The Mess At Melreese Golf Club Gets Worse As Miami Freedom Park Gets Delayed Again

There is just no telling where the supposed deal to bring a professional soccer stadium to Miami will end up after Miami city commissioners voted on Tuesday to continue negotiations with the group, led by Jorge Mas of MasTec, in regards to the projected $1 billion mixed-use office and retail project. Although Miami has a state-of-the-art stadium in Hard Rock Stadium, Inter Miami CF has decided that they need a dedicated soccer stadium to accommodate what are expected to be masses of fans, albeit one that is decidedly much smaller than the capacity Hard Rock Stadium could accommodate. It was proposed to voters that they could “vote to bring a soccer stadium to Miami along with a public park” where the public Melreese Golf Course currently operates, which passed in 2018.

Since then plans have changed significantly. The public park portion has been significantly scaled back to being a nearly non-existent part of the planned development. In fact, the 25,000 seat soccer stadium would potentially not even sit on the same lot if built. What is planned, should negotiations work out, is a massive private office park matched with a retail mall and a hotel. Those negotiations though are getting pushback from commissioner Manolo Reyes as well as local opponents such as Bruce Matheson, who claims the redevelopment of the golf course should have gone through a public competitive bidding process and that the city has continuously misled voters through the process. Numerous other opponents argue that there is no reason to get rid of one of the city’s last remaining public golf courses, all of which are heavily used, irreplaceable and support the local youth with programs such as The First Tee, especially with a state-of-the-art Hard Rock Stadium already built.

Reyes worked to force a vote on the proposed agreement before Commissioner Will Gort steps down at the end of the month as he maxes out his term limits but was shot down by majority vote from the commission which claims that the deal is nearly closed and is just pending 3 fair market value appraisals as well as traffic and environmental studies. Already environmental studies have shown the the ground underneath the golf course is full of toxic material and remediation would be in the range of $40 million.

Beckham first moved to have a stadium built at PortMiami in 2014 before the proposal bounced around 4 other sites including county-owned parking lot in Overtown. Inter Miami CF will play at their new Fort Lauderdale Stadium and Training Complex, which is currently under construction. If Miami Freedom Park is ultimately approved the timeframe for development would extend into 2022-2023.

Avison Young Chosen By New Ownership Team At 800 Brickell To Oversee Leasing

Avison Young has been named the exclusive leasing firm for the 15-story, 209,122 SF office tower at 800 Brickell Avenue in Miami. The assignment was awarded by new-to-market ownership, New York-based family firm Gatsby Enterprises in partnership with MasterMind Properties, which acquired the trophy asset for $125.5 million in July 2019.

“With the 4.9 million-square-foot shopping and mixed-use Brickell City Centre directly across the street and The Shops at Mary Brickell Village directly behind, 800 Brickell is ideally positioned for ownership to incorporate complementary live-work-play concepts,” said Donna Abood, Principal and Managing Director of Avison Young’s Miami operations. “As tenants look to Brickell for quality space and amenities in the heart Miami’s Financial District, our client will make substantial upgrades to common areas, tenant spaces, and the exterior of the tower to attract additional gold-standard office users.”

Ownership will invest up to $3 million into capital improvements at 800 Brickell, a long-term, value-add investment for the company. In addition to Ms. Abood, Avison Young Vice President Joe Abood and Associate Peyton Dowd will spearhead office leasing. Darryl R. Kaplan Company is handling leasing for the retail component, which encompasses the first two floors of the property. Office occupancy at 800 Brickell is currently at 84.8%.

“Brickell remains one of Miami’s most highly sought-after office markets, appealing to a broad range of tenants, especially professional services and financial firms,” added Ms. Abood. “With office occupancy at 84.8%, we look forward to leasing up vacancies at market rents and retaining strong, synergistic tenancy at 800 Brickell.”

A trophy office tower, 800 Brickell features a three-story atrium, a courtyard plaza, abundant parking and valet service, and convenient on-site amenities, which will soon include a 12,000 SF fine dining and quick-service restaurant. The location also boasts easy access to public transportation, including Metrorail, Metromover, Metrobus, and Brickell Trolley, as well as immediate entry to Interstate 395, Interstate 95, and the 836 Expressway. Tenants and visitors can access the building from SE 8th Street, ideal for avoiding Brickell Avenue traffic.

Miami’s office market recorded positive net absorption and healthy leasing activity overall during third-quarter 2019. One of the three largest class A office submarkets in terms of inventory, Brickell posted the lowest class A vacancy at 7.18%, followed by Airport/Doral (11.59%) and Downtown Miami (19.86%).

NR Investments Reveals Zyscovich-Designed Tower Next To CANVAS

NR Investments, the developers of the successful CANVAS Condominium in Miami’s Arts & Entertainment District, has revealed a neighboring tower that was recently submitted to the FAA for review. Located at 70 NE 17th Street, the tower is being designed by Zyscovich Architects and will rise 370’ along with 4,500 SF of ground floor retail, 252 rental apartments, 38,307 SF of office space and 224 parking spaces. The developers plan to begin construction in February 2020 with an expected completion date in June 2022.

Related Group Reveals Plans For New Headquarters At 2850 Tigertail in Coconut Grove

Jorge Perez’s Related Group has revealed plans for a new office building that will also be their new headquarters in Coconut Grove. Located at 2850 Tigertail Ave., the project will rise 8-stories with the top 2 floors dedicated to Related Group. The building is designed by Arquitectonica with interior design by MKDA. 2850 Tigertail will feature 195,575 SF of total development with views of Biscayne Bay from the floor-to-ceiling glass windows and terraces. The building will also feature elevated courtyards, ground floor retail, parking, a roof deck and museum quality art from Jorge Perez’s private collection. The project was originally proposed as a joint venture between Terra and Related Group and became possible in 2017 after the city of Miami rezoned the property from T5-O and T6-12 to T6-8-O. Construction is expected to cost around $34 million.

Starwood Capital Group To Break Ground On Office Building At 2340 Collins Avenue In South Beach

Starwood Capital Group has filed construction and demolition permits to build a new commercial building at 2340 Collins Avenue in South Beach which will feature both office space and retail. The project will offer 136,342 SF of office space, 8,088 SF of retail which will also feature restaurant space and 305 parking spaces. The project, which is located across from 1 Hotel where the old Avis rental car stands and next to The Gates Hotel South Beach, will also bring a pedestrian paseo with lush landscaping and water features to the property. A joint venture between Coastal Construction and Brodson Construction will be the general contractor for the project.

OKO Group Launches The AS+GG Designed 830 Brickell Office Tower In Miami's Financial District

OKO Group, the US-based development company founded by international real estate and hotel magnate Vladislav Doronin, and Cain International, a privately held real estate investment firm, have revealed plans for 830 Brickell, the first new office tower to launch in Miami in nearly a decade. The soaring 57-story, 724’-tall skyscraper designed by one of the world’s leading architecture firms, Adrian Smith + Gordon Gill Architecture (AS+GG), will introduce a premium commercial offering to the city’s booming financial district and will reinvent Miami’s workplace lifestyle for the highest-caliber of global workforce. Cushman & Wakefield’s leasing team is launching the marketing of the building to prospects now, ahead of 830 Brickell’s completion in 2021. A $300 million construction loan from MSD Partners, L.P. closed in July this year. 

“The 830 Brickell development, in its unmatched location, will enhance and elevate the commercial landscape of Miami, helping to attract world-players in finance and business to this thriving city. In my 26-year career as a developer I have built 71 commercial and residential buildings totaling over 75 million square feet, I am proud to be bringing what will be the best office building to Miami with 830 Brickell,” says Vladislav Doronin, Chairman and CEO of OKO Group. 

830 Brickell will feature spectacular only-in-Miami panoramic ocean and city views, floor-to-ceiling windows, column-free spans, state-of-the-art digital infrastructure with Wired certification and a LEED Silver certification due to its progressive environmentally efficient design. It will be Miami’s most contemporary office tower, befitting the city’s growth into an international capital of business. 

“Cain International is proud to lend our focus and experience developing properties that offer modern luxury workforce amenities to this auspicious project and to Brickell,” said Jonathan Goldstein, CEO of Cain International. “830 Brickell will reach the top of the Miami skyline and deliver the top level of amenities and services for its tenants.” 

830 Brickell will also be differentiated by its unprecedented lifestyle offerings for a commercial tower, which will promote out-of-the-box collaboration, work-life balance and wellness. Aimed at attracting the world’s largest companies and progressive visionaries, the project touts an elite roster of first-rate amenities – including an upscale rooftop restaurant and bar on the 56th and 57th floors, a 30th floor sky lobby with a nearly 2,500 SF health and wellness center and first-class conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking and electric vehicle charging stations, cafés and shopping. Offering white-glove customer service, the tower also boasts a forward-thinking culture of seamlessness, highlighted by a 24-hour concierge responsible for event planning and coordination, booking restaurant reservations, sending out dry cleaning, organizing deliveries and more. Additional services will include bicycle storage, a shoe shining stations and much more. 

830 Brickell will also feature a rooftop restaurant and bar offering sweeping views of downtown that will energize the building at night. Additional roof terraces will allow tenants to enjoy the Miami weather without being on the street level. The 30th floor sky lobby with café and fitness center offers more advantageous views to all tenants. 

Vertical construction on 830 Brickell is set to begin in the late summer of 2019 and already WeWork, the global leader in the surging co-working industry, has signed on to occupy 146,000 SF in the 1,030,000 SF tower.

Galium Capital Acquires Fountain Square II In Tampa With Joint-Venture Partner Owens Realty Capital For $29.4 Million

Galium Capital, a Miami-based private equity firm and its joint-venture partner, Owens Realty Capital, have acquired Fountain Square II, a curvilinear four-story office building in Tampa for $29.4 million. The joint-venture paid about $220 per square foot for the Fountain Square II office building in the Westshore area of Tampa. Herman Rodriguez and Ike Ojala in the Miami office of HFF brokered the transaction.

Fountain Square II was built in 1989 but has undergone over $2 million in capital improvements since 2015. The building is located at 4925 Independence Parkway, just two miles from Tampa International Airport. Fountain Square II spans over 133,887 square feet of interior space with 519 parking spaces. At the time of purchase Fountain Square II was over 93% leased with anchor tenants including CarePlus, ConnectWise and the Social Security Administration. Lease rates are roughly $30 per square foot.

Galium Capital and Owens Realty Capital also jointly acquired a 67,500-square-foot office building at 3001 PGA Boulevard in Palm Beach Gardens in November 2018 for $25.1 million, $372 per square foot.

The Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Epicure Gourmet Market’s Jason Starkman To Sublease Epicure’s Former 31,000 SF Space On Lincoln Road

After the famous Epicure Gourmet Market & Café on Miami Beach’s Alton Road closed its doors after Hurricane Irma, the owner of the market & café, Jason Starkman, is now redeveloping the Lincoln Road space and has listed the 31,000 SF property with Brian Carter, Filippo Incorvaia and Ross Padfield of Douglas Elliman. Starkman, is now demolishing the interiors of the store at 1656, 1664 and 1680 Alton Road to build out nine retail spaces and two office spaces. The spaces are being offered for lease between $50 per square foot and $80 per square foot, which is 30% to 40% less than asking rents on Lincoln Road. Typically the general retail spaces on Lincoln Road start at $150 per foot. The redevelopment also features two office spaces ranging from 2,500 SF to 5,500 SF as well as two outdoor courtyards facing West Avenue, one for 800 SF and another 2,650 SF.

Magic City Innovation District Set To Transform Little Haiti After Receiving Final Approval

Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has received a unanimous final approval from the Miami City Commission. MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community.

Renovations and construction commenced in August 2018 on 17 of MCID’s 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1 is overseeing lleasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood. The developers will also contribute $31 million to the Little Haiti Revitalization Trust which will be overseen by the city

When complete, the Magic City Innovation District Will feature 3.8 acres of public civic space, 2.18 acres of landscaped pedestrian promenade dubbed the Promenade du Grand Bois, 2,630 residential units, 1,987,686 SF of office, 101,669 SF of expo space, 432 hotel rooms, 344,538 SF of retail, and 6,081 parking spaces. The first 4 tenants to commit to MCID were revealed in Sprinf 2019 including Diana Lowenstein Gallery, Manmar Entertainment (marketing), Ecovie (recycling start-up), and COOL Creative (advertising).

Rieber Developments Closes On $36 Million Construction Loan For Ivory 214

The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group. Ivory 214 is already under construction after general contractor Winmar Construction, an affiliate of Coastal Construction, broke ground in March 2018 and is on schedule to complete the project in the first quarter of 2020.

When complete Ivory 21 will be a 10-story medical and professional office building with an accompanying Tapestry Collection by Hilton™ hotel. Along with its recently announced sister project, 12|12 Aventura, the projects will serve as the epicenter of the ‘Aventura Medical District.’ Ivory 214 is a Class A+, state-of-the-art facility featuring an independent hotel and medical office space. The contemporary building is comprised of 10,942 SF of retail, 38,191 SF of offices, 100 hotel rooms, and 313 parking spaces.

The significant project milestone comes on the heels of the extraordinary sales interest for the project’s office condos, which has just four office spaces remaining, from the original 34. Sales of the Ivory 214 office condos has been led by Cervera Real Estate as the exclusive broker.

“Securing the construction financing for Ivory 214 is an especially proud moment and a key step in delivering this compelling project to Aventura,” said Bernardo Rieber, principal of Rieber Developments. “Today’s closing is an endorsement of the continued strength and market appeal of Ivory 214 as we continue our forward momentum.”

Driftwood Hospitality Management will serve as the hotel operator of the Tapestry Collection by Hilton™ hotel which will feature 100 extended stay rooms complete with kitchenettes, and premium amenities including a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar, rooftop terrace, valet parking, and 360-degree views of Aventura.

Located at 2820 NE 214 St, Aventura, FL 33180, Ivory 214 boasts a prime central location, less than one mile from Aventura Mall, and directly adjacent to Aventura Hospital.