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Developers Plan Apartments On Allapattah Auto Dealership Site

A buildable property was purchased by Biscayne Companies and Etienne Equities in Miami’s Allapattah district.

The $3.5 million cash sale was completed last month. Used auto dealership Ocean Auto Sales presently occupies tge 0.7-acre location at 2951 NW 27th Avenue, just west of Melrose Park.

According to records, the dealership paid $2 million for the land in 2006.

The new owners want to start construction on a multifamily building with a retail component in two years. 114 units are permitted on the site.

The sale takes place as development in Allapattah, a working-class neighborhood west of Wynwood, is booming in response to Miami’s increasing real estate prices over the previous three years.

The proposal by NR Investments to construct a mixed-use complex at the GSA building at 1950 NW 20th Street is one of the largest projects currently under development. The designs call for 2,500 homes, a 300-room hotel, as well as shops and offices.

Longtime Allapattah developer Lissette Calderone suggested constructing a 1,250-unit rental complex in March, closer to Miami International Airport and just west of the neighborhood.

 

Source:  Commercial Observer

 

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Developers, Brokers Pursue Wealthy Art Buyers During Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate.

The goal for most real estate firms is to expose the wealthy art aficionados to projects and properties, and follow up with potential buyers later.

Major real estate players, who happen to be art enthusiasts, are also hosting events that aren’t real estate related. Downtown Miami and Wynwood landowner Moishe Mana will have his annual birthday bash at the former RC Cola Plant in Wynwood, on Wednesday from 9 p.m. until “late,” according to the invite.

And Related Group CEO Jorge Pérez, an art collector who has long incorporated art into his projects and is the namesake of Pérez Art Museum Miami, is hosting buyers and brokers at El Espacio 23, Pérez’s personal art gallery in Allapattah, this week at a series of daily events for contract holders.

“We rarely see sales happen this week, but the follow-up is extremely strong,” said Nick Pérez, senior vice president at Related. The firm is also hosting events showcasing artwork at its projects’ sales centers, including at Casa Bella by B&B Italia in Miami’s Arts & Entertainment District.

 

“Once you have a very high-end, captured audience like you do, then exposing them to the different developments or properties you’re selling is a no-brainer,” said Daniel de la Vega, president of One Sotheby’s. “For the most part, it’s about exposure.”

For the majority of developers, it’s all about getting in front of the right type of buyer.

 

Source:  The Real Deal

 

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Budding Urban Arts Hub Allapattah Getting Discounted Homes

The next up-and-coming arts hub in Miami, the gentrifying Allapattah neighborhood, is going to get something it desperately needs: a $47 million housing development with homes carrying leases local workers and lower-income residents can afford. The urban neighborhood, directly west of Wynwood, already has drawn many real estate developers that built homes at the going rate in Miami — which is double that of three years ago and out of reach for many people.

Centennial Management Corp. plans a seven-story building with 149 apartments called Stadium Towers Apartments. Residences will range from 600-square-foot one bedroom units to three-bedroom apartments covering 1,050 square feet. The mid-rise will sit adjacent to Centennial’s last development in the area called Miami Stadium Apartments. Single renters would qualify if they earn $47,810 per year — 70% of Miami-Dade’s median income of $68,300 — or less. All tenants would pay a discounted rent. Attainable housing is needed in Allapattah, said Mileyka Burgos-Flores, founder and CEO The Allapattah Collaborative CDC, a nonprofit organization focusing on sustainable community development. As a result of the area’s rapid and ongoing transformation, longtime residents are priced out. In a span of a decade, single-family homes that sold in the area for $100,000 now go for $400,000. Commercial buildings that closed for $300,000 can now fetch millions. Simultaneously, rents soared for commercial and residential tenants.

“We have the real workforce of Miami living in Allapattah,” Burgos-Flores said, saying a large number of residents work inervice jobs at Miami International, PortMiami, hospitals, warehouses and in the tourism and hospitality industry. Stadium Towers Apartments will be “more aligned with Miami housing needs,” she said. Construction should start in December, after building and demolition permits are secured. Completion is slated for early 2025.

The project will cost $47 million, including $29.4 million for construction. The county, state and the city — as of Thursday with a $1.8 million contribution — will chip in for a portion of tab for the development .

“It is an excellent location. There is a tremendous need for the community,” said Lewis Swezy, president of Centennial Management. “In Allapattah, rents have escalated 100% in the past three years.” Allapattah has a long history, said Seth Bramson, a Florida historian and lecturer at Barry University who has written 33 books, mostly on South Florida’s history.

Swezy expects high demand for his coming apartment building, since Miami Stadium Apartments has remained nearly fully leased since it was built in 2002.

“There’s a strong demand and there’s a lot of employment in the area,” the developer said. “There’s every reason to want to do it.”

 

Source:  Miami Herald

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Longpoint Buys Shuttered Trailer Park In Allapattah

Industrial land is so scarce, a Boston-based developer picked up a former mobile home park in Miami’s Allapattah neighborhood for potential redevelopment.

An affiliate of Longpoint Realty Partners paid $16 million for a nearly 6-acre site at 2260 Northwest 27th Avenue, according to records. Formerly the River Park Trailer Court mobile home park, the property is near the Miami River and Miami International Airport.

Deme Mekras with MSP Group represented the seller, an entity with ties to North Miami real estate investor Israel Kopel. In 2009, The Kopel entity paid $2 million for the mobile home park that was completed in 1975, records show. Four remaining mobile home residents were evicted in June, court records show.

The property sold just below its asking price of $16.5 million, Mekras said. Longpoint did not respond to a request for comment, but Mekras said zoning allows the buyer to redevelop River Park into an industrial project.

In addition to the site’s size, River Park’s proximity to the airport, PortMiami and easy highway access made the property an attractive purchase for Longpoint, which specializes in the industrial sector, Mekras said.

Miami-Dade’s industrial sector is experiencing a land crunch, as inventory of developable land for new warehouses is diminishing across the county. A 2022 Commercial Industrial Association of South Florida (CIASF) outlook from earlier this year shows Miami-Dade has 1,300 acres left for potential industrial development that could run out in eight years.

As a result, warehouse builders are targeting potential redevelopment sites in Allapattah, Medley and other submarkets near the Airport West sector.

 

Source:  The Real Deal

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Moishe Mana Pays $16M For Commercial Assemblage In Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties.

An entity controlled by Mana, one of the largest landowners in Allapattah, Wynwood and downtown Miami, acquired 10 properties along Northwest Seventh Avenue between 28th and 29th streets, according to property records.

The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family house at 731 Northwest 28th Street, a single-story warehouse at 753 Northwest Seventh Avenue and parking lots at 719 Northwest 28th Street and 2810 Northwest 7th Avenue.

The seller, two entities managed by Ari Dispenza, James Quinlan, and Douglas H. Levine, paid about $4.1 million for the properties between 2014 and 2016, records show. The buildings were constructed between 1925 and 1974.

 

Source:  The Real Deal

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Moishe Mana Adds To His Allapattah Holdings, Plans E-Commerce Logistics Center

Mana paid $6.2 million for a development site at 634 Northwest 22nd Street in Allapattah, where he could build an e-commerce logistics center.

Mana, downtown Miami’s biggest private landowner and a major investor in nearby Wynwood, purchased the property as he sells off his assets around the world, according to a statement provided by his firm, Mana Common. He is using the funds to invest in Miami, the statement says.

The Allapattah purchase, a roughly 1.4-acre assemblage, has been in the works for nearly two years, including a period in which it fell apart during the pandemic, said listing broker Carlos Fausto Miranda of Fausto Commercial.

An eight-story building with signage fronting I-95 can be built on the industrial site.

Property records show a company led by Javier Lumbreras, a Spanish financier and arts collector, sold the assemblage.

In Allapattah, Mana’s holdings include the former McArthur Dairy site at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre.

 

Source:  The Real Deal

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Lissette Calderon Delivers First Multifamily Project In Allapattah

Developer Lissette Calderon has completed the first of her three apartment projects in Miami’s Allapattah neighborhood.

Nearly two and a half years after buying the land, Calderon’s Neology Life Development Group received a temporary certificate of occupancy for the 192-unit No. 17 Residences, a 13-story building at 1569 Northwest 17th Avenue.

Calderon said it’s “the perfect time” to build in Allapattah, which she said is Miami’s “last authentic urban core neighborhood.” The area has attracted major real estate players, including the Related Group’s Jorge Pérez and 1111 Lincoln Road developer Robert Wennett.

Pre-leasing, including virtual tours, launched earlier this year. Calderon said monthly rents start at about $1,200 for a studio apartment. The building offers “attainable luxury” that was lacking in Allapattah, she added. Studios start at 740 square feet, and one-bedroom apartments start at 600 square feet. Units go up to 1,125 square feet for a three-bedroom, according to the development’s website.

The building is west of the Miami Health District and northeast of her Pier 19 Residences & Marina apartment building on the Miami River. It’s south of the Rubell Museum and the popular Hometown Barbecue restaurant.

Amenities include an 8,000-square-foot park for residents, which was added during the pandemic due to increased demand for outdoor space, a pool deck with cabanas, rooftop garden, fitness center, co-working spaces, and package rooms.

Calderon said she plans to break ground on her next two projects, 16 Allapattah and 14 Allapattah, this summer, and deliver those buildings about 16 months from groundbreaking. 16 Allapattah is planned as a 323-unit rental building with 9,000 square feet of office space and ground-floor retail, and 14 Allapattah, a two-tower project on an Opportunity Zone site, is expected to have 237 apartments and ground-floor retail.

Wennett, who tapped Bjarke Ingels to design his major mixed-use development nearby, secured approval from the Miami City Commission about two years ago for his Miami Produce Center special area plan. The planned 1.4 million-square-foot development could have as many as 2,400 co-living units and 637 traditional residential units, nearly 231,000 square feet of office space, 129,000 square feet of retail space, about 22,000 square feet for “educational uses,” as well as more than 1,000 parking spaces.

Calderon said she has been welcomed by the community in Allapattah, and that she is not displacing residents.

“I go into neighborhoods where I’m wanted,” she said, noting that her firm purchased existing warehouses and shuttered buildings.

 

 

Source:  The Real Deal

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Allapattah Midrise Plans 47 Micro-Unit Apartments

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A developer plans to build a midrise building in Allapattah that will include smaller micro unit apartments.

2323 Pointe Group LLC is asking the City of Miami to approve its plan to construct an 8-story mixed-use residential building at 2323 NW 36th St. The city’s Urban Development Review Board recommended approval.

The project’s working name is 2323 Residential Apartments. The property is at Northwest 23rd Avenue and Northwest 36th Street.

According to the application, the project will have commercial and office uses on the ground floor, and 116 residences. Parking for up to 129 vehicles will be on the second and third floors.

The dwelling units will be evenly distributed from the fourth through eighth levels.

The building will be 167,689 square feet. It will have about 7,708 square feet of commercial-retail, and 3,220 square feet of office area.

Outdoor and indoor amenities will be provided for use of the tenants, including a swimming pool above the parking levels.

Of the 116 apartments, the developer proposes 47 as micro dwelling units, which are allowed by warrant in certain areas within Transit Oriented Development zones.

In its request for a warrant, the developer notes the city’s Miami 21 zoning code requires micro dwelling units must be a minimum of 275 square feet.

This project plans 47 micro apartments ranging from 385 to 388 square feet.

As depicted in the site plan, the property is within a Transit Oriented Development area created by the Earlington Heights Metrorail Station.

Attorney Carlos Lago, representing the developer, wrote to the city about the site plan prepared by Modis Architects for 2323 Residential Apartments.

Pursuant to the city’s Future Land Use Map, the property has a land use designation of General Commercial.

The property has a principal frontage on Northwest 36th Street to the south and a secondary frontage on Northwest 23rd Avenue to the east. The property has an alley to the west and multi-family residential structures to the north.

Mr. Lago wrote: “The proposed Project is an Urban Core infill project fronting a highly traversed street, NW 36 Street. The Project seeks to develop the existing site to provide multifamily housing and ground floor retail, which will activate the pedestrian realm along the commercial corridor.”

Attorney Brian Dombrowski, on behalf of the developer, told the board about the general location of the proposed building.

He said the area is populated by boatyards and used car lots, with very little new construction and very little residential.

Ivo Fernandez, principal and co-founder of Modis Architects, said the project is designed to better the community.

He said the site is nestled between Wynwood and Miami International Airport, on a very important corridor. It is the east-west corridor linking Wynwood and the airport, he said.

Mr. Fernandez said the parking levels will be screened with printed artwork that allows for ventilation. The renderings show an example of the art proposed, he said, not the finished look.

The material is to be stretched over the structural aluminum and carries a 10-year warranty, he said, and unlike the standard murals this will last a lot longer, and it’s easily replaced if damaged.

Board member Neil Hall praised the developer’s team for the garage level screening. “I commend you on making that selection,” he said.

The developer is requesting several waivers, including:

  • Permission to substitute a commercial loading berth for two residential loading berths.
  • To permit up to a 10% reduction in the number of required parking spaces, due to its location along a transit corridor.
  • To permit parking to encroach into the second layer, along the principal frontage, with an art or glass treatment approved by the planning director upon recommendation by the review board.
  • To permit parking to encroach into the second layer, beyond 50%, along the secondary frontage, with an art or glass treatment approved by the planning director.
  • To permit up to a 10% reduction in the drive aisle width from 23 to 21 feet.

 

Source:  Miami Today

 

 

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Apartment With Micro Units Planned In Miami’s Allapattah

Miami’s development wave could take another step into Allapattah with a new apartment project.

On Feb. 19, the city’s Urban Development Review Board considered plans by 2323 Pointe Group LLC, an affiliate of Bay Harbor Islands-based Pointe Cos., for the 0.81-acre site at 2323 N.W. 36th St., plus 3614, 3620, 3624 and 3638 N.W. 23rd Ave. It acquired the property for $1.95 million in March 2019.

The building would total 167,689 square feet in eight stories. Designed by Modis Architects, it would have 116 apartments, 7,708 square feet of retail, 3,220 square feet of offices, and 129 parking spaces.

 

Source:  SFBJ

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The Big-Money Development Push Is On In Wynwood, Allapattah

Related Group recently completed two projects in Wynwood and has more in the works, Vice President Jon Paul Perez told Bisnow this week. In Allapattah, it recently opened a gallery and is on the lookout for other opportunities.

“It’s gotten to that point where the buying and trading of land without developing … that ship has sailed,” Perez said. “If you’re buying land there now, you’re assuming you’re going to have to develop.”

Sterling Bay Director of Leasing Michael Lirtzman had a similar assessment. The Chicago development giant closed on a site for $18.9M in December 2018, at 545 Northwest 26th St., where it is building a 10-story, 300K SF office building called 525wyn.

“We got in at a pretty good number,” Lirtzman said. “The pricing was a little more restrained. Now it’s starting to push.”

Sophisticated national developers have “brought some discipline to the pricing,” he said, but he predicted values would stay high as the neighborhood hits maturity.

“Wynwood is in the mode of building now,” said Avison Young principal John Crotty, with the days of flipping mostly gone and big residential developers going vertical.

Allapattah, however, still has pockets of opportunity, he said. “Other than by the [Miami] River and by [Jackson Memorial] Hospital, there’s not much development.”

Related Group and partner East End Capital completed Wynwood 25 in July. Its 289 apartments are now 85% leased at $3.10 per SF, Perez said, and its 35K SF of retail is 45% leased. Another project, the Bradley, which Related developed as apartments, was instead leased entirely to Domio to be operated as short-term rentals.

Perez said that Related benefited by being the first mover, willing to take a risk.

“The bet that we were making was that people wanted to live in Wynwood, right?” he said. “I could never have told you, ‘Hey, I’m going to sign a lease for all the apartments to one operator,’ because I think at that time these types of companies did not exist.”

When Domio came around, “we were the only option for someone that wanted one of those companies to be able to be in the neighborhood,” he added. Domio reportedly fought off competition from rival short-term rental operators to sign the building.

The largest development deal in the area last year was a 1.6-acre site at the corner of Northwest 25th Street and Second Avenue, which buyer Property Markets Group and Greybrook Realty Partners paid $46M to acquire and redevelop from its existing use as a gallery into a six-story resident complex with 222 units, Crotty said.

Crotty said PMG spun out the bottom-floor retail to Tricera Capital, which should be able to garner rents around $80 per SF.

“That’s Main and Main,” said Crotty, a former NBA player who also serves as the Miami Heat’s TV analyst. “That’s top-of-the-market pricing.”

Blocks off the main drag, Wynwood rents are about $50 per SF, he said.

Office leasing at the Wynwood Annex has gone a little slowly, Perez said, but Live Nation leased a floor and he said he is in talks with potential tenants that are similar in size and credit to the events company.

“So definitely by the end of 2022, our buildings should be close, if not 100% occupied,” Perez said. 

Lirtzman compared Wynwood to the Fulton Market area of Chicago, which was “where young people went to hang out. There was no office, but a vibrancy in the neighborhood.”

Sterling Bay decided to build office projects there with large floor plates and top-line amenities geared for creative tenants. It is now building its seventh Fulton Market building in a six- or seven-block radius.

Sterling Bay’s Wynwood project, which recently topped off, will include a fitness center, an indoor/outdoor bar and 440 parking spaces. Its first tenant is architecture giant Gensler, and Lirtzman said a letter of intent has been signed for a consulting firm to take 8K SF.

Goldman Properties opened the 30K SF Wynwood Garage in 2018, and a boutique office building, the eight-story, 86K SF Cube Wynwd, opened last year. Another big project, The Gateway at Wynwood, a 460K SF Class-A office building, broke ground last week.

The same forces that shaped Wynwood have affected the working-class neighborhood of Allapattah, just to the west. Whereas Wynwood had largely been made up of industrial warehouses, Allapattah now buzzes with working-class businesses. But real estate pros have been hyping it as the next hot neighborhood.

Developer Robert Wennett has proposed a mixed-use development by Danish “starchitect” Bjarke Ingels. Neology Life Development Group head Lissette Calderon in October broke ground on No. 17 Residences Allapattah, a 14-story, 192-unit apartment at 1569 Northwest 17th Ave.

“If you go have lunch on a Wednesday, it’s cops, it’s firemen, there’s people that are working nurses, doctors,” Perez said. “Allapattah probably started selling at $20 a foot, and now you have property trading at 130 bucks a foot.

“We’re not in that game of finding land and hoping for the value to rise and then flipping. So we say, ‘OK, at this price, does it make sense where I could build apartments, office, whatever it may be, at this land basis?'” he continued. “We’re looking for sites that are large enough that we can do substantial projects — 300 or so apartments there — and we haven’t found one yet that we are moving forward on.”

Calderon said in an email that construction on No. 17 Residences Allapattah has reached the fifth floor and is expected to be completed in spring 2021. She highlighted its amenities, including smart technology for package receiving, a digital concierge, a gym with virtual fitness and a “bark park” where dogs can play.

She said Neology Life is planning to break ground on another mixed-use project near No. 17, with 323 units, ground-floor retail and office space. It would begin construction after No. 17 opens in late spring 2021.

Crotty said that besides the aforementioned projects, plus a few others in the pipeline — the 555 River House proposed by Avra Jain and a yet-to-be-developed parcel he sold to billionaire developer Moishe Mana for $8.5M — Allapattah “has yet to fill in and grow,” he said.

Florida’s Department of Transportation is exploring the possibility of building a new highway exit off Interstate 95 at Northwest 29th Street.

“That would be a game changer,” Crotty said.

 

Source:  Bisnow

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