Terra Entering Partnership with Developer of Block 55 in Overtown
03 13, 2020
Developer Terra could soon enter Block 55 in partnership with Michael Swerdlow. On March 16th, Southeast Overtown/Park West Community Redevelopment Agency will vote on altering the deal with Swerdlow to enable Terra an ownership stake. Swerdlow will keep at least 63% of the project, with the remainder to be held by Terra, the agreement states. The CRA owns the land, and developers have until March 31st to complete the purchase of the property at the latest. Block 55 was accepted by Miami’s Urban Development Review Board in a meeting last month. Target will be anchored on its ground floor anchor,…
Developers Pay Off Eighty Seven Park’s $155M Construction Loan
03 13, 2020
Terra, Bizzi & Partners, New Valley, and Pacific Eagle, developers of Eighty Seven Park, just paid off the $155 million construction loan for the newly developed luxury condominium in Miami Beach. The construction loan was given by United Overseas Bank in 2017. The luxury tower located at 8701 Collins Avenue has more than 90 percent of its 66 units presold, according to a release. The 18-story building is Renzo Piano, star-architect, first residential construction in the Western Hemisphere. In December, the first closing started being recorded with 39 units closed to date, according to property records. Buyers from the United…
Final Vote to Approve $5 Billion in Funding to Miami International Airport Expansion will Happen Next Week
03 13, 2020
Commissioners of Miami-Dade are scheduled to vote next week on releasing a $5 billion in bonds for restoration and extension of Miami International Airport. Earlier this month, they unanimously voted to approve the bonds, and a second and final reading is programmed for March 17th. Approximately $1 billion will cover projects that already started, and the remaining $4 billion will be used to cover projects between 2020 and 2036. Central Terminal will see the most significant changes, including the demolition and reconstruction of Concourses F and G. There will also be a new check-in area, and the curbside and exterior…
Mortgage rates dive to record lows on coronavirus frights
03 07, 2020
As the concerns about the effect that the coronavirus will have on the global economy increases, mortgage rates have dropped to their lowest level in the history of Freddie Mac’s survey of mortgage lenders, which began in 1971. The Federal Reserve cut interest rates Tuesday in an emergency move, according to the Wall Street Journal. The 30-year fixed-rate mortgage decreased to 3.29 percent from 3.45 percent last week, according to Freddie Mac. The good news comes with a caveat because, typically, as mortgage rates drop, home sales rise. But with the coronavirus out there, some business had started hurting, with…
Making Progress: Mr.C Coconut Grove Receives FAA Approval
03 06, 2020
Everything is going smoothly at Mr.C Coconut Grove as developers start to make progress with approvals and permitting for the project. The 20-story twin towers recently received the approval by the Federal Aviation Administration to built at a maximum height of 315 feet above the ground, or 328 feet above sea level. The developer has also signed utilities deal with Miami-Dade to connect the building to the county's water and sewer system back in January. The project is now in the process of getting a construction permit, with John Moriarty as the contractor. Although they haven't received the permit yet,…
Streaming giant Spotify will anchor its Latin America headquarters in Wynwood
03 06, 2020
The streaming giant Spotify has settled its lease on a 20,000 square foot office space in Miami’s ultra-desirable Wynwood enclave. The announcement was made by the developers of The Oasis, where the HQ will be anchored. The project is currently under construction and should be completed in late 2020. Visitors and employees will be able to pick from several restaurants, a full-service bar, and much more, all-around a 35,000 square foot massively landscaped courtyard. Also featured in the project, is a stage with nightly live music with plenty of outdoor seating and the 75-foot tower that will rotate art installations.…
Tory Burch co-founder is Miami Beach's Newest Resident
02 29, 2020
J. Christopher Burch, the co-founder of the fashion label Tory Burch and the founder and CEO of Burch Creative Capital, will shortly call Miami home. That's because he just bought a new residence in Miami Beach at 5050 N. Bay Road for $14.2 million. The 10,389 square-foot waterfront home has seven bedrooms, ten bathrooms, and one half-bathroom. The house faces Biscayne Bay with a 139-foot water frontage and dock. Fabio Lopes, from Coldwell Banker Realty, represented Burch and Douglas Elliman Senior Director of Luxury Sales in South Florida, Chad Carroll, and Realtor Associate Mariana Trentini represented the seller. Burch bought…
Eighty Seven Park: Here’s a first look at the newly completed beachfront project in Miami Beach
02 29, 2020
Eighty Seven Park, Italian architect Renzo Piano’s first residential building in the Western Hemisphere, is newly completed. Piano created the sleek, oval-shaped building in Miami Beach’s North Beach, intending to defy gravity. “The building is made of 16 decks flying one above the other, floating above the beach and park. Those suspended decks catch the sound and light of the ocean. It’s a beautiful thing,” Piano told the press. “I know fighting against gravity sounds a bit mad, but it is quite interesting because the tension between the sky and earth adds a poetic presence. It’s not arrogant, it’s not possessive,…
Florida, the No. 1 Moving Destination in the Country
02 29, 2020
The Sunshine State, one of the most loved destinations by tourists and travelers, whether for its beautiful beaches, incredible attractions, or its large amount of diversity among its people and businesses, has now beaten out Texas as the No. 1 moving destination in America, according to U-Haul. "Florida has been showing signs of growth for a decade," said Miguel Caminos, U-Haul Company of Orlando president. "Central Florida is really booming. I can't think of any major suburb where there aren't home developments or new shopping centers being built." "There's an expectation of comfort for people moving here. They know there…
The first stage of Miami’s Underline, a 10-mile linear park, is set to in June, according to Meg Daly, the project creator. There will be five stages to the project, and Brickell is the first one. These phases will run from downtown Miami past Coral Gables (and the University of Miami) to South Miami. All five stages should be completed within five years.
Promoters of the Skyviews attraction in Downtown Miami are calling it the “Ferris Wheel on Steroids” as it approaches completion. The amusement ride, which is set to open in March, is being developed behind the Bayside Marketplace. It will have 42 climate-controlled gondolas, the first of which arrived on the site last week. The wheel is currently built. Adult ticket prices will be $16; seniors and military personnel tickets will be $13, and children will be charged $10. The wheel that is 176 feet pales next to the Skyrise, which is set for 1,049 feet.
Discover three neighborhoods in Miami for housing and investment
02 22, 2020
For many foreigners, Miami is known for offering security, convenience, quality of life, pleasant weather, nightlife, shopping options, as well as museums and historic buildings. But Miami is not just for leisure. For some years now, this incredible place has brought investors and created opportunities for big business. The real estate market has grown and real estate in the region is attracting those who want to invest in housing, with many advantages to please every crowd. Daniel Ickowicz, director of Elite International Realty, a company specializing in buying, selling and renting real estate in Miami, says that “with investments in…
South Florida: Number of Cruise Passengers Grew Last Year; Hotel Industry to Benefit from the Uptick
02 14, 2020
The number of cruise passengers grew in South Florida last year, maintaining a five-year upward trend. The good news also represents a boost for hotel development and room rates. PortMiami, with 6.7 million cruise passengers in 2019, and Port Everglades in Fort Lauderdale, with 3.9 million, saw an increase in visitors in comparison to the year before. They had 5.59 million and 3.87 million in 2018, respectively, according to the commercial real estate brokerage and property management firm JLL. All these activities attract more foreign investors, development, and an increment in room rates for the industry told JLL Hotels &…
New Renderings of Atrium & Sky Pool Proposed at Legacy Hotel & Residences Miami Worldcenter
02 14, 2020
Legacy Hotel & Residences at Miami Worldcenter released two new renderings of the top of the building, including the “Singapore style” pool that will hover off the edge of the tower’s 45th floor, with incredible views of downtown Miami from 500 feet in the air. The second rendering reveals a seven-story air-conditioned glass atrium with indoor palm trees with a lounge, a restaurant, and a bar. It will be the largest rooftop atrium for a hotel-condo in the United States. Legacy will feature 278 condo-hotel units and 256 hotel rooms. Groundbreaking is programmed for the summer of 2020, with completion…
Showfields is bringing a new retail concept to Lincoln Road
02 14, 2020
Miami's famed Lincoln Road will be getting a Showfields, a famous New York City retailer, in May. The store will bridge the gap between physical stores and online vendors, allowing online brands to have showrooms inside the store without the risks and costs of opening their space. The store's concept includes indoor and outdoor restaurants, a bar, a theater for live performances, a tattoo parlor, piercing stations, and an area for art installations. The retail chain will be located at 530 Lincoln Road. Swedish watch brand Daniel Wellington and beauty brand Each & Every, with other 40 to 50 different brands will be…
Bud Light Seltzer Skyview at Hard Rock Stadium, the First Pulse Gondola at Any Stadium in North America, is Now Open
02 07, 2020
Hard Rock Stadium in Miami Gardens, where the Super Bowl LIV was held this past weekend, has a new gondola open, called the Bud Light Seltzer Skyview. It is the first pulse gondola built at any stadium in North America, informed Jason Jenkins, a Miami Dolphins Senior Vice President of Communications. In total, there are 12 cabins, all built with glass floors and sustainable wood benches; and each can accommodate up to six people at a time. Hard Rock Stadium’s Skyview has rides of about 10 minutes for entertainment purposes with a view of the crowd below and the Miami…
Miami's Residential Real Estate Volume Is Up Double Digits Of Last Year
02 07, 2020
Recently released data from the Florida Association of Realtors shows that Miami's residential real estate market is up significantly since last year, with some records being broken. There was a total of 3,848 condos and townhouses closing in the areas of Miami, Fort Lauderdale, and West Palm Beach throughout December 2019. That number represents an increase of 17.9% compared to 2018. Pricing average was up 7.9 percent to $205,000. The sales volume of single-family homes was 3,915 for the same month, up 15.5% over 2018 in the Miami area, while the average price was $375,000, up 7.1%. The data analyzed…
Report: South Florida will add 16K apartments to its inventory this year
02 07, 2020
South Florida will have approximately 16,000 apartments delivered in 2020, helping rents to even up in markets with added supply, according to Berkadia's annual report and 2020 forecast. The amount of units is fueled by population growth in the grand majority. The number of apartments with scheduled deliveries will be almost double than the 8,871 units completed last year, marking the most significant amount of annual deliveries so far this cycle. In total, developers are awaited to deliver approximately 280,000 units across the United States, similar to last year, and maintaining the 260,000-plus annual deliveries pace set and kept since…
Super Bowl 2020: Miami's ultimate guide for best places to eat, drink, and sightseeing
01 31, 2020
If you are in Miami, you already noticed the influx of tourists coming in, and all the energy surrounding the city due to the Super Bowl LIV happening this Sunday. After all, it's been 10 years since the city hosted this enormous event - but before the game starts and Patrick Mahomes, with Kansas City Chiefs, takes Jimmy Garoppolo, and the San Francisco 49ers, there is a lot for you to do. For this reason, we created your Ultimate Miami Guide, because there is much more than just beaches in our Magic City. Ready to dive in? The Cuban Experience Nothing else screams…
UBS Will Open Miami Office For Latin America Businesses
01 17, 2020
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…
Natiivo Tower is already Half Reserved; it will break ground this year
01 17, 2020
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…
Miami's Biggest Transit-Oriented Project, Park-Line Towers is Welcoming Residents
01 17, 2020
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…
Boomtown: Miami is Named One of America's Top Growing Cities
01 10, 2020
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
01 10, 2020
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%
01 10, 2020
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…
Moishe Mana Buys City National Bank Building in Downtown; Plans to Create a Tech Hub
01 03, 2020
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…
Fort Lauderdale/Broward County Leads the Nation in Home Value Growth Over the Past Decade
01 03, 2020
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…
20 New Buildings in 2020: Here is a List of Projects Rising Vertically this Year
01 03, 2020
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,…
236M Loan Paid Off Within a Month of Opening the Fourth Tallest Building of Miami
12 27, 2019
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…
If you’re looking for a city to invest in real estate in 2020, look no further, Miami is your best choice. At least, according to Vladislav Doronin, the owner and CEO of luxury hotel brand Aman Resorts and chairman of real-estate development firm OKO Group. While New York could be considered “the center of the Western world,” Miami “recently become a global city,” Doronin shared with the press. “In recent years, Miami has become a global hub, with one of the US’s biggest airports enabling easy access to North America, Latin America, Europe, and the rest of the world,” Doronin…
Sunny Isles has another newly finished condo: the 56-story Residences by Armani/Casa Tower. With closings underway, are you wondering how the ultra-luxury building looks like? We have new images released by developers Related Group and Dezer Development. The 308-units condo is expected to top off at $1 billion in total sales, with over $800 million already in contract last year, according to developers. The project features a two-story Armani Spa and fitness center, a private movie theater, a children’s playground, and a private oceanfront restaurant and bar. Construction started in January 2016, with the conclusion in November 2019, giving it…
Don Peebles, a South Florida-based developer with projects across the country, recently said this is the best time to purchase real estate in Miami. Prices are not likely to decrease more, he commented during an interview. Besides the low prices, Peebles said, the recent federal tax law changes are still being worked out. In 2017, President Donald Trump signed legislation that would increase federal taxes in states that had an income tax. This made it extremely beneficial to live in states such as Florida because it has no state income tax. Trump is in the process of relocating is primary…
Art by God Owner Developing Environmentally-Friendly Hotel In Wynwood
12 21, 2019
Wynwood residents will soon see a new eco-friendly hotel at the Art by God store site. Lucky Shepheard, a Miami commercial real estate company, co-founded by Naveen Trehan and Christine Menedis, is in the process of building Shepherd Eco Wynwood along 27th Street. The project contractor is Hoar Program Management. It will join many other hotels in the process of being developed. Touzet Studio is developing a 150-key hotel with Gensler coming up with the interior. Along with the hotel rooms, Shepherd Eco Wynwood will create approximately 45 residential units. It will include an art gallery, spa, and wellness center,…
Americans Consider Florida the First Choice for Relocation, Study Says
12 21, 2019
While the rate of Americans relocating to different states is at a historical low, the state of Florida was able to secure first place in 2018 as the state new residents chose to move in. The study was done thanks to a compilation of information between Census and United Van Lines by STORAGECafé, a blog run by Yardi, a real estate software company. Approximately 590,000 people moved to the sunshine state last year, several coming from high-tax states such as New York and California. The numbers show that 11% of those relocations came from New York, even though the interstate…
New Pictures Reveal What Alton Road Park Will Look Like
12 14, 2019
Crescent Heights has provided new pictures of the retail building and public park they are developing along Alton Road, which is to become part of Miami Beach’s tallest tower. The developer submitted an application to obtain a construction permit on November 26. Based on city records, Crescent Heights is working in conjunction with Terra Group. Crescent Heights was granted permission in the building of a tall tower so long as the company would create the park. This park will be three acres, have a dog park, a tot lot and green space. A raised pedestrian bridge will connect the beach walk…
Simkins Proposes Building Mixed-Use Village in Overtown Culture & Entertainment District
12 14, 2019
In partnership with Southeast Overtown/Park West Community Redevelopment Agency, developer Michael Simkins is going to redevelop and enhance the historic Overtown area. The deal is set to be confirmed next week when the CRA board votes on it. Three bidders turned in proposals for the land, with the selection committee choosing Simkins’ proposal to build a mixed-use village within the Overtown Culture and Entertainment District. To bring this master plan to fruition, Simkins’ Overtown Associates, LLC is going to buy 14 parcels, but only on the premise that they are developed based on the CRA’s adopted master plan. As agreed,…
Diesel: Another Fashion Brand is Putting on a Construction Helmet
12 14, 2019
What if you could "live" in one of your favorite brands? From Fendi to Armani or Porsche, and now Diesel, the luxury branded condo trend has hit Miami in a big way. Diesel, owned by the OTB Group, just released on the market a total of 143 t-shirts at prices ranging from $370,000 to $5.5 million, one of the most expensive piece of clothing in history. These t-shirts "will come" with an apartment. The t-shirt design issued just in time for Miami Art Week and Art Basel, correspond to one of the 143 apartments in the Diesel Wynwood residential building.…
Bal Harbour Shops Starts its Expansion, 250,000 Square Feet of Retail will be Added
12 07, 2019
The expansion of Bal Harbour Shops started last week, at the end of the project a new wing will be added to the famous mall, Whitman Family Development CEO Matthew Whitman Lazenby told the press. The shopping mall will have about 700,000 square feet of space in total, in comparison to the current 450,000 square feet. Whitman was granted a $550 million construction loan over the summer to support the expansion, in what brokers said was one of the biggest mortgages ever declared in Miami. Bal Harbour Shops registered its highest sales in 2014 at approximately $750 million. Sales decreased…
Under Construction: Meridian Island Gardens Will Open Super Bowl Weekend With Lady Gaga Concert
12 07, 2019
Meridian Island Gardens is coming to Watson Island. The new entertainment venue is planned to open on Super Bowl weekend with a Saturday night concert by Lady Gaga, which should be broadcast on AT&T TV. The venue will feature 65,000 square feet of space over multiple levels. Jack Murphy’s Consortium Entertainment is building the project; he is responsible for producing many annual Super Bowl parties in host cities. Construction started last month, and permits filed with Miami’s Building Department state it will cost $1.2 million to build. Taxpayers own the land, but it is leased to a Turkish company called…
Art + Real Estate 2019: BRG Opens Miami Art Week Featuring Brazilian Artist Guilherme Calil
12 07, 2019
Last Wednesday, December 4th, art enthusiasts met at the BRG office, in the heart of Miami Beach, to check out the works of Brazilian artist Guilherme Calil. Since 2015, the annual event Art + Real Estate has brought together community leaders, real estate and design professionals, up-and-coming entrepreneurs, and established business owners in support of BRG's selected artist. "When I saw Guilherme's paintings for the first time, I could only translate into energy. His works are such a whirlwind of energy and excitement and enthusiasm; it's like a magnet, drawing our attention", commented Matias Alem, CEO of BRG International. Calil,…
Martha Stewart to brand real estate developments in the United States, Europe, and Asia
11 23, 2019
Martha Stewart is eager to leave her mark on the real estate market. During the FAB Summit 2019 in Portugal, which counted with the presence of Matias Alem from BRG Homes, the business mogul announced to be in negotiation with real-estate agency Brand Labs International to explore cities in the United States, Europe, and Asia that could be a good fit for her planned developments. Stewart, who has an empire of home goods and entertaining essentials, is said to be extremely engaged in the design of the properties. Properties type could include everything from single-family homes to condos, townhouses, and…
CitizenM Breaks Ground on 351 Room Micro-Hotel at Miami Worldcenter
11 23, 2019
The CitizenM Miami Worldcenter had the foundation work, and an official groundbreaking ceremony this week. City records show that contractors were granted a phased foundation permit while they expect approval for a full construction permit. The project will feature 351 micro-sized rooms, with the hotel chain promoting the new property and its “wall-to-wall beds.” A rooftop bar, called CloudM, will be located on the 10th floor, as well as a pool and sundeck, with an exercise room on level 11. Gensler is the architect.
Books and Books Building at Lincoln Road is Proposed to Get a New Hotel
11 23, 2019
Plans submitted to the city of Miami Beach shows that Lincoln Road could soon gain another hotel, this time at the top of the building where Books and Books is located. Sam Herzberg, the owner of the Sterling Building, hired Kobi Karp to plan the hotel that will be constructed at the back of the present building that will be partially demolished. The new seven-story hotel building planned will feature 120 rooms with a commercial space in an existing building that will be converted into another 24 rooms. The Miami Beach Planning Board will review the proposal on December 17.
Legacy Tower is Coming to Miami with a ‘Singapore Inspired’ Glass Pool
11 15, 2019
A new project was recently added to Miami Worldcenter; now it's time to the Legacy Hotel & Residences, how the project is being called, make its appearance. The mixed-use project will feature 255 hotel room keys, along with 278 condo-hotel units. A cantilevered glass pool juts out off the top of the 50-story tower is planned. According to a press release, the pool is declared to be "Singapore inspired," which is most likely a reference to the infinity rooftop pool at the Marina Bay Sands towers in Singapore. Right next to the pool, there will be a bar, and a…
Revealed: 32-Story Paraiso Place is Planned to Edgewater
11 15, 2019
Another tower was also released this week, this one in the Edgewater neighborhood, called Paraiso Place. Miami Urban Development Review Board will analyze the project on a hearing on November 20th. The tower is planned to rise 32 stories or 373 feet above the ground and feature 279 residential units with 300 parking spaces, below what is required by zoning, but a waiver for a 30% decrease in zoning was also requested. On the ground floor, 4,063 square feet of retail space is being planned. A pedestrian path will be created on NE 31st Street as part of the project…
Jeffrey Soffer secures $1.2B refi of Fontainebleau Miami Beach
11 15, 2019
Jeffrey Soffer settled on a $1.175 billion refinancing of the Fontainebleau Miami Beach, making the amount the latest contribution to restructuring the debt of the beachfront resort. Goldman Sachs, JP Morgan, and Morgan Stanley granted the fixed-rate loan, according to a press release from Newmark Knight Frank. The Soffer family-led Turnberry Associates spent $325 million for the nearly 1,600-key hotel at 4441 Collins Avenue in Miami Beach in 2005. They spent another $15 million for a nearby lot where an extension is planned. Turnberry also spent $650 million on gutting and renovating the historic hotel. Designed by architect Morris Lapidus,…
Miami Beach Has More Airbnb Listings Per Capita Than Any Other City In The Country
11 08, 2019
The city of Miami Beach has 3,416 Airbnb listings for every 50,000 residents, which is by far the highest of any city in the United States, according to a new study. Miami and Fort Lauderdale are not far behind, also ranking in the top 10, with 1,033, and 1,015 Airbnb listings per 50,000 residents each. The study took into consideration more than 350 cities studied by IPX1031 using Airbnb data. Catering to those that are looking to Airbnb as an investment, the company has partnered with the developer of Miami’s upcoming 604-unit Natiivo tower, which was revealed as being designed…
Edgewater Tower: Missoni Baia Gets $243m Construction Loan
11 08, 2019
Missoni Baia, with Russian billionaire Vlad Doronin’s OKO Group and its partners, just obtained a $243.3 million construction loan granted by Security Benefit Life Insurance Corporation, according to multiple reports. The 57-story, 249-unit luxury development in Edgewater is set to become the tallest in the area at 649 feet above sea level – equaling the height of the under-construction Elysee tower and exceeding the Paraiso towers. Missoni Baia, with prices starting in the $500,000 range, is the Italian fashion brand’s first residential project. The project is part of a trend of developers binding luxury brands to developments, the case of…
Brazilian mogul buys Oceana Bal Harbour condo for $8M
11 08, 2019
Élvio Gurgel Rocha, director at Guararapes-Riachuelo, the biggest fashion group in Brazil and the parent company of the retail chain Lojas Riachuelo, is a new resident at Oceana Bal Harbour. He bought a three-bedroom, 3,992-square-foot unit for $8.15 million, which represents $2,041 per square foot. The former owner, as property records show, is Marc Farbstein, CEO of Hollywood-based Premium Digital Control & Automation. He paid $10.11 million for the condo in 2017, meaning he sold it for 20% less than what he paid. Lincoln Capital Investments LLC, tied to Gurgel Rocha, is the buyer, according to a source. The apartment…
Brickell Flatiron approached its conclusion, becoming now the fourth tallest skyscraper ever built in Miami and the tallest all-condo building south of New York. Soon, hundreds of new residents will begin to move into Brickell as closing is about to begin. There is a total of 527 residential units, with 95 percent sold. The tower, with 64 stories and 736 feet above the ground, as seventy percent of the building’s buyers coming from the U.S. market. There is only three towers in Miami taller than Brickell Flatiron: Panorama Tower (868 feet above ground), Four Seasons (around 800 feet above ground),…
President Donald Trump will relocate his home address from New York to Florida, where he will pay far less state and local taxes. In addition to the financial motivation, the change could have a positive impact on his presidential candidacy in 2020 in a rather difficult state to conquer. The president's home, which was once a three-story penthouse at Trump Tower in Midtown Manhattan, now becomes the 128-room Mar-a-Lago mansion, his famous residence at the Palm Beach golf resort where he spends his winter weekends to escape the cold of Washington. "I cherish New York, and the people of New…
Have you thought about spending a few days inside a guitar? No? Well, now you may want to reconsider your answer. That's because the Seminole Hard Rock Hotel officially opened its $1.5 billion Guitar Hotel expansion last week. The Guitar Hotel, a 638-room project, rises 450 feet, and it is just one of many other attractions included in the renovation. A new spa and fitness center spanning over 42,000 square feet, 13.5 acres of recreational water space with swimming, kayaking and paddleboarding, a luxury meeting and convention spaces add to the entertainment options, shopping, and more. The proposal, according to…
A brand new hotel is coming to South Beach, this time at the former Citibank branch, which has already been demolished. The Thompson South Beach hotel will accommodate 150 rooms, with a ground-floor restaurant, as well as a rooftop restaurant and bar next to a pool. Also, on the ground floor will be a replacement to the Citibank branch, the former one was on the site since 1996. Last month a demolition permit was applied, according to city records, but no construction permits have been filed yet. The proposal was examined by the Miami Beach Planning Board last year. Rudy…
‘ICONIC’ FERRIS WHEEL started CONSTRUCTION in downtown Miami
10 26, 2019
The construction of the observation wheel at Bayside Marketplace in downtown Miami started. The opening is programmed before the Super Bowl on February 2020, and parts of the wheel have been in a warehouse for months just waiting for installation. While the wheel will be much shorter than the London Eye with 443 feet, Bayside representatives have previously said the 176-foot tall wheel would be “iconic.” The wheel will be lit up with LEDs and will feature forty-two air-conditioned gondolas to seat eight riders each, for a total of 336 passengers. Each gondola will be fully enclosed and climate-controlled. The…
BRG Homes Launches its Limited Edition Residences in Brazil
10 26, 2019
The company unveiled ten Limited Edition Residences at Oceana Bal Harbour to set themselves apart from any other real estate company in the most unique and distinct project of all South Florida. Made possible by an exclusive partnership between BRG and the developer at Oceana, the event was hosted in Sao Paulo, Brazil, on October 22. There are three main packages to be chosen by a client, an Upgraded Designer Ready, A Bespoke Selection, and a Signature Residence, this last one being in partnership with renowned architect Sig Bergamin and Murilo Lomas. The selection varies between the ready-to-decorate, with pre-selected…
Lincoln Road, the most expensive retail strip in South Florida, could be getting hotels
10 11, 2019
Commissioners of Miami Beach will consider final approval of an ordinance to allow hotels on the north side of Lincoln Road, between Drexel Avenue and Lenox Avenue, on October 16. Sterling Building, the owner of 927 Lincoln Road, submitted the application that could be applied to many other properties in that area. Any site with at least 30,000 square feet could become a hotel with more than 100 units. The maximum height should be 75 feet, and the hotel towers need to be set back at least 75 feet from Lincoln Road and another 25 feet, or more, from any…
Video: Turnberry Ocean Club Tops Off At 54 Stories In Sunny Isles Beach
10 11, 2019
In Sunny Isles Beach, Turnberry Ocean Club, designed by architect Carlos Zapata, has topped off. The project, a 54-story, 649-foot, is now one of the tallest buildings on the Atlantic Coast, according to developers. The project will comprise of 154 condo units. Jeffrey Soffer, from Fontainebleau Development, is the developer. Completion is expected for Spring 2020. https://youtu.be/5Z7heJdVBEU
Florida is one of the best places in the country for retirees to live. The state has nine cities among the country's top 30 places to retire, including the No. 1 city, according to U.S. News & World Report's 2020 Best Places to Retire List. The study took into consideration the data of 125 large metros areas in the U.S. seeking to analyze how each city attended the needs and expectations of Americans regarding the subject. Factors including health care quality (18.79%), housing affordability (20.53% of the score), job market (10.42%), taxes (14.82%), desirability (13%) and happiness (22.44%). Those numbers came…
Virgin Trains: In 2020 Aventura Mall might be getting a new train station
10 04, 2019
Aventura Mall may soon get a new train station from Virgin Trains (Brightline). The plans are being expedited, and it includes a passenger bridge crossing from Biscayne Boulevard and West Dixie Highway, which will be constructed on a four acres site at 19825 NE 26th Ave. The bridge will be linked to the Aventura Mall bus station, making it a regional transit hub. The new station would cost a maximum of $76 million, including land and construction, and it might be paid by Miami-Dade taxpayers. Currently, Virgin has a contract to buy the land but the company is requesting the…
Crescent Heights and Terra obtain funding for Park on Fifth Project
10 04, 2019
Crescent Heights and Terra finalized their partnership with a significant deed and mortgage transactions for the Park on Fifth project on South Beach. Venera Finance & Investment awarded a $90 million mortgage to a joint venture between the companies for the 6.3-acre site. The deal will grant financing solemnly to the first two phases of the project. The loan will comprise the development of the commercial building, the public park, the condo sales center and the marketing campaign for the condos. The financing for the the third phase, the 44-story condo tower, will be released later, informed Russell Galbut, managing…
Pedestrian-Friendly: Revamp of Historic Flagler Street starts After Super Bowl
10 04, 2019
The revitalization of Downtown's Historic Flagler Street, a pedestrian-friendly plan, has a set date to begin after approval of the City of Miami. Construction will start in Spring 2020, commencing at Biscayne Boulevard, and then next leading westward to Southwest 1st Avenue. "With a safer and more attractive environment and with wider sidewalks and more shade, the enhancements to Downtown Miami's historic main street will bring increased vitality to our current retailers and restaurants," said commissioner Ken Russell. The project approved in July by city commissioners will cost between $20.5 million to $22.5 million. Also, there is a Special Assessment…
New Terra Group’s Luxury Project in Coconut Grove Gets $185m in Construction Loan
09 27, 2019
Developer Terra Group secured $185 million in construction financing to build a luxury twin-tower in Coconut Grove. Demolition of a former building on the site was recently completed. The branded residential, two 20-story towers planned should have more details unveiled in the upcoming months, including the luxury branding of the high-end project. “The development will be our latest contribution to Coconut Grove’s residential and commercial landscape, following Grove at Grand Bay, Park Grove, our Mary Street office and retail development, and our next project, Grove Central, which will bring residential and commercial uses and a multi-modal transit hub at the…
Carnival Cruise Line announced $195M terminal expansion at PortMiami, now the port has over 1B in construction
09 27, 2019
Following the renovations/construction of other cruise lines, now Carnival Cruise Line revealed its own $195 million terminal expansion. Miami-Dade County commissioners approved the upgrades on Terminal F at PortMiami, construction conclusion is expected by October 2022. The company is seeking to host their biggest Excel class ship, still unnamed, upon delivery. The new ship will use liquefied natural gas as a source of energy. Carnival is currently the largest cruise operator in Miami, and the Terminal F is the third company facility at the port. The company will pay $120.3 million towards the expansion and an extra $429m in fees…
Virgin Hotels is coming to Brickell with micro and co-living units
09 27, 2019
Brickell is getting a new mix-use hotel and co-living development, and Virgin Group founder Sir Richard Branson is behind the deal. The 40-story Virgin Hotels tower will feature a 3-story rooftop lounge and pool that will be open to the public. Other hotels by the brand are spread over the country in Dallas, Chicago, and San Francisco. "In addition to being my home, Miami is the headquarters of Virgin Hotels, so this is a milestone that has been a long time coming," Virgin Hotels CEO Raul Leal said in a statement. The development will have 15 floors of furnished residential…
Starwood Capital New HQ in Miami Beach has Permits Now Pending
09 21, 2019
Starwood Capital Group is about to begin work on a new office and retail building in Miami Beach; construction and demolition permits were recently filed. The site is expected to be the company's new headquarters. Records confirm that a permit to demolish Avis' former building, a rental car company, is pending, as a phased construction permit. The new project will feature two levels of retail and restaurant space, on the first and second floor, a total of 8,088 square feet of retail space is planned. A pedestrian path will be constructed, surrounded by lush landscaping and flowing water will be…
Brickell Flatiron Lower Rates to Attract International Investors
09 20, 2019
Located in Miami's friendliest neighborhood, according to National Geographic, the Brickell Flatiron tower is reaching its peak, attracting the latest select group of local and international buyers at a reduced rate. The project is nearing the end of the 64-story building with over 90% of its 527 units sold. To celebrate, developer Ugo Colombo, from CMC Group, has decided to reduce the down payment requirement to 30%. The project has been approved by Fannie Mae's Project Eligibility Review Service (PERS), which accelerates the financial approval process by expanding to a wide range of reliable sources of funding for buyers. For international clients, that can…
Miami’s Biggest Condo Developer, the Related Group Goes Micro
09 20, 2019
The Related Group, Miami’s biggest condo developer, is proposing to develop micro condos with a 400-foot tower with almost 350 units, according to Jon Paul Pérez, vice president of the company. The apartments would have approximately 700 square feet on average and range in price from about $250,000 to $500,000. Related will develop the space as a joint-venture with ROVR Development, directed by Oscar Rodriguez and Ricardo Vadia; both had previously worked at Related. The project will compromise two lots at 225 and 233 North Miami Avenue, with a total 15,000 square feet of land. They are on planning stages,…
Fontainebleau Miami Beach Plans Big Expansion, Connected By Bridge
09 13, 2019
The Fontainebleau Miami Beach, known for hosting renowned celebrities like Elvis Presley, the biggest hotel in Miami, is planning an expansion. The 1,504-room hotel would add new ballrooms and a parking garage, to be built on the company's owned surface parking lot at 4360 Collins Avenue. There is also a bridge being proposed starting from the resort, above A1A. The project will accommodate both cars and pedestrians, removing vehicles from the roadway. The new parking garage will accommodate about 500 cars, while the ballrooms could be used as an event or convention space, which the resort expects it will increase…
Miami’s Signature Bridge: With Final Height Approved, Cranes Will Now be Installed
09 13, 2019
The Federal Aviation Administration approved this week the final height of Miami's Signature Bridge. The tallest of the six arches planned will rise 330 feet above the ground. The length of the bridge will be 1,025 feet. See below each of them: Arch 1 – 180 feet above the ground, 186 feet above sea levelArch 2 – 230 feet above the ground, 237 feet above sea levelArch 3 – 180 feet above the ground, 187 feet above sea levelArch 4 – 250 feet above the ground, 253 feet above sea levelArch 5 – 330 feet above the ground, 332 feet above sea levelArch 6 – 250…
Downtown Miami: New Co-Living Apartment Tower Secures $161.5 Million Construction Loan
09 13, 2019
A new 49-story co-living apartment tower planned at 400 Biscayne Blvd, currently under construction, just scored $161.5 million development loan. Centennial Bank and Square Mile Capital provided financing to developers Property Markets Group (PMG) and Greybrook Realty Partners. The tower will feature 646 rental apartments, 51,000 square feet of commercial space and a 22,000-square-foot space for First United Methodist Church of Miami. PMG bought the one-acre site from the church, in 2018, for $55 million. A portion of the units at the 400 Biscayne project will be assigned as co-living. Completion is expected in 2021. “Obtaining this loan from Centennial…
MRV Engenharia, Brazil’s largest homebuilder, seeks a $200M deal with American AHS Residential
09 07, 2019
Leader in the low-income real estate market in Brazil, developer MRV Engenharia has decided it is time to go beyond "Minha Casa Minha Vida" and bet on the American market. The company is considering acquiring a 50 percent stake in AHS Residential, a company that operates in the multifamily real estate segment in the United States. According to recent press reports, the negotiation is in its final stages, MRV will hold a shareholders meeting to vote on the proposal to invest between $220 million to $ 255 million. AHS Residential's chairman, Rubens Menin Texeira de Souza, founded the company in…
Miami: Office construction in the city hits a new record
09 07, 2019
Miami's office construction scored its highest level since 2009. The record is due by two factors: companies are moving here to increase their participation in the Latin America market, and tenants are relocating from high-tax states, appointed the Wall Street Journal. The 1.9 million square feet of office space in the pipeline is considerably higher than the 500,000 square feet that were planned in 2011, according to data from CBRE. This is equal to about 2.7 percent of the city's current office inventory. The chief of staff at Mana Group, Theodore Ward intends to remodel a few properties Mana acquired…
The Gallery on The River: Related Group Introduces Another Project
09 07, 2019
Miami-based developer, The Related Group, might include another project to its portfolio, this time with The Gallery on The River on area owned by Miami-Dade County. The tower will feature 160 units, to which 11 will be destined for public housing. Related proposed to pay $40,000 per year for rent for the lot over 75 years, simultaneously with a one-time payment of $400,000 and an annual 4% increases. The 1.6-acre site is located at 401 NW North River Drive, across from the popular Garcia’s Seafood restaurant on the Miami River. The Miami-Dade Housing, Social Services & Economic Dev. Committee will…
Miami ranks in the top 50 for most livable cities in the world for 2019
09 07, 2019
Miami is ranked at the top 50 of livable cities in 2019, according to a survey called Global Liveability Index, produced by The Economist. The city ranked at 42 out of 140 cities in the study. It was tied with Chicago, beating Boston, San Francisco, and Minneapolis but lingering behind Honolulu, Atlanta, Pittsburgh, Seattle, and Washington DC. Honolulu was at the top of all United States cities, at number 22. None city in the country made the cut to the global top 10. The highest-ranked North American city was Calgary, Canada, in fifth. Understand the Process The research and analysis…
The last undeveloped beachfront lot in Miami Beach sells for $40 million
08 30, 2019
Now it's official: Miami Beach is out of vacant oceanfront real estate. On Tuesday, developer Urbanica Management became the owner of a 0.98-acre lot at 6747 Collins Avenue; the deal cost $40 million, or roughly $1,000 per square foot. The seller, China Construction Company (CCC), bought the land for $38.5 million in 2015. City officials claimed the property was the last undeveloped beachfront lot in Miami Beach. The off-market deal only happened thanks to Stefano Santoro, the senior investment advisor of the brokerage firm APEX Capital Realty, who represented the buyer. The property was not listed for sale, but that…
Miami ranks at the top for growth of college graduates, census data shows
08 30, 2019
Miami celebrates some great academic news. The city's college-educated population is growing much faster than in any other town in the United States, according to a new analysis of census data by Citylab. The study took into consideration not only the number of college graduates but also those with advanced graduate degrees moving to the country's biggest cities. Miami ranked at the top in both metrics. The numbers are impressive, from 2012 to 2017, the percentage of the college-educated population grew by 46.3% in the city. This result is way higher than any other city in the U.S. Austin was…
Miami: City is adding close to 7,000 new apartments in 2019, more than any other city in the U.S.
08 30, 2019
The city of Miami is getting 6,989 new apartments by the end of 2019, ranking the city at the top in the United States for new apartment construction, said Rentcafe's latest statistics. The total of new units is more than double if you compare with the amount delivered last year, only 3,148. Miami is unique, as the opposed to other cities in the country since most new apartment construction are centered in the urban core (generally within the city limits). While the Miami Metro area has a total of 13,031 apartments expected to 2019, ranking fourth among metro areas nationwide.
Hurricane Dorian: Floridians should feel the winds on Sunday
08 30, 2019
Hurricane Dorian turned officially a Category 3, making it a major hurricane, with a suspected landfall by Tuesday morning, right along the line within Martin and Palm Beach Counties as a powerful Category 4 storm. As the hurricane approaches the coast, more updates are being released by the National Hurricane Center. As of Friday at 2 pm, Dorian was strengthening in the warm Atlantic waters, with maximum supported winds topping at 115 miles per hour. “Dorian is anticipated to remain an extremely dangerous major hurricane while it moves near the northwestern Bahamas and approaches the Florida peninsula into early next week,” forecasters…
Revealed: Melo Group files plan for its biggest project to date
08 23, 2019
Edgewater might soon be the home of a new massive twin-tower developed by Melo Group. The developer just filed the plans for Island Bay, how the building would be called, which could be the biggest development for the company until now. The 60-stories towers would rise 648 feet above the ground, matching or surpassing the height of the tallest buildings intended or finished in the neighborhood. There is a total of 782 units planned between the two towers; renderings show a zig-zag design with the balconies. Melo Group is requesting approval from Miami-Dade’s Shoreline Review Committee for the proposal. The…
Study: Miami ranks at the top of the fastest-growing city in the U.S.
08 23, 2019
Miami is a the top of the list of the fastest-growing city in the United States, according to a new study done by researchers from Citylab. Miami is “perhaps the biggest surprise” on the list, said author Richard Florida. The analysts used the Census data from 2012 to 2017 of the top 50 U.S. cities, only big cities, no metro areas. The study shows that no other city had better job growth than Miami during that period; the number of employed in the city during that time increased by 24.1%, a result far ahead than any other city. As of…
Developers land $67 million loan for mixed-use hotel near Brickell City Centre
08 23, 2019
Robert Finvarb and Tony Cho, co-developers for a mixed-use hotel next to Brickell City Centre, closed on a $67 million loan, according to records. The company C-F Brickell Owner LLC obtained the funding from City National Bank to build on the collection of nearly 29,000 square feet of land at 115 Southwest Eighth Street in Miami. Plans for a 21-story, 264-key dual-branded hotel on the property were approved by the Miami Urban Development Review Board in 2018. Designed by Arquitectonica, the project would also include 25,000 square feet of retail space, structured parking, and a rooftop terrace. The project is located close…
Florida Earned $17.7b in Net Income In Just One Year From New Residents
08 16, 2019
A new study released by LendingTree shows that approximately 1,000 new residents are moving every day to Florida, generating significant gains in taxable income for the state. The new residents brought in a net of $17.7 billion in adjusted gross income, including those moving both to and from the state during the year, larger than any other state. The study concluded that Florida, so far, is the greatest winner in net income gains produced by residents moving from others state. The IRS data from 2016 was applied for the study – even before the State and Local Tax (SALT) deduction…
Photo: Residences by Armani Casa Soon to Open in Sunny Isles
08 16, 2019
Dezer Properties and Related Group, developers of Residences by Armani Casa, have issued a new aerial picture of the tower in Sunny Isles as completion nears. The building is expected to generate a total of $1 billion in real estate sales, with above $800 million already in contract. The 56-story tower is on track to open in November, according to developers. The picture was taken a little while ago; more progress has been made since then:
PortMiami is undergoing a historic renovation with multiple new terminals and developments
08 16, 2019
PortMiami, known as the "Cruise Capital of the World," has been the number one cruise passenger port in the world. It accommodates some of the largest ships and cruise operations in the world and is the busiest port on cruise lines and passenger traffic. Now the port is expanding, and many cruise lines are competing for the post of the best terminal. Only last year there was more than 5.6 million cruise passenger. The passenger count is expected to overgrow in the upcoming years, which explains the move from the companies to build bigger ships and massive new terminals. Here…
WYNWOOD’S First residential building leases more than 100 UNITS IN JUST 30 DAYS
08 10, 2019
Wynwood’s first major apartment complex reaches completion and applicants are flooding in to lease apartments, according to developers. Recently opened, Wynwood 25 features micro-units with apartment sizes starting at just 400 square feet; the project has already 40% of the units rented 30 days after the city issued a Temporary Certificate of Occupancy. The building includes 289 apartments, with pricing for studios starting in the low $1,400s, with three-bedroom prices reaching the low $4,000s. Around 80 percent of units are priced below $2000, and all include smart-home technology and ten-foot ceiling heights. Wynwood 25 features a fitness center and yoga…
Miami: more international than ever with residents born overseas at a new record
08 10, 2019
Miami's population is growing this decade. Foreign-born population, especially Cuban, is also at a new record level, according to a new census data published by the Herald. From 2010 to 2017, the most significant growth in Miami-Dade's foreign-born population came from: Cuba – up 120,000, or 21 percent. Total now at 700,000Dominican Republic – up 20 percent. Total now at more than 41,000Venezuela – up 21,000, or 57 percent. The total population now is at 61,000Brazil – up 24 percent. Total at 15,000Southeast Asian countries – up 20 percent. Total now over 11,000.Spain – up 29 percent. Total now at more…
Miami Worldcenter is set to change Downtown Miami, here is a list of every tower announced
08 10, 2019
Downtown Miami will pass through some significant transformation in the upcoming years, and Miami Worldcenter, the 27-acre project, is responsible for a large number of developments under construction or in planning. The Worldcenter it's considered one of the biggest urban development project in the United States, and the plans are still uncovering. Only last month, two new towers were announced, and more towers should come soon, aside from many projects being built in every direction nearby by other developers. Here is a look at every project proposed on site: Paramount Miami Worldcenter – Completed just a few days ago, the…
Miami's Mayor announces Second Lowest Property Tax Rates in Three decades
08 03, 2019
Last week, Miami commissioners voted to reduce the property tax rates in the city, making it the second-lowest over the past three decades, according to Mayor Francis Suarez in a social media video. With the new budget, the total millage rate for Miami is decreasing from 8.03 in 2018 to 7.99 this year. Nonetheless, the city still sees a jump in tax revenue due to a property boom. Taxable rates are up 10.5% for 2019 when adding new construction while existing prices are up 4.5%. Adjacent coastal cities with a density of high-value property also have a lower millage rate…
In 2020 Lincoln Road will celebrate 60 years since it was transformed into an open-air pedestrian mall. The iconic address, which developed practically alongside Miami Beach, features old buildings that marked Miami from the art deco or even earlier periods. Now the destination is preparing itself to be rebuilt with a new design at the cost of $77.4 million. Miami Beach commissioners have approved a funding deal this past week and construction should start in late spring of 2020, according to the press. Taxpayers citywide will carry most of the amount necessary to build the project. Property owners in the…
G7 summit: President May Host the event At Trump National Doral
08 03, 2019
Trump National Resort in Doral is a finalist to receive the G7 summit in 2020, according to Axios. It could be the first time Miami would host the meeting of leaders of the world's most influential countries. Nonetheless, Trump faces negative comments of his opponents. They already pronounced that hosting the event there could violate the compensation clause of the Constitution since the President would profit from hosting the summit. In 2012, Barack Obama planned to host the event in Chicago, but had to move it to Camp David due to concerns about safety and protesters in the urban area.…
Video: Ocean Terrace development agreement approved in exchange for a park
08 02, 2019
Commissioners from the city of Miami Beach gave the green light to Alex Blavatnik and Sandor Scher, developers of Ocean Terrace, to build 110 hotel rooms instead of 78. In exchange, they will invest $15 million to turn street portions and a parking lot encompassing the city block, into a public oceanfront park designed by Raymond Jungles, known by the Miami Beach Botanical Gardens and the promenade in front of 1111 Lincoln Road. Also included in the project is a 58-unit luxury residential building, 18,000 square feet of retail, and a 200-car parking garage partially within the shells of 12…
Downtown Miami may soon have its own Ferris Wheel at Bayside Marketplace
07 26, 2019
The application for Skywheel, how the attraction will be called, was recently submitted. The project encompasses a 176-foot slow-moving observation wheel with forty-two gondolas with a capacity to seat up to eight passengers each, for a total of 336 passengers, according to the document. The rides will last from 12 to 15 minutes, and the passengers will stay in a fully enclosed and climate-controlled gondola. At the base, you will find kiosks selling tickets and offering photo-souvenirs - tickets could also be purchased with a phone app. The ride will operate daily from 10 am to midnight, but it can…
New retailers are opening at Aventura Mall, Lincoln Road, and Bal Harbour Shops
07 26, 2019
Despite retail turbulence across the United States, various new stores have opened or are planning to open soon in South Florida showing that retail is not going anywhere. We made a list of a few new stores in Aventura Mall, Lincoln Road, and Bal Harbour Shops, check it out! Aventura Mall Hope & Henry opened its first store at Aventura Mall. The brand sells organic cotton pieces for babies, toddlers, and children, with a few items also available for adults.Calzedonia is open and offers swimwear and legwear, including hosiery, socks, but also beachwear including kaftans, dresses, tops, bottoms, jumpsuits, and…
Between the sales launch and construction, four years have passed, but Paramount Miami Worldcenter is finally completed. The developers, Dan Kodsi and Miami Worldcenter Associates, obtained a temporary certificate of occupancy for the bulk of the 60-story project’s units, up to the 38th floor. Closings should start soon in 569-unit tower, which cost about $500 million to build. Paramount is almost 90 percent sold with about $500 million in sales; buyers are from 56 different nationalities. Properties range from 1,180 square feet to 2,350 square feet, with prices starting at about $885,000, but varying in average to about $1.2 million,…
India and Pakistan interest in South Florida real estate is rising
07 19, 2019
Miami’s real estate market has been raising the interest of prospective investors from the Indian subcontinent, India and Pakistan, according to the Miami Association of Realtors. Although the economy and logistical opportunities are keeping a genuine groundswell of investment at bay — at least for the moment. The association releases a list with the countries that searched for properties in its website, and surprisingly, India was at the number two on the rank in 2018, while Pakistan was close behind at number five. One of their interest could be associated with the high number of EB-5 application coming from the…
Israeli developer proposing two towers in Downtown Miami
07 18, 2019
Israel’s Mishorim, publicly traded on the Tel Aviv Stock Exchange and based in Bnei Brak, Israel, has presented plans to build the Mishorim Towers in downtown Miami. Miami’s Urban Development Review Board is scheduled to review the proposal on July 17. Thirteen waivers were requested from Miami 21 zoning code requirements. Mishorim owns the parking garage on the site right now, which was built in 1973 on a .86 acre property. Kobi Karp is the architect for the project. Mishorim Towers is aimed to include: Twin towers, 63 stories (701 feet) and 55 stories (597 feet)1,006,004 square feet of floor…
Miami Beach's entrance is getting a new colorful pedestrian bridge
07 18, 2019
The winner is in, and the design for the bridge planned to be built at the main entrance of South Beach was chosen this past week, according to remiamibeach. The developers Russell Galbut and David Martin picked a colorful option by French artist Daniel Buren. The project is still missing the approval of the city's Design Review Board, which is scheduled to vote in September, and construction should start soon after. The bridge will have its construction funded by Miami Beach taxpayers through a bond program at the cost of $10 million. The artist called the project Miami Beach Canopy.…
Groundbreaking of the new $300M HQ from Royal Caribbean to take place later this month
07 12, 2019
Royal Caribbean's new global corporate headquarters will break ground this month. The $300 million project is being built at PortMiami. Plaza Construction, CBRE and architect HOK are overseeing the construction and they say it will become Miami's "first true corporate campus." "Plaza has been building iconic buildings in Miami since 2002 and is pleased to include Royal Caribbean in its portfolio," says Brad Meltzer, President, Plaza Construction. The campus will have at its center a 10-story, 350,000 square-foot building planned by HOK, landscaping will be composed of indigenous flora. The project also includes a soccer field, volleyball court, basketball court,…
Monorail between Miami and Miami Beach may finally be on track
07 12, 2019
Casino giant Genting Group is closer to build and operate a monorail between Miami and Miami Beach after getting county's approval this week. Together with BYD, they ensure the project could be done economically and fast. With the approval, the companies can now move forward with the bidding process for the transit system. The mayor Carlos Gimenez and the press already released this information: Cost The project will cost around $400 million. Genting will provide $150 million, and the remaining $240 million would come from local governments: $100 million from Miami-Dade, $100 million from the state of Florida, and $20…
Bal Harbour Shops secures $550 million loan for its expansion; one of Miami's largest construction loans ever
07 12, 2019
Bal Harbour is one of the most exclusive portions of Miami. Small and full of sophistication, beach with a turquoise green sea, an enviable collection of five-star hotels, art galleries, renowned restaurants and more boutiques shops in its famous Bal Harbour Shops. Thus, to keep at the top of the list amongst demanding tourists, the Bal Harbour Shops just closed a $550 million loan for its expansion and renovation process. The famous open-air mall should double in size, adding another 300,000 square feet. Accordingly, it will receive several new stores, among them, the giant Barney's New York with 57,414-square-foot space,…
Located in South Florida, famous for the beaches and beautiful warm weather year-round, the fusion of local and foreign cultures reflected in its daily life, international connections, tax benefits, and its attractive real estate market, Miami has become one of the most desirable cities in the world for those who want to invest in the US market. In addition to this dynamic and highly projected panorama, other data have enticed the interest of investors. Matias Alem, CEO of BRG International, a company that has been accompanying the investment processes of many foreign clients through processes of property purchases, rents, property…
Zaha Hadid's One Thousand Museum: closings starting next week
06 29, 2019
One Thousand Museum Residences, by the late Pritzker Prize-winning architect Zaha Hadid, obtained its temporary certificate of occupancy; closings will start as early as next week, as per developers announcement. The developers Louis Birdman, Gilberto Bomeny, Gregg Covin and Kevin Venger, along with Hadid, broke ground on the 62-story, 84-unit condo tower in December 2014. The developers are now trying to score a $331 million condo inventory loan for the building, they even consulted Lotus Capital Partners, as The Real Deal recently informed. Offers were due in mid-June. The project, Hadid’s first and final residential condo tower in the western…
Board gives the green light and Seaplanes could soon be flying from Miami
06 29, 2019
Seaplanes could soon be flying from downtown Miami waters after plans for the Seaplane Base were recently approved. The project includes a 44,838-square-foot terminal, a 3,600-square-foot hangar, and 51 parking spaces. A current building on the site will become a restaurant. Last week, Miami's Planning, Zoning & Appeals Board voted in favor of the plans. The legal dispute over the development has also been settled, informed the website Law.com. The Miami Seaplane Base was established in 1919 before the adoption of the first Zoning Code of the City of Miami in 1934. It was recognized as an existing public airport…
Giant UK-Based Co-Living Operator Expands US Footprint
06 21, 2019
The Collective, a British developer of the world's largest co-living community, which has 8,000 units operating or under development in the UK and continental Europe, is expanding to the United States and Wynwood was chosen to host its fifth operation in the country. The project will cost $210 million and will have 325,000 square feet with eight to 12 floors and will include co-living spaces, restaurants, galleries, and art studios. The project will start construction in the next 18 to 24 months. The site is located at 2825 NW Second Avenue, which is the current address of Wynwood Gateway. Right…
Updated: List of 10 towers planned to go vertical in Downton Miami in the next months
06 21, 2019
In the next few years, Downton Miami's skyline will go through many transformations, starting with a collection of new skyscrapers. To keep you on the loop, we have made a list of a few towers with more than 500 foot that are confirmed to begin construction in the next 12 months. Only projects over 500 feet were considered, so the list does not include projects such as Yotelpad, for example, or Caoba 2, CitizenM and Miami Plaza, as well as those that are already under construction. Now, let's go ahead and check the list of projects: Aston Martin Residences (Featured…
Announced 48-story project in Miami sponsored by Airbnb
06 21, 2019
This week the city of Miami received the announcement of a new development called Natiivo, a 48-story tower that would be the first project in the city to be "sponsored by Airbnb," with units designed for short-term rentals. Natiivo will collect 25% of revenue from management, as well as another 3% of Airbnb listing fee. Natiivo, next to Miami Worldcenter, will have 604 units, of which, 400 will be for sale, and the remaining will be promoted as hotel rooms. The apartments for sale will be in the range of $300,000 to $ 1,2 million. The units reserved for the…
Related Group reveals One Island Park in Miami Beach
06 14, 2019
Related Group has the approval for construction of the luxury condo tower One Island Park on Miami Beach's Terminal Island moving along nicely. To gain the city's support, the company is proposing to also build a new 50,000-square-foot city fleet maintenance and sanitation facility at no cost to taxpayers. Recently, the City of Miami Beach Commission collectively voted to indicate the proposal to the City's Land Use and Development Committee. "We are pleased with the 'Commission's vote to move One Island Park forward in the review process and look forward to delivering a new, upgraded City maintenance facility at no…
Fastest growing tech scene boosts real estate in Miami
06 14, 2019
A new report released by the Financial Times puts Miami as the place to be if you are looking for technology jobs, which also serves as a booster to the real estate market of the city. The numbers are impressive; the tech industry was the fastest growing business in Miami-Dade between 2012 and 2017. In total, there were 11,440 job opportunities, up 40 percent during the five years term, according to the county economic development organization. Another statistic, this time coming from the Brookings Institution, shows that the tech scene in Miami is growing faster than in San Diego, Boston,…
Back on top: Miami attracts Brazilian real estate investors
06 14, 2019
After two years of recession, the financial market is showing gradual signs of recovery in Brazil. The confident forecast corresponds to the interest of Brazilian foreign investors in South Florida real estate; the numbers are so positive that the Miami Association of Realtors declared the country was among the top foreign countries buying homes in the city in 2018. However, South Florida has attracted Brazilian investors for some time, not only as an alternative to their country's real estate market, to invest and establish a source of income in dollars, but also as second homes to high-end buyers. All due…
Miami Freedom Park: Beckham Group Reveals New Renderings
06 07, 2019
A new Miami Freedom Park website, attributed to David Beckham and his partners, is live; in which we can see new renderings of the park and more details of the concession proposal submitted to the city of Miami. “We look forward to working with the City of Miami to finalize the voter-approved, fair-market-value lease agreement that provides residents with an expansive public park, 11,000 construction jobs, 2,300 permanent jobs and more than $40 million in tax revenue, while using zero City taxpayer dollars,” said Jorge Mas, managing owner of Inter Miami CF. The terms of the lease includes: A 99-year…
First Interior Renderings from Okan Tower is released; Construction is Planned This Year
06 06, 2019
The Okan Tower project, an all-glass tower inspired by the Turkish national tulip flower, has launched the first interior rendering of the luxurious 70-story project. Until now, only external renderings were released. With construction starting this year, according to representatives of the developer, they are moving ahead with turning reservations to contracts. The project is 20% sold.
Sawgrass Mills announces multimillion-dollar renovation, the mall's largest to date
06 06, 2019
Sawgrass Mills, a massive alligator-shaped outlet mall in Sunrise, the country biggest outlet mall and amongst the largest malls and tourist destinations in America, will have its common area remodeled by late 2020, just in time for the mall’s 30th anniversary. “Sawgrass Mills has evolved into a renowned global shopping destination,” stated David Gott, Sawgrass Mills General Manager. “The center has gone through six expansions and brought a long list of retail, dining and entertainment firsts to the market in its 30 years. We are excited to embark on the property’s largest renovation to date in our mission to deliver…
More Wealthy Moving to Florida Than Any Other State
05 31, 2019
The wealthy population of the United States was seeing ditching their high-tax states for Florida in the last few months, but a new study released by Bloomberg shows that the migration period started even before the tax changes had made the state more favorable to live. Bloomberg examined data from the Census Bureau and IRS during the years of 2016 and 2017. The results confirmed the state had gained the biggest amount of income due to migration in comparison to other states, surprisingly more than the seven times runner up Texas. The state of Florida earned $17.2 billion in net…
ISG Miami has recently released a new report analyzing Miami's current condo cycle and predicting what is yet to come. The study shows us developers have 2,101 new development apartments left to sell from this cycle, of those, 587 units were delivered, 1,331 are under construction right now, and 183 are in the pre-construction phase. Our current cycle began in 2012, and it is essential to note that the pipeline of new units excludes projects that have been filed in the last seven years and also does not include units available in the MLS. "We're calling this the supply shock,"…
The distinguished architect Carlos Zapata is designing a new project called 555 River House in Miami, and it promises to change some of the Miami River area. With 175 hotel rooms and only 39 residential units, apartments will be sold at an average price of $1 million to $1.5 million ($1,150 per square feet). Sixty Hotels will run the hotel rooms and brand the residential units. Residents will share amenities with hotel guests. Another architect for the project is the office of O'Donnell Dannwolf and Partners. The project will also include: Three separate buildings 600-foot public riverwalk 120,000 square feet…
Miami Beach convention center hotel is redesigned; review is coming next
05 24, 2019
A new design for the Miami Beach Convention Center hotel has been modified and resubmitted for review. The new renderings show significant engineering modifications, including a design with less glass. The project will be built in place of the current surface parking lot next to the Convention Center. A one-story office building and the one-story and two-story sections of the back of the Fillmore Miami Beach, in the Jackie Gleason Theater building, will also be demolished. The plans kept the same number of hotel rooms: 800, plus 320 parking spaces. The tower itself remains the same, with 17 floors, but…
Construction of the largest mall of America is moving full speed ahead
05 24, 2019
The construction of America's largest mall is coming closer, according to a lobbyist and lawyer for developer Triple Five. In addition to the sewer project for the site being in an advanced stage, bids are being awaited until the end of the month for a state contract to extend the Turnpike and add capacity. A site plant has not yet been sent to the county, but experts say the wait is reasonable, as a project of this magnitude takes time to be designed. The project in the city of Miami will include 7.2 million square feet with towers as tall…
High Demand: 57 Ocean is Redesigned to Accommodate 10 More Units
05 24, 2019
After selling more than half of the sky residences, Multiplan Real Estate Management, the developer of 57 Ocean, is adding ten more of those units due to increased demand. The boutique luxury condo planned for 5775 Collins Avenue in Miami Beach, will now count with 71 units, bringing the number of sky residences to 18. Marcelo Kingston, managing partner, informed that the new units would be located on the south and north corners on the upper floors. Each sky residence sums more than 5,000 square feet of indoor and outdoor space, with 12-foot-deep terraces overlooking the city and the ocean…
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…
