September 20, 2016
The Miami River Project is a 5 phase, mixed use project. The Project will include 1,678 residential units, 330 hotel rooms, as well as 266,000 square feet of retail/office space. The Project is set to include four towers (most likely residential), a Hotel (which is most likely to be a major hotel flag), a myriad of different stores, restaurants, and a river walk that will be open to the public.
The First phase is set to have a 56-story building with a 207-room hotel, 334 condos, and 42,100 square feet of retail space and a parking garage. The Developers, Chetrit Group and JDS, hired Fortune International to handle condo sales. With the Approval of the city commission back in October of 2015, the developers promised to invest $14 million into affordable workforce housing, as well as $7 million for public infrastructure surrounding the area as well as renovating the Jose Marti Park.
The development sought out a $49 Million dollar pre-development loan, as well as a $1 billion dollar loan for the mixed-use project.
May 09, 2017
The Beckham group has paid $19M for the development of a Miami stadium in overtown. They’re going to pay $9M for 3 acres that will complete the 6 acre development site. The Miami Herald said, the Miami-Dade County Commission could vote on the deal during next week’s meeting. Beckham has planned this stadium since 2014 and now it’s coming to fruition. What currently sits on the 3 acre plot of land to finish Beckhams stadium? A county bus depot.
The $150M stadium will have 25,000 seats. Since the stadiums announcement to build in Overtown, a spark in investments have hit the area. There was recently a $6.7M deal for a 47,000 SqFt across the street from the stadium.
May 03, 2017
FedEx’s has 200 South Miami Avenue leased until 2029, plus, a five-year renewal option. The property is a 110,000 SqFt building! In 2019, the rent will be $14.82/SQFT, triple-net, with 2.5% increases each year. The property is expected to reach $40 million ($364/SQFT). The site was purchased in 2014 for $19M.
The site is 1.4 acres and can be redeveloped because current zoning allows 2 million SQFT and up to 1,395 units.
Downtown Miami is in the middle of redevelopment. Downtown Miami will have 3,575 rental units ready in 2017, as oppose to 2,774 condos. Developers want to focus on the multifamily market due to downward condo sales.
April 19, 2017
The Yotel Hotel is 45 stories and will have 264 small hotel rooms. It will be located on a vacant lot near a Metromover station and Miami Dade College. It was bought for $5.5 million in 2013. NE 2nd Acquisition, was approved for a 22% parking reduction. The review board signed off on the developers’ request to locate parking for the condo residents in nearby garages within 1,000 feet of the hotel. The review board authorized a total of eight waivers.
April 18, 2017
Berkshire Hathaway’s HomeServices has begun advertising U.S. real estate in the Chinease market through Juwai.com. This partnership is to encourage wealthy Chinease buyers into the U.S. market. Juwai.com reaches more than 400 Chinese cities and 160 other countries. There may be some friction with the Chinease government’s effort to keep currency within their borders; however, according to bankers, there has been an increase in traditional lending since the crack down on foreign investors.
February 27, 2017
The American Dream mega-mall is a 6M SqFt project that is expected to open in 2022. The project cost will be around $3B. It’s going to be the biggest mall in the nation. The board postponed a month for the review of the development due to an incomplete traffic-impact study. This is the county’s largest development. The mall will be completed in a single phase. There will be a retail theme park that is anticipated to attract more than 40M visitors per year. The board will meet again on March 10.
February 28, 2017
Miami Worldcenter, a 27-acre mixed-use project, sold $74.1M in tax-exempt bonds and can use the capital toward construction. The $2B project will include condos, apartments, retail, restaurants, and a hotel/convention center. What is under construction right now is the 512-unit Paramount Miami Worldcenter condo and 100,000 square feet of high street retail.
February 23, 2017
Latin American interior design firm opens their first office in Brickell. Their Colombian based and are extremely successful. AEI is currently handling 4 projects: the interiors of the 137-unit condominium Naranza at Edgewater, Paramount Residential Mortgage Group’s Miramar offices, as well as the headquarters for a dermatology office and a law firm.
February 22, 2017
Project 18 was approved by the Miami board on February 16. It’s located at 10 S.W. 8th Street. Project 18 is a 923,000-square-foot, 78-story, tower and will have 392 residential units, 66,618 square feet of retail, 464 parking spaces, pool decks on both the parking garage roof and in the sky on top of the tower. Amazingly, the Burger King that was there is now going to be a high-end tower.
January 31, 2017
Centro, a parking-less condo, leased 2,200 Sq Ft to a Palm Beach County-based sandwich chain and a global Italian gelato franchise for$75 per Sq Ft! These are marked as the highest retail rents in Downtown. The sandwich shop rented 1,200 Sq Ft and the gelato shop rented 1,000 Sq Ft on the ground floor of Centro. Newgard Development group purchased the 4,350 Sq-Ft ground floor located at 151 Southeast First Street in August 2016 for $615 per Sq Ft totaled to $2.65M. Centro unit prices range from $300,000 to $500,000. The developers began allowing owners to occupy condos in late July.