Continuum South Beach Announces Mandatory Vaccination Requirement For Entire Workforce

Continuum South Beach, a resort-style oceanfront condominium residences located in Miami Beach’s South of Fifth neighborhood, has implemented a mandatory vaccination requirement among its employees and contractors. Continuum’s Master Board of Directors, together with Associa/Marquis Association Management, the industry’s largest community management company, announced it would be stepping up its vaccine requirements by mandating that all employees and contracted/third party personnel are vaccinated or provide proof of COVID-19 vaccination in order to continue employment. The management team and Board has established a target date to have all employees fully vaccinated by November 15th this year, a move considered to be the first of its kind for staff among the region’s vast number of residential properties.

“Our requirement falls in line with many major companies requiring a vaccine mandate,” says Rishi Idnani, Managing Director at the Continuum. “By Grandfathering in this most essential new protocol, we are convinced that this approach will reinforce our commitment in keeping our residents and employees as safe as possible, as we charter a new course to battle the pandemic ahead of the upcoming high season. We hope it sets a good example and an industry standard, or best practice, for other residential communities to follow suit. We have been fortunate to have the majority of our residents and employees vaccinated in the recent months, and having vaccinated more than 500 residents to-date is a colossal achievement and first program of its kind thanks to our dedicated partners. I believe that making the vaccination as easy as possible enables people to make the right decision and we are delighted to offer this service to our residents.”

The Continuum has implemented state-of-the-art technologies for the health, safety and security of its residents. With the help of today’s most advanced security company, iDentyTech Solutions, the property has successfully phased its reopening of all amenities and common areas seamlessly for homeowners, strictly adhering to state and local guidelines, while minimizing the risk of exposure to COVID-19. To heighten the level of “contactless living” throughout the development, the latest facial recognition and biometric technology has been introduced, allowing residents to enjoy the benefits of personal authentication as they move around the property.

Magic City Tech Boom? Microsoft In Negotiations At 830 Brickell And Elon Musk Wants To Build Tunnels Under Miami

Miami, the magic city, is on track to become the next Silicon Valley as the fallout from the COVID-19 pandemic has brought people flocking to South Florida. Florida saw the second highest population growth over any other state in 2020, following Texas, adding over 240,000 new residents in a single year. The influx of new residents is being driven by those looking to take advantage of remote-working opportunities or seek a state that has let business remain open and has pro-business tax structure. This has led to Miami and Palm Beach real estate pricing and absorption reaching near record highs.

Not only are the new residents flocking from the high-tax New York, at the same time as South Florida’s population boom, the San Francisco Bay Area has seen an exodus of venture capitalists and tech entrepreneurs. Mayor Francis Suarez has opened up the city to tech entrepreneurs and has expressed interest in bringing innovative companies to the magic city and making Miami a global tech hub. Mayor Suarez recently announced he will be appointing a Chief Technology Officer for the city.

Miami’s office market is being a surge in demand and setting record high pricing. Microsoft (NASDAQ: MSFT) is one of the major tech firms looking to move to Miami, the multinational software provider is actively in negotiations to lease 30,000 square feet of space at OKO Group’s 830 Brickell, a 56-story office tower adjacent to Brickell City Centre which is currently under construction. Pricing is still relatively cheap compared to other major markets, asking rates at 830 Brickell are reportedly in the $70’s PSF range. Ken Griffin’s Citadel Securities hedge fund is also reportedly looking at office space in 830 Brickell as is the Chicago-based law firm Baker McKenzie.

The biggest news came when Tesla and SpaceX founder Elon Musk tweeted that he had talked with Florida Governor Ron DeSantis about building a tunnel system underneath Miami to eliminate traffic and pollution. Mayor Suarez tweed that “we will do it,” and invited Musk to visit him at City Hall. In the past Miami has had success building tunnels at a comparatively low cost. The initiative would be led by Elon Musk’s Boring Company, who is getting ready to reveal the Vegas Loop to the public, a 4,475’ tunnel loop under the Las Vegas Convention Center. In the Las Vegas Loop passengers will reach speeds up to 155 mph and will ride in Tesla Model X’s, Model 3’s, and a 16-passenger modified Model 3. Las Vegas in now working with the Boring Company to build a citywide network of tunnels.

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Inside Stool Presidente, Dave Portnoy's $35K Miami Beach Rental At 1 Hotel & Homes

Take a look inside Barstool Sports Founder also known as “Stool Presidente,” Dave Portnoy’s lavish Miami Beach rental while he was in town visiting multiple Miami hot spots just days after announcing his fundraising efforts to help struggling small business owners. Portnoy’s “Barstool Fund” has recently hit $20M in less than one month, helping nearly 100 small business that have struggling due to the COVID-19 pandemic. Portnoy started the fund with his own $500,000 but other big name donors include Tom Brady, Guy Fieri and Kid Rock.

Unit 1440 at 1 Homes South Beach is listed for $38,000 per month by Richard Goihman and Neal Klotsman of Douglas Elliman, Portnoy was able to snag the unit for $35,000 as he occupied residence for a one month period in December till January.

The 3 bedroom, 3 bath unit features over 2,092 sq.ft. and is completely furnished and equipped by interior designs of Meyer Davis Studio, the unit is provided with housekeeping and concierge services by the hotel, which can include everything from pre-arrival pantry stocking to luxurious bathroom toiletries. Located directly on the ocean and centered in the heart of South Beach, enjoy 600 linear FT of beachfront, 4 pools, 14,000 sq.ft. fitness center and Bamford Spa.

While Portnoy was in town, he was spotted at Miami’s newest hot spot “Casa Tiki” on Calle Ocho and was treated to the New Year’s Eve celebration “Midnight in Paris” ringing in the New Year in style at David Grutman‘s Swan Miami, where rapper Meek Mill was spotted alongside Chris Brown, Tyga. 

Brickell City Centre Launches Digital Turnkey Units

Swire Properties has designed digital turnkey units at Reach and Rise Residences at Brickell City Centre. The customized digital spaces give buyers a real-life glimpse at how their unit will look before they even step foot in it. Swire Properties has strategically partnered with the NYC design firm, Interior Marketing Group, to target the New Yorkers moving to South Florida seeking lower taxes. With threats from the COVID-19 pandemic, buyers from out of state have been buying homes without seeing them in person. These digital turnkey units can be purchased exactly as they appear in digital renderings, starting at $500,000. Out of state buyers can move into their new Brickell City Centre residences having trust that their units will look exactly as they expect from the digital renderings. All new home owners need to bring is their toothbrush after choosing a digital turnkey unit from Reach or Rise are residence.

Over 6 Months Terra Signed Nearly 60,000 Sq.Ft. In New South Florida Retail Leases

Terra has been one of South Florida’s most active in real estate development through the pandemic. Within the last 6 months Terra has signed nearly 60,000 sq.ft. in new retail leases across Miami-Dade and Broward Counties. Newly signed tenants include Verizon Wireless, AT&T Wireless, Mister 01 Pizza, Panda Express, Pilates Zone and more. Terra is a residential and commercial development firm and investment company that enhances neighborhoods to connect people and better the community. Courtelis Company oversees the leasing and property management for Terra’s portfolio. 

“Because COVID-19 has made a tremendous impact on the economy and will continue to reshape the market as we know it, we are committed to listening to our neighbors, collaborating with partners, and creating developments that are naturally woven into the community,” said David Martin, CEO of Terra. “We anticipate a continued need for lifestyle-centered developments that will serve at the pulse of South Florida’s neighborhoods featuring restaurants and retailers, as well as essential services such as grocers and local businesses that cater to the everyday needs of surrounding residents.” 

 “In addition to signing new leases, we’re focused on helping consumers navigate our retail centers in a responsible and efficient manner,” said Rod Castan, president of leasing and management for Courtelis Company. “We’ve provided tenants with access to take-out/short-term parking spaces, ample outdoor seating, cueing areas and temporary signage to increase tenant visibility. Although it’s been a challenging year, the hands-on approach has remained the best way for us to conduct business and maintain relationships with our retailers.”

Terra’s newly signed leases at retail developments in South Florida include: 

• 16000 Pines Market: A 135,000 sq.ft. mixed-use retail development that is now underway and is located in the City of Pembroke Pines. Publix Super Markets is the anchor tenant and has signed a 23,168 sq.ft. lease. Additional leases are signed by Verizon Wireless and Everglades Family Dental.

• Doral Square: Located in the City of Doral is the 150,000 sq.ft. retail center. Ross Dress fo Less is the anchor tenant and has signed a 24,147 sq.ft. lease. An additional lease is signed by Panda Express.

• 2811 Coral Way: Located in Miami is the newly completed mixed-use retail/self-storage development. Businesses with finalized retail leases include Pilates Zone, La Roche Beauty Salon, AT&T Wireless, and dental orthodontics laboratory Arcadlab.

• Pines City Center: Located in the City of Pembroke Pines is the 150,000 square foot mixed-use lifestyle development that spans across 47-acres and is opening their second phase of retail. A 1,525 sq.ft. lease is signed with Mister 01 Extraordinary Pizza that represents the modern pizza chain’s first Broward County location. The development’s first phase included a a Publix Supermarket.

Miami, Palm Beach County and Fort Lauderdale recover about 28,000 jobs since the start of the COVID-19 pandemic

Almost 28,000 jobs have been recovered since the beginning of the COVID-19 pandemic in Miami, Palm Beach County and Fort Lauderdale.  Majority of these jobs fall into the government, hospitality and retail sectors.  The Bureau of Labor Statistics released data showing the Miami market has gained  over 16,000 jobs in August, Palm Beach has gained about 7,000 and Fort Lauderdale has gained over 5,000.  The largest growth in the job market over the last few months is coming from the government sector.  The majority of these jobs are temporary positions tied to the 2020 Census, but has helped the unemployment rate fall to single digits for the first time since COVID-19 hit.  

Hospitality and retail are industries that have suffered considerably from the COVID-19 pandemic across the Country.  Miami has lost about 70,000 jobs in hospitality and about 22,000 jobs in retail since March and April.  As stores and restaurants continue to open up operating at limited capacity, both industries combined have recovered an average of 55% of the jobs lost.  This has significantly boosted Miami’s total COVID-19 job recovery rate to about 45%. 

Palm Beach County’s hospitality and retail industries are slowly making a comeback but not at the same rapid pace as Miami.   At the beginning of the pandemic hospitality in Palm Beach County lost about 48,000 jobs and retail lost almost 10,000.  Since April, hospitality has recovered about 30% of jobs lost and retail has recovered about 45%.  Palm Beach County has regained about 35% of the 100,000 total jobs lost from the pandemic. 

Fort Lauderdale’s hospitality industry lost over 3,000 jobs and retail lost about 14,000 since March and April.  Hospitality has recovered about 44% of the jobs lost and retail has recovered about 60%.  Fort Lauderdale has a total recovery rate of about 36% of the 130,000 jobs lost from the pandemic.  Overall even though job loss from COVID-19 remains down, it is hopeful to see industries slowly coming back as customers begin to leave their houses and support local communities.   

Le Sirenuse Restaurant & Champagne Bar at The Surf Club The Latest Permanent Closure Due To COVID-19

COVID-19’s impact on the restaurant industry and commercial real estate is beginning to show its ugly face. Just several years after their well received March 2017 opening, Le Sirenuse Restaurant & Champagne Bar at The Surf Club has permanently closed its doors citing the fallout from the COVID-19 pandemic. The Surfside location was the first Le Sirenuse location outside of Positano, Italy, where the original restaurant is located at Hotel Le Sirenuse. Le Sirenuse Restaurant & Champagne Bar at the Surf Club was located in The Four Seasons Hotel & Residences at The Surf Club, at 9011 Collins Ave. The ultra-luxury hotel-condo development was developed by Fort Partners, led by Nadim Ashi and delivered in 2017. The Surf Club Restaurant by Thomas Keller, which is also located at The Four Seasons Hotel & Residences at The Surf Club, remains open.

The Surf Club has been an integral part of the cultural history of Miami Beach since its inception as a private social club in the 1930's. The Four Seasons branded redevelopment led by Fort Partners broke ground in March 2014. The building features a 77 room hotel and 150 residences across three glass towers, two of which are residential and one hotel.

Neiman Marcus To Close Worth Avenue Location After Filing Chapter 11 Bankruptcy

COVID-19 continues to shake the commercial real estate industry, especially when it comes to retail. The Dallas-based Neiman Marcus Group has announced that they will be will be closing their Worth Avenue location in Palm Beach amid the luxury retailer’s Chapter 11 Bankruptcy Protection Proceedings. Neiman Marcus is actively working with A&G Real Estate to find someone to take over their 48,661 SF lease at 151 Worth Avenue which runs through May 31, 2026 and has options available to the tenant through 2051. 151 Worth Avenue is owned by the New York-based O’Connor Real Estate Advisors who acquired the property in January 2014 for $40 million.

"Real estate is a long-term play. These leases represent an incredible opportunity for retailers and investors to gain a foothold in markets that, under normal conditions, are renowned for their traffic and sales – as well as for their high barriers to entry," said A&G Real Estate Co-President Emilio Amendola. "Additionally, some of these locations are particularly promising for conversion to hotel, office or residential use." 

The Worth Avenue, Palm Beach store currently remains open for curbside pickup and appointments only. Neiman Marcus first filed for Chapter 11 Bankruptcy in May 7, 2020, amid the fallout from the COVID-19 pandemic in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

Goddard Investment Group Moves To Evict WeWork From South of Fifth Location

WeWork’s landlord at 429 Lenox Avenue, Goddard Investment Group, has moved to evict WeWork from their South of Fifth location at 429 Lenox Avenue in South Beach. The 43,500 SF building is fully leased by WeWork who skipped out on rent payments for April, May and June. An eviction notice reportedly alleges WeWork behind in excess of $650,000 in unpaid rent which must be paid by today or WeWork must vacate the property (July 7, 2020). WeWork first opened the South of Fifth location in early 2016 and is committed to the NNN lease until 2031. Goddard Investment Group financed 429 Lenox Ave. with a $23 million floating-rate loan issued by Granite Point Mortgage Trust, Inc. In Miami WeWork has other locations at 350 Lincoln Road, Brickell, Downtown Miami and Coral Gables.

Times have not been good to WeWork following its failed IPO in 2019. The coworking giant recently announced that it will being closing its first location to ever open in New York City and saw its valuation slashed from over $47 billion to $2.9 billion.

In May 2020, a group of WeWork’s members moved toward suing the co-working giant demanding that WeWork cease collecting rental fees. Many tenants had already requested rent relief, cancelled their leases or stopped paying, which put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk. Some of the CMBS loans back WeWork flagship locations in New York and San Francisco. WeWork has retained Newmark Knight Frank and JLL to try to renegotiate leases and negotiate concessions from landlords at some of their properties as the firm try to stave off a potential bankruptcy.

WeWork’s problems do not end there. Former CEO and co-founder Adam Neumann is reportedly under investigation for self-dealing by the New York State Attorney General. In addition, the Tokyo-based SoftBank led by Masayoshi Son and a special committee of WeWork board members have been locked in a legal battle after Softbank walked away from a $3 billion tender offer in April 2020 which was part of the $9.5 billion bailout package SoftBank signed with WeWork following WeWork’s failed IPO.

Governor Ron DeSantis Announces $250 Million In CARES Act Funding Allocated For Rental And Mortgage Assistance

Florida Governor Ron DeSantis has announced that the state will allocate $250 million in CARES Act funding to rental and mortgage assistance due to the COVID-19 pandemic shutdown. $120 million of the funds will be allocated to Florida Housing Finance Corp. which will provide rental assistance to households who live in affordable housing rentals within the Florida Housing Finance Corp. portfolio and have been impacted by COVID-19. Qualified renters will be able to use the funds from July 2020 through December 2020. The announcement comes just days before Florida’s moratorium on evictions and foreclosures expires and a rush of evictions and foreclosures are expected in July.

An additional $120 million will be allocated for rental and homeowner assistance programs for those impacted by COVID-19 providing aid for rent assistance, mortgage payment assistance, downpayment and closing assistance, mortgage buy-downs, new construction, rehabs, emergency repairs and homeownership counseling. The final $10 million will be used for operating costs of the programs and technical assistance.