Related Group Pays Off $166 Million Construction Loan For SLS LUX Which Is Set To Open
Related Group has announced that they have paid off construction financing for the soon-to-open SLS LUX Brickell Hotel & Residences. The $166.1 million loan was issued by TPG Real Estate Finance Trust, the commercial real estate debt platform of TPG Real Estate, in September 2015.
Related Group has announced that they have paid off construction financing for the soon-to-open SLS LUX Brickell Hotel & Residences. The $166.1 million loan was issued by TPG Real Estate Finance Trust, the commercial real estate debt platform of TPG Real Estate, in September 2015, and is the fourth construction loan successfully paid off by the developer over the past 18 months. The grand opening is slated for June 14. The 450-unit mixed-use SLS LUX, which was co-developed with The Allen Morris Company, broke ground in December 2014, is now 100% sold-out, with over 400 units already closed and/or occupied.
“Paying off the loan is a major milestone for us,” said Ben Gerber, Vice President of Finance for The Related Group. “It speaks to the quality of the product and to the strength of the Miami market.”
“We are thrilled about the completion of our second project with sbe in Brickell,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The opening of SLS LUX fulfills our long-time vision of a pedestrian-friendly South Miami Avenue, and buyers are excited to move in and begin living the lifestyle.”
SLS LUX is the latest evolution from the award-winning SLS Hotels and Residences brand. The luxury tower is located just steps from Brickell City Centre in the heart of Miami’s Brickell neighborhood on South Miami Avenue and SE 8th Street. The project offers a mix of 450 residences and 78 hotel suites that blend exquisite décor by Yabu Pushelberg, world-class art, award-winning culinary offerings and exclusive lifestyle amenities and services. SLS LUX also features an array of food and beverage outlets from sbe's portfolio including SBar Lounge and a ground-floor restaurant and Katsuya, helmed by master chef Katsuya Uechi.
The Optimum Tops Off In Coconut Grove, The Neighborhood's First New Class A Office Building In 25 Years
Optimum Development USA, a global real estate investor and developer, has officially announced that “The Optimum,” their new five-story luxury Class A office building in Coconut Grove, has officially topped off. O
Optimum Development USA, a global real estate investor and developer, has officially announced that “The Optimum,” their new five-story luxury Class A office building in Coconut Grove, has officially topped off. Optimum Development and the tower’s general contractor, Grycon Construction, commemorated the occasion with a luncheon on Friday, June 1st for over 150 construction workers, engineers and other contractors involved, in celebration of the project’s momentum and Optimum’s commitment to enhance Coconut Grove’s revitalization. The milestone event featured remarks from from Mayor Francis Suarez, Optimum Development CEO Ricardo Tabet and Grycon Construction executive Eric Helitzer.
“We’re extremely proud to celebrate this construction milestone and cannot be more pleased to be a part of the exciting citywide transformation underway in Coconut Grove,” said Ricardo Tabet, CEO of Optimum Development USA. “We look forward to delivering the area’s first new Class A office building in more than 25 years and welcoming our new tenants. The ideal location on Main Highway has proven to be a strong attraction to small and mid-size businesses, who appreciate the ease of access to all of Coconut Grove and close proximity to Coral Gables, Brickell, Key Biscayne and downtown. The Grove’s charm and pedestrian friendly streets and shops are luring a vibrant mix of professionals.”
The Optimum is a 5-story, class A office tower in the heart of the Grove. The Optimum is designed by Arquitectonica, who took cues from Coconut Grove lush folliage including raking the buildings’ facades in natural cement and wood to blend seamlessly into Coconut Grove. The 50,500 SF midrise luxury office development will entail 44,000 SF of office space and 6,500 SF of ground floor restaurant space which is expected to feature a high-end restaurant along with a rooftop lounge that offers dramatic, panoramic views of Biscayne Bay. Optimum Development USA paid $8.5 million for the assemblage in 2014 and has since taken a $21.5 million loan on the property. The Optimum is located at 3480 Main Highway in Coconut Grove and is expected to be completed later this year (2018).
Check-out PROFILEmiami's coverage of The Optimum's August 2017 groundbreaking
Canarias At Downtown Doral Launches New Models Raising The Benchmark For Luxury Living In Doral
Canarias at Downtown Doral, from developer CC Homes, an Armando Codina and Jim Carr company regarded as one of the most prolific and highly regarded homebuilders in South Florida, has launched brand new models of the community’s very first offering of single family homes.
Canarias at Downtown Doral, developed by award-winning homebuilder CC Homes, led by veteran builders and developers Armando Codina and Jim Carr, has launched brand new models of the community’s very first offering of single family homes.
Canarias at Downtown Doral will be the community’s very first offering of single-family home residences with 423 single-family estate homes as well as 52 townhomes in a mosaic of seven residential collections. Homes range in size from three to six bedroom floorplans and single family homes are priced from $590,000 to $1.5 million, with townhomes starting at $630,000.
“With open layouts appointed with luxurious finishes coupled with Downtown Doral’s charter schools, Publix grocery and boutique shops, as well as fine dining, and entertainment, Canarias offers an unmatched way of life,” said Jim Carr, Principal of CC Homes. “Strong sales during our pre-construction phase are a testament to this winning combination”
The newly revealed models, known as the Bali, Fiji and Maui, have set a new benchmark for luxury living Doral. Homes feature Wolf and Subzero appliances and Italkfraft cabinetry, standard 2-car garages, and an easy access foot friendly community.
- The Bali model offers ample room for entertaining throughout its three spacious stories. Boasting six bedrooms and six bathrooms, the home is complete with a relaxing swimming pool and two-car garage, and is comprised of 4,711 square feet under air.
- Inspired by the leisurely Hawaiian lifestyle with a contemporary feel, the Maui three-story model offers five bedrooms plus a detached studio, and four-and-a-half-bathrooms. With 5,114 square feet under air, the home also features an optional swimming pool and standard two-car garage.
- Peaceful Polynesian influences abound throughout the Fiji model, which includes three-stories, four bedrooms, and three-and-a-half-bathrooms. The residence offers 2,811 square feet under air, and is complete with a two-car garage.
Other major perks that buyers receive include preferred access to Downtown Doral’s A+ rated charter school, access to the Residences Clubhouse, complete with pool, tiki hut, cabanas, and fitness center, as well as a complimentary social membership to Trump National Doral Miami, home to the Blue Monster golf course, with a luxurious spa and three restaurants.
“Like Downtown Doral itself, Canarias’ buyers are very cosmopolitan, with active lifestyles. Their time is precious and their ultimate reward is returning home to their own private retreats,” added Jim Carr of CC Homes. “With open layouts and luxurious finishes, coupled with Downtown Doral’s fine dining, shopping and entertainment, Canarias has set a new benchmark and reflects a new era of sophisticated living in Downtown Doral.”
Watch the Full Panel From PROFILEmiami's Exploration into Miami's Art In Public Places Initiative
Real estate news platform PROFILEmiami hosted a thought-provoking symposium about Miami’s Art in Public Places program. Hosted on March 28, 2018, the special panel event, which took place in downtown Miami’s Arts + Entertainment District in the CANVAS condominium tower being developed NR Investments, put a spotlight on future development in the city
Real estate news platform PROFILEmiami hosted a thought-provoking symposium about Miami’s Art in Public Places program. Hosted on March 28, 2018, the special panel event, which took place in downtown Miami’s Arts + Entertainment District in the CANVAS condominium tower being developed NR Investments, put a spotlight on future development in the city and explored best practices for the ongoing incorporation of works of art in real estate projects.
Panelists Featured:
- Jeremy Calleros Gauger, Deputy Director of the Planning Department for the City of Miami
- Steven Gretenstein, Dacra COO
- David Polinsky, Fortis Design + Build Principal
- Gary Ressler, TILIA Companies Principal
- Nir Shoshani, NR Investments Principal and A+E Co-Founder
- Moderated by: Demetri Demascus, PROFILEmiami Publisher
Guests, who were treated to cocktails and hors d'oeuvres by PROFILEmiami, additionally had a question-and-answer session with the panelists, getting the opportunity to delve into important topics and gain insights regarding unique initiatives unfolding within the city. Before the panel began, CANVAS and NR Investments also hosted hardhat tours of the property, showcasing several of the condominium building’s 170-foot interior wall murals – all of which are being painted by urban contemporary artists from around the world.
CANVAS Reveals New Renderings Of Lifestyle Amenities & 1st Mural By Daniel "Krave" Fila
NR Investments, the developers of CANVAS, the flagship condominium of downtown Miami’s Arts + Entertainment District, have released new renderings of the property’s ninth-floor amenity deck as well as an image of one of the Daniel "Krave" Fila commissioned murals.
NR Investments, the developers of CANVAS, the flagship condominium of downtown Miami’s Arts + Entertainment District, have released new renderings of the property’s ninth-floor amenity deck as well as an image of one of the Daniel "Krave" Fila commissioned murals. Newly revealed renderings show the 100' long, enclosed dog run overlooking downtown Miami, and a glass-enclosed racquetball court built to professional specifications. Other amenities at CANVAS include an outdoor yoga garden, state-of-the-art fitness center, movie screening room, kids play room, and three outdoor pools.
CANVAS will deliver this summer, bringing 513 new studio, one- and two-bedroom residences to Miami’s downtown urban core. Residences are attainably priced between $386,200 and $630,000. The project is 85% sold and is Fannie Mae-approved, making it possible for qualified buyers to get financing up to 97% on units. Earlier this year, NR Investments announced that Graspa Group, the Miami restaurant operator behind the Segafredo, would team up with award-winning international bartender Daniele Dalla Pola to launch a new craft cocktail establishment to anchor the ground-floor retail component at CANVAS. The new restaurant/bar, “Esotico Miami,” will open in Fall 2018.
“CANVAS is more than a condo – it’s a vertical village. So we’ve placed a lot of emphasis on communal spaces and amenities that residents want today – amenities more typically found in high-end luxury condominiums,” said Nir Shoshani, principal, NR Investments.
In addition to the lifestyle amenities, CANVAS is the only condominium to feature 27 floors of large-scale murals and original artwork by urban artists. The CANVAS Collection, commissioned by NR Investments and curated by Miami urban artist Daniel “Krave” Fila, brought together over 20 artists from Miami and other parts of the world to create over 200 original works of art for the property’s residential corridors.
“We took the idea of a ‘canvas’ to its most literal extreme and gave all of these artists free reign to express themselves on our walls,” said Shoshani. “It’s an unprecedented collaboration, and we took a huge risk doing this, but we wanted to stay true to our vision of creating a residential community that reflects the creativity and culture of Miami.”
Wood Partners' Stantec-Designed Midtown 8 Officially Tops Off In Midtown Miami
Wood Partners, Stantec and Kast Construction have officially celebrated the topping off of Midtown 8, their new 28-story, 389,700 SF residential development in Midtown Miami. Located on a two-acre site at 2901 and 2951 NE 1st Avenue in Midtown Miami, the mixed-use development is by the Atlanta-based multifamily developer Wood Partners includes.
Wood Partners, Stantec and Kast Construction have officially celebrated the topping off of Midtown 8, their new 28-story, 389,700 SF residential development in Midtown Miami. Located on a two-acre site at 2901 and 2951 NE 1st Avenue in Midtown Miami, the mixed-use development by the Atlanta-based multifamily developer Wood Partners includes residences, retail space and parking. Residential units range from studios to three-bedroom penthouses with high ceilings.
Midtown 8 features nearly 30,000 SF of commercial space, 519-car parking garage, 27 Citi Bike spots. Amenities include co-working space, a spacious hammock garden that provides a tropical feel amidst the city, a rocking chair lounge area, yoga studio, demonstration kitchen and juice bar. The outdoor amenity spaces also features lush greenery and green walls creating an inviting and relaxing oasis for residents as well as a landscaped linear outdoor space with dog walk area and a colorful mural art wall expressive of the neighborhood.
“We’re proud to be celebrating this momentous milestone for Midtown 8, said Jennifer Llop-Noy, project manager, Stantec’s Miami office. Once completed, Midtown 8 will provide exceptional residences with sophisticated interiors and amenities for the local market in Midtown Miami, one of the most dynamic residential enclaves in the city.”
“The 28-story luxury rental tower will have 387 units and a 10-story parking structure with a rooftop amenity deck with pool, fitness center and club room to allow for beautiful views of Miami. There will be seven bridges connecting the garage to the residential tower. The team of Kast Construction, Wood Partners and Stantec Architecture look forward to delivering this project in May 2019,” said Dave DeMay, senior vice president, Kast Construction.
Airbnb and Illegal Rentals in Miami
In the dense tourist neighborhoods of South Beach, Miami lie a variety of different hotels, however, some tourists opt to - intentionally or unintentionally - illegally rent places to stay Airbnb or other properties available through home-sharing platforms like Vacayo, Booking.com or Expedia’s HomeAway.
In the dense tourist neighborhoods of South Beach, Miami, lie a variety of different hotels, however, some tourists opt to - intentionally or unintentionally - illegally rent out Airbnb or other properties available through home-sharing platforms like Vacayo, Booking.com or Expedia’s HomeAway. It’s a common activity that occurs in the residential areas of Miami Beach, where properties are not allowed to be rented out for less than six months and a day.
Unfortunately, uninformed renters are given the boot by the city and asked to leave the next day or relocate as soon as possible. Residents cite quality-of-life complaints like: noise, parties, and disregard of safety standards, zoning rules, and taxes, in regards to illegal home-sharing activity, according to dozens of public records and interviews. Miami Beach has had a law against illegal short term rentals for years, but the $1,500 fine was insufficient to deter non-complying residents, so the city increased the first violation fine in 2016 to $20,000, all the way up to $100,000 for the fifth.
"The easiest way to stop all of this is if the home-sharing platforms simply didn't send people into these neighborhoods," says Dan Gelber, mayor of Miami Beach. "It's just that simple. They're the ones who do it and they claim they have no responsibility because, 'oh, we're just an internet platform.' But they're not." Home-sharing companies like Airbnb have had a bad track record of complying with local laws and generally shrug off responsibility, despite being able to limit how long guests are able to rent out properties.
According to CNBC.com, Miami Beach “will investigate more than 1,000 complaints of illegal rentals this year, up from more than 800 in 2017.” But Airbnb blames the city for not wanting to cooperate, ignoring the fact that the zoning map can easily be found in public record, which outlines where short-term rentals are allowed. Both property owners and companies get cited and fined for violating Miami’s Code of Ordinances, Section 33-28.
Article By: Katya Demina & Moustafa Abouzied | Photo via CNBC.com
ISG Report Finds New Construction Condos In Miami East Of I-95 Are 83% Sold Out
Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered.
Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered. As developers have scaled back on launching new projects, the falling inventory levels have resulted in prices being pressured upwards. Only 5 buildings will break ground this year, followed by another 3 in 2019 and 3 in 2020. Since mid-2011, 20,008 new condo units have been built and only 3,294 remain unsold. Of those, only 875 are available pre-construction. The report finds that condos built since 1993 have averaged 229% appreciation, 9% annually; and, that closed sales for condos averaged $913,492 in 2017. The report also found low inventory of housing available in Miami-Dade with only 3.13% of total inventory available for sale or rent.
150-Key Rudy Ricciotti-Designed Symphony Park Hotel Proposed To Be Built In South Beach
A 150-key Symphony Park Hotel, designed by famed French architect Rudy Ricciotti, has been proposed in South Beach across the street from the New World Symphony and Soundscape Park. The developers have filed plans with the city to demolish the existing South Beach Citibank which is currently on the property located at 1685 Washington Ave. in South Beach.
A 150-key Symphony Park Hotel, designed by famed French architect Rudy Ricciotti, has been proposed in South Beach across the street from the New World Symphony and Soundscape Park. The developers have filed plans with the city to demolish the existing South Beach Citibank which is currently on the property located at 1685 Washington Ave. in South Beach. The project is proposed complete with ground floor retail and restaurant space, 122 mechanical parking spaces, as well as an expansive rooftop complete with a pool, bar and restaurant. The developers, Sobe Center, LLC. will need a variance to allow them to adjust setbacks and build the proposed 8-stories, 83'; 7-stories, 80' is permitted under current zoning code. Miami Beach's Planning Board will review the proposal on June 26, 2018. Sobe Center, LLC. is associated with Richard and Ronald Finvarb as well as Jacques Chahine.
Miami May Become Part Of The NFL's 5-City Super Bowl Rotation Starting in 2020
Miami may become part of a proposed 5-city rotation to host the Super Bowl, a cycle of which the 2020 Super Bowl LIV in Miami would kick off. The event would take place in the city every 5 years, cycling through Las Vegas, Las Angeles, either Arizona or New Orleans, and a wild card city. Super Bowl LIV in 2020 will take place during the NFL's 100 year anniversary.
Miami may become part of a proposed 5-city rotation to host the Super Bowl, a cycle of which the 2020 Super Bowl LIV in Miami would kick off. The event would take place in the city every 5 years, cycling through Las Vegas, Las Angeles, either Arizona or New Orleans, and a wild card city. Super Bowl LIV in 2020 will take place during the NFL's 100 year anniversary. The city of Miami will be completely transformed with programming that engages all of Downtown's waterfront from the Pérez Art Museum Miami, Bayfront Park, American Airlines Arena and Bayside to the Intercontinental Hotel. The 2020 Super Bowl Host Committee anticipates over 50,000 people who do not attend the game will come to Downtown to celebrate and take part of the festivities. The host city celebration will take place in Miami-Dade as opposed to Miami-Dade, Broward and Palm Beach County, as was the case with past South Florida hosted Super Bowls. This was part of a concession by the city in an agreement with Stephen Ross, owner of the Miami Dolphins, who spearheaded the renovation of Hard Rock Stadium.
Check out the video of Downtown Miami's transformation for 2020 Super Bowl LIV:
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.