Industry News

The deal breaks down to $623 dollars per square foot. 

The Wynwood Design Review Committee will consider plans for the project on Sept. 25.

If built, the 52-foot-tall, 19,873-square-foot project will be have 318 indoor and outdoor seats on each level, “including an activated roof… .”

The five-story development will feature four residential units, each spanning 1,886 square feet, with additional commercial space. 

The deals mark an expansion for Aroma360, which already leases a 50,000-square-foot warehouse at 1148 Northwest 72nd Street in unincorporated Miami-Dade.

Upon completion, the office development will total 266,000 square feet and will feature touchless entry and elevator systems, a dedicated parking garage, fitness club, bar lounge, conference and collaboration spaces and an expansive rooftop.

Akerman, Tao Group Hospitality, and RH submitted proposals, which officials will hear privately. The Penrods missed the deadline to put forth an offer by 15 minutes.  

“Allapattah is a [desirable] market, given its location in the Miami urban core and the vicinity to downtown Miami, Wynwood and the Medical District.”

The project was initially described as having five floors and 250,000 square feet of offices.

Located at 51 NW 26th Street, the 4,202-square-foot restaurant is slated to open this winter and will function as a flagship location, housing an all-day cafe and bakery, as well as a pastry production kitchen for the South Florida region.

The building hit the market earlier this year with an asking price of $19 million.

The new development will transform the legendary Clevelander from its current use as a hotel and bar with outdoor entertainment until 5 a.m. into a residential development with hotel services and a high-end restaurant on its ground floor.

The tenant will open the Wynwood outpost on Sept. 12.

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

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. 

The clubhouse, opened originally in 1916, and the annex, opened in 1937, have been restored as a single entity and now host a restaurant and meeting space.

The restaurant was once hailed as “one of the more extraordinary restaurants in the country” by The New York Times.

The food hall, dubbed L’Isola, will include select restaurants and vendors with a varied selection of international cuisine, as well as a rooftop restaurant and cocktail lounge.

The project was first reviewed by the Wynwood Design Review Committee in April 2022.

The firm’s first ground-up project, Eco Landing, nabbed a $23M construction loan from Popular Bank.

A new construction permit to build a multifamily rental building was submitted in December 2022 and is still in process.

The Historic Preservation Board is set to review the proposal on September 12.

The leases total nearly 14,000 square feet.

Wynwood was a working-class neighborhood, dotted with warehouses and other industrial businesses.

The haves and have nots have emerged as commercial loans mature. For some loans on the cusp of maturing, the ability to refinance may require more cash from the borrower, especially as lending standards have tightened.

Miami retail vacancy is at 3.7%, 50 basis points below the national average of 4.2%, and the city leads all major U.S. markets in rent growth, rising 11.6% year-over-year to $42.40 per SF.

Kushner and Block Capital are shown on the submittal package as the developers.

Aventura is witnessing a wave of building and infrastructure improvements as well.

The Doris would total 20,419 square feet, with 1,218 square feet of commercial space on the ground floor and 19,201 square feet of office space on the seven floors above it.

Groundbreaking on the project will begin in the third quarter of 2024, with a scheduled completion date at the end of 2025.

A hearing before the Wynwood Design Review Committee is scheduled for July 18.

The five-story, 50,000-square-foot facility is being erected on a 1-acre lot at 4360 Collins Avenue, just south of Fontainebleau’s condo component.

“Developers in Florida have been busy completing new apartments. However, this is still not enough to keep up with pent-up demand, which is why Florida markets are claiming the first spots on our list,” the RentCafe report stated.

The 1.5-acre development site is the former Miami Rescue Mission headquarters.

The lease deal brings the retail component of The Gateway at Wynwood, which spans 25,000 square feet, to full occupancy.

Combined, 13th Floor Investments’ assemblages span 1.18 acres, and is a likely target for condo development.

Lincoln Road also recently extended its partnership with Smorgasburg for another year. The open-air food market featuring dozens of local vendors takes place every Friday from 5:30-10:30 p.m. on Lincoln Road’s 1100 block and has become a local favorite hot spot.

Construction is set to be fast-tracked for a January 2025 completion date.

Pending approval by a majority of business owners within the area, the BID is set to officially be renewed for another 10 years on Nov. 6.

Along with the residential uses, the building is to include 25,653 square feet of retail and 18,713 square feet of amenities.

The affordable housing project will consist of 48 studio apartments, 66 one-bedroom units and eight two-bedroom units with rents ranging from $512 to $1,756 per month.

The preliminary plans are for 430 apartments and 15,000 to 20,000 square feet of commercial space on the ground level in about 48 stories.

There are a lot of reasons to think that it is.

The WDRC hearing is scheduled for June 20.

Rrecent bankruptcy filings from prominent big-box retailers and smaller chains, such as Bed Bath & Beyond, Buy Buy BABY, David’s Bridal, and Tuesday Morning, have sent shockwaves through the industry.

Development in Allapattah, a working-class neighborhood west of Wynwood, is booming in response to Miami’s increasing real estate prices over the previous three years.

The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Christopher Kramer and Nick Scribani, as well as Senior Managing Director Danny Matz from the Miami office.

The hotel was built in 1939 in classic Art Deco style, and its facade was restored while it was owned by Marcelo Tenenbaum of Blue Road Development, which purchased the hotel for $1.1 million back in 2010.

Potential buyers can redevelop the properties into an eight-story to 12-story mixed-use project with either 108 residential units or  216 hotel rooms.

Immocorp joined with The Faith Group and Azur Equities to spearhead the development.

Legislation aims to incentivize property owners to convert hotels into residential buildings.

Kapoor’s Location Ventures had planned to have three-month leases, but commissioners imposed a six-month minimum term.

The firm has 13 projects ranging from 24 to 150 units in various stages of development just within the Wynwood Norte boundaries.

The news is according to CoStar Group, which is basing this premise on April’s rental numbers that are showing every sign that the sector is beginning to stabilize. 

The company opted to stay in Wynwood because the location “symbolizes the trends and growth potential of the Miami market as the neighborhood has emerged as a marquee hub for young creatives — not unlike Brooklyn and Arts District Los Angeles,” the company stated.

The project will include nine indoor food and beverage tenants, food trucks and 10K square feet of parks.

The proposed 10-story hotel will cost an estimated $20 million to build.

The new store is less than two miles from Wynwood Padel Club, which has eight courts, and Real Padel Miami. It will feature a demo area where enthusiasts can test gear.

A joint venture of Kushner Companies, Faith Group, and Immocorp Capital plan 325 apartments with about 20,000-25,000 square feet of retail.

The fractional ownership ordinance largely targets Pacaso, a San Francisco-based tech company that allows investors to purchase as little as a one-eighth interest in second homes.

In contrast, rents grew a relatively robust 4% this year.

Currently, there is 600,000 square feet of commercial retail space under construction as Wynwood continues to evolve.

The hotel includes the Layla restaurant, the Parasol snack bar and a rooftop pool.

Reflective of its community, Arlo Wynwood will moonlight as a living canvas for a curated group of artists that spark curiosity from art connoisseurs and novices alike. Arlo Wynwood’s interiors will display more than 250 works of art from a range of artists.

The union wants to change the zoning from “T6-8-O” and “high-density residential” to “T6-12-O” and “restricted commercial.” The density would be 150 units per acre, which would equate to 275 units on a site of this size.

The shortage of affordable multifamily housing continues nationwide. The good news is that developers and architects are bringing solutions to the multifamily market. It’s no secret that affordable housing is in short supply. Both the single-family and multifamily market struggle to meet the need. According to the National Low Income Housing Coalition, not a single one […]

Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.

The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.

Under a deal approved by the Miami-Dade Board of County Commissioners last week, the Miami Beach Community Development Corporation will transfer ownership of its 16 buildings, totaling 357 income-restricted units, to the county, which manages thousands of affordable units countywide.

Wynwood 21 is to be home to 97 dwellings, about 3,550 square feet of restaurant, and 2,538 square feet of retail.

Canvas is taking over the ground floor space previously occupied by Solana Spaces.

The Live Local Act, which Gov. Ron DeSantis signed aims to help fill financing gaps, making more developments economically feasible. What is still crucial, attorneys and developers said, is combining that with incentives on the local level.

The 29-unit apartment hotel was set up for short-term rentals.

City commissioners granted preliminary approval for zoning changes that would benefit the developer’s plans.

This year there has been a growing return of confidence for the market.

After gaining notoriety as the center of the housing crisis in the US, Miami is looking to co-living developments to calm soaring rent prices.

Both buyers and sellers have their brakes on because many buyers can’t figure out what a property is really worth today.

The project has been approved for 210 apartments and 11,500 square feet of retail space.

The price averages out to $877,192 per unit.

The seller paid just $275,000 for the lots in 2011, marking a 16-fold price increase in 12 years. 

Mast Capital and Rockpoint broke ground on the development in February 2023 and plan to open the community by fall 2024.

Omni 21 would have 97 apartments, 5,865 square feet of retail space, 130 parking spaces, including 25 spaces for electric car charging, and 166,960 square feet of space across 11 levels.

Totaling 435,286 square feet in 11 stories, the building would feature 310 apartments, 9,909 square feet of commercial space and 311 parking spaces.

It’s currently called the Onu Hotel, although it’s also been known as the SoBe Hostel.

When it opens, which is expected to be in 2025, the Gensler-designed Wynwood Plaza will feature a 509-unit apartment building, 32K SF of retail, 6,600 SF of outdoor dining and a half-acre public plaza.

The Miami Beach Historic Preservation Board will hear the bid March 14.

In partnership with area businesses, owners, developers and residents, working with the City of Miami, the Wynwood BID has been a significant catalyst in the neighborhood’s growth, improving quality of life, and in ongoing synergies between new investors, and existing businesses and cultural venues.

Related is betting big on the future of Wynwood’s luxury residential market with NoMad Residences Wynwood, the first hospitality-infused condominium from the iconic brand, NoMad Hotels.

The seller paid $781,800 for the land and other lots in 2019.

The lease expansion brings the Dorsey’s office component to 100-percent occupancy.

Issues to be studied include the lack of bicycle and pedestrian connectivity between Miami and Miami Beach – which could create a connection between existing bicycle lanes in Miami Beach.

The site plan calls for a 10-story building totaling 134,573 square feet with 96 condos, 2,192 square feet of retail and 90 parking spaces.

The property is leased to a diverse tenant roster including BoConcept, OpenStore and Veru.

Along with these white-collar jobs, is the demand for workers to fill blue-collar jobs.

The hotels last traded for $12.25 million in 2009, more than doubling in value. 

In an off-market deal, Rilea bought the property from interior designer Michael Wolk, whose studio is based in one of the warehouses.

“I like to think of Miami as a viral product with very high retention,” Abraham said, noting that his friends who had tried Miami had stayed. “I don’t know anyone who’s gone back to Silicon Valley or New York.” 

South Florida added thousands of new businesses in 2022, putting the region in the top three metropolitan areas nationwide for openings of everything from retailers to law offices.

A Senate proposal would provide tax breaks and eliminate rent control.

The city’s Finance and Economic Resiliency Committee is scheduled to discuss the proposal at a January 27 meeting.

In order to build this project, BH Group wants the county to rezone the site from Ojus Urban Area District-Edge to Ojus Urban Area District-Center.

The New York real estate firms partnership has hit its breaking point over a maturing loan.

The project includes a 12-story, 266,000-square-foot office building, a 509-unit luxury rental building, 32,000 square feet of indoor and outdoor retail space, and a 26,000-square-foot public plaza.

Vertical construction of the Grand Hyatt Miami Beach Convention Center Hotel is expected to begin later this year and completion is expected in 2025.

Totaling 554,694 square feet, Southgate Towers was built on the 4-acre site along Biscayne Bay in 1958.

The hotel tower will feature 56 rooms and 22 condos, while the stand-alone condo will have 41 units.

The 254-seat venue is set across 10,000 square feet of a secured open-air, covered rooftop.

There is weak demand for all types of housing despite robust job growth and sizable wage gains.

Although the deal comes as distressed sales are expected amid rising interest rates, the Collins Avenue building didn’t trade at a discount because of debt issues.

Small businesses can get an SBA helping hand ranging from microloans that average $13,000 and max out at $50,000 for startups to $5 million for other types.

When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A office space, 30,000 square feet of retail, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues.

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

Robins’ firm Dacra, together with several partners, bought a 15-building portfolio along NE 39th Street for nearly $200 million in a deal that closed December 22, according to people familiar with the transaction. 

Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street.

The developer recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

Tech and finance firms have been flocking to Miami Beach.

A beautification project to improve unkempt areas on the east end of Lincoln Road between the commercial district and the beach walk is advancing with the help of the owners of the Ritz-Carlton and the Sagamore South Beach hotels, who are investing millions of dollars.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd.

Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces, at 1400 NW 20th St.

The project will total 318,652 square feet.

The portfolio spans 17 low-rise properties in the southwest section of Wynwood, a Miami neighborhood known for its colorful murals that’s welcomed a slew of tech companies in the past two years. 

The streetscape plan’s main aspects are to strengthen a sense of place, neighborhood identity through new green space and artsy aesthetics and improve the public landscaping experience.

Major real estate players, who happen to be art enthusiasts, are also hosting events that aren’t real estate related.

The NY-based developer plans to build 229 apartments, 79 hotel rooms, plus office and retail.

The service is expected to run 5 AM to midnight, with 60 minute headways. During peak morning and afternoon weekday rush hour times, headways would be 30 minutes.

A hearing before the Miami Beach Design Review Board is scheduled December 6.

Over the past three to four years, Wynwood has been transformed thanks to vertical development.

The City would consider proposals for an office or multifamily project with workforce housing.

New details of operations in Aventura were released

With 16 new-to-market retail and restaurant tenants, 12 under-development stores, and a greater foot traffic than other Miami-Dade County destinations, Lincoln Road continues to be successful and is poised to have its retail revival going.

Miami voters meanwhile greenlighted a major development.

Single renters would qualify if they earn $47,810 per year — 70% of Miami-Dade’s median income of $68,300 — or less.

Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, won the foreclosure auction in September against New York-based Wynwood Gateway II LLC based on a $23 million mortgage, plus interest and fees.

The tower would mark Shvo’s third office project in the city.

The plot is situated just off Biscayne Boulevard, at 2785 NE 183rd St.

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.

A developer is planning three residential towers and marina on Miami River near Brickell City Centre.

Plans call for two ballrooms, 10 breakout rooms and a 9,000-square-foot rooftop deck. An indoor sky bridge will connect the events center with the hotel’s Tresor Tower. 

The restaurant will lease the entire space, nearly 14,000 square feet.

The project would total 237,823 square feet in 12 stories, with 130 apartment/hotel units, 6,439 square feet of retail and 146 parking spaces.

According to an analysis of the development potential of the site by Miami-based Deepblocks, the property could be developed with 118 residential units in up to 12 stories.

Miami’s hospitality industry is recovering well post COVID-19. More than 24,000 tourists came to Miami-Dade County in 2021, about the same as pre-pandemic levels in 2019, according to data from the county’s tourism board. The number of Miami hotel rooms booked this summer was more or less on par with the busy winter months.

Longtime owner Simon Nemni sold the 110-key hotel for $33 million, equating to $300,000 per key.

The Miami Beach commission voted unanimously this week to waive a slew of fees that developers wouldn’t have to pay, if they build lower priced homes for local workers.

The Henry Hohauser-designed building was constructed in 1939 as a 50-key hotel.

Investor Joseph Cohen is looking to sell a 1-acre assemblage for $35M, weeks after Thor Equities put up a smaller site for $32M.

A New York developer has proposed a development on Washington Avenue in South Beach.

South Florida’s apartment buildings traded at record highs in the first half of 2022.

Community leaders in Allapattah will call on Miami officials Thursday to incorporate affordable housing, green space and community services into a nearly 19-acre site poised for development.

An investor vacant Alton Road property months after selling nearby strip to Michael Shvo

The development sits within the northwest corner of Wynwood just off Interstate 95, near where the Design District, Model City and Allapattah meet.

Empira plans to start construction of CoralGrove Brickell in the second half of 2023.

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

Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups.

Just two other metro areas are expected to build more apartments than Miami this year.

A ballot measure that would force developers who are building in vacated city alleyways and side streets to get voter approval to increase their projects’ floor-area ratio also passed,

The site includes five lots approved for an eight-story building with 211 rooms and nearly 32K square feet of commercial space.

Industrial developer acquired a nearly 6-acre site near Miami International Airport.

Alan Waserstein, owner of Miami Lakes investment and development firm LeaseFlorida, plans to build a four-story development called Mia, containing the 400-square-foot studio apartments and retail space on the ground floor, at 1960 Normandy Drive, according to plans filed to the city of Miami Beach’s Design Review Board.

The price equates to $769 a square foot.

The developers have previously said the project would be the most high-tech office campus in Miami.

The July decision to issue an RFP for that site came after Miami-based NR Investments made an unsolicited proposal to develop a mixed-use complex there with a hotel, offices, retail and multifamily, with some workforce housing. 

Current plans are for a monorail system to Miami Beach, and a Metromover-type system to the Design District.

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.

The eight-story, roughly 100,000-square-foot building was completed in 2019 and is almost fully leased.

Arlo Wynwood is set to be a nine-story, 217-room property boasting a rooftop pool with private cabanas, a bar, a café and a yoga deck.

The 25-unit property operated as a low-income, housing tax-credit apartment building until April when the restrictions expired, the listing states.

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.

Starwood will likely lose the $2.5 million deposit it made when the property went under contract. If Starwood had pulled out of the deal only a week earlier, it could have recovered that money, according to the source.

Ross, the chairman of New York-based Related Cos., and New York-based architect Frank Gehry presented the Commission with preliminary plans for a 175-room hotel tower and a 150-unit condo tower.

The building would total 103,819 square feet, with 2,138 square feet of ground-floor retail and the rest of the space for self-storage.

Brickell is dominating the market — its 42% year-over-year rent increase surpassed Manhattan and Los Angeles, according to a report. 

The FB Wynwood building would total 359,694 square feet in eight stories, with 308 apartments, 21,724 square feet of retail and 122 parking spaces.

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.

The five-story building was completed a few weeks ago. None of its units have sold, according to county records.

Miami Beach’s continued upscaling has helped spur a flurry of additional renovation projects, said Steve Adkins, chairman of the Miami Beach Visitor and Convention Authority. 

Miami Mayor Francis Suarez made an appearance on Fox Business where he discussed Miami’s booming economy, referring to it as “on fire,” as the city posts repeated increases in real estate sales, an influx of new jobs, and the welcoming of tech businesses from states like California and North Carolina.

While the economy has had a turbulent few years — with a global pandemic, record inflation and political drama — the vacancy rate in Miami’s office market has remained fairly static, as the horde of new-to-market tenants was balanced by new development, according to second-quarter research from Colliers. 

The project is slated for 2,351 residential units anbd 540,000 square feet of office space.

Totaling 104,344 square feet, the eight-story Oasis at Aventura would have 95 apartments and 65 parking spaces. Amenities would include a gym, a club room and an outdoor terrace.

Two new studies substantiating Miami’s tech hype also reveal how much we must do to make that growth path pivotal to our economy. The jury is out about whether we can meet that challenge. 

The new leases total nearly 14,000 square feet. 

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.

The buildings were constructed in 1971 and 1925, respectively. The site covers 33,320 square feet.

If the Wynwood Design Review Board approves the proposals, construction of both is expected to be completed in the second half of 2024.

The company will invest approximately $60 million to reposition the hotel into a premiere beachfront resort under Hyatt’s luxury, lifestyle Andaz brand.

The taxable value of properties rose by $34 billion to a total of $372 billion, or a whopping 10.2% jump, between 2020 and 2021.

Construction is expected to be completed in early 2024.

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.

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.

Bakehouse opened in 1985 to provide a permanent and affordable working home to artists of merit with financial need.

The Wynwood club is slated to open the first quarter of next year.

According to the complaint, Gamma issued the $23 million mortgage to Wynwood Gateway II in 2019. The loan matured June 30, 2021, without being repaid, and the borrower owes the full amount of principal, plus interest.

“These types of properties that have zoning for short-term rental are very difficult to find. I have a list of people who want to buy them. They’ll buy as many as I have,” Gale said. “It’s a coveted type of property, and it has to have the right kind of zoning.”

Industry insiders say there are plenty of opportunities for more stakeholders to build projects there.

The James L. Knight Center would be demolished under the plan.

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.

The developer acquired 10 properties just west of I-95 and Wynwood.

As Miami continues to experience a post-pandemic boom, The Gateway of Wynwood – the newest office building in the Wynwood area – announces tech start-up OpenStore’s expansion and the growth of its impressive roster of tenants with the addition of two new leases. 

Two buildings are proposed, with a total floor area of 922,466 square feet, on property between Northwest 24th and 25th streets.

The deal covers 35,639 square feet of commercial properties and a 1,120-square-foot single-family home.

RFR appears to be positioning itself for a major real estate investment in a prime site opposite Bayfront Park.

The Collective was placed into administration — the equivalent of Chapter 11 bankruptcy protection — in the U.K. last year.

Developers are targeting hundreds of apartment buildings nearing a 40-year limit on structural certifications.

The property currently has three apartment buildings of two stories each with a combined 20 units. It was built in 1946.

The property last traded in 2016, when it was seized following a foreclosure lawsuit. It operated as a truck and heavy equipment dealership.

Active negotiations for 75,000 square feet of office space at the project are now underway.

The 137,579-square-foot property offers 243 parking spots, 46,000 square feet for offices and 22,000 square feet of street-level retail, most of which is leased to CVS.

The Wynwood Design Review Committee will consider plans for Wynwood Urby on April 12.

Jenny Bernell, former executive vice president of development at Kushner Companies, paid $19.1 million for the assemblage. The seller paid $5.6 million for the properties between 2003 and 2007, records show.

The program was spearheaded by prolific curator and art dealer Jeffrey Deitch and the team at Primary, a Miami-based curatorial collective that focuses on public art.

The property was the former headquarters of the family-owned and operated Rex Discount.

The city-approved plans are part of a larger effort to diversify the community’s economy amid South Florida’s migration of professionals working largely for tech and financial services companies.

The two buildings are proposing together nearly 250,000 square feet of offices.

Modera Aventura would have 840 apartments, 15,245 square feet of retail facing West Dixie Highway and 1,096 parking spaces.

With investors and renters continuing to flock to South Florida, the region has proven itself to be a promising real estate market and the multifamily sector has been strong.

The listing includes a three-story office and retail building, a one-story retail building, and a parking lot.

It will occupy the space previously filled by WeWork from November 2014 until August 2018, when the company was forced to scale back its operations.

Wynwood is becoming Miami’s busiest office submarket as demand for space is far surpassing current supply due to its attractive live-work-play environment, with more than 80% of its recently leased office tenants being new-to-market and a million square feet of office space in the pipeline.

Miami Beach Mayor Dan Gelber said seeking letters of intent is a preliminary step, geared to finding out what developers think can be built on the parking lots.

The new projects are slated to come online this year.

The project, called Two Turnberry, would have 240,000 square feet of offices and 20,000 square feet of retail.

The two fully occupied building are currently leased as creative office space spanning 10,939 square feet.

The purpose of the 10- to 15-year redevelopment is to better use county-owned lands and meet community needs.

This transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market.

The lease deal brings the building to full occupancy.

The national restaurant chain is taking Sushi Samba’s former 7K sf space.

The site was rezoned in June for apartments, a hotel, offices, retail and an assisted living center

Construction is expected to begin immediately after obtaining entitlements, and the project would take about 38 months to complete from groundbreaking.

Funds from the sales of these properties were considered to fund capital projects such as the 72nd Street Community Complex project in North Miami Beach, a project that includes a 7,500-square-foot library, a 50-meter competition pool and a 25-meter multi-purpose pool, among other amenities, and which had a budget shortfall of $16.1 million, according to the latest estimate.

In the past year, Miami delivered 7,400 units and had a net absorption of 13,900 units.

The developer aims to break ground on the project in late 2022 and complete the building by 2024.

The building, which will be located at 33 NW 28th St., will feature shared living spaces and residents will rent bedrooms in shared apartments.

Overall, the average listed rental price for office space in Greater Miami now stands at $46.19 per square foot.

Three towers, between 39 stories and 48 stories, would sit on top of a new public parking garage with 1,350 spaces and retail on the ground floor.

The project would have three 57-story towers connected by a podium at the base, comprised of 2,195 residential units, 540,000 square feet of offices, 49,999 square feet of retail and 2,457 parking spaces.

Both buildings would rise eight stories with a pedestrian paseo between them and have active roof decks.

After a few starts and stops over the past two years, Miami-Dade’s film industry is coming back to life and reclaiming its reputation of being one of the most desirable shooting destinations in the world.

It’s a burgeoning trend that could help change the perception of Miami Beach as a place just for fun and sun.

The increasing migration of Northern high-income executives is accelerating the real estate markets and the overall economy in South Florida, while banks are reporting substantial profit gains and are eager to welcome their businesses.

The building “as presented by the applicant” will be 41,377 square feet in size and include 38,252 square feet of office, 3,2125 square feet of retail, and mechanical parking.

South Florida’s office market showed signs of a full rebound as asking rental rates surpassed pre-pandemic levels.

So far, much of the buzz around cryptocurrency in real estate has been the luxury segment of the for-sale housing market. But a few early adopters in commercial real estate have begun to accept crypto in transactions.

1800 Alton is ideally positioned in Sunset Harbour, the vibrant neighborhood at the gateway into South Beach, with many high-end residential buildings, retail spaces, and the Sunset Harbour Marina.

Still in the planning stages, Fifield looks to develop a mixed-use apartment community on their newly acquired site.

The building is located adjacent to Soho Studios, a 45,000-square-foot creative event space, on a 68,000-square-foot lot located at 2136 NW 1st Ave, which is also owned by The Faith Group.

According to the National Association of Realtors, commercial real estate is expected to strengthen in 2022, especially in industrial and multifamily. Bottom line: CRE’s underlying demand fundamentals should more than mitigate the impact of the slightly higher interest rates in the new year.

Designed by architectural firm Gensler, The Wynwood Plaza would bring 12- and 8-story buildings with 509 apartments to the neighborhood, 266,000 square feet of offices, 32,000 square feet of commercial-retail uses, and parking for about 668 vehicles.

Values are expected to increase 11%, while yields will average 6%.

The first quarter of 2021 brought Florida a 7% increase in GDP, ranking 15th in the nation in GDP.

Here are some of the non-mainstream asset classes seeing renewed interest from capital sources, in 2021 and heading into next year.

Black Lion, led by Robert Rivani, paid roughly $995 a square foot for 19,100 square feet of retail.

Miami is very well positioned to be the blockchain city of the world, experts are saying, as an influx of talented people in the blockchain technology industry are choosing the city to develop their businesses and create a crypto-enthusiastic community.

The developers acquired the building for $10.1 million in 2019.

Besides the temporary deferral, other advantages include the exclusion of taxable income on new gains on investments held for 10 years or more, and a 10% increase in the investment if the qualified opportunity fund is retained for five years and a 15% increase if the investment is held for seven years. 

Cryptocurrencies, including Bitcoin, tend to swing widely in value. But Jared Robins said FTX’s ability to instantly exchange crypto into cash “really de-risks that whole aspect of it.”

Pending approval, retail investors will be able to trade shares in the property, backed by a cryptocurrency issued by NRI after a six-month lockup period.

The board voted unanimously Nov. 17 to deny the project, after voicing numerous concerns including the massing of the building, location of a trash chute, location of elevators, design of the parking levels and ramps, the width of a covered walkway, the size of a courtyard and more.

rom 2012 to 2019 Miami-Dade added 202,970 overall jobs. In 2018 and 2019, jobs added in all sectors totaled 33,243, including 6,556 in the targeted industries.

Intent on diversifying its economy beyond tourism and nightlife, officials have heavily incentivized the construction of Class A office buildings in Miami Beach.

For real estate executives, Art Basel is as much about play as it is about work.

The ripple effect of the pandemic’s impact on the commercial real estate market is going to have a lasting effect on several market sectors.

The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. 

Of renters looking to move, an average of 40 percent were looking to move out of the metro where they resided in the third quarter of 2021, according to a report from Apartment List, based on searches on their platform.

But it isn’t just Class C apartment buildings — classified as multifamily structures more than 30 years old and in fair-to-poor condition — that are rising in value.

The long-awaited exterior garage cladding, which depicts a vibrant mural, has been fully installed just in time for Art Basel next month.

Investors are now looking at assets that are both resilient during a recession and during a pandemic, and healthcare properties have become the perfect hedge against both.

The development team behind one of the largest mixed-use residential and office projects to rise in Wynwood continues to work with the City of Miami Planning Department staff and is confident of final approval.

The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.

The project calls for 40,000 square feet of offices, 17,000 square feet of commercial space and a massive 15,000-square-foot penthouse in five stories. The penthouse will also have 15,000 square feet of outdoor space.

Experts project rent to continue to rise by 8.9 percent through the end of the year.

The site will be developed in five phases spanning 2.5 city blocks and deliver 1,928 multifamily units with top-of-the-line amenities, including boat slips.

In Miami Beach, Mayor Dan Gelber handily won reelection, capturing 62 percent of votes for this third term. The Democrat had tied his campaign to a controversial referendum to curb partying in South Beach. The referendum proposed rolling back the last-call time to serve alcohol at establishments along famed Ocean Drive, to 2 a.m. from 5 a.m. 

More than $193 billion in commercial real estate traded hands in Q3.

Multifamily developers want sites in walkable places, and struggling shopping centers need to fill vacant spaces.

The developers are planning a five-story building with 56,177 square feet at 944 5th Street and 411 Michigan Avenue in the city’s South of Fifth neighborhood.

The ruling is technically advice for Miami Planning Director Cesar Garcia-Pons, who has the ultimate say on approving the project’s design. However, UDRB member Dean Lewis told The Real Deal that the board’s recommendations are taken very seriously by planning staff.

Owning what is one of the last waterfront properties in Brickell, the church is looking to sell the parking lot and the Key Point Christian Academy building at 609 Brickell Ave. to a real estate firm for the development of a soaring residential high-rise.

Plans call for a 12-story project with 8,500 square feet of ground-floor retail, a rooftop restaurant and a pool bar, according to the release. Construction is expected to start in 2023.

A car-free lifestyle and commercial real estate development opportunities are closely intertwined, a Miami Association of Realtors commercial conference panel exploring Transit Oriented Development agreed.

In its 890 feet of height, the Okan Tower is still planned to include three pools, one outside on the 70th floor, a spa, an outdoor lounge, a fitness center, a gastro kitchen, a children’s play center, a wine cellar, a rooftop restaurant, a movie theater and a cigar room. 

The eight-story, 65,000-square-foot building was completed more than three years ago and is now fully leased.

Construction on the 12-story building at 1625 N.W. 20th St. is expected to be completed by mid-2023.

Plans are for a high-rise condominium with retail and restaurant space on the ground floor.

The $4 billion, 27-acre mixed-use development is underway in downtown Miami.

An eight-story building with signage fronting I-95 can be built on the industrial site.

The hospitality industry may be hurting, but that doesn’t mean hotel real estate has to.

The deal represents a sale-leaseback with additional office tenants. The acquisition also represents a value-add with future redevelopment opportunities.

TriStar and its partners plan to build “well over” 300 residential units on the site and the project may break ground in about 10 months.

Totaling 1.38 acres on the block running up to the iconic Lincoln Road, the portfolio includes 1.21 acres or 52,500 square feet of contiguous developable lots with an existing 55,516-square-foot mixed-use/retail structure along Alton Road and an additional 0.17-acre or 7,500-square-foot parking lot on the West Avenue side.

The City Commission and its Local Planning Agency on Sept. 23 will consider a zoning change for the 10.5-acre site.

Average rent in Miami-Fort Lauderdale-West Palm Beach market is $2,432.

Currently, metropolitan Miami has the third tallest skyline in the country, and nearly every commercial neighborhood has construction of some kind occurring.

Big businesses are breathing life into South Florida’s office market, with major companies creating a ripple effect and influencing others to come to the capital of capital.

The company signed an 8,000-square-foot lease in the 545wyn office tower.

The Historic Preservation Board gave final approval for the 5-acre public greenspace, 75-unit residential, and 127-room hotel project along Collins Avenue and 74th & 75th Streets

The five-story building totals 100,000 square feet of indoor and outdoor space.

The 1,758-square-foot eatery is scheduled to debut in spring 2022.

Miami is one of the top markets for absorption, too, posting a 180-basis-point occupancy increase in stabilized properties in the 12 months ending in July, to 96.4 percent.

The property is 81.4% leased, offering significant leasing and development upside.

It last sold for $10.8 million in 2015.

The art exhibition that started in Switzerland in 1970 and has spread around the world, becoming one of Miami Beach’s most important yearly events, is coming back to the city with “robust measures to create a safe fair environment.”

Residents claim apartment hotels attract uncouth short-term rental guests who are destroying neighborhood.

The area is zoned for up to 24 stories.

The buildings total 84,000 square feet and sold for $220,000 per unit.

The 10-story development calls for 318 apartments and 50,000 square feet of commercial space.

The Kluger Family Trust had listed the site for the same asking price in March 2020 with a different brokerage.

As more frequent and more intense storms bring destruction, they also present us with a chance to modernize.

The deals give LivWrk Sol Wynwood LLC ownership of 2.45 acres.

Foreign investment in the U.S. may have slowed down during the coronavirus pandemic, but it didn’t disappear, and it’s been growing since international travel picked up, Miami real estate experts say.

The site plan shows 67 apartments, 2,800 squre feet of retail and 70 parking spaces.

The property has a 20,239-square-foot building that was constructed in 1963 and recently housed clothing and jewelry retailers.

The development site will be home to The M Tower, an approved 53-story, 440-unit apartment tower.

With its close proximity to PortMiami, Bayside Marketplace and the planned Waldorf Astoria Miami luxury tower, the hotel owner’s attorney Linda Worton Jackson said the 10-story building at 340 Biscayne Boulevard is attracting interest from potential investors.

Jason and Mera Rubell of the art collector family paid $5.4 million for the former Hightop Products warehouse.

Behind the SLS Brickell at 1300 S. Miami Ave., two 56-story towers and one 74-story tower are slated to transform 1420 S. Miami Ave., according to plans submitted to the city of Miami’s Planning Department and Office of Zoning.

The building will operate under the new-to-market Sentral brand, which is backed by Iconiq Capital with an investment of more than $500 million.

The buildings total 252,244 square feet.

The property last traded for $16 million in 2015.

Bids are due by Nov. 15.

The 120-unit housing program includes 48 studios (445-plus square feet), 66 one-bedroom apartments and six two-bedroom apartments. The residential component starts on the sixth story, accompanied by a gym, business center and community room.

Malls such as Aventura, and shopping neighborhoods like the Miami Design District continued to evolve with new store construction and expansions, which got a boost from Miami’s economy and new transplants who relocated there at the height of the pandemic.

The building would feature 523 apartments, 200,618 square feet of offices, 26,372 square feet of retail and 668 parking spaces.

Though many of his storefronts are now empty, Mana has announced plans to build offices, retail and housing.

Asking rents for Class A office space in Miami Beach have rebounded to $56.66 per square foot, up 10.2% year-over-year, according to a new report from Colliers.

The 92,972-square-foot development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.

Construction of MOHAWK at Wynwood is expected to begin in 2023.

Aventura Harbour Centre last traded in 2014, when it was purchased out of bankruptcy court for $16 million in cash and the assumption of $45 million in debt.

The residents are claiming Aimco pulled a bait-and-switch when they signed new leases with the owner, who they say enticed them to renew their leases early by offering 18-month agreements instead of the usual 12.

The green-patterned pavement lanes, which would come with concrete barriers separating them from traffic, would run from South First Street to Northeast 11th Terrace along North Miami Avenue and Northeast First Avenue, and from Northeast Second Avenue to I-95 on North Fifth and Sixth streets.

As Miami continues to rebound from the pandemic, developers are making their mark by building new towers and infrastructure to meet the current and future needs of the city.

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 1-acre assemblage hit the market unpriced.

“Millennials value the mix-use — where you have office spaces, good restaurants, good entertainment at night, and good housing. That’s all coming together in Wynwood,” said Rammos. These amenities help lure future tech employees, he added. 

It’s all quickly snowballing to turn Allapattah into Miami’s newest “it” spot.

Elizon DB Transfer Agent LLC filed a foreclosure complaint in October 2020 against 2900 NW 1st Ave BSD LLC and loan guarantor Baruch Singer over an $8 million mortgage. The loan allegedly matured on Sept. 1, 2020, without being repaid.

The development will include a 15,000-square-foot penthouse where an executive can live and work under the same roof.

“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 an attorney for the landlord in this case.

Commissioners and administrators held preliminary discussions about the properties at the most recent Finance and Economic Resiliency Committee meeting, where Director of Property Management Adrian Morales explained that the six properties were narrowed down from a total of 136 assets that officials and consultants CBRE identified as showing “potential for disposition.”

The site is located blocks away from the Perez Art Museum, the Frost Museum of Science, Biscayne Bay, Miami Worldcenter, Miami Dade College and several residential and office buildings.

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.

Proposed regulations would prohibit hotels and only allow office buildings in the neighborhood.

Nearly 1.5 million square feet of retail space will deliver in the market this year, the highest level since 2017.

Sentinel Corp., an independently owned real estate investment management firm which currently has $7.4 billion of institutional quality real estate assets under management on behalf of 105 domestic and international clients, acquired the properties.

Rents start at about $1,200 a month for a studio apartment.

Business has already picked up significantly in the first quarter, boosted by a still “booming” real estate ecosystem and resilient small- to medium-sized commercial and industrial businesses in the area.

The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday

The building would total 351,443 square feet, with 12 stories along 29th Street and eight stories on 28th Street.

The assemblage’s zoning allows for two 48-story towers.

The developer has 1.5 acres at 56 N.E. 29th St. under contract.

February brought some welcome relief for the country’s retail landlords, as multiple tenants managed to pay all of their rent for the month and the number of those able to pay less than half of what they owed dropped.

The leases total 22,000 square feet.

Angelique Brunner, EB5 Capital founder and CEO, joins Yahoo Finance’s Alexis Christoforous to discuss the impact of the pandemic on commercial real estate.

The buyer plans to adapt the property into restaurant, retail and office space.

The new zoning would allow up to eight stories of mixed-use development, or five stories for purely residential.

The project is to include 317 residential units, 60,400 square feet of offices, 22,701 square feet of commercial-retail uses, and a garage for up to 534 vehicles.

The plant-based dining concept, will be relocating its existing Wynwood location at 2616 NW 5 Ave.

From the $4 billion Miami Worldcenter to the sky-high Waldorf Astoria, downtown is developing its 24-7 draw.

The buildings total 320,000 square feet.

After a summer dip, rates in the metro went back to pre-pandemic levels of growth.

The Biscayne Boulevard site has two different zonings, as 2.17 acres is designated for 10 to 21 multifamily units per acre, and the remaining 1.06 acres is designated for a commercial use such as retail, according to a press release.

Investment sales volume on the asset class in 2020 remained robust compared to other property types.

The buyers assumed the seller’s $11 million mortgage with FS Rialto 2019-FL1 Holder LLC, an affiliate of Rialto Capital Management.

In theory, this process involves the city agreeing to allow more density and height in exchange for the developer making available to residents certain benefits, such as affordable housing, workforce preferences and living wages. But the “community benefits” are only as good as the negotiating process, and it is often the case that the neighborhood doesn’t get what it deserves in a process controlled by connected people in “special deals for special people” handed out by compromised politicians who don’t have the public interest at heart.

In January, US commercial real estate price growth hit levels not seen since before COVID-19.

New York developer Time Century Holdings has secured a $23.6 million construction loan to redevelop the Metro Mall into a luxury jewelry center.

Adding the aging garage structure to an RFP would allow the City to “have someone else pay for the rebuilding of that garage,” said Commissioner Ricky Arriola who raised the idea after Miami Beach Planning Director Tom Mooney suggested it.

The MCNP is a key zoning document that creates the policy framework that guides all future public and private development decisions in the City of Miami to ensure the City meets the needs of existing and future residents, visitors and businesses, while preserving the character and quality of its communities.

The five-story building, at 51 N.W. 26th St., was sold to ICONIQ Capital.

Dacra is planning a mixed-use project with a 36-story building on a 1.8-acre Biscayne Boulevard site.

While a tunnel underneath the Miami River being proposed by the world’s richest man, business magnate Elon Musk, wouldn’t be nearly as long or elaborate as the 31.5-mile Channel Tunnel, the rewards for a city now infamous for having some of the worst traffic in the nation would be immense.

The property comprises four conjoined lots being sold together, which are all zoned T6-8-O NRD-1, allowing up to 8 stories by right and 12 stories with bonuses of mixed-use infill development. Under this zoning, the property can be developed into up to 207 units (310 with bonuses) or licensed for up to 414 hotel keys.

Seventeen developers have expressed interest.

The project’s plans call for 41 stories or 458 feet, with 309 residential units, 256,223 square feet of office space, 9,647 square feet of commercial-retail, and parking for about 525 vehicles.

The company signed a prelease for about 41,000 square feet.

One quarter of the apartments at the 500-unit Gallery at West Brickell will be reserved for households earning 50% of the county’s $59,000 median income — in other words, around $29,500. The rest will go to households earning up to 140% of the median — around $82,000.

In 2019, the properties generated more than $231 million in sales, or more than $1,000 per square foot, among tenants reporting sales.

Commissioner Eileen Higgins and Mayor Daniella Levine Cava met in early January “to look at the vision for what we think we can do for the county with that redesign, to build a transit-oriented neighborhood that also brings a lot of public good and is another place for affordable housing.”

The project is 528,075 square feet, including 48,288 square feet of commercial-retail space and 8,603 square feet of open space.

The project will feature a 64-story apartment tower comprising 1,175 units, as well as 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces.

According to the Bloomberg CMBS data, the property was appraised at $7 million in October 2020.

WeWork is the anchor tenant at the property.

The new Milam’s Market grocery will cover the ground floor at the 36-story apartment building Cascade at Link at Douglas, which is under construction next to the Douglas Road Metrorail Station just west of Coconut Grove.

Miami-Dade County’s Office of the Property Appraiser announced on Thursday that it will consider landlords’ financial losses when assessing 2021 fair market values.

The project will include 306 apartments, retail and office space.

Along with the new office space, the 12-story project is to include 317 residential units, 22,700 square feet of commercial-retail uses, and a garage for up to 534 vehicles.

From West Palm Beach to the commercial enclaves of Miami, shoppers are cautiously easing back into the fold, but with a preference for open spaces, familiar brands, things to do besides shopping and, of course, safety precautions against the coronavirus.

Chicago-based Sterling Bay completed the 10-story building as a modern office space with a host of amenities and shared spaces, with plenty of art.

Multiple ordinances and resolutions are working their way through the Beach’s commission and committees regarding zoning changes and incentives aimed at increasing class A space in strategic areas including parts of Terminal Island, Alton Road, Sunset Harbor and Lincoln Road.

AMLI Wynwood is designed to bring 316 residential units and 30,596 square feet of commercial-retail uses to 70 NW 25th St.

After being honored with the Redevelopment Association Awards’ Outstanding Rehabilitation, Reuse Project award for rehabilitating and transforming the former Clyde Killens Pool Hall building into a Red Rooster restaurant at 920 NW Second Ave., the agency is using this milestone as the first step to attract tourists and locals to visit Overtown for its entertainment and vibrant nightlife, said Cornelius Shiver, the community redevelopment agency’s executive director.

From the condo and rental recovery to what will happen with inventory, here are some predictions on what the market holds for 2021.

While the pandemic has had widely divergent effects across the different retail sub-sectors, overall retailers that have continued to adapt and innovate are proving most resilient.

Miami is also becoming a hub for Black startup entrepreneurs.

Property owner David Wallack declined to give a desired price for the assemblage, saying that he is open to various ideas for the property, even if they don’t include Mango’s or result in a new concept for the cafe.

The property is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development.

The multifamily sector has long held strong against uncertainty and economic swings, and the Covid-19 pandemic has proven to be no exception. While investors may shift toward new product classes during the current downturn, multifamily as a whole continues to offer an attractive option for both private investors and institutions seeking protection from economic storms.