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%).

Galium Capital Closes On Palm Square Retail Center In Pembroke Pines For $20.475 Million

Galium Capital, a Miami-based private equity firm, has closed on Palm Square, a 77,621 SF shopping center in Pembroke Pines, Florida. The sales price was $20.475 million and the closing was overseen by Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI).

“Palm square is a true service-oriented neighborhood retail center located in one of the most sought-after markets in South Florida” said Jacques Bessoudo of Galium Capital. “Buying un-anchored “e-commerce proof” retail assets in sound markets is an investment thesis we feel strongly about, and are very excited about this latest acquisition”

Palm Square has more than 600 linear feet of prime retail frontage along Pembroke Pines’ a main retail corridor, Pines Boulevard, and over 160,000 people live within a three-mile radius. Tenants include Dunkin’ Donuts, KFC, Sherwin-Williams, and Goldfish Swim School. The property was built in 1987 on eight acres.

“Palm Square is service-oriented, unanchored retail strip center that at the time of the sale was 96% occupied by free-standing national tenants and prominent inline lessees,” said Jean-Baptiste Ramet of Marcus & Millichap’s Miami office. “The property is positioned within a thriving Broward County submarket just two blocks from the Pembroke Pines City Center and in the midst of newly completed and proposed multifamily, retail and mixed-use development.”

Ramet, Kirk D. Olson, and Drew A. Kristol, IPA senior directors, represented both the seller, Bar Invest, a Miami-based private investment group and the Buyer, Aventura-based Galium Capital. Galium Capital manages over $350 million of commercial property comprised of multifamily, office, and retail product across different national markets. Palm Square is their second retail acquisition in Florida, after The Shoppes at Lake Mary (101 N. Country Club Dr.) was purchased in early 2018. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

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.

Graffiti-Inspired Bar Vandalo Wynwood Opens In Wynwood

Vandalo Wynwood, a new graffiti-inspired lounge/restaurant designed to test limitations, break boundaries, and create something new, has opened in Wynwood. The restaurant offers cuisine inspired by ethnic street food, elevated to the finest gastronomy. Vandalo Wynwood is a statement on its own, its a place where you're encouraged to be who you are and leave the ordinary behind. 

At Vandalo Wynwood you will discover the essence of Wynwood, Miami’s famous graffiti-art district. With gastronomy, mixology, art, and murals on the menu, Vandalo brings together Wynwood’s finest through this graffiti-meets-gastronomy movement. Vandalo Wynwood, a gangsta-sophisticate experience, demonstrates that the destruction of something, including one’s self, is also the creation of something new. Something better. Discover art in every corner with neon installations, artistic interior, and one-of-a-kind murals in our exterior by local artists. Choose from our vibrant palette of street-exquisite cuisine and specially crafted cocktails. Step into a deep trance and don’t think too much because when the music goes on, we put the world on stand by. Stay reckless, stay Vandalo. 

Vandalo Wynwood is located at 218 NW 25th St, Miami, and the hours of operation are Mon-Sun 12:00 PM - 3:00 AM 

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.

Funding For Lincoln Road Revamp Approved By Miami Beach City Commission

A $77.4 million funding package for a major James Corner Field Operations-designed revamp of Miami Beach’s Lincoln Road has been approved by Miami Beach city commissioners. The funding will come from city taxpayers in addition to a $16 million Special Assessment charged to property owners in the immediate Lincoln Road district. The city has also updated zoning to allow some Lincoln Road property owners to build hotels. Construction in the renovation is expected to commence in spring 2020 and will include an enhanced pedestrian promenade, a new outdoor dining layout, updated lighting and signage, a new performance area, updated landscaping and renovations to many of the roads historic structures designed by Morris Lapidus.

HFF Secures $550M Loan For Expansion Of Luxury Retail Destination Bal Harbour Shops

Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami. The HFF capital markets team was led by executive managing director Manny de Zárraga, senior managing director Chris Drew, managing director Jim Dockerty and director Matthew McCormack. MetLife Investment Management’s Arun Singh, vice president for the Southeast Region, and Jay Gadsby, director, originated the loan on behalf of MetLife Investment Management.

HFF worked on behalf of the borrower, Miami-based Whitman Family Development, to place the $150 million, eight-year, fixed- and the $400 million floating-rate construction facility with MetLife Investment Management. Loan proceeds will be used to retire an existing loan and expand Bal Harbour Shops by an additional 300,000 SF, including a 57,414 SF space to be occupied by Barneys New York, which will be Barneys’ only flagship store in the southeastern United States. A three-story promenade will be added to connect Barneys to the existing palm tree-lined promenade. The renovation will also bring a new grand entrance at the northeast quadrant of the property along with an expansion of the Neiman Marcus space by 20,000 SF.

“The loan marks the official launch of the Bal Harbour Shops expansion and represents the growth and strength of Miami’s retail real estate market,” Drew said.  “As the climate shifts for many traditional retail centers across the U.S., Bal Harbour Shops maintains its position as the most successful, high-end shopping destination in Florida and one of the most productive in the world. The Shops continues to experience intense demand from both existing tenants and retailers that have been waiting years to join its roster, and we are excited that this loan will allow Whitman Family Development’s expansion plan to come to fruition.”

Situated at 9700 Collins Avenue on 17.42 acres in an exclusive oceanfront community located between the Atlantic Ocean and the Intracoastal Waterway, Bal Harbour Shops was completed in 1965 as the first all-luxury fashion shopping center and has been meticulously maintained throughout the years. Bal Harbour Shops has operated at 100% occupancy for several decades with a waiting list. In addition to the anchor tenants, the Shops is home to more than 100 of the most sought-after global, high-fashion boutiques and brands, including Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. The destination also boasts the highest concentration of restaurants in Bal Harbour.

“We’re delighted to support the expansion of one of the nation’s leading luxury shopping centers in the U.S.,” Singh said.  “This development will support the local economy and ensure that Bal Harbour Shops remains a destination of choice for many years to come.”

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).

The Arquitectonica-Designed Redevelopment Of Coconut Grove's Historic Pan Am Airways Base Submitted To City

Grove Bay Investment Group LLC. has submitted plans to the city for the redevelopment and restoration of Coconut Grove’s historic Pan Am Airways base. Construction on the project is already underway on the parking garage portion of the development. The Arquitectonica-design features 2 restaurants, event space, a public rooftop terrace and a baywalk. The historic hangers will be restored and preserved. The proposal is set for review by Miami’s Historic & Environmental Preservation Board on July 2.