transportation Planning Organization (TPO).

On June 18, the TPO Governing Board, comprised of every county commissioner, elected representatives from nine cities and a school board member, will consider an item from Dennis Moss and Rebeca Sosa that, if approved, will order a study of how telecommuting could reduce congestion across Greater Miami.

“They’ve made a very next-step request for us to start seeing what that looks like and if we can adopt any guiding principles or policies to help even out the demand on our infrastructure over a long period of time – where we can reduce the peak demand and congestion and have a better overall picture of a congestion-reduction strategy,” she said.

Another potential change that comes as a result of fewer cars on the road is fewer cars in driveways and garages, said Transit Alliance Miami Executive Director Azhar Chougle, whose nonprofit advocacy group has spearheaded the Better Bus Project to redraw Miami-Dade’s Metrobus route network.

Because driving to and from work is often the primary utility of a personal vehicle, he said, it becomes an unnecessary expense once that need is no longer there.

“Most cars are idle for more than 90% of the day,” he said. “Miamians who are used to just driving, even for the smallest possible trips, when you take the work trip out of the equation, there are interesting possibilities.”

One possibility already gaining traction is broader bicycle use across the county. But the shift from cars to bicycles and e-scooters isn’t as simple as swapping one mode for another. While some small pockets of the county have proper accommodations for so-called micro-mobility modes – bike paths, widened sidewalks and programs with bike- and scooter-share companies like Citi Bike and Jump – most of Miami-Dade is still inhospitable to non-motorized travel.

Before the pandemic, those deficiencies and others across Miami-Dade – including many parts of the county’s unincorporated area, where sidewalks on major roads are frequently nonexistent – were largely the concern of habitual bicyclists and residents who didn’t own cars.

Now, with half of the county’s workforce homebound, the absence of a safe, comprehensive route network for pedestrian and two-wheeled travel is glaring, Mr. Chougle said.

“Everyone has realized biking infrastructure here is terrible,” he said. “What we’ve discovered is just outright, major government failure.”

That failure, he said, is most pronounced in Miami and Miami Beach, the subjects of Transit Alliance’s most recent study, “Build it – Bike it,” which shows both cities have sorely undelivered on promises to create safe, usable, interconnected bike paths.

Miami Beach, which in 2015 adopted a comprehensive bike master plan, has to date built just 0.1 miles of protected bike lanes and has 3 miles of shared paths still under construction. Transit Alliance recommends 6.8 miles of protected lanes and 3.7 miles of shared paths.

Miami, which in 2009 adopted a similar plan, still has miles of its core network incomplete, with missing links between key arterial roadways across the city and no protected bike lane across the Venetian Causeway.

“Whoever is in charge of this network in the City of Miami, and whoever was responsible for the 2020 objectives in Miami Beach and them not having been completed, should be fired,” Mr. Chougle said. “It’s at the point where, can our decision-makers hold anyone responsible for these major failures, or are they just going to be looking at the same map 10 years from now?”

The good news, Mr. Betancourt said, is that the countywide pause everyone is experiencing provides a rare chance to rethink and refocus priorities and, compared to other infrastructure projects in the developmental pipeline, bike-specific enhancements are much cheaper.

“Transit and roadway expansions are investments that take billions of dollars to see through and decades to come to fruition,” he said. “Telecommuting and first-last-mile connectivity is low- to no-cost and can be done in short order. And people have now gotten used to it. There’s really a potential to continue that and build it up.”

Critical roadway and transit improvement projects will still come, including transit upgrades to six key commuting corridors outlined in the countywide Smart Plan. But questions of future capacity and ridership have made many local transportation experts rethink advocating for more expensive modes.

Talks on the subject among county, state and federal transportation officials are ongoing, according to Ms. Bouclé, who said a federally required transit ridership study planned for the fall will further help to inform the TPO of what demand will be for different transit modes.

“From where I’m standing today, the range of that demand is really something we have to focus on,” she said. “It’s a fair statement that our pre-Covid forecast may be quite different moving forward.”

Even if ridership never returns to levels prior to the pandemic, Miami-Dade will still need a transit system to serve a core ridership dependent on its services. In mid-April, roughly a month into pandemic-related closures, ridership on Metrobus, Metrorail and Metromover fell 80% below normal.

As of last week, according to figures provided by the county Department of Transportation and Public Works, ridership across the three modes combined, at 110,000 between June 8 and 12, is about 47% of what it was the same time last year.

Director Alice Bravo said her department is bringing on additional vehicles to accommodate the ridership increase while still providing enough space to minimize the spread of Covid-19.

“In terms of trains, when our numbers really fell off, we went to nine trains per hour but have now increased that to 14 and can increase it to 19 trains as demand grows,” she said. “In terms of buses, we’re going to bring some through vendors … for the I-95 express service and other vehicles to intersperse between ours on routes where ridership is increasing and they’re needed for social distancing.”

Many of the protective measures put in place – from disinfecting transit vehicles multiple times daily and nightly, maintaining hand sanitizers in all vehicles and at train stations, social distancing at county facilities, and installing vinyl curtains and polycarbonate doors to isolate bus drivers and their ventilation systems from riders – will likely continue “for a long time,” she said.

Ms. Bravo’s department is also experimenting with one possible solution to low ridership on some Metrobus routes: Go Nightly, a partnership with Uber and Lyft in which the companies provide rides in lieu of buses that before ran on eight nighttime routes.

Rather than take buses, transit users are instead asked to follow instructions posted at bus stops along the routes to use a smartphone app or call a number to get a voucher-paid ride along the routes and within a quarter-mile radius of the corridor.

“This is maybe something we can explore to provide some type of transit connectivity in areas where density is too low to provide bus routes,” she said.

As for other answers, Mr. Chougle said, the county may do well to examine how other large metropolitan areas proceed in improving transit in the wake of the coronavirus.

Miami-Dade has “responded really well” to the pandemic, he said. The question for every leader here is whether the county will emerge with a stronger or weaker transportation and transit system than before.

“Right now,” he said, “it’s not clear how that will go.”

 

Source:  Miami Today

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For Retail Sector, Liquidity And Communication Key To Surviving Coronavirus Crisis

Measures to contain the spread of coronavirus are still shifting by the day — and so are responses by investors, developers, builders, banks and buyers. To track the impact in real-time, RE|source Miami is asking area real estate professionals in various sectors for on-the-ground reports.

Today we hear from Michael Comras, president & CEO of the Miami-based Comras Company, which specializes in the development, leasing and sale of urban and suburban retail properties across South Florida.

As a principal in various development entities, Michael has also been involved in shaping retail in high-profile destinations including Coconut Grove, Miami Beach’s Lincoln Road, Design District, Wynwood, and Downtown Miami.

Q: How is the South Florida retail sector coping with the unfolding coronavirus crisis, and the economic slowdown we are experiencing?

In the short term, the market has been significantly impacted due to the government mandates requiring that all restaurants and non-essential retailers close their doors to curb the spread of COVID-19.

As a community, we need to acknowledge the challenging times ahead and recognize that by working collectively we will get through the pain and ensure that the retail and restaurant community lands on its feet. Now more than ever, tenants and landlords need to work in unison toward a common goal: sustaining business and our retail and restaurant economy.

Everything that existed prior to the coronavirus pandemic will exist again, but there is no silver bullet to solve the economic slowdown. The building blocks to recovery will depend on solid relationships and positive collaboration amongst all stakeholders.

Landlords do not want widespread vacancies and tenants want venues where they can grow their business and thrive. Fusing these objectives into a cohesive goal will allow the retail sector to reemerge stronger, faster. In addition, banks and lenders need to work closely with developers and property owners to make sure liquidity continues to flow. State and Federal financial relief will also provide necessary support.

 

What is the state of construction in Miami-Dade? Are real estate projects still getting built, and have timelines been delayed due to the virus?

The good news is that most construction projects in Miami are making headway and moving forward as planned, to the extent that the work can be completed in a safe manner. Construction firms are following strict guidelines to ensure social distancing inside job sites.

We expect to see delays in lease negotiations and leases that have not been executed. The permitting and approval process required for tenant interior buildouts will also take longer, and projects currently undergoing inspections may lag as there are new restrictions that will limit on-site inspections. In addition, the plan approval process will be extended by cities prohibiting the “walk-through” of plans. A process that provides for a quicker review of buildout plans.

 

Many retail tenants have shut their businesses. How are you counseling regarding landlords and rent concessions?

Communication is key. There is no one-size-fits-all strategy to resolve these issues. Every landlord has a unique relationship with their tenants and the parties must openly communicate to arrive at a sustainable solution that can work for both sides.

Local retailers and restaurateurs are integral to the fabric of our community and, unfortunately, they are the ones being most affected. In the spirit of working through a difficult time, all sides must be honest and transparent. Often, landlords are not privy to tenant sales figures, which is the main indicator of how a business has been performing. It will be important for tenants and landlords to look at the sales trends prior to the crisis to strategize towards a successful resolution.

Access to information can help guide landlords when evaluating potential rent concessions for their tenants. Solutions may include rent abatement, deferrals or other payment structures that allow both the tenant and landlord to navigate this hardship and remain open for business.

 

Do you anticipate that this outbreak will have a long-term, lasting impact on the way real estate projects are planned and designed?

Prior to COVID-19, retail was already going through a major transition, becoming more experiential and interactive. This will only become further pronounced as we emerge from this pandemic. At the same time, people are becoming even more accustomed to ordering goods online – since they have no other option at this time – and this could have a ripple effect on select brick-and-mortar businesses. Retailers will need to continue to improve their business’s online capabilities.

Miami is a unique “city of villages”, a series of walkable destinations such as The Miami Design District, Wynwood, Miami Beach, Brickell, Coconut Grove, Downtown Miami and South Miami. Connectivity, walkability, and revitalization will continue to fuel our local real estate economy. As human beings, we are social creatures who thrive on congregating and being a part of something greater than ourselves. Experiential retail will perfectly align with the pent-up demand people will have to enjoy experiences from dining and shopping to family entertainment once these stay-at-home measures are lifted.

There is no city as resilient as Miami. We’ve endured natural disasters with devastating hurricanes, deadly diseases with Zika and H1N1, and now the novel coronavirus – but with each setback we’ve come back stronger and have continued to thrive. This is a serious crisis that we will overcome. By supporting one another and working together, we will once again come out on top.

Source:  Miami Herald

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Aventura Evolving Into Medical, Financial Office Mecca

Medical Building South Florida

There is 436,514 square feet under construction in the city with internationally known Aventura Mall and high-end condominium towers.

All will be Class A offices in a city where most of the existing inventory, nearly 799,000 square feet of a total of 1.13 million square feet, already is Class A, according to JLL data.

Aventura’s office market is focusing on high-end corporate towers like Inmobiliaria’s Optima complex and a medical district with offices for physicians and other health care and wellness providers.

Construction of the 12-story, 96,000-square-foot Forum Aventura at 19790 W. Dixie Highway just outside city limits wrapped up last year. The Optima complex at 21500 Biscayne Blvd. is to get its biggest building later this year when the 28-story, 300,000-square-foot Optima Onyx opens in Hallandale Beach, Broward County’s southernmost city bordering Aventura. On the Aventura side, the nine-story, 84,401-square-foot Optima White and four-story, 29,621-square-foot Optima Red were completed in 2013.

The budding medical district is growing following expansion of Aventura Hospital and Medical Center, which upgraded and added 22 rooms in a $75.6 million emergency room buildout. It then embarked on a 513-space garage and a three-story, 60-bed patient tower bringing the total number of hospital beds to nearly 500. The hospital owned by publicly traded HCA Healthcare Inc. three years ago obtained a Level Two trauma designation, one of two in Miami-Dade County.

North of the hospital, the 12-story Aventura Medical Tower was completed last year by The Faith Development Group, bringing 105,000 square feet of medical office condos. The tower at 2801 NE 213th St. is comprised of a seven-story, 472-space garage under five stories of offices.

On its heels to the east will be the medical office project Ivory 214 and 12 I 12 Aventura, 10-story buildings to be connected by a pedestrian bridge over 28th Court west of Biscayne Boulevard.

 

Source:  DBR

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Gastro Health Joins Growing List Of Tenants At Recently Completed Aventura Medical Tower

aventura medical 1212x407

The Faith Group has recently added another signature medical group to its Aventura Medical Tower development.

Gastro Health, which specializes in the treatment of gastrointestinal disorders, nutrition and digestive health will be taking a 2,000-square-foot space in the Class A medical office building located within the Aventura Hospital district.

FIP Commercial represented the Landlord in the transaction and Carol Ellis Cutler of CBRE represented the tenant.

“As a result of having the Gastro Health Group in our other medical building in North Miami Beach (Venture Center), there was a great working relationship already in place and it made perfect sense to have them as part of the tenant mix in our Aventura Building,” commented FIP Commercial President/Broker Roy Faith. “Our in-house construction division will be handling the build out from A to Z and we are excited to deliver an exceptional space to them as soon as we can. There will also be some exciting announcements made in the next few weeks as to who else will be joining the building.”

 

Aventura Medical Tower was recently completed as a true Class A medical condo building and some purchase and lease opportunities remain. Please contact FIP Commercial for more information at 305.438.7740 or contact Roy Faith at Royfaith@fipcommercial.com or Julian Huzenman at Julian@fipcommercial.com.

 

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New York-Based Multifamily Investors Flock To South Florida

There is a wave of investors who are currently selling their New York-based properties to invest in the South Florida area. Why?

Mainly because of the recent rent control law and its negative impact on returns on investments. It has been estimated, for example, apartment property values dropped 20%-30% as soon as the laws went into effect. Some investors are now mainly focused on getting their money out of New York and are looking to invest in properties that will produce better yields—specifically in non-regulated rent control markets, such as South Florida.

Why South Florida?

“There is zero incentive for New York multifamily investors to purchase a building and spend money on renovations if they can’t raise rents in these rent-controlled environments. Florida has always been a market with attractive yields. This is why most NY investors are choosing South Florida,” says Rafael Fermoselle, managing partner of Eleventrust Real Estate. “They either have their New York properties under contract to be sold, have already sold them, are in 1031 exchanges, or in some cases looking for diversification.”

Investors are selling their assets in New York and reinvesting in deals that yield more and ideally, are located under one roof. However, since Miami’s inventory is compressed with a lot of smaller multifamily properties and it’s difficult to find buildings with high unit counts under one roof, investors are turning to multifamily portfolios that are comprised of 4 – 8 buildings totaling 50-120 units. Although not all under one roof, investors are finding the 100+ units they are seeking with room to add value.

“Investors are working closely with Eleventrust because we have the inventory other brokerages don’t, plus, many of the deals they are transacting are happening off market, which many investors prefer,” explains Fermoselle.

Opportunity Zones

Opportunity Zones are another big reason why this new wave of investors are looking to South FloridaMiami, Fort Lauderdale and West Palm Beach are among the best places to invest in Opportunity Zones. There are about 123 Opportunity Zones in South Florida, including 67 in Miami-Dade30 in Broward and 26 in Palm Beach counties.

“Almost 16% of South Florida’s commercial assets are located in Opportunity Zones, one of the highest rates in the nation,” Fermoselle tells GlobeSt.com.

Tax Savings

New York investors looking to move to Florida also benefits from the state not having an income tax for Florida residents. New York state tax rates range from 4% to 8.82%. Additionally, the effective real estate property tax rate for Florida residents is approximately 0.98%, compared to 1.68% in New York.

New York investors will also save on capital gains tax in Florida where the top marginal tax rate on capital gains in Florida is 25% and top marginal tax rates on capital gains in New York is 33.82%.

“We currently have 4 successful deals with New York investors including multifamily properties with 9-18 units,” says Fermoselle. “We also have properties located in emerging neighborhoods that are garnering interest from east coast investors.”

 

Source: GlobeSt.

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Chen Senior Medical Center To Provide Healthcare Services To Seniors From New Location At Recently Completed Aventura Medical Tower

Medical Building South Florida

ChenMed, a physician-led, privately-owned company committed to bringing superior healthcare to seniors, has signed a lease deal for 6,241 square feet at Aventura Medical Tower, located at 2801 NE 213 Street in Aventura.

FIP Commercial President/Broker Roy Faith and VP of Leasing Julian Huzenman represented the landlord, KVVS Investors, LLC in the lease deal. Lesley Sheinberg of NAI Merin Hunter Codman, Inc. represented ChenMed.

“We are pleased to announce Chen Senior Medical Center as the latest addition to our Aventura Medical Tower development,” commented Faith. “Chen brings a Primary care practice delivering superior healthcare for the senior community within the district and will create even more synergies within the medical building. We are looking to create an environment where the very best of the Medical community, providing a variety of different health care sectors, align with each other.”

The Aventura location is one of twelve Chen Senior Medical Centers in South Florida.

Aventura Medical Tower was recently completed as a true Class A medical condo building and some purchase and lease opportunities remain.

 

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Faith Development lands $23M construction loan for new Aventura office condos

Medical Building South Florida

With construction well underway, Faith Development just scored a $22.9 million loan to help finance its upcoming office condo project, Aventura Medical Tower, aimed at healthcare providers.

The loan was issued by TotalBank and covers Faith’s 70,650-square-foot development site at 2801 Northeast 213st Street, which sits only a few blocks from Aventura Hospital.

Details about the loan were not immediately available, though county records show this is the second piece of financing taken out on the land. The first was a $9 million balloon mortgage from Edward Faith in June 2015, when the Faith Development bought the assemblage for $8.51 million.

Faith Development’s plans for the site include a 12-story office tower, with its floors split between 7 parking levels with 472 spaces and five floors of office suites housing roughly 100,000 square feet, according to the developer.

The tower is being marketed to doctors and other healthcare providers, who could take advantage of the building’s planned first-floor pharmacy, a full-service valet and a shuttle traveling to and from Aventura Hospital.

Suites for sale in the building range from 817 square feet to a full floor with 19,882 square feet. The offices are being delivered raw, but Faith is offering build-to-suit options for buyers.

Read more at: The Real Deal South Florida

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