Tricera Capital Locks Down $50.8 Million In Construction Financing For Mixed-Use Redevelopment The Press In West Palm Beach

Tricera Capital, led by Scott Sherman and Ben Mandell, have closed on $50.8 million in refinancing and construction financing for their mixed-use office and retail redevelopment The Press, located at 2751 South Dixie Highway in West Palm Beach. The loan was provided by the Chicago-based Monroe Capital. Tricera Capital was represented by Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group.

Tricera Capital acquired the former Palm Beach Post campus in March 2019 for $24 million. The redevelopment of the property is an example of creative adaptive re-use and expected to reinvigorate the city’s Dixie Highway corridor. The property was a former printing press and distribution facility and nearly all existing structures are to remain, including the Post’s office building and printing press. The project name is a nod to the Post’s legacy at the site.

The Press is divided into two components, The Shops at the Press, the 125,000 square foot retail component, and the adjacent Workspaces at the Press, the 140,000 square foot office component. Joseph’s Classic Market will serve as the retail anchor which was announced in February 2021 and the property will also feature a newly built Starbucks outparcel.

ALINA Residences Receives TCO In Boca Raton Following Record-Breaking $50 Million Q1 2021

ALINA Residences Boca Raton reached its final construction milestone after receiving its temporary certificate of occupancy (TCO). The nine-story, 121-resident property, located at 200 SE Mizner Blvd. in Boca Raton, will begin closings in April. The milestone comes just as the project achieved a record-breaking $50 million in sales in Q1 2021.

“ALINA’s story began on canvas as an exquisite painting by Boca’s very own architect, Peter Stromberg,” said Noam Ziv, Executive Director of Development at El-Ad National Properties. “To stand here today having overseen its journey from canvas to completion is a monumental moment for our team and the city of Boca.”

ALINA Residences is being developed by Florida-based El-Ad National Properties, an Elad Group company, designed by architect Peter Stromberg of Garcia Stromberg/GS4 Studios and brought to life by Moss Construction. A departure from Boca Raton’s robust Spanish-Mediterranean architecture, ALINA Residences is a beacon of modern living with seamless indoor/outdoor living spaces, boutique amenities and central downtown location.

“The organic design and artful details at ALINA evoke a sense of serenity and sophistication,” said Peter Stromberg – President of GarciaStromberg. “From exterior stone accents and expansive outdoor water features and gardens, to the highly curated interior finishes with custom-designed kitchens and spa-inspired bathrooms, the residences offer a sense of tranquility with stunning views of Boca Raton.”

Residences range from one-to-four bedrooms and span from 1,400 to over 4,800 square feet, with many featuring dens and private terraces overlooking the iconic Boca Raton Resort & Club golf course. The property includes 102 fully finished homes, 12 penthouses and an exclusive collection of seven villas with expansive terraces and private gardens.

ALINA Residences features 32,000 square-feet of private outdoor amenity space including a private rooftop pool deck with lounges and cabanas, outdoor dining and entertainment areas, or the outdoor yoga/ mediation greenspace. Indoors, residents will have access to a state-of-the-art fitness center, his/her spa and elegantly appointed clubroom.

The TCO marks the completion of ALINA Residences’ first phase of development, with two additional residential buildings planned to join the project in phase two.

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Terra And New Valley Lock Down $64.8 Million Construction Loan For Natura Gardens Apartments

Terra and New Valley, the development partners behind Natura Gardens, a new multifamily community in Northwest Miami-Dade County, have secured $64.8 million in construction financing from Bank OZK. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction will get underway in the next 30 days, with completion slated for late 2022. Cushman & Wakefield arranged the financing on behalf of the development team.

“Our ability to secure favorable construction financing for Natura Gardens speaks to the growing demand for market rate rental housing in South Florida,” said David Martin, CEO of Terra. “We’re seeing an influx of millennials, young professionals and new families looking for attainably-priced residential options in South Florida’s suburban neighborhoods, specifically west of I-75, close to good schools, and some of the region’s largest corporate employers.”

Natura Gardens has been architecturally designed by Pascual, Perez, Kiliddjian Architecture (PPK), with the development’s clubhouse and model units imagined by tennis champion Venus Williams’ design firm V Starr Interiors.

Apartments will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will boast high-end finishes and fixtures, expansive balconies, custom shaker-style kitchen cabinetry, spacious built-in pantries, kitchen islands with breakfast areas, stainless-steel appliances, full-size washer and dryers, spacious living and dining rooms, walk-in closets and en-suite bathrooms.

Amenities at the gated community will include a two-story clubhouse with a resort-style pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs on comfortable beach sand, tables and umbrellas; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a sophisticated lounge with a bar and kitchen; a state-of-the-art fitness center with yoga, aerobics and spinning studios; a business center with co-working spaces and a coffee bar; and a residents-only dog park with site furnishings.

Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Natura Gardens is situated along NW 170th Street between I-75 and Florida’s Turnpike, immediately south of the planned American Dream retail and entertainment complex.

Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

Gazit Horizons Set To Clear Brickell Development Site For Brickell Gateway Mixed-Use Tower

Gazit Horizons, a subsidiary of Gazit Globe, has applied for a demolition permit to clear the way for Brickell Gateway, their proposed 650,000 SF mixed-use tower which will be built in-between Brickell City Center and Mary Brickell Village. Located at 90 SW 8th Street, the ½ acre hard corner development site currently features a 3-story, 45,564 square foot building which has featured a selection of murals over the past several years.

Brickell Gateway will rise up to 48-stories and is expected to offer retail and office space as well as a hotel and residential component. Gazit Horizons acquired the land in July 2017 for $29.5 milion. Cushman and Wakefield is expected to oversee leasing.

Multiplan R.E.A.M. Breaks Ground On Luxe Boutique Condo Ocean Park South Beach In South of Fifth

On February 25, Florida-based Multiplan Real Estate Asset Management, broke ground on Ocean Park South Beach, an exclusive boutique condominium featuring a limited collection of 10 luxury beach residences in the prestigious South of Fifth enclave. MultiplanREAM executives in attendance included Managing Partner Marcelo Kingston and Project Executive Orlando Carrillo, alongside the Feoli Construction Team, Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage, and Douglas Elliman top-producers and Ocean Park South Beach sales team Eloy Carmenate and Mick Duchon.

Ocean Park South Beach, is slated to be delivered by the second quarter of 2022. With four units remaining, the project has seen an immense amount of interest from domestic and global buyers, including celebrity broker of Douglas Elliman’s Eklund | Gomes Team who is in contract to purchase a 2 bedroom unit. Ocean Park South Beach was designed by globally acclaimed architect Revuelta Architecture International, with interiors by Marcela Lombana and landscaping by Gardner Semler Landscape Architecture.

The exclusive four-story project will not only be located on the famed Ocean Drive thoroughfare and across from the sparkling Atlantic Ocean and its powder-white beaches, but it will be just steps from the lush green gardens of Marjory Stoneman Douglas Park, which feature paved promenades, outdoor exercise areas, and children’s play areas -- perfect for families, friends, and pets.  Thanks to the unparalleled location of the boutique building, both the ocean and the park will double as two of the most coveted and accessible amenities for residents’ year-round enjoyment, essentially giving well-heeled homebuyers the rare ability to enjoy the best of both worlds.

Residences at Ocean Park South Beach come in Two- to three-bedroom residences, starting at $1.5 million, and will range in size from 1,117 SF to 1,715 SF, with large terraces providing an additional 267 SF to 1,194 SF feet of outdoor living space. Highlights will include private elevators that open directly into home foyers, 10’ ceilings, floor-to-ceiling windows with 10’ sliding doors, light solid oak wood and natural stone flooring, and kitchens by Poliform with Matte Touch cabinets, Wolf and Sub-Zero appliances, and Silestone Calcatta Gold stone grooved waterfall edge countertops and backsplashes. Sumptuous master baths will be complete with floating vanities with marble showers, floating European-designed standalone bathtubs and double-sinks.

Two four-bedroom penthouses, priced upwards of $6 million, will comprise 2,393 SF of interior space as well as 1,564 SF of expansive terraces.  Each will additionally be marked by 12’ ceilings, floor-to-ceiling windows with 12’ sliding doors, an upgraded appliance package with a tower wine cooler and double-fridge unit, and a rooftop deck with a private spa pool, summer kitchen, and dedicated powder room.

Ocean Park South Beach will also offer amenities and services which will be lavish and state-of-the-art. In addition to lushly landscaped tropical outdoor areas, replete with vibrant species of flora and fauna, there will be a 36’ pool with Italian-designed poolside chaise lounges and umbrellas, an outdoor relaxation spa with a Jacuzzi, a poolside summer kitchen and outdoor dining area, a relaxation lounge on a sunset pool deck, and beach service. The property’s central location will furthermore put residents well within reach of Oceanfront Park and South Beach’s myriad of gourmet restaurants, nightlife venues, and boutique shops.

The property’s beautifully-appointed sales gallery loft is located at 135 Ocean Drive in Miami Beach. Douglas Elliman is the exclusive residential brokerage for the project with Eloy Carmenate and Mick Duchon overseeing sales.

Images via Lifestyle Production Group (LPG)

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OKO Group and Cain International Complete $74 Million in Condo Sales Since the Start of the New Year at Miami’s Missoni Baia and Una Residences

Miami’s newest luxury condominium towers are tapping into a surge of domestic buyers fueled by the city’s desirable quality of life, lower business and living expenses, and Florida’s tax-friendly policies. At Missoni Baia and Una Residences, two new luxury towers under development by OKO Group and Cain International in Miami, approximately $74 million in sales have been completed in the last 60 days. The vast majority of units sold have been purchased by domestic buyers, reflecting the influx of new residents pouring into South Florida from cold weather and tax-burdened states.

This recent surge in sales from domestic buyers is the latest example of how business and wealth migration is fueling the South Florida condo market. The pandemic, coupled with people and companies looking to relocate from major U.S. cities – specifically in the Northeast and Midwest regions – to tax-friendly states with reduced business and living expenses, is enticing out-of-state residents to make the move to South Florida, with this trend expected to continue throughout 2021.

According to a recent report by brokerage ISG World, domestic buyers have taken over as the leading source of new condo purchases in Miami and Fort Lauderdale during the pandemic, with only 3.9 percent of recently completed units remaining unsold in December 2020. The latest statistics support that fierce competition and ballooning prices for single-family homes in South Florida are driving buyers toward condominiums instead.

“We’ve just had our best month of sales, and we’re seeing demand for condos intensify as the inventory of single-family homes continues to dwindle and Miami’s newest residents put emphasis on low maintenance, high-touch service and amenities that only a condo can offer,” said Vanessa Grout, CEO of OKO Real Estate, the sales and marketing arm of OKO Group. “Now that remote work has become so prolific and many people can work from wherever they choose, we’re seeing buyers from cities like New York, Chicago and San Francisco making the move to South Florida. They’re attracted by our lifestyle, our diverse culture and business community, and an overall quality of life.”

Now under construction, Missoni Baia and Una Residences are being developed by a partnership between OKO Group, one of South Florida’s most active and successful luxury development firms helmed by international real estate mogul Vladislav Doronin, and Cain International, a privately held investment firm with over $6.3 billion in real estate equity, debt and leisure business investments led by Jonathan Goldstein.

“This accelerated sales momentum reaffirms our strong belief in Miami's innovation, culture and lifestyle and its future as a global gateway city. We are extremely pleased with the progress across our Miami portfolio and look forward to delivering two world-class developments to the city’s residential market and welcoming their residents in the near future.” said Jonathan Goldstein, CEO of Cain International.

Designed by Hani Rashid of Asymptote Architecture, Missoni Baia is a 57-story luxury residential tower now rising on Biscayne Bay in Miami’s Edgewater neighborhood. As the Missoni brand’s first-ever residential project, the Italian fashion house is incorporating its trademark colorful design palette and Missoni Home furniture collection into the tower’s vibrant interiors, including all public spaces and amenity areas. The waterfront tower’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Units are priced from approximately $950,000 to upwards of $9 million. Construction of the 649-foot-tall tower is well underway and is expected to be completed in late 2021.

The 47-story Una Residences tower, designed by internationally renowned Adrian Smith + Gordon Gill Architecture (AS+GG), is situated on Miami’s waterfront in the city’s picturesque and private South Brickell neighborhood. Private elevators open up into the glass tower’s 135 spacious residences, which range from two- to five-bedrooms and measure between 1,100 to 4,786 square feet in size – with all units boasting unobstructed views of the Atlantic Ocean, Biscayne Bay and the Miami city skyline. Units are priced from $2.2 million to $7.4 million, with two ultra-exclusive penthouses with private pools priced up to $21.6 million. Construction of the 579-foot-tall tower is underway, with completion expected in 2023.

Additionally, OKO Group and Cain International are developing 830 Brickell, a class A-plus office tower also designed by Adrian Smith + Gordon Gill Architecture, currently under construction in the heart of Brickell’s Financial District. OKO Group’s plans to bring an Aman Hotel & Residences to Miami Beach were also recently approved by the City of Miami Beach. Construction of the ultra-luxury development is expected to start this year.

Cain International was recently appointed to lead the strategic reposition of the famed Delano hotel in Miami’s South Beach, adding to the firms growing hospitality footprint across global gateway cities. Cain’s additional US hospitality investment assets include the Waldorf Astoria Beverly Hills, the Beverly Hilton Hotel, and the Raffles Hotel and Residences Boston Back Bay. The firm has also partnered with OKO Group on the financing of the Aman Hotel & Residences in New York City’s historic Crown Building.

For more information about Una Residences or Missoni Baia, private showings or purchasing/ leasing information please fill out the form below:

Construction At The Gateway At Wynwood Ahead Of Schedule, To Be Completed 2nd Half 2021

Construction of The Gateway at Wynwood is speeding ahead of schedule with completion of the office building scheduled for the second half of this year. The developer has also released new renderings of the project’s 10th floor, which will only offer ‘spec suites.’

R&B Realty Group LLC, the forward-thinking developer behind The Gateway, is devoting the entire 10th floor to fully built-out and ready for move-in office space. The move-in ready suites, starting at 2,000 square feet, can be combined to form bigger units as well. Gensler is the interior architect leading the design of the spec suites.

The Gateway at Wynwood is one of the first Class A office buildings of this scale to rise in Wynwood, Miami's newest office market. Based in New York, R&B Realty Group has a keen understanding of what New York executives are looking for as they plan to relocate down south, and have included elements to cater to their tastes. The spec suites take the stress out of the office leasing and build-out process, providing companies flexibility in their space, and the ability to move-in almost immediately upon completion of the building.

The Gateway at Wynwood is located at 2916 North Miami Avenue and was designed by Kobi Karp. When complete the building will feature over 420,000 SF of space including 200,000 SF of leasable Class A Office Space, 25,000 SF flexible floor plates, an on-site parking garage, floor-to-ceiling glass windows, a private rooftop terrace, around-the-clock security, and 25,000 SF of prime street-level retail space.

For more information about commercial leasing at The Gateway at Wynwood, private showings or leasing information please fill out the form below:

Terra And Grass River Property Break Ground On Grove Central In Coconut Grove

Terra and Grass River Property have broken ground and are beginning vertical construction on Grove Central, a new mixed-use multimodal transit hub at the entrance to Miami’s Coconut Grove neighborhood. When complete Grove Central will be 23-story apartment building and home to South Florida’s newest Target and Total Wine stores. Located at the intersection of US-1 and SW 27th Avenue, Grove Central will include about 400 multifamily apartments and workforce housing units alongside a new 898-space public parking garage, 172,000 square feet of lifestyle-oriented retail and an upgraded Metrorail station that integrates directly with The Underline linear park, Miami-Dade’s bus system, and the City of Miami’s popular trolley network.

Grove Central has been designed to create a transit-oriented hub offering a seamless pedestrian experience that encourages Metrorail ridership and urban living. The project is being developed as part of a Miami-Dade County initiative aimed at improving connectivity between residential living, commercial development and mass transit through private development on County-owned land.

Villa Valencia Tops Off With $7 Million Sold In First 30 Days Of 2021 In Coral Gables

SPONSORED - Villa Valencia has topped off construction of the 13-story luxury condominium development on the heels of closing $7 million in sales within the first 30 days of 2021, an impressive position in the Coral Gables condo market. The project is now 40% sold. Developer Location Ventures celebrated the milestone with an intimate gathering at 515 Valencia Avenue, where the impressive sales gallery is located.

Rishi Kapoor, CEO of Location Ventures, spoke before notable guests and city officials, including City of Coral Gables Vice Mayor Vince Lago, Coral Gables Chamber of Commerce President & CEO Mark Trowbridge, General Contractor Winmar Construction and the ONE Sotheby’s International Realty sales team.

“We are extremely grateful to reach this landmark achievement in construction while experiencing continued interest and strong sales in January,,” said Kapoor. “Thanks to our dedicated team, Villa Valencia will be delivered later this year with unmatched amenities and offerings, supporting our vision of creating Coral Gables’ most luxurious address by bringing together great design, wellness, nature and forward-thinking technology.”

Buoyed by the surge in single-family home sales, the project experienced a 50% uptick in buyer interest since December. This is in part due to locals seeking to “right-size” their living space, according to Kapoor, as a result of the continued wealth migration to Coral Gables, leading to increased demand for luxury condominiums.

Villa Valencia buyers have also eyed additional onsite amenities for purchase. Elements that make the residences further resemble an estate, such as poolside cabanas and private garages, have recently sold for more than $2 million in total.

Ninety-five percent of the building’s buyer pool is comprised of C-suite executives or business owners who are attracted to Villa Valencia’s career-centric offerings. These include a fully equipped boardroom with innovative video technology and the option of working closely with the developer to customize a home office design within their private residence.

The prime locale is another selling point, with direct access to the Miami International Airport and blocks from Miracle Mile. The Greater Miami Area is a rapidly expanding economic hub, with Coral Gables home to 20 consulates and 140 multinational corporations. It is an ideal community with “Class A” office space, top private and public schools and universities, country clubs, golf courses and world-class culture – all within minutes of the project.

Villa Valencia will include a wellness program that leaves no stone unturned. To promote relaxation and optimal health, core tenements of the brand, a rich spa and extensive fitness offerings will present a hammam, steam room, his-and-her saunas, hydrotherapy plunge pools, as well as a state-of-the-art exercise facility with yoga, Pilates and weight training. For outdoor enjoyment, a 78-foot resort-style pool with a lap lane and waterfall will be complemented by two summer kitchens and spacious sunbeds.

Fostering better health, each residence will feature the Delos DARWIN™ Home Wellness Intelligence network. Villa Valencia is the first condominium project in the U.S. to offer the system in the residences, procured and installed by HEDsouth, a premier technology integration and automation company. DARWIN™ uses tech innovation to bring the best of natural outdoor conditions inside, as it passively monitors for allergens, excess carbon dioxide, and harmful particles, in addition to heavy metals and bacteria in drinking water.

In addition to the DARWIN™ system, each home interior will showcase a private foyer and elevator entry, complete with superior finishes, including European flooring, 10-foot exterior sliding doors, and finished custom closets. Kitchens are equipped with state-of-the-art Subzero and Wolf appliances, a wine cooler, custom cabinetry and quartz countertops. On the outside, the façade displays a modern rendition of Coral Gables’ signature Mediterranean architecture style, designed by Hamed Rodriguez Architects.

Villa Valencia residences start from $1.8 million.

For more information, visit www.villavalencia.com or call (786) 971–6680.

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