Brickell City Centre Announces New Retailers And Restaurants Opening In 2020 Despite COVID-19

Brickell City Centre (BCC), an open-air shopping, dining and entertainment destination developed by Swire Properties in Miami’s financial district, Brickell, has announced new retailers and first-of-its-kind restaurants which will be opening this summer (2020) despite the COVID-19 shutdown. The tenants will occupy a combined 44,500 SF and the news comes on the heels of the 500,000 SF shopping center’s recent reopening May 22. The mix of new tenants includes coal-fired Cuban cuisine concept Marabú, Latin and Asian fusion restaurant Los Chinos, menswear brand Indochino, brewery and restaurant EST.33 - Craft Brewery and Kitchen and American automotive electric car company, Lucid Motors. Puttshack, the high-tech mini-golf concept that was announced earlier this year, is still on schedule to open next year. 

“Miami is a destination, and we’ve always wanted BCC to feel like an extension of that experience. Shoppers want more from their retail centers than a place to purchase products, even more so after Covid has furthered the ease of online shopping,” said David Martin, VP of Retail for Swire Properties, the developer of BCC. “These new tenants speak to the experience, connection and tech-savviness that will define the future of retail.”

New-to-market concepts such as EST. 33, Puttshack and Lucid Motors, selected Brickell City Centre as their first U.S. or East Coast opening location, while local Miami-based restaurant groups, such as the teams behind Marabu and Los Chinos, will be launching brand new concepts at BCC. Marabu has already opened, Indochino and EST.33 will open in July 2020, Los Chinos in later summer 2020 and Lucid Motors for the Holiday season as they gear up to launch the company’s first car, the Lucid Air.

Douglas Elliman Releases May 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released its May 2020 New Signed Contracts Report, which reveals that the number of newly signed contracts across property types in Florida was at a high last month, despite there being lower levels of new listing inventory coming online. The Florida report includes the five counties of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough, focusing on the new contracts signed and new listings that entered the Florida Market during the entire month. The regions are broken up by two property types: single family and condo, as well as county, borough, or area. New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will be producing a monthly recurring report similar to this one during the first week of each month to cover the prior month’s number of new contracts signed and new listings to provide a data-driven picture of the rapidly changing market.

Palm Beach County

Overview:

• Despite lower levels of new listing inventory coming online, the number of new signed contracts across property types pressed higher

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts for homes jumped 27.7% to 3,444 contracts 

• Listing inventory dropped 37.9% to 1,381 units

• There was a 49.3% decline in the number of new listings for homes priced below $200K

Condo: 

• Number of new signed contracts for condos increased by 16.6% to 2,033 contracts

• Listing inventory declined 28.7% to 906 units

• 111 condos priced above $1M went into contract, a 40.5% increase from the number of condos that went into contract in May 2019

Broward County

Overview: 

• There was a larger rise in overall single family new signed contracts than for overall condo new signed contracts

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 33.4% to 3,499 contracts

• Listing inventory slipped 42.3% to 1,389 units

• Listing inventory dropped by 66.4% for homes priced below $200K to 48 units

Condo:

• Number of new signed contracts increased by 19.2% to 2,491 contracts

• Listing inventory dropped 35.1% to 1,108 units 

• 89 condos priced at or above $1M went into contract, a 50.8% increase from last year  

Miami-Dade County

Overview:

• Despite the significant drop in single family and condo new listings during the spring, a noticeable uptick began in May

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 36.2% to 3,284 contracts

• Listing inventory declined 40.7% to 1,232 units

• Listing inventory for homes priced below $200K saw a 60.6% decline

Condo:

• Number of new signed contracts edged up 4.1% to 3,058 contracts

• Listing inventory dropped 42.6% to 1,386 units

• There were 91 new listings for condos priced between $600K to $799K, a 52.4% drop from last year’s 191 new listings for similarly priced condos  

Pinellas County

Overview:

• Along with the atypical drop in new listings introduced to the market this spring, new contract signings surged for both single families and condos

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 45.3% to 2,519 contracts

• Listing inventory decreased by 33.4% to 974 units

• Homes priced at or above $1M saw a 100.0% surge in the number of new signed contracts for a total of 132

Condo:

• Number of new signed contracts rose 32.3% to 1,143 contracts

• Listing inventory fell 34.9% to 443 units

• 25 condos priced between $800K to $999K went into contract, a 108.3% increase from last year

Hillsborough County

Overview:

• There was a significant surge in new signed contracts for both single family and condo properties as listing inventory remained slow to enter the spring market

Key Metrics (Year to Year)

Single Family:

• Number of new signed contracts increased by 66.6% to 4,266 contracts

• Listing inventory slipped 37.5% to 1,594 units 

• 200 homes priced between $600K to $799K went into contract, a jump of 124.7% from last year 

Condo: 

• Number of new signed contracts rose 53.2% to 521 contracts

• Listing inventory fell 25.0% to 216 units

• There was a 425.0% rise in homes priced at or above $1M that went into contract

By Isabella Zimmermann

PROFILE Exclusive: Strong Sales at Villa Valencia Total $12 Million in Last 30 Days

Despite global market challenges, Villa Valencia has experienced strong sales momentum in the last 30 days. In that time, the project sold $12 million of inventory, or four residences ranging from three- to four-bedrooms. Most new construction condominium projects have been selling at 30-50% of pre-COVID sales volume.

Many buyers are local to Coral Gables, a historically fortress market known for stability and long-term investment value, and others came from Mexico. The property is now 25% sold.

“These recent sales have reinforced the notion that high-quality and well-thought-out condominium residences will remain a prime interest, no matter the circumstance, as buyers see the long-term value that transcends the current climate,” said Rishi Kapoor, CEO of Location Ventures.

Villa Valencia recently introduced an exclusive, limited-offer financing program for serious buyers, adding a level of certainty in today’s market. The zero-finance opportunity, via an asset-based loan, provides funds to be applied toward a Villa Valencia contract deposit. 

The project’s estate-sized units span up to 6,263 square feet and provide intimate residential living without compromising space. Its boutique ambiance combines tropical modern interior spaces with Mediterranean design that is synonymous with Coral Gables.

Each of the condominium units will include the Delos DARWIN™ Home Wellness Intelligence network, which delivers residents with clean, fresh air, energizing light and pollutant-reduced water. Procured and installed by HEDsouth, a premier technology integration and automation company, Villa Valencia’s partnership with Delos’ allows the DARWIN system to align technology with nature’s intent by using innovation to bring the best of natural outdoor conditions inside. Villa Valencia is Delos DARWIN™’s first U.S. condominium partnership.

Residences start at $1.65 million. Construction is underway with completion anticipated for Summer 2021.

Article by Katya Demina

For more information about Villa Valencia, private showings or purchase information please fill out the form below:

An Iconic Lincoln Road Book Store and Cafe Is Closing After 30 Years

Lincoln Road has been hit by yet another closure as Books & Books has shut its doors after more than 30 years. Located at 927 Lincoln Road in The Sterling Building, the asking rents were too high for the independent bookstore which also has several other locations including Coral Gables, Coconut Grove, Downtown and Bal Harbour. Owner Mitchell Kaplan reportedly said that in addition tot he rising rents, the impact of COVID-19 contributed to his decision to permanently close the store. Over the past 10 years Books & Books had already moved to a smaller space within The Sterling Building and stopped operating the outdoor cafe. Books & Books will reportedly look for a new Miami Beach location.

Other retailers to vacate their Lincoln Road locations include Steve Madden from Thor Equities’ 663 Lincoln Road, Kiehl’s at 540 Lincoln Road. This month Books & Books’s landlord Sam Herzberg sued to evict both Diesel USA and Perry Ellis/ Original Penguin from The Sterling Building for failing to pay April and May rent. Herzberg is also planning a 144-key hotel addition to the building after the City of Miami Beach recently changed zoning to allow hotels on parts of Lincoln Road.

BGI Capital Announces Expansion to Palm Beach County and a New Managing Director, Gregory J. Laskody

BGI Capital will open a new Boca Raton office and expand its operation to Palm Beach County.

The Miami-based alternative lender and commercial real estate debt provider operates offices in Miami and New York, making this its third location. The new office will be located at 1900 Glades Road, Boca Raton, FL 33431.

Managing Partner Kenneth Baboun is leading BGI Capital’s expansion efforts into key markets, choosing to open a location in the county due to the demand the firm has experienced in the area and its strong network within the community.

In addition to the expansion, BGI Capital also welcomed Managing Director Gregory J.Laskody, CCIM to the firm. Gregory will serve as the firm’s primary Palm Beach County liaison spearheading its efforts to expand debt and capital solutions to a new client base.

With over 30 years of commercial real estate experience, Gregory has extensive expertise in investment sales, commercial real estate mortgage and investment banking, and valuation. Collectively, he has been involved in over $3 billion of commercial real estate transactions. Throughout his career, he has held production, leadership, and management positions with various companies in commercial real estate including Lee & Associates, Deloitte, Nomura Capital, Wells Fargo, Q10 Capital, Newmark Grubb Night Frank, and Colliers International.

“I believe that with my vertically-integrated experience in investment sales and CRE capital markets practice, combined with the firm’s network, will successfully meet our client’s investment objectives.” BGI was founded in Miami in 2013 and expanded into the Northeast in February of 2019 with the opening of its New York office, led by Managing Director Luis Tio. The firm’s presence in New York has led to securing multiple loans in Brooklyn, Astoria, the Bronx and Long Island City among others.In Miami, BGI Capital has played an integral role in the transformation of several Miami neighborhoods including Edgewater, Coral Gables, Brickell and Doral.

Shay Kostiner Sells 44 Star Island Lot For $10 Million

Shay Kostiner, managing director of Fifth Avenue Capital Partners, has sold his vacant lot at 44 Star Island for $10 million to Hartstone Investments. Techrin Hijazi of Brown Harris Stevens, who had previously co-listed the property, represented the buyer and seller in the transaction. The pie shaped lot covers 1.1 acres with 209’ of waterfront. The transaction includes plans for a 27,000 SF mansion with 9 bedrooms and an 8 car garage designed by DOMO Architecture and Design. Kostiner first acquired the property in 2010 for $7.25 million and was met with backlash when he went to demolish the vintage monterey style estate before gaining approvals. He first listed the property for $24 million in 2016.

OKO Group's Vladislav Doronin Buys Fort Lauderdale Assemblage for $63 Million

A land trust controlled by OKO Group’s Vladislav Doronin, a billionaire real estate developer from Russia who is now has headquarters in New York and Miami, has acquired a 6.7 acre assemblage in Fort Lauderdale for $63 million. The acquisition was financed with a $33 million loan from Michael Dell’s MSD Partners. The assemblage is located just south of the New River and Las Olas Boulevard and includes 3 full blocks, 27 parcels, one of which includes the site of Dev Motwani’s 629 Residences, a 34-story, 251-unit apartment building at 629 SE 5th Ave. OKO Group is reportedly planning a pedestrian-oriented mixed-use development.

OKO Group has been on the move in South Florida. The news of the assemblage acquisition comes just one week after OKO Group announced that Vanessa Grout was appointed CEO of the newly formed OKO Real Estate which would oversee the OKO Group’s sales and marketing. OKO Group also recently broke ground on Una Residences in Brickell and announced the Aman Hotel & Residence in Miami Beach’s Faena District. Construction continues on the 830 Brickell office tower and Missoni Baia luxury condo building in Edgewater.

Grand Station Partners Close On $53 Million Loan For Luxury Rental Tower Project

Grand Station Partners closed on a $53 million loan in early March for Grand Station Tower located at 40 NW 3rd Street in Downtown Miami. ROVR Development, which is led by Oscar Rodriguez and Ricardo Vadia, set-up Grand Station Partners and are building the 30-story, 300 unit building as a public-private partnership with Miami Parking Authority. Kayne Anderson affiliate Saperian Capital is the project’s lender.

The luxury rental tower, which will feature about 4,000 SF of retail space, will also expand the Courthouse Center Garage with 350 additional parking spaces. Grand Station Partners has a 99-year land lease on the site and has the option to extend the lease by an additional 50 years.

Michael Wolk Design Associates, a Miami-based design boutique specializing in residential, commercial, and hospitality interiors, along with furniture collections, designed the Grand Station’s interiors. The firm has had over 40 years of experience designing personalized, luxury interiors for their clients with a united effort to achieve client goals on-time and within budget.

The project’s interiors are inspired by a young urban vibe and were designed with a sophisticated look in mind. Michael Wolk Design Associates selectivity edited the color palette and used black, gray, and tobacco colors. Outdoor terraces were decorated with the furniture from the firm’s Biscayne Collection, which is manufactured by Pavilion. The tower’s social room has its own custom-designed triangle seating bench and award-winning “Gianni Lounge Chairs.”

Grand Station offers a gym, spa, and pool deck among its list of amenities. It is scheduled for completion early next year.

By Isabella Zimmermann

Check Out The Newly Revealed Italian Designer Units At The Ritz-Carlton Residences Miami Beach

The Ritz-Carlton Residences, Miami Beach, has revealed a selection of Italian designer move-in ready units by Flexform, B&B Italia and Baxter. The luxury condo building was completed in February 2020 and was designed by renown Italian architect Piero Lissoni as his first full-scale project in the U.S. The Ritz-Carlton Residences, Miami Beach was developed by Lionheart Capital, a Miami-based real estate development firm, and is the largest residential adaptive reuse project in South Florida.

The Flexform furnished unit is a 3 bedroom, 3.5 bathrooms spread over 2,634 SF of interior space and 244 SF of exterior space priced at $3,425,000. The B&B Italia model residence is a 4 bedroom with a den and 3.5 bathrooms spread over 3,820 interior SF and 650 exterior SF. The home includes honed silk georgette limestone flooring, Terre de Siene wood oak flooring in bedrooms, Lualdi oversized solid-core doors, and more. The B&B Italia unit is listed for $5,231,000. The Baxter residences is a 3-bedroom with a den, family room and 3.5 bathrooms with 3,835 interior SF of space and 708 exterior SF. The residence is listed for $5,780,000.

The Ritz-Carlton Residences Miami Beach features 111 residences and offers a selection of world-class amenities including the world’s first residential art studio, 36 private boat dockages and private on-site captained day yacht, an ecological food forest and community garden, a half-acre rooftop pool deck with private cabanas, a private cinema-style screening room, a meditation garden, and a medical concierge. The building also features over 20 private elevators and private suites.

For more information about The Ritz-Carlton Residences, Miami Beach, private showings or purchasing/ leasing information please fill out the form below:

A Major Retailer Just Vacated Thor Equities' 663 Lincoln Road

COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building. The vacancy is being marketed for a replacement tenant and the building is also listed for sale asking $17.5 million with Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.

Thor Equities is reportedly working towards relief after falling delinquent on payments for a $7.3 million CMBS loan which is backed by the building. In 2012 Thor Equities paid $15 million for the 5,000 SF Lincoln Road-fronting retail building which was built in 1935. Pizza Rustica leases 1,700 SF in the building at the 667 Lincoln Road address.

Thor Equities’ Miami portfolio also includes the ground-floor retail space at 605 Lincoln Road as well as several properties in Wynwood and Miami Design District.