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…
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…
