DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.

Real Estate Attorney, Adam J. Weiss, Elevated to Named Partner; Firm Changes Name to Solomon, Cooperman, Recondo & Weiss, LLP and Welcomes Three New Attorneys

Florida-based law firm Solomon, Cooperman & Recondo, LLP is pleased to announce the elevation of Adam J. Weiss to named partner of the Firm, officially changing its name to Solomon, Cooperman, Recondo & Weiss, LLP. The Firm is also pleased to welcome Lucilo Ramos as Of Counsel to the Firm, as well as Bryan Granda and Jeremy Zisholtz as Associate attorneys.

"Adam has successfully and rapidly built an impressive list of prestigious clients, which speaks volumes to his talent, work ethic and commitment to his practice. The Firm's name change is in recognition of Adam's significant contributions to the Firm and his dedication to his clients," said Ben Solomon, Managing Partner of the Firm.

Weiss said, "It is an absolute honor to join the Firm's leadership and I look forward to the continued growth of our Firm."

As a partner in the Firm's real estate practice group since 2021, Adam represents national developers, private equity funds, institutional and private lenders, retailers, owners, and investors. Among other major deals, Weiss represented a private equity fund in a $101,000,000 acquisition of an institutional grade multifamily project in Texas as well as represented a developer in connection with a $66,000,000 construction loan to develop a mixed-use project in the Midwest.

Solomon, Cooperman, Recondo & Weiss, LLP is a boutique law firm dedicated to the representation of clients throughout Florida including developers, REITs, banks, and other real estate investors and corporate clients. The Firm handles transactions, litigation, corporate matters, and serves as general counsel to many of its clients. Since the Firm was founded in 2005, the transaction practice group has successfully handled over $6 billion in deal volume, advising clients on a wide range of high-profile and complex real estate transactions, including acquisitions, dispositions, development, leasing, and financing. The Firm has offices in Miami, Aventura, Fort Lauderdale, and Boca Raton.

We Florida Financial Sells Fort Lauderdale Site to AutoNation for $11.8 Million

AutoNation has acquired a Fort Lauderdale site from We Florida Financial for $11.8 million. The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale. The property is located on 1300 S. Federal Highway plus 617 and 705 N.E. 14th St with maximum exposure to passing traffic. The transaction was overseen by Cary Cohen, Executive Vice President, and Christina Stine Jolley, Vice President & Dir. Of Business Development of Blanca Commercial Real Estate, who represented the seller.

“Given the current real estate market in South Florida, this offering presented the rare opportunity to acquire a site with a prime location,” said Cary Cohen. “Even with interest rates rising, we received several bids on the site and continue to experience tremendous activity,” he adds.

The property offers a close proximity to La Olas Boulevard, some of Florida’s most beautiful beaches, Fort Lauderdale International Airport, Port Everglades, and is at the core of the city’s residential communities..

AutoNation is one of the largest dealers in the nation with $25.8 billion in revenue in 2021. Its sales have been growing in recent years and automobile prices have been climbing.

Prestige Imports CEO Brett David Closes On Biscayne Boulevard Site Expanding Prestige Campus In North Miami

Brett David, CEO of Prestige Imports, has acquired 15090 Biscayne Blvd in North Miami for $4,698,000. Formerly the Arch Creek Animal Clinic, the 24,102 SF property will be redeveloped and utilized to complete Prestige Imports’ nearly 10-acre campus on Biscayne Blvd in North Miami. Prestige Imports is one of North America’s leading factory authorized Lamborghini dealerships as well as an internationally-renowned dealership for luxury, exotic, and supercars, including Aston Martin, Bentley, Bugatti, BMW, Ferrari, Jaguar, Karma, Koenigsegg, Lamborghini, Lotus, Maserati, McLaren, Mercedes-Benz, Pagani, Porsche, Range Rover, and Rolls-Royce.

“My family and I are extremely excited to acquire this piece of property. Located on the corner of 151st and Biscayne boulevard, this property represents the final piece of the puzzle for the completion of the Prestige Imports campus that we have been growing over the years. The campus is now nearly 10 acres on Biscayne boulevard. We are excited for the next steps as we look to redevelop this land in a community that we love,” said Brett David.

The Prestige Imports campus sits at just under 10 Acres on Biscayne Blvd in North Miami Beach. The campus is located right across from SoLe Miami, the 190 Acre development created by Jamie LeFrak & Jackie Soffer. Prestige purchased their original 3 Acre property on Biscayne in 1983 for $319,000.00. Zoned for 150’, 15 stories of vertical development, these sites are being planned for a large development which will house a brand new Prestige Imports facility as the ground floor tenant. Brett David purchased the Prestige Imports showroom, previously a Walgreens, in 2016 for $12.5M.

The David family also controls the North side parcel of 151st & Biscayne, approx. 80,000 SF, which houses their new car wash & restaurant concept; Prestige Auto Spa & Treesome Natrual Foods as well as announcing their newest development of Prestige Energy completed development 4th quarter this year. The property also has tenants such as TruLeaf & Express Auto Lease. This North parcel will also be apart of the development. Brett David also owns the historic Gourmet Diner site at 13951 Biscayne Blvd. which is newly leased to world renown bakery chain, Marie Blanchere which is currently being renovated. Plans to open this location will be Q4 this year.

“Over the years witnessing the real estate in which the David family has accumulated on Biscayne Blvd. is nothing short of fantastic. The growth in our city of North Miami Beach is upon us with some of the largest developers in the United States entering the city, I know Brett David’s plans for this site will be iconic & timeless while continuing to house the world-famous Prestige Imports!” Said Mayor Anthony F. DeFillipo, North Miami Beach Mayor.

Miami Restauranteur George Sezgin Opens KÓMMA Mediterranean Kitchen & Bar In Miami Beach

On July 1, 2022 Miami-based restaurateur and visionary hospitality veteran, George Sezgin, unveiled KÓMMA, a genuine Mediterranean kitchen and bar concept that is poised to bring an entirely unparalleled celebratory culinary experience to the enthusiastic Miami Beach neighborhood. ‘κόμμα’ (KÓMMA) in Ancient Greek dialect translates to: ‘celebration,’ ‘gathering,’ ‘revelry.’ The highly-anticipated dining destination will offer the ultimate extension of Mediterranean revelry, blending indulgent gastronomic excellence with joyous bespoke gatherings for friends and families alike.

“We are thrilled to share the flavors of the Mediterranean married with top-tier service to offer Miami locals and visitors alike an unforgettable experience,” says KÓMMA owner and longtime restaurateur, George Sezgin. “KÓMMA will serve as a gathering spot for families, business partners, and friends and we look forward to delivering the flavor and ambiance that makes for great memories.”

KÓMMA’s menu embraces Mediterranean provenance, fusing its influence with fresh, regional ingredients and a creative culinary approach. Diners are stimulated to savor the rich flavors of the Mediterranean from the freshly-baked, fire-roasted Greek dips (Melitzanosalata, Hummus, Tzatziki, Kommammara, Skordalia, Crete Feta, etc.) and signature Chicken Kebab, to the house-made Seafood Youvetsi, Grilled Branzino, and KÓMMA Shrimp specialties. With Chef Sebastian Forero at the heart of the kitchen, diners can anticipate unrivaled personalized service and offerings. Premium meat and fish family-style dishes (serves 4-6ppl) will be delivered and prepared tableside by Chef personally, adding to KÓMMA’s signature guest experience.

Spanning three uniquely defined spaces, KÓMMA invites guests through a sensory journey through its decadent Mediterranean dining room, intimate cocktail-driven lounge area, and delicately veiled outdoor garden oasis. The design takes its cues from European cafes and highly sought-after coastal destinations. Each space was thoughtfully designed to create the perfect spot for family gatherings, a quaint date night, brunch with friends, or a celebratory night out on the town.

Led by Jordan Cohen, KÓMMA’s not-to-be-missed cocktail program is tailored to indulge each guest’s individual palate. The playfully flavor-focussed yet sophisticated cocktail menu highlights specialty favorites such as the KÓMMA Salud; Tequila, jalapenos syrup, mango puree, and lemon juice, Nona Moves to Miami; Olive oil infused Vodka, lemon juice, simple syrup, balsamic vinegar, basil leaf, strawberry, and soda, and A Smokey Lemonade; Mezcal, lemon juice, simple syrup, amaro, grapefruit juice, spiced bitter, to name a few. The ambiance encompassed by KÓMMA’s uniquely devised indoor/outdoor venue lends to the perfect spot for guests looking for a delectable pre-dinner or pre-night out on the town cocktail at the bar, in the restaurant’s lounge area, or within the dim-lighted garden courtyard.

KÓMMA is located at 560 Washington Ave, Miami Beach, FL 33139. Restaurant hours of operation are as follows: Monday-Sunday, 12:00PM - 12:00AM.

Tour A Beachfront Duplex In Ocean House Which Just Sold For $14.5 Million In South-Of-Fifth

A beachfront duplex in Ocean House, a luxury building in Miami Beach’s exclusive South-Of-Fifth neighborhood, has sold for $14.5 million. The sale of 125 Ocean Dr U-201 was overseen by Chad Carroll with the Carroll Group at Compass, who listed the condominium, while the buyer was represented by Christopher Jude with Fortune International Realty. The seller is 125 Ocean Drive Holdings, LLC while the buyer is Randy S Mitchell, Lisa Gregg as Trustees of The Mitchell Family 2022 JQPR Trust.

The residence is custom built for high-tech entertainment. U-201 spans 6,240 SF of living space spread over 4 bedrooms and 4.5 bathrooms. Features include two sunrise terraces, 1 sunset terrace, a glass-encased wine vault enclosing a hidden private home office, a home movie theater, marble flooring, a bar, walk-in closets and more. Ocean House is equipped with premier security and world class resort-style services and amenities including a picnic area, business center, gym, sauna and spa, heated pool, and beach access.

Images via The Carroll Group

PMG and Greybrook Launch The Elser Hotel & Residences In Downtown Miami

National investment and development firm PMG (Property Markets Group), alongside Toronto-based real estate private equity firm Greybrook, have launched The Elser Hotel & Residences, a 49-story new construction luxury condominium located at 398 NE 5th St. The newly completed tower offers 646 fully furnished residences, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space. PMG Residential is the exclusive sales team for the property, with residences priced from the $600Ks or the equivalent cryptocurrency exchange rate.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstone and Thoma Bravo, among others.

Offering sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully-furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO of Greybrook Realty Partners. “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

For more information about The Elser Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Boynton Beach City Commission Approves Public-Private Partnership Project, The Pierce, In Partnership With Affiliated Development

Boynton Beach City Commission has voted unanimously to approve all agreements between the City, the Boynton Beach CRA and Affiliated Development in order to advance highly anticipated $80+ million mixed-use, mixed-income workforce housing project, The Pierce.

Located in west of Federal Highway between Ocean Avenue and Boynton Beach Boulevard, The Pierce will offer 16,800 square feet of restaurant and commercial space, a minimum of 236 apartment units and a parking garage that will include 150 public parking spaces. Affiliated Development was the only proposer that had an agreement with longtime Boynton Beach restaurant, Hurricane Alley, which secured the business’ future in Boynton Beach.

Fort Lauderdale-based Affiliated Development outbid 4 other firms that responded to a RFP in Decemeber 2021 issued by the Boynton Beach CRA, including Related Group. Negotiations have been ongoing since that time and all agreements have been finalized and approved by the CRA Board and City Commission.

“We are community builders and have a track record of working alongside our City and CRA partners to create a transformative projects that increase the quality of life for the city’s residents,” says Jeff Burns, CEO of Affiliated Development. “We have had our eye on Boynton Beach for a while and strongly believe that Boynton Beach is poised to reach its full potential.”

With housing affordability at unprecedented levels, The Pierce will offer 50% of the project’s units at varying workforce housing levels in order to accommodate the overwhelming demand for Class A living at attainable rents. The Pierce’s 8-story apartment building will offer luxury finishes, features and amenities including a resort style pool with private cabanas, state of the art fitness facility, co-work collective and keyless Bluetooth door entry. The Pierce will be built and certified to national green building standards.

Boynton Beach leaders have been setting the stage for this moment for many years. The CRA had assembled over 2 acres of property and received many unsolicited suiters over the years. Instead of moving forward with those proposals, the CRA underwent a competitive process that not only vetted the merits of the project, but the strength of the developer. Affiliated Development specializes in public-private-partnership development and has several completed projects in Broward and Palm Beach Counties.

Affiliated Development’s next step is to begin the land use entitlement process. “If all goes smoothly, we anticipate getting underway during the mid 2023,” says Burns.

Location Ventures Completes Luxury Condominium 'Villa Valencia' In Coral Gables

Following record-breaking sales and its distinction as the first U.S. condominium development to integrate the revolutionary Delos’ DARWIN™ Home Wellness Intelligence network, Location Ventures has received its TCO for Villa Valencia. The now complete luxury condominium building in Downtown Coral Gables delivers a collection of 39 luxury condominiums which are currently 95% sold. The building was constructed by general contractor Winmar Construction. Closings are currently underway, and residents have begun to occupy their residences.

Villa Valencia has a limited amount of inventory remaining, including a $14.9 million upper penthouse which is also the most expensive listing in the submarket. Throughout its sales process, the building has set an unrivaled new standard for luxury condominium living in “The City Beautiful,” currently holding the record for the condo with the highest price-per-square-foot ever sold in the area at $1,100 per square foot.

Villa Valencia is centered on three pillars, nature, technology and wellness, to promote optimal living unlike any other. At its coveted address, 515 Valencia Avenue, the development has integrated Delos’ pioneering DARWIN Home Wellness Intelligence network within residences, as well as throughout common areas. This exclusive system is the world’s first platform aimed at enhancing human health, well-being, sleep and performance by monitoring and calibrating air, light and water quality. It aligns technology with nature’s intent by using innovation to bring the best of organic outdoor conditions, inside.

“Not only is this a pivotal moment for Location Ventures and Coral Gables, but also for wellness real estate,” said Rishi Kapoor, CEO of Location Ventures. “Villa Valencia showcases the ongoing demand for health-centric amenities and well-designed spaces that mirror those of nearby estates. Located in a desirable, growing Miami suburb, it is a testament that high quality and timeless elegance in a legacy offering is in great demand.”

With wellbeing as a centerpiece, Villa Valencia’s amenity program leaves no stone unturned. The building is complete with a hammam, steam room, his-and-her saunas, hydrotherapy plunge pools, as well as a state-of-the-art fitness facility with yoga, Pilates and weight training. For outdoor enjoyment, a 78-foot resort-style pool with a lap lane and waterfall is complemented by two summer kitchens, spacious sunbeds and resident-owned cabanas.

Most recently, Villa Valencia debuted Elevate Wellness, a bespoke wellness program that presents spa and wellness services tailored to residents’ needs. This includes closet organization, physician-led health evaluations, acupuncture for humans and canines, dietician-led consultations, and more. The project will also feature an adjoining 9,000-square-foot public park with lush landscaping, contributing to Coral Gables’ green spaces.

Villa Valencia’s architectural DNA is a fresh rendition of Coral Gables signature Mediterranean architecture style, paired with tropical modern interiors. Each residence features private elevator entry and superior finishes such as European flooring, exterior sliding doors, and finished custom closets. Kitchens are equipped with state-of-the-art Subzero and Wolf appliances, a wine cooler, custom cabinetry and quartz countertops. Expansive outdoor terraces accompany each living space.

“We are proud to be a part of Villa Valencia’s journey from conception to completion,” said Daniel de la Vega, President, ONE Sotheby’s International Realty. “Location Ventures set out to deliver one of the most iconic buildings in the city, and that is exactly what they did. Villa Valencia is a market maker in a category of its own. With over $100 million sold to date, this is an unprecedented moment for our teams and the incredible city of Coral Gables. We are truly privileged to have achieved this milestone together.”

Forest Development Closes On $269 Million Construction Loan For Palm Beach County Condo

Forest Development has locked down a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. Nautilus 220 will be 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities in the once-overlooked town just across the Intracoastal Waterway from Singer Island. Nautilus 220 is already 60% pre-sold. Prices range from the $800,000s to more than $3 million.

The loan was arranged by Concord Summit Capital, LLC (“Concord Summit”) and provided by Fortress Investment Group to the Peter Baytarian-led Forest, which recently brought on Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers. Construction is underway, with an estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina.

“This was an exciting transaction to work on, given the unique nature of this project,” Morrow said. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”

“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” said Baytarian, Managing Partner, Forest Development.” “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”

“We successfully leveraged our strong relationship with the team at Fortress to complete the transaction,” O’Grady said. “It was a pleasure to have the opportunity to work with them again. Nautilus 220 should continue to experience brisk sales activity, as the one-of-a-kind project fills a void for brand-new waterfront condos in northern Palm Beach County.”

Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with a variety of floor plans offering unobstructed water views. Penthouses come with 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, golf simulator, theater lounge, club room and more.

The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sport recreation from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.

Burke, the acclaimed restaurateur, selected Nautilus 220 as the location for his first Florida restaurant. The two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating will feature modern American cuisine.

Kast Construction is the project’s general contractor. Interiors by Steven G. is the project’s interior designer.