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Developer Obtains $277M Construction Loan For Hotel And Condo In Miami Beach

Oko Group and Access Industries obtained a $277.2 million construction loan for the Aman Hotel & Residences along the ocean in Miami Beach.

Bank OZK assumed the $34.8 million mortgage from 2020 and boosted it to $277.2 million. The borrower on the 1.7-acre site at 3425 Collins Ave. was 3425 Collins LLC and various affiliates linked to Oko Group, led by billionaire Vladislav Doronin, and Access Industries, led by Len Blavatnik.

Located in the Faena District, the site previously had the historic 16-story Versailles Hotel. It will be renovated and rebranded as the Aman Hotel for this project, plus the developer will build a 16-story condo tower.

The hotel tower will feature 56 rooms and 22 condos, while the stand-alone condo will have 41 units. It was designed by Miami-based Revuelta Architecture and Japanese architect Kengo Kuma.

 

Source:  SFBJ

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Construction Progresses On Miami’s Deepest, Most Expensive Underground Parking Garage

The three-level subterranean basement will become the deepest, most expensive underground parking garage ever built in Miami. The vertical construction of the 47-story luxury tower is slated for 2021, to be completed in 2023.

Construction is progressing on what will become Miami’s deepest, most expensive underground parking garage. Reaching nearly 50 feet and three stories below sea level, the 100,000-square-foot, 236-car garage for Miami’s Una Residences condominium will cost the developers $25 million to build. The first-of-its-kind subterranean parking garage, set on the edge of the Biscayne Bay waterfront, will become a key element of the 47-story luxury residential tower upon its completion in 2023.

Developers OKO Group, the luxury development group helmed by real estate mogul Vladislav Doronin, and Cain International have enlisted world-renowned architects Adrian Smith + Gordon Gill (AS+GG) to design Una Residences. The 579-foot-tall tower was envisioned to embody the spirit of the city and the aesthetics of the Brickell neighborhood’s urban, waterfront environment.

OKO Group is an international real-estate development firm established by Chairman and CEO Vladislav Doronin.

OKO Group’s current U.S. portfolio of prime properties and development projects include two luxury residential developments in Miami; Missoni Baia in East Edgewater and Una Residences on the Brickell Waterfront; and in New York City at the crossroads of 5th Avenue and 57th Street, the Crown Building which will soon become Aman New York.

Hiding Underground

This open waterfront concept could only be realized by ‘hiding’ the parking garage underground – a challenging and costly approach that contrasts sharply with typical condominium developments in South Florida, which tend to feature a pool deck situated high atop several levels of parking. To create the underground structure, the development, design, and building teams worked closely together to determine the best method for subterranean construction in such close proximity to the bay.

“OKO Group has extensive experience with subterranean construction, with our firm’s Capital City mixed-use development in Moscow encompassing a six-level garage for over 2,000 vehicles built 72 feet deep underground adjacent to the Moscow River,” said Ahmet Oktay Cini, Chief Operating Officer of OKO Group. “When conceptualizing the design for Una Residences in Miami, we envisioned a similar urban-style, efficient tower that would maximize as much space as possible for the use of residents and showcase the site’s waterfront views. The result was a modern condo tower without a parking podium, meaning more square footage for luxury amenities and residences.”

In order to build a garage that doesn’t flood, the building’s general contractor, a joint venture between Civic Construction and Ant Yapi U.S., along with specialty subcontractor Keller International, set out to create a massive watertight concrete box deep underground. Using highly advanced technology and equipment, the complicated undertaking requires workers to drill 800 holes 50 feet deep into the ground and fill them with concrete and water. The interlocking pillars create a cement block that is hollowed out to build the garage.

Project Estimates

  • 130-150 workers will be employed daily
  • 50,520 cubic yards of concrete will be placed
  • 8,960 tons of rebar will be used
  • 1,693 tons of structural steel

Following the building’s groundbreaking earlier this year, the construction team embarked on the deep-soil-mixing construction process to create a giant waterproof ‘bathtub’ that protects the building’s concrete mat above the tub from the groundwater and forms the base of the garage. Engineers are now using a state-of-the-art, 10-foot high-torque drill to create the bathtub by digging into the site’s crushed limestone, while simultaneously injecting cement slurry into the ground and blending it with the limestone rock and sand. This process changes the composition of the soil, creating a support system for the bathtub’s walls and floor while ultimately reducing waterflow and permeability to allow for excavation of the site.

Once the soil mixing process and tub is complete in early 2021, the construction team will begin drilling piles 135 feet deep into the ground to support the tower, and to hold down the floor of the tub during construction. The loose-mix soil inside of the tub will then be mass excavated – a three-month-long process – to reveal the new, waterproof underground form. Once the site is excavated, the building’s steel mat foundation will then be constructed followed by a massive concrete foundation pour. Once the three levels of vertical columns are completed in the underground basement, ground-level vertical construction will then commence, estimated to take place in late 2021. From there, the tower’s rise will move at a fairly quick pace, accelerating approximately one level a week through top off of the 47th floor in late 2022.

The Bottom Line

“A below-ground garage of this caliber costs triple the amount of a typical parking garage. This kind of major investment in underground construction has never been seen before in Miami,” said William Real, President of Civic Construction Company. “The developers of Una Residences are sparing no expense when it comes to top-notch construction quality and efficient design, which will ultimately deliver a superior product for residents.”

Slated for completion in 2023, Una Residences will be comprised of 135 spacious condominiums spanning 47 floors. Residences range from two-to-five bedrooms, measuring between 1,100 to 4,786 square feet in size, with two ultra-exclusive penthouses available. The tower’s secluded waterfront location, situated in the South Brickell area at 175 SE 25th Road, is only moments away from downtown Miami’s metropolitan city life. Residences are priced from $2 million to $7.4 million, with penthouses up to $21.6 million.

 

Source:  FCP

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More Tech Firms Eye Miami As COVID Carries On

In late February — before Covid-19 became a pandemic — Spotify inked a lease for 20,000 square feet to house its South Florida headquarters in Miami’s Wynwood neighborhood.

The music streaming service’s deal for all of the office space and large courtyard at the mixed-use development Oasis at Wynwood on North Miami Avenue was another sign of momentum for TAMI (technology, advertising, media and information) companies taking office space in South Florida.

But then coronavirus hit, prompting nearly half of the American workforce to set up shop in their homes and leading Twitter and Facebook to announce work-from-home policies that could lead to a potential void in the office markets in New York City and Silicon Valley.

South Florida, however, could benefit from the pandemic.

As residential brokers in the area report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms.

Cushman & Wakefield’s Brian Gale, who was part of the leasing team that closed the deal with Spotify at 2335 North Miami Avenue, said he’s given five virtual presentations to major tech brands to take large spaces at 830 Brickell — one of South Florida’s largest office projects under construction.

OKO Group and Cain International are building the 57-story tower, which the developers say will be anchored by WeWork, with an expected delivery date of 2022. The property will have 490,000 square feet of office space, and will mark the first major office building to rise in Miami’s urban core in the last decade.

Facebook, Apple, Google, Uber and Chewy are among the many companies that already have a presence. Tech firms take up nearly 3 million square feet in South Florida. Broward has the largest share, with nearly 1.7 million square feet, compared to about 765,000 square feet in Miami-Dade and just under half a million square feet in Palm Beach County, according to CoStar data provided by CBRE.

As with most office landlords and leasing agents in other cities, South Florida’s office brokers aren’t convinced that working from home will become a long-term result of the pandemic. Companies that were looking to take advantage of the tax benefits, weather and more favorable housing costs are still planning moves to Florida, according to local real estate players.

“Companies like Twitter put their foot in their mouth too early. I believe that it’s really hard for people long term to work from home,” said Daniel de la Vega, whose firm One Commercial is marketing Creative HQ, an office condo in downtown Miami.

“Only the really wealthy ones would move in the past, the Barry Sternlichts of the world,” he added. “But now people our age want to get out of the major cities and they want to come to Miami and Fort Lauderdale.”

Ripe for the picking

Commercial brokers are negotiating a number of “blend and extends” where the landlord offers some free rent or concessions in exchange for longer leases. And for new leases, prospective tenants with the budget to do so are more concerned with building measures and office floor plans that follow the latest public health guidelines.

“Unless a landlord has got a lot of capital saved, it’s an ideal time for tenants to restructure leases. We’re going to see the markets change in favor of tenants.”

Keith Edelman, Colliers International

Carpe Real Estate Partners’ Erik Rutter, one of the developers behind the Oasis at Wynwood, said larger spaces and the ability to be outside will prevail, he argued.

“There will still be a demand for office space. The growth of Miami will continue, if not be propelled by, this pandemic,” Rutter said.

While some brokers believe there will be hesitation about returning to a high-rise office building versus a suburban, low-rise corporate campus, Gale said he’s negotiating nearly 200,000 square feet of proposals at 830 Brickell. Those conversations include one with a major tech tenant that is “very serious” about opening an office in Miami, he noted,

“People now are looking at new buildings as having better air quality, giving tenants the ability to really plan out how they’re going to look post-Covid,” Gale said, adding that many “are concerned with mass transportation and being on top of people” in New York City.

Local entrepreneur Brian Breslin echoed that point.

People who run their own tech startups or work remotely for larger companies are increasingly relocating to South Florida, said Breslin, the founder of Refresh Miami, a nonprofit that focuses on tech networking in the city. He said he believes more companies will follow recent WFH policies put in place by Twitter, Facebook and Shopify.

“Most people don’t have it in their budgets to space out employees six feet apart,” Breslin noted. “It would be unwise for us to think this is a short-term thing. A lot more of the traditional tech companies are rethinking their hiring processes.”

Keith Edelman, executive managing director of Colliers International South Florida, said most long-term deals are on hold as companies evaluate their office setups, which could put pressure on rental rates.

Edelman, who recently returned to his office, had been working remotely for more than two months, speaking with The Real Deal from his car. He said he believes work from home culture could take a toll on camaraderie and collaboration among employees — giving office tenants an incentive to be proactive in their leasing negotiations.

“Landlords are scared,” Edelman said. “Unless a landlord has got a lot of capital saved, it’s an ideal time for tenants to restructure leases. We’re going to see the markets change in favor of tenants.”

More pouring in

The wave of companies moving to South Florida isn’t limited to just tech, industry sources say.

Investment firms, insurance companies, hedge funds and family offices have also been making the move, driven by the lack of a state income tax.

Sandy Rubinstein, CEO of New Jersey-based digital marketing and advertising firm DXagency, bought a two-story office building just north of Wynwood for $2.25 million during the pandemic.

The Miami native plans to make the 2,678-square-foot property at 3634 Northwest Second Avenue the new headquarters for her firm, which counts Mastercard, Univision, NBC, Viacom and Green Valley Organics among its clients.

“A lot of our employees up here have asked if they could transfer,” Rubinstein told TRD in April. “Miami is such a good market for talent so I also want to take advantage of that now.”

 

Source:  The Real Deal

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