MG Developer And Baron Property Group Reveal $600 Million 'Metro Center' In Hialeah

The Coral Gables-based MG Developer, alongside their partner Baron Property Group (BPG), a New York-based development company, have revealed their plans for a new Hialeah, Metro Center. This $600 million landmark development will comprise nearly 2.3 million square feet of upscale apartments, and retail space between Metro Parc, Metro Parc North, and Metro Parc South, all located in a transit-oriented community in the heart of Hialeah that will revolutionize urban living in the city.

Metro Center is an exciting addition to MG Developer’s growing portfolio in South Florida as the organization has been working closely with the city of Hialeah to realize its vision of a modern transit-oriented community in the city’s emerging urban core.

“We are thrilled to introduce Metro Center to Hialeah,” said Alirio Torrealba, CEO of MG Developer. “These combined developments redefine urban living in the city and provide high-quality housing, seamless transit access, and a vibrant community experience that aligns with Hialeah’s transformation into a forward-thinking Miami that is inspired by its history, culture, and the arts. We are committed to the City of Hialeah and its beautification.”

The developers are adding more than $600 million in value to the destination with the developments of Metro Parc, Metro Parc North, and now Metro Parc South. Metro Center will provide nearly 1,600 attainable contemporary apartments to the City of Hialeah that will be within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 559-unit, 10-story building that broke ground in 2022. Metro Parc North, with 620 apartments will rise next to Metro Parc at 983 East 26th Street and is expected to be completed in 2026. Metro Parc South, a 347-unit building, the latest of MG’s transit-oriented multifamily communities to be unveiled will be located at 954 & 934 E 25th Street and is slated for completion in 2027.

When completed, Metro Center will be considered Hialeah’s modern living lifestyle center that will boast more than 35,000 square feet of ground floor commercial space ideal for restaurants, cafes, boutique shops, health & fitness outlets, as well as a specialty market, all in the heart of Hialeah. It will also be a short distance from Hialeah Hospital, Amelia Earhart Park, Factory Town, and only 15 minutes from Miami International Airport. The entire Metro Center complex is expected to be completed in 2027.

“By transforming a depreciating area into a vibrant residential destination, Metro Center breathes new life into the neighborhood, preserving its character, and creating housing options that reflect its authentic identity,” added Torrealba.

As Hialeah transitions from the "City of Progress" to a "Forward-Thinking" Miami, Metro Center is being designed to cater to young professionals seeking a dynamic lifestyle that is close to parks, dining, work, arts & culture, as well as entertainment venues, while also providing convenient access to the entire South Florida region through efficient train commutes.

A short distance from Metro Center is MG’s Metro Station, a 55-unit building, that is another transit-oriented multifamily community located at 2691 East 11th Avenue.

MG Developer and Baron Property Group’s acquisition of Metro Parc in 2021, marked the start of the MG’s multifamily rental division. MG is committed to fulfilling the demand in the City of Progress for high-quality housing in the area while also giving residents the ability to commute easier and faster.

Under the leadership of Alirio Torrealba, MG Developer is a residential property development company based in Coral Gables, Florida, offering a wide range of real estate services, including concept creation, property site selection, and project advancement. Torrealba has already completed 11 developments and has nearly $1.5 billion in developments in planning throughout South Florida, establishing MG as one of the most active developers in Florida today.

Swerdlow Group and Coastal Construction Top Off Block 55 at Sawyer's Walk in Downtown Miami

The Swerdlow Group and Coastal Construction Group have reached the top floor of Block 55 at Sawyer's Walk, an 18-story mixed-use development in downtown Miami offering affordable housing for low-income seniors. Developed by the Swerdlow Group, Block 55 at Sawyer’s Walk spans 1,400,000 square feet, and features approximately 180,000 square feet of retail space and 120,000 square feet of Class A office space.

The mixed-use property will be anchored by Target and will offer a diverse range of other retailers to serve both the residents and the wider community, including a full-service Starbucks and CVS pharmacy within Target, ALDI Grocery, Ross Dress for Less, Burlington Department Store, and multiple apparel concepts and hard goods.

The first floor will also offer restaurants with outdoor seating. The office space will house the national headquarters of a major global company. All of the space in the building, including the retail, office, and residential, is spoken for. Above the retail and parking levels, Block 55 at Sawyer's Walk will house a senior affordable apartment community, consisting of 578 thoughtfully designed studios and one- and two-bedroom apartments.

Each apartment at Block 55 will feature fully equipped, state-of-the-art kitchens and spa-inspired bathrooms, offering residents a truly premium living experience. The community will provide amenities, including pools, fitness center, and customized services tailored to the needs and preferences of the residents.

"We are thrilled to celebrate this significant milestone,” said Sean Murphy, Co-President of Coastal Construction Group. “We are proud to be a part of their efforts to provide affordable homes that cater to the diverse needs of our residents and the surrounding community.”

Newgard Development Reveals Skydeck At LOFTY Brickell

Forward-thinking real estate developer Newgard Development Group continues to differentiate its LOFTY Brickell condominium project with unique features and innovative concepts. In the latest example, Newgard is unveiling its plan for the building’s skydeck- a versatile rooftop space that will be available as a venue for private events and will be an additional building amenity dedicated exclusively to LOFTY unit owners.

Located on LOFTY’s 44th floor, the approximately 10,000-square-foot area is designed to accommodate events ranging from small corporate gatherings to wedding receptions. The lush rooftop will feature modular furniture, portable bars, a catering kitchen and a private pool. Owners will have exclusive access to the space when events are not taking place.

“We have designed a plan that allows us to maximize LOFTY’s beautiful sky deck area,” said Newgard CEO Harvey Hernandez. “Owners can enjoy a glass of wine while soaking in the breathtaking cityscape views or hang out by the pool for a quiet day of relaxation.”

LOFTY is a 44-story waterfront luxury condominium high-rise under development on the Miami River in the heart of Miami’s financial district. It is the most elevated offering in Newgard’s flexible ownership concept. At over 92% sold, LOFTY is one of the Miami condo market’s most successful projects under development.

Designed by Arquitectonica, the 362-unit LOFTY features 309 tower residences including studio, one- and two-bedroom units that will be furnished by INC. They will have exclusive access to 40,000 square feet of thoughtfully curated amenities, including a private marina, a members-only social club, a resort pool deck and fitness center, an indoor cigar lounge, a co-working lounge, meeting rooms and the sky deck.

With tower units sold out, just a few residences in the LOFTY Signature Penthouse Collection remain available for purchase. The Signature Penthouse Collection offers spacious two, three, and three-bedroom plus den residences that will be curated and furnished by revered design firm Artefacto. Starting at $2.2 million, they represent the best value in penthouse homes in the Brickell submarket.

Located across from Brickell City Centre, LOFTY is the next evolution of condominium ownership. It brings a 5-star alternative for the owner and traveler who prefers to stay and own differently – yet does not want to compromise on hotel services and amenities. Each residence will be delivered fully finished and furnished and, with professional management, will permit short-term rentals.

The tower will feature the first-ever NFT art collection designed for condo owners, integrating digital art and technology into the DNA of the new residential building while transferring ownership of a custom NFT to each unit owner at closing.

INC is responsible for LOFTY’s 44 stories of swanky interiors and Urban Robot Associates is the landscape architect.

Cervera Real Estate serves as the exclusive sales and marketing partner for LOFTY Brickell.

LOFTY Brickell is located at 99 SW Seventh St., Miami, FL 33130. For more information and updates, visit www.LoftyBrickell.com.

Miami Ranks Seventh in Housing Shortage Report As Florida Sees Nations Highest Rent Increase Since 2020

New research has shown that Miami ranks seventh in housing shortage report as Florida has seen the highest rent increase in the nation since 2020. Prices have continued to push higher where rental rates a 2 bedroom rental on Miami Beach is up over 46% year-over-year as of June 2023. Developers have struggled to keep pace despite Miami-developers leading the nation with a record 28,000 units currently under development in the Miami metro-area according to a Costar report.

New research has revealed the top 10 metropolitan areas with the highest ratio of house shortages in accordance with job growth. Miami, FL, is facing a significant challenge in its housing market, as indicated by its job growth-to-building permits ratio of 20.2.

The other US metropolitan areas experiencing housing shortages include San Francisco, Springfield, Urban Honolulu, Syracuse, Boston, New York City, Chicago, New Haven, and Los Angeles.

Real estate site PortlandRealEstate.com analyzed data from the National Association of Realtors, US Census Bureau, and the Bureau of Labor Statistics, examining new job openings per one building permit to determine the housing shortages in metropolitan areas in 2022.

Job Growth-to-Building Permits Ratio: 1. New York City, NY (31.4); 2. San Francisco, CA (29.2); 3. Springfield, MA (26.6); 4. Urban Honolulu, HI (25.1); 5. Syracuse, NY (21.8); 6. Boston, MA (20.4); 7. Miami, FL (20.2); 8. Chicago, IL (19.5); 9. New Haven, CT (19.3); 10. Los Angeles, CA (18.3)

The job growth-to-building permits ratio represents the relationship between new job opportunities created and new building permits issued. Specifically, it indicates the number of new jobs generated for every building permit issued. For example, a ratio of 30 means that, on average, approximately 30 new jobs were created for each new building permit issued. For reference, the average job growth-to-building permits ratio for cities included in the study was 7.64.

Miami, FL, faces a housing shortage as reflected by its job growth-to-building permits ratio of 20.2. The ratio suggests that the job market in the area is experiencing growth, potentially outpacing the construction of new housing units. As a result, the limited housing supply leads to increased housing costs and affordability challenges for residents.

“Miami is seeing rapid job growth as companies and employers move to the city for its pro-business environment and high-quality of life. This has led to a higher housing shortage than most other metro-areas as developers have struggled to keep up, leading to high-prices and rapid rent growth. Units in Downtown Miami and Brickell that would have rented for $2,000 or $3,000 a few years ago are now renting for potentially $5,000+. The residents moving out have not yet found comparable replacements yet more people are moving to the city so developers are pushing to keep pace as pricing pushes higher on average.” Said Demetri Demascus, Co-Founder of PROFILEmiami, Managing Broker of ALTARA Properties and developer of Casa Azzura townhomes in Coconut Grove.

Due to the demand for business to move to the Sunshine State, Florida rent prices are up by 45.77% since 2020, the highest in the nation according to a study by Los Angeles-based luxury real estate experts Los Feliz. Florida and Colorado have seen rent prices increase by over 45% since 2020. With 34.2% of the U.S population renting their home, luxury real estate experts at Los Feliz analyzed the average rental price in each state in March 2020 and again in March 2023 to calculate the percentage increase by comparing average rental price in each state in March 2020 and again in March 2023 to calculate the percentage increase. 34.2% of the U.S population rents their home.

The findings show that Florida’s average rent has increased to $2,127.86 in 2023, an increase of 45.77% over the 2020 price. Florida has low taxes, a thriving job market and fast growing metropolitan cities. Florida is also known for its high percentage of retirees that are drawn to the state due to there being no retirement taxes and sunshine state is also a popular holiday destination which would affect rental prices.

According to Zumper, as of June 2023, the current median rent for a 2-bedroom apartment in Miami is $3,900, a 32% year-over-year change. Taverage rent for a 1-bedroom apartment in Miami, FL is $2,835. This is a 29% increase compared to the previous year. The current median rent for a 2-bedroom apartment in Miami Beach as of June 2023 is $4,500, an 46% year-over-year change. The current average rent for a 1-bedroom apartment in Miami Beach is $2,600, an 18% increase compared to the previous year.

This article contains information from the following sources and studies:

Study conducted by PortlandRealEstate.com, a real estate website that specializes in providing comprehensive information and analysis related to the Portland real estate market.

A study conducted by Los Feliz, a Los Angeles-based luxury real estate brokerage with Ruby Home using Zillow: https://www.rubyhome.com/los-angeles/los-feliz/

Zumper.com

Costar.com

Venetian Islands Waterfront Contemporary Spec Home 'Villa Marco' Hits Market For $23.9 Million

Villa Marco, a masterfully crafted waterfront residence developed by renowned local builder, Sabal Development, on Miami’s exclusive Venetian Islands has hit the market for $23.9 million. The property is a true testament to exquisite design capturing breathtaking bay views and natural light. Villa Marco is located on San Marco Island at 1369 North Venetian Way.

The 7,283 SF home is currently configured with 4 bedrooms but easily adaptable to 5 bedrooms and 5.5 baths to ensure convenience and comfort. The expansive formal and informal living spaces provide a harmonious balance between elegance and relaxation with floor to ceiling glass and views from every room. The home also features a gourmet kitchen, glass elevator and a garage with room for a lift.

The lushly landscaped outdoor areas are perfect for entertaining and enjoying the beautiful surroundings. Features include a panoramic rooftop terrace with hot tub and downstairs a summer kitchen, multiple seating areas, infinity pool and dock.

1369 North Venetian Way is currently listed for $23,900,000 with Mathieu Rochette of Compass.

Images via Compass

Arquitectonica-Designed Boutique Condo 'Ella Miami Beach' Launches Sales In Miami Beach

Miami-based real estate development firms, Constellation Group, The Boschetti Group, and Vietmar have officially launched sales on Ella Miami Beach, a 10-story boutique condominium that will soon rise in the heart of Miami Beach, at 6940 Abbott Avenue. The new construction building is expected to break ground in the first quarter of 2024 and is slated for completion in 2026.

Located in the highly sought-after neighborhood of Miami Beach, the 95 residences will be exclusively marketed by ONE Sotheby’s International Realty. Featuring studios to two-bedroom floor plans, the residences will range from 434 to 1,076 square feet, with prices starting in the upper $400,000s, an attractive entry price for a new-build product in Miami Beach, where new construction pricing typically starts at approximately $1 million.

“We are truly excited to introduce Ella Miami Beach, as it brings an unparalleled value proposition to the new construction market in Miami Beach,” said Eduardo Otaola, Managing Principal of Constellation Group. “Its price point, connectivity to the beach, architecture, and amenity program position Ella Miami Beach to be the most attractive new construction project in the market today.”

Offering the best luxuries of Miami Beach living, Ella Miami Beach is replete with a sophisticated design and indulging amenities, and is situated within walking distance to the beach, popular restaurants, boutique shops, and a myriad of entertainment venues.

“Ella Miami Beach is the singular project for the area that responds to the demand for an intimate residential experience that offers real luxury at attainable price points,” said Daniel de la Vega, President of ONE Sotheby’s. “The development team has established an elevated benchmark for luxury living with flexible ownership in one of South Florida’s most dynamic neighborhoods.” Short-term rentals may also be permitted at Ella Miami Beach.

Inspired by Miami Beach’s Art Deco era, Ella Miami Beach is being designed by award-winning international architectural firm Arquitectonica, to include subtle Art Deco curves to the building with modern 21st-century lines that highlight the sweeping rooftop views that stretch from the city on one side to the ocean on the other.

“Ella Miami Beach is our proud contribution to preserving the rich history of Miami Beach while ushering in a new era of sophisticated living,” said Jose Boschetti, Principal of The Boschetti Group. “We believe the past has always shaped the present, and this classic, yet contemporary development is no exception. With its effortless charm, Ella Miami Beach highlights Miami Beach’s past while offering buyers a unique opportunity to be part of its exciting future.”

Primed for seamless indoor/outdoor living and entertaining, each residence features gracious terraces with select homes offering impressive views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline. Punctuating the style and sophistication of the project, each of the residences will be delivered with approximately 9-foot-high ceilings throughout, contemporary ItalKraft kitchens with stone countertops and JennAir appliances, as well as European-inspired designer closets. For a completely turn-key residential experience, exclusive bespoke Interiors by Steven G packages are available for purchase.

“For buyers who seek classic Miami Beach living and prefer the intimacy of a full-service boutique building, Ella Miami Beach is unmatched,” added Rainer Viete, Vice President at Vietmar. “We are very excited to be developing this stunning new project and to be working alongside Constellation and The Boschetti Group.”

Among the many signature elements that enhance the experience of being an owner at Ella Miami Beach is a suite of amenities that include a rooftop pool and fitness center with boundless views of Biscayne Bay and Miami, a paddle/pickleball court overlooking the Atlantic Ocean, residents’ lounge, summer kitchen with an outdoor dining area, and an observation deck and lounge. Its wellness amenities include an outdoor yoga and meditation deck, cold plunge, and sauna. Other conveniences consist of a coworking area, complimentary beach cruisers, bike and beach toy storage, and more.

Ella Miami Beach’s Sales Gallery is located at 6897 Collins Avenue in Miami Beach.

Lefferts To Launch Short-Term Rental Approved Tower '72 Park' In Miami Beach

The NYC and Miami-based development firm, Lefferts, has revealed 72 Park, a short-term rental approved condominium tower coming to Miami Beach. Slated for completion in early 2024, this will be the first new luxury tower on Miami Beach to permit vacation (or short-term) rentals and will offer 206 units ranging from 470 to 1,177 square feet with prices starting from the $700,000s. The topping-off ceremony for 72 Park is estimated to take place in July 2023. Lefferts has selected Cervera Real Estate to be the exclusive sales and marketing partner for 72 Park.

Located at 580 72nd St., just south of Surfside, the stunning 22-story project by national architecture firm Built Form is centrally located within a pedestrian-friendly neighborhood where residents and guests can enjoy the best of both worlds: a peaceful, charming beachside community alongside the excitement of Miami Beach with instant access to recreation, restaurants, retail, music, arts and culture. When complete, the luxury tower will offer residents spectacular 360-degree views extending from the Atlantic Ocean to the Intracoastal Waterway, including Downtown Miami.

The luxury condominium is conveniently located on the park, just steps away from the beach, the Miami Beach Tennis Academy; North Shore Park, a sprawling indoor and outdoor sports and recreation complex featuring 12 tennis courts, pickleball and two baseball fields; the Miami Beach Bandshell outdoor amphitheater; a historic cultural center; Normandy Shores Golf Club; and the new Miami Beach Aquatic Center and Park, which will house an Olympic-size pool, a community library, a fitness center, a three-acre park and 10,000 square feet of retail. Beach service is provided for residents, including transportation and complimentary use of recreational equipment such as Boogie Boards, paddleboards, bikes and more.

“Where coastline meets culture, 72 Park embraces the spirit of the existing beachside community while introducing state-of-the-art amenities and exciting new retail and restaurant brands to the thriving neighborhood,” said Jim Hedden, chief development officer of Lefferts. “This spectacular property is the genesis of Lefferts’ commitment to further enhancing the local Miami Beach community, and we are eager for its completion in early 2024.”

With interiors and landscapes designed by Urban Robots Associates, the LEED Gold-certified condominium tower includes Jr., one-, two-, and three-bedroom units that combine luxury and style with spacious floor plans, high ceilings, deep balconies, Italian cabinetry, imported stone and energy-efficient appliances. All units will be offered fully furnished and will include floor-to-ceiling, impact-resistant glass; keyless entry with SALTO and smart access controls; individually controlled and energy-efficient central AC and heating systems; premium bathroom fixtures, hardware and accessories. Advanced smart building features include high-speed, fiber-optic Wi-Fi access throughout and five high-speed passenger elevators with access control.

The property also features 64,000 square feet of luxurious amenities for residents, including an expansive 35,000-square-foot amenity deck with nearly an acre of lush, tropical landscaping; a 150-foot-long resort-style pool with cabanas; a bar and lounge with indoor-outdoor seating; a state-of-the-art fitness center with yoga lounge; 24/7 coworking lounge with private “pods”; kids playroom; private outdoor barbecue area; a private rooftop featuring a sun deck with dining areas and grills; and an outdoor screening area for movie nights and sporting events.

Other building features include a double-height lobby with wrap-around floor-to-ceiling windows showcasing 8,500 square feet of prime, ground-floor retail space, including the forthcoming Roberta’s restaurant and pizzeria by two-Michelin-starred chef Carlo Mirarchi.

The project at 72 Park is one of four residential developments Lefferts is spearheading as part of its long-term commitment to revitalizing this Miami Beach neighborhood and ushering in a new era of investment and growth for one of the most desirable oceanfront communities. The firm is applying its more than 20 years of residential and commercial real estate expertise to revitalize the heart of Miami Beach, located just south of Bal Harbour and Surfside and north of the iconic Fontainebleau Miami Beach. The pedestrian-friendly neighborhood is within walking distance of the beach and features Miami Modernist (MiMo) architecture and ample green space, including North Shore Open Space Park, the largest park in Miami Beach, which recently underwent a multimillion-dollar renovation.

Luxury Electric Vehicle Company Lucid Motors Opens Retail Studio At Miami Worldcenter

Lucid Motors, a luxury electric vehicle company producing the state-of-the-art Lucid Air, is now open at Miami Worldcenter, the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Located at 951 NE 1st Avenue, the nearly 23,000-square-foot space is Lucid’s largest location in Florida. The location includes a Lucid Studio, which allows customers to experience the brand and its lineup of luxury electric vehicles in an environment that underscores the company’s signature design aesthetic. The new state-of-the-art facility also serves as a service and delivery center for the Lucid Air luxury electric sedan, winner of the 2023 World Luxury Car Award.

“Lucid Motors is an innovative leader and its retail studio at Miami Worldcenter provides a showcase for its vehicles and an engaging customer experience. Lucid Motors opening marks another milestone in the ongoing reveal of the enticing array of retail, restaurants and entertainment experiences at Miami Worldcenter,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Lucid joins a growing roster of newly opened concepts at Miami Worldcenter, including three new food and beverage options by Ariete Hospitality Group’s Michelin-star-rated Chef Michael Beltran, Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar; national retail brands lululemon and Sephora; and the affordable luxury citizenM Miami Worldcenter hotel. Set to open over the next year are additional food and beverage options including Earls Kitchen & Bar and Chicago’s Maple & Ash; dining and entertainment concepts Sports & Social and Bowlero; a permanent location for the world-famous experiential and immersive Museum of Ice Cream; as well as other nationally recognized concepts including Rihanna’s Savage X Fenty, Club Studio, Ray-Ban, and Posman Books.

As one of the largest privately owned and developed urban real estate developments in Florida, Miami Worldcenter, which is currently coming alive in phases, features a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space spanning over 10 city blocks. Approximately 84% of the development’s retail space has been leased.

The project is being developed by master developers Miami Worldcenter Associates, led by Managing Partners Art Falcone and Nitin Motwani, in partnership with CIM Group.

“Downtown Miami has been in need of an innovative luxury automotive brand like Lucid and we’re thrilled to welcome them to Miami Worldcenter,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “The Lucid Studio adds another layer of offerings at Miami Worldcenter, further advancing the vision for a prominent live, work, and play destination in the heart of our urban core.”

Retail leasing at Miami Worldcenter is led by CIM Group, a partner in Miami Worldcenter, and Miami-based The Comras Company. CIM Group is a community-focused real estate and infrastructure owner, operator, lender, and developer. The Comras Company is a leading, boutique real estate firm providing retail leasing, asset sales, consulting, and development advisory services throughout South Florida.

Miami Worldcenter is now home to three completed residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami. Additionally, construction is underway at phase one of the 52-story Miami World Tower, which will comprise 550 apartment units; at Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments; and at The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures.

Planned developments include 600 Miami Worldcenter, a 579-unit fully furnished condominium by Aria Development Group and Merrimac Ventures; a 65-story condo tower with 700+ residential units by New York-based developer Naftali Group; a mixed-use residential and commercial development by Abbhi Capital; and a three-tower mixed-use residential project by The Witkoff Group.

Complementing Miami Worldcenter’s retail streets will be World Square, a 20,000-square-foot outdoor public plaza and park. Designed as a central gathering place, World Square will serve as the heartbeat of the development featuring an abundance of open space, shade trees, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; the newly renamed home of the Miami Heat, the Kaseya Center; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which offers direct train service to Fort Lauderdale, West Palm Beach, and will reach Orlando later this summer, together with access to Tri-Rail, the Metromover, and the Metrorail – making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Images via Miami Worldcenter

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.

Black Lion's Robert Rivani Lists Penthouse at The Ritz-Carlton Residences, Miami Beach For $8.8 Million

Real estate investor Robert Rivani of Black Lion has listed his penthouse at The Ritz-Carlton Residences, Miami Beach for $8.8 million with Dina Goldentayer of Douglas Elliman. Rivani acquired the penthouse in May 2022 for $7.5 million. The listing comes on the heels of selling his ground floor restaurant space at One Thousand Museum for $7.9 million which he acquired in October 2022 for $6.4 million. The sale came in an effort to free up capital for a future acquisition in Miami Beach.

Sophistication is key inside this 4 bed + media lounge, 5 bath penthouse at the building where Cindy Crawford and Rande Gerber nabbed a unit per media reports. The corner residence spanning 4,525-square feet is one of the largest in the building with 11-foot ceilings and expansive living spaces radiating in Eastern sunshine.

Stunning views of the Bay and Ocean are put directly on display with floor-to-ceiling windows encompassing the entirety of the penthouse. Sleek light toned interiors enhance the setup with thoughtfully curated features throughout. Find a custom eat-in kitchen by Boffi equipped with Gaggenau appliances, marble counters, and a large walk-in pantry. The dining room showcases a gorgeous blue statement chandelier. The primary suite is reminiscent of a jewel box with textured velvet touches showcasing water views from almost every angle.

Since last year, Black Lion has secured over $100 million+ in acquisitions across South Florida with a rapidly expanding portfolio of restaurant/hospitality properties from Miami Beach to Wynwood, Brickell and Downtown – including the space for Gekko by David Grutman x Bad Bunny; Amara at Paraiso with chef Michael Schwartz; Wynwood Jungle with a newly opened Fable rooftop restaurant; Delilah at Brickell Bay boardwalk and more.

Designed by Piero Lissoni, The Ritz Carlton Residences Miami Beach offer boutique South Florida living on the bay with a private marina, a rooftop pool deck with cabanas and poolside grille, meditation garden, Club Room with a pool table and virtual golf, Spa and state-of-the-art Fitness Center, Art Studio and a fully equipped Kid’s Room and an elite concierge to assist with residents every need.

4701 N Meridian Ave, Miami Beach LPH02 is listed for $8.8 million by Dina Goldentayer with Douglas Elliman.