Avison Young Chosen By New Ownership Team At 800 Brickell To Oversee Leasing

Avison Young has been named the exclusive leasing firm for the 15-story, 209,122 SF office tower at 800 Brickell Avenue in Miami. The assignment was awarded by new-to-market ownership, New York-based family firm Gatsby Enterprises in partnership with MasterMind Properties, which acquired the trophy asset for $125.5 million in July 2019.

“With the 4.9 million-square-foot shopping and mixed-use Brickell City Centre directly across the street and The Shops at Mary Brickell Village directly behind, 800 Brickell is ideally positioned for ownership to incorporate complementary live-work-play concepts,” said Donna Abood, Principal and Managing Director of Avison Young’s Miami operations. “As tenants look to Brickell for quality space and amenities in the heart Miami’s Financial District, our client will make substantial upgrades to common areas, tenant spaces, and the exterior of the tower to attract additional gold-standard office users.”

Ownership will invest up to $3 million into capital improvements at 800 Brickell, a long-term, value-add investment for the company. In addition to Ms. Abood, Avison Young Vice President Joe Abood and Associate Peyton Dowd will spearhead office leasing. Darryl R. Kaplan Company is handling leasing for the retail component, which encompasses the first two floors of the property. Office occupancy at 800 Brickell is currently at 84.8%.

“Brickell remains one of Miami’s most highly sought-after office markets, appealing to a broad range of tenants, especially professional services and financial firms,” added Ms. Abood. “With office occupancy at 84.8%, we look forward to leasing up vacancies at market rents and retaining strong, synergistic tenancy at 800 Brickell.”

A trophy office tower, 800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000 SF fine dining and quick-service restaurant. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley, as well as immediate entry to Interstate 395, Interstate 95, and the 836 Expressway. Tenants and visitors can access the building from SE 8th Street, ideal for avoiding Brickell Avenue traffic.

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).

Royal Palm Companies Launches Sales Of Legacy Hotel & Residences At Miami Worldcenter

Miami-based real estate developer Royal Palm Companies (RPC), has officially launched sales for Downtown Miami’s newest mixed-use tower, Legacy Hotel & Residences, the soaring branded mixed-use skyscraper in the heart of mega-project Miami Worldcenter (MWC). On the heels of the successful completion of PARAMOUNT Miami Worldcenter, Downtown Miami’s newest residential condo tower with its famous Sky-Port, developer Dan Kodsi aims to transform Miami’s skyline again, this time in the hospitality and branded residence market. Located at 942 Northeast First Avenue, Legacy is expected to break ground in 2020. OneWorld Properties will be leading marketing and sales where pricing starts at $300,000.

Designed for the innovative and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE living to Miami. The concept will offer homeowners luxury small living with the flexibility to live in or rent their home without rental restrictions, which will fulfill the demand of a rapidly growing and more international downtown core. Residents will have the option to rent on their own or through the tower’s hotel rental program, offsetting carrying and maintenance costs.

“When travelers come to Miami and stay on the beach, they find themselves inevitably crossing the bridge to the mainland, where all the latest attractions are; from Wynwood, the Miami Design District to the American Airlines Arena and PAMM. We've seen the tourism growth and are filling a void for the leisure traveler who doesn't have a downtown hotel with resort-style amenities in the center of it all,” said Dan Kodsi, Developer at RPC.

Legacy Hotel & Residences will bring international flair to the downtown skyline where the neo-futurism-inspired tower will feature 278 branded residences sitting atop a 255-room hotel. Legacy’s microLUXE residences range from 400 SF to 949 SF with studios and two-bedroom units. RPC takes the micro-living movement to the next level with their microLUXE concept, where each residence will offer the functionality of a micro-style home with the high-quality design and superior finishes of an elite luxury condominium. All residences will be equipped with a full kitchen and washer and dryer combinations. These small ergonomic but bespoke residences by RPC’s in-house design team in collaboration with Kobi Karp Architects and IDDI will offer buyers the freedom to rent their microLUXE residences without any restrictions.

The mixed-use tower will offer a suite of first-of-its-kind amenities, including ground floor retail, a hotel, microLUXE residences. Signature amenities of the tower include a sophisticated members-only international business lounge, dramatic cantilevered, Singapore-inspired pool, downtown’s largest hotel pool deck set on one acre, a first-of-its-kind medical and wellness center, all topped with the project’s signature amenity: the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower.

“With our experience selling Downtown Miami through previous projects during its various real estate cycles, we understand the downtown buyers and their demands,” said Peggy Olin, CEO of OneWorld Properties. “We are bringing our buyers from over 60 countries an alternative pied-à-terre – the piece that was missing— for residents who seek small living and large experiences,” she said.

Legacy Hotel & Residence’s will become an iconic centerpiece of Miami Worldcenter, one of the largest private real estate developments underway in the United States. The ten-block project will include world-class retail, hospitality and residential uses in the center of Miami’s urban core. Providing unmatched accessibility, Legacy Hotel & Residences is conveniently located next to I-95 and I-395, as well as the Virgin MiamiCentral Station, the Metrorail and Metromover stations.

Don Peebles Announces The Relaunch Of The Ultra-Private Membership Only Bath Club Miami Beach

Miami real estate icon Don Peebles has announced the multi-million dollar relaunch of a historic Miami Beach membership club, The Bath Club Miami Beach. Dating back to the Jazz age of the early 1920s, The Bath Club Miami Beach was the first established social club in the Southeast, which flaunted A-list members such as President Herbert Hoover, Pierre Cartier, William Vanderbilt II and William Boeing. During its heyday, the Club’s highly selective membership and privileged beach culture denied access to African Americans and Jewish people. Fast forward to 1999, entrepreneur Don Peebles, the first African American member, goes on to purchase the property, and now announces big plans to open a new, ‘exclusively inclusive’ club with an atmosphere welcoming of all ethnicities, cultures and lifestyles.

The Bath Club of 2020 features a modern approach that advocates diversity and social integration. The multi-million dollar transformation includes Club interiors and exteriors by design team, Antrobus + Ramirez; a sprawling, private beachfront (spanning nearly two football fields); butler services; access to a worldwide concierge; elaborate ballroom for events and special occasions; contemporary beach cabanas and outdoor living rooms; tennis courts and curated wellness programming. Apicii, a leading national hospitality brand, in partnership with a Michelin-Star chef, are developing and operating various dining and bar experiences at the club. 

Membership sales launch this month, with the official reopening slated for early 2020.

Galium Capital Closes On Palm Square Retail Center In Pembroke Pines For $20.475 Million

Galium Capital, a Miami-based private equity firm, has closed on Palm Square, a 77,621 SF shopping center in Pembroke Pines, Florida. The sales price was $20.475 million and the closing was overseen by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI).

“Palm square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida” said Jacques Bessoudo of Galium Capital. “Buying un-anchored “e-commerce proof” retail assets in sound markets is an investment thesis we feel strongly about, and are very excited about this latest acquisition”

Palm Square has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.

“Palm Square is service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.”

Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest, a Miami-based private investment group and the Buyer, Aventura-based Galium Capital. Galium Capital manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida, after The Shoppes at Lake Mary (101 N. Country Club Dr.) was purchased in early 2018. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Last Remaining 2.18 Acre Parcel At Miami Worldcenter Listed For Sale

The last remaining parcel at Miami Worldcenter has been listed for sale at NE 1st Avenue between 10th and 11th Streets, which is being marketed by Robert Given of Cushman & Wakefield. The parcel is located on Block A and spans 2.18 acres, allowing for 1.7 million square feet of total development and up to 1,100 residential units. The multi-use parcel is zoned for residential, retail, office and hotel use. Miami Worldcenter has been a hotbed for new development where Hines is gearing up to break ground on a neighboring parcel to bring 500,000 SF of Class A office space to Miami Worldcenter, MDM Group is finalizing their plans for a 1,700-key Marriott Marquis Hotel with expo center, a 348-key CitizenM hotel is nearing groundbreaking and Akara Partners is planning Kenect Miami adjacent to the newly listed parcel. Previously Fifield had proposed a 47-story tower with 533 apartments on the now for sale parcel before it hit the market.

“The coming year will see a series of important milestones at Miami Worldcenter, including the delivery of a substantial amount of retail space, the rise of a CitizenM hotel, the opening of our signature condo tower, and the announcement of our first retail tenants,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “In marketing our last remaining parcel, it’s critical that we identify an investor or joint venture operator whose plans are aligned with our vision for creating a city within a city in the heart of Downtown Miami.”

“This site represents a unique opportunity to be aligned with an impressive number of world-class developers including the Miami Worldcenter team in one of the most transformational projects in Miami’s history,” said Robert Given, Vice Chairman at Cushman & Wakefield.

NR Investments Reveals Zyscovich-Designed Tower Next To CANVAS

NR Investments, the developers of the successful CANVAS Condominium in Miami’s Arts & Entertainment District, has revealed a neighboring tower that was recently submitted to the FAA for review. Located at 70 NE 17th Street, the tower is being designed by Zyscovich Architects and will rise 370’ along with 4,500 SF of ground floor retail, 252 rental apartments, 38,307 SF of office space and 224 parking spaces. The developers plan to begin construction in February 2020 with an expected completion date in June 2022.

Related Group Reveals Plans For New Headquarters At 2850 Tigertail in Coconut Grove

Jorge Perez’s Related Group has revealed plans for a new office building that will also be their new headquarters in Coconut Grove. Located at 2850 Tigertail Ave., the project will rise 8-stories with the top 2 floors dedicated to Related Group. The building is designed by Arquitectonica with interior design by MKDA. 2850 Tigertail will feature 195,575 SF of total development with views of Biscayne Bay from the floor-to-ceiling glass windows and terraces. The building will also feature elevated courtyards, ground floor retail, parking, a roof deck and museum quality art from Jorge Perez’s private collection. The project was originally proposed as a joint venture between Terra and Related Group and became possible in 2017 after the city of Miami rezoned the property from T5-O and T6-12 to T6-8-O. Construction is expected to cost around $34 million.

Quadrum Global Reveals NBWW Architects-Designed Arlo Wynwood Hotel

Construction permits are now pending for the planned 217-key, 9-story hotel Arlo Wynwood, designed by Nichols Brosch Wurst Wolfe & Associates Architects (NBWW) at 2217 & 2233 Northwest Miami Court. The boutique hotel, which is being developed by Quadrum Global, will offer “pod” style micro-rooms along with featuring a fitness center, yoga deck, valet parking, restaurants, bars and an urban event venue. Arlo Wynwood will offer 141,758 SF of total development. The interior of the building will feature a landscaped courtyard as well as an outdoor gallery for large art displays and an amphitheater. The building will feature finishes including exposed concrete and structural metal beams along with wood and glass with tropical landscaping. Quadrum Global purchased the 30,000 SF lot for $8.55 million in November 2018.

Blue Jay Capital Gearing Up To Break Ground On Virgin Hotels Brickell Tower With Co-Living

Blue Jay Capital is getting ready to break ground on a 40-story hotel project at 1040 S. Miami Ave. which will be Miami’s first Virgin Hotels location with a second location planned for South Beach. Virgin Hotels Brickell Tower is designed by the Atlanta-based BLUR Workshop. The Brickell property will feature 250 hotel rooms, 150 residential units, a 3-story terraced rooftop lounge with pool, library, coffee shop, beer garden, live music venue, spa, restaurant, bar, social club and 15,000 SF of meeting and event space. The residential component will offer micro units, some of which will be under 400 SF, as well as co-living units with 3-4 bedrooms. The hotel and residential components will share the amenities. Groundbreaking is expected for 2020 with an expected completion date in 2023.

Starwood Capital Group To Break Ground On Office Building At 2340 Collins Avenue In South Beach

Starwood Capital Group has filed construction and demolition permits to build a new commercial building at 2340 Collins Avenue in South Beach which will feature both office space and retail. The project will offer 136,342 SF of office space, 8,088 SF of retail which will also feature restaurant space and 305 parking spaces. The project, which is located across from 1 Hotel where the old Avis rental car stands and next to The Gates Hotel South Beach, will also bring a pedestrian paseo with lush landscaping and water features to the property. A joint venture between Coastal Construction and Brodson Construction will be the general contractor for the project.