Coastal Construction Takes The Initiative in The Disaster Relief Efforts After Hurricane Irma by Supplying the Florida Keys And The Caribbean With Essentials

Today (9/20/17), Patrick Murphy, the former U.S. Representative for Florida’s 18th congressional district and head of Coastal Cares, the philanthropic arm of Coastal Construction, announced the company’s aid plan to help storm victims in the Florida Keys and the Caribbean devastated by Hurricane Irma. Through the American Red Cross, Coastal has set up a matching fund with its network of subcontractors and employees, committing to matching all financial donations dollar for dollar, up to $25,000, to fund vital building supplies. Coastal has also teamed up with Aria Development Group, who is leading a supply drive for Hurricane Irma survivors in the Florida Keys and the Caribbean, donating an additional $25,000 to the drive and collecting contributions of everyday personal items like toilet paper, toothbrushes, soap, water, canned foods, and blankets, through an established network of drop-off locations (see locations below).

“As a part of the fabric of this community and our family’s deep legacy in the Florida Keys, we felt it was our duty and privilege to pay forward our blessings and lend a helping hand to our neighbors who have been devastated by Hurricane Irma. We are humbled by the tremendous need and are reminded by incidents like this, that we are all citizens of the one global community,” said Murphy.

The story starts long before Hurricane Irma. When Hurricane Andrew buried South Florida in August 1992, Tom Murphy Jr., set out with his mid-size construction company to help rebuild the Florida Keys. The Miami-based general contractor quickly made a name for itself and its disaster recovery efforts, rebuilding Ocean Reef Club and various other structures in south Miami-Dade County. Coastal Construction is now one of the largest privately held general contractors in the Southeast with over $2 billion in current commercial and residential projects underway. The company has built some of Miami’s most notorius projects, including Porsche Design Tower, Paramount Miami Worldcenter, Residences by Armani Casa,  Four Seasons Hotel, St. Regis Resort & Residences, Bal Harbour and Ritz-Carlton, South Beach.

Coastal Cares benefits numerous organizations throughout the year including: Miami Bridge, Rebuilding Together, ACE Mentoring Program, Sheridan House Family Ministries, Camillus House, I have a Dream Foundation, Boys & Girls Clubs of Broward County, United Way, Baptist Health Foundation, Education Fund/Teach-A-Thon, Miami Dade County Public Schools and other non-profit organizations. 

“At Coastal, caring extends beyond financial contributions. Our team is grateful for our many blessings and will do whatever it takes to help those less fortunate. It’s an important part of who we are as citizens and our corporate culture,” added Murphy. 

To donate visit: https://www.redcross.org/donate/cm/coastalconstruction-emp

David Beckham and Partners Make Downpayment to Miami-Dade To Complete Overtown Stadium Assemblage

David Beckham and his partners have made a $450,000 downpayment to Miami-Dade ahead of their September 10th deadline as they move to complete the purchase of the final 3 acres of their 9 acre assemblage in Overtown to bring Miami their future MLS stadium and inaugural franchise. Beckham and his partners are looking to finalize the purchase of the final 3 acres of land currently owned by Miami-Dade via the Water and Sewer Department adjacent to the 6 acres already owned by Beckham. Beckham will not ask for local subsidies to either build or operate the stadium. They also have said they plan to pay full property tax on the land as well as the venue. On December 4, 2015 Beckham and his partners announced that they had executed sales contracts on a nine-acre property in Overtown which was formerly a Miami-Dade Water and Sewer truck depot. Beckham was originally given the option to purchase an MLS franchise when he signed with the L.A. Galaxy in 2007.

Last month we reported that Bruce Matheson had filed a lawsuit against Miami-Dade County, challenging the future use of the land on the basis of its acquisition. Matheson's suit aims to stop the $9 million sale of 3 acres which was sold based on the state of Florida's Economic-Development Law as a no-bid sale and was never offered to other buyers. Matheson has historically been opposed to sport and recreation in Miami, putting the future of the Miami Open in limbo by blocking an expansion to the stadium on Key Biscayne. Miami city officials allege that Matheson's goals seem to be to drive professional sports out of Miami. County commissioners originally approved the sale on June 6 (2017)  and Beckham received league approval to officially launch Miami's franchise in August (2017). A hearing is scheduled for October 2017.

Brickell City Centre Finally Reveals Their Long-Awaited Penthouse Collection at Rise & Reach

Swire Properties Inc. has unveiled the penthouse collection at their Rise and Reach residential condo towers at Brickell City Centre. The collection features 7 penthouse units which start at $3.95 million and floor-plans range from 3 to 5 bedroom layouts. Units feature 10' to 12' ceilings, marble floors, custom furnishings and interior design by Richardson Sadeki, rooftop terraces complete with outdoor kitchens, hot tubs and pools. The $1.05 billion development was designed by Arquitectonica and amenities include private direct access to Brickell City Centre, outdoor fitness areas, state-of-the-art gym, spa, library, lap pool, residential pool and tropical gardens. 

“The penthouse collection is the quintessential example of how Swire Properties’ vision for the Brickell community has always brought new concepts, innovation with a fresh twist and lifestyle to urban development. There is nothing like this on the market where you’re right in the middle of the action and can have it all right at your fingertips; incredible floor plans, ultimate privacy, elite services, sweeping views of the city skyline and just steps away from top dining and entertainment,” explains Maile Aguila, Senior Vice President of Residential Sales at BCC's Rise and Reach.

Nusr-et, The Infamous Turkish Steakhouse by Salt Bae Nusret Gökçe, is Finally Coming to Miami

Nusr-et, the infamous Turkish steakhouse by the instagram famous Salt Bae Nusret Gökçe, is finally coming to Miami. The restaurant will take the space that was previously occupied by Coya Miami at 999 Brickell Avenue, which recently closed. Nusr-et is currently building out the restaurant which is expected to open in October. Nusr-et is part of the same restaurant group as Zuma and Coya. Coya, which opened in March 2015, had previously leased 8,000 SF at 999 Brickell Avenue. The restaurant space also includes a bar, outdoor terrace and private club area with an additional private terrace. The Miami location will be the 11th Nusr-et location, and they plan to open a New York City location later this year (2017).

The previous build out of Coya @ 999 Brickell Ave.

Featured Listing: Wake-Up in This Idyllic South Beach Penthouse In The Luxurious Setai

Enjoy absolutely breathtaking views of Miami Beach and Downtown Miami from this decked out penthouse at the five-star Setai Miami Beach which is currently asking $12,150,000. The unit covers 3 bedrooms, 3 bathroom and 1 half-bath over 3,571 SF. It also features 14' ceilings, Italcraft kitchen, wine cooler, luxurious marble master bathroom with soak-in tub overlooking South Beach, Lutron/ Crestron smart-home technology, and private outdoor space. The unit also allows access to the five-star amenities of the Setai Miami Beach including pools, spa, fitness center, concierge, room service, etc. 101 20th Street PH-VC is currently listed for $12,150,000 with Bill Hernandez and Bryan Sereny of Douglas Elliman.
 

Amazon is Looking For a New City for Amazon HQ2 And Miami Is In The Running

Amazon is looking to invest $5 billion and add 50,000 new jobs over the next 20 years as they have their sights set on building Amazon HQ2. One major metropolitan city is going to get the business and it just so happens that Miami is in the Top 10. Amazon is looking for a city that has over 1 million residents and is located in North America, mainly the United States. Cities are currently now organized bid packages to present to the Amazon RFP. Amazon is also looking to build on a development site that will allow them to build a 3 phase office park style development or retrofit an existing building as long as it fits their criteria. Miami is an attractive city as it features a high quality of life, strong infrastructure growth, a growing educated workforce, strong job growth, etc. Quality of life has become a major factor when choosing a new headquarter location as both housing cost, livability and amenities play a major roll in a firm's ability to attract top-end talent. It has been reported that even those who command six figure salaries in the current tech hub of Silicon Valley and San Francisco are looking to leave the the bay area in search of a lower cost of living without sacrificing their quality of life. Miami has the low pricing when compared with other major cities without sacrificing the quality of life and the city features all of the amenities that highly paid and educated employees seek including top-tier restaurants, recreation and culture. The low cost with a high quality of life in Miami would make it easy for Amazon to attract top-end talent. Some factors that hurt Miami is the lack of public transportation and traffic congestion.

Jimmy Tate Closes On $50 Million Loan for Bahia Mar Resort in Fort Lauderdale Beach

Jimmy Tate and Tate Capital has locked in a $50 million loan for Bahia Mar in Fort Lauderdale Beach from Florida Community Bank and has boosted its mortgage on the property to $135 million. The project includes a $7 million redesign of the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton, which is a 40-acre, 296-key resort. Bahia Mar was redesigned by Kobi Karp and is expected to be completed in October (2017). Tate Capital is planning to invest close to $500 million in redeveloping the property into a mixed-use project which will also include 7 apartment buildings, dock space, restaurants, a 250-slip marina with docking for 100 mega-yachts, etc. They have also secured that the Fort Lauderdale International Boat Show will remain at Bahia Mar through 2050.

Featured Listing: Walk the Grounds of Palm Beach's $115 Million Estate Il Palmetto, The 2nd Most Expensive Home in Florida

A property rich in history that has stood the test of time can be all yours for a cool $115 million. Il Palmetto in Palm Beach was originally built in 1930 by architect Maurice Fatio before being meticulously restored by Fairfax and Sammons, who maintained the stunning detail of the estate. The main house features 10 bedrooms, 14 full-bathrooms and 12 half-baths over 60,352 SF. It features a 2-story grand foyer, formal dining room, chef's kitchen, butler's pantry, family room, indoor theater, billiard room, library, office and pavilion, all circling a courtyard which is connected to a pool. The home also features a 20,000-bottle, limestone wine cellar; 2 elevators, gym, spa, secondary 1,000 bottle wine cellar, and a large master suite. Il Palmetto sits on 5.46 acres and stretches between Lake Worth Lagoon and the Atlantic Ocean. A private, underground tunnel allows access under A1A to another 2 bedroom, 3 bathrooms beach house with an oceanfront infinity pool. On the other side of A1A is a lakefront boathouse complete with 2 more bedrooms and full bathrooms. Il Palmetto is a once-in-a-lifetime opportunity for an ultra-rich buyer looking for complete privacy on the sunny shores of Palm Beach. Il Palmetto is currently listed for $115 million with Cristina Condon of Sotheby's International Realty. 

Construction Resumes At Many of Miami's Major Projects As Developers Power Through After Hurricane Irma

Miami, a city full of investment, cranes and development, is just about back to business as usual for its biggest developers. CMC Group's 552-unit Brickell Flatiron resumed construction today (9/15/17) which is keeping the project on schedule for completion by June 2019. The development site saw little damage during the storm, which swamped Brickell with flooding throughout the city streets. There were reports that cranes were down, but the reports ended up being false and one of the cranes has already by re-certified in excellent condition. In Edgewater, Melo Group's Aria on The Bay saw no damage to the glass, waterfront tower. They announced that construction is back in full-swing as they race to finish and deliver the tower. 

In the Arts + Entertainment District, Canvas by NR Investments saw little to no damage and the developers expect to restart construction any day. Next door, Melo Group's Square Station is still waiting for power to return so they can resume construction. PARAMOUNT Miami WorldCenter also resumed normal construction today (9/15/17). 

Not all projects escaped unscratched. PMG's 300 Biscayne rental tower in downtown suffered damage to a crane which has put the project on pause for the current time. Another crane collapsed at Related Group's GranParaiso and at Auberge Beach Residences and Spa in Fort Lauderdale. Once the fallen cranes are cleaned up, the developers expect to resume construction and get back on schedule. Moody's Analytics estimates that Florida suffered between $64 billion and $92 billion in property damage, although the specific numbers for South Florida have not been released. 

Hurricane Irma's Effect on The Miami Real Estate Industry

Despite the potential destruction that was anticipated by Hurricane Irma, Miami, along with most of the South Florida metropolitan real estate markets, were mostly spared from any significant or crippling damage. $38.94 billion of CMBS debt was exposed to potential damage in Florida, with $6.41 billion in Miami alone. Fort Lauderdale held an $4.32 billion exposed as reported by The Real Deal. Cranes were reported down at PMG's 300 Biscayne Avenue and Related Group's GranParaiso and Auberge Beach Residences and Spa in Fort Lauderdale. According to Turnberry Associates CEO Jeffrey Soffer in an interview on CNBC, he doesn't believe that the South Florida real estate markets or prices will take a hit in the long term. “It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared," said Soffer. At the same time Stuart Miller of Lennar Corp. announced that Irma has delayed hundreds of home deliveries. The nation's largest home builder said that close to 700 home deliveries in Florida, George and South Carolina have been impacted. The storm came just as the company was reporting new orders rising 8% year over year. Time will tell, but it is apparent that Miami is on the way back to business as usual where the real estate market has been bolstered in recent years due to both domestic and foreign demand alike.