Author Archives: Claudia Moreno

UBS Will Open Miami Office For Latin America Businesses

UBS of Switzerland will open an office in Miami, in 2020, to help Latin American wealth management firms. Miami has been flooded with Latin America assets, generating talk among lawyers and wealth managers.

The office of UBS in Miami is said to be of significant importance to the company, with 10 managers already in the initial year.

UBS currently has a wealth management operation in the city, but the new office is focused on being a financial liaison in Latin America. 

According to Bloomberg, Miami is one of the world’s fastest offshore capital recipients. Many wealthy Latin Americans have made Miami their home to protect their assets. 

Bloomberg also notes that UBS competitor, Credit Suisse, is thinking about opening a Miami office. 

Natiivo Tower is already Half Reserved; it will break ground this year

All it’s good at the proposed 50-story Natiivo tower, where within just a few months of sales, half of the building is already reserved. Reservations are now being converted into contracts.

The future owners of Natiivo’s 412 units will be allowed to rent their units for short term periods on any home-sharing network.

“Natiivo Miami is outperforming the market, and sales are ahead of construction. We are going to contract, with 50 percent of the units presold,” said Alicia Cervera Lamadrid, Managing Partner of Cervera Real Estate. “The pace at which this project is selling speaks volumes to how strongly the flexibility of home-sharing resonates with buyers.”

The project was submitted to Miami’s Planning & Zoning Department, and groundbreaking is awaited for some time this year. There are also 200 hotel units being planned, in addition to the residences.

Amenities will include a pool with pool-side cabanas, a co-working space, a state-of-the-art fitness center, a Peloton studio, a yoga lounge, private meeting rooms with a terrace, and a street-front restaurant with an outdoor dining terrace.

The project’s conclusion is expected in early 2022.

Natiivo has Arquitectonica as the architect, and Urban Robot is responsible for the interiors. Newgard Development Group and Crescent Heights Co-Founders Russell Galbut and Bruce Menin are the developers.

Miami’s Biggest Transit-Oriented Project, Park-Line Towers is Welcoming Residents

One of Miami’s most extensive transit-oriented development is ready for people to move in this month. The twin-tower Park-Line, which sits above the downtown Virgin Trains hub, offers more than 800 residences that are sure to give the area some new life.

According to the developer, it’s one of the nation’s first genuine transit-focused development. The Park-Line development is Miami’s “most connected residences,” according to Brightline, offering to residents connections with the Brightline, Tri-Rail, Metromover, Metrorail, and Virgin Trains.

Head of Asset Management Najam Syed said Park-Line Miami is going to provide residents with luxury living, something never seen before in the area. “In addition to its centralized location in Miami’s most dynamic market, the accessibility to regional transportation, and the vast amenities that Virgin MiamiCentral offers are incomparable in today’s residential market. Residents can enjoy a car-free lifestyle and simply take an elevator ride to dine at Central Fare, connect with Brightline to get to West Palm Beach or Fort Lauderdale, and explore Downtown Miami within minutes.”

Each tower rises 30 stories above MiamiCentral, 50 feet above the ground. Monthly prices start at $1,900, with the first scheduled move-in starting this month.

Residents can enjoy access to a range of amenities such as a two-acre amenity deck, Jacuzzi, resort-style pool, luxury cabanas, a 75-foot lap pool with dual lines, 3,500 square-foot fitness center, 13-foot outdoor movie screen and more. Tenants with pets can enjoy the dog park with canine exercise equipment and an on-site pet spa.

The development includes a business center, co-working space, clubroom, private bike storage and repair stations, BBQ grills in outdoor dining areas, etc. In the residences, residents can partake in the beauty of quartz countertops, European style cabinets, and stainless steel cabinets.

The Bozzuto Group will manage the new property.

Boomtown: Miami is Named One of America’s Top Growing Cities

The economic and population growth of Miami drove financial site SmartAsset to consider the city as one of the US’s top growing cities. Magic City ranked fourth in the nation in the study and was the top big city.

Analysts studied government data from 500 cities, and here is how Miami scored in critical metrics:

  • A 5-year population change gain of 9.43%
  • A 5-year average yearly GDP increase of 3.39%
  • A 5-year change in the number of businesses to 8.79%
  • A 5-year housing growth rate of 10.11%
  • A 5-year shift in average household income to 31% (second highest in the top 10)

New Rendering of Sky Bar & Rooftop Atrium Planned at Legacy Miami

Legacy Hotel & Residences at Miami Worldcenter recently released new renderings of the glass-enclosed atrium planned – the first of its kind in Miami, according to developers.

The renderings show how unique the atrium, located at the top of the 50-story tower, will be. The place should be a public and private space, meaning it will be open to residents and the public, while also being rented out for events, marketing material states.

A SkyBar will offer “endless sunsets,” dining, and cocktails.

An exciting, cantilevered glass poll will hang off the tip of the rooftop.

The building’s construction should start this year. 

International Immigration Boosts Miami-Dade Population By 15%

Since 2010, Miami-Dade County has witnessed a significant population growth mostly fueled by international migration. The massive influx of foreign migrants indicates that approximately 15% of the county’s residents were not in the country ten years ago (or less).

Between 2010 and 2018, the county received 265,146 new foreign migrants, growing the population by 15.1 percent during that period.

Miami-Dade ranks second in the country for population growth by international migration, following Osceola County, which rose 15.9 percent (Osceola was fed by immigrants from Puerto Rico, which are counted as foreign by the Census Bureau). Miami-Dade was still leading ahead Osceola on a numeric basis, with Osceola reporting a total of just 42,640 international migrants.

Overall, the state of Florida ranks number one in the country for foreign migration. The increase is primarily focused in Miami and Orlando.

The numbers were published by the Census Bureau and first announced by Florida Politics.

Moishe Mana Buys City National Bank Building in Downtown; Plans to Create a Tech Hub

Moishe Mana, the Israeli-born real estate mogul, has closed on yet another property. Now, he snapped City National Bank’s former headquarters for $25 million, a 12-story, 140,000 square foot downtown Miami office building. He announced plans for a tech hub.

With the latest purchase, Mana owns approximately 50 properties in the area and has accumulated almost $375 million worth of properties totaling over 1.3 million square feet of buildings on about half a million square feet of land. Mana is, by far, the area’s most significant private landowner, declared an analysis by The Real Deal.

City National Bank occupied more than 50,000 square feet of office and retail space, nearly all of which will be moved to 1450 Brickell. A retail presence by the bank will continue at Flagler street. 

Mana spokespeople announced in a meeting with the Downtown Development Authority that he would start to pull construction permits quickly to create a hub for tech and venture capital companies there, with a conclusion beginning in 2021.

But his downtown vision goes further. He wants to create co-working and co-living components, a hotel, a food hall, and public gathering spaces. In theory, this “ecosystem” will equip growing professionals with about everything they would need.

“Downtown has forever been an area of the city that watched other neighborhoods develop but was never redeveloped itself,” said architect Bernard Zyscovich, responsible for designing Mana’s projects.

Fort Lauderdale/Broward County Leads the Nation in Home Value Growth Over the Past Decade

A research done by Redfin placed Fort Lauderdale/Broward County as the nationwide leader of in-home price growth over the past decade, against all major regions of the United States.

In 2010, home values in South Florida were in the landfills, mostly as a consequence of the Great Recession between the years of 2007 to 2009, which ended in low prices and scores of foreclosures across the area. Nevertheless, buyers who bought a residence at that time in South Florida, particularly in Broward, should be delighted right now.

The median home price in Broward increased by 161%, from $106,000 at the start of 2010 to $278,000 at the end of 2019, the study shows. In Miami-Dade County, the median home price blasted up 106%, from $153,000 in 2010 to $314,000 by 2019. Median home prices grew 79.1% in Palm Beach County, from $160,000 to $286,000 during the same period.

Unfortunately for locals looking to purchase their first home, the income growth has not kept speed with home values, since annual median income growth was only 0.9% in South Florida over the past decade, says Redfin.

“The housing market is ending the decade in a vastly different place than it began,” told Redfin chief economist Daryl Fairweather. “In 2010, the market was in the middle of its greatest downturn in history: Home values were plummeting, and the share of mortgages in delinquency was at an all-time high. Heading into 2020, home values have recovered along with the economy, and now many parts of the country are grappling instead with new challenges like high home prices and a lack of homes for sale.”

Other markets around the nation with significant gains in median home price over the 2010s include Atlanta (103%), Denver (109%), Las Vegas (137%), Oakland, California (122%), Orlando (127%), Phoenix (121%), San Francisco (102%), San Jose, California (111%), and Warren, Michigan (145%).

Markets with slow growth in median home prices during the 2010s include Baltimore; Buffalo, New York; Chicago; Cleveland; Hartford, Connecticut; Nassau County, New York; and others.

For more information, please click here to visit Redfin’s website.

20 New Buildings in 2020: Here is a List of Projects Rising Vertically this Year

This year we should see more construction cranes all over Miami, building the city’s next generation of high-rises. Here is a list of new towers scheduled to start construction, all projects listed are in the areas of downtown Miami/Brickell.

2000 Biscayne (36 stories, 408 feet, 396-unit apartment)
Groundbreaking expected in the first half of 2020.

830 Brickell (50 stories, 734 feet)
Foundation work started in 2018, and a $300 million construction loan has been acquired. The project is set to become the second tallest office tower in Miami.

AC Hotel By Marriott and Element By Westin Hotel Brickell (24 stories, 263 feet)
Foundation work started in October, and a tower crane was recently installed.

Aston Martin Residences (69 stories, 816 feet)
Vertical construction has begun. The project is many stories up with two tower cranes installed.

Block 45 (36 stories)
Developers assured a dynamic construction schedule.

CitizenM Brickell (21 stories, 277 feet, 252-keys hotel, with no parking garage)
A tower crane was recently installed, and vertical construction is underway.

Downtown 5th (Twin 50 story towers, 495 feet, 1,042 apartments)
Foundation work just started. The project is marked to become CBD’s most significant project by unit count.

Grand Station (31 stories, 322 feet, 300-unit apartment)
Vertical construction already started.

Legacy Miami Worldcenter (50 stories)
Mid-2020 groundbreaking is scheduled, said developers.

Luma Miami Worldcenter (49 stories, 494 feet)
Vertical construction started after a foundation poured in August 2019.

Missoni Baia (57 stories, around 649 feet above sea level)
Vertical construction started. Tower cranes and construction financing is in place.

Modera Biscayne Bay (28 stories, 323 feet)
This building is already under construction and will continue development in 2020.

Natiivo (51 Stories, 588 feet, 604-unit project)
Developers plan to break ground in early 2020.

Okan Tower (70 stories, 902 feet)
Permitting is moving, with groundbreaking expected in the first three months of 2020.

Smart Brickell (three towers)
Two towers are expected to be rising in 2020, with a third planned.

Society Biscayne (49 stories, 573 feet, 646 apartments)
Tower cranes were installed. Groundbreaking planned for June 2019.

Una Residences (46 stories, 613 feet)
Preparatory site work started on the project. (Featured Image/Rendering)

Virgin Hotel Brickell (40 stories)
Groundbreaking is expected for this year, with the conclusion in 2023.

Yotelpad (31 stories, 341 feet, 453-unit project)
Vertical construction already started.

Others
Other projects could be rising in 2020, including Nexus Riverside and 17th Street Tower. Outside of this area, several other buildings are going vertical, including Link at Douglas and Grove Central.

236M Loan Paid Off Within a Month of Opening the Fourth Tallest Building of Miami

Brickell Flatiron is the fourth tallest tower in Miami and is confirmed to be a huge success after the building’s developer paid off the Bank OZK construction loan.

In November, the 64-story tower was given a temporary certificate of occupancy, with over 50 percent of the units sold in just the last four weeks. 

Ugo Colombo’s CMC Group paid the $236 million construction loan off with Bank OZK issuing $138M for the property. 

Bank OZK Managing Director of Originations, Greg Newman, said the bank was happy it could finance the Flatiron Tower, which exemplifies Bank OZK’s high standards of any project it funds. These standards include top-tier sponsorship, strong market fundamentals, and marquee real estate. 

Newman said Ugo Colombo was able to provide a successful landmark building to the Miami downtown skyline. 

The rest of the available units will be handed to the new owners, as over 95 percent of the condos are currently in the contract stage. 

CMC Group Founder and developer Ugo Colombo said the ability to pay off the loans is a testament of the buyer demand experienced at Brickell Flatiron and the strength the Brickell brand has both nationally and abroad. 

Colombo said many of the buyers are primary and secondary ones from key areas around the world and U.S. markets like Boston, California, Chicago, and New York. He said most people had been delighted by the final product, and the rest of the closings are taking place at breakneck speeds.