Construction Update: Arbor Breaks Ground in Downtown Coconut Grove
Arbor has officially broken ground in Coconut Grove after they demolished most of the existing structure that previously stood on the property located at 3034 Oak Ave. Arbor is being developed by Urban Atlantic Group and Oak Ventures, LLC. Arbor. The condominium building is an eco-living inspired development that will rise 5-stories and feature 52 units.
Arbor has officially broken ground in Coconut Grove after they demolished most of the existing structure that previously stood on the property located at 3034 Oak Ave. Arbor is being developed by Urban Atlantic Group and Oak Ventures, LLC. Arbor. The boutique condomoinium building is an eco-living inspired development that will rise 5-stories and feature 52 units. The building is being designed by Behar Font & Partners with with interiors by Samauel Amoia and landscape design by Witkin Hults and Tyler Nielsen. Units will come in 2 and 3 bedroom layouts and range from 1,400 SF to 2,000 SF and will come delivered with tile floors and top-of-the-line appliances. Duplex loft and townhome style units will feature 20' ceilings while the rest of the units will get 10' ceilings. There will also be 4 penthouses with private balconies. Amenities include a courtyard pool deck with pool and grilling areas along with a "bicycle concept," which will allow residents to store, share and service their bikes. Units start at $799,000 targeting families that have been priced out of the Coconut Grove market but still want to live in the residential community. Urban Atlantic Group is headed up by Nick Hamann and Oak Ventures by Jeremy Waks. Sales will be overseen by Douglass Elliman as the exclusive sales broker for the project. The sales gallery just opened and the developers already expect to deliver the project in Fall 2018.
Apeiron at the Jockey Club Plans to Launch Sales Next Year After Winning Approval in North Miami
The Biscayne Shores Community Council voted unanimously on November 8th to approve the Apeiron at the Jockey Club, hotel and residential development at the existing 13-acre Jockey Club common grounds. The Jockey Club is located at 11111 Biscayne Boulevard near North Miami.
The Biscayne Shores Community Council voted unanimously on November 8th to approve the Apeiron at the Jockey Club, hotel and residential development at the existing 13-acre Jockey Club common grounds. The Jockey Club is located at 11111 Biscayne Boulevard near North Miami. The developers, Muayad “Mo” Abbas, Horst Schulze and Michael Bedner, plan to launch presales early next year. The project would include 120 condominium units, 90 hotel rooms, a 5-acre healthy and wellness facility, a 50-slip marina with deep water dockage, tennis courts, pools, dog park and beautifully landscaped grounds. The tower will be designed by Rafael Moneo. The developers purchased the land for $3.25 million in 2014 and secured $21 million in financing in December 2015. Since then the project has been tied up in litigation against residents of the Jockey Club from a suit filed in March 2016. A judge issued a final ruling in may to allow the developers the right to develop the property as well as control maintenance.
Thor Equities Officially Begins Construction on Wynwood Walk After Locking Down Construction Financing
Thor Equities, a global leader in urban real estate development, leasing and management, have broken ground and officially commenced construction on Wynwood Walk (November 2017) after locking down construction financing from Bank of the Ozarks. Wynwood Walk will run the entire block from NW 29th Street to NW 28th Street near Wynwood’s northern entrance
Thor Equities, a global leader in urban real estate development, leasing and management, have broken ground and officially commenced construction on Wynwood Walk (November 2017) after locking down construction financing from Bank of the Ozarks. Wynwood Walk will run the entire block from NW 29th Street to NW 28th Street near Wynwood’s northern entrance, and will bring the fast-growing neighborhood approximately 63,000 SF of new retail and restaurant space. Wynwood Walk is being developed by Thor Equities and is designed by Oppenheim Architecture. Thor plans to build a new-two story building with 20,400 square feet of commercial space and renovate three existing warehouses with another 36,884 square feet of commercial space on the property it owns between Northwest 28th Street, Northwest Second Avenue and Northwest 29th Street. The project will include a green rooftop, a paseo, 300' of retail frontage on NW 2nd Avenue, and a landscaped terrace with outdoor seating.
“We are excited to begin construction on this premier development situated in the heart of the Wynwood Art District, which continues to draw hundreds of thousands of visitors each year to its numerous galleries, open-air street art installations, retail stores, bars and restaurants,” said Joseph Sitt, CEO of Thor Equities.
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
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.
Construction Update: Metronomic's Crowdfunded Plaza Celia Breaks Ground in Little Havana
Plaza Celia, a new boutique mixed-use apartment building in Little Havana named after the late Cuban-born singer Celia Cruz, has officially broken ground. Plaza Celia will rise 4-stories and will feature 16 rental apartment rental units targeted at students and the local workforce with ground-floor retail.
Plaza Celia, a new boutique mixed-use apartment building in Little Havana named after the late Cuban-born singer Celia Cruz, has officially broken ground. Plaza Celia will rise 4-stories and will feature 16 rental apartment rental units targeted at students and the local workforce with ground-floor retail. Units will come in 1 and 2-bedroom floor-plans and will range in size from 700 SF to 905 SF. Plaza Celia is located at 2640 SW 12th Street and is being developed by Metronomic, Inc. Metronomic, Inc. has been making waves in recent years with their business model of crowdfunding projects. Currently, Metronomic has 2 projects under development via crowdfunding, GroveHaus in Coconut Grove and Plaza Celia. Essentially, Metronomic identifies a development and goes under-contract for the land while developing the project. They then advertise the project on their crowdfunding platform to raise commitments for the crowdfunded financing from individual investors. Once they reach their dollar goal of crowdfunded investment, Metronomic simultaneously closes on the land, crowdfunded financing and additional financing previously committed by private lenders. In 2013 the Securities and Exchange Commission opened the prospects of crowdfunding to real estate investors via the JOBS Act. The JOBS Act stipulates that developers can solicit funds from the public, provided that the investors are accredited, meaning that they have a newt worth over $1 million or make in excess of $200,000 annually. Construction on Plaza Celia is expected to wrap up in Q4 2018.
Featured Listing: Check-Out the Oceanfront Condo In Oceana Key Biscayne That Will Accept Bitcoin
An oceanfront residence at Oceana Key Biscayne is making waves after hitting the market for $5.95 million after the list agent announced that the seller is willing to accept Bitcoin. The list price equates out to roughly 934 bitcoins. Unit 702S is a 4 bedroom, 5.5 bathroom unit spread over 3,603 SF.
An oceanfront residence at Oceana Key Biscayne is making waves after hitting the market for $5.95 million after the list agent announced that the seller is willing to accept Bitcoin. The list price equates out to roughly 934 bitcoins. Unit 702S is a 4 bedroom, 5.5 bathroom unit spread over 3,603 SF. The unit also features private elevator entry, marble floors, 10' ceilings, staff quarters, a chef's kitchen, Quartz countertops and a 1,000 SF terrace overlooking the Atlantic Ocean. Bitcoin is a worldwide cryptocurrency and digital payment system that relies on blockchain, which is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." Bitcoin was released as an open-source software in 2009. 350 Ocean Dr, Key Biscayne, Unit 702S is currently listed for $5.95 with Michael Light of Douglas Elliman.
Trendy, Art-Inspired CIRC Hotel in Downtown Hollywood to Open in Early 2018
A 111-room CIRC Hotel will open in early 2018 in Downtown Hollywood at 1780 Polk Street. The trendy, modern hotel was inspired by the areas growing art scene and is located across the street from The ArtsPark at Young Circle; which features a 10-acre park with amphitheater for concerts.
A 111-room CIRC Hotel will open in early 2018 in Downtown Hollywood at 1780 Polk Street. The trendy, modern hotel was inspired by the areas growing art scene and is located across the street from The ArtsPark at Young Circle; which features a 10-acre park with amphitheater for concerts. The hotel will rise 12-stories and will feature a fitness center, 3,000 SF of meeting space and 3 eateries; Olivia, an Italian restaurant by Piero Filpi and Marcello Sindoni; Muse, a rooftop bar and lounge, and Presto Market & Coffee Bar. Pricing is expected to be set at under $200 per night.
“CIRC Hotel was designed to reflect Downtown Hollywood’s unique, culture-centric personality. It will be the ultimate haven for business professionals, vacationers and social groups to indulge, relax and unwind,” said Kara Lundgren, CIRC Hotel’s GM.
What South Florida Real Estate Could Be Affected by The Indictment of Paul Manafort?
Special Counsel Mueller's investigation may not have turned up any evidence of collusion between the Trump Campaign and Russia, but it did lead to the indictment by a federal grand Jury of Paul Manafort and business associate Rick Gates on October 27, 2017 on 12 counts of alleged financial crimes.
Special Counsel Mueller's investigation may not have turned up any evidence of collusion between the Trump Campaign and Russia, but it did lead to the indictment by a federal grand Jury of Paul Manafort and business associate Rick Gates on October 27, 2017 on 12 counts of alleged financial crimes. The charges include conspiracy against the United States, conspiracy to launder money, unregistered agent of a foreign principal, false and misleading Foreign Agent Registration (FARA) statements, false statements and seven counts of failure to file reports of foreign banks and financial accounts. The indictments were announced Monday October 30 after leaks from the sealed indictment October 27, the filing date on the document. Real estate plays a major roll in how the charges against Manafort proceed. Evidence suggests that from 2006 to 2016, Manafort and Gates wired more than $21 million into the United States from offshore accounts, all income on which they paid no federal income tax as well as evaded taxes on millions of dollars they earned as lobbyists and consultants for Ukrainian officials. If Manafort and Gates are ultimately convicted, they would likely be forced to surrender the properties involved in the Palm Beach Gardens property mentioned in the alleged scheme; in addition to other homes Brooklyn, SoHo, Bridgehampton; Arlington, Virginia, and California, amongst others.
10 St. James Drive, Palm Beach Gardens
Specifically to South Florida real estate, the indictment alleges that Manafort used his 5,200 SF Palm Beach Gardens home, located at 10 St. James Drive, as the mailing address for a number of companies included in Monday’s indictment. The companies include Daisy Manafort LLC, John Hannah LLC, Lilred LLC and MC Soho Holdings LLC. Manafort also spent more than $1 million on home improvements to his Florida property. A Florida-based home automation, lighting and home entertainment company received $1.3 million between 2011 and 2013 via wire transfers which ranged from $6,200 to $290,000. An unnamed Florida contractor also received about $432,000 in wire transfers during the same period, the newspaper reported. The trial is set to begin May 7, 2018.
Drama Heating Up Over Downtown's Proposed $800 Million Signature Bridge For I-395
The drama continues to heat up over the design and construction of Downtown Miami's proposed and approved, $800 million Signature Bridge, which would transform I-395. A Miami-Dade judge denied a motion by FDOT to dismiss a lawsuit filed by former Miami City Commissioner Marc Sarnoff, who challenged the state's controversial choice of the $800 million "The Fountain"
The drama continues to heat up over the design and construction of Downtown Miami's proposed and approved, $800 million Signature Bridge, which would transform I-395. A Miami-Dade judge denied a motion by FDOT to dismiss a lawsuit filed by former Miami City Commissioner Marc Sarnoff, who challenged the state's controversial choice of the $800 million "The Fountain" design by Archer Western and The de Moya Group. Sarnoff was a major advocate to get the bridge redesign approved, working with Miami Mayor Tomas Regalado to hold FDOT to their pledge to include the Signature Bridge as part of I-395's replacement. Sarnoff's case alleges that FDOT violated their settlement agreement via their handling of bids to design and build the bridge by manipulating scoring to allow the Archer Western and The de Moya Group's proposal to win. Another design by contractors Fluor, Astaldi and MCM, which finished in second, was allegedly the favorite design by community representatives. In their motion to dismiss, FDOT argued that the court venue was improper as another case is currently under review by Florida's Division of Administrative Hearings. That case is scheduled to be heard in November and December of this year (2017). Check-out the winning bid, "The Fountain" by Archer Western and The de Moya Group here.
The Arquitectonica-Designed University Bridge Residences Unveils New Renderings
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.
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.”
A newly completed seven-bedroom waterfront estate at 1155 Belle Meade Island Drive is coming to market with an announced asking price of $43.9 million.