Multifamily Archives | Page 16 of 31

Jun 17 No Comments

County May Seek Bids In July To Redevelop 20 Acres Of Downtown Miami

Author: Admin

Categories: Commercial News,Development,Multifamily,Offices

County staff is still working on putting together a bid solicitation to be out in July to redevelop over 20 acres of county-owned land in downtown Miami.

“It seems like we’re pretty close to a July release,” confirmed Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Different county departments have moved forward on the necessary steps prior to putting out a solicitation, such as the water and sewer capacity analysis, electrical capacity analysis and goals for resiliency. A consultant is working on the specifications for a transit terminal.

The project aims to better use county-owned lands and meet community needs. Thus, it would include affordable and workforce housing, market-rate housing, open spaces such as parks, office space, a new library, a new historical museum, and a downtown intermodal terminal to provide bus bays for all buses terminating in the Government Center area.

As for resiliency goals, Commissioner Higgins said the Office of Resiliency is looking at LEED certification of buildings, water usage specifications, and green spaces.

“I’m not expecting to be that specific,” said Ms. Higgins when asked about the location of the parks. “I’m going to allow the private sector to be creative.”

Although all the requirements the county would provide will officially be known when the bid is published, staff expects it could take 10 to 15 years to complete the redevelopment.

The only element still in the works that could take longer to define is the transit terminal, Ms. Higgins told Miami Today. The intermodal terminal is a $35 million project that is part of the People’s Transportation Plan (PTP) FY 2022-2026, approved by county commissioners Feb. 2.

“It’s exciting to create a new neighborhood centered on affordability, centered on transit,” Ms. Higgins told Miami Today in a February interview. The downtown Government Center is already a hub of the county’s transit system, with the Metromover, Metrorail, bus system, and Brightline already providing services in the area.

As Miami Today previously reported, efforts to redevelop the Government Center area date to 2014, when county commissioners directed the mayor to provide a report for the plan, development, and maintenance of the county-owned property in downtown Miami.

In 2017, former Mayor Carlos Giménez presented a report on the county-owned properties, the redevelopment potential of some lands and assets, vacant parcels, and the potential opportunities. Since then, the county has been adopting rezoning ordinances to place the Government Center area in Transit Oriented Development (TOD) zoning.

“We’re going to be creating a hub downtown to live, work, and learn,” Mayor Daniella Levine Cava said in an April interview.

Source: Miami Today

Jun 13 No Comments

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

Author: Admin

Categories: Commercial News,Multifamily,Retail,Wynwood

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

Jun 06 No Comments

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

Author: Admin

Categories: Aventura,Commercial News,Development,Multifamily

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

May 27 No Comments

Miami Worldcenter Tower Project To Total 160,000 Square Feet After Land Purchase

Author: Admin

Categories: Commercial News,Development,Multifamily

The wellness component of the Legacy Hotel & Residences project at Miami Worldcenter is set to expand after the developer purchased a neighboring site.

Miami-based Royal Palm Cos., led by Daniel Kodsi, paid $4.45 million for the 7,500-square-foot property at 61 N.E. Ninth St.

Coral Gables-based Sin Bin, managed by Yueh-Chuan Shih and Chung-Shong Chang, were the sellers of the property, which has a 6,950-square-foot retail building.

The property last traded for $200,000 in 1996, so it had a huge gain in value. Back then, the Overtown neighborhood was an often-overlooked area, but now it’s been transformed by the $4 billion Miami Worldcenter mixed-use project.

Purchasing the additional land will allow the health center to total 160,000 square feet, a 60% expansion.

The general contractor of the project is Fort Lauderdale-based Moss Construction. It was designed by Miami-based Kobi Karp Architecture.

Source: SFBJ

May 26 No Comments

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

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily

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

May 10 No Comments

Hyatt Proposes Massive Mixed-Use Project In Downtown Miami

Author: Admin

Categories: Commercial News,Development,Multifamily

Hyatt Hotels and Miami-based developer Gencom unveiled plans this week to transform the waterfront site of the Miami Hyatt Regency into a massive luxury mixed-use project.

The proposal, designed by Arquitectonica, features three skyscrapers. One tower will hold a Hyatt hotel, featuring 615 rooms and 264 serviced apartments. The two others will function as residential buildings, housing 1,542 rental apartments in total.

The three structures will sit atop a podium that will have 190,000 square feet for large gatherings such as conferences, 12,000 square feet for retail, 20,000 square feet for coworking offices and 1,100 parking spots, according to the joint venture. The project will also include a 50,000-square-foot public park, portions of which would face the Miami River.

The current development, located at 400 SE Second Avenue adjacent to Brickell Avenue, was built in 1982 through a city-approved ground lease. It holds the James L. Knight Center theater and a Hyatt hotel, both of which will be demolished if the proposal is approved.

“Our team’s privately financed upgrades will help ensure the Hyatt hotel site remains a critical economic engine for decades to come,” Phil Keb, executive vice president of development at Gencom, said in a statement.

Back in 2018, Hyatt proposed another redevelopment project that never got underway. With the current ground lease set to expire in 2027, the joint venture is seeking to extend the lease from 45 to 99 years.

To secure approvals for the project and the revised lease, the Miami City Commission must first OK the plans. Afterward, Miami voters would have the final say when the proposal is placed on the ballot this November.

If approved by a simple majority, construction would commence in 2025 and take about four years to complete, according to a spokesperson for the joint venture.

Source: Commercial Observer

Apr 25 No Comments

Aging Beachfront Condo Towers Are Hot Properties In Miami Beach

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily

Developers are targeting hundreds of aging condo apartment buildings in Miami Beach for acquisition so they can tear them down and build new luxury residential towers, zeroing in on towers approaching a 40-year deadline to recertify structural integrity.

At least eight waterfront condo buildings in Miami Beach currently are involved in discussions for sale to developers, according to brokers and developers surveyed this week by the Wall Street Journal. WSJ said developers including Related Group and Starwood Capital Group are pursuing aging waterfront properties in the Miami area.

Florida law requires that 80 percent of condo unit owners agree to a sale before a condo building can change hands, often forcing developers to go through a tedious process known as condo termination, effectively negotiating the purchase of each unit with its owner.

The requirement in South Florida that buildings older than 40 years must be recertified for structural integrity is creating a reckoning of sorts for the existing inventory of beachfront apartment buildings in the area, a majority of which date back to the 1970s or earlier.

The viability of older apartment towers in the Miami area has come into question in the wake of the partial collapse of a 12-story beachfront condo building in nearby Surfside last summer that killed 98 people.

The collapse in Surfside of one of two beachfront Champlain Towers, which were erected in 1981 and found to be in need of significant structural repairs, drew attention to a 2020 Florida International Survey of the coast which reported that much of the ground under Miami Beach is slowly sinking.

According to WSJ, hundreds of apartment buildings, representing more than two-thirds of the inventory in the Miami area, are either approaching or more than 40 years old.

After the Surfside collapse, numerous Florida lawmakers said they would enact tougher inspection requirements for beachfront apartment buildings as well as retrofit funding requirements for condo owners, but no action was taken before the state legislature session ended last month.

Repair costs to retrofit aging condo towers, which must be assessed and then paid by the unit owners, can exceed by far the building’s overall value as well as the ability—or willingness—of condo owners to pay these costs. Failure to make needed repairs can set off a domino effect of assessment defaults, budget shortfalls or building code violations for unfinished repairs.

The best-case scenario for developers who want to buy a condo building is for all of the condo unit owners to agree to sell as a group. Prior to 2007, 100% agreement to sell was required by Florida law. In 2007, Florida enacted a condominium termination statute that reduced the threshold of agreement by unit owners needed to sell the building to 80 percent.

With most of the prime waterfront locations in Miami completely built out and the demand for luxury condos skyrocketing, many developers are offering condo unit owners sale prices much higher than the market rate in an effort to reach the condo termination threshold, WSJ said.

Owners of condo units who are on fixed incomes are confronted with choosing between a sale offer—which may not completely cover their debt on the property—and looming repair assessments they can’t afford, according to the WSJ report.

Source: GlobeSt.

Apr 20 No Comments

Miami Beach Apartment Complex Could Be Redeveloped Into Hotel

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily

An apartment building in the North Beach area of Miami Beach could be partially demolished and redeveloped.

The city’s Historic Preservation Board is scheduled May 10 to hear the plans for the 0.34-acre site at 7418 Harding Ave. The property currently has three apartment buildings of two stories each with a combined 20 units. It was built in 1946.

Bay Harbor Islands-based 7418 Harding Ave LLC acquired the site for $3.55 million in November 2021.

Under the proposal, one of the existing apartment buildings would be demolished, a five-story hotel would be constructed, and the remaining two buildings would be converted into a hotel. When completed, the project would have 48 rooms, with 16 in the new building and 32 in the converted buildings. The new building would also have a lobby and a suite with an enclosed garden. A pool would be developed on the ground floor.

The project would cost about $4.6 million, according to the application.

“The sharp design features, varied balcony lengths, and purposefully placed fenestration will complement the existing courtyard and architectural character of the North Shore Historic District,” Miami-based attorney Michael W. Larkin stated in the application.

Larkin said the project may not be heard at the May 10 meeting as scheduled, but the owners intend to move forward with the project.

Mttr Mgmt in Miami is the architect of the project.

With hotel occupancy reaching pre-pandemic levels, more developers are looking for opportunities to build hotels. By utilizing adaptive reuse for part of this project, the developer would save on the expense of having to build the hotel completely from the ground up.

According to the application, 7418 Harding Ave LLC is owned by Edgardo Hugo Zimmerman, Elias Daniel Perez, Victor Daniel Penchansky, Isaac Daniel Gielczynsky, Nestor Daniel Zimmerman, Paula and Gabriel Boano, and Javier Landaburu.

Apr 19 No Comments

Truck Sales Lot With Potential For 400 Rental Units Sold In Allapattah Neighborhood

Author: Admin

Categories: Allapattah,Commercial News,Development,Multifamily

A truck sales lot in the Allapattah neighborhood is slated for redevelopment after it was sold for $9 million.

Land Trust Service Corp. No 2479-36, of Lake Wales, sold the 3.08-acre site at 2479 N.W. 36th St. to Bindi Investments LLC, managed by Copag Registered Agents in Miami. Cesar Carasa of One Stop Realty represented the seller in the deal.

The property last traded in 2016, when it was seized following a foreclosure lawsuit. It operated as a truck and heavy equipment dealership.

Carasa said the property is certainly headed for redevelopment under the new ownership. The T6-8-O zoning permits eight stories and 140 units per acre, so there could be over 400 units on the site. He noted it’s four blocks west of the Earlington Heights Metrorail Station, so a developer could petition for a parking space reduction to encourage mass transit ridership.

“It will probably be developed with rental units,” Carasa said. “Land like this would cost $20 million or $30 million in Brickell. This is great for people who can’t rent in Brickell. They will come to this area because the rent is a little lower.”

Mar 29 No Comments

Miami Beach Leaders Want Office-Housing Towers Off Lincoln Road. Will Locals Approve?

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily,Offices,Retail

If Miami Beach residents approve, two development projects would convert three parking lots off Lincoln Road into apartments, plus office and retail space. The city-approved plans are part of a larger effort to diversify the community’s economy amid South Florida’s migration of professionals working largely for tech and financial services companies.

Miami Beach voters will decide in either August or November whether the city should enter into public-private partnerships with two development teams, said Miami Beach Commissioner Ricky Arriola, sponsor of the plan to build on the three surface parking lots. The city needs at least 50% of voters to approve it. Developers proposed two buildings with 43 apartments, 187,000 square feet of office space, 33,000 square feet of retail and 715 parking spaces, more than double the number of existing spaces. The buildings would rise up to 80 feet.

Miami Beach officials approved two bids in February after receiving 18 submissions. The move comes two years after the commission first issued a request for proposals in late 2020 and later issued a formal call for bids. Lincoln Road Property Owners — comprised of Integra Investments, Starwood Capital Group and the Comras Company — plan to redevelop the lot between 17th Street and Lenox Avenue and 1040 Lincoln Road into two buildings with office and retail space. The Peebles Corporation, Scott Robins Companies and former Miami Beach Mayor Philip Levine aim to convert the lot at 1664 Meridian Ave. into a building with apartment rental, office and retail space.

“The city is doing everything it can to diversify the local economy,” Arriola said. “We are taking surface parking lots that are not the best use of public land into something that will make it into an economic engine for the city.”

Developers would undergo the site plan and design review approval steps once receiving support from residents, Arriola said. Construction would start in 2023 and the developments would be completed in 2026. The Lincoln Road Property Owners said in a joint statement, “This development will position Miami Beach to attract new businesses, create sought-after jobs, spur additional private sector investment and create new revenue that will enable Miami Beach to continue investing in infrastructure and quality of life initiatives.” The housing piece will benefit the community, Scott Robins Companies President Scott Robins said, because “people want to live close to their office.” Demand in Miami Beach is anticipated to remain high for office space. “The world that we live in is full of risk,” but “we are not talking about a ton of space,” said Bob Orban, principal in the Miami office of commercial real estate market analytics firm Cresa. Businesses will benefit from an increase in the daytime population, said retail expert Beth Azor of Azor Advisory Services in Weston.

Some Lincoln Road business owners are looking at the long-term gain, despite a potential shortage of parking spaces during construction, including V&E Restaurant Group CEO Matias Pesce. His firm owns restaurants Vida & Estilo, Havana 1957, La Cerveceria de Barrio and Cortadito Coffee House. “The shortage of parking may have an impact on guest traffic,” Pesce said, “but we know it will be for the best.” Another challenge would be a lack of affordable and workforce housing, Orban said. Robins said he and his partners are in talks with the Beach officials to possibly include affordable or workforce housing. “For the people that work for these financial services firms that are going to answer phones and type documents,” Orban said, “it would be more attractive in terms of having something affordable close to their place of work.”

Source: Miami Herald

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Category: <span>Multifamily</span>

County May Seek Bids In July To Redevelop 20 Acres Of Downtown Miami

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

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

Miami Worldcenter Tower Project To Total 160,000 Square Feet After Land Purchase

Hyatt Proposes Massive Mixed-Use Project In Downtown Miami

Miami Beach Apartment Complex Could Be Redeveloped Into Hotel

Truck Sales Lot With Potential For 400 Rental Units Sold In Allapattah Neighborhood

Miami Beach Leaders Want Office-Housing Towers Off Lincoln Road. Will Locals Approve?

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