Block E In Downtown Miami's Arts & Entertainment District Trades For $19.75 Million

A 37,252-square-foot development site known as Block E at 1550 NE Miami Place in the heart of the Arts and Entertainment District has traded for $19.75 million. The site is located within the boundaries of the opportunity zone and is zoned T6-24a O which allows the developer to build up to seven times the property land square footage and up to 500 units per acre.

Colliers’ Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez of Collier’s Urban Core Divisionrepresented the seller, Kluger Family Trust, in the transaction. The buyer, Jenny Bernell of Clearline Real Estate, is a developer of multifamily and mixed-use real estate projects in the growing areas of Florida, New York and New Jersey. Clearline Real Estate currently has 1,500 multifamily units in the development pipeline. This transaction marks Clearline’s third development site acquisition in Miami in the last year with plans for multifamily development.

“This transaction showcases the continued growth of demand for development sites in Miami and emerging neighborhoods like the A&E district,” said Mattingly. “In a very short time we have seen the Arts and Entertainment District radically transform from a deserted, bleak industrial area, into a neighborhood with a thriving pulse.”

Block E is uniquely located 1,000’ away from the Metro mover, which provides connection to the Brightline station, downtown Miami, and Brickell. The access creates prime pathways of mobility so that tenants can embrace the “work, live, and play” aspect of the area. The district is also home to several landmarks such as the Adrienne Arsht Center for performing arts, the Perez Art Museum and the Patricia and Phillip Frost Museum of Science, all within a five-minute walk from Block E. Over the last three years, the A&E district has experienced tremendous growth with proposed developments on every corner and a number of surrounding residential projects at 100% occupancy within weeks of opening.

With the A&E district’s rapid growth capturing global attention from investors, developers, new tenants and the world’s most renowned creatives, the city of Miami made the development of the district a top priority with new zoning to allow residential and commercial density construction. Over the last two years, the number of multifamily units grew more than 20%, office inventory increased 50%, and the number of hotel rooms more than doubled. The district is quickly densifying with arts, retail and restaurants, vibrant new office development and new-to-market tenants as well as an influx of people, creating one of the most exciting new urban areas in the United States.

Image via Collier’s International Florida Urban Core Division

Boynton Beach Office Building Sells For 75% Value Increase In 1 Year

An Atlanta and South African-based buyer, OrbVest US, Inc., recently closed on Congress Executive Center, a 4-story medical and professional building located at 1301 N. Congress Avenue in Boynton Beach, FL. The property, which was 100% occupied, closed on May 12, 2022, for $11 million. The transaction represents a 75% increase in value in just one year since the previous acquisition by the seller, Triple Double Real Estate.

Executive Managing Director Mark M. Rubin, Director Bastian Laggerbauer, and Financial Analyst Jake Stauber of Colliers’ South Florida Investment Services Team represented the seller, Triple Double Real Estate, led by Andrew “Avi” Greenbaum and Jeremy B. Becker, in the transaction. Andy Belew of Consilium Capital Partners represented the buyer.

“The trade of Congress Executive Center represents a 75% increase in value from its previous purchase price, less than one year ago," said Rubin. "This sale is indicative of the strong demand for stabilized medical office properties with solid fundamentals, sound in-place tenancy and investor confidence in the Boynton Beach submarket.”

The 40,210-square-foot, 4-story, medical and professional office is located on nearly 2 acres, adjacent to the Boynton Beach Mall, which has plans for a major redevelopment. With plans for abundant shopping, dining, and entertainment across the street, Congress Executive Center stands out as one of the most strategically located medical and professional office buildings in the area.

“Congress Executive Center is a great addition to the buyer's current and impressive portfolio of healthcare real estate,” said Laggerbauer. “The seller was able to increase the property’s value significantly by attracting strong medical tenancy to the asset and achieving a 100% occupancy rate.”

The office investment market in South Florida broke records in 2021, despite uncertainties surrounding the coronavirus pandemic and return to the office delays. South Florida’s strong demand drivers like, declining unemployment, population growth, and confidence in the economy are creating an imbalance in supply and demand. Including Boynton Beach, there is limited supply of quality products with competitive buyers driving the price up; sales price per square foot increased 19 percent year-over-year, ending in 2021 at $285. Boynton Beach, amongst the rest of South Florida, is expected to see another strong year for office investment. However, high demand and limited supply will likely remain imbalanced.

BH3 Starts Demolition On Future Site Of Design 38 Mixed-Use Office Development Coming To Miami Design District

BH3 Management has begun demolition to make room for a new nine-story, 90,000-square-foot retail, showroom and office development at 3801 N. Miami Ave designed by renowned architectural firm Sieger Suarez in Miami Design District. Dubbed Design 38, the project is positioned at the southwestern entrance to the Miami Design District. Construction is slated to commence this summer.

Design 38 will feature 25-foot ceilings on ground level and 14-foot ceilings on floors 2 through 9. Tenants will enjoy open floor plans with great branding visibility, including the opportunity for naming rights with Interstate 195 exposure. Rents vary based on the floor, but average approximately $70 per square foot for typical floors on a triple-net basis. Several letters of intent from notable tenants are already in place.

“Design 38 is poised to satisfy the pent-up demand of retailers, fashion brands, showrooms, studios, and office space users that want to be in the Design District, but don’t require ground-floor locations or the higher rents associated with them,” said Gregory Freedman, Co-Founder and Co-CEO of BH3.

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.

Adjacent to Design 38, a planned 15-story, 180,000-square-foot office project, The Ursa, was recently announced and will be developed by Miami Design District Associates, a partnership of Dacra, L Catteron Real Estate, and Brookfield Properties.

“Combined, Design 38 and The Ursa solidify the relevance of North Miami Avenue as the vertical core for Miami Design District,” Freedman added.

Design 38 will accept cryptocurrency as an option for lease payments. “With Miami emerging as the cryptocurrency capital of the world, accepting it as a form of lease payment is a timely point of differentiation for potential tenants,” said Daniel Lebensohn, Co-Founder and Co-CEO of BH3.”

JLL Senior Vice President & South Florida Retail Lead Zach Winkler, Senior Associate Jonathan Rosen, and Associate Lee Koniver have been tapped to spearhead leasing for the project on behalf of BH3.

Hyatt and Gencom Propose Arquitectonica-Designed Mixed-Use Redevelopment To Activate Downtown Miami Riverfront

Hyatt has teamed up with Miami-based luxury hospitality and residential developer Gencom, with the goal of redeveloping Downtown Miami’s iconic Hyatt Regency Miami, improving access in and out of the urban core, and activating a key piece of Miami’s riverfront. The Hyatt and Gencom venture is proposing a privately funded redevelopment that will comprise a reimagined upscale Hyatt Regency hotel with 615 hotel rooms and premium meeting space, more than 1,500 residential apartments, and open-air public space along the Miami River.

The proposed development seeks to amend and restate the ground lease that ushered in development of the existing Hyatt hotel in the early 1980s to include, without limitation, an extension of the lease renewal term from 45 to 99 years. This summer, Hyatt and Gencom will ask the City of Miami Commission to place a referendum on the November 2022 ballot asking voters to approve the revised ground lease and the proposed development. If approved by a majority of voters, construction on the Hyatt Regency Miami site is expected to begin in 2025.

“The City of Miami had the foresight to designate this property for an upscale hotel and meeting complex that would establish Downtown Miami as a hub for tourism, business and major events. In the four decades since, Hyatt Regency Miami and the James L. Knight Center have helped fuel downtown’s rise as a thriving hospitality, residential and commercial district,” says Phil Keb, Executive Vice President of Development at Gencom. “Our team’s privately financed upgrades will help ensure the Hyatt hotel site remains a critical economic engine for decades to come, while unlocking benefits in the form of new public space along the Riverwalk, improved access, upscale housing, and increased revenue for the city.”

Designed by Miami-based Arquitectonica, plans for the site include three towers offering residents and hotel guests panoramic views of Downtown Miami and Biscayne Bay. Towers one and two, rising 61-stories, will include 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of meeting space, and 264 serviced apartments. The towers will be linked at the top by a Skybridge featuring an upscale destination restaurant and lounge perched 700 feet over the city. Tower three, which is anticipated to include 860 residential apartments, will become one of the tallest buildings in South Florida.

“The Downtown area where Hyatt Regency Miami is located represents a nexus between the Brickell Financial District and the Central Business District, and it sits at a vital entry point for many people entering the urban core,” adds Bernardo Fort Brescia of Arquitectonica. “Redeveloping this land is an opportunity to rethink the way people will access this site over future decades – by foot, bike, train, car, and boat. The new vision for this development will enhance the flow in and out of Downtown and create vital public space along the Miami River, which is growing in importance as more people take residence in the neighborhood.”

“This proposed redevelopment represents a strategic opportunity to thoughtfully reinvest in the Downtown Miami community, which we have proudly been a part of since Hyatt Regency Miami opened its doors in 1982,” said Pete Sears, Americas group president, Hyatt. “With Gencom, we remain committed to pursuing redevelopment plans that add value to the Miami community and demonstrate care for our guests, colleagues and customers.”

The development’s planned multifamily and hotel components will meet growing demand among new residents and visitors. Downtown Miami currently attracts six million visitors each year, more than 120,000 people now call the district home, and the neighborhood’s existing base of residential apartments is approximately 95 percent occupied, according to the Miami Downtown Development Authority.

The three towers will sit atop a podium structure housing 190,000 square feet of Class A meeting space, representing a 50 percent expansion of the capacity currently available within the James L. Knight Center. The podium will include 12,000 square feet of space designated for food and beverage and retail uses, 1,100 parking spaces, as well as 20,000 square feet of coworking space. Outside, over 50,000 square feet of new public space will connect the Miami riverfront with family-friendly dining options located within the development.

In reconfiguring the existing site, the venture plans to improve access in and out of the property. A large arrival and drop-off area within the development’s footprint will alleviate vehicular congestion on surrounding streets. The development will complete a key portion of the long-anticipated Miami Riverwalk, creating a riverfront promenade spanning more than 480 feet in length. These improvements will create seamless connectivity with Biscayne Bay and Bayfront Park to the east, as well as the Metromover’s Riverwalk station to the west. An improved pedestrian bridge will offer residents, guests, and meeting attendees direct, covered connectivity to the Metromover’s Knight Center Station. Four zones within the site will be designated for bike parking. Additionally, the team is exploring further activation of a ferry dock along the riverfront which is presently used by a water ferry service between Downtown Miami and Miami Beach.

Renderings via Arquitectonica

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. The term “Gencom” is used in this release for convenience to refer to Gencom and/or one or more of its affiliates.

Formula 1 Hits Miami Design District With Race Week Experiences Open To The Public

The inaugural Formula 1 Miami Grand Prix take's place Sunday May 8 and Miami is alive for its first ever race week. Miami Design District has been transformed into a petrolhead heaven as the neighborhood has revealed a series of events, activations and one-of-a-kind experiences open to public for Formula 1 weekend. The festivities kick off with TAG Heuer’s public racing event and continue with activations and exhibitions hosted by brands like PUMA, Berluti, Mercedes, IWC and Red Bull.

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.

TAG HEUER GO-KART RACING EVENT

TAG Heuer is taking over Miami Design District’s Jungle Plaza with an adrenaline-packed outdoor installation in celebration of race weekend in Magic City. TAG Heuer will offer a chance to live out the ultimate Grand Prix fantasy, while also celebrating TAG Heuer’s partnership with the Oracle Red Bull Racing Team. The experience will be closed to VIPs and friends of the brand on Monday, May 2, and will open to the public from Tuesday, May 3 through Saturday, May 7 via online registration. In the spirit of friendly competition, the heart of this activation allows guests the ability to race one another on the pop-up TAG Heuer go-kart track. Inspired by a true race environment, the starting line will have a raised platform where guests can have the opportunity to cheer on the competition, wave the iconic checkered flag to signal the end of a race, and capture the photo-worthy mural backdrop. The evening of Saturday, May 7, TAG Heuer will transform the Jungle Plaza racetrack into a private cocktail party, hosted by TAG Heuer’s family of ambassadors including Oracle Red Bull Racing Team drivers Max Verstappen (2021 Champion) and Checo Perez.

EVENT INFORMATION:

When: May 3rd-May 7th, 2022

Where: TAG Heuer Miami Experience

Open to the Public, Register HERE

TAG HEUER MIAMI DESIGN DISTRICT BOUTIQUE

In addition to hosting a spectacular racing event, TAG Heuer has staged a boutique pop-up open to the public from April 18th-May 15th in the Miami Design District. This ultra-cool, pop-up space hosts a selection of TAG Heuer watches designed in collaboration with Oracle Red Bull Racing. Splashed across the grand mural wall in Jungle Plaza, TAG Heuer will install a painterly interpretation of Max Verstappen’s Oracle Red Bull Racing car with bold textures, team livery, and abstractions of velocity. A luxurious take on petrol stations will serve as unique product displays which will flank the track, showcasing the newest TAG Heuer watches. Along with high-design product displays, there will be a large shipping container decorated with brand stories and the history of TAG Heuer in motorsport and equipped with go-kart gear to outfit you for your ride.

EVENT INFORMATION:

When: April 18th - May 15th, 2022

Where: 140 NE 39th St, Suite 109

Open to the Public

PUMA ROOFTOP PARTY

On May 5th, PUMA is slated to host a legendary car-meets-clubbing event on the rooftop of Museum Garage in the Miami Design District. Hand-selected from hundreds of public submissions, a rare variety of luxury cars are set to be on display during this party. In typical Magic City fashion, the event offers renowned nightclub music by one of Miami’s top DJ’s, Crespo, alongside event host, Myke Towers. Also offering a delicious selection of cocktails and food, this hot pop-up nightclub is one you won’t want to miss during Formula 1.

EVENT INFORMATION:

When: May 5th, 7:00PM- 10:00PM

Where: Museum Garage, Northeast 41st St

Open to the Public

BERLUTI

In celebration of Formula 1, Berluti has partnered with Alpine to create a captivating Formula 1-branded store experience. Shop Berluti staples and immerse yourself in the unique Alpine-inspired environment during this one-day private event. The Alpine racing team is slated to make a store appearance at 7pm on May 5th.

EVENT INFORMATION:

When: May 5th, 5:00PM - 8:00PM

Where: Berluti Store, 161 NE 40th St

MERCEDES POP-UP

Mercedes-Benz is opening the Mercedes-AMG Experience Center, located in the heart of the Design District in Miami, FL, in celebration of the highly anticipated Formula 1 Miami Grand Prix. This is the third brand experience pop-up from Mercedes, with previous locations in New York and Los Angeles in late 2021. The Mercedes-AMG Experience Center will touch on the themes of design, technology, progressive luxury, and of course, Formula 1. The 7,000 sqft curated experience will include: A display featuring a range of Mercedes-AMG, Mercedes-EQ, and Formula 1 vehicles, highlighting how Mercedes-Benz passenger cars are influenced by the technology from Formula 1 vehicles. The models include Concept Mercedes-Maybach EQS SUV, AMG EQS, AMG G 63, GT 63 S 4-Door Coupe, and the 2021 Mercedes-AMG Formula 1 Car.

EVENT INFORMATION:

When: May 8th- May 22nd

Where: Sweet Bird North, 92 NE 40th St

Open to the Public

IWC

Miami Design District’s IWC store has collaborated with Formula 1 to create an original Formula 1 car display replica right in Palm Court. The IWC store houses a virtual car simulator and offers guests the opportunity to explore from afar. In addition to these activations, IWC is also hosting a private event on May 6th in celebration of Formula 1 in Miami.

EVENT INFORMATION:

When: April 29th - May 8th; Private Event: May 6th 6:00PM - 9:00PM

Where: IWC, Palm Court: 140 NE 39th St

Open to the Public

Owner Of The Versace Mansion Acquires 1930's Era Miami Beach Boutique Hotel For $6 Million

The Nakash family, owner of several Art Deco hotels and South Beach’s former Versace Mansion, has acquired a 1930’s era boutique hotel located at 1350 Collins Ave. in Miami Beach. Renowned architect Wallace Tutt, who designed the Versace Mansion a few blocks away, also designed the building’s three villas. The 6,340-square-foot boutique hotel is in the middle of South Beach’s hottest resort district. The transaction was overseen by Lee & Associates South Florida President Matthew Rotolante and Associate Rodrigo Calderon and closed on April 28.

Originally constructed in 1930, the gated hotel can also be operated as a private club or residence. Property amenities include a large, landscaped courtyard with lounge couches, dining tables and a covered pool; a two-car garage and a 24-hour security system. The hotel is steps away from the beach and the many nearby restaurants, nightclubs, shops and parks.

“This property provides the buyer with another beautiful Art Deco hotel to complement its existing neighborhood portfolio. Opportunities to acquire jewels in the heart of South Beach like this do not come around often.” Said Lee & Associates South Florida President Matthew Rotolante.

Shoma Group Acquires 2.5 Acre Transit-Oriented Site in Coral Gables To Develop Shoma One Mixed-Use Multifamily

Miami-based developer Shoma Group has announced its latest acquisition, a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. It will be the site of Shoma One, a mixed-use project with a 391-unit apartment community and a Shoma Bazaar food hall. The development is expected to cost $220 million to build.

“Miami is more popular than ever and the robust demand for housing that we’ve seen over the last couple of years is here to stay,” said Masoud Shojaee, Shoma’s CEO and chairman of the board. “This location is ideally positioned between Coral Gables and Coconut Grove, with the bustling entertainment and dining scenes of Miracle Mile and CocoWalk just a short drive or bike ride away. We are very happy to bring this live-work-play mixed-use project with upscale apartments and fantastic amenities, including a Shoma Bazaar, to this thriving area.”

Designed by MSA Architects, Shoma One will comprise of two 18-story towers. It features thoughtfully designed amenities–a signature of Shoma's multifamily projects–including a bowling alley lounge, child daycare, 1,161-square-foot yoga and spinning studio, dog park, co-working café, rideshare lounge for awaiting Ubers and Lyfts, and a spa with steam room, sauna and massage rooms. Each tower will have a rooftop sky lounge on the 18th floor, where residents can take in expansive views of Coconut Grove extending all the way east to Biscayne Bay, as well as its own lobby and secure mail and package room.

Atop the eight-story gated parking garage it will have a 2,500-square-foot state-of-the-art fitness center, a club room, and a pool and pavilion with an outdoor grill, water features and lounge areas equipped with large projection screens for viewing parties.

A bicycle-friendly development, Shoma One will also have a designated bike room for storage with a repair station for conveniently performing light maintenance. The site appealed to Shoma because of its proximity to the Metrorail and the Underline. Shoma One’s courtyard will link to the linear park, giving residents direct access to its lush green landscaping and cycling and running paths.

The apartments will be stylish and modern, with upgraded finishes and tech-savvy details for seamless living, including biometric fingerprint door entries for keyless, secure access. They will range in size from 375-square-foot micro studios, which will be furnished with space-efficient convertible furniture, to 1,400-square-foot two-bedroom units. There will also be seven two-story live-work residences, which allow for separate office and bedroom spaces on each floor, ranging from 1,344 to 1,400 square feet.

Michael Fay of Avison Young was the agent representing the seller, Deel Volvo, in the transaction. Shoma One is scheduled to break ground in January 2023 and is expected to be completed in 18-24 months.

PEBB and Banyan Development Acquire Seven Building Portfolio at the Research Park at Florida Atlantic University® For $37.5 Million

PEBB Enterprises and joint venture partner Banyan Development closed another major office acquisition in the companies’ home base of Boca Raton. The venture paid $37.5 million for a long-term ground leasehold interest position in the Research Park at Florida Atlantic University®, consisting of a portfolio of seven multi-tenant office buildings totaling 308,305 square feet.

The sale of the ground lease closed on April 28. The seller was an international sovereign wealth fund represented by Avison Young’s Florida Capital Markets Group. Avison Young Principal Keith O’Donnell listed the portfolio on behalf of the seller and led the off-market transaction.

PEBB and Banyan plan to embark on a substantial improvement program to upgrade the office-based research park and drive leasing activity in conjunction with the Research Park at FAU’s existing economic development team. The portfolio is currently 65% occupied. It is the only state university-affiliated research park in South Florida and considered a premier technology business incubator for the region.

Not only does the Research Park at FAU possess strong fundamentals in central Boca Raton, but it also has immediate access to a talented and motivated workforce and direct connection to the FAU campus. The Research Park at FAU allows for companies to work in partnership with FAU faculty across the University’s ten (10) colleges to collaborate and transform the property into a cutting-edge research & development park that can strengthen and diversify Boca Raton’s business community.

Collective goals are to grow and evolve the park as a leading university-affiliated healthcare and medical hub, as well as a biotech advanced engineering center, building upon a community where entrepreneurs and academic researchers come together to collaborate and develop thriving businesses. The group also sees tremendous opportunity in the fields of artificial intelligence, sensors, machine learning and others where the University already has a significant presence.

The long-term lease landlord remains the Research Park at FAU’s governing Authority, the Florida Atlantic Research and Development Authority, with a dual research and development and economic development mission, aligned with Florida Atlantic University. PEBB and Banyan have worked closely with the Research Park at FAU and will continue to work with it to pursue its mission.

“The commitment of the PEBB and Banyan teams to strengthening the tenant roster with companies focused on R&D and creating new technological and economic energy for Boca Raton and Palm Beach County is very exciting as we continue to seek to be the premier destination for innovative R&D companies in Florida,” said Andrew Duffell, president of the Research Park at FAU.

For PEBB, the acquisition continues a trend of investing in Boca Raton office properties with value-add potential. In 2021, the company purchased the 1801 Building in Midtown Boca and 5900 Building within the Park at Broken Sound.

“This is a unique opportunity to own and operate prime office space adjacent to the FAU campus,” said PEBB Enterprises President and CEO Ian Weiner. “The portfolio’s immediate access to I-95 and the Boca Raton Airport make it extremely appealing to tenants. We continue to target new investment opportunities in Boca Raton, which is underserved from an office supply standpoint.”

Located at 3600-3998 FAU Blvd., the office buildings were completed between 1998 and 2001.

The portfolio has a diverse mix of medical, technology and research businesses. Notable tenants include American Sugar Refining, Xeriant, Baptist Health Surgery Center, FAU College of Medicine Clinical Skills Simulation Center, Institute of Regenerative Medicine, Sandow Media, GenesisCare and 4ocean.

Lotus House Woman's Shelter Reveals Children's Village In Miami's Overtown Neighborhood

Sixteen years after its founding, the nation’s largest women’s shelter is embarking on an ambitious expansion plan that will extend its reach deeper into the Miami community to better serve children and youth. Lotus House, a nonprofit shelter in Miami’s historic Overtown district, is growing its suite of supportive services with the creation of a “Children’s Village” that will feature deeper educational supports and programming for children and youth of all ages, community support facilities, therapeutic and social services, and a long awaited playground. The Children’s Village will also serve as home to other community-based nonprofits, offering an array of resources and programming for children and youth and their families in Overtown and surrounding neighborhoods.

The Children’s Village will be located directly across the street from Lotus Village, the organization’s state of the art shelter which opened its doors in 2017. Lotus Village currently serves up to 500 women and children nightly through an evidence-based model that has set a national standard for the delivery of wrap-around services to women and children experiencing homelessness, many of whom are victims of domestic violence. The new building will comprise five floors housing classrooms, supportive services and resources for children and youth of all ages from within Lotus Village and the surrounding community.

The nonprofit’s expansion is made possible through Lotus Village II, LLC’s recently completed $3.5 million acquisition of five parcels of land located at NW 14th Terrace and NW 2nd Avenue. The total project cost is estimated to be $20 million, which will be funded through a combination of philanthropic gifts and financing arranged by Lotus Endowment Fund, Inc. Lotus Endowment has launched a capital campaign to raise the private funds needed to build, operate, and maintain The Children’s Village at Lotus Village.

Development of The Children’s Village represents a natural next phase for Lotus House, filling critical gaps and expanding essential therapeutic and educational supports for both the children and youth they shelter and those who live nearby. Currently, children aged newborn to three access the United Way Center for Early Education and Childcare housed within the shelter. The Children’s Village will continue that educational continuum and provide enriched supports through the pre-school years and beyond, including high school.

“When it comes to ending homelessness among our youth, ensuring access to education and the socialization that comes with it is just as essential as providing food, healthcare, and shelter. I am often reminded that play is children’s work. Play is how children learn, express themselves creatively, develop strong social and emotional skills, explore and discover the world around them. The Children’s Village will offer therapeutic services, educational support, diverse programming, and a creative environment for the children and youth of Overtown, including those sheltered at Lotus House, equipping them to succeed in school and life,” says Constance Collins, Executive Director of Lotus House.

“By co-locating with other non-profits within The Children’s Village, we are establishing a new model for unprecedented collaboration, community engagement, cooperation, and holistic support for children and families. The pandemic has exacerbated so many inequities, gaps, and needs in our community, particularly for the children and youth we shelter. With our community’s generous support, The Children’s Village will make many more dreams come true here in the heart of Overtown,” she added.

Since launching in 2006, Lotus House has sheltered more than 9,000 women, youth and children experiencing homelessness, with more than 80 percent of the shelter’s guests successfully exiting the shelter system and achieving greater financial self-sufficiency. More than providing a sanctuary, Lotus House offers holistic support services including restorative therapies for children and adults, job readiness training, employment assistance, life skills training, early childhood education, medical and mental health services, and more. Together, these tools empower women and children to heal, transform, and achieve greater self-sufficiency.

Undeterred by the pandemic, Lotus House served a record-breaking number of people last year, sheltering 1,526 women, youth, and children through December of 2021. Lotus Village has invested heavily in operational protocols aimed at ensuring the health and well-being of shelter guests – from deep cleaning protocols to investments in UV light technology that eliminates airborne bacteria. The shelter also introduced programs and therapies to assist children and adults in adapting to the realities of the pandemic. Shelter guests have had access to weekly COVID-19 testing and vaccine administration onsite.

Creation of The Children’s Village will be made possible by the support of Lotus Endowment Fund, Inc, a non-profit foundation that supports Lotus House and its initiatives. The development will benefit from the continued in-kind support of general contractor Civic Construction; Behar-Font & Partners architects; engineers M2E Consulting, Inc.; law firm Bilzin Sumberg, where a team of attorneys including Sara Barli Herald, Brittany Chung, Enza Boderone, Brianna Sainte and Howard Nelson is spearheading all facets of acquisition, financing, zoning and permitting; and construction attorneys at Cole Scott Kissane, among others.

Image via Behar Font

Limestone Acquires PLANTA Property In Miami Beach's Ritzy South-Of-Fifth For $12 Million

Miami-based Limestone Asset Management has acquired the flagship South-of-Fifth property which is home to PLANTA in Miami Beach for $12 million. The 7,835 SF building was completed in 2018 as the first built-to-suit and the first PLANTA in the state of Florida and sits on a 9,148-square-foot (0.21-acre) lot. The property is located at 850 Commerce Street, Miami Beach, FL, 33139 in the affluent South of Fifth neighborhood.

Kevin Sanz of Orion Real Estate Group represented the buyer, Limestone Planta, LLC. Alex Sharrin of JLL represented the seller, Commerce Street Properties, LLC. First National Bank of South Miami is providing financing. Limestone Asset Management is led by Ibrahim Al-Rashid and invests in and acquires real estate properties over all asset classes throughout North America. Limestone Asset Management is an affiliate of Orion Real Estate Group, its joint venture partner in the deal. Limestone Asset Management uses Orion Real Estate Group's expertise to complete all of its North America-based transactions.

PLANTA, a David Grutman project led by Founder and CEO Steven Salm and Co-founder and Executive Chef David Lee, is Miami’s premier location for innovative plant-based fine dining. Its goal is to expand the acceptability, enjoyment, and celebration of the power of plants. The restaurant’s owners are the lessees and will remain in the building until 2028.

Champions of plant-based living for better health, community, and the planet, the restaurant has locations in New York, Toronto, and Maryland, in addition to Florida, with plans of expansion in Chicago and California. Additionally, PLANTA offers nationwide delivery of its plant-based signature dishes, desserts, condiments, and sauces.

“PLANTA is a unique restaurant concept, and we are excited to purchase their flagship property located in the South of Fifth neighborhood,” said Ibrahim Al-Rashid, chairman of Limestone Asset Management. “Rarely do opportunities present themselves in this neighborhood. A block from Joe’s Stone Crab, one of America's most iconic restaurants, is a place every landlord would love to be.”