Target & Aldi Coming To Block 55 In Downtown Miami

Target and Aldi have been announced as the first tenants at Block 55 in Overtown, just across the street from Virgin Train’s 3 MiamiCentral. The megaproject will feature 355,000 SF of retail space, 1,050 parking spaces and 506 apartment units designed by Arquitectonica. Target will occupy 51,088 SF of ground floor retail in addition to bringing a CVS Pharmacy and Starbucks. Other tenants are expected to include Aldi, Dave & Busters, Burlington, Ross, Ulta, and Youfit. Construction is expected to begin in March 2020 with a projected completion in 2023. John Moriarity & Associates as the general contractors.

PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

Legacy Hotel & Residences Reveals New Renderings With Construction Set To Begin Summer 2020

On the heels of Miami-based real estate developer Royal Palm Companies (RPC) officially launching sales for Downtown Miami’s newest mixed-use tower, Legacy Hotel & Residences, the developer has now released new renderings and plans on breaking ground in the Summer of 2020 with completion estimated for the Fall of 2023. The newly released renderings include the highly-anticipated sky pool that will hang off the edge of the tower’s 45th floor as well as the seven-story crown-jewel glass atrium. It will be the largest rooftop atrium for a hotel-condo in the U.S.

The soaring, branded mixed-use skyscraper will be located in the heart of mega-project Miami Worldcenter (MWC) at 942 Northeast First Avenue. OneWorld Properties will be leading marketing and sales and 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.

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 and 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 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.

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.

For more information about Legacy Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

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.

PEOPLE TO WATCH: Meet Our Panelist Ryan Shear, Managing Partner of PMG

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.

The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami. 

Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.

Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.

As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.

The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.

Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

By Katya Demina

13th Floor Investments & Adler Group Lock Down $99 Million In Construction Financing For 2nd Tower At Link at Douglas

Miami-based real estate developers Adler Group and 13th Floor Investments have finalized a $99 million loan that will open the door to the construction of a second tower at Link at Douglas, a 7-acre master-planned development that will transform Miami-Dade County’s Douglas Road Metrorail Station into a mixed-use transit hub with residential, retail and commercial office uses. The loan, which was issued by Banco Santander and TD Bank, will help fund the construction of the 36-story multifamily building, which will include 421 rental apartments and 17,000 SF of ground-floor retail space.

Situated directly adjacent to the Douglas Road Metrorail Station at 3100 Douglas Road, the Arquitectonica-designed building will also feature a public plaza with connectivity to The Underline, a 10-mile-long linear park being built underneath the Metrorail tracks running from Downtown Miami to South Miami.

Construction of Tower 2 is expected to get underway this month (February 2020) and is expected to be completed in late 2022. Tower 1, a 22-story multifamily building designed by Corwil Architects with 312 rental apartments and 6,000 SF of retail space, broke ground in July 2019 and is slated for completion in 2021.

“The closing of this construction loan is a testament to our strong bank relationships and also signals the continued confidence in our latest transit-oriented development, as well as our ability to execute as a development team,” said Daryl Shevin, CFO of 13th Floor Investments.

“Link at Douglas will set a standard for urban living by catering to Miami-Dade’s evolving residents, who are looking for ways to avoid road congestion through public transit while seeking a more connected lifestyle,” said Jonathan Raiffe, Chief Operating Officer of Adler Group.

Link at Douglas is being developed through a collaboration with Miami-Dade County in which the developers have entered into a ground lease for publicly-owned land that will usher in privately-funded transit and infrastructure upgrades at a critical connection point within the County’s transit system. Link at Douglas’ mobility plan includes connectivity to Metrorail, County buses and municipal trolleys. Additionally, the development will incorporate over $17 million in public infrastructure improvements, including a fully renovated Metrorail station, a public plaza with active retail, and a section of The Underline. Link at Douglas marks the second partnership for 13th Floor Investments and Adler Group. The development team recently completed Motion at Dadeland, a 294-unit transit-oriented rental community adjacent to South Miami’s Dadeland North Metrorail Station, which opened to renters in April 2019.

$45 Million Trophy Office Building for the 1% Hits the Market in South of Fifth

The Yukon Miami, which commands one of the highest per square foot rents in Florida at $78 per square foot, is located at 119 Washington Avenue in Miami Beach’s affluent South of Fifth neighborhood. The Arquitectonica-designed office building has just hit the market for $45 million. Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate are representing the seller. 

The 43,140-square-foot commercial office building is the only Class A office building located in the South of Fifth enclave steps away from world-class, record revenue breaking restaurants, including Joe’s Stone Crab, Estiatorio Milos, and Prime 112.

In addition to its prime location, The Yukon Miami features more than 8,000 square feet of available rooftop terrace space with 360-degree views of the Atlantic Ocean, Miami Beach, and Downtown Miami, the largest commercial roof and deck space in South of Fifth.

“Nestled between Fisher Island (the richest zip code in the United States) and the revitalized Washington Avenue only enhances the locational appeal of the South of Fifth neighborhood,” said Amit Egan Datwani, founder and chief consultant at The Global Consulting Organization. “The Yukon Miami is the ideal opportunity for a visionary investor that understands this and has the ability to transform the property from a trophy asset to an absolute gem.”

Premier tenants include One Sotheby’s International Realty, Red Steakhouse, W5 Group (a global real estate investment platform), and several financial companies, including Boston-based Raptor Capital Management, Manhattan-based York Capital Management, and Sero Capital.

A private launch party to promote the building hitting the market will be held on The Yukon’s rooftop terrace next month.

By Stephanie Warren

PROFILE Exclusive: Private Equity & Navigating A Changing Retail Landscape With Jacques Bessoudo of Galium Capital

Very few investors have been able to successfully navigate the changing retail and office market landscapes as well as Galium Capital’s Managing Partner, Jacques Bessoudo. Building his firm to over $350 million of commercial assets in just two short years, Galium Capital is poised to be one of the major private equity players over the next decade in South Florida real estate. We caught up with Jacques to get inside of his mind to find out how he started Galium Capital, what is his investment strategy, what his views are on the future of the market and his framework for continuing to grow Galium Capital:

Q: Give us some background on yourself? How did you first get involved with Real Estate?

A: I moved to the US from Mexico in 2010 to attend Business School at Harvard. Real estate has always been a passion of mine, and since I was in school I started taking some classes and focusing on learning the industry. After graduation we moved to Miami, and shortly after I found myself doing deals. In the beginning they were small and it was mainly friends and family that had trust in me. Fortunately, those initial ones were successful, and was able to be the base to transition into institutional-quality deals, always retaining our entrepreneurial mindset.

Q: When and why did you start Galium Capital?

A: Galium Capital was founded in 2018 by Iser Rabinovitz and myself. Being from Mexico and seeing so much instability throughout global markets, we noticed that there was an opportunity to help international investors make smart commercial real estate investments in U.S. markets. Commercial real estate assets in the U.S. provide cash flow and appreciation while matched with capital preservation for foreigners. We started with a small service center in Orlando, and Parq 170 at City Center, a 290-unit multifamily apartment building in the D.C. area.

Q: What is Galium Capital’s Investment Strategy?

A: We want to allow private investors to have access to the institutional real estate investment market, with all the efficiencies and formalities that it entails, including: low financing costs, professional management, optimal risk-return profile, institutional reporting, etc. At Galium Capital we approach each deal differently. Because we are not a “fund” it allows us to be flexible within our investment strategy to maximize the value of potential opportunities we present to our investors. We invest in commercial real estate assets in the sectors of multi-family, office and retail. We also pursue deals that have a value-add potential, whether from vacancies, below market rents or renovation. We have value-add deals, and core, stabilized deals for the yield-seeking investor.

Q: Galium Capital has been active retail buyers at a time when retail has been changing due to consumers shopping online, amongst other factors. What is the strategy to your success investing in retail? 

A: We have a very robust criteria when it comes to investing in retail which has helped us be successful in our investments. We pursue un-anchored, e-commerce proof retail assets in sound markets that we feel strongly about. Typically these assets are service-oriented neighborhood retail centers in high-traffic locations. While consumers may be turning to e-commerce for their shopping needs, there is a demand for a retail presence for service-oriented businesses such as accountants, insurance, real estate brokers, spas, gyms, restaurants, barbers, bars and lounges, etc. By avoiding retail centers with large anchor stores, we alleviate the risk of a single tenant bearing a large portion of the properties rentable square footage or revenue which could be detrimental upon vacating their space.  

Q: What types of properties and investments has Galium seen the most success in? 

A: As we operate deal by deal and invest our own money into each deal, we take it upon ourselves to be ultra-selective on the deals that we pursue. Due to this we have seen success in multiple commercial real estate sectors including retail, office and multi-family. Each deal has a different investment opportunity, some via rental income and CAP rate compression over the hold period for an additional appreciation gain at sale; others are high yield cashflow investments. 

Q: Galium has acquired property on a national scale, what markets do you see the most strength in right now? Is there anywhere you guys are looking to expand to or are avoiding? 

A: We focus on markets with high growth in population, employment, and wages. We also take market-level pricing into consideration, in comparison to historic levels, and comparable markets. We are pursing assets in states such as Florida, Washington, Virginia, Texas and the Carolinas    

Q: What is Galium Capital’s focus for 2020? What does the future hold?

A: We are in the end stage of an expansionary economic cycle, so we want to be extra selective in new acquisitions. We are probably going to execute on a few deals only, focusing on sustainable growth.We will continue to focus on increasing the yield produced by our current investments and optimizing their operations. We have some exciting new potential acquisitions in the pipeline and are looking to close on our newest property in early February 2020. We look forward to making smart real estate investments for successful results throughout 2020 for our investors.

About Jacques:

Jacques is actively involved in the asset management of over $200M of real estate properties and development. In addition, Jacques oversees the property management of over 200 single-family homes. Jacques’ prior experience includes eight years in The Boston Consulting Group, one of the top global strategy consulting firms. Jacques holds an MBA from Harvard Business School, and a BA in Finance from ITESM.

About Galium Capital:

Galium Capital is an Aventura-based Private Equity firm which owns and manages more than $350 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.

Visit Galium Capital at www.galiumcapital.com

Australia’s Plenary Group Submits Plans For Miami-Dade CivilCourthouse in Downtown Miami

Plenary Group, a Melbourne, Australian real estate development firm who was awarded the contract to build the new Miami-Dade Civil Courthouse in Downtown Miami, has submitted plans to the FAA for review. The proposal calls for a 435’ tower rising 23-stories and the developer plans to break ground by this May, 2020. In 2019 The Plenary Group was awarded a $267 million contract to design, build and operate Miami-Dade’s Civil Courthouse at 73 West Flagler Street on county owned land, replacing the 1928-era courthouse that was also the location of the infamous Al Capone trial. The courthouse will feature 46 courtrooms and 59 parking spaces.

Miami-Dade County has called the partnership between Miami-Dade County and the Plenary Group to be the first public-private partnership by the County. Plenary Group will use private funds and will both built and operate the facility with a 30-year contract which could be valued at nearly $27 million per year. The annual payments are performance based and Plenary Group must hit hurdles for operational and maintenance standards. Plenary Group will not start receiving payments until the courthouse is open and operational. HOK is the architect for the project and Tutor Perini is the contractor. Completion is expected in 2024.

Touzet Studio-Designed Urbin Retreat Miami Beach Proposed on South Beach

Urbin Retreat, designed by Touzet Studio, has submitted its final proposal to Miami Beach’s Historic Preservation Board and Planning Board. The proposal says that Urbin Retreat will offer “affordable global mobility through responsible green living and working in urban centers.” Urbin Retreat Miami Beach will be a co-live, co-work and wellness platform that “fosters creativity and ignites connections through small units, big amenities and an emphasis on community.” Located on the 1200 block of Washington Ave. between 12th and 13th street, Urbin Retreat will feature a hotel, co-living, retail, a rooftop bar and a ground floor restaurant and bar.