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Trimont Acquires Kayak Miami Beach Hotel

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Trimont Real Estate Advisors paid $13.6 million for the Kayak Miami Beach in a deed in lieu of foreclosure sale.

Atlanta-based Trimont acquired the 51-key property for roughly $260,000 less than the outstanding mortgage debt that the seller owed the lender, Minneapolis-based Varde Partners, records and Vizzda show. Trimont, led by executive managing director Cindy Barreda, is a Varde subsidiary.

The sale price equates to about $267,000 per room.

The seller, an affiliate of New York and Santa Monica, California-based Raven Capital Management, led by Josh Green, bought the two-story hotel at 2216 Park Avenue in Miami Beach for $20 million in 2018. Raven financed the purchase with a $13.6 million loan from Varde, records show.

Raven rebranded the 1936 building under the Kayak flag in 2021 after renovating the hotel.

Last year, Varde sued Raven’s Kayak ownership entity in Miami-Dade Circuit Court, seeking to foreclose on the property. The complaint alleged that Raven missed its maturity date payment in December 2022 after Varde had extended the deadline twice in the previous two years.

At the time the lawsuit was filed, Raven allegedly owed $13.9 million including interest and attorney fees, court records show.


Source:  The Real Deal

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Dozen Other Art Fairs To Enliven Art Basel Miami

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As art enthusiasts and collectors gear up for Art Basel, Miami Art Week kicks off with its signature satellite art fairs.

Beginning Dec. 4, Miami Art Week is promising to showcase a week full of world-renowned and emerging artists who are set to exhibit a diverse array of immersive, contemporary and visual art masterpieces.

SCOPE returns to 801 Ocean Dr. in Miami Beach with over 150 new contemporary exhibitions. Now on its 21st anniversary, the art fair presents daily programming that blends genres. Throughout the years, SCOPE has been committed to making art and technology accessible. Details:

Design Miami at Convention Center Drive and 19th Street in Miami Beach spotlights museum-quality exhibitions of 20th and 21st century furniture, lighting and architecture. On its 19th edition, the art fair will feature collaborations with designers and design institutions, panels and lectures from the world of design, architecture, art and fashion. Details:

Untitled Art being held on Ocean Drive and 12th Street is planning to feature over 160 international galleries. Since its debut in 2012, the fair annually selects a curatorial team to identify and select international galleries, emerging artists and non-profit organizations. This year’s edition will focus more on gender inclusive through “Gender Equality in the Arts,” which is giving opportunities for artists of all genders to participate. Details:

Art Miami at One Herald Plaza in Downtown Miami is a leading international contemporary and modern art fair. Now in its 32nd year, the fair will showcase artworks of the 20th and 21st centuries along with a selection of the world’s most respected galleries. CONTEXT Art Miami, presented by Art Miami, will also return for its 11th edition. It will feature over 75 innovative galleries. The fair offers a platform for collectors to discover and acquire fresh works in today’s art market. Details:

Aqua Art Miami at 1530 Collins Ave. in Miami Beach has become a favorite must-see art fair where prominent collectors and curators procure works by emerging and mid-level artists. Over 60 art exhibitors are expected to be featured. Details:

NADA Miami at 1400 N Miami Ave. will feature a selection of over 145 galleries and art spaces. This year’s fair includes many first-time exhibitors. The art fair is dedicated to celebrating rising talents from around the world. NADA Miami’s main focus is to reinvent the experience and presentation of art while giving exposure to emerging artists. Details:

Fridge Art Fair at 2649 S Bayshore Dr. in Coconut Grove is celebrating 10 years and will honor the LGBTQ+ community. New projects include a community fridge from Buddy System MIA and a postcard creation project in support of the LGBTQ+ community by collaboARTive. Details:

Red Dot Miami at 2217 NW Fifth Ave. is set to showcase over 75 of the top artists from around the world. Every year, the art fair commissions and curates art installations specifically for Miami Art Week. Details:

INK Miami Art Fair at 1850 Collins Ave, in Miami Beach is a specialty fair featuring exhibitors who focus on art pieces that are on paper and prints. Since 2006, the independently run fair has attracted museum curators and collectors that seek on paper art pieces. Details:

This year, SATELLITE Art Fair at 700 Lincoln Road in Miami Beach is presenting over 30 free-standing art installations and workshops. The fair is expected to have live performances from artists, live music and tech-savvy programming. Highlights include a meat sweats installation, a fiber coliseum and immersive virtual reality projects. Details:

In its 17th anniversary, Pinta at 3385 Pan American Dr. in Coconut Grove is planning to blend the best of Latin American and Spanish exhibitors. Pinta is committed to an international platform of Ibero American modern and contemporary art, and Latin American. Details:

Spectrum Miami at 2217 NW Fifth Ave. will present over 150 artists, installations and galleries. Art lovers will be exposed to emerging and new artists who like to push boundaries and limitations. Details:

The Miami River Art Fair at 125 SW North River Dr. is an international art fair that will have a focus on NFT projects, virtual and individual artists booths. This year, the art fair will present its “Cosmos Edition.” Details:


Source: Miami Today


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Redrawn Boundaries May Add Affordable Housing In Allapattah

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A proposed affordable housing project planned for an 18-acre city-owned lot in Allapattah could benefit from tax increment financing since its inclusion in the recently expanded Omni redevelopment agency boundaries.

In July, the City of Miami authorized the continued existence of the Omni Community Redevelopment Agency (Omni CRA) throughout 2047 with increased area spanning 2,730 acres in Allapattah. Included in the new land is the sprawling General Services Administration (GSA) site, a location the CRA says could serve as a crucial driver for economic development and boost the city’s supply of workforce housing.

Last September, city commissioners approved a Request for Proposals (RFP) following an unsolicited offer from NR Investments Inc. to develop the GSA lot. Located at 1950 NW 12th Ave. and 1970 NW 13th Ave., the property includes the city Department of Solid Waste, the General Services lot, the Public Works Department, the Parks and Recreation Department and Fire Station 5.

The deadline for proposals closed in December 2022. It is unclear how many responses the RFP received, but a bid has not been awarded yet.

However, efforts are still being pursued to revamp the expansive site. A 2023 Omni CRA Plan Update report detailed a summary of public input that found support for several ongoing projects, including the GSA site. The report states it could serve as an important catalyst for the neighborhood’s redevelopment.

The total estimated cost is listed at $5 million through 2027 for a workforce housing development to rise at the site. Since the property’s inclusion in the expanded CRA area, the project is eligible for Tax Increment Financing (TIF).


Source:  Miami Today

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Developer Proposes Workforce Housing In Miami Beach

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New York-based 1688 Property Owner LLC filed a municipal pre-application with Miami-Dade County officials for the 0.52-acre site at 1701 Jefferson Ave.

The developer acquired that parking lot, along with the adjoining 88,419-square-foot office building at 1688 Meridian Ave., for $49.5 million in 2021.

Totaling 28,074 square feet in four stories, the project would feature 40 apartments and 24 parking spaces on the ground level underneath the building.

It would be called The Morris, after Miami Beach architect Morris Lapidus, who designed many of the city’s most famous hotels. The project would feature 36 one-bedroom units of about 510 square feet each and four two-bedroom units of about 720 square feet. All of the apartments would be restricted to people making up to 140% of area median income. That means a one-bedroom unit would rent for $2,710 and a two-bedroom unit would rent for $3,251.


Source:  SFBJ

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