The Estate Companies Gearing Up To Break Ground On Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), is gearing up to break ground on Soleste NoMi Beach in North Miami Beach. The project, which is located at 16395 Biscayne Blvd., will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. The Estate Companies acquired the site in December 2020 for $13.1 million after the project, designed by Form Group, was approved in September 2020.

DRA Advisors Lists Pinnacle Corporate Park Portfolio In Fort Lauderdale

A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

First American Bank Continues to Expand in South Florida with New Westchester Branch Location

First American Bank celebrated the grand opening of its new Westchester branch location at 9696 SW 40th Street, which will replace its temporary Florida International University facility. First American, which acquired the Bank of Coral Gables in 2014 and Continental National Bank in 2019, now has six branches throughout Miami-Dade, a wealth management office in Tampa, and 53 locations in the Chicago-Milwaukee metropolitan market.  This event follows the bank’s November opening of its Florida headquarters in Coral Gables. The grand opening was celebrated on-site with an intimate, socially-distanced ribbon cutting ceremony on January 14, 2021.

“It has been an expansive year for First American Bank, and I am excited to be leading the Westchester team here in South Florida,” said Julio Valle, Vice President and Market Manager. “First American Bank prides itself on offering clients professional attention for their business, wealth, and personal financial needs; our expansion will continue this commitment to the Westchester community.”

Due to the current state of the global pandemic, First American Bank held a live stream of the ceremony on its Instagram account and hosted several key members of First American Bank in-person including Julio Valle, and Rodolfo Lleonart, the Executive Vice President and Managing Director Community Banking.

With assets in excess of $5 billion, First American Bank serves privately owned businesses with trade finance and working capital facilities directly and through its affiliation with the Small Business Administration. In addition, they have a broad array of commercial and consumer mortgage lending programs.  The Bank’s wealth management department has over $3 billion in assets under management.

Magic City Tech Boom? Microsoft In Negotiations At 830 Brickell And Elon Musk Wants To Build Tunnels Under Miami

Miami, the magic city, is on track to become the next Silicon Valley as the fallout from the COVID-19 pandemic has brought people flocking to South Florida. Florida saw the second highest population growth over any other state in 2020, following Texas, adding over 240,000 new residents in a single year. The influx of new residents is being driven by those looking to take advantage of remote-working opportunities or seek a state that has let business remain open and has pro-business tax structure. This has led to Miami and Palm Beach real estate pricing and absorption reaching near record highs.

Not only are the new residents flocking from the high-tax New York, at the same time as South Florida’s population boom, the San Francisco Bay Area has seen an exodus of venture capitalists and tech entrepreneurs. Mayor Francis Suarez has opened up the city to tech entrepreneurs and has expressed interest in bringing innovative companies to the magic city and making Miami a global tech hub. Mayor Suarez recently announced he will be appointing a Chief Technology Officer for the city.

Miami’s office market is being a surge in demand and setting record high pricing. Microsoft (NASDAQ: MSFT) is one of the major tech firms looking to move to Miami, the multinational software provider is actively in negotiations to lease 30,000 square feet of space at OKO Group’s 830 Brickell, a 56-story office tower adjacent to Brickell City Centre which is currently under construction. Pricing is still relatively cheap compared to other major markets, asking rates at 830 Brickell are reportedly in the $70’s PSF range. Ken Griffin’s Citadel Securities hedge fund is also reportedly looking at office space in 830 Brickell as is the Chicago-based law firm Baker McKenzie.

The biggest news came when Tesla and SpaceX founder Elon Musk tweeted that he had talked with Florida Governor Ron DeSantis about building a tunnel system underneath Miami to eliminate traffic and pollution. Mayor Suarez tweed that “we will do it,” and invited Musk to visit him at City Hall. In the past Miami has had success building tunnels at a comparatively low cost. The initiative would be led by Elon Musk’s Boring Company, who is getting ready to reveal the Vegas Loop to the public, a 4,475’ tunnel loop under the Las Vegas Convention Center. In the Las Vegas Loop passengers will reach speeds up to 155 mph and will ride in Tesla Model X’s, Model 3’s, and a 16-passenger modified Model 3. Las Vegas in now working with the Boring Company to build a citywide network of tunnels.

For more information about 830 Brickell, Brickell office space, private showings or purchasing/ leasing information please fill out the form below:

Powerhouse Gym Leases 36,000 SF of Space At MiamiCentral In Downtown Miami

Powerhouse Gym has leased 36,000 square feet of space at MiamiCentral, marking the international fitness chain’s entrance into the Miami market. MiamiCentral, located in the heart of Downtown Miami at 600 NW 1st Avenue, is the home base of Brightline Trains and a mixed-use, urban experience that is transforming the Florida landscape. The JLL team of Katie Fernandez-Espinosa, Zach Winkler, and Rafael Romero represented MiamiCentral in the lease negotiations.

“With the addition of Powerhouse Gym, Downtown Miami will now have an upscale, full-service gym servicing the area’s residents and growing office sector,” says JLL’s Fernandez-Espinosa. “This deal is the perfect example of how experience driven retailers see value in and are bullish on committing to MiamiCentral. For companies looking to capitalize on the urban core’s growing residential and visitor base, MiamiCentral remains an ideal location for entertainment, lifestyle and top-tier food & beverage brands who want to be a part of where the action is happening.”

Powerhouse Gym is one of the top leaders in the fitness industry for over 40 years. With 300 licensees in 39 states, Powerhouse has continued to steadily gain global attention by expanding into 17 different countries worldwide serving over 1.2 million dedicated members. They have locations all across Florida, but this will be the first to serve downtown Miami’s rapidly expanding population.

“We are excited for the opportunity to expand into a new market, delivering the rich heritage of the Powerhouse brand to a one-of-a-kind development in MiamiCentral,” said Clayton Flotz of PowerHouse Gym.

“As a global transportation hub with lifestyle options for all, we are excited to welcome Powerhouse Gym to MiamiCentral. In addition to creating local jobs, Powerhouse will fill the much needed demand for premium fitness options of Downtown Miami residents and office workers,” said Najam Syed, Head of Asset Management for Florida East Coast Industries, the parent company of Brightline Trains.

MiamiCentral is a unique live-work-play destination with unrivaled transportation and dining options. Comprised of luxury residences, a Class-A office building, and 130,000 square foot of retail, MiamiCentral is the flagship station for Brightline Trains, which expects to be complete to Orlando in 2022. The transit-oriented development’s retail and dining venues make up an expansive promenade where Central Fare serves as one of Downtown Miami’s favorite dining destinations with culinary concepts that range from Sushi to authentic Italian pastries.

Recently MiamiCentral oversaw the grand opening of the urban core’s first Chick-Fil-A, located on the first-floor retail promenade, and also announced opening of global financial services firm Blackstone’s Tech-Hub in 2 MiamiCentral, a Class-A office building that is part of the TOD project. Blackstone is expected to hire 200+ employees for offices at MiamiCentral.

Related Group Reveals Plans For Transit-Oriented 41-Story Miami Station In Downtown Miami

Related Group has revealed plans for Miami Station, a proposed transit-oriented 41-story mixed-use tower adjacent to MiamiCentral Station. Miami Station is located at 525-533 NW 2nd Ave. in Downtown Miami on a 30,527 SF lot that is the former site of the never completed Krystal Tower. The project is designed by ODP Architects and plans have been submitted to Miami’s Urban Development Review Board for review. If approved Miami Station would rise 458’ and would feature 200,234 square feet of office space, 309 apartment units, 8,508 square feet of commercial space and 510 parking spaces. Amenities would include a 22nd floor amenity deck and a rooftop pool.

The Kobi Karp-Designed Four Seasons Hotel And Private Residences Fort Lauderdale Tops Off Over 70% Sold

Four Seasons Hotel and Private Residences Fort Lauderdale has officially topped off, with the tower reaching its full height of 22 stories. Developed by prominent Miami-based development firm Fort Partners, Four Seasons Fort Lauderdale offers a combination of five-star service, luxurious design and homes with unobstructed waterfront views. The project is currently more than 70% sold and is slated to open later this year.

“Four Seasons Fort Lauderdale is a significant development for Fort Partners and Fort Lauderdale as it redefines this city as an international luxury destination,” said Ramzi Achi, Principal of Fort Partners. “Watching the building achieve its full height has been incredibly exciting and we look forward to seeing its elegant and contemporary design come to life as we approach completion later this year.”

Construction on Four Seasons Fort Lauderdale is being handled by Coastal Construction, one of the Southeast’s preeminent construction companies, and overseen by premier national construction management company Lehrer Cumming.

“It is a privilege to once again work with Fort Partners and bring to life this transformative tower, which is setting a new benchmark for luxury living in Fort Lauderdale,” said Thomas P. Murphy, Jr., Chairman and CEO of Coastal Construction.

A team of lauded global visionaries is bringing the development to life, including London-based interior designer Tara Bernerd, hospitality designer Martin Brudnizki, Miami-based architect Kobi Karp and Miami based landscape architect Fernando Wong. In a first-of-its-kind collaboration, Fernando Wong is offering complimentary landscaping services for the development’s residences, making his esteemed talents readily available at a time when private outdoor space is the most important home feature for luxury buyers.

Four Seasons Fort Lauderdale will include 148 guest rooms and 83 residences ranging from one- to four-bedrooms, with each residence offering expansive living spaces, large private terraces and unparalleled views of the Atlantic Ocean and Intracoastal Waterway. Amenities and à-la-carte services managed by Four Seasons, include a state-of-the-art fitness center, two pools with luxury cabanas, beach butler service, signature Four Seasons spa, yachting services and special courtesies at Fort Partners’ premier portfolio throughout South Florida and the Caribbean. Pets will have their very own pet concierge and on-call veterinarian.

Pricing for two-to four-bedroom private residences starts at $3,595,000 and occupancy will begin later this year. Douglas Elliman Development Marketing exclusively overseeing sales and marketing for the project.

Photos by Lifestyle Production Group

For more information about Four Seasons Private Residences Fort Lauderdale, private showings or purchasing/ leasing information please fill out the form below:

Related Group Files Plans For Redesigned One Island Park By Arquitectonica On Miami Beach's Terminal Island

Related Group has filed redesigned plans to build One Island Park, a proposed Class A office complex on Terminal Island in Miami Beach. The proposal will be reviewing by Miami Beach’s Design Review Board in early February. One Island Park will feature 123,087 square feet of Class A office space spread over two five-story buildings designed by Arquitectonica. The project will also feature a 120-seat restaurant and 283 parking spaces. The development will preserve the existing superyacht marina with 7 existing boat slips.

In 2017 Related Group sought a zoning change in an effort to develop a project with 90 condominiums on the site. Related Group first acquired the 3.71 acre site, located at 120 MacArthur Causeway, in 2013 for $9.94 million.

Quadrum Global Breaks Ground On The NBWW-Designed Arlo Wynwood Hotel

Arlo Wynwood has become the first hotel in Wynwood to break ground. The project is expected to cost $29.6 million and construction will be overseen by Plaza Construction. When complete the hotel will feature 217 pod-style hotel rooms and rise 9-stories with 141,758 square feet of total development. Arlo Wynwood is designed by Nichols Brosch Wurst Wolfe & Associates Architects (NBWW) and is located 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. 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 initially purchased the 30,000 SF lot for $8.55 million in November 2018.

CA Ventures Acquires Student Housing Complex In Boca Raton For $80 Million

The Chicago-based CA Ventures has acquired The University Park student housing complex in Boca Raton for $80 million, roughly $503,000 per unit. The deal was financed with a $52.35 million Fannie Mae mortgage by Grandbridge Real Estate Capital. The seller was the New York-based Investcorp International who acquired the property in $70 million in 2016.

The University Park is located at 135 NW 20th St., near Florida Atlantic University, and was developed in 2015. The multifamily building sits on 10.7 acres and features 159 apartment units with 228,097 square feet of total development. Amenities include a resort-style pool, fitness center with boxing area, yoga studio, barbecue area, study rooms, 24/7 market, gaming area with pool table, a cell phone booster tower and free roommate matching.