Pablo Escobar’s Former Miami Estate Sells For Nearly $11 Million

Waterfront property once inhabited by Colombian drug lord Pablo Escobar has sold for $10.95 million located in Miami Beach on North Bay Road. U.S. authorities seized Escobar’s infamous pink house in 1987 and the seller, Chicken Kitchen founder Christian de Berdouare, bought it from a private owner in 2014 for $9.65 million. The property was listed by Mirce Curkoski and Albert Justo with ONE Sotheby’s Waterfront Team and the buyer was represented by Brett Harris with Douglas Elliman. Renderings have been released to build a beautiful modern home on the lot and plans have been submitted to the city awaiting approval. 5860 North Bay Road is 30,000 sq.ft. with 150 feet of water frontage and downtown views.

The estate made waves in 2016 when a locked safe was found in the debris following the demolition of Escobar’s home. Excavators found the 700 pound safe as they knocked down the home’s walls. At the time de Berdouare said that the safe will remain locked in a bank vault until he finished filming a documentary about Escobar’s link to the property.

West Aventura Developers Proposes Mixed-Use Development In Newly Rezoned Ojus Urban Area District

West Aventura Developers, led by Marina Kessler and Gustavo Lumer, have proposed there mixed-use buildings in the newly rezoned Ojus Urban Area District, just west of Aventura. The area which sits just north of Greynolds Park, was recently rezoned by Miami-Dade county to allow mixed-use development and more density. The 7.9 acre site is located at 2375 NE 186th St.

The proposal includes three buildings designed including an 8-story building with 378 apartment units, 31,375 square feet of retail and 585 parking spaces designed by Corwil Architects; a 12-story building with 114,385 square feet of leasable office space, 16,715 square feet of retail and 552 parking spaces designed by Arquitectonica; the final building would rise 8-stories offering 247 apartment units, 19,160 square feet of retail, 386 parking spaces and a rooftop pool, also designed by Corwil Architects.

Family On Demand Senior Assistance Platform Papa Inc. Signs Lease For The Brickell Building

Papa, Inc., a leading technology-enabled platform that provides a service to assist older adults & families, has signed a lease for their new headquarters and will consolidate and relocate to The Brickell Building, located in the heart of Miami’s Financial District. Co-Founder of DWNTWN Realty Advisors, Tony Arellano P.A., has arranged a lease on behalf of the Brickell Building with Papa, Inc. who was represented by JLL’s Jeff Gordon and Matthew Goodman.

“This new headquarters for Papa underscores the ongoing evolution of office space,” Arellano said. “The lease is also a case study for the business models of office users are adjusting to the new dynamic of office requirements.”

Papa’s new headquarters in The Brickell Building will be 11,420 sq.ft. and will be occupied by only executive staff and offer rotating office needs. The company will utilize a working-from-home strategy for non key executives that proved to be successful throughout the pandemic. This strategy will reduce their office footprint that used to be over 25,000 sq.ft. 

Papa was founded in 2017 by Andrew Parker and specializes in “family on demand” assistance for seniors. The service helps older people remain living independent and securely at home. It offers in-person assistance and now has adapted to also offer virtual assistance through the pandemic. Papa’s new headquarters will be located at 66 SW Sixth Street. 

Affiliated Development Launches $125 Million Impact Housing Fund

Affiliated Development, a real estate development, investment and asset management firm, has announced the launch of an impact investment fund to invest in multifamily mixed-income workforce housing throughout South and Central Florida. Affiliated Housing Impact Fund, LP (or the “Fund”) will provide equity capital to finance Affiliated Development’s pipeline of workforce housing projects and investments. Affiliated Development’s principals, Jeff Burns and Nick Rojo, will be the sole general partners and managers of the Fund.

The Fund’s overall investment objective is to generate a positive social and environmental impact, while delivering attractive risk-adjusted returns for its investors. The Fund’s investment strategy is to capitalize the development of high-quality multifamily housing, offering a superior living experience at attainable rents. Each project will be constructed to meet the stringent requirements for green building certification standards.

“Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. Most South Florida residents are forced to either allocate too much income toward rent, live with one or more roommates, or move away from major employment centers in order to find reasonably priced housing.” Burns said. “The tremendous demand for attainably priced housing in South Florida has been compounded by the influx of new residents and businesses migrating to the area. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue.”

Affiliated Development specializes in public-private-partnerships, which typically result in the utilization of government financing incentives necessary to make these types of projects work. The company has a track record of completing workforce housing projects in various South Florida cities.

The Fund has the requisite capital commitments for an initial closing which is scheduled for December. Current committed investors include the Fort Lauderdale Police and Firefighters’ Pension Fund, West Palm Beach Police Pension Fund, Hollywood Police Pension Fund, Hollywood Firefighters’ Pension Fund, Miramar Police Pension Fund and a locally based family office.

“We are thrilled to be partnering with local public pension plans. We see an inherent alignment of interest with our pension partners who can reinvest capital back into the community while providing housing for their contributors and the local workforce. We are also attracting interest from family offices and individuals seeking a double bottom line outcome with both financial and social returns.” Said Rojo. “Having discretionary capital also provides us the flexibility to move quickly and take advantage of opportunities while focusing on what we do best, which is executing.”

MG Developer Partners With Berkshire Hathaway HomeServices In Coral Gables To Complete The Final Phase Of The Biltmore Square Community

MG Developer has recently partnered with Berkshire Hathaway HomeServices (BHHS) EWM Realty to lead sales and marketing for Althea Row and Biltmore Row. These are the last two projects that will complete the developer’s community, Biltmore Square, in Coral Gables. 

Althea Row and Biltmore Row include fifteen grand townhomes featuring 4-bedrooms and 4.5 bathrooms starting at $3.4 million. The residences are near the Coral Gables Business District and within walking distance of Miracle Mile, Riviera Club and The Biltmore Hotel. Five of the townhomes are in Althea Row and will be completed in 2021, the remaining ten will be in Biltmore row which will be completed in 2022.

“We are extremely proud to be working with BHHS EWM Realty,” says Alirio Torrealba, CEO of MG Developer. “As we enter a new era in real estate and a new era of the development of Biltmore Square, I have the deepest respect and admiration for Ron (Shuffield) and the team he built in the community. I look forward to growing the future of Coral Gables with him and his team of experts, who have been such an integral part of The City Beautiful.”

“MG Developer has done great things in Coral Gables and we highly regard Alirio’s confidence in our expertise as we finalize his unique neighborhood’s final phase,” said Ron Shuffield, President and CEO of BHHS EWM Realty. “Alirio and the MG team are an integral part of the Coral Gables community and we look forward to watching his vision for the city evolve.”

A finance team led by Jeffrey Donnelly and Dmitry Levkov has structured about $16 million in equity financing for the Althea Row and Biltmore Row projects. MG Developer, being based in Coral Gables, has taken on many projects in the area. The luxurious townhomes they are currently working on fit in perfectly with Coral Gables’ charm and feature design elements that blend into the city’s aesthetic. 

Miami Beach Issues Request For Letters Of Interest For Developers To Develop Lincoln Road City Owned Lots

The City of Miami Beach has issued a request for letters of interest from developers to develop three city-owned lots on the north side of Lincoln Road. Miami Beach is seeking a developer to build class A office buildings with on-site parking garages via a public-private partnership with the city with the goal of creating a business district to help diversify Miami Beach’s economy which is heavily reliant on tourism and hospitality. The properties are currently operated as parking lots located at 1664 Meridian Ave., another between Lenox Avenue and Michigan Avenue, and a lot at the southwest corner of 17th Street and Lenox Avenue. The development sites span a total of 3.35 acres can be combined to develop up to 383,439 square feet of office space. Voters would still have to approve any project on city owned land through a referendum. Developers must submit letters of intent by 3 PM on January 11.

Robert Finvarb's Arquitectonica-Designed Mixed-Use Development Approved In Miami Beach

Robert Finvarb has secured approval for a mixed-use development proposed for the North Beach Town Center from the Miami Beach Design Review Board. As part of the approval Finvarb will build a 20’ bioswale to catch and purify rain water. The multi-phase development, located at 71st St. and Abbott Ave., includes a 14-story building with ground floor commercial space, 232 upper level residential units, and amenity space at the 5th-floor podium and rooftop levels. The residential portion includes a mix of 139 co-living units with studio and 1-bedroom floor plans in addition to a selection of 1- and 2-bedroom private residences. Amenities will include a 5th floor amenity deck featuring indoor and outdoor fitness space, spa services, outdoor kitchen and lounge areas. There will also be a rooftop dog walk and soccer field.

Avison Young Secures Office Lease At Boca Raton’s North 40 To Relocate Meisner Electric Headquarters

Avison Young has secured a new long-term lease for 15,172 sq.ft. at North 40 in the Park at Broken Sound in Boca Raton, a two-building office complex. Meisner Electric, Inc. the tenant will relocate its corporate headquarters from Delray Beach to the space at 901 Yamato Road to accommodate future growth. During the lease transaction Avison Young Principals Keith O’Donnell and Gary A. Gottlieb represented the landlord, PG Mainstreet North Forty, LLC, a joint venture between Mainstreet Capital Partners, Inc., and Partners Group. Meisner Electric also has offices in Miramar and Sarasota with a strategy to expand in other Florida markets in the future.  

“North 40 offers the opportunity for us to upgrade our corporate headquarter facilities to an ideally-located, high-quality space,” said Todd Gurne, President and COO of Meisner Electric. “After 43 years in Delray Beach, and now relocating to Boca Raton, we look forward to our continued growth as part of Palm Beach County’s business community.”

Boca Raton is one of the largest and more desirable office markets in Florida’s Palm Beach Country. According to Avison Young research, leasing activity was up countywide by a little less than 40% at the close of the third quarter following a tough second quarter with the country on a pandemic lockdown. COVID friendly office space is also now in high demand. 

“Along with its convenient location, North 40 is known for its efficient floor plate design, large air-conditioned atrium lobby allowing for social distancing, and on-site conference center, which were particularly attractive to Meisner Electric,” said Gary A. Gottlieb. “The tenant sought to consolidate its current multi-building corporate offices into one space that could accommodate future growth, and North 40 delivered.” 

Avison Young is a private company that provides value as a global real estate advisor. They provide healthy and productive workplaces for employees in cities that are prosperous.  

Melo Group Tops Off Construction At Downtown 5th

Construction has officially topped off on Melo Group’s East Tower of Downtown 5th, the largest multifamily development built in Downtown Miami’s Central Business District. The project is composed of two towers, with the West Tower expected to top-off later this month. The construction has been underway with rapid speed in the middle of a pandemic as the foundation pour was only 9 months ago. The development has completed an average pace of one floor every three days. The project is estimated to be complete in Summer 2021. 

“We’re bullish on the long-term future of Downtown Miami. Despite a global pandemic, we never stopped building for locals who want to live and work in the urban core,” said developer Carlos Melo, Principal of the Melo Group. “Our strategy has always been to build for what the market demands – and we’re seeing a continued need from the community for good quality, attainably-priced apartments in a convenient, walkable location with access to public transit and nearby amenities.”

Downtown 5th will have two 52-story towers and feature 1,042 rental apartments with ground floor retail. Preleasing is scheduled to begin in Spring 2021. Apartments will range from studio to three-bedrooms. Units will have balconies with views of Downtown Miami. Building amenities will include three swimming pools, fitness center, social room, game room and café. 

“Downtown Miami has evolved into a global destination for business and lifestyle. We’re seeing people moving and opening up companies here from major cities across the U.S. and abroad in search of lower taxes, improved quality of life, and reduced expenses,” said developer Martin Melo, Principal of the Melo Group. “As more and more businesses look to relocate or expand to Downtown Miami, we’re building housing for the thousands of employees that will come with them and need a place to live.”

Downtown 5th is located at 55 NE 5th Street, in the heart of Downtown Miami’s Central Business District. The location is within a short walk of Museum Park, AmericanAirlines Arena, Bayside Marketplace and Miami-Dade College’s Downtown Miami campus. 

AvalonBay Communities Acquires South Miami Winn-Dixie Site For $18.95 Million

AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.

The 1.9 acre site has approval to build a 9-story mixed-use project with 283 apartment units and a 36,395 square foot grocery store designed by Corwil Architects. The residential component would feature a pool dec and 8,000 square feet of amenity space, along with the development offer 400 parking spaces. The new building would replace a 20,664 square foot Winn-Dixie which was built in 1962. The site is located just a few block from the South Miami Metrorail Station.