The Gateway at Wynwood Signs First Office Lease With Oncology Biopharmaceutical Company Veru Inc.

The Gateway at Wynwood has signed its first office lease as the office building is nearing completion. The developer of The Gateway at Wynwood, R&B Realty Group just signed an eight-year lease with Veru Inc. Veru (NASDAQ:VERU) is an oncology biopharmaceutical company with a focus on developing novel medicines for the management of prostate and breast cancers. The company will occupy 12,155 SF of space on the border of the iconic Wynwood and Midtown Miami neighborhoods. The new lease will more than triple Veru’s current office space.

R&B Realty was represented by Colliers South Florida’s Executive Managing Director Stephen Rutchik, Director Tom Farmer and Director Tyler de la Pena. Veru was represented by JLL’s Vivian Gonzalez.

Scheduled to take occupancy in Q1 2022, The Gateway at Wynwood will be Veru’s new Miami-based global headquarters, moving from an existing office space in Wynwood. Veru has also expressed interest in taking occupancy as soon as The Gateway at Wynwood, which is currently under development, is delivered. The project, being developed by New York-based R&B Realty Group, is scheduled for completion in Q4 of 2021.

“We are excited that Veru chose our new Class A office building for their global headquarters,” said Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “This lease highlights the increasing demand for quality office space in the Wynwood area. The Gateway at Wynwood is uniquely positioned with unmatched accessibility to the Midtown and Wynwood neighborhoods, and all of the amenities they have to offer, as well as proximity to the bay and downtown Miami.”

The Gateway at Wynwood will offer about 195,000 SF of leasable Class A office space and nearly 25,900 SF of prime street-level retail space. Designed by renowned Architect Kobi Karp, the environmentally responsible building features flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking.

Veru, which also has offices in London and in Malaysia, is focused on the development and commercialization of novel medicines for management of two of the most prevalent cancers globally – prostate cancer and breast cancer. Based on positive clinical trial results, Veru also has an agent being evaluated in an ongoing Phase 3 clinical trial for the treatment of hospitalized patients with moderate to severe COVID-19 who are at high risk for acute respiratory distress syndrome. Veru’s new lease at The Gateway at Wynwood will triple the company’s existing Miami footprint to accommodate its rapid growth and planned future growth.

“Veru is a biopharma company dedicated to the development and commercialization of novel cancer drugs for prostate and breast cancers. As a high-tech company, we view both The Gateway at Wynwood and the Wynwood neighborhood itself as the perfect fit for Veru, as both are also cutting edge,” said Dr. Mitchell Steiner, Chairman, President and CEO. “We believe that Wynwood’s eclectic mix of commerce, culture, restaurants and technology provides the ideal location to enable Veru to continue to grow and flourish as a global leader in oncology therapeutics.”

Wynwood has developed into a new office submarket in Miami, creating competition for more established office markets such as downtown Miami, Brickell, Aventura and Coral Gables. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund. Other companies looking at the area include Google, Dentsu and other creative marketing agencies.

For more information about commercial sales or leasing in Wynwood, private showings or availability/ pricing information please fill out the form below:

AMLI Residential Breaks Ground On The Arquitectonica-Designed Multifamily Development AMLI Wynwood

AMLI Residential has broken ground on AMLI Wynwood, a mixed-use multifamily development which is one of the largest projects to break ground in the trendy neighborhood as new zoning has attracted multifamily developers. AMLI Wynwood is designed by Arquitectonica and will rise 8-stories, spanning 550,000 SF of total development. AMLI Wynwood will feature 316 luxury apartment units with 33,821 SF of ground floor commercial space and 388 parking spaces. Amenities will include a rooftop pool deck, yoga lawn, dog park and barbecue area. John Moriarty & Associates is the general contractor for the project. AMLI Wynwood is located at 70 NW 25th St. on a 2.18-acre site which AMLI Residential acquired for $35 million in January 2020 from David Edelstein.

Take A First Look At Related Group and Barry Sternlicht's 75-Story Baccarat Residences Brickell

Jorge Perez’s Related Group and Barry Sternlicht’s SH Hotels & Resorts have launched Baccarat Residences Brickell, the first project the real estate icons are developing together. Baccarat Residences Brickell continues the legacy of Baccarat Residences New York, which brought in record-breaking sales and was recognized for pushing the needle for residential design. Baccarat Residences Brickell brings a similar unique hybrid of high-design, exceptional service and amenities that reflect the storied French crystal company's more than 250-year heritage. The design aesthetic will fuse 18th-century Paris and 21st-century Miami, with a 1930s Art Deco influence.

The 75-story bespoke tower will offer 360 luxury residences including tower residences plus an exclusive selection of penthouses and riverfront villas. All spaces are curated to maximize the property’s coveted location with panoramic views of the Miami River, Biscayne Bay and city skyline. Inspired by the Baccarat’s storied crystal creations, the building’s bold architectural identity with a chiseled, glass façade will create an interplay of light that mirrors the sparkling waters below. Interiors blend 18th-century French design and 1930’s Art Deco to create a uniquely Miami feel with handcrafted Baccarat crystals gracing nearly every surface and signature pops of red creating sumptuous environments worthy of the legendary French brand.

Combining the best of Brickell with enlightened design, artful service and enlivening waterfront amenities, residents can expect a lifestyle infused with laid-back glamour and luxury. Bespoke residences range from 1,330 SF to over 7,000 SF and each home comes equipped with integrated wellness technology to enhance overall wellbeing. Residences also feature private elevators that open up to airy open concept living areas with perfectly crafted interiors and floor to ceiling glass leading to expansive outdoor terraces framing panoramic water views.

Baccarat Residences Brickell offers access to expertly managed five-star amenities including a fitness and wellness center featuring a Baccarat hammam spa with steam room, sauna, yoga and meditation spaces. Owners will also have access to a luxurious club room with billiards, private screening room, game room, wine cellar with tasting room, private dining room with Chef’s kitchen, and more.

Outdoor living is enhanced by lushly landscaped gardens, multiple pools and private cabanas, interactive water playground, and a marina with private water taxi service via the “house yacht.” Additional perks include a full-service salon and barber shop, pet spa, signature riverfront restaurant and Beach Club Membership at 1 Hotel South Beach.

Demolition of the previous structure and site work has already begun with the development team gearing up for groundbreaking. The tower’s expected completion is 2024.

Imagery via Related Group

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Moishe Mana's Mana Common Adds To Downtown Miami Portfolio With $12.375 Million Development Site Acquisition

Moishe Mana’s Mana Common has added to their Downtown Miami portfolio with the acquisition of a development site located at 49 NW 1st St. for $12.375 million. The 22,500 SF site is currently a parking lot. Andrew Mirmelli Company: M&M Parking was the seller. Colliers' Executive Managing Director Mika Mattingly of Colliers’ Urban Core Division represented both sides of the transaction.

“This transaction showcases how high the demand is for property in downtown Miami,” Mattingly said. “The transformative projects that are beginning to take shape in the area, along with the influx of residents and jobs, are attracting investors from all over the world. It continues to prove that now is the time to invest in the future of downtown Miami.”

Moishe Mana, CEO of Mana Common, is the largest private landowner in Miami with a significant assemblage of over 60 properties spanning more than 1.3 million square feet in Downtown Miami’s Flagler District. The visionary entrepreneur recently acquired two additional properties in the area that is being transformed into a global hub for tech and innovation. In addition to the recent purchases, Mana Common has begun construction in several sites in downtown including at the Nikola Tesla Innovation Hub.

“We’re committed to reviving the Flagler District through sustainable revitalization,” says Moishe Mana. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”

South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.

For more information about commercial sales or leasing in Downtown Miami/ Brickell, private showings or availability/ pricing information please fill out the form below:

Witkoff And Monroe Capital Acquire Cancelled Marriott Maquis Miami Worldcenter Site For $94 Million

The New York City-based real estate investment group Witkoff, led by Steve Witkoff, and the Chicago-based Monroe Capital have acquired the site of the now cancelled Marriott Marquis Miami Worldcenter from MDM Group for $94 million. The 4.7 acre site is located at 700 North Miami Ave. The property is entitled to develop 60+ stories and for a mix of residential, hospitality and commercial. The transaction was overseen by Manny De Zárraga of JLL and was financed with floating-rate financing which was arranged by Dustin Stolly and Jordan Roeschlaub of Newmark and provided by Mack Real Estate Credit Strategies.

The Miami-based MDM Group, which is led by Ricardo Glas and Luis Pulenta, had planned to build a 1,700-key Marriott Marquis hotel and 600,000+ SF expo center as part of the $4 billion, 27-acre Miami Worldcenter mixed-use development. MDM Group initially acquired the site for $45.25 million in 2017 from Nitin Motwani who is Managing Partner of Miami Worldcenter Associates, the master developer of Miami WorldCenter. News of the cancellation of the Marriott Marquis Miami Worldcenter accompanies news of the property’s sale.

As the largest private development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 SF of retail, restaurant and entertainment space. The first restaurant tenants were recently announced after Miami Worldcenter Associates completed leases with Chicago-based steakhouse concept Maple & Ash, etta, Laurel Brasserie and El Vecino. All four concepts are expected to open in 2022.

Two residential buildings have been completed at Miami Worldcenter including the 60-story PARAMOUNT Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 SF of retail has been completed with tenant build-out work set to commence in 2021, and another 130,000 SF is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami 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 TriRail, the Metromover and the Metrorail, making Miami Worldcenter one of the largest and most-connected transit-oriented development in Florida.

For more information about commercial sales or leasing in Downtown Miami, private showings or availability/ pricing information please fill out the form below:

Supertall Entertainment Complex SkyRise Cancelled At Downtown Miami's Bayside Marketplace

The planned supertall entertainment complex SkyRise, which was slated to rise in Downtown Miami’s Bayside Marketplace, has been cancelled after the developer was unable to secure financing. The entertainment and observation tower was being developed by Berkowitz Development Group. The tower was set to rise over 1,000’ was designed by Arquitectonica. The site is set to be restored and Bayside Marketplace can work with the City of Miami to bring in another developer for the parcel.

SkyRise was first proposed in 2013 before being derailed by lawsuits and contested use of public subsidies. In 2015 the Florida Supreme Court put a stop to challenges by community activists who aimed to stop development of the project. In late 2018 it was announced that SkyRise would begin construction in Q2 2019 with Plaza Construction having been retained the contractor, but the developer was ultimately unable to secure financing.

SkyRise Miami would have featured an indoor controlled free-fall system, a “drop tower-style” ride set to hit speeds of 95 mph and a selection of observation decks overlooking Biscayne Bay, PortMiami, Miami Beach, Key Biscayne, the Atlantic Ocean and the Miami Skyline. In 2016 it was announced that Berkowitz Development Group had inked a deal with Legends Hospitality Group for day-to-day management, guest interactions, sales and marketing, as well as food and beverage operations.

The First Restaurants Opening In Downtown Miami's $4 Billion Miami WorldCenter Megaproject Are Announced

The first four restaurants coming to Miami Worldcenter, the $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami, have been announced. The development’s ownership has completed leases with Chicago-based steakhouse Maple & Ash, set to open its first location in Florida; etta, a neighborhood restaurant centered around a wood-fired hearth; Laurel Brasserie and El Vecino, both concepts by Miami chef Michael Beltran. The leases combine to over 30,400 SF of indoor and outdoor space along Miami Worldcenter’s open-air entertainment promenades and mark the first tenants to lease space in Miami Worldcenter. All four concepts are expected to open in 2022.

“Our team is thrilled to unveil a stellar lineup of restaurants opening at Miami Worldcenter, with Maple & Ash, etta, Laurel Brasserie and El Vecino setting the tone for what’s to come. These restaurants exemplify the quality of the tenants and the experience we are curating for Miami Worldcenter’s residents and visitors,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Bringing to life the retail components of Miami Worldcenter’s master plan is critical to transforming our 27-acre site into a thriving open-air destination, and we look forward to announcing additional retail concepts in the coming weeks and months.

The lavish Maple & Ash offers a modern take on a traditional steakhouse. Two-time Michelin-star Chef Danny Grant presents classic wood-fired dishes while offering diners an elegantly seductive experience. At Maple & Ash’s original Chicago location, the restaurant’s wine list has been named “one of the most outstanding in the world” by Wine Spectator. Maple & Ash will be located along World Square at the corner of Miami Worldcenter’s 7th Street promenade and NE 1st Avenue, and will occupy 15,000 SF of indoor and outdoor space, with ground floor and second floor seating.

Developed by the creative team behind Maple & Ash, etta is a neighborhood restaurant that serves delicious wood-fired dishes, from gourmet pizzas and warm focaccia to crisp seasonal salads and family-style shared pig and lobster picnics. Just as the kitchen is the focal point of interaction within a home, etta’s open kitchen design gives guests the same intimate experience. With two existing locations in Chicago, each etta location features a wood-burning brick oven and a giant wood-fired hearth for spit roasting and grilling. Located along the eastern side of the 7th Street Promenade, etta will feature approximately 11,000 SF of indoor and outdoor space across two levels.

Local Miami Chef Michael Beltran, a 2020 James Beard Foundation Awards “Best Chef: South” semifinalist, will bring his new dining concept, Laurel, to Miami Worldcenter. Laurel will offer diners a novel take on a French brasserie with hints of Chef Beltran’s Cuban influence, which is evident across his multiple concepts, including his revered Ariete. In addition to Beltran’s inventive French-Cuban fare, guests will be able to enjoy a limited selection of Cuban treats from popular Coconut Grove diner Chug’s. The casually chic restaurant will occupy 2,800 SF of indoor and outdoor space on the ground floor of Caoba, Miami Worldcenter’s apartment tower, at the corner of the 7th Street promenade and NE 1st Avenue.

Also developed by the Ariete Hospitality Group, El Vecino will be a high-end first-class cigar bar serving a full liquor bar and light fare such as head cheese croquetas, an assortment of meat and cheese, and pastelitos by Pastelito Papi. The venue will occupy approximately 1,600 SF of indoor and outdoor space joining Laurel on the ground floor of Miami Worldcenter’s Caoba apartment tower.

Retail leasing at Miami Worldcenter is led by The Comras Company, a leading, boutique real estate firm providing retail leasing, asset sales, consulting and development advisory services throughout South Florida. The leasing team is comprised of Michael Comras, Jeff Evans and Michael Silverman.

“Projects of this size, scale and caliber don’t happen often, not in Miami and not anywhere else in the country,” said Michael Comras, president of The Comras Company. “Miami Worldcenter sits just off the intersection of the two busiest highways, surrounded by various modes of public transit, steps from the most prominent cultural institutions in the city, and the FTX arena. That, coupled with downtown Miami’s exponential growth and the influx of domestic and international residents moving in the last year, makes Miami Worldcenter the most appealing location for businesses to invest in.”

As the largest private development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 SF of retail, restaurant and entertainment space. These include two completed residential buildings: the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 SF of retail has been completed with tenant build-out work set to commence in 2021, and another 130,000 SF is currently under construction and nearing delivery. Construction is nearing completion at ZOM’s 43-story Bezel Miami Worldcenter residential tower and at the 351-room citizenM hotel, both of which are expected to open later this year.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami 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 TriRail, the Metromover and the Metrorail, making Miami Worldcenter one of the largest and most-connected transit-oriented development in Florida.

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Power Dinner Council: Design And Development Presented by PROFILEmiami and Kobi Karp

On Wednesday, June 23rd, PROFILEmiami hosted Power Dinner Council: Design and Development, an intimate, invite-only omakase dinner bringing together some of South Florida’s leading real estate developers, architects, builders, investors and designers. The evening was hosted by PROFILEmiami Co-Founders Katya Demina and Demetri Demascus and Kobi Karp Architecture & Interior Design Principals Kobi and Nancy Karp.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Kobi Karp, Louis Birdman, Dan Kodsi, Taylor Collins, Allen Morris, Scott Sherman, Avra Jain, Kevin Venger and Ronny Finvarb, amongst others. Guests had the opportunity to network and share their experiences developing and building in South Florida through thoughtful discourse, while forging new relationships with senior executives.

Guests enjoyed an omakase dinner curated by Chef Amir Anvari of Omakase Direct in a unique, architecture studio transformed private restaurant setting. Guests left with signed Assouline Kobi Karp books, kobi Karp backpacks and gear.

PROFILE's Power Dinner Council is where compelling minds connect to leverage their influence and grow their businesses through shared thought leadership and authentic conversation - the impact of which extends far beyond the evening. Our goal is to provide leaders with related business interests to meet and interact in an intimate, high-end, and unique setting.

The event was also covered by World Red Eye.

Imagery via World Red Eye

Largest Development Site Available In Downtown Miami Sells For $46 Million

The largest development site available in Downtown Miami has sold for $46 million. Known as Miami Center or the ‘Burdines property,’ it is the last significant development site remaining in downtown Miami’s Central Business District (CBD). The 92,972 SF development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.

Mika Mattingly, Colliers' Executive Managing Director, and Robert Given, Vice Chairman of Cushman & Wakefield in South Florida, represented Wharton Equity Partners and Cross Lake Partners, the seller. Estrella Perez, with EP Realty Group Inc., represented Enrique Manhard, the buyer.

“This is a pivotal site for the future of downtown Miami because it is a major location connecting downtown to Brickell,” Mattingly said. “This deal represents the voracious appetite for downtown assets. We currently have 10 land deals under contract to close by year’s end, and there is little inventory left for the first time ever. This is unbelievable given the fact the downtown market went silent in 2019 and during the pandemic. The demand is being fueled, in part, by all the transformative projects that are just beginning to take shape in this area. It could not be a better time to invest in the future of downtown Miami.”

Based on the site’s T6-80 zoning, this is one of the largest land sales in downtown Miami. The zoning designation allows several uses, including residential, hotel, office and retail. The maximum height permitted at the site is 80 stories with unlimited height available through public benefit bonuses. Because the development site is right in the middle of Brickell and downtown, it will provide future residents the opportunity to live, work and play in a highly walkable, urban environment.

South Florida has continued to see an influx of residents from New York, California and other states seeking lower taxes, better weather, and a higher quality of life. Greater Downtown’s population was 92,235 people in 2018, a jump of 38% since 2010, according to a study from Miami’s Downtown Development Authority (DDA). Downtown and Brickell have also emerged as the top choice for the largest technology and financial firms. According to a recent report from the DDA, at least 700 new jobs are expected in the area over the next few years.

Swerdlow Group Breaks Ground On Sawyer's Walk Mixed-Use Development In Miami's Overtown Neighborhood

Construction has begun on the largest mixed-use development to take shape in Miami’s historic Overtown neighborhood in decades, paving the way for new shopping and dining options, affordable residences for seniors, and thousands of job opportunities. Sawyer’s Walk, a 1.4 million-square-foot development led by Swerdlow Group in collaboration with the Southeast Overtown/Park West Community Redevelopment Agency (CRA), will include 250,000 SF of destination retail alongside 578 apartments designated for low-income seniors.

Swerdlow Group and its partners, SJM Partners and Alben Duffie, acquired the 3.4-acre property at 249 NW 6th Street from the CRA and broke ground on the development at a June 23rd ceremony. Construction is expected to be completed in 2023.

“In working with the CRA and listening to nearby residents, it became clear that senior housing, affordable shopping options, and quality jobs are among the most pressing needs in Overtown,” said Swerdlow Group CEO Michael Swerdlow. “Sawyer’s Walk will check all of these boxes, while also creating a new destination for retail and dining that will activate city streets and attract people from throughout Downtown Miami and surrounding neighborhoods.”

The development of Sawyer’s Walk coincides with a rush of new residents, businesses and visitors into Miami’s urban core. Greater Downtown Miami is now home to 115,000 residents, 250,000 daytime visitors, and six million annual visitors, according to the Miami Downtown Development Authority.

Retail offerings at Sawyer’s Walk will include a 50,000 SF Target, a 25,000 SF Aldi supermarket, and new locations for Ross Dress for Less, Five Below, and Burlington. Additionally, 25,000 SF of public space at street level will feature restaurant space, outdoor seating, a children’s playground, a pedestrian promenade, a dog park, and a City of Miami NET office.

The upper floors of Sawyer’s Walk will offer 578 apartments set aside for low-income seniors earning at or below 60% of the Area Median Income. The unit mix will include studios, one-bedrooms, and two-bedrooms. Amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms, and a complimentary health club membership for all residents.

“Sawyer’s Walk will be a triple-win for the Overtown community and the City of Miami, delivering a positive impact in the form of new jobs, additional revenue, and an affordable place to call home for hundreds of our local seniors. These benefits will help sustain quality of life in Miami while advancing the mission of the Southeast Overtown/Park West CRA,” said Jeffrey Watson, Chairman of the Southeast Overtown/Park West CRA.

Sawyer’s Walk is located alongside I-95, adjacent to Downtown Miami’s Central Business District and blocks from Brightline’s Miami Central station, the 27-acre Miami Worldcenter development, the Historic Lyric Theatre, Government Center, and Miami-Dade College’s Wolfson Campus. The site is bounded by NW 3rd Avenue on the west, NW 7th Street to the north, NW 2nd Avenue on the east, and NW 6th Street to the south.