The 29N project would be one of the largest developments in Wynwood at 964,693 square feet.
The Wynwood Design Review Committee will consider on July 12 plans for the project at 95 N.W. 29th St.
L & L Carpe Wynwood Holdings, a joint venture between New York companies L&L Holding Co. and Carpe Real Estate Partners, has nine parcels there under contract, combining for three acres. It’s directly east of the Gateway at Wynwood office building, which is currently under construction.
Designed by San Francisco-based Gensler, 29N would have buildings of 12 and eight stories with a pedestrian paseo between them to connect Northwest 29th Street, Northwest 30th Street and Northwest First Avenue. The building would feature 523 apartments, 200,618 square feet of offices, 26,372 square feet of retail and 668 parking spaces. There would be amenities on floors seven through nine. The apartments would range from 504-square-foot studios to two-bedroom units of 1,093 square feet.
Moishe Mana is expanding his footprint in the Flagler District, downtown’s envisioned tech hub.
The Israeli-born developer and billionaire bought a parking lot at 49 NW First Street, across from the Miami-Dade County Courthouse and a single-story building with a handful of eateries, according to a statement provided to the Miami Herald. The approximately $12.4 million sale closed on Friday. Mana is ironing out details for a new project on the site.
The site gives the developer greater scale for his Flagler District project. More than five years ago, Mana started acquiring buildings and lots in downtown, with a concentration especially along West Flagler Street. He now owns a total of 60 buildings and vacant lots. He continues to lead an overhaul of the street named after Florida’s railroad pioneer Henry Flagler by gutting and renovating existing buildings along the corridor and supporting the makeover of the area’s streetscape, which began in May. Though many of his storefronts are now empty, Mana has announced plans to build offices, retail and housing.
“We’re committed to reviving the Flagler District through sustainable revitalization,” Mana said in the statement. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”
Mana covered the cost of the project design and mix of taxes from the city and county, parking fees and bond dollars are funding the construction. Property owners are also taxing themselves to help pay for the project.
LIVWRK, a Brooklyn-based development firm, is making its first foray into Miami commercial real estate, The Real Deal has learned.
The company, led by founder and CEO Asher Abehsera, is under contract to buy a 2.5-acre assemblage in Wynwood, according to sources. East End Capital is selling the properties at 2400 and 2500 North Miami Avenue in Miami. LIVWRK will partner with the neighboring property owner at 48 Northwest 25th Street
Abehsera confirmed that the deal is under contract. A source said the price is about $25 million, and the sale is expected to close in about a month and a half.
Abehsera said his company is interviewing architects from around the world to “do something that’s more elevated from a design perspective” than what has been built in Wynwood so far.
The assemblage could be developed into more than 650,000 square feet with a mix of residential, retail, hotel or creative office, Abehsera said.
East End Capital had planned to develop the North Miami Avenue properties into two mixed-use projects with co-living, micro units, coworking and traditional office space. The New York and Miami-based firm, led by founder Jonathon Yormak, secured approvals for the projects last year.
The other parcel is owned by 3 CI Holdings LLLP, an entity managed by Catherine DeFrancesco, owner of Sol Yoga, and Andy DeFrancesco. Alex Karahkanian and Cahane sold the office and retail building on that site to the DeFrancesco entity last year for $17 million.
In March, East End Capital sold a Wynwood retail property that was in foreclosure to Cahane’s Forte Capital Management and Jon Krasner’s 7G Realty for $11.8 million.
East End and its Australian investors were recently ordered to pay back a $5.5 million deposit tied to a failed sale of their office tower in downtown Miami.
In Brooklyn’s Dumbo neighborhood, LIVWRK and CIM Group are in contract to sell the rental portion of their luxury development at 85 Jay Street to RXR Realty for $220 million.
When she came from Boston in the late 90s to study at the University of Miami, Mileyka Burgos-Flores quickly got homesick. She missed the food and flavor of her Dominican family and she was desperate for a Dominican hair salon. The cafeteria workers she’d befriended at school had the answer: we’ll take you to el barrio, they told her.
That’s how Burgos-Flores, executive director of the Allapattah Collaborative, got to know the neighborhood built up by Black Miamians and immigrants from the Caribbean and Central America. She soon picked up on Allapattah’s distinctive features. The breezy porches where neighbors actually talked to each other across the fence. The cosmopolitan bodegas and the street vendors residents knew by name. And of course, local watering holes like Club Típico Domínicano, the 1980s restaurant that shimmies into a nightclub with live music on the weekends.
“It’s a very warm and welcoming neighborhood,” said Burgos-Flores, whose work entails preserving the neighborhood and helping its small businesses thrive. “People don’t just go into local businesses to get their hair done, or to eat or to do their taxes. They go to hang out; they know each other and they keep an eye out for each other.”
That kind of pride among local residents is what drew art collector Mera Rubell to the area in 2019. Along with her husband Don and son Jason, the family converted a warehouse complex that previously housed a wholesaler of rice, beans and other food items into the Rubell Museum, previously located in Wynwood. The site sits cradled by the metroline and railroad tracks.
“This was a new frontier,” Rubell said. “Our dream was to create a kind of concentrated destination for culture. What’s nice is we’re not displacing anybody. These were old buildings that can no longer accommodate the heavy warehouse use it needs.”
The museum is just one of a collection of art spaces in the area, which runs from State Road 112 south to the Miami River and west from Interstate 95 to Northwest 27th Avenue. Jorge Pérez’s El Espacio 23 has also called industrial Allapattah home for the last two years. The newest addition to the art scene, Superblue, across the street from the Rubell, turned a warehouse into an immersive art space in May. The private museums are neighbors with a massive wholesale grocer; across the street, an open-air fruit market sells tropical fruit juices, coconut water and varieties of mangoes and bananas that swing from an awning.
Other recent additions have drawn people to the neighborhood through their bellies. Even on a weekday at lunch it can be hard to snag a parking spot at Hometown Barbecue, a New York transplant whose Brooklyn location is considered one of the country’s best barbecue spots.
It’s all quickly snowballing to turn Allapattah into Miami’s newest “it” spot. Burgos-Flores’ friends in the neighborhood share sightings of limousines ferrying partygoers to underground nightlife in the area. The charm that caught her eye two decades ago is still present; Allapattah remains a place where the word “authentic” still rings true. But there’s no denying things are changing.
New rentals are popping up and just as quickly evaporating due to demand from those who want to be close to the Miami Health District.
The latest is 14-story No. 17 Residences, on Northwest 17th Avenue. Renters — primarily medical and graduate students and health district employees quickly snapped up apartments, according to Lisette Calderon, CEO of developer Neology Life Development Group. Apartments start at $1,300 per month for a one-bedroom, one-bathroom layout.
“What I see that is exciting is the neighborhood being reimagined,” Calderon said.
Housing-wise, four other projects are in the pipeline.
The highest profile project on the books is a collection of eight buildings — many rising on stilts — designed by Danish star architect Bjarke Ingles for developer Robert Wennett. The project, at Northwest 12th Avenue, calledMiami Produce Center, will include residential units, hotel, office, retail space and a trade school on nineacres formerly home to a produce market. Permits have not yet been drawn, and the timetable is not yet set, said Javier Aviñó, Wennett’s representative for the project and Bilzin Sumberg partner.
Already underway is a senior affordable housing community at 1396 NW 36th St. The 13-story Mosaico should open by January 2022, said Jake Morrow, a principal at developer Interurban.
Along with No. 17 Residences, Neology is planning another 14-story rental nearby at 1625 NW 20th St., dubbed Allapattah 16.
Also in permitting is a third 14-story rental building, Allapattah 14, at 1470 NW 36th St.
For Burgos-Flores, whose work entails helping local mom and pops thrive, taking the foot off the accelerator just a bit seems wise.
“We love all this development that could potentially happen in the area, but we want it to be inclusive and equitable,” she said.
Small businesses she helps in the neighborhood are frequently priced out by rising rents, she said. The average resident is unlikely to be able to afford the luxury units coming up in the area. The median household income in the 33127 zip code is $34,510, according to the county demographic data from this year. Around 31% of the residents live below the poverty line. Displacing a community of people – many of whom first arrived via displacement after refugee crises in their home countries – would shred the neighborhood’s identity, Burgos-Flores said.
“People who live here want to stay,” she said. “And if they go, they want to go because they want to, not because they’re pushed out. They want to have the opportunity to stay and the opportunity to own here.”
The first purpose-built Class A office space will rise in the Sunset Harbour district of Miami Beach after a mixed-use project won approval from the city commission last week.
With an influx of business and wealth migration to South Florida, many are looking at Miami Beach as a place to relocate.
Eighteen Sunset will span more than 60,000 square feet and offer luxury residential, retail and residential accommodations in one building. The five-story building will have two floors of Class-A office space, a residential penthouse with a rooftop, 32,000 square feet of indoor and outdoor space with a deck overlooking Biscayne Bay, and street-level retail and restaurant space.
“We haven’t even begun marketing this and yet we’ve had a lot of interest and demand from various folks for all aspects of the project. I think we’re hitting it just at the right time,” said Brad Colmer of Deco Capital Group, the development firm behind Eighteen Sunset.
The third and fourth floors will be 32,000 square feet of office space for finance and investment firms, family offices, technology firms, and professionals seeking waterfront views. Deco Capital Group has enlisted a best-in-class team to represent Eighteen Sunset, with Stephen Rutchik of Colliers International leasing the building’s office space, and Sara Wolfe of Koniver Stern marketing the retail offerings.
The penthouse has 15,000 square feet of indoor space and sits one floor above the office space, where an executive can live and work under the same roof. The rooftop deck will have a pool, hot tub and outdoor dining area. The penthouse owner will also have a private garage that has room for at least six cars on the building’s second floor and direct elevator access.
“The Penthouse at Eighteen Sunset will be the pinnacle of luxury and exclusivity in Miami Beach, making it unlike any private residence the city has seen,” said Oren Alexander of Douglas Elliman, which is selling the penthouse. “This is perfect for a buyer drawn to the idea of taking an elevator down to the ground floor and being immersed in a vibrant, walkable neighborhood that offers everything from sidewalk cafes and coffee shops to trendy boutiques and a marina across the street. All of this is available in a building offering beautiful views and the amenities and security features of a world-class building.”
Eighteen Sunset, located between Purdy Ave. and Bay Road, will overlook Biscayne Bay and Maurice Gibb Park, close to dining and retail destinations. The project is the newest development by Deco Capital Group, a Miami-based real estate development and investment firm.
“We have a covered breezeway as well as covered sidewalk space,” Colmer said. “I can’t think of many other buildings in South Florida that are going to have the amount of covered outdoor space that we have and the indoor and outdoor connectivity for ground-level activation. I think that offers a lot of exciting opportunities.”
Colmer says construction is expected to start around September and is scheduled to be completed in 2023.
In what attorneys say is the first ruling of its kind in Miami-Dade County, a popular retail store on Lincoln Road in Miami Beach is required to pay rent despite hardships caused by the COVID-19 pandemic.
A force majeure clause is common in leases and can sometimes allow a party to not fulfill their contract when there is a circumstance beyond their control or an “act of God.”
Guess? Retail Inc., the clothing store, alleged that the COVID-19 pandemic left it unable to pay its rent. The retailer refused to pay after it had to close its operations around March of last year — something Guess said was done to protect the health and safety of customers and employees, and comply with government safety guidelines.
“This seems to be a case of the first impression in South Florida that will likely be relied upon by other jurists as litigation regarding force majeure provisions move through the court system,” said Bruce Weil of Boies Schiller Flexner, one of the attorneys who represented the landlord, The Denison Corp.
Weil argued there wasn’t anything unique about the clause, and that its provisions are pretty standard.
The lease states that the term force majeure encompasses, “acts of God, labor disputes (whether lawful or not), material or labor shortages, restrictions by any governmental authority, civil riots, floods, or other cause beyond the control of the party asserting the existence of force majeure.”
It also said, “Notwithstanding anything to the contrary in this lease, tenant shall not be excused from payment of base rent, operating costs, or any other sum due under this lease by reason of force majeure.”
Miami-Dade Circuit Judge Peter R. Lopez found that The Denison Corp.’s lease had an unambiguous force majeure clause and ruled Guess must pay no matter what — even during a pandemic.
The ruling is a win for landlords who still need that income to pay their expenses and continue operation. Weil said he hopes that landlords and tenants will be able to sit down and work together to avoid lawsuits since the pandemic has caused hardships for everyone.
Weil and his associate Laselve Harrison worked together in the case and believe the lawsuit will change the way all contracts are written in the future to make sure that pandemics are specifically named as an example of a force majeure incident.
“Force majeure clauses are certainly going to be scrutinized going forward because of the pandemic, with both landlords and tenants seeking clarity about what circumstances excuse performance under a lease,” said Weil.
Mark Steiner of Liebler, Gonzalez & Portuondo represented Guess and did not immediately respond to a request for comment.
A new high-end market with a restaurant, bean-to-bar chocolate station, patisserie and cocktail bar is coming to Wynwood.
Ananda Market, led by partners Antonio Ortega and Piero Pini, signed a 10-year lease for nearly 12,500 square feet at 310 Northwest 25th Street.
Forte Capital Management, led by Chaim Cahane and Dov Tepper, and Jon Krasner’s 7G Realty recently paid $11.8 million for the retail property at 310-318 Northwest 25th Street. They acquired it from East End Capital. Existing tenants include Barcelona Wine Bar and Grace Loves Lace, an Australian wedding dress store.
The market and restaurant will be led by chocolatier and pastry chef Jorge Kauam, Ortega said. Construction is slated to begin in about six to seven months, and the concept could open in about 10 months. Ananda will sell pastries, elaborate chocolates, breads, cocktails, and organic and sustainable food products. At night it will also function as an event space.
Miami is one of the top markets in the country for retail development, according to a report from Marcus & Millichap. The firm’s second quarter 2021 outlook report forecasts nearly 1.5 million square feet of retail space will deliver into the market this year, the highest level since 2017.
Mall redevelopment and mixed-use projects are driving the development activity, and much of it wrapped up in three projects. One of the largest projects in the market is the Miami Worldcenter, a mixed-use development with residential hospitality and 300,000 square feet of retail space. In Miami Beach, Bal Harbour Shops is adding 350,000 square feet, which is scheduled for completion in 2023. Finally, the Aventura Mall is in the middle of a 215,000-square-foot expansion, which is expected to hit the market later this year.
Last year, the pandemic hampered retail development. According to the report, retail deliveries were half of what they were for the previous five-year average and the lowest level in a calendar year in more than a decade. Still, retail projects continued to come to market. Miami Beach added nearly 100,000 square feet of space, and South Dade added more than 71,000 square feet of space. This year, developers will make up for the lost time, delivering 1 million square feet more year-over-year.
Developers are clearly bullish on the Miami retail sector, but the market has certainly seen an impact from the pandemic. This year, the report expects vacancy rate to climb 80 basis points to 5.2%, the highest rate since 2010. The slowed leasing activity along with increased retail development will also drag asking rents down 1.3% this year to $31.83 per square foot. In 2020, the vacancy rate was unchanged, and asking rents fell 3.1%.
Miami’s downtown area is experiencing a renaissance that his helping to fuel development activity and growth. The market is attracting out-of-state investment. Earlier this year, New York-based developer Time Century Holdings entered the Miami market to transform the Metro Mall into a luxury jewelry center. The developer secured a $23.6 million construction loan for the $50 million project through City National Bank of Florida.
The Collective has unveiled plans for its first co-living project in South Florida within a mixed-use building in Miami’s Wynwood Art District.
The city’s Wynwood Design Review Committee will consider the project at 2825 N.W. Second Ave. during its April 14 meeting. The 41,750-square-foot lot is owned by Wynwood Gateway II LLC, an affiliate of the Collective, a co-living operator based in New York, London and Berlin. The project would replace an auto showroom currently on the site.
The Collective first announced its intention to develop the site in 2019, but it hadn’t put forth a specific description of the project until now.
The building would total 351,443 square feet, with 12 stories along 29th Street and eight stories on 28th Street. It would have 108 apartments, 70 hotel rooms, 9,508 square feet of commercial space, and 163 below-grade parking spaces. As for the units, the hotel rooms range from 330 to 1,049 square feet. The apartments would range from 1,083 square feet with four bedrooms to 2,395 square feet with six bedrooms.
A developable assemblage in Miami’s Brickell neighborhood hit the market, with zoning that allows for two 48-story towers. The listing broker said he expects it to sell for more than $25 million.
Owner Progesti Corp. listed the 1.3 acres at 180 Southwest Ninth Street, 244 Southwest Ninth Street, and 901 Southwest Third Avenue. Progesti, whose president is Jose Nunez, bought the properties, which currently house two small multifamily buildings, in 1999 for $2.85 million, a deed shows.
Colliers’ Virgilio Fernandez and Gerard Yetming are lead brokers on the listing.
Up to 531,258 square feet can be built on the two parcels, with a mix of hotel, condominiums, office and retail. The parcels are walking distance from each other, but aren’t contiguous.
The property at 901 Southwest Third Avenue and 244 Southwest Ninth Street has a three-story, 68-unit multifamily building that was constructed in 1962, according to property records. The other, at 180 Southwest Ninth Street, has a three-story, 24-unit multifamily building constructed in 1964.
Fernandez said he has seen interest so far for the assemblage, particularly from New York investors. He said he expects the sale price to far exceed $25 million.
The listing comes on the heels of another swath of land hitting the market. A Biscayne development site spanning 3.2 acres at 11240 Biscayne Boulevard near North Miami has an asking price of $10.5 million.
