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Housing Trust Group Plans Apartments Near Aventura

Housing Trust Group filed plans for an affordable/workforce housing complex near Aventura.

The Miami-based developer, through affiliate TH Aventura LLC, filed a pre-application with county officials for the Oasis at Aventura. It would rise on the 1.26-acre site at 18700 and 18790 N.E. 25th Ave., in the Ojus neighborhood.

The property is mostly vacant, except for one single-family home.

Totaling 104,344 square feet, the eight-story Oasis at Aventura would have 95 apartments and 65 parking spaces. Amenities would include a gym, a club room and an outdoor terrace.

HTG said the Oasis at Aventura would have 42 units for people earning up to 70% of area median income, 38 units for people earning up to 60% of area median income, and 15 unit for people earning up to 30% of area median income. The Florida Housing Finance Corp. has already awarded funds for the project.

 

Source:  SFBJ

 

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The Gateway At Wynwood Welcomes Three New-to-Market Tenants

As the Miami office market continues its strong recovery, The Gateway at Wynwood – the newest office building in the Wynwood area – has secured three new-to-market tenants totaling nearly 14,000 square feet.

Recently launched Spearmint Energy, a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, signed a lease to occupy about 3,500 square feet. Victory Polymers Corps., a resource to the construction and renovation trade for spray polyurethane foam insulation products and technology, will occupy nearly 4,000 square feet of space in the building’s spec suites. Ripple, a San Francisco-based company, has signed a lease to occupy about 6,500 square feet.

The Gateway at Wynwood was represented by Colliers’ Executive Managing Director Stephen Rutchik, Managing Director Tom Farmer and Director Tyler de la Pena in the office lease transactions.

“We are proud that The Gateway at Wynwood has become the place-to-be for new-to-market tenants entering South Florida,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, US Portfolio. “Leasing activity has continued to ramp up in the first half of 2022, and we are looking forward to continuing to welcome tenants to the building.”

Founded by energy industry veteran Andrew Waranch, in partnership with Kevin Kelley, CEO of Roscommon Analytics LLC, Spearmint is comprised of experienced energy professionals who combine innovative, cutting-edge financial hedging solutions and insight to bring projects to market that reduce waste while increasing affordable, long-lasting, grid-scale renewable energy. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading. The office will serve as Spearmint’s first office space and headquarters.

Victory Polymers, which is headquartered in Houston, Texas, supplies state-of-the-art formulations and backs them with unrivaled customer support. This will be Victory Polymers’ first office in South Florida.

San Francisco-based Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. With 15 offices in key technology and financial centers around the world, this will be the payment company’s first South Florida office.

The Gateway at Wynwood’s first office tenants began to move in January 2022. The LEED Gold Certified building has implemented practical and measurable strategies and solutions in areas including sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. Green buildings allow companies to operate more sustainably and give the people inside them a healthier, more comfortable space to work.

The Gateway at Wynwood offers about 195,000 square feet of leasable Class A office space and nearly 25,900 square feet of prime street-level retail space. Designed by renowned architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. The building recently announced OpenStore’s office expansion, as well as leases with Baseline, DALIYAH and MIZU Rooftop Garden.

 

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Wynwood Buildings More Than Quadruple In Value

A pair of warehouses converted to office space along the railroad tracks in Miami’s Wynwood Arts District sold for $18.75 million, more than quadrupling in value.

Wynwood Spaces LLC, managed by Martin Miculitzki of Block Capital Group in Miami, sold the buildings of 8,060 square feet at 100 N.E. 28th St. and 15,270 square feet at 85 N.E. 27th St., plus an adjoining parking lot, to WellMeaning Spaces LLC, managed by Eduardo Pelaez, CEO of Miami-based WellMeaning Investments, a family real estate office. W Financial REIT provided an $11.5 million mortgage to the buyer.

The buildings were constructed in 1971 and 1925, respectively. The site covers 33,320 square feet.

The buildings last traded for $4.6 million in 2014.

 

Source:  SFBJ

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Goldman Properties, JV Of Scott Robins And Philip Levine Propose Wynwood Projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district.

Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now proposes rentals only.

The Wynwood Design Review Committee is expected to consider both projects at a meeting on Monday.

Robins and Levine propose a five-story building with 203 units and 15,104 square feet of ground-floor retail on almost an acre at 35-83 Northwest 27th Street, according to the developers’ filing to the review committee. The Arquitectonica-designed project would have a rooftop pool, 40-space garage and eight parking spaces on the street.

The developers are partnering with Miami-based executive Martin Franklin and Franklin’s son, Sam. Martin Franklin co-founded frozen food company Nomad Foods as well as consumer products firm Jarden, now called Newell Brands.

Shortly before the onset of the pandemic in March 2020, Robins and Levine won approval from the city zoning administrator for a 120-key hotel with 72 apartments and 13,413 square feet of commercial space for the site, according to the developers’ submittal to the board.

“We didn’t think a hotel project was appropriate at this time in that area,” Robins said, although he didn’t entirely shut down a future hotel conversion.

Roughly 90 percent of the units would be studios, ranging from 500 square feet to 600 square feet, allowing for a smooth retrofit into hotel rooms if the market ripens for the use, Robins said. The remaining units will be one-bedroom apartments, ranging from 700 square feet to 800 square feet.

The rents will be market rate, but specific ranges have not been determined, he said.

Robins and former Miami Beach Mayor Levine previously partnered on the redevelopment of South Beach’s Sunset Harbour neighborhood. They sold a seven-building retail portfolio to Asana Partners for $68.8 million in 2018.

In Wynwood, Goldman Properties, led by CEO Scott Srebnick, filed plans for an eight-story Core Wynwood with 99,357 square feet of Class A workspaces and 10,101 square feet of retail and restaurants, according to the filing. The 0.6-acre site, which now consists of a one-story warehouse and parking lots, is at 373, 375 and 391 Northwest 24th Street and at 376 and 390 Northwest 25th Street.

The Perkins & Will-designed project would have floor-to-ceiling windows in parts of the building, a glass-enclosed grand staircase visible from the street, a two-story garage with 119 spaces and an art-adorned paseo connecting 24th and 25th streets, according to Wynwood-based Goldman’s submittal to the board.

In a nod to Wynwood’s stamp as an arts district, artist Mona Caron’s botanical murals will run the height of the building and artist Sam Cox’s hand-drawn characters will adorn the staircase. Goldman Global Arts, a consultancy led by Goldman Properties co-Chair Jessica Goldman Srebnick, is curating the art at Core Wynwood.

Goldman Properties’ founder, the late Tony Goldman, was one of the first to spot Wynwood’s potential. It was his life’s work to see the unrealized growth of neighborhoods. Goldman Properties played a major role in creating Wynwood’s image as an arts district with projects such as Wynwood Walls and Wynwood Garage.

If the Wynwood Design Review Board approves the proposals, construction of both is expected to be completed in the second half of 2024.

Wynwood has undergone redevelopment in recent years with office and residential projects.

The 13-story Gateway at Wynwood office building at 2916 North Miami Avenue and the 10-story 545wyn were completed last year.

In 2019, Wynwood Annex at 215 Northwest 24th Street and Cube Wynwd at 222 Northwest 24th Street were completed.

On the residential side, more than 2,200 apartment and condo units are on tap, including a proposal by Ironstate Development and Brookfield Properties for a 289-unit apartment complex at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

 

Source:  The Real Deal

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Miami Beach Hotel Sells For $684,000 Per Key

Irvine, CA-based Sunstone Hotel Investors, Inc., has acquired the 339-room The Confidante Miami Beach hotel in Miami Beach from an affiliate of Hyatt Hotels Corporation for $232 million ($684,000 per key).

The company will invest approximately $60 million to reposition the hotel into a premiere beachfront resort under Hyatt’s luxury, lifestyle Andaz brand. The renovation program will begin in phases, starting in the fourth quarter of 2022 with completion expected to occur in the first half of 2024 when the Hotel will debut as Andaz Miami Beach.

Sunstone expects the hotel will generate an 8% to 9% stabilized net operating income yield on the total investment in the hotel, including the planned repositioning.

The acquisition was funded from available cash and with $140 million of proceeds received from the company’s previously undrawn revolving credit facility. Based on the Company’s anticipated leverage ratio as of the end of the second quarter, borrowings on the credit facility are expected to bear interest at the rate of one-month LIBOR plus 1.50%.

 

Source:  ConnectCRE

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AMAC, ROVR Score $67M Construction Loan For Aventura Park Multifamily Project

AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan.

New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean Bank. The property is along the Oleta River, across from Greynolds Park.

Eddie Diaz led the Ocean Bank team that arranged the financing.

Aventura Park, designed by the architecture firm Anillo. Toledo. Lopez, will include a pool, gym and spa, as well as a six-story building with a 439-space garage. Medley-based Delant Construction is the general contractor.

Construction is expected to be completed in early 2024, according to the release.

An entity tied to AMAC bought the almost 3-acre vacant development site last year for $10.3 million.

 

Source:  The Real Deal

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Dolphins Owner Stephen Ross To Buy Deauville Hotel, Plans Luxury Complex In Miami Beach

Related Companies’ Stephen Ross is buying the historic Deauville Beach Resort in Miami Beach, enlisting star architect Frank Gehry to redesign the property.

The hotel, originally built in 1957, was the set of the famed Beatles performance for “The Ed Sullivan Show” in 1964. It’s said to have hosted President John F. Kennedy and Frank Sinatra.

The MiMo-style hotel has remained vacant following an electrical fire in 2017. The property fell into such disrepair that a Miami Beach official issued a demolition order in January, deeming the building structurally unsafe. A last-ditch effort to save the property, launched by the Miami Design Preservation League, failed last week when a Miami-Dade County board upheld the order.

The oceanfront property sits on 3.8 acres at 6701 Collins Avenue in North Beach, a historically working-class neighborhood that’s been gentrifying, thanks to Miami Beach’s soaring residential market during the past two years.

Ross has not revealed specific plans for the site, only divulging his intention to develop a “six-star hotel and luxury residences” designed by Gehry. The Pritzker-winning architect has designed iconic structures such as the Guggenheim Museum in Bilbao, Spain.

The Deauville project is “personal” for Ross, who partly grew up in Miami Beach and graduated from Miami Beach Senior High School.

“I know what this site means to the people of Miami Beach, and I know the potential to create a truly special development that honors the history of the Deauville while creating an iconic place for generations to come,” Ross said in a statement.

The Meruelo family bought the 540-room hotel for a mere $4 million in 2004, according to property records. After the 2017 fire, the property had been embroiled in a legal fight. In 2019, the Miami Beach government sued the Meruelos to maintain the 595,788-square-foot resort, as required for historically protected buildings. Some preservationists have accused the owners of letting the hotel decay on purpose, in hopes of tearing it down and building something new.

Miami Beach Mayor Dan Gelber said he would back a development project with Ross at the helm only because of Ross’ long-term vision.

“There are too many examples of folks buying and flipping parcels for quick payoffs, leaving the city with undeveloped and vacant properties for too many years,” the mayor wrote in an email to residents. “Steve is committed to making sure his design pays suitable homage to the original Deauville and wants to assure the entire neighborhood benefits.”

The developer is “not looking to increase density but needs more flexibility in the design possibilities,” Mayor Gelber added. It’s unclear whether Ross will retain parts of the original structure or move forward with a complete demolition.

Miami Beach residents will likely have a say. Mayor Gelber said he would ask the City Commission to put the development plans to a vote this November.

A number of questions remain unanswered, including whether Ross’ purchase has even closed. A representative for Related did not respond to a request for comment.

While the developer announced that he had bought the property — without providing a sale price — Mayor Gelber wrote that Ross had taken “the first steps to purchase the property” only last Friday by signing “documents that will allow him to acquire and control the parcel.”

It’s also unclear whether the project will be owned by Ross personally or his development firm, Related Companies, a powerhouse in New York’s real estate scene having built Hudson Yards and the Deutsche Bank Center, formerly known as the Time Warner Center.

Ross, who’s worth an estimated $8.2 billion, has a history of working outside of the firm he founded. After buying the Miami Dolphins in 2009, he renovated the Hard Rock Stadium, spending hundreds of millions out of pocket.

For Ross, the Deauville development represents another milestone in his growing South Florida real estate empire. Related Companies is in the early stages of developing an office tower in Brickell, one that could become Miami’s tallest. In West Palm Beach, Related has developed much of the city’s downtown, including a neighborhood-like shopping mall and an office building that nabbed Goldman Sachs as a tenant.

 

Source:  Commercial Observer

 

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Bakehouse Art Complex In Wynwood Gets City Grant For Building Upgrade

Miami city commissioners have chosen to give a sizable federal grant to help fund an organization that supports city artists.

At their latest meeting, commissioners allocated $2 million to the Bakehouse Art Complex Inc., a Florida not for profit corporation, to help pay for major improvements to its historic building at 561 NW 32nd St. in the Wynwood Arts District.

The complex is in an old Art Deco bakery and houses local contemporary artists, with studios and galleries open to the public.
The resolution was sponsored by Commission Chair Christine King.

The money is from American Rescue Plan Act (ARPA) of 2021 Coronavirus State and Local Fiscal Recovery Funds.

The city received American Rescue Plan Act funding to address Covid-19 and its impact on public health as well as address economic harms to households, small businesses, nonprofits, impacted industries, and the public sector.

The grant will help Bakehouse “undertake repairs and renovations to the structure and envelope” of its building, the resolution says.

A unanimous resolution had the commission “approving and confirming the city manager’s finding and recommendation that competitive negotiation methods and procedures are not practicable or advantageous to the city … (in this instance, and) waiving the requirements for said procedures.”

Bakehouse submitted a funding request to the city for ARPA funds in order to begin its repairs and renovations.

A city staff background memo on the fund request reads in part: “Bakehouse Art Complex is the only artist-purposed, non-profit-owned site of its kind and size in Miami’s urban core. It plays a major role in addressing a significant gap in the city’s cultural ecosystem, affordable spaces where artists can create, live, and engage with each other and with the greater community.”

“As real estate prices continue to rise, and with it the need for affordable work and living spaces for artists, it has the potential to leverage its land holdings in a way that can significantly increase the organization’s impact,” the memo reads.

Staff says redevelopment of Bakehouse ensures artists and art making will have permanence in the city, where real estate costs make this increasingly challenging.

The memo continues: “Due to the unique aspects of the Bakehouse addressing the need of the art community by providing a space where artists can create, it would be advantageous for the city to expedite the allocation and waive procurement requirements at this time.

“The Bakehouse Art Complex will undertake repairs and renovations to the structure and envelope of the organization’s existing building including addressing and upgrading electrical infrastructure, structural repair and remediation, life-safety issues, making necessary repairs needed for the 40-year recertification process, roof replacement, installing hurricane-impact window upgrades, updating building technology, and ensuring compliance with current building codes,” it reads.

In a letter to the city, Cathy Leff, director of Bakehouse Art Complex, wrote: “We believe with $2 [million], we can address, from now and over the next 24 months, immediate needed structural work and roof repairs. The remaining funds needed to cover other identified work will come from philanthropic donations and revenue derived when we finalize our partnership agreement to redevelop the 1.55 acres of our underutilized 2.3-acre campus.

“On that site, we hope to add critically needed affordable and workforce housing for artists and community members and rebuild some of our public community amenity and educational spaces,” she wrote.

Ms. Leff said about 70% of Bakehouse artists make less than $40,000 yearly.

“Several have lost their jobs and homes during the past two years as a result of the covid pandemic and are struggling to make ends meet. Three of our artists just this week lost their housing due to the doubling of their rent.

“We all know that the influx of new money, new residents, and new businesses to Miami during covid have impacted the cost of real estate, which has had a significant and detrimental impact on the communities we serve.

“If we wish to retain creative talent in Miami, all of which aligns with the City’s technology agenda, Bakehouse can be a model for and part of the solution for addressing affordability in both work and living environments and continue to provide workspace security and affordability to artists,” Ms. Leff wrote.

Bakehouse opened in 1985 to provide a permanent and affordable working home to artists of merit with financial need.

Community Development Block Grant funds from the city and Miami-Dade County were awarded then to help retrofit the abandoned bakery and convert it to a center of cultural production.

“The organization was intended to and has helped provide stability to a declining neighborhood as well as serve the community through free access and educational and cultural programming,” said Ms. Leff.

 

Source:  Miami Today

 

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Tucandela Buys Wynwood Building To Open Latin-Themed Nightclub

Tucandela Group bought a Wynwood building for $9.2 million with plans to open an outpost of its Latin-themed nightclub, according to Metro 1, which brokered the deal.

There are two Tucandela clubs, one in Mary Brickell Village outdoor mall and another inside The Palms at Town & Country shopping center in Kendall, a suburban town southwest of Miami.

The Wynwood club is slated to open the first quarter of next year at 2445 N Miami Avenue on the corner of 25th Street. The 12,404-square-foot site includes a two-story building, which spans 8,407 square feet.

The sellers, a joint venture between Link Real Estate and Jameson Equities, bought the property for $4.2 million in 2019, per records. The two firms, led by Dan Arev and brothers Joe and Richard Serure respectively, also own a one-story commercial building across the street that once housed a printing press.

 

Source:  Commercial Observer

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Wynwood Development Site Targeted In $23M Foreclosure

A developer that hoped to build a co-living apartment complex in Miami’s Wynwood Arts District has been hit with a $23 million foreclosure lawsuit.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, filed a foreclosure complaint May 5 against New York-based Wynwood Gateway II LLC. It targets the 27,650-square-foot property at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St. It has a four-unit apartment complex, but the site is mostly vacant.

The Collective, a New York-based co-living company that offers dorm-style residences, announced plans in 2019 to build its first Miami location on all five of those lots. It followed that up in 2021 by submitting a detailed site plan featuring a 12-story building with 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space and 163 below-grade parking spaces. However, construction never commenced.

According to the complaint, Gamma issued the $23 million mortgage to Wynwood Gateway II in 2019. The loan matured June 30, 2021, without being repaid, and the borrower owes the full amount of principal, plus interest.

Both design services firm Bliss & Nyitray and law firm Wernick & Co. have pending lawsuits against Wynwood Gateway II over alleged nonpayment for services they provided for the Collective project. The developer has yet to respond to either lawsuit and was declared in default by the court.

 

Source:  SFBJ

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