Miami has ranked as the 280th city in the United States when it comes to the attractiveness of the real estate market. According to WalletHub, out of a survey of 300 cities considering sixteen categories including Foreclosure Rate and Average Number of Days on Market, in which Miami ranked 268th and 277th respectively. Miami came in 253 when it came to Population Growth Rate, 221st in Homes with Negative Equity, 279th in Number of Unsold Homes Owned by Banks, 246th in % of Mortgage Holders in Delinquency, and 211th in Unemployment Rate. Miami's rank amongst large cities was around 58. Seven of the top ten cities were from Texas and Miami trailed Florida neighbors including Davie, Boca Raton, Pembroke Pines. These numbers show that despite the growth Miami has seen in recent years there is still a ways to go when it comes to poverty in the city.
Sales Healthy at the Estates at Acqualina
Despite reports and feelings of a slowdown, sales are healthy at the Estates at Acqualina. Jules Trump of The Trump Group, the developer behind the Estates at Acqualina, told Bisnow that sales are strong and over 100 of the 265 units have sold since sales launched last month. The developer is racing to break ground by the end of the year.
Trump said, “I have heard that others are struggling, but if every week goes like this past week, we'll have a building in the sky very soon.” Buyers must place a 45% deposit at time of groundbreaking. The Estates at Acqualina features 265 family oriented units range from $3.9 million to $48 million and 2,800 SF to 13,000 SF. The development will feature twin 50 story towers with a lobby designed by Karl Lagerfeld.
Château Beach Penthouse Sky Villa Listed for $25 Million
The two-level penthouse at Chateau Beach in Sunny Isles is currently listed with The Carroll Team for $25 million. The 4 bedroom 9 bathroom sky villa is 9,050 SF has over 4,500 SF of outdoor space on the wraparound terrace complete with a private pool. It is the second most expensive unit on the market in Sunny Isles behind the Regalia Beach House at $35 million.
Château Beach, located at 17475 Collins Ave. in Sunny Isles was developed by Chateau Group and designed by Kobi Karp, featuring 84 residence over 33 floors. The building features white glove staff and service with five-star resort style amenities.
Ivan "Pudge" Rodriguez's Pine Tree Drive Miami Beach Mansion Sells for $19 Million
Retired Marlins catcher Ivan "Pudge" Rodriguez has sold his La Gorce mansion located at 6385 Pine Tree Drive Circle for $19 Million. The Miami Beach mansion features over 175 feet of waterfront on Indian Creek and was originally listed for $25 million in September 2015. The main residence is 12,600 SF and features 9 bedrooms, 13 full bathrooms, 2 half baths, a media room with pub, 1,000 bottle wine cellar, smart house technology, chef's kitchen, koi pond, library, 22,000 gallon swimming pool and beautiful master bathroom. It is the second home sale over $19 million in the last several months. The Jills of Coldwell Banker represented the sale. Photos by Caldwell Banker.
Mixed-Use Project Proposed at 929 Alton Road
Victor Uzan's Evergreen Overseas Holdings, Inc. has proposed a mixed use development at 929 Alton Road. The 4-story, 30,000 SF mixed-use use project will be designed by IDEA Architecture from Aventura. The proposal includes retail space, office space and 82 parking spaces. The office space would occupy the top floor, with ground floor retail and parking in the middle. The Miami Beach Planning Board will review the proposal during their September meeting. Evergreen Overseas Holdings, Inc. had previously proposed a 20 unit condo development at the same site in 2014.
The BLVD at Lenox Retail Center Coming to 5th St. in Miami Beach
Fifth Street on Miami Beach is about to get another retail center named The BLVD at Lenox. Comras Company, the owners of the Ivy Nightclub which currently sits on the property, are planning to redevelop the lot into a 5-story retail structure designed by Zyscovich. The lot is located at 1045 5th St., directly across the street from the current Publix-anchored retail center at Fifth and Alton. The proposal includes 64,930 SF of retail space and 218 parking spaces and is set for review by Miami Beach's Planning Board in September.
Auberge Residences Miami On Hold Until at Least 2018
Carlos Rosso, Jorge Pérez and Juan Carlos Botero. Photo via TheRealDeal
Related Group President Carlos Rosso has confirmed that Auberge Miami has been placed on hold until at least 2018. Leases for the existing property have already been given the option to extend until at least that time, but Rosso stated that no firm date has been placed as developers scramble to adjust to an oversupply of new inventory. As of April only 20% of units had sold. The development will ultimately be 3-towers with 1,400 residential units on the 2.8 acres located at 1440 Biscayne Blvd. Units start at $350,000 and range up to $3.9 million.
The project was slated to be Jon Paul Perez’s first time in the leading role of development for Related. The 31 year old vice president is one of Related Group's founder and CEO Jorge Perez’s four children and is being groomed to take over the company.
Adam Neumann and Miguel McKelvey
WeWork to Lease 65,000 SF of Office Space at Two Brickell City Centre
WeWork on Miami Beach
WeWork has announced that they will lease 65,000 SF of office space in Brickell City Centre. The lease could account to close to half of Swire Properties' 132,280 SF of the space at Two Brickell City Centre going to the highly-valued and controversial Coworking/ Shared Work Space pioneer, according to The Real Deal. Asking rents were around $53 SF. In 2015 WeWork opened an original Miami location on Lincoln Road then opened a second space with 850 desks on Lenox Ave. in Miami Beach. WeWork is currently valued around $16 billion and was founded in 2010 by Adam Neumann and Miguel McKelvey. Sources via TheRealDeal.
Bacardi Family Heir Lists Coral Gables Mansion for $27.26 Million
Hilda Maria Bacardi has listed her recently completed Coral Gables mansion for $27.26 million. She is the sister of Bacardi Chairman Fecund Bacardi and great, great granddaughter of Facundo Bacardí Massó, who founded the rum company in 1862. The property was previously listed uncompleted for $18 million in 2014, but was taken off the market. Bacardi had originally planned to live in the house but ultimately decided to reside somewhere else.
The property is 1.3 waterfront acres in the Islands of Cocoplum gated community section of Coral Gables. There is a 10 bedroom mansion with over 21,000 SF, a 2 bedroom guest house, and over 400 feet of waterfront including a 100-foot private dock. It also includes a wine cellar, elevator, 15 bathrooms, 3 kitchens and a pool. Photos and listing by Barbara Estela of Douglas Elliman Real Estate.
Moshie Mana and the Wynwood Business Improvement District at Impasse Over Last Minute Changes
Photo via The Real Deal
There has been a major shake-up between Moshie Mana and the Wynwood Business Improvement District (BID) as the developer aims to shave off $7.5 million in funds that were allocated for public benefits. The BID estimates that the public may loose out on close to $30 million in public benefits in total due to the last minute changes. The two parties have been in intense negotiations for months and it had appeared that they had reached an agreement. The developers were also seeking looser development, building and zoning restrictions.
“If the Mana team is determined to go through with these changes in their current form, I would recommend that we withdraw our support. That’s not to say that there aren’t other changes that can be negotiated. Perhaps they’ll come up with a new or modified plan.”
- David Polinsky, Chairman, BID Planning Committee
Photo via The Real Deal
The major parts of the development at risk are the order of development agreed upon, the Mana Commons public space and a $10 million pledge towards public benefits. Originally he would build at least 35% of the public cultural areas on the eastern half of the project which include the Mana Commons. Should he complete those milestones they would be able to build up to 24 stories in the west half of the project.
Official Release:
Wynwood Business Improvement District (BID) Holds Special Board Meeting to Address Latest Zika Advisory and Attempt by Developer Moishe Mana to Deprive Wynwood of Millions of Dollars in Public Benefits
Dr. Lillian Rivera of Florida Department of Health to Address State’s Zika Response
Wynwood Community Dismayed that Developer Moishe Mana has Reneged on his Commitment to the Neighborhood
WHAT: The Board of the Wynwood Business Improvement District (BID) will host a special board meeting in which Dr. Lillian Rivera of the Florida Department of Health will discuss the latest advisory regarding Zika cases and how the government is addressing the issue in Wynwood.
The Wynwood BID will also seek answers from representatives of real estate developer Moishe Mana’s eleventh-hour changes to his Special Area Plan (“SAP”) proposal for a major Wynwood development project that may result in the neighborhood losing out on close to $30 million in public benefits, including more than $7 million in previously-agreed-to funds for the greater Wynwood area. These last-minute changes come after a year of negotiations with the Wynwood BID and at a time when the neighborhood is suffering significantly due to Zika-related issues.
WHO: Wynwood Business Improvement District (BID) Board
Dr. Lillian Rivera, Florida Department of Health, Miami-Dade Office
Representatives, Mana Wynwood project
WHEN: Wednesday, August 24, 2016
2:00 p.m.
WHERE: Wynwood BID Offices
310 Northwest 26th Street, Suite 1
Miami, FL 33127