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‘Skyline Of Miami Gardens.’ Formula One Museum, Hotels, Apartments Planned Near Hard Rock

A massive new development coming to Miami Gardens would cater to tourists visiting for events at Hard Rock Stadium with new hotels and a Formula One museum as well as bring more rental housing to the area.

The sports-themed complex will be called Miami Gardens City Center and be built on a 35-acre vacant property within walking distance of Hard Rock Stadium, Gilbert Benhamou, CEO of Immocorp Capital, told the Miami Herald. The firm is one of the developers of the property.

As the city celebrates its 20th anniversary, Mayor Rodney Harris sees the development as shaping Miami Gardens’ future.

“It’s going to be a fun time in the city when we sit down and actually get that facility built out,” he said.

Benhamou noted that Hard Rock Stadium is unique because it hosts professional and college football, tennis and auto racing in one place. The stadium is home to the Miami Dolphins and the University of Miami football team. It was once home to the now-Miami Marlins. The stadium is also the site of Jazz in the Gardens, the city’s annual premiere music event.

Developers purchased the property for $25 million in 2021, according to Miami-Dade County property records.

The development will include apartments, two hotels with a combined 320 rooms and a five-story parking garage, Benhamou said.

The project will also feature an entertainment area that will include an interactive Formula One museum and a 100,000-square-foot “amusement building” with arcades, a bowling alley and a trampoline, he said.

Immocorp joined with The Faith Group and Azur Equities to create Miami Gardens Town Center, LLC and to spearhead the development.

Immocorp is partnering with D.C.-based developers Capstone Development on the hotels and on the residential piece with New York-based Kushner Companies, LLC, which is run by the family of Jared Kushner, son-in-law of former President Donald Trump.

The entire project is estimated to cost $400 million-$500 million, Benhamou said.

The initial phase of the project will focus on the residential components — two luxury apartment towers. The first tower will be 10 stories and consist of 252 units and include a mix of studio, one-, two-, and three-bedroom rental apartments, according to Benhamou. The second tower could go as high as 15 stories with 360-400 units depending on the market.

“We’re going to create the skyline of Miami Gardens,” he said.

Pascal Cohen, founder and CEO of Azur Equities, described the planned complex as upscale and a way for residents to immerse themselves in the sporting/entertainment destination that Miami Gardens has crafted.

Cohen said outside of Miami Gardens, “you don’t have one city in the world that delivers tennis, soccer, football, Formula One and concerts.”

Developers expect to break ground on the project in late summer or early fall with an expected completion date of 2025, just a year shy of when the 2026 FIFA World Cup and College Football National Championship will be held at Hard Rock Stadium.

 

Source:  Miami Herald

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With JPMorgan And Goldman Sachs, Miami Could Become ‘Wall Street South’

Elon Musk just moved to Texas, but guess who’s (reportedly) moving to South Florida? Jared Kushner, Ivanka Trump, Tom Brady, Gisele Bundchen and the asset management division of Goldman Sachs. Those are the boldface names announced in news reports last week alone.

The New York Post recently reported that JPMorgan Chase CEO Jamie Dimon is open to moving his bank to Florida, too, a move he formerly resisted because he said the schools weren’t good enough.

Miami has been dubbed “Wall Street South” since at least 1990.

In the past year or three, the migration of high-profile business to Miami, and to Florida more broadly, has gained steam. There’s no income tax and the politics are perceived as business-friendly. But the state struggles to fund education, environmental protections and mass transit. There’s also climate change, sea-level rise and saltwater intrusion to consider.

Starwood Property Trust is building a new headquarters at 2340 Collins Ave. in Miami Beach and CEO Barry Sternlicht settled in as a city resident in 2018. Billionaire investor Carl Icahn this summer moved Icahn Enterprises from New York City to the Milton Tower, located at 16690 Collins Ave. in Sunny Isles Beach, just north of Miami Beach. Chicago’s Ken Griffin just dropped $37M for property on exclusive Star Island and there are rumors that his firm, Citadel, will relocate nearby.

By publicly bragging about leaving “dead” New York for Miami, entrepreneur James Altucher sparked a fight over the Big Apple that put Jerry Seinfeld on the defensive. Miami is also becoming a hub for Black startup entrepreneurs: tech investor and Founders Fund partner Keith Rabois recently said he would move to Miami, with the fund opening a small office there.

Further north, hedge funds have been migrating to Palm Beach County. Tennis superstar Serena Williams has lived in Palm Beach Gardens for years, and her husband, Reddit co-founder Alexis Ohanian Sr., recently bragged on Twitter that people were following him.

Further upstate, Fisher Investments opened an office in Tampa, a city that billionaire Jeff Vinik has been championing for years. He’s building a massive development there with Bill Gates’ Cascade Investments.

According to Bloomberg, 20 bankers with Moelis & Co. told boss Ken Moelis they wanted to move to Florida, and he is allowing it. Moelis & Co. is saving about $30M a year since the company pivoted to Zoom meetings over in-person ones during the coronavirus pandemic.

Business development groups like the Downtown Development Authority and Beacon Council in Miami and the Business Development Board of Palm Beach County have helped grease such moves by identifying and bundling incentives.

There’s one billionaire, however, willing to put the kibosh on the hype: real estate investor Jeff Greene.

“This whole idea that financial services, like hedge funds, are going to be this huge jobs creator is ridiculous,” Greene told the Palm Beach Post. “You’ve got hedge funds that come down with six people and they make a big deal that we need all these office towers for them, and we don’t.”

For instance, Miami Beach recently called for office developers to put new Class-A buildings on city-owned surface parking lots. This angered some residents who feel that the city caters to wealthy developers and newcomers while ignoring the needs of the middle class.

Greene has tempered real estate hype in the past. Speaking on a Bisnow panel in 2018, Greene cautioned that low interest rates and an abundance of capital were leading to overbuilding, while Florida workers were largely low-paid.

Greene told the Post last week that Goldman Sachs CEO David Solomon told him the company may move outside of New York, but no location is decided.

“I think some will come down here, they will try it out, move a few people and see if more people come, but I think the idea that every hedge fund is leaving New York City and moving to Palm Beach is just silly,” Greene said. “We will always be a service economy and there is nothing wrong with that.”

 

Source:  Bisnow

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