Ken Griffin Expands Brickell Holdings As Citadel Leases 95,000 SF At 830 Brickell

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago. Through an entity Griffin acquired acquired the adjacent 1250 Brickell Bay Drive and 1260 Brickell Bay Drive for $20 million, the lots total roughly 6,655 SF. The lots are adjacent to 1221 Brickell Avenue, which an entity tied to Citadel reportedly acquired in June 2022 for $286.5 million.

The assemblage of properties spanning from 1221 Brickell Avenue to 1250-1260 Brickell Bay Drive is across the street from 1201 Brickell Bay Drive, which Citadel was revealed as the buyer of after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal also in April 2022. The price equated to $145 million per acre, $3,340 PSF dirt value. Citadel is planning to develop the property with the Chicago-based developer Sterling Bay.

The lease signing at 830 Brickell comes following the news of developers OKO Group and Cain International buying WeWork out of their 146,000 square foot lease covering 10-floors. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF, representing a 42% rise year-over-year. Other top-tier office users who have signed leases at 830 Brickell include Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

Nike Launches New, Live Store Concept 'Nike by Brickell' In Miami

Nike has launched their latest Live concept store in the heart of downtown Miami, Nike By Brickell in Brickell City Centre. Nike By Brickell is Nike’s first Live store in Miami, exemplifying Nike’s retail growth across North America to serve the sport marketplace of the future, which is digitally enabled and powered by Nike Membership. The store, which opened on August 4, 2022, is designed for and inspired by the local Brickell neighborhood. Nike By Brickell offers digital and convenience-led services through the Nike App to allow consumers to discover the best of Nike online or in-store.

The Nike By Brickell exterior mural facade was designed by illustrator and designer Xoana Herrera and takes inspiration from Brickell’s vibrant and diverse neighborhood. Hailing from Argentina, but now based in Los Angeles, Herrera was inspired by sport and by the Brickell community, complementing the design with her signature bold, geometric style to uniquely represent the Nike By Brickell community. Herrera previously created murals for other Nike Live stores including Nike By Long Beach and Nike By Glendale, which also borrowed from both these neighborhoods’ unique vibes.

A few key details about Nike By Brickell include:

Serving Her: Women are shaping a new future of fitness, one that is more inclusive and centered on personal progress and inclusivity. Although there are Men’s and Women’s Lifestyle and Performance products in all Nike Live stores, the Live concept has a sharp focus on serving Women through product, services and experiences in-store.

What the Neighborhood Wants: Through consumer insights, Nike knows Brickell consumers outpace the rest of the region for fitness activities such as Running and Training. To serve their needs, Nike By Brickell will focus its offerings around performance apparel and footwear styles such as the Nike Air Zoom Pegasus 39, Nike Dri-FIT Alate Minimalist Sports Bra, the Nike Fast Tie-Dye Training Tank and more.

Creating More Consumer Touchpoints: Powered by Nike Membership, Live stores provide consumers the convenience to use the same services they have across channels - via the Nike App, online and in store - giving them seamless opportunities to shop wherever and whenever they want. These services include Buy Online, Pickup in Store (BOPIS), Digital Returns, Swoosh Text and Curbside Pick-Up.

Powering Community: Nike store athletes dedicate themselves to increasing access to sport in their local communities, and guide consumers in their personal fitness journey. Nike store athletes redefine sport for a new generation by volunteering their time with local community organizations that support underserved children and communities.

PMG and Greybrook Celebrate Revealing Of The Elser Hotel & Residences With Sunset Soirée

On Wednesday, August 3rd, PMG and Greybrook hosted an unveiling event to celebrate the launch of The Elser Hotel & Residences, a 49-story new construction luxury condominium tower. Set in the heart of Downtown Miami with unobstructed views of Biscayne Bay, guests enjoyed a live band, experiential performances and endless champagne. Remarks were given by Ryan Shear, Managing Partner of PMG, and the PMG Residential sales team, Alejandra Castillo, Christian Tupper, Daiana Quiceno, Aura Aragon and Karine Carvalho.

Located at 398 NE 5th St., The Elser Hotel & Residences will deliver the only new, fully furnished and move-in-ready residences to Downtown Miami this summer. The property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program, managed by industry-leading management company Highgate.

National investment and development firm PMG (Property Markets Group) and Toronto-based real estate private equity firm Greybrook developed The Elser Hotel & Residences, a 49-story new construction luxury flexible rental condominium which 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.

Dacra Secures $43.5 Million Loan To Refinance 4141 Office/ Retail Building In Miami Design District

Dacra has locked down a $43.5 million loan to refinance a 112,896-square-foot, mixed-use property located in the Miami Design District. Berkadia Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Dacra, the pioneer of the Miami Design District, owning well over one million square feet.

LMF provided the 10-year, fixed-rate loan, which provides Dacra with a permanent refinancing for the mixed-use asset. The property is located at 4141 N.E. 2nd Avenue and consists of a combination of office and retail tenants including B&B Italia, Design Within Reach, iHeart Media, and MC Kitchen.

“4141 N.E. 2nd Avenue is a stabilized asset in one of the most desirable, luxury retail districts in the entire U.S.,” said Wadler. “The property has been heavily re-tenanted in recent years to elevate value, as the Miami Design District has continued to drive rental rates with its evolution towards high end designer fashion and art.”

The Miami Design District is a one-of-a-kind neighborhood that combines luxury shopping, galleries, museums, design stores, restaurants and major art and design installations all within an architecturally significant context. The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund, specializing in creating luxury shopping destinations.

Baccarat Residences Miami, A Design Showcase Where "Life Forever Sparkles"

Miami has long been a mecca for those interested in aesthetics and beauty. From stunning cars to avant-garde fashion, to awe-inspiring natural features, the Magic City is a feast for the eyes.  And while architects, designers, and developers have always played an important role in making Miami one of the world’s most photogenic cities, a new generation of high-design real estate projects is taking things to new heights.  

Once known exclusively for its Art Deco aesthetic, Miami is now home to a diverse range of architectural styles, from ultra-futuristic towers to more timeless designs and everything in between. These new projects push the limits of design to deliver one-of-a-kind structures that are not satisfied with simply being beautiful. New high-design projects, like Related Group’s Baccarat Residences Miami, are elevating city living to an art form.   

“Working with designers and architects to create projects that honor the city while pushing its design language forward is something Related loves to do,” said Sonia Figueroa, Senior Vice President at Related Group. “For a while, bringing on a starchitect was enough to elevate a project; however, that is no longer the case. The designs of our new projects are by far the most complex we’ve ever done, bringing together the world’s top designers, luxury brands and established neighborhood aesthetics into a single cohesive vision.”  

Related’s Baccarat Residences Miami exemplifies this trend to perfection. Envisioned by internationally recognized architecture firm Arquitectónica and branded under the world’s preeminent crystal company, this tower is at the forefront of Miami’s design revolution.  

Baccarat Residences Miami’s bold architectural identity is inspired by the revered crystal company’s 250-year legacy, with architects taking inspiration from the etchings of some of Baccarat’s most timeless pieces.  Soaring to 835 feet, the tower’s chiseled, glass façade creates an interplay of light that mirrors the glittering waters below and gives the sense of looking into one of Baccarat’s gorgeous crystals. 

“The legendary Baccarat name carries enormous weight in the luxury and arts space,” says Bernardo Fort-Brescia, founder at Arquitectónica. “As such, our team went to great lengths to ensure that the tower design honored the history and status of the Baccarat brand – this project will become a landmark at the entrance to Brickell Avenue.  We couldn’t be any prouder of where this collaboration has taken us.”   

This careful focus on elegance and sophistication continues through the building’s interiors where the world-renowned New York City-based designer Meyer Davis brings 18th century French design into the future by seamlessly integrating a lavish yet effortless aesthetic that’s become synonymous with Miami. This marriage of traditional French design and Miami modern resulted in interiors that are supremely elegant and luxurious, while exuding the light and playfulness of our tropical aesthetic.    

Throughout the lobby and common areas, ornate motifs, beautiful panel moldings, antique accent finishes, dramatic undulating curtain glass façade, handcrafted Baccarat chandeliers, and stunning decorative pieces come together to create sumptuous environments worthy of the legendary French brand.    The units are equally stunning, featuring open-concept living areas with floor-to-ceiling windows and breathtaking water views framed by sparking city lights. The gourmet kitchens are the homes’ centerpieces, with stone-clad islands, custom Italian cabinetry and top-of-the-line Wolf and Sub-Zero appliances all open to the generous great rooms. While all homes will be fully finished, owners will have the option to customize as they wish.  

The property isn’t all form over function.  Baccarat Residences Miami residents will enjoy five floors dedicated to amenities -- all expertly managed by SH Hotels & Resorts -- including an elevated resort deck, which will feature a heated saline swimming pool with cabanas, outdoor spa, a romantic orangerie, and a full-service café restaurant, all surrounded by a beautifully landscaped sun terrace, overlooking Biscayne Bay and Miami River.   

Other lifestyle offerings include a state-of-the-art chef’s kitchen and private dining room; a wine cellar and tasting room; a gourmet market; a hair salon and barber station; a hammam spa with women’s and men’s steam and sauna facilities; luxury treatment rooms and spa shop exclusively carrying prestige La Mer beauty products; a state-of-the-art fitness center with a cardio theater and dedicated spinning and yoga rooms; a pet spa, grooming and walking service; and private marina with residents’ yacht for water taxi service to Miami River restaurants and sunset cruises on Biscayne Bay.  As if this was not enough, the residents will also enjoy complimentary membership to the Beach Club at the 1 Hotel South Beach.  

This focus on aesthetics and design has proven to be a resounding success, with almost 80 percent of the tower sold since its official sales contract launch in December 2021.  

For more information about the property, please visit: www.BaccaratResidencesMiami.com.  

The article was produced in partnership with Related Group

Tour A Lavish Jupiter Waterfront Estate In The Exclusive Admiral's Cove Which Just Sold For $12.5 Million

Female entrepreneur and real estate tycoon Elizabeth M. Fago has sold her waterfront estate in Jupiter’s exclusive Admiral’s Cove community for $12.5 million. Located at 372 Regatta Dr Jupiter, Florida, the property was first listed with Chad Carroll & Matthew Dugow with Compass, who represented the seller, asking $17.495 million. The buyer is Gregory R. Cohen, as Trustee of The 372 Regatta Drive Land Trust Agreement represented by Vince Marotta at Illustrated Properties, Marotta Group.

Admiral’s Cove is one of the most exclusive marina, golf and country clubs in the U.S., home to countless high profile residents, including Donald Trump Jr. and Kimberly Guifoyle. The one-of-a-kind waterfront estate is like nothing else in the community, featuring intricately designed individual spaces which juxtapose one another with the use of marbling and the chic artwork incorporated in each room. The palatial home spans 6 bedrooms and 9.5 bathrooms and 10,123 SF.

The home nestled behind an immaculately landscaped entrance driveway leading straight past the 6-car garage to the grand foyer which greets guests with lush greenery and fountains. It features the finest finishes including rare stone and wood craftsmanship. The master suite features his and hers baths and closets with the “hers” bathroom featuring a shoe wall. A super chic pink home office, pink stone shower, a morning bar with a little library nook and book wardrobe, a regal home theater, home gym, gift wrapping room and more are among some of the other luxury features of this estate.

The outdoor space features a huge patio area surrounded by a summer kitchen, grand pool, a dock with space for entertaining and incredible sunset views of the Intracoastal. The property also features an extended guest house plus 115 feet of waterfront.

Images via The Chad Carroll Group

Gridline Properties Represents Seller And Buyer In Sale Of Ebb & Flow Retail Strip Center In Miami's Little River District

Ebb & Flow, a retail strip center in Miami’s Little River District, has sold for $18.15 million, marking one of the largest sales in the neighborhood, testifying to the areas growth the progress. Ebb & Flow is a unique retail strip center comprised of two buildings on two lots measuring 32,000 square feet and 81,224 square feet. The property closed on July 22 for $18.15 million and is located at 8200 NE 2nd Ave., and 201 NE 82nd St., Miami, FL 33138.

Both sides of the all-cash transaction were overseen by Gridline Properties Broker and Principal Alfredo Riascos. The seller was Thomas Conway of River Esquinas, LLC, and the buyer was Doug Levine, founder of Crunch Fitness and CEO of commercial real estate development firm Big Move Properties. Prior to the successful sale, Gridline Properties assisted the seller with leasing its retail spaces ensuring the property for future success.

The Ebb & Flow property sits in the heart of Little River’s Uptown District, one of Miami’s most exciting and emerging neighborhoods. The strip houses Primal Fit, Eyebrow King, La Santa Taqueria, Salon Dahlia, Tran An Vietnamese Eatery, and Off Site Nano-brewery & Kitchen—exciting tenants that have received culinary, fitness, and beauty recognitions. Additionally, the T6-8-O zoning for the property allows for the future development of 280 residential units offering the possibility of developing a mixed-use space.

“We are excited to be involved with transactions that continue to drive progress and innovation to Little River’s Uptown District, one of Miami’s most exciting neighborhoods," said Riascos. “Representing both the seller and buyer in this large of a sale proves to be as satisfactory as it is complex—yet both parties come out on top to serve this thriving community that we are honored to be a part of.”

A hub for re-adapted industrial buildings, the Little River Business District has attracted an array of creative and design-oriented businesses that have spontaneously identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Miracle Mile's Only Cuban Restaurant Calle 23 Miami Reveals Revamped Menu For Summer

Trendy Coral Gables’ Cuban bar and restaurant Calle 23 Miami has unveiled a revamped menu for the summer season, serving up bold, chef-driven Cuban classics made with fresh, local ingredients that stay true to the rhythm and soul of Havana. As the only Cuban restaurant along the enchanting Miracle Mile, the colorful Calle 23 Miami fills a much-needed void in the neighborhood with its authentic flavors and lively atmosphere. New for summer, the refreshed menu doubles down on its Cuban inspiration with a Miami twist, featuring a selection of mouthwatering small, medium and large plates, along with refreshing salads, sides and desserts to satisfy all cravings.

Food

Get transported to the streets of Havana at Calle 23 Miami, where the team’s Cuban roots are expressed through sensational music, cocktails and a newly updated food menu. Ideal for sharing, new small plates like the Croquetas del Barrio (ham, chorizo, or cheese served with cilantro, BBQ chef sauce and pepper jelly) and the Tartar del Salmon (served with avocado, pico de gallo, passion fruit, olive oil and salt) reinvent beloved Cuban classics while celebrating summer in Miami with seasonal ingredients and refreshing preparations.

From the medium plates, La Frita Cubana (two sliders made with homemade chorizo beef patties, chipotle dressing, pepitas, and signature fries) is a satisfying handheld dish that’s perfect for fueling up before dancing the night away to Calle 23’s live salsa music. From the large plates, the Nobel Ropa Vieja de Res (slow-cooked beef, rice, black beans and maduros) hits the spot with its rich, soulful sauce.

Salads like the Ensalada de Aguacate (avocado, heirloom tomatoes, red onions, and citrus dijon dressing) complement any of Calle 23 Miami’s elevated yet familiar Cuban-inspired dishes, but also work well as a meal on their own. For dessert, the new Arroz con Mango is the ultimate refreshing finisher for a sweet end to an amazing summer evening.

Cocktails & Entertainment

Excellent handcrafted cocktails remain a centerpiece of Calle 23 Miami’s menu. Choose from tasty options like the Mojito, Cucumber Smash or the Coco Loco, to name a few. Calle 23 Miami offers a popular happy hour, plus live entertainment, dancing and plenty of Cuban sabor throughout the week. Calle 23 features live entertainment every Thursday, Friday and Saturday.

Calle 23 Miami is located at 230 Miracle Mile Coral Gables, FL 33134.

Master Brokers Forum Listing: See The Views From This Beachfront Condo In St. Regis Bal Harbour Asking $10.995 Million

Master Brokers Forum member Joelle Oiknine presents this magnificent condo with 180-degree views of the bright blue ocean from every corner. This 3 bedroom, 3.5 bathroom residence is the premier, sought-after line in the three St. Regis Towers, with a private elevator not accessible to hotel guests. Fully automated, designer-finished and furnished, residents and their guests enjoy VIP access to St. Regis hotel amenities, including three pools, beach and pool service, two restaurants, a coffee shop, bar, world-class spa/gym, cabanas, 24-hour concierge, valet parking, housekeeping, room service, chef and white glove butler services.

St. Regis Bal Harbour 9703 Collins Ave #700 Bal Harbour, FL 33154 is currently listed for $10,995,000 with Joelle Oiknine of ONE Sothebys, who can be reached at (305) 491-1885 and/or Joelle@joellerealtor.com.

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

PPG Development Acquires Bay Harbor Towers For $32 Million

PPG Development, led by Ari Pearl, have acquired Bay Harbor Towers, located at 10141 and 10143 East Bay Harbor Drive. The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit. The transaction was overseen by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group.

Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras, of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.

“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.

The buyer, PPG Development, LLC, led by Founder and CEO, Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.

“Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price,” they continued, “and we firmly believe this was a win-win for both buyer and sellers,” said list agents Cary Cohen and Deme Mekras.