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…
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…
