Reuben Brothers-Led Venture Buys Out Fortress Investment Group's Debt Backing One Thousand Museum By Zaha Hadid Architects

A Reuben Brothers-led venture, which includes Fontainebleau Development, has bought out the remainder of Fortress Investment Group’s stake in the debt behind one Thousand Museum by Zaha Hadid Architects. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture before a portion was paid back by the developers.

The Reuben Brothers is a British private equity firm led by David and Simon Reuben. The firm has partnered with Jeffrey Soffer’s Fontainebleau Development on several projects in South Florida recently including at the JW Marriott Miami Turnberry Resort & Spa in Aventura.

One Thousand Museum was developed by Louis Birdman, Gilberto Bomeny, Gregg Covin and Kevin Venger. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

For more information about One Thousand Museum by Zaha Hadid Architects, private showings or purchasing information please fill out the form below:

The Allen Morris Company Proposes Ponce Park Residences in Coral Gables

The Allen Morris Company, headquartered in Coral Gables for nearly 20 years, has announced plans for Ponce Park Residences. The project will consist of 171-luxury residences with retail and restaurant space on the ground level. Most significantly, the project will create a ¾ acre open-air space with an urban park dedicated to the City of Coral Gables.

Ponce Park Residences would be located at 3000 Ponce de Leon Blvd., in Coral Gables, FL, and has received significant input from the City, including three City of Coral Gables Board of Architects meetings to enhance the design of the public park and open space. Groundbreaking is anticipated for Q4 of 2021 with an expected completion date of Q3 2023.

The internationally acclaimed Oppenheim Architecture firm is the lead architect overseeing the design of the rotunda, Mediterranean-styled Ponce Park Residences, while Naturalficial, Inc. will be designing the development’s 31,470 sq. ft. open-air greenspace.

“As longstanding residents of Coral Gables for 4 generations over the past 73 years and with The Allen Morris Company headquartered at the award-winning Alhambra Towers office building in Coral Gables for nearly 20 years, we are very proud to propose a plan for Ponce Park Residences, which would create a beautiful place to live and an urban park area dedicated to the City” said W. Allen Morris, Chairman and CEO at Allen Morris Company. “It truly achieves our goal of honoring the rich Mediterranean history and style that has a storied presence in the city, while further redefining luxury for modern-day living in the Gables.”

The design of the building is inspired by George Merrick’s Coral Gables City Hall and its coral rock rotunda and arcade. Like City Hall, Ponce Park Residences’ podium façade will be covered with natural stone, above which the building tapers back significantly to the project’s slender 80-foot-wide upper floors. No expense was spared in the design and quality of materials for the project.

One-, two-, and three-bedroom residences would range in size from 750 sq. ft. to over 1,780 square feet. Residences would boast 10’ – 12’ ft. high-ceilings with floor-to-ceiling windows. The entire ground floor area will encompass a retail-lined pedestrian paseo joining the park to the northern side of the project, expansive double ceiling height arcade modeled after the historic Hotel Colonnade on Miracle Mile, dozens of specimen shade trees, multiple water features and various seating areas for the public to enjoy.

The beautifully landscaped ¾ acre urban open-air space will feature a public park the Allen Morris Company is dedicating to the City of Coral Gables for the benefit of the Coral Gables community. In total, the project will provide a public benefits package above and beyond what is typically required by providing:

• A contribution of $2.4 million to pay for the creation of the park and integration of the right-of-way surrounding the park

• Maintenance of the park into the future at no cost to the City

• A donation of an additional $1 million towards the beautification of the Fred B. Harnett (Ponce Circle) Park

• The contribution of over $330,000 to the City’s parking fund

Avison Young Oversees 28,503 SF Of Leases at TA Realty's Ponce Circle Tower In Coral Gables

Avison Young has negotiated two lease transactions totaling 28,503 square feet at Ponce Circle Tower, a class A office building at 2800 Ponce de Leon Boulevard in Coral Gables, Florida. Wicker, Smith, O’Hara, McCoy & Ford, P.A., signed a 27,238-square-foot long-term renewal, and Corona Family Limited Partnership signed a new 1,265-square-foot long-term lease.

On behalf of the landlord, TA Realty, Avison Young Principal Donna Abood, who is also Managing Director of the firm’s Miami office, Vice President Joe Abood, and Associate Peyton Dowd facilitated the transactions.

“Wicker Smith is the anchor tenant of Ponce Circle Tower, and securing another long-term lease commitment from the firm was of great importance to ownership,” said Ms. Abood. “Both the Wicker Smith renewal and the new lease with Corona Family Limited Partnership represent a tremendous team effort on the part of our project management, property management, and leasing teams as well as ownership.”

According to Avison Young research, office leasing activity in Miami remains steady with renewals making up the majority of notable lease signings. In the Coral Gables submarket, class A rental rates have grown to $47.49 which underscores the area’s continued health.

Avison Young has been the exclusive leasing agency for Ponce Circle Tower since 2019. The property consists of a 15-story tower supporting 146,202 square feet plus a six-story parking structure featuring a contemporary design with expansive glass and pre-cast curtail wall providing expansive views of Biscayne Bay, Coconut Grown, Downtown Miami, and Coral Gables.

The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

Suntex Marina Investors Acquires Prime Marina Miami In Coconut Grove

The Dallas-based Suntex Marina Investors LLC has acquired Prime Marina Miami in Coconut Grove. Terms of the deal were not disclosed but it does include the transfer of a 70-year lease on 111 boat slips which was recently signed by Prime Marina Group. Suntex will change the property’s name back to its original name, Bayshore Landing.

Bayshore Landing features 111 boat slips which can accommodate boats up to 130’ as well as 15,000 square feet of restaurant space and 30,000 square feet of retail space. Current tenants include Monty’s Raw Bar, Sushi Maki and Starbucks. The property is 100% occupied. Bayshore Landing offers pump out and fuel services, 24/7 access, security patrol, lighted parking and a valet service.

"Suntex is actively growing and seeking acquisitions that align with our core objectives to be the premier marina operator in the U.S.," said David Filler, head of Suntex Investments, Florida. "Biscayne Bay and the surrounding neighborhoods like Coconut Grove represent one of the greatest boating communities in the world; we are pleased to add this property to our portfolio."

Suntex’s portfolio includes marinas across Florida including Bahia Mar Marina in Fort Lauderdale and Miami Beach Marina. Suntex also owns marinas in California, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia.

RFR Holding And Tricap Partnership Acquire 12 Units At W South Beach For $10.78 Million

A partnership between Aby Rosen and Michael Fuchs’ RFR Holding and David Edelstein’s Tricap, who also co-developed W South Beach, have closed on the purchase of 12 units at the iconic beachfront condo-hotel for $10.78 million. The acquisition was financed with a $6.9 million loan from Citibank and Deutsche Bank and brings the partnership’s holdings to 225 units at the condo-hotel and plans to roll the newly acquired units into the hotel program.

The seller was a group of entities tied to Ralph and Joseph Nakash who initially purchased the units in 2014/ 2015 for roughly $9.85 million. The Nakash family are the owners of Jordache Enterprises which owns the Versace Mansion and Setai Miami Beach Hotel.

The deal was in the spotlight in the summer of 2020 after the RFR and Tricap partnership nearly did not close on the units during the COVID-19 pandemic and sued for their deposit back. The dispute was reportedly solved amicably.

The 20-story, 408-key W South Beach was developed in 2009 and just underwent an eight-month, $30 million renovation. W South Beach is located at 2201 Collins Ave.

Bar Invest Group Acquires 358-Unit Pembroke Pines Multifamily For $79.5 Million

Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.

Vision Properties Acquires The Cypress Financial Center In Fort Lauderdale For $44.24 Million

The Tampa-based Vision Properties has acquired the Cypress Financial Center in Fort Lauderdale for $44.24 million. The seller was a joint venture between Steelbridge Capital, Square2 Capital and Apollo Global Management and the sale was overseen by JLL’s Herman Rodriguez, Ike Ojala and Matthew McCormack. BSPRT CMBS Finance LLC provided $27.62 million in mortgage financing.

The Cypress Financial Center was developed in 1988 and is located on 2.8-acres at 5900 N Andrews Ave. The office building offers 201,305 square feet of leasable office space with 785 parking spaces. Cypress Financial Center was under contract to be sold when the COVID-19 pandemic hit in March 2020 for $45.5 million to the Toronto-based Slate Office, who ultimately walked away. The selling joint venture acquired the building in 2014 for $32.55 million.

PPG Development Acquires TRYP by Wyndham Miami Bay Harbor Hotel For $30 Million

PPG Development, led by Ari Pearl, has acquired TRYP by Wyndham Miami Bay Harbor Hotel for $30 million, roughly $312,500 per key. The acquisition was financed by a $26 million short-term mortgage provided by Arbor Realty SR. TRYP by Wyndham Miami Bay Harbor Hotel is located in the Bay Harbor Islands at 9540 W Bay Harbor Drive. The waterfront hotel was completed in 2018 and features 96 rooms spread over seven-stories totaling 111,063 square feet. The hotel also features a rooftop pool, bar, ground-floor restaurant, meeting room and fitness center.

The TRYP by Wyndham Miami Bay Harbor Hotel previously faced $25 million foreclosure lawsuit but the case was ultimately dismissed and the mortgage was satisfied.

Mana Common Partners With Plug And Play To Bring Global Tech Accelerator To Downtown Miami

MANA Common, led by CEO and visionary entrepreneur Moishe Mana, has announced that it will partner with the global innovation platform, Plug and Play, to establish a presence within Downtown Miami’s Flagler District. Plug and Play, based in Silicon Valley, is the world’s largest global innovation platform and investor.

“Miami has always had the components to make it a global technology hub,” says Moishe Mana. “Now that remote work has allowed tech workers and founders to live nearly anywhere, we’re seeing an acceleration of Miami’s emergence as a leading city for tech.”

The collaboration aims to unite the most promising startups with the world's impactful corporations to drive investment, foster innovation, and secure collaborative partnerships across an array of verticals within the Miami tech ecosystem.

This marks the first Miami office for the tech platform, which besides its headquarters in the Silicon Valley has offices in dozens of cities including Paris, Tokyo, Chicago, São Paulo, and Shanghai.

"We look forward to being a dynamic part of the growing tech community in Miami,” says Saeed Amidi, Founder and CEO of Plug and Play. “Our partners will bring their knowledge, expertise, and experience to help our startups grow. Connecting these key stakeholders and industry experts will expedite the digital and cultural transformation in a location ripe for explosive growth. We will work hand-in-hand with Mana Tech to find the founding partners to further develop the tech community.”

For Mana Common, the partnership is one of the first steps in executing their vision for the Flagler District as the economic center of Miami. Mana is Miami’s largest private landowner and their current efforts are focused on their dozens of properties surrounding Flagler Street in Miami’s Downtown core.

“This marks a huge milestone and opportunity for the Miami tech scene,” says Michelle Abbs, Managing Director of Mana Tech, one of the six divisions of Mana Common. “We’ve been actively listening and responding to the local tech community, and we’re excited to deliver a solution like this with Plug and Play who has successfully built complete innovation ecosystems multiple times. It’s the connection that the Miami tech and business communities have been lacking, until now.”

The annual program is designed to host two cohorts per year. Mana Common will co-host the first event with Plug and Play in Miami on February 16, 2021 intended to gather interest from the initial founding members that will jointly work in this project. Miami-Dade County Mayor Daniella Levine Cava, Miami Mayor Francis Saurez, and other corporate partners have confirmed their attendance.

Plug and Play’s platform includes an array of innovation protocols and a curated selection of startups, including the Miami tech entrepreneurs, that will help corporations bridge the gap to bring new products and services to market faster. Plug and Play will offer business development opportunities, mentorship, and networking for startups, investors, and corporations. Twice per year, the founding corporations will choose 10 to 15 startups to benefit from these opportunities.