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Delilah Owner Eyes Venue On Miami Beach’s Lincoln Road

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The Hwood Group is looking to bring its celebrity touch to Miami Beach’s Lincoln Road with initial plans to open an upscale Nice Guy restaurant.

The L.A.-based hospitality group — best known for celebrity haunts like Delilah, a favorite of rapper Drake — is in the early stages of taking over the entire 7,500-square-foot building at 947 Lincoln Road, which abuts Michigan Avenue, according to a city filing. The Italian establishment would house 358 seats in total, including 96 booth seats and some bar seating.

The group has not yet signed a lease for the Miami Beach building, however it wants to cover some windows with “cypress paneling that will be used to cover these windows to provide privacy for patrons,” the application states. The Miami Beach Historic Preservation Board will consider the proposal May 14.

The group’s Nice Guy brand has restaurants in Dubai and L.A., which offers $24 margarita pizzas, $14 truffle fries, and $89 16-ounce, dry-aged ribeye steak. The Miami Beach restaurant would mark Hwood Group’s second location in the Miami area. Last year, it opened a Delilah in Brickell.


Source:  Commercial Observer

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First Phase Of Lincoln Road Makeover Funded

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The beautification will improve different aspects.

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

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

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

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

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

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

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

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

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

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

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

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


Source:  Miami Today


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Ritz Carlton Owner Proposes 15-Story Tower, Lincoln Road Rebuild

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The owners of the Ritz Carlton South Beach have submitted plans to build a new residential tower while rebuilding a portion of Lincoln Road.

The project is proposed to include:

  • The rebuilding of Lincoln Road in front of the Ritz Carlton
  • A new 15-story, 212-foot tower with 30 residential units

The Ritz Carlton is also planned to get a single-story rooftop addition to its cabana building, a redesigned pool deck, rear yard and restaurant area, and a new entry canopy on Lincoln Road.

At the Sagamore building (part of the Ritz Carlton property), improvements will include the restoration of the façade, modifications to the lobby, and a new outdoor seating area and corridor.

The hotel room count on the property is currently at 477, but will be reduced by 43 rooms after the renovation.

The Lincoln Road rebuild will include:

  • Pedestrian and vehicular access changes to both sides of Lincoln Road to maximize the pedestrian experience and safety while retaining full vehicular access
  • The installation of a new gateway element at the street end
  • Improvements to the beach access walk, including the widening of the walkway to improve visibility
  • The introduction of new open space and landscaping on the Beach Walk.

The public-private development agreement would need approval from the Miami Beach Commission. The developer would assume maintenance of Lincoln Road, beach access, and the Beach Walk in front of the hotel, which currently are the City’s obligations.

Kobi Karp is the architect of record for the new tower and renovations.

Naturalficial is overseeing landscape design, including the Lincoln Road rebuild.

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


Source:  The Next Miami

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Miami Retail Leads Nation In Rent Growth As Brands, Chefs Follow The Money

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Michelin-starred chefs and high-end retailers continue to expand into Miami as they follow their customers from places like New York, California and Chicago.

The flow of new tenants is pushing up rents to prices second only to New York City, according to a Lee & Associates report, and driving vacancy down to among the lowest levels in the country.

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, according to a second-quarter report from Marcus & Millichap.

The market “is exponentially better in terms of occupancy and rental rates than pre-pandemic. I think it’s just a different world that we live in now,” said Lisa Ferrazza, the senior director of retail leasing at the Miami-based investment firm Tricera Capital. 

The city’s trendiest neighborhoods have seen the greatest growth, driven by a rise in demand from restaurants and luxury retailers. Asking rents in Brickell and Miami Beach were above $70 per SF at the start of April, according to Marcus & Millichap, and highly coveted space can fetch considerably more.

Ferrazza said her firm has done deals above $115 per SF in Wynwood with retailers looking to capitalize on Miami’s rising profile. She said retailers are bringing flagship stores to the city in growing numbers.

In the second quarter, Ralph Lauren and Amsterdam-based furniture company Eicholtz opened flagship locations in the Miami Design District, a high-end shopping destination that spans 18 blocks.

Lincoln Road, the iconic shopping destination in Miami Beach, landed eight new tenants this quarter, including Cheesecake Factory and a range of retailers selling everything from footwear to candy. The Museum of Ice Cream revealed plans for a 14K SF experience-focused shop at Miami Worldcenter, a 27-acre mixed-use development in Downtown Miami that will host the company’s first permanent location.

“If they have determined that Wynwood or the Design District or Lincoln Road is their market and where they want to have a flagship, they’re usually willing to pay the freight regardless,” Ferrazza said.

Much of the demand for space is coming from the food and beverage sector. Miami now has 12 restaurants with Michelin stars after the acclaimed guidebook announced in 2021 that it would begin rating restaurants in the city. The growth of the city’s food scene and influx of new residents is drawing more star chefs and creating expansion opportunities.

“Retailers are one thing,” Ferrazza said. “The pool of expanding soft goods, fashion retailers is much more shallow than the food and beverage market. That’s really where we see most of the activity.” 

Just this week, celebrity chef Juan Manuel Berrientos opened Elcielo Miami at the SLS South Beach hotel, the second location in the city for the Michelin-starred restaurant. Michael Beltran, the chef at Michelin star-earning Ariete in Coconut Grove, announced in May that he would open a cigar and cocktail bar in Miami Worldcenter.

Some of the new upscale restaurants coming to Miami are aimed squarely at the wealthy new arrivals who moved to South Florida during the pandemic.

In March, chef Shaun Hergatt announced plans for a private restaurant and speakeasy concept exclusively for residents at the Perigon condo tower in Miami Beach, which is expected to open in 2026. Weeks earlier, Todd English signed on to open a private lobby restaurant at the Bentley Residences, a 62-story luxury condo tower in Sunny Isles that is also slated to deliver in 2026.

Tricera is working on deals with chefs from Las Vegas and Boston, Ferrazza said.

“We’re getting a lot more Michelin chefs, and everybody knows how competitive the F&B market is,” she said. “So everyone is trying to outdo each other in the Miami market to have a presence to be talked about and be seen.”

Developers are responding to the strong demand by building more space. Across South Florida, there is more than 3.5M SF of retail space under construction, including around 1.9M SF in Miami as of March.

Miami is slated to see 1.6M SF of new space come online in the second half of this year, following the completion of around 400K SF through the second quarter, according to Marcus & Millichap.

Deliveries in Miami will be four times higher than in 2022 and “may result in some upward pressure on vacancy in the near-term while new stock leases up,” the report’s authors wrote. But with vacancy rates at some of the lowest levels in the country, Ferrazza said the market is well-positioned to absorb the new inventory.

The inflow of new residents, growth of tourism and the business-friendly environment in the state has made Miami an ideal location for retail tenants looking to grow, she said.

“I don’t know where else you would look if you are looking to expand throughout the country,” she said.


Source:  Bisnow


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Eight New Tenants Set To Open On Miami Beach’s Lincoln Road Promenade

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Lincoln Road, Miami Beach’s iconic outdoor shopping, dining and cultural destination which features more than 200 shops, cafés, galleries and restaurants spanning eight blocks (east to west), will further enhance its offerings this summer by welcoming eight new tenants. The globally recognized, architecturally significant promenade continues to evolve by adding new, unique concepts, popular restaurants and local businesses.

New tenants for Summer 2023 include:

  • Paris St. Germain (opened May 27) – 1024 Lincoln Road – France’s most successful football club is partnering with Lids to give customers a consistent retail experience where they can find team jerseys, headwear, accessories and more, all of which will be fully customizable on-site.
  • Habitat Hyett (opened June 1) – 441 Lincoln Road – This retail store is the premier place to shop for luxurious, hand-selected items for ever-changing habits, whether at home, at work or with their physical body.
  • The Cheesecake Factory (opened June 6) – 600 Lincoln Road – First location on Miami Beach – The culinary-forward leader in experiential dining is relentlessly focused on hospitality. It currently owns and operates 318 restaurants throughout the United States and Canada.
  • Ecco (pop-up through June 30) – 701 Lincoln Road – A global leader in innovative comfort footwear for all ages, Ecco is also the perfect place to shop for accessories ranging from premium leather handbags to accessories and small leather goods.
  • BonBonEtc (opening June 16) – 631-B Lincoln Road – This candy store will carry nearly 1,000 different kinds of candy and vintage items, boxes, metal signs, nostalgic Coca-Cola items and more.
  • Osteria da Fortunata (opening summer) – 607 Lincoln Road – Based on traditional Italian cuisine, this new restaurant concept offers a down-to-earth country-style approach to Italian fare with organic recipes and handmade pasta.
  • Voyage Luggage (opening summer) – 663 Lincoln Road – This one-stop shop for premier luggage and travel products offers a curated assortment of the world’s most exceptional travel brands.
  • Salt & Straw (opening summer) – 749 Lincoln Road – First location on Miami Beach – This ice cream shop is known for its small-batch, chef-driven ice cream that’s handmade using local ingredients.

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.

The new tenants will join top retailers such as Nike, Apple, Zara, Lululemon, Anthropologie and West Elm and popular restaurants Mila Miami Rooftop Restaurant & Bar, Juvia Rooftop Restaurant, Chotto Matte Miami, Issabella’s, Tacombi Taqueria and Harry’s Pizzeria.

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Steven Oved Buys Boutique South Beach Hotel For $15M

The boutique Greenview Hotel in Miami Beach has traded for $15 million. An entity tied to investor Steven Oved was the buyer of the 45-key hotel at 1671 Washington Avenue, just north of Lincoln Road

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, according to property records. 

Blue Road, led by Tenenbaum and Jorge Savloff, listed the property for sale — for $15 million — in 2020 along with another hotel it owned, the Casa Hotel on Washington Avenue, The Real Deal reported at the time.

While the Greenview Hotel has not been sold since 2010, Tenenbaum and Savloff are no longer part of the property’s ownership. Both were removed from the owner entity, Greenview Hotel LLC, in 2021, according to state documents. A recent lawsuit filed in Miami-Dade Circuit Court involving Greenview identifies the principals as real estate broker Roberto Camilo Matarraz and Pedro Miguel Rodriguez, so it’s not entirely clear who controls the property.

Oved, with his partner Jack Avid, have made several purchases in South Florida over the years, including an apartment portfolio in Broward County in 2019 and an apartment building in Coconut Grove in 2016, The Real Deal has reported

CBRE’s Natalie Castillo and Austin LaPoten executed the Greenview deal on behalf of the seller. 


Source:  Commercial Observer


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Lincoln Road Poised For Retail Revival

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.

The Lincoln Road District’s storefront occupancy rate is 85%, reflecting currently occupied and leased stores, according to the Lincoln Road Business Improvement District (BID). Over the past 12 months, 16 new tenants are opening on the area, 14 of which are new-to-market operators.

Foot traffic, recorded by analytics tool, showed Lincoln Road reaching close to 8 million walking visits over the past year, higher than other destinations such as Miami Design District with 4.1 million, Brickell City Centre with 3.9 million, and Wynwood’s Second Avenue with 3.7 million, according to the Lincoln Road BID.

In October, Chinese fashion brand Yoyoso occupied 5,600 square feet on 1111 Lincoln Road. Barcelona-based fashion retailer Mango also opened a 4,628-square-foot store at 1036 Lincoln Road. Furniture and home décor store West Elm is now occupying 10,237 square feet in the area as well.

On the restaurants side, Andres Carne de Res, a popular Colombian restaurant, is making its US debut on 455 Lincoln Road. The Colombian restaurateurs will occupy about 5,000 square feet in a two-story building with a rooftop deck, where 5 Napkin Burger had been before the location stood vacant since 2015. Construction is set to start soon, according to the Lincoln Road BID.

In addition, The Cheesecake Factory is signing a lease at 600 Lincoln Road, Salt & Straw is also to open at 749 Lincoln Road, and New York-based Mexican taqueria Tacombi has recently opened at 1688 Meridian Ave. and is leasing 2,800 square feet.

Also, 12 stores are currently under development to be leased to new-to-market tenants, including Toronto-based Lighthouse Immersive, the company running the Van Gogh Immersive Exhibit nationwide, which is building a restaurant with virtual displays in the 23,000-square-foot space where the 1940s Beach House used to be, between Paul’s Bakery and the Time Out Market, which has been vacant for over 20 years. The developers are currently working on its design.

Following the successful Fernando Botero sculptures exhibition in Lincoln Road, which was unveiled in 2019, the Lincoln Road BID is bringing another exhibit of 12 sculptures by French artist Richard Orlinkski, which are to be unveiled Nov. 30, just before Art Basel, said Lyle Stern, BID president. A space for a pop-up gallery at 801 Lincoln Road is also to be opened at the same time.

The Peekaboo Art Galleries, a cooperative of local artists with 12 individual studios under the leadership of artist Jayda Knight, is hosting another season of The Black Plum Room, digital works of four artists “presenting their own explorations between creating in real life and working virtually,” according to Miami Beach Arts and Culture.

This year, New York City’s UrbanSpace is bringing its Holiday Market to Lincoln Road, where almost 150 local vendors are to exhibit their products from Nov. 15 to Feb. 15.

“UrbanSpace is very well known for the millennium artists they put out in New York, the largest one is in Bryant Park – and it’s spectacular,” said Mr. Stern. “They were looking for a site outside of New York. We reached out to them, and after they looked throughout all of South Florida they loved Lincoln Road, and we entered into an agreement with them.”

Some of the South Florida gastronomic brands to be displayed include Watsons Bay Coffee Co., Miami ‘N’ Ice, and Wicked Bread. Other national brands are Luke’s Lobster, MozzArepas, and Oyster Party, Poured Loved candles, Jaharii jewelry, accessories brand Pawies, and Gabriela Ceballos Jewelry.

Lincoln Road has also seen close to $6 billion of real estate and hospitality investments in the area, as Class A office and storefronts are being leased, according to the Lincoln Road BID. An example of this is developer Michael Shvo, who has submitted three proposals to the city.

The first, The Alton, would be a six-story, 250,000-square-foot Class A office and commercial space in 1656-1680 Alton Road and 1677 West Ave., designed by Norman Foster from Foster & Partners and Kobi Karp Architects. The project is under development and is expected to be built in 2025.

Another Class A office building is to be One Sounds Park, a six-floor, 52,500-square-foot development designed by Peter Marino and Kobi Karp Architecture, which is expected to be built in 2024 and is under development. The building is to be at 1665-1667 Washington Ave.

Lastly, Michael Shvo is also planning to redevelop the 313,000-square-foot 1940s Rosewood Hotel and Residences into The Raleigh at 1775 Collins Ave. The project is to be a 60-room and suite hotel and 44 residences managed by Rosewood. The residences are to be in the newly constructed 17-story oceanfront tower.

He has also filed plans to redevelop the iconic Lincoln Road clocktower building at 407 Lincoln Road.

“What we’ve tried to do,” said Mr. Stern, “is to approach each part of the community’s culture – music, art, retail, food – at all different levels and price-points to really democratize our street offering, so that there is something for everybody, from amazing arts installations to great street food to higher-end food experience.”


Source:  Miami Today

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Miami Beach Votes Down Big Real Estate Projects

Miami Beach voters on Tuesday nixed three major real estate projects proposed by industry heavyweights Stephen RossBarry 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

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Miami Beach Leaders Want Office-Housing Towers Off Lincoln Road. Will Locals Approve?

If Miami Beach residents approve, two development projects would convert three parking lots off Lincoln Road into apartments, plus office and retail space. 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.

Miami Beach voters will decide in either August or November whether the city should enter into public-private partnerships with two development teams, said Miami Beach Commissioner Ricky Arriola, sponsor of the plan to build on the three surface parking lots. The city needs at least 50% of voters to approve it. Developers proposed two buildings with 43 apartments, 187,000 square feet of office space, 33,000 square feet of retail and 715 parking spaces, more than double the number of existing spaces. The buildings would rise up to 80 feet.

Miami Beach officials approved two bids in February after receiving 18 submissions. The move comes two years after the commission first issued a request for proposals in late 2020 and later issued a formal call for bids. Lincoln Road Property Owners — comprised of Integra Investments, Starwood Capital Group and the Comras Company — plan to redevelop the lot between 17th Street and Lenox Avenue and 1040 Lincoln Road into two buildings with office and retail space. The Peebles Corporation, Scott Robins Companies and former Miami Beach Mayor Philip Levine aim to convert the lot at 1664 Meridian Ave. into a building with apartment rental, office and retail space.

“The city is doing everything it can to diversify the local economy,” Arriola said. “We are taking surface parking lots that are not the best use of public land into something that will make it into an economic engine for the city.”

Developers would undergo the site plan and design review approval steps once receiving support from residents, Arriola said. Construction would start in 2023 and the developments would be completed in 2026. The Lincoln Road Property Owners said in a joint statement, “This development will position Miami Beach to attract new businesses, create sought-after jobs, spur additional private sector investment and create new revenue that will enable Miami Beach to continue investing in infrastructure and quality of life initiatives.” The housing piece will benefit the community, Scott Robins Companies President Scott Robins said, because “people want to live close to their office.” Demand in Miami Beach is anticipated to remain high for office space. “The world that we live in is full of risk,” but “we are not talking about a ton of space,” said Bob Orban, principal in the Miami office of commercial real estate market analytics firm Cresa. Businesses will benefit from an increase in the daytime population, said retail expert Beth Azor of Azor Advisory Services in Weston.

Some Lincoln Road business owners are looking at the long-term gain, despite a potential shortage of parking spaces during construction, including V&E Restaurant Group CEO Matias Pesce. His firm owns restaurants Vida & Estilo, Havana 1957, La Cerveceria de Barrio and Cortadito Coffee House. “The shortage of parking may have an impact on guest traffic,” Pesce said, “but we know it will be for the best.” Another challenge would be a lack of affordable and workforce housing, Orban said. Robins said he and his partners are in talks with the Beach officials to possibly include affordable or workforce housing. “For the people that work for these financial services firms that are going to answer phones and type documents,” Orban said, “it would be more attractive in terms of having something affordable close to their place of work.”


Source:  Miami Herald

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Miami Beach Mayor Announces List Of New Projects – New Cancer Center, 3-Acre Public Park And Push To Renovate Lincoln Road

Miami Beach Mayor Dan Gelber on Monday rattled off a list of new projects coming online this year — including a new cancer center, a 3-acre public park and a push to renovate Lincoln Road — during his annual State of the City speech.

Gelber, speaking from the stage at the New World Center, announced the development of the $250 million Irma and Norman Braman Cancer Center at Mount Sinai Medical Center.

With Braman, the billionaire philanthropist, and his family in attendance, Gelber showed a rendering of the sleek new building that he said will be an “ultramodern” facility overlooking Biscayne Bay. He also announced the opening of a new 3-acre public park at Sixth Street and Alton Road to be built as part of the Park on Fifth condo development. Other park projects, like the conversion of an old Mid-Beach golf course into a sprawling new park, are expected to break ground in months, he said.

“Our goal: No city anywhere should have better parks, promenades and outdoor spaces than we do,” Gelber said.

Gelber said that in April he will also advocate for $60 million in renovations for Lincoln Road using property taxes from an anti-blight Community Redevelopment Agency, or CRA. Upgrades would include more fountains, cultural event space and a children’s park.


Source:  Miami Herald

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