Archives for the ‘INVESTMENT SALES NEWS’ Category

Miami’s 9 Hottest Developments Under Construction

While the state of Miami development appears to be cooling from its previously frenetic (and unsustainable) pace, the Magic City continues to balloon with high-rises under construction across a slew of active neighborhoods.

Nowhere is the birth of towers more prominent than at Miami’s heart, sourcing from ground-zero areas like Brickell and downtown Miami, and reverberating through nearby hot spots like Coconut Grove, Edgewater, and Midtown.

The Miami skyline has undoubtedly transformed in recent years but judging from the current swarm of cranes littered throughout our skies and a slew of recently announced projects, its evolution is still very much fluid.

Laid out are the nine hottest residential developments under construction that haven’t yet topped off in the aforementioned areas–starting to the south in Coconut Grove ranging north to the Julia Tuttle Causeway, east of I-95 and west of Biscayne Bay (we’ll hit Miami Beach and surrounding areas in an upcoming heat map). The developments are ordered from south to north.

Note: Some other hot developments that have topped off already include Biscayne Beach in Edgewater in addition to SLS Lux and Brickell Heights in Brickell, and Prive in Aventura.

1. Park Grove

Located near the recently completed twisting towers of Grove at Grand Bay, the fellow Terra development in collaboration with Related is among the priciest under construction in South Florida, with units in the third tower (One Park Grove) starting at $4 million.

2701 S Bayshore Dr., Miami, FL 33133 – (305) 434-7045

2. Echo Brickell

The news hasn’t always been positive from this 60-floor project in Brickell, as a terrible construction accident last Fall killed one bystander and injured five more. Construction has since resumed in the development with the $42 million penthouse.

1451 Brickell Ave, Miami, FL 33131 – (305) 931-6511

3. Brickell Flatiron

Fresh of its foundation pour last month, one of the highlights will be its 64th-floor rooftop deck, which will house its spa, pool, and gym.

1001 S Miami Ave., Miami, FL 33130 – (305) 909-6382

4. Panorama Tower

Miami’s Panorama Tower in Brickell is on its way to becoming the tallest building in the city at 868 feet, a temporary title with taller behemoths set to rise. Upon completion, the mixed-use development will inject 821 luxury apartments, 208 hotel rooms, 100,000 square feet of medically-oriented office space, and 50,000 square feet of high-end retail into Brickell. It already surpassed the clouds when we checked up on it in January.

1100 Brickell Bay Dr., Miami, FL 33131

5. One Thousand Museum

The highly anticipated Zaha Hadid project continues to rise in downtown Miamieclipsing the halfway mark now as it ascends to over 700 feet above sea level. The development is looking to transform high-rises in the city with a futuristic feel and unique exoskeleton.

1000 Biscayne Blvd., Miami, FL 33132

6. Paramount Miami Residences

The amenity game will be changed forever once Paramount Miami Worldcenter opens its doors, offering residents an indoor basketball court, tennis courts, a soccer field, boxing gym, yoga studio, fitness center, spa, jogging path, golf simulator and relaxation lounge.

1010 NE 2nd Ave., Miami, FL 33132 – (305) 203-0769

7. Aria on the Bay

Another Edgewater development, Aria on the Bay will inject 648 units into the swelling neighborhood with delivery expected by the end of the year. Its $13 million penthouse is being marketed by Million Dollar Listing New York star Ryan Serhant.

1770 North Bayshore Drive, Miami, FL 33132 – (305) 808-3262

8. Paraiso

The Paraiso complex will transform Edgewater upon completion, bringing four luxury towers, townhomes, a new Michael Schwartz restaurant, and a beach club to the booming residential area just north of downtown Miami. It’s also a hot buy for big-name celebs, with the likes of Alex Rodriguez, Manu Ginóbili, and DJ David Guetta among its clientele.

660 NE 31st St., Miami, FL 33137 – (305) 771-0257

9. Hyde Midtown Suites and Residences

Hyde Midtown Suites & Residences tops off this week, with The Related Group/Dezer Development collaboration offering a 60-room hotel managed by sbe and over 400 condo residences, with amenities including a piano bar, putting green, outdoor spa, dog park, and fitness center.

3401 NE 1st Avenue, Miami, FL 33137 – (305) 440-0893

 

Click here  for a map of the nine hottest Miami projects.

 

Source: Curbed Miami

Is Allapattah The Next Hot Miami Neighborhood?

The most diverse, bustling working-class barrio in Miami that you’ve probably never been to, Allapattah, is supposed to be the next big thing.

It’s the newest chapter in the by-now familiar Miami story of gentrification: first come the edgy art people, then the bars, and finally the big investors snapping up properties and planning big projects.

Aerial view of Allapattah

That’s all starting now in Allapattah, a working-class enclave of 45,000 people, produce suppliers and warehouse districts that borders hotter-than-hot Wynwood and smacks of the authenticity its neighbor is quickly shedding. So there’s a chance now to get a real taste of the place before it all goes to heck.

The brand-new Allapattah Market, an open-air food and crafts marketplace run by the people from Wynwood’s popular Wood Tavern, marked its grand opening, likely only the first in a series of spots that will draw in outsiders to the neighborhood. The market is open just weekends for now, but will increase hours and offerings “organically” with demand, the owners say. And that’s probably only a matter of time.

The market, set in the courtyard-like space at the center of a set of warehouses, features a bohío-like tiki hut and vendors’ stalls. Its operators promise a family-friendy atmosphere and, on Saturdays, some of the same vendors who attend a crafts market at Wood Tavern. Sundays feature food.

There’s an easy way this weekend to find your way to the market. In what’s probably the first-ever guided cycling tour of the neighborhood, historic-preservation group Dade Heritage Trust will take visitors on Sunday to see the old and the emerging new Allapattah, including the market.

The Valentine’s-themed “Allapattah is for Lovers” tour will visit Dominican bodegas — the barrio is Miami’s unofficial little Santo Domingo — as well as historic churches, graffiti murals and one new-economy outpost, the offices and studio of McKenzie Construction and Craft, a boutique design-build firm ensconced in a converted 1938 warehouse.

Another stop — bring a basket for those Valentine’s Day flowers — is Allapattah landmark Berkeley Florist Supply, which has been there since 1947 and says it’s Florida’s oldest.

“Because the future is not quite here now, it’s a good time to check out Allapattah,” said DHT executive director Christine Rupp, who last year launched a series of cycle tours of historic neighborhoods that have visited Overtown, Little Havana, Coconut Grove and downtown Miami, among other places where the organization has fought to save valuable landmarks.

“It’s to get people to see how raw and edgy some of these neighborhoods are before they all start looking the same. The Allapattah tour gives people an opportunity to see an old Miami neighborhood that’s ethnically diverse before it becomes the next hot spot. It’s cool see the look on peoples faces when they see these places. Most people have never been to Allapattah. But there is a lot of old building stock in the neighborhood. There are historic churches and funky streets. It educates people about why the organization exists and why we do what we do.”

Allapattah, which gets its name from the Seminole word for alligator, was once a rural area settled around the time Miami was incorporated in 1896. It stretches from the Miami River north to Northwest 41st Street, and from Interstate 95 (the border with Wynwood) to Northwest 27th Avenue, and is locked in relative isolation by the river, I-95 and the 112 expressway. Technically it includes the Jackson Memorial hospital complex, but it’s better known for its big produce market and the 10 blocks of discount clothing outlets along Northwest 36th Street.

Given the prime location, Allapattah has already been discovered by speculators looking for bargains almost certain to increase in value. So many speculators are buying homes cheaply and flipping them that, according to one report, prices are rising faster in Allapattah than in Miami Beach. Warehouse prices are rising sharply as well.

Last year, 1111 Lincoln Road developer Robert Wennett paid $16 million for the famous Allapattah produce market, although he has not announced what he plans to do with the nearly 10-acre property. The Rubell family, meanwhile, has already announced the move of its landmark art collection to Allapattah from Wynwood, where their private museum helped start it all.

McKenzie’s Allapattah warehouse home was bought last year by investor Michael Simkins for $3.58 million. Coincidentally, McKenzie will also build the Rubells’ new Allapattah museum. It will include 40 exhibition galleries, a research library, lecture hall, event space, storage, sculpture garden and a restaurant.

“Allapattah is rapidly transitioning from an entire local unknown to a powerful buzzword in the business, investment, design, creative uses, and artistic community,” commercial real estate broker Carlos Fausto Miranda, who has handled several high-profile sales in the neighborhood, said in an email.

Here comes the neighborhood.

 

Source: Miami Herald

Commercial Real Estate Indicators Signal Robust 2017 Across South Florida

Year-end surges in the office, industrial and retail sectors foreshadow robust economic growth across South Florida for 2017, commercial real estate experts say.

A lack of new supply pushed office rents higher, particularly in the downtown corridors, and the optimism displayed by businesses looking to expand is prompting developers to strongly consider shovels in the ground after a decade of inactivity.

West City Partners has proposed a 500,000-square-foot office building in downtown Fort Lauderdale, although the project isn’t expected to break ground until an anchor tenant commits.

The Stiles real estate firm is in talks with Broward College for a ground lease at the two-building site on Las Olas Boulevard. Stiles would tear down the buildings and replace them with a 350,000-square-foot office tower, said Doug Eagon, the developer’s vice chairman.

“It is time to introduce the next generation of office space into the downtown market,” Eagon said.

Last year, Stiles paid $13.1 million for the Bank of America building next to Broward College.

“The firm is considering its options, with retail and residential likely,” Eagon said.

Meanwhile, demand is soaring for warehouse and distribution space as e-commerce suppliers struggle to keep up with online retail sales, according to a report from the Colliers  International real estate firm.

In the fourth quarter of 2016, Broward’s industrial vacancy rate plummetted to 4.4 percent from 6.6 percent in the fourth quarter of 2015, the Colliers data show. Palm Beach County’s vacancy dropped to a nine-year low of 4.2 percent.

Boca Raton and Jupiter had the county’s two lowest industrial vacancy rates, at 1.2 percent and 1.5 percent, respectively. Those two markets also had the two highest rents — $14.53 a square foot in Boca Raton and $11.43 a square foot in Jupiter.

“Palm Beach County has more than 422,000 square feet of industrial space under construction, the majority of it at McCraney Property Co.’s Turpike Business Park adjacent to Florida’s Turnpike at Belvedere Road,” Colliers said.

In Broward, Butters Construction and Development and Bristol Group Inc. are planning a 925,000-square-foot business park at the site of the former Deerfield Country Club off Interstate 95 and Hillsboro Boulevard.

Tom Capocefalo, senior managing director for the Savills Studley commercial real estate brokerage in Miami, said the tri-county region is geographically positioned to easily ship goods domestically or internationally to the end users.

“We’re finding that the South Florida marketplace is one of the top-tier distribution markets in the country,” Capocefalo said. “It’s incredible, the pace of it.”

“Industial developers are moving north into Palm Beach County because the county has more available property than either Broward or Miami-Dade,” said Ken Krasnow, executive managing director for Colliers in South Florida, said

“Land is a scarcity,” Krasnow said. “We’re not making any more of it.”

“Palm Beach County also had a banner year in retail, with more than 1 million square feet of space leased – the highest level since 2006 and nearly double the 515,050 of 2015,” Colliers said.

Broward totaled 1.4 million square feet in new retail leases, its best showing in a decade. The first phase of Dania Pointe, an $800 million shopping and entertainment center, is expected to open this year just east of Interstate 95 at Stirling and Bryan roads in Dania Beach.

Colliers said small blocks of space in the 2,000-square-foot range are most in demand as Broward tenants seek to control costs in an era of rising rents and the growth of e-commerce. With smaller spaces more in vogue, the challenge for retail landlords this year will be to find tenants for the available “big box” spaces across the region, market observers say.

Sports Authority filed for bankruptcy and went out of business, closing 13 stores across South Florida and auctioning 10 others. In January, Macy’s said it would close stores nationwide, including one at CityPlace in West Palm Beach.

“Landlords will first try to find a tenant to take the space in its current configuration,” said Peter Reed, managing principal at Commercial Florida Realty Services in Boca Raton. “When those efforts are exhausted, they’ll have to ask themselves, ‘How do I repurpose this?’ In some cases, they’ll be able to multi-tenant it, but in other cases the best thing may be to scrape it and do something different.”

 

Source: SunSentinel