Greenstone Property Group Acquires Miami Multifamily Portfolio From Ytech For $119 Million

The Miami-based Ytech has sold a multfamily portfolio in Miami totaling 677 apartment units for $119 million to the New York-based Greenstone Property Group. The dual transaction included the $41 million sale of Ocean House NoBe, a 186-unit multifamily property in the North Beach area of Miami Beach that Ytech purchased for $27.1 million in 2015, and the $78 million sale of Lake House, a 491-unit multifamily property in Miami Gardens that Ytech bought for $14.3 million in 2012.

“Developments like Ocean House and Lake House are critical for unlocking the widespread social opportunities embedded in any emerging neighborhood enabled through smart municipal policies and urbanization, binding the need for economic prosperity, environmental stewardship, and social mobility,” said Yamal Yidios, CEO of Ytech. “This sale marks the start of a new phase of growth for Ytech as we evolve from over a decade of industry expertise in the multifamily space to being a well-capitalized developer of luxury condominiums in the Brickell neighborhood.”

Ytech carried out its vision for Ocean House in the form of public space improvements, better infrastructure, and the modern renovation of apartment units. It purchased properties on Tatum Waterway Drive, which included 1,000 linear feet of waterfront land, from both public and private companies, as well as multiple owners of co-owned condominiums. The series of 13 complex transactions involved additional complicating factors, such as termination of condominiums and swap agreements, among others.

Ytech redeveloped Ocean House NoBe over four years, assembling and renovating 23 contiguous low-rise apartment and condo properties along 7745-7790 Tatum Waterway in Miami Beach. The site is occupied by approximately 1,000 residents. Ytech’s efforts transformed the neighborhood while preserving original structures and maintaining the scale and character of the district. The property, which covers three city blocks, is within walking distance to the beach, famous Collins Avenue, and an array of fine retail and dining destinations.

Menin Development Celebrates The Grand Opening Of The Ray Hotel, Curio Collection by Hilton In Delray Beach

Hilton has announced the opening of The Ray Hotel Delray Beach, Curio Collection by Hilton, a 141-room design-focused tropical luxury hotel, located in the Pineapple Grove Arts District, in the center of downtown Delray Beach. The first ever hotel project by leading developer, Menin, features beautifully appointed guest rooms and suites with artistic accents, an expansive rooftop pool deck with a restaurant and bar, lush landscaping, a robust wellness program and state-of-the-art fitness center and immersive art installations throughout the public spaces. The hotel’s sustainable Tropical Modern architecture by González Architects, is punctuated with living walls, large-scale sculptures, and flexible private event space including the signature ‘floating glass cube’. Designed as a perfect retreat of upscale, playful yet comforting experiences, The Ray embodies tropical luxury in an urban beach town setting.

“The Ray Hotel sets a new standard for upscale, design-focused hospitality in Delray Beach and serves as a modern South Florida escape for visitors and residents of the area,” said Craig Menin, chief executive officer of Menin. “It has been a long year for everyone, and this grand opening is a monumental moment that we share with the city and all the incredible partners who have helped make this vision a reality.”

Designed by Virserius Studio, each room is spacious and well-appointed with signature Ray beds that are dressed in eucalyptus linens and for ultimate relaxation, all baths feature Frette towels and robes, Waterworks fixtures, and Byredo bath products. The modern and eclectic aesthetic is achieved from the custom-made furniture and hand-woven rugs to beadboard paneling and large pendant light fixtures throughout the space evoking an upscale beachside feel. The bright bathrooms introduce hand-carved marble wainscoting and The Ray’s all-natural signature bath amenities. State-of-the-art technology appears throughout the room from digital key entry, energy-efficient lighting controls and mobile device control for TV and room service.

“We are incredibly excited to welcome The Ray Hotel Delray Beach, Curio Collection by Hilton to our portfolio of hotels in Florida – where Hilton currently welcomes guests to 440 properties across the state, and has seen exceptional growth, with another 110 hotels in the pipeline, thanks to the market’s appeal for leisure, business and convention guests,” said Danny Hughes, executive vice president and president, Americas, Hilton. “The hotel’s central location, best-in-class restaurants and elevated amenities will inspire all types of global travelers to discover Delray Beach and experience Hilton’s signature hospitality.”

The hotel’s global and diverse culinary offerings are at the heart of The Ray experience. Curated by Clique Hospitality, the hotel features Ember Grill, a modern twist on the classic American grill style restaurant and Rosewater Rooftop, a premier lounge and restaurant where guests can enjoy shareable small plates, fresh seafood, and expertly crafted cocktails, both designed by Studio Munge. The 22,000 square-foot-space, Rosewater Rooftop, features one of the destination’s only rooftop pools accented with sweeping baldachins, oversized umbrellas, trellises, and pergolas married to a lush tree canopy providing shade and distinct lounging areas throughout the space. An artisanal coffee shop, Stingers, also designed by Virserius Studio, offers coffee, tea, and breakfast fare while the lobby bar provides a sophisticated and intimate backdrop where guests can relax and enjoy a signature cocktail, light bites, or end the evening with a nightcap. Akira Back, designed by Celano Design, set to open in December 2021, will provide a multi-sensory modern Japanese dining experience led by the Michelin-starred chef, Akira Back.

The rooftop, a 22,000 square-foot floating glass Cube, and 9,550 square-foot ground floor plaza makeup over 45,000 square-feet of indoor/outdoor event space. The property boasts a state-of-the-art fitness center, fitness classes offered by our local partners, Montana Method, Purlife, and Delray Beach Boxing Club, yoga in the Plaza or on the Cube Rooftop, available for hotel guests and locals to enjoy. For those wanting to venture out, the hotel is blocks from the famed Atlantic Avenue filled with boutique shops, restaurants and galleries and a short ride to the beach to enjoy complimentary beach cabanas on the hotel’s vibrantly dressed, complimentary Mokes, golf carts, or bicycles. The Ray has partnered with local small business Nomad Surf Shop to provide surfboard and paddleboard rentals.

“The charm and character of the community has been thoughtfully captured at The Ray Delray Beach, which is characteristic of the more than 100 unique hotels and resorts that make up Curio Collection,” said Jenna Hackett, global head, Curio Collection by Hilton. “The Ray Hotel is a great addition to our portfolio of handpicked, one-of-a-kind hotels, which continues to exude the sense of culture and personality of this delightful Florida beach town.”

The Ray Hotel Delray Beach, Curio Collection by Hilton is located at 233 NE 2nd Ave, Delray Beach, FL 33444.

Integra Investments Acquires Sea Isle Marina Home of Miami International Boat Show in Arts & Entertainment District

Miami-based real estate investment and development firm Integra Investments, under its “Integra Marinas” platform, announced the acquisition of one of the highest-profile marinas in Miami’s urban core, Sea Isle Marina. Sea Isle Marina is the new home to the world’s largest boat and yacht event, Miami International Boat Show. Integra Marinas acquired Sea Isle Marina from Florida East Coast Realty, LLC, the original developer of the property. Terms of the sale were not disclosed.

Located at 1635 N. Bayshore Drive, in Miami’s Arts & Entertainment District, Integra Marinas plans to invest significantly in converting the marina into a world-class boating destination. Repositioning the asset will elevate the mariner experience on property and establish the site as the ultimate home for the globally recognized boat show and its nearly 100,000 annual patrons.

As part of the asset upgrade, Integra Marinas will replace and renovate all portions of the marina. This includes reconfiguring wet slips to harbor vessels up to 110 feet and enhancing current on-site services with the addition of lift slips, state-of-the-art boating technology, a new fuel system and superior onsite service. Oasis Marinas will be managing the property for Integra Marinas.

“Sea Isle Marina’s unparalleled location and fundamentals offer tremendous opportunity to capitalize on Integra Marina’s unique formula to own, operate and turn around a marina property to reach peak performance,” said Integra Investments Principal Victor Ballestas. “As an avid boater and growing up on the water, I visited Sea Isle often and look forward to being a part of its transformation.”

By land, Sea Isle Marina’s prime address affords direct access to downtown Miami and major interstates, while by sea, boaters enjoy unrestricted access to the bay and ocean via the Intracoastal Waterway. The full-service marina currently includes 222 wet slips that can accommodate 40 to 100 feet vessels, long- and short-term docking, and includes a fueling station and supply store.

Integra Marinas possesses expertise in the marina sector as an owner/operator and upland developer, and is one of the only true, turn-key marina and real estate developers in the marketplace. Focused on value-add opportunities in key coastal markets in Florida and beyond, the firm has strategically deployed millions in capital investments to convert existing marinas into high-performing assets, successfully maximizing revenue and profitability. The company’s portfolio also includes Westshore Yacht Club Marina in Tampa and Stock Island Yacht Club and Marina in Key West.

“With ongoing demand for marina redevelopment amongst those investing in this space, the acquisition of this trophy marina asset marks our strategic growth trajectory in coastal markets and strengthens our competitive position in the sector,” said Integra Marinas Principal Matthew Juall.

Avison Young's Michael T. Fay Launches Marketing For The Former Site Of Champlain Towers South In Surfside

Pursuant to the direction of the Honorable Judge Michael A. Hanzman and the court appointed receiver Michael Goldberg, Avison Young, led by Michael T. Fay, has officially launched the marketing process for the sale of the Champlain Towers South site in Surfside, Florida. Efforts to establish a suitable memorial immediately adjacent to or near the site honoring the cherished memories of the victims of the horrific tragedy of June 24, 2021, are ongoing. The news comes as the reported stalking horse bidder continues to review their $120 million contract.

Avison Young’s Michael T. Fay and his team John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono. The team welcomes all inquiries regarding the property and will soon announce the date and time for a live bidding process to take place in the courtroom in the coming weeks. Additionally, a contract for $120 million is in review by an undisclosed stalking horse bidder.

“It’s an honor for our team to sell this site through Receiver Michael Goldberg and Judge Michael Hanzman for all the families and victims of this sad tragedy,” said Michael T. Fay, Principal, Managing Director - Miami, Chairman, U.S. Capital Markets Executive Committee at Avison Young.

The Surfside land at 8777 Collins Avenue spans ±1.88 acres or ±81,886 square feet. The offering memorandum is available to the public and can be downloaded via the following link: http://properties.avisonyoung.com/surfside

Deco Green Mixed-Use Rental Development Approved In Lake Worth Beach

Office America Group, a boutique real estate development firm based in South Florida, has obtained site plan approval for Deco Green, an approximately 125,000 SF mixed-use community featuring four buildings with 127 residential units, approximately 8,000 SF of retail and office space, and 20,000 SF of green space located at 1715 N Dixie Hwy in Lake Worth Beach. The city commission voted in favor of the project at its second hearing on Aug. 17th. Groundbreaking is estimated for Q2 2022.

“We thank the City of Lake Worth Beach and the community for their support,” stated Ricardo Hernandez, founder and CEO, Office America Group. “Deco Green will offer a variety of rental opportunities at an attainable price point and is the first new development to offer three-bedroom units in Lake Worth Beach.” Hernandez added, “Our team has designed a project that we believe will invigorate the area and deliver a real connection and destination for the community. With art, culture, entertainment and a green space, we are confident that Deco Green will serve as a sought-after rental option for young professionals and young families.”

Designed by Martin Architectural Group, Deco Green features a mix of Art-Deco and Bauhaus style design. Future residents will have the option to select from a variety of well-designed units containing sleek, modern kitchens, walk-in closets and private balconies overlooking a courtyard. Facing Dixie Highway, the buildings will be adorned with two murals by internationally recognized artist, Leonardo Moleiro.

As a community-oriented development awarded by the Lake Worth Beach CRA through a request for proposals (RFP), Deco Green will include a vast collection of social components including “The Courtyard,” featuring 20,000 square feet of central green space with thoughtful landscaping designed by Landscape Architect Andres Montero, a children’s playground, dog park, office, retail and more.

“The courtyard is intended to be a gathering place for picnics, yoga classes, art festivals and more for residents and the surrounding community to enjoy,” stated Montero.

Situated on 2.3 acres on the west side of North Dixie Highway between the 17th and 18th Avenues, the property is conveniently located two minutes from downtown Lake Worth with a plethora of dining, cultural and entertainment options, including a historic theater and a museum, live music clubs, coffee houses, art galleries, antique malls, retail stores and a variety of restaurants. The project is one mile from the beach and Lake Worth Golf Club, eight minutes from West Palm Beach, 10 minutes from Boynton Beach, and 15 minutes from Delray Beach.

The Fasano Coming To South Beach After JHSF Acquires The Art Deco COMO Metropolitan Miami Beach Hotel

The Brazil-based real estate development firm JHSF, led by Fábio Auriemo, has acquired the COMO Metropolitan Miami Beach hotel at 2445 Collins Ave. for $70 million, roughly $946,000 per key. The off-market transaction was overseen by Susan Gale of ONE Sotheby’s International Realty, who represented both the buyer and seller. The acquisition is JHSF’s first in South Florida and they plan to renovate the property and rebrand it into a Fasano.

The property features 74-keys and was first developed in 1939. It was previously known as the Traymore Hotel. It features a beach club, a ground-floor swimming pool with pool garden, a rooftop swimming pool, gym and a restaurant which is currently Traymore by Michael Schwartz.

Imagery via Susan Gale, ONE Sotheby’s International Realty

Pinnacle Breaks Ground on Bimini Cove Luxury Multifamily Project In Fort Lauderdale

The Miami-based multifamily developer Pinnacle has broken ground on Bimini Cove, the firms newest planned luxury rental community in Fort Lauderdale. Nestled into the Marina Bay area along the south fork of the New River along State Road 84 just west of I-95, the community will offer exceptional convenience for land and sea lovers alike. The community is expected to be complete in late 2022.

The eight-story boutique community will feature spectacular waterfront views with its unique curved design and will feature 140 one and two bedroom units, including two penthouse units, each with spacious island kitchens and open concept modern floor plans with private balconies. The architect is Fort Lauderdale-based Pasquale Kuritzky Architecture, Inc., who also designed Pinnacle’s highly-successful Pinnacle at Tarpon River development in downtown Fort Lauderdale.

“Bimini Cove will be at the center of everything in Fort Lauderdale” said David O. Deutch, co-founder of Pinnacle. “In addition to upscale amenities, inspired design and impressive waterfront views, Bimini Cove residents will enjoy stunning marina sunsets and convenient access to everything the city has to offer at a very approachable price point.”

Bimini Cove will feature a full suite of luxury amenities, including a penthouse indoor/outdoor “Sunset Lounge” with spectacular views of the New River and South Florida sunsets and a resort-style pool with grilling area and wet bar. The community will also offer a spacious fitness center with state-of-the-art equipment and a workout room offering on-demand yoga, Pilates and more. Additional amenities include conference room/meeting space, secure package delivery room, ample bike parking, indoor bike storage and repair area, ride-share pickup location and covered parking with electric charging stations.

Bimini Cove is centrally located in Fort Lauderdale, minutes away from Brightline and Tri-Rail stops, Ft. Lauderdale/Hollywood International Airport, employment, shopping and schools, and adjoining the new I-95/State Road 84 interchange that is being constructed simultaneously with the development.

“Bimini Cove is literally in the heart of Broward County’s transportation network, with easy access everywhere quickly and efficiently,” noted Pinnacle’s Regional Vice President, Timothy P. Wheat.

Bimini Cove is also a mixed-use development, offering just over 1,700 SF of available retail/office space. Information concerning rental opportunities will be made available in early 2022.

CORE Apartment Tower Opens At 13th Floor Investments And Adler Group's Mixed-Use Link at Douglas

13th Floor Investments and Adler Group’s 312-unit, transit-oriented CORE residential tower is now open and welcoming residents, marking the first building to deliver within the 7-acre Link at Douglas mixed-use development adjacent to the Miami-Dade Metrorail and The Underline linear park. Situated at 3060 SW 37th Ave., CORE provides lifestyle-driven amenities, unmatched connectivity and a central location near Miami’s most in-demand shopping, dining, and entertainment destinations. Additionally, the building has over 6,000 SF of retail space on the ground-floor level that will be home to several exciting dining and service-oriented retail concepts.

The overall Link at Douglas mixed-use project is led by a joint venture between Miami-based real estate developers 13th Floor Investments and Adler Group, in partnership with global investment manager Barings.

The 22-story CORE provides panoramic city views and offers studios, one- and two-bedroom apartments with modern finishes. The property, which is already more than 50% leased, offers rental rates starting at $1,690 for studios, $2,090 for one-bedrooms and $2,790 for two-bedrooms. As part of its opening promotion, the building is offering one month of free rent for new residents.

“We are thrilled to open the doors at CORE, our first apartment building at the Link at Douglas transit-oriented development. Since we started leasing, we have seen a steady demand for high-quality rentals that has surpassed our expectations,” said Jonathan Raiffe, Chief Operating Officer of Adler Group, on behalf of the joint venture development team. “Our leasing success reflects CORE’s high-quality apartments, top-of-the-line amenities, and superb connectivity to several public transit options.”

Situated at the confluence of two of Miami’s most popular neighborhoods, Coral Gables and Coconut Grove, CORE is near major shopping, dining and entertainment options such as Shops at Merrick Park and the newly reopened CocoWalk. The tower’s transit-oriented location offers direct access to Miami-Dade County’s Metrorail system, the Miami-Dade bus lines and both the Coral Gables and Coconut Grove Trolleys, making car-free living a viable option for residents while easily connecting with communities such as Coral Gables, Coconut Grove, Brickell, Downtown Miami and the Health District. Additionally, the property sits within walking or biking distance to the University of Miami main campus.

Lifestyle-driven amenities include a rooftop pool deck with stunning views, poolside barbecue grills, private cabanas, as well as a fitness center with a yoga studio, and an entertainment media room. A modern business center was designed with sleek workspaces, private offices and lounge areas along with a conference room, outdoor work terrace and other features that make working from home a more productive and enjoyable experience. A social lounge comes complete with billiards, shuffleboard, ping pong, and a furnished seating area centered around a fireplace. Additional perks include a secured package room, dog washroom, bike storage, and available WiFi in all common areas. Residents will also benefit from The Underline, a 10-mile linear park underneath the property that spans from Downtown to South Miami, perfect for outdoor exercise.

Apartment units feature private balconies and floor-to-ceiling windows that offers ample natural light. Residences are designed with luxury plank flooring, granite countertops, modern kitchen hardware and appliances, an in-home washer and dryer, and porcelain shower walls.

The next tower to open at Link at Douglas is CASCADE, a 36-story rental apartment building under construction and set to deliver in mid-2022, which will feature a 25,000-square-foot Milam’s Market on the ground-floor level. The overall Link at Douglas master plan will encompass approximately 1,500 residential units, over 32,000 SF of retail space, a 100,000 SF, class A office building, and a public plaza that connects with The Underline linear park.

Bozzuto Group is CORE’s provider of property management services, including full-service concierge, 24-hour maintenance, resident app, recurrent resident events and its signature away-from-home services of plant care, newspaper delivery and in-home package delivery. Bozzuto Management has been ranked #1 for online reputation for six years in a row.

Construction Goes Vertical at Miami Worldcenter’s 78,000 SF Jewel Box Retail Building

As development continues throughout Miami Worldcenter’s 27 acres, vertical construction is now underway and progressing quickly at one of the last remaining retail components in the $4 billion, master-planned mixed-use project. Slated for completion in the second quarter of 2022, the iconic ‘Jewel Box’ building will feature two levels with approximately 78,000 SF of retail space including an expansive rooftop overlooking the development’s World Square plaza. Featuring a modern design enclosed with floor-to-ceiling glass, the Jewel Box is located at the confluence of 7th Street Promenade and World Paseo open-air retail pedestrian streets, directly west of the upcoming citizenM boutique hotel and north of luxury apartment tower Bezel at Miami Worldcenter. 

More than 150,000 sSF of retail space at Miami Worldcenter has already been completed, with another 130,000 SF currently under construction and nearing delivery. Newly announced restaurant tenants set to open in 2022 include Chicago’s Maple & Ash and etta, and Miami chef Michael Beltran’s Brasserie Laurel and El Vecino. 

“The final elements of this world-class retail development plan are coming together, and the design and concept for the signature ‘Jewel Box’ element reflects the strong feedback we’ve received from brands from around the world and across South Florida,” said developer Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Traditional retailers, food and beverage, and entertainment concepts see value in having a presence in a well-located, well-connected site combining residential, hotel, office and retail uses within a single master-planned development.” 

As the largest private development underway in Florida, Miami Worldcenter features a diverse mix of residential, commercial and hospitality properties complemented by a total of 300,000 SF of  retail, restaurant, and entertainment businesses. These include two completed residential buildings: the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Construction is nearing completion at ZOM Living’s 43-story Bezel at Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.  

Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000 SF public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the city-within-a-city featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts. 

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.  

Related Group Sells New River Yacht Club Multifamily Complex In Fort Lauderdale For $85 Million

The Miami-based Related Group has sold the New River Yacht Club multifamily apartment complex in Fort Lauderdale for $85 million, roughly $341,000 per unit. The buyer is the Harbor City, California-based BJ Verde Properties. The property was developed in 2014 by Related Group and spans 435,442 SF. Located at 400 SW 1st Ave., New River Yacht Club offers 249 apartment units which feature in-unit washer/dryer and balconies. Residences range from studio to three-bedroom floor plans. Amenities include a pool deck with summer kitchen, a communal dining area with a fireplace, 24-hour state-of-the-art fitness center, spa treatment room and sauna, business center and game room with billiards.

Related Group is currently developing New River Yacht Club III which will offer 230-units and is also planning to develop New River Yacht Club II which will offer 349-units. Related Group also developed the 272-unit luxury apartment tower Icon Las Olas in Fort Lauderdale.