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Hotel Coming To South Beach: Keyah Buys Washington Ave Site For $20M

cloud one hotel rendering-1509 and 1515 Washington Avenue_Photo Credit-Florida Yimby 1170x435

Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue.

An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show.

The seller, an entity managed by Miami Beach-based real estate investor Jimmy Resnick, paid $550,000 for the retail building in 1987, and $4.6 million for the apartment building in 2006, records show.

Resnick provided Keyah with $15 million in seller financing.

In April, the Miami Beach Planning Board approved Keyah’s project, which entails 238 rooms, a 5,677-square-foot restaurant on the ground-floor, a pool deck on the second floor and a rooftop 3,525-square-foot restaurant, city records show. Designed by Coconut Grove-based Arquitectonica, the hotel would span 91,230 square feet.

Keyah is negotiating a possible branding deal with Cloud One Hotel, a European hospitality company that has a hotel in New York City, plans submitted with the city of Miami Beach show.

Last year, Resnick had a pending deal to sell the properties to Urbin, a subsidiary of Location Ventures, the Coral Gables-based development firm that went belly up following a string of lawsuits from lenders, investors and vendors alleging defaulted loans, unrealized profit returns and nonpayment of services. At the time, then-Urbin and Location Ventures CEO Rishi Kapoor had planned to convert the retail and apartment buildings into a co-living condo project, but the deal fizzled.

 

Source:  The Real Deal

 

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Rishi Kapoor’s Co-Living, Micro-Unit Project In Miami Beach Scores Approval

Miami Beach commissioners tweaked city development regulations to benefit Rishi Kapoor’s planned co-living and micro-unit project on Washington Avenue.

Commissioners voted 6-1 on Wednesday to give final approval to an ordinance that allows for the development of co-living units on the east and west side of the North Washington Avenue district between 15th and 16th streets. Under the new code, developers have to vow that at least 20 percent of the apartments would be priced as workforce housing and that projects won’t be hotels or hostels.

Kapoor, who leads Coral Gables-based Location Ventures, is under contract to purchase the properties at 1509 and 1515 Washington Avenue. While he has previously declined to share project details, his attorney shed light on the plans during the commission meeting. It’s for 46 co-living apartments, which residents rent by the bedroom but have access to common areas; 48 micro-units that span 275 square feet; and 24 micro-units that span 448 square feet, attorney Michael Larkin said. The micro-units will include kitchens.

The vote stirred a discussion on the dais over the type of housing the city wants to provide, whether micro-units and co-living units truly address the lack of affordable housing, and if the project would amount to party houses.

After some debate, commissioners imposed a minimum lease term of six months and a day. That’s longer than the three-month to four-month terms that Larkin argued for on behalf of Kapoor, though the attorney reluctantly agreed to the longer lease term.

“There are seasonal workers who come here,” Larkin told commissioners. “We greatly prefer to have less than six months.” 

Mayor Dan Gelber said during the meeting that six months and a day would at least allow “all those New Yorkers who come down” to get their tax benefit.

Commissioners Ricky Arriola and David Richardson countered that the project would offset illegal Airbnb rentals in other parts of the city that are fueled by demand from seasonal workers and others who only need to stay in Miami Beach for a few months.

“I think it would actually present some good competition to Airbnbs, and it would put some of those Airbnbs out of business,” Arriola said. 

The ordinance also sets a three-year time limit for Kapoor to apply for a building permit.

The developer already has approval for a six-story co-living project at 1260 Washington Avenue, which is in the South Washington Avenue district. The new ordinance gives him a year to apply for building permits for that project.

 

Source:  The Real Deal

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Developer Exploring Second Co-Living Project On Miami Beach

Rishi Kapoor is looking to develop a second Urbin-branded, co-living project on Washington Avenue in Miami Beach.

The Miami Beach City Commission on Monday granted preliminary approval to allow co-living units on Washington Avenue north of 12th Street, and to extend a deadline for Kapoor to obtain building permits until 2027.

Kapoor, CEO of Coconut Grove-based Location Ventures, is under contract to buy a retail building at 1509 Washington Avenue and a mixed-use apartment building at 1515 Washington Avenue, said Michael Larkin, a lawyer representing the developer.

Kapoor has submitted an application to redevelop the properties that will have to go before the Miami Beach planning and zoning and historic preservation boards, Larkin added.

The city has already approved Kapoor’s six-story co-living project at 1260 Washington Avenue (rendering pictured above), which he is developing under Location Ventures’ Urbin brand.

Under the proposed new legislation, the city would allow developers to build projects with co-living units north of 12th Street and Washington Avenue, but any proposed building cannot have hotel rooms or short-term rentals. In addition, only 50 percent of the project can be set aside for co-living units, and the apartments or condos must be a minimum of 275 square feet.

 

Source:  The Real Deal

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Developers Move Fast To Meet Miami’s Growth Needs

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.

Rishi Kapoor, “Best of Miami: Leading Residential Comeback” nominee and founder and CEO of Location Ventures, said one leading developer worthy of recognizing is Terra Group, headed by CEO David Martin.

This past year, the group has hit a number of milestones, including breaking ground on mixed-income transit-oriented housing project Grove Central and securing a $64.8 million construction loan for the development of 27-acre multifamily development Natura Gardens. Two of the greatest achievements, Mr. Martin said, were the deliveries of condominium buildings Eighty Seven Park in North Beach and Park Grove in Coconut Grove, both of which promptly sold out.

Authenticity, Mr. Martin said, is key in development, and Terra wants to build projects that make neighborhoods better and give residents pride. In 2021, he said, a big goal for the group is to focus on market research centered on post-pandemic needs and trends that will inform later development decisions and innovations.

Having grown up in Miami, Mr. Martin said, he has a lot of pride in his community and tries to stay active in multiple ways by taking an interest in cultural, children’s and health issues. Currently, he said, he serves on the boards of Nicklaus Children’s Hospital and The Bass.

“There’s a lot of organizations I’ve taken an advisory role in,” he said, “and also a lot that we support financially.” 

One issue Mr. Martin said he hopes Terra can help address is that of affordable housing in Miami-Dade. Roughly 90% of the built environment in the county, he said, is zoned for single-family housing. 

“A lot of people look to solve affordability by creating subsidies which, in our view, is not sustainable,” he said.

“My view,” he continued, “is that affordable housing should be sprinkled throughout our entire county, not only in certain pockets. And we have an idea on how to build affordable housing in a more cost-effective way without requiring subsidies.”

Jorge Pérez, chairman of The Related Group, philanthropist and champion of the arts, also said this is an issue developers and officials must consider as the county moves into the future.

“Miami should not and cannot become a city solely for the 1%,” he told Miami Today via email. “We are going through one of the most exciting times in the history of the city; however, we cannot forget there are still countless families and individuals in need of opportunity. Officials must leverage the lessons of the globe’s other major metropolitan areas to build a Miami everyone – no matter their background or socioeconomic circumstances – can feel proud of.”

Mr. Perez and The Related Group were cited by Ron Shuffield, president & CEO of Berkshire Hathaway HomeServices EWM Realty, for their accomplishments and contributions to the Miami-Dade community not just this year but over a handful of decades.

“It’s his mark that established the style of the “new Miami,” Mr. Shuffield said. “When you look at the architecture of our landscape, so much of that Jorge had a hand in. It was his vision that could see what would become a dynamic downtown area.”

“I founded Related in 1979 with the goal of building an even better Miami,” Mr. Perez said. “More than four decades later, Miami has been totally transformed and is well on its way to becoming one of the world’s great cities. Nevertheless, each one of our jobs continues to be built with that original goal in mind, no matter the price point or target demographic.”

From including museum-quality art in developments to building community green spaces, he said, Related is always trying to deliver on that mission and improve the neighborhoods it builds in. The Group has expanded since its founding decades ago, and now has over  $2 billion worth of inventory planned and under construction across the nation. 

Last fall Jon Paul Perez, son of Jorge Perez, took the reins as company president. Being able to pass the crown to a relative, Jorge Perez said, is a great achievement in itself.

“I’ve been very fortunate to have been able to achieve a great deal over the course of my life and career,” he said, “but nothing beats building a family that shares my passion for making a positive difference.”

“Driving around the city and seeing just how far neighborhoods have evolved brings me great joy,” he continued. “But knowing that the next generation of the Perez family will continue my lifelong efforts is my ultimate legacy. I truly wish I could see the new heights Miami will reach and the role Related will play.”

The group’s focus, he said, is not just on development. 

“Through The Related Group Philanthropic Foundation,” he said, “we are providing support to a variety of causes, from health and wellness to social equity. We are also proud supporters of a variety of Miami-Dade organizations, including FIU, The National YoungArts Foundation and many more.”

As Miami-Dade continues to set its sights on becoming a tech and finance hub, Mr. Perez said he would work to support that goal. 

“I am committed to supporting elected officials and the private sector as they continue to attract national and international businesses to the city,” he said. “This influx of capital and talent goes far beyond real estate sales, it is about setting the city and region up for the next stage in its growth. From day one, I knew Miami/South Florida had the potential to be a hub for business, culture and lifestyle – and that vision is becoming more and more real with every day.”

Two other developers that deserve recognition for their work this year, Mr. Martin said, are Goldman Properties, which has developed a number of properties in Wynwood, and Dacra, headed by President and CEO Craig Robins.

 

Source:  Miami Today

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Miami Beach Approves Co-Working, Co-Living Project

Miami Beach officials approved URBIN, a coworking, co-living project that includes wellness and a hotel.

URBIN Miami Beach Partners‘ project was approved for 62,000 square feet of development, including four floors of coworking with 139 desks, 49 co-living units, 56 hotel rooms, and a 4,000-square-foot wellness center at 1234 and 1260 Washington Ave. There would be a garden and lounge on the roof. The project would include a small retail space.

The developer, Rishi Kapoor, would demolish a retail building on the property and renovate an office building. The new building would rise six stories.

 

Source:  SFBJ

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