WeWork Co-Founder Adam Neumann Buys Bal Harbour Marina Properties For $44 Million

Ousted WeWork Co-Founder Adam Neumann has acquired two home sites on the Bal Harbour Marina for $44 million. Neuman recently sold his estate in Northern California for $22.4 million and joined the influx of wealthy investors moving to South Florida. The off-market transaction was overseen by Tony Imbesi, who represented the seller, and Brett Harris of Douglas Elliman represented the buyer.

The double-lot property spans 50,000 SF and offers 360’ of waterfront with multiple boat slips. A 14,500 SF home is under construction on one lots which Neuman plans to finish.

Neuman purchased the property from real estate investor Joseph Imbesi, who also owns the former site of the Bal Harbour Yacht Club which is listed for $65 million on the tip of the Bal Harbour Marina. Imbesi purchased the shares of the Bal Harbour Club in the 1990s for $19,000,000. The Bal Harbour Club owned 5.5 acres on the beach, where Oceana Bal Harbour is now located and 10 acres on the bay, where the $65 million lot of land sits. The properties were owned by the proprietary members of the club and they wanted to sell so Imbesi bought all of the individual shares to gain control of the company and the assets that it owned.

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Miami-Dade State Attorney's Office Leases 50K SF Of Office Space In River Landing Shops & Residences

Miami-Dade County on behalf of the Miami-Dade State Attorney’s Office has leased nearly 50,000 SF in Urban-X Group’s recently delivered River Landing Shops & Residences. The Offices of State Attorney Katherine Fernandez Rundle have entered a 20-year lease to occupy an entire floor, 49,379 SF. The lease will consume nearly one-third of the 135,000 SF of Class-A office space at the Offices at River Landing which is located at 1400 NW North River Drive, on the Miami River just west of Downtown Miami.

The demand for office space in an environment where people can live, work, shop, enjoy world-class dining experiences and arrive to work by boat has fueled leasing activity in River Landing in recent months. Recently, River Landing signed a 2,100 SF lease with David Sutta Photography and Clutch Video.

“We are beginning to see a demand for office space that goes beyond our supply,” said Andrew Hellinger, co-principal with Urban-X Group, the developer of River Landing. “We are very grateful to our elected officials because they are working hard to attract companies to Miami and create demand for office space. We all benefit from public policies that fuel job growth and boost our local economy.”

The office tower at River Landing is a LEED certified office building and, in case of an emergency, it will provide a full-service commercial generator to keep the building operating without interruption. Office tenants have access to a private 17,000 SF outdoor plaza that can serve as a central gathering place as well as an array of national and local retail shops and chef-driven, fast casual and upscale restaurants, an 850’ waterfront linear park, and green space to enjoy.

The State Attorney’s Office, which will be relocating from Civic Park Plaza at 1469 NW 13th Terrace, serves and protects Miami-Dade residents by prosecuting felony and misdemeanor crimes that occur within its jurisdiction. It is the largest prosecutor’s office in Florida and the fourth largest in the United States with 1,200 employees.

“This was the culmination of many years of hard work by the County Mayor’s Office, County Commission, and the County's Internal Services Department,” Hellinger added. “They assisted the state attorney in finding suitable office space while staying within the courthouse district. Retaining the law firm in the district highlights River Landing’s economic impact on the area.”

River Landing is an 8.14-acre mixed-use development along the vibrant Miami River. The 2.5 million SF River Landing consists of approximately 360,000 SF feet of retail/commercial space, 135,000 SF of office, 528 market-rate apartments, more than 2,000 parking spaces and a landscaped Riverwalk.

River Landing is home to national and regional retailers and restaurants including Publix Supermarkets, Ross Dress For Less, Burlington Stores, Hobby Lobby, Five Below, Chase Bank, AT&T, Planet Fitness, Old Navy, Ulta Beauty, Sapphire Prive Med Spa, Pediatric Dental Center, Aspen Dental, Chick-fil-A, Lime Fresh Mexican Grill, Ficelle Boulangerie & Pâtisserie, Tanuki, and more.

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Melo Group Launches Sales For Luxury Bayfront Condo Tower 'Aria Reserve' In Edgewater

Miami-based real estate developer Melo Group has launched its newest luxury condo development, Aria Reserve Miami, a 62-story, twin tower luxury waterfront condominium development on Biscayne Bay in the heart of Miami’s burgeoning Edgewater neighborhood. The development will mark the tallest waterfront residential twin towers in the United States. Melo Group is now launching sales for Aria Reserve’s South Tower, which will encompass 391 spacious residences and penthouses. Construction of Aria Reserve’s South Tower is expected to begin in early 2022, with completion slated for 2024.

Aria Reserve is architecturally designed by Bernardo Fort-Brescia of Arquitectonica, with interiors by MORADA Haute Furniture Boutique, and lush landscaping by ArquitectonicaGEO. The development will offer 550 linear feet of bay frontage, with direct views of Biscayne Bay, the Atlantic Ocean, and the Miami Beach skyline.

Residences will include impeccably finished units with one- to four-bedroom floorplans measuring between 1,100 and 2,600 SF in size. Every residence at Aria Reserve will include two private elevators, a dedicated office/bonus room, at least 10-foot-high ceilings, and open flow-through layouts with expansive 11-foot-deep east- and west-facing outdoor terraces boasting unparalleled sunset views to the west and bay and ocean views to the east.

A limited collection of 15 penthouses residences will also be available, ranging from 3,500 to over 9,000 SF, each with its own one-of-a-kind personal three-car garage vault. Three trilevel penthouse mansions will feature private rooftop decks with pools and summer kitchens.

Residences are priced from about $750,000 to over $2 million, and up to $12 million for penthouses. Preconstruction sales are now underway, with starting unit prices averaging approximately $750 per square foot.

Aria Reserve’s preconstruction sales model will allow for 30%-down deposits for domestic U.S. buyers, and 40%-down deposits for international buyers. Under this model, payments are staggered with 10% deposits made at varying stages throughout the course of the development’s construction, from the reservation/contract stage all the way to top-off, with the remainder of the unit’s value due upon completion/closing. In 2011, Melo Group was the first developer in Miami to implement the now-popular 50-percent-down financing model to build its 23 Biscayne condominium.

“This type of waterfront, luxury condominium opportunity simply no longer exists in Miami at this price point,” said Martin Melo, Co-Principal of the Melo Group. “With more than two acres of open-air amenities, spaciously oversized luxury residences, and an unmatched waterfront location, Aria Reserve is sure to appeal local empty-nesters as well as out-of-market domestic and international residents looking to relocate to and live full-time in Miami.”

Standout amenities will include a two-acre recreation deck, which will be home to a semi-Olympic sized lap pool and whirlpool spa, a children’s splash pad, playground area, teen lounge and gaming center, a theater, tennis courts, basketball courts, paddle courts, a miniature golf course, and an indoor/outdoor wellness center with spa/steam/sauna facilities, massage rooms, a state-of-the-art gym, yoga lounge and meditation garden.

The building will also feature a double-level 25-foot lobby, a signature waterfront restaurant and café, two additional pool and lounge areas with two Jacuzzis and poolside daybeds, a fire pit, a dog park, and a telescope observatory area looking out over the bay. Residents will also have access to a custom-designed watersports dock with available paddleboards, kayaks, and inflatables.

On the ground floor along 23rd Street, Melo Group is developing a public park with open green space that will connect to the Miami Baywalk, providing direct access to the 5-mile-long pedestrian and bicycle-friendly waterfront promenade which runs along Biscayne Bay from Edgewater, around Brickell Key, and all the way to Brickell Bay Drive in Brickell.

The news of Aria Reserve’s launch comes as Miami experiences an extreme surge in residential real estate sales sparked by a new wave of wealthy out-of-towners opting to make South Florida their primary residence fueled by a more desirable quality of life, and lower business and living expenses, a trend which began with the 2016 tax reform bill and has only accelerated since the Covid-19 pandemic made remote working more commonplace.

“Our philosophy has always been to build for what the market demands. Over the last twenty years, our firm has acquired land in and around Miami’s Downtown waterfront – and as long-term owners and operators of real estate, our investments have allowed us to develop the right product at the right time to meet demand for locals and residents around the world wanting to live in Miami,” said Carlos Melo, Co-Principal of the Melo Group. “Now, eight years after acquiring this unique five-acre piece of waterfront land with 550 linear feet on the bay in Edgewater, we’re very excited to launch Aria Reserve, our firm’s latest luxury condominium, in what has become one Miami’s most exciting new neighborhoods.”

Melo Group has been a driving force behind Downtown Miami’s real estate resurgence with a portfolio of more than 6,000 total condominium and rental units completed throughout the Greater Downtown Miami area. The firm has found success by investing early in prime land and building for market demand, delivering more than a dozen high-end multifamily and luxury condominium towers across the city’s Central Business District, Edgewater, Miami River, and Arts & Entertainment District neighborhoods including Aria on the Bay, Square Station, Bay House, Melody and Art Plaza, amongst others.

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'Le Rouge Lounge' Cabaret-Themed Nightclub Opens At Moishe Mana's Mana Wynwood Campus

Le Rouge Lounge, a new luxury, cabaret-themed nightclub, opened June 11 at a new event venue in Moishe Mana’s six acre Mana Wynwood campus. Mana Wynwood’s new event venue , which is located across from the Mana Wynwood Convention Center, is a French-inspired live entertainment venue which is the only Miami nightclub with a 360-degree, DJ "in the round" experience.

Led by MANA Common, the Convention Center is also undergoing a series of renovation include increasing the fiber optic capability, enlarging the entryways, adding more public restrooms, and improving service corridors and loading docks. The updates will also improve the flow of attendees and allow the Convention Center to better accommodate events. The renovations are expected to be completed by November.

“We see Wynwood as a prime destination for arts, culture and entertainment,” says Moishe Mana, CEO of Mana Common. “Events are key to breathe life into a neighborhood and sustain its vibrancy. We’re looking forward to unveiling these new improvements that facilitate social and cultural exchanges.”

“Mana Wynwood is a symbol of Miami’s arts and entertainment culture,” says Bruce Fischman, Wynwood Business Improvement District (BID) Board Member, Senior Advisor to Moishe Mana and Mana Common General Counsel. “We’re excited to present renovations that contribute to the neighborhood’s evolution and offer an improved cutting-edge experience to residents and visitors.”

Chase Bank Opens At R&B Realty Wynwood Property Next To The Gateway At Wynwood

Chase Bank has opened a new location at the intersection of trendy Wynwood and Midtown Miami. Chase Bank leased 3,391 SF from R&B Realty Group at 2830 N. Miami Ave. CBRE represented R&B Realty Group in the deal and is currently marketing the remaining 2,175 SF of retail space in the one-story building. R&B Realty Group is a family-owned real estate investment, management and development firm which is developing The Gateway at Wynwood across the street from the new chase location.

The Chase Bank Wynwood location is well positioned to serve the growing population in Wynwood and the surrounding Edgewater and downtown Miami neighborhoods. Within a 3 mile radius, there is a population of nearly 268,000 residents with an average household income of $57,000. The bank will also benefit from a daytime population of about 345,000 within that radius.

“The fact that Chase chose this building to open a new branch speaks volumes of the location,” said Shelby Rosenberg, who handles acquisitions & development at R&B Realty. “The Wynwood/Midtown area is seeing an influx of businesses and residents moving from across the U.S. while seasoned real estate developers are bringing thousands of new residents to the area. This is where retailers want to be to capitalize on Miami’s renewed interest across the globe.”

R&B Realty, with assets in New York, New Jersey, Ohio and Florida, has played a key role in the evolution of Wynwood. The developer is behind Kobi Karp-designed The Gateway at Wynwood, which will bring nearly 195,000 SF of Class A office space with an 8,500 SF, private rooftop deck, seven floors of office space, five floors of covered parking and nearly 25,000 SF of prime ground-level retail space. The building is currently under construction and scheduled for completion later this year. The Gateway at Wynwood has contributed to the emergence of Wynwood as Miami’s newest office submarket and helped foster a live-work-play environment.

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Related Companies Acquires 50% Interest In Esperanté Corporate Center In West Palm Beach

The NYC-based Related Companies, led by Miami Dolphins owner Stephen Ross, has added to their West Palm Beach office portfolio after partnering into the Esperanté Corporate Center. Related Companies acquired a 50% stake in the office tower from the New York-based RedSky Capital, the London-based JZ Capital Partners owns the remaining 50%. The property was roughly 80% leased at the time of closing. The Red Sky Capital and JZ Capital Partners joint venture initially acquired the property in 2016 for $125.75 million.

The Esperanté Corporate Center spans 256,100 SF of Class A office space on a 2.1-acre site at 222 Lakeview Ave. in Downtown West Palm Beach. The property was initially developed in 1989. Tenants include Merrill Lynch, Bank of America and Raymond James. The vacant suites are being marketed by Tower Commercial Real Estate.

Related Companies is the largest Class A office owner in Downtown West Palm Beach. In January 2021 Related Companies acquired the Phillips Point office complex in West Palm Beach for roughly $282 million and in May 2021 acquired CityPlace Tower for $174 million. Related Companies is also developing the 360 Rosemary office tower and has approvals to break ground on another waterfront office tower, One Flagler, which is expected to break ground in October.

Images via Tower Commercial Real Estate

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Trendy Health Food Hotspot Pura Vida Opens Seventh Location In The Wellness-Oriented Aventura ParkSquare

Pura Vida, South Florida’s go-to wellness eatery, has opened its seventh all-day café in the thriving Aventura ParkSquare neighborhood. Located at 2980 NE 207th St. Suite 110 in Aventura, the new location part of the brand’s expansion plan that includes the recent addition of a second location in Miami Beach as well as West Palm Beach. Jennifer and Omer Horev, the husband-and-wife duo behind the esteemed brand, have been steadily expanding their empire since they opened the first Pura Vida location in Miami Beach in 2012, with plans in the works for several more slated to open later this year.

Pura Vida Aventura occupies over 2,000 SF of space, designed with Pura Vida’s signature breezy and casual aesthetic, traditionally associated with their other Pura Vida locations. A key design element, signature to the Aventura location specifically, draws guest’s attention with a eye-catching floral arch display that delicately drapes across the space’s entrance.

“We’re looking forward to 2021 being our biggest year yet,” said Omer Horev, Chief Executive Officer and founder of Pura Vida. “As we continue to expand into different markets and neighborhoods across South Florida, we’re constantly amazed at how well-received our brand has been in the community. It’s important to us that our growth is organic and feels right; I am not willing to compromise the core values of the brand and our vision. We’ve had our eye set on Aventura for some time and we truly believe the Aventura ParkSquare neighborhood combines the very best of modern luxury living, culture, shopping, and dining all in one destination, designed with healthy living and wellness top of mind, which is very much in line with the Pura Vida brand.”

The design-focused lifestyle brand is meant to feel like an extension of the Horev’s home, welcoming, approachable, a place in which guests are eager to come back to and are proud to call their own 'neighborhood' spot. Each location, including the Aventura spot, offers an array of all-day breakfast menu items, specialty coffee drinks, fresh salads and wraps, flavorful bowls, superfood smoothies, fresh juices, locally brewed organic kombucha, and a wide variety of gluten-and-sugar-free and vegan sweet treats, baked daily in-house and sourced using all local and organic ingredients whenever available.

“As the evolution of Pura Vida naturally unfolds, I believe the brand has matured into much more than an all-day cafe,” said Jennifer Horev, Chief Brand Officer for Pura Vida. “We’ve been steadily transforming into a lifestyle, health-conscious brand and we really enjoy working with local vendors who bring new ideas and concepts to the table. We think our vision is very much in line with the team at Aventura Park Square and we couldn’t be more excited to open the doors, bringing our accessible and nourishing foods to this new community in South Florida.”

Images via Pura Vida

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The Texas-Based LYND Acquires 234-Unit Parc Place Multifamily In Miami For $40.08 Million

The San Antonio, TX-based LYND continues its robust investment activity in South Florida with the acquisition of a 234-unit garden-style apartment community in Miami. The Texas-based multifamily investor, developer and operator paid $40.08 million for the Parc Place Apartments, located at 17600 NW 5th Ave., in an off-market transaction that closed June 8, 2021.

“Parc Place is the exact kind of value-add investment opportunity we specialize in,” said Constantine Scurtis, president of Lynd Acquisition Group, LYND’s investment division. “Taking a well-located property in an economically strong metropolitan area and utilizing our best-in-class management platform to make upgrades, and boost performance on behalf of our investors.”

Built in 1972, Parc Place features one, two and three-bedrooms units with an average unit size of 737 SF. While the property has undergone some renovation over the years, LYND plans a significant rehab of both living spaces and common areas. LYND has earmarked a minimum of $2.25 million to upgrade the interiors, gym equipment, the pool area, add outdoor grilling stations, and introduce other new amenities.

LYND has managed more than 11,800 units in Florida over its history, owning more than 6,500 of them. The company has spent over $180 million in hard-construction costs over the years in renovation work.

“We are very bullish on Florida, especially South Florida,” said A. David Lynd, LYND’s CEO. “When you look at what’s happening in the region, several companies are moving here creating jobs. Good jobs mean good renters.”

“Sellers know we have strong investment partners, the ability to close quickly and that we can execute on everything we say we can do,” said Scurtis who has closed more than $1 billion of investment in multifamily and commercial properties while at LYND.

“It’s very advantageous when your partner is from South Florida and grew up there,” said Lynd. “This allows Constantine to use all of his resources and contacts to source opportunities for us. We expect to continue to increase our holdings in the market in a big way.”

This is the second LYND acquisition in South Florida in 2021. On March 17, 20201, it bought a 280-unit garden-style apartment community in Margate for just over $50 million. LYND is investing $4 million on renovations. With the Parc Place closing, LYND has now made over $400 million in value-add acquisitions over the past year-and-a-half in Florida and Texas.

305 Concepts' Coyo Taco Signs Two New Leases In South Miami and Fort Lauderdale To Continue South Florida Expansion

As the retail and hospitality market continues to experience a rapid recovery in South Florida, regional F&B powerhouse 305 Concepts has executed two new Coyo Taco leases for locations in Downtown Fort Lauderdale and South Miami. The popular restaurant, which leads its sector, has multiple locations in South Florida and abroad and is known for its highly rated authentic Mexican street food. Colliers’ Jenny Gefen, Director - Retail, represented Coyo Taco in both of the transactions.

In South Miami, Coyo Taco will be opening in a freestanding building on US-1, formerly occupied by Spring Chicken at 1514 S. Dixie Highway. The group chose the 3,819 SF space due to its position and close proximity to the University of Miami. The landlord was represented by Cushman & Wakefield.

“This is a rare, freestanding second generation restaurant space with excellent visibility to US-1 in a highly sought-after submarket,” Gefen said. “These transactions highlight continued broad optimism over the future of the South Florida restaurant industry, and the robust strength of the market for prime retail space as we continue to move forward with positive momentum out of and past COVID.”

In downtown Fort Lauderdale, Coyo will be opening in the 2,905 SF former Suviche space at Bank of America Plaza (401 E Las Olas Boulevard). This location will be Coyo Taco’s first location in Broward County. The landlord was represented by Jeff Evans and Michael Silverman of The Comras Company.

“Las Olas is the downtown core of Fort Lauderdale and Broward County, making it a perfect fit for Coyo Taco’s first Broward County location,” said Gefen. “The restaurant is perfectly positioned at the center of the central business district, on the ground floor of arguably the top-Class A office building in Broward County, surrounded by dense and growing vertical residential.” Coyo Taco anticipates openings for both locations in Q4 of this year.

Coyo Taco’s co-founders, Sven Vogtland and Alan Drummond of 305 Concepts LLC., are also behind Wynwood’s 1-800-Lucky and The Oasis, a new 35,000 square-foot outdoor courtyard featuring six premier restaurant vendors, live performances, a fitness studio, and more.

“We have been very fortunate to find second generation spaces in markets that were difficult to penetrate pre-Covid. Our team feels that both locations fit extremely well within Coyo’s existing footprint, and we look forward to continuing our expansion throughout Florida,” said Drummond.

According to the Colliers International Q1 retail market report, the Miami-Dade retail market remained strong, with only a .3% increase in vacancy since Q1 2020.

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Black Lion Investment Group Acquires Wynwood Arcade From East End Capital for $13.25 Million

Less than one week after closing on the Amara at Paraiso restaurant property on Biscayne Bay, the Los Angeles-based Black Lion Investment Group has now acquired the luxury class A property Wynwood Arcade from East End Capital for $13.25 million. The transaction was overseen by Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors, who had listed the property for $14.5 million. Wynwood Arcade was 65% leased at the time of sale with trendy tenets such as the popular Salty Donut, Ooh Raw, No. 3 Social, OSME and Edit Mode.

Located at 43-75 NW 23rd St., the 23,000 SF luxury retail property was developed as an adaptive reuse project by East End Capital in 2016. The redevelopment of the former warehouse won numerous architectural awards, including the American Institute of Architects Award of Excellence for Adaptive Re-Use and an AIA Merit Award for Excellence in Architecture.

“This trophy property represents another key investment in Black Lion’s Miami expansion after our recent acquisition of Amara at Paraiso,” said Robert Rivani, President of Black Lion Investment Group.

Rivani is planning transform the Wynwood Arcade with a $1 million renovation led by Kobi Karp Architecture & Interior Design. The renovation and updates will include the addition of outdoor dining areas on the ground floor and rooftop. Rivani is also planning to bring a new nightlife concept to the rooftop.

Wynwood is a must see for tourists and locals and is known for its instagramable murals and one-of-a-kind dining and retail experiences. Conveniently located in the heart of Miami’s Wynwood neighborhood, the property represents a prized parcel of real estate in one of the hottest markets in Florida. Known for its vibrant cultural scene, art, and eclectic nightlife.

Black Lion Investment Group’s portfolio of properties in Florida includes the recently acquired Amara at Paraiso commercial property as well as the renovated Crystal Cove Commons and Brickell Bay Boardwalk. The Los Angeles-based firm recently acquired the Tucson luxury retail center Oracle Wetmore for $38 million.

Imagery via Black Lion Investment Group

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