North Miami Beach Financial Center In Opportunity Zone Trades For $9.3 Million

The North Miami Beach Financial Center, a 2.47-acre site featuring a two-story Regions Bank building located in an opportunity zone at 16051 W. Dixie Highway in North Miami Beach, has sold for $9.3 million. Ivan Herrera of Florida Royalty Investments Group LLC acquired property from Alberto Lensi of Addi Properties. Adam J. Tiktin and Greg Matus of Franklin Street’s Florida Investment Sales Team represented the seller in the transaction.

North Miami Beach Financial Center was originally constructed in 1972. The SAE Institute has been a tenant of the Regions Bank building since 2002. The property features strong fundamentals including 675 feet of frontage along West Dixie Highway, easy access, sufficient parking and an excellent location. Situated two blocks from the signalized intersection of Biscayne Boulevard and NE 163rd Street, the site experiences traffic counts of 49,500 and 43,500 per day respectively

The Estate Companies and PTM Partners Complete Soleste Grand Central Miami's First Large-Scale Opportunity Zone Development

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the completion Soleste Grand Central. The highly anticipated eight-story, 360-unit rental development at 218 NW 8th St. brings a new standard of living to the Overtown district and is the first large-scale ground-up opportunity zone development to be delivered in Miami-Dade County.

“This is an exceptional milestone for our two firms and for Miami, adding yet another layer to the city’s ascendancy,” stated Robert Suris, managing principal, The Estate Companies. “Miami is one of the greatest cities in the world, and we are thrilled to deliver our distinguished Soleste brand to the Southeast Overtown Park West district. Soleste Grand Central delivers a new standard of luxury rental properties in the area and we are delighted to welcome the community to experience this beautiful property.”

“Over the past two years, the growth in population and industry base in Miami has outpaced any other destination in the U.S., and Overtown, with its rich cultural offerings, central location and proximity to public transit is one of the most exciting submarkets in the City,” added Michael Tillman, CEO and CIO, PTM Partners. “By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to deliver on our impact investment focus and develop a Class-A product at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami. The completion of Soleste Grand Central is a testament to the continued growth in this neighborhood.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Soleste Grand Central boasts nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens. The dramatic two-story marble-clad, hotel-inspired lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.

Apartments range in size from approximately 442 to 1,082 square feet. Studios, one-, two- and three-bedroom units are outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer.

Nearly 20 percent of units have been reserved for workforce housing with the remaining units offered at market rate.

Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the Virgin MiamiCentral Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is ideally situated adjacent to I-95, the multi-billion-dollar Miami World Center and the Downtown Miami office corridor.

The Southeast Overtown Park West district and the surrounding area is in the midst of revitalization. Marcus Samuelson’s popular Red Rooster continues to generate buzz. Blackstone Group recently acquired two office buildings at Brightline’s MiamiCentral station, marking one of the largest investment sales to close in South Florida this year, and is moving 250 employees into the neighborhood. Make-A-Wish Foundation is building a new nine-story, 35,000 SF office tower in Overtown designed by Arquitectonica, and The Underdeck, a planned 33-acre public park stretching from Overtown to Biscayne Bay underneath the new Signature Bridge is poised to add additional culture, art and beauty to 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.” 

Miami's First Large Scale Opportunity Zone Development Tops Off At 18-Stories in Downtown Miami

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the topping off of the 230,430-square-foot, 18-story, 360-unit luxury rental development, Soleste Grand Central (Soleste Grand). Located at 218 NW 8th Street, steps from MiamiCentral Station in Downtown Miami, Soleste Grand represents Miami’s first large-scale opportunity zone real estate development.

“We are thrilled to have reached this significant construction milestone and look forward to delivering an exceptional development to the Downtown marketplace,” stated Robert Suris, managing principal, The Estate Companies. “Soleste Grand Central offers an elevated collection of health and wellness offerings, social components, and cutting-edge amenities at an attainable price point. We are confident this development will set a new standard for luxury rental properties in the area.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Apartments range in size from approximately 442 to 1,082 square feet and in studio, one-, two- and three-bedroom layouts. Residences also offer modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full size washer and dryer. 

Soleste Grand offers nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens that overlook the downtown Miami skyline. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. The two-story marble-clad lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.  

“By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to develop a Class-A product that we intend to bring to market at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami,” stated Michael Tillman, CEO, PTM. “On top of that, we have layered in novel amenity and technology offerings that are unlike others we have seen to date in the Miami marketplace and are excited to deliver a desirable home for our future residents.” 

 “The Estate Companies and PTM have a shared vision for the property and what today’s consumer is looking for,” added Jeffrey Ardizon, principal, The Estate Companies. “We believe we have implemented features our tenants value most. The daily conveniences of technology and large open spaces have gained priority, especially during the last few months.”   

Slated for completion in Q1 2021, Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the MiamiCentral Brightline Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is also situated adjacent to I-95, the multi-billion-dollar Miami World Center, and the Downtown Miami office corridor.  

Avison Young Oversees Zaragon Acquisition of RAM Steel Framing Headquarters For $7.55 Million

Avison Young’s Florida Capital Markets Group closed the $7.55 million industrial sale-leaseback of the 105,000 SF RAM Steel Framing headquarters location at 7400 N.W. 37th Ave. in Miami. Zaragon, Inc., purchased the property. With the sale, Zaragon secured a long-term, absolute triple net (NNN) lease with a single tenant that is a leader in supplying manufactured steel products to South Florida’s robust pipeline of active commercial developments. Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; Vice Presidents Brian C. de la Fé; David F. Spillers, SIOR; and Associates Emily Brais and Berkley Bloodworth facilitated the transaction on behalf of RAM Steel Framing.

“The sale-leaseback represents a trend of single-tenant industrial deals having the highest chance to close in the current market environment,” said Duckworth. “With the investment appeal of RAM Steel Framing as a high-quality tenant, we successfully negotiated and closed the deal during the COVID-19 shutdown without any pricing adjustments.”

RAM Steel Framing is a full-line manufacturer of drywall and structural framing for commercial and residential construction, with recent high-profile projects including the Miami International Airport expansion, the Seminole Hard Rock Hotel & Casino guitar-shaped tower in Hollywood, and the luxury Aston Martin Residences in Downtown Miami. The company is one of the fastest-growing steel manufacturers in the country and the largest manufacturer in South Florida, with additional manufacturing facilities in Orlando, Florida, and Chesapeake, Virginia.

“The absolute NNN investment opportunity was ideal in that all of the building’s structural and operating expenses will be the responsibility of the tenant,” continued Duckworth. “RAM Steel Framing is considered an essential business, and therefore offers great stability as a tenant.”

Located within an Opportunity Zone along Miami’s Hialeah industrial corridor, the industrial asset is approximately three miles from the Miami International Airport to the south and six and a half miles from Port Miami to the east.

Miami’s industrial market continued to outperform all other asset classes through 2019 and into 2020. According to research by Avison Young, overall vacancy in Miami-Dade County was 3.86%, with vacancy in the Hialeah submarket at 2.90% as of first-quarter 2020. Industrial rental rates hold firm due to low vacancy rates and strong fundamentals across the South Florida region.

TSG Group & Lineaire Group Reveal Wynwood Haus Designed by Corwil Architects

TSG Group and Lineaire Group have revealed plans for Wynwood Haus, a 20-story residential project designed by Corwil Architects. Wynwood Haus will be a residential apartment rental building offering 224 residential units. 42 of the residential units will be micro units, just under 400 SF. Wynwood Haus will be located in an Opportunity Zone on the 1700 Block of North Miami Avenue in Miami’s Arts & Entertainment District, nearby Filling Station Lofts and CANVAS. Wynwood Haus will also feature 5,204 SF of ground floor retail and 222 parking spaces. The plans were recently submitted to Miami’s Urban Development Review Board and are expected to be reviewed this month.

Legacy Asset Development Site On Biscayne Boulevard In An Opportunity Zone Hits The Market In Edgewater

A rare ±3.04-acre development opportunity spanning a full city block at 1700 Biscayne Blvd. in Miami’s prestigious Edgewater area has hit the market. Avison Young’s Florida Capital Markets Group has been exclusively selected to market and sell the property which is uniquely located in an Opportunity Zone which also happens to be ranked in the top 1 percent in the U.S. in terms of population growth and total retail sales. The property is in the Arts & Entertainment District (previously the Omni) blocks north of downtown Miami.

Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, will spearhead the disposition of 1700 Biscayne along with Principal David Duckworth, Senior Associate Brian de la Fé, and Associate Berkley K. Bloodworth.

“1700 Biscayne Boulevard will allow an investor-developer to make a permanent impact on the Miami skyline with a legacy-defining asset built on one of the last large development sites available in the city’s urban core,” said Fay. “The property’s generous T6-36B-O zoning designation will permit the construction of an impressive mixed-use high-rise of up to 60 stories consisting of 500 residential units per acre or 1,000 hotel keys per acre as well as office and retail space.”

“One of Miami’s hottest up-and-coming submarkets, Edgewater commands some of South Florida’s highest rental rates across all property types,” said Crotty. “We’ve already received intense interest from potential buyers attracted to the 1700 Biscayne investment’s tremendous tax incentives in a rare, well-located Opportunity Zone with exceptionally favorable zoning codes.”

In addition to the expected strong return on investment in the residential and retail components, the lack of meaningful office and hospitality inventory in the immediate area underscores 1700 Biscayne’s potential to become an irreplaceable trophy development. The increasingly popular lifestyle destination that Edgewater has become has seen little to no new office product in recent years and is deficient in the stock of 4- to 5-star full-service hotels offered in nearby Miami Central Business District neighborhoods.

Coral Rock Development Group & Arena Capital Holdings Acquire Prospect Towers in Clearwater For $13.5 Million

The Miami-based Coral Rock Development Group and Arena Capital Holdings have acquired Prospect Towers, a downtown Clearwater, Florida senior living high-rise for $13.5 million. Well-positioned in an Opportunity Zone, the 17-story, multifamily building is located at 801 Chestnut St. and is comprised of 208 independent senior living units. Situated within close proximity to the Intracoastal Waterway and Memorial Causeway, the property is set on 2.3 acres and boasts a compelling unit mix of efficiencies and one-bedroom floor plans. Full-service amenities include a recreational room, library, business center, gym, and community kitchen, while each residence features expansive wall-to-wall windows with exceptional views of the Gulf Coast beaches, downtown Clearwater, and the surrounding area.

Coral Rock Development Group and Arena Capital Holdings plan to jointly upgrade the aesthetics of the common areas throughout the property as well as enhance the interiors of a portion of select units. Innovation Senior Management will manage operations of the building on behalf of the owners, and will also implement new services for residents including home health and physician visits, and educational and social programs to enrich the overall living experience.

“We are very pleased to expand Coral Rock’s footprint with the acquisition of Prospect Towers, the second asset that we own and operate in partnership with Arena Capital Holdings,” said Stephen Blumenthal, principal of Coral Rock Development Group. “This acquisition aligns with our growth strategy and further strengthens our ownership presence in the state of Florida and we look forward to providing residents with a value-add program and building upgrades throughout.”

“We are continually seeking investment opportunities within prime Florida locations and Prospect Towers is an exciting addition to our growing portfolio,” added Oscar Rodriguez, Manager of Arena Capital Holdings.