Construction On Brightline Rail Connecting Miami To Orlando Passes Halfway Point

Construction on Brightline’s new rail line connecting Miami to Orlando has passed the halfway point. Construction broke ground in April 2019 and is both on schedule and within budget to date. Brightline anticipates that they will be launching service from Miami to Orlando in Q4 2022. Construction on the line between West Palm Beach and Cocoa is 38% complete and construction between Cocoa and Orlando International Airport is over 57% complete.

Brightline expects to resume service between Miami and West Palm Beach in Q3 2021 along with the addition of an Aventura station. In Q1 2022 Brightline will add additional stations in PortMiami and Boca Raton with the extension to Orlando expected to commence service Q4 2022. Brightline plans to open the Station at Disney Springs in Q4 2023.

Magellan Development Group Sells The LEED Certified Midtown Five Multifamily For $154.35 Million

The Chicago-based Magellan Development Group has sold the Midtown Five multifamily asset that they developed in Midtown Miami for $154.35 million, roughly $358,875 per unit. The buyer was an entity tied to the New York-based Sterling Equities, led by the Wilpon and Katz families. The LEED-certified Midtown Five broke ground in 2015 and was completed in 2017. The multifamily building features 400 apartment units on a 1.6-acre site. Units range from studio to three-bedroom floor plans and 540 to 1,500 square feet with pricing starting from $1,953 per month for a studio. In total Midtown Five features 701,056 of total development spread over 24-stories. Amenities include a pool, spa, fitness center, yoga lawn, meditation garden, dog run, business center, and game room. Magellan Development Group acquired the site in 2014 for $14 million.

Zach Vella Buys Waterfront Development Lots On Venetian Islands For Record $15 Million

Celebrity developer Zach Vella has acquired two adjacent waterfront development lots on Miami’s Venetian Islands for his private residence in Miami. Vella paid $15.2 million for 228 and 302 West Dilido Drive, a dirt value of $688 per square foot, which surpasses the Venetian Islands’ record land sale which was previously $6.5 million for 412 West Dilido Drive set in 2016. Jim Agard of Vendôme Capital represented the seller and Natalia Gryczynska of Brown Harris Stevens represented the buyer.

The seller was Lionel Masson, the founder of Pharmacies Lafayette in France, who had planned two spec homes on the site. Masson initially acquired the properties in 2018 for $11.5 million and demolished two homes on the site. Vella is the founder and CEO of the Los Angeles and New York City-based real estate development firm Vella Group, and is also a managing board member of Miami’s Magic City Innovation District.

Worth Avenue Tiffany & Co. Building Sells For $26.4 Million

A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm. The selling price breaks down to $1,612 PSF. The selling joint venture acquired the property for $20 million in 2018 and is made up of the New York-based Fortress Investment Group, Kean Development Co. and Hyde Retail Partners.

The joint venture gained approvals to build a 5-bedroom, 13,000 +/- square foot penthouse atop the property which would a private rooftop with infinity edge swimming pool, dining area and fire pit, as well as easy access to fine dining, world class fashion and art, and is a short stroll away from the beach. Kean Development Company was leading the renovation and Douglas Elliman listed the pre-construction penthouse for $17.5 million.

259 Worth Avenue was first developed in 1950. The retail building spans 16,374 square feet and is located on a .22-acre site on Worth Avenue, an upscale shopping and dining destrict spanning four blocks in Palm Beach.

Blackstone Group Signs Long-Term Lease At MiamiCentral For South Florida Expansion

Blackstone Group has signed a long-term lease at 2 MiamiCentral in Downtown Miami as the investment group moves forward with their South Florida expansion which was announced in October 2020. Blackstone will occupy 41,000 square feet over two floors in the recently completed 2 MiamiCentral where the group plans to have over 200 employees who will be focused on tech. The lease was overseen by Alan Klebar and Ryan Nunes of JLL, who represented Blackstone, as well as Danet Linares and Andres del Corral of Blanca Commercial Real Estate, who represented the landlord. The newly signed lease brings 2 MiamiCentral, which is owned by Shorenstein Properties, to 98% occupied with other tenants included Ernst & Young, Carlton Fields and New Fortress Energy. Asking rates at 2 and 3 MiamiCentral are $40 NNN.

“Miami is a vibrant city with a pipeline of top technology talent available from best in class university programs, as well as an experienced workforce that will enable us to diversify our talent pool and grow our technology team. 2 MiamiCentral’s prime downtown location and access to mass transit make it an ideal office location,” said John Stecher, Blackstone’s Chief Technology Officer.

MiamiCentral was developed by Florida East Coast Industries and completed in 2018. The 2 MiamiCentral and 3 MiamiCentral office buildings have highly efficient, open rectangular floor plates, floor to ceiling windows boasting unobstructed views, market leading amenities, and direct access to local and multi-city mass transit. The 17-story 2 MiamiCentral is located at 700 NW 1st Avenue and features 190,000 square feet of Class A office space with a 288-stall valet parking garage that sit adjacent to Miami Central Station, the transportation hub serving four rail lines including the Brightline. Combined 2 and 3 MiamiCentral feature 320,000 square feet of Class A office-space and were acquired by Shorenstein Properties for more than $159 million in 2019.

The Shops At Sunset Place In South Miami Sells For $65.5 Million To Alex Vadia's Midtown Equities

Midtown Equities, led by Alex Vadia, has acquired The Shops At Sunset Place for $65.5 million from FRIT Shops at Sunset Place, a joint venture between Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company. The 9.7-acre, 524,180 square foot shopping center, which is located at 5701 SW 72nd St., Sunset Drive in South Miami, last traded for $111.5 million in 2015, representing a significant loss for the selling joint venture. The shopping center’s current occupancy is reportedly just below 60%, a significant gap from the reported 83% in March 2020.

The Shops at Sunset Place was initially developed in 1999 and plans have been approved for a major renovation which would include the addition of 414 rental apartments, 182 hotel rooms, reducing the retail component to 440,148 square feet and adding 32,840 square feet of office space. The impact of COVID-19 stalled the development plans when Federal Realty Investment Trust was hit with a $50.7 million net impairment charge in Q3 2020 when its $60.6 million non-recourse CMBS loan matured and was declared in default by the lender.

Tom Brady And Gisele Bündchen Buy Miami House For $17 Million

Tom Brady and Gisele Bündchen recently bought a house for $17 million on Indian Creek Island in Miami. This private island with high-security is also known as “billionaire’s bunker.” The exclusive island offers residents a private country club, golf course and police force. Brady and Bündchen plan to demolish the house that currently exists on the site and build a new eco-friendly home. The couple is currently renting Derek Jeter’s Tampa mansion and will be neighbors with Jared Kushner and Ivanka Trump in their new home