Archives for the ‘LAND NEWS’ Category

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

Formerly Contaminated Development Site In North Miami Beach Sells For $21 Million

A development site in North Miami Beach that underwent remediation to rid it of contamination has sold for $21.14 million.

Attorneys Kerry E. Rosenthal, Eduardo Rasco, Heather A. Scott and Melissa Groisman, all of Rosenthal Rosenthal Rasco, said they represented the seller in the deal for the 17.8-acre site at 15780 W. Dixie Highway. It was sold by Moore 77 LLC, managed by Vitali Rosenthal, to New North Equities, managed by Hector Mendez in Aventura and Gabriel Boano in Bay Harbor Islands. The buyer received a $9.15 million mortgage from New Wave Loans Residential.

The attorneys from Rosenthal Rosenthal Rasco were hired to resolve litigation surrounding the property. According to Rosenthal, the deal was originally set to close in January 2016, but the Keiser Family Living Trust filed a lawsuit in Broward County Circuit Court seeking to rescind the sale of the property to Antigua at NMB Development, the company that sold Moore 77 LLC the property for $17 million in 2014.

Moore 77 LLC was named in the lawsuit but it couldn’t sell the property until the case was resolved. The case was settled after after almost a year of litigation, clearing the way for the sale.

Formerly a TECO Gas and People’s Gas site, the property was remediated over several years to clear it of contamination. It has development rights for up to 2,300 residential units and 2.5 million square feet of commercial space with heights of up to 20 stories.

 

Source: SFBJ

Condo Terminations Expected To Rise As Developers Look To Older Buildings

South Florida‘s aging condominium stock, especially buildings sitting on oceanfront land, is ripe for glitzy redevelopment as developers push to expand a skyline where little to no prime, undeveloped land remains.

Real estate lawyers who specialize in condo terminations reported a busy 2016 season, despite the noted slowdown in the region’s luxury condo market. As undeveloped land becomes scarce, builders have turned to more creative measures: Redevelop aged buildings on underutilized sites, preferably near the water.

“Developers are seeing a lot of opportunities particularly along the coast with older condominiums that may have been built in the ’50s, ’60s and ’70s that are now pretty much functionally obsolete,” said Joe Hernandez, a real estate lawyer with Weiss Serota Helfman Cole & Bierman.

For unit owners of dilapidated condo properties whose repairs outweigh their existing value, a condo termination may be the only viable option.

“The owners in those condos then face a tough problem because things get more and more expensive to maintain,” said Hernandez, who is a partner with the firm in Fort Lauderdale.

While condo terminations have been happening for years, the shortage of well-located development sites has catalyzed a recent flurry of activity, said Howard Vogel, a partner with Rennert Vogel Mandler & Rodriguez.

The Miami real estate lawyer said his clients are actively searching for older buildings, particularly those whose condo declarations are most conducive to terminations — even as the market for high-end condos has slowed. Developers are taking a more long-term approach, which points to the development community’s confidence in the region’s condo market.

“They saw how quickly the market recovered after the last downturn and how important it is to be well-positioned for the recovery,” Vogel said.

Law In Flux

The law governing condo terminations has been in a state of flux since the housing market fell to its knees.

Before 2007, the decades-old legislation required unanimous approval before a condo could be terminated, whether for redevelopment or conversion to rental property. The Florida legislature decreased the threshold to 80 percent approval so long as no more than 10 percent of the unit owners rejected the plan.

“In condo living, one owner shouldn’t be able to be a veto power when everybody else wants something,” said real estate lawyer Mark Grant, explaining the legislature’s thought process for the 2007 amendment.

Getting 100 percent approval was nearly impossible, so the change in law streamlined the process for developers aiming to buy out old buildings and replace them with lucrative towers or convert them to rental projects.

Grant, a shareholder with Greenspoon Marder in Fort Lauderdale, said there have been 200 terminations across Florida, but many of them are still pending. A recent ruling from the Third District Court of Appeal may throw several of those terminations into doubt. The court found the 2007 amendment applies only to condo building created after the law went into effect. All buildings with condo declarations pre-dating the amendment are subject to the 100 percent approval threshold, unless their governing documents say otherwise, which is rarely the case, Grant said.

Despite the changing legal landscape, real estate attorneys expect to see more condo terminations as developers scour the coast for new opportunity. Grant said this a trend seen not only in Florida, but all over the country.

“It’s going to happen all up and down the coast, where these older projects are on land where they can now build a high-rise with many more units,” he said. “As our downtowns grow and as our coastlines become more valuable, putting aside rising tides for the moment, I can see this continuing to happen.”

 

Source: DBR