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Chetrit Group To Transform Miami River Waterfront With 4MSF Of Residence, Office, Retail, Hospitality

New York, NY-based developer Chetrit Group, a privately held real estate development company, has begun its transformation of six acres of Miami River waterfront located between I-95, Southwest Second Avenue and Jose Marti Park in Miami.

When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A office space, 30,000 square feet of retail, a boat marina that can accommodate 60-foot vessels, 2,000 covered parking spots and restaurants and nightlife venues.

“The Miami River has been ripe for a new archetype of riverfront living, especially as the Brickell neighborhood continues to attract national companies and new residents to its urban core,” said Michael Chetrit of Chetrit Group.

Chetrit Group intends for the River District to bring high-end living, working, dining, shopping and yachting to the area with four new skyscrapers, a pair of two-story waterfront retail buildings, a marina and streetscapes inspired by Brazil’s tropical modernism aesthetic.


Source:  Connect CRE

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Four Projects Coming Soon To Wynwood

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

According to the Wynwood Business Improvement District, four projects are slated to break ground near North Miami Avenue within the next few years.

In late 2023, Rilea Group, a real estate development company based in Brickell, intends to start building The Mohawk Wynwood, a 12-story mixed-use building with 225 apartments, 22,000 square feet of ground floor retail, and 3,500 square feet of offices. The project includes a roof top pool deck, a dog park, a two-level gym, and a residents’ lounge.

The Mohawk Wynwood will be built on a 1.5-acre site at 56 N.E. 29th St. that the Rilea Group bought from Lombardi Properties for $22 million in June 2021. It is planned to be completed by late 2024 or early 2025, the Wynwood BID stated.

Another project by the Rilea Group, The Rider Wynwood will be a 12-story, 131-unit building with 6,000 square feet of retail, a rooftop deck pool, a dog park, a resident’s lounge, and a state-of-the-art gym.

According to the Wynwood BID, the project, which may be used as a short-term rental property, is expected to break ground in late 2023. It will be built on a 1.5-acre property at 94 N.E. 29th St. that the Rilea Group acquired for $12.21 million in October 2021.

L&L Holding and Oak Row Equities, a pair of real estate development firms with roots in New York, intend to build about 266,000 square feet of offices, 509 apartment units, about 26,000 square feet of retail, and a 25,000-square-foot outdoor public plaza at 95 N.W. 29th St.

L&L and Oak Row Equities (formerly known as Carpe Real Estate Partners) invested $53 million assembling the 2.85-acre site where Wynwood Plaza will be built.

The Related Group in Miami has teamed up with hotelier Sydell Group and New York-based TriStar Capital to build NoMad Residences at 280 N.W. 27th St. The project will include 329 short-term rental condos, 18,452 square feet of commercial and about 200 parking spaces.

The Related Group, TriStar Capital, and Lndmrk Development paid $26.5 million for the 1.25-acre site where NoMad will be built in September 2021. The project is expected to break ground early next year and projected to be finished in 2024.


Source:  SFBJ

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Craig Robins’ Dacra Buys Miami Design District Portfolio For New Mixed-Use Dev

Craig Robins has expanded his Design District fiefdom in Miami, buying a large chunk of the neighborhood that he helped make famous, the development’s owning entity, Miami Design District Associates.

Robins’ firm Dacra, together with several partners, bought a 15-building portfolio along NE 39th Street for nearly $200 million in a deal that closed December 22, according to people familiar with the transaction.

The sellers, Miami Beach-based Comras Company and Apollo Global Management‘s real estate trust, had signed furniture store Restoration Hardware to a portion of the portfolio last year, but the deal resulted in a lawsuit a year later and a store never opened.

Apollo, which originally provided a $220 million loan for the acquisition of the property, will provide seller financing in the deal, sources said. Apollo took over the property from the original owners, RedSky and JZ Capital, last year.

During an earning call this November, Stuart Rothstein, CEO of Apollo Commercial Real Estate Finance, said the trust was selling the portfolio, though he did not name the buyers.

The partners in the deal include Qatari firm Constellation Hotels Holding, developer Nadim Ashi’s Fort Partners, New York-based private equity firm Raycliff CapitalThe Real Deal first reported.

Most of the properties sit in an underdeveloped section of the neighborhood, located on the west end along Northeast 39th and 40th Streets from North Miami Avenue to Northeast First Avenue. The joint venture plans to build a mixed-use development that will be announced next year, said a spokesperson for Miami Design District Associates.

The deal gives Miami Design District Associates — a partnership between Craig Robins, L Catterton and Brookfield Properties — almost complete control of the district, which has become a mecca for luxury shopping in Miami, home to ChanelLouis Vuitton, and Gucci, among others.


Source:  Commercial Observer

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Turnberry Turns To Wynwood, Plans Mixed-Use Hotel Project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family.

Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock Soffer, will lead the project. AJC Partners, a family office based in Bloomfield Hills, Mich., is a partner.

A company led by Luis L. Bacardi sold the properties. The Turnberry affiliate financed the purchase with a $7.9 million loan from Terrabank.

The Bacardi entity paid just $2 million for the 0.7-acre assemblage in 2006. Bacardi is CEO of Rumbum Racing.

Rock Soffer, a partner at Turnberry, said the site will likely be developed into a hotel with a food and beverage component, and possibly office or retail. The site’s zoning allows for five stories, plus more if the developer takes advantage of bonuses.

Soffer said Turnberry is working with its design team and is patient when it comes to finalizing plans, but that it could break ground in two years.

“We want to see how the neighborhood will evolve,” he said.

The site is sandwiched between two major developments. To the west, PMG and Greybrook Realty Partners are building Society Wynwood, a 289-unit apartment development at 2341 Northwest Second Avenue. To the east, multifamily giant AMLI has a 316-unit apartment building under construction at 70 Northwest 25th Street.

AJC, Turnberry’s partner, is led by Michael Colman, Eric Bean and Richard Mark.

Soffer, through Turnberry Associates, is also working on a market-rate apartment project in Miami’s Little River. He’s partnering with Gaudi Castro and Jose Vizcarrondo on the development of 123 and 137 Northeast 79th Street.

In 2019, Soffer, Elion Partners and members of the Sredni family completed 17 West, a mixed-use building that includes a Trader Joe’s in Miami Beach.


Source:  The Real Deal

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Wynwood Norte Development Site Sells For $9 Million

APEX Capital Realty announced the recent closing of a 30,685-square-foot development site located at 475 NW 36 Street in Miami.

APEX’s COO/Partner Martin Bravo, Vice President Jamie Rose Maniscalco, and Commercial Advisor Thano Mazas represented the seller, C.G.Y. Corp.

The buyer, Evolve Companies, is a development, management, and construction firm focused on multifamily and student housing. With over 1 billion properties under management, Evolve Companies specializes in selecting, developing, and constructing properties all over the U.S. Southeast.

Evolve companies paid $8.975 million for the site.

The firm has now set its sights on Miami and has just recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

With a determination to grow its footprint in the Wynwood area, Evolve has counted itself among the many developers that have an increased desire for the Wynwood Norte area. Wynwood Norte has served for decades as a working-class, live-work neighborhood for the broader City of Miami. Due to its location within the urban core and close proximity to the Wynwood Arts District, Midtown, and Downtown Miami, developers are working at an accelerated pace to acquire properties in the area as it is now seen as the next great area for development.

475 NW 36 Street is located within the Wynwood Norte neighborhood and falls within the NRD-2 (Neighborhood Revitalization District-2) zoning overlay. The newly implemented overlay allows for additional benefits over the T6-8-O zoning including the transfer of development rights to increase density.

The site also offers access to fast-growing neighborhoods including Midtown Miami, The Miami Design District, Allapattah, Edgewater and Downtown Miami. With maximum exposure, the property is situated in an ideal location and offers a great opportunity to develop a project which will undoubtedly bring great success.


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Wall Street Influx Continues With Miami Beach Lease of 12K SF

In another case of a New York financial firm setting up shop in South Florida, investment fund Pretium Partners has leased office space in Miami Beach.

Pretium Partners has taken 11,591 square feet at Eighteen Sunset, developer Deco Capital Group announced Thursday. The new building at 1769 Purdy Avenue is set to open in 2023.

Pretium Partners has a Miami Beach office at 1688 Meridian Avenue, according to the company’s website. It didn’t release details about how large that space is or whether it will vacate after it moves into the new building. Pretium is an owner of single-family rental properties, with a portfolio of 85,000 homes. Its assets under management exceed $50 billion.

Pretium Partners was founded by Don Mullen, a former partner at Goldman Sachs.

Tech and finance firms have been flocking to Miami Beach. Andreessen Horowitz, the venture capital firm also known as a16zinked a lease earlier this year at Barry Sternlicht’s development at 2340 Collins Avenue.

In another sign of new investment in the Miami Beach office market, the Miami Beach Preservation Board this week unanimously approved plans for major upgrades to 407 Lincoln Road, an office building famous for its rooftop clock.


Source:  Commercial Observer

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Hotels Partner To Upgrade Lincoln Road

A beautification project to improve unkempt areas on the east end of Lincoln Road between the commercial district and the beach walk is advancing with the help of the owners of the Ritz-Carlton and the Sagamore South Beach hotels, who are investing millions of dollars.

The owners of the Ritz-Carlton, at 1 Lincoln Road, and the Sagamore South Beach, at 1671 Collins Ave., started plans to revitalize Lincoln Road’s 100, 200 and 300 blocks, hiring a team of consultants headed by planning and design consultants Kimley-Horn and architect Raymond Jungles, who designed the 1111 Lincoln Road (street closure) project.

The Ritz-Carlton, owned by Peter Kanavos, has invested private funds for the pre-development costs, including the consultant report and the vision and material design of the project, which aims to “restore a safe, upscale residential fabric with a sense of place to a district overbalanced by tourism,” according to communications from the hotel.

“We noticed for some time that the area around us was deteriorating,” said Mr. Kanavos, “and we also had been feeling for some time that our neighborhood needed more residents. As someone in the hospitality business, I know it sounds a little odd.”

Lincoln Road would thrive as a neighborhood with a more balanced mix between residents and the tourism industry, he said, because residents have a permanent stake in the community.

“So, we started looking at the surrounding area and said, ‘how can we make this area as dynamic as the plans that we have for our own hotel, our own block?’ And then we started thinking about the 200 to 300 blocks, and the fact that for 70 years now, since Morris Lapidus converted the Lincoln Road into a pedestrian mall, these last three blocks have not really been part of that, physically or functionally.”

The project would also seek to improve traffic flow and aesthetics on the 100 block of Lincoln Road, promoting more and better pedestrian access to the beach for residents and visitors. The block would remain open to vehicular traffic, but with an improved design of its landscaping, traffic flow and a realignment of the beach entrance.

It would also create “one of the largest continuous greenbelts in the US by connecting the garden ways of the Lincoln Road mall with the beach walk and provide residents and tourists with the ability to enjoy the commercial and natural pedestrian experience of an ‘emerald necklace’,” as the communications stated.

The aim, Mr. Kanavos said, is to connect the Lincoln Road mall to the beach, taking “the very central part of the city, the doorway to Lincoln Road, and really make it a showcase, which it really should have been.”

The Ritz-Carlton team also wants to create a park at the back entrance of the hotel, at the end of walkway to the beach. “We are looking at putting up an archway that was conceived by Morris Lapidus (who also designed the Ritz-Carlton) but never realized.”

The Lincoln Road renewal project would close the 200-300 blocks of Lincoln Road to vehicles, extending the pedestrian experience over the entire area. The redesign of those blocks would reinvigorate and increase business with a pedestrian garden way and other features, according to the project’s communications.

A residential component is also planned along the beach walk by the hotel, said Mr. Kanavos, following other developments, such as the Shore Club adding a residential tower with 65 hotel suites and 80 apartments.

The project, finally, aims to eliminate the blight and crime that is affecting the area, attract new private investment to upgrade businesses and provide more public showcases for the arts.

“We’re received nothing but support from the community,” said Mr. Kanavos. “The biggest hurdle is going to be, at the end of the day, finding the financing to start construction of the project,” which is projected to cost $23 million, covered in partnership with the city.

The project, he added, needs to pass the city Finance and Economic Resiliency, Land Use and Sustainability and Neighborhoods/Community Affairs committees. “I expect our upcoming committee meeting (Dec. 14) to go well,” he said, “and hopefully at that point, they will refer the project to the city administration to begin negotiating with us on the development agreement.”

In the 1980s, the Miami Design Preservation League commissioned a study, paid for by the city, where it recognized Lincoln Road as the central node in the city that connects the other activity sectors to the north and south, said Mr. Kanavos. “The logical connector between these developed nodes of activity is where we are. We have to functionally and aesthetically look the part. We’re essentially fulfilling the promise of that study that was done to take this central node of the city and really make it the flow-through connector, rather than the choke point that it is today.”


Source:  Miami Today

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Cube Wynwd Trades For $62 Million

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

Additional Cube tenants include, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.


Source:  CRE-sources


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Mixed-Use Allapattah Project Gets A City Green Light

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami.

Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue.

Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces, at 1400 NW 20th St.

The city’s Urban Development Review Board unanimously recommended approval with a condition and a recommendation.

Erick Valderrama, the company’s vice president of development, wrote of the project: “The property is situated in the up-and-coming Allapattah neighborhood and sits across the City of Miami’s General Services Administration building to the west. Given its zoning potential, the property is currently underutilized and is used as a single-story bank, with a drive-through and a large surface parking lot.”

He said, “The project’s maximum (floor space) as of right is 439,085 square feet and the project proposes to utilize an additional 9,829 square feet for a total of 448,914 square feet of public benefits … and trust fund contribution.”

Mr. Valderrama wrote, “… this project will revitalize the existing underutilized land into a vibrant development that will bring additional housing opportunities to the neighborhood, promote a pedestrian-friendly center, bring retail to activate the public realm, and improve the area’s vibrancy.”

The developer is requesting waivers from the Miami 21 zoning code that would:

  • Reduce required parking spaces by up to 30%.
  • Reduce access aisle width from 23 feet to 22 feet.
  • Substitute one commercial loading berth for two residential berths.

The project was designed by Corwil Architects. Alberto Cordoves, firm president, told the board about the design of the building, which will have a courtyard and a rooftop swimming pool and other amenities.

“This is a very interesting area, a great area. We are infilling almost half a city block. (The project) will take the pedestrian experience to the next level,” he said.

Mr. Cordoves added. “We hope to bring in one of the well-known coffee houses.”

Board Chair Ignacio Permuy commended the developer’s team for a beautiful presentation.

Board member Dean Lewis said, “Another well thought out project.”

Board member Robert Behar voiced a concern there won’t be enough room in the loading area for big trucks to maneuver.

Board member Willy Bermello complained of the building entrance, saying, “It just doesn’t read as an entry. You probably need signage … It doesn’t take away my support of what you want to do.”

Mr. Cordoves responded, “We can definitely study that.”

Mr. Permuy said. “You’ve done such a great job, with the building’s articulation, defining the corners … the void, that would be the entrance. You just need to – and I’m sure you will – make it work.”

Mr. Behar made the motion to recommend approval of the project, with a condition that the developer revisit the front entry and consider how to better articulate clearly the entrance, and a recommendation to study the loading area space and improve it.


Source:  Miami Today

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Developer Aims To Boost Density Of Project Near Aventura Brightline Station

Stellar Communities is seeking more density for an apartment complex planned in the Ojus neighborhood near the Aventura Brightline passenger rail station.

The Dania Beach-based developer, via affiliate 18801 WDH PO LLC, filed plans in May for 204 apartments in a 15-story building at 18801 W. Dixie Highway. It purchased the vacant site of 1.58 acres for $7.85 million in 2021.

The developer recently filed an administrative site plan review application with Miami-Dade County showcasing a new design and more density. The 15-story tower would now contain 245 apartments, 13,816 square feet of retail and 316 parking spaces, with 42 of them available for electric vehicle charging stations. It would secure more density by utilizing the workforce housing density program, which will require 10% of the apartments leased as workforce housing.

Totaling 318,652 square feet, Element Aventura would have a rooftop amenity deck with a pool, a gym, a yoga room, a clubroom and a barbecue area.


Source:  SFBJ

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