Miami Worldcenter Locks Down $43 Million Construction Loan For Retail Component

Miami Worldcenter Associates led by Art Falcone and Nitin Motwani have just closed on a $43 million construction loan for the retail component of the $2 billion Miami Worldcenter mixed-use mega-project in the Park West neighborhood of Downtown Miami. The loan was financed by Fifth Third Bank and brings the current total financing for the project to roughly $500 million including a $33 million loan from Bank of the Ozarks in October and the issuance of $74 million of private placement bonds issued by the community development district to fund infrastructure upgrades. The $43 million loan by Fifth Third Bank will be used for the development of 53,000 SF of retail space as well as a 1,100-space parking garage on NE 2nd Avenue between 8th and 10th streets. The total retail component will features 360,000 SF of high-street retail which Miami Worldcenter Associates, Taubman Centers and The Forbes Company are currently leasing. Miami Worldcenter is being developed by Miami Worldcenter Associates, Taubman Centers, The Forbes Company, and MDM Group with the master plan designed by Elkus Manfredi Architects. The project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, in addition to a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.  

Check-Out The New Gucci Flagship Boutique Now Open In Miami Design District

During Art Basel PROFILEmiami got an exclusive first look at Miami's newest Gucci store which opened last month in the fast growing, fashion hotspot Miami Design District. The MDD location will become Gucci's Miami flagship and will also feature the full Gucci Décor collection available for sale. The store is located at 139 NE 41st Street and serves as a gateway to MDD's new Paradise Plaza. The two-floor boutique covers 4,700 SF and reflects Gucci's new design concept by Creative Director Alessandro Michele including a marble encased exterior façade complete with pistachio-green-washed industrial metal rivet accents, paying homage to classic Gucci design. Adjacent is a custom Coco Capitán mural painted exclusively for Gucci's MDD location which also is featured on a two piece collaboration consisting of a drawstring backpack and belt bag that are exclusively available at the MDD boutique. Inside, a red velvet wrapped, lacquered wood staircase has already become an Instagram icon along with European White Oak floors, marble polychrome inlay carpets, varnished iron wall finishes, and Gucci Décor accents including velvet armchairs and couches. Upstairs features a custom VIP lounge complete with pink fabric walls and a marble mosaic floor which houses limited edition and exclusive pieces available for purchase. The Gucci boutique at MDD is currently showcasing the complete collection of men’s and women’s ready-to-wear, handbags, shoes, jewelry, and accessories for Fall Winter 2017, Cruise 2018, as well as Gucci Décor.

Florida Airbnb Income Surged 75% Year-Over-Year To $450 Million In 2017 With $134 Million In Miami-Dade

Despite the ups, downs and legal battles that Airbnb has faced since launching in 2007, hosts in Florida have seen a surge in supplemental income, up 75% year-over-year in 2017. Florida hosts earned a combined $450 million in 2017 and hosts in Miami-Dade brought in $134 million. According to Airbnb there is now 40,000 hosts in Florida with the top 3 earning counties being Miami-Dade at $134.6 million, Broward at $45.7 million and Osceola at $39.6 million. Palm Beach County hosts pulled in $17.1 million. Miami-Dade is among the top 5 regions in the United States. In April 2017 PROFILEmiami reported that AirBNB has teamed up with 5 Miami homeowner hosts to sue the city of Miami and Mayor Tomas Regalado in order to stop Miami from enforcing bans and fines on short-term rentals in the city. The state of Florida passed legislature in 2011 which prohibits cities and counties from enacting ordinances that prohibit and/ or regulate vacation rentals. Airbnb later was able to work out tax agreements with 6 Florida counties including Miami-Dade and Broward earlier this year. Since Miami-Dade and Airbnb reached thei tax agreement which went into effect May 1, 2017, Miami-Dade has collected over $2 million in taxes from Airbnb guests.  In October, Miami-Dade passed a new ordinance regulating short-term rental companies including caps on occupancy at 2 people per room and hosts needing to apply for a Certificate of Use, register for a business tax receipt, screen for sexual offenders, and adhere to "vacation rental standards," amongst other regulations. Airbnb is an online marketplace and hospitality service founded in 2007 by Joe Gebbia and Brian Chesky. Airbnb does not own any properties, and brokers bookings between hosts and guests via their online platform. Since have grown the company to over 3,100 employees, 3 million listings, 65,000 cities, 191 countries and 200 million users. 

Barneys New York To Open First Florida Location As Anchor At Bal Harbour Shops $400 Million Expansion

Barneys New York has announced that they will open their first Florida location as one of the anchor tenants at Bal Harbour Shops $400 million, 350,000 SF expansion. The location will span 53,000 SF and will include the popular Freds at Barneys New York restaurant. Freds at Barneys New York will feature outdoor seating and will serve European-inspired and contemporary American cuisine with a custom menu using locally-sourced ingredients by Executive Chef Mark Strausman. Barneys New York and Freds at Barneys New York is expected to open in 2023.

“No fewer than three generations of my family have worked in one capacity or another for nearly four decades to make this happen, so we could not be any happier if we tried about Barneys New York finally coming to Bal Harbour. Theirs has always been a unique and compelling perspective on fashion and on luxury – and through Freds, on food, too – and we know their point of view will resonate with our customer. We are proud and humbled to welcome Barneys New York into the Bal Harbour Shops family,” Matthew Whitman Lazenby, third generation leader of Bal Harbour Shops and President and Chief Executive Officer of Whitman Family Development, LLC.

“It’s a milestone for Barneys New York to launch our first location in Florida at
Bal Harbour Shops, which attracts the best clients from around the globe, who mirror today’s Barneys clients,” said Daniella Vitale, CEO & President, Barneys New York. “We’re excited for Bal Harbour shoppers to experience Barneys New York’s renowned approach to creating environments with exclusive, rare and highly-edited products coupled with luxury services, food, and digital experiences.”

Central Fare Food Hall Coming To MiamiCentral Announces Delayed Opening Until Spring 2018

New renderings have been released of Central Fare, the new food hall coming to MiamiCentral in Downtown Miami after McKenzie was named as the executive architect and general contractor for the project. Central Fare had originally planned to open in the Fall of 2017, a date which has since been delayed until the Spring of 2018 as MiamiCentral powers towards completion. McKenzie will oversee the construction of 50,000 SF of restaurant space featuring over 20 vendors including Monger by the Voltaggio Brothers, which will be CentralFare’s signature sit-down restaurant, 800 Degrees Italian concept, Miami Smokers, Parliament Coffee, Romanico’s Chocolate and Rosetta Bakery. CentralFare will also bring in big-name chef's from both a local and national level as they aim to create a new culinary experience in Downtown Miami. MiamiCentral is an 11-acre mixed-use, live, work, play style development that will also feature All Aboard Florida express trains connecting Miami to Orlando.

“We’re excited to be a part of this beautiful, pioneering lifestyle project in the heart of Downtown Miami, which hundreds of thousands of people are expected to visit on a yearly basis,” said McKenzie firm owner and CEO Gavin McKenzie.

PROFILEmiami had previously covered the release of the following renderings in June 2017 which gave a first look into the upcoming food hall. 

Renderings by AvroKO

Florida East Coast Realty On Track To Begin Construction On KPF-Designed Supertall One Bayfront Plaza In Early 2019

Miami is set to get its first supertall in the fast emerging Downtown neighborhood, as Tibor Hollo's Florida East Coast Realty is gearing up to begin construction on the 1,049', 92-story, Kohn Pedersen Fox (KPF)-designed One Bayfront Plaza in 2019. Demolition of an existing office building on the current site is scheduled for the first half of 2019. The tower will reportedly be grandfathered into old Miami zoning codes, allowing Florida East Coast Realty to avoid the 30,000 SF floorplate limit under Miami 21 and build at 36,000 SF floorplates, making the office space more attractive compared to other offerings on the market. The 1,049' design by KPF maximized the height approved by the FAA. One Bayfront Plaza will feature 902 apartments, 200 hotel rooms, 532,000 SF of Class A Office Space, 103,959 SF of retail, pedestrian bridge to the metromover and 1,055 parking spaces. The residences and hotel will feature a sky recreation deck which will have 2 pools, one being for residents and one for hotel guests. There will also be another amenity deck on the 40th floor. One Bayfront Plaza is expected to be delivered in mid to late 2022. 

Related Companies Planning Major Expansion Revamp To CityPlace West Palm Beach

The Related Companies is planning a major revamp of its CityPlace West Palm Beach property, proposing to add 350 apartment units, a new office building and a hotel expansion. Reports show Related Companies plans to knock down the current Macy's building, which would be replaced by the apartment development as well as retail and dining. They would then add a 255,000 SF office building as well as upgrade the AMC CityPlace 20 movie theater into a more upscale, luxury theater offering which have grown in popularity and expand the Hilton West Palm Beach hotel. The expansion is pending city approval. 

Check-Out Miami Beach's Museum of Ice Cream In The Faena District

Miami Beach now has its very own Museum of Ice Cream (MOIC) in the Faena District, offering residents and visitors alike a chance to escape back to their youth. The 4-story building was designed by OMA showcasing iconic art deco elements and contemporary interiors along with stunning ocean views. The Musuem of Ice Cream in Miami Beach features 7 rooms designed to engage all five senses through physical, digital and experiential dialogues. The MOIC aims to be a place where "ideas are transformed into real life experiences" and serves as a safe environment for visitors to embrace their imagination and creativity, building an environment where people can check their fears, anxieties and social norms at the door and have fun. According to MOIC Founder and Creative Director Maryellis Bunn, the museum chose Miami for its 4th location due to the city's culturally diverse and inclusive environment. The museum's first location in New York opened in the summer of 2016 to huge success before expanding to other cities. The Miami branch is located at 3400 Collins Avenue, the museum also has locations in New York City, Los Angeles and San Francisco. The Museum of Ice Cream in Miami will officially open to the public on December 13, 2017 unless you were lucky enough to get an Art Basel preview and tickets are available for purchase online.

Cirque du Soleil Founder Guy Laliberte Joins The $1 Billion Magic City Innovation District Project Coming To Little Haiti

Tony Cho, Bob Zangrillo and Plaza Equity Partners have announced that Guy Laliberte's Lune Rouge has joined as an arts and entertainment partner on the $1 billion Magic City Innovation District project in Little Haiti. Guy Laliberte, who will join as creative director, is the founder of Cirque du Soleil and his Montreal-based company Lune Rouge develops and invests in real estate projects with focus on technology, arts and entertainment. The developers have just applied for a Temporary Use Permit for the 17-acre former trailer park, which, along with 22 other buildings will be redeveloped into a mixed use technology and culture-driven, walkable, live-work-play development. Magic City will include a 30,000 SF Magic City Studios a 15,000 SF innovation center with co-working and start-up accelerator space, an office tower, retail, workforce housing and a hotel. Laliberte will also build a pop-up area with local retail and food options. Magic City Innovation District extends from NE 60th Street to NE 64th Street and east of NE 2nd Avenue. 

"Magic City is an opportunity for us to put all our creativity to the service of entertainment and new technologies,” Laliberte said. “This collaboration will allow us to explore new forms of entertainment and make available multimedia and interactive installations adapted to future Magic City residents and visitors. Lune Rouge is proud to be a partner in this important revitalization project.”

Kobi Karp-Designed Residence Inn Miami Sunny Isles Beach Opens in Sunny Isles

Marriott has opened their new Residence Inn Miami Sunny Isles Beach at 17700 Collins Avenue. The Kobi Karp designed hotel rises 19-stories and features 194 studio suites targeted at business travelers. The project cost $65 million and is owned by Robert Finvarb Companies and operated by Marriott's Residence Inn brand. The hotel features 2 rooftop decks, a grocery delivery service, multiple conference rooms, pool, and Ocean View on Nine, the hotel's poolside restaurant. The hotel also is home to an extensive art collection curated by Dina Mitrani Gallery and showcases works by Vera Vladimirsky, Robert Braun, Peggy Levison Nolan, Andres Ferrandis, Yuri Tuma, and Rafael Blcazar. Other Residence Inn properties in the Miami area are located in South Beach and the nearby Surfside neighborhood.