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Miami Beach Convention Center Hotel Starting Construction Next Month

January 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,…
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Gil Dezer: Northeastern millionaires are flocking to SoFla

January 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…
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Tourism in Miami sets record in 2018, surpassing 2017 gains

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…
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First tower at $4B Miami Worldcenter project completed

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…
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‘Miami can compete against Silicon Valley,’ ParkJockey co-founder says

January 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…
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Cruise companies capitalize on demand for larger, luxurious ships

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.…
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The Best Markets For Real Estate Investments In 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…
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Related Group sells SLS Brickell hotel for $43M

January 5, 2019
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…
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The multifamily market is on the move

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…
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More Americans Moving To Florida Than Any Other State In 2018

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,…
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Call Us At: 305 397 8788

605 Lincoln Road Suite 302 Miami Beach, FL 33139

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