Kobi Karp-Designed Time Century Jewelry Center Secures $23.6 Million Construction Loan

Time Century Jewelry Center in Downtown Miami, led by real estate developer Yair Levy, has locked down a $23.6 million construction loan from City National Bank of Florida. The loan will fund phase 1 of the development which is scheduled to open in mid-2022. The construction crew is now working at installing a new HVAC system, building partition walls for the tenants, installing new plumbing and rewiring the electrical power system.

Time Century, formerly known as Metro Mall, is located at 1 NE First St. and spans 225,000 SF. The retail center is undergoing a $50 million renovation led by renowned architect Kobi Karp. With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.

Once completed, the jewelry center will offer four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.

The wholesale retail space currently available ranges from 500 SF to 2,000 SF with rental rates ranging from $65 to $150 PSF.

For more information about commercial leasing in Downtown Miami, private showings or availability/ pricing information please fill out the form below:

Tricera Capital And Alex Karakhanian's LNDMRK Development Acquire Cube Wynwd For $28 Million

Scott Sherman and Ben Mandell’s Tricera Capital in partnership with Alex Karakhanian’s LNDRMK Development have acquired the recently completed Class A office building Cube Wynwd for $28 million. The transaction was financed with $19.6 million in financing split between a senior loan from Amerant and a mezzanine loan from Glacier Credit Strategies which were arranged by Scott Wadler of Berkadia. Cube Wynwd was developed in 2019 by Redsky Capital in partnership with JZ Capital Partners and was financed by Bank OZK and Lionheart Strategic Management.

The building is located at 222 NW 24th St. in Wynwood. Cube Wynwd was designed by Arquitectonica and rises eight stories and offering 100,000 square feet of commercial space. Coworking operator Spaces had leased roughly 30% of the property prior to the sale. The New York-based restaurant group Kissaki also recently signed a lease for the rooftop restaurant space. Other tenants include local retailer ILLIMIT and Bonci Pizzeria.

For more information about commercial leasing at Cube Wynwd, private showings or availability/ pricing information please fill out the form below:

Tricera Capital Locks Down $50.8 Million In Construction Financing For Mixed-Use Redevelopment The Press In West Palm Beach

Tricera Capital, led by Scott Sherman and Ben Mandell, have closed on $50.8 million in refinancing and construction financing for their mixed-use office and retail redevelopment The Press, located at 2751 South Dixie Highway in West Palm Beach. The loan was provided by the Chicago-based Monroe Capital. Tricera Capital was represented by Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group.

Tricera Capital acquired the former Palm Beach Post campus in March 2019 for $24 million. The redevelopment of the property is an example of creative adaptive re-use and expected to reinvigorate the city’s Dixie Highway corridor. The property was a former printing press and distribution facility and nearly all existing structures are to remain, including the Post’s office building and printing press. The project name is a nod to the Post’s legacy at the site.

The Press is divided into two components, The Shops at the Press, the 125,000 square foot retail component, and the adjacent Workspaces at the Press, the 140,000 square foot office component. Joseph’s Classic Market will serve as the retail anchor which was announced in February 2021 and the property will also feature a newly built Starbucks outparcel.

The Collective Reveals nArchitets-Designed Co-Living Mixed Use Building In Wynwood

The Collective has revealed plans for their proposed co-living mixed-use building to be located at 2825 NW 2nd Ave. The Collective is a London-based co-living operator and real estate developer which was founded in 2010 by Reza Merchant. The Collective currently operates co-living buildings in New York and London. The proposed building is expected to rise 12-stories and is designed by is designed by nArchitects with Corwil Architects as the architect of record.

The Collective Wynwood is proposed to have 180 residential units, 70 hotel units and 9,508 square feet of ground floor retail. The building is also expected to have 82,000 square feet of amenity spaces spread throughout every floor and includes co-working space, communal kitchens, a fitness center, gaming rooms, meeting rooms, a workshop studio, eight floor pool deck and rooftop garden.

Rilea Group Teams Up With RealtyMogul To Raise Equity Via Crowdfunding For Mohawk At Wynwood

Rilea Group has teamed up with leading real estate crowdfunding platform RealtyMogul to raise equity for their new mixed-use Wynwood project, Mohawk at Wynwood. The crowdfunding campaign for the 12-story project, which is located at 56 NE 29th St., launched on April 5 to RealtyMogul’s network of more than 200,000 qualified investors.

The Los Angeles-based RealtyMogul underwrites and reviews investments internally before opening them up to investors. Crowdfunding allows qualified investors to invest in institutional investments and larger development projects that they would otherwise have no access to.

The minimum crowdfunding investment for the Mohawk at Wynwood project is $35,000 and the estimated hold period for investors is 5 years. The targeted IRR is between 19.1% and 21.1% with a 2.26X target equity multiple.

A portion of the LP equity piece will be raised via crowdfunding as part of the $41 million total equity. 90%, $37 million, will come from LP’s and 10%, $4 million, is sponsored via the developer. A projected $62 million of debt rounds out the expected capitalization of the $103 million total development costs. Rilea group has the 1.5 acre property under contract for $22.33 million.

Mohawk at Wynwood will feature 225 apartment units and 22,000 square feet of retail. Amenities include a rooftop pool, bar, fitness center, residents lounge, dining room, children’s room, game room and dog park. The project was designed by Deforma Studio.

Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

The Oasis Wynwood Is Gearing Up To Open In A Few Weeks With Six New Restaurants

The Oasis in Wynwood is gearing up to open in the next few weeks with six restaurants and a 75’ tall “Tower Bar” made out of shipping containers featuring a mural by Antonio Marest. The restaurants include Mr. Mandolin (Mediterranean), Prince Street Pizza, Los Buenos (taqueria), Alidoro (Italian), Buya Dumplings + Buns (Asian street food), and Chikin (crispy chicken concept). There will also be an indoor/outdoor cocktail lounge and nightclub named Huacachina inspired by Huacachina, Peru. The Oasis also features a selection of retail space, art studios, cafes and an outdoor stage for live performance. The indoor/outdoor urban campus is designed by Urban Robot Associates and is being developed by Carpe Real Estate Partners.

The Oasis encompasses 70,000 SF including 35,000 SF of former warehouse space converted into 20,000 SF of creative office space with a 2,500 SF rooftop and 17,000 SF of retail space. Outside offers 35,000 SF of heaving landscaped outdoor courtyard space with an outdoor food hall and the 75’ tall “Tower Bar” to activate the outdoors and complete the urban campus. Retail suites range from 1,000 SF to 6,000 SF.

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Blackstone Acquires MiamiCentral Office Buildings For $230 Million To Build Downtown Miami Technology Hub

The New York City-based global investment firm Blackstone has acquired the 2 and 3 MiamiCentral office buildings from Shorenstein Properties for $230 million. The office complex, which was developed in 2017 and 2018, spans 317,939 square feet, breaking the transaction down to $723.41 per square foot. The office buildings are located at 161 NW 6th St. and 700 NW 1st Ave.; additionally, they are connected to MiamiCentral Station, which offers the Brightline train service to Fort Lauderdale and West Palm Beach. Shorenstein Properties initially acquired the properties for $170.5 million in May 2019.

Blackstone leased 41,000 square feet at 2 MiamiCentral in January 2021 for Blackstone’s in-house technology team BXTI before committing to buying the buildings. Blackstone plans to build a technology hub in Downtown Miami and will use the new acquisitions as part of its initiative. The firm plans to hire over 200 technology employees in Miami.

Other tenants at 2 & 3 Miami Central include Ernst & Young, Regus, Moss & Associates, Atlantic Pacific Corporation, Publix, Brightline, CONCACAF, MTV, Einstein Bros. Bagels and Florida East Coast Industries.

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.

Five New Tenants Including Bradesco BAC Florida Bank Sign At The Plaza Coral Gables

Five notable new tenants have signed leases at The Plaza Coral Gables, a Class A office building currently under construction in Downtown Coral Gables, developed by Agave Holdings. The tenants include Bradesco BAC Florida Bank, who leased 63,009 square feet for their headquarters; the Naples, FL-based digital payments firm ACI Worldwide Corp., who leased 27,712 square feet; private equity firm H.I.G. Capital, who leased 22,227 square feet; PNC Bank, who leased 7,039 square feet; and Raymond James, who leased 4,396 square feet.

Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented Agave Holdings overseeing the new lease signings. Patrick Duffy of Newmark represented Bradesco BAC Florida Bank, Shay Pope of CBRE represented ACI Worldwide Corp and PNC Bank, Alan Kleber of JLL represented H.I.G Capital, and Todd Brandon of Cushman & Wakefield represented Raymond James.

Located in the heart of Coral Gables’ central business district, The Plaza Coral Gables consists of approximately 2.1 million square feet of mixed-use real estate on approximately seven acres and spans three city blocks. Construction on the North tower was completed in late 2020 and the South tower is expected to be completed by the end of 2021.

Located at 2801, 2901 and 3001 Ponce de Leon Blvd, just south of Miracle Mile in downtown Coral Gables, The Plaza Coral Gables features a 4.5 star 242-key Loews Hotel, two office towers, dining, retail and entertainment space, approximately 174 residential rental units, and +/-2400 parking spaces. The office component features 455,008 square feet, which is 30% leased. Other tenants include Fogo de Chao Brazilian Steakhouse, Next Level Lounge and The Butchery.

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