No Comments

Wynwood Apartment Building Converts To Short-Term Rentals

An apartment building in Miami’s Wynwood has converted into short-term rentals under the new-to-market Sentral brand.

Denver-based Sentral launched in 10 locations across the country July 20, including Sentral Wynwood. The 175-unit building at 51 N.W. 26th St. was previously known as the Bradley Wynwood.

Residents can opt for a traditional monthly rent or pay by the night for up to 29 days.

Miami-based developers The Related Group and Block Capital Group sold it for $77 million in February to an affiliate of San Francisco-based Iconiq Capital. The Sentral platform is backed by Iconiq Capital with an investment of more than $500 million.

At Sentral Wynwood, 75 units are immediately available for monthly residents and the remaining 100 units will be for short-term rentals this fall. Residents can also rent their apartments out while they are out of town.

 

Click here to read more about this story.

 

No Comments

Aventura Office Buildings Sell For $140 Million

Renaissance Properties sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition.

New York-based Renaissance sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura Opportunity Owner LLC. The buyer, a Delaware entity, lists a New York address.

The buildings total 252,244 square feet.

Maria Gomez of Florida Realty of Miami represented the seller, and Liza Hernandez of PMG Residential brought the buyer.

The 8.7-acre property includes land that the buyer plans to develop into a project with office, restaurants and other uses, according to a release. Zyscovich Architects is designing the addition.

In 2016, Renaissance Aventura LLC, which is affiliated with  investors Kenneth and Robert Fishel, executed a 1031 exchange out of a Manhattan asset to acquire the office complex, which includes two five-story buildings and one six-story building, for $105.3 million. It was developed between 1986 and 2007.

Tenants include Morgan Stanley, South Broward Hospital, Regus, Coldwell Banker, Keller Williams and the Miami Realtors Association. It is fully leased.

 

Source:  The Real Deal

 

No Comments

Development Site Near Wynwood, Edgewater, Overtown Sells For $23M

A vacant site just south of Wynwood in Miami sold for $23 million.

Miami Sunrise Properties LLC, managed by Camila Koelbl in Key Biscayne, sold the 2.5-acre site at 1950 N.W. First Ave. and 1905 N.W. First Court to 1950 NW 1 Ave LLC, a Miami-based company that listed Sara Enwright as its sole organizer.

The property last traded for $16 million in 2015.

The parcel is located just south of Wynwood, north of Overtown, and west of Edgewater.

 

Click here to read more about this story.

1 Comment

Miami Beach Asks Office Developers To Bid On Sites Near Lincoln Road

Miami Beach has officially launched a request for proposals process to find office developers for several city-owned properties north of the famous Lincoln Road retail strip.

This presents opportunities for one or more developers to build Class A office buildings at a time when an increasing number of wealthy individuals — and their companies, in some cases — are relocating from high-tax states to the city, where office rents are nearing record levels.

There’s the potential to build about 400,000 square feet of office space, plus ground-floor retail, on these properties, said Ken Krasnow, vice chairman of institutional investor services at Colliers International South Florida, which is helping Miami Beach market the RFP.

The properties the city is fielding interest in total 1.38 acres at 1664 Meridian Ave., 1.12 acres between Lenox Avenue and Michigan Avenue, 0.85 acres at the southwest corner of 17th Street and Lenox Avenue, and the parking garage on 2.9 acres at 640 17th St. The parking garage is across from the Miami Beach Convention Center.

The bids will be ranked by a city evaluation committee and then the city commission would vote on the winning bids from one or multiple developers. However, the 99-year lease or leases would require approval from voters in a public referendum because of Miami Beach’s rules on selling city property. The parking lots would need 50% voter approval while a parking garage would need 60% of voters to agree, Krasnow said.

Bids are due by Nov. 15. Interested parties can obtain more information about the proposal here.

 

Click here to read more about this story.

No Comments

Wynwood OKs Unique Public-Private Deal To Bring An Apartment Building Devoted To Affordable Rental Units

A unique public-private partnership has assembled and will bring an apartment building to Wynwood’s southeastern corner devoted entirely to affordable rental units, atop ground floor retail.

Wynwood Works is proposed by Wynwood Works LLC, an affiliate of Magellan Housing, the developer selected by the Omni Community Redevelopment Agency (CRA) to redevelop the property at 2035, 2037 and 2043 N Miami Ave.

The project was approved Monday by the Wynwood Design Review Committee with conditions on a 3-to-2 vote.
The site is in the Wynwood Neighborhood Revitalization District (NRD-1), and within the CRA’s boundary.

Wynwood Works is designed as a 12-story multi-family residential attainable housing project, including 120 units ranging from studios to two bedrooms.

The development will total 179,105 square feet of floor space, and offer 5,698 square feet of ground floor commercial space on North Miami Avenue, with five levels of on-site enclosed parking for about 108 vehicles, and a mix of amenity spaces to support the residents.

Project attorney Steven J. Wernick said the project is participating in the Wynwood Attainable Mixed Income Program, recently established within the NRD-1, with 20% of the units to go to households at or below 50% Area Median Income (AMI), including 10% to Extremely Low Income (ELI) households (at or below 30% AMI).

Mr. Wernick said the project has been submitted and reviewed by the City of Miami Planning Department and Office of Zoning.

Wynwood Works is a key project for the Omni CRA and Wynwood NRD, areas experiencing revitalization and in need of housing for those of modest income increasingly being priced out of Miami’s urban neighborhoods, Mr. Wernick wrote to the city.

The lot is irregular shaped with 25,628 square feet, with a single thoroughfare frontage on North Miami Avenue. With required right-of-way dedications, the net lot area is 17,946 square feet.

Mr. Wernick wrote, “The property has a unique lot configuration, shaped by its location in proximity to the FEC Rail Line, which forms the rear yard of the property running southwest towards the intersection of North Miami Avenue and NE 20th Street.”

He said Omni CRA acquired the property, former site of the Lowenstein galleries, in 2018 to redevelop it with the CRA’s objectives.

The property has two small warehouses, which have been unoccupied for several years, and an overgrown gated parking lot. To the north is a parking lot and FPL transformer lines. To the west is North Miami Avenue, and a part of Wynwood that has remained industrial and seen little redevelopment since the NRD-1 was adopted in 2015.

The 120-unit housing program includes 48 studios (445-plus square feet), 66 one-bedroom apartments and six two-bedroom apartments. The residential component starts on the sixth story, accompanied by a gym, business center and community room.

Mr. Wernick wrote, “The project will be one of the first affordable housing new developments in Wynwood in many years, at a critical time when housing costs have continued to rise, making it increasingly challenging for retaining Miami’s workforce, artists, and others essential for the continued revitalization and growth of areas like Wynwood, Omni and Edgewater.”

Jennifer McConney-Gayoso, principal at Studio MC+G Architecture, detailed for the committee the specifics of the proposed façades and the materials to be used. She also explained areas where artwork will be installed, including unique shadow art on the south side of the building, and a catwalk on the second floor.

The site at one end is limited to about 50 feet.

“It was a difficult site to develop. We squeezed the envelope on this project,” she told the committee.

Even with the tight site, the plan shows 14% open space, more than the 10% zoning code requires.

Several committee members commended the developer and design team for bringing much needed affordable housing into Wynwood.

“It’s surprising you can actually do that in Wynwood,” one member said.

Some were critical of the building’s cake layered look, saying the components need more articulation and the art needs to come down into the ground floor level.

Committee member Erik Rutter said, “We do have to think more about the art, not just as a mural in a box. I like the shadow wall … Magellan is a great developer. This will be a great addition to the neighborhood.”

The committee’s motion to approve includes conditions: improve articulation and integration of the pedestal to the rest of the tower or accentuate/contrast against the rest of the tower; increase art treatments at ground floor level and increase articulation; address the east façade with art intervention; and conceal rooftop equipment.

Mr. Wernick said the applicant is wholly owned by Magellan Housing, an affordable housing developer active in Texas and Florida.

Magellan is developing Wynwood Works in partnership with the Omni CRA. In addition to owning the land, the CRA is providing financial support towards development costs.

 

Source:  Miami Today

1 Comment

Aventura Mall And The Design District In Miami Are Flourishing Post-Pandemic

The first phase of retail reopenings following the coronavirus crisis in Miami-Dade County began on May 20, earlier than some other large American cities. Malls such as Aventura, and shopping neighborhoods like the Miami Design District continued to evolve with new store construction and expansions, which got a boost from Miami’s economy and new transplants who relocated there at the height of the pandemic.

“We’ve been actively signing leases and opening new tenants throughout the whole Covid-19 period,” said Jackie Soffer, co-chairman and CEO of Turnberry, which owns Aventura. “We have a lot of new stores, about 30 or so, some local, and some national. We’re different – I kind of like to treat the property as a town center. We’re a big part of the community.”

Gucci is expanding by adding men’s, and Ferragamo and Rolex are under construction, Soffer said. Mayor’s is opening a Bulgari boutique. Hermes is under construction, with a new store opening in September, and Balenciaga has signed a lease.

Soffer has been commissioning art for the shopping center for more than a decade and travels in an art world orbit with her husband, Craig Robins, who spearheaded the development of the Miami Design District. He’s the owner and principal of Miami Design District Associates, a partnership between Robins’ company, Dacra, and L Real Estate. He shows artists such as Louise Bourgeois and Gary Hume, while Aventura has a fountain created by the Haas Brothers and a giant experiential slide that’s a work of art by Carsten Holler.

During the pandemic, the 2.7 million-square-foot Aventura, pivoted with more restaurant seating outdoors. Its indoor farmer’s market moved outside with a drive-through format that helped local vendors to stay in business. Recently, Aventura expanded the market’s indoor footprint to feature more than 80 vendors every weekend. With temperatures rising, the market continues to expand with a goal of 100-plus vendors as visitors escape the heat inside the air-conditioned mall.

Aventura continues to evolve with the addition of chef-driven restaurants such as Michael Mina’s Estiatorio Ornos, Juan Chipoco’s Pollos & Jarras, and Guy Fieri’s Chicken Guy! The Sugar Factory is set to open this summer and many of the more than 40 restaurants and Treats Food Hall are offering both indoor and outdoor seating.

The Design District is expanding on several fronts. In addition to the new stores and restaurants, Robins said a Class A office, club and hotel are part of the plan.

The 1 million-square-foot Design District had serious protocols in place during the pandemic. Robins estimated that stores do sales per square foot in the $2,000 range, adding that the area is attracting much younger customers than ever before. Sales during the pandemic were up 20% to 30%, and are now ahead 95%, he said.

 

Source:  Forbes

No Comments

Developers Propose Nearly 1M-Square-Foot Project In Miami’s Wynwood

The 29N project would be one of the largest developments in Wynwood at 964,693 square feet.

The Wynwood Design Review Committee will consider on July 12 plans for the project at 95 N.W. 29th St.

L & L Carpe Wynwood Holdings, a joint venture between New York companies L&L Holding Co. and Carpe Real Estate Partners, has nine parcels there under contract, combining for three acres. It’s directly east of the Gateway at Wynwood office building, which is currently under construction.

Designed by San Francisco-based Gensler, 29N would have buildings of 12 and eight stories with a pedestrian paseo between them to connect Northwest 29th Street, Northwest 30th Street and Northwest First Avenue. The building would feature 523 apartments, 200,618 square feet of offices, 26,372 square feet of retail and 668 parking spaces. There would be amenities on floors seven through nine. The apartments would range from 504-square-foot studios to two-bedroom units of 1,093 square feet.

 

Click here to read more about this story.

No Comments

Mana Buys In Downtown Miami Again With Plans To Expand Flagler District Project And Tech Hub

Moishe Mana is expanding his footprint in the Flagler District, downtown’s envisioned tech hub.

The Israeli-born developer and billionaire bought a parking lot at 49 NW First Street, across from the Miami-Dade County Courthouse and a single-story building with a handful of eateries, according to a statement provided to the Miami Herald. The approximately $12.4 million sale closed on Friday. Mana is ironing out details for a new project on the site.

The site gives the developer greater scale for his Flagler District project. More than five years ago, Mana started acquiring buildings and lots in downtown, with a concentration especially along West Flagler Street. He now owns a total of 60 buildings and vacant lots. He continues to lead an overhaul of the street named after Florida’s railroad pioneer Henry Flagler by gutting and renovating existing buildings along the corridor and supporting the makeover of the area’s streetscape, which began in May. Though many of his storefronts are now empty, Mana has announced plans to build offices, retail and housing.

“We’re committed to reviving the Flagler District through sustainable revitalization,” Mana said in the statement. “We are using the existing structures to preserve the character of the neighborhood while building a tech ecosystem that prioritizes the community’s needs.”

Mana covered the cost of the project design and mix of taxes from the city and county, parking fees and bond dollars are funding the construction. Property owners are also taxing themselves to help pay for the project.

 

Click here to read more about this story.

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.