Harvey Hernandez Plans Miami Beach Contemporary

Harvey Hernandez of Newgard Development Group is planning to build a two-story contemporary home at 790 Lakeview Drive on Miami Beach. His proposal would require the removal of a pre-1942 home which has been deemed architecturally significant. The new home will be 9,404 SF featuring 5 bedrooms plus staff quarters and will be designed by DOMO + Architecture and Design. The home will also have an interior koi pond, meditation garden, gym, infinity pool, hot tub, lap pool, cabana and outdoor entertainment area featuring a BBQ with water access. 

Echo Brickell Scaffolding Collapse

Photo via Bizjournals.com

Scaffolding has collapsed at Echo Brickell, killing 1 and injuring 5. According to the Miami Herald, "One of the three scaffolding platforms on the North side of the buildings plummeted to the ground Wednesday evening, showering bystanders in debris and crushing one car. The two other platforms were dragged down three stories and hung haphazardly onto the building’s face until a crane lowered them to safety hours later." The man who died passed away from a "cardiac incident" stated by Miami Fire Rescue Deputy Chief Joseph Zahralban and The Miami Herald. A woman inside of a car was hospitalized after being hit by falling debris. Roads were reopen Thursday morning. Property Markets Group said that formwork had fallen from the top of the construction site onto Brickell Avenue and that they were working with the general contractor John Moriarty & Associates of Florida as well as city officials including the fire department and police to investigate what had happened. The project will be shut down pending the investigation. While this accident is quite tragic and will cause delays on the delivery of the Echo Brickell project as well as potential legal implications due to the casualties, the project should still ultimately be a great addition to the Brickell skyline. 

Fort Lauderdale Rents Rise & Vacancy Falls as Shortage in Rental Apartment Units Hits

Fort Lauderdale has a growing demand for rental apartments and a limited supply with only a handful of new projects about to be delivered. For Lauderdale's vacancy rate fell to 3.2% in Q3 of 2016 while rents rose 8% year over year to an average price of $1,614 per month. Some of this is driven by potential buyers being deterred from buying a house due to an expensive housing market. Brossard has a $293,200 median price for a single family home. There are currently 7,300 residential apartment units under construction in Broward expected to be delivered before 2018. 1,800 of those are are in Fort Lauderdale. Without a surplus of new units coming to the market as in Miami, rents should continue to rise and vacancy should continue to fall. 

Top 5 Restaurants in Miami Fall 2016

Miami is full of world-class restaurants encompassing many different types of cuisines and modern vibes. Whether you live in Miami or are visiting for your first time, these 5 picks by the editors of PROFILEmaimi are sure to impress. Keep in mind they are all very hot and will be packed so make sure to call ahead for a reservation. 

1. Coya

The lone non-Miami Beach location on this list is located in Brickell. This hotspot brings "Incan culture" to Miami with modern Peruvian fare matched with trendy, upscale vibes. They are known for their pisco sours and is best enjoyed sharing style.

2. Joe's Stone Crab

Joe's Stone Crab | Photo via Inside Scoop SF

A South Beach classic. While only open half of the year, during stone crab season, this powerhouse delivers fresh seafood daily. Definitely order the stone crab claws. Go to the takeout side on the left of the restuarant so you don't need to deal with the lines and you can still sit and eat there.

3. NaiYaRa

NaiYara | Photo via Miami City Social

Chef Bee is one of Miami's most infamous chefs and his new hotspot became an instant classic. NaiYaRa serves up what he has dubbed Thai street food, sushi, and other Asian specialties with a Bangkok feel. Order the Beef Jerky and the NaiYaRa Roll. Located in Sunset Harbour, one of Miami Beach's trendiest neighborhoods, NaiYaRa will be a staple for years to come. 

4. Prime 112

Prime 112 | Photo via Myles Restaurant Group

If you want steak and you are in Miami, Prime 112 is the place to go. Prime 112 is the pride and joy of the Myles Restaurant Group's Prime collection of restaurants that also includes Prime Fish and Prime Italian. Prime 112 is a contemporary steakhouse with "sophisticated cuisine" but you must check out one of their steaks paired with some red wine. The restaurant offers a vibrant people-watching scene and is located right in the walkable South Pointe neighboorhood, one of the top neighborhoods in all of South Florida. 

5. Beachcraft

Beachcraft | Photo via Yelp

Located in the 1 Hotel, one of the hottest hotels in South Beach, Beachcraft is celebrity chef Tom Colicchio's newest upscale "beachside grill." Beachcraft serves seasonal American farm-to-table dishes and is a great spot for either lunch or dinner. Order the Yellowfin Tuna Crudo with Fennel, Serrano, Pepper and Red Shisho. They also serve an unreal breakfast that covers all of the bases. 

Featured Listing: Penthouse 1 at 4 Midtown Listed for $1.59 Million

A two-story penthouse high above 4 Midtown has hit the market and is listed at $1.59 million. #PH1 is a 2 bedroom, 3 bathroom layout with 2,305 SF of living area including a den. The turnkey unit is fully renovated with Italian floors and imported furniture with the list price accounting to roughly $690 SF, which also makes it the most expensive listing in Midtown. The unit features floor-to-ceiling windows, new kitchen and redesigned bathrooms. 4 Midtown is located right in the heart of Midtown Miami and amenities feature a pool deck with jacuzzi, BBQ area, fitness center, spa and 24 hour concierge. #PH1 is listed with Justin Rubin of The Rubin Group. Photos by The Rubin Group. 

Chinese Interest & Investment in Miami Real Estate Continues to Slowly Grow

The Chinese share of the South Florida real estate market is expected to grow as Chinese investment in U.S. real estate is expected to reach $50 billion by 2025. Wealthy Chinese buyers are the top foreign buyers in the U.S. real estate market after spending over $27 billion over th past four years. Despite this, Chinese buyers represent only 2% of foreign home sales in Miami, trailing countries such as Brazil and Colombia. Miami is an attractive market for the Chinese as it is much more affordable than New York and San Francisco. They are also drawn by the stable and rising rental income in addition to the appreciation potential. Local brokers are already reporting an uptick in interest from Chinese buyers as both ISG and Cervera Real Estate have signed partnerships with Homelink International, which is one of the largest brokerages in China. Both CMC Group and OneWorld Properties have been marketing their Brickell Flatiron and Paramount Projects to Chinese buyers respectively. Additionally there has been a major push from the Great Miami Chamber of Commerce's Asia Task Force to approve nonstop flights between Miami and China. With the major push towards bringing Chinese real estate investors underway, look for an uptick in Chinese investment in South Florida to continue to grow and help pick up the slack left behind in the wake of unstable South American governments. Learn how Miami developers and agents are looking to China to boost sales from our September report. 

Midtown 8 Close to Breaking Ground

Midtown 8 is gearing up to break ground as Midtown is slated to get another residential tower. Wood Partners of Atlanta who is developing the project applied for a demolition permit on October 13 after plans for the development were approved by the city's Planning & Zoning Department in August. Stantec will head up construction. Midtown 8 will be a 390,000 SF development featuring 387 luxury rental apartment units over 28-stories with 30,000 SF of ground-floor retail. Units will range from studio, one-bedroom, two-bedrooms and three-bedroom penthouses. It will also include 519 parking spaces, 27 bike parking spaces, a club house and an amenity deck. They will also build a landscaped linear park and dog park. The project will be built on the 2.03-acre site located at 2901 and 2951 NE 1st Ave. The site has previously served as a recreation area with a concrete slab used to erect tents for Art Basel adjacent to the future sites of Midtown 6 and Midtown 7. Midtown Opportunities Vib LLC, an entity controlled by the developers purchased the site in 2011 for about $6 million. 

Featured Listing: 1 Hotel & Homes Penthouse #1610

Penthouse #1610 at 1 Hotel & Homes South Beach matches sweeping views of the Atlantic Ocean with all of the amenities of a world class hotel in the heart of Miami Beach. The 3,955 SF duplex penthouse is the most expensive unit currently listed in 1 Hotel & Homes South Beach. The unit is a 4 bedroom, 5 bathroom layout with 730 SF of outdoor space and 12.5 ft ceilings. The unit is currently listed for a cool $16 million which comes to roughly $4,045 per SF. 1 Hotel and Homes is located at 2377 Collins Avenue, Miami Beach. Listing and photos Carolina Rainer of Douglas Elliman Real Estate. 

Jules Trump's Trump Group and Coast Construction Sued for Mansions at Acqualina

Jules Trump and Trump Group are under fire as Alexey and Inna Knyshova and their children, a Russian family that purchased unit 1701 in The Masions at Acqualina, have filed suit against both Trump Group and Coastal Construction. The suit alleges defects and damages including mold stating “improper construction of the Family Apartment rendered it uninhabitable, unfit for its particular purpose, and unmerchantable.”. They also stated that the defects led to health issues for the family and a sprinkler malfunctioned which flooded the apartment. The suit also states  that “Neither the Developer, the Association, nor the Property Manager took any action to correct or ameliorate the water intrusion coming from the South West street-facing window for the next eight (8) months." Jules Trump has responded by telling The Real Deal that the allegations are a “twisted way of extorting (him)." The Knyshova's purchased the unit in August 2015 for $ million. The Mansions at Acqualina is a 47-story condo tower located at 17749 Collins Ave. in Sunny Isles Beach. 

Faena Versailles Classic on Hold, Pending Opening of Faena Forum

Yet another condo project has been put on hold, this time Alan Faena's proposed Faena Versailles. Faena is discussing building another hotel on the site as opposed to the condo building as reported by The Real Deal. The Versailles site is just blocks from the new Rem Koolhaas' Arts and Cultural Venue, the Faena Forum, which is slated to draw demand to the immediate Faena neighborhood upon its opening November 27. Wanting to wait to see the demand to stay in the area created by the Faena Forum in addition to the condo market slowdown have been factors influencing Faena's decision. “Because of the market and success of Faena (Hotel) we’re not in a hurry to decide. We’re pulling the Versailles project to see how many rooms we will need and the reaction of the market.” he stated in an interview with The Real Deal. 

Faena Versailles was slated to be a two-tower condo project that would include the renovation of the 1940's classic Versailles Hotel. The two towers would be Faena Versailles Classic and Faena Versailles Contemporary. Classic would have consisted of 22 units in the old Versailles Hotel, which his currently standing and gutted waiting for the decision. Contemporary, will still be a 41-unit condo tower but will be named Faena Mar. The site is now clear and 11 units or so have sold. The goal was to bring new world luxury to old world art-deco style. In the Faena neighborhood their are currently 10 of 12 penthouses in the Faena Hotel availible for sale, 30 units at the pre-construction Faena Mar.