A rendering of the proposed All Aboard residential tower in West Palm Beach (Credit: Palm Beach Post)

During an open house on Tuesday for West Palm Beach residents, All Aboard Florida reportedly revealed its plans for a 23-story apartment tower to accompany its train station.

The tower would have 275 rental units, ground-floor retail space and a parking garage with 800 spots. Its unit range in size from studios to two-bedroom, two-bathroom residences, all priced moderately.

The building’s amenities include a pool, yoga area, fitness center and an outdoor living area — all on the garage’s rooftop.

An All Aboard representative at the open house said the company hopes to finish the tower halfway through 2017, the Palm Beach Post reported.

The newspaper reported that city commissioners approved a deal granting All Aboard the right to develop a tower on the land, which abuts its planned rail station in downtown West Palm Beach.

The deal stipulated that All Aboard, which wants to build a road to the bustling Clematis Street, would pay $3.8 million for two parcels to construct the route. In return, the city would give All Aboard $3.8 million in tax credits and incentives, plus an additional $2.5 million in tax credits for the residential tower.

All Aboard would then forfeit the land and road to the city, after the project is complete.

The project will go before local and state approval boards in the coming months. [Palm Beach Post] — Sean Stewart-Muniz 

The PGA Marina in Palm Beach Gardens and the abutting mixed-use building

The PGA Marina in Palm Beach Gardens has reportedly been sold for $8.45 million, and its new owners have taken out a hefty loan on the 7.4-acre property.

The buyer was an affiliate of Atlantic Marina Holdings, a South Carolina-based company that acquires, redevelops and operates marinas from Maryland to the Caribbean.

An article in the South Florida Business Journal said only the marina, at 2385-2401 PGA Boulevard, has been sold.

However, the $21.75 million in financing taken out by Atlantic’s affiliate also names the nearby 125,707-square-foot retail, office and residential structure. That low-rise strip was last sold for $21 million in 2001 to a company titled Danlen, which is led by Sunny Sessa of Palm Beach.

Also included in the financing are the wet and dry boat slips in the marina, which fronts the Intracoastal Waterway.

The financing could signal a bigger sale that has yet to hit public records. As for Atlantic’s plans for the marina, no hard details are yet available. — Sean Stewart-Muniz

Prive at Island Estates

A Miami-Dade Circuit Court judge has denied a motion for summary judgment filed by developers of Privé at Island Estates, paving the way for a trial on the contentious luxury condo project in Aventura, The Real Deal has learned. 

Judge Jerald Bagley’s ruling follows a lawsuit filed by the neighboring Williams Island Property Owners’ Association, which has opposed the 160-unit development.

In his ruling, Bagley confirmed developer Gary Cohen’s vested rights to build on the island. The question of what Cohen can build will be determined at trial.

“There is no question in this Court’s mind that Mr. Cohen, as the trustee, has a vested right,’’ the judge said, according to a court transcript obtained by TRD.

“The issue for the Court is whether or not that vested right extends to building beyond the intended purpose, that is, the single family homes to the condominium units,” Bagley said. “That’s where the Court believes that there is a genuine issue of material fact, as to whether or not the rights are vested to extend beyond the original intended purpose.”

Attorneys for both the Williams Island Property Owners’ Association and for Cohen consider the ruling a victory.

“From our perspective, it’s clear that he’s found what we’ve wanted, which is the vested rights,” attorney Gerald Richman of Richman Greer, which represents the developer, told TRD. “We think that this is a major victory.”

Developers Cohen and BH3 had battled homeowners who oppose the project and the installation of sidewalks. The legal challenges resulted in a delay by the city in issuing building permits for the 160-unit development.

“Last week’s ruling is a tremendous step toward holding Mr. Cohen to his commitment to the residents to build single-family homes,” Susan Raffanello, who represents the homeowners, said in a statement. “Thousands of Aventura residents continue to believe that a just outcome will be achieved, and what was promised will be delivered.”

After months of litigation, developers built their sidewalk in March, despite physical intervention from nearby residents, and received a building permit from the city of Aventura. Pile driving for the foundation is set to begin on Thursday, Richman said.

The twin, 16-story tower development is expected to be completed during the second quarter of 2017.

Wednesday Martin and “Primates of Park Avenue”

From the New York Website: It seems all the world — and by world, we mean New York City — is abuzz about Wednesday Martin’s new book, Real Housewives of the Upper East Side “Primates of Park Avenue.” When Martin, a writer and social researcher, moves from the West Village to the Upper East Side to raise her children, she becomes fascinated with the neighborhood’s unique species of woman.  A hybrid of two Janes (Goodall and Birkin), Wednesday tries to find ways to fit in. Being thrust into this peculiar tribe is a writer’s dream, and she chronicles the quirks of the elite with wit and elan.
Martin takes us along for the ride as she learns how to adjust and flourish, changing her parenting, shopping, eating and social activity to be accepted. The book also explores the mad world of New York City real estate as it relates to this particular area of the city —navigating the strange rituals of finding a home, assimilating into one’s building and neighborhood and learning the language of the island’s “vertical dwellers.” As Martin ultimately settles on the purchase of a cond-op at 900 Park Avenue, she emerges an expert on all things New York City real estate.

Here’s what she learns:

900 Park Avenue on the Upper East Side

Renters < Owners (And Owners > Renters): The first rule of real estate in this town is that there is a great social divide, so much so that “many renters in Manhattan keep it a secret … owing to some secret sense of inferiority, a feeling that renting is second-class and contingent.”

The island is organized into quadrants, each with a unique dialect: “The Down” quad is thought to be “primarily a place for pre-productives” who are most interested in night-time social activities, while Uptown is generally reserved for those raising a brood. When Martin and her husband decide they need to relocate uptown post-haste to raise a family, she quickly realizes she needs to find herself someone to teach her the lingo of the Upper East Side. Even within one segment there are distinctions; the area “West of Lex” is where one wants to be.

Real estate agent or bust:  “Dwelling shamans” otherwise known as real estate agents, “offer specialized knowledge, counsel and emotional support through this costly, protracted and painstaking initiation process” when one embarks upon selling their home. They are also crucial in assisting one in finding their social identity. Martin knows that it won’t be hard to sell her townhome because “for Manhattanites, having your own standalone dwelling, with no one above or below you, is an unusual, highly prized and highly desirable way to live.”  But there are certain telltale signs of where you stand in the process: if a seller’s broker doesn’t appear at a showing, this is an unspoken great “diss.” Likewise, a seller’s broker can be “theatrically protective of the client” and a “self-appointed guardian,” petrified they will somehow be cut out of the deal or the next one when their clients inevitably needs to find a new home after selling.

A buyer’s broker who is a neighborhood specialist is crucial: Martin begins the search for a new Uptown pad sans broker, only to be told time and time again the unit she is most interested in seeing no longer is for sale, being told they are “in contract,” “already sold” or “the website needs to be updated,” but that the broker had “some other things to show.” Martin’s husband explains she needs a separate broker, or “native informant” specifically commissioned to find them a new home, just as every anthropologist needs a nature guide to help them navigate rough terrain.

It’s a woman’s world:  Martin chalks this up to agriculture — from the beginning of time women were gatherers and in charge of the hearth. In modern Manhattan, that means securing a place for the family to reside. “The men provide gravitas and a bit of frisson, and then disappear, and then sign off. Or not.”

Hermes Birkin bag

An apartment-hunting uniform is key: “The brokerage business in Manhattan is an ecological niche for and about women,” and “a brokerage’s language is clothing,” Martin states. The seller’s broker dons garb “to channel the respect she wants to garner for her seller and the buyer’s broker dresses to intimidate the seller’s broker.” Martin goes on to explain there is an ultimate dress-off, one in which the client must dress appropriately to convey her seriousness to both agents. The richer she is, the more casual she can dress, by acknowledging she realizes both work for her. The ultimate way to convey dominance in the real estate market — whether a buyer or seller — is through one’s handbag brand, so much so that Martin tells her husband: “If we’re going to find an apartment, I need a new bag.” She is sure to don her uniform when out hunting: demure sheath dress, agnès b flats, ladylike purse and a sleek ponytail.

Co-ops vs condos: Often, one cannot adequately be housed without approval from the “Council of Elders” [the infamous co-op board.] In areas of the land where the wealthiest islanders reside, the vertical villages are most restrictive. The more high-end the building, the harder it is to be approved to buy within it. A distinct difference in Upper East Side co-ops compared to those on the Upper West Side are “summer rules” that ensure renovations are only done during that season so residents can escape to their vacation properties. To avoid all this one can buy a condo, which alerts all other co-op owning contemporaries they probably paid less because they only own shares in the building. Important to note: “Family buildings” do not mean they have playrooms, but rather “they allow 90 percent financing.”  Cond-ops, a condo that acts like a co-op, is a rare “hybrid beast” and the best of both worlds.

Massive bronze sculptures and sparkling Swarovski crystal chandeliers grace the lobby. The mezzanine level offers residents a golf simulator, fitness center with Hamman sauna and hydrotherapy showers, and cigar and wine lounges. And at the top of the 47-story tower, a glass-bottomed pool hangs off a penthouse with 30-foot-tall ceilings.

The Mansions at Aqualina, developed by Jules and Eddie Trump of the Trump Group, is in its final stages of completion, with a scheduled delivery date of July 15, Michael Goldstein, president of sales, told The Real Deal. Sales will start to be recorded shortly after that, with penthouses closing by the end of the year.

During a private tour of the site, construction workers were putting on the finishing touches. Coastal Construction has brought in an additional 200 workers to finish the project, Goldstein said.

The Sunny Isles Beach tower’s 72 units start at 4,600 square feet, with penthouses ranging from 9,000 square feet to 12,000 square feet.

“A lot of buyers have sold homes in Golden Beach, and don’t want the upkeep of a house,” Goldstein told TRD. “But they don’t want another [condo project] because the units are too small, there are too many units, or they do not have the amenities.”

The 649-foot tower, with units priced from $8.4 million to $55 million, is 100 percent sold, he said. The majority of buyers are from North America, with 48 percent from the United States and 12 percent from Canada. Another 17 percent are from Brazil, 8 percent from each of Mexico and Venezuela, six percent from Russia, 3 percent from Argentina and 2 percent each, from Ecuador and Israel.

“The type of buyers we’re getting are buying units as a true primary residence or as a second home,” Goldstein said. Many have upgraded from smaller units at Acqualina, next door.

Among the “furniture-ready” condos’ features: all units have summer kitchens and hot tubs, and six penthouses have indoor pools. One top-floor unit has a pool hanging off the side of the building. Common areas are decorated with Fendi Casa furnishings.

Other amenities include the Mansion Grill, which will be open on weekends, two outdoor pools, 24-hour room service, and complimentary access to a Rolls-Royce Phantom and driver.

The Mansions’ lobby features walls of wood, marble, leather and fabric. From the ceiling hang two Swarovski chandeliers, each with 30,000 crystals, carrying a price tag of $250,000.

Loma in the lobby of Mansions at Acqualina

In the center of the space: 12-foot tall bronze sculptures by sculptor Guy Dill, named Loma and Venice Angel, each weighing 1,000 pounds. Nearby is a private movie theater with stadium seating and a candy counter.

On the mezzanine level are a juice bar, a gym, Hamman sauna, hydrotherapy showers, a golf simulator, a playroom, a game room, and cigar and wine lounges.

“This is the kind of place you come and you never have to leave,” Goldstein said.

Mansions is the second of the Trump Group’s Acqualina towers, following Acqualina, which was delivered in 2006. Prices for Acqualina, during the downturn, started at $389 per square foot, Goldstein said. Today, those units are reselling at prices of $1,445 per square foot, he said.

The Estates at Acqualina is the next project to come, with 264 units in two towers, on a 5.6-acre-property. The 50-story tower’s units are priced from $3.9 million to $40 million. An amenities villa will include an ice skating rink, bowling, a movie theater, a children’s game room and a computer and electronics room.

Outside, the project will feature a sculpture garden, walking trails, and six pools —  with a FlowRider for surfing, bocce court, dog park, soccer field and basketball court. So far, 50 units have been reserved, totaling nearly $300 million, Goldstein said. Construction will begin next year, with completion expected in 2019.

The entrance to CocoWalk

1. CocoWalk remaking itself in new retail era [GlobeSt.]
2. Office construction returning to Broward County [Sun Sentinel]
4. The latest hot hotel accessory for Miami? A ‘sun concierge’ [Hotel Chatter]
4. Builders spar with government over labor labels [Wall Street Journal]
5. Fire station for booming Brickell? [Miami Today]

— Sean Stewart-Muniz

Current reader favorites:
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3. NY investors nab Alton Road site for $21M
4. Developer completes final new Key Biscayne condo project
5. Mount Sinai gets design approval for eight-story hospital tower

The offices at 2200 West Commercial Boulevard in Fort Lauderdale

A Fort Lauderdale office building, whose main tenant before falling into foreclosure was media giant Zimmerman & Partners Advertising, has been sold for a meager $3.3 million — almost $8 million below its 2005 price tag.

Located at 2200 West Commercial Boulevard, the 69,193-square-foot building sits on a 2.3-acre lot and was owned by DMARC 2006-CD2 Broward Facilities.

The South Florida Business Journal reported in 2013 that DMARC represented a commercial mortgage-backed securities trust, which filed suit against the building’s previous owners over a $19.6 million delinquent loan on that property and another office complex in Fort Lauderdale.

Zimmerman & Partners, which was the building’s main tenant, decided to not renew its lease that expired in 2014.

DMARC won the suit in 2014 against an affiliate of Boston-based Cabot Investment Properties, and sold the building, at 2200 West Commercial Boulevard, a little less than a year later.

Now, the building is owned by an Illinois-based company led by Roshan Shoffet. Keith Kidwell, Les Byron, and Steve Davis of commercial brokerage Sperry Van Ness represented Shoffet in the deal. — Sean Stewart-Muniz

A map of homes at risk of storm surge damage in South Florida

The Sunshine State stands to lose the most if a hurricane makes landfall this year, as more than 2.5 million homes in Florida are at risk of being damaged by storm surge, according to a CoreLogic report.

Among Florida’s most endangered zones are the cities of Miami, Fort Lauderdale and West Palm Beach, which have 564,913 single-family homes in storm surge risk zones. Should all those homes become damaged in the next hurricane, reconstruction costs could reach $105 billion.

The report separated the homes into risk levels, which rise or lower depending on the category of the hurricane. Almost 200,000 of South Florida’s homes — including mobile homes, cabins and other non-traditional residences — could be affected by the weakest of hurricanes, a category 1.

The risk for hurricane damage is actually greater in the New York metropolitan area, which has 685,152 homes in areas that could be affected by flood waters. The area’s reconstruction cost more than doubles that of South Florida, estimated at $244 billion, according to the report.

On a statewide level, the number of homes at risk in Florida more than triples the next-highest state, Louisiana, which has 760,272 homes in storm surge zones. Though Louisiana has the second-highest number of homes at risk, the majority of homes are only in danger of damage from a category 2 or higher storm, due in part to the region’s upgraded levee system.

Coastal states with the least risk of hurricane flood damage include Delaware, Maine, New Hampshire, Washington D.C. and Rhode Island.

“The number of hurricanes each year is less important than the location of where the next hurricane will come ashore,” said Dr. Tom Jeffery, senior hazard risk scientist for CoreLogic, in a statement. “It only takes one hurricane that pushes storm surge into a major metropolitan area for the damage to tally in the billions of dollars. With new home construction, and any amount of sea-level rise, the number of homes at risk of storm surge damage will continue to increase.” — Sean Stewart-Muniz

Site of proposed Keys Palms Resort ‘s reception building and clubhouse

An upscale recreational vehicle park in development along Florida Bay in Key Largo will likely go by the name Keys Palms Resort, owner Raul Medina told The Real Deal.

“We’re three months out from completion,” said Medina, who explained that he is not 100 percent certain about the name because he is still waiting on a contractor to guarantee delivery of the palms. At present, the site is largely denuded of trees.

For a decade, what is now Medina’s 2.7-acre bayfront lot, located at 104180 Overseas Highway, has been the second largest cleared and unoccupied waterfront property on the island of Key Largo. The only larger one, the former Rowell’s Marina less than a half-mile further north, was acquired by Monroe County in late 2013 and is slated to be turned into a park.

Construction of Medina’s 30-pad resort began last year, but this spring the frame of the reception building and clubhouse, as well as the frame of a smaller poolside building, have been built within clear sight of the Overseas Highway.

Medina says he is gearing the park toward motor homes as opposed to two-piece, tow-able RVs.

“I wanted to make something unique, not just a place to park. I wanted to make something exclusive to the motor homes,” he told TRD.

Plans show that Keys Palms, if that is indeed what it is called, will have five waterfront RV pads as well as two more pads that front the property’s boat basin. A swimming pool, complete with a separate spa, will also sit along Florida Bay. So will a man-made beach, though it won’t have a swimming area. Other amenities will include a fitness room, convenience store, laundry and a small recreation room, Medina said.

Medina Land Holdings 4, LLC purchased the property for $2.5 million in 2012 from a Capital Bank holding company. The mile marker 104.1 site is best known in Key Largo as the former home of Hobo’s Marina, which was closed in 2005 to make way for a planned hotel condominium project.

That project, which was to be built by the now-defunct Coconut Grove-based developer New Urban Places, was one of many that went belly-up along the Key Largo waterfront during last decade’s real estate bubble. Point of View RV Resort, which opened in 2013 near mile marker 99, along the Key Largo bayfront, also occupies the site of an aborted hotel project.

Keys Palms Resort is the first development for Medina, a retired owner of American Ambulance Service in Miami.

He estimates that the pads at his resort will rent for approximately $100 per night.

3900 Biscayne Boulevard

Nancy Karp sold the 52,889-square-foot commercial building at 3900 Biscayne Boulevard for $18.36 million, according to Miami-Dade County records.

An affiliate of Miami-based Alta Developers was the buyer, corporate records show. Alta has been involved in projects such as Baltus House, One Paraiso, Neovita Doral and Metropolis at Dadeland, according to the developer’s website.

Karp acquired the 1.6-acre Miami site for $13.5 million in June 2007, according to Miami-Dade County property records. The three-story building was constructed in 1965. 

The property is the location of the Miami Arts Charter School, a grades 6 through 12 visual and performing arts public charter school.

In May, Karp bought an office building on Biscayne Boulevard and Northeast 116th Avenue for $2.7 million with plans to renovate it. An LLC led by Nancy Karp also bought an office building at 2919 Biscayne Boulevard in January 2005 for $9.3 million, renovated it and sold it for $19 million last year, records show. Kobi Karp Architecture & Design has its offices there.

Miami Marine Stadium (credit: Rick Bravo)

Dueling public relations efforts by the Village of Key Biscayne and the Miami International Boat Show organizers accuse both sides of spreading false information regarding the $18 million renovation of  Marine Stadium & Park in Virginia Key. Parsing truth from spin can be rougher than navigating the choppy waters of Government Cut during a tropical storm.

At stake is the future of one of the last slices of public waterfront land that hasn’t succumbed to private development, as well as the continued existence of a 74-year-old event that draws nearly 100,000 boat enthusiasts annually to Miami-Dade County.

Back in January, the Miami city commission authorized a license agreement allowing the National Marine Manufacturers Association to host its annual boat show on Virginia Key in early 2016. In exchange, the NMMA will pay the city $1.1 million in rent plus half of the boat show’s net concessions and parking receipts. The city is investing roughly $18 million to renovate Marine Stadium & Park, and last week commissioners approved several measures for the boat show’s move from the Miami Beach Convention Center, which is slated for renovation later this year.

However, Key Biscayne is suing the city to stop the event from happening in Virginia Key, citing massive traffic congestion and damage to the aquatic environment surrounding Marine Stadium. The village council and the city commission have mediation talks next week, but the public relations battle has gotten ferocious in recent weeks.

Leading the charge for Key Biscayne is Schwartz Media Strategies, a Miami-based public relations firm that represents Miami’s Downtown Development Authority and several real estate developers and led a successful campaign in 2012 to win voter support for keeping the Sony Open Tennis tournament in the village on a long-term basis. In March, the Key Biscayne Village Council unanimously voted to pay Schwartz a $8,000 monthly retainer to lead its campaign against the boat show’s relocation to Virginia Key.

Key Biscayne Mayor Mayra Lindsay told The Real Deal that the village hired Schwartz to help force Miami city officials and boat show representatives to reveal their dealings to the public.

“We are a very small, lean government,” Lindsay said. “We don’t have a public information officer. Our goal is to put forth accurate information. We are not making stuff up.”

The NMMA last month retained ASGK Public Strategies, a national firm that specializes in crisis management, and that recently plucked former Schwartz Media Senior Account Executive Kelly Penton as director of its Miami office. Penton also worked as communications director for ex-Miami Mayor Manny Diaz from 2001 to 2009.

Officials for NMMA declined to comment, but Penton told TRD that the association brought ASGK onboard to counter “an aggressive campaign of mistruths” by the village and its public relations firm.

“There’s been a lot of misinformation put out there regarding the boat show going to Marine Stadium,” Penton said. “The boat show has typically just done promotional [public relations] for the event. But dealing with [Key Biscayne] required a firm that is experienced in public affairs and crisis management.”

The other goal is to remind local residents and elected officials about the boat show’s 74-year-history, Penton explained. Should Key Biscayne succeed in derailing the boat show’s relocation to Virginia Key, Miami-Dade County risks losing $600 million in economic activity and 55,000 jobs, she said.

“This is the location that best suits their logistical needs,” Penton said. “It is also an opportunity to bring life back to that location.”

Earlier this week, Penton put out a lengthy press release to “set the record straight” on a number of issues brought up by Key Biscayne. For instance, NMMA has been working with the police and fire departments in Miami-Dade County, the city and the village to develop a plan that will minimize traffic disruptions during the boat show, the press release noted.

Penton said boat show organizers are also working with the U.S. Army Corps. of Engineers, the county’s Department of Environmental Resource Management and other environmental regulatory agencies to ensure any sea life in the Marine Stadium’s basin is protected.

Tadd Schwartz, president of Schwartz Media, said NMMA hired ASGK to whitewash the damage the boat show will do to Virginia Key and shield the multi-billion dollar boating industry from public scrutiny. He said that even the best designed traffic plan will be ill-equipped to address boat show traffic and that a Corps. of Engineers report concluded the boat show would cause substantial harm to the ecosystem.

“Part of our public relations campaign,” Schwartz said, “includes safeguarding the environment and preserving the island’s appeal among the seven million-plus people who visit each year from across Miami-Dade County and beyond.”

Rendering of the Trump International Hotel & Tower in Ft. Lauderdale and Donald Trump

Donald Trump has reportedly sued the developer of a condo hotel in Fort Lauderdale, which fell into foreclosure and allegedly cost his company millions.

The project in question is now known as the Conrad Fort Lauderdale Beach, at 551 North Fort Lauderdale Beach Boulevard. It was formerly called the Trump International Hotel & Tower Fort Lauderdale before it fell into a web of litigation against both Trump and the project’s builder.

Trump had signed a licensing and management agreement to run the hotel, while builder Roy Stillman and his firm SB Hotel Associates developed the property, a publication reported.

Four years after the agreement was signed, Stillman realized his construction financing wasn’t enough to complete the project, and the lender wouldn’t agree to a bigger loan.

He stopped construction, fired the hotel employees and gave condo buyers a deadline to close on their units, the South Florida Business Journal reported.

Lawsuits from buyers looking to get their money back quickly followed, but a large chunk of the deposits had been spent on construction.

The suits named both Trump and Stillman. He warned Stillman not to settle any of the suits unless they also released Trump from liability. However, Stillman allegedly settled the suits with escrow funds anyway, while the litigation continued against Trump, the publication reported.

Now, Trump is suing for a breach of contract, claiming Stillman costed him millions over the failed project and legal fees, and also damaged his reputation.

The development was purchased by CFLB Partnerships for $115 million in 2013, and turned it into the Conrad Fort Lauderdale Beach. It is slated to open in September. [South Florida Business Journal] — Sean Stewart-Muniz

From the New York website: Despite soaring land prices and big-ticket property sales to match, industry experts at The Real Deal‘s New Development Showcase & Forum in May said that compared with other cycles, the market is more “disciplined” and “as healthy as it’s ever been.”

In the above panel, which was moderated by The Real Deal publisher Amir Korangy, HFZ Capital Group’s Ziel Feldman, The Moinian Group’s Joe Moinian, Alexico Group president Izak Senbahar and the Marketing Directors’ Adrienne Albert discuss New York City’s luxury market, foreign buyers snapping up high-profile properties and Mayor Bill de Blasio’s proposed mansion tax. — TRD

A rooftop shot of Downtown Miami

The city of Miami enjoyed another month of low vacancy rates, outshining all other metropolitan areas in Florida during the month of May.

Vacancy rates for the city’s industrial, multifamily, retail and office markets ranked lowest in Florida, according to data gathered by the National Association of Realtors.

Not only did Miami hold the top spot in the state, but it beat out the national average for every market except multifamily, which it missed by 0.1 percent.

The Miami Association of Realtors attributed Miami’s falling vacancy rates to the region’s bustling international trade, shrinking unemployment rate and lively tourism industry.

Barbara Tria, the 2015 president of the Realtors Commercial Alliance of Miami

Here’s a breakdown of the vacancy data for May 2015:

• Office: 14.9 percent local, 15.6 percent national
• Industrial: 5.3 percent local, 8.4 percent national
• Multifamily: 4.4 percent local, 4.3 percent national
• Retail: 6.3 percent local, 9.6 percent national

“Miami has become a launching pad for new industries,” said Barbara Tria, the 2015 Miami commercial president, in a statement. “Technology companies and other businesses are moving to Miami largely because of the region’s top-tier cultural offerings, outdoor lifestyle, and affordability compared to other major cities around the globe.” — Sean Stewart-Muniz

Rendering of SoLē Mia

Heralding the start of their $4 billion, 183-acre master-planned community in North Miami that is aimed at revitalizing the long-vacant site of a former landfill,  LeFrak and Turnberry Associates broke ground on SoLē Mia on Thursday. 

The Soffer, LeFrak joint venture, announced in March, will include 12 residential buildings, 4,390 residential units, nearly 1 million square feet of commercial space, 37 acres of parks, two swimmable lagoons, and 4,171 parking spaces.

SoLē Mia construction site

The partnership will put in about $150 million out of the $4 billion needed for the development, originally called Biscayne Landing, at 15045 Biscayne Landing Boulevard. Developers have started work on the roads and sewers.

“When this project came about, I thought about it and looked at it in many different ways. When you see what’s going on here, from a growth standpoint, this was natural for us,” Turnberry Associates principal Jeffrey Soffer said.

At the groundbreaking, city officials touted the need for development in North Miami.

“Our city is ripe now. It’s ripe for development,” Mayor Smith Joseph said. “We can piggyback on what’s going on [in South Florida].”

Developers and city officials at the SoLē Mia groundbreaking

Turnberry principal Jackie Soffer, who oversees the company’s retail, hospitality and office divisions, said that they’re talking to major national and local tenants for the retail component, which will take up nearly 675,000 square feet, and will include a dine-in movie theater, gourmet grocery store, and a Warren Henry Group dealership.

“We plan to take what we’ve created [at Aventura Mall] and create something on a smaller scale here,” she said.

A former landfill, Biscayne Landing languished for many years after an attempt to develop the site fell apart early last decade. Developer Michael Swerdlow sold his stake in the mixed-use project to Boca Developers in 2005. The company was not able to get the project started before the real estate and financial markets collapsed. Swerdlow helped revive the development in 2012, forming a partnership with LeFrak to build the master-planned project over a 16-year span.

SoLē Mia is slated for completion in 2018.

A chart of down payments compared to home prices for the first quarter of 2015

Home buyers in Miami-Dade County put down some of the biggest down payments in the country during the first quarter of 2015, according to a RealtyTrac report.

Prospective homeowners in Miami-Dade paid 19 percent of their purchase prices in down payments on average, ranking sixth out of all counties in the country. Three counties in New York ranked higher, with average down payments reaching more than 25 percent of purchase prices. Two counties in California also ranked higher, with more than 20 percent down payments.

Meanwhile, the nationwide average for down payments decreased 0.4 percent during the first quarter of this year.

Loans with low down payments grew slightly across the U.S., while Miami-Dade and Broward County saw significant jumps in lenders issuing loans without prohibitive costs.

“A winning quinella is available today for the millennials and first-time home buyers. They have a plethora of low down payment options and unbelievably low interest rates available to them,” said Mike Pappas, CEO and president of the Keyes Company, in a statement. “It is encouraging to see this positive lending environment strengthen the real estate market.” — Sean Stewart-Muniz

Miramar land off of Flamingo Road and the Florida Turnpike

An LLC led by Jose F. Fanjul Jr. obtained a $42.7 million mortgage for vacant land in Miramar, according to Broward County records.

PNC Bank granted the loan to FC Miramar Phase I, which lists Fanjul, Erik Blomqvist, Oscar R. Hernandez, Juan Porro and others on its corporate filings.

The Fanjul Corporation, a sugar and real estate conglomerate, owns subsidiaries Florida Crystals and Domino Foods, among others. 

The LLC paid $10.56 million for the property, off of Flamingo Road and the Homestead Extension of the Florida Turnpike, in December 2013, according to Broward County property records. Florida Crystals owns tens of thousands of acres of sugar cane in the middle of the “flow-way” plan to connect Lake Okeechobee and the Everglades.

The 54-acre site is zoned for agriculture, including cattle and nursery designations.

Miami’s Downtown Arthouse at 100 Northeast 11th Street

1. Downtown Arthouse tenants given notice to make way for Miami Worldcenter [Miami Today]
2. Title insurance: a friend in deed [Wall Street Journal]
3. Transportation trust rolling out [Miami Today]
4. Developer sues to reverse Miami Worldcenter vote [Daily Business Review]
5. Fire station for booming Brickell? [Palm Beach Daily News]

— Sean Stewart-Muniz

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