Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million

The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013. The 300 unit community spans 14.3 acres and 347,790 square feet of total development, breaking down the acquisition cost to roughly $187,433 per unit. The acquisition was financed with a $36 million loan provided by BankUnited NA.

Visions at Willow Pond features a fitness center, tenant lounge, tennis courts and a community swimming pool. The property was reportedly 95% occupied at the time of acquisition and traded at a 4.8% cap rate. The seller was the New York City-based Axonic Capital who was represented by Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of ARA Newmark.

Over the past year Bar Invest Group has become a major player in the South Florida multifamily sector having also acquired the 405 unit Sunny Lake apartment community in Fort Lauderdale. Since the formation of Bar Invest Group USA in 2001, the firm has partnered with Constructa Group for the development and delivery of Mary Brickell Village in addition to having developed or acquired over 1,500 apartments homes and 600,000 square feet of retail with a total investment in excess of $400 million.

Check Out This Solar Powered Estate Asking A Record $17.75 Million In West Palm Beach

Developer Steve Bendat of Aquantis Group Development broke the record of the highest price single family home sale in West Palm Beach last year when he sold 2914 Washington Road; now ,Bendat is looking to break that record again with the launch of his newest project, 6717 S Flagler. The lavish waterfront compound is asking $17,750,000 and is one of the most unique properties ever built in Palm Beach County. The compound estate has the ability to run completely on solar power energy with electrical service tied to a solar panels that are capable of net zero metering.

6717 S Flagler was designed by developer Steve Bendat and architect David Lawrence. The estate compound maximizes the tropical nature of South Florida, overlooking the spectacular Intracoastal with views of the ocean. The 15,000 square foot three-story compound is an architectural masterpiece complete with an interior “floating” glass staircase, an outdoor stainless-steel circular staircase, an all-glass indoor elevator with back-lit onyx surround, a commercial exterior elevator, six bedrooms, nine bathrooms, and two powder rooms. 

6717 S Flagler is full of lavish features offering a theater room, a dedicated gym, a VIP guest suite, a private guest house, a home office, and a four-car air-conditioned garage. The home also features wine room, glass wine cellar with 1000 bottles capacity, dining room, battler’s pantry, kitchen, breakfast nook, family room with fireplace, laundry room, media room with bar and full bath, AV room, mudroom and pool bath, two large outdoor loggias one with fireplace, a rooftop deck and multiple summer kitchens. Outside 6717 S Flagler also features fully planned landscaping. From rooftop synthetic grass to the lush living walls, from the west side of the house to the east side, there is either greenery or water surrounding you.

6717 S Flagler is built to withstand the regions most intense hurricanes, built with extra-large footers, reinforced steel, poured concrete floors, and concrete-filled block, the home is virtually indestructible and soundproof.  The home is also pre-wired with fiber optic cable capable of transmitting 8K video to every room and patio. There’s also a whole house 70Kw generator at the ready in case of emergency.  All recessed lighting is the highest end Tech Lighting Element fixtures.  

The home also features has a commercial-ready Savant control system that can manage lighting, temperature, security, home theater, fireplaces, cameras, locks, advanced security system and more.  Lighting is controlled by a Lutron Homeworks system coupled with programmable metal Palladiom keypad switches. Each room has wired Lutron Sivoia QS shades that provide translucency and privacy.

6717 S Flagler Drive, West Palm Beach is currently listed for $17,750,000 with Burt Minkoff of Douglas Elliman .

Construction At Fort Partners' Kobi Karp-Designed Four Seasons Hotel And Private Residences Fort Lauderdale Passes Halfway Point

The Miami-based development firm Fort Partners has announced that construction at Four Seasons Hotel and Private Residences Fort Lauderdale has now surpassed its halfway mark. The construction velocity has put the development on schedule to top off later this year, ahead of its 2021 opening. Offering a combination of luxurious design by a world-renowned team, first-class amenities and five-star services, Four Seasons Fort Lauderdale will be the first five-star development in Broward County. The construction news is made all the more momentous by the development's latest sales update, with more than 65% of the luxury residences sold. 

“Four Seasons Hotel and Private Residences Fort Lauderdale is making incredible strides toward completion,” said Ramzi Achi, Principal of Fort Partners. “We are proud to deliver a five-star development in Fort Lauderdale that will redefine thoughtful design for generations to come. We are pleased to watch the Four Seasons Fort Lauderdale come to life and we look forward to welcoming our first buyers home next year.” 

The 22-story hotel and condominium development will include 148 guest rooms and 83 residences ranging in size from one- to four-bedrooms, with each residence offering expansive living spaces, generous private outdoor terraces and unparalleled views of the Atlantic Ocean and Intracoastal Waterway. Elegant kitchens are complete with custom Tara Bernerd-designed European cabinetry and top-of-the-line Miele, Wolf and Sub-Zero appliances, while custom European vanities and select branded fixtures adorn the well-appointed master baths. 

“We have always seen a very strong interest in the lifestyle offered by Four Seasons Fort Lauderdale. The spacious residences with private outdoor living spaces, which offer an abundance of natural light within, combined with the privacy and service afforded by Four Seasons, make these homes exactly what buyers are looking for today,” said Dan Teixeira, Director of Sales, Four Seasons Private Residences Fort Lauderdale. 

Four Seasons Hotel And Private Residences was designed by an internationally acclaimed design team with architecture by Kobi Karp, interiors by London-based interior designer Tara Bernerd who was responsible for the elegant design of the lobby and private residences; hospitality designer Martin Brudnizki designed the development’s signature culinary experience; and landscaping by Miami-based landscape architect Fernando Wong. Construction at Four Seasons Fort Lauderdale is being overseen by Coastal Construction by premier construction management company Lehrer Cumming. 

“As the building is forming into its dimensional physical shape, the presence of the sculptural form is becoming visible to the public,” said Kobi Karp, Founder and Principal-in-Charge of Kobi Karp Architecture and Interior Design. “Four Seasons Fort Lauderdale goes beyond the typical residential building and will become the defining address for Fort Lauderdale.” 

Providing an exceptional, five-star lifestyle, Four Seasons Private Residences Fort Lauderdale offers an array of amenities and à-la-carte services, including a state-of-the-art fitness center, two pools with luxury cabanas, beach butler service, signature Four Seasons spa and yachting services. Pets will have their very own pet concierge and on-call veterinarian. Residents of Four Seasons Fort Lauderdale will also receive special courtesies at Fort Partners’ premier portfolio throughout South Florida and the Caribbean. 

Pricing for two- to four-bedroom private residences starts at $3,595,000 and occupancy is scheduled for 2021. Douglas Elliman Development Marketing is the exclusive sales and marketing firm for the development.

SHVO Wins Approval To Move Forward With The Development of The Raleigh Hotel Masterplan In South Beach

Real estate owner and developer Michael Shvo, chairman and CEO of the NYC-based real estate investment and development firm SHVO, has won approval from the Historic Preservation Board (HPB) of the City of Miami Beach to move forward with the three-acre master plan development of The Raleigh Hotel. The three-acre site includes the neighboring South Seas and the Richmond, located on Collins Avenue and 18th Street in Miami Beach.

"The Raleigh Hotel is the crown jewel of Miami Beach,” said Shvo. “This approval marks a new milestone in the partnership between SHVO, South Beach and the surrounding community. SHVO will continue to honor Miami's rich history and culture. We vow to play a significant role in the city’s continued growth and transformation.”

The board approved The Raleigh Master Plan to fully restore the three properties and to unify them as one site in order to operate them as a luxury hotel and condominium building, as presented by developer Michael Shvo and his partners. The approved plan includes construction of a new 175-foot oceanfront residential tower designed by Kobi Karp behind the Richmond and South Seas.

The plans, which were submitted to the board in April, will restore The Raleigh Hotel and its iconic pool, and the historic frontage of the Richmond and South Seas Hotels to their original 1941 grandeur, conceived by legendary architect L. Murray Dixon.

Shvo and his team worked diligently over the past 18 months with the HPB and held over 100 meetings with Miami Beach stakeholders to ensure that the proposed plans would maintain the building’s original façades, effectually restoring the streetscape. Shvo describes the redevelopment will restore the existing façades “exactly the way it was when it was originally built.” This includes the removal of the penthouse floor that was added to The Raleigh in 1961, the restoration of the original façades of the South Seas and the Richmond hotels. 

SHVO purchased The Raleigh Hotel from Tommy Hilfiger in February 2019 for $103 million and later purchased the Richmond and South Seas for a combined $140 million in August 2019.

Given The Raleigh’s storied history, SHVO is committed to returning it as a cultural beacon for the greater Miami community. Last year, SHVO installed The Raleigh Gardens, an immersive and free temporary installation on the grounds of the hotel, featuring extraordinary sculpture from Les Lalanne.

Record Breaking Class A Office Lease Signed At Yukon Miami In Miami Beach's South of Fifth Neighborhood

The Yukon Miami, a class-A commercial office building at 119 Washington Avenue in Miami Beach’s affluent South of Fifth neighborhood, has shattered office leasing records in Florida despite the Covid-19 pandemic.

J. Goldman & Co., LLP, an independent investment manager, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot private, covered terrace for a record-breaking $92 per square foot. This is an expansion for the financial services firm, which had already been leasing 1,223 square feet on the fourth floor. The lease was overseen by The Company Real Estate and The Global Consulting Organization.

“The Yukon Miami, whose office space is now close to 100% occupancy, is an asset that continues to outperform the market, not only in Miami but in the entire state of Florida,” says Cyril Bijaoui, principal and broker of The Company Real Estate, who represented the owner in the transaction and has handled the leasing for the property for the past eight years. “This is truly a building for the discriminating tenant, the top 1%, who appreciates the character and energy of the South of Fifth neighborhood.”  

The 88,148-square-foot Yukon Miami is the only Class-A office building located in the exclusive South of Fifth enclave. In addition to its prime location, the property features an enviable 9,500-square-foot rooftop development opportunity with 360-degree views of the Atlantic Ocean, Miami Beach and Downtown Miami.

Owned by Yantra 119 LLC and managed by Giulio Rangoni and Cinzia Zanella, The Yukon relaunched its sales effort this summer and is being marketed by Amit Egan Datwani, founder and chief consultant of The Global Consulting Organization, and Mr. Bijaoui for $45 million. Final offers for the property are due by Friday, October 2nd. The building’s 9,081-square-foot ground floor retail space has also just hit the market.

“It’s an ideal location to create a restaurant concept that you would expect to experience in either the Design District or at Bal Harbour Shops,” says Mr. Egan Datwani, “a place that could be infused with the early aughts buzz of Pastis in New York, the devout clientele of Joe’s Stone Crab in Miami and the exclusivity of Le Club 55 in St. Tropez.”

“The Yukon Miami presents a visionary investor with the ultimate opportunity to transform a value-add trophy asset into an absolute gem,” adds Mr. Egan Datwani. “This really is the Salvatore Mundi of the real estate world.”

Take An Exclusive Tour Of This Newly Completed Venetian Islands Contemporary Asking $4.75 Million

The Venetian Islands have been a hot spot for those looking for tranquility and privacy yet be just minutes from South Beach, Brickell, Wynwood, Miami Design District and Downtown Miami. Located at 1509 NE 12th Place on the Venetian Islands’ San Marco Island, this contemporary tropical residence was completed in 2019 and features the finest finishes including a POGGENPOHL kitchen. The home spans 5,016 square feet and offers 5 en-suite bedrooms with an open floorpan for lots of natural light.

Glass sliders blend indoor to outdoor living with the main living area opening direct to the pool and yard making for a great home for entertaining. Other luxurious features include a stunning master suite with water views, two massive walk-in closets & bathroom with a serious ‘wow’ factor.

1509 NE 12th Place, Miami, is currently listed for $4,750,000 with Dominique Duque and Ana Guillen of Compass. Ana and Dominique can be reached at 305-766-7666, ana.guillen@compass.com or dominique.duque@compass.com.

PROFILE Exclusive: Developing In Miami's Ever Changing Urban Landscape With Raimundo Onetto of Alta Developers

With over 30 years of development experience and having developed more than 3,500 units in the South Florida market, Raimundo Onetto of Alta Developers has been a driving force in the region’s massive transformation. Onetto has been involved in some of the most impactful projects in Miami’s hottest neighborhoods such as One Paraiso, Le Parc at Brickell, 900 Biscayne, Quantum on the Bay, etc. Now, Onetto has turned his attention to the fast-growing hotspot Miami Design District, where he recently completed and launched sales of Quadro at the Miami Design District. The two-tower, 198-unit project 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.

Despite the COVID-19 pandemic, Onetto has been able to keep the gas pedal down on sales at Quadro and was able to welcome us to the site for an exclusive tour of the newly completed project. When walking the building with Onetto, his hands-on approach to the design and development becomes evident from the building’s layout to the design and finishes of the units. After the tour we were able to catch-up with Onetto to find out more about how he got involved in development and where Miami real estate is heading:

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PROFILE: How did you get into real estate development? What is your background?

Raimundo Onetto: I’m an architect by trade. I actually began my career as the Founder & Partner of Archiplan, a global architecture, design & planning firm in Chile. I also founded a development company in Chile, called Exxacon, a Chilean-Spanish real estate development company that started with projects in Chile and Spain. In 2002, I came to Miami with my family, and partnered with Terra International to introduce Archiplan USA and we became Terra Group.

PROFILE: Did you have any mentors that helped shape your life or career?

RO: Not necessarily. I just know that since high school I dreamt about becoming an architect. In college/university I was even more drawn to architecture, creating spaces and becoming a professional architect. I made my dream come true and through the years I became intricately involved in the entire development and creation process. 

PROFILE: You mentioned that your background is as an architect, when and why did you take on the developer role? 

RO: I had been an architect but I was always deeply involved in the development process and worked closely with the different developers of Chile throughout all the phases of projects and since I was so close to these projects through all of their stages, the next natural fit for me was to become a developer myself. It was a seamless transition. 

PROFILE: As a developer where do you draw your inspiration from?

RO: Back in 1987 when I completed plans for my first building in Santiago, that only fueled my passion to do more and to plan for more projects and developments that would create impacts in cities. This project ultimately fueled my desire to go beyond planning and designing buildings in Chile.

PROFILE: When did you start building and investing in Miami? What was the attraction to the area? 

RO: In 2001, I began really studying the different markets and identifying where the opportunities existed in Miami. A year later, in 2002 we created Terra Archiplan with Pedro Martin and his son David. We analyzed different areas and carefully watched market demands and behavior of buyers. We began developing in the core areas of the city. Our first development together was located in the Dadeland area building out Metropolis, and then went to downtown Miami, and then west to Doral.

PROFILE: When did you acquire the land for Quadro? How did Miami Design District look at that time? 

RO: Alta Developers acquired the land where Quadro sits in the Miami Design District six years ago, in 2014. The Miami Design District at the time was just starting to take off. They had created pedestrian walkways, they brought in a new group of restaurants, luxury condominiums, and new retail stores with renowned brand names, including Tom Ford, Pucci, Berluti and Fendi.

PROFILE: Where did the concept for Quadro come from? Tell us about the design. 

RO: Designed by Behar Font & Partners, the two-tower 12-story, urban resort-style condominium building offers just 198 residences that are truly imaginative. While the entire premise is adorned with more than 542 site-specific works of contemporary art created by Francisco Del Rio of ART with DNA, Quadro offers fully- furnished, art-infused residences that are located at the cross sections of Miami's premier fashion districts, where names like Gucci, B&B Italia and the de la Cruz Collection can be found. Quadro, was also designed as a distinct condominium asset since it offers high-end turn-key residences with resort-style amenities at compelling price points in the Design District. These residences provide complete flexibility for permanent residents, the seasonal snowbird and the vacationing short-term guests. At Quadro, buyers also have the flexibility to purchase units with tenants or place units into a short-term rental program, all within a central location near Miami’s premier attractions.

PROFILE: Why did you guys wait until the building was completed to launch sales?

RO: Our mission is to build sustainable communities and integrate them into the destinations and districts they reside in. Our plan was to build Quadros’ residences as condominium homes and in 2019, the City of Miami modified code regulations offerings short-term rentals within the district and that was when we began looking at ways in which we could capitalize on market opportunities this modification presented for us as well as prospects. We identified the demands of the market were changing so that was when we permitted for condominiums documents, which some renters are currently benefitting from today.

PROFILE: How have sales been? Where are your buyers coming from? 

RO: We launched sales in late February and began accepting reservations. Shortly thereafter in March, Covid hit and we had to halt in-person tours as well as cancel the official sales launch event we had planned. Sales and interest continue coming. We are seeing that there is tremendous interest but serious foreign buyers want to wait until they can travel to Miami to sign contracts, which we expect to see soon. Currently, we are in the process of converting reservations into contracts. We are also seeing that several buyer inquiries that want to come to Miami have been coming in from across Central and Latin America, including Mexico, Brazil, Colombia, Ecuador, Chile, Argentina and Peru.  

PROFILE: What did you guys do during the COVID-19 shut down to keep sales moving forward? (Drive through closings, virtual tours, etc.)

RO: Like many, we had to adapt our efforts and shift the selling process to a virtual one. This resulted in a number of virtual presentations, live and recorded virtual tours via Zoom, FaceTime, or WhatsApp, and several webinars and live interviews, both with brokers and buyers. We now have most of our model residences available for 360 virtual tours, which can be viewed at any time through a link, where prospects virtually walk through a residence just as they would in a physical tour, with the added flexibility of them being self- guided and easily accessible. Additionally, when Stay Home orders were lifted, we did begin booking private appointments and tours with implemented social distancing and health practices in place. Earlier in July, we began setting appointments for those that made reservations to sign contracts. In some cases, we have had some contracts being signed through e-documents. 

PROFILE: Tell us about the short-term rental program? 

RO: The two-tower, resort-style condominium building with 198 residences also provides buyers the flexibility to purchase units with tenants or place units into a short-term rental program, which provides immediate long-term opportunities for buyers that cannot move upon purchase, or that simply want to have a home in Miami on a seasonal basis. We have seen some owners prefer to manage their own short term rentals, and others that choose to place units into the Nomada destination residences program.

The first benefit, is the immediate opportunities residences present with the rental program available to them. The other immediate benefit is that they are turn-key and move-in ready now. They also enjoy the amazingly styled spaces, unique amenities and a prime location, which is steps away from the Miami Design District, Wynwood, Downtown Miami, and only a short drive to Miami Beach and Miami’s International Airport. Quadro truly provides an exclusive lifestyle destination that is in walking distance to shop, dine or enjoy the outdoors.

PROFILE: When a buyer closes on their unit and you turn over the keys, what are some of the features that will stand out to them as an owner at Quadro?

RO: The boutique building boasts an expansive amenities deck with a pool, summer kitchen and cabanas, all of which provide ample space for outdoor recreation with breathtaking panoramic views of the city and Biscayne Bay in the Miami Design District. The sprawling poolside club room, yoga and spinning rooms create a private setting fit for relaxation or spending time with loved ones. Advanced home technology in each residence includes NEST smart home thermostats as well as a Latch Bluetooth keyless entry system with cameras that offer complete control through a homeowner’s mobile phone. Quadro also features electric car charging stations and a state-of-the-art pet washing facility. 

PROFILE: Where do you see the future of Miami development? What does Miami lack?

RO: I see most developments happening in areas that are already very concentrated like Downtown Miami, Dadeland, Coral Gables and I think we will continue to see those areas expand outward.

I think Miami lacks impactful projects like Brickell City Centre and that has a global appeal and that are synonymous with world-renowned names. I feel projects like that will make big impacts much like they do in big cities across the globe. Internationally recognized brands, make cities more appealing like the Miami Design District has done. 

PROFILE: Do you have anything else in the pipeline? 

RO: Yes, we have several projects in the pipeline throughout South Florida, including: 

• Phase 2 EON Flagler Village 

• 250 Bird Road

• Pinecrest Views 

• 6075 Sunset Drive

• Vesta at Neovita Doral

About Raimundo Onetto:

Onetto has 30 years of development experience, bringing more than 3,500 units to the South Florida market. Onetto has been involved in some of the most noteworthy additions to the South Florida real estate landscape, including One Paraiso, Le Parc at Brickell, 900 Biscayne, Quantum on the Bay, Metropolis at Dadeland, among others. Onetto and his innovative team at Alta Developers are the masterminds behind some of the South Florida’s most highly acclaimed projects including the recently completed Quadro at the Miami Design District, EON Flagler Village, Pacifica Boynton Beach and Neovita Doral. Onetto prides himself on being very hands on with all of Alta’s projects and their design stages, which gives their products a truly competitive edge.

About Alta Developers:

Alta Developers is a South-Florida based real estate development firm, whose Principal & CEO Raimundo Onetto has been involved in some of the most noteworthy additions to the South Florida real estate landscape, with current projects such as EON Flagler Village, Pacifica Boynton Beach, Quadro at the Miami Design District, Neovita Doral, Vesta at Neovita Doral, and past projects such as One Paraiso, Le Parc at Brickell, Quantum on the Bay, Metropolis at Dadeland, among others. These properties have been ahead of the curve from the start of each project often leading the way for future development in the areas and neighborhoods they occupy. Through advanced aesthetics and technology, Alta Developers develop with a commitment to environmental sustainability and cultural integrity, ensuring a continued stature as landmark properties in a particular destination. To date, this smart, thorough approach to development has lead the way to pursue future opportunities in emerging neighborhoods throughout Miami, Fort Lauderdale, Boynton Beach, and beyond. Alta is continuing to curate and design new developments in key markets, including, Pinecrest Views, Alta 9600, EON Flagler Village Phase II, and 250 Bird as well as 1400 Biscayne.

Andrew Kurnit of DWNTWN Realty Advisors Arranges $19 Million Construction Loan For Redwood National Properties Opa-Locka Project

Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site located at 1719 NW 143rd St.

The venture closed on the site acquisition concurrently with the construction financing on August 27th. Redwood is led by Brian A. Sidman of BAS Holdings Investments, LLC. Kurnit was engaged by BAS to provide financial analysis and capital advisory services for the project.

“Miami’s affordable housing crisis is extensively documented, and four-bedroom units are amongst the scarcest,” said Kurnit, head of DWNTWN’s capital advisory practice. “The project is unique for Miami as it contains enough acreage for townhome development, is both gated and lakefront and in close proximity to the region’s main employment and leisure drivers.”

The development will consist of 23 separate four and five-unit buildings and the developers intend to target Section 8 Housing Choice Voucher Holders in its leasing strategy. The community will be gated, lakefront and well-appointed, all rarities for affordable and workforce housing. Each unit will feature contemporary finishes, high-impact windows and lake views. Coastland Construction will be the builder. Redwood’s site is located within an existing 59-unit townhome development called The Mirage at Sailboat Cove, which was initially constructed in 2007.

The project is expected to begin delivering units in mid-2021, with full completion expected in early 2022.

Aimco Acquires Hamilton On The Bay Multifamily In Edgewater For $89.6 Million

The 275 unit bayfront multifamily rental tower Hamilton on the Bay in Miami’s Edgewater neighborhood has sold for $89,600,000, which breaks down to roughly $330,000 per unit. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the seller, Properties of Hamilton, Inc. in the transaction. The property was originally developed by Ted Arison, founder of Carnival Cruise line, in 1984.

Apartment Investment and Management Company (Aimco | NYSE: AIV), is a publicly traded real estate investment trust (REIT) who owns over 120+ apartment communities comprising 32,000+ apartment units in major markets across the United States. Aimco also owns Atlanta, New York, San Francisco, Boston, Chicago, Denver, Washington DC, Los Angeles, Philadelphia, Seattle and San Diego. In Miami Aimco also owns Flamingo in South Beach, Bay Parc Apartments in Edgewater and Yacht Club in Brickell.

Tricera Capital And Merrimac Ventures Close On Society Las Olas Retail Acquisition

Tricera Capital and Merrimac Ventures have acquired the ground-floor retail space within the newly developed Society Las Olas mixed-use project in downtown Fort Lauderdale developed by PMG. The purchase of the prime 301 SW First Ave. space closed on Aug. 27. The venture purchased the retail for $3.8 million, while also acquiring 40 parking spots as part of the transaction.

Society Las Olas is the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale. Tricera’s partner, Dev Motwani-led Merrimac Ventures, has been a driving force in the neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.

Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group. Tricera and Merrimac own a total of ~16,500 square feet of retail at Society, with ~8,500 square feet of prime space still available. Nearly half of the space is already home to numerous first-to-market tenants of national prominence. 

Thompson Hospitality, one of the largest retail food and facilities management companies in the country, is leasing over 6,000 square feet of space that will house the company’s popular Matchbox Restaurant and Big Buns Damn Good Burger Co. After an initial $14 million investment earlier this year, Thompson Hospitality has fully acquired the Matchbox Brand and strategically expanded the concept into emerging markets. Since 2003, the Washington, D.C.-based chain has provided a quintessential neighborhood gathering place for communities.

With 11 locations across the U.S. and more on the way, Matchbox’s menu is centered around fresh, premium ingredients, offering something for everyone, from wood-fired pizzas and mini burgers to simple, yet refined main courses, and a full bar featuring specialty cocktails, local beer and wines from around the globe.

Thompson is also bringing its latest venture, Big Buns Damn Good Burger, to Society. Big Buns is a fun-casual restaurant specializing in burgers, burger bowls, shakes, craft beer and cocktails. The restaurant is inspired by a true love for burgers and beer, and the belief that eating out should feel like a fun backyard party with delicious food, ice-cold drinks and good friends.

Pura Vida Miami, the popular Miami casual health food restaurant, is leasing an ~1,600-square-foot space. Society Las Olas marks the first ever Fort Lauderdale location for Pura Vida, which strives to bring healthy food and a sense of community to each of its South Florida locations.

“Fort Lauderdale continues to offer great opportunities for us to expand our presence in the market,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “We are thankful to be able to close this deal mid-pandemic with confidence and plan to continue our efforts in the area.” 

“Bringing these exciting concepts to downtown Fort Lauderdale continues our company – and my family’s – long history of enhancing the city we are fortunate to call home,” Merrimac Ventures President and CEO Dev Motwani said. “The tenants we are securing at Society nicely complement Wharf and Rivertail and will help make this area the focal point of the Riverwalk.”