Gil Dezer: Northeastern millionaires are flocking to SoFla
01 19, 2019
Dezer Development’s Gil Dezer dabbled in a few topics, between politics and Florida’s beneficial tax laws on CNBC’s Squawk Box on Thursday. He participated in the segment called “Florida’s Millionaire migration” and discussed how wealthy Northeasterners are buying property in South Florida to establish residency in a state where there is no state income tax. “A business owner making a million dollars a year will actually be saving enough money in taxes to support a $2 million mortgage in Miami,” said the president of Dezer Development. “That’s really what’s driving sales right now.” When asked about the numbers of Russians…
Tourism in Miami sets record in 2018, surpassing 2017 gains
01 19, 2019
Tourism had “a record 2018, building on a record 2017,” said Rolando Aedo, chief operating officer of the Greater Miami Convention & Visitors Bureau. Hotel occupancy rates and average room rates up, as well as the revenue per available room (RevPAR). “RevPAR is what the hotel industry really cares about; it’s the holy grail," said Aedo. For the first 11 months of the year, room rates up 5.7%, occupancy countywide was up .07%, and RevPAR “experienced a healthy gain” of 6.6%, he said. On Miami Beach, occupancy was up 4.9%, rates 9.5% and RevPAR a significant 15.1%. The reason is…
First tower at $4B Miami Worldcenter project completed
01 19, 2019
Miami Worldcenter now finished the first building of the 27 acres mixed-use project in Downtown Miami. According to a press release, CIM Group and Falcone Group completed Caoba, a 444-unit rental tower at 698 Northeast First Avenue. For a 349-square foot studio apartment, considered as a micro-unit in Miami, rents start at $1,774. The Paramount Miami Worldcenter is the next one to be delivered, a 60-story condo tower with more than 500 units, which is 85 percent sold with about $400 million in sales. The development of the mixed-use project is managed by Art Falcone and Nitin Motwani with a…
'Miami can compete against Silicon Valley,' ParkJockey co-founder says
01 12, 2019
South Florida’s technology sector was in the spotlight again after gaining another startup valued over $1 billion. Thank ParkJockey for the national attention: In December, the Miami-based parking technology scored hundreds of millions of dollars in investment from SoftBank, a giant Japanese corporation that has backed some of the most valuable startups in the world, including Uber and WeWork. It was the type of deal ParkJockey co-founder Umut Tekin expects to see more of in the local startup scene. “I think more companies like us will appear on the map after this,” he told the Business Journal. “Miami can be a hub and…
Cruise companies capitalize on demand for larger, luxurious ships
01 12, 2019
As South Florida continues its reign as the world’s capital of cruising, local industry giants are spending millions of dollars to launch their biggest ships yet and construct new terminals to accommodate them. Carnival Corp., Royal Caribbean Cruises Ltd., and Norwegian Cruise Line Holdings Ltd. – all based in Miami-Dade County – are spending big money to expand their fleets. It couldn’t come at a more strategic time, as the popularity of cruising continues to rise and the sector is expected to serve 30 million people this year – up 6 percent from 2018, the Cruise Lines International Association reports.…
The Best Markets For Real Estate Investments In 2019
01 12, 2019
This coming year, most real estate investors will want to stay away from the cities with soaring prices, where they’re more likely to end up holding the bag than to strike it rich. If you’re looking for a good place to put your money, you should consider Orlando, Fort Lauderdale, and Jacksonville in Florida. Despite feel-good talk about how well the economy is doing, it’s been adding jobs at the lowest rate in eight years. And despite the boom in tech, most new jobs are at the modest end of the pay scale, where inflation-adjusted earnings for the average worker…
The Related Group sold the hotel component of SLS Brickell for $43 million, property records show. PRH 1300 Hotel LLC and PRH 1300 Shared LLC sold the 124-key hotel at 1300 South Miami Avenue to Brickell Miami LLC, a Delaware company managed by Francois Faber of Fiduciaire Fernand Faber, an accounting and tax firm based in Luxembourg. The deal breaks down to about $347,000 per room. The buyer also signed a management agreement with SBE. Jorge Pérez’s Related completed the 55-story building in 2016. Designed by Arquitectonica, the tower also includes 450 condo units and two restaurants, Bazaar Mar by celebrity chef…
While condo developers have long reigned as the kings of South Florida’s development world, new-apartment developers are starting to pose a challenge to the throne. Large out-of-state investors such as Mill Creek Residential and Greystar Real Estate Partners — which is developing the Blu on Marina Boulevard Apartments in Fort Lauderdale — see the area as an attractive destination to build in, due in part to the area’s expected population growth. And some of South Florida’s biggest developers, like Related Group, Terra Group, and Mast Capital, are also building Class A trophy projects in Miami and Fort Lauderdale as the…
More Americans Moving To Florida Than Any Other State In 2018
01 05, 2019
Americans continue to pour into Florida at a rapid rate, according to newly released Census data. From July 1, 2017, to July 1, 2018 Florida had net domestic migration of 132,602. The level of domestic growth was higher than any other state in the U.S. Since 2010, Florida has gained a total of 1,160,387 people from net domestic migration. For overall numeric growth (including birth and deaths along with international migration), Florida ranked second with 322,513 new residents for the year. Only Texas ranked higher with 379,128 new residents. New York was the biggest loser for the year with a net population loss of 48,510. Overall,…
[embed]https://vimeo.com/307693499[/embed] Our annual “Art + Real Estate” capped off a successful 4th Edition; this year we had the honor to exhibit the works of the Brazilian artist Nina Pandolfo. One of the many highlights of the night was the newly-finished Experience Room, where guests enjoyed an interactive virtual reality walkthrough of the artist’s studio and also the penthouse model of our partner, Oceana Bal Harbour. Each year we have the opportunity to grow and become the “after party” for art enthusiasts visiting the Art Basel fair at the Miami Beach Convention Center during the VIP day. We want to thank…
After buying Miami Beach mansion, Dj Khaled lists property in Aventura
12 14, 2018
After paying $21.75 million for his 13,000 square-foot waterfront mansion on Pine Tree Drive in Miami Beach, DJ Khaled is ready to let go of the keys to his waterfront Aventura property listed for $8 million, a precious and cozy 6,697 square-foot home with five bedrooms on Island Estates Drive. In 2014, records showed DJ Khaled, whose real name is Khaled Mohamed Khaled, bought the four-story property built in 2001 for $3.84 million. The residence features14-karat gold chandeliers with Swarovski crystals, wine room, a granite staircase, chef’s kitchen, pool, and Jacuzzi. Khaled also owns a $9.9 million 10,700 square feet mansion…
More developers are adding landing pads for flying cars
12 14, 2018
As Uber and Airbus prepare to introduce personal transportation drones, landing pads are emerging as the latest futuristic amenity at condominiums for the wealthiest buyers. In Miami, three luxury condos will feature flying cars landing pads, and their future residents that represent 1% out of the population, for example, would travel by air while the other 99% would be stuck in traffic. “These flying-car projects are the real deal,” Dan Kodsi, a Miami condo developer and recreational pilot, told the New York Post. “They are funded. NASA is involved. It’s not just science fiction anymore.” Personal transportation drones developed by…
Thanks to well-known architects and foreign entrepreneurs, Miami’s Luxury Real Estate Market is Heating up
12 14, 2018
That’s a wrap, everyone. Art Basel ended and was in full swing in Miami, but it wasn't just last week that all eyes were on the city. Luxury high-rise developments have observed a growth over the past ten years, and it doesn’t look like this demand is slowing down. The biggest names in architecture are on the market. There is already the most expensive penthouse listed at $68 million at Renzo Piano's building. The One Thousand Museum Residences designed by Zaha Hadid have starting prices at $5.8 million up to $21 million as well as Jean Nouvel bringing prices ranging…
BRG International Kicks Off Art Basel Miami Beach with a Celebration of Nina Pandolfo
12 08, 2018
The private exhibit marked the kickoff of Miami Beach's Art Basel 2018, one of the largest international art fairs in the world. The influx of arriving international visitors, celebrities and art collectors offers luxury real estate brokers unparalleled access to the most affluent buyers participating in the event. The Wednesday evening event, hosted by BRG International, welcomed about 200 art enthusiasts. "Art Basel Miami Beach gives real estate brokers and developers a significant opportunity to interact with the art community. The annual fair attracts international attention and is the only time of the year where curators, collectors, investors, and high…
Owner Of Treasure Island Las Vegas Buys Casino Miami, Hotel Planned
12 08, 2018
Casino Miami (formerly Miami Jai Alai) has been sold to Treasure Island Las Vegas owner Phil Ruffin. Ruffin, who is a billionaire, intends to develop a hotel on the property, a spokesperson told the Las Vegas Review-Journal. Casino Miami is said to have 21 developable acres. “We plan to bring Las Vegas to Florida,” Ruffin told the Miami Herald. The purchase price was not disclosed, but the property last sold in sold in 2014 for $155 million. Casino Miami is now more valuable after Florida voters passed Amendment 3 last month, which will make expansion of gambling much more difficult, The Ruffin spokesperson said.…
Once-contentious Sunset Harbour project scores approvals from Miami Beach
12 08, 2018
Deco Capital Group secured key approvals from two Miami Beach boards over the past week and is moving forward with its plans for a scaled-back development in the Sunset Harbour neighborhood. Bradley Colmer, managing principal of Deco Capital, said the developer has all the city approvals it needs now that it got the OK from the planning and design review boards, but it’s still facing opposition from the nearby Beach Towing Services, which is appealing the project’s approval. RWN Real Estate Partners, a New York-based private equity firm backed by billionaire Marc Rowan, is a majority partner in the project.…
Dezer May Be Planning 749-Foot Tower To Replace Thunderbird In Sunny Isles
11 30, 2018
Gil Dezer may already be working on his next development in Sunny Isles, taller than anything he has built so far. Recently, an application was submitted to the Federal Aviation Administration to build a tower at 18401 Collins Avenue, agency records show. According to the application, the tower will rise 741 feet above ground, or 749 feet above sea level. No tower in Sunny Isles has yet surpassed the 649-foot mark, but Estates at Acqualina has asked for approval to build two towers at 749 feet. Days Hotel by Wyndham Thunderbird Beach Resort is currently operating at the site, with Dezer…
Diesel Living Condos Wynwood Set To Launch Sales In Early 2019
11 30, 2018
Diesel, the Italian fashion brand, has announced plans to build a Diesel Living condo building in Wynwood. There will be 143 loft-style units in the new building, with 24,000 square feet of ground-floor retail. Sales will launch in the first quarter of 2019. “Diesel Living is the first true concept of modern living by a fashion brand. It reflects the lifestyle of today’s young generations, moving around the world and living life on their own terms. It reflects their ‘social’ way of interpreting their residences, spaces where they live, work and entertain with friends – spaces that say a lot…
Miami One Of The Fastest Growing Cities In The World For Offshore Capital
11 30, 2018
Private bankers say that Miami is now among the fastest growing recipients of offshore capital in the world, according to Bloomberg. Recent tax amnesty laws in Argentina, Brazil, Chile, Colombia, and Mexico have helped capital emerge from the shadows, benefiting Miami. Economic and political crisis in parts of South America have also helped fuel Miami’s growth. Itaú Unibanco Holding SA says Miami is now their fastest growing office. The bank manages $13 billion in assets in Miami, out of $23 billion in total offshore holdings. Ten years ago, the bank had just $3.4 billion in offshore assets. The wealthy are increasingly attracted to…
Waldorf Astoria's Sales Gallery is now under construction
11 21, 2018
Waldorf Astoria, one of the tallest buildings being planned in Florida with 1,049 feet in height, has their sales center underway, with workers installing wood paneling; interior build-outs are next. Designed by Sieger Suarez Architects, the skyscraper will resemble a pile of unevenly stacked glass cubes. With 500 luxury condos planned, developers had projected to top $1 billion in sales. The Waldorf Astoria Hotel and Residences Miami, planned to be located at 300 Biscayne Boulevard, will mark the introduction of the Waldorf Astoria brand in Miami. Pre-sales aren’t scheduled to begin until late 2019.
Ultra Music Festival has a new home in Virginia Key
11 21, 2018
Kicked out of Bayfront Park, Ultra Miami found its new home on Virginia Key - at least for the 2019 edition. Miami commissioners approved by four votes to one a contract for Ultra to be carried out on site. The organization is rushing to streamline the next edition in March in two neighborhood settings: the park near Miami Marine Stadium and the historic Virginia Key Beach Park. The production of the festival will have to pay $2 million dollars, and half of that amount should be used to help build the city's first Afro-American Museum - until the mid-twentieth century,…
After partnering with Richard Branson, Brightline is now Virgin Trains
11 21, 2018
Richard Branson's Virgin Enterprises Limited has announced the purchase of a minority share of Miami-based Brightline; with the acquisition, the company will be known as Virgin Trains USA as part of the licensing agreement. Soon after the purchase announcement, the company filed to go public. Branson, who visited Brightline operations about a year ago, said: “It was clear from that our first visit that Wes Edens, Brightline’s founder, and his team had an exciting vision and the skills for American rail travel that no other private American enterprise has been able to do for a century.” The company plans to…
New Upzoning: Taller buildings and Micro-Units are Welcome in North Beach
11 16, 2018
After approval by residents to endorse a zoning increase for a ten-block area of North Beach, the city of Miami Beach approved the voter-mandated upzoning that creates space for developers to build taller buildings and micro-units. With the new changes, property owners are allowed to build twice as much in the Town Center area, between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue, and 69th Street. Boosters expect the new zoning to help increase the economic development of the area seeing as forgotten. Robert Finvarb, a developer, said the new zoning would allow him to build two 220-foot-tall buildings…
Video: 3-Acre Park Coming To Alton Road After Commissioners Approval
11 16, 2018
Another park is also coming to Miami Beach after developer Russell Galbut received approval by city commissioners. The park, which developer has to pay for and oversee construction, is a requirement to build a high-rise condo tower on Alton Road. The park will be linked to the bay walk that runs through South Pointe Park by a pedestrian bridge that will be paid by taxpayers through a bond issuance approved last week. The former South Shore hospital on site right now should be demolished in the next six months after all approval and appeal periods have expired. The developer will…
Coming Soon: Miami Beach is Getting a New 19.4-Acre Park
11 16, 2018
After voters’ approval, Miami Beach’s prior Par 3 Golf Course will be transformed into a 19.3 acres public park. $15.7 million of the $439 million in bonds approved were set aside to build the park. Because the land was found to contaminated with a significant amount of arsenic, environmental remediation is also planned for the site. For now, the initial plans done by Savino Miler Design Studios shows a park surrounds a lake, with walking trails, a dog park, gardens, butterfly gardens, play areas and several parking lots.
New renderings of the 44-story condominium to be built on Alton Road
11 09, 2018
Miami Beach's Planning Board just voted in favor to build a condo on 500 Alton Road planned by Crescent Heights. To move forward the project still needs four separate votes, including two commission votes. The 44-story condominium tower, or 484 feet, will feature 410 luxury units with 15,000 square feet of retail area. Since the building will be much taller than the city's allowance, as part of the deal, Crescent Heights will also build a 3-acre park with an elevated pedestrian path, plus a pedestrian overpass between South of Fifth, Alton Road and MacArthur Causeway. The mayor Dan Gelber supported…
Amazon Plans to Split HQ2 Evenly Between Two Cities; Miami still on the race
11 09, 2018
The location of Amazon's new headquarters remains a mystery, and the dispute is now between two cities since multiple reports point to the company splitting the HQ2. The last-minute change is good news for Miami. “Accommodating half the people makes it exponentially easier,” Miami Worldcenter Managing Principal, Nitin Motwani, told the press. Miami’s odds are now better “given we don’t have industry and infrastructure on the scale they are talking about, but we have an incredible place to live,” Motwani added. Headquartered in Seattle, Amazon has been looking for a new home for over a year. Since the disclosure of…
Yes! Miami voters approve David Beckham's Soccer Stadium and Convention Center Hotel
11 09, 2018
Above Rendering: Convention Center proposed Hotel in Miami Beach Miami voters went to the ballots and voted "yes" to continue with the negotiations to build a soccer stadium on public land. Miami Freedom Park will host the Major League Soccer (MLS), a soccer team led by well-known player David Beckham. He was in South Florida on Thursday to campaign for what is expected to be an authentic "technological" complex. The Arquitectonica-designed stadium has 25,000-square-foot with a capacity for 28 thousand spectators, besides more than 1 million square feet of a retail component and office space, plus 750 hotel rooms. Beckham…
After hiring contractor, Skyrise sets groundbreaking to 2019
11 03, 2018
Skyrise Miami, the 1,000-foot-tall observation tower, hired Plaza Construction as the project’s general contractor to begin construction in 2019 with a completion date set for 2023. Designed by Arquitectonica, Skyrise Miami is planning to feature diverse decks, a “drop tower-style” ride going up to 95mph and an indoor secured free-fall system. Panorama Tower in Brickell is currently the tallest building in Florida at 868 feet. When completed, Skyrise Miami will become the tallest in South Florida and will create competition for other developers.
The Underline: Miami's 10-mile linear park and urban trail breaks ground
11 02, 2018
Following the footsteps of New York, Seoul, and London, Miami is the newest city to host a project like the High Line. The project broke ground this past Thursday, after getting a $ 14 million agreement approved by Miami-Dade commissioners to build the first half-mile of the project off Southwest First Avenue in the Brickell area. The 10-mile park is expected to cost about $120 million, with another $3 million required to maintain the park each year after that. The "Brickell Backyard," segment recently funded, represents only 5% of the entire Underline. Success in the United States, the model seeks…
Miami voters approve hotel construction in Jungle Island, new renderings were released
11 02, 2018
After approval by voters to build the hotel in Jungle Island, ESJ Capital Partners, an Aventura-based developer, has released new images of the project, in which they would transform the theme park of Watson Island in a complex oriented towards ecological adventure. Approximately 60% of Miami voters leaned towards a lengthening of the lease contract for the attraction until 2099, to allow the construction of the hotel that will have 300 rooms on public property. ESJ recently submitted plans to the city of Miami for construction of the project. Elie Mimoun, an ESJ managing partner, revealed that this new hotel…
Trump Group signs a $600M contract with Coastal to build Estates at Acqualina
10 26, 2018
The Estates at Acqualina developer, the Trump Group led by Jules and Eddie Trump, closed a $600 million contract with Coastal Construction to build the towers and the amenity villa of The Estates at Acqualina, project located in Sunny Isles Beach. With the contract signed, the expectation is to start construction right away, said Jules Trump. “We’re very excited to move forward building the world’s finest residences,” he said. Last week, Trump also requested approval to the Federal Aviation Administration to build the project at 700 feet above sea level or 692 feet above the ground. If approved, it will…
The Clevelander and Essex House in Miami Beach sell for $28M
10 26, 2018
The Canadian group, Jesta Group, has purchased the iconic Clevelander Hotel South Beach in Miami Beach and an adjacent hotel, Essex House Miami Beach, for $28.5 million. The Clevelander Hotel located at 1020 Ocean Drive was deeded from 2K South Beach Hotel LLC, with Jonathan Neeley has its manager at Brio Investment Group, for $20.6 million to Clevelander Holdings, managed by Jesta Group CEO Eric Aintabi. The new owners signed a 10-year lease agreement, renting the hotel and restaurant, to an entity called Clevelander Ocean, also managed by Aintabi. UBS AG granted a 10-year, $42.5 million mortgage to both the…
José Peres, owner of Multiplan, launches sales of Miami Beach condominium
10 26, 2018
Moving forward with the construction of 57 Ocean, in Mid-Miami Beach, Brazilian billionaire José Isaac Peres, owner of Multiplan, announced the ongoing development of the project's Sales Gallery. The center will cost $2 million, and it should be ready in time for Art Basel in December. Multiplan, which is self-financing the project, plans to build an 18-story luxury condominium with 81 units, with prices ranging from $1.5 million to $31 million. Features will include Italian kitchens, 10-foot ceilings, 12-foot terraces, and private elevator entrances. Amenities include an outdoor yoga deck, a spa with a thermal suite, infinity pools, a sundeck,…
Want to know which celebrities bought mansions in Miami this year and who cashed out? We have a list
10 19, 2018
Miami is a preferred city for tourists, and for those looking to live next to paradise beaches with amazing weather year-around. Which doesn't surprise us why the town is the perfect destination for the rich and famous, especially this year with the real estate boom and the influx of investors; we will give you a list of big stars who sold or invested in properties in Miami. Here is a list of the stunning mansions: DJ Khaled - $25.9 million The superstar recording artist and hip-hop personality DJ Khaled is investing on his South Florida roots. A 13,000 square foot…
Airbnb celebrated 10 years, what has changed since then?
10 19, 2018
In the summer of 2008, Airbnb was born to provide accommodation for those who settled for an "Air Bed and Breakfast" offered by a local resident. Ten years later, and more than 5 million "hosts" in 81,000 cities, the giant of the collaborative economy has raked in $2.7 billion to date. While many may assume that there are only little mom-and-pop operations, the platform has been proving that more pros are joining the game each day. Which explains the number by the National Multifamily Housing Council that estimates about 65% of Airbnb bookings were in multifamily buildings, units in condos,…
P-Lot Park: South Beach will receive a new 5.8-acre park soon
10 19, 2018
The city of Miami Beach will soon receive a new park in South Beach, in the 5.8-acre that was being occupied by the construction crew working at the Convention Center. For now, the park is being called the P-Lot Park. According to a memo recently released by city manager Jimmy Morales, construction documents have been completed and are promptly in the process of permitting. West8, a landscape architecture company, it's responsible for designing the new park, they also developed Miami Beach Soundscape next to the New World Symphony. In November, contractors will receive an invitation to start bidding for construction.…
More than a century ago, in 1913, the government was introducing a deduction in its tax system that allowed the reduction of taxes paid, at the state and municipal levels, when paying the taxes demanded by the Federal Treasury. However, in December of 2017, the Senate passed a tax bill that would change this rule that was benefiting taxpayers in territories with higher taxes. What did that mean to Florida? Since then, the estate is receiving many investors - fleeing from states such as New York, Connecticut, and even California -, with open arms, breathtaking ocean views, and competitive real…
Amazon executives reportedly returned to Miami for another HQ2 visit
10 12, 2018
Miami recently received a second visit of Amazon's executives looking for possible areas for its substantial second headquarters (HQ2), said anonymous sources to South Florida Business Journal. The tour was essential to put the city among a few still left in the running for the HQ2. Amazon finished its site visits for HQ2 in May, and little news comes out about follow-up visits. Some may not believe in Miami's potential to win the battle against cities like Boston and Washington, D.C., for example, due to its lack of a more significant technology workforce or top-rated universities. While others tried to…
First look: Royal Caribbean's new PortMiami cruise terminal is nearly completed
10 12, 2018
Take a first look at the ‘Crown of Miami,’ Royal Caribbean's new 170,000-square-foot cruise terminal only a few weeks away from opening, scheduled for November. The architecture firm BroadwayMalyan is responsible for the design considered as a landmark building for the port. The design evokes to what seems to be a crown when passing by on the water side and the ‘M’ of Miami when viewed from the east or western approaches, there is also a sense of waves rising or ships passing when seen from the terminal side. The cruise terminal will become home to massive cruise ships, such…
With 30 properties around the world, the Waldorf Astoria Hotels & Resorts, the luxury brand of the Hilton hotel chain, will soon land in Miami, announced Hilton Worldwide. The grandiose and ambitious architectural project, promises to mark the local skyline and when finalized, it will be one of the tallest buildings on the entire East Coast. Property developer PMG (Property Markets Group) has joined Greybrook Realty Partners private equity fund to make it a reality. Although there is no date to debut, the tower's design was already revealed. Sieger Suarez in partnership with Carlos Ott, designed the innovative project of…
Estates at Acqualina gets $558 million in construction loan
10 05, 2018
Estates at Acqualina, an ultra-luxury twin-tower project in Sunny Isles, has received construction financing by the Bank OZK — formerly Bank of the Ozarks, marking the most significant condo construction loan in Miami so far this cycle. The project is now set to go vertical. The project is valued at $1.5 billion, with twin towers rising 50 stories each, or 649 feet – the maximum height permitted in the area. A total of 245 condos are planned between the two towers, with units ranging from 3,287 square feet to over 12,000 square feet for the largest penthouse. The standard condos…
EB-5 Program is extended again, this time until December
10 05, 2018
The US Congress has again extended the deadline for issuing the permanent EB-5 visa to investors willing to contribute at least $500,000 in American soil. This time the program was extended until December 7th of this year; the previous term ended on September 30th. This is the second time in 2018 that the US government extends the deadline for issuing the visa. The extension of the term opens a new window of opportunity for investors interested in this visa, before possible changes in the program. The EB-5 is a form of visa granted to those who invest a minimum of…
Take a look at Jean Nouvel's Monad Terrace in South Beach
09 28, 2018
New renderings were unveiled from Pritzker Prize-winning Jean Nouvel's first project in Miami, Monad Terrace, while the works on site are in full swing. Designed in collaboration with Kobi Karp, the building is set to rise on West Avenue in South Beach, setting a new architectural standard and climate resilience for the city. In the renderings, we can see the angular facade and its customized "honeycomb screen" integrated with the glass curtain system that will significantly reduce glare and heat without blocking the view. The abundant native vegetation throughout the site and the elevation of the balcony will provide an…
Another one! DJ Khaled is buying a $26M mansion in Miami Beach
09 28, 2018
One of the most recognized names in international music, whose real name is Khaled Mohamed Khaled, aka DJ Khaled, is under contract to buy a $25.9 million home in Miami Beach. Douglas Elliman is representing the seller, Michael Lerner, who popularized the "Baby on Board" sign. The 13,000-square foot residence is located on Pine Tree Drive and occupies a 1-acre lot, with approximately 105 feet of waterfront on the Indian Creek Waterway. The house features five bedrooms, a swimming pool, a gazebo, and a home-theater plus a guesthouse with four bedrooms. Lerner paid $4.95 million for the site in 2013,…
South Beach might be getting a new park, with Restaurants, Retail and Residential units
09 28, 2018
A new park may be arriving in Miami Beach, Sunset Park, as the project will be known, was submitted for approval by Miami Beach's Planning Board. The project of more than 50,000 square feet will include five floors of retail, residential and parking. If approved, the park will be built in Sunset Harbor on .77 acres that now accommodates buildings slated for demolition and empty lots. The commercial space totalizes 18,292 square feet; two restaurants and two cafes are already on the plans with 100 seats each. 12 residential units are also proposed on the third, fourth and fifth floors.…
Vertical construction officially begins at Missoni Baia
09 21, 2018
Construction is underway at Missoni Baia, in Miami's Edgewater neighborhood. After eleven months of foundation work, the building is coming out of the ground. Spectacular oceanfront homes are priced at $ 500,000. Missoni Baia will offer 1 to 5 rooms, and when completed the project will rise 649 feet above sea level in 57 stories. Units will feature panoramic views of the city, Biscayne Bay, Miami Beach and/or the ocean from spacious terraces and floor-to-ceiling glass. Gourmet kitchens and luxurious master suites will complement the exclusive condos. Missoni Baia amenities will focus primarily on health and wellness. The development will…
Self-powered apartment and retail complex coming to Coconut Grove Metrorail station
09 21, 2018
Terra Group and Grass River Property have teamed up to transformer Coconut Grove Metrorail station into a self-powered apartment complex and retail. The project is part of a pilot program from Florida Power & Light. The new project, called Grove Central, will feature a tower with 330 units, with retail space, a parking garage, and bus station. The total cost of the project is $ 200 million. Solar panels will cover the buildings generating two megawatts of power. From below the ground, giant batteries (the size of 6 shipping containers) will store 20-megawatts per hour of electricity. A geothermal system…
Developer to break ground on Aventura Hilton Hotel
09 21, 2018
After securing a $ 55.58 million construction loan, the developer of the Aventura Hilton Hotel, just south of the Aventura Mall, is ready to break ground. Banesco USA granted the loan to Aventura Hospitality LLC, managed by Larry M. Abbo of the company Prime Hospitality Group in Hollywood. The developer recently purchased the property from Turnberry Plaza, that Abbo also manages, for $5.84 million. The 12-story hotel will have 192 rooms, with a total of 432,000 square feet, 8,000 square feet in restaurants and 10,000 in convention space. Located at 2875 NE 191st St, the property will include a fitness…
At least 65.5 million of tourists visited Florida during the first six months of 2018 - the highest number ever recorded in the first half of any year in the state history said Governor Rick Scott on Wednesday. So far, 2018 was surpassing 2017, which reached the top of a record, with around 6%. "Florida's tourism industry and our entire economy continue to flourish," Scott said in a statement. Almost nine out of ten tourists came from within the United States, according to the estimate of Visit Florida, the state's tourism marketing agency. About 5.2 million foreign travelers and 2.3…
Two iconic Wynwood buildings will close in 2019 to open space to a new project, the Wynwood Green, a 189-unit apartment rental building with approximately 17,000 square feet of retail/commercial space and 324 parking spaces. O Cinema and the Wynwood Yard, a nonprofit movie theater and an art space, will be permanently closing their doors in spring of 2019. The new project will encompass eight parcels of land, a total of 1.26 acres. Lennar Multifamily Communities, a division of Lennar Corp., is responsible for the project located at NW 29th Street, between NW First and North Miami Avenues. This would…
Bus shelters created by Italian Pininfarina is coming to Miami Beach
09 07, 2018
Always planning to stay ahead of the curve, the city of Miami Beach has hired the Italian Pininfarina, company best known for designing Ferraris, to design approximately 300 bus shelters. Construction is set to begin in 2019. “Miami Beach leads the way in design and style,” Commissioner Ricky Arriola said in a press release. “As a city, we strive to build beautiful, affordable and practical Public Works projects for our residents and visitors to both use and admire.” Pininfarina, and Acai Associates, the Fort Lauderdale based architecture firm, will deliver a shelter with solar panels that will generate power at…
Inter Miami, the new soccer club of David Beckham in Miami
09 07, 2018
After acquiring the rights to create a team in the United States in 2014 and officially launch the team in January of this year, David Beckham presented his new club on Wednesday (5). Inter Miami, the shortened version of the team name, won a logo with two white herons, symbols of the city. The team will debut in Major League Soccer, the leading United States football league in 2020. “This is such a proud day for myself and the entire team,” said David Beckham in a release. “It’s an honor to announce the new name and crest to our fans…
The haute, 297-unit three-tower complex Park Grove has been completed, at least the first two buildings: Two Park Grove and the Club Residences. The final tower, One Park Grove, will be completed by October of next year. The lobby of Two Park Grove, a 23-story tower, is wooden with stylish seating in tasteful shades of taupe, remitting to Florida’s sandy beaches. Around common areas, you will stumble in a multimillion-dollar collection of contemporary art pieces and installations personally curated by the founder of Related Group, Jorge Pérez. Terra Group, along with Related Group, paid $55 million for the 5.2-acre site…
To minimize the pain of Trump’s Tax Law, New Yorkers are moving South
08 31, 2018
New Yorkers are moving to sunny Florida not only for the natural beauty and a pleasant weather year round but to escape the tax reform imposed by President Trump. Trump's legislation limits local and state deductions to $10,000. The solution, for many, is to move to low-tax states such as the sunshine state or seek properties with tax abatements to suffer a smaller impact. Almost half of the taxpayers from Manhattan had used the deduction in the past, with an average of more than $60,000, with information from the New York Times. “I work with a lot of clients in…
Miami voters approved by 59.2 percent a referendum on setting up a hotel at Jungle Island, on Watson Island. The hotel would have a capacity for 300 rooms and would be built in their current parking deck; a new garage will be constructed for the hotel and amusement park. “This has been a huge team effort on behalf of ESJ Capital Partners, spearheaded by Micha Dubernard, with the Jungle Island team,” said Arnaud Sitbon, CEO of ESJ Capital Partners, the owner of Jungle Island. "We very much look forward to bringing this exciting project to life.” The city of Miami has…
Brazilians spent $9.5 billion overseas in the first semester of 2018
08 18, 2018
Brazilians who traveled abroad spent a total of $9.57 billion in the first half of this year, an increase of 8.7% compared to the same period last year. The Central Bank of Brazil released the data. This is the highest level of spending abroad between January and June since 2015 when they spent $9.95 billion. The least spending was 2016, at $6.53 billion. Foreign tourists who came to Brazil in the first half spent the $3.24 billion, an increase of 5.94% over last year. This number is the highest for the period since 2014, the year the country hosted the…
American Dream, the country’s largest shopping mall, it's up for some challenges
08 18, 2018
The South Florida planning council voted 5 to 4 votes against the construction project of the American Dream Miami shopping and entertainment complex that promises to be the largest in the United States. In May, the project was approved by the Miami-Dade County Commission, but the planning council argues that there are several flaws in the impact on traffic and the environment. According to the newspaper Sunsentinel, this means that this denial will be reported to the Department of Economics and Opportunities, which has the final say on whether or not to approve the project. The American Dream Miami Mall,…
The construction at Paramount Miami Worldcenter in Downtown Miami has now achieved its final height of 700 feet. Workers celebrated the milestone by flying the flags of 50 countries representing the tower’s many international buyers. The project has more international buyers than any other single residential building in the United States, according to its developers. Once completed, the luxury condominium will offer 513 unique residences in the heart of the city plus amenities including an outdoor soccer field, a boxing studio, two tennis courts, game room, golf simulator, indoor basketball court, rooftop observatory, 26 for-sale poolside cabanas, and also the…
Buying or renting? Here is your 2018 real estate study
08 10, 2018
Florida has an attractive real estate market, whether it's the prices, tropical temperatures, lower taxes and more. However, with so many incentives, there is the doubt: what neighborhood to buy? How is the market for renters? Bendixen & Amandi International, in collaboration with the Miami Herald, have surveyed about 100 brokers, agents, and analysts to help answer these questions. For those who rent, Downtown Miami continues to be the number one choice. Those with tight budgets may consider the neighborhoods of Homestead, Miami Shores, and Kendal. Investors: pay attention to the Design District. Although it remains popular, Miami Beach buyers,…
Here’s a first look at the Miami Beach Convention Center
08 10, 2018
Curious to see the $620 million transformation of the Miami Beach Convention Center? Almost at the end of the works, the team at Fentress Architects, Arquitectonica, and West 8 released new images and renderings of the project with its iconic wavy exterior and lit reception. Made from 500 aluminum "fins" to mimic the waves, the project boasts a 500,000-square-foot exhibit hall, combined 127,000 square feet of meeting space and four ballrooms. The outer part is almost complete; now it is necessary to work in the adjacent park. The space has been used as a staging during nearly three years of…
Bjarke Ingels unveils Miami Produce Center megaproject
08 10, 2018
Famous architect Bjarke Ingels is behind a proposal for a stilt-leaning project in the Allapattah neighborhood of Miami. Labeled the “Miami Produce Center,” the project comprises eight interconnected rectangular buildings that stand near the intersection of 12th Avenue and 21st Street. The plan comes from local developer Robert Wennett known for Herzog & de Meuron-designed parking garage at 1111 Lincoln. The plan that Wennett filed with the city shows that the Miami Produce Center will reach the 19 floors. If the zoning is approved, the project will feature 1,200 residential units, 75,000 square feet of retail, 114,000 square feet of…
Plans for a park and a high-rise at South Beach gateway move forward
08 04, 2018
After plenty of meetups combined with the public quarreling among adjoined communities over the entrance to South Beach, a resolution has evolved. City officials are bargaining a deal to allow a developer to construct a condo tower featuring 44-story units between Alton Road and West Avenue just adjacent to the gateway of MacArthur Causeway. While in exchange for the deal, as per the agreement, the city will get its hand on a 3-acre public park. With regards to the magnitude of the park and tower’s height, there has been a severe dissent among the people of South Beach due to…
Privé: a man-made island with a private dock for yachts and high-rise homes starts at $2.3 million
08 04, 2018
Located on an eight-acre in Aventura island, Privé features 16-story towers that were inaugurated in early 2018. 160 residences are being sold at the starting whopping cost of $2.35 million and reaching $8.5 million for the penthouses (which are all set to be commenced later in the current year). Since the pre-construction time in 2015, more than 80% of the units have been bought. BH3 is the real estate firm behind the idea of Privé and upon a question, the co-owner of the company, Greg Freedman, asserted that for a majority of the buyers, it is not first but second,…
The level of development achieved a new milestone in Surfside as the construction team topped-off the 12-story “Arte” Condominium located at 8955 Collins Avenue. Every residence is adjacent to the ocean, which is the result of the flamboyant expertise of Italian architect Antonio Citterio along his local partner Kobi Karp. The building is registered as the first project of Citterio in the United States. He is highly renowned all over the world for his exuberant furniture designs, and stupendous art featured on the BVLGARI Hotels in London, Dubai, Bali, and Milan. On having a look at the current renderings from…
How Ultra-high-end Brands Are Transforming Miami's Luxury Real Estate
07 28, 2018
As a man who owns a Porsche and several sports cars such as a Ferrari and Audi, and as a man who is willing to pay nearly $4.2 million to acquire a specific Porsche model, it is safe to say that Juan Pablo Verdiquio has earned his self-appointed title as a “car guy.” Mr. Verdiquio is also an Argentinian real-estate developer and believes that the Porsche brand can help ensure that his condo maintains its value in the Miami market – which is known for its rough ups and downs. “Buying into a brand that’s been around for 100 years?…
Foreign buyers boost luxury real estate market in South Florida
07 28, 2018
Luxury realtors claim to be going through one of the best periods of luxury real estate sales in South Florida, recording an increase in home sales starting at $2 million. Foreign buyers continue to play a role in increasing sales, particularly in Broward County, said Carlos Rosso, director of condominium development for the Related Group. He said buyers are looking to North Miami because prices are more attractive, especially in Hallandale Beach and Hollywood. According to the Miami Association Realtors’ Report, foreign buyers account for more than 32% of all apartment purchases in Broward. In addition to favorable prices, external…
In about 20 years, half of America will live in eight states
07 28, 2018
By 2040, 70 percent of the population in the United States will be living in 16 states, with approximately 50 percent focused even further in eight states. The data published by the Washington Post comes from two sources: data analysis of Census Bureau’s figures by the Weldon Cooper Center for Public Service at the University of Virginia and the American Enterprise Institute’s Norman Ornstein. Can you guess which states? See below what states are expected to attract more people. Florida Georgia New York Texas North Carolina Illinois Pennsylvania
Florida's economy hits $1 trillion mark; it'd rank 17th in the world
07 21, 2018
Florida's economy hit the sum of $1 trillion, meaning that if Florida were an independent country, it would be the 17th largest economy in the world, according to the Florida Chamber Foundation. The state’s Gross Domestic Product (GDP) is higher than that of countries like Switzerland, Saudi Arabia, Argentina and the Netherlands. “Becoming a $1 trillion economy means Florida is continuing to grow and create jobs, keeping unemployment lower than the national average, and creating economic opportunity,” said Jerry Parrish, Ph.D. Florida Chamber Foundation chief economist. Every day about $ 2.74 billion is added to the state's GDP, says the…
Miami is left with a taste for Hong Kong commercial development
07 21, 2018
Brickell City Centre is a sprawling shopping, dining, and residential complex that effectively brought Hong Kong-style business advancement to Miami’s financial district, and is now expected to extend to a fourth block. Swire Properties intends to plan with Miami for an extension of its owned land, and this would include two condo towers with one of them being a three-level retail base. The two towers would be connected to each other by new sky bridges. The second tower, most likely to be pure “boutique” residential, would be created later. Besides, both towers will be in the triangular block where the…
The Magic City Innovation District, which aims to transform a low-height section of Miami’s Little Haiti into a high-rise mixed-use district for technology firms, has increased the density of the proposed project to 7.79 million square feet. The first part of the project is still in progress but will be opened and available to tenants in early September - as indicated by the developer, Tony Cho. The 17.7-acre spectacle will require gut-renovating many of the 21 commercial buildings that are in the Little Haiti and Little River neighborhoods in Miami. The entirety of all of the spaces available will range…
David Beckham: “No matter what, we’re coming to Miami”
07 13, 2018
Planned for last Thursday, David Beckham's latest plan to host his Major League Soccer expansion franchise has been delayed for another six days, with Miami's commissioners still not ready to make a decision. The new Miami stadium, home of the MLS football team, will have the capacity to receive 25,000 viewers, with 3,750 parking spaces, a hotel with 750 rooms, restaurants and several free-form football pitches surrounding the area. Once is up and running, the franchise will also bring a training center, and an academy focused on developing local players to the Miami. The project to build the stadium is…
Sunny Isles’ $29 Million Apartment comes with its own custom 'scent identity'
07 13, 2018
As luxury home sales slow down, sellers are desperately trying unique lures to attract buyers. From a stay in the Hamptons, a yearly membership at a gym or even a garage pre-stocked with luxury cars. Now, it’s time for Regalia, a 43-story luxury condominium in Sunny Isles Beach, to entice possible buyers with something a little uncommon: a unique scent for the home. The developer has partnered with the fragrance company 12.29 to offer this for its Regalia’s $29 million “Beach House” homebuyer. The company 12 .29 has already created scents for Valentino, Patek Philippe, Nike, Mercedes-Benz and Lady Gaga.…
MSC announces the construction of a new cruise terminal in Miami
07 13, 2018
MSC Cruises and Miami-Dade County announced an agreement to extend the ship owner’s preferential berth rights, as well as the construction of a new AAA cruise terminal at the Port of Miami, scheduled for completion in October 2022. "The new agreement and the expansion of the partnership with the Port of Miami and Miami-Dade County is another important step in the growth of MSC Cruises business as we continue to strengthen our global presence with a strategic focus in North America," celebrated the president of the company, Pierfrancesco Vago. Miami operates as an exclusive MSC shipping port in the United…
$220M racetrack and private car club planned for Miami
07 06, 2018
After the announcement of Formula 1 arriving to Miami in 2019 and the exhibition of Grand Basel, a luxury car exhibit, in February 2019; the city has become the focus of the automotive industry. These events are the prelude to the opening of The Concours Club, which will include a racetrack worth $220 million, as well as a full spa and hammam, an infinity pool and Jacuzzi, storage for wines and cigars, restaurant and bar and full concierge services. “The amenities are what set us apart,” commented co-founder Neil Gehani. “We want to be sure we bring in the right…
For $4.75 Billion Boeing strikes aircraft deal with Brazilian Embraer
07 06, 2018
Two aviation giants - Boeing and Embraer - announced on Thursday, July 5th the creation of a new joint venture in the area of commercial aviation valued at $4.75 billion. Under the terms of the agreement, Boeing will hold 80% of the new business and Embraer, the remaining 20%. The new company agreement is solemn regarding regional jets, passenger planes with about 100 seats and ranges up to 5,000km. None Airbus or Boeing builds such aircraft. Boeing, the world's largest aircraft maker, is expected to pay $3.8 billion for 80% of the joint venture. Embraer will have the option to…
Although the market is not as hot, international investors spent $ 7.1 billion on South Florida homes in 2017, an increase of almost 15% over the previous year, which totaled $ 6.2 billion. The number one investor in South Florida was Argentina with 15% of all foreign purchases last year, reported the Miami Association of Realtors. Venezuela in second, spending the most in Miami-Dade, Broward, Palm Beach and Martin counties with 11%, tailed by Canada and Colombia with 9% each, and Brazil with 8%. Venezuelans spent the most than any other country in Miami-Dade, which represents 51% of all foreign…
If New York has Fifth Avenue, Miami Beach has Lincoln Road. South Florida's premier outdoors shopping has a great diversity of shops, cafes, restaurants, and bars. The place is busy day and night, a great destination to enjoy the atmosphere of the city and watch the movement of people at any time of the day. The only problem? It is increasingly difficult to keep small stores open due to the high commercial rent of the region. That's why The Shoe Shop decided to close its store in August. "There are too many corporate stores on Lincoln Road," said Jessica Elmaleh,…
According to a report from the US Department of Travel and Tourism, Brazil is among the countries that most require the EB-5 visa, one of the fastest ways to win the green card for those who have the money to invest. In 2017, 282 permissions were granted to Brazilians. The Chinese maintained leadership in this area with 7,567 permits and the Vietnamese, secondly obtained 471 visas of this type. EB-5 is a visa category for foreigners wishing to move to the United States. To acquire it you need to invest, from $500,000 in a business that manages ten jobs for…
Colombia leads countries looking for real estate in Miami
06 29, 2018
Colombian consumers have filed the largest number of property searches in February of this year, according to the Miami Association of Realtors (MIAMI). South Florida remains the most sought-after US market by international consumers and one of the top five markets for homebuyers, according to the data released. Colombia recorded 13.7% in international searches on the website of the association, a position occupied by Brazil several times in previous years. In the past, Colombia had a 9% share of all international purchases in the region. Argentina, 15%, and Venezuela, 11%, led the table. Miami, Fort Lauderdale and West Palm Beach…
Will PortMiami keep its hold on their title as Cruise Capital of the World?
06 22, 2018
PortMiami is working hard to secure its future by investing in new multimillion-dollar cruise terminals. Most recently, the terminals for the Royal Caribbean and the Norwegian Cruise Lines state of the art terminals are being designed and constructed to lodge the largest cruise ships currently developed and to bring in billions of dollars in revenue to the port and the city. The overall goal is to secure PortMiami as the most visited seaport for cruisers around the world. The Royal Caribbean Terminal, set to open in October, will soon be home to the world’s largest cruise ship, Symphony of the…
Nearly finished with their latest condominium development, the Related Group is getting ready for a new series of projects. The Miami-based developer is led by Jorge M. Pérez, the billionaire Chairman, and CEO. The Related Group has developed 3,790 condo units since 2010, which makes it a leading builder in the condo boom. By late 2019, Related will have completed a vast majority of the 2,643 units left in their South Florida condo projects. That leads to...what’s next? The answer may be surprising and will show how Related has stepped out of their familiar territory and diversified. During the early…
The Miami Worldcenter Makes Headway in Development
06 22, 2018
After 15 years of setback after setback, construction on the Miami Worldcenter is finally underway. The Worldcenter is just north of downtown Miami and when it’s complete will be a sight to behold. Valued at $2 billion, the Miami Worldcenter will actually create its own miniature skyline upon completion. With Art Falcone and Nitin Motwani taking the lead on development, things are moving along smoothly. The development will have several great amenities as well as a retail front along the street, an office tower, two separate apartment buildings, and the Marriott Marquis convention center. The unique Miami Worldcenter will also…
Amazon’s massive warehouse in Miami is nearly done
06 15, 2018
The construction of the 855,000-square-foot distribution center from the online sales giant Amazon is nearly complete. The fulfillment center near Opa-Locka airport is the first of three phases on the project; the second will be a 280,000 square-foot industrial building and the final a 5,000-square-foot headquarter for Carrie Meek Foundation. In total, more than 1 million square feet are enclosing the 3 phases of the project. All of the buildings will be operating by August of this year, according to Ford Gibson, managing director at Foundry Commercial, the real estate and investment company responsible for the project. Foundry Commercial and…
An Argentine Family Made Changes for Years to Come
06 15, 2018
What started off as an everyday business trip, developed into so much more as Jose Luis Ferreira de Melo and his sons, Carlos and Martin saw so much unused potential in a downtown neighborhood in Miami. Ferreira is the president, and his sons are the two principals of the Melo Group which is a real estate development company from Argentina. They quickly began purchasing land, their first being a one-acre lot at 615 NE 22nd St in Edgewater for the price of $1.9 million. "Edgewater had been depressed for so long that local developers had given up on it," explained…
US, Canada, and Mexico will host the World Cup 2026; Miami and Orlando may host some games
06 15, 2018
The 2026 World Cup, the first with 48 teams, will be played in the United States, Canada, and Mexico. Miami and Orlando could host some games. The decision was announced this week in Moscow, during the FIFA Congress. The US-led candidacy had 134 votes, against 65 votes from Morocco. The Moroccan bid was defeated in its fifth attempt to organize the World Cup. One confederation voted for no candidacy, and there were still three absent. Eight countries were unable to vote: Guam, Puerto Rico and the US Virgin Islands, plus the four candidates (Morocco, USA, Canada, and Mexico), as well…
Orlando’s Transformation as a Hotspot For the Brazilian Real Estate Investors
06 15, 2018
It was not by chance that Forbes chose Orlando as the best city for real estate investment in 2018. Orlando and Miami have long been among the most visited tourist destinations for Brazilians, but the twists and turns of the world economy in recent years have led many people to create more permanent ties with the regions of the United States by acquiring real estate in the areas. The combination of the US housing market crisis in 2008, which brought down prices, and the boom in the sector's prices in Brazil during the same period, led many Brazilians to invest…
Simon and Turnberry locked $1.75B refinancing for Aventura Mall
06 09, 2018
Simon Property Group and Turnberry Associates secure a $1.75 billion refinancing of Aventura Mall this past Thursday. The funding was provided by Wells Fargo Bank, JPMorgan Chase Bank, Morgan Stanley Bank and Deutsche Bank, according to a release. Part of the money, $1.2 billion, will be used to pay off the commercial mortgage-backed securities loan closed by the joint venture between the two companies back in 2013. A mortgage of $213.5 million done in 2016 guaranteed the expansion of the luxury mall, that now includes stores like Topshop Topman, and Zara, plus a 93-foot tall slide. Turnberry owns 66.7 percent…
The transformation of Miami's technology landscape
06 09, 2018
Miami is changing, and its tech sector is playing a vital role in it. The tech startups are improving and bringing in billions of dollars, moreover, established national and global innovation companies are also pumping in money in Miami to benefit from its changing technology scene. The widely used index by the economists, and tech industry, Kaufmann Index, has also ranked Miami as the number one city. The job numbers are steady in a town of 5.8 million people. This shows the potential of the city, and with many startups already heating up the environment, it is only a matter…
New York and Connecticut are losing significant hedge funds and other investment firms to Miami
06 08, 2018
Miami, already called Wall Street South, is the second most popular banking hub in the United States just behind New York. The city is desired by many, not only because of its beauty and lifestyle, but also a favorable tax climate for high net word individuals – which have always enticed wealth from all around the world. Florida doesn’t charge income tax, and the state's per-capita tax rate is one of lowest in the nation. To take advantage of that, now even more banks, private-equity firms, and hedge funds are migrating to the city, said recently released article by the…
A project on the Dolphin Expressway (State Road 836) could enhance the traffic in the area by creating a double-decker lifted bridge over the current interstate along one of Miami's most swarmed lanes. Miami Expressway Authority (MDX) finances the venture costing $186 million coming from toll revenue. The project is planned to modernize the 836 between Northwest 17th Avenue and the Midtown Interchange. “You’re going to have the option to stay on the existing bridge that’s there today or get on this new viaduct,” said MDX Director of Engineering's Juan Toledo. “If you want to go down toward the beach…
One Thousand Museum: The only private residential Helipad in US Eastern Cost is about to debut
06 01, 2018
If you drive on the streets of Florida, you know how congested they are. Hence, initiatives such as increasing the number of transportation options are significant for residents and visitors alike. The long-awaited Brightline, for example, Florida's newest express train connecting West Palm Beach, Fort Lauderdale, and Miami, officially opened on May 19th, with promises to vent the region's traffic. But not only that, they appointed Lift as its selected rideshare partner. Then it came Lime, the biking–sharing service, announcing that it reached 100,000 rides in Miami during National Bike Month. Plus, the solar-powered yacht has been seeing around in…
Miami could be one of the cities to host the World Cup 2026
06 01, 2018
Few cities in the United States celebrate as intensely the FIFA World Cup 2018 as Miami. The city is home to many immigrant communities that consider soccer or "futbol" close to religion, and proudly show the colors of their country of origin’s jersey every four years. Good news to all that live the intensity of the most beautiful sport in the world, the United States, Mexico and Canada have included a joint bid to host the competition in 2026. One of the cities in consideration to host games is Miami. The decision will be made on June 13th, in Moscow,…
President Donald Trump signed a law repealing a series of financial regulations imposed on Barack Obama's administration to prevent further financial crises such as the one in 2008. The measure, which overrides much of the Dodd-Frank Act, was passed on Tuesday, May 22nd, with a majority of Republican votes, and some Democrats as well, giving Trump a new legislative victory. The law was passed in 2010 with the support of Obama and Democratic congressmen in response to the huge crisis that has left thousands of people jobless and homeless. "This is a really great day for the United States," Trump…
Miami City Commission approves $43.6M in restoration after Hurricane Irma
05 25, 2018
After Hurricane Irma, Miami started cleaning and restoring affected areas, but in a few cases, this process has been taking months. Areas such as Watson Island, for example, where damaged boat vessels are still taking space in the parking garage and marina are still waiting for help. To help in situations like that one, Miami City Commission recently approved a resolution to accept a grant from the Federal Emergency Management Agency and an insurance payout, each for $34,193,228 and $9,429,373 respectively. The money will help repair parks and facilities, and it will also go to the police and fire-rescue departments.
Car lovers, be aware: Grand Basel is coming to Miami
05 25, 2018
Another fair with the Basel’s signature is coming to Miami, the newly introduced Grand Basel. The MCH Group, the same group that owns Art Basel, signed a contract with the City of Miami Beach, to organize a new exhibit with about 200 old and new cars, true "masterpieces" only. A jury will choose the cars that will be showcased, considering among other things, design, history and the designer’s culture and origins. Visitors will walk the exhibition to see rare and exciting antique cars and take a peek at the technology that it's coming. Most of the vehicles will be on…
Downtown's Aria on the Bay condominium is delivered
05 18, 2018
Chances are you’ve seen the brand new, 53 story, 648-unit condo high-rise, Aria on the Bay, in the downtown Miami skyline. The Melo Group’s newly completed masterpiece is nearly sold out. Carlos and Martin Melo said the group is projecting a $500 million sellout for the complex at 1770 North Bayshore Drive with 90 percent of the units sold to buyers from 43 different countries. Closings began in early May. Rapper Timbaland and former Miami Marlins outfielder Giancarlo Stanton are among the high-profile buyers. The developer broke ground in 2015 with units going up for sale immediately after with Cervera…
The largest mall in America gets Miami-Dade Commission's approval
05 18, 2018
Move over Mall of America. A new, more massive mall is one step closer to being a reality in Miami-Dade. On Thursday, May 17th, the county planning board gave their approval to a $4 billion-dollar retail theme park which is expected to attract 30 million visitors per year. American Dream Miami considers itself to be in direct competition with Disney World, not only as a theme park but a shopping and entertainment destination for adults and teens. The facility will be more than 6 million square feet and will employ more than 14,000 people upon opening. "As a mother of…
South Beach's Washington Avenue is getting the Facelift it Deserves
05 18, 2018
In the past, Washington Avenue was the host to South Beach's party scene. It was full of restaurants, nightclubs, and bars. But after 20 years developers began to look elsewhere, and Washington Avenue made its fall. Today it's just a street, one that gets you to where you want to be. But the City of Miami Beach is ready to make a change. The commission approved a resolution, Business Improvement District, to take place on Washington Avenue from 5th to 17th street. It provides a tax fund in the area for beautification and overall improvement of the area. The first…
Starting today, May 19th, a high-speed train will connect the cities of Miami, West Palm Beach and Fort Lauderdale in as little as 1 hour and 20 minutes. The expectation is that, by the end of 2020, the train will also arrive at Orlando International Airport. There are two categories of tickets: the Smart fare, which costs between $10 to $15, and Select, with more legroom and snacks, with prices between $15 to $25, prices vary according to the passengers’ route. The MiamiCentral station is located at 600 Northwest First Avenue and features a two lounge area, children’s play area,…
Despite Hurricane Irma, Miami hit a new record of tourists in 2017
05 12, 2018
Even after hurricane season, the closure of the Miami Beach Convention Center for restorations, and the Zika virus, the number of overnight visitors in 2017 hit a new record: 15.9 million, according to Bill Talbert, president and chief executive officer of the Greater Miami Convention & Visitors Bureau. “This number represents an increase of almost 1% compared to 2016, with demand for the destination growing by 4.7% with hotels selling more room nights in 2017 compared to 2016,” explained Talbert. “Overnight visitors spent up to $26 billion in the community,” he said, “which is a 2.1% increase compared to last…
Okan Tower Miami: with Hilton brand aboard, sales gallery opens in Miami
05 12, 2018
Okan Group, owned by billionaire Turkish developer Bekir Okan, announced the project at an event on its 3,000-square-foot sales gallery in Istanbul last week, also announcing the official launch of the Miami sales gallery that happened this past Thursday. They also announced that construction is expected to begin in September of this year, with the conclusion in about 3 to 4 years. Located on North Miami Avenue, 555, in Downtown Miami, just west of Biscayne Boulevard, the 70-story Okan Tower will include: 294 hotel rooms (managed by Hilton Hotels & Resorts) 149 residential condo units and four penthouses 236 condo-hotel…
After preliminary approval from the city, Miami is near to receive a Grand Prix of Formula 1
05 12, 2018
The possibility of Miami hosting a Formula 1 GP starting next season has increased on Thursday, May 10th, after Miami's city officials voted unanimously to enter formal negotiations to host the street race in Downtown. Sean Bratches, managing director of commercial operations of Formula 1, released an official statement this week: “With the unanimous votes at both the City of Miami and Miami-Dade County’s Economic Development and Tourism Committee, we are very pleased to have received preliminary approval towards bringing a Formula 1 Grand Prix to Miami. We recognize that this is only the start of the process and we…
Sunny Isles: Transformed by major developments, city faces challenges to increase retail component
05 04, 2018
Sunny Isles Beach, a city that is surrounded by Golden Beach to the north, the Atlantic Ocean to the east, the Intracoastal marina to the west and Bal Harbour to the south, has become the Florida Riviera. Being the destination of over 1 million tourists per year, in the last years, this area has been catching the attention of the most renowned and strong developers in the country, which are bringing fantastic luxury projects to the city. The public has been noticing this trend for quite some time. Over the last ten years, a number of state-of-the-art developments have been…
Formula 1 announced on Wednesday its plan for a Grand Prix in Downtown Miami for 2019 season. Miami City Commission will vote the proposal for a ten-year agreement next week. Formula 1 has long sought to expand its presence in the United States. A race in Miami would be the second in the country, joining the GP in Austin, Texas. It would be the fourth in North America, which also includes Mexico and Canada. "Miami's status as one of the world's most iconic and glamorous cities, combined with its robust tourism infrastructure, makes Miami the perfect destination for Formula 1…
The Ritz-Carlton Yacht Collection bets on "ultra luxury" cruises
05 04, 2018
Ritz-Carlton, one of the luxury brands that belong to Marriott International, announced its arrival in the market of luxury yachts and cruise ships last year. The first vessel will sail at the end of 2019, but you can book a reservation starting this June. All aboard! This marks the first time a hotel company reaches the high seas. The fleet of three ships has its itinerary, including shore excursion planned to stop in the Mediterranean and the Caribbean (Cartagena and Barbados included). The ships designed by Tillberg Design of Sweden can accommodate up to 298 passengers in 149 suites with…
Country's most expensive ZIP code can only be visited by boat
04 27, 2018
The most expensive zip code in the United States doesn’t come from neighborhoods like Manhattan, Los Angeles or Silicon Valley. The human-made barrier island in Miami, called Fisher Island, occupies the post. Located off the coast of Miami, the private spot is only accessible by ferry or water taxi and is a haven for the richest in the world. The 87-hectare island has a diverse population, representing more than 50 nationalities, ranging from professional athletes and supermodels to executives and lawyers. The median income on Fisher Island, zip code 33109, was $ 2.5 million in 2015, according to Bloomberg analysis…
A new redevelopment project will take place in downtown Miami
04 27, 2018
Whoever walks through the streets of Miami is no longer strange when a house or building comes down to give space to a new development. Well, now it’s time to say goodbye to the Courtyard by Marriot in Downtown Miami and welcome the 2nd & 2nd project. Miami Convention Hotel Corp., a New York-based company, filled the plan with the City of Miami and got an approval recommendation from the city’s Urban Development Review Board last week for the redevelopment. If it moves forward, an 82-story skyscraper will replace the current 14-story Marriott hotel. The 898-foot mixed-use tower will include…
After securing finance, construction is underway at Monad Terrace
04 27, 2018
The JDS Development Group, company behind South Beach's new development Monad Terrace recently secured a construction loan of $137 million from the New York-based firm Madison Realty Capital. Vertical construction will begin in Spring 2018, with the completion of the building currently planned for the third quarter of 2019. Units are selling for an average of almost $2,000 per square foot. “Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami,” said Michael Stern, Founder and Managing Partner of JDS Development. “Monad Terrace serves as…
Unique, Eclectic, and Forward Thinking: New Real Estate Trends in Miami
04 20, 2018
Elite Car Inspired Condos Collins Avenue is known for being the place to show off your rides: Lambos, Ferraris and Bugattis, so it seems almost natural that prestigious auto brands are looking to Miami for their latest lifestyle plays. The first luxury car inspired building was 1100 Millecento. It was completed in 2015 in Brickell. Related Group was inspired by Ferrari, Maserati, and Rolls-Royce and used that inspiration to bring a sports car feel to the 42 story tower. There are a few units available for purchase in the tower, including one starting at 500,000. From Ferrari-red elevator lobbies and…
Telemundo Launches their $250M New Global Headquarters
04 20, 2018
Telemundo launched its brand new global headquarters Monday, April 9th, 2018. The brand new and very futuristic company headquarters is now fully open for business. Telemundo is a Comcast owned Spanish network division. They revealed the new three-story, 500,000 square-foot headquarters during an opening ceremony in Miami - only 2 years after the announcement of its construction plans in February 2016. Telemundo invested over $250 million to build the new custom facility. The building sits on 21 acres and has 15 highly adaptive studios. The location also has two digital studies and virtual and augmented reality studios.The largest building on…
Live life on the Edge in the former Miami Beach Mansion owned by Al Capone
04 20, 2018
There’s a serious bang on the market, Miami Beach Mansion which once belonged to the original Scarface, the one and only Al Capone - $15 million big ones and this little piece of gangster history can be all yours. The mansion is composed of 30,000 square feet and located at 93 Palm Avenue. It’s made up of three separate buildings. Old school luxury is the name of the game when it comes to this property. 4 bedrooms, 3 and a half baths, a 2 story pool cabana, a whopping 6,000 square foot villa, and a guesthouse - which Capone…
Developers Reveal a Proposal for Three Projects in Wynwood
04 13, 2018
Sterling Bay, a big-time developer in Chicago, has submitted plans for three projects in Wynwood including a large mix-used office. The proposed project will be the first investment in Miami from the company. The development of the 10-story building will make up of 209,050 square feet of office space while the ground floor of about 28,436 feet is set aside as commercial/retail space. The building will boast 459-space parking garage. Gensler designed the building plan to include balconies for offices as well as 4,000 square feet of indoor and outdoor amenity space. The building will also feature a fitness center,…
Flying Cars? Paramount Miami Worldcenter Will Be Ready
04 13, 2018
The advent of flying cars is no longer a dream, but a closer reality. Dan Kodsi, a developer with the foresight to observe unfolding trends has revealed that Paramount Miami Worldcenter is adequately prepared to receive the first flying cars of Magic City. Hence, Kodsi has gone ahead of time to develop Miami's first residential skyport. The modification of the 5,000-square foot rooftop will ensure vertical take-off and landing of electric cars. What was once only a fictional concept, it's been considered by the industry as the solution for congested traffic and an answer to quicker daily commutes. “The future of transportation…
Tennis Star Rafael Nadal Proposes Tennis Academy In South Florida
04 13, 2018
Rafael Nadal, the world’s top-ranked tennis player and the winner of 16 Grand Slam titles, have decided to establish a tennis training academy in Boca Raton. As the first academy outside of his hometown in Mallorca, Spain, this would host student training and tournaments, with the possibilities of attracting sports tourists who would love to train with the tennis superstar. This proposal is still in its early stages, but the project would total 82,882 square feet in the first phase and 61,085 square feet in the second phase. The site proposal plan was submitted by Architect David Iglesias Serret in…
How These 3 Bal Harbour Condos Will Increase Your Quality Of Life
04 10, 2018
Bal Harbour Condos in Florida This neighborhood is one of the most popular residential destinations of the world. Located in Miami-Dade County, it’s a shining enclave situated at the northern end of Miami Beach which is also a high-end tourist destination. The blending of the tropical beauty with luxury and contemporary style makes Bal Harbour an exquisite location. The beautiful ocean view coupled with the white sand beaches makes it one of the most sought after destinations. For those who eye to own a prime property in Bal Harbour and enhance his/her quality of life, this is the place for…
Miami’s municipal government has plans to speed up the process for certain city permits, especially for those related to property improvement; such as building a shed in the backyard or installing a brand new door. Door installation has joined the ranking among work types that Miami warrants worthy of an expedited permit. Beginning on April 9th, Miami city employees will accept applications for specific types of permits. They will be accepted from one municipal department to another for their review as opposed to requiring property owners and hired contractors to do so. This new policy is intended to quicken the…
North Beach, the South Beach's quieter cousin, gets a referendum to increase the floor ratio approved
04 07, 2018
Matis Cohen is just one of many frustrated developers. Cohen has been investing millions of dollars buying low-rise apartments and commercial properties in North Beach since 2010. “To have a blighted area in Miami Beach is unfathomable,” Cohen stated. When asked why he chose to invest in North Beach to begin with, Cohen explained: “It’s a great opportunity for effecting change.” When beginning his investing venture, Cohen assumed change would come quickly, not 18 years later. Miami Beach voters approved a referendum to increase the floor ratio of a 10-block region in North Beach. The change is in the final…
Luxury Condo Sales Rising Along With Inventory In Miami-Dade
04 06, 2018
A report of EWM Realty International shows luxury condo sales, defined as units priced over one million dollars, increased their sale rate by 47% year over year in the December to February time frame. Despite the increase in sales rate, the luxury condo market inventory did rise in this same period. This report excluded the new pipeline of luxury development in the area. Additionally, EWM’s president, Ron Shuffield, expects the gap between asking price and selling price to increase moving forward. The current report shows the average unit selling at 84% of the asking price, but Shuffield thinks the market…
3 Sophisticated Condos For Sale In Sunny Isles Beach, FL
04 06, 2018
A special destination in Florida, Sunny Isles Beach is located on a barrier island flanked by the Atlantic Ocean on one side and Intracoastal Waterway on the other. Situated between Miami and Fort Lauderdale, this beach is a great place for relaxation and recreation. Be it the local residents or tourists, Sunny Isles Beach’s attraction is just never-ending. What if one bags a decent deal of setting up his abode in this pristine location? Here, we bring you the details about three sophisticated condos that are up for sale in the exquisite Sunny Isles Beach. They are located in the…
Top 3 Condos For Sale At The St. Regis Bal Harbour
04 05, 2018
The St. Regis Bal Harbour is one of the most exclusive addresses in Miami. This opulent property caters to crème de la crème and discreet clientele. Here are our top condo picks which will let you enjoy Miami at its bests. St Regis Bal Harbour #704S: This exquisite condo is designed in a lavish yet compact manner. The apartment is spared over an area of 1,911 SF and features 2 bedrooms. These two bedrooms are accompanied by two full bathrooms and one half bathroom. The property was built in 2011, when the economy was not as sparkling as it in…
The owner of Bal Harbour Shops, Whitman Family Development is adding 340,000 square feet to the already existing 450,000 square feet of space. The new area will be home to the first Barneys New York in Florida. The construction planned to start in late 2018, marks the first in almost three and a half decades of the shop's existence. The addition of Barney’s in the luxury shopping center is proof that it still holds its own in the tough luxury retail market. The update and new retail is a bold move to stay in the running against new and rising…
Mixed-use Project In The Works for West Dixie Highway of North Miami Beach
03 30, 2018
This past Thursday, North Miami Beach planners got their first peek at the master plan for New North Town Center. The Center is set to be built on almost 18 acres on West Dixie Highway, situated to span between 155th Street and 163rd Street. The property, which currently is mostly vacant, has been a ghost ‘town’ for the past four or five years, according to North Miami Beach’s planning and zoning director, Justin Proffitt. There are big plans for the area though, with Bay Harbor-based architect Gabriel Boano and Aventura based Hector Mendez working to transform the abandoned property into…
