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Developer Obtains $277M Construction Loan For Hotel And Condo In Miami Beach

Oko Group and Access Industries obtained a $277.2 million construction loan for the Aman Hotel & Residences along the ocean in Miami Beach.

Bank OZK assumed the $34.8 million mortgage from 2020 and boosted it to $277.2 million. The borrower on the 1.7-acre site at 3425 Collins Ave. was 3425 Collins LLC and various affiliates linked to Oko Group, led by billionaire Vladislav Doronin, and Access Industries, led by Len Blavatnik.

Located in the Faena District, the site previously had the historic 16-story Versailles Hotel. It will be renovated and rebranded as the Aman Hotel for this project, plus the developer will build a 16-story condo tower.

The hotel tower will feature 56 rooms and 22 condos, while the stand-alone condo will have 41 units. It was designed by Miami-based Revuelta Architecture and Japanese architect Kengo Kuma.

 

Source:  SFBJ

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Fabel Rooftop Restaurant Opens At Robert Rivani’s Wynwood Jungle

Fabel Miami, a new open-air rooftop restaurant and lounge by owner Matthew Rosenberg and his award-winning architecture firm, M-Rad, is now open at Wynwood Jungle, the experiential dining and retail destination transformed by Black Lion’s Robert Rivani. The immersive restaurant, named to provide guests a place to create their own enchanted fairytale, is set to redefine the hospitality industry.

“Fabel is the pinnacle and final piece of our vision to transform Wynwood Jungle into the hottest immersive destination in the area,” said Robert Rivani, president of Black Lion. “The vibe is magical and we are proud to have brought in world-class brands and experiences to the area.”

The 254-seat venue is set across 10,000 square feet of a secured open-air, covered rooftop. From custom handmade furniture, lighting, and plateware, to a custom fragrance made to remind us of our childhood, Fabel is a designer’s dream through and through. The details extend to the custom uniforms designed in partnership with Caravana – the Tulum-based fashion house found at Scorpios in Mykonos, St. Tropez, Ibiza, Tulum, and Bodrum. Covered patio seating and three levels of terrace seating surround the central DJ booth with private cabanas framing the venue. The restaurant will also include a 22-seat travertine stone U-bar and stepped seating around the DJ booth. Fabel will blend high-energy dining with the sophistication of high-touch service to create the ideal evening destination.

“We are thrilled to be launching Fabel in Miami and in the heart of one of the most progressive neighborhoods in the country,” said Matthew Rosenberg, owner of Fabel Miami and Principal of M-Rad. “Fabel is a destination where we encourage our guests to experience world-class service and cuisine, while simultaneously exploring all five senses across every touchpoint of the restaurant.”

The Mediterranean-rooted menu takes cues from the team’s travels around the globe while Executive Chef Ian Fleischmann presents the dishes in a provocative and engaging way. Guests will indulge in signature dips of Fabel Hummus, Muhammara, and Aroa’s Labneh with Aleppo Chili Crisp. Shared plates like the 45-Day Dry Aged Porterhouse with Adjika and Iranian Oregano, Whole Roasted Heritage Chicken with Taouk Spice, and Salt Crusted Dorade with Kaffir Lime and Lemongrass seduce guests to interact both with the dishes and each other. While the night is sure to keep going after dessert, it’s a must to conclude the dining portion of the evening, The Guanaja Chocolate Custard brings together saffron, olive oil, and vanilla crème fraiche in a way that keeps you digging for more while the Tahini Chocolate Chip Cookie melts in your mouth – make sure you pair it with Fabel’s own Ras el Hanout Ice cream! The anticipated restaurant will also include a top-tier beverage and wine program curated by Master Sommelier, Christopher Miller, boasting some of the rarest and most premium wines and unique twists on the most classic spirits.
Black Lion’s Robert Rivani acquired Wynwood Jungle in 2021 and has invested millions of dollars to breathe new life into the property with improvements including artificial florals, a brand new roofdeck and imaginative artwork on the façade, to transform the once struggling center into one of the most iconic and unique immersive retail and dining experiences in South Florida, with tenants including The Salty Donut, Osme, OhRaw, 3 Social, Edite Mode, and a soon to be announced 7,000-square-foot Restaurant and Bar.

Fabel Miami will open for dinner service Wednesday through Sunday beginning at 6 p.m. and going until the last dance ends. Fabel is located on the second floor of Wynwood Jungle at 50 NW 24 St.

 

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New Apartment Demand ‘All But Evaporated’

Demand for new apartment leases has “all but evaporated” as consumer confidence remains low and inflation continues to rise, according to the latest data from RealPage.

In other words, say farewell to the days of record-high household formations.

“We’ve never before seen a period like this – weak demand for all types of housing despite robust job growth and sizable wage gains,” RealPage Chief Economist Jay Parsons said. “It wasn’t just apartment demand that shot up in 2021 and plunged in 2022. The same pattern played out to varying degrees in other rentals and in for-sale homes.” 

Parsons and his colleagues also note that “while some pundits have suggested demand is slowing due to affordability challenges, there’s not yet any evidence that’s true within the professionally managed, market-rate apartment market,” adding that turnover, while normalizing, is still low and nearly 96% of renters were paying on time as of November 2022.

In addition, “there’s no indication renters are doubling up to any significant degree,” RealPage analysts say. “That may occur later, but as the publicly traded apartment REITs all reported in their last earnings call, it’s not a major factor yet.” What’s more, “there’s no “’flight to affordability’ –meaning that renters aren’t moving down from more expensive units or markets into more affordable units or markets,” according to RealPage. “The drop in demand came across all price points and in essentially all markets.”

According to Parsons, the cause is consumer confidence.

“Low consumer confidence means many American households feel nervous and uncertain, and that has a freezing effect on household formation and housing demand,” Parsons said. “Human nature is that when we feel uncertain, we’re much more likely to stay put – and that’s what happened in 2022.”

Rents for new apartments fell in December for the fourth consecutive month, declining by 0.4%. Rent have dropped by a cumulative 1.6% since September, according to RealPage. The deepest rent cuts were in tech-heavy markets like Austin, San Jose and Raleigh/Durham, as well as cities like Las Vegas, Phoenix and Sacramento, which all benefited from strong pandemic-era in-migration trends.

 

Source:  GlobeSt.

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Chetrit Group To Transform Miami River Waterfront With 4MSF Of Residence, Office, Retail, Hospitality

New York, NY-based developer Chetrit Group, a privately held real estate development company, has begun its transformation of six acres of Miami River waterfront located between I-95, Southwest Second Avenue and Jose Marti Park in Miami.

When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A office space, 30,000 square feet of retail, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues.

“The Miami River has been ripe for a new archetype of riverfront living, especially as the Brickell neighborhood continues to attract national companies and new residents to its urban core,” said Michael Chetrit of Chetrit Group.

Chetrit Group intends for the River District to bring high-end living, working, dining, shopping and yachting to the area with four new skyscrapers, a pair of two-story waterfront retail buildings, a marina and streetscapes inspired by Brazil’s tropical modernism aesthetic.

 

Source:  Connect CRE

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Four Projects Coming Soon To Wynwood

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

According to the Wynwood Business Improvement District, four projects are slated to break ground near North Miami Avenue within the next few years.

In late 2023, Rilea Group, a real estate development company based in Brickell, intends to start building The Mohawk Wynwood, a 12-story mixed-use building with 225 apartments, 22,000 square feet of ground floor retail, and 3,500 square feet of offices. The project includes a roof top pool deck, a dog park, a two-level gym, and a residents’ lounge.

The Mohawk Wynwood will be built on a 1.5-acre site at 56 N.E. 29th St. that the Rilea Group bought from Lombardi Properties for $22 million in June 2021. It is planned to be completed by late 2024 or early 2025, the Wynwood BID stated.

Another project by the Rilea Group, The Rider Wynwood will be a 12-story, 131-unit building with 6,000 square feet of retail, a rooftop deck pool, a dog park, a resident’s lounge, and a state-of-the-art gym.

According to the Wynwood BID, the project, which may be used as a short-term rental property, is expected to break ground in late 2023. It will be built on a 1.5-acre property at 94 N.E. 29th St. that the Rilea Group acquired for $12.21 million in October 2021.

L&L Holding and Oak Row Equities, a pair of real estate development firms with roots in New York, intend to build about 266,000 square feet of offices, 509 apartment units, about 26,000 square feet of retail, and a 25,000-square-foot outdoor public plaza at 95 N.W. 29th St.

L&L and Oak Row Equities (formerly known as Carpe Real Estate Partners) invested $53 million assembling the 2.85-acre site where Wynwood Plaza will be built.

The Related Group in Miami has teamed up with hotelier Sydell Group and New York-based TriStar Capital to build NoMad Residences at 280 N.W. 27th St. The project will include 329 short-term rental condos, 18,452 square feet of commercial and about 200 parking spaces.

The Related Group, TriStar Capital, and Lndmrk Development paid $26.5 million for the 1.25-acre site where NoMad will be built in September 2021. The project is expected to break ground early next year and projected to be finished in 2024.

 

Source:  SFBJ

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Wynwood Norte Development Site Sells For $9 Million

APEX Capital Realty announced the recent closing of a 30,685-square-foot development site located at 475 NW 36 Street in Miami.

APEX’s COO/Partner Martin Bravo, Vice President Jamie Rose Maniscalco, and Commercial Advisor Thano Mazas represented the seller, C.G.Y. Corp.

The buyer, Evolve Companies, is a development, management, and construction firm focused on multifamily and student housing. With over 1 billion properties under management, Evolve Companies specializes in selecting, developing, and constructing properties all over the U.S. Southeast.

Evolve companies paid $8.975 million for the site.

The firm has now set its sights on Miami and has just recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

With a determination to grow its footprint in the Wynwood area, Evolve has counted itself among the many developers that have an increased desire for the Wynwood Norte area. Wynwood Norte has served for decades as a working-class, live-work neighborhood for the broader City of Miami. Due to its location within the urban core and close proximity to the Wynwood Arts District, Midtown, and Downtown Miami, developers are working at an accelerated pace to acquire properties in the area as it is now seen as the next great area for development.

475 NW 36 Street is located within the Wynwood Norte neighborhood and falls within the NRD-2 (Neighborhood Revitalization District-2) zoning overlay. The newly implemented overlay allows for additional benefits over the T6-8-O zoning including the transfer of development rights to increase density.

The site also offers access to fast-growing neighborhoods including Midtown Miami, The Miami Design District, Allapattah, Edgewater and Downtown Miami. With maximum exposure, the property is situated in an ideal location and offers a great opportunity to develop a project which will undoubtedly bring great success.

 

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Wall Street Influx Continues With Miami Beach Lease of 12K SF

In another case of a New York financial firm setting up shop in South Florida, investment fund Pretium Partners has leased office space in Miami Beach.

Pretium Partners has taken 11,591 square feet at Eighteen Sunset, developer Deco Capital Group announced Thursday. The new building at 1769 Purdy Avenue is set to open in 2023.

Pretium Partners has a Miami Beach office at 1688 Meridian Avenue, according to the company’s website. It didn’t release details about how large that space is or whether it will vacate after it moves into the new building. Pretium is an owner of single-family rental properties, with a portfolio of 85,000 homes. Its assets under management exceed $50 billion.

Pretium Partners was founded by Don Mullen, a former partner at Goldman Sachs.

Tech and finance firms have been flocking to Miami Beach. Andreessen Horowitz, the venture capital firm also known as a16zinked a lease earlier this year at Barry Sternlicht’s development at 2340 Collins Avenue.

In another sign of new investment in the Miami Beach office market, the Miami Beach Preservation Board this week unanimously approved plans for major upgrades to 407 Lincoln Road, an office building famous for its rooftop clock.

 

Source:  Commercial Observer

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Cube Wynwd Trades For $62 Million

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

 

Source:  CRE-sources

 

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Mixed-Use Allapattah Project Gets A City Green Light

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami.

Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue.

Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces, at 1400 NW 20th St.

The city’s Urban Development Review Board unanimously recommended approval with a condition and a recommendation.

Erick Valderrama, the company’s vice president of development, wrote of the project: “The property is situated in the up-and-coming Allapattah neighborhood and sits across the City of Miami’s General Services Administration building to the west. Given its zoning potential, the property is currently underutilized and is used as a single-story bank, with a drive-through and a large surface parking lot.”

He said, “The project’s maximum (floor space) as of right is 439,085 square feet and the project proposes to utilize an additional 9,829 square feet for a total of 448,914 square feet of public benefits … and trust fund contribution.”

Mr. Valderrama wrote, “… this project will revitalize the existing underutilized land into a vibrant development that will bring additional housing opportunities to the neighborhood, promote a pedestrian-friendly center, bring retail to activate the public realm, and improve the area’s vibrancy.”

The developer is requesting waivers from the Miami 21 zoning code that would:

  • Reduce required parking spaces by up to 30%.
  • Reduce access aisle width from 23 feet to 22 feet.
  • Substitute one commercial loading berth for two residential berths.

The project was designed by Corwil Architects. Alberto Cordoves, firm president, told the board about the design of the building, which will have a courtyard and a rooftop swimming pool and other amenities.

“This is a very interesting area, a great area. We are infilling almost half a city block. (The project) will take the pedestrian experience to the next level,” he said.

Mr. Cordoves added. “We hope to bring in one of the well-known coffee houses.”

Board Chair Ignacio Permuy commended the developer’s team for a beautiful presentation.

Board member Dean Lewis said, “Another well thought out project.”

Board member Robert Behar voiced a concern there won’t be enough room in the loading area for big trucks to maneuver.

Board member Willy Bermello complained of the building entrance, saying, “It just doesn’t read as an entry. You probably need signage … It doesn’t take away my support of what you want to do.”

Mr. Cordoves responded, “We can definitely study that.”

Mr. Permuy said. “You’ve done such a great job, with the building’s articulation, defining the corners … the void, that would be the entrance. You just need to – and I’m sure you will – make it work.”

Mr. Behar made the motion to recommend approval of the project, with a condition that the developer revisit the front entry and consider how to better articulate clearly the entrance, and a recommendation to study the loading area space and improve it.

 

Source:  Miami Today

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Developer Aims To Boost Density Of Project Near Aventura Brightline Station

Stellar Communities is seeking more density for an apartment complex planned in the Ojus neighborhood near the Aventura Brightline passenger rail station.

The Dania Beach-based developer, via affiliate 18801 WDH PO LLC, filed plans in May for 204 apartments in a 15-story building at 18801 W. Dixie Highway. It purchased the vacant site of 1.58 acres for $7.85 million in 2021.

The developer recently filed an administrative site plan review application with Miami-Dade County showcasing a new design and more density. The 15-story tower would now contain 245 apartments, 13,816 square feet of retail and 316 parking spaces, with 42 of them available for electric vehicle charging stations. It would secure more density by utilizing the workforce housing density program, which will require 10% of the apartments leased as workforce housing.

Totaling 318,652 square feet, Element Aventura would have a rooftop amenity deck with a pool, a gym, a yoga room, a clubroom and a barbecue area.

 

Source:  SFBJ

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