1.5M SF Mixed-Use Development Sawyer’s Walk Delivers Target in Miami's Overtown

Sawyer’s Walk, the largest mixed-use development in the historic community of Overtown, recently opened its retail section, marked by the launch of a 50,000-square-foot Target store. Over the next several months, additional major retailers are set to open, including Burlington, Five Below, Aldi supermarket, and Ross Dress for Less.

The 1.5 million-square-foot Sawyer’s Walk complex includes 578 residential units, primarily housing low-income seniors, as well as 175,000 square feet of retail space, a 25,000-square-foot public plaza, and 130,000 square feet of office space. MSC Group has secured the office space for its new North American headquarters, anchoring the development at 249 NW 6th St. The project was spearheaded by SG Holdings, a partnership between Swerdlow Group, SJM Partners, and Alben Duffie.

Among the new retail spaces, Burlington is scheduled to open in October with a 38,000-square-foot store. A 25,000-square-foot Aldi and a 10,000-square-foot Five Below will follow in November, while Ross Dress for Less is expected to open in March 2025.

Sawyer’s Walk was developed as a public-private partnership in collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment Agency, Miami-Dade County’s Department of Public Housing and Community Development, and city and county officials. The project aims to address both affordability and accessibility concerns in Greater Downtown Miami by delivering affordable residential options and value-focused retail stores.

The development also includes amenities designed to enhance the community, such as a public plaza with art murals, outdoor seating, a children’s playground, and a dog park. Residents and shoppers will have access to nearly 1,000 parking spaces and multiple public transit options, including Metrorail, Metromover, and Brightline.

Led by Michael Swerdlow, Swerdlow Group has been active in bringing new retail options and affordable housing to South Florida. The company has over 8,000 affordable housing units in the pipeline, with a focus on revitalizing underserved areas and addressing food access in designated ‘food deserts.’ Swerdlow Group’s portfolio includes over 30 million square feet of residential, retail, industrial, and office space developed across the region.

Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction.

Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem.

"At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination."

Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence.

Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE.

Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.

Florida East Coast Industries Lists ParkLine Miami Residential Above Brightline’s MiamiCentral Station For $500 Million

Florida East Coast Industries (FECI) announced the listing of ParkLine, its signature residential tower above Brightline’s MiamiCentral Station, for $500 million. The property, which consists of two iconic towers totaling 816 luxury residential units, will be listed on the market by the commercial real estate services firm Cushman & Wakefield. The firm’s Florida team of Robert Given, Troy Ballard and Zachary Sackley will lead the marketing efforts along with the support of the New York and Los Angeles offices which will include Doug Harmon, Adam Spies and Rob Rubano. The two ParkLine towers are part of a master-plan adjacent to 2 and 3 MiamiCentral, 285,000 SF of Class A office towers, and over 160,000 SF of retail. ParkLine Miami is the largest, single multifamily asset in the Southeastern US to be listed for sale to date. 

Residents at ParkLine Miami have direct elevator access to the MiamiCentral Brightline station along with the station’s new 26,000 SF culinary center by C3, Citizens, which will house elevated restaurants by globally-renowned chefs such as “Iron Chef” Masaharu Morimoto and Michelin Starred chef Dani García. Residents will also have direct access to retailers such as Publix, Starbucks, Chic-fil-A, Joe & The Juice and Einstein Bagels located adjacent to the property.

FECI developed ParkLine Miami as a transit-oriented development to complement the $4.5 billion invested in Brightline trains, the only provider of modern, eco-friendly high-speed rail in the nation. It is the most significant transit-oriented development (TOD) offering in the Southeastern US. Brightline currently serves Miami, Fort Lauderdale and Palm Beach with expansion stations in Aventura and Boca Raton opening in 2022. Construction to Orlando is on track to be complete by the end of 2022. Discussions remain underway with local stakeholders regarding expansion to Disney and Tampa. Brightline projects over nine million annual passengers once all Florida stations are completed. 

“This is a rare opportunity indeed, as the towers sit directly atop and are connected to the Brightline train platforms, in addition to three other modes of rail transportation and over 160,000 SF of retail in MiamiCentral,” noted Robert Given, executive vice chairman at Cushman & Wakefield. “MiamiCentral will undeniably be the center of gravity of the Miami MSA for generations to come.” 

The future expansion of MiamiCentral includes a Miami-Dade commuter rail system with stations in Wynwood, the Design District, El Portal, North Miami and FIU’s Biscayne Bay Campus. With the stations in Orlando and Tampa, the connectivity provided by ParkLine Miami is unprecedented in the multifamily environment. 

“ParkLine is the definition of metropolitan living and FECI strategically built these two towers above Brightline to offer a car-optional lifestyle and promote alternative, eco-friendly transportation options,” said Sarah Watterson, chief development officer at FECI. “More and more, people who live at the core of major cities today seek a lifestyle of interconnectivity without sacrificing time and money. ParkLine is meeting those needs and more with its integration to Brightline.” 

In addition to the Tri-County connectivity provided by Brightline and MiamiCentral, ParkLine Miami’s residents will benefit from Brightline’s new and first-of-its-kind, door-to-door service. This will include a fleet of both private and third-party vendor vehicles supporting point-to-point service beyond the train and making a car-optional lifestyle possible. All services will be available through the Brightline app and will further create transportation access to everything from scooters, bikes and electric micro-rides to shuttles and chauffeured Teslas.  

Perched above Downtown Miami, at 100 NW 6th Street, ParkLine Miami puts residents just minutes from the city’s hottest neighborhoods, including Wynwood and the Design District, with access to a plethora of dining, retail, arts and culture, and events. Opt for a stroll to the Adrienne Arsht Center for the Performing Arts, Frost Science Museum, Perez Art Museum or FTX Arena. The property is also adjacent to Miami World Center, a $4 billion development underway with over 300,000 SF of retail slated to begin openings this year. Convenient accessibility to the Miami Metrorail and Metromover allows for a car-free lifestyle, with major thoroughfare I-95 located nearby for those who so desire.

By Katya Demina

Home Of Miami Heat AmericanAirlines Arena Renamed FTX Arena Following 19-Year $135 Million Naming Rights Deal

AmericanAirlines Arena, home of the NBA’s Miami Heat in Downtown Miami’s Park West neighborhood, has officially been renamed the FTX Arena. The American Airlines signage has now been removed following the Heat’s Round 1 playoff loss to the Milwaukee Bucks. The name change is part of a 19-year, $135 million naming rights deal with cryptocurrency exchange FTX which was approved by Miami-Dade County Commissioners in March 2021.

As per the agreement the Heat, who have 19-years remaining on their lease with the arena, will receive an annual payment of $2 million for the naming rights from Miami-Dade County. FTX branding will also be placed on the Miami Heat’s website and digital platforms, promotions, contests and community engagement. American Airlines will retain a marketing agreement with the Heat.

Miami-Dade County has also entered into a partnership with FTX to collaborate on technology and Fintech education and has committed an additional $5 million in contributions to the county. Miami-Dade County must also reserve a portion of the naming rights deal proceeds to help combat local gun violence and poverty.

The deal represents the first partnership between a cryptocurrency company and a major American professional sports franchise. The partnership further advances Miami quest to be a cryptocurrency and blockchain hub and the Cryptocity.

AmericanAirlines Arena is located at 601 Biscayne Blvd. and first opened on New Years 1999 after the Heat moved from the Miami Arena. The arena was designed by Arquitectonica and 360 Architecture and had a total construction cost of $213 million. The spectator capacity for a basketball game is 19,600. The Miami Heat have appeared in five NBA Finals since 2010 and have won three NBA Championship titles since they were founded in 1988.

FTX US is a US-regulated cryptocurrency exchange led by CEO Sam Bankman-Fried. FTX operates two different exchanges, FTX (ftx.com) and FTX US (ftx.us). FTX is an international cryptocurrency exchange that is does operate in the US and supports more cryptocurrencies than FTX US. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTX pursues its mission, led by philanthropic founder Sam Bankman-Fried, to turn revenue into charitable giving which led to the launch of the FTX Foundation in which 1% of all FTX net fees are donated to select charities. FTX US supports Bitcoin, Ethereum, Dogecoin, Sushi, Tron, Tether, Litecoin, Bitcoin Cash and other cryptocurrencies.

Miami has quickly become the Cryptocity, and is becoming a cryptocurrency and blockchain hub led by Mayor Francis Suarez. Mayor Suarez’s goals include turning Miami into a Bitcoin mining hub by using the city’s nuclear power capability. He is also working towards allowing the use of Bitcoin to pay for tax and public services, as well as a salary option for city employees. Mayor Suarez set his focus on a Miami tech boom following the COVID-19 pandemic and has been working to attract the top tech and investment firms from San Francisco, Silicon Valley and New York City. The effort has paid off shown by taxable property values in Miami having doubled over the past decade as high-paying jobs have been attracted to the weather, beaches, restaurants, nightlife, low-tax and high-quality of life.

For a background on cryptocurrency and blockchain and its application to real estate check out the PROFILE Insider: The Crypto Revolution Versus The Evolution of Blockchain Part 1.

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Luxe Miami Four Seasons Penthouse To Be Auctioned At No Reserve

Penthouse 70BCD at the Four Seasons Private Residences in Miami’s Brickell neighborhood will be sold by Platinum Luxury Auctions at a Luxury Auction without reserve on January 29th at 7p.m. EST. The penthouse was previously listed at $15M. The custom home is approximately 5,800 sq.ft. and a combination of 3 units which was done during initial construction and occupies half the building’s top floor. Penthouse 70BCD features ample space for art lovers to display paintings and sculptures, two private balconies with floor-to-ceiling windows, ocean views, a media entertainment area, temperature-controlled wine refrigerators and a floating onyx wet bar with panoramic water views. More than $1M has also been invested in custom woodwork and wood window frames. The home also includes 6 nationwide Equinox memberships with a facility on the property.

Four Season’s Private Residences features a private entrance separate from the hotel. A residents elevator opens up directly into a private foyer with double doors that open into the Penthouse. Penthouse 70BCD is one of the highest penthouses in Miami and located in the second-tallest buildings in Florida. The auction will take place live with in-person bidding on-site along with remote bidding available. The listing brokerage of record is Brown Harris Stevens Miami and the listing agent of record is Techrin Hijazi. The Four Season Private Residences is located at 1425 Brickell Ave in Miami, Florida.

Check Out The Newly Revealed Renderings Of Norman Foster-Designed Drivers Club Miami

New renderings have been revealed of Drivers Club Miami, a Norman Foster-designed private driving club with resort on 160-acres in Carol City, a neighborhood of Miami Gardens. The project was approved in 2018 although groundbreaking has been delayed by zoning agreements, environmental testing, design meetings and construction-preventing covenants. The project is being developed by 13 Pista LLC, led by Carlos de Narvaez Steuer and is estimated to cost $100 million.

Drivers Club Miami will feature a race circuit with 2.3 mile track in addition to a luxury resort with hotel, retail and restaurants which will be open to the public. The Miami Drivers club track, clubhouse and vehicle storage and maintenance facilities will be private for members only.

Miami-Dade County signed a $33.4 million, 30 year lease for 140 acres of land below-market rate at 20000 NW 47th Ave. for the project. The lease began on August 1, 2018 and has two 30-year extension options. The county will also provide $2 million to the developer via subsidies in order to help the project create 220 jobs on the property. In exchange for waiving the competitive bidding process, the developer will build public improvements for Miami Gardens including a new public bicycle course and capital contributions to support a new on-site fire station and Florida Memorial University. The entire project is estimated to cost roughly $100 million.

Wynwood Norte Takes A Step Towards Approval After Rezoning Approved By Miami City Commission

Wynwood Norte is one step closer towards approval after the Miami City Commission voted unanimously to approve the rezoning of the area just north of Wynwood to allow mid-rise development for infilled housing. The community plan still needs to be reviewed by state officials. The zoning changes included relaxing the parking requirements for both residential and commercial properties and allowing development up to four floors for projects with 20% affordable housing. In the development area on NW 36th Street and North Miami Avenue mixed-use projects can now rise up to eight stories and residential projects can now rise five stories. Miami-Dade County will also partner with developers to redevelop roughly 1,400 units on county owned land. The revitalization plan was organized by the Wynwood Community Enhancement Association and planned by PlusUrbia. The Wynwood Community Enhancement Association is made up of a mix of local residents, property owners, community organizations and local businesses who recognized that the current zoning stifled development in the area.

Miami-Dade County And Related Urban Development Group Break Ground on Three Round Towers

Miami-Dade County Mayor Carlos A. Gimenez,  Chairwoman Audrey M. Edmonson and Related Urban Development Group (RUDG) have celebrated the ground-breaking of Three Round Towers B&C and Brisas del Este, an affordable housing development encompassing three buildings for a combined total of 383 units in the Allapattah area of Miami-Dade County. They were joined by a special guest on this occasion, the Honorable Dr. Benjamin S. Carson, Secretary for the U.S. Department of Housing and Urban Development.

The Three Round Towers development was originally built in 1970 on approximately 6.98 acres and included three towers (Towers A, B and C), a Community Center and parking for residents. Tower A was substantially renovated in 2018 by Related Urban. The current renovations are focused on the major rehabilitation of Towers B and C along with the construction of Brisas del Este, a new 120-unit affordable housing project. RUDG, the affordable housing arm of prolific developer Related Group, will serve as Miami-Dade County’s developer partner. 

The rehabilitation of the two existing towers and the new construction of Brisas Del Este will result in stylish, well-appointed residences tailor made to serve a primarily senior population through elevated accessibility options. The projects will serve residents from 30% area median income (AMI) up to 80% AMI and will be completed in the beginning of 2022.

“By fully leveraging multiple financing sources, our County is paving the way more for smart projects that create vital affordable housing for our residents,” said Miami-Dade County Mayor Carlos A. Gimenez. “Miami-Dade’s public-private partnership with Related Urban Development Group has been a key component leading to the success of this particular project, and I look forward to the County’s continuing wise use of P3’s moving forward.”

The total development cost for the three buildings is more than $106 million. The layering of financing makes this development the largest of its kind in the nation  utilizing Opportunity Zone Funds ($24 million) in combination with other federal and HUD resources, such as Low-Income Housing Tax Credits (LIHTC), Rental Assistance Demonstration funding (RAD), Home Investment Partnerships (HOME) from the City of Miami, and a Purchase Money Mortgage (PMM) of $18 million from Miami-Dade County to the developer. County and State surtax funds are also being invested in the project. More importantly, the Opportunity Zone investment of $24 million was made by personally by Related Group CEO Jorge M. Peréz.

“The redevelopment of Three Round Towers and the addition of Brisas Del Este leverages the widest range of financing available in affordable housing development,” said Albert Milo, Jr President of RUDG. “It is truly a first-of-its-kind project made possible by our partners at the County, who we have worked with over a dozen times to create transformative affordable housing solutions across Miami-Dade. Through collaborations like this, we are able to continue making a real difference for the residents of the communities we build in.”

“With this project we are proving that Opportunity Zone funding is scalable for major affordable housing developments,” said Michael Liu, Director for Miami-Dade Public Housing and Community Development (PHCD). Liu continued, “With a visionary like Jorge Perez and extraordinary builder in Albert Milo, our plan to transform all of our public housing with private sector partners will succeed.” 

Amazon To Build Largest Distribution Center in South Florida After Scoring Approval From Miami-Dade County

Miami-Dade commissioners have voted unanimously to sell a vacant lot located at 13200 Southwest 272nd Street near the Homestead Air Reserve Base in South Miami-Dade County to Amazon for $22,056,853, clearing the way for Amazon to build a new distribution center to service South Florida. Amazon will invest $80 million into the property to build out the distribution center which will be a minimum of 1 million square feet and could become the largest in the region. The distribution center would be used to distribute products including food, produce and groceries. The facility is expected to create at lease 325 permanent full-time jobs with an annual salary of $32,000. 25% of the funds paid by Amazon to acquire the site will be dedicated to the Miami-Dade Affordable Housing Trust and the remaining funds will be allocated to the Homestead Air Reserve Base Fund. The South Miami-Dade facility would be the 4th distribution center used by Amazon in the South Florida region.

Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann