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Residential Building Boom Hits Aventura

Photo Credit-ONE Park Tower by Turnberry 1170x435

Aventura and North Miami are in the midst of a multi-billion-dollar transformation, featuring new housing developments, schools, retail, transit and more.

Aventura, where the median single-family home price jumped 25% from $990,000 in 2022 to $1.237 million in the first quarter of 2023, according to a market report from ONE Sotheby’s International Realty.

Aventura’s population has steadily increased since 1990, when it was about 15,000. It grew to 25,000 by 2000, 35,000 in 2010, and today roughly 40,000 people call Aventura home. North Miami’s population jumped from about 50,000 to nearly 60,000 during the 1990s, and it has remained steady since then.

The same is true just south in North Miami, which has seen a more than 400% increase in residential units from 2019 to 2022, with more on the way, plus seven new schools and a boost to its local commerce. Nearly 20% of the area’s nearly 2,300 businesses opened since the start of 2022.

Now, developers are working to capitalize on the region’s growth with a series of housing developments new to the market, in construction or in the planning stages.

One of the largest is the 184-acre SoLé Mia community, led by Jackie Soffer’s Turnberry Development and Richard LeFrak’s LeFrak Organization. The developers have plans for thousands of residential units, 1.5 million square feet of retail and commercial space and a 10-acre University of Miami UHealth Medical Center, scheduled to open in 2025. The residential offerings will include the 33-story ONE Park Tower by Turnberry overlooking South Florida’s first seven-acre swimmable lagoon.

North Miami developments in the works include:

  • Aliro Luxury Apartments, 1820 NE 142nd St., approved to add 519 additional residential units and a parking garage.
  • Allure of North Miami, 1810 NE 146 St., approved to build a two-acre apartment complex with 360 units and a percentage of affordable housing options.
  • La Maison, 1850 NE 123rd St., approved to develop 297 residential rental units and 18,500 square feet of retail and restaurant space.
  • NoMi Square, 13855 NW 17 Ave., approved to build a seven-story development with 338 units and a public park.
  • North Miami Condos, 840 NE 130th St., approved to build a six-story, 67-unit luxury residential project with green building design and transit components.
  • Oleta, NE 151st St. & NE 20th Ave., approved for four residential towers with nearly 20,000 square feet of commercial and restaurant space.

Aventura is witnessing a wave of building and infrastructure improvements as well. The projects will upgrade Aventura Mall, add the new Brightline train station, bring on a new Hyatt House Hotel and introduce several new restaurants, retai shops and luxury residences.

Some residents there have expressed concerns about proposed changes to the land development regulations in the city’s master plan. They cite the potential for increased traffic and an influx of high-rise buildings along the beach. Last month, a change.org petition launched seeking to “stop excessive development in Aventura,” and it has collected more than 1,400 signatures.

How that might affect the future of development in the area is still unclear, but there’s no denying Aventura and North Miami are booming.

 

Source:  South Florida Agent Magazine

 

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New Mixed-Use Project Coming To Allapattah

Coral Gables-based Coral Rock Development Group unveiled plans for Dulce Vida, a transformative mixed-use, mixed-income development in Miami’s Allapattah neighborhood. The project will add to the area’s revitalization and enhance the community’s access to affordable housing options.

Situated on a 1.3-acre site at 1785 NW 35th Street, Dulce Vida is a prime example of Florida’s new SB 102 law aimed at promoting mixed-income developments and increasing access to affordable housing. The project will consist of 200 rental units, thoughtfully designed to cater to a diverse range of residents. Of these, 85 units will be designated as affordable housing at 60% of Area Median Income (AMI), another 85 units will be allocated for workforce housing at 100% AMI, and 30 units for workforce housing at 120% AMI, ensuring a variety of housing options for different income levels.

At the heart of the Dulce Vida project is a new state-of-the-art Miami-Dade Public Library System Allapattah Branch Library, located on the ground floor. This facility will replace the existing Allapattah Branch Library currently at the site and will provide access to a modernized library with the latest library resources, technology, and specialized areas for library users of all ages.

Coral Rock Development Group is proudly partnering with Miami Bethany Community Services, a local nonprofit church deeply rooted in the Allapattah neighborhood, which will play a pivotal role in providing community outreach and involvement initiatives. They will collaborate with residents, local organizations, and businesses to ensure that Dulce Vida positively impacts the community.

“We are thrilled to introduce Dulce Vida, a transformative development that combines the crucial elements of affordable housing, community amenities, and improved access to educational resources,” said Michael Wohl, principal of Coral Rock Development Group. “This project is a testament to our commitment to creating inclusive and sustainable communities that cater to the diverse needs of Miami residents. We look forward to collaborating with the Allapattah neighborhood and Miami-Dade County to make this vision a reality.”

Designed by Behar Font & Partners, Dulce Vida will offer an extensive array of amenities including a state-of-the-art fitness center, a community lounge with a kitchenette and club room for social gatherings, a private conference room, a BBQ area for outdoor cooking and entertainment, an outdoor lounge and games area, a children’s playground, a dedicated dog park, and a parcel package room with lockers for added convenience. The project will also feature electric car charging stations, encouraging sustainable transportation options, as well as bicycle storage and repair facilities to promote eco-friendly commuting alternatives.

“Coral Rock Development Group is not investing in buildings, they are investing in people,” said Commissioner Alex Díaz de la Portilla, City of Miami Commissioner for District 1. “Dulce Vida is a significant contribution to the City of Miami’s attainable housing efforts and will provide much needed housing for low-income residents, as well as law enforcement officers, firefighters, teachers, nurses, and city employees.”

Coral Rock Development Group has particular expertise in developing multifamily workforce housing projects along with mixed-use and affordable developments. Recent projects include Pura Vida Hialeah, Kayla at Library Place, and Card Sound Key Apartments, among numerous others.

Pricing for the rental apartments will begin at $1,084 for studios, $1,161 for one-bedroom units, and $1,393 for two-bedroom units with all prices inclusive of utilities.

Groundbreaking on the project will begin in the third quarter of 2024, with a scheduled completion date at the end of 2025.

During the construction phase, the existing Miami-Dade Public Library System Allapattah Branch Library will be temporarily relocated and continue to operate in a nearby location, ensuring uninterrupted access to its services and resources for the community.

 

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W3 Proposed In Wynwood, Painted In Red

Plans for a new mixed-use project have been filed in Wynwood.

The project name is listed as W3 in the submittal.

The new development is proposed to rise 143 feet and include:

  • 34 residential units
  • 5,250 square feet of ground floor retail space
  • no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund)

Architectural materials will include red metal railings, red architectural frame, red painted stucco, red mullion, grey tinted glass (upper levels), and clear glass (ground floor).

A total of 2 zoning waivers are requested.

Arquitectonica is the architect.

A hearing before the Wynwood Design Review Committee is scheduled for July 18.

Wynwood 83 Owner LLC is the applicant. Kushner and and Block Capital are shown on the submittal package as the developers.

 

Source:  The Next Miami

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Miami-Dade County Most Competitive Rental Market In U.S.

Miami-Dade County is the most competitive market for renters in the U.S., according to a recent report.

The report from rental listing website RentCafe scored 137 areas across the U.S. based on the average number of days an apartment stayed vacant, the percentage of occupied apartments, the number of prospective renters per available unit, and the lease renewal rate between the months of January and March.

Under that criteria, Miami-Dade County was ranked at No. 1 with a competitive score of 120. According to the report, apartments stayed vacant for an average of only 33 days – the shortest span of any other area in the top 20.

“Given these circumstances, a sky-high 72% of renters in [Miami-Dade] choose to stay put and renew their leases, said Esther Urmosi, communications specialist for RentCafe. “On top of that, 97.1% of apartments are already occupied here, which is above the national benchmark of 94%.”

In RentCafe’s previous report, released in March, North Jersey was named as the most competitive market in the U.S.

Ranked at No. 4 is Broward County where apartments remained vacant an average of 41 days, 95.5% of its apartments are occupied, 67.2% of its leases are renewed and 14 renters compete for each available apartment.

Palm Beach County was the No. 20 most competitive rental market where apartments stayed vacant an average of 38 days, 95% of the apartments are occupied, 11 prospective renters competing for each available apartment and there’s a 59.5% renewal rate.

Another three Florida communities made RentCafe’s top 20 most competitive market list: Southwest Florida (No. 3), Orlando (No. 8), and Tampa (No. 19).

“Developers in Florida have been busy completing new apartments. However, this is still not enough to keep up with pent-up demand, which is why Florida markets are claiming the first spots on our list,” the RentCafe report stated.

 

Source:  SFBJ

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Fisher Brothers Bag $118M Loan For Wynwood Project

Fisher Brothers Management can begin construction of an eight-story multifamily project in Wynwood after securing a $117.5 million loan.

An affiliate of Los Angeles-based Canyon Partners provided the construction financing for Wynhouse, a proposed development with 312 apartments, 27,500 square feet of restaurant and retail space and 120 parking spaces, records show. The 1.5-acre development site is the former Miami Rescue Mission headquarters at 2201, 2229 and 2159 Northwest First Court, and 2200 and 2250 Northwest First Avenue.

Designed by Miami-based Nichols Brosch Wurst Wolfe & Associates, the specifics of the 340,394-square-foot project include 107 parking spaces, 10 ground-floor retail stores spanning 24,114 square feet and 8,165 square feet of rooftop amenities which include a pool and lounge. The building surrounds a central courtyard, and the property is bisected by more than 8,000 square feet of public paseo space, open to the public and creating more frontage for retail.

 

Source:  The Real Deal

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13th Floor Assembles Oceanfront Miami Beach Site With $73M Buy

Westgate South Beach Oceanfront Resort at 3611 Collins Avenue_photo credit Trip Advisors 1170x435

13th Floor Investments is assembling a prime oceanfront site in Miami Beach, having purchased an aging resort along Collins Avenue next door to a condo property it terminated last year.

The Miami-based developer paid $73 million for the Westgate South Beach Oceanfront Resort at 3611 Collins Avenue, located north of the Faena district in the Mid-Beach neighborhood, property records show.

The three-story building, which functions as a timeshare resort, was built in 1938 and houses 46 units on 0.8 acres.

The purchase comes eight months after 13th Floor Investments terminated the condo association of All Seasons property, which neighbors the Westgate resort. The move grants 13th Floor Investments full control of the seven-story building, which was completed in 1980 and sits on 0.4 acres.

Combined, 13th Floor Investments’ assemblages span 1.18 acres, and is a likely target for condo development. Bank OZK provided a $51.9 million loan for both properties, according to records. A representative for the developer declined to comment on plans for the site or the price of the All Seasons property, divulging only that Opera Acquisitions LLC, managed by Valerio Spinaci, was a partner and responsible for assembling both properties.

Condo terminations are a growing trend among developers following the deadly collapse of the Champlain Towers South condominium, which was built in 1981 and was poorly maintained. As owners of similar aging condos face expensive assessments to fund repairs, some are opting to sell to developers, who often tear down the building to construct luxury condominiums.

 

Source:  Commercial Observer

 

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Fisher Brothers Looking To Crowdfund $29M For Wynhouse Miami Development

New York developer Fisher Brothers is looking to fill out its capital stack for a $179 million Wynwood development with $29 million in crowdfunding.

The development company posted an offering for Wynhouse Miami, a mixed-use development in the Miami neighborhood, on online investment platform Crowdstreet, its first time financing a project via crowdfunding. Wynhouse Miami is an eight-story mixed-use building proposed for 2200 NW First Avenue with 308 residential units, designed by Coral Gables-based Nichols Architects.

The company plans to secure $117.5 million in senior funding, and is anticipating to close on the financing very soon, a spokesperson said. Once closed, the loan will comprise 65.6 percent of the capital stack, while Fisher Brothers will contribute $32.6, 18.2 percent of the stack, but retain more than 50 percent of the equity.

The specifics of the 340,394-square-foot project include 107 parking spaces, 10 ground-floor retail stores spanning 24,114 square feet and 8,165 square feet of rooftop amenities which include a pool and lounge. The building surrounds a central courtyard, and the property is bisected by more than 8,000 square feet of public paseo space, open to the public and creating more frontage for retail.

The project is Fisher Brothers’ third House-branded project, which also includes House39 in Manhattan and Station House near Union Station in Washington, D.C., all designed by New York’s Rockwell Group. The brand emphasizes art, amenities and community, Fisher said.

“We think that when we introduce the House brand to Miami, to Wynwood … this is the market that will reward you for it, that’s hungry for it,” said Fisher Brothers principal Winston Fisher in an online presentation.

The offering, which opened earlier this month, is for a three-year term with a projected 19.2 percent internal rate of return, per the offering documents. The underwriting for the project assumes an average of $3,350 in rent per unit per month, with 5 percent vacancy and 3 percent growth annual, as well as similar vacancy and rent growth for the retail portion, according to the presentation.

Fisher Brothers acquired the property in 2021 for $17.6 million, then filed building plans in July 2022, according to public records. The property abuts a Florida Power & Light substation, and plans for the site call to contribute energy to the grid with solar panels on the roof. Fisher Brothers has used a local Wynwood program to acquire development rights for 99 of the units from the City of Miami, and will pay into the Wynwood Parking Trust Fund to reduce required parking by 185 spaces.

Construction is set to be fast-tracked for a January 2025 completion date, per a Fisher Brothers spokesperson.

 

Source:  Commercial Observer

 

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Mixed-Use Building To Rise Where Wynwood And Edgewater Meet

A 12-story mixed-use residential building is planned for a site where Wynwood meets Edgewater in Miami.

Developer Wynwood Owner LLC is proposing the project, 2100 NMA, at 2100 N Miami Ave.

The building will be home to 339 residential units with amenities, and about 407 on-site parking spaces and five on-street parking spaces.

The city’s Urban Development Review Board unanimously recommended approval.

Along with the residential uses, the building is to include 25,653 square feet of retail and 18,713 square feet of amenities.

Carli Koshal, an attorney representing the developer, said the property at the northwest corner of North Miami Avenue and Northwest 21st Street is 65,842 square feet, or 1.512 acres. The structure will amount to 503,000 square feet of floor area.

The developer is requesting zoning code waivers to allow:

  • A 30% reduction in required parking spaces within a transit corridor
  • Up to 10% increase related to lot coverage
  • Up to a 10% increase related to setbacks above the eighth floor along Northwest Miami Court
  • Up to a 10% increase in floorplate length and floorplate area
  • Substitution of two residential loading berths for one commercial berth
  • Spacing of vehicular entries along Northwest First Avenue

Ms. Koshal told the board the property was rezoned to permit structures of this size and mass.

Arquitectonica is the architect.

 

Source:  Miami Today

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Miami Heat Star Partners With Developer On Wynwood Project

Miami Heat’s Udonis Haslem retired this week, but his career as a developer is just getting started after he broke ground on a project for affordable housing in Wynwood.

Wynwood Works, which received a large amount of public investment, was started by Haslem and Magellan Housing.

The 20,238-square-foot lot at 2035, 2037, and 2043 N. Miami Ave. was deeded free of charge to Wynwood Works MTZ LLC, headed by Larry D. Capp of charity Mt. Zion Developments. Then, the nonprofit sold the lots to Wynwood Works LLC, a joint venture between Magellan Housing and Haslem, for $6 million.

The developer agreed to preserve affordable housing on the property for 50 years in exchange for a grant from the CRA worth $9.9 million and a portion of the retail rents. There will be 48 studio apartments, 66 one-bedroom units and eight two-bedroom units with rents ranging from $512 to $1,756 per month.

 

Source:  SFBJ

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New Design Submitted For 2000 Wynwood

New plans have just been sent to Miami’s Wynwood Design Review Committee for an apartment building in Wynwood.

Previously, plans for the site were submitted to the UDRB for project with a similar unit count.

The new plans show that the 12-story project is now proposed to include:

  • 310 residential units
  • 9,416 square feet of retail
  • 308 parking spaces

The parking garage is lined on three sides with residential. There were 5 walk-up residential units on the ground floor in the previous plan which have been removed.

Leo A Daly is now the architect. Arquitectonica was the architect for the first submittal.

The developer is Clearline Real Estate.

In February, the developer signed a deal for water and sewer utilities for 310 apartments, 1,000 square feet of full service restaurant, and 8,300 square feet of retail.

The WDRC hearing is scheduled for June 20.

 

Source:  The Next Miami

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