PMG Announces Official Acquisition of 400 Biscayne and Plan For XSC Social Community Residential Tower

Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The project is the third property that Greybrook Realty and PMG have partnered on in South Florida. 400 Biscayne will fall under PMG’s X Social Communities portfolio. Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. The project at 400 Biscayne Blvd. will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami. The purchase of the land allows for the church to continue operating post-closing until the developers are ready to move forward with their plans. Upon construction of the new development, PMG and Greybrook have agreed to build a new state-of-the-art church with its own separate entrance. Plans for the new church will be a collaborative effort between PMG and the seller, FUMC Church. Ryan Shear, Evan Schapiro, Matt Ellish, Yechiel Ciment led the PMG team on the closing of 400 Biscayne Blvd. with Luis Flores, Rebecca Sarelson and David Yontz of Saul Ewing Arnstein & Lehr LLP were the attorneys who represented the PMG. In addition, Josh Kaplan at Bilzin assisted with REIT compliance issues.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” saidRyan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

“We are delighted to be partnering once again with PMG. A highly regarded and forward-thinking developer, 400 Biscayne will benefit greatly from PMG’s consistent focus on delivering premium lifestyle amenities and smart-building technology to its projects,” said Peter Politis, CEO of Greybrook Realty Partners.

“FUMC wanted to rebuild the Church in the same location, so the relationship with the potential buyer was very important. They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term,” said Luis Flores, a partner with Saul Ewing Arnstein & Lehr. “The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future Church. Throughout the negotiations, we maintained a cooperative approach in order to create a solid foundation for a long-lasting relationship.”

Amenities for 400 Biscayne will include co-working spaces that eliminate the need for an office, oversized gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. 400 Biscayne will also offer retail and restaurant space that’s integrated with the resident experience. PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include the 464-unit “X Miami” in Downtown Miami (previously Vice), opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets.

Chateau Group Applies for Extension of Height-Approval with FAA over Biscayne Boulevard Lots

Chateau Group has applied for permission from the FAA to build two 700-foot residential towers at 600 and 700 Biscayne Boulevard and extend their current approval. Chateau Group acquired the properties after a failed proposal to build two towers on the lots about ten years ago. They are currently used for parking and billboard advertising. The FAA had previously approved the towers with an extension granted in 2015 but that extension expires in January 2017.

Biscayne Beach Upper Penthouse Sets Edgewater Record, Sells for $8.6 Million

The 2-story upper penthouse at Biscayne Beach has sold for a record $8.6 million as the most expensive condo sale in Edgewater. The 6 bedroom, 8 bathroom with a "Sky Terrace" with private pool includes a wine cellar, 12 to 14 foot ceilings and is nearing completion. The Next Miami is reporting that the buyers are Turkish, with roughly about 5% off all pre-construction inventory being snatched up by real estate investors looking to move their assets from Turkey to the United States amid political and economic uncertainty back home. Biscayne Beach is a 52 story residential tower by Eastview Development & GTIS Partners with architecture by WHLC. Construction started in the first quarter 2014 and is steadily cruising along with an expected completion date of late 2016. Units had originally started at $445K to about $7 million, but the developers were able to beat their own expectations as the building races towards delivery. 

World Trade Center of the Americas Approved For Downtown Miami

Brazilian developer Gilberto Bomeny and Regalia develper Louis Montello have teamed up and are moving ahead with the World Trade Center of the Americas at 340 Biscayne Blvd. after completing a sale and 99 year leaseback of the property and obtaining financing. They purchased the property which is currently the Holiday Inn Downtown in November 2015 for $65 million. 

The World Trade Center of the Americas will be a 77-story mixed-use development that will rise 969 ft. The FAA and city approved the height, which will continue to push Miami's skyline higher. The mixed-use project will include 1.4 million SF of space including 400 residential units, 100 hotel rooms, 250,000 SF office space and 516 parking spaces. The total sell-out is expected to exceed $1 billion. Ground breaking is expected to come around late 2018 with an expected completion of 2022. 

Alta Developers Move Ahead with Quadro Mixed-Use Project Next to Design District

Alta Developers is moving ahead with its Quadro mixed-use project at 3900 Biscayne. They plan to build a 198-unit mixed use apartment building with 28,000 SF of commercial space in close proximity to Design District and Midtown. Alta Developers purchased the site for $18.36 million last year. Leasing for the commercial space is already underway. Revuelta will be the architect and Banco de Crédito e Inversiones of Chile will finance the project. Quadro will be 13 stories and will be delivered in 2018. 

STK Miami Opens in Marquis Residences

The soft-opening of Me Miami has been so far a success, which recently moved closer to being completely open with the official opening of STK Miami in the lobby of Me Miami and Marquis Residences. The zoning permits the liquor license from the nearby late-night nightclubs including Heart and Space, so expect STK Miami to become a hopping place after-hours. The build-out features a modern restaurant concept right on Biscayne Blvd. and third-floor bar. The location is also walking distance from the Perez Art Museum, Frost Science Museum and American Airlines Arena.