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A Wynwood Tri-Rail Station? Brightline’s Aventura Station Gives Idea A Second Wind

After Miami-Dade’s decision to build a new Brightline express train station in Aventura, Wynwood business owners and some local transit officials have begun circulating a new proposal for a long-discussed Tri-Rail station in the fast-blooming neighborhood.

Members of the Wynwood Business Improvement District, led by local property owner Bill Rammos, say the station would relieve increasing traffic congestion and offer an additional transit option as the once blighted area continues to morph into a shopping and tourist magnet.

“In the last five years, the 27th Street artery between Wynwood and Edgewater has become a major artery, especially for micromobility, like scooters and bikes,” Rammos said. “And not just for local residents that work here, but also for a lot of tourists.

“So It’s now becoming clearer to me that it would be a great location for a train station.”

A new set of drawings commissioned by Rammos would see the trains landing on Florida East Coast-owned tracks at a station between Northwest 25th and 27th streets. Rammos is among the largest property owners along that site.

Currently, public transit options to Wynwood are limited to buses and trolleys. Parking on a Saturday night costs as much as $4.73 an hour.

Some Wynwood BID members and other civic leaders argue the county’s decision to finance the Aventura Brightline station for $76 million raises the question of whether the county would join any effort to expand Tri-Rail services along Coastal Link.

A station in Wynwood, Midtown, Edgewater or the Design District has been proposed for years. It received a new push last year as a “demonstration station” project for the area was floated. However, that idea has been delayed.

At a Miami Transportation Planning Organization meeting last week, officials said they’d be willing to forego the demonstration project entirely in favor of a permanent station.

The proposal remains preliminary, said Steven Abrams, director of the South Florida Regional Transportation Authority, the organization that runs Tri-Rail. Abrams said a funding scheme has been proposed; the sources, which include the Florida Department of Transportation, Miami-Dade County, the city of Miami, and the Miami Parking Authority — are still meeting to come up with a final plan of action.

Alice Bravo, Miami-Dade County’s transit director, said Tri-Rail must nail down further details about the station.

“Tri-Rail has the lead on this,” she said in a phone interview.

And it would be Florida East Coast Railway — the Brightline sister company that operates the freight tracks along which Tri-Rail would run — that would have final say over the project. The deal between Virgin and Tri-Rail that will eventually get the latter into MiamiCentral also allows for another station somewhere between 71st Street and downtown, on two conditions: that the other station not obstruct Virgin trains and that Tri-Rail pays for any improvements needed to minimize obstruction.

An FEC representative could not immediately be reached by phone.

Rammos’ Wynwood allies include Carlos Rosso of Related Group, which recently completed the Wywnood 25 luxury apartment complex, and has another development, Wynwood 26, nearing completion.

“All the pedestrian traffic is coming to Wynwood,” Rosso said. “So it makes more sense.”

They also include Gary Nader, an art dealer who owns a gallery near the proposed station.

“It would be a lot of acres around that area,” he said. “We need to work together to do a nice project. It’s going to be very interesting.”


Source:  Miami Herald

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More Than 7 Acres Up For Sale In Allapattah

More signs that Allapattah is the hot place to be: the heir to the Bill Seidle auto dealerships has put a portfolio of three tracts equaling 7.6 acres on the market. Asking price: $18.35 million.

The parcels belong to Bob Seidle — son of the late Bill Seidle — and Bob’s wife Tracy. Some are currently home to small shopping centers and parking lots. They are zoned T6-8, which means they can be redeveloped with buildings up to 8 stories tall, said listing agent Cesar Carasa of One Stop Realty. They are located in the city of Miami.

The three parcels lie south of the 112 Expressway between Wynwood and the Miami International Airport. Each of the three parcels edges NW 36th Street. The parcels are not contiguous; two of them sit on opposite sides of NW 36th Street.

One parcel includes five folios along the north side of NW 36th Street, beginning just west of NW 27th Avenue to 29th NW Avenue on the west and extends north several blocks.

The second parcel includes eight folios along the north side of NW 36th Street, beginning just west of NW 31st Avenue to NW 32nd Avenue; it extends two blocks to the north.

The third parcel includes 11 folios on the south side of NW 36th Street between NW 27th and NW 28th Avenues.

The properties were placed on the market two weeks ago and have attracted six inquiries thus far.

The central location of the parcels — a 12-minute drive to Miami International Airport and a 20-minute drive to South Beach — make them ideal for residential redevelopment, said Carasa. He said, “That section is very well located for the middle class.”

“People can’t afford to pay a lot of the rentals. Apartments in that part of town would be cheaper than other areas like Brickell,” said Carasa.

The neighborhood has attracted long-term residents.

Carasa said, “Because it’s a central location, I’ve seen people move from Homestead to here because of traffic.”

Tired of handling leases, the Seidle family decided to sell at market price of $54 to $55 a square foot. They hope to sell the three parcels for $18.35 million but are willing to consider individual sales.

The per-square-foot listing price is comparable to other area transactions, said Carlos Fausto Miranda of Fausto Commercial. But the total amount is rare, he said.

The listing price a square foot between $54 and $55 is comparable to other transactions in the area, said Carlos Fausto Miranda of Fausto Commercial, but what is unique is the amount of land offered in the portfolio.

Over the past year, the area just west of Wynwood has become Miami-Dade’s new real estate darling. The Rubell Family Art Collection has abandoned its former Wynwood space in favor of Allapattah, and art collector and developer Jorge Perez also will open a private museum this fall. Developer Robert Wennett has announced a massive residential-mixed use project in the area designed by star architect Bjarke Ingels, and developer Moishe Mana has also expanded his Allapattah holdings.

“It’s a great but underutilized neighborhood,” said Miranda. It’s one of the few east-west corridors that takes you straight from the beaches to the swamps.”

Due to increasing interest in the area, Carasa said, “For commercial properties it usually takes a year, but, for these it would take no more than two to three months to sell.”


Source:  Miami Herald

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Healthcare Real Estate Gains Steam As Possible Downturn Nears

Professionals involved in owning, developing, leasing or financing medical office buildings (MOBs) often point to the Great Recession as an instigator for new investors to become interested in the property type.

To be sure, the healthcare real estate (HRE) space and MOB development and investment certainly suffered during the big downturn of 2007-09. However, thanks to other, unrelated circumstances, existing properties performed well, retaining their physician and health system tenants and, as a result, maintaining their values.

With many economic and business pundits predicting that the country’s economy is once again heading toward a  downturn – albeit not as severe as the last one – the recession-resistant qualities of MOBs are once again piquing the interest of a wide range of would-be investors as well as providing a sense of comfort for those already involved.

A panel of well-known, experienced HRE professionals recently explored this topic, as well as a host of others, while discussing the short- and long-term outlook for the sector during a panel session at the recent InterFace Healthcare Real Estate Conference in Dallas. The panel, titled “What is the Short- and Long-Term Outlook for Healthcare Real Estate?” was moderated by Murray W. Wolf, publisher of Healthcare Real Estate Insights.

The panelists comprised: Lee Asher, vice chairman of the U.S. Healthcare Capital Markets team with CBRE Group Inc.John Pollock, CEO of San Ramon, Calif.-based MeridianGordon Soderlund, executive VP, strategic relationships with Charlotte, N.C.-based Flagship Healthcare PropertiesJonathan L. “John” Winer, senior managing director and chief investment officer with White Plains, N.Y.-based Seavest Healthcare Properties; and Erik Tellefson, managing director with Capital One Healthcare Financial Services.

As the session kicked off the conference on Sept. 17, one of the panelists, Mr. Winer of Seavest, said that during “recessions, healthcare facilities, in particular those with the characteristics that we all know about, do just fine.” But he added that if there is a caveat to that perspective. If a recession is indeed eminent, he cautioned, investors should make sure not to acquire assets with only short-term prospects for success, be they aging buildings and/or those that will not provide flexibility as the healthcare delivery model changes in the future.

“The assets most of us are going to be looking for are newer assets that we’re very comfortable with as a long-term hold; we’re not looking for short-term turnaround plays,” Mr. Winer said. “But otherwise, I think we’re in good shape and I think businesses (in this sector) are in good shape, whether a downturn occurs or not.”

Other Panelists Agreed

“We operate a private REIT (real estate investment trust),” said Mr. Soderlund of Flagship, “and so we have a very long-term view of holding assets, and we are becoming more aggressive, reasonably aggressive in pursuing acquisitions. We want to build our portfolio and we … figure out what we should (hold on to and) not hold on to. We’ve been through that process. There’s a continuing imbalance of supply and demand, and until that changes, and until interest rates maybe go in a different direction, we’re all in a relatively safe place right now.”

Mr. Pollock of Meridian, which often redevelops value-add medical facilities, noted that during a recent meeting with investors from various sectors of commercial real estate, he was “peppered” with questions about HRE.

When he told that group that the tenant retention rate in medical facilities is often in the 85 percent to 90 percent range, “they were like, ‘You’re kidding!’” Mr. Pollock said.

“In general office, it’s 70 percent across the board,” Pollack said. “I think what we’re all seeing is that investors who are in industrial, multifamily and office are now asking more about healthcare. So we’re seeing pension funds that haven’t been in the sector, institutional investors who haven’t been allocating to the space with the theme being that medical office assets are performing better and they’re readying, maybe not for an economic downtown, but toward diversifying their investor base,”


Source: HREI

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ULI Recommends Changes To City Of Miami Zoning Code

A new Urban Land Institute report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations.

Report co-author Andrew Frey presented his ULI focus group’s findings on Friday to Miami Mayor Francis Suarez, who declined to comment about how he will incorporate the report’s recommendations into a revamp of Miami 21 that is currently underway.

“We are focused that [growth] happens responsibly,” Suarez said. “That it supports things like transit; that it supports our resiliency efforts.”\

Frey, director of development for Fortis Design + Build, said the focus group was formed last year to look at aspects of Miami 21 that inhibit progress in areas of housing choice, affordability and mobility.

“We wanted to give specific textual recommendations that hopefully can shorten up the cycle between finding glitches or gaps in Miami 21 and filling them,” Frey said. “We tried to make the recommendations as concrete as possible.”

According to the report, city officials should consider deleting lot size minimums and density maximums in certain areas, such as those zoned T4, T5 and T6. The neighborhoods with T4 zoning allow a transition from single-family homes to multifamily buildings with room for small businesses and mom-and-pop retail such as Southwest Eighth Street in Little Havana. In T5 neighborhoods, developers can put up mixed-use buildings that accomodate retail, office and apartments such as Wynwood. And T6 neighborhoods allow developers to build multi-story condo, apartment and office towers such as downtown Miami, Brickell and Edgewater.

Getting rid of density maximums would allow developers to build more apartments sized smaller for mid-market renters because they would be able to build 100 or more units an acre . And by eliminating lot size minimums, Miami can encourage the development of more housing types such as townhouses, row houses and brownstones found in other major U.S. metropolitan cities, the report states.

The ULI focus group also suggested dramatic revisions to the parking standards in Miami 21, including having the Miami Parking Authority provide all on-street parking in single-family residential neighborhoods as residents-only at no cost. Other recommendations included significantly reducing parking requirements for new buildings and allowing developers to obtain parking reductions without having to pay impact fees.

Greg West, CEO of apartment builder ZOM Living and ULI Southeast Florida Caribbean District’s chairman, attended the mayor’s presentation. He noted that the report was produced with input from several heavy hitters from the real estate industry, including urban planner Elizabeth Plater-Zyberk, the original author of Miami 21. In addition to Frey, the focus group included land use attorneys Iris Escarra and Steven Wernick, developers David Martin and Kenneth Naylor and architects Reinaldo Borges and Raymond Fort.

“We had a pretty big tent on whom we sought input from, which also included the people who originally wrote and drafted Miami 21,” West said. “I think from the private side and development community, we got a good base.”



Source:  The Real Deal

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South Florida Developers Riff On The Shift From Condos To Rentals

The cyclical nature of Miami’s condo market has many developers shifting toward rentals – but not Michael Shvo.

The New York developer, who is making a big push in Miami Beach, said that as long as you have the right site and project, the overall market’s performance is irrelevant.

“It doesn’t really matter what the market is. You build something special in the right location, you’re not competing with something in Brickell or in Wynwood,” Shvo said at The Real Deal’s Sixth Annual South Florida Showcase & Forum on Thursday. “I don’t lose sleep at night over oversupply or undersupply.”

Shvo will be redeveloping the Raleigh hotel in Miami Beach. A partnership led by Shvo, Bilgili Group and Deutsche Finance Group bought the 83-room Raleigh for $103 million from a Tommy Hillfiger and Dogus Group, and also purchased the Richmond Hotel and the South Seas Hotel.

Shvo was joined by Laurent Morali of the Kushner Companies, Florida East Coast Realty’s Jerome Hollo, and developer Lissette Calderon on the panel, “The next wave of South Florida development,” moderated by TRD’s Editor-in-Chief Stuart Elliott.

Hollo acknowledged the slow luxury condo market.

“People are looking to place their investment in a little bit of a safer asset, which right now is multifamily. If that cycle turns again, you’ll see a lot of those buildings convert to condos,” he said.

His firm built the luxury mixed-use building Panorama Tower in Brickell, with rentals, retail, office and hotel components. The 2.6 million-square-foot, 85-story tower was completed in 2018 and secured a $425 million refinance earlier this year. It’s about 70 to 75 percent leased, he said.

“Renting is good for everyone now,” Hollo said. “Wherever they are in their life cycle, they love renting.”

Kushner Companies has purchased or is under contract to buy three sites in South Florida, and all of them will have rentals as opposed to condos, Morali said. In Edgewater, where it’s planning an 1,100-unit apartment development, the property is in a designated Opportunity Zone, giving Kushner substantial tax benefits.

But Morali said recent changes in the federal tax code and the wave of rent reform legislation in markets like New York and California didn’t impact Kushner’s decision to target South Florida.

“We’ve been looking [in Miami] for five years,” he said.

Calderon, president and CEO of Neology Life Development, said it was a personal choice to go from building condos to building rentals.

“It was a natural progression to go into the rental side, [with me] wanting to make an impact on the community we’re in,” she said.

Targeting the right renter and buyer via social media is vital to a project’s success, the panelists emphasized.

“You really have to be hyper-focused in terms of authenticity, local context,” Calderon said, referring to when she became a young, successful profession. “I had two options: living in the suburbs or living in the urban core with my mom. There was no product for someone like me.”

Hollo, whose firm coined the term “Brickellista” to market Panorama to renters, said that now with social media and technology, developers can hyperfocus on a certain demographic.

“There’s traffic, and then there’s traffic that might not be great for your product,” he said.

Shvo took offense to the term “demographic.”

“I think you have to stop using the word demographic,” he said. “Because demographic doesn’t matter anymore. … It’s all about the psychographic. What’s their lifestyle?”


Source: The Real Deal

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Medical Office Buildings Still Rule The Outpatient Space In Healthcare Real Estate

Of the five main outpatient facility types, medical office buildings (MOBs), urgent care centers and ambulatory surgery centers (ASCs) have the most positive outlooks and futures in the healthcare and healthcare real estate (HRE) sector.

On the other hand, the outlook is not quite as positive for micro-hospitals, which have a “moderate” outlook, and freestanding emergency departments (FEDs), which have a “negative” outlook. That’s according to a scorecard, if you will, compiled by well-known healthcare research and consulting firm The Advisory Board Co., which is based in Washington, D.C., and is part of Eden Prairie, Minn.-based Optum.

Providing insights into The Advisory Board’s rankings and outlooks for the various outpatient property types was the company’s Fred Bayon, managing director. He did so during a 100-minute presentation that covered a wide range of topics affecting the healthcare sector during The Colliers National Healthcare Conference, held Sept. 12-13 at the Hyatt Centric Chicago Magnificent Mile.

“My job with The Advisory Board is to travel around the country and meet with our members … hospitals and health systems, C-suite executives and the health system boards of directors and let them know what’s happening in the healthcare market place, what they need to be strategizing about and be aware of concerning healthcare policies and healthcare changes and issues,” Mr. Bayon told the audience.

Near the end of his presentation, which included plenty of insight into current healthcare policy and disruptors to the status quo, Mr. Bayon gave the firm’s outlook on the various property types.

As has been the case for several years, The Advisory Board is most optimistic about the short- and long-term prospects for MOBs. The rise of MOB development and investment has occurred in large part because they allow hospitals and health systems the best and most economical way to enter new markets, to protect market share, to provide convenient access to patients and to help facilitate the coordination of care.

“The MOB market continues to be a positive, intriguing play for hospitals, health systems and investors,” Mr. Bayon told the audience. “Those players are and will remain interested in MOBs for years to come because they “are conveniently located, essentially for Medicare patients and commercially insured patients. Health systems do not want their patients to have to come downtown, they don’t want you to come into the maze that is the big hospital campus. Instead, they want you to go somewhere where there is parking and where there is a pleasant atmosphere, because that’s where they think they can drive volumes.”

The Advisory Board gives its next highest ranking to ASCs — which, even though they carry some risk because of the lower-profit margins they deliver — will continue to experience increased volumes in years to come, he said.

Mr. Bayon noted that volumes in ASCs are expected to increase by nearly 28 percent by the year 2027, driven in large part by ongoing policy changes by the Centers for Medicare and Medicaid (CMS) that will “reimburse Medicare procedures done in ASCs. For example, total knee (replacement) and some cardiac procedures” have recently been added to the list of procedures that, when done in ASCs, will be reimbursed by Medicare.

Also receiving a positive score, or outlook, from The Advisory Board are urgent care centers, which the firm is “pretty bullish on,” Mr. Bayon said.

“More and more health systems are looking at urgent care centers and having some sort of investment in them, or some sort of partnership in sites across the United States,” Mr. Baynon said. “We still see these growing rather rapidly and for us, this is becoming a primary care alternative that can alleviate some of the capacity crunch for primary care in some markets.”

Even though The Advisory Board is not as bullish on FEDs and micro-hospitals, Mr. Bayon noted that the firm is “neutral” on the facility type, as those that are placed in the right locations can provide benefits for health systems, especially when they are expanding into new markets.

“Micro hospitals, the eight- to 12-bed hospitals can help a system bring together some inpatient and outpatient services, with core services being acute care, emergency care, pharmacy and additional services,” Mr. Bayon said. “(Micro-hospitals) continue to be a big, big play in the Texas marketplace, but we can see this growing in other markets as well. What’s interesting about micro-hospitals for developers and healthcare providers is that these facilities are not subject to site-neutral payments, meaning they can bill at inpatient rates and then they can generate their own on-campus or off-campus definition, meaning they can put outpatient services within 250 yards of those micro-hospitals and not be subject to a site neutral rate. For us, I would say that right now we are pretty neutral on micro-hospitals.”

The Advisory Board gives its lowest ranking, or outlook, to FEDs, which, in some instances,

“One of the things to keep in mind is that government payers do not reimburse freestanding emergency departments, but they are dotted across the United States and there are some hospital systems that believe such facilities are something around which they can build more services over the longer term,” Mr. Banyon said.

The Advisory Board, however, has a negative outlook on the facility type in large part because “they could drive unnecessary utilization if we see a preponderance of them.

“And I think that CMS could look at decreased reimbursement to FEDs moving forward,” Mr. Banyon continued, “and this is not to distinguish between an ED in a hospital setting and a freestanding setting. That’s a big risk for health systems.”


Source: HREI

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Finding Opportunities In Miami’s Multifamily Market

Employment and population growth continue to fuel Miami’s multifamily market across all segments.

With more than $3 billion in originations in South Florida and 146 loans granted in 2018, Berkadia is one of the region’s largest commercial mortgage lenders.

As part of its expansion in Florida, Berkadia hired Charles Foschini as senior managing director back in 2016. In an interview with Multi-Housing News, Foschini talks about Miami’s current multifamily investment trends and how new supply will impact the market. He also shares his predictions for the metro’s multifamily landscape for the next 12 months.

Foschini: Miami’s market is incredibly vibrant, but it’s also unlike most other major metro markets in that we have so much wealth imported here from other parts of the country and flight capital from around the world. That said, there are three distinct changes we’ve seen in the past two years.

First, there’s extraordinary demand for multifamily product not only as a result of strong job and population growth but also due to the limited inventory of affordably priced single-family homes. A shortfall of homes priced at $250,000 or below has prolonged renting for many would-be first-time homebuyers and those who lost their homes during the housing market collapse of 2008. At the same time, more people across the age and income spectrum—from Millennials to retirees—are renting by choice. They like the choice amenities many new developments offer and the worry-free lifestyle of renting.

Lastly, there has been an extraordinary amount of urban infill development in this cycle, not just in Miami’s downtown, although that’s practically unrecognizable from just five years ago but also in other urban submarkets. We’ve seen an incredible amount of new multifamily development directly on or adjacent to mass transit rail lines. In a city with incredible traffic congestion, walkability is a huge draw.

Construction is expected to mark a new cycle high with more than 16,000 units delivered by year’s end, according to Yardi Matrix. How will the new supply impact the Miami market?

Foschini: The new supply will be absorbed. Demand is still incredibly strong.  More than 900 people are moving to Florida every day and our population is expected to soar to 22 million over the next three years. Absorption continues to outpace deliveries by about two to one in South Florida at large. The reality is that Miami is really a confined space, a peninsula. There are only 13 miles between the Everglades to Biscayne Bay and that’s all the land there is.

There is a need for new rental product in just about every submarket to lower the impact of the car and lessen commutes. In some areas like the Central Business District, Brickell and Miami Beach, you have all the elements of a true live-work-play environment already in place, but in emerging areas of the city that don’t have a direct tie to our rail lines, the easiest way to do that is to add high-quality residential communities near centers of employment—in submarkets like Doral or North Miami for example.

Which Miami submarkets are most attractive for investors and developers? Why?

Foschini: Miami is so dense that any area can be successful. The key is finding land at a value where you can hit your return on cost and make a profit. With that in mind, developers are finding some interesting deals in neighborhoods that are still technically in the city, but west of Interstate 95—neighborhoods like Allapatah, Opa-Locka and even Hialeah.

How is investment in the metro responding to the current economic environment?

Foschini: It’s extremely healthy—our commercial sectors are really thriving. In fact, ownership in the CBD has become increasingly institutional and the level of long-term investment in Miami from institutional and global capital is impressive. There are several high-profile, long-term infrastructure projects that are going to create new jobs and demand for housing. Absorption may slow as a result of all the new deliveries, but projects are filling up over time and most are hitting their rent and investment objectives.

What can you tell us about financing multifamily projects in Miami? How has the process changed in the past few years?

Foschini; In this cycle, lenders have maintained their discipline and seasoned developers have come to the table with more equity and more patient capital than we’ve seen in the past. That has allowed for more projects to get off the ground and have the breathing room to lease up. The market has no shortage of capital in both a recourse and non-recourse format. Banks, life companies and—on larger deals—debt funds have all stepped in to bring projects out of the ground.

As developable land in South Florida becomes scarcer, how do you see construction activity going forward? What about the cost of construction financing?

Foschin: Land is scarcer, that’s true, but there is no shortage of opportunity. As the highest and best use of land evolves, we will see more existing projects such as shopping centers and small offices come down to make way for redevelopment as multifamily. It is my belief that lenders’ spreads have been higher than in previous cycles and they were able to get away with it because the baseline indexes were so low. I believe that if the indexes trend up, competition will push spreads down and the environment, at least on the debt side, will remain favorable.

What are your overall market predictions for the next 12 months?

Foschini: Existing projects will continue to lease up and new projects that are well thought out and have well-capitalized and experienced operators, will get funded. Investment sales activity will be slower—that’s a given since a lot of product has been picked over and traded in this cycle—but there will still be activity from developers and investors who are creative and capitalize on things like access to mass transit, Opportunity Zone incentives etc. Overall, the demand from the investment community for product in Miami and South Florida as a whole will remain strong.


Source:  Multihousing News

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Miami Among Top US Cities In 2019 For Growth

When it comes to economic growth, Miami ranks among the best in the nation, according to a new list.

New York-based WalletHub ranked over 515 cities on economic growth over several years, considering over 17 separate areas to score each city as part of an index out of 100. Those metrics included population growth, job growth, building-permit activity, growth in businesses and other economic factors. The study broke the cities into three categories: large, more than 300,000, midsize, 100,000 to 300,000 and small, fewer than 100,000.

Other cities in the area included:

  • Davie, No. 68
  • Boca Raton, No. 69
  • Boynton Beach, No. 92
  • West Palm Beach, No. 111


Source:  SFBJ

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Ross Dress For Less Signs Lease At Historic Former Burdines Building In Downtown Miami

Ross Dress for Less signed a lease at the historic former Burdines building in downtown Miami.

The retailer plans to lease 34,192 square feet at 22 East Flagler Street. The vacant building was most recently occupied by Macy’s. Macy’s closed the store in early 2018 as part of a wave of closures as it looked to shed its assets and reduce costs.

Nearby, Ross has another location at One Bayfront Plaza at 100 South Biscayne Boulevard. Florida East Coast Realty plans to build a 92-story, 1,049-foot tall building on the site, which will also include over 1.4 million square feet of Class A office and hotel space.

In 1917, Miami businessman Richard Ashby originally leased the 48,000-square-foot building at 22 East Flagler Street to Burdines for about $30,000 a year. In 1956, Burdines merged with Federated Department Stores, which also owned Macy’s, Bloomingdale’s and other stores. By 2005, Federated had brought all its Burdines outposts under the Macy’s brand.

Records show Aetna paid $15.6 million for the property in 2013.


Source:  The Real Deal

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FIP Commercial To Host State of the Market Open Forum

Come join us next Tuesday, October 8th, at 10:30 AM for a State of the Market Open Forum being held at Soho Studios (2136 NW 1st Ave) in Wynwood.

This event is hosted by FIP Commercial and is free to all real estate agents in the Miami area.  Topics covered will include the following:

  • National Commercial Real Estate Trends
  • State of the Market – Miami Multi-Family
  • State of the Market – Miami Retail
  • State of the Market – Miami Office

We will also discuss asset class transactions, rental rates, occupancy, demand, and much more. This is an open forum setting so questions and comments throughout are appreciated.

Seats are limited so please RSVP at



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