13th Floor Investments & Adler Group Lock Down $99 Million In Construction Financing For 2nd Tower At Link at Douglas

Miami-based real estate developers Adler Group and 13th Floor Investments have finalized a $99 million loan that will open the door to the construction of a second tower at Link at Douglas, a 7-acre master-planned development that will transform Miami-Dade County’s Douglas Road Metrorail Station into a mixed-use transit hub with residential, retail and commercial office uses. The loan, which was issued by Banco Santander and TD Bank, will help fund the construction of the 36-story multifamily building, which will include 421 rental apartments and 17,000 SF of ground-floor retail space.

Situated directly adjacent to the Douglas Road Metrorail Station at 3100 Douglas Road, the Arquitectonica-designed building will also feature a public plaza with connectivity to The Underline, a 10-mile-long linear park being built underneath the Metrorail tracks running from Downtown Miami to South Miami.

Construction of Tower 2 is expected to get underway this month (February 2020) and is expected to be completed in late 2022. Tower 1, a 22-story multifamily building designed by Corwil Architects with 312 rental apartments and 6,000 SF of retail space, broke ground in July 2019 and is slated for completion in 2021.

“The closing of this construction loan is a testament to our strong bank relationships and also signals the continued confidence in our latest transit-oriented development, as well as our ability to execute as a development team,” said Daryl Shevin, CFO of 13th Floor Investments.

“Link at Douglas will set a standard for urban living by catering to Miami-Dade’s evolving residents, who are looking for ways to avoid road congestion through public transit while seeking a more connected lifestyle,” said Jonathan Raiffe, Chief Operating Officer of Adler Group.

Link at Douglas is being developed through a collaboration with Miami-Dade County in which the developers have entered into a ground lease for publicly-owned land that will usher in privately-funded transit and infrastructure upgrades at a critical connection point within the County’s transit system. Link at Douglas’ mobility plan includes connectivity to Metrorail, County buses and municipal trolleys. Additionally, the development will incorporate over $17 million in public infrastructure improvements, including a fully renovated Metrorail station, a public plaza with active retail, and a section of The Underline. Link at Douglas marks the second partnership for 13th Floor Investments and Adler Group. The development team recently completed Motion at Dadeland, a 294-unit transit-oriented rental community adjacent to South Miami’s Dadeland North Metrorail Station, which opened to renters in April 2019.

Rannan Katz's RK Associates Proposes R.K. Center Mega-Project in Fort Lauderdale

Rennan Katz’s RK Associates has proposed R.K. Center, a 5-tower mega-project in Fort Lauderdale. The proposal would replace a former Sears and is currently being reviewed by Fort Lauderdale’s Design Review Committee. R.K. Center would feature restaurants and street front retail along with 5 mixed-use towers featuring office space, retail, hotel and residential apartments. Parcel 1 will feature 3 towers rising 30 stories (X2) and 15-stories offering 819 residential units, 71,960 of commercial space, 4,000 SF of restaurant space, a 4,000 SF food hall and 1,351 parking spaces. Parcel 2 will rise 17-stories and will feature 192 hotel rooms, 22 residential apartments, 3,480 SF of restaurant space, a 1,290 SF cafe and 288 parking spaces. Parcel 3 will rise 15 stories and will feature 135 residential apartments, 4,178 SF of retail, 2,295 SF of restaurant space, a 10,312 SF art gallery and 230 parking spaces. R.K. Center will bring an active urban lifestyle to Fort Lauderdale for both the general public and end users.

The Mixed-Use Block H Is Now Rising At Miami Worldcenter Bringing Retail & Restaurants To Downtown Miami

Construction is moving swiftly on Miami Worldcenter’s Block H, which now can be seen rising out of the ground adjacent to the also rising 43-story Luma residential tower and now under construction CitizenM Hotel. Block H will serve as one of the center pieces of the mega-project reinvigorating Downtown Miami including being the main point of drop off with Miami Worldcenter’s main public plaza located adjacent to the immediate north and being one of the developments 2 main parking garages. Block H will feature 48,000 SF of retail and restaurants split between floors 1, 2 and 12 with 922 parking spaces filling the rest of the development.

Miami Worldcenter is a $2 billion mixed-use mega-project coming to Downtown Miami led by Art Falcone, Nitin Motwani. The total retail component will features 360,000 SF of high-street retail which Miami Worldcenter Associates, Taubman Centers and The Forbes Company are currently leasing. Miami Worldcenter is being developed by Miami Worldcenter Associates, Taubman Centers, The Forbes Company, and MDM Group with the master plan designed by Elkus Manfredi Architects. The project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, in addition to a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.  

Joint Venture Led By Related Group Reveals The Dorsey In Wynwood Designed By Arquitectonica

A joint venture between Jorge Perez’s Related Group, Alex Karakhanian, and Tricera Capital, led by Scott Sherman, have revealed plans for The Dorsey in Wynwood. The Dorsey is being designed by Arquitectonica and when complete will rise 12-stories and will feature 306 apartments, 35,858 SF of retail space and 58,760 SF of office space. The Dorsey will be built at the site of the former Coca Cola plant and was previously owned by Thor Equities and Rockwood Capital who had proposed a Touzet Studio-designed project. The JV, which purchased the 2-acre site in late 2019 for $32 million, has obtained a permit to demolish the existing buildings on the site, some of which were originally built in the late 1920’s. Miami’s Urban Development Review Board will review the proposal on December 18. The Dorsey will be located at 280 NW 28th Street.

Gazit Horizons Reveals 48-Story Brickell Gateway Tower Next To Brickell City Center

Gazit Horizons, a subsidiary of Gazit Globe, has revealed Brickell Gateway, their newly proposed 650,000 SF mixed-use tower which will be built next to Brickell City Center. Located at 90 SW 8th Street, 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. A demolition permit for the existing structure has not been filed with the city. Gazit Horizons acquired the land in July 2017 for $29.5 milion. Cushman and Wakefield is expected to oversee leasing.

Rieber Developments Closes On $36 Million Construction Loan For Ivory 214

The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group. Ivory 214 is already under construction after general contractor Winmar Construction, an affiliate of Coastal Construction, broke ground in March 2018 and is on schedule to complete the project in the first quarter of 2020.

When complete Ivory 21 will be a 10-story medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel. Along with its recently announced sister project, 12|12 Aventura, the projects will serve as the epicenter of the ‘Aventura Medical District.’ Ivory 214 is a Class A+, state-of-the-art facility featuring an independent hotel and medical office space. The contemporary building is comprised of 10,942 SF of retail, 38,191 SF of offices, 100 hotel rooms, and 313 parking spaces.

The significant project milestone comes on the heels of the extraordinary sales interest for the project’s office condos, which has just four office spaces remaining, from the original 34. Sales of the Ivory 214 office condos has been led by Cervera Real Estate as the exclusive broker.

“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”

Driftwood Hospitality Management will serve as the hotel operator of the Tapestry Collection by Hilton™ hotel which will feature 100 extended stay rooms complete with kitchenettes, and premium amenities including a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar, rooftop terrace, valet parking, and 360-degree views of Aventura.

Located at 2820 NE 214 St, Aventura, FL 33180, Ivory 214 boasts a prime central location, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital.

Rieber Developments Reveals Mixed-Use 12|12 Aventura In The New Aventura Medical District

The Aventura-based Rieber Developments, led by Bernardo Rieber, has revealed plans for 12|12 Aventura, a mixed-used project with offices for medical professionals, a luxury senior living component and vibrant dining and shopping. Set to be among the first of its kind in South Florida, the visionary project, along with its sister development, the under-construction Ivory 214, a medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel, will serve as the epicenter of the ‘Aventura Medical District.’ 12|12 Aventura is situated in a prime location at 21290 Biscayne Blvd, Aventura, FL 33180, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital. The centrally located development will serve as a destination for dining and shopping for area guests and locals alike, while offering a unique mix of medical and professional office condos, a luxury senior community and commercial retail complete with a Chelsea Market-style food hall on the ground floor. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 SFof commercial retail space, 30,000 SF of offices, a 150-residence luxury senior living component and a structured parking garage. ID & Design International is outfitting the interiors of the common areas throughout the project.

“Our vision for 12|12 Aventura and the Aventura Medical District is to meld community, culture, health and wellness with unmatched convenience for our tenants, patrons and residents. We believe healing begins with architecture, and when we set out to develop this project we ensured every element was thoughtfully designed with this in mind,” said Bernardo Rieber, principal of Rieber Developments. “Offering a state-of-the-art food hall, lively contemporary restaurants, enticing retail and offices as well as modern-style luxury senior living where residents can interact more, this project was truly created to complement the surrounding community.” 

Sales of the 12|12 Aventura office condos recently launched with Cervera Real Estate as the exclusive brokerage. General contractor Winmar Construction, an affiliate of Coastal Construction, will break ground on the project in December 2019 with completion slated for 2021.

Okan Tower Releases First Interior Renderings With Groundbreaking Planned For Late 2019

Turkish developer Okan Group has released the first interior renderings of the Behar Font & Partners-designed Okan Tower in Downtown Miami. The tower is expected to break ground later this year and will rise 70-stories when complete, over 890’. The project is currently 20% sold and will feature 153 condominium units, 236 condo-hotel units, 316 hotel rooms and 64,000 SF of office space, 10,000 SF of restaurant space and a selection of amenities including a rooftop pool. Okan Tower is located at 555 N. Miami Ave. is expected be completed in late 2022.

Avra Jain To Break Ground On 555 River House In January 2020

Avra Jain is planning to break ground on the Carlos Zapata and O’Donnell Dannwolf and Partners-designed 555 River House in January 2020. Located on the Miami River, River House will be a mixed-use development with 39 luxury condos, a 175-key hotel, 120,000 SF of office space and 36,650 SF of commercial space. The hotel will be managed by the New York-based Sixty Hotels and the condos will be under the same brand, both of which will share the amenities. The condominium component is expected to ask around $1,150 PSF, priced between $1 million and $1.5 million. 555 River House will also feature 10 boat slips and a 600’ public river walk.

Mast Capital Acquires The Quay Mixed-Use Shopping Center In Fort Lauderdale For $43 Million

Mast Capital has purchased The Quay, a 73,000 SF, mixed-use shopping center in Fort Lauderdale for $43 million. The property, which is currently 100% leased, includes major tenants such as the Boatyard restaurant, United States Postal Services, and Chipotle. Mast Capital acquired the property from Hudson Capital Group, Inc., and financed the purchase with a loan from CIT bank, N.A. Roberto Susi of Axiom Capital Advisors brokered the off-market transaction. The 6.97-acre site, which is located on the SE 17th Street commercial corridor, also includes a marina and a two-story office building. Acquisition of The Quay reflects Mast Capital’s strategy of identifying properties that display strong value-growth characteristics.

“This property generates strong in-place cash flows, which we believe has further upside,” said Camilo Miguel Jr., CEO and founder of Mast Capital. “The Quay’s unique waterfront location, proximity to major points of interest and frontage on the well-trafficked SE 17th Street corridor position it to benefit from Fort Lauderdale’s growing popularity as a city for people to live, work, and play.”

“With the property already 100 percent leased, the purchase provides Mast Capital with a strong, secure and long-term investment opportunity,” said Susi. “From its prime waterfront location to its remarkable accessibility to nearby attractions and transportation options, the property is and will remain attractive to tenants of all sizes.”