Miami Beach Archives | Page 8 of 15

Oct 19 No Comments

Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

Author: Admin

Categories: Commercial News,Development,Miami Beach,Offices

Shvo is betting big on Miami Beach.

Michael Shvo’s firm is seeking to redevelop a 13-story office tower at 407 Lincoln Road, according to plans filed with the city.

The aging tower is one of the tallest office buildings in Miami Beach and is known for its clock display on the top. It sits directly in front of SoundScape Park.

The tower would mark Shvo’s third office project in the city.

But first Shvo’s firm has to acquire the property. An entity called EuroAmerican Group owns the building, which is split into 12 office condos, according to property records. Shvo’s filing with the city likely means a sale will soon be finalized. Shvo declined to comment and Michael Shvo could not be reached for comment.

Shvo tapped Foster + Partners and Kobi Karp as architects. Shvo will seek to completely renovate the exterior of the building and renovate the lobby, elevators and clock display, plans show. The renderings of the building look unrecognizable from the building’s current design.

Wealthy people have long flocked to Miami Beach, but mostly to live, not work. In recent years, developers have sought to capitalize on the wealth migration by building more office space for family offices and headquarters, as well as for the influx of tech and financial firms to the Miami area.

In addition to the Lincoln Road project, Shvo is building a six-story office building on Washington Avenue, and a 250,000-square-foot office building on Alton Road, both in Miami Beach. Shvo’s plans follow two major, controversial Miami Beach office proposals, one by Don Peebles, former Miami Beach mayor Philip Levine and Scott Robins, and another by Integra Investments, Barry Sternlicht’s Starwood and Michael Comras’ The Comras Company. The proposals, to be built on city-owned parking lots under 99-year leases, are heading to a referendum on Nov. 8.

An entity tied to Key International founder Jose Ardid bought the Lincoln Road office tower from the Financial Federal Savings & Loan Association in 1982, records show. In 2003, Key International sold the property to EuroAmerican Group, which lists Ivan Gonzalez Ruiz as president.

Shvo’s other major project in Miami Beach is the redevelopment of the oceanfront Raleigh and two other neighboring hotels. Shvo is planning to redevelop the historic Raleigh and build a 44-unit luxury condo tower. Rosewood Hotels & Resorts was tapped as the branding partner for the hotel.

Source: The Real Deal

Oct 12 No Comments

The Fontainebleau Miami Beach To Add 50K SF Events Center

Author: Admin

Categories: Commercial News,Miami Beach

The Fontainebleau Miami Beach has unveiled plans to build a 50,000-square-foot events center, which the hotel said will meet “the needs of the growing Miami market for business and leisure events.”

The center will be located adjacent to the 1,504-room hotel. It is expected to open in the first quarter of 2025.

Plans call for two ballrooms, 10 breakout rooms and a 9,000-square-foot rooftop deck. An indoor sky bridge will connect the events center with the hotel’s Tresor Tower.

In addition to the integration of digital amenities like LED walls, touchscreens and state-of-the-art audio and visual tools, the center will incorporate ecofriendly features, including rainwater collection, recycling systems and insulated glass designed to reduce energy use. The project has received LEED certification from the U.S. Green Building Council.

According to the Fontainebleau Miami Beach, additional details on the project will be released as construction moves forward.

The venue will add to the hotel’s existing 200,000 square feet of indoor and outdoor meetings and events space.

Source: Travel Weekly

Oct 03 No Comments

Trio Of Boutique Miami Beach Hotels Sell For Combined $100M

Author: Admin

Categories: Commercial News,Development,Miami Beach

Ahead of Florida’s peak winter tourist season, a trio of historic, boutique Miami Beach hotels traded hands recently for a combined $100 million, property records show.

In the most recent sale that closed last week, Boca Raton-based investor Opterra Capital paid $28 million for a Hilton Garden Inn-branded hotel in the Mid Beach neighborhood, located along a strip of resorts at 2940 Collins Avenue.

The art deco-style property, originally constructed in 1935, holds 96 rooms. The seller, Baywood Hotels, bought the 40,300-square-foot building for $12.5 million in 2013.

Across 30th Street at 3010 Collins Avenue, a joint venture between Assouline Capital and August “Gussie” Busch dropped $33 million for the Red South Beach Hotel — exactly triple its last sale price in 2009. The seven-story hotel, erected in 1939, features 110 rooms.

Busch is a descendant of Adolphus Busch, who co-founded beer giant Anheuser-Busch, while Assouline Capital is a Coral Springs-based real estate investment firm led by Tom Assouline.

In the largest transaction, Catalyst Capital Group, a Canadian private equity firm, bought The Balfour Hotel (pictured above) for $39 million. Built in 1940, the Balfour consists of two buildings along Ocean Drive in Miami Beach’s upscale South of Fifth neighborhood.

The 81-room property underwent a $4 million renovation, reopening in 2021, according to Lodging Magazine. Two year earlier, the seller, Moto Capital Group, paid $34.7 million for the 42,206-square-foot hotel.

Miami’s hospitality industry is recovering well post COVID-19.

More than 24,000 tourists came to Miami-Dade County in 2021, about the same as pre-pandemic levels in 2019, according to data from the county’s tourism board. The number of Miami hotel rooms booked this summer was more or less on par with the busy winter months.

Source: Commercial Observer

Sep 26 No Comments

Busch Family Partners With Assouline Capital To Buy Red South Beach Hotel

Author: Admin

Categories: Commercial News,Development,Miami Beach

Tom Assouline and members of the Busch beer family hope to make a splash in Miami Beach with their purchase of the Red South Beach hotel for $33 million.

A joint venture of Assouline Capital and Busch Real Estate, led by August “Gussie” Busch, paid $300,000 per key for the 110-room hotel at 3010 Collins Avenue, they said.

The buyers financed the deal with a $31 million loan from Michael Dell’s MSD Partners. Max Ralby of HKS Real Estate Advisors in New York arranged the financing.

The seller was 3010 Collins LLC, an entity led by French developer Simon Nemni, records show. The Moderne-style building, which in past lives has been called the Munroe Towers and The Villa Capri All Suites Hotel & Beach Club, among other names, was built in 1939 by Charles Rubin and designed by T. Hunter Henderson, according to the hotel’s website.

The property, which comes with a pool, restaurant and gym, last sold in 2009 for $9 million, records show. The buyers plan to renovate the property and reposition it by the end of next year, they said, though they will continue to operate it as a hotel.

Busch, a former football player at the University of Alabama, reality TV star and great-great-grandson of Anheuser-Busch co-founder Adolphus Busch, said his family’s investment marks the first of “many” to come in Miami Beach. The joint-venture partners said they’re looking at additional hotels, as well as multifamily properties.

Brigitte Lina with One Sotheby’s International Realty and Olivier Hannoun of Champagne & Parisi Real Estate co-brokered the deal.

Assouline said he’s been targeting underperforming hotels since the start of the pandemic. Last year, Assouline’s LWHT Property Management, a Coral Springs-based firm, paid $27.2 million for six boutique hotel and motel properties in Fort Lauderdale Beach. He has acquired and managed about $150 million worth of real estate in South Florida, he said.

The Busch family, among the wealthiest in the U.S., ran Anheuser-Busch until 2008, when Belgian-Brazilian conglomerate InBev completed a $52 billion hostile takeover of the company. A number of family members and heirs to the beer fortune have owned homes in South Florida.

Source: The Real Deal

Sep 21 No Comments

Miami Beach Looks To Expand Perks To Lure Developers To Build Cheaper Homes

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily,Trends

Miami Beach officials want more homes priced below market levels for local workers, and they’re willing to dangle financial incentives that could save developers hundreds of thousands of dollars to build them. However, a few area developers doubted the inducements would be a silver bullet to stimulate construction and make homes in one of the most expensive cities in Miami-Dade County much more affordable.

The Miami Beach commission voted unanimously this week to waive a slew of fees that developers wouldn’t have to pay, if they build lower priced homes for local workers. City officials are expected to give final approval by the end of the month.

“Housing affordability is key to quality of life. With the rising cost of land and construction and high interest rates, all of these driving factors are causing housing to be less and less affordable,” said Rickelle Williams, the city’s economic development director. “We’d like to encourage residents to live and work in the city of Miami Beach.”

Miami-Dade’s housing costs skyrocketed during the ongoing pandemic. Miami Beach saw one of the highest apartment rent increases in the county — a whopping 72% — over the past two years. Landlords have hiked rents to astronomical levels as scores of newcomers, many of them digital nomads earning high salaries in technology and finance, have arrived. In Miami Beach, builders typically pay fees to the city whenever they build a project. The menu of fees are meant to offset the impact their developments will have on community resources and the environment. Under the proposal that passed this week, Beach officials no longer would levy the fees on developers building housing priced for local workers.

Source: Miami Herald

Sep 19 No Comments

Miami Beach OKs Apartment Building Conversion To Boutique Hotel

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily

An investor plans to convert an Art Deco apartment building in Miami Beach back to its original use as a hotel.

Last Tuesday, the Miami Beach Historic Preservation Board approved plans for the Henry Hohauser-designed property at 1360 Collins Avenue. The owner, led by Jim Cavanaugh of Miami Beach, plans to redevelop the 25-unit building into a hotel with a new rooftop deck. The board greenlit the certificate of appropriateness for the partial demolition and renovation of the building.

The three-story building, constructed in 1939 as a 50-room hotel, now includes a ground-floor restaurant that replaced the former lobby. Records show 1360 Commodore LLC paid $2.8 million for the property in 2004.

The property owner plans to redevelop the building into a 46-room hotel with units ranging from 206 feet to 349 feet, add a rooftop pool, bring back the historic flagpole, and restore other historic features, including the banding and window eyebrows. The developer will also add back a lobby entrance and front lobby desk, according to the application. Miami-based Beilinson Gomez Architects designed the plans.

Source: The Real Deal

Sep 15 No Comments

Michael Shvo Plans Second Miami Beach Office Project

Author: Admin

Categories: Commercial News,Development,Miami Beach,Offices

Michael Shvo is doubling down on Miami Beach’s office market.

Fresh off obtaining city approval for an office project along Alton Road, Shvo has filed plans for a six-story office building at 1665-1667 Washington Avenue, according to city records.

The Kobi Karp-designed development would have 21,000 square feet of offices on the top five floors, 58 parking spaces, a 1,000-square-foot ground-floor coffee shop and a 5,500-square-foot rooftop amenity deck. The site is just over a quarter of an acre.

The Miami Beach Planning Board is expected to vote on the proposal Sept. 20.

Shvo’s eponymous New York-based company, through an affiliate, bought the property at 1665 Washington for $4.5 million in February, property records show. It currently houses a three-story office building spanning 10,000 square feet. The vacant lot at 1667 Washington Avenue was included in Shvo’s $103 million purchase of the Raleigh Hotel in 2019.

In his other South Beach office development, Shvo wants to build a 250,000-square-foot project that will include retail on the site of a commercial strip at 1656-1680 Alton Road — including the former home of Epicure Gourmet Market & Café — as well as an adjacent parking lot at 1677 West Avenue.

In June, the Miami Beach Planning Board approved vacating an alley to allow the project to proceed. The Alton Road building still needs design approval from the city.

Shvo’s office projects come as South Beach approaches a crossroads. Developers and some city officials are calling for office construction that would help shed the area’s party image. Yet, others are pushing back over traffic concerns and questions regarding demand to lease the space.

In November, Miami Beach voters will cast ballots on plans by two development teams — one led by Don Peebles, and the other by Integra Investments and including Barry Sternlicht as a partner — to build offices on separate sites near Lincoln Road.

Shvo, who started out as a broker before becoming a developer in New York, initially set his sights on Miami Beach’s oceanfront hotel market, with plans for redevelopment. He and his partners, Turkish investor Serdar Bilgili and Deutsche Finance, bought the Raleigh, South Seas and Richmond hotels for a total of $243 million in 2019. The partnership hit rough patches, with heated lawsuits erupting between Bilgili and Shvo. The suits were settled, with Shvo and Deutsche pursuing their plans for the hotels.

They plan to restore the properties and develop a 17-story, 44-unit condo tower on part of the Raleigh site. The high-end Rosewood Hotels & Resorts will manage the Raleigh and brand the new tower.

Source: The Real Deal

Sep 12 No Comments

South Beach Retail Property Trades For $39 Million

Author: Admin

Categories: Commercial News,Miami Beach,Retail,Shopping Centers

Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Robert Shor is back to buying, scooping up a vacant retail property across the street for $10 million.

Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to Orlando Garcia of Coral Gables-based Secured Debt Investments, according to records. The 9,000-square-foot condo is on the ground floor of a two-story building immediately north of the 1111 Lincoln garage and retail building.

Irma Figueroa and Vicki Freeman of the Comras Company represented the seller. Seth Gadinsky of Gadinsky Real Estate represented Shor.

In June, Shor sold the 60,000-square-foot commercial strip across the street at 1656-1680 Alton Road, as well as an adjacent 0.2-acre parking lot at 1677 West Avenue, to Michael Shvo, who plans to redevelop the property into a 250,000-square-foot office and retail complex. The property includes the former Epicure Gourmet Market & Café building.

Shor said an Ace Hardware store on that strip, set to close next year, will reopen in April in the vacant retail space he bought this week.

Alton Road, a main north-south connector on the western end of Miami Beach, is poised for more development after city residents in August approved a zoning referendum that allows for bigger projects in the Alton gateway area. The vote allows developers Russell Galbut and David Martin of Terra to build a taller mixed-use project at 710 Alton Road.

Source: The Real Deal

Sep 05 No Comments

Macy’s Building On South Beach Sells For $15.5M

Author: Admin

Categories: Commercial News,Miami Beach,Retail

A local developer acquired the retail building that houses Macy’s in Miami Beach for $15.5 million.

San Antonio-based 1675 Meridian Ave LLC, managed by longtime owner Terry Emanuel, sold the 102,009-square-foot retail building at the same address.

The buyer was SoBe Park LLC, managed by Ronny Finvarb, head of Bay Harbor Islands-based Finvarb Group. The deal included $9.3 million in seller financing.

The price equated to $152 a square foot.

The building was developed on the 1.15-acre lot in 1953.

Source: SFBJ

Aug 28 No Comments

Miami Beach Voters Pass Referendums Approving More Density For Some, Less For Others

Author: Admin

Categories: Commercial News,Development,Miami Beach

Residents of Miami Beach approved all six referendum questions on their primary ballot Tuesday, including a handful that will have an impact on development in the city.

The most impactful measure passed allows the developer of the Alton Road Gateway Project to increase the allowable density on its site.

Terra, which is replacing the community health center at 710 Alton Road, will be allowed to build to a 2.6 floor-area ratio, clearing the way for a roughly 15-story tower with about 120 units, office space and retail, Terra’s Russell Galbut told The Real Deal. In exchange for the allowable density — the site previously allowed 2.0 FAR — Terra has agreed to build a new health center and library across the street from its project.

A ballot measure that would force developers who are building in vacated city alleyways and side streets to get voter approval to increase their projects’ floor-area ratio also passed Tuesday night. Developers had previously been able to build denser projects than zoning allows by incorporating former city streets and alleys into their projects — they will now need to get a referendum approved to get that additional FAR.

“I was a bit disappointed, but not surprised,” that the FAR referendum passed, said Neisen Kasdin, a managing partner at law firm Akerman and a former mayor of Miami Beach. “I’ve always held the belief that the U.S. Constitution protects property owners’ rights to not be subject to popular vote.”

Another referendum passed that would allow developers to build denser residential projects if they convert properties zoned as apartment-hotels. The city voted to ban those types of properties last year, and now voters have approved an incentive for developers to convert those buildings to permanent housing.

“There is this idea that transient [developments] are viewed as disruptive,” Kasdin said. “This incentivizes developers from working on transient projects.”

Voters also approved adding a rule that the city’s Board of Adjustments, which hears land use and zoning cases, must have an architect among its seven members.

Source: Bisnow

Blog

Category: <span>Miami Beach</span>

Shvo Wants To Redevelop Aging Lincoln Clock Tower Building

The Fontainebleau Miami Beach To Add 50K SF Events Center

Trio Of Boutique Miami Beach Hotels Sell For Combined $100M

Busch Family Partners With Assouline Capital To Buy Red South Beach Hotel

Miami Beach Looks To Expand Perks To Lure Developers To Build Cheaper Homes

Miami Beach OKs Apartment Building Conversion To Boutique Hotel

Michael Shvo Plans Second Miami Beach Office Project

South Beach Retail Property Trades For $39 Million

Macy’s Building On South Beach Sells For $15.5M

Miami Beach Voters Pass Referendums Approving More Density For Some, Less For Others

What Can We Help You Find?