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Nov 11 No Comments

Miami Beach Votes Down Big Real Estate Projects

Author: Admin

Categories: Commercial News,Development,Miami Beach,Multifamily,Offices,Retail,Trends

Miami Beach voters on Tuesday nixed three major real estate projects proposed by industry heavyweights Stephen Ross, Barry Sternlicht, and Don Peebles.

Some 53.4 percent of voters rejectedRoss’ bid to exceed the current building-size regulations, effectively halting his plans to redevelop the historic Deauville Beach Resort, a MiMo-style property.

The New York-based developer wanted to increase the floor-area ratio, a method of regulating a building’s size, for the Deauville lot at 6701 Collins Avenue and two adjacent parcels. Had the ballot measure passed, Related would have developed an Equinox-branded complex with two luxury towers, featuring 125 condos and 175 hotel rooms. (Related owns Equinox.)

The development seemed like a passion project for Ross, who partly grew up in town.

“As a native of Miami Beach, this project is personal to me. I know what this site means to the people of Miami Beach,” Ross said when announcing his purchase bid in May.

The billionaire developer enlisted world-renowned architect Frank Gehry to design the new complex. In July, Ross also spoke at a Miami Beach city commission meeting, where he mapped out his plans for “a world-class project.” Yes For A Safe and Strong Future, a political action committee tied to Related Companies, spent over $1 million in favor of the referendum.

Ross’ plans for the Deauville site are unclear following the defeat. The sale was contingent on voters approving the height increase. When reached for comment, Ross and Related representatives provided a statement from Yes For A Safe and Strong Future.

“While we are disappointed with the outcome, we know North Beach deserves an economic engine, not an eyesore. We appreciate the tremendous support we received from thousands who backed a real vision for a better North Beach and still believe there’s a brighter future ahead,” the statement reads.

Regardless of Tuesday’s vote, the Deauville property will be demolished. The resort has been closed since 2017, following an electrical fire. It fell into such disrepair that a Miami Beach official deemed the resort structurally unsafe and ordered it to be knocked down last January. A Miami-Dade circuit judge later upheld the order. The demolition is scheduled for this Sunday.

No More Offices on Lincoln Road

Ross wasn’t the only developer to lose in Miami Beach.

Ventures led by Sternlicht’s Starwood Capital and Peebles’ Peebles Corporation both sought 99-year leases to build competing office-heavy, mixed-use projects on city-owned land near Lincoln Road, a pedestrian shopping street in Miami Beach. As with Ross, voters rejected each of the proposed leases by 53 percent.

Had they been approved, the leases together would have generated $355 million for the city over 99 years, as stated on ballots. Developers saw an opportunity to build boutique offices in Miami Beach in part to serve billionaires, who relocated to the island town during the pandemic and now seek offices near their residences.

At 1688 Lenox Avenue and 1080 Lincoln Lane North, Starwood’s plans with partners Integra Investments and The Comras Company called for a 100-foot-tall structure that would feature office space, ground-floor retail (including 1,000 square feet leased to a nonprofit rent-free) and a public parking lot to replace the existing surface lot.

Just three blocks east, at 1664 Meridian Avenue, Peebles — along with two partners, local developer Scott Robins and former Miami Beach Mayor Philip Levine — wanted to develop a six-story building with Class A office space, 43 market-rate residential apartments, ground-floor retail space, and public parking to replace the existing 151 spots.

“We will consider working with the city to make some adjustments to our proposal and consider presenting it to the voters again without such a crowded and controversial group of ballot questions. That would give the voters the opportunity to focus on the many public benefits from our proposal,” Peebles said in a statement.

The Ones That Passed

Miami Beach residents did approve some referendums related to real estate — those which weren’t directly tied to developers.

Voters agreed to boost the floor-area ratio for oceanfront hotels in the South of Fifth neighborhood that want to convert to residential buildings. Residents also greenlighted a floor-area ratio hike for certain office and residential properties east of Washington Avenue between First and Second streets if the owner agrees to prohibit hotels and short-term rentals on the property.

Residents also passed a ballot initiative that asked voters whether the municipality should seek voter approval before selling or leasing city-owned properties for over 10 years. The measure affects properties between West 43rd Street and West 40th Street, and from Pine Tree Drive on the east to Alton Road on the west.

Unlike in Miami Beach, Developers Win in Miami

Across the bay in Miami, developers had better luck Tuesday. Sixty-four percent of voters approved a 99-year lease extension for a waterfront site in Downtown Miami, paving the way for a $1.5 billion development.

Hyatt Hotels and Miami-based developer Gencom plan to tear down the James L. Knight Center and build three skyscrapers. Called Miami Riverbridge, the development would include 1,542 rental apartments in total, along with 615 hotel rooms and 264 serviced apartments. The annual rent will jump from $250,000 to at least $2.5 million. The joint venture has also vowed to make a $25 million contribution to affordable housing initiatives, the details of which have not yet been released.

“Miami Riverbridge will improve access to and from the Hyatt Regency Miami site, activate the Miami riverfront, and meet growing demand for housing, hotel rooms and more meeting space in our downtown,” James Francque, global head of transactions for Hyatt, and Phil Keb, executive vice president of development for Gencom, said in a joint statement.

Source: Commercial Observer

Oct 16 No Comments

School Of Whales Crowdfunding Project Will Turn Miami’s Historic Post Office Into Food Hall

Author: Admin

Categories: Commercial News,Development,Retail

Miami-based real estate crowdfunding startup School of Whales has unveiled plans for its second restoration project aimed at revitalizing a historic city landmark while offering locals an investment opportunity.

Next year, School of Whales cofounder Andrea Petersen says the group will launch its latest crowdfunding complex in the city’s historic Post Office building located at 100 NE First Avenue.

When complete, the 36,500-square-foot space will transform into a four-level gastronomic hub, a development Petersen promises to be a mindful preservation of the 1912 neo-classical building.

While the property is currently in the final stages of planning, a number of tenant selections have already been secured and two floors fully renovated. When it opens, the venue will offer a number of food and beverage-themed concepts, and will also be home to Biscayne Bay Brewing, which first announced plans of opening a downtown brewery and taproom in 2018.

Additional concepts will include the first stateside restaurant by a well-known Mexican chef; a Japanese izakaya and sake bar curated by a world-renowned restaurateur; a traditional Mexican café and bakery; and a mezcal bar.

Source: New Times

Oct 11 No Comments

Texas Restaurant Group Inks First Deal In Wynwood

Author: Admin

Categories: Commercial News,Retail,Wynwood

Clé Group is opening a restaurant in Wynwood — the Houston-based hospitality company’s first expansion beyond Texas as out-of-state operators continue to migrate to Florida.

The company inked a 10-year lease for the building at 2600-2610 North Miami Avenue, Hidrock Properties’ Steven Hidary said. Clé will lease the entire space, nearly 14,000 square feet, where it will open Kiss restaurant. Hidrock and Robert Finvarb Companies own the property.

Clé, whose partners were eyeing spaces in Brickell, Miami Beach and Wynwood, narrowed their choices down to about 5 locations before landing on Wynwood, partner Zack Truesdell said. Kiss Miami could open in 14 to 18 months, depending on permitting. Truesdell said that the company is working with a local architecture and design firm to design the space, and has local investment partners he declined to name.

In Texas, Clé, which is also expanding into Dallas, has three nightclubs, two restaurants and three concepts under construction.

Sep 12 No Comments

South Beach Retail Property Trades For $39 Million

Author: Admin

Categories: Commercial News,Miami Beach,Retail,Shopping Centers

Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Robert Shor is back to buying, scooping up a vacant retail property across the street for $10 million.

Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to Orlando Garcia of Coral Gables-based Secured Debt Investments, according to records. The 9,000-square-foot condo is on the ground floor of a two-story building immediately north of the 1111 Lincoln garage and retail building.

Irma Figueroa and Vicki Freeman of the Comras Company represented the seller. Seth Gadinsky of Gadinsky Real Estate represented Shor.

In June, Shor sold the 60,000-square-foot commercial strip across the street at 1656-1680 Alton Road, as well as an adjacent 0.2-acre parking lot at 1677 West Avenue, to Michael Shvo, who plans to redevelop the property into a 250,000-square-foot office and retail complex. The property includes the former Epicure Gourmet Market & Café building.

Shor said an Ace Hardware store on that strip, set to close next year, will reopen in April in the vacant retail space he bought this week.

Alton Road, a main north-south connector on the western end of Miami Beach, is poised for more development after city residents in August approved a zoning referendum that allows for bigger projects in the Alton gateway area. The vote allows developers Russell Galbut and David Martin of Terra to build a taller mixed-use project at 710 Alton Road.

Source: The Real Deal

Sep 05 No Comments

Macy’s Building On South Beach Sells For $15.5M

Author: Admin

Categories: Commercial News,Miami Beach,Retail

A local developer acquired the retail building that houses Macy’s in Miami Beach for $15.5 million.

San Antonio-based 1675 Meridian Ave LLC, managed by longtime owner Terry Emanuel, sold the 102,009-square-foot retail building at the same address.

The buyer was SoBe Park LLC, managed by Ronny Finvarb, head of Bay Harbor Islands-based Finvarb Group. The deal included $9.3 million in seller financing.

The price equated to $152 a square foot.

The building was developed on the 1.15-acre lot in 1953.

Source: SFBJ

Aug 24 No Comments

Thor Equities Lists Wynwood Dev Site For $32M

Author: Admin

Categories: Commercial News,Development,Retail,Wynwood

Thor Equities is listing a Wynwood assemblage that’s primed for a hotel, retail and restaurant development. Asking price: $32 million.

The New York-based firm, led by Chairman Joe Sitt, retained Tony Arellano and Devlin Marinoff with DWNTN Realty Advisors to market the five contiguous empty parcels at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street.

“It is the last remaining development site on that side of Second Avenue,” Marinoff said. “Four years ago, this site was in a desert. Now it’s come a long way.”

The 0.7-acre assemblage comes with development rights for an eight-story hotel with 211 rooms, 19,705 square feet of retail and a 12,106-square-foot rooftop terrace, according to the offering. Development site prices in downtown Miami and surrounding neighborhoods are skyrocketing, with buyers paying about $16 million an acre last year, according to Colliers.

“Retail rents on Second Avenue are north of $120 a square foot,” Marinoff said. “You get more than $30 million in value on just the retail.”

In 2014, a Thor affiliate bought the vacant lot at 2724 Northwest Second Avenue for $1.9 million, records show. A year later, The firm acquired the other four parcels as part of a $41.5 million deal for a larger assemblage that included a 100,000-square-foot site at 2800 Northwest Second Avenue that had been the headquarters for Lehman Pipe & Plumbing Supply for 68 years.

Thor redeveloped the Lehman Pipe property into Wynwood Walk, a 63,000-square-foot retail and restaurant complex that is adjacent to the vacant lots hitting the market, Marinoff said. The assemblage is also next door to the site that the Related Group, David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Development are co-developing into the NoMad Wynwood Residences condo-hotel. The partnership paid $26.5 million for the site at 2700 Northwest Second Avenue last year.

Marinoff said Thor had drawn up plans to develop its assemblage, but the company’s primary focus is retail and industrial, rather than hotels.

Thor is also looking to shed two Miami Design District properties the firm owns. In April, Thor listed the former U.S. Post Office building at 66-70 Northeast 39th Street for $80 million. And Last year, Thor put on the market a retail building currently leased to luxury retailer Stefano Ricci at 120 Northeast 39th Street. The asking price was not disclosed.

Source: The Real Deal

Aug 08 No Comments

Wynwood Plaza Submitted To FAA, With Construction Permit Getting Closer

Author: Admin

Categories: Commercial News,Development,Multifamily,Offices,Retail,Wynwood

The developer of The Wynwood Plaza has submitted the project to the FAA for review as it moves closer to obtaining a construction permitting.

According to the July 26 submission to the FAA, the tallest height of the project is planned to reach 212 feet above ground, or 225 feet above sea level.

A construction permit application was submitted to Miami’s Building Department in September 2021, listing an estimated hard construction cost of $130 million, and Moss Construction as the contractor.

City records show that the permit was moving through multiple reviews by Miami’s Building Department as of July.

In April, the developers said there was strong demand for the office component, with 75,000 square feet said to be in negotiation.

According to a water and sewer utilities deal the developers signed in April, The Wynwood Plaza is planned to include:

509 apartments
212,962 square feet of office space
25,550 square feet of retail

The project is also planned to include a landscaped 25,000 square-foot outdoor public plaza, and a parking garage with 668 car spaces and 954 bike spaces.

Gensler is listed as the architect of record on the construction permit.

Source: The Next Miami

Aug 01 No Comments

NR Investments Files Proposal To Build Mixed-Use Complex In Allapattah

Author: Admin

Categories: Allapattah,Commercial News,Development,Multifamily,Offices,Retail

NR Investments wants to develop a massive mixed-use complex on Miami’s General Services Administration site in Allapattah.

Ron Gottesmann and Nir Shoshani’s development company filed a proposal for a 99-year lease and redevelopment of the city-owned 18-acre property at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue, according to the application. The property is just south of the Santa Clara Metrorail station.

NR Investments wants to build 2,500 apartments; 300 hotel keys; 200,000 square feet of office space; and 100,000 square feet of retail, the plans show. As part of the multifamily portion, 500 units will be workforce housing for households earning from 100 percent to 140 percent of the area median income. The proposal calls for roughly 5 acres of open public greenspace.

The application does not specify the heights of the buildings, but does say the project won’t require changes to the site’s existing zoning. Currently, towers of up to 30 stories, or buildings with eight stories for podiums and 22 stories for the main portion of the towers, are allowed.

NR Investments’ submitted the application in late May as an unsolicited proposal for the public property, meaning the city has to allow other developers the opportunity to file redevelopment plans.

On Thursday, Miami commissioners unanimously voted to accept NR’s application, a symbolic decision showing they are not rejecting it, and agreed to issue formal requests for proposals. The official RFP will be issued in 45 days and allow another 45 days for applications submittals.

NR’s project envisions various public spaces, such as a “study house” for after-school, continuing education and job-training programs, as well as a community market with a stage for public events, and a promenade with food and retail stands, the application shows. The redevelopment also would breathe life into the Santa Clara station, which NR said has the lowest ridership out of all Metrorail stops.

The 5 acres of public parks will include a dog park, community gardens and possibly an urban farm.

DPZ CoDesign is the project’s architect.

NR proposes rental payments to the city that would add up to $1.5 billion for the land lease over the 99 years, the filed materials show.

The Miami GSA site currently is used for city services such as printing, and for the storage of trucks. It also has a fire rescue station on the northeast corner of the site. Under NR’s plan, the station would be moved elsewhere along Northwest 20th Street.

Among the issues commissioners discussed is that the GSA site is one of several locations designated for the creation of public park space to make up for the greenspace that will be lost by the development of Miami Freedom Park soccer stadium. Under city rules, a developer that builds over park space has to recreate it elsewhere.

NR’s proposal calls for slightly less than the 6.8-acre greenspace that must be recreated on the site to make up for what is lost from the Miami Freedom Park project.

Overall, this is something that can be fixed as the redevelopment plans move forward, some of the commissioners said.

“I don’t think that at this moment we need to determine down to the inch,” said commission chair Christine King.

Miami-based NR is among the firms that redeveloped the city’s Arts & Entertainment District. Its projects there include the 38-story Canvas condominium at 1630 Northeast First Avenue, and Filling Station Lofts, an 81-unit rental building at 1657 North Miami Avenue.

This year, NR started building the 29-story Uni Tower with 252 workforce and affordable rental units at 1642 Northeast First Avenue.

Source: The Real Deal

Jul 18 No Comments

Office Project Could Replace Gas Station In Miami Beach

Author: Admin

Categories: Commercial News,Development,Miami Beach,Offices,Retail

Arkadia Property Group plans to redevelop a gas station in Miami Beach into an $11 million mixed-use project centered on office space.

The city’s Planning Board will consider the application July 26 for the 0.36-acre site at 1840 Alton Road. The property belonging to Alton Road Supreme Services, owned by Mario Suarez in Hollywood, currently has an Exxon service station and cash wash.

It would be developed by 1840 Alton Road Partners LLC, co-owned by David M. Aaron and Richard Kilstock, the managing principals of Bal Harbour-based Arkadia Property Group.

With an estimated cost of $11 million, the project would total 67,641 square feet in five stories. It would consist of 3,300-square-foot of ground-level retail, 36 parking spaces on the second level, 17,113 square feet of office space on the third and fourth floors, and a fifth floor containing an 8,000-square-foot live/work unit.

Source: SFBJ

Jun 13 No Comments

Goldman Properties, JV Of Scott Robins And Philip Levine Propose Wynwood Projects

Author: Admin

Categories: Commercial News,Multifamily,Retail,Wynwood

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

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Category: <span>Retail</span>

Miami Beach Votes Down Big Real Estate Projects

No More Offices on Lincoln Road

School Of Whales Crowdfunding Project Will Turn Miami’s Historic Post Office Into Food Hall

Texas Restaurant Group Inks First Deal In Wynwood

South Beach Retail Property Trades For $39 Million

Macy’s Building On South Beach Sells For $15.5M

Thor Equities Lists Wynwood Dev Site For $32M

Wynwood Plaza Submitted To FAA, With Construction Permit Getting Closer

NR Investments Files Proposal To Build Mixed-Use Complex In Allapattah

Office Project Could Replace Gas Station In Miami Beach

Goldman Properties, JV Of Scott Robins And Philip Levine Propose Wynwood Projects

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