Miami International Airport Announces Project to Increase Capacity to 80 Million Passengers
05 17, 2019
To keep up with the growth predicted in coming years, the Miami International Airport has announced plans for a massive extension. The Capital Improvement Plan will see construction from next year until 2035, and costing more than $5 billion. Airport director Lester Sola presented the project to Miami-Dade subcommittee, who voted to allow the presentation. The project still requires full commission approval. The airport foresees the passenger count to grow from 45 million to 77 million by 2040, the current terminal capacity is estimated to be almost 60 million, but part of the space isn’t practical. Cargo is anticipated to…
New Ranking: Miami Overtakes New York as Best City for Small Business
05 17, 2019
The high costs for real estate and new regulations have pushed the city of Miami ahead of New York as the number one city in the United States for small business, according to a recently released ranking by Biz2Credit. The report was mentioned by Crains New York and the New York Post. For the research, approximately 30,000 businesses with less than 250 employees and less than $10 million in annual revenues were examined. All of the companies had to be in business for more than a year. With these criteria, Miami ranked at the top for growth, overtaking New York…
Art Basel Miami Beach, one of the most comprehensive art fair in North America with over 260 galleries from 33 countries, just announced a new sector called Meridians. The new area will receive large-scale projects in the Grand Ballroom of the Miami Beach Convention Center, home to the event each year. The idea is similar to the Unlimited section at Art Basel’s fair in Switzerland, and it will be curated by independent curator and critic Magalí Arriola, who will request works from galleries and artists before a selection committee picks which pieces will be in the exhibition this year. In…
Update: Construction Progress at Ritz Carlton Residences Sunny Isles; 3rd Penthouse Just Sold For $20m
05 10, 2019
While construction is at full throttle at the Ritz-Carlton Residences Sunny Isles Beach, another penthouse residence was just sold for $19,750,000 this week. Now there is only one penthouse left, out of four, in the 52-story tower. Since the start of 2019, there has been an uptick in sales activity in the Sunny Isles Beach area, including the $18.5 million sales of a penthouse at Jade Signature. The unit PH49/#4903 will feature five bedrooms and seven and a half bathrooms, as well as a garden terrace with a private pool and summer kitchen. At nearly 7,700 square feet, the unit…
Time Out Food Hall Opens Next To Lincoln Road With 18 Eateries
05 10, 2019
Time Out Market, a big new food hall in South Beach, officially opens today at 1601 Drexel Avenue, just off Lincoln Road. Foodies will be able to choose between 18 eateries, 3 bars, and a demonstration kitchen spanning 18,000 square feet. Over 100 dishes will be offered. With affordable prices, an average check of $20 per person, the food will be served on chinaware with flatware and in glasses. Love Life Cafe: Partners in both love and life, Veronica Menin and Diego Tosoni bring their plant-based Love Life Cafe – and their award-winning vegan burger – to Time Out Market Miami. It is…
Island Gardens has just released a new rendering, and the project seems to have undergone a significant engineering change. In 2002 Mehmet Bayraktar got approval to build a twin-tower and retail project on taxpayer-owned land, but he never made it. So far only floating docks for superyachts have been installed, as well as a private club. Now the developer is suing the city of Miami after commissioners voted to hold them in default of a lease for the land, which could cost the city $ 200 million should it proceed to trial. A settlement that would compel the city to…
Miami International Airport Sets Passenger Record in the First Quarter of 2019
05 03, 2019
Miami International Airport (MIA) set a new record in the first quarter of 2019 in comparison to the previous year. 2018 had already been a historic year when they surpassed 45 million passengers for the first time - an increase of over 1 million passengers from 2017. During the months between January and March, traffic grew 5%, with 583,073 passengers more than in the same period of 2018. Growth in the period includes 306,421 additional international passengers (+ 5.5%) and 276,652 additional passengers (+4 , 6%) domestic passengers for the same period last year. Optimism for the second half of…
NEW VIDEO: First Look Inside Residences by Armani/Casa
05 03, 2019
Residences by Armani/Casa in Sunny Isles recently released two new videos showing both the interior and exterior of the project under construction. Scheduled for completion by November of this year, more than 80% of the units have already been sold, $800 million in condo sales, according to developers. Under the artistic direction of Giorgio Armani, Armani/Casa Interior Design Studio is behind the interior design. While César Pelli, who designed Miami's Adrienne Arsht Center for the Performing Arts and the Petronas Towers in Kuala Lumpur, is creating the exterior. https://youtu.be/nd-pa95ZOYg
The city of Miami Beach will acquire new green space, a park with 5.8 acres. The project will transform the parking lot, already being demolished, in front of Miami Beach Convention Center in the Pride Park - the name still needs approval. The park will house the tents for the Design Miami show, which means that the main lawn area will be closed for the public for about two months annually for the assembly and disassembly of the event. About 500 trees will be planted as part of the construction. The conclusion is scheduled for December of this year in…
43-Story Tower At Worldcenter Gets $143m Construction Loan, Groundbreaking Soon
04 27, 2019
Another tower is about to begin construction at Miami Worldcenter. Luma at Miami Worldcenter was granted a $143M loan to begin construction, according to Commercial Observer. Moinian Capital Partners provided the debt, along with 60 percent of equity ($23.7 million). The 43-story tower will include 434 apartments ranging from 566 square feet to 1,808 square feet. Luma will be the “highest-end product in the market,” a managing director for the lender said. The building will feature luxurious amenities and unencumbered views of Biscayne Bay. Moinan believes that the rental market is the future for Miami, and they are very comfortable that…
Virgin Trains announces construction of the extent between West Palm Beach and Orlando
04 27, 2019
The Virgin Trains - formerly Brightline - recently announced that it is ready to build the stretch between West Palm Beach and Orlando. The company was able to raise with investors no less than $ 1.75 billion in resources to expand the high-speed train to Orlando. Today the train already connects Miami, Fort Lauderdale and West Palm Beach. The Virgin's expectation is to complete the works by 2022 to build 170 miles of rail lines that will connect the station from Downtown Miami to Orlando International Airport. The company said works are already going to start. "Connecting Miami to Orlando…
South Florida Opportunity Zone Investments Strong Even Before Latest Guidelines
04 27, 2019
The appetite for opportunity zone projects was already active in South Florida before the federal government released the second round of regulations. In most real estate circles, developers and investors were seen as waiting for the latest guidelines before embarking on projects. The relatively robust market had emerging areas like the Miami River District and Delray Beach, and preliminary regulations were enough for some developers to embark on projects before the Trump administration released another 169 pages of guidelines recently. "Initially, just the law itself was really attractive and powerful for real estate developers who want to build and hold…
2019: Miami Beach’s Luxury Market Improves in the First-Quarter
04 19, 2019
The luxury market in Miami Beach, Florida—including both condos and single-family homes—improved during the first quarter of 2019, according to a recently released report. The median sales price of luxury single-family homes, defined as the top 10% of the market, soared 61% year-over-year to $10.1 million, according to the Douglas Elliman report. The number of sales—nine—remained the same as last year. Meanwhile, inventory dropped 38.5% to 152 homes. The median sales price of luxury condos climbed 12.7% to $3.23 million in the first quarter of this year. The sales volume slipped 2.8% to 70, while inventory shrank 6.6% to 1,006.…
Royal Caribbean Wants to Build $300 Million HQ Building at PortMiami
04 19, 2019
Royal Caribbean is proposing to build a $300 million office campus on land owned by Miami-Dade County at PortMiami as an expansion of their global headquarters there. A new building would be constructed, while two existing buildings would be renovated, and a third demolished. Employee capacity at the HQ will increase from 2,200 to 4,200. The additions include: 10-story, 350,000-square-foot office building 7-story parking garage with 1,820 spaces Surface parking, greenspace, fitness center and daycare Art in Public Spaces installation at the campus The new building is designed to look like a ship, with the company’s logo on top visible…
Brazilians Are Leading Foreign Real Estate Investments in Miami
04 19, 2019
Brazil is the number one foreign country purchasing real estate in Miami, according to a report by the MIAMI Association of Realtors Commercial and the National Association of Realtors (NAR). According to the report, Brazilians were responsible for 12 percent of all foreign purchases in South Florida last year, followed by Colombians and Venezuelans (11 percent each), Argentinians and Canadians (8 percent each), and Mexican, French, and Italian buyers (4 percent each). Brazilians bought the most properties in the Miami-Dade County, where Miami Beach is located, but invested in the Palm Beach and Broward counties as well. Miami Chairman of…
Billionaire Jose Isaac Peres' development firm has broken ground on 57 Ocean, an 81-unit condominium project along the ocean in Miami Beach. Prices in the 18-story tower at 5775 Collins Avenue range from $ 1.5 million to $ 31 million. Floor plans start at 1,245 square feet of interior space. There are two beach houses and two penthouses. The project will feature an outdoor yoga deck, underground parking, and vertical gardens. Amenities include a spa, relaxation and meditation area, infinity pools, pool bar and lounge, club room, gym, library and much more. Peres, whose equity is estimated at $ 1.3…
Miami Commissioners gives the green light to another starchitect mega project
04 05, 2019
Bjarke Ingels Group has obtained approval from Miami commissioners to build a project in the industrial heart of Allapattah. The Miami Produce Center project sits on stilts and will feature offices, educational facilities, residential units, a hotel, and parking. The eight-building complex will cover more than 8 acres in the northwestern region of downtown Miami. Located on 12th Avenue and 21st Street, the site was purchased for $ 16 million in 2016. Robert Wennett, the entrepreneur behind the project, also bought warehouses and buildings throughout the Miami industrial area. The BIG proposal presents an external orthogonal geometry with variations in…
Florida: the best state for investors to own vacation rentals
04 05, 2019
A new ranking released by Rented.com analyzed 150 cities, and the return investors could be making with vacation rentals. The results? The Sunshine State snitched the first 19 positions, according to Forbes. The report took into consideration the costs associated with buying and owning a home in each city, local regulations on short-term rentals and the demand for vacation homes based on data from Rented.com as well as Airbnb. In second place came California, with 13 cities and Texas in third, with nine towns. The top five cities were Pigeon Forge and Gatlinburg ranked first and second, cities from Tennessee,…
Colossal Little Haiti project with $31M aid get initial approval
03 30, 2019
This Friday, Miami commissioners gave the first approval on the massive commercial and residential project that would irreversibly alter Little Haiti. The debate included a $31 million aid package from the developers to alleviate its impact on the underprivileged community. The project that would sprawl over nearly 18 acres straddling Northeast 62nd Avenue, would bring towers as tall as 25 stories to a low-scale neighborhood of modestly scaled one- and two-story buildings, raising fears of accelerated displacement in Little Haiti amid a wave of gentrification. The vote doesn’t mean a green light to developers yet, the commission approval still needs…
Florida International University is building the first university hotel in South Florida
03 29, 2019
This week the Florida Board of Governors agreed on a partnership amongst Concord Benchmark LLC and FIU to build a $66 million 150-bed hotel and conference center at the 342-acre Modesto A. Maidique campus in West Miami-Dade. The project will also feature a 32,000-square-foot conference center and a 13,700-square-foot Alumni Center, which can be used by FIU alumni for business gatherings, social and academic. The facility is planned to be completed by the fall of 2021. “This project brings together our vision for an alumni center with a privately-funded hotel and conference center that will serve the university, the surrounding…
Arquitectonica Plans Pedestrian Bridge at Entrance to South Beach
03 29, 2019
The city of Miami Beach is contemplating a design by Arquitectonica for a pedestrian bridge over the main entrance to South Beach from the MacArthur Causeway. When the project is complete, it will allow pedestrians to go from the South of Fifth baywalk to a new park proposed at 5th and Alton. The bridge is part of a development that includes a 510-foot tower. The proposal, set for review in May by the city’s Design Review Board, includes two options on the south side and another one on the north side. The first option on the south would require a…
Renderings: Biggest Project Ever coming to Coral Gables
03 23, 2019
Construction is underway at the Plaza Coral Gables, the largest project ever built in Coral Gables. The project, valued at $600 million, will include 2.1 million square feet of space, covering seven acres and three city blocks. It will include roughly: 174 luxury residential rental apartments 242 hotel rooms, with the hotel rated 4.5 stars 161,000 square feet of retail, with a focus on food and beverage 447,000 square feet of office space in two towers 2,400 parking spaces The north parcel first phase broke ground last summer (including residential, office and retail), and is on track for completion by…
Released new renderings from Brickell Lux Tower, With Hotel & Residential
03 23, 2019
Brickell Lux, a new tower by Habitat Group planned in Brickell, had new renderings released. The building will be located at 143 Southwest Ninth Street. The project will include 108 luxury condos, 60 hotel rooms, and ground floor commercial space. This is Habitat’s biggest project yet, they purchased the property in September 2018 for $14.5 million. A small apartment building is presently on the property and will be demolished. The conceptual design was prepared by Miami-based architectural design firm Ayenk in association with Kazakhstan’s INK architects.
Downtown Miami’s hotel pipeline could more than double existing supply
03 23, 2019
Rendering: Waldorf Astoria in downtown Miami (Credit: ArX Solutions) A study released by Miami Downtown Development Authority showed that the number of rooms planned and under construction in the areas of Brickell, downtown Miami, the Arts & Entertainment District, Edgewater, Midtown, Overtown, and Wynwood is totaling more than 12,000 hotel rooms spread across 43 projects, which would more than double the existing supply of only 8,121 rooms. The increase in hotel construction is due to the residential boom in those areas, as well as the completion of large mixed-use projects such as Miami Worldcenter and Brightline’s MiamiCentral. Currently, there are…
Photos: Construction Moving Forward at Aston Martin Residences
03 16, 2019
At Aston Martin Residences, digging is now taking place several floors below ground. Two cranes have been installed at the site. Eventually, they will rise 889 feet and 851 feet, making them among the tallest ever in Miami. Aston Martin Residences will include 391 condo residences.
Florida hits all-time record of 126 million visitors
03 16, 2019
The state's tourism marketing agency reports that Florida welcomed an all-time record number of visitors last year with 126.1 million out-of-state visitors. Visit Florida's Feb. 20 announcement marks the eighth consecutive record year for visitation to Florida, exceeding the previous record of 118.8 million visitors in 2017 by 6.2 percent. The agency also estimated: A record 111.8 million domestic visitors traveled to Florida in 2018, reflecting a 7.1 percent increase over 2017. Florida saw 10.8 million overseas visitors and 3.5 million Canadians Total enplanements at 18 Florida airports during 2018 increased 7.6 percent over the previous year, with a record…
Renderings: West Brickell’s Future Includes Thousands Of New Residential Units
03 16, 2019
New renderings show the extent of the transformation that West Brickell will experience over the next five years. Developers are planning at least 3,120 condos, 1,450 hotel rooms, and 390,000 square feet of commercial space in a total of 11 projects slated for completion by 2024. Data and renderings were provided by Habitat Group, which is developing several projects in the area. Habitat’s upcoming West Brickell projects include: Smart Brickell – set to break ground imminently, it will include three towers: Tower 1, a residential condo tower with 100 units; Tower 2, a 100-room hotel and condo tower; and Tower 3, with 97…
Photos: Downtown Miami’s New Tri-Rail Station is complete
03 09, 2019
Downtown Miami’s Tri-Rail station is apparently completed (with Starbucks now under construction at the entrance). Although the station itself looks ready, the best case scenario is for Tri-Rail service to start in late 2019. The delay is caused by a new federal safety requirement called Positive Train Control which needs to be installed and inspected before service can begin. The station includes tracks on the third floor, with two levels of escalators bringing passengers up from the entry level. A pedestrian bridge is also in place connecting to the Government Center Metrorail and Metromover stations.
Swerdlow Group has published new renderings of their Sawyer’s Landing project planned to be built in Overtown. The project will include Retail (290,000 square feet of vertical big-box national retailers), Office (72,000 square feet of Class A offices spread across 4 stories), Residential (506 rental apartments) and Parking, with1,116 parking spaces. Miami’s Southeast Overtown/Park West Community Redevelopment Agency voted in March 2018 to award the development rights for the property, known as Block 55, to an affiliate of Swerdlow. That affiliate, Downtown Retail Associates LLC, obtained some type of financing from an entity named Block 55 Lender LLC in December. Last year, Swerdlow said that there were Letters…
The possibility of turning Miami into the entrepreneurship capital of the country stirs enthusiasm among investors and local entrepreneurs. In addition to some encouraging signs, the city has the challenge to create a stimulating environment that contributes to innovation. If influential cities such as Los Angeles, Seattle, Boston, and Austin lead the way, can Miami become the next Silicon Valley with Latin accent and tropical sunshine? The answer is yes. Not only Miami could be included in the list, but it could reach this state with personality and enough style. For this reason, there are many interested in adding to…
215,000 Square Foot addition to Aventura Mall begins construction
03 02, 2019
Esplanade at Aventura, a significant expansion planned to Aventura Mall, is going vertical as of this month. The project will add 215,000 square feet of dining, retail, and entertainment space to the mall, along with a parking garage.
The project 1212 Lincoln started its vertical construction
03 02, 2019
The five-story project, 1212 Lincoln, on South Beach, has ongoing vertical construction; the project spans an entire block of Alton Road, at the intersection of Lincoln Road. 1212 Lincoln is being developed with a pedestrian-friendly design; the lower two levels will have a food hall style space, with various beverage and food outlets, alongside retail. The project will also count with a CitizenM Hotel and a Wells Fargo Bank (the existing Wells Fargo Bank will be demolished).
Pritzker Prize-winner Jean Nouvel's vision for an artfully planned building that encompasses natural elements is now coming to life. Monad Terrace, being built by JDS Development, will offer a stark contrast to the luxury of residential condos, with its discreet, medium-sized and elegant nature-inspired design. The inspiration for the building revolves around a unique point of view. “Monad Terrace’s design identity lies in reflectivity, stemming from the building’s prime spot on Miami’s Biscayne Bay and the way the sun hits the water,” JDS Development CEO Michael Stern said. The waterfront Monad Terrace, directly on the shore of Biscayne Bay, consists of two medium towers and…
Wynwood: Planners unveil a greener and more pedestrian-friendly neighborhood
02 23, 2019
The streetscape of Wynwood could change in the future, with pocket parks, lavish landscaping, a bicycle and wellness loop, and extra woonerfs, a shared street design intended to slow down traffic. This week urban planners revealed their proposals for the streets of the neighborhood at Wynwood Business Improvement District. Michelle Cintron and Ben Hutchens, Arquitectonica GEO vice presidents, revealed an initial version of the plan, and Jennifer Bolstad and Walter Meyer, Local Office Landscape & Urban Design founding principals, presented four types of a woonerf being proposed for Northwest Third Avenue between 25th and 29th streets. With numerous large-scale commercial…
The US Congress through the Senate and the House of Representatives approved on February 14 the Resolution 31 authorizing, among other measures, the extension of the EB-5 Program until September 30th, 2019. Once again the program was extended without any change, thus maintaining the values and criteria that have been applied before giving foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a development project and create at least ten jobs. Successive extensions within the EB-5 program The US Congress has been editing successive and constant extensions of the term of this program…
1 Hotel South Beach sells for $610 million to a real estate investment trust
02 23, 2019
The former 1969 Gansevoort hotel, now 1 Hotel South Beach, at 23rd Street and Collins Avenue, was sold for $610 million to Maryland-based Host Hotels, a real estate investment trust. Starwood Capital Group, a private investment firm, and LeFrak, a real estate company, renovated the hotel after purchasing it in 2012 for $230 million. The hotel that has 429-room reopened as 1 Hotel in 2015. The $500 million makeover brought a rooftop bar, new pool decks, a gym, and a spa. The hotel gained a LEED Silver certification for sustainability. “Given the One Hotel’s popularity and prime positioning directly on…
While the city of Miami pursuing Amazon thrust the technology sector of our region to the forefront, the Miami Downtown Development Authority has released new data stating that tech companies have been viewing Miami’s urban area as a viable home base for years. After tracking market activity over the past five years, the DDA’s newly released office sector survey states that 72 percent of all new-to-market technology firms coming to Greater Miami are settling in Downtown. This metric proves that downtown - our region’s largest office market - is becoming more diverse considering new industries are setting their sights here.…
While South Florida didn’t get the deal to host Amazon’s HQ2, the tri-county area is still boasting successes in the learnings that came from participating in the bid process itself. “This process showed an extraordinary level of regional cooperation, done in a record amount of time,” said urbanist Richard Florida, who led the discussion of the panel, “What Did We Learn From Our Amazon Adventure.” The panel included about 80 attendees and was hosted by the Miami-Dade Beacon Council. The event was produced by the Miami Herald, the Downtown Development Authority and Florida International’s Miami Future Urban Initiative, which Florida…
Downtown Miami project, YotelPad Breaks Ground as First Condo/Hotel on East Coast
02 01, 2019
Downtown Miami is soon to see a new type of condo and hotel product, YotelPad. The project built by Aria Development Group and AQARAT is breaking ground in downtown Miami as the brand’s first condo on the East Coast. The 31-story tower at 227 NE 2nd St. will offer 231 condos and 222 hotel rooms ranging from 417-square foot studios to 708-square-foot units with two bedrooms. They are priced from $300,000 to $500,000. Introducing a newer concept to Miami which could make them attractive to investors, YotelPad condo owners will be allowed to engage in short-term rentals or to lease…
The new sales center for the 57 Ocean project was inaugurated this week with music by New World Symphony and fireworks. The two-story sales center cost $3 million and comprise 5,000 square feet. The project of Brazilian billionaire José Isaac Peres, owner of Multiplan Real Estate Asset Management, will have 18 floors and 81 units and will be located at 5775 Collins Avenue in Miami Beach. In a tour led by Peres, visitors observe in the sales center a model unit on the second floor, which included a living room, kitchen, master bedroom and bathroom, closets and terrace, as well…
Developer submits plans for a luxury condo on Ocean Drive
01 26, 2019
The same week developer Jose Isaac Peres celebrated the opening of 57 Ocean Sales Center, an affiliate of Peres' Multiplan Real Estate Asset Management submitted plans for the construction of a new project on Ocean Drive. The project will be called 312 Ocean Park. The four-story, ten units building located at 304 and 312 Ocean Drive in the South-of-Fifth neighborhood is across the street from Marjory Stoneman Douglas Park, a 2.5-acre public beachfront park. Due to its location in the Ocean Beach Historic District, the historic preservation board has to approve the plans for the project. Luis Revuelta of Revuelta…
Miami Beach Convention Center Hotel Starting Construction Next Month
01 26, 2019
Miami Beach Convention Center Hotel is closer to becoming a reality after city commissioners voted in favor of an agreement allowing the developer to begin preparing next month for the groundbreaking. The preparation includes demolition, civil work, and soil testing. Voters approved the developer's deal in November 2018; the hotel will have 800 rooms, with Architectural as the architect, the hotel is being designed with environmental-friendly features such as solar roof with battery storage and rainwater storage. To allow them to work ahead of schedule, a parking lot will be closed so the work can begin. Even with the jump-start,…
Gil Dezer: Northeastern millionaires are flocking to SoFla
01 19, 2019
Dezer Development’s Gil Dezer dabbled in a few topics, between politics and Florida’s beneficial tax laws on CNBC’s Squawk Box on Thursday. He participated in the segment called “Florida’s Millionaire migration” and discussed how wealthy Northeasterners are buying property in South Florida to establish residency in a state where there is no state income tax. “A business owner making a million dollars a year will actually be saving enough money in taxes to support a $2 million mortgage in Miami,” said the president of Dezer Development. “That’s really what’s driving sales right now.” When asked about the numbers of Russians…
Tourism in Miami sets record in 2018, surpassing 2017 gains
01 19, 2019
Tourism had “a record 2018, building on a record 2017,” said Rolando Aedo, chief operating officer of the Greater Miami Convention & Visitors Bureau. Hotel occupancy rates and average room rates up, as well as the revenue per available room (RevPAR). “RevPAR is what the hotel industry really cares about; it’s the holy grail," said Aedo. For the first 11 months of the year, room rates up 5.7%, occupancy countywide was up .07%, and RevPAR “experienced a healthy gain” of 6.6%, he said. On Miami Beach, occupancy was up 4.9%, rates 9.5% and RevPAR a significant 15.1%. The reason is…
First tower at $4B Miami Worldcenter project completed
01 19, 2019
Miami Worldcenter now finished the first building of the 27 acres mixed-use project in Downtown Miami. According to a press release, CIM Group and Falcone Group completed Caoba, a 444-unit rental tower at 698 Northeast First Avenue. For a 349-square foot studio apartment, considered as a micro-unit in Miami, rents start at $1,774. The Paramount Miami Worldcenter is the next one to be delivered, a 60-story condo tower with more than 500 units, which is 85 percent sold with about $400 million in sales. The development of the mixed-use project is managed by Art Falcone and Nitin Motwani with a…
'Miami can compete against Silicon Valley,' ParkJockey co-founder says
01 12, 2019
South Florida’s technology sector was in the spotlight again after gaining another startup valued over $1 billion. Thank ParkJockey for the national attention: In December, the Miami-based parking technology scored hundreds of millions of dollars in investment from SoftBank, a giant Japanese corporation that has backed some of the most valuable startups in the world, including Uber and WeWork. It was the type of deal ParkJockey co-founder Umut Tekin expects to see more of in the local startup scene. “I think more companies like us will appear on the map after this,” he told the Business Journal. “Miami can be a hub and…
Cruise companies capitalize on demand for larger, luxurious ships
01 12, 2019
As South Florida continues its reign as the world’s capital of cruising, local industry giants are spending millions of dollars to launch their biggest ships yet and construct new terminals to accommodate them. Carnival Corp., Royal Caribbean Cruises Ltd., and Norwegian Cruise Line Holdings Ltd. – all based in Miami-Dade County – are spending big money to expand their fleets. It couldn’t come at a more strategic time, as the popularity of cruising continues to rise and the sector is expected to serve 30 million people this year – up 6 percent from 2018, the Cruise Lines International Association reports.…
The Best Markets For Real Estate Investments In 2019
01 12, 2019
This coming year, most real estate investors will want to stay away from the cities with soaring prices, where they’re more likely to end up holding the bag than to strike it rich. If you’re looking for a good place to put your money, you should consider Orlando, Fort Lauderdale, and Jacksonville in Florida. Despite feel-good talk about how well the economy is doing, it’s been adding jobs at the lowest rate in eight years. And despite the boom in tech, most new jobs are at the modest end of the pay scale, where inflation-adjusted earnings for the average worker…
The Related Group sold the hotel component of SLS Brickell for $43 million, property records show. PRH 1300 Hotel LLC and PRH 1300 Shared LLC sold the 124-key hotel at 1300 South Miami Avenue to Brickell Miami LLC, a Delaware company managed by Francois Faber of Fiduciaire Fernand Faber, an accounting and tax firm based in Luxembourg. The deal breaks down to about $347,000 per room. The buyer also signed a management agreement with SBE. Jorge Pérez’s Related completed the 55-story building in 2016. Designed by Arquitectonica, the tower also includes 450 condo units and two restaurants, Bazaar Mar by celebrity chef…
While condo developers have long reigned as the kings of South Florida’s development world, new-apartment developers are starting to pose a challenge to the throne. Large out-of-state investors such as Mill Creek Residential and Greystar Real Estate Partners — which is developing the Blu on Marina Boulevard Apartments in Fort Lauderdale — see the area as an attractive destination to build in, due in part to the area’s expected population growth. And some of South Florida’s biggest developers, like Related Group, Terra Group, and Mast Capital, are also building Class A trophy projects in Miami and Fort Lauderdale as the…
More Americans Moving To Florida Than Any Other State In 2018
01 05, 2019
Americans continue to pour into Florida at a rapid rate, according to newly released Census data. From July 1, 2017, to July 1, 2018 Florida had net domestic migration of 132,602. The level of domestic growth was higher than any other state in the U.S. Since 2010, Florida has gained a total of 1,160,387 people from net domestic migration. For overall numeric growth (including birth and deaths along with international migration), Florida ranked second with 322,513 new residents for the year. Only Texas ranked higher with 379,128 new residents. New York was the biggest loser for the year with a net population loss of 48,510. Overall,…
[embed]https://vimeo.com/307693499[/embed] Our annual “Art + Real Estate” capped off a successful 4th Edition; this year we had the honor to exhibit the works of the Brazilian artist Nina Pandolfo. One of the many highlights of the night was the newly-finished Experience Room, where guests enjoyed an interactive virtual reality walkthrough of the artist’s studio and also the penthouse model of our partner, Oceana Bal Harbour. Each year we have the opportunity to grow and become the “after party” for art enthusiasts visiting the Art Basel fair at the Miami Beach Convention Center during the VIP day. We want to thank…
After buying Miami Beach mansion, Dj Khaled lists property in Aventura
12 14, 2018
After paying $21.75 million for his 13,000 square-foot waterfront mansion on Pine Tree Drive in Miami Beach, DJ Khaled is ready to let go of the keys to his waterfront Aventura property listed for $8 million, a precious and cozy 6,697 square-foot home with five bedrooms on Island Estates Drive. In 2014, records showed DJ Khaled, whose real name is Khaled Mohamed Khaled, bought the four-story property built in 2001 for $3.84 million. The residence features14-karat gold chandeliers with Swarovski crystals, wine room, a granite staircase, chef’s kitchen, pool, and Jacuzzi. Khaled also owns a $9.9 million 10,700 square feet mansion…
More developers are adding landing pads for flying cars
12 14, 2018
As Uber and Airbus prepare to introduce personal transportation drones, landing pads are emerging as the latest futuristic amenity at condominiums for the wealthiest buyers. In Miami, three luxury condos will feature flying cars landing pads, and their future residents that represent 1% out of the population, for example, would travel by air while the other 99% would be stuck in traffic. “These flying-car projects are the real deal,” Dan Kodsi, a Miami condo developer and recreational pilot, told the New York Post. “They are funded. NASA is involved. It’s not just science fiction anymore.” Personal transportation drones developed by…
Thanks to well-known architects and foreign entrepreneurs, Miami’s Luxury Real Estate Market is Heating up
12 14, 2018
That’s a wrap, everyone. Art Basel ended and was in full swing in Miami, but it wasn't just last week that all eyes were on the city. Luxury high-rise developments have observed a growth over the past ten years, and it doesn’t look like this demand is slowing down. The biggest names in architecture are on the market. There is already the most expensive penthouse listed at $68 million at Renzo Piano's building. The One Thousand Museum Residences designed by Zaha Hadid have starting prices at $5.8 million up to $21 million as well as Jean Nouvel bringing prices ranging…
BRG International Kicks Off Art Basel Miami Beach with a Celebration of Nina Pandolfo
12 08, 2018
The private exhibit marked the kickoff of Miami Beach's Art Basel 2018, one of the largest international art fairs in the world. The influx of arriving international visitors, celebrities and art collectors offers luxury real estate brokers unparalleled access to the most affluent buyers participating in the event. The Wednesday evening event, hosted by BRG International, welcomed about 200 art enthusiasts. "Art Basel Miami Beach gives real estate brokers and developers a significant opportunity to interact with the art community. The annual fair attracts international attention and is the only time of the year where curators, collectors, investors, and high…
Owner Of Treasure Island Las Vegas Buys Casino Miami, Hotel Planned
12 08, 2018
Casino Miami (formerly Miami Jai Alai) has been sold to Treasure Island Las Vegas owner Phil Ruffin. Ruffin, who is a billionaire, intends to develop a hotel on the property, a spokesperson told the Las Vegas Review-Journal. Casino Miami is said to have 21 developable acres. “We plan to bring Las Vegas to Florida,” Ruffin told the Miami Herald. The purchase price was not disclosed, but the property last sold in sold in 2014 for $155 million. Casino Miami is now more valuable after Florida voters passed Amendment 3 last month, which will make expansion of gambling much more difficult, The Ruffin spokesperson said.…
Once-contentious Sunset Harbour project scores approvals from Miami Beach
12 08, 2018
Deco Capital Group secured key approvals from two Miami Beach boards over the past week and is moving forward with its plans for a scaled-back development in the Sunset Harbour neighborhood. Bradley Colmer, managing principal of Deco Capital, said the developer has all the city approvals it needs now that it got the OK from the planning and design review boards, but it’s still facing opposition from the nearby Beach Towing Services, which is appealing the project’s approval. RWN Real Estate Partners, a New York-based private equity firm backed by billionaire Marc Rowan, is a majority partner in the project.…
Dezer May Be Planning 749-Foot Tower To Replace Thunderbird In Sunny Isles
11 30, 2018
Gil Dezer may already be working on his next development in Sunny Isles, taller than anything he has built so far. Recently, an application was submitted to the Federal Aviation Administration to build a tower at 18401 Collins Avenue, agency records show. According to the application, the tower will rise 741 feet above ground, or 749 feet above sea level. No tower in Sunny Isles has yet surpassed the 649-foot mark, but Estates at Acqualina has asked for approval to build two towers at 749 feet. Days Hotel by Wyndham Thunderbird Beach Resort is currently operating at the site, with Dezer…
Diesel Living Condos Wynwood Set To Launch Sales In Early 2019
11 30, 2018
Diesel, the Italian fashion brand, has announced plans to build a Diesel Living condo building in Wynwood. There will be 143 loft-style units in the new building, with 24,000 square feet of ground-floor retail. Sales will launch in the first quarter of 2019. “Diesel Living is the first true concept of modern living by a fashion brand. It reflects the lifestyle of today’s young generations, moving around the world and living life on their own terms. It reflects their ‘social’ way of interpreting their residences, spaces where they live, work and entertain with friends – spaces that say a lot…
Miami One Of The Fastest Growing Cities In The World For Offshore Capital
11 30, 2018
Private bankers say that Miami is now among the fastest growing recipients of offshore capital in the world, according to Bloomberg. Recent tax amnesty laws in Argentina, Brazil, Chile, Colombia, and Mexico have helped capital emerge from the shadows, benefiting Miami. Economic and political crisis in parts of South America have also helped fuel Miami’s growth. Itaú Unibanco Holding SA says Miami is now their fastest growing office. The bank manages $13 billion in assets in Miami, out of $23 billion in total offshore holdings. Ten years ago, the bank had just $3.4 billion in offshore assets. The wealthy are increasingly attracted to…
Waldorf Astoria's Sales Gallery is now under construction
11 21, 2018
Waldorf Astoria, one of the tallest buildings being planned in Florida with 1,049 feet in height, has their sales center underway, with workers installing wood paneling; interior build-outs are next. Designed by Sieger Suarez Architects, the skyscraper will resemble a pile of unevenly stacked glass cubes. With 500 luxury condos planned, developers had projected to top $1 billion in sales. The Waldorf Astoria Hotel and Residences Miami, planned to be located at 300 Biscayne Boulevard, will mark the introduction of the Waldorf Astoria brand in Miami. Pre-sales aren’t scheduled to begin until late 2019.
Ultra Music Festival has a new home in Virginia Key
11 21, 2018
Kicked out of Bayfront Park, Ultra Miami found its new home on Virginia Key - at least for the 2019 edition. Miami commissioners approved by four votes to one a contract for Ultra to be carried out on site. The organization is rushing to streamline the next edition in March in two neighborhood settings: the park near Miami Marine Stadium and the historic Virginia Key Beach Park. The production of the festival will have to pay $2 million dollars, and half of that amount should be used to help build the city's first Afro-American Museum - until the mid-twentieth century,…
After partnering with Richard Branson, Brightline is now Virgin Trains
11 21, 2018
Richard Branson's Virgin Enterprises Limited has announced the purchase of a minority share of Miami-based Brightline; with the acquisition, the company will be known as Virgin Trains USA as part of the licensing agreement. Soon after the purchase announcement, the company filed to go public. Branson, who visited Brightline operations about a year ago, said: “It was clear from that our first visit that Wes Edens, Brightline’s founder, and his team had an exciting vision and the skills for American rail travel that no other private American enterprise has been able to do for a century.” The company plans to…
New Upzoning: Taller buildings and Micro-Units are Welcome in North Beach
11 16, 2018
After approval by residents to endorse a zoning increase for a ten-block area of North Beach, the city of Miami Beach approved the voter-mandated upzoning that creates space for developers to build taller buildings and micro-units. With the new changes, property owners are allowed to build twice as much in the Town Center area, between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue, and 69th Street. Boosters expect the new zoning to help increase the economic development of the area seeing as forgotten. Robert Finvarb, a developer, said the new zoning would allow him to build two 220-foot-tall buildings…
Video: 3-Acre Park Coming To Alton Road After Commissioners Approval
11 16, 2018
Another park is also coming to Miami Beach after developer Russell Galbut received approval by city commissioners. The park, which developer has to pay for and oversee construction, is a requirement to build a high-rise condo tower on Alton Road. The park will be linked to the bay walk that runs through South Pointe Park by a pedestrian bridge that will be paid by taxpayers through a bond issuance approved last week. The former South Shore hospital on site right now should be demolished in the next six months after all approval and appeal periods have expired. The developer will…
Coming Soon: Miami Beach is Getting a New 19.4-Acre Park
11 16, 2018
After voters’ approval, Miami Beach’s prior Par 3 Golf Course will be transformed into a 19.3 acres public park. $15.7 million of the $439 million in bonds approved were set aside to build the park. Because the land was found to contaminated with a significant amount of arsenic, environmental remediation is also planned for the site. For now, the initial plans done by Savino Miler Design Studios shows a park surrounds a lake, with walking trails, a dog park, gardens, butterfly gardens, play areas and several parking lots.
New renderings of the 44-story condominium to be built on Alton Road
11 09, 2018
Miami Beach's Planning Board just voted in favor to build a condo on 500 Alton Road planned by Crescent Heights. To move forward the project still needs four separate votes, including two commission votes. The 44-story condominium tower, or 484 feet, will feature 410 luxury units with 15,000 square feet of retail area. Since the building will be much taller than the city's allowance, as part of the deal, Crescent Heights will also build a 3-acre park with an elevated pedestrian path, plus a pedestrian overpass between South of Fifth, Alton Road and MacArthur Causeway. The mayor Dan Gelber supported…
Amazon Plans to Split HQ2 Evenly Between Two Cities; Miami still on the race
11 09, 2018
The location of Amazon's new headquarters remains a mystery, and the dispute is now between two cities since multiple reports point to the company splitting the HQ2. The last-minute change is good news for Miami. “Accommodating half the people makes it exponentially easier,” Miami Worldcenter Managing Principal, Nitin Motwani, told the press. Miami’s odds are now better “given we don’t have industry and infrastructure on the scale they are talking about, but we have an incredible place to live,” Motwani added. Headquartered in Seattle, Amazon has been looking for a new home for over a year. Since the disclosure of…
Yes! Miami voters approve David Beckham's Soccer Stadium and Convention Center Hotel
11 09, 2018
Above Rendering: Convention Center proposed Hotel in Miami Beach Miami voters went to the ballots and voted "yes" to continue with the negotiations to build a soccer stadium on public land. Miami Freedom Park will host the Major League Soccer (MLS), a soccer team led by well-known player David Beckham. He was in South Florida on Thursday to campaign for what is expected to be an authentic "technological" complex. The Arquitectonica-designed stadium has 25,000-square-foot with a capacity for 28 thousand spectators, besides more than 1 million square feet of a retail component and office space, plus 750 hotel rooms. Beckham…
After hiring contractor, Skyrise sets groundbreaking to 2019
11 03, 2018
Skyrise Miami, the 1,000-foot-tall observation tower, hired Plaza Construction as the project’s general contractor to begin construction in 2019 with a completion date set for 2023. Designed by Arquitectonica, Skyrise Miami is planning to feature diverse decks, a “drop tower-style” ride going up to 95mph and an indoor secured free-fall system. Panorama Tower in Brickell is currently the tallest building in Florida at 868 feet. When completed, Skyrise Miami will become the tallest in South Florida and will create competition for other developers.
The Underline: Miami's 10-mile linear park and urban trail breaks ground
11 02, 2018
Following the footsteps of New York, Seoul, and London, Miami is the newest city to host a project like the High Line. The project broke ground this past Thursday, after getting a $ 14 million agreement approved by Miami-Dade commissioners to build the first half-mile of the project off Southwest First Avenue in the Brickell area. The 10-mile park is expected to cost about $120 million, with another $3 million required to maintain the park each year after that. The "Brickell Backyard," segment recently funded, represents only 5% of the entire Underline. Success in the United States, the model seeks…
Miami voters approve hotel construction in Jungle Island, new renderings were released
11 02, 2018
After approval by voters to build the hotel in Jungle Island, ESJ Capital Partners, an Aventura-based developer, has released new images of the project, in which they would transform the theme park of Watson Island in a complex oriented towards ecological adventure. Approximately 60% of Miami voters leaned towards a lengthening of the lease contract for the attraction until 2099, to allow the construction of the hotel that will have 300 rooms on public property. ESJ recently submitted plans to the city of Miami for construction of the project. Elie Mimoun, an ESJ managing partner, revealed that this new hotel…
Trump Group signs a $600M contract with Coastal to build Estates at Acqualina
10 26, 2018
The Estates at Acqualina developer, the Trump Group led by Jules and Eddie Trump, closed a $600 million contract with Coastal Construction to build the towers and the amenity villa of The Estates at Acqualina, project located in Sunny Isles Beach. With the contract signed, the expectation is to start construction right away, said Jules Trump. “We’re very excited to move forward building the world’s finest residences,” he said. Last week, Trump also requested approval to the Federal Aviation Administration to build the project at 700 feet above sea level or 692 feet above the ground. If approved, it will…
The Clevelander and Essex House in Miami Beach sell for $28M
10 26, 2018
The Canadian group, Jesta Group, has purchased the iconic Clevelander Hotel South Beach in Miami Beach and an adjacent hotel, Essex House Miami Beach, for $28.5 million. The Clevelander Hotel located at 1020 Ocean Drive was deeded from 2K South Beach Hotel LLC, with Jonathan Neeley has its manager at Brio Investment Group, for $20.6 million to Clevelander Holdings, managed by Jesta Group CEO Eric Aintabi. The new owners signed a 10-year lease agreement, renting the hotel and restaurant, to an entity called Clevelander Ocean, also managed by Aintabi. UBS AG granted a 10-year, $42.5 million mortgage to both the…
José Peres, owner of Multiplan, launches sales of Miami Beach condominium
10 26, 2018
Moving forward with the construction of 57 Ocean, in Mid-Miami Beach, Brazilian billionaire José Isaac Peres, owner of Multiplan, announced the ongoing development of the project's Sales Gallery. The center will cost $2 million, and it should be ready in time for Art Basel in December. Multiplan, which is self-financing the project, plans to build an 18-story luxury condominium with 81 units, with prices ranging from $1.5 million to $31 million. Features will include Italian kitchens, 10-foot ceilings, 12-foot terraces, and private elevator entrances. Amenities include an outdoor yoga deck, a spa with a thermal suite, infinity pools, a sundeck,…
Want to know which celebrities bought mansions in Miami this year and who cashed out? We have a list
10 19, 2018
Miami is a preferred city for tourists, and for those looking to live next to paradise beaches with amazing weather year-around. Which doesn't surprise us why the town is the perfect destination for the rich and famous, especially this year with the real estate boom and the influx of investors; we will give you a list of big stars who sold or invested in properties in Miami. Here is a list of the stunning mansions: DJ Khaled - $25.9 million The superstar recording artist and hip-hop personality DJ Khaled is investing on his South Florida roots. A 13,000 square foot…
Airbnb celebrated 10 years, what has changed since then?
10 19, 2018
In the summer of 2008, Airbnb was born to provide accommodation for those who settled for an "Air Bed and Breakfast" offered by a local resident. Ten years later, and more than 5 million "hosts" in 81,000 cities, the giant of the collaborative economy has raked in $2.7 billion to date. While many may assume that there are only little mom-and-pop operations, the platform has been proving that more pros are joining the game each day. Which explains the number by the National Multifamily Housing Council that estimates about 65% of Airbnb bookings were in multifamily buildings, units in condos,…
P-Lot Park: South Beach will receive a new 5.8-acre park soon
10 19, 2018
The city of Miami Beach will soon receive a new park in South Beach, in the 5.8-acre that was being occupied by the construction crew working at the Convention Center. For now, the park is being called the P-Lot Park. According to a memo recently released by city manager Jimmy Morales, construction documents have been completed and are promptly in the process of permitting. West8, a landscape architecture company, it's responsible for designing the new park, they also developed Miami Beach Soundscape next to the New World Symphony. In November, contractors will receive an invitation to start bidding for construction.…
More than a century ago, in 1913, the government was introducing a deduction in its tax system that allowed the reduction of taxes paid, at the state and municipal levels, when paying the taxes demanded by the Federal Treasury. However, in December of 2017, the Senate passed a tax bill that would change this rule that was benefiting taxpayers in territories with higher taxes. What did that mean to Florida? Since then, the estate is receiving many investors - fleeing from states such as New York, Connecticut, and even California -, with open arms, breathtaking ocean views, and competitive real…
Amazon executives reportedly returned to Miami for another HQ2 visit
10 12, 2018
Miami recently received a second visit of Amazon's executives looking for possible areas for its substantial second headquarters (HQ2), said anonymous sources to South Florida Business Journal. The tour was essential to put the city among a few still left in the running for the HQ2. Amazon finished its site visits for HQ2 in May, and little news comes out about follow-up visits. Some may not believe in Miami's potential to win the battle against cities like Boston and Washington, D.C., for example, due to its lack of a more significant technology workforce or top-rated universities. While others tried to…
First look: Royal Caribbean's new PortMiami cruise terminal is nearly completed
10 12, 2018
Take a first look at the ‘Crown of Miami,’ Royal Caribbean's new 170,000-square-foot cruise terminal only a few weeks away from opening, scheduled for November. The architecture firm BroadwayMalyan is responsible for the design considered as a landmark building for the port. The design evokes to what seems to be a crown when passing by on the water side and the ‘M’ of Miami when viewed from the east or western approaches, there is also a sense of waves rising or ships passing when seen from the terminal side. The cruise terminal will become home to massive cruise ships, such…
With 30 properties around the world, the Waldorf Astoria Hotels & Resorts, the luxury brand of the Hilton hotel chain, will soon land in Miami, announced Hilton Worldwide. The grandiose and ambitious architectural project, promises to mark the local skyline and when finalized, it will be one of the tallest buildings on the entire East Coast. Property developer PMG (Property Markets Group) has joined Greybrook Realty Partners private equity fund to make it a reality. Although there is no date to debut, the tower's design was already revealed. Sieger Suarez in partnership with Carlos Ott, designed the innovative project of…
Estates at Acqualina gets $558 million in construction loan
10 05, 2018
Estates at Acqualina, an ultra-luxury twin-tower project in Sunny Isles, has received construction financing by the Bank OZK — formerly Bank of the Ozarks, marking the most significant condo construction loan in Miami so far this cycle. The project is now set to go vertical. The project is valued at $1.5 billion, with twin towers rising 50 stories each, or 649 feet – the maximum height permitted in the area. A total of 245 condos are planned between the two towers, with units ranging from 3,287 square feet to over 12,000 square feet for the largest penthouse. The standard condos…
EB-5 Program is extended again, this time until December
10 05, 2018
The US Congress has again extended the deadline for issuing the permanent EB-5 visa to investors willing to contribute at least $500,000 in American soil. This time the program was extended until December 7th of this year; the previous term ended on September 30th. This is the second time in 2018 that the US government extends the deadline for issuing the visa. The extension of the term opens a new window of opportunity for investors interested in this visa, before possible changes in the program. The EB-5 is a form of visa granted to those who invest a minimum of…
Take a look at Jean Nouvel's Monad Terrace in South Beach
09 28, 2018
New renderings were unveiled from Pritzker Prize-winning Jean Nouvel's first project in Miami, Monad Terrace, while the works on site are in full swing. Designed in collaboration with Kobi Karp, the building is set to rise on West Avenue in South Beach, setting a new architectural standard and climate resilience for the city. In the renderings, we can see the angular facade and its customized "honeycomb screen" integrated with the glass curtain system that will significantly reduce glare and heat without blocking the view. The abundant native vegetation throughout the site and the elevation of the balcony will provide an…
Another one! DJ Khaled is buying a $26M mansion in Miami Beach
09 28, 2018
One of the most recognized names in international music, whose real name is Khaled Mohamed Khaled, aka DJ Khaled, is under contract to buy a $25.9 million home in Miami Beach. Douglas Elliman is representing the seller, Michael Lerner, who popularized the "Baby on Board" sign. The 13,000-square foot residence is located on Pine Tree Drive and occupies a 1-acre lot, with approximately 105 feet of waterfront on the Indian Creek Waterway. The house features five bedrooms, a swimming pool, a gazebo, and a home-theater plus a guesthouse with four bedrooms. Lerner paid $4.95 million for the site in 2013,…
South Beach might be getting a new park, with Restaurants, Retail and Residential units
09 28, 2018
A new park may be arriving in Miami Beach, Sunset Park, as the project will be known, was submitted for approval by Miami Beach's Planning Board. The project of more than 50,000 square feet will include five floors of retail, residential and parking. If approved, the park will be built in Sunset Harbor on .77 acres that now accommodates buildings slated for demolition and empty lots. The commercial space totalizes 18,292 square feet; two restaurants and two cafes are already on the plans with 100 seats each. 12 residential units are also proposed on the third, fourth and fifth floors.…
Vertical construction officially begins at Missoni Baia
09 21, 2018
Construction is underway at Missoni Baia, in Miami's Edgewater neighborhood. After eleven months of foundation work, the building is coming out of the ground. Spectacular oceanfront homes are priced at $ 500,000. Missoni Baia will offer 1 to 5 rooms, and when completed the project will rise 649 feet above sea level in 57 stories. Units will feature panoramic views of the city, Biscayne Bay, Miami Beach and/or the ocean from spacious terraces and floor-to-ceiling glass. Gourmet kitchens and luxurious master suites will complement the exclusive condos. Missoni Baia amenities will focus primarily on health and wellness. The development will…
Self-powered apartment and retail complex coming to Coconut Grove Metrorail station
09 21, 2018
Terra Group and Grass River Property have teamed up to transformer Coconut Grove Metrorail station into a self-powered apartment complex and retail. The project is part of a pilot program from Florida Power & Light. The new project, called Grove Central, will feature a tower with 330 units, with retail space, a parking garage, and bus station. The total cost of the project is $ 200 million. Solar panels will cover the buildings generating two megawatts of power. From below the ground, giant batteries (the size of 6 shipping containers) will store 20-megawatts per hour of electricity. A geothermal system…
Developer to break ground on Aventura Hilton Hotel
09 21, 2018
After securing a $ 55.58 million construction loan, the developer of the Aventura Hilton Hotel, just south of the Aventura Mall, is ready to break ground. Banesco USA granted the loan to Aventura Hospitality LLC, managed by Larry M. Abbo of the company Prime Hospitality Group in Hollywood. The developer recently purchased the property from Turnberry Plaza, that Abbo also manages, for $5.84 million. The 12-story hotel will have 192 rooms, with a total of 432,000 square feet, 8,000 square feet in restaurants and 10,000 in convention space. Located at 2875 NE 191st St, the property will include a fitness…
At least 65.5 million of tourists visited Florida during the first six months of 2018 - the highest number ever recorded in the first half of any year in the state history said Governor Rick Scott on Wednesday. So far, 2018 was surpassing 2017, which reached the top of a record, with around 6%. "Florida's tourism industry and our entire economy continue to flourish," Scott said in a statement. Almost nine out of ten tourists came from within the United States, according to the estimate of Visit Florida, the state's tourism marketing agency. About 5.2 million foreign travelers and 2.3…
Two iconic Wynwood buildings will close in 2019 to open space to a new project, the Wynwood Green, a 189-unit apartment rental building with approximately 17,000 square feet of retail/commercial space and 324 parking spaces. O Cinema and the Wynwood Yard, a nonprofit movie theater and an art space, will be permanently closing their doors in spring of 2019. The new project will encompass eight parcels of land, a total of 1.26 acres. Lennar Multifamily Communities, a division of Lennar Corp., is responsible for the project located at NW 29th Street, between NW First and North Miami Avenues. This would…
Bus shelters created by Italian Pininfarina is coming to Miami Beach
09 07, 2018
Always planning to stay ahead of the curve, the city of Miami Beach has hired the Italian Pininfarina, company best known for designing Ferraris, to design approximately 300 bus shelters. Construction is set to begin in 2019. “Miami Beach leads the way in design and style,” Commissioner Ricky Arriola said in a press release. “As a city, we strive to build beautiful, affordable and practical Public Works projects for our residents and visitors to both use and admire.” Pininfarina, and Acai Associates, the Fort Lauderdale based architecture firm, will deliver a shelter with solar panels that will generate power at…
Inter Miami, the new soccer club of David Beckham in Miami
09 07, 2018
After acquiring the rights to create a team in the United States in 2014 and officially launch the team in January of this year, David Beckham presented his new club on Wednesday (5). Inter Miami, the shortened version of the team name, won a logo with two white herons, symbols of the city. The team will debut in Major League Soccer, the leading United States football league in 2020. “This is such a proud day for myself and the entire team,” said David Beckham in a release. “It’s an honor to announce the new name and crest to our fans…
The haute, 297-unit three-tower complex Park Grove has been completed, at least the first two buildings: Two Park Grove and the Club Residences. The final tower, One Park Grove, will be completed by October of next year. The lobby of Two Park Grove, a 23-story tower, is wooden with stylish seating in tasteful shades of taupe, remitting to Florida’s sandy beaches. Around common areas, you will stumble in a multimillion-dollar collection of contemporary art pieces and installations personally curated by the founder of Related Group, Jorge Pérez. Terra Group, along with Related Group, paid $55 million for the 5.2-acre site…
To minimize the pain of Trump’s Tax Law, New Yorkers are moving South
08 31, 2018
New Yorkers are moving to sunny Florida not only for the natural beauty and a pleasant weather year round but to escape the tax reform imposed by President Trump. Trump's legislation limits local and state deductions to $10,000. The solution, for many, is to move to low-tax states such as the sunshine state or seek properties with tax abatements to suffer a smaller impact. Almost half of the taxpayers from Manhattan had used the deduction in the past, with an average of more than $60,000, with information from the New York Times. “I work with a lot of clients in…
Miami voters approved by 59.2 percent a referendum on setting up a hotel at Jungle Island, on Watson Island. The hotel would have a capacity for 300 rooms and would be built in their current parking deck; a new garage will be constructed for the hotel and amusement park. “This has been a huge team effort on behalf of ESJ Capital Partners, spearheaded by Micha Dubernard, with the Jungle Island team,” said Arnaud Sitbon, CEO of ESJ Capital Partners, the owner of Jungle Island. "We very much look forward to bringing this exciting project to life.” The city of Miami has…
Brazilians spent $9.5 billion overseas in the first semester of 2018
08 18, 2018
Brazilians who traveled abroad spent a total of $9.57 billion in the first half of this year, an increase of 8.7% compared to the same period last year. The Central Bank of Brazil released the data. This is the highest level of spending abroad between January and June since 2015 when they spent $9.95 billion. The least spending was 2016, at $6.53 billion. Foreign tourists who came to Brazil in the first half spent the $3.24 billion, an increase of 5.94% over last year. This number is the highest for the period since 2014, the year the country hosted the…
American Dream, the country’s largest shopping mall, it's up for some challenges
08 18, 2018
The South Florida planning council voted 5 to 4 votes against the construction project of the American Dream Miami shopping and entertainment complex that promises to be the largest in the United States. In May, the project was approved by the Miami-Dade County Commission, but the planning council argues that there are several flaws in the impact on traffic and the environment. According to the newspaper Sunsentinel, this means that this denial will be reported to the Department of Economics and Opportunities, which has the final say on whether or not to approve the project. The American Dream Miami Mall,…
The construction at Paramount Miami Worldcenter in Downtown Miami has now achieved its final height of 700 feet. Workers celebrated the milestone by flying the flags of 50 countries representing the tower’s many international buyers. The project has more international buyers than any other single residential building in the United States, according to its developers. Once completed, the luxury condominium will offer 513 unique residences in the heart of the city plus amenities including an outdoor soccer field, a boxing studio, two tennis courts, game room, golf simulator, indoor basketball court, rooftop observatory, 26 for-sale poolside cabanas, and also the…
Buying or renting? Here is your 2018 real estate study
08 10, 2018
Florida has an attractive real estate market, whether it's the prices, tropical temperatures, lower taxes and more. However, with so many incentives, there is the doubt: what neighborhood to buy? How is the market for renters? Bendixen & Amandi International, in collaboration with the Miami Herald, have surveyed about 100 brokers, agents, and analysts to help answer these questions. For those who rent, Downtown Miami continues to be the number one choice. Those with tight budgets may consider the neighborhoods of Homestead, Miami Shores, and Kendal. Investors: pay attention to the Design District. Although it remains popular, Miami Beach buyers,…
Here’s a first look at the Miami Beach Convention Center
08 10, 2018
Curious to see the $620 million transformation of the Miami Beach Convention Center? Almost at the end of the works, the team at Fentress Architects, Arquitectonica, and West 8 released new images and renderings of the project with its iconic wavy exterior and lit reception. Made from 500 aluminum "fins" to mimic the waves, the project boasts a 500,000-square-foot exhibit hall, combined 127,000 square feet of meeting space and four ballrooms. The outer part is almost complete; now it is necessary to work in the adjacent park. The space has been used as a staging during nearly three years of…
Bjarke Ingels unveils Miami Produce Center megaproject
08 10, 2018
Famous architect Bjarke Ingels is behind a proposal for a stilt-leaning project in the Allapattah neighborhood of Miami. Labeled the “Miami Produce Center,” the project comprises eight interconnected rectangular buildings that stand near the intersection of 12th Avenue and 21st Street. The plan comes from local developer Robert Wennett known for Herzog & de Meuron-designed parking garage at 1111 Lincoln. The plan that Wennett filed with the city shows that the Miami Produce Center will reach the 19 floors. If the zoning is approved, the project will feature 1,200 residential units, 75,000 square feet of retail, 114,000 square feet of…
Plans for a park and a high-rise at South Beach gateway move forward
08 04, 2018
After plenty of meetups combined with the public quarreling among adjoined communities over the entrance to South Beach, a resolution has evolved. City officials are bargaining a deal to allow a developer to construct a condo tower featuring 44-story units between Alton Road and West Avenue just adjacent to the gateway of MacArthur Causeway. While in exchange for the deal, as per the agreement, the city will get its hand on a 3-acre public park. With regards to the magnitude of the park and tower’s height, there has been a severe dissent among the people of South Beach due to…
Privé: a man-made island with a private dock for yachts and high-rise homes starts at $2.3 million
08 04, 2018
Located on an eight-acre in Aventura island, Privé features 16-story towers that were inaugurated in early 2018. 160 residences are being sold at the starting whopping cost of $2.35 million and reaching $8.5 million for the penthouses (which are all set to be commenced later in the current year). Since the pre-construction time in 2015, more than 80% of the units have been bought. BH3 is the real estate firm behind the idea of Privé and upon a question, the co-owner of the company, Greg Freedman, asserted that for a majority of the buyers, it is not first but second,…
The level of development achieved a new milestone in Surfside as the construction team topped-off the 12-story “Arte” Condominium located at 8955 Collins Avenue. Every residence is adjacent to the ocean, which is the result of the flamboyant expertise of Italian architect Antonio Citterio along his local partner Kobi Karp. The building is registered as the first project of Citterio in the United States. He is highly renowned all over the world for his exuberant furniture designs, and stupendous art featured on the BVLGARI Hotels in London, Dubai, Bali, and Milan. On having a look at the current renderings from…
How Ultra-high-end Brands Are Transforming Miami's Luxury Real Estate
07 28, 2018
As a man who owns a Porsche and several sports cars such as a Ferrari and Audi, and as a man who is willing to pay nearly $4.2 million to acquire a specific Porsche model, it is safe to say that Juan Pablo Verdiquio has earned his self-appointed title as a “car guy.” Mr. Verdiquio is also an Argentinian real-estate developer and believes that the Porsche brand can help ensure that his condo maintains its value in the Miami market – which is known for its rough ups and downs. “Buying into a brand that’s been around for 100 years?…
Foreign buyers boost luxury real estate market in South Florida
07 28, 2018
Luxury realtors claim to be going through one of the best periods of luxury real estate sales in South Florida, recording an increase in home sales starting at $2 million. Foreign buyers continue to play a role in increasing sales, particularly in Broward County, said Carlos Rosso, director of condominium development for the Related Group. He said buyers are looking to North Miami because prices are more attractive, especially in Hallandale Beach and Hollywood. According to the Miami Association Realtors’ Report, foreign buyers account for more than 32% of all apartment purchases in Broward. In addition to favorable prices, external…
In about 20 years, half of America will live in eight states
07 28, 2018
By 2040, 70 percent of the population in the United States will be living in 16 states, with approximately 50 percent focused even further in eight states. The data published by the Washington Post comes from two sources: data analysis of Census Bureau’s figures by the Weldon Cooper Center for Public Service at the University of Virginia and the American Enterprise Institute’s Norman Ornstein. Can you guess which states? See below what states are expected to attract more people. Florida Georgia New York Texas North Carolina Illinois Pennsylvania
Florida's economy hits $1 trillion mark; it'd rank 17th in the world
07 21, 2018
Florida's economy hit the sum of $1 trillion, meaning that if Florida were an independent country, it would be the 17th largest economy in the world, according to the Florida Chamber Foundation. The state’s Gross Domestic Product (GDP) is higher than that of countries like Switzerland, Saudi Arabia, Argentina and the Netherlands. “Becoming a $1 trillion economy means Florida is continuing to grow and create jobs, keeping unemployment lower than the national average, and creating economic opportunity,” said Jerry Parrish, Ph.D. Florida Chamber Foundation chief economist. Every day about $ 2.74 billion is added to the state's GDP, says the…
Miami is left with a taste for Hong Kong commercial development
07 21, 2018
Brickell City Centre is a sprawling shopping, dining, and residential complex that effectively brought Hong Kong-style business advancement to Miami’s financial district, and is now expected to extend to a fourth block. Swire Properties intends to plan with Miami for an extension of its owned land, and this would include two condo towers with one of them being a three-level retail base. The two towers would be connected to each other by new sky bridges. The second tower, most likely to be pure “boutique” residential, would be created later. Besides, both towers will be in the triangular block where the…
The Magic City Innovation District, which aims to transform a low-height section of Miami’s Little Haiti into a high-rise mixed-use district for technology firms, has increased the density of the proposed project to 7.79 million square feet. The first part of the project is still in progress but will be opened and available to tenants in early September - as indicated by the developer, Tony Cho. The 17.7-acre spectacle will require gut-renovating many of the 21 commercial buildings that are in the Little Haiti and Little River neighborhoods in Miami. The entirety of all of the spaces available will range…
David Beckham: “No matter what, we’re coming to Miami”
07 13, 2018
Planned for last Thursday, David Beckham's latest plan to host his Major League Soccer expansion franchise has been delayed for another six days, with Miami's commissioners still not ready to make a decision. The new Miami stadium, home of the MLS football team, will have the capacity to receive 25,000 viewers, with 3,750 parking spaces, a hotel with 750 rooms, restaurants and several free-form football pitches surrounding the area. Once is up and running, the franchise will also bring a training center, and an academy focused on developing local players to the Miami. The project to build the stadium is…
Sunny Isles’ $29 Million Apartment comes with its own custom 'scent identity'
07 13, 2018
As luxury home sales slow down, sellers are desperately trying unique lures to attract buyers. From a stay in the Hamptons, a yearly membership at a gym or even a garage pre-stocked with luxury cars. Now, it’s time for Regalia, a 43-story luxury condominium in Sunny Isles Beach, to entice possible buyers with something a little uncommon: a unique scent for the home. The developer has partnered with the fragrance company 12.29 to offer this for its Regalia’s $29 million “Beach House” homebuyer. The company 12 .29 has already created scents for Valentino, Patek Philippe, Nike, Mercedes-Benz and Lady Gaga.…
MSC announces the construction of a new cruise terminal in Miami
07 13, 2018
MSC Cruises and Miami-Dade County announced an agreement to extend the ship owner’s preferential berth rights, as well as the construction of a new AAA cruise terminal at the Port of Miami, scheduled for completion in October 2022. "The new agreement and the expansion of the partnership with the Port of Miami and Miami-Dade County is another important step in the growth of MSC Cruises business as we continue to strengthen our global presence with a strategic focus in North America," celebrated the president of the company, Pierfrancesco Vago. Miami operates as an exclusive MSC shipping port in the United…
$220M racetrack and private car club planned for Miami
07 06, 2018
After the announcement of Formula 1 arriving to Miami in 2019 and the exhibition of Grand Basel, a luxury car exhibit, in February 2019; the city has become the focus of the automotive industry. These events are the prelude to the opening of The Concours Club, which will include a racetrack worth $220 million, as well as a full spa and hammam, an infinity pool and Jacuzzi, storage for wines and cigars, restaurant and bar and full concierge services. “The amenities are what set us apart,” commented co-founder Neil Gehani. “We want to be sure we bring in the right…
For $4.75 Billion Boeing strikes aircraft deal with Brazilian Embraer
07 06, 2018
Two aviation giants - Boeing and Embraer - announced on Thursday, July 5th the creation of a new joint venture in the area of commercial aviation valued at $4.75 billion. Under the terms of the agreement, Boeing will hold 80% of the new business and Embraer, the remaining 20%. The new company agreement is solemn regarding regional jets, passenger planes with about 100 seats and ranges up to 5,000km. None Airbus or Boeing builds such aircraft. Boeing, the world's largest aircraft maker, is expected to pay $3.8 billion for 80% of the joint venture. Embraer will have the option to…
Although the market is not as hot, international investors spent $ 7.1 billion on South Florida homes in 2017, an increase of almost 15% over the previous year, which totaled $ 6.2 billion. The number one investor in South Florida was Argentina with 15% of all foreign purchases last year, reported the Miami Association of Realtors. Venezuela in second, spending the most in Miami-Dade, Broward, Palm Beach and Martin counties with 11%, tailed by Canada and Colombia with 9% each, and Brazil with 8%. Venezuelans spent the most than any other country in Miami-Dade, which represents 51% of all foreign…
If New York has Fifth Avenue, Miami Beach has Lincoln Road. South Florida's premier outdoors shopping has a great diversity of shops, cafes, restaurants, and bars. The place is busy day and night, a great destination to enjoy the atmosphere of the city and watch the movement of people at any time of the day. The only problem? It is increasingly difficult to keep small stores open due to the high commercial rent of the region. That's why The Shoe Shop decided to close its store in August. "There are too many corporate stores on Lincoln Road," said Jessica Elmaleh,…
According to a report from the US Department of Travel and Tourism, Brazil is among the countries that most require the EB-5 visa, one of the fastest ways to win the green card for those who have the money to invest. In 2017, 282 permissions were granted to Brazilians. The Chinese maintained leadership in this area with 7,567 permits and the Vietnamese, secondly obtained 471 visas of this type. EB-5 is a visa category for foreigners wishing to move to the United States. To acquire it you need to invest, from $500,000 in a business that manages ten jobs for…
Colombia leads countries looking for real estate in Miami
06 29, 2018
Colombian consumers have filed the largest number of property searches in February of this year, according to the Miami Association of Realtors (MIAMI). South Florida remains the most sought-after US market by international consumers and one of the top five markets for homebuyers, according to the data released. Colombia recorded 13.7% in international searches on the website of the association, a position occupied by Brazil several times in previous years. In the past, Colombia had a 9% share of all international purchases in the region. Argentina, 15%, and Venezuela, 11%, led the table. Miami, Fort Lauderdale and West Palm Beach…
Will PortMiami keep its hold on their title as Cruise Capital of the World?
06 22, 2018
PortMiami is working hard to secure its future by investing in new multimillion-dollar cruise terminals. Most recently, the terminals for the Royal Caribbean and the Norwegian Cruise Lines state of the art terminals are being designed and constructed to lodge the largest cruise ships currently developed and to bring in billions of dollars in revenue to the port and the city. The overall goal is to secure PortMiami as the most visited seaport for cruisers around the world. The Royal Caribbean Terminal, set to open in October, will soon be home to the world’s largest cruise ship, Symphony of the…
