Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million

Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.

The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components. 

The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses. 

The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage. 

The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area. 

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

For more information about the portfolio or any of the sites, private showings or purchasing/ leasing information please fill out the form below:

East End Capital's 236-Unit Co-Living Project Foyer Wynwood Approved on North Miami Avenue

East End Capital has received approval from the City of Miami’s Urban Design Review Board (UDRB) for FOYER Wynwood, a 375,000 SF 236-unit co-living, mixed-use project in Wynwood along North Miami Avenue. The approvals give the project its final green light to move forward. The development will continue the renaissance occurring along North Miami Avenue, and is located near notable attractions such as Veza Sur Brewery, The Wynwood Arcade, Oasis, The Salty, and the planned Arlo Hotel. Construction is expected to commence in early 2021.

Foyer Wynwood will be a 375,000 SF, 12-story, 236-unit multifamily residential project that spans North Miami Avenue from 24th to 25th Street. The project is being designed by globally recognized architecture firm, Kobi Karp Architecture & Design, also responsible for East End’s Wynwood 25 and Annex projects. Foyer Wynwood will feature affordable co-living and micro-unit options in the apartment portion, together with co-workspaces and other amenities. In conjunction with the development, East End has launched the new “FOYER” brand to operate and manage this project as well as all the other co-living apartment projects in its pipeline. 

East End Capital is the same developer behind Wynwood 25, with Related Group, a mixed-use, market-rate rental community, and Wynwood Annex, a class-A office building geared toward technology, advertising, marketing and innovation tenants including international entertainment company, Live Nation.

Foyer Wynwood will offer with an abundance of shared amenity space, including a gym focused on functional training, a juice and coffee bar, an expansive pool deck, a chef’s kitchen and entertainment space, collaborative co-working and art studio areas, and state-of-the-art podcast and green-screen studios.

All FOYER projects will include high ratios of furnished micro-units and co-living bedrooms with ensuite bathrooms, together with traditional studio, one- and two-bedroom units. Monthly rents for co-living bedrooms at Foyer Wynwood, which include the furnishings, electricity, common area cleaning, and WiFi, are expected to start around $1,500 per month. 

“FOYER aims to redefine the multifamily landscape by incorporating affordable co-living and micro-units into the traditional apartment mix.  FOYER communities will be priced and designed for renters of all ages, in all walks of life,” said Jonathon Yormak, the founder of East End Capital and FOYER.  “They will be low on cost, high on community and incredibly easy on convenience.”  In addition to A.I. enabled marketing and low-click on-boarding processes, FOYER’s roommate pairing will be taken to a new level through its proprietary compatibility algorithm.

DJ Khaled Sells Island Estates Waterfront Mansion In Aventura For $4.8 Million

DJ Khaled, whose real name is Khaled Mohamed Khaled, has officially sold his Island Estates waterfront mansion in Aventura for $4.8 million. The closing price is nearly 45% off of the initial $7.99 million list price from December 2018. The custom designed home, which is located at 3914 Island Estates Drive and built in 2001, spans 6,697 SF and is decked out with the music producers own personal taste including a custom sneaker room.

Khaled spent over $2.5 million remodeling the four-story, 5 bedroom, 6 bath Mediterranean estate to include 14k gold chandeliers with Swarovski crystals, beautiful open spaces with floor to ceiling windows, an elevator, dramatic foyers, granite staircase, a wine room, gourmet chef’s kitchen plus a master suite with a sitting area and veranda with water views. The master-suite features a massive sneaker closet with his signature slogan “WE THE BEST” printed on the closet floor with the capacity for over 500 shoes. The lushly landscaped outside features a stunning tropical pool and spa overlooking the bay where Khaled has played host to many parties for his friends, Jay Z and Rihanna included; as well as multiple outdoor lounge areas and summer kitchen.

The home was listed for $7.99 million by Janet Ben Zvi of ONE Sotheby’s International Realty and the buyer is being represented by Julian Johnston and Caterine Gomez of Corcoran. DJ Khaled initially purchased the property in 2014 for $3.84 million and has since moved to a 13,000 SF mansion he purchased for $22 million Pine Tree Drive, Miami Beach.

Photo via Life Style Production Group for ONE Sotheby’s

For more information about DJ Khaled’s mansion, private showings or purchasing/ leasing information please fill out the form below:

International Materials Signs 20K SF Lease In Delray Beach To Relocate HQ

International Materials, Inc. (IMI), an international trading and logistics provider, has signed a 20,052-square-foot lease with Samuels & Associates to relocate and expand its corporate headquarters from Boca Raton to the Offices at 4th & 5th Delray. Located in Delray Beach’s central business district, IMI’s new headquarters will settle into nearly two-thirds of the mixed-use building’s third-floor Class A office space at 25 SE 4th Ave.

The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach where there is both a high demand for office spaces and limited Class A office development. The relocation of IMI’s headquarters into the expansive office space will aid in the company’s accommodation of the existing HQ roster of 45 full-time professionals and doubling its team’s numbers by finding talent in line with its anticipated growth trajectory. 

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President of IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, while IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5th Delray. It is only a few steps away from Delray Beach’s Atlantic Avenue, which is composed of 9,000 square feet of boutique retail, lively dining options, green space, and public beachfront. The project also features a dedicated entryway, a flexible floor plan, experiential office design which will allow for a variety of work settings, more than 8,600 square feet of spacious terraces that allow for views of downtown Delray Beach, a 326-space parking garage, an onsite iPic theater, and a restaurant, all of which IMI will have access to.

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO of the Greater Delray Beach Chamber of Commerce.

“There is no denying the staying power and increasing vibrancy of Delray Beach's downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

By Isabella Zimmermann

Governor Ron DeSantis Announces $250 Million In CARES Act Funding Allocated For Rental And Mortgage Assistance

Florida Governor Ron DeSantis has announced that the state will allocate $250 million in CARES Act funding to rental and mortgage assistance due to the COVID-19 pandemic shutdown. $120 million of the funds will be allocated to Florida Housing Finance Corp. which will provide rental assistance to households who live in affordable housing rentals within the Florida Housing Finance Corp. portfolio and have been impacted by COVID-19. Qualified renters will be able to use the funds from July 2020 through December 2020. The announcement comes just days before Florida’s moratorium on evictions and foreclosures expires and a rush of evictions and foreclosures are expected in July.

An additional $120 million will be allocated for rental and homeowner assistance programs for those impacted by COVID-19 providing aid for rent assistance, mortgage payment assistance, downpayment and closing assistance, mortgage buy-downs, new construction, rehabs, emergency repairs and homeownership counseling. The final $10 million will be used for operating costs of the programs and technical assistance.

Triple Five Group Completes Land Swap For Final Portion of 174 Acre Assemblage Needed To Develop American Dream Miami

American Dream Miami has moved closer to its expected 2021 groundbreaking after Triple Five Group completed a land swap with Graham Companies for the final 25 acre needed to develop the mega mall. The land is located south of NW 178th Street and east of 97th Avenue in unincorporated northwest Miami-Dade County, just west of Miami Gardens and Miami Lakes. The land will be incorporated in a 336-acre plan to build 2,000 apartment units, retail and office space.

The two parcels acquired by Triple Five Group were valued at $12.7 million while the three parcels acquired by Graham were also valued at $12.7 million. No money was exchanged as part of the deal but CIBC Bank USA reportedly increased its mortgage on Triple Five Group’s holdings from $15.35 million to $19.65 million.

First proposed in 2015, American Dream Miami would be the biggest mall in the United States when completed. The malls is expected to span over 5 million SF and will feature a retail component with an entertainment component consisting of a theme park, indoor ski complex, ice skating complex, aquarium and a submarine lake. The mall would cost between $4.5 billion to $5 billion with completion expected in 2025.

The Miami-Dade City Commission approved zoning changes in May 2018 and the developers and city will need to work together to build a highway interchange between the Ronald Raegan Turnpike, I-75 and NW 170th St. required to make the project possible. American Dream Miami will also require a $15 million sewer extension. Triple Five Worldwide plans to submit a final design by the end of 2020 and the group is currently reviewing the site to finalize the mix of entertainment and retail.

Alta Developers' Quadro At Design District Now Signing Contracts

Alta Developers, led by Raimundo Onetto, has announced that the two-tower, 198-unit residences at Quadro in Miami Design District, which officially launched sales in March, is now signing contracts and paying 25 percent of the total commission to outside brokers. Quadro at the Miami Design District is a distinct resort-style condominium. The 12-story boutique was built in 2019 and is the newest addition to the city’s trendsetting creative hub and is only a short walking distance to many premier attractions in the fashionable Design District.

Quadro’s residences, which start at $398,000 and are exclusively marketed and sold by Fortune Development Sales, are ready for immediate purchase and allow for buyer flexibility in purchasing units with tenants or placing units into a short-term rental program. The turn-key units range in size from 762 square foot large studios to 1,199 square foot two-bedroom residences with terraces. All units have their own spacious balcony and or terraces, while select units have oversized outdoor patios ranging from 86 square feet to 898 square feet.

“We are certainly seeing a major uptick in prospects inquiring about Quadro and making appointments to see this remarkable project. Prospective home buyers have been waiting to make a decision until they can see residences for themselves and now that we have opened, we are signing contracts,” said, Edgardo Defortuna, President, CEO and Founder of Fortune International Group.

The towers reopened its sales gallery on June 1st and have attracted interest from the local market which has been steadily growing with buyers now looking to sign contracts. Inquiries have been coming in from across Latin America, including Ecuador, Mexico, Argentina, and Peru. Fortune International Group expects prospective out-of-state buyers to head to Miami this summer to sign contracts.

“We are seeing that buyers, locally and internationally are eager to buy a home in South Florida now more than ever. We have warm weather, great outdoor spaces, several places to enjoy cultural attractions, and a myriad of dining venues. Buyers also want to ensure purchasing a home that presents attractive opportunities for the future and Quadro checks all the boxes,” adds Edgardo.

The resort-style complex has one-of-a-kind artworks integrated throughout which anchor a multifaceted series of experiential programs and walking tours tailored for residents and guests of the two luxury condominiums. Alta Developers and Art with DNA’s Francisco Del Rio, the lead architect and artist who embedded 542 site-specific pieces throughout the premises, have truly shaped the concept of contours of Quadro, all of which serve as an ode to South Florida’s seashore.

The project offers an expansive list of amenities, including a pool, a sprawling poolside club room, yoga and spinning rooms, and summer kitchens and cabanas with abundant space for outdoor recreation with panoramic views of the city and Biscayne Bay. Each residence has advanced home technology, including NEST smart home thermostats and a Bluetooth keyless entry system with cameras that homeowners can access through their mobile phones. Residents with electric cars can power their cars at charging stations, while those with pets can take them to a state-of-the-art pet washing facility on-site.

“Quadro is ideal for buyers looking to purchase and move-in now – it offers high-end turn-key residences with resort-style amenities at compelling price points in Miami’s Design District. Not to mention, these residences provide complete flexibility for permanent residents, the seasonal snowbird, and the vacationing short-term guests,” said Raimundo Onetto, Principal and CEO at Alta Developers.

By Isabella Zimmermann    

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

RPC Plans $60M Health & Wellness Center At Legacy Hotel & Residences in Miami Worldcenter

Royal Palm Companies (RPC), led by Dan Kodsi, have announced that as part of Legacy Hotel & Residences at Miami Worldcenter they will develop a $60 million, 100,000 SF healthcare center named Center for Health + Performance (CH+P) on the ground floor. It will break ground this fall alongside Legacy, which is across the street from RPC’s Paramount Miami Worldcenter condo tower. This is the latest of a series of medically-integrated real estate projects that have become more prevalent in South Florida.

CH+P aims to create a new operational model by ensuring the entire property meets medical building and design standards that are typically unheard of for a traditional hotel. The health and wellness facility will also feature a medical center with ventilators and medical gas, meaning it will be equipped to combat future pandemics and a variety of health complications. It will also offer surgery rooms, and MRI, CT Scan, Mammography, X-Ray, Ultrasound services. Medically equipped hotel rooms will be available for post-surgical patients and guests at the hotel and unit owners will have access to the healthcare center’s facilities, doctors, diagnostic center and onsite lab.

“Legacy will be one of the cleanest designed buildings you can shelter safely in during pandemics – with access to health professionals, a pharmacy, medical grade air quality and cleaning, food delivery and more,” said Dan Kodsi, CEO of RPC.

The project is tapping into top healthcare organizations to bring CH+P to life, including architecture firm Perkins & Will, healthcare consulting firm Coker Group, and healthcare construction company Vilar-Hoynack.

When complete, Legacy Hotel & Residences will have 274 condominium units and 256 hotel rooms. Other amenities include a sophisticated members-only international business lounge, downtown’s largest hotel pool deck set on one acre, the medical and wellness center and ground floor retail. The tower will feature a highly-anticipated seven-story crown-jewel glass atrium, which will be the largest rooftop atrium for a hotel-condo in the U.S.

Designed for the innovative and cosmopolitan traveler seeking a home away from home, Legacy Hotel & Residences aims to disrupt the condo space by introducing microLUXE living to Miami. The concept will offer homeowners luxury small living with the flexibility to live in or rent their home without rental restrictions, which will fulfill the demand of a rapidly growing and more international downtown core. Residents will have the option to rent on their own or through the tower’s hotel rental program, offsetting carrying and maintenance costs. Legacy’s microLUXE residences range from 400 SF to 949 SF with studios and two-bedroom units.

Sales for the condominium portion launched in November 2019, overseen by Peggy Olin’s OneWorld Properties, with pricing starting in the $300,000’s. Legacy Hotel & Residences is being designed by Kobi Karp with interiors by IDDI.

For more information about Legacy Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Metropica's First Residential Tower Receives TCO And Begins Closings In Sunrise

ONE Metropica Residences, designed by YOO, has received its Temporary Certificate of Occupancy (TCO) and became the first residential tower within the $1.5 billion, 65-acre master-planned Metropica in Sunrise, FL, to be completed and begin closings. The 28-story, 263-residence high-rise is the brainchild of the creative team of Metropica Development, LLC, led by CEO Joseph Kavana, in collaboration with globally acclaimed architect Chad Oppenheim and London-based interior designer YOO Design Group. To date, 75% of the units at ONE Metropica Residences have been sold with buyers from around the world including the U.S., Latin America, Europe, and Asia.

Metropica Development has announced that they are ready to begin closings of the move-in ready residences, which can be handled in-person as well as virtually, ensuring that Metropica buyers from across the globe will be able to finalize their purchases. Every possible measure has been taken by the developer to ensure a seamless delivery within a completely secure and confidential environment, all while complying with COVID-19 guidelines and governmental regulations.

“We are extremely proud to be delivering our first residential building to the market,” adds Bernard Werner, President of Metropica Development, LLC.  “Our buyers have embraced our vision for this extraordinary community and its three key pillars: Nature, Wellness & Happiness. This opening commemorates a milestone in our journey and a preview of more great things to come.”

The luxury condominium residences in ONE Metropica Residences range in size from 961 to 2,022 square feet, and remaining units are priced starting in the $400,000’s. Residences offer floor-to-ceiling impact glass windows, imported porcelain tile throughout, smart home technologies, designer plumbing fixtures by Hansgrohe, and buyers can choose between nature and minimal finish patterns.

ONE Metropica also features top-level amenities including a landscaped terrace and pool, club room with a lounge, screening room, children’s playroom, pool deck, state-of-the-art fitness center, and 24-hour concierge services. 

“The level of luxury and amenities within ONE Metropica Residences are at par with South Florida’s most notable residential buildings,” said Joseph Kavana, “inclusive of a very robust Art in Public Places initiative through an agreement with globally acclaimed artist Stefan Szczesny, which also depicts Metropica’s three pillars – Nature, Wellness and Happiness.”

 When completed, Metropica will encompass approximately four million square feet and consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy.

“Our goal is for Metropica to not only be an area standout,” concludes Kavana, “but also a beacon of optimism for all those who will live, work and play within the community.”

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

Check Out The Newly Revealed Max Strang-Designed Modern Farmhouse On Miami Beach's Allison Island Asking $15.3 Million

Clara Homes, led by luxury home developer James Curnin, has launched his new Miami Beach single family luxury development concept, Modern Farmhouse, asking $15.3 million on Allison Island. The spec home was designed by local starchitect Max Strang and is a refreshing change from the ultra-modern waterfront homes that have been replacing the city’s classic Mediterranean mansions.

The home will feature over 7,000 SF under HVAC, on a 16,200 SF lot with 75’ of prime water frontage. The layout offers five bedrooms, six full bathrooms, two-half bathrooms plus staff quarters. The home will also feature a gym with an outdoor terrace including a full bathroom and inferred sauna can easily be converted to a sixth bedroom. The large chef’s kitchen will feature appliances from Wolf/Sub-Zero, Boffi cabinetry and custom marble slab, accompanied by Dornbracht plumbing fixtures. 12’ ceiling height on the main level allows natural light to flood the entertaining spaces laden with wide-planked European white oak flooring.

Outdoors offers a covered outdoor kitchen and beautiful pool area overlooking the private dock with no fixed bridges to open ocean access. The property also will feature lush landscaping to create a sense of privacy and tranquility.

The developer James Curnin is the great-grandson of Jack Parker, founder of Jack Parker Corp. which developed the Le Parker Meridien hotel in Midtown Manhattan. After graduating from University of Miami in 2008 he joined the Jack Parker Corporation before pursuing ground-up, single family home development opportunities in West Hollywood and Bel Air. In Los Angeles he hired and worked closely with architects Philip Vertoch and Paul McClean on three residential developments comprised of over 60,000 SF and $55 million in closed transactions including a $24 million home on Doheny Drive. By 2017, having sold all three Los Angeles homes, James set sight on Miami Beach where he established Clara Homes, and continues to focus on high end homes.

The Modern Farmhouse is located at 6431 Allison Road and is currently listed for $15,300,000 with Oliver Lloyd of Douglas Elliman.

For more information about 6431 Allison Road, Miami Beach, private showings or purchasing/ leasing information please fill out the form below: