The New York-Based Fisher Brothers Acquire Wynwood Development Site For $17.59 Million

The New York City-based real estate development and investment firm Fisher Brothers has acquired a Wynwood development site for $17.59 million. The property is a 1.5 acre assemblage including the former Miami Rescue Mission located at 2201-2159 NW 1st Ct. and 2200-2250 NW 1st Ave. There are four existing industrial buildings which span 43,440 SF. The seller was a partnership between RedSky Capital and JZ Capital Partners, who acquired the assemblage in 2016 for $22 million.

The RedSky Capital and JZ Capital partnership has been unloading their Wynwood portfolio including the sale of Wynwood Block for $24 million. RedSky Capital also recently sold Cube Wynwd to a development partnership between Tricera Capital and LNDMRK Development.

Fisher Brothers was founded in 1915 by Martin Fisher and was later joined by brothers Larry and Zachary Fisher. Today Fisher Brothers is led by Arnold, Kenneth, Steven and Winston Fisher. Fisher Brothers is a diversified, real estate firm active nationally and recently developed 111 Murray, a 60 story luxury condominium located in the heart of Tribeca; House39, a 372-unit luxury rental tower in Manhattan’s Murray Hill neighborhood; and Station House, a 378-unit luxury rental apartment project in Washington.

Ironstate Development Closes On Wynwood Development Site For $15.6 Million

Ironstate Development has closed on the acquisition of a 1.29-acre development site in Miami’s trendy Wynwood neighborhood for $15.6 million. Miami Beach-based developer Lucky Shepherd had put the development site under contract prior to the pandemic but the contract was ultimately assigned to Ironstate Development. Lucky Shepherd had planned to build an eco-friendly project with a 150-key hotel, and up to 48 private residences.

Real estate broker Andy Charry, with Metro 1, represented the seller, Art By God, Inc. Real estate brokers Mika Mattingly and Cecilia Estevez with Colliers International Florida’s Urban Core Division represented Lucky Shepherd.

“My client had a great property located on a great street, and it became even better because of the proposed Brightline station,” said Andy Charry.

The development site is currently home to Art By God, a 30-year-old business that has become one of the largest retailers of nature products, artifacts and wildlife items in the U.S., from a wide collection of fossils and bones, to an assortment of rough or polished rocks and minerals, and unique art and sculptures from all over the world. The 21,155-square-foot Art By God is located at 60 NE 27th St. The acquisition also includes the following addresses: 26 NE 27 St., 25 NE 26 St., and 61 NE 26 St.

“This is one of the last great sites in Wynwood,” Ms. Mattingly said. “This transaction is a prime example of a Covid-ravished deal that, at the end of the day, came back to life thanks to Miami’s tidal wave market.”

Ronny Finvarb Acquires Alton Road Site In Sunset Harbour For Luxury Boutique Hotel

Miami Beach developer Ronny Finvarb has closed on a site on Alton Road at the entry to the popular Sunset Harbour neighborhood where he plans a boutique hotel. Finvarb paid $4 million for the 10,200 square foot site which is located at 1790 Alton Road. He plans a luxury boutique hotel with 36 units and a ground floor restaurant. The renderings were designed by GEK Architecture. Finvarb expects to submit an application to the City of Miami Beach soon and begin construction in 2022. The site is across the street from the Kimpton Palomar South Beach, which Finvarb recently developed.

Abbhi Capital Acquires 1-Acre Miami Worldcenter Development Parcel For $20 Million

The master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1-acre parcel to Coral Gables-based investment firm Abbhi Capital for $20 million. The property is the west parcel of Miami Worldcenter’s “Block A,” which is located between NE 10th and 11th Streets along NE 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The Cushman & Wakefield team of Robert Given, Troy Ballard, and James Quinn represented the seller, “MWC Block A, LLC” in the transaction.

The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million.

“Abbhi Capital's investment in Miami Worldcenter's mixed-use master plan is the latest example of sustained interest from like-minded firms that see value in aligning with our best-in-class team of developers and operators. We look forward to collaborating with the Abbhi Capital team as our vision for a 'city within a city' in the heart of Downtown Miami comes to life with an array of residential, retail, commercial, entertainment, and hotel uses," said Nitin Motwani, Managing Partner of Miami Worldcenter Associates.

“Abbhi Capital is excited to expand our commitment to Miami Worldcenter and we are proud to be a part of the strategic vision of a ‘city within a city.’ We look forward to the bright future of this incredible location and project," said Sankesh Abbhi, Managing Partner of Abbhi Capital.

Miami Worldcenter’s master plan continues to deliver in phases. As the largest private development underway in Florida, the development will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of approximately 300,000 square feet of retail, restaurant and entertainment space.

Two residential buildings have been completed, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet of retail has been completed for tenant build-out, with another 130,000 square feet currently under construction and nearing delivery. Construction has topped off at ZOM’s 43-story Bezel Miami Worldcenter, a 434-unit rental tower slated to open later this year, and at Miami Worldcenter’s 351-room citizenM hotel, which is expected to open in December.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines 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 the largest and most-connected transit-oriented development in Florida.

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.

Adler Group's Nexus Riverside Mixed-Use Multifamily Approved In Downtown Miami

Adler Group’s mixed-use Class-A multifamily project Nexus Riverside has been approved by Miami’s Planning & Zoning Department. Located at 230 SW 3rd St., Nexus Riverside will be a multi-phase project in which Phase 1 will feature 428 apartments units, 278,379 square feet of office, 4,000 square feet of retail and 1,307 parking spaces. The office component will be used by the City of Miami and will replace their existing adjacent Miami Riverside Center. The residential tower will rise 38-stories, 430’, and the office tower will rise 20-stories.

The multifamily component will offer residents over 40,000 square feet of amenity space split between two amenity decks. Amenities include an oversized rooftop pool providing 360° unobstructed views of the Miami skyline, a state-of-the-art fitness center with on-demand training and a yoga/spin room, a social club, media lounge, game room, co-working-style business center, and a meditation garden.

Adler Group is currently awaiting their construction permit which they initially applied for in December 2020 to commence construction.

Former Site Of Bal Harbour Yacht Club Hits The Market For $65 Million As Luxury Home Site

Real estate investor Joseph Imbesi has listed the former site of the Bal Harbour Yacht Club for $65 million. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

The 80,040 square foot lot of land was never meant to be a home site when Imbesi purchased the land in the 1990s but he worked with the city for the past few years and got the entitlements to convert the property into a home site and they finally got approved. This particular lot is the most special piece of the 1990s purchase, it is where the Bal Harbour Yacht Club building, designed by Alfred Browning Parker, once stood. It took Imbesi many years of working with the city to reposition this property into the future site of what will be the most special home in South Florida.

The property is a peninsula with water on three sides and also features 200 feet of road frontage. It comes with 7 boat slips on the inside of the protected waterway where the buyer will have the riparian rights to build new docks or helipad. Land under water on inside of marina is privately owned so you have the ability to do something creative that extends far off of the seawall.

The property is now listed for $65,000,000 with Tony Imbesi of Douglas Elliman.

For more information about the home site at Bal Harbour Yacht Club, private showings or purchasing/ leasing information please fill out the form below:

Terra Unveils Master Plan for CentroCity Mixed-Use Development in Miami and Signs 77,000 SF Lease with Target

Terra, one of South Florida’s most active residential and commercial development firms, has announced plans for the redevelopment and repositioning of what is currently known as Central Shopping Plaza into a 38-acre mixed-use project in the center of Miami-Dade County. The master plan for the newly reimagined community, CentroCity, includes up to 1,200 market-rate residential apartments, green space for residents, an office building, and a revamped shopping center with 300,000 square feet of lifestyle-oriented retail and restaurant space anchored by a 77,000-square-foot Target store.

Located in Miami’s West Little Havana neighborhood, CentroCity will come alive in multiple phases, beginning with the redevelopment of the property’s retail component with a newly re-imagined façade, common areas, landscaping, and signage. The project’s first phase of residential development will follow, encompassing three 8-story multifamily buildings with 460 garden-style rental apartments. Future phases with additional multifamily units and a 250,000 square foot class A commercial office building are also planned. Construction is expected to commence in Summer 2021.

The plan’s residential component has been designed by Arquitectonica, while the retail upgrades have been conceived by RSP Architects. The vision includes seven new multifamily buildings lining the perimeter of the property behind the L-shaped Target-anchored shopping center. The residential buildings will feature a series of courtyards, pool decks and lushly landscaped sidewalks. Units will range from one- to three-bedroom apartments measuring between 500 and 1,250 square feet in size. Community amenities will include multiple pools, poolside cabanas, barbecue grill areas, a children’s playground, a dog park, resident lounges, game rooms, and more.

“Our mission at Terra is to improve communities through developments that fill a void in the market, and that’s exactly what we plan to do at CentroCity,” says David Martin, CEO of Terra. “Our goal is to enhance this underutilized asset and make it a more positive contributor to the community through low-impact infill development that will enhance the property while bringing much needed market-rate housing to the neighborhood.”

The property’s central location – bounded by Northwest 37th Avenue on the east, Northwest 7th Street on the south, Northwest 39th Avenue on the west and Northwest 11th Street on the north – is near some of Miami’s largest employment centers, including Miami International Airport, the Coral Gables Business District and Blue Lagoon office complex.

The Allen Morris Company Proposes Ponce Park Residences in Coral Gables

The Allen Morris Company, headquartered in Coral Gables for nearly 20 years, has announced plans for Ponce Park Residences. The project will consist of 171-luxury residences with retail and restaurant space on the ground level. Most significantly, the project will create a ¾ acre open-air space with an urban park dedicated to the City of Coral Gables.

Ponce Park Residences would be located at 3000 Ponce de Leon Blvd., in Coral Gables, FL, and has received significant input from the City, including three City of Coral Gables Board of Architects meetings to enhance the design of the public park and open space. Groundbreaking is anticipated for Q4 of 2021 with an expected completion date of Q3 2023.

The internationally acclaimed Oppenheim Architecture firm is the lead architect overseeing the design of the rotunda, Mediterranean-styled Ponce Park Residences, while Naturalficial, Inc. will be designing the development’s 31,470 sq. ft. open-air greenspace.

“As longstanding residents of Coral Gables for 4 generations over the past 73 years and with The Allen Morris Company headquartered at the award-winning Alhambra Towers office building in Coral Gables for nearly 20 years, we are very proud to propose a plan for Ponce Park Residences, which would create a beautiful place to live and an urban park area dedicated to the City” said W. Allen Morris, Chairman and CEO at Allen Morris Company. “It truly achieves our goal of honoring the rich Mediterranean history and style that has a storied presence in the city, while further redefining luxury for modern-day living in the Gables.”

The design of the building is inspired by George Merrick’s Coral Gables City Hall and its coral rock rotunda and arcade. Like City Hall, Ponce Park Residences’ podium façade will be covered with natural stone, above which the building tapers back significantly to the project’s slender 80-foot-wide upper floors. No expense was spared in the design and quality of materials for the project.

One-, two-, and three-bedroom residences would range in size from 750 sq. ft. to over 1,780 square feet. Residences would boast 10’ – 12’ ft. high-ceilings with floor-to-ceiling windows. The entire ground floor area will encompass a retail-lined pedestrian paseo joining the park to the northern side of the project, expansive double ceiling height arcade modeled after the historic Hotel Colonnade on Miracle Mile, dozens of specimen shade trees, multiple water features and various seating areas for the public to enjoy.

The beautifully landscaped ¾ acre urban open-air space will feature a public park the Allen Morris Company is dedicating to the City of Coral Gables for the benefit of the Coral Gables community. In total, the project will provide a public benefits package above and beyond what is typically required by providing:

• A contribution of $2.4 million to pay for the creation of the park and integration of the right-of-way surrounding the park

• Maintenance of the park into the future at no cost to the City

• A donation of an additional $1 million towards the beautification of the Fred B. Harnett (Ponce Circle) Park

• The contribution of over $330,000 to the City’s parking fund

Aman Miami Wins Approval For Versailles Hotel Restoration In Miami Beach’s Faena District

The Miami Beach Historical Preservation Board approved the Aman Miami development by OKO Group’s plan for the restoration of the historic Versailles Hotel. This a big step forward for the art deco building in Miami Beach’s Faena District. Aman Miami will consists of 56 hotel rooms within the restored Versailles Hotel along with 23 boutique residences located in a new tower next door. The residences in the new tower will be designed by Kengo Kuma with the HP board vote of the proposed residential tower design coming up in February. Once the design is approved OKO Group can proceed with permits and construction.

The vote to approve OKO Group’s plan for restoration of the Versailles Hotel was supported by community members including Craig Robins of Dacra, Wendy Kallergis of the Greater Miami and Beaches Hotel Association, Tom Stern the Faena House Board President, and more. OKO Group also released a statement reacting to the vote:

“We appreciate that the Miami Beach Historic Preservation Board took time to understand how our vision for Aman Miami will benefit the Faena District and preserve the iconic Versailles Hotel while contributing to the local economy and elevating Miami Beach’s status as a global destination. The board’s favorable vote is consistent with the widespread support that Aman Miami has earned in the neighborhood and the Miami Beach community.

The development of Aman Miami will infuse the City with hundreds of millions of dollars in private investment, resulting in more than 400 new jobs for the community and millions of dollars in new property and resort tax revenues each year. Aman has a proud history of delivering high-end, low-impact properties which are respectful of their physical surroundings and the history and culture of their communities – including 13 resorts bordering UNESCO World Heritage Sites.

We will continue this tradition in Miami Beach as we restore the Versailles Hotel to greatness. We thank the members of the Historic Preservation Board for supporting what will surely become the most preeminent hotel and residential development in Miami Beach.”