Inside 'The Rise of Luxury In The Digital Age' Presented By Time & Tonic, PROFILEmiami & Kobi Karp

On Thursday March 3, Time & Tonic, PROFILEmiami & Kobi Karp hosted ‘The Rise of Luxury In The Digital Age’ panel discussion and cocktail party. Guests thoroughly enjoyed an enriching discussion which explored the rising demand and value in the luxury marketplace including collectors watches, cars, real estate, art, NFT’s, etc. The panel featured vintage supercar dealer John Temerian of Curated, early NFT investor and thought leader Avery Andon of ArtLife® and ArtGrails ™, legendary architect Kobi Karp of Kobi Karp Architecture & Interior Design and watch collector and expert JP Hernandez of Time & Tonic. The panel was moderated by Demetri Demascus of PROFILEmiami and ALTARA Properties. The panelists offered their insights on the booming industries taking over Miami, including real estate, crypto, collector cars and luxury timepieces.

Event attendance was by invitation only and limited to 50 guests, with notable attendees including Ronny Finvarb, Patrick Lee, David Miller, Marco Iacovelli, Ted Taylor and Scott Lawrence Porter, as well as luxury car specialist Stirling Fairman. Additionally hospitality professionals like Abraham Issa and Marine Galy, Crypto industry professionals like Madison Roberts, and Global Women's Advocate Nezah Alaoui.

Time & Tonic is a premium leader in the high-end watch market, bringing a modern and fresh approach to buying, selling, and trading luxury timepieces. Time & Tonic facilitates the consumer shopping journey through their exceptional customer service and digital platform. Visit TimeAndTonic.com. The event was produced in partnership with IHC Agency.

Office Building On Ponce de Leon Boulevard In Coral Gables Trades For $14 Million

An office building located on Ponce de Leon Boulevard in Coral Gables has traded for $14,050,000 in a value add, off-market deal. The 7-story, 87,134 SF office building was mostly vacant at the time of sale and is located at 2000 Ponce De Leon Blvd. The property features 7,500 SF of ground-floor retail space and 100 parking spaces. 2000 Ponce de Leon Blvd. was acquired Westside Capital who plans to renovate the building including common areas and elevators before leasing out the property and occupying the 7th floor penthouse. The seller was the Kronfle family who acquired the land in 1996 for $840,000 and developed the building in 2000. Fabio Faerman and Sebastian Faerman of FA Commercial oversaw both sides of the transaction.

Coral Gables has seen high demand and a good deal of development activity for commercial real estate recently. In February Constellation Group paid $10 million for two single-story office buildings that they plan to redevelop into a 75,000 SF office building. In December Fortress Investment Group acquired Bancorp’s headquarters building for $135 million in a sale-leaseback and Terranova acquired an office building at 93 Miracle Mile for $6.8 million. Agave Holdings is also developing The Plaza Coral Gables, a mixed-use mega-project. To start off the year

Brightline Completes First Major Construction Zone For Orlando Extension

Brightline has completed its first major construction zone (Zone 2) on its 170-mile extension from West Palm Beach to Orlando International Airport (OIA). One of four zones along this extension, Zone 2 is a 3.5-mile-long section on Brightline’s corridor leading into OIA and represents one of the most complex and challenging areas for construction in the entire project.

Brightline’s Zone 2 is an engineered double track that travels under active airport taxiways and over tug roads running through the heart of OIA. Brightline’s construction of this zone includes six bridges, two underpasses and several airport improvements, including a new traffic interchange configuration at Cargo Road, located north of the airport, and the airport’s first roundabout designed to assist with traffic flow. Additionally, the steel used throughout Zone 2 and throughout Brightline’s Orlando corridor extension is 100 percent recycled, American-made steel sourced from Fort Wayne, Indiana.

Beginning in 2023, Brightline trains will travel through the airport corridor at 35 miles-per-hour before heading east along SR 528 towards Cocoa where they will reach top speeds of 125 miles-per-hour. Trains traveling along Zone 2 will have access to the airport’s new Intermodal Terminal Facility and the Beachline Expressway/SR 528.

“Our construction through OIA presented one of the most complex construction efforts of this entire project and our successful completion is a testament to partnership, teamwork and out-of-the-box thinking,” said Michael Cegelis, executive vice president, development and construction for Brightline. “The collective efforts of the Greater Orlando Aviation Authority, The Middlesex Corporation and our team resulted in the first ever high-speed rail corridor in one of the busiest airports in the nation.”

“The completion of Zone 2 is a major milestone for the Brightline construction and engineering team as we continue to work towards the completion of the corridor to Orlando from West Palm Beach,” said Donald Jello, project manager at Brightline.

Brightline completed additional infrastructure on the project to accommodate future transportation options through the airport including embankment, bridge foundations at the tug roads, and a shared underpass at Cargo Rd. The project was constructed in partnership with The Greater Orlando Aviation Authority (GOAA).

The Orlando extension is 70 percent complete and employs more than 1,300 daily construction workers and is scheduled to be finished by the end of 2022. The Middlesex Corporation, based in Orlando, served as general contractor, and constructed the corridor over 33 months through the work of over 100 employees who logged more than 419,000 hours.

Subcontractors on the project included Delta Railroad Construction, Inc. of Ashtabula, Ohio, HWR (a joint venture of Herzog and Railworks) of Melbourne, Florida, Sterling Enterprises, L.L.C. of Lake Helen, Florida, Transportation Systems Inc. of Orlando, Florida, G&C Welding Specialists of Sanford, Florida, Keller of Orlando, Florida, and Tierra, Inc. of Winter Garden, Florida. The track was constructed with American made recycled steel from Steel Dynamics North America Inc., in Ft. Wayne, Indiana and concrete ties manufactured by Rocla in its purpose-built plant in Ft. Pierce, FL. With Zone 2 now complete, Wabtec of Jacksonville, Florida will install Positive Train Control (PTC) under contract with Brightline.

In January of 2022, Brightline began daily crew training and qualifying test runs between West Palm Beach and Cocoa as part of its extension to Orlando. Over an eight-year period, Brightline’s corridor between Miami and Orlando will result in $6.4 billion in economic impact while creating more than 10,000 jobs. Brightline currently serves Miami, Fort Lauderdale, and West Palm Beach, with its expansion stations in Aventura and Boca Raton opening in fall of 2022.

Turnberry Associates Plans Arquitectonica-Designed Aventura Office Tower Two Turnberry

Turnberry Associates, led by Jackie Soffer, have submitted plans for Two Turnberry, an Arquitectonica-designed office tower in Aventura. The project would rise 14 stories and feature 240,000 square feet of office space, 20,000 square feet of retail and 720 parking spaces on a 3.37-acre site. Two Turnberry will have 8 floors of office space, each floor plate would average roughly 30,000 square feet. The retail space will feature a bank branch, the current property has a Citibank branch on-site.

Two Turnberry is located next to the Aventura Mall at 2750 NE 199th St. along US1/ West Dixie Highway near the future location of the Aventura Brightline Station and pedestrian walkway over US1 to the station. The Aventura Brightline Station is currently under construction with an expected completion in fall 2022.

Image via Turnberry Associates

The Cheesecake Factory Signs Lease At Terranova Corporation's 600 Lincoln Road In Miami Beach

The Cheesecake Factory® (NASDAQ: CAKE) has signed a lease for a prominent corner space at Terranova Corporation’s 600 Lincoln Road in Miami Beach. The popular national brand, which will invest in a custom buildout of the approximately 7,000 SF space in the iconic district, plans to open its doors Fall 2022 at the space previously occupied by Sushi Samba. Plans call for hiring more than 200 staff members from the local community. Terranova Corporation is led by Chairman Stephen Bittel.

“We are proud to welcome The Cheesecake Factory to Lincoln Road as part of our history of selecting tenants that bring value to Miami Beach and anyone who lives, works and plays in the city,” Bittel said. “Looking ahead at 2022, the local economy is strong and positioned for continued growth. Terranova will continue to support these trends by bringing a dynamic array of tenants and innovative projects that maximize value for stakeholders, create jobs and economic opportunities, and build a better community for all.”

Terranova, which has a leading position as the largest single property owner on Lincoln Road, has consistently secured a vibrant assortment of local and national tenants, including eateries, coffee shops, restaurants, and consumer-driven shops. The Cheesecake Factory location is surrounded by flagship stores from top worldwide retailers including H&M, which is across the street, and steps away from Zara, Sephora, the New World Symphony, Soundscape Park and Miami Beach Convention Center.

“The Cheesecake Factory is so pleased to be opening a restaurant on Lincoln Road, allowing us to serve Miami Beach residents, tourists and visitors alike,” said David Overton, Founder, Chairman and Chief Executive Officer of The Cheesecake Factory Incorporated. “Since opening our first restaurant in Beverly Hills more than 40 years ago, The Cheesecake Factory has become known for creating delicious, memorable experiences for millions of guests around the country, and we look forward to serving guests in Miami Beach.”

Bittel, who co-founded the Lincoln Road Property Owners Association, which later became the Lincoln Road Business Improvement District, spearheaded the planting of 1,000 orchids within the trees along Lincoln Road. The orchids serve to beautify the area and engage the community in celebration of a key asset: native Florida plants. The orchids, which more than a century ago blanketed oak and mahogany trees throughout South Florida, were attached to existing trees along Lincoln Road as part of Fairchild Tropical Botanic Garden’s “The Million Orchid Project.”

BGI Companies Launches Sales at Alba Palm Beach

BGI Companies has officially launched sales at Alba Palm Beach, a new waterfront residential condominium development located directly on the Intracoastal Waterway. The development is a collection of 55 luxury residences spread throughout a 22-story tower, plus four two- and three-story townhomes. Residents will enjoy a variety of desirable amenities including an entire 25,500-square-foot, sixth-floor amenity level with sunrise and sunset swimming pools, as well as on-site private docks with boat slips exclusively for owners.

In pre-sales, the development received a strong response with more than 30% of the building reserved. Introductory pricing starting from $2.5 million with sales led by Douglas Elliman Development Marketing.

“As our first foray into residential development in the Palm Beaches, we are excited to officially launch sales with a more accessible luxury product in the Northwood area as the neighborhood continues to thrive and grow,” said Kenneth Baboun, principal developer. “With a sought-after location, Alba Palm Beach will introduce a limited-edition waterfront lifestyle that celebrates high-quality workmanship, elevated amenities, and effortless coastal living – all of which are in demand yet hard to come by in today’s market.”

“West Palm Beach has experienced a material transformation and growth in the last few years. The influx of buyers and capital in the area seeking a luxury destination coupled with offering of high caliber products in West Palm Beach has presented tremendous opportunity,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida Region and President of Douglas Elliman Development Marketing. “With Alba Palm Beach, we are setting a new standard in the neighborhood, offering a waterfront lifestyle with Intracoastal access that cannot be replicated. Our team is proud to present buyers with a development that offers an exceptional value at a premier address.”

Alba Palm Beach is located at 4714 North Flagler Drive in West Palm Beach, Florida, directly on the Intracoastal Waterway. The development’s sleek and modern design is by West Palm Beach-based Spina O’Rourke + Partners. A free-form ground level with design accents that blend into the landscape welcomes residents, who will enjoy access to an elevated amenity deck, with unobstructed sunrise, sunset, and water views. The development houses a collection of 55 two- to three-bedroom residences, and 4-bedroom townhomes with direct waterfront views. There are a limited number of residences per floor, with private elevators and vestibules offering privacy and seclusion.

Alba Palm Beach is situated on 1.71-acres with direct Intracoastal frontage, and a private dock with boat slips reserved for residents only. The tower’s entire sixth floor is dedicated to amenities, including a sunrise pool overlooking the Intracoastal, a sunset pool for the warm afternoon sun, as well as dedicated grill and lounge areas. The on-property state-of-the-art fitness studio includes cardio, resistance training, and yoga. There will also be virtual conference spaces, theater, and multi-sport simulator rooms. The development also offers a covered Porte Cochere entry, valet parking, and access to covered parking with electric vehicle charging stations.

Every residence features spacious layouts with oversized glass-framed terraces with summer kitchens and panoramic views. Floor-to-ceiling hurricane impact windows and sliding doors are installed on all terraces. Additional highlights include Italian-designed kitchens by Italkraft, stainless steel appliances by SubZero® and Wolf®, spa-like baths with designer fixtures and finishes and wiring for high-speed data, media connectivity and smart-home technology. The limited collection of four townhome residences each have their own unique two- or three-story designs.

Morabito Properties Launches Leasing At Adaptive Reuse Wynwood Office Development Wyncatcher

As Wynwood continues its rise into one of Miami-Dade’s most desirable office submarkets, Morabito Properties is launching leasing at Wyncatcher, their adaptive reuse project converting an industrial building into a mixed use office development. Morabito Properties has selected JLL and Metro1 to lead leasing at the two story, 47,852 square feet building situated at 2413 NW 1st Ave. in Miami’s Wynwood Arts District. The stand-alone property features office space and restaurant space along with a rooftop terrace with striking views of the Wynwood area.

“Wynwood is one of the most unique and eclectic neighborhoods in America, said Valerio Morabito, CEO of Morabito Properties. “We are happy to be part of an exciting and young community where people and businesses thrive and commit to preserve its artistic, industrial and creative spirit through this building.”

Morabito Properties is led by Valerio Morabito. Known for its modern luxury properties designed by the world’s finest architects, artisans, and craftsmen, Wyncatcher is the developer’s first mixed-use development in the Wynwood neighborhood. JLL Senior Managing Director, Eric Groffman, Managing Director, Cameron Tallon, Vice President, Edward Quinon, and Senior Associate, Emily Brais, will lead leasing efforts in partnership with Andres Nava, Managing Director and Bernadita Banfi, Broker Associate of Metro1 Commercial Real Estate Brokerage on behalf of Morabito Properties.

Wyncatcher is designed by world renowned Arquitectonica, the unique building, sports elegant double-height, industrial-style windows that bathe the interior in natural light. Space configurations for office tenants are flexible, ranging from 3,976 square feet to 37,427 square feet. The restaurant space features 6,861 square feet of outdoor space as well as 6,051 square feet of interior space.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquired of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Master Brokers Forum Listing: Check Out This Ultra-Modern Waterfront Spec Home In Lighthouse Point Asking $21 Million

Master Brokers Forum member Asher Ouazanan presents this stunning, gated, waterfront masterpiece sited on 19,558 square feet of direct Intracoastal bliss. A two-story contemporary masterpiece with over 9,800 square feet of sleek and sophisticated indoor and outdoor living. This residence features five bedrooms and six and one half-bathrooms, featuring a custom floating path entrance with an eleven-foot waterfall, a bright open kitchen/dining room floor plan, clubroom, gym with sauna, glass wine wall showcase, floor-to-ceiling windows, an elevator, and more. Resort-like amenities include a covered patio with summer kitchen, an infinity pool and spa, as well as a rare, one-of-a-kind dock configuration that can accommodate any water toy. Construction is set to be completed by June 2022.

4460 NE 31st Ave, Lighthouse Point, FL 33064 is currently listed for $21,000,000 with Asher Ouazanan of SIR Realty, who can be reached at 305-396-9065 and/or asher@sirrealtymiami.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

This article was produced in partnership with Master Brokers Forum

Wynwood Annex Sells For $49 Million To New-To-Miami-Market San Francisco-Based Buyer

Related Group and East End Capital have sold Wynwood Annex for $49 million to a new-to-market San Francisco-based buyer Brick & Timber Collective. The transaction was overseen by DWTNWN Realty Advisors Co-Founders Devlin Marinoff and Tony Arellano P.A., who represented both the buyer and the seller. The milestone transaction underscores a paradigm shift in rates and market fundamentals and sets a new bar for the Miami office market and represents the culmination of many years of organic, artistic and eclectic development efforts in Wynwood led by many shareholders with vision and grit inspired by visionaries like Tony Goldman.

Related Group and East End Capital developed Wynwood Annex and retailed DWNTWN Realty Advisors to lead the marketing and lease-up efforts, stabilizing over 60,000 square feet of rentable office area within six months to 100% occupancy, with landmark tenants all new-to-market.

Following the successful lease-up effort Wynwood Annex attracted unsolicited offers from investors from all over the country. DWNTWN ran an off-market process and connected with a new-to-market buyer, Brick & Timber Collective, who closed the approximately $49 million sale.

“Typically, we see relocations from within the city as the majority of tenants play musical chairs,” Lerner said. “In this cycle our firm took advantage of changing fundamentals and with our feet on the ground, led the charge outpacing competitive office towers in Miami, pushing Wynwood as the go-to creative office district.”

“We are honored and grateful to be a participant in Wynwood over the past 16 years. We are excited to see Wynwood become the go-to neighborhood for technology and modern finance,” Arellano said. “Wynwood Annex is the perfect fit for this San Francisco-based buyer’s debut investment in our market. DWNTWN is grateful to investors like Brick & Timber Collective for adding value to our market, community and the Greater DWNTWN Miami Area.”

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Recent notable transactions include UOVO Storage Deluxe’s acquisition of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. Forte Capital and Sheridan Capital’s acquisition of 2830 NW Fifth Ave. from Alex Karakhanian’s LNDMRK Development for $6.35 million, which they plan to reposition into creative offices. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Sabal Development Sells Hibiscus Island Spec Home For $15 Million To Cosmetics CEO

A brand new tropical modern waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Per public record, Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer, Sinan Tuna, while Dora Puig with Luxe Living Realty represented the seller, developer Pascal Nicolai.

165 North Hibiscus Drive was designed by Togu Design and spans 5,217 square feet of interior on 10,500 square foot lot with 60’ of waterfront. The 5-bedroom , 5.5 bathroom home features a reflecting pond, a private 2 car garage, cotto’d’este tiling, full suite appliances by Miele, wine cellar, illumination by Delta Light, and freestanding soaking bathtub. Outdoors features two waterfront pools, a rooftop deck, terrace, and dock which can accommodate a yacht as large as 50’.