Related Group Reveals The Gallery On The River Designed By SR Architects Proposed For Overtown

Related Group has revealed The Gallery On The River, a 12-story affordable and workforce housing project which they have recently proposed for Miami’s Overtown neighborhood. The proposal, which was designed by SR Architects, has been submitted to the Urban Development Review Board (UDRB) for review on September 18 and will be built on county-owned land across the street from the popular Garcia’s, Casablanca and Seaspice riverfront restaurants. The Gallery On The River will offer 160 units which will be offered at affordable price points, 11 of which will be set aside for public housing. The project will also bring a 4-story parking garage with 304 parking spaces. Related Group will pay $40,000 per year rent for 75 years with 4% annual rent increases in addition to a $400,000 one-time payment.

PMG Locks Down $161.5 Million Construction Loan For 400 Biscayne

PMG and Greybrook Realty Partners have locked down a $161.5 million construction loan for the development of 400 Biscayne. The financing was provided by Centennial Bank and Square Mile Capital, the same group that provided the loan for PMG’s neighboring and completed project X Miami. Andrew Warman, Jonathan Blank and Lowell Plotkin led the PMG to securing the financing with Luis Flores of Saul Ewing Arnstein & Lehr as the attorneys representing the partnership between PMG and Greybrook Realty Partners.

“We are working hand-in-hand with First United Methodist Church and Greybrook Realty Partners to create something special for the neighborhood, which will continue to foster growth and connection in this city we love,” said Ryan Shear, a Managing Partner at PMG.

400 Biscayne broke ground in June 2019 and when complete will rise 49-stories with over 1 million SF of total development. The tower will feature 646 rental apartments, 51,000 SF of commercial space and 22,000 SF of space which is dedicated to the First United Methodist Church of Miami. 400 Biscayne will feature a lounge and restaurant in the lobby, co-working spaces, gym, pool deck and outdoor lounge, amongst other amenities. The First United Methodist Church of Miami will feature a chapel, fellowship hall, chassrooms, offices, 3-story sanctuary with views of Biscayne Bay and a basketball court. 400 Biscayne is expected to be completed at one point in 2021.

The Arquitectonica-Designed Short Term Rental Project Natiivo In Downtown Miami Reveals New Renderings

Harvey Hernandez’s Newgard Development’s NGD Homesharing and Russell Galbut’s Crescent Heights have revealed new renderings of the Arquitectonica-designed Natiivo, a 50-story tower planned in Downtown Miami next to Miami WorldCenter. The development team plans to break ground within the next few months with an expected completion date in 2022. The project, which will also feature interiors by Urban Robot, will be “powered by AirBNB” and will feature units specially designed to operate short term rentals. Natiivo will be comprised of 604 units, 400 of which will be sold to investors and 200 will be held by the developers to rent out via short term rentals. Residences are expected to be priced from $300,000 to $1.2 million with the sales overseen by Cervera Real Estate. Natiivo has partnered with AirBNB, a first for Miami, and will have the structure to operate the residences on behalf of owners. Check-ins will be keyless through an app and the building will also offer on-site dog walking services. The structure is expected to look like a 25% fee for management and 3% AirBNB listing fee. The development partnership is also planning Niido, another AirBNB homesharing tower in Edgewater.

OKO Group Launches The AS+GG Designed 830 Brickell Office Tower In Miami's Financial District

OKO Group, the US-based development company founded by international real estate and hotel magnate Vladislav Doronin, and Cain International, a privately held real estate investment firm, have revealed plans for 830 Brickell, the first new office tower to launch in Miami in nearly a decade. The soaring 57-story, 724’-tall skyscraper designed by one of the world’s leading architecture firms, Adrian Smith + Gordon Gill Architecture (AS+GG), will introduce a premium commercial offering to the city’s booming financial district and will reinvent Miami’s workplace lifestyle for the highest-caliber of global workforce. Cushman & Wakefield’s leasing team is launching the marketing of the building to prospects now, ahead of 830 Brickell’s completion in 2021. A $300 million construction loan from MSD Partners, L.P. closed in July this year. 

“The 830 Brickell development, in its unmatched location, will enhance and elevate the commercial landscape of Miami, helping to attract world-players in finance and business to this thriving city. In my 26-year career as a developer I have built 71 commercial and residential buildings totaling over 75 million square feet, I am proud to be bringing what will be the best office building to Miami with 830 Brickell,” says Vladislav Doronin, Chairman and CEO of OKO Group. 

830 Brickell will feature spectacular only-in-Miami panoramic ocean and city views, floor-to-ceiling windows, column-free spans, state-of-the-art digital infrastructure with Wired certification and a LEED Silver certification due to its progressive environmentally efficient design. It will be Miami’s most contemporary office tower, befitting the city’s growth into an international capital of business. 

“Cain International is proud to lend our focus and experience developing properties that offer modern luxury workforce amenities to this auspicious project and to Brickell,” said Jonathan Goldstein, CEO of Cain International. “830 Brickell will reach the top of the Miami skyline and deliver the top level of amenities and services for its tenants.” 

830 Brickell will also be differentiated by its unprecedented lifestyle offerings for a commercial tower, which will promote out-of-the-box collaboration, work-life balance and wellness. Aimed at attracting the world’s largest companies and progressive visionaries, the project touts an elite roster of first-rate amenities – including an upscale rooftop restaurant and bar on the 56th and 57th floors, a 30th floor sky lobby with a nearly 2,500 SF health and wellness center and first-class conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking and electric vehicle charging stations, cafés and shopping. Offering white-glove customer service, the tower also boasts a forward-thinking culture of seamlessness, highlighted by a 24-hour concierge responsible for event planning and coordination, booking restaurant reservations, sending out dry cleaning, organizing deliveries and more. Additional services will include bicycle storage, a shoe shining stations and much more. 

830 Brickell will also feature a rooftop restaurant and bar offering sweeping views of downtown that will energize the building at night. Additional roof terraces will allow tenants to enjoy the Miami weather without being on the street level. The 30th floor sky lobby with café and fitness center offers more advantageous views to all tenants. 

Vertical construction on 830 Brickell is set to begin in the late summer of 2019 and already WeWork, the global leader in the surging co-working industry, has signed on to occupy 146,000 SF in the 1,030,000 SF tower.

Graffiti-Inspired Bar Vandalo Wynwood Opens In Wynwood

Vandalo Wynwood, a new graffiti-inspired lounge/restaurant designed to test limitations, break boundaries, and create something new, has opened in Wynwood. The restaurant offers cuisine inspired by ethnic street food, elevated to the finest gastronomy. Vandalo Wynwood is a statement on its own, its a place where you're encouraged to be who you are and leave the ordinary behind. 

At Vandalo Wynwood you will discover the essence of Wynwood, Miami’s famous graffiti-art district. With gastronomy, mixology, art, and murals on the menu, Vandalo brings together Wynwood’s finest through this graffiti-meets-gastronomy movement. Vandalo Wynwood, a gangsta-sophisticate experience, demonstrates that the destruction of something, including one’s self, is also the creation of something new. Something better. Discover art in every corner with neon installations, artistic interior, and one-of-a-kind murals in our exterior by local artists. Choose from our vibrant palette of street-exquisite cuisine and specially crafted cocktails. Step into a deep trance and don’t think too much because when the music goes on, we put the world on stand by. Stay reckless, stay Vandalo. 

Vandalo Wynwood is located at 218 NW 25th St, Miami, and the hours of operation are Mon-Sun 12:00 PM - 3:00 AM 

Brickell Hotel Project Featuring AC Hotel By Marriott & Element By Westin Receives Construction Permits & Financing

A 24-story Brickell hotel project being developed by Robert Finvarb, which will feature both an AC Hotel By Marriott and the Element By Westin, has received its construction permits and financing. The development, which was designed by Arquitectonica, will feature a 264 key hotel component split between the 2 brands, 23,000 SF of retail, a rooftop lounge and 60 parking spaces. Construction financing came in the form of $67 million from City National Bank and $29 million in mezzanine financing from Summit Hotel Properties, the later of which will have the option to purchase the hotel from the developer.

Avison Young Oversees PMG Acquisition Of Wynwood Portfolio For $46 Million

Avison Young’s Florida Capital Markets Group has overseen the closing of a $46 million sale of a prime-located portfolio to an affiliate of PMG, who recently completed co-living concept X Miami on Biscayne Boulevard in Downtown Miami and is currently developing X Las Olas in Fort Lauderdale. The Wynwood assemblage consists of seven properties in the heart of the high-growth, in-demand Wynwood neighborhood of Miami, located at 2431-2455 NW 2nd Ave., 146-172 NW 25th St., and 1159 and 169 NW 24th St. and spans ±1.6 contiguous acres. The portfolio sold to an affiliate of PMG Acquisitions, LLC, which has plans to build up to six stories of co-living apartments above single-story retail. Positioned at the epicenter of Wynwood, the portfolio is walking distance from the iconic Wynwood Walls, famed restaurants, entertainment, and high-profile office and residential developments.

“Explosive growth and high demand continue in Wynwood, making the large assemblage a one-of-a-kind ‘blank canvas’ opportunity,” said Crotty. “The extremely qualified investor-developer of high-quality residential has a unique co-living above ground-floor retail concept that fits perfectly within the neighborhood’s lifestyle and is expected to further enhance and beautify the area.”

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Senior Associate Brian C. de la Fé; and Associate Myles Stepner completed the portfolio disposition, the largest sale to-date in 2019, in Wynwood. Peter L. Desiderio, Esquire of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., and Laura Bourne Burkhalter, Esquire of Laura Bourne Burkhalter, P.A., represented the sellers in connection with the transaction.

Galium Capital Acquires Fountain Square II In Tampa With Joint-Venture Partner Owens Realty Capital For $29.4 Million

Galium Capital, a Miami-based private equity firm and its joint-venture partner, Owens Realty Capital, have acquired Fountain Square II, a curvilinear four-story office building in Tampa for $29.4 million. The joint-venture paid about $220 per square foot for the Fountain Square II office building in the Westshore area of Tampa. Herman Rodriguez and Ike Ojala in the Miami office of HFF brokered the transaction.

Fountain Square II was built in 1989 but has undergone over $2 million in capital improvements since 2015. The building is located at 4925 Independence Parkway, just two miles from Tampa International Airport. Fountain Square II spans over 133,887 square feet of interior space with 519 parking spaces. At the time of purchase Fountain Square II was over 93% leased with anchor tenants including CarePlus, ConnectWise and the Social Security Administration. Lease rates are roughly $30 per square foot.

Galium Capital and Owens Realty Capital also jointly acquired a 67,500-square-foot office building at 3001 PGA Boulevard in Palm Beach Gardens in November 2018 for $25.1 million, $372 per square foot.

The Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Gazit Horizons Reveals 48-Story Brickell Gateway Tower Next To Brickell City Center

Gazit Horizons, a subsidiary of Gazit Globe, has revealed Brickell Gateway, their newly proposed 650,000 SF mixed-use tower which will be built next to Brickell City Center. Located at 90 SW 8th Street, Brickell Gateway will rise up to 48-stories and is expected to offer retail and office space as well as a hotel and residential component. A demolition permit for the existing structure has not been filed with the city. Gazit Horizons acquired the land in July 2017 for $29.5 milion. Cushman and Wakefield is expected to oversee leasing.

Epicure Gourmet Market’s Jason Starkman To Sublease Epicure’s Former 31,000 SF Space On Lincoln Road

After the famous Epicure Gourmet Market & Café on Miami Beach’s Alton Road closed its doors after Hurricane Irma, the owner of the market & café, Jason Starkman, is now redeveloping the Lincoln Road space and has listed the 31,000 SF property with Brian Carter, Filippo Incorvaia and Ross Padfield of Douglas Elliman. Starkman, is now demolishing the interiors of the store at 1656, 1664 and 1680 Alton Road to build out nine retail spaces and two office spaces. The spaces are being offered for lease between $50 per square foot and $80 per square foot, which is 30% to 40% less than asking rents on Lincoln Road. Typically the general retail spaces on Lincoln Road start at $150 per foot. The redevelopment also features two office spaces ranging from 2,500 SF to 5,500 SF as well as two outdoor courtyards facing West Avenue, one for 800 SF and another 2,650 SF.