PROFILEmiami presents a conversation around the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. Hear first hand from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.
Read MoreThomas D. Wood & Company Funds $42 Million For Windward Marina Group's Acquisition Of 3 Northeast Florida Marinas
Windward Marina Group has closed on the acquisition of three marinas in the Northeast Florida market with $42,000,000 in mortgage loan financings arranged by Thomas D. Wood and Company. Thomas D. Wood Jr. secured financing in the amount of $11,000,000 for the acquisition of St. Augustine Shipyard.
Read MoreBeaches in Miami-Dade County have been closed.
Tracking COVID-19 By The Numbers: Breaking News In South Florida
(Last Updated 6:14 AM 3/27/2020):
BREAKING:
City of Miami officials have announced a curfew for its residents that will begin Friday night. According to officials, all residents must be indoors from 10 p.m. until 5 a.m. (3/27/2020)
Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business 9 PM Thursday. (3/20/2020)
All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)
Continue to check back for updates to below as we continue to track COVID-19 across South Florida:
Stats:
Number of Cases in Florida: 830+ (3/23/2020)
Fatalities in Florida: 13+ (3/23/2020)
Number of Global Cases: 351,000+ (3/23/2020)
Global Fatalities: 15,321+ (3/23/2020)
Number of U.S. Cases: 35,075+ (3/23/2020)
Fatalities in the U.S.: 458+ (3/23/2020)
Miami-Dade County:
Miami-Dade County # Cases: 2900+ (3/27/2020)
BREAKING: Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business (3/20/2020)
CONFIRMED CASES IN BRISTOL TOWER BRICKELL & SOHO BEACH HOUSE (3/19/2020)
Officials have ordered the closure of all restaurants, bars, movie theaters, concert houses, auditoriums, playhouses, clubs, gyms, arcades, bowling alleys, etc. which will go into effect 11 PM Tuesday. All grocery stores, pharmacies, take-out and delivery services will remain open at this time (3/17/2020)
All bars and nightclubs will be closed for 30 days.
Restaurants will only be able to operate at half capacity.
Exceptions granted if they have a capacity of 10 people or less.
Mayor Carlos Jimenez signed the emergency order, but remains in self-quarantine after being exposed to a Brazilian government official who tested positive following a visit to South Florida.
Miami-Dade Public Schools are now closed through at least April 15. (3/19/2020)
Miami-Dade Public Schools have closed this week and next. (3/16/2020)
Key Biscayne and North Miami Beach have implemented curfew between 10 PM and 5 AM (3/19/2020)
Officials have closed the beach from 5th to 15th Street, including Lummus Park.
All city parking garages are closed to non-residents.
In addition, all non-essential retail stores will be required to close at 10 p.m. daily. (3/16/2020)
Businesses excluded from this directive include: Pharmacies, grocery stores, convenience stores, private offices, banks, hotels, hospitals, medical service providers, medical supply stores, hardware stores, gasoline service stations and automotive supply and repair centers.
An entertainment district curfew will go into effect at 11 p.m.
All restaurants are asked to keep occupancy at 50% or less, and have under 250 people in each establishment at any given time.
Ultra Music Festival has been cancelled.
Miami Music Week has been cancelled.
ArtScape Concert has been cancelled.
The Miami Open Tennis Tournament has been cancelled.
University of Miami & FIU have moved classes online until the end of the spring semester. (3/20/2020)
University of Miami Spring Commencement postponed until December. (3/20/2020)
The Hardrock Seminole Hotel & Casino has suspended entertainment operations.
Calle Ocho Festival has been cancelled.
Mayor Francis Suarez has confirmed that he has COVID-19.
Broward County:
Broward County # Cases: 180+ (3/23/2020)
Broward County Public Schools are now closed through at least April 15. (3/19/2020)
Officials have closed the beach from Harbor Beach to Oakland Park Boulevard.
Restaurants and bars must close by 10 p.m.
Restaurants and bars are asked to operate at 50% capacity and have no more than 250 people at any time.
The Tortuga Music Festival, which was set to run from April 17-19, has been postponed.
The Wharf Fort Lauderdale is closed until further notice.
The listed measures will remain in effect until April 12.
Palm Beach County:
Palm Beach County # Cases: 59+ (3/23/2020)
Town of Palm Beach implements curfew until further notice from 9 P.M. - 6 A.M. (3/18/2020)
Palm Beach County Public Schools are now closed through at least April 15. (3/19/2020)
Beaches will be closed on Tuesday 3/17/2020
Nursing Homes and Assisted Living Facilities are closed to visitors.
Drive-through testing underway at FoundCare (2330 S. Congress Ave, West Palm Beach - call 561-967-0365 to see if you qualify and for appointments)
National:
BREAKING: The Federal Government has passed a $2.2 trillion stimulus package.
United States of America # Cases: 35,075+ (3/23/2020)
United States of America Fatalities: 458+ (3/23/2020)
Income tax filing deadline moved to July 15 (3/20/2020)
Foreclosures and HUD evictions have been halted for 60 days.
CDC recommends ban on gatherings of 10+ people.
The Players Championship was cancelled & PGA Tour is suspended.
NBA, NHL, MLB and MLS have suspended their seasons.
All ski resorts have closed.
East End Capital & Related Group Secure $136 Million In Refinancing For Wynwood 25 & Wynwood Annex
Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.
Read MoreAvison Young Completes 133,140 SF Of Industrial Leases In Broward County
Avison Young has announced it negotiated five industrial lease transactions totaling 133,140 SF in Broward County, Florida. The transactions were overseen by Avison Young Principals Tom Viscount and Wayne Schuchts.
Read MoreMelo Group Launches Pre-Leasing For Miami Plaza Apartment Tower In Downtown Miami's Arts & Entertainment District
Melo Group, one of Downtown Miami’s preeminent real estate development firms, is getting ready to open their latest residential tower addressing two of the city’s most-pressing issues, housing affordability and traffic.
Read MoreGalium Capitals Acquires 1333 Main Street Office Assemblage In Downtown Columbia, SC
Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of 1333 Main St. in Columbia, SC. 1333 Main St. is a premier office building and assemblage in the Downtown CBD of Columbia. The transaction closed for $29,350,000 on February 27, 2020.
Read MoreNeueHouse Announces Casa Tua Partnership and Miami Expansion
NeueHouse, the private workspace and cultural home for creators, innovators and thought-leaders, has announced its expansion into Miami, bringing its US locations to a total of five. NeueHouse Miami, in partnership with private members’ club, hotel and restaurant, Casa Tua, will be the second east coast location, alongside NeueHouse Madison Square, located in Manhattan. The build out of the space, located on the border of Midtown and Design District, is expected to be completed by late 2020.
“We are thrilled to bring NeueHouse to Miami in collaboration with Casa Tua to provide the local community with access to the best elevated work and event spaces, as well as refined hospitality and culture, which is true to our shared mission of delivering new and original concepts and experience,” said Josh Wyatt, CEO of NeueHouse. “A leader in art, design and fashion, Miami is an exciting addition for our members and growing community, and we’re looking forward to bringing our combined brand offering to the tastemakers and industry leaders of Miami.”
To deliver on its hospitality promise and to captivate Miami’s discerning, local creative and entrepreneurial communities, NeueHouse’s Miami location will offer a culinary partnership with Casa Tua. Founded in 2001 by Italian-born visionary Miky Grendene and his wife Leticia Herrera-Grendene, Casa Tua’s flagship property, nestled in a historic villa in the heart of Miami Beach, is part culinary destination, part boutique hotel and private members club. NeueHouse Miami will offer F&B by Casa Tua, providing NeueHouse members their singular approach to soulful Italian cuisine and impeccable service.
“We are excited to partner with NeueHouse for their first Miami venture,” says Grendene. “Both Casa Tua and NeueHouse are committed to offering best in class experiences in each city we operate. Our brands share a similar DNA and passion for developing cultural communities and meaningful hospitality experiences. With this natural synergy, together we will achieve a far greater result through this strategic partnership. We look forward to creating something unbelievable with NeueHouse and supporting the City of Miami’s growth in this emerging cultural corridor.”
The property is slated to open in late 2020, adding to the list of notable activities, which have taken place in recent months, including a series of cultural events in partnership with Frieze art fair, highlighted by the commission of a notable piece of public art by the iconic Barbara Kruger.
NeueHouse, which raised $30 million in funding in Fall 2018 under the new leadership of CEO Josh Wyatt, continues to innovate across workspace design and hospitality and scaling its cultural programming platform, to deliver a truly differentiated experience to a community of original thinkers and thought-leaders. Both the New York and Los Angeles flagship locations (Madison Square and Hollywood) are at capacity and have waitlists, including the latest luxury private suite product, Eleven Madison Square.
NeueHouse offers four membership tiers.
Missoni Baia Completes Foundation With Second Concrete Pour
The second part of Missoni Baia’s foundation was recently completed by joint venture partners Civic Construction and Ant Yapi. Over the course of 17 hours, starting at 3 a.m., 3,900 cubic yards of concrete and 810 tons of rebar (the weight of approximately 65 school buses) was poured. This completed the mat foundation for the project.
Steve Witkoff and Matthew Cherwin.
UNIVERSITY OF MIAMI HOSTS ITS NINTH ANNUAL REAL ESTATE IMPACT CONFERENCE
On Friday, February 28th, the University of Miami School of Architecture hosted its ninth annual Real Estate Impact Conference, which brought together board members, students, faculty, distinguished alumni and real estate professionals. The invitation-only conference was hosted at the Four Seasons Hotel in Brickell with support from presenting sponsors Douglas Elliman Real Estate, Kislak, and Witkoff.
More than 650 University of Miami students and alumni, including many South Florida commercial real estate and finance professionals, discussed both threats and opportunities in the market at the multidisciplinary conference.
“Bringing together faculty and students from our schools of architecture, business and law is an important step in tackling today’s complex problems,” said University of Miami President Julio Frenk. “This conference is an excellent example, because real estate is essential to Miami’s economy with an impact around the world.”
Anthony Graziano and President Julio Frenk.
In addition to panel discussions and networking sessions, there were several special programs available to MRED+U, MBA, MSF and Law School students throughout the day. One of the benefits of membership on the University of Miami Real Estate Advisory Boards, which consist of over 100 prominent real estate professionals, is personal contact with the best and brightest students. Advice With Impact was an intimate, morning networking session which was attended by students and sponsors such as IBERIABANK, Plaza Construction, CBRE and Whitman Family Development.
Katya Demina, Tom Murphy and Alana Fernandez.
University of Miami students were also invited to apply for the premier networking opportunity of the school year: the Swire Scholar Luncheon. Scholars received complimentary registration ($300 value) to attend the conference and participated in a private luncheon with advisory board members from the Architecture, Business and Law schools. David Martin, vice president of retail at Swire Properties, welcomed UM’s Swire Scholar students to the opening luncheon, where they had an opportunity to discuss their studies and career plans with UM’s Real Estate Advisory Board members.
For MBA student Jack Shelgren, the Swire Scholars luncheon provided valuable learning and networking opportunities. “As an intern, I did research and financial analysis, learning about multifamily, office and retail asset types,” he said. “Now, I’m an associate at Freeman Property Group, gaining an entrepreneurial perspective, while working on acquisitions for our clients.”
MRED+U students Nick Nicola and Tanya Rivera with Jackie Touzet.
In the afternoon, top executives from JP Morgan Chase, Ventas and Hines took the stage and provided valuable insight on today’s real estate market. They commented that hospitality services are playing an increasingly important role throughout the commercial real estate market, as employers seek to recruit and retain talented workers. Another emerging trend is the growing demand for medical office properties and senior housing driven by the aging of the U.S. population. Without question, the global spread of the novel coronavirus COVID-19 poses a threat to global real estate markets, according to Matthew Cherwin, treasurer and chief investment officer of JP Morgan Chase.
The school also highlighted its Research Initiative, which was introduced in 2018 by Dr. Charles Bohl, Director of the Master in Real Estate Development + Urbanism (MRED+U) Program. “Both the University of Miami and our Real Estate Advisory Boards have made Resiliency a top research priority of immense relevance to South Florida and coastal communities around the world. It is through joint research initiatives like this that our students, faculty and researchers can help us address the big, challenging issues of our day, including the adaptation and development of more resilient buildings, infrastructure and communities,” said Bohl. Professor Mark Troen and students from the MRED+U program presented this year’s findings on stage.
The 2020 Impact Conference Organizing Committee consists of Andrea Heuson, Charles Bohl, Manuel de Zarraga, Nitin Motwani, Alfonso Munk and Steve Witkoff. Nitin Motwani, Managing Principal of Miami Worldcenter and Chair of the MRED+U Advisory Board, closed the standing-room-only conference by reminding participants that, “The University of Miami Real Estate Impact Conference supports all real estate education at the University, which has become an interdisciplinary powerhouse that blends real estate programs in finance, development, and law with construction management, architecture and engineering.”
