The iconic, historic Design District building that at 4000 NE 2nd Avenue that has served as the former Buena Vista Post Office as well as the former home of designer Philipp Plein's Billionaire brand's flagship location, has sold for $8.125 million. Sale closes at $3,552 per square foot for the 2,287 SF building that was originally built in 1921. The buyer, according to The Real Deal, was the same New York-based investment group which purchased Power Studios, also in the Design District, in June 2015. Chariff Realty Group President Lyle Chariff and Steve Budin purchased the building for $479,000 in 2003. When Plein purchased Billionaire, which was already in the space, a new agreement for the space could not be met and the building was put for sale. The sale is just one of an increasing number of high-priced deals on Design District real estate which as seen Redsky Capital and JZ Capital Partners invested over $233 million in Design District, Harbor Group International purchased a retail building for $21.5 million located at 111 Northeast 40th Street at $2,445 SF, and David Edelstein and partners purchased 140 NE 40th Street for $10 million at $3,704 SF.
Tesla Building New Miami Design District Showroom
Construction is moving along at Stardust East, which will feature a brand new, sixth, Tesla showroom in Miami that will be located in the the Miami Design District. The 4,602 SF showroom is designed by Stantec and will feature a lush, garden rooftop. The location required special city approval requested by Miami Design District Associates.
New Renderings Released of Artefacto's New 45,000 SF US Flagship Coming to Coral Gables
Miami-based Brazilian furnishings house Artefacto is bringing their US flagship showroom to Coral Gables and they just unveiled their eye-catching designs for its highly anticipated storefront. The design is by Miami-based architects DOMO Architecture+Design and features a Modernist concept. The new US flagship will be the largest upscale furnishings showroom in Florida spanning 45,000 square feet lined with sustainable materials and green walls as well as exclusive pieces from designers such as the Campana Brothers and Jader Almeida.
Sweetbird South Design District Construction Update
Construction is cruising at the Sweetbird South retail project by Miami Design District Associates located at 99 NE 39th Street. The structure appears to already have second floor supports and has already topped off at parts. When completed Sweetbird South will be a two-stories with 27,834 SF of retail and commercial space. The project was designed by Norwegian architects Reiulf Ramstad Arkitekter with Stantec as the architect on site and on record.
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Photo via Miami Herald
Resorts World Applies to Renovate The Omni into Office Space & Boulevard Shops Update
Change may finally be coming to the vacant Omni Mall in Edgewater at 500 Biscayne Boulevard as Resorts World Omni, LLC has applied for a construction permit to renovate 24,550 SF into office space. Blufin Construction is the contractor on record for their application. Currently both Resorts World Bimini and Crystal Cruises use 500 Biscayne Boulevard as their headquarter address. Crystal Cruises last year leased 40,000 SF of office space in the Omni Building, adjacent to their Boulevard Shops sales center. Resorts World Bimini and Crystal Cruises are owned by Genting Group, a Malaysian conglomerate that has business interests in leisure, hospitality, plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology.
Last year Crystal Cruises began reconstruction of The Boulevard Shops on an adjacent lot at 1401 Biscayne Boulevard. Their plan was unveiled at the 2016 Fort Lauderdale SeaTrade show for the Boulevard Shops project for Crystal Cruises which will include a renovation and expansion of the historic building to offer a cafe and bistro with indoor and outdoor seating, cigar bar and sales center for Crystal Residences. Crystal Residences will be onboard condos featured on 2 of their cruise ships. The renovation of The Boulevard Shops is being designed by architect Richard Heisenbottle.
Mixed-Use Wynwood Park to Bring Open Park Space & Retail to Wywnood
Developer Metro 1 is bringing Wynwood Park, a much needed new mixed-use development with a focus on green space to Wynwood. Wynwood Park will feature an acre of open green public park space adjacent to Wynwood Walls. The development will also include an adaptive retail concept. It was designed by MKDA Architecture and was introduced at CIASF's 2017 Wynwood Market Report Presentation event. Leasing has already begun. Wynwood Park will be located at NE 2nd Avenue and 26th to 27th Streets. Wynwood has boomed in recent years, first getting its boost from the unique street art that developed into a full art scene. The neighborhood has seen rising prices as it has attracted a number of restaurants, galleries, shops and nightlife to create a vibrant scene in a once industrial setting.
New Retail Historical Conversion Coming to Design District
Miami’s Historic and Environmental Preservation Board has approved a proposal by J Cube Development to renovate an existing, aging building at 4141 North Miami Avenue in the Design District and convert the existing structure into modern retail. The renovations of the 15,901 SF structure will be overseen by architect Allan Shulman and will include 2 levels of retail and a rooftop terrace. Remy Jacobson and J Cube Development purchased the building last year for $10.5 million.
Miami Commercial Real Estate Market Outlook Strong Through 2017
Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.
CK Prive Group to Build Mixed-Use Project on Biscayne Blvd. in North Miami Beach
CK Prive Group is planning to build a mixed-use project on Biscayne Blvd. in North Miami Beach. The development will be designed by Arquitectonica and will be located at the intersection of Biscayne Boulevard and 163rd Street. It will feature 198 residential apartment units, 160 hotel rooms, 130,000 SF of office space, 200,000 SF of retail and 1,400 parking spaces. Leasing is under way with retail leases asking around $50 to $70 per foot.
New Renderings of Paramount Miami World Center "High Street Retail" Concept
Arthur Falcone's Miami World Center has submitted their plans and applied for a warrant for their "High Street Retail" with Miami's Planning & Zoning Department as part of Downtown Miami's multi-billion dollar mega mixed-use residential and retail project Paramount Miami World Center. It will ultimately be the second-largest mixed-use urban development in the United States and largest in Florida. In 2015 the developers had received a warrant for an indoor mall, but after adjusting plans earlier this year to an outdoor mall concept, they have submitted the revisions. Although the new plans were reviewed and approved by the Urban Design Review Board, the decision on the new warrant cannot be issued prior to October 6. Construction has started on Paramount residential skyscraper as the first phase of the project and will finish as a 1.1 million SF urban mega-center over 27-acres.
