No Comments

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

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

No Comments

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

No Comments

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

No Comments

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

No Comments

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

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

No Comments

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

 

No Comments

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

No Comments

Hyatt Proposes Massive Mixed-Use Project In Downtown Miami

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

No Comments

South Beach Retail Building Sells For $12M

JLL Capital Markets has closed the $12 million sale of a 7,835-square-foot retail building net leased to upscale vegetarian restaurant PLANTA South Beach in Miami Beach.

JLL marketed the property on behalf of the seller, Commerce Street Properties LLC. Limestone Asset Management acquired the asset.

PLANTA is Miami’s premier location for chef-driven, innovative plant-based fine dining that offers a sustainable and locally sourced menu. The building was built-to-suit in 2018 as the flagship South Beach location and first PLANTA in Florida. The restaurant’s popularity led to two other Miami-area locations.

The restaurant is situated on 0.21-acre site at 850 Commerce St. in an elite part of South Beach. The property is located between Alton Road and Washington Avenue within South of Fifth, also known as SoFi, a dense restaurant corridor that has become a hotspot for luxury residential and hospitality and one of the premier restaurant destinations in the world.

According to JLL Research’s recently released Food & Beverage Report, Consumers are hungry for novel and fun experiences when they dine out. The growing demand for experiential dining is spurring live music, global and chef-driven cuisine and the rebirth of “eatertainment.” The Sunbelt region especially has seen outstanding recovery rates from the pandemic, particularly for Florida and Texas markets.

 

No Comments

Moishe Mana Pays $16M For Commercial Assemblage In Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties.

An entity controlled by Mana, one of the largest landowners in Allapattah, Wynwood and downtown Miami, acquired 10 properties along Northwest Seventh Avenue between 28th and 29th streets, according to property records.

The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family house at 731 Northwest 28th Street, a single-story warehouse at 753 Northwest Seventh Avenue and parking lots at 719 Northwest 28th Street and 2810 Northwest 7th Avenue.

The seller, two entities managed by Ari Dispenza, James Quinlan, and Douglas H. Levine, paid about $4.1 million for the properties between 2014 and 2016, records show. The buildings were constructed between 1925 and 1974.

 

Source:  The Real Deal

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.