University Bridge Residences Announces The FIU-Adjacent Development Will Now Be Retained As Rentals

University Developments has announced that its 20-story student housing tower University Bridge Residences, adjacent to Florida International University (FIU), will now be rentals instead of sold as a condominium as originally planned.  
 
A strong rental market for student housing combined with recent changes in United States tax legislation made retaining the unique asset incredibly compelling. University Developments has been processing its building permits since the fourth quarter of 2017 and expects to be able to break ground this spring. Delivery of the building is on its original schedule, anticipated in time for the 2020-21 academic year.
 
“Despite very impressive sales in an overall difficult condominium market, we have made the decision to retain this asset instead of selling it off to individual buyers,” said Brian Pearl, Principal of University Developments. “Cervera Real Estate, our exclusive broker, has done an amazing job, realizing more than 150 unit sales in the past six months. We were certainly on track on our projections, however, the option of retaining the asset is clearly the better scenario for us in the long-run.”
 
“We understand that developers have to make the best financial decisions available to them,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “While we are disappointed that the units will not be sold as condominiums, especially with the tremendous response that we saw from both buyers and brokers, we are glad to see the project still going ahead and filling the obvious need in the marketplace for student housing. I am very proud of our sales team and thankful to the visionary brokers who have proven the viability of this concept here in our growing city. We are actively working to find alternative opportunities for their buyers given the change in the project’s status.”
 
“We have had a highly productive experience with Cervera and plan to work with them again and again,” concludes Pearl. “It is a rare opportunity where an asset is viable as both a sale and a rental, but the opportunity to retain the asset was the deciding factor.”

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. University Bridge Residences is bing designed by architecture and interior design firm Arquitectonica and will rise 20 stories and offering 492-units. 

Check out the renderings of the Arquitectonica-designed tower

Photos via University Bridge Residences

Terra Sells The Publix Anchored Doral Commons Retail Center to Jamestown, L.P.

Doral has been a hotspot for growth with intense demand for stable assets. Recently, Terra’s Doral Commons retail plaza sold to Jamestown, L.P. for a reported $71.6 milllon. The 140,000 SF shopping center was 95% leased at the time of sale with anchor tenant Publix Supermarket alongside TJ Maxx, Citibank, GNC, AT&T Wireless, McDonald’s, and others. Cushman & Wakefield represented Terra in the transaction. Doral Commons is located at the intersection of northwest 74th Street and 107th Avenue, and was initially part of a 100-acre tract acquired by Terra co-founders David and Pedro Martin in 2012. Terra subdivided the land into commercial and residential uses and completed the construction of Doral Commons in 2015. Terra's 319-home Modern Doral development is located directly next-door to the retail center.

“The commercial growth underway in Doral is one of the most exciting stories playing out in South Florida’s real estate landscape,” says David Martin, president and co-founder of Terra. “Rising demand for retail, office and industrial real estate is being fueled by a growing residential population, the City’s desirable lifestyle, and improving infrastructure and transit options. Terra developed Doral Commons with the goal of attracting a tenant mix that would meet the everyday needs of nearby residents, and the success of that formula ultimately led to this sale.”

“The Doral Commons sale coincides with a surge of retail leasing activity in Doral which is creating heightened demand among sophisticated investors such as Jamestown,” according to Mark Gilbert, Executive Managing Director of Cushman & Wakefield’s South Florida capital markets team. “This is a case of Terra taking a forward-looking approach to acquiring a site, recognizing a void in the market, and creating value through execution and leasing. (sic) Doral’s retail occupancy rate is in the 98 percent range, according to our firm’s latest retail report, and that number should hold given Doral has become a live-work-play community and remains one of the most dynamic markets in the Southeast for all property types in the eyes of core real estate investors. The fact that Doral is one of the fastest-growing cities in the Southeast is special, but it’s the quality of residential and employment growth that makes it a must-own market for institutional investors.” 

University Developments Unveils The Sales Gallery At University Bridge Residences

University Developments has officially unveiled their sales gallery after hosting a celebration in honor of the milestone on December 14, 2017. More than 150 of Miami-Dade’s leading real estate brokers, VIPs and community leaders joined the development team at its unique dome-shaped, contemporary sales center in welcoming Miami’s first student housing condominium, which will be located across the street from the main campus of Florida International University (FIU). Those in attendance received the exclusive first look preview at the project’s super-sized scale model, as well as viewed renderings and floor plans through their innovative app. The sales center also highlights the refined finishes offered to University Bridge’s future student residents in the sample model residence. The sales center’s unique dome structure brings a modern, sleek, contemporary look to the City of Sweetwater’s designated ‘University City’ district.

“We are very excited to formally open our doors and welcome those interested in this unique real estate project,” said Brian Pearl, principal of Global City Development. “The sales gallery is a reflection of the project’s uniqueness and has to be experienced to understand the value proposition being offered to buyers and brokers.”

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. The project will serve the school’s rapidly growing student population’s housing demand. Florida International University is the fourth-largest university in the United States by enrollment, with more than 55,000 students, but only eight percent of the student body lives in college owned, operated or affiliate housing. University Bridge Residences, which is bing designed by architecture and interior design firm Arquitectonica, will rise 20 stories and feature 492-units. Each turnkey unit depicted in the interior renderings comes fully furnished offering a multitude of residential features including complete kitchens, stainless steel appliances, washer and dryer in every residence, flooring throughout, and dedicated bathroom for each bedroom. Residences come a wide array of floorplans ranging in size from 317 square feet to 1,634 square feet, including studios, one, two, three and four bedroom units, as well as three and four bedroom townhouses. Prices range from the $190,000’s to the $600,000’s. Leasing is exclusively presented by Cervera Real Estate. Amenities include a large amenity deck with a landscaped recreational area featuring a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas. The building’s rooftop will also feature a sunset terrace complete with dining areas, large yoga lawn and performance stage. The property also serves as a direct connection with the FIU campus and will allow residents to access the campus networks and online tools as if they were on campus. The project is scheduled for completion in time for the 2020-2021 academic year. 

Estate Investments Group Secures $52 Million in Construction Financing For Soleste Blue Lagoon

Estate Investments Group (EIG), one of South Florida’s most prolific multifamily developers, announced today that it has secured $52 million in construction financing for a new rental community in the Blue Lagoon neighborhood of West Miami (November 6, 2017). The loan was underwritten by Florida Community Bank (FCB), and will fund the development of the 330-unit Soleste Blue Lagoon rental community, located at 5375 NW 7 Street in Miami. Soleste Blue Lagoon is the latest EIG-developed property financed through FCB, with prior construction loans funding the development of Soleste Club Prado and Soleste West Gables II. The construction loan is the latest in a series of recent high-profile milestones from EIG, including the recent approval for the development of the 200-unit Soleste Bay Village, in The Village of Palmetto Bay; the approval of the 338 unit Soleste Twenty2 in West Miami, and the $59 million sale of the recently completed Soleste West Gables II, also in West Miami.

“Our unmatched location, designs and amenity offerings are leading each of our properties to consistently over-perform. We’re confident this positive trend will continue in the long-term, especially as the region’s growing base of well-educated young professionals drives demand for urban rental communities to new heights,” said Robert Suris, Founder and Principal of EIG. “We’re proud to partner with such an established financial institution like Florida Community Bank and look forward to working together to raise the bar for rental living.”

Soleste Blue Lagoon will feature units that come in studio, 1, 2, and 3-bedroom floor-plans and range from 400 SF to 1,100 SF. Residences feature sleek modern kitchens with custom cabinets, quartz countertops and designer lighting, full-size washer and dryers as well as impact resistant glass. The property will also include sprawling terraces offering dramatic views of Blue Lagoon lake. Amenities include a lake front resort-style pool, sun deck with private cabanas, and private beach with sand volleyball court, resident lounge, state-of-the-art health and fitness club, and a rooftop serenity garden as well as water-based activities in the lake. Rental prices will start in the low $1,300s. Construction on Soleste Blue Lagoon is expected to be completed by summer 2019.

The Arquitectonica-Designed University Bridge Residences Unveils New Renderings

University Developments released today a collection of new renderings of University Bridge Residences, a premier condominium purpose-built for student tenants located across the street from the main campus of Florida International University (FIU) (November 2, 2017). The new images of University Bridge Residences offer a glimpse into the amenities and interiors of Miami’s first student housing condominium. The renderings unveil the residential lobby and the project’s stunning amenity deck with a landscaped recreational area boasting a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas. The building’s rooftop will also feature a sunset terrace complete with dining areas, large yoga lawn and performance stage. The property also serves as a direct connection with the FIU campus and will allow residents to access the campus networks and online tools as if they were on campus. 

Each turnkey unit depicted in the interior renderings comes fully furnished offering a multitude of residential features including complete kitchens, stainless steel appliances, washer and dryer in every residence, flooring throughout, and dedicated bathroom for each bedroom. Residences come a wide array of floorplans ranging in size from 317 square feet to 1,634 square feet, including studios, one, two, three and four bedroom units, as well as three and four bedroom townhouses. Prices range from the $190,000’s to the $600,000’s. Leasing is exclusively presented by Cervera Real Estate. 

University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. University Bridge Residences, which is bing designed by architecture and interior design firm Arquitectonica, will rise 20 stories and feture 492-units. The project is scheduled for completion in time for the 2020-2021 academic year. 

“We’re thrilled to unveil the pool deck and interiors of University Bridge, which we specifically created with our residents in mind. We set out to elevate student housing by design, offering an array of specialized student furnishings and amenities that directly benefit residents’ day-to-day lifestyle and add value for condominium buyers,” said Brian Pearl, principal of Global City Development. “There’s a great demand for student housing at FIU, and University Bridge Residences is introducing a new paradigm in the area, benefitting both the local community and students who live there.”

“Student housing is one of the fastest growing asset classes in the world as university enrollments continue to trend upward,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “We are very excited to be bringing this new product to our city with University Bridge Residences. Finally offering locals and our international clients an opportunity to participate in an asset class that has traditionally only been made available to institutional investors.”

Terra Unveils Venus Williams' V STARR Interiors at the New Clubhouses at Modern Doral

Terra has chosen V STARR Interiors, owned by tennis icon and entrepreneur, Venus Williams, to design the clubhouses for Modern Doral. Modern Doral is a gated residential complex composed of three subdivisions located in Doral, Florida. V STARR Interiors designed three 2-story clubhouses, one for each subdivision, which start at 3,500 SF. The layouts for each clubhouse are different, yet share the same clean, open design, with standout furniture like a custom bookcase by RTI, a Fusion pool table, custom lighting, meeting areas, a fully-equipped fitness center, library, business center with media room and kitchenette, a swimming pool, spa, sun deck, BBQ gazebo areas, and spectacular lake views and bicycle trails.

“Our interiors are a modern representation of quintessential mid-century Miami and boast sculptural lighting, fun artwork and pops of color with cool open floor plans,” explains Venus Williams, CEO of V Starr Interiors. “These are family communities, so we have kids’ rooms in the club homes, which is distinct from past projects; there are Lego walls and custom murals by Jeffrey Noble that maintain the modern feeling.”

Developed by South Florida-based Terra, the unique master-planned community consists of 319 single-family luxury homes and approximately 150,000 SF of retail space featuring fine dining, eclectic shopping, and recreational environments. Construction of Modern Doral is well-underway and expected to be completed later this year (2017).

“When much of the world looks at South Florida real estate, they see high-rise condos, but this market is home to a range of product types catering to a diverse buyer base," explains Terra President and Co-Founder David Martin. "The sales success we've experienced at Modern Doral is a real-world example of the growing demand for design-oriented homes in desirable communities."

Check-Out University Bridge Residences, The 1st Student Housing Condo Project in Miami Near FIU

University Bridge Residences, near FIU, has launched as the first student housing condominium project in the Miami market. University Developments introduced plans for the purpose-built residential condo development for student tenants located across the street from the main campus of Florida International University (FIU). The residences will have direct connection to campus via the new 8th Street pedestrian bridge. University Bridge Residences will rise 20 floors and feature 492 units. Units range from 317 SF studios to 1,634 SF 4-bedroom units as well as 3-bedroom and 4 bedroom townhouses. Prices range from $190K to the high $600K's. Residences will feature en-suite bedroom's with bathrooms as well as in-unit washer and dryers. University Bridge Residences will offer a stunning amenity deck with a landscaped recreational area boasting a resort-style pool with beach entry and pool volleyball with lap area, cabanas, sun deck with daybeds, BBQ and dining areas, a state-of-the-art fitness room, 24-hour concierge and security, a 5,500 SF indoor lounge and game room, study rooms, conference rooms, business center, outdoor video screen, sunset terrace complete with dining areas, large yoga lawn and performance stage. To aid in residents’ academic pursuits, students will enjoy complete access to all university online tools directly from their condominium, just as if they were on campus. Completion is expected in 2020. 

University Bridge Residences will serve the school’s rapidly growing student population’s housing demand as FIU is the 4th largest university in the United States by enrollment, with more than 55,000 students. Only a mere 8% of the student body lives in college owned, operated or affiliate housing. As part of the City of Sweetwater’s newly-designated University City, ownership of the units is open to all qualified buyers; however residents must be university affiliated. University Bridge Residences is being developed by University Developments, a partnership between Miami-based Global City Development, Toronto-based Reichmann International and Toronto-based Podium Developments. The project was designed by Arquitectonica and will be managed by Landmark Properties, one of the top US firms specialized in off-campus student housing.

“FIU has enjoyed tremendous growth in both students and reputation as one of the region’s top universities,” said Brian Pearl, principal of Global City Development. “As with many schools located within dense urban or suburban environments, there is a great need for housing. With its rapid growth, FIU has even more need than most, and we feel privileged to be part of the long-term solution.”

“This is a truly unique opportunity for condominium buyers looking to diversify their real estate portfolio,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate, the exclusive sales and marketing brokerage for University Bridge Residences. “The project is ideally priced and the demand is compelling.”

A First Look Inside The Flats at CityPlace Doral, Related Group's Luxury Rental Apartments

Related Group has released never-seen-before photos of The Flats at CityPlace Doral, a hot new rental property in their master-planned, mixed-use complex. The Flats at CityPlace Doral is a rental building that currently has 28 different styles of studios, 1, 2 and 3-bedroom apartments available with prices ranging from $1,645 to $3,600 per month. Two other residential buildings in CityPlace Doral will include Oasis, contemporary-style, 4 and 5-bedroom single-family residences with a variety of unique features and options; and The Manor Apartments, a collection of nineteen studio, 1, 2, and 3-bedroom luxury apartments. CityPlace Doral was developed by The Related Group and opened in March 2017. The Arquitectonica designed master-planned, mixed-use community brings living, dining, entertainment and upscale shopping together. The project marks Related’s 2nd installment of their CityPlace brand and will feature 250,000 SF of retail space, including luxury living and more than 40 dining, shopping and entertainment destinations.