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.

Vladislav Doronin and Len Blavatnik Receive Approval For Aman Hotel & Residences In Miami Beach's Faena District

Vladislav Doronin and Len Blavatnik have received approval from Miami Beach City Commissioners to build Aman Hotel & Residences in Miami Beach’s Faena District. The developers will build a new 250’ tall tower adjacent to the historic Versailles Hotel located at 3425 Collins Avenue, in addition to restoring the Versailles Hotel back to its former splendor. Aman Hotel & Residences Miami Beach will feature a 56-room hotel and 23 condominiums.

The approvals required a zoning change for height increase from the permitted 203’ to the proposed 250’. The height increase had been met with community opposition from several Historic Preservation Board members, including chairman Jack Finglass, as well as residents of the King David Condominium across the street. The final plans still must be submitted and approved by Miami Beach’s Historic Preservation Board.

Len Blavatnik is an American industrialist and philanthropist whose firm, Access Industries, owns a diverse portfolio of over 6 million square feet across iconic hotels and other commercial and residential properties in the United States, Europe, South America, and the Caribbean. Along with Alan Faena, Blavatnik developed the neighboring, ultra-luxury condo tower, Faena House.

Aman Hotel & Residences Miami Beach would be the first Aman Resort in South Florida. Vladislav Doronin is the chairman of Aman Resorts, in addition to being CEO of real estate development firm OKO Group. OKO Group’s Miami portfolio also includes luxury waterfront residential towers; Missoni Baia and Una Residences; and 830 Brickell, Miami’s first new office skyscraper in over a decade

PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

Funding For Lincoln Road Revamp Approved By Miami Beach City Commission

A $77.4 million funding package for a major James Corner Field Operations-designed revamp of Miami Beach’s Lincoln Road has been approved by Miami Beach city commissioners. The funding will come from city taxpayers in addition to a $16 million Special Assessment charged to property owners in the immediate Lincoln Road district. The city has also updated zoning to allow some Lincoln Road property owners to build hotels. Construction in the renovation is expected to commence in spring 2020 and will include an enhanced pedestrian promenade, a new outdoor dining layout, updated lighting and signage, a new performance area, updated landscaping and renovations to many of the roads historic structures designed by Morris Lapidus.

Miami Beach Commissioners Vote To Finalize Deal With Crescent Heights At South Shore Hospital Site On Alton Road

Miami Beach commissioners have officially voted in favor of finalizing the proposed deal with Crescent Heights and its co-founder Russell Galbut to redevelop the former South Shore Hospital site on Alton Road in South Beach. As per the agreement Crescent Heights will fund and build a 3 acre park on the Alton Road site in exchange to allow Galbut to up-zone the site where commissioners approved a tower height increase to 519’. The tower is being designed by Arquitectonica and will rise 44-stories, offering 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. After sale-and-purchase of the condo units the buyers will not be permitted to rent out their condos on a short term rental basis. The park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut now has 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 2.5 years after the construction permit for the tower is issued, which must be completed with in 8 years. Should Galbut wish to flip the property he must retain 10% ownership.

Check Out The Newly Released Video Of The 3 Acre Park Coming To Alton Road As Part Of Deal With Russell Galbut

Miami Beach has struck a deal with Crescent Heights co-founder Russell Galbut to bring a 3 acre park to Alton Road in exchange to allow Galbut to up-zone the old South Shore hospital site in South Beach. Commissioners approved a tower height increase to 519’, in exchange Galbut will fund and develop the 3 acre park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut will have 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 8 years after the construction permit for the tower is issued. Should Galbut wish to flip the property he must retain 10% ownership. A subsequent hearing will take place in December.

Pulte Group to Redevelop Former Golf Course in Oakland Park

National home builder Pulte Group has submitted a smaller development proposal for the former Oak Tree Golf Course, a 139.2 acre site in Oakland Park that they have under contract from Blackwood Partners. The trend of golf courses being repurposed is a familiar story line in South Florida due to high operation and maintenance costs. According to Marty Kiar, a Broward property appraiser, at least three of 45 golf courses in the county have closed in the last five years.

Residents of Oakland Park raised concerns about density and traffic in response to the original 850 home proposal, which Pulte Group downsized to 288 homes and 117 townhouses. The revised plan also preserves 40 acres for green spaces and fitness trails, and includes a buffer zone to separate the community from existing homes near the greenway. The defunct Oak Tree Golf Course stopped operating about ten years ago.  

The development is pending Broward County’s approval for the land-use change and site-plan application, represented by attorney Dennis D. Mele. Prices for the townhouses would start in the $300,000s and range from $400,000 to $600,000 for the one and two-story homes.

Article by: Katya Demina

Related Group & Block Capital Group Break Ground On The Bradley In Wynwood

Related Group and Block Capital Group have broken ground on The Bradley in Wynwood, one of Miami's first projects to feature micro-units. The project was designed by Arquitectonica and features interiors by Lenny Kravit's Kravitz Design. When complete The developers expect to close on a $33 million construction loan over the next few weeks. The Bradley will rise 5-stories and will bring 175 rental apartments, 32,000 SF of ground floor retail and a 179 spot parking garage to Wynwood. The units will range in size from 480 SF studios to 1,000 SF 3-bedroom units and monthly rents are expected to range from $1,400 to $2,800. Amenities include a gym and a rooftop deck with grill area and cabanas. The project was first introduced as Wynwood 26 and developers were able to secure a 30% reduction in parking, decreasing the amount from 254 zoning requires to 179 spaces via contributing to the Wynwood Parking Trust Fund. The Bradley is located at 51 Northwest 26th Street. Construction is expected to be completed in 2020. 

Inside PROFILEmiami's Art in Public Places Panel Event Featuring Leaders from City of Miami, A+E District, Design District and Wynwood

Real estate news platform PROFILEmiami hosted a thought-provoking symposium about Miami’s Art in Public Places program. The special panel event, which took place in downtown Miami’s Arts + Entertainment District in the CANVAS condominium tower, being developed NR Investments, put a spotlight on future development in the city and explored best practices for the ongoing incorporation of works of art in real estate projects. 

Moderated by PROFILEmiami publisher Demetri Demascus, the event featured a display of autos by Prestige Imports.  Panelists included Jeremy Calleros Gauger, Deputy Director of the Planning Department for the City of Miami; Dacra COO Steven Gretenstein; Wynwood BID Board Member and Chairman of the Planning & Transportation Committee David Polinsky; TILIA Companies Principal Gary Ressler; and NR Investments Principal and A+E co-founder Nir Shoshani. 

Guests, who were treated to cocktails and hors d'oeuvres by PROFILEmiami, additionally had a question-and-answer session with the panelists, getting the opportunity to delve into important topics and gain insights regarding unique initiatives unfolding within the city.  Before the panel began, CANVAS and NR Investments also hosted hardhat tours of the property, showcasing several of the condominium building’s 170-foot interior wall murals – all of which are being painted by urban contemporary artists from around the world.  

David Beckham's Plans for MLS Stadium Not Going Smoothly

MLS has wanted a stadium in the heart of Miami since the 90s to build its Latin and youth fan base. There have been several incarnations of professional soccer teams in South Florida, but none managed to navigate the political waters of Miami successfully. 

Marcelo Claure, CEO of Sprint and Beckham’s partner said, “We have to put the team where it is accessible to them. So many Latin Americans and Europeans live here, it doesn’t seem right that we don’t have a soccer team.”

Beckham partnered with Claure, Jorge and Jose Mas, and Simon Fuller (creator of American Idol) to launch the franchise in January. They face a number of challenges before they can open the stadium, whose opening is scheduled for 2021. 

Now, David Beckham is facing opposition not from the city, but from activist and landowner Bruce Matheson. Court records indicate that Matheson sued the county to block the proposed stadium in Overtown, and is now appealing a judge’s ruling that threw out his lawsuit in October. He alleges that Miami-Dade County gave Beckham “a secret discount from the taxpayers” in their no-bid, $9 million deal for three acres of county-owned land. 

Beckham’s deal, which was based on appraisals from late 2015, but was approved in 2017, comes out to about $74 a square foot. In 2016, land was selling for $142 per square foot. Commissioners approved the deal, on the condition that Beckham and his partners spend $175 million on the stadium’s construction. Beckham and his partners have yet to close the deal and to secure land-use changes and new zoning.

The residents of Overtown are uneasy in light of community activists posting fake eviction notices in the neighborhood. The notice was actually an ad for a community meeting to discuss the future of public housing around the stadium. Public Housing Director Michael Liu said, “There are no plans to evict. We want to have the best possible housing for people in public housing.” Residents are skeptical, though. The future of Beckham’s MLS Miami stadium is uncertain. 

Article by Katya Demina