Wynwood's Newest Class-A Kobi Karp-Designed Office Building, The Gateway, Tops Off

The Gateway at Wynwood has just topped off at 13-stories by R&B Realty Group. The project is a Class-A office building in Wynwood’s emerging neighborhood and new office submarket. The Gateway will feature 195,000 sq.ft. of leasable office space, private rooftop terrace and 25,900 sq.ft. of retail space on the ground floor. 

Shelby Rosenberg, Principal of R&B Realty Group, said, “This is one of the most important moments in the construction of a commercial project, especially as we are ahead of schedule amidst the pandemic. We are excited to see The Gateway at Wynwood is a step closer to reality. Our project will contribute to the transformation of Wynwood into a 15-minute city, where people can access their office, home, the grocery store, restaurants, and more within a 15-minute walk. We want to thank the city, the area’s stakeholders, our construction and design team, and all our partners for trusting us and helping The Gateway at Wynwood reach this important milestone.”

Plaza Construction is The Gateway’s general contractor and Kobi Karp is the architect. The 13-story building is estimated to be complete in the second half of 2021 and is currently ahead of schedule. 

"Despite the challenges that COVID-19 has posed across our industry, we are proud to have been able to reach this milestone on time and without incident,” said Brad Meltzer, president of Plaza Construction. "We prioritized the health and safety of all stakeholders with great success, and we look forward to continuing to deliver exemplary construction services to the South Florida market and beyond."

Wynwood is Miami’s newest and emerging office submarket and a hub for creative and innovative businesses. Many well known companies have already re-located office space to Wynwood including Spotify, WeWork, and Live Nation with other big names including Google, Apple Music and Dentsu looking to move into the area.

Stephen Rutchik, Colliers International Florida’s Executive Managing Director who handles office leasing for The Gateway at Wynwood said: “We are actively engaged with prospective tenants that are attracted to Wynwood because of its ‘live, work, play’ environment. This area has become a mecca for art, food, and entertainment just north of downtown Miami. While a few companies are hesitant to sign new leases just now, they do know exactly where they want to be … and that is Wynwood. We expect many of the deals in the pipeline for The Gateway at Wynwood will come to fruition as we get closer to completing the building later next year.”

The Gateway at Wynwood is located at 2916 N Miami Ave, a desirable location just a few minutes away from Downtown Miami, Aventura and Miami Beach. The area is also very close to Miami Internation Airport and PortMiami attracting many visitors and tourists all year round.

Aztec Group Arranges $12 Million In Financing For Publix-Anchored Kirkman Oaks Shopping Center

Aztec Group, Inc. has secured $12 million in non-recourse financing for Kirkman Oaks Shopping Center in Orlando, Florida, overseen by Brell Tarich and Charles Penan. Kirkman Oaks is an 98,000-square-foot neighborhood retail center anchored by Publix Supermarket and Davita Dialysis. The property is 98% occupied and ideally located just north of Universal Studios at 4606 S Kirkman Road, Orlando, FL.

“Grocery-anchored retail centers, especially those boasting Publix as their anchor, are highly coveted by lenders looking to put out capital in the current Covid-19 environment,” said Brell Tarich, Director of Aztec Group. “The borrower’s stellar track record coupled with the well-performing property allowed us to secure long-term financing at very attractive terms that exceeded the borrower’s expectations.”

The financing was provided by a Georgia Based regional bank. Financial terms of the non-recourse mortgage include a 7-year term, sub-3.5% fixed interest rate and a 30-year amortization schedule. The borrower is led by Daniel Halberstein, a seasoned retail and office investor based in Aventura, Florida.

“Kirkman Oaks benefits from its exceptional infill location at the main intersection of one of Orlando’s premier submarkets,” added Charles Penan, Executive Vice President of Aztec Group. “The terms of this financing speak to the strength of both the ownership and the asset itself.”

ReefLine, Miami’s First Underwater Sculpture Park, On Track To Open Phase One In December 2021

Miami’s first underwater environmental public art project, to be known as ReefLine, is on track to open Phase 1 in December 2021. The project will be built in several phases with Phase 1 spanning one-mile long. The project is designed by OMA / shohei shigematsu in collaboration with a team of marine biologists, researches and coastal engineers whose goal is to protect and preserve the city’s marine life. The installation will feature environmentally-functioning artworks by major international artists and designers. ReefLine will begin in South Beach and run north, providing a critical habitat for endangered reef organisms, promoting biodiversity and enhancing coastal resilience.

The project will span 7 miles underwater and attract both art lovers and eco-friendly tourists to view the underwater sculpture park via a snorkel trail. ReefLine is being developed by BlueLab Preservation Society, led by Ximena Caminos, in partnership with the City of Miami Beach and Coral Morphologic.

Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million

Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd. The seller was Port Royale JV Phase I LLC, a joint venture between Mill Creek Residential and Invesco Real Estate and the buyer was NM-Port Royale LLC, an entity managed by Northwestern Mutual Life Insurance. The pricing breaks down to roughly $324,000 per unit.

Modera Port Royale features 555 rental apartment units spanning 1.03 million square feet spread across five buildings on an 8.2-acre site. Amenities include a waterfront pool, game room, coffee bar, fitness center, roof deck, theater and marina with 55 boat slips. The property was developed in 2017 by Mill Creek Residential who sold Phase 1 for $94 million in 2015.

Pharrell Williams To Open Billionaire Boys Club Store In Wynwood

Pharrell Williams plans to open a new store for his clothing line, Billionaire Boys Club, in the Wynwood neighborhood of Miami after inking a lease at 2545 NW 3rd Ave. The lease is for 5,700 sq.ft. of space in an old wholesale shoe company building located near hot spots Zak the Baker and Wynwood Garage. Terms of the lease were not disclosed but both sides of the transaction was overseen by David Lerner of Dwntwn Realty Advisors. The 14,903 SF building is owned by Lerner Family Properties, led by brother-sister duo Irving and Esther Lerner.

Billionaire Boys Club has already had success in Wynwood with their pop-up store operating since 2018. The new location at 2545 Northwest Third Avenue will be Billionaire Boys Club’s second full store after its New York City location and is expected to open in 2021.

Lennar Acquires Pine Isles Mobile Home Community In Homestead For $29 Million

Lennar Homes (NYSE: LEN) has acquired the former site of Pine Isles Mobile Home Community in Homestead for $29 million. The property is located at 28600 SW 132nd Ave. and spans 42.7 acres. Pines Isles Mobile Home Community serviced seniors and was disbanded in 2019 before the site was rezoned for the development of 456 single-family homes. The seller was MAC Thirteen LLC, an entity tied to Rolando Delgado of Treo Group, who will receive a portion of the proceeds from each home sold. Delgado purchased the site in 2018 for $12.99 million.

Lennar Homes has already launched sales of the project, named Pine Vista, a master-planned community of townhomes and single-family homes with resort-style amenities. Homebuyers will have 14 different floorpans to choose from and single family homes will range from 1,833 square feet to 3,221 square feet and pricing from $357,990 to $419,990. Townhomes will start in the $200,000’s. Amenities will include a clubhouse, pool and park.

Aston Martin Residences In Miami Unveils First Aston Martin DBX In The Americas For Buyers The Tower's Signature Residences

Yesterday Aston Martin Residences in Miami unveiled the first Aston Martin DBX in the Americas. Buyers of the Signature residences will receive the new DBX, Aston Martin’s first SUV model part of the Aston Martin Art of Living. Alejandro Aljanati, CMO of G&G Business Developments, and Nicolette Brent, UK Consul General for Florida unveiled the DBX at the Aston Martin Residences sales center. Owners of the Signature residences, condos line 01, will have be able to choose from a DBX Riverwalk Edition or DB11 Riverwalk Edition to complement their new home. Aston Martin Residences is a 66-floor luxury development created by G&G Business Developments with construction of the sail-shaped tower scheduled for completion in 2022.

“We’re delighted that the first customer DBX built for The Americas is here in Miami. This brand-new Aston Martin joins our DB11 and Rapide S sports cars, enabling purchasers of the Signature condos to test drive the DBX and the DB11 directly from our Sales Centre before deciding which Aston Martin is right for them,” said Germán Coto, CEO of G&G Business Developments. “The fleet at the Aston Martin Residences forms part of our exclusive butler service, which enhances the ownership experience by offering personal support for our valued clients and VIP guests.”

DBX is Aston Marin’s first model to be “Made in Wales” from their assembly plan in Wales at St. Athan. DBX celebrates Aston Martin’s unmistakable style, design and language in a brand new SUV form. DBX features sophisticated 22” sport wheels, an Obsidian Black interior, Piano Black Wood Veneer and Satin Chrome detailing to make a bold statement. DBX resembles a new era of Aston Martin to deliver exceptional performance and live up to the world-famous manufacturer’s quality and unique aesthetic.

Carlos Mattos And Family Acquire Waterway Shoppes of Weston For $20.45 Million

An entity tied to the Mattos family, led by Carlos Mattos and his children, Nicolas and Isabella Mattos, have acquired the Waterway Shoppes of Weston for $20.45 million, roughly $501 per square foot. Waterway Shoppes of Weston was developed in 1999 and was acquired by the seller, Waterway Ventures LLC, an entity tied to Fondo Atlas and Dylan Fonseca, for $15.3 million in May 2015. The property was listed with Kirk Olson and Drew Kristol of Marcus & Millichap for $20.65 million. Gordon Messinger of Cushman & Wakefield represented the buyer in the transaction. The acquisition was financed with a $9.98 million CMBS loan provided by Deutsche Bank.

Waterway Shoppes of Weston is located at 2210-2282 Weston Rd. and spans 40,848 square feet on 4.95 acres of land. Tenants include AT&T, Hooters, Lucille’s American Café, Chill-N Nitrogen Ice Cream, Cyclebar, BankUnited, Lucille’s American Café, Baires Grill and Pearl Vision Center.

Melo Group To Break Ground On Arquitectonica-Designed Island Bay In Edgewater In May 2021

Melo Group is gearing up to break ground on Island Bay in Edgewater in May 2021. Work on the baywalk is already underway in compliance with Miami21 which will connect from Edgewater’s Paraiso District through the Miami River across from Brickell. Island Bay is designed by Arquitectonica and will feature twin towers rising 60 stories, 637’. The developer submitted the project to the FAA for approval in November 2020 after first revealing the project in the summer of 2019 and executing a utilities deal with Miami-Dade County in February 2020. When complete, Island Bay will feature 792 residential units and 12,600 square feet of retail. In August 2019 PROFILEmiami first reported that the residences are expected to be condominium units with a luxurious suite of amenities including multiple pools overlooking Biscayne Bay and a multi-sports court. The project is located between NE 24th Street and NE 23rd Terrace as well as NE 5th Avenue to the west. Construction is expected to be completed in the summer of 2023.

Check Out The Newly Revealed Renderings Of Norman Foster-Designed Drivers Club Miami

New renderings have been revealed of Drivers Club Miami, a Norman Foster-designed private driving club with resort on 160-acres in Carol City, a neighborhood of Miami Gardens. The project was approved in 2018 although groundbreaking has been delayed by zoning agreements, environmental testing, design meetings and construction-preventing covenants. The project is being developed by 13 Pista LLC, led by Carlos de Narvaez Steuer and is estimated to cost $100 million.

Drivers Club Miami will feature a race circuit with 2.3 mile track in addition to a luxury resort with hotel, retail and restaurants which will be open to the public. The Miami Drivers club track, clubhouse and vehicle storage and maintenance facilities will be private for members only.

Miami-Dade County signed a $33.4 million, 30 year lease for 140 acres of land below-market rate at 20000 NW 47th Ave. for the project. The lease began on August 1, 2018 and has two 30-year extension options. The county will also provide $2 million to the developer via subsidies in order to help the project create 220 jobs on the property. In exchange for waiving the competitive bidding process, the developer will build public improvements for Miami Gardens including a new public bicycle course and capital contributions to support a new on-site fire station and Florida Memorial University. The entire project is estimated to cost roughly $100 million.