Alchemy-ABR Investment Partners Close On Wynwood Development Site For $18 Million

Alchemy-ABR Investment Partners, a fully integrated New York based real estate development and investment firm, have closed on a development site at 18 NW 23rd Street in Wynwood for $18 million. The property spans 36,079 SF and the acquisition represents Alchemy's first residential project in Florida. Israel Discount Bank provided financing for Alchemy-ABR Investment Partners to purchase the vacant lot from The Salvation Army, which is located across the street from The Salvation Army Family Store and Donation Center’s Wynwood location.

The mixed-use site will be developed into a 12-story luxury residential building with 186 units, multiple retail spaces, and a parking garage. Local architects Arquitectonica and MKDA have been commissioned to design the building with construction commencing in 2024.

“We are thrilled to announce that 18 NW 23rd Street will be our first residential development in Miami, Florida. Alchemy-ABR has a strong presence in the commercial real estate market in South Florida and we are looking forward to bringing our years of real estate expertise to the residential market, which is currently facing great demand. We are looking to design and build a best-in-class mixed use project that will add to the fabric of one of the most dynamic walkable neighborhoods in the Southeast,” said Joel Breitkopf, Co-Founder & Partner of Alchemy-ABR Investment Partners and Brian Ray, Co-Founder & Managing Partner of Alchemy-ABR Investment Partners in a joint statement.

Electra America and BH Group Reveal Plans for $1 Billion Redevelopment of 80-Acre Southland Mall Site In Cutler Bay

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, have revealed preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. The 80-acre, $1 billion redevelopment will be one of the largest projects of its kind in the Southeast and will be called “Southplace City Center.” The reinvention of the Southland Mall into “Southplace City Center,” a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage

The new ownership team envisions a “city within a city” for living, working, shopping, and playing that will feature more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertaining venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. The phased redevelopment project will be a charming, self-contained community with abundant green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transit – specifically, the soon-to-open Miami-Dade SMART Plan mass transit route adjacent to the property.

The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay), and up to $491 million ($75.2 million to Cutler Bay) over a 20-year period. The developer’s plan is in accordance with the Town’s code and will not be seeking any special approvals.

“We’re delighted to work with the Town of Cutler Bay and its residents to breathe new life into a property that has been underutilized for decades, and in so doing, create thousands of new jobs, as well as help alleviate the housing crunch facing many Miami-Dade residents today,” said Ron Gaither, Chief Development Officer of Electra America. “Southplace City Center will provide a wide range of market-rate housing options, and its location close to major thoroughfares and mass transit, yet away from residential communities, minimizes traffic and facilitates the use of public transportation – two key priorities for this community. We’re looking forward to continuing working with the community to ensure this project reflects the values and character of Cutler Bay.”

“The future of this site is one that our residents deeply care about,” expressed Town of Cutler Bay Mayor Tim Meerbott. “Ensuring that this project aligns with our community’s vision and has a proper mix of use is extremely important to the Town Council and me. The site is ready for change and this project will check so many boxes on our community’s wish list—thousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. We look forward to working with Electra America and BH Group to bring this important project to life, while keeping it consistent with the character of our beautiful Cutler Bay.”

The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in late 2024. The corridor will provide a 20-mile mobility connection between Miami’s central business district and the County’s southern-most communities.

Specifically, the developer’s master plan calls for updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of several new high-quality retailers; the phased development of 4,395 new market-rate apartments catering to a full spectrum of household budgets; the addition of several new retail and restaurant concepts, situated around a series of man-made lakes and open spaces; a new specialty grocer, a 150-key hotel, and 60,000 square feet of medical office space; and a terraced community amphitheater/bandshell. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. The entire community will feature bike and golf cart paths, pedestrian walking trails, and trolley stops to minimize the use of cars.

Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500.

The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn.

Renderings via MSA Architects

Lynd Living Locks Down $22.75 Million In Financing For Miami Worldcenter Site Acquisition

Lynd Living has acquired Block 23 at Miami Worldcenter for $30 million, financed by a $22.75 million acquisition land loan. Block 23 is located between NW 9th and NW 10th Street on North Miami Avenue and is one of the last remaining land sites within Miami Worldcenter, the 2nd largest master planned community in the country, behind New York City’s Hudson Yards. The transaction closed on August 26th.

Concord Summit’s Managing Director Kevin O’Grady and Director Justin Neelis represented Lynd on the senior acquisition land loan and represent Lynd as the exclusive advisors to place construction financing for a mixed-used project. Concord Summit was also the sales broker for the land sale. Concord Summit’s next step is to secure the construction financing for the project for Lynd. Miami Worldcenter is no stranger to Concord Summit Capital, who had also arranged the construction financing and equity for Paramount Miami Worldcenter for Encore Capital.

“David Lynd is a visionary and an incredible developer who I’m confident will bring a whole new level of residential living to Miami Worldcenter that the market has not seen before,” O’Grady said.

Miami Worldcenter is a $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Several phases of the project have already been completed, including three residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami – and approximately 175,000 square feet of retail space. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter by the end of the year, along with another 125,000 square feet of retail space. Additionally, construction is underway at the 52-story Miami World Towers, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; and at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments.

Planned developments include The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures; a pair of “supertall” residential towers by New York-based Naftali Group; and a three-tower mixed-use project by The Witkoff Group, which will include up to 2,000 residential units as well as 550,000 square feet of office space and another 50,000 square feet of retail.

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

The Estate Companies Obtains Site Plan Approval For Soleste on the Bay Luxury Waterfront Rental Development

The Estate Companies (EIG) has obtained unanimous site plan approval for Soleste on the Bay, a 759,439 square-foot, 28-story luxury waterfront rental community with 363 units, 17,000 square feet of commercial space and 645 parking spaces at 16375 Biscayne Blvd. in North Miami Beach. The city commission voted unanimously in favor of the project on Aug. 16th. Groundbreaking is slated for Q4 2022. The Estate Companies was represented by Land Use Counsel, Ethan Wasserman, of Greenberg Traurig, LLP.

This is The Estate Companies’ second major investment in North Miami Beach. Located directly next door to Soleste on the Bay, construction is underway on Soleste NoMi Beach, a 23-story rental community with 367 units and 2,708 square feet of ground floor commercial space. The project broke ground in October 2021.

Tenants can select from a variety of studios, one-, two- and three-bedroom units ranging in size from approximately 550-1,250 square feet.

Like all projects within the Soleste Living brand portfolio, Soleste on the Bay will be a highly amenitized development with a vast collection of health and wellness offerings and social components, including a 10th floor amenity deck with two resort-style pools, spacious sundeck, game room, yoga room, spinning room, lounge, state-of-the-art fitness center and cinema.

The 2.15-acre waterfront property is located on the south side of the Royal Glades Canal with water views to the north and east. The site offers easy access to the 163rd Street Causeway, which connects to US-1 and A1A and all major arteries. The project is also in close proximity to Greynolds Park and within minutes to the beach and two of Florida’s premier shopping destinations, the Aventura Mall and legendary Bal Harbour Shops.

The Estate Companies is one of Florida’s largest and most active multifamily development firms with more than 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. The firm recently completed and sold Miami’s first large-scale, ground-up opportunity zone development, Soleste Grand Central in Downtown Miami. Development is also nearing completion on Alture Westland, a hotel conversion in Hialeah, and Soleste Spring Gardens in Miami’s historic health district. The Estate Companies recently completed and sold Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. In addition to two projects in North Miami Beach, the firm has projects in various stages of development in Dania Beach, Spring Gardens, Hollywood, Riviera Beach, Lauderhill, Pompano Beach and West Palm Beach, among others.

Two Combined Single-Family-Home Lots at The Links Estates at Fisher Island Sell For $13 Million

Two combined single-family-home development lots at The Links Estates at Fisher Island spanning 31,619 SF have sold for $13 million, $411 PSF of dirt. Sandra Fiorenza with ONE Sotheby's International Realty and her husband Randall, the CEO and Owner of Pan Am Flight Academy, purchased 1003 and 1004 Links Estate Drive from the developer Fisher Island Holdings, LLC, led by Heinrich von Hanau. 1003 spans 15,949 SF and 1004 spans 15,670 SF, offering a combined 31,619 SF.

The pair are some of the last remaining development parcels on the ultra-exclusive island. Since launching in June, 4 of the 12 lots have been sold. The Fiorenza’s currently reside on Fisher Island and have plans to build a 20,000-square foot spec home with famed architect Raffael Portundo, developer Heinrich von Hanau and luxury builder ASR Construction.

The Links Estates at Fisher Island is being developed by Fisher Island Holdings, LLC, Led by developer Heinrich von Hanau, who also developed the Palazzo Della Luna and Palazzo Del Sol condominium buildings which recently achieved a $1 billion sellout earlier this spring.

Fisher Island is an ultra-exclusive private island located just off of Miami Beach which is also the wealthiest zip code in the United States. Fisher Island is a secure island oasis, accessible only by private yacht or 7-and-a-half-minute auto-ferry from Miami Beach. The enclave spans 216 private acres of tropical resort-style living, located within minutes from the cultural enticements of Miami. The premier Fisher Island Club also provides access to the oceanfront Beach Club, Vanderbilt Mansion, Spa Internazionale, a par-35 championship nine-hole golf course, state-of-the-art Racquet Club, and two private deep-water marinas, among other amenities.

Image via David Hernandez/ONE Sotheby’s International Realty | Renderings via The Links Estates

For more information about The Links Estates at Fisher Island, private showings or purchasing/ leasing information please fill out the form below:

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.

Dubai-Based DAMAC Properties Closes On $120 Million Surfside Site Of Collapsed Condo, To Build Cavalli-Branded Condo

The Dubai-based DAMAC Properties, who was revealed as the she stalking horse bidder for the site of the former Champlain Towers South in Surfside, Florida which tragically collapsed in June 2021, has closed on the site for $120 million. DAMAC Properties, led by billionaire developer Hussain Sajwani, is planning to develop a Cavalli branded condo project on the site.

The developer agreed to a $120 million bid for the oceanfront property located at 8777 Collins Ave. via one of their US entities, East Oceanside Development, LLC. in September 2021. Court-appointed trustee Michael Goldberg issued the deed for the site at 8777 Collins Avenue which spans ±1.88 acres or ±81,886 square feet. The proceeds from the sale will go toward the $96 million settlement for the Champlain Towers South unit owners who lost their home in the tragic collapse.

The Cavallli Surfside condo will be DAMAC Properties’ first project in the United States. Sajwani’s private equity firm Vision Investments purchased the Cavalli luxury fashion brand in 2019. DAMAC Properties launched a 70-story Cavalli Tower in Dubai in 2021.

Honorable Judge Michael A. Hanzman and the court appointed receiver Michael Goldberg tabbed Avison Young, led by Michael T. Fay, to market the property in late-August 2021. Avison Young’s Michael T. Fay and his team John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth oversaw the sale, pro bono.

RELATED, ROVR AND BH GROUP BEGIN VERTICAL CONSTRUCTION ON SOLD OUT DISTRICT 225 CONDOMINIUM

Real estate industry leaders Related Group, ROVR Development and BH Group have officially broken ground on the sold-out District 225. Located at 225 North Miami Avenue in Downtown Miami, the 343-unit property is a new luxury condominium tower offering residents the ability to host their condos on Airbnb for any stay length (subject to applicable laws and restrictions). Completion is slated for 2024.

“District 225 is a project of many firsts. Now, with financing in hand, we’re happy to share that the development is also the first of Related’s next-generation Miami-Dade condos to begin vertical construction,” said Jon Paul Perez, Related Group president. “We couldn’t be more pleased with the reception District 225 saw from buyers and the industry. Not only did the project sell out in record time, but it also gave birth to an all-new type of restriction-free development that’s already had many other projects follow in its footsteps.”

Responding to a sustained demand for flexible ownership and living options, District 225 delivers ready-to-rent, fully furnished residences purposely designed, built and licensed to be shared. The project proved to be a success in the Miami market with all units sold within two months of its sales launch. Unique from past condos in the development team’s respective portfolios, District 225 attracted predominantly domestic buyers, including young professionals and remote workers in the new work-from-home era.

“Downtown Miami is going through a rebirth,” says Oscar Rodriguez, founding partner of ROVR Development. “We’re excited to have identified and secured a site that is so central to this neighborhood’s transformation. District 225 is a catalyst for flexible living, offering luxury condominiums at attainable prices in one of the city’s most promising destinations, surrounded by parks, public transportation, entertainment and more.”

District 225 joins downtown Miami as the neighborhood’s burgeoning market experiences a resurgence of new residential high-rises. The increased demand for residential units in the area is a testament to its growth as a cosmopolitan destination that caters to a live, work, play lifestyle. Just a few blocks away, The Related Group also announced The Crosby, another short-term-rental ready development located within the Miami Worldcenter mixed-use development

Gazit Horizons And Atlantic Pacific Reveal New Renderings Of Corwil Architects-Designed Brickell Gateway

Gazit Horizons and Atlantic Pacific have revealed new renderings for Brickell Gateway, a proposed 61-story tower set to rise 747’. Located at 90 SW 8th Street on a ½ acre hard corner development site, the current Corwil Architects-designed proposal includes 504 multifamily units, 18,287 SF of retail and 348 parking spaces. In March the developers requested a final approval for the project from Miami-Dade County planners. As it located in a rapid transit zone, developers requested the final review by county planners as opposed to City of Miami planners. Gazit Horizons acquired the land in July 2017 for $29.5 million and recently demolished the existing 3-story building earlier this year.

Boynton Beach City Commission Approves Public-Private Partnership Project, The Pierce, In Partnership With Affiliated Development

Boynton Beach City Commission has voted unanimously to approve all agreements between the City, the Boynton Beach CRA and Affiliated Development in order to advance highly anticipated $80+ million mixed-use, mixed-income workforce housing project, The Pierce.

Located in west of Federal Highway between Ocean Avenue and Boynton Beach Boulevard, The Pierce will offer 16,800 square feet of restaurant and commercial space, a minimum of 236 apartment units and a parking garage that will include 150 public parking spaces. Affiliated Development was the only proposer that had an agreement with longtime Boynton Beach restaurant, Hurricane Alley, which secured the business’ future in Boynton Beach.

Fort Lauderdale-based Affiliated Development outbid 4 other firms that responded to a RFP in Decemeber 2021 issued by the Boynton Beach CRA, including Related Group. Negotiations have been ongoing since that time and all agreements have been finalized and approved by the CRA Board and City Commission.

“We are community builders and have a track record of working alongside our City and CRA partners to create a transformative projects that increase the quality of life for the city’s residents,” says Jeff Burns, CEO of Affiliated Development. “We have had our eye on Boynton Beach for a while and strongly believe that Boynton Beach is poised to reach its full potential.”

With housing affordability at unprecedented levels, The Pierce will offer 50% of the project’s units at varying workforce housing levels in order to accommodate the overwhelming demand for Class A living at attainable rents. The Pierce’s 8-story apartment building will offer luxury finishes, features and amenities including a resort style pool with private cabanas, state of the art fitness facility, co-work collective and keyless Bluetooth door entry. The Pierce will be built and certified to national green building standards.

Boynton Beach leaders have been setting the stage for this moment for many years. The CRA had assembled over 2 acres of property and received many unsolicited suiters over the years. Instead of moving forward with those proposals, the CRA underwent a competitive process that not only vetted the merits of the project, but the strength of the developer. Affiliated Development specializes in public-private-partnership development and has several completed projects in Broward and Palm Beach Counties.

Affiliated Development’s next step is to begin the land use entitlement process. “If all goes smoothly, we anticipate getting underway during the mid 2023,” says Burns.