Check Out The Newly Released Video Of The 3 Acre Park Coming To Alton Road As Part Of Deal With Russell Galbut

Miami Beach has struck a deal with Crescent Heights co-founder Russell Galbut to bring a 3 acre park to Alton Road in exchange to allow Galbut to up-zone the old South Shore hospital site in South Beach. Commissioners approved a tower height increase to 519’, in exchange Galbut will fund and develop the 3 acre park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut will have 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 8 years after the construction permit for the tower is issued. Should Galbut wish to flip the property he must retain 10% ownership. A subsequent hearing will take place in December.

Jo Palma Tabbed To Design The Basel Miami, Reveals New Renderings Of Proposed 36-Story Tower in Downtown Miami

Sean McCormick, whose family has owned 111 SW 3rd St. in Downtown Miami since 1970, has tabbed Jo Palma to design the new 36-story tower that will replace the existing warehouse on the property. Palma was behind the design for Cayan Tower in Dubai which is currently the tallest twisting tower in the world. The new building will be known as The Basel Miami, and will rise 36-stories with over 234,000 SF of total development. The Basel Miami will feature office space, a boutique hotel, private residence on the upper floors and retail on the ground floor which is expected to feature a Modern Art Gallery. McCormick is looking for a joint venture partner and an established, signature luxury hotel brand to operate the hotel. The project has an expected cost around $100 million to develop. 111 SW 3rd St. is in an Opportunity Zone and is located across the street from Adler Group’s Miami Riverside Center, which is currently under development.

Inside The PROFILEmiami Fall Real Estate Showcase & Forum 2018

PROFILEmiami, Miami's leading real estate news platform, hosted its first annual PROFILEmiami Fall Real Estate Showcase & Forum on November 13, 2018. The evening was filled with education and networking, bringing together Miami’s local real estate leaders: top architects, brokers, developers, investors, real estate professionals, luminaries and government officials. The forum featured four informative topic panels including Miami’s Private Use of Public Land, Opportunity Zones, Sustainable Development as well as The Tokenization of Real Estate.

“We choose topics to explore that are having a major effect on Miami real estate today,” said Demetri Demascus, Founder & Publisher of PROFILEmiami. “Our goal is to provide an atmosphere of education where the general public and real estate professionals can learn from some of the leaders in their field as well as have the opportunity to connect with them in person.”

Our panelists for Miami’s Private Use of Public Land featured John Greco, Deputy City Attorney - City of Miami, and Xavier E. Albán, Assistant City Attorney - City of Miami, who explored the process that the city, state and county take when it comes to private developers approaching them about operating on public land.

An Exploration Into Opportunity Zones featured Thomas Volpe, CEO of Sikari Fund, Sheri Colas-Gervais of the Beacon Council, and Miguel Pinto, President & Managing Broker of Apex Capital Realty. The panel introduced the economic incentives of investing in Opportunity Zones in Miami and how to find opportunity zone properties and the tax advantages.

The Sustainable Development panel brought together Jon Cardello, Vice President at Stantec, Martin Pinilla, Managing Partner of Barlington Group, and Jeremy Waks of Oak Ventures and developer of Arbor Coconut Grove, to explore sustainable technologies and design in Miami real estate.

The evening capped off with The Tokenization of Real Estate, which brought together Kim Prior of Shutts & Bowen, Peter Debs of Bitfinance, and Jorge Guerra, President of Miami Association of Realtors; together they explored how tokenizing real estate assets can make access to capital and equity easier, while unlocking secondary liquidity and value for investors. The panels were moderated by Demetri Demascus, Founder & Publisher of PROFILEmiami as well as Katya Demina, Editor of PROFILEmiami.

Thank you to our partners Tesla, Apex Capital Realty, RealDax, BB Capital Group, Hallandale Beacon, Miami Design District, Game Day Skincare and our panelists.

The Enrique Norten-Designed 2000 Ocean Breaks Ground In Hallandale Beach

KAR Properties has officially broken ground on 2000 Ocean in Hallandale Beach, designed by Enrique Norten of TEN Arquitectos. Suffolk Construction is the contractor on the project where sales launched in November 2017 with pricing starting at $2.6 million. 2000 Ocean is expected to be delivered in 2020.

2000 Ocean will rise 40 stories, providing spectacular views of the Atlantic Ocean and Intracoastal Waterway. The boutique condo tower features 64 residences, the smallest being a 2,913 SF half floor 3 bedroom and ranging up to 5,832 SF full floor 5 bedroom penthouse residences. 2000 Ocean also features a duplex sky vill which comes complete with a private pool deck. Residences are designed by Minotti and feature expansive flow through floor plans, 10' ceilings, private elevator landings, floor-to-ceiling windows, custom kitchens by Minotti Cucine, Monterrey Marble flooring throughout including terraces, custom stone master bath with Agape floating bathtubs. Services and amenities include two swimming pools with expansive sunrise and sunset views, direct beach access with private beach, private arial and valet entrance, 24-hour valet and concierge, an oceanfront library with garden views, an oceanside lounge and juice bar, an indoor theater, entertainment room, fitness center and a freestanding spa pavilion complete with treatment rooms, Hammam (steam bath), ice room and yoga room. The lushly landscaped grounds feature curated gardens by Landscape Architect Sasaki Associates. Douglas Elliman Development Marketing is exclusively overseeing sales and marketing.

Enjoy the video overview and renderings below:

For more information about 2000 Ocean, private showings or purchasing/ leasing information please fill out the form below:

Voters Approve Privately Funded Miami Beach Convention Center Hotel

In the highly anticipated election on Tuesday night, Miami Beach residents approved the construction of an 800-room convention center hotel. The referendum needed a 60 percent vote in order to lease public land from the city and passed at 64 percent in its third attempt to bring a headquarter hotel to Miami. The hotel will be built on a city-owned parking lot adjacent to the newly renovated convention center.

The previous attempt in 2016 failed due to concerns over the size, originally twice as large as the current proposal, and traffic congestion. The tourism bureau estimates Miami Beach lost at least $250 million in economic revenue over the last several years because it was unable to accommodate larger scale conventions.

South Beach resident Andres Montejo, 43, said that the convention center hotel was one of the issues that drove him to the polls. Montejo, a businessman who travels frequently for work, said that the other cities he visits already have hotels connected to their convention centers.

“A convention center is great, but without a hotel it’s just another convention center,” he said after casting his ballot at Miami Beach Senior High School. “Anybody that travels ... you know that’s how the game works. It’s like that all over the world.”

Other residents, annoyed with the constant flow of construction and resulting noise and traffic in the area, decided to vote against the hotel.

The hotel will connect to the convention center via a pedestrian bridge and include a 53-foot podium containing parking, meeting spaces and ballrooms as well as two 185-foot-tall wings of hotel rooms. Voters authorized the lease and the construction of an 800-room hotel with a maximum height of 185 feet, but specifics of the hotel design will be evaluated by the city’s Design Review Board at a later date.

The group behind the proposal — Turnberry’s Jackie Soffer, Terra Group’s David Martin, Miami Design District developer Craig Robins and architecture firm Arquitectonica — emphasized that the hotel would be roughly 100 feet shorter than the previous proposal and include six times more space for cars to queue on the property so that they don’t spill onto the street.

“This is the right project for our city at the right time, and Jackie, Craig and I look forward to working with the community to deliver a hotel that will make Miami Beach proud,” said developer David Martin.

On a related ballot item, residents voted to earmark the guaranteed hotel rent payments for traffic reduction measures, stormwater projects and education initiatives, rather than sending the money to the city’s general fund where it could be used for a broader range of expenses.

According to the terms of the lease agreement, the hotel will have to pay Miami Beach either fixed rent totaling $16.6 million over the first 10 years or a percentage of hotel revenue, whichever is greater. Miami Beach estimates that the city will also collect $96 million in taxes from the hotel over the next 30 years.

Article by: Katya Demina

Lennar to Sell Rialto to Stone Point Capital for $340 Million

Miami-based Lennar Corporation announced last week that it will sell its investment and asset management division, Rialto, to private equity firm Stone Point Capital. This move may be part of Lennar’s strategy to focus solely on homebuilding.

Rialto was created by Lennar after the recession to purchase distressed assets, but buying opportunities have been scarce as real estate prices have risen.

The company had communicated it was looking to sell off the division for months, which the Wall Street Journal reported in October. In the third quarter Rialto reported $49.5 million in revenue, less than one percent of Lennar’s total revenue.

Lennar said it will still retain one segment of Rialto — its Rialto Mortgage Finance business, which it expects to incorporate into its Financial Services business at the beginning of the 2019 fiscal year. Lennar will also retain interests in various Rialto funds, as well as investments in other legacy Rialto assets.

 Lennar reported earnings of $453.2 million in the third quarter or $1.37 per share. The homebuilding industry has struggled amongst rising supply and labor costs, which are placing pressure on its margins. Lennar, reported strong profitability, and earlier this year acquired CalAtlantic to become the largest homebuilder in the country, in a deal worth $9.3 billion.

By Katya Demina

Voters Approve David Beckham's $1 Billion Freedom Park By Waiving Competitive Bidding On Election Day

Miami-Dade voters have approved a referendum waiving competitive bidding for the right to redevelop Melreese Country Club into a $1 billion mega-project complete with office, retail and commercial space and a soccer stadium.

The referendum allows the negotiation and execution of a 99-year lease with Miami Freedom Park, LLC. for 73 acres of the Melreese Country Club site at 1400 Northwest 37th Avenue. Miami Freedom Park, LLC. is comprised of David Beckham, Sprint CEO Marcelo Claure, and brothers Jorge and Jose Mas. As per the agreement, the group will pay an annual rent of at least $3.6 million, or fair market value as determined by two independent appraisals, plus $20 million to fund construction of a 58-acre public park, paid in annual installments of $666,667 for 30 years.

The Arquitectonica-designed proposal includes 400K SF of office space and 600K SF of restaurant, retail and entertainment space; along with 750 hotel rooms and a 25,000 seat soccer stadium with only 3,750 parking spaces. The city will be on the hook to redevelop and maintain the remaining land at the site at the expense of tax payers.

City National Bank & UBS Lease 142,000 SF Of Office Space Valued At $75.1 Million At Miami Tower

City National Bank of Florida and UBS have inked deals to lease 142,000 SF of office space valued at $75.1 million at Miami Tower, a 47-story, landmark office skyscraper at 100 SE Second St. in Downtown Miami. The leases bring Miami Tower to 94% occupancy, outpacing Downtown Miami Class A office space market. The transactions were overseen by Transwestern’s South Florida Agency Leasing Team with Transwestern Managing Director Glenn H. Gregory and Vice President Christopher Dubberly provide leasing services on behalf of Miami Tower ownership.

City National Bank, the third-largest Florida-based bank, signed a long-term lease renewal and 57,000 SF expansion for a total footprint of 105,000 SF at Miami Tower. Upon its purchase of TotalBank in June 2018, City National Bank made the decision to expand within the building to accommodate its new headquarters, which the Transwestern team expedited. Matthew Goodman and Jeff Gordon of JLL represented the tenant. In addition, multinational investment bank and financial services company UBS renewed its 37,000 SF lease. Tony Jones of Cushman & Wakefield represented the tenant in the long-term lease.

“The transactions with City National Bank and UBS represent tenants’ ongoing attraction to Miami Tower as a preferred location, boasting nearby amenities and direct access to Interstate 95,” said Dubberly. “City National Bank had multiple options for where to place its headquarters, from owned to leased space, and, ultimately, Miami Tower’s attributes and the nimbleness of our team secured the deal.”

Transwestern was retained to lease Miami Tower in January 2017 when the building was 80.8% occupied. The team has since increased the building’s occupancy rate to 94.2 %, which significantly outpaces the downtown Miami office market’s average Class A occupancy, which is currently 78.3%. According to research by Transwestern on the two Miami Central Business District submarkets, Class A rent in downtown Miami averages at $44.97 per square foot, compared to Brickell’s $51.21 per square foot.

“With one of the lowest vacancy rates in downtown, Miami Tower stands out as a market leader on par with Brickell’s more expensive Class A office options,” said Gregory. “While Brickell has a Class A vacancy rate below 10 percent, compared to that of downtown at nearly 22 percent, it’s worth noting that more than 60 percent of downtown’s vacant space is contained within just two buildings. As those buildings compete for new leases, we’re pleased that Miami Tower is in such a positive position.”

Miami Tower is one of the tallest buildings that illuminates Miami’s skyline. Centrally located in Downtown, the LEED Gold building features a state-of-the-art conference facility, fitness center, the only on-site Metromover station in Downtown, and access to many restaurant, retail, and hotel options.

For more information about Miami Tower, private showings or leasing information please fill out the form below:

Great Gulf Launches Plans For La Clara, West Palm Beach's Newest Luxury Condo

The Toronto-based developer Great Gulf has launched plans for La Clara, their 25-story luxury condo tower coming to West Palm Beach. La Clara will be located at 1515 South Flagler Drive and will feature 83-residences. Great Gulf, who acquired the site for $24 million in September 2016, expects to break ground in March 2019 and deliver the building in 2021. The building is being designed by Hariri Pontarini Architects.

Residences at La Clara will range from 1,500 SF to 4,000 SF with a selection of penthouse layouts. Each residence will also come with at least 2 parking spaces. Amenities will include a state-of-the-art fitness center with yoga studio, spa, outdoor garden, dog spa, club lounge, theater, conference room, business center, wine tasting room with storage and a resort style pool.

Sales are expected to launch in Q1 2019 and will be overseen by Chris Leavitt, Alison Newton and Joey Columbo of Douglas Elliman Development Marketing. Pricing will range from $2 million to $5 million. The deposit schedule will be 10% down at contract, an additional 10% six months later and an additional 5% the following year.

For more information about La Clara, private showings or purchasing/ leasing information please fill out the form below:

Check Out This $29 Million Penthouse In Bjarke Ingels' Grove at Grand Bay With Over $1 Million In Art

There are few residences that combine high-styled interior design and an expertly curated art collection all while being located in an iconic tower designed by one of this generations top architects, Bjarke Ingels. Located in Grove at Grand Bay, this newly listed residence is a $29 million penthouse fully furnished offering over $1M in art work from Dorit Levinstein, Romero Britto, Angelo Accardi, David Kracov and SN.

The unit takes up the entire floor at Grove at Grand Bay North Tower located on the lower penthouse. The 11,000 SF unit comes equipped with 6 full bedrooms and 8 baths, maids quarters, movie theater, gym, wet and dry sauna, jacuzzi, massage room, office, two master bedrooms with walk in closets, and a bar.

For Grove at Grand Bay, Terra Group teamed with celebrated Danish architect Bjarke Ingels, of BIG Architects, to bring modern luxury to historic Coconut Grove, Miami’s oldest neighborhood. Terra and Ingels envisioned a residence that would evoke luxury, but also fuse it with distinctly contemporary design. With floor plates that rotate every three feet at every elevation from the 3rd to the 17th floors, Ingels’ design creates two gracefully twisting towers that appear to be turning to capture the view as they rise to the sky. BIG Architects designed the residences and amenity spaces, and Raymond Jungles has designed the property’s landscaping.

2669 S Bayshore Drive, LPH N, Grove at Grand Bay is currently listed for $29,000,000 with Bragi Sigurdsson of Douglas Elliman.

Photos via Douglas Elliman Real Estate

For more information about Grove at Bay, private showings or purchasing/ leasing information please fill out the form below: