Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million

Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.

The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components. 

The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses. 

The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage. 

The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area. 

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

For more information about the portfolio or any of the sites, private showings or purchasing/ leasing information please fill out the form below:

International Materials Signs 20K SF Lease In Delray Beach To Relocate HQ

International Materials, Inc. (IMI), an international trading and logistics provider, has signed a 20,052-square-foot lease with Samuels & Associates to relocate and expand its corporate headquarters from Boca Raton to the Offices at 4th & 5th Delray. Located in Delray Beach’s central business district, IMI’s new headquarters will settle into nearly two-thirds of the mixed-use building’s third-floor Class A office space at 25 SE 4th Ave.

The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach where there is both a high demand for office spaces and limited Class A office development. The relocation of IMI’s headquarters into the expansive office space will aid in the company’s accommodation of the existing HQ roster of 45 full-time professionals and doubling its team’s numbers by finding talent in line with its anticipated growth trajectory. 

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President of IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, while IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5th Delray. It is only a few steps away from Delray Beach’s Atlantic Avenue, which is composed of 9,000 square feet of boutique retail, lively dining options, green space, and public beachfront. The project also features a dedicated entryway, a flexible floor plan, experiential office design which will allow for a variety of work settings, more than 8,600 square feet of spacious terraces that allow for views of downtown Delray Beach, a 326-space parking garage, an onsite iPic theater, and a restaurant, all of which IMI will have access to.

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO of the Greater Delray Beach Chamber of Commerce.

“There is no denying the staying power and increasing vibrancy of Delray Beach's downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

By Isabella Zimmermann

Triple Five Group Completes Land Swap For Final Portion of 174 Acre Assemblage Needed To Develop American Dream Miami

American Dream Miami has moved closer to its expected 2021 groundbreaking after Triple Five Group completed a land swap with Graham Companies for the final 25 acre needed to develop the mega mall. The land is located south of NW 178th Street and east of 97th Avenue in unincorporated northwest Miami-Dade County, just west of Miami Gardens and Miami Lakes. The land will be incorporated in a 336-acre plan to build 2,000 apartment units, retail and office space.

The two parcels acquired by Triple Five Group were valued at $12.7 million while the three parcels acquired by Graham were also valued at $12.7 million. No money was exchanged as part of the deal but CIBC Bank USA reportedly increased its mortgage on Triple Five Group’s holdings from $15.35 million to $19.65 million.

First proposed in 2015, American Dream Miami would be the biggest mall in the United States when completed. The malls is expected to span over 5 million SF and will feature a retail component with an entertainment component consisting of a theme park, indoor ski complex, ice skating complex, aquarium and a submarine lake. The mall would cost between $4.5 billion to $5 billion with completion expected in 2025.

The Miami-Dade City Commission approved zoning changes in May 2018 and the developers and city will need to work together to build a highway interchange between the Ronald Raegan Turnpike, I-75 and NW 170th St. required to make the project possible. American Dream Miami will also require a $15 million sewer extension. Triple Five Worldwide plans to submit a final design by the end of 2020 and the group is currently reviewing the site to finalize the mix of entertainment and retail.

Eyzenberg & Co. Secures $21.3 Million Loan For Weiss Group of Companies Kobi Karp-Designed Towers at Blue Lagoon

Weiss Group of Companies has secured $21.3 million in bridge financing for the Kobi Karp-designed Towers at Blue Lagoon, which will replace a previous loan and fund predevelopment costs. Weiss Group has owned the 7-acre site located near Miami International Airport since the 1970s. In March 2019, their proposed rezoning to Miami city commissioners that would raise the development site’s maximum building height from eight stories to 12 stories was approved. Phase one of the mixed-use project will include a total of 829 multi-family units in two 184,000-square-foot buildings. Unit floor plans will include studio, one-, two-, and three- bedrooms. Future plans for the development include two 147-room hotels, parking spaces, affordable, market-rate and workforce housing, and improved roads and pedestrian walkways.

Weiss Group secured the loan from a Canadian private lender, according to the president of Eyzenberg & Co. Eyzenberg and Robert Ginsberg, managing director of Eyzenberg & Co., assisted in arranging the loan on behalf of Weiss Group.

By Isabella Zimmermann

Oasis Hallandale Reveals New Renderings For 10-Acre Mixed-Use Development

Oasis Hallandale is a new multi-block district of residences, shops, restaurants, urban parks, and offices designed by Bernardo Fort-Brescia of Arquitectonica that will soon become a pedestrian-friendly city center to the city of Hallandale Beach. The development is located at 1000 E Hallandale Beach Blvd. Hallandale Beach and is estimated to be completed in 2025.

Oasis Hallandale will combine a live, work, and play lifestyle and community with boating, the nearby beaches, Gulfstream Park, the Hollywood Beach Boardwalk, Aventura Mall, Seminole Hard Rock Hotel & Casino, and the Fort Lauderdale-Hollywood International Airport all in one prime location.

“We are thrilled to play such a significant role in the growth of the city by delivering such a beautifully-designed core development to Hallandale Beach,” said developer Giuseppe Iadisernia, founder of Hallandale Oasis 2019 LLC, who purchased the 10-acre site in 2015. Iadisernia recently revealed new designs for the mixed-use concept to showcase the commercial and residential vision of the project. “This concept will elevate the city’s social spaces and offerings for residents and visitors alike.”

The residential portion will be made up of 500 multifamily units in two 25-story residential towers. Residences will range from 1-3 bedrooms and 891-1,843 square feet and will be equipped with floor-to-ceiling windows, walk-in closets, imported Italian cabinetry, stainless steel appliances, and balconies with glass railings. Residents will be able to enjoy luxury-level amenities that will fit any needs, such as a golf simulator, indoor and outdoor movie theatres, a fitness and wellness center, a yoga lawn, a ping-pong room, a mini soccer field, storage, a barbecue and fire pit areas and pet park, a splash-pad for children, poolside cabanas and 24-hour lobby attendants.

Oasis Hallandale will have five buildings dedicated to commercial spaces, with 59,219 square feet of retail and restaurant space, 34,691 square feet of office space, and 1,486 parking spaces. Lush, green urban parks will decorate the area throughout, making it a perfect location for public gatherings.

“The interest from the community has been tremendous,” said Norma Campos, Sales Director of Oasis Realty company, the in-hour real estate firm that is exclusively handling all sales. “This project is delivering an iconic centerpiece for this beautiful destination, offering the walkability and convenience that people are looking for while remaining close to the beach.”

Oasis Hallandale’s state-of-the-art spaces are attracting many eager tenants. Sales were launched for the first two buildings of the commercial phase, with 60% of spaces already under reservation. The sales launch for the entire project is scheduled to follow later this year.

East End Capital & Related Group Secure $136 Million In Refinancing For Wynwood 25 & Wynwood Annex

Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.

“This financing is a significant milestone for Wynwood 25 and the Annex as it officially marks the completion of these pioneering Wywnood developments,” said Jonathon Yormak, of East End Capital. “We thank our partners for their support.”

Approximately $110 million of the loan was used for Wynwood 25, Wynwood’s first purpose-built, rental community, which adds 289 rental units ranging from 400 SF studios to three-bedroom apartments to the market. Designed by architect Kobi Karp, with interiors by Meshberg Group, Wynwood 25 features amenities such as a 24/7 concierge, valet parking, electric car charging stations, pet grooming spa, rooftop lounge and kitchen, library with co-working space, state-of-the-art fitness room with virtual spinning studio, and a heated resort-style pool with a sunbathing deck area that looks down on the world-famous Wynwood Walls. Wynwood 25 also features 28,518 SF of retail space, featuring ice cream shop, Salt & Straw, and acclaimed Austin-based Japanese powerhouse, Uchi, expecting to open in the Spring 2020.

“Wynwood 25 and the Annex ushered in a new era for Miami’s most popular neighborhood, and the response from renters, tenants and the Wynwood community has been overwhelmingly positive,” said Jon Paul Perez, executive vice president for Related. “We look forward to continuing to bring these kinds of thoughtfully designed properties to Wynwood as it grows and evolves.”

Nearly $26 million of the refinancing loan was utilized for The Wynwood Annex, the second component of the mixed-use development. The Annex is a 60,000 SF, Class-A office building, geared towards TAMI tenants, such as Live Nation, that has already moved into its full floor space at the building. The Annex boasts loft-like office space with soaring ceilings and private outdoor space, individually sized floor plans, and on-site parking. Other features include a 4,429 SF ground-floor retail component as well as a communal rooftop terrace with outdoor seating.

Apartment leasing at Wynwood 25 is being managed by The Related Group. Retail leasing at Wynwood 25 and Wynwood Annex is being handled by Richard Skulnik at RIPCO. Office leasing at Wynwood Annex is led by the team of Gordon Messinger and Ericka Witkowski of Cushman & Wakefield.

Alta Developers Launches Sales At The Recently Completed Quadro At The Miami Design District

Alta Developers, a South Florida-based real estate development firm, has announced the completion and launch of sales at Quadro at the Miami Design District. Quadro at the Miami Design District is a resort-style condominium with 198 turn-key residences where art is integrated throughout the entire development. Designed by Behar Font & Partners, international homebuyers and art lovers from across the globe can now enjoy art, designer finishes, sweeping city and bay views just across from the Miami Design District.

Quadro at Miami Design District also offers short-term rental flexibility as short-term rentals are fully permitted, residents and guests alike can wake up in the Miami Design District to enjoy the trendy lifestyle destination and shop, dine or play only a few steps away. Quadro provides owners a unique benefit of placing units into a short-term rental program especially designed for this development. The management company can arrange lodging and homestays for visitors.

“As the residential luxury market evolves in South Florida, buyers have created a demand for sensational high-end turn-key residences that provide exhilarating environments and resort-style amenities at compelling pricing points,” said Raimundo Onetto, Principal & CEO at Alta Developers. “Quadro gives buyers solid opportunities where they can list their designer residences into a short-term rental program while they are traveling. Quadro is truly redefining modern day living in Miami’s chic Design District.”

Introducing a more creative feel to resort-style living, Quadro incorporates more than 542 one-of-a-kind art pieces and installations by Art with DNA. Taking inspiration from Miami’s sparkling ocean, vibrant colors and shapes, Quadro is an ode to South Florida’s nautical environment creating a tranquil space for creativity and collaboration.

Residences at Quadro are turn-key and ready for immediate occupancy. Units range in size from large studios, to 973 SF one-bedroom residences and up to 1,280 SF two-bedroom residences with terraces. All residences are designed with hand selected color palettes for the interior walls, doors and trims, stainless steel appliances, private balconies with spectacular views, 9’ – 13’ high-ceilings with floor-to-ceiling windows, Italian porcelain tile throughout, modern-white roller shades and open concept kitchen and living room. Designer furniture packages are also available. Each residence is technology enhanced including NEST smart home thermostats as well as a bluetooth keyless entry system with cameras that offer complete control through a homeowner’s mobile phone.

“Quadro is truly distinct in many ways and it presents great opportunities for residents and buyers. The product is approved to accommodate short term rentals plus it is ready for occupancy now, providing the buyer immediate use or rental income from day one. This, coupled with its prime location in the Miami Design District and compelling price points, positions Quadro as one of the best value propositions in the city,” continued Onetto.

The 12-story boutique building offers a variety of amenities that coalesce with the urban environment of the Miami Design District and its close proximity to the bay. An expansive amenities deck with a pool, summer kitchen and cabanas provides plenty of spaces for outdoor recreation with panoramic views of Biscayne Bay, while the expansive poolside club room, yoga and spinning rooms create a private setting fit for relaxation or spending time with friends and family. Quadro also features electric car charging stations and state-of-the art pet washing facility.

Residences are exclusively marketed and sold by Fortune Development Sales and start at $399,000.

For more information about Quadro at the Miami Design District, private showings or purchasing/ leasing information please fill out the form below:

Target & Aldi Coming To Block 55 In Downtown Miami

Target and Aldi have been announced as the first tenants at Block 55 in Overtown, just across the street from Virgin Train’s 3 MiamiCentral. The megaproject will feature 355,000 SF of retail space, 1,050 parking spaces and 506 apartment units designed by Arquitectonica. Target will occupy 51,088 SF of ground floor retail in addition to bringing a CVS Pharmacy and Starbucks. Other tenants are expected to include Aldi, Dave & Busters, Burlington, Ross, Ulta, and Youfit. Construction is expected to begin in March 2020 with a projected completion in 2023. John Moriarity & Associates as the general contractors.

PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

Legacy Hotel & Residences Reveals New Renderings With Construction Set To Begin Summer 2020

On the heels of Miami-based real estate developer Royal Palm Companies (RPC) officially launching sales for Downtown Miami’s newest mixed-use tower, Legacy Hotel & Residences, the developer has now released new renderings and plans on breaking ground in the Summer of 2020 with completion estimated for the Fall of 2023. The newly released renderings include the highly-anticipated sky pool that will hang off the edge of the tower’s 45th floor as well as the seven-story crown-jewel glass atrium. It will be the largest rooftop atrium for a hotel-condo in the U.S.

The soaring, branded mixed-use skyscraper will be located in the heart of mega-project Miami Worldcenter (MWC) at 942 Northeast First Avenue. OneWorld Properties will be leading marketing and sales and pricing starts at $300,000. Designed for the innovative and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE living to Miami. The concept will offer homeowners luxury small living with the flexibility to live in or rent their home without rental restrictions, which will fulfill the demand of a rapidly growing and more international downtown core. Residents will have the option to rent on their own or through the tower’s hotel rental program, offsetting carrying and maintenance costs.

Legacy Hotel & Residences will bring international flair to the downtown skyline where the neo-futurism-inspired tower will feature 278 branded residences sitting atop a 255-room hotel. Legacy’s microLUXE residences range from 400 SF to 949 SF with studios and two-bedroom units. RPC takes the micro-living movement to the next level with their microLUXE concept, where each residence will offer the functionality of a micro-style home with the high-quality design and superior finishes of an elite luxury condominium. All residences will be equipped with a full kitchen and washer and dryer combinations. These small ergonomic but bespoke residences by RPC’s in-house design team in collaboration with Kobi Karp Architects and IDDI will offer buyers the freedom to rent their microLUXE residences without any restrictions.

The mixed-use tower will offer a suite of first-of-its-kind amenities, including ground floor retail, a hotel and microLUXE residences. Signature amenities of the tower include a sophisticated members-only international business lounge, dramatic cantilevered, Singapore-inspired pool, downtown’s largest hotel pool deck set on one acre, a medical and wellness center, all topped with the project’s signature amenity: the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower.

Legacy Hotel & Residence’s will become an iconic centerpiece of Miami Worldcenter, one of the largest private real estate developments underway in the United States. The ten-block project will include world-class retail, hospitality and residential uses in the center of Miami’s urban core. Providing unmatched accessibility, Legacy Hotel & Residences is conveniently located next to I-95 and I-395, as well as the Virgin MiamiCentral Station, the Metrorail and Metromover stations.

For more information about Legacy Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below: