Estates Investment Group Proposes Soleste Grand Central Apartments In Overtown

Estates Investment Group has proposed a Class A apartment building in Overtown which will be built in partnership with the Overtown and Park West Community Redevelopment Agency. The property, which is located at 218 NW 8th St., will be built on 1.23 acres of CRA owned land. When complete the project, which was designed by Caymares Martin, will rise 18-stories and will feature 360 apartments which will range from studio to 3-bedroom floorplans. The project will also feature 6,500 SF of retail, 2,250 SF of office, 438 parking spaces and 9,355 SF of open space. Estates Investment Group will dedicate 40 units to affordable housing with the balance at market rate. The proposal will be reviewed by Miami’s Urban Development Review Board on October 17, 2019.

Terra Closes on $91 Million Refinancing For Pines Garden at City Center Apartments in Pembroke Pines

Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group. With approximately 40% of its apartments already leased just three months after opening to residents, Pines Garden at City Center is Broward County’s latest example of suburban mixed-use development combining retail and residential uses within one pedestrian-friendly property. Located at 10400 Southwest City Center Boulevard, the recently completed 387-unit luxury rental development is part of Pines City Center, a 47-acre master-planned village featuring approximately 300,000 SF of lifestyle-oriented retail, entertainment and restaurant space including to Publix, Cooper’s Hawk, Outback Steakhouse, West Marine, BurgerFi, Smoothie King, Bento Café, Halal Guys, UFC Gym and a movie theater.

“Our ability to close this significant loan reflects the early leasing success we’ve experienced at Pines Garden, the significant demand for luxury rentals in Pembroke Pines, as well as the strong relationship between Terra and Mack Real Estate Group,” said David Martin, president of Terra. “Our team created a master plan comprising high-end rental homes and lifestyle-centered retail that will service the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”

Pines Garden at City Center offers one- to three-bedroom garden apartments and two- or three-bedroom townhouses covering 651 to 1,491 SF of living space, as well as private balconies and terraces. Modern-designed residences are equipped with stainless steel appliances and quartz countertops, and protected by hurricane-grade, impact-resistant windows. High ceilings, extra-wide baseboards, custom cabinetry and designer fixtures exhibit an attention to detail usually reserved for custom-built homes. Monthly rents begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month.

Amenities include a two-story Pines Garden Clubhouse, the social center of the neighborhood, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. There’s a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area. Gated for privacy and security, Pines Garden offers the beauty and serenity of a nature preserve within walking distance of the urban conveniences of Pines City Center.

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.

Terranova Reveals Arquitectonica-Designed Hotel On Coral Gables' Miracle Mile

Terranova Corporation has revealed a new hotel design by Arquitectonica which has been proposed on Coral Gables’ Miracle Mile. The design was influenced by Mediterranean architecture and the historic Biltmore Hotel. The hotel will offer 120 hotel rooms and 36,778 SF of ground floor retail which will also feature restaurant space. The developers are currently seeking a waiver from the city to build the project without a parking component and the proposal will go in front of the Coral Gables Development Review Committee on July 26, 2019.

HFF Secures $550M Loan For Expansion Of Luxury Retail Destination Bal Harbour Shops

Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami. The HFF capital markets team was led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack. MetLife Investment Management’s Arun Singh, vice president for the Southeast Region, and Jay Gadsby, director, originated the loan on behalf of MetLife Investment Management.

HFF worked on behalf of the borrower, Miami-based Whitman Family Development, to place the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and expand Bal Harbour Shops by an additional 300,000 SF, including a 57,414 SF space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States. A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. The renovation will also bring a new grand entrance at the northeast quadrant of the property along with an expansion of the Neiman Marcus space by 20,000 SF.

“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market,” Drew said.  “As the climate shifts for many traditional retail centers across the U.S., Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world. The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow Whitman Family Development’s expansion plan to come to fruition.”

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour.

“We’re delighted to support the expansion of one of the nation’s leading luxury shopping centers in the U.S.,” Singh said.  “This development will support the local economy and ensure that Bal Harbour Shops remains a destination of choice for many years to come.”

Magic City Innovation District Set To Transform Little Haiti After Receiving Final Approval

Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has received a unanimous final approval from the Miami City Commission. MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community.

Renovations and construction commenced in August 2018 on 17 of MCID’s 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1 is overseeing lleasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood. The developers will also contribute $31 million to the Little Haiti Revitalization Trust which will be overseen by the city

When complete, the Magic City Innovation District Will feature 3.8 acres of public civic space, 2.18 acres of landscaped pedestrian promenade dubbed the Promenade du Grand Bois, 2,630 residential units, 1,987,686 SF of office, 101,669 SF of expo space, 432 hotel rooms, 344,538 SF of retail, and 6,081 parking spaces. The first 4 tenants to commit to MCID were revealed in Sprinf 2019 including Diana Lowenstein Gallery, Manmar Entertainment (marketing), Ecovie (recycling start-up), and COOL Creative (advertising).

Nexus riverside approved and seT to break grouNd in Q4 2020

Adler Developments’ Nexus Riverside is coming to the Miami River after having been approved by Miami city commissioners. The developers plan to break ground in Q4 of 2020 and will bring 4 towers set o be completed in 5-7 years. Nexus Riverside will feature rental apartments, retail space, a shared parking garage and a 230,000 SF administrative building which will replace the City of Miami’s neighboring offices. Adler Developments will receive $150 million in tax exempt and taxable special obligation bonds which will help finance the development of the city’s new administrative building. Greenberg Traurig’s Nancy Lash and Ryan Bailine represented Adler Developments to structure the deal.

The Arquitectonica-Designed Redevelopment Of Coconut Grove's Historic Pan Am Airways Base Submitted To City

Grove Bay Investment Group LLC. has submitted plans to the city for the redevelopment and restoration of Coconut Grove’s historic Pan Am Airways base. Construction on the project is already underway on the parking garage portion of the development. The Arquitectonica-design features 2 restaurants, event space, a public rooftop terrace and a baywalk. The historic hangers will be restored and preserved. The proposal is set for review by Miami’s Historic & Environmental Preservation Board on July 2.

Rieber Developments Closes On $36 Million Construction Loan For Ivory 214

The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group. Ivory 214 is already under construction after general contractor Winmar Construction, an affiliate of Coastal Construction, broke ground in March 2018 and is on schedule to complete the project in the first quarter of 2020.

When complete Ivory 21 will be a 10-story medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel. Along with its recently announced sister project, 12|12 Aventura, the projects will serve as the epicenter of the ‘Aventura Medical District.’ Ivory 214 is a Class A+, state-of-the-art facility featuring an independent hotel and medical office space. The contemporary building is comprised of 10,942 SF of retail, 38,191 SF of offices, 100 hotel rooms, and 313 parking spaces.

The significant project milestone comes on the heels of the extraordinary sales interest for the project’s office condos, which has just four office spaces remaining, from the original 34. Sales of the Ivory 214 office condos has been led by Cervera Real Estate as the exclusive broker.

“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”

Driftwood Hospitality Management will serve as the hotel operator of the Tapestry Collection by Hilton™ hotel which will feature 100 extended stay rooms complete with kitchenettes, and premium amenities including a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar, rooftop terrace, valet parking, and 360-degree views of Aventura.

Located at 2820 NE 214 St, Aventura, FL 33180, Ivory 214 boasts a prime central location, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital.

Rieber Developments Reveals Mixed-Use 12|12 Aventura In The New Aventura Medical District

The Aventura-based Rieber Developments, led by Bernardo Rieber, has revealed plans for 12|12 Aventura, a mixed-used project with offices for medical professionals, a luxury senior living component and vibrant dining and shopping. Set to be among the first of its kind in South Florida, the visionary project, along with its sister development, the under-construction Ivory 214, a medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel, will serve as the epicenter of the ‘Aventura Medical District.’ 12|12 Aventura is situated in a prime location at 21290 Biscayne Blvd, Aventura, FL 33180, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital. The centrally located development will serve as a destination for dining and shopping for area guests and locals alike, while offering a unique mix of medical and professional office condos, a luxury senior community and commercial retail complete with a Chelsea Market-style food hall on the ground floor. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 SFof commercial retail space, 30,000 SF of offices, a 150-residence luxury senior living component and a structured parking garage. ID & Design International is outfitting the interiors of the common areas throughout the project.

“Our vision for 12|12 Aventura and the Aventura Medical District is to meld community, culture, health and wellness with unmatched convenience for our tenants, patrons and residents. We believe healing begins with architecture, and when we set out to develop this project we ensured every element was thoughtfully designed with this in mind,” said Bernardo Rieber, principal of Rieber Developments. “Offering a state-of-the-art food hall, lively contemporary restaurants, enticing retail and offices as well as modern-style luxury senior living where residents can interact more, this project was truly created to complement the surrounding community.” 

Sales of the 12|12 Aventura office condos recently launched with Cervera Real Estate as the exclusive brokerage. General contractor Winmar Construction, an affiliate of Coastal Construction, will break ground on the project in December 2019 with completion slated for 2021.