Check Out Miami Worldcenter & Miami Innovation District's Pitch To Transform Downtown Miami Into Amazon's HQ2 Supercampus

Miami Worldcenter and Miami Innovation District have teamed up to offer Amazon a massive opportunity in Downtown Miami's Park West neighborhood for their highly anticipated HQ2. Last week Amazon narrowed the potential cities down to 20 finalists, who are competing to to secure an expected 50,000 jobs and $5 billion in investment. The Miami Worldcenter and Miami Innovation District's pitch is already shovel ready with buildings already under construction regardless of the outcome of Amazon's choice. The proposal is one of eight offered to Amazon in Miami-Dade including 3 within city limits. Other highlights include high zoning density which offers a live, work, play opportunity as well as over 23 million SF of office, residential, retail and hotel space already in the works. Additionally, as the proposed site is within Overtown Community Redevelopment Area boundaries, the projects would be eligible for Tax Increment Financing which could exceed over $1 billion in value.

Miami Worldcenter will feature a 500,000 SF Hines office tower which is expected to break ground Q2 2018, a currently under construction Marriott Marquis Hotel with 1,800 keys, 500,000 square feet convention space . MiamiCentral will feature retail, office, residential and transit. Museum Park features the Frost Museum of Science, Perez Art Museum and luxurious residential towers such as Zaha Hadid's One Thousand Museum, Ten Museum Park and Marquis. The Arsht Center for Performing Arts is also nearby. The campus would also have strong transit connectivity, with four different rail services including the Brightline high speed rail service connecting Miami, Fort Lauderdale, West Palm Beach, and Orlando; the Tri-Rail to Miami-Dade, Broward and Palm Beach counties, Metromover through Downtown and Brickell; and the Metrorail, including airport access. Highways include easy access I-95 via 395. 

McKENZIE Reveals Tribe, The Newly Completed Transformation Of Overtown's Historic New Providence Lodge Into Co-Working Space

McKENZIE, a boutique design, build and custom fabrication firm, has transformed the historical New Providence Lodge building in Overtown into Tribe Urban Innovation Lab and Cowork, a new co-working space that will primarily focus on serving local, African American youth. Tribe will be an innovation hub focused on serving local African American youth along with the greater South Florida entrepreneur community. The historical New Providence Lodge building, located at 937 NW 3rd Avenue, once housed a Freemason chapter during the Jim Crow era and is owned by real estate giant Michael Simkins. Tribe is owned by Felecia Hatcher and Derick Pearson who are both successful entrepreneurs working to provide opportunities for African Americans to thrive in the tech industry. Simkins partnered with Tribe to successfully obtain a City of Miami CRA grant to commission McKENZIE to design and build-out the space. In addition to office space, Tribe will house Code Fever and BlackTech Week, two nonprofit organizations founded by Hatcher and Pearson that help build and diversify startup ecosystems and support African American entrepreneurs, as well as several black-owned businesses. 

The Allapattah-based McKENZIE managed the design and construction of the adaptive reuse project transforming the two-story, 3,700 SF venue into a modern, open-design concept that promotes creativity and idea sharing. McKENZIE preserved many of the original design elements in honor of the building’s history. The original wood ceiling and steel beams were purposely left exposed to provide visual contrast to the collaborative workspace’s more clean and modern finishes. Tribe features design elements that are in tune with the evolving workplace and the needs of today’s entrepreneurial workforce. The multi-use space features seven offices, several conference rooms, classrooms, a library, common area, collaborative event and hangout spaces, maker lab, and a kitchen built by McKENZIE’s Craft division.
 
“Proper design is crucial for co-working spaces as today’s employees are looking for a work environment that’s vibrant, inspirational and dynamic, not your standard office space,” said MCKENZIE’s Design Officer Jose Ortez. “Our design of Tribe creates this atmosphere while maintaining a flexible work space that can evolve with time and continue to serve the local community for years to come.”

CAOBA Becomes The First Tower To Top-Off In Downtown Miami's Miami Worldcenter Mega-Project

CAOBA has become the first tower in the 27-acre, $2 billion Miami Worldcenter mega-project to top-off at 43 stories in Downtown Miami's Park West neighborhood. The transit-oriented rental complex will bring 444 market-rate apartments to Miami’s urban core with pre-leasing set to begin this summer and delivery expected in the fall (2018). The project was formerly known as the first phase of the Seventh Street Apartments and was co-developed by CIM Group with Falcone Group. CAOBA is located at 698 Northeast 1st Avenue and is one block from Miami Central, downtown’s new transportation hub and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and Orlando. CAOBA will include more than 20,000 square feet of ground-floor retail space which will feature shops and restaurants, connecting Miami Worldcenter’s ‘High Street’ retail promenade and plaza to the east between Northeast 1st and 2nd Avenues.

CAOBA’s market-rate rental apartments range in size from 500 SF studios to 1,300 SF 3-bedroom floor plans. Residences feature 9' ceilings, contemporary design finishes, in-unit washers and dryers, and private balconies that open up to sweeping views of Biscayne Bay and the downtown Miami skyline. Amenities, including a pool deck overlooking downtown, a fitness center, a clubroom and an outdoor dog-walking lawn.

“Caoba is the Spanish word for mahogany, which is a variety of wood prized for its beauty, durability and color – attributes that will reflect the luxurious, organic sensibility of the building’s amenity and public spaces,” explains Miami Worldcenter’s Managing Principal Nitin Motwani. “Residents of this complex will value being able to walk outside their door and be in the heart of a ten-block ‘city within a city’ complete with offices, shopping, dining and entertainment. And our proximity to Miami-Dade’s primary transit systems, including the new Brightline high-speed rail, means residents will be able to jump on a train and beat the traffic to anywhere in South Florida.”
 
Downtown Miami has been hot recently, according to the Miami Downtown Development Authority’s mid-year 2017 report, urban living in Miami saw a 25% year-over-year monthly increase in the volume of signed leases. Plans for an adjacent 40-story, 429-unit tower have been approved by the City of Miami. The 27-acre, 10-block Miami Worldcenter is one of the largest private real estate developments currently under construction in the United States. Miami Worldcenter features a diverse mix of urban land use, including high-street retail, hospitality, office and residential uses surrounded by world-class amenities and boasting convenient access to transit.

PMG Breaks Ground on X Las Olas on Fort Lauderdale's Las Olas Riverfront

PMG, in partnership with Greybrook Realty Partners, has broken ground on X Las Olas, their new mixed-use, purpose-built rental project on Fort Lauderdale's New River. The multi-phase project will include 1,200 residential units, 30,000 SF of ground floor retail space featuring restaurants and shops, and a public plaza along the riverfront. Phase 1 will feature a 35-story residential tower with 639 units which range in size from studios to 4 bedroom floor plans; although unit sizes will be on the smaller side. The groundbreaking comes after PMG closed on a $153.0 million construction loan financed by Broad Street Real Estate in July 2017. X Las Olas was designed by Falkanger, Snyder, Martineau & Yates with John Moriarty & Associates (JMA) as the GC. X Las Olas will fall under PMG’s X Social Communities portfolio. Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. Amenities include a state-of-the-art fitness center with classes available to residents, smart package lockers, pool, residents lounge, and bike storage. X Las Olas is expected to be completed in 2020.  

PMG Announces Official Acquisition of 400 Biscayne and Plan For XSC Social Community Residential Tower

Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The project is the third property that Greybrook Realty and PMG have partnered on in South Florida. 400 Biscayne will fall under PMG’s X Social Communities portfolio. Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. The project at 400 Biscayne Blvd. will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami. The purchase of the land allows for the church to continue operating post-closing until the developers are ready to move forward with their plans. Upon construction of the new development, PMG and Greybrook have agreed to build a new state-of-the-art church with its own separate entrance. Plans for the new church will be a collaborative effort between PMG and the seller, FUMC Church. Ryan Shear, Evan Schapiro, Matt Ellish, Yechiel Ciment led the PMG team on the closing of 400 Biscayne Blvd. with Luis Flores, Rebecca Sarelson and David Yontz of Saul Ewing Arnstein & Lehr LLP were the attorneys who represented the PMG. In addition, Josh Kaplan at Bilzin assisted with REIT compliance issues.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” saidRyan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

“We are delighted to be partnering once again with PMG. A highly regarded and forward-thinking developer, 400 Biscayne will benefit greatly from PMG’s consistent focus on delivering premium lifestyle amenities and smart-building technology to its projects,” said Peter Politis, CEO of Greybrook Realty Partners.

“FUMC wanted to rebuild the Church in the same location, so the relationship with the potential buyer was very important. They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term,” said Luis Flores, a partner with Saul Ewing Arnstein & Lehr. “The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future Church. Throughout the negotiations, we maintained a cooperative approach in order to create a solid foundation for a long-lasting relationship.”

Amenities for 400 Biscayne will include co-working spaces that eliminate the need for an office, oversized gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. 400 Biscayne will also offer retail and restaurant space that’s integrated with the resident experience. PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include the 464-unit “X Miami” in Downtown Miami (previously Vice), opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets.

Miami Doubles Down As A Top 20 Finalist For Amazon HQ2

After PROFILEmiami first reported that Miami was a frontrunner for Amazon's now infamous HQ 2, Miami has now made the final cuts as Amazon has named the top 20 finalists. The cities are competing to to secure an expected 50,000 jobs and $5 billion in investment. The finalists are Atlanta, Austin, Boston, Chicago, Columbus (OH), Dallas, Denver, Indianapolis, Los Angeles, Miami, Montgomery County (MD), Nashville, Newark, New York City, Northern Virginia, Philadelphia, Pittsburgh, Raleigh (NC), Toronto, Washington, D.C. Miami's application was submitted by the economic-development arms of Broward, Miami-Dade and Palm Beach counties although details of the bid have not been made public. 

Jeff Bezos lived in Miami for a period of time during his childhood and has an affinity for South Florida. Miami is an attractive city as it features a high quality of life, strong infrastructure growth, a growing educated workforce, strong job growth, etc. Quality of life has become a major factor when choosing a new headquarter location as both housing cost, livability and amenities play a major roll in a firm's ability to attract top-end talent. Miami has the low pricing when compared with other major cities without sacrificing the quality of life and the city features all of the amenities that highly paid and educated employees seek including top-tier restaurants, recreation and culture. The low cost with a high quality of life in Miami would make it easy for Amazon to attract top-end talent. Some factors that hurt Miami is the lack of public transportation and traffic congestion.

Downtown Miami's Planned YOTEL Will Launch As Residential-Hotel Hybrid Concept YOTELPAD Miami

YOTEL, which was approved in July by Miami's Planning & Zoning Department, will launch as the first East Coast location of their new YOTELPAD concept. Located at 227 NE 2nd Street in Downtown Miami, the YOTELPAD will be a 29 story tower designed by Stantec which will include both 208 residential units and 250 micro-sized hotel units. The building will be split with the residential units on top of the hotel units. Residential units come in 425 SF studios, one-bedroom and 700 SF two-bedroom floor plans; pricing starts at $250,000 and units will come fully furnished and move-in ready. Residential units will have the ability to be rented for short term via the hotel's rental pool. The YOTEL is being developed as a joint venture between AQARAT, a Kuwaiti real estate company, and Aria Development Group.

“Downtown Miami is emerging as a high-energy place to live, shop and work. With YotelPad Miami, we are meeting the strong demand for service-oriented, urban-chic apartments. In addition, owners have the unique opportunity to participate in a short-term rental program. Together with the Yotel brand, we are delivering a thoughtful, value-luxury experience in a dynamic location,” said David Arditi, Principal of Aria Development Group.

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.” 

Christie’s International Real Estate to Collaborate with Premier Estate Properties in Palm Beach

Christie’s International Real Estate has announced that Premier Estate Properties, a Network Affiliate for more than a decade, is opening its sixth South Florida office on Worth Avenue in Palm Beach, Florida, to extend the reach of our venerable brand (January 2018). The new Premier Estate Properties Palm Beach Office will be represented by established Palm Beach Broker, Jim McCann, whose achievements include sales exceeding $100 million annually since 2007. Jim will be joined by his long-time associates, Maryellen Cantera and Kristina Parker.
 
Premier Estate Properties is a privately held boutique real estate brokerage firm specializing in the sale of properties in excess of $1 million and currently holds a portfolio of $1.2 billion in properties in such luxury markets as Manalapan, Gulf Stream, Delray Beach, Boca Raton, Hillsboro Beach, Fort Lauderdale, and Vero Beach, amongst other markets. Working in conjunction with Christie’s International Real Estate, Premier Estate Properties Palm Beach Office will kick-off their relationship  by co-sponsoring this month’s Palm Beach Modern + Contemporary (PBM+C) Art Fair. For 25 years, Premier Estate Properties, led by Brokers/Owners Carmen N. D’ Angelo Jr., Gerard P. Liguori and Joseph G. Liguori, has dominated the South Florida market with many sales exceeding $20 million. Premier Estate Properties is also noted for exceptional concierge service, utmost discretion, marketing acumen and negotiating expertise and has repeatedly proven itself an industry leader in its own market areas and within the global Christie’s International Real Estate network.  

Carmen N. D’Angelo Jr. views the natural synergy of this collaboration as a unique opportunity for island residents of Palm Beach: “The Christie’s brand, cross-marketed through its auction house and network of high-end real estate firms, delivers a level of global visibility unmatched in this market - attracting the most elite buyers worldwide.”

"I have been associated with Premier Estate Properties for over 20 years, the last 10 managing the network’s Southeast Region where their six brokerages have operated as our valued Affiliate," says Rick Moeser, Executive Director of Christie's International Real Estate, whose office is also located in Palm Beach. "These are proven experts in the marketing and sale of high-value properties, and also in fully leveraging the power of our luxury brand to introduce these finest homes to the world. Premier Estate Properties’ expansion into Palm Beach is a formidable asset for buyers and sellers in both Palm Beach and globally."

Grammy-Winning Producer Timbaland Locks-Up 2 Unit Spread At Aria On The Bay in Edgewater

The mega hitmaker, Grammy-winning producer and rapper Timbaland, who has worked with artists like Ginuwine, Aaliyah, Justin Timberlake, Jay-Z and Ludacris, has purchased two units at the 53-story Aria on the Bay tower that’s nearing completion in Downtown Miami/ Edgewater. Timbaland's combined condo oasis will be a 6-bedroom, 8-bathroom pad that will include 2 private elevators. The condo's interior will be a sprawling 4,700 SF along with an expansive 1,300 SF terrace. Melo Group, who developed the luxury condo tower, plans to receive its certificate of occupancy (CTO) for Aria on the Bay by March 2018. Tim Elmes of Coldwell Banker and Marc Hameroff of Engel & Völkers Miami represented the record producer; John Parsiani of Cervera Real Estate represented developer Melo Group. Last year, Yankees star (and former Miami Marlines outfielder) Giancarlo Stanton bought a three-story penthouse in the building (2017).

Units at Aria on the Bay range from 1 to 4 bedrooms and $400K to $6 million and sold around $550 per square foot. Residences feature floor-to-ceiling glass, expansive wrap-around terraces, private elevator access, open-plan living areas, designer finishes and fixtures, European-style kitchens, and modern custom-designed cabinetry. Amenities include a 14th floor resort amenity deck with 2 sunrise/sunset swimming pools, a jacuzzi, custom-seated fire pits, barbecue grills and outdoor summer kitchens, a private spa with massage treatment facilities, a state-of-the-art fitness center, yoga studio, entertainment lounge, and a screening room. In November 2017 PROFILEmiami reported that Aria on the Bay was over 90% sold.