Swerdlow Group Breaks Ground On Sawyer's Walk Mixed-Use Development In Miami's Overtown Neighborhood

Construction has begun on the largest mixed-use development to take shape in Miami’s historic Overtown neighborhood in decades, paving the way for new shopping and dining options, affordable residences for seniors, and thousands of job opportunities. Sawyer’s Walk, a 1.4 million-square-foot development led by Swerdlow Group in collaboration with the Southeast Overtown/Park West Community Redevelopment Agency (CRA), will include 250,000 SF of destination retail alongside 578 apartments designated for low-income seniors.

Swerdlow Group and its partners, SJM Partners and Alben Duffie, acquired the 3.4-acre property at 249 NW 6th Street from the CRA and broke ground on the development at a June 23rd ceremony. Construction is expected to be completed in 2023.

“In working with the CRA and listening to nearby residents, it became clear that senior housing, affordable shopping options, and quality jobs are among the most pressing needs in Overtown,” said Swerdlow Group CEO Michael Swerdlow. “Sawyer’s Walk will check all of these boxes, while also creating a new destination for retail and dining that will activate city streets and attract people from throughout Downtown Miami and surrounding neighborhoods.”

The development of Sawyer’s Walk coincides with a rush of new residents, businesses and visitors into Miami’s urban core. Greater Downtown Miami is now home to 115,000 residents, 250,000 daytime visitors, and six million annual visitors, according to the Miami Downtown Development Authority.

Retail offerings at Sawyer’s Walk will include a 50,000 SF Target, a 25,000 SF Aldi supermarket, and new locations for Ross Dress for Less, Five Below, and Burlington. Additionally, 25,000 SF of public space at street level will feature restaurant space, outdoor seating, a children’s playground, a pedestrian promenade, a dog park, and a City of Miami NET office.

The upper floors of Sawyer’s Walk will offer 578 apartments set aside for low-income seniors earning at or below 60% of the Area Median Income. The unit mix will include studios, one-bedrooms, and two-bedrooms. Amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms, and a complimentary health club membership for all residents.

“Sawyer’s Walk will be a triple-win for the Overtown community and the City of Miami, delivering a positive impact in the form of new jobs, additional revenue, and an affordable place to call home for hundreds of our local seniors. These benefits will help sustain quality of life in Miami while advancing the mission of the Southeast Overtown/Park West CRA,” said Jeffrey Watson, Chairman of the Southeast Overtown/Park West CRA.

Sawyer’s Walk is located alongside I-95, adjacent to Downtown Miami’s Central Business District and blocks from Brightline’s Miami Central station, the 27-acre Miami Worldcenter development, the Historic Lyric Theatre, Government Center, and Miami-Dade College’s Wolfson Campus. The site is bounded by NW 3rd Avenue on the west, NW 7th Street to the north, NW 2nd Avenue on the east, and NW 6th Street to the south.

Aston Martin Residences Miami Reveals Signature Collection of Penthouses And Residences

Aston Martin Residences Miami, located on the exclusive Miami River waterfront, has revealed its Signature Collection penthouses and residences. The Signature Collection is the next level of luxury at the Aston Martin Residences Miami, offering buyers a members-only community with unparalleled access and exclusivity. Signature Collection owners will enjoy an array of privileges, including a dedicated butler service and priority access to the Aston Martin Residences private superyacht marina. The Art Gallery, located on the 52nd floor, will create a secluded space for residents to appreciate an ever-changing canvas of contemporary art.

“I’m delighted to announce the Signature Collection and share the very first images of the penthouses. They’re the pinnacle of luxury and elegance, style and beauty, and the result of an inspirational collaboration between our architects and the Aston Martin Design Team. The Signature Collection is complemented by a specially-commissioned bespoke Aston Martin DB11 Coupe or DBX Riverwalk Editions, which will enhance the Aston Martin lifestyle for our owners,” said Germán Coto, CEO of G&G Business Developments.

Located at 300 Biscayne Boulevard Way and now over 70% sold, the Aston Martin Residences Miami is well on its way to completion at the end of 2022. The luxury residential tower blends contemporary architecture with art, and art blends seamlessly with design throughout the magnificent sail-shaped luxury development. The elegant homes are harmonious inside, while floor to ceiling windows afford uninterrupted views of the ocean and Biscayne Bay.

“From the start, this project has been a labour of love, and I’m extremely proud of the passion and drive of everyone involved. We adapted to continue working safely throughout the pandemic and have reached floor 56 of 66 on schedule. The whole team is fully focussed on completing the construction of our waterside jewel by the end of next year,” Coto explained.

“The Signature Collection is the next level of luxury; the best of elegant living. When we designed the interior, we focused on the beauty of perfect proportions, affording the same attention to detail that goes into every Aston Martin. Fine craftsmanship, with an emphasis on comfort for the living spaces and bold, pioneering design for the amenity areas, has created an astonishingly beautiful development,” said Marek Reichman, Aston Martin Chief Creative Officer.

Aston Martin Residences is a luxury residential development on the waterfront in downtown Miami being developed by G&G Business Developments at 300 Biscayne Boulevard Way in Downtown Miami. Coastal Construction is the general contractor on the project, which broke ground in October 2017. The one-of-a-kind Aston Martin-branded tower offers 391 residences which come in a variety of floor plans consisting of one to five bedrooms and penthouses ranging from 8,977-10,463 SF and priced from the $970,000s to upwards of $50 million.

“Aston Martin Residences Miami is our first global real estate venture,” Reichman continued. “I think we have shown that good design is good design, whatever the medium. This is something that really excites us as a brand.”

The iconic tower is the first for Aston Martin and will feature 42,275 SF of sky amenities across four floors, including a double-level fitness centre overlooking the ocean, infinity pool, spinning studio, boxing gym, virtual golf room, art gallery, two cinemas, as well as a full-service spa, beauty salon and barber shop.

Aston Martin Residences is scheduled for completion in 2022.

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DEVELOPING: Champlain Towers South Condo Collapses In Surfside, 159 People Reported Missing

DEVELOPING (Updated June 25, 11:43 A.M.): Around 1:30 AM on June 24, 2021 the 12-story Champlain Towers South Condo, located at 8777 Collins Ave. in Surfside, FL collapsed, leaving 4 dead and 159 reported missing as of 11 A.M. on June 25, 2021. At least 35 people have been rescued from being trapped in the building and rescue operations are underway.

Rescue teams of 10-12 rescuers are attempting to tunnel under the remaining structure into the rubble to locate additional survivors with the help of search dogs. Teams are using sonar as the carefully tunnel into the rubble with saws and infrared cameras. The work is a brave, desperate search for life, putting the rescue teams in peril of potential shifting rubble or the remaining structure to collapse.

Of the 136-units in the building, 55 were destroyed in the collapse. Authorities still have no idea how many people were in the building at the time of collapse and fear that the death toll could continue to rise.

Over 80 rescue units reportedly responded to the disaster. Miami-Dade Mayor Daniella Levine Cava, Surfside Mayor Charles Burkett and Governor Ron DeSantis were on-site Thursday. American Red Cross volunteers are assisting people who have lost their homes or been displaced by the disaster.

Authorities have not identified what may have caused the collapse and an investigation may take several weeks to months.

Champlain Towers South was developed in 1981 by Nathan Reiber and is part of a condominium complex with two additional separate buildings on adjacent lots. Champlain Towers South featured 136-units ranging from one-to-four bedroom floorpans which range in size from 1,200 SF to 4,500 SF. The building was undergoing its 40-year recertification, which is a one year process to complete, and was also undergoing restoration and roof work at the time of the collapse.

Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

PROFILE Exclusive Podcast Season 1 Episode 4 Featuring Oren Alexander of The Alexander Team

Season 1 Episode 4 of the PROFILE Exclusive Podcast by PROFILEmiami features Oren Alexander of The Alexander Team. Oren is the co-founder of The Alexander Team, an internationally recognized, record-breaking luxury real estate sales team with over $5 billion in total sales and $1.5 billion in sales to date in 2021. Oren runs The Alexander Team with his brother Tal, operating in Miami, New York, Hamptons and Aspen. Oren has broken the records for highest sale price for single-family home and condo in Miami, and facilitated the #1 sale in Miami for 2019. Oren also has a proven track record of representing world-renowned developers for their pre-construction condo sales including Alan Faena and Len Blavatnik with Faena House, and David Martin’s Terra Group at Eighty Seven Park. Oren is also co-founder of The Alexander Group, one of Miami’s leading ultra-luxury spec home developers, having developed homes with his father Shlomy Alexander in Miami’s Indian Creek and Bal Harbour neighborhoods including the record breaking 3 Indian Creek and 252 Bal Bay Drive.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.

The Former Site of Bal Harbour Yacht Club Sells For Record $54.931 Million As Luxury Home Site

The former site of the Bal Harbour Yacht Club has sold for a county record of $54.931 million after hitting the market in March for $65 million. The transaction was overseen by Tony Imbesi of Douglas Elliman who represented the seller, and Dina Goldentayer of Douglas Elliman who represented the buyer. The 80,040 SF lot was recently converted into a residential home site by real estate investor Joseph Imbesi, who purchased the Bal Harbour Club in the 1990’s. Adam Neuman purchased another property from Imbesi on Bal Harbour Marina just last week for $44 million.

Located at 200 Bal Bay Drive, the 80,040 SF lot is where the Bal Harbour Yacht Club building, designed by Alfred Browning Parker, once stood. The property is a peninsula with 915’ of waterfront spanning three sides and also features 200’ of road frontage. It comes with 7 boat slips on the inside of the protected waterway where the buyer will have the riparian rights to build new docks or helipad. Land under water on inside of marina is privately owned so you have the ability to do something creative that extends far off of the seawall.

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 marina 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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The Estate Companies Sells Recently Completed Soleste Alameda Multifamily Development In West Miami For $83 Million

The Estate Companies (EIG) has sold Soleste Alameda, a recently completed luxury eight-story development with 306 rental units at 6320 SW 8th St. in West Miami. Dallas-based Westdale Real Estate Investment and Management (Westdale) acquired the asset for approximately $83 million. Soleste Alameda was completed in Q2 2020 and was over 90% leased at the time of sale. The closing took place June 22nd.

“Soleste Alameda leased up during the height of the pandemic, which presented its own set of challenges throughout the industry,” stated Jeffrey Ardizon, principal, The Estate Companies. “However, Soleste Alameda continued to perform well throughout, a testament to demand to the submarket and strong fundamentals all around.”

This is the second development that The Estate Companies sold to Westdale this year. In April, Westdale acquired the newly completed Soleste Twenty2 in West Miami for $97 million.

The Soleste Alameda community features a variety of studios, one and two-bedroom units outfitted with sleek modern kitchens, stainless steel appliances, elegant porcelain floors, contemporary chrome fixtures, washer and dryer, private balconies, and oversized impact-resistant windows and sliding glass doors.

Like all projects within the Soleste Living brand portfolio, Soleste Alameda is a highly amenitized development curated with a vast collection of health and wellness offerings, social components and pet-friendly features, including a tropical pool deck with sundeck and private cabanas, state-of-the-art fitness center with yoga and spin studios and on-demand fitness programming, secured parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. A resident entertainment lounge with a cybercafé, al fresco dining and grilling areas provide additional entertainment and comfort for residents.

The Estate Companies is one of the most active multifamily developers in Florida. The firm is nearing completion on Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. Development is underway on Alture Westland, a hotel conversion in Hialeah, as well as luxury developments in North Miami Beach, Dania Beach, and Spring Gardens within Miami’s health district, among others

The Alexander Team Oversees $19.9 Million Record Setting Sale Late Shoe Mogul Bob Campbell's Boca Raton Waterfront Estate

The late shoe mogul Bob Campbell’s Boca Raton waterfront estate has sold for a record setting $19.9 million with both sides of the transaction overseen by Oren Alexander of The Alexander Team at Douglas Elliman. The ultra-lavish mega-mansion closed for $17.9 million, but the total came to $19.9 million including the furniture. The sale breaks the record for highest priced single family home sold in Boca Raton.

Located at 819 Orchid Drive, the residence spans 13,000 SF of living space spread over 9 bedrooms and 14 bathrooms. The property made a mark when it first came to market representing a fresh departure from expected Boca Raton luxury. The spectacular contemporary residence on an oversized Intracoastal Waterway lot offers 343’ of water frontage and 270-degree views.

The estate incorporates extraordinary amenities such as four infinity pools, extensive private dockage, an upstairs bar, a green roof, atrium-like interiors, formal and catering kitchens, and a waterfall descending from the roof, this estate offers privacy and over-the-top luxury at a breathtaking scale. The interior features soaring walls of glass which open the living spaces to vast vistas, while each of the 9 bedrooms, including the dedicated primary suite wing, open directly to outdoor space.

Bob Campbell was chairman and chief executive officer of footwear giant BBC International, whose brands include Cole Haan, Polo Ralph Lauren, Tommy Hilfiger and Nine West. Campbell made history in the shoe industry multiple times during his career, he was the man behind the 2000s craze of the childrens shoe “Heelys” and in the 90s he brought lighted kids shoes to market taking the sneaker scene by storm, with ten million pairs sold in the first year alone.

Imagery via Douglas Elliman

PMG And Waldorf Astoria Residences Miami Reveal First-Of-Its-Kind Experiential Sales Gallery With Lavish Soiree In Downtown Miami

The Waldorf Astoria Residences Miami has celebrated the grand opening of its first-of-its-kind experiential sales gallery. On Thursday, June 17th, developer PMG and their development partners officially unveiled the multi-million dollar, first-of-its-kind Waldorf Astoria Experiential Sales Gallery for Waldorf Astoria Residences Miami. At an expansive 11,000 SF, the sales gallery is among the largest and most technologically advanced sales galleries in South Florida.

PMG Managing Partners Kevin Maloney, Ryan Shear and Dan Kaplan were joined by Greybrook Realty Partners, Mohari Hospitality, S2 Development, Mayor Levine Cava, Mayor Suarez, PMG’s in-house sales team, PMG Residential, and concept designers Charles M. Sieger and Carlos Ott to host VIP’s and the leaders of the Miami real estate industry including notable real estate brokers, investors, designers and developers.

"From apps to cryptocurrency, the real estate purchasing process is constantly evolving to better serve the buyer," said PMG Managing Partner Ryan Shear. "This is why we invested in creating an innovative, immersive sales experience to showcase the property and the Waldorf brand's debut into the Miami market. This experiential sales gallery represents our interpretation of the future of Downtown Miami through various activations.”

“We put together over 10 years of hard work, have already broken sales records in this building and we’re looking forward to breaking ground during the first quarter of next year,” said PMG co-founder and Managing Partner Kevin Maloney.

Guests were invited to walk through seven unique activation areas designed exclusively for the gallery and enjoyed live musical performances by Yoli Mayor and opera singers. PMG managing partners Ryan Shear and Kevin Maloney, Miami Mayor Francis X. Suarez and Miami-Dade County Mayor Daniella Levine Cava spoke to guests about the tallest residential building south of New York City and Miami’s bright future.

“Every single day people come to our city because they want to live in the most prosperous, free and innovative city on the planet. We are so proud of this iconic project that will redefine who we are as a city,” explained Mayor Francis X. Suarez:

“The skyline has been truly transformed with this new project. Growing up in New York City, it was always about Waldorf Astoria. Now here we are in South Florida with our very own Waldorf Astoria,” said Mayor Daniella Levine Cava

The space was designed to evoke the essence of an immersive museum, showcasing the world’s most iconic hospitality brand and its relentless commitment to personalized service and best-in-class experiences. Created to promote the city of Miami, the downtown urban core and life inside the residences, seven activations were designed exclusively for the sales gallery that share an overall message of a new era coming to Miami filled with innovation, elegance and growth.

PMG partnered with digital innovators, Razorfish, a division of Publicis Groupe, to create a completely unique sales experience for this pre construction development. The gallery’s innovative elements include “Coffee in the Clouds,” a 70-foot LED wall with over one million LED light bulbs that showcase views from every residence customizable by weather and time of day. Other elements include “City on the Rise” and “Welcome to the Neighborhood,” both features distinctive to the sales gallery help bring Miami’s story and compelling facts to life using overhead projections and an interactive scale model of Downtown Miami.

The gallery also offers an entryway sculpture, a primer film shown to visitors upon beginning the experience, a massive 24-foot scale model, in addition to a three-bedroom model residence, full-service brokerage and cafe.

Images via World Red Eye

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Allen Morris Company's AMS Hospitality And Black Salmon Joint Venture Acquire Circa 39 Hotel In Miami Beach For $25.5 million

AMS Hospitality, the affiliate hospitality group of The Allen Morris Company, and Miami-based national commercial real estate investment firm Black Salmon have acquired the 97-key Circa 39 Hotel in Miami Beach for $25.5 million. Located at 3900 Collins Avenue, the Art Deco-style Circa 39 Hotel is across from the iconic Miami Beach boardwalk and housed within two buildings, which include a surface lot across the street. Melissa Rose of JLL Capital Markets arranged the financing for the acquisition. The transaction was overseen by Samuel Heskiel of Beachfront Realty and Miguel Pinto of Apex Capital Realty.

The asset will undergo a multimillion-dollar renovation which will reposition it as an upper-upscale, independent lifestyle hotel with a reimagined pool deck and new internationally recognized food and beverage concepts. It is strategically located in the growth path of mid-Miami Beach. Highgate, a leading real estate investment and hospitality management company in the U.S., Caribbean, and Latin America, has been selected to provide property management services for the hotel.

“The acquisition of Circa 39 Hotel is an extremely positive step in the evolution of AMS Hospitality,” said W. Allen Morris, Chairman & CEO of The Allen Morris Company and Principal of AMS Hospitality. “We are delighted to once again be partnering with Black Salmon, as our joint teams continuously explore new opportunities.”

The acquisition of the Circa 39 Hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S. The two firms have additional assets under contract throughout the southeast United States. The partnership between AMS Hospitality and Black Salmon leverages the key strengths and expertise of both firms across the disciplines of acquisitions, asset management, and capital raising.

“Miami has always been a target market of ours for investment given its long-standing, global recognition as a preferred travel destination, now reinforced by its ability to rebound quickly in the pandemic.” said Jorge Escobar, managing partner and co-CEO of Black Salmon. “Our strategy of identifying boutique, select-service hotels allow us to provide the capital to reposition the property, increasing revenue and elevating the guest stay.”

With increasing vaccination rates nationally, and South Florida’s easing of COVID-19 restrictions, the return of leisure travel is evidenced by rising hotel occupancy rates. Miami is among the top 35 hotel markets in the country and has become a popular destination for travelers from the Southeast, Midwest, and California.

AMS Hospitality has a billion-dollar acquisition and development pipeline including the recently completed $87 million UNC Charlotte Marriot Hotel & Conference Center in North Carolina and the under construction Kimpton Midtown Union Hotel with MetLife in Atlanta. Black Salmon has a nearly half a billion-dollar portfolio, which includes prime office, senior housing, and hospitality assets.