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$40M Whole Foods Project In Miami Beach Gets Green Light

Whole Foods Rendering-1901 Alton Road South Beach_Photo Credit The Next Miami 1170x435

Russell Galbut’s plan for a $39.8 million Whole Foods Market-anchored retail building in Miami Beach is getting a kick start after nearly a decade of inactivity.

The Miami Beach Design Review Board on Tuesday approved the planned four-story project spanning 199,000 square feet at 1901 Alton Road. Miami-based Crescent Heights, led by Galbut, Sonny Kahn and Bruce Menin, is under contract to purchase the 1.3-acre site from Wells Fargo.

Crescent Heights would demolish the existing single-story building, currently occupied by a Wells Fargo branch. National grocer Whole Foods and a new Wells Fargo branch would occupy 38,100 square feet of ground-floor and mezzanine level spaces in the new building, documents filed with the city of Miami Beach show. The planned project would also have 277 parking spaces.

Crescent Heights also secured Whole Foods as the anchor tenant at Nema Miami, a mixed-use project in Miami’s Edgewater neighborhood that will have 50,000 square feet of retail space. In 2020, the national grocer signed a 20-year lease with six five-year renewal options, records show.


Source:  The Real Deal


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7-Story Hotel Proposed In Miami Beach

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On April 25, the Miami Beach’s Planning Board will take a look at the application for the 0.63-acre property located at 1509 and 1515 Washington Ave.

Currently, it consists of a thirteen-unit apartment complex constructed in 1948 and an 11,458-square-foot retail structure added in 1959. Playa Café, Charlotte Bakery, Cheese Burger Baby, and 123 Liquor are some of the recent tenants.

Current property owner Washington Gardens MB LLC has agreed to sell the development site to 1515 Washington Acquisition LLC, co-owned by Xaver Kriechbaum and Gavin Crescenzo of Aventura-based Keyah Real Estate Group, according to the application.

Under the proposal, the property would be developed with a 91,230-square-foot hotel featuring 238 rooms, a 5,677-square-foot restaurant on the ground floor, a pool deck with a small bar on the second floor, and a 3,525-square-foot restaurant on the top floor. There would be no parking on site.

According to the renderings, the property is labeled as a Cloud One Hotel, a European chain with one site in the United States right now, in New York City.


Source:  SFBJ

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Fisher Brothers Tops Off Wynwood Mixed-Use Development

Rendering of Eight-Story Midrise at 2200 NW First Avenue_Courtesy of Fisher Brothers 1170x435

Fisher Brothers recently topped off Wynhouse Miami, a mixed-use multifamily development in Miami’s Wynwood neighborhood. Delivery is set for the first quarter of 2025.  

The eight-story midrise at 2200 NW First Ave. will bring 308 rental units to market. Apartments will range from 474 to 1,405 square feet and feature a mix of studio, one- and two-bedroom floorplans, as well as penthouses. 

Community amenities will include 26,000 square feet of ground floor retail and paseo space and almost 25,000 square feet of indoor and outdoor amenities, including a lobby lounge, second-floor lawn area, fitness center, co-working lounge, entertainment space, rooftop pool and spa, outdoor entertainment space and barbeque area.  

“Wynhouse Miami is the most exciting project yet in Fisher Brothers’ House brand, which will bring a unique character designed to match and enhance the existing culture, history and energy of Wynwood,” Fisher Brothers Partner Winston Fisher said in a press release. “We look forward to the next phase of bringing Wynhouse Miami to life and finalizing its multitude of amenities and artistic details.” 

Nichols Architects designed the building, while Suffolk is the general contractor. Interiors were designed by ID & Design International, and Rockwell Group is handling the amenity spaces. 

“Today’s achievement celebrates a monumental step in our collaboration with Fisher Brothers to transform Wynhouse Miami from an idea into reality,” said Jay Fayette, president, Suffolk Florida East Coast. “Our industry-leading approach to construction and sophisticated technologies have made the construction of this unique mixed-use building seamless. We look forward to completing this project throughout the year and opening the doors for the Wynwood community to enjoy.”   


Source:  South Florida Agent

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First Phase Of Lincoln Road Makeover Funded

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A project is underway on Miami Beach to improve Lincoln Road’s 100, 200 and 300 block and first-phase funds are lined up.

“We started off with a plan for the 100 block, our first phase,” said Peter Kanavos, a partner of the Ritz Carlton Sagamore group. “We’re working subsequently on trying to do the same to revitalize the 200 and the 300 blocks.”

The process is in phases, said Mr. Kanavos. “The monies that we were able to get from the state are going to the first phase, in which we and the city are making equal contributions of $4 million and the state has kicked in about $4.85 million to put towards the reconstruction of the road…. We have something like 7,000 people a day that go back and forth from that beach entrance. It’s a little dilapidated, so we really want to clean that up and make it a beautiful place for people to enter the beach.”

Although the project is well underway, the timeline depends on multiple factors.

“We’re going through an appeal period right now where one of the neighboring hotels has – I think they’re the only people in the whole city that have had objections, which are kind of unclear why, but they’ve been staging an appeal, and that will probably last until sometime this summer,” said Mr. Kanavos. “They already failed with the special magistrate; the first stage of the appeal was this special magistrate. The city and us won that appeal and then I believe the next appeal will not be successful.”

“If we are able to really get over that appeal period, construction of the road would probably start sometime in the first quarter of 2025,” he said, “looking at perhaps 24 months to complete. That can slide. That’s all dependent on a number of factors.”

The improvement was spawned by an analysis he made, said Mr. Kanavos, that showed census statistics that Miami Beach has lost considerable population since 1990. This is most evident in the city center, between Fifth and 23rd streets.

“That has really contributed to a lot of problems, because the eastern end of Lincoln Road, the 100 blocks and 300 blocks in particular – although the whole district – but those areas in particular, are showing the effects of a dwindling neighborhood. We have issues of dereliction, homelessness, crime and so forth,” said Mr. Kanavos.

“What it told me was that we had to repopulate this area as a neighborhood and in order to do that, we have to start really cleaning things up,” he said.

“So the contribution that we made was number one: we reduced the number of our hotel rooms in order to be able to put up a residential condominium, which is going to be part of the Ritz campus.”

For a long time, the city has been living behind a façade of tourism, said Mr. Kanavos.

“That covers up a lot of the sins of a dwindling population,” he said. “If we had been in any other city, without the kind of strong tourist market that we have, and we’d been losing this much population, it would be a disaster.”

Tourism has covered up the issue, but tourists don’t behave like residents do, said Mr. Kanavos. They don’t worry about the crime or a neighborhood becoming seedy – that is, until it gets to the point in which they must go elsewhere to vacation.

“Residents, on the other hand, are engaged,” Mr. Kanavos said. “They have their eyes on the street. If you take a look at South of Fifth, for instance, you look at the character of that neighborhood. It’s clean, it’s neat, it’s safe, because it’s got such a strong residential population. “The first impulse that we had to start this whole thing off was: how do we make this more habitable to bring residential back and that would entail not just building a condominium, but also we wanted to improve the whole quality of the streets,” he said.

The beautification will improve different aspects.

Traffic patterns will be changed in order to make them safer, as currently there are unsafe points, said Mr. Kanavos. An entry monument will be included, inspired by the arts of famed area architect Morris Lapidus that he planned but was never able to effectuate.

“We want to put that entrance monument at the end of the street to mark the beginning of the beach path,” said Mr. Kanavos. “Of course, it’s going to be relandscaped, and we have an art walk planned. We want to be putting public art on both sides of the street – to be determined what – probably, some form of statuary or other forms of art which are to be determined, but we have that plan. It’s really going to become a showcase. And that’s for the 100 block.”

Subsequently, the plans to help the 200 and 300 blocks go through the same transformation are being worked on, said Mr. Kanavos, all part of an effort to turn an area that has been on the decline into a showcase of the city and attract new residents.

“It’s a necessary thing,” said Mr. Kanavos. “It’s been kind of a neglected part of the city even though it’s totally iconic. I mean, when people come to Miami, that intersection between Lincoln and Collins, and Lincoln and Washington, that stretch there has always been one of the most notable parts of the city that people identify Miami Beach with, but in the last few decades it hasn’t seen the kind of attention that it really should get and now we’re trying to rectify that.”

While working on the first phase, they are planning the second: the 200 and 300 block, said Mr. Kanavos. “In fact, we’ve actually already produced a conceptual plan and we’re at the point where we’re just about ready with the county and the city to effectuate the road closure; the ability to close the street off to vehicular traffic on the 200 and 300 block with the idea in mind making an extension of the pedestrian mall further to the west, Lincoln Road Mall.”

The plan is aimed to restore a strong residential component, he said, that will also help businesses thrive due to consistent business residents will provide the stores along Lincoln Road that now battle a fluctuating economy due to dependence on tourism.

“The store owners often tell me that they’re not really getting the kind of tourists that spend a lot of money there,” he said. “I guess you could say they’re underperforming; they’re surviving but underperforming. But we hope to really help the entire district economy by putting a permanent residential base in there that will be long-term residential – in other words, not subject to conversion to short-term rentals, Airbnb and things like that which we feel have really been harmful to the whole neighborhood structure of the central city.”

The project has had tremendous community support, said Mr. Kanavos, with almost universal support “for what’s going on and a great deal of enthusiasm in the city because, in all honesty, we kick-started something that probably should have been done decades ago, but the city often finds itself without the financial wherewithal to do things. They have a lot of demands on their funds.

“By us coming in and putting up monies and also securing, taking the responsibility to secure other monies from the state and so forth,” he added, “we’ve made it financially possible for the city to correct problems in a district that it’s desired to revitalize for some time now.”

Plans will continue to progress in order to finish the job.

“We have committed to actually pay for all the planning costs right through construction on the 200 and 300 block,” said Mr. Kanavos.

“The next steps that we’re working on are going to be to raise money and work … with the property owners in the city to develop a financial plan and other plans to revitalize the two blocks there,” he said. “In essence, for the 200 and 300 blocks, we’re sort of acting as the go-between for our fellow property owners in the city, in order to make the 200 and 300 blocks happen the way we made the 100 block happen.”


Source:  Miami Today


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Raccoon Coffee To Open At Wynwood Haus

Raccoon Coffee-Photo Credit Raccoon Coffee dot com 1170x435

A coffee shop will open at the recently completed Wynwood Haus mixed-use project.

Raccoon Coffee leased 1,800 square feet at 23 Northeast 17th Terrace in Miami, marking the first retail tenant at the development, according to the landlords’ news release. Wynwood Haus is in the Arts & Entertainment District, which is south of Wynwood.

Raccoon Coffee will operate a full-service food truck in front of its space until the interior buildout of its new space is finished and the restaurant moves in by year-end, the release says.

The homegrown brand, started by the Di Frisco brothers, also has Miami outposts at 609 Brickell Avenue in Brickell and 330 Northeast 30th Street in Edgewater.

Black Salmon, led by Jorge Escobar and Camilo Lopez, as well as Bridge Investment Group and LD&D, which collaborated with IGEQ, completed the 20-story Wynwood Haus building this year with 224 multifamily units and 5,500 square feet of ground-floor retail space.

Black Salmon, LD&D and IGEQ are based in Miami. Led by Jonathan Slager, Bridge Investment is based in Salt Lake City, Utah.


Source:  The Real Deal



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The Gateway at Wynwood Targeted In $101.7 Million Foreclosure Lawsuit

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A $101.7 million foreclosure complaint was filed against the Gateway at Wynwood office complex and a nearby bank office.

On March 19, Wilmington Trust, a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint against 2830 Wynwood Properties and Gateway at Wynwood LLC.

The 14-story office building at 2916 N. Miami Ave. is targeted for seizure by the lender. With 490 parking spaces, 25,000 square feet of retail space, and over 200,000 square feet of office space, it has a total area of 418,337 square feet. On the 1.11-acre plot, it was finished in 2021. The 5,187-square-foot Chase Bank bank branch at 2994 N. Miami Ave. is also the subject of the case. The building, which occupies 11,383 square feet, was bought by 2830 Wynwood Properties in 2015 for $7.4 million.

In February 2023, A10 Capital granted $109.7 million in mortgages to Gateway at Wynwood and $3.3 million to 2830 Wynwood Properties. The loans represented a refinancing of the office building’s construction loan. Afterwards, the loans were moved to a CMBS fund by A10 Capital. In accordance with the lawsuit, the borrowers owe $98.68 million and $3.04 million, respectively, plus interest and fees, after they stopped making payments on the loans on December 1, 2023.

On February 27, the lender sent a letter to Aron Rosenberg of R&B Realty in New York, requesting repayment of the debt.

The Gateway at Wynwood was one of the first office buildings constructed in the Wynwood area. According to a recent online listing, 80,031 square feet of space in Gateway at Wynwood is available for lease. The asking rate was $70 per square foot.


Source:  SFBJ


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$38 Million Mixed-Use Redevelopment Proposed In Miami Beach

Giller Tower Rendering_Image Credit Commercial Observer 1170x435

Architecture firm Giller & Giller wants to redevelop a trio of short retail buildings into a $38 million, mixed-use complex, according to a filing to The Miami Beach Planning Board, which will hear the proposal March 26.

Called the Giller Tower, the seven-story development would total 102,701 square feet at 3915 Alton Road, at the intersection with 41st Street near the Julia Tuttle Causeway. The ground floor would house retail space, floors two to four would be dedicated to parking, and the remaining stories would house 50,000 square feet of offices.

The property currently holds three low-rise retail buildings that were constructed between 1938 and 1954 and are leased to UPSMiami Fresh Fish Market, and restaurants such as Bagel Time Cafe and Grill House. Giller & Giller, a local architecture firm founded in 1944 that’s now led by Ira Giller, is based across the street at the historic, MiMo-style Giller Building.

While Giller & Giller would occupy a small portion of the proposed development, likely 2,000 square feet, “This is primarily a commercial office building leasing venture,” Ira Giller told Commercial Observer. “I think there’s a demand for new Class A office space in Miami Beach.”

Giller estimates that the development will cost $38 million. Construction could begin in early 2025.

The Giller family assembled the half-acre of property between 1980 and 1983, paying $730,000 in total, according to property records.


Source:  Commercial Observer


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Lincoln Road Retail Building Targeted In Foreclosure

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A 24,259-square-foot retail building on South Beach’s famed Lincoln Road at 318-334 Lincoln Road has been targeted in a $15.13 million foreclosure lawsuit.

Wilmington Trust, as trustee for a securitized mortgage trust, filed a foreclosure complaint on Jan. 30 against 318 Lincoln LLC.

The borrower, RFR Holding Corp., acquired the property for $20.5 million in 2019 and obtained a $17 million mortgage that was securitized as part of a mortgage trust. According to the lawsuit, 318 Lincoln LLC defaulted on the loan by missing payments in November and December 2023 and owes $15.13 million in principal, plus interest and fees.


Source:  SFBJ

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Project Breaks Ground Near Proposed Train Station In Wynwood

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Chicago real estate development company Fifield Cos. broke ground on a high-end apartment building in Wynwood that will be less than a block away from a proposed train station.

The company announced it started construction on Wynwood Station at 45 N.E. 27th St. on Feb. 8. The eight-story building will consist of 210 market rate apartments ranging between 567 and 1,036 square feet in size and include 11,000 square feet of retail.

Financed by a $66.9 million construction loan, Wynwood Station is being built on a 1.41-acre site that Fifield Cos. acquired for $19.5 million in January 2022.

Designed by Kendall-based MSA Architects, the project is slated to be finished by April 2025.


Source:  SFBJ

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Calta Completes Allapattah Assemblage Slated For Mixed-Use Project

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Calta Group purchased a 0.3-acre office property in Allapattah that completes an assemblage for Revv at the River District, a planned mixed-use project featuring workforce housing.

The Coral Gables-based developer is in the midst of a $47.2 million buying binge in Allapattah with plans to build four new projects. The firm’s latest acquisition, a $7.2 million purchase of a seven-story building at 1469 Northwest 13th Terrace, will be coupled with another 0.7-acre adjacent site for Calta’s first planned project.

Miami-based Benworth Capital provided Calta with a $9.4 million cross-collateralized loan for the acquisition, records and Vizzda show.

The property’s seller, an entity controlled by Miami-based Alisa Capital managing partner Arturo Siso, paid $5.9 million in 2012.


Source:  The Real Deal

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