Author Archives: Claudia Moreno

Terra Entering Partnership with Developer of Block 55 in Overtown

Developer Terra could soon enter Block 55 in partnership with Michael Swerdlow. On March 16th, Southeast Overtown/Park West Community Redevelopment Agency will vote on altering the deal with Swerdlow to enable Terra an ownership stake.

Swerdlow will keep at least 63% of the project, with the remainder to be held by Terra, the agreement states. The CRA owns the land, and developers have until March 31st to complete the purchase of the property at the latest.

Block 55 was accepted by Miami’s Urban Development Review Board in a meeting last month. Target will be anchored on its ground floor anchor, and other tenants such as Aldi, Ross, Ulta, Burlington, and Youfit should be joining. There will be 355,000 square feet of retail space, about 1,050 parking spaces, and 506 apartment units.

Approximately 154 units, or twenty percent of the residential units, will be reserved for individuals and families earning 50% or less of the Miami-Dade County area median income, according to the developer. The income-limited units will be a mix of studio and one-bedroom apartments.

A 1,400 square foot police substation will also be built with a reduced contract price, along with 1,000 square feet of retail for a CRA supported business, at half the average retail lease price.

The project is groundbreaking soon. Across the street, Block 45 is also planned to break ground. There are 1,122‬ apartments designed between the two projects.

Developers Pay Off Eighty Seven Park’s $155M Construction Loan

Terra, Bizzi & Partners, New Valley, and Pacific Eagle, developers of Eighty Seven Park, just paid off the $155 million construction loan for the newly developed luxury condominium in Miami Beach. The construction loan was given by United Overseas Bank in 2017.

The luxury tower located at 8701 Collins Avenue has more than 90 percent of its 66 units presold, according to a release. The 18-story building is Renzo Piano, star-architect, first residential construction in the Western Hemisphere.

In December, the first closing started being recorded with 39 units closed to date, according to property records. Buyers from the United States represent roughly 50 percent of all unit sales to date, said the release.

Some of the features of the building include floor-to-ceiling windows and wrap-around terraces, with each unit featuring panoramic views of the ocean. Residents will have a full array of amenities, including concierge and butler service, an outdoor juice bar, a full-service salon, and a full-time botanist who assists residents with their private balcony gardens.

Some of the buyers at Eighty Seven Park includes the tennis player Novak Djokovic, who paid $5.77 million for his unit; Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as Pierre Pomerleau, president, and CEO of Pomerleau, one of Canada’s biggest construction companies.

Final Vote to Approve $5 Billion in Funding to Miami International Airport Expansion will Happen Next Week

Commissioners of Miami-Dade are scheduled to vote next week on releasing a $5 billion in bonds for restoration and extension of Miami International Airport. Earlier this month, they unanimously voted to approve the bonds, and a second and final reading is programmed for March 17th.

Approximately $1 billion will cover projects that already started, and the remaining $4 billion will be used to cover projects between 2020 and 2036.

Central Terminal will see the most significant changes, including the demolition and reconstruction of Concourses F and G. There will also be a new check-in area, and the curbside and exterior will be rebuilt.

At the North Terminal, four new wide-body gates will be included, thanks to the reconfiguration of the space. The regional gates at D60 will be extended and rebuilt. 

The South Terminal will be extended with several new gates plus a new retail area. 

The funding and plans will be organized to enable the airport to hurry up or reduce down the development based on any increase or decline in demand.

The total value equals to $4,015,563,000 when including the work necessary at other county airports like Opa Locka.

Below is a full list of what is being funded at the airport from 2020 through 2036:

  • MIA North Terminal Gate Optimization Phase l
  • MIA Concourse “D” West Expansion — D60
  • MIA North Terminal Ramp Level Restrooms
  • MIA Central Terminal Redevelopment Phase 1
  • MIA Central Terminal Redevelopment Phase 2
  • MIA New CC F Enabling Up—gauge and Down-gauge Project
  • MIA New Concourse “F”
  • MIA Concourse F New Apron Phase 1 and Phase 2
  • MIA Concourse F Demo Phase 1- Headhouse Demo and New Hardstand Area
  • MIA Concourse F Demo Phase 2 — CC_F Pier Demo and New Apron Phase 3
  • MIA Lower Concomse E FIS Renovations ~ Phase 2
  • MIA Central Terminal Upper Drive Facade and Curbside
  • MIA Concourse “G” Demolition
  • MIA Concourse “E” and “F” Taxi Lane and Apron Rehabilitation
  • MIA South Terminal Apron and Utilities Relocation Phase 1
  • MIA South Terminal Expansion East (New Gates) Phase 1
  • MIA South Terminal Apron Enabling — Demolition of Building 3050
  • MIA South Terminal Centralized Checkpoint
  • MIA Concourse “H” – Glazing, Curtain Wall Assessment, and Corrective Action
  • MIA Terminal Wide Re-roofing and Lightning Systems Upgrades
  • MIA North and Central Terminal Passenger Loading Bridges Phase 2
  • MIA Tenant Relocations
  • MIA Vehicle Fueling and Car Wash Facility
  • MIA Demolition Building 3039 and Fuel
  • MIA Temporary South Terminal GSE Facility & 20th Street modification AOA
  • MIA Demolition Building 703 and 703A
  • MIA Demolition Building 703 Environmental Assessment and Remediation
  • MIA Building 5A Tenant Relocation
  • MIA Building 702 Apron & Airside Improvements
  • MIA GSE Facility for North Terminal
  • MIA Demolition Building 5A
  • MIA Building 702 Expansion
  • MIA Demolition Building 704
  • MIA Consolidated Cargo Fumigation Facility
  • MIA West Cargo Truck Parking
  • Land Acquisition
  • MIA Runway 9-27 Rehabilitation
  • MIA Perimeter Road Bridge
  • MIA NW 37th Avenue Improvements
  • MIA New Hotels
  • MIA Fuel Storage Facility Expansion (Tank No. l)
  • MIA Fuel Storage Facility Expansion (Building and Tank No.2)
  • MIA Runway Incursion Mitigation (RIM) Hot Spot 5 (Corral area)

Mortgage rates dive to record lows on coronavirus frights

As the concerns about the effect that the coronavirus will have on the global economy increases, mortgage rates have dropped to their lowest level in the history of Freddie Mac’s survey of mortgage lenders, which began in 1971.

The Federal Reserve cut interest rates Tuesday in an emergency move, according to the Wall Street Journal. The 30-year fixed-rate mortgage decreased to 3.29 percent from 3.45 percent last week, according to Freddie Mac. 

The good news comes with a caveat because, typically, as mortgage rates drop, home sales rise. But with the coronavirus out there, some business had started hurting, with a few closing down and a few people choosing to self-quarantine, making buyers unwilling to visit homes and more willing to delay purchases, according to the Journal. 

However, the declining rates have made the mortgage industry invest in new hires, predicting a year of refinancings, while still being optimistic about new home loans. 

In 2019, low mortgage rates had restored the interest in the housing market, which was showing signs of a slowdown the year before, in 2018. This drop in the rates has also led to a growth in refinancings, which last year were at their highest level since 2006, the Journal published.

Refinancing requests were up 26 percent from the previous week, and surged more than 200 percent from the same period in comparison to 2019, according to Mortgage Bankers Association data released Wednesday, the paper reported.

Over sectors, real estate is feeling the effects of the coronavirus, especially the hospitality business, as travel constraints across the country and around the world have led to massive cancelations.

Last week, a type of real estate stocks called the SNL U.S. REIT Equity index fell about 12.3 percent, according to S&P.

Making Progress: Mr.C Coconut Grove Receives FAA Approval

Everything is going smoothly at Mr.C Coconut Grove as developers start to make progress with approvals and permitting for the project. The 20-story twin towers recently received the approval by the Federal Aviation Administration to built at a maximum height of 315 feet above the ground, or 328 feet above sea level.

The developer has also signed utilities deal with Miami-Dade to connect the building to the county’s water and sewer system back in January.

The project is now in the process of getting a construction permit, with John Moriarty as the contractor. Although they haven’t received the permit yet, the developers were able to get an expedited life and safety review from the city in December because of the tight construction schedule.

Mr. C will feature 301 residential units, 15,746 square feet of retail, plus 6,024 square feet of a restaurant. Terra is the developer, with Arquitectonica as the architect.

Streaming giant Spotify will anchor its Latin America headquarters in Wynwood

The streaming giant Spotify has settled its lease on a 20,000 square foot office space in Miami’s ultra-desirable Wynwood enclave. The announcement was made by the developers of The Oasis, where the HQ will be anchored. The project is currently under construction and should be completed in late 2020.

Visitors and employees will be able to pick from several restaurants, a full-service bar, and much more, all-around a 35,000 square foot massively landscaped courtyard. Also featured in the project, is a stage with nightly live music with plenty of outdoor seating and the 75-foot tower that will rotate art installations.

Spotify is moving from a much more modest office in Brickell, thanks to an incentive deal made last year with Miami-Dade that stated the new office would become the Latin America HQ for the company.

The Oasis will also have 17,000 square feet of retail. Spotify’s Wynwood office will be placed between 23rd and 24th Streets, on North Miami Avenue.

Tory Burch co-founder is Miami Beach’s Newest Resident

J. Christopher Burch, the co-founder of the fashion label Tory Burch and the founder and CEO of Burch Creative Capital, will shortly call Miami home. That’s because he just bought a new residence in Miami Beach at 5050 N. Bay Road for $14.2 million.

The 10,389 square-foot waterfront home has seven bedrooms, ten bathrooms, and one half-bathroom. The house faces Biscayne Bay with a 139-foot water frontage and dock.

Fabio Lopes, from Coldwell Banker Realty, represented Burch and Douglas Elliman Senior Director of Luxury Sales in South Florida, Chad Carroll, and Realtor Associate Mariana Trentini represented the seller.

Burch bought the home to use as his primary residence, according to Lopes.

The home was sold at $1,366 per square foot, less than what the seller bought for in 2014. The seller named SPN Florida LLC in property records purchased the home for $17.975 million.

Eighty Seven Park: Here’s a first look at the newly completed beachfront project in Miami Beach

Eighty Seven Park, Italian architect Renzo Piano’s first residential building in the Western Hemisphere, is newly completed. Piano created the sleek, oval-shaped building in Miami Beach’s North Beach, intending to defy gravity. 

“The building is made of 16 decks flying one above the other, floating above the beach and park. Those suspended decks catch the sound and light of the ocean. It’s a beautiful thing,” Piano told the press. “I know fighting against gravity sounds a bit mad, but it is quite interesting because the tension between the sky and earth adds a poetic presence. It’s not arrogant, it’s not possessive, it’s not selfish. This building is something that is more open. What we are expressing is that this building belongs to nature.”

Eighty Seven Park has drawn the attention to many exclusive buyers, including billionaire Jonathan Newhouse, the chairman of Condé Nast International, which spent $6.2 million on a unit, as well as tennis player Novak Djokovic, who bought an apartment for $5.77 million. There are 68-units in the building and a penthouse has been on the market for $68 million. 

Interiors were created by RDAI in Paris, with a design inspired by the natural surroundings of North Beach. West 8 of Rotterdam supervised landscape, simultaneously with the design of the restored North Shore park next to it. A botanist will be on the condo staff to manage the landscape. Terra Group is the developer.

(Interior Images: Eighty Seven Park by Douglas Friedman/Exterior images: Eighty Seven Park by The Boundary)

Florida, the No. 1 Moving Destination in the Country

The Sunshine State, one of the most loved destinations by tourists and travelers, whether for its beautiful beaches, incredible attractions, or its large amount of diversity among its people and businesses, has now beaten out Texas as the No. 1 moving destination in America, according to U-Haul. 

“Florida has been showing signs of growth for a decade,” said Miguel Caminos, U-Haul Company of Orlando president. “Central Florida is really booming. I can’t think of any major suburb where there aren’t home developments or new shopping centers being built.”

“There’s an expectation of comfort for people moving here. They know there are jobs. Plus, there are tons of attractions, and our state is family-friendly. The weather is perfect, and no matter where you live, you’re less than an hour from the beach,” Caminos explained in a statement. 

The data provided by U-Haul corresponds with a new Census analysis pointing that as of July 1, 2019, Florida kept it’s spot as the third most populous state, having moved ahead of New York in 2014.

Florida’s population increased by 1.1% over the past year, more than twice the United States average and ninth-highest among all states plus D.C., according to Jed Kolko, economist to Indeed.com. 

The areas of Kissimmee, West Palm Beach, Ocala, Port Saint Lucie, and the Bradenton-Sarasota led Florida’s gains, according to U-Haul. Boca Raton, Pensacola, Miami, Fort Lauderdale, and St. Petersburg were between the other significant cities to see a net gain of U-Haul trucks.

The state arrivals of one-way U-Haul trucks grew 1%, while departures were declining 1% compared to the state’s 2018 numbers. Arrivals were estimated for 50.6% of all one-way U-Haul traffic in Florida.

Underline Park Opening Date Set For June

The first stage of Miami’s Underline, a 10-mile linear park, is set to in June, according to Meg Daly, the project creator.

There will be five stages to the project, and Brickell is the first one. These phases will run from downtown Miami past Coral Gables (and the University of Miami) to South Miami. All five stages should be completed within five years.