Rendering of the Palm Beach Outlets

Last week’s $278 million sale of the Palm Beach Outlets in West Palm Beach, the second biggest real estate transaction in the county’s history, shows the strength of the retail property market, experts say.

“This might be one of the most successful redevelopments in the nation,” William Reichel, president of Reichel Realty in West Palm Beach, told The Real Deal.

The 460,000-square-foot mall was sold to a group that includes Clarion Partners of New York and New England Development, from a group that also includes New England Development as well as Eastern Real Estate and Lubert-Adler. The partners had purchased the property for $35.5 million in June 2011 and redeveloped it.

The mall is 97-percent leased with tenants that include Saks Fifth Avenue Off 5th, Nike Factory Store and Brooks Brothers.

The Outlets opened in February on the site of the Palm Beach Mall, which had launched in 1967 as the first indoor mall in Florida. In the late 1990s it deteriorated, with upscale stores fleeing and a murder occurring there.

“The Palm Beach Mall was the mall in its day, then got run down, and not even Simon [Property Group, the mall’s owner,] could fix it,” Reichel told TRD. The mall finally closed in 2010.

But things changed quickly. “The ownership group had a fresh idea. The city worked with them, and it was built in 18 months,” Reichel explained. “They leased it up, and it seems to be doing phenomenally well. It’s an incredible accomplishment.”

The Outlets mall teems with shoppers at seemingly all hours.

The high sales price illustrates not just the strength of the Palm Beach County retail market, but the strength of outlet malls and retail in general throughout the country, Neil Merin, chairman of NAI Merin Hunter Codman, told TRD. “This could have been a lot of places and commanded a pretty high price.”

The strongest tourism season in the state’s history also helped boost the mall’s value, he said. “A lot of tourists in Palm Beach County have been going outlet shopping for a day.”

Reichel points to another factor behind the hefty price tag. “There is a lot of cash looking for a place to put it for low cap rates,” he said. “If you have good credit, you will generate strong prices. Lincoln Road in Miami [Beach] is hitting New York City numbers.”

From the New York website: As Chinese investors continue to up the ante on eye-popping deals and high-profile investments in New York City real estate, The Real Deal will raise the bar on coverage about these investors with the introduction of our new “China Watch” section, now live on TheRealDeal.com.

Every original web post, magazine story and syndicated blurb relating to Chinese real estate players will now appear on this page, which users can access by clicking the “China Watch” tab on the top navigation bar. The Real Deal will also use the special category to keep our readers updated on our U.S. Real Estate Forum & Showcase in Shanghai from Sept. 10 — Sept. 12.

A street shot of 256 Palmo Way under construction

An investment firm just bought a newly built Palm Beach house for $6 million — more than $3 million more than what its previous owner paid just two years ago.

An affiliate of NISA, a Missouri-based investment management firm with $132 billion under its control, was the purchaser of 256 Palmo Way, according to Palm Beach County records.

The previous owner, an investment company tied to E. Llwyd Ecclestone Jr., demolished the property’s 65-year-old home two years ago and began construction on a contemporary residence.

The new home is nearly double the size of its predecessor, measuring 6,182 square feet, and comes with modern appliances, a pool and spa, plus an attached two-car garage.

The property’s value has risen tremendously over the past 17 years. Before Ecclestone put down $2.3 million to redevelop the home in 2013, it sold for $208,000 in 1998, according to Palm Beach County property records.

The Ecclestone family has a history of development in Palm Beach County, including pioneering golf course communities in the area.

Ecclestone Jr. developed the PGA National Resort in Palm Beach Gardens, and his son Ecclestone III runs a company that builds estate homes.

Surf Club Four Seasons rendering and Nadim Ashi

Developers of the Surf Club Four Seasons, a redeveloped landmark hotel and condo project in Surfside, is celebrating the topping off of the nine-acre waterfront property, The Real Deal has learned. 

The development includes an 80-room Four Seasons hotel, two 12-story residential towers, a private club, two restaurants, four swimming pools, cabanas, a gym, oceanside gardens and a park, according to a press release.

Nadim Ashi, founder and CEO of Miami-based Fort Capital Management is the developer behind the Richard Meier-designed condo-hotel, which is incorporating a historic Russell Pancoast-designed Surf Club, a private beach club founded in 1930 by Henry Firestone.

The 150 condos range from 1,400 square feet to nearly 8,000 square feet and from $3 million to $35 million. The 12 penthouses range from 5,400 square feet to 7,500 square feet, excluding outdoor space, and will include rooftop gardens, private swimming pools, outdoor living and dining rooms, summer kitchens and multilevel outdoor courtyards.

The development is 75 percent to 80 percent sold with nearly $900 million in sales, Ashi told TRD, and all nine of the rooftop penthouses sold, including one for $35 million. Ninety percent of buyers are domestic, he said.

“We’re happy where we are with sales,” Ashi said. “We’d like to keep at least 20 to 25 units available when we open.”

The residences at The Surf Club Four Seasons, at 9011 Collins Avenue in Miami Beach, is slated for completion during the second quarter of next year.

Ashi is also developing the new Four Seasons Hotel and Private Residences in Fort Lauderdale, Fort Capital announced in February. He said he’s looking into a development in Palm Beach.

Miami’s fashionistas gathered last week to celebrate the grand opening of Felio Siby’s first brick-and-mortar clothing store in Miami’s Design District.

Among those at the party: former NBA star Mark Strickland, Adriana de Moura of “The Real Housewives of Miami,” and Gloria Govan of “Basketball Wives LA.”

Attendees mingled with designers, posed for photos with pieces from Dominique Siby’s fashion line and explored the new store at 25 Northeast 39th Street.

Siby’s new location is yet another addition to the rapidly changing Design District, which has become a luxury retail destination. Dacra’s Craig Robins has spearheaded the transformation, and his plans for the area include 1.2 million square feet of luxury stores, condos, restaurants and a boutique hotel — all by the end of 2016.

The Real Deal is delighted to announce the inaugural issue of the Hamptons Market Report, a supplement to the July issue of TRD.

The Hamptons Market Report picks up where The Real Deal leaves off, with in-depth coverage of the residential and commercial scene on Long Island’s East End, a top vacation hot spot in the U.S. The 40-plus page magazine will include a ranking of top agents in the area, the priciest sales by town, profiles of key developers, a look at the celebrity real estate scene on both Forks and much, much more.

Subscribe to the magazine to receive your copy of the Hamptons Market Report, which will be poly-bagged with the July issue of The Real Deal.

For editorial inquiries, email news@therealdeal.com. Email Junaid Zahid at junaid@therealdeal.com to learn more about marketing opportunities. — TRD

The top three most expensive listings to hit each of the tri-county real estate markets — Miami-Dade, Broward and Palm Beach — over the past week ranged from $5.25 million to nearly $20 million, according to Zillow data. Miami-Dade had the priciest property and a home in Palm Beach was on the low end.

Miami-Dade

#1 A Fisher Island condo was listed for $19.75 million. The unit at 7972 Fisher Island Drive in Miami Beach has five bedrooms, seven bathrooms and spans 6,170 square feet. Magda M. Gudat of Big International Realty is the listing agent for the residence, built in 1989.

#2 A unit at Apogee South Beach is on the market for $16.5 million. Unit 604 at 800 South Pointe Drive has four bedrooms and three-and-a-half bathrooms. The 4,154-square-foot residence last sold in June 2010 for $5.8 million. Apogee South Beach was completed in 2008. Miami Brasil Realty of Primus Investment Group has the listing.

#3 Calvin Klein’s five-bedroom, seven-bathroom compound at 4452 North Bay Road was listed for $16 million last Friday. Pablo Alfaro of Elliman is the listing agent. The home, built in 1929, includes a two-car garage and a “private waterfront sanctuary” with a dock and infinity pool, which overlooks 113 feet of open bay views. Indoor and outdoor living areas total nearly 8,000 square feet and the house sits on a 16,709 square foot lot. Designer Axel Vervoordt chose the furnishings and antiques.

Palm Beach

#1 A Palm Beach estate at 3496 South Ocean Boulevard was listed for $7.5 million. The six-bedroom, six-bathroom, 7,725-square-foot home was built in 2005. The property last sold for $700,000 in February 1998 for $700,000. Corcoran’s James McCann is the listing agent.

#2 The 5,675-square-foot home at 325 Garden Road was listed for $7.4 million. The Palm Beach home has four bedrooms and seven bathrooms. It was built this year and designed by Thomas Kirchoff. The 14,000-square-foot property last sold in February 2013 for $1.9 million. Corcoran’s James McCann is also the listing agent.

#3 Ocean views and direct beach access are included in the listing for 4005 South Ocean Boulevard in Highland Beach. The five-bedroom, three-bathroom home spans 3,032 square feet. It was built in 1966 and is on the market for $5.25 million. It last sold in April for $4 million.

Broward

#1 A corner-lot mansion in the exclusive Lauderdale Harbors community has been put up for sale at $7.5 million. Located at 1812 Southeast 14th Street, the 9,776-square-foot home comes with 260 feet of frontage on the Intracoastal Waterway. Inside, it has an elevator, office suite, seven bedrooms and six-and-a-half bathrooms. Juan Garcia of Fortune International Realty has the listing.

#2 This two-story contemporary home, located at 2732 Northeast 17th Street in Fort Lauderdale, was listed for $5.3 million. Inside its glass double doors are commercial-grade appliances, a mahogany elevator, coffered ceilings and laundry rooms on both floors.The 7,093-square-foot residence has six bedrooms and five bathrooms. It is being listed by Sherry Malinchak of Berkshire Hathaway HomeServices Florida Realty.

#3 Described as the perfect home for a “mega-yacht,” the corner-lot at 191 Northeast 23rd Avenue in Fort Lauderdale is being listed for $4.5 million. Besides its 226 square feet of frontage on a deep water canal, the 5,209-square-foot home’s notable features include: marble floors, fifteen-foot windows in the grand room, modern appliances and a fireplace in the master suite. Rory Vanucchi of Premier Estate Properties has the listing.

AC Hotel at 2912 Collins Avenue in Miami Beach

The AC Hotel by Marriott – Miami Beach, developed by Robert Finvarb Companies, will open on Saturday, marking the development firm’s second property to launch this week, amid a market-wide surge in new openings.

The newly constructed AC Hotel, at 2912 Collins Avenue, across from the Miami Beach Edition, has 150 rooms in seven stories, with an eight-floor, rooftop pool with panoramic views.

“The hotel is the first ground-up of its kind in the U.S.,” Robert Finvarb, president of Robert Finvarb Companies, told The Real Deal. “AC is a brand of Marriott that they acquired from a development company in Spain, and there are 80 in Europe — in Spain, Italy and France. It’s a lifestyle, millennial brand, which is the market that everyone seems to be targeting these days. It’s a brand that is focused on satiating the desires of today’s traveler, whether business or leisure.”

Guest rooms feature floor-to-ceiling windows, and the third-story amenity deck will have outdoor games, including Bocce ball, ping pong and chess. And in keeping with the property’s youthful vibe, the hotel will have a tapas-driven AC Lounge with a mixologist who will also serve as a “culturalist,” or conduit to the city for guests, Finvarb said.

“If they want to know where the locals go for a great Latin dinner, where there’s a great local bakery, or they want to get insight into the art walks in Wynwood, the point of connection is the bartender,” he said.

Miami Beach is seeing a surge of new hotels, including the recently opened Hyatt Centric South Beach Miami,  1 Hotel & Homes South Beach, which opened in late March, and the Aloft South Beach, which has delayed its opening that was expected in late May. In Miami’s Brickell area, Homewood Suites will open in July, and in Broward, the Conrad Fort Lauderdale Beach is scheduled to open in September.

Scott Berman, principal and industry leader of hospitality and leisure for PwC in Miami, sees Miami Beach as a laboratory for new properties, as they try to appeal to millennials. So far, new launches have been successful, amid a “race to establish positioning and identity,” he said.

“We’re in a very robust economy, industry fundamentals are good, and what we are beginning to see on the Beach, as rates rise, some of these new openings offer options for a more price-sensitive traveler,” he said. “But it’s still relatively expensive compared to other places.”

New hotels “are playing off the tailwinds” of existing properties that are having a great year, Berman added.

Data from STR shows that for the week ending May 30, the Miami market had 71.6 percent occupancy, 0.5 percent increase year-over-year. The average daily rate was up 4.3 percent to $167.36, and revenue per available room was up 4.9 percent $119.77.

The AC’s developers broke ground in September 2013, creating a subterranean parking lot 20 feet under sea level, with more than 300 spaces. The parking lot has been used by the Edition, which is also affiliated with Marriott, since October.

“We actually have, as opposed to most of the hotels being built, more than enough parking to satisfy the needs of our guests,” Finvarb told TRD. “And that’s really a valuable asset that we are able to offer that many others don’t.”

Earlier this week, Finvarb’s company and its partner David Martins opened the Hyatt Centric South Beach Miami.

“The Hyatt and AC have a tremendous international appeal, and I see that being a great launching point for us as we open in the summer,” Finvarb said, “because that is where business is coming from, and the proverbial millennial traveler domestically also.”

The 105-room Hyatt Centric at 1600 Collins Avenue represents the first Hyatt Centric-branded hotel in Miami Beach, and the second worldwide, after Chicago.

At each of the AC and the Hyatt Centric, summer rates will start in the $300s.

Both hotels, Berman said, are in excellent locations, “in the heart of the emerging part of the Beach,” and “that is the first rule of hotel development.” The summer will prove to be a good test, he said.

“We’re really excited to open the hotels,” Finvarb said. “We feel they will fill a need that is not adequately satisfied in the market— that tier just below the Edition, Faena — with young, vibrant millennials focused at a price that is more affordable.”

Basketball star LeBron James and 3590 Crystal View Court in Coconut Grove (Credit: Keith Allison)

Nine months after hitting the market, LeBron James’ sprawling home in Coconut Grove is under contract.

The MLS shows a pending sale on 3590 Crystal View Court, and a closing may follow in the next few weeks. Listing agent Tomi Rose of Opulence International Realty confirmed to The Real Deal that the home is under contract.

“It’s going to be great for Coconut Grove because it’s going to be the highest price sale in the neighborhood,” she told TRD.

The basketball star and former Miami Heat headliner first purchased the home for $9 million in 2010. After earning two championship rings with the Heat, James decided it was time to return to Cleveland, and he put the 12,178-square-foot home up for sale at $17 million in October 2014.

The listing stagnated for nearly a year before James decided to drop the price by $2 million.

The tactic paid off, apparently, as GossipExtra is reporting that James got close to his asking price.

Described as “the King’s palace” and “the most opulent estate in Miami,” the half-acre compound has all the finishings of an entertainer’s home. It has a dedicated 4,500-square-foot guest section with a lounge and game room, an infinity-edge pool, an outdoor kitchen and a concrete dock with space for two 60-foot yachts.

The home also has a private theater, office and a wine cellar fit for a sommelier.

Rendering of Louver House and developer Camilo Miguel Jr.

South-of-Fifth, once a forgotten neighborhood for development, has emerged as a live-work-play destination in South Beach, stretching from Fifth Street to South Pointe Park.

Louver House, at 311 Meridian Avenue, is a 12-unit boutique development, led by Miami Beach-based Mast Capital, that joins existing and planned high-end developments such as the Continuum Miami Beach and Terra Group’s Glass.

Louver House launched sales in January and is planning to start construction this summer.

The Real Deal sat down with Mast Capital’s Founder and CEO Camilo Miguel Jr. to discuss the neighborhood, upcoming projects and who Louver House is targeting.

How did you get into real estate?

I started in real estate in 2004. I’ve pretty much touched every asset class and most product types in the real estate space. I’ve done everything from structure bridge loans to buy distressed debt to develop and renovate hotels, to multifamily, office, retail. I think it’s helped shape me into a better investor. I may look at a property and say, ‘a hotel is going to work here,’ but then multifamily is a better play.

Rendering of the interior of a Louver House unit

Who’s buying at Louver House?

We have five out of 12 sold. We’ll be averaging just north of $1,300 per square foot, maybe better. We have a mixed group of buyers including a couple of New Yorkers looking to make it a permanent residence.  There’s an owner from South America who bought here, an individual from the Apogee.

They’re not investors, really. They’re end-users.

New York buyers are typically attracted to waterfront properties, so what is the appeal here?

I live at the Continuum, which is a great lifestyle, but there’s no privacy because you live with 500 other residents. We have our two kids, you go to the pool, you see a lot of people. What’s different from Louver House, it’s the privacy. At any given time, you may be in the gym and it’s just you and your wife. In my opinion, it’s more about a single-family home feeling, high luxury, design, privacy. We have deep balconies connecting the indoor and outdoor spaces. We have a great fitness center, a yoga garden.

It makes it feel like this is all yours. This is all for you. We’ll have a Tesla parking station. I think it’s nice to provide that intimate setting in that South-of-Fifth neighborhood. You’re going to be able to go to all the restaurants that exist today and the ones opening in the near future.

If you look at 321 Ocean and you look at Marea from a pricing perspective, we really become a value proposition to a lot of those projects. There is no compromise on quality or product. It’s a project that’s different in nature. Our sliding glass doors in the unit slide all the way to one side, so you get to combine the indoor and outdoor. The idea is to make this a homey feel in a very modern and contemporary way.

1500 Brickell site

How does Louver House compare to other projects in your portfolio?

We’ve done other development projects. I own a hotel in Georgetown [Washington, D.C.] that we renovated. This is different because of its exclusivity and focus on high design. If I was buying here, what would I want? With two kids and my wife, I said to myself, ‘What are the things that I would want to enjoy living here?’

We own a project on 40th and Alton Road. I own 1.87 acres there and we have the right to build about 125,000 square feet of sellable condos — 70 or 80 units, but we haven’t decided yet.

1500 Brickell is a historic French château, so I can’t tear it down. We got the city to do a code amendment to allow us to do a retail unit on the site. We’re talking to certain restaurateurs to come in and operate a restaurant there. What I think works there with the high ceilings is the idea of a high-end upstairs private club lounge and a downstairs restaurant. [It] is something that would be a phenomenal concept there. It was a relatively small transaction, but it’s a pretty interesting site. We paid around $2.6 million for the property and we have a bunch of TDRs (transfer of development rights).

Favorite spot in South-of-Fifth?

What I love about the lifestyle here is my ability to walk everywhere. Living at the Continuum, I can walk to Milos and have dinner. The beauty of this neighborhood goes beyond that. South Pointe Park is great. I can walk to the Miami Beach Marina. It’s really evolved more so in the last five or six years.

What’s next?

We’re looking at hospitality, multifamily, some additional condo sites, some retail opportunities. Some are existing and some are new development sites.

This interview has been condensed and edited for clarity.

Downtown Miami

Downtown Miami condo prices and rental rates are leveling out after two years of rapid appreciation, offering another sign of change afoot in the market as supply and demand shift, a new report obtained by The Real Deal  reveals.

The Miami Downtown Development Authority’s Q2 2015 Residential Real Estate Market Update, written by Integra Realty Resources, shows a continuing trend toward a correction in the market, amid the ramifications of foreign currencies sliding against the dollar.

“IRR-Miami’s research suggests that the residential downtown development market cycle is firmly in the middle of the cycle,” the report said.

Average condo unit pricing has leveled off at $430 per square foot, following 22 percent and 16 percent annual increases in 2014 and 2013, respectively.

Average price per square foot sale price trend for Downtown Miami resale market

The report, which is based on January through March activity, and follows a first quarter report released in March, also shows that rental rates are stabilizing as new apartments are delivered. The flattening follows rent increases of 8 percent from 2013 to 2014, and 5 percent from 2012 to 2013.

“Conventional rental rates have remained level [year-to-date] in 2015, as new condo projects are being completed and listed within the rental inventory,” the report said. “Rental rate growth will be constrained in 2015-2017 as more condo projects are completed and delivered into the rental inventory.”

Among examples: buyers of BrickellHouse‘s 374 units have listed 45 percent of the units for rent, while buyers of 1100 Millicento‘s 382 units have listed 72 percent of the 171 closed units to date, according to the report.

Meanwhile, the buyer pool for new condo units is shrinking in downtown Miami, a market where the continued growth in real estate market “remains largely dependent on foreign capital participation,” the report notes.

“The decline in foreign currencies compared to the U.S. dollar over the past 18 months has narrowed the buyer pool,” the report said. “Several brokers have expressed concern regarding the closing ability of mid-level buyers that may not be fully denominated in U.S. currency. There have mean early reports of buyers seeking approval for the assignment of their contract to a third party.”

The entire Greater Downtown Miami market is currently being expanded by nearly 10,000 units, or 27 percent of the current market size.

Greater Downtown Miami condo pipeline

The report notes that only Nine at Mary Brickell was completed since the first quarter, and the first wave of projects in Edgewater, including Icon Bay, Bay House and Crimson, are expected to be delivered in the second quarter. The number of units in the reservations phase has dropped by 30 percent, according to the report, largely due to Ion at Edgewater’s cancellation and several projects moving into the contract phase.

Meanwhile, continued increases in land pricing and construction costs “are beginning to constrain irrational exuberance over the state of the market,” the report found. “Experienced developers in the market are approaching new deals with caution as current land pricing and construction costs are squeezing development margins substantially.”

Among the report’s other findings during the second quarter:

• Pre-sales velocity is slowing as many of the projects launched between 2011 and 2014 sell out, leaving scarce inventory behind.
• Brickell City Centre, a new luxury mixed-use development, reduced the required deposit structure from 50 percent to 35 percent, as TRD reported.
• Brickell remains in the top spot as the most active submarket, with Edgewater close behind. The Arts and Entertainment and Central Business District are the submarkets with the next highest current growth.

The Flamingo South Beach

1. Take a look at this map of amenity-packed rentals in Miami [Curbed Miami]
2. Wells Fargo lends $29M to redevelop building on South Beach’s Lincoln Road [South Florida Business Journal]
3. Harbourside developer in Jupiter charged with criminal mischief [Palm Beach Post]
4. Sellers of former Kennedy estate buy three condos [Palm Beach Daily News]
5. Miami’s luxury condo craze burns out on strong dollar [Daily Business Review]

— Sean Stewart-Muniz

Miami Beach’s North Beach

A proposal to create a mixed-use residential, retail and hotel development along Ocean Terrace in Miami Beach’s North Beach has moved a step closer to reality.

An ordinance to raise the allowable height limit and maximum floor area ratio (FAR) for a roughly two block area of North Beach was endorsed by the Miami Beach Land Use and Development Committee late Wednesday over the objections of preservationists and neighborhood activists.

The committee passed the motion on to the Miami Beach Planning Board, which will discuss the ordinance at its next meeting on June 23. From there, it is likely to move to the Miami Beach City Commission which must decide whether to include it as a ballot measure in November.

The measure would ask voters to approve an increase in the maximum floor area ratio (FAR) for a new Overlay District that is being proposed between 73rd Street and 75th Street, and between Ocean Terrace and Collins Avenue. The FAR increase would be from 2.0 to 3.0, allowing for a potential two hundred thousand square feet development depending on lot size. The proposal would also increase the maximum height allowance in the area to 250 feet or 22 stories for residential uses, from the current 75 feet or eight stories.

If the measure is approved by the commission, and eventually voters, it would allow Ocean Terrace Holdings to build a 250-foot-high mixed use residential retail and hotel development along Ocean Terrace, adjacent to the St. Tropez condominium, a 28-story 91-unit building, built in 1999 under a provision that grandfathered it into the Ocean Terrace historic district created in 1996. The project is projected to have 55 residential units.

As reported by The Real Deal in March, over the past few months, Ocean Terrace Holdings has bought three North Beach hotels adjacent to each other along Ocean Terrace. Developer Sandor Scher has been involved in some of the biggest renovation and development projects in South Beach over the past decade including the Standard, the Raleigh Hotel, Soho Beach House and the Shelborne, among others.

Scher has been praised for maintaining preservation standards, but his latest proposal to build a 250-foot-high mixed-use residential, retail and hotel development along Ocean Terrace is raising hackles among preservationists and neighborhood activists. Kirk Paskal, who has been organizing North Beach residents against the measure, said no renderings have been made available to the public, so few people are aware of the proposal.

“We enjoy the neighborhood, we want improvement, but we’re not desperate. We did not ask for a 22-story building,” he told the committee.

The proposal is supported by several Miami Beach commissioners, including Jonah Wolfson, vice-chair of the Land Use Committee. He said that without incentives like raising height limits and FAR limits on the block, little can be done to revitalize what many call a blighted stretch of North Beach that contains many noteworthy older buildings. “Without incentives to make money you are not going to get buildings saved,” he said. “These guys are going to renovate those buildings.”

Scher defends his project, saying his vision is of a project that will benefit and support all of North Beach.

“We are trying to accomplish a beautiful mixed-use development that becomes a world-class destination for everybody in Miami Beach and specifically for the people in North Beach who have been so underserved for so long,” he told TRD.

Scher said that his company is committed to maintaining “the unique character and vibe” of Ocean Terrace and has already begun renovating some of the older buildings he has bought recently, including the old Broadmoor Hotel. But to move forward, he said he will eventually need voter approval.

“The first thing is getting on the ballot, so that is what our focus is right now,” he told TRD. “We need to go to the commission and ask the commission to put it on the ballot.”

Current reader favorites:
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5. Mansions at Acqualina to be completed July 15

Clockwise from left: Ada Tolla and the Vele Di Scampia in Naples; Annabelle Selldorf and the Empire State Plaza in Albany; Zaha Hadid and the Orange County Government Center in Goshen, N.Y.; and Norman Foster and the Tempelhof Airport in Berlin

From the New York website: From a failed housing project in Naples, to brutalism in Albany, some of the world’s most respected architects have taken pen to paper in defense of the buildings the rest of us loathe.

Here’s what they have to say, via the New York Times:

Daniel Libeskind on the Tour Montparnasse in Paris

“It’s legendary for being the most hated building in Paris. I want to defend it not because it’s a particularly beautiful tower, but because of the idea it represents,” Libeskind told the Times. “Parisians panicked when they saw it, and when they abandoned the tower they also abandoned the idea of a high-density sustainable city. Because they exiled all future high rises to some far neighborhood like La Défense, they were segregating growth. Parisians reacted aesthetically, as they are wont to do, but they failed to consider the consequences of what it means to be a vital, living city versus a museum city.”

Zaha Hadid on the Orange County Government Center in Goshen, N.Y.

“The 1960s were a remarkable moment of social reform. The ideas of change, liberation and freedom were critical. Now people think public buildings should be more flowery, but these were times when people did tough projects,” Hadid wrote. “As a center for civic governance, it enacted democracy through spatial integration, not through the separation of elected representatives from their constituents.”

Ada Tolla on Vele Di Scampia in Naples, Italy

“If somebody put this complex in front of me right now without adding any context, any history, I would consider it a really strong piece of architecture. They are iconic buildings that embed the Modernist idea of the right to a home — a home for everyone,” Tolla said. “But the complex was cursed. It wasn’t built as specified; value-engineering changed the structure and reduced the interior courtyards, therefore limiting the amount of light. None of the planned public spaces, amenities, schools or offices were ever constructed. The buildings were squatted even before completion. The Camorra installed gates and blocked the police from entering. For me it is important to recognize that the Vele is not a failure of the architecture, but rather a failure in execution and management.”

Norman Foster on Tempelhof Airport in Berlin

“Tempelhof is one of the really great buildings of the modern age, and yet it is inevitable that it is not necessarily celebrated by everyone. Its architect, Ernst Sagebiel, studied under the Jewish master Erich Mendelsohn but later served the Nazis,” Foster explained. “It was adjacent to a concentration camp that held journalists, politicians, Jews and other so-called ‘undesirables,’ so it is redolent with all the most negative associations. Like a pendulum, it served the purposes of the fascist regime and then became a lifeline with the airlifts of 1948 and 1949 that delivered food to the people of West Berlin. The airport is full of contradictions and paradoxes. It has an austere facade, which is not so fascist, and could almost appear in Sweden. The back is a sweeping, cantilevered curve. It soars. If you were transported there and were to walk under that cantilever, you would be awestruck.”

Annabelle Selldorf on the Empire State Plaza, Albany

Annabelle Selldorf

“Against my better judgment, I like this complex. It’s sculptural, architectural abstraction to the extreme. At a distance, the scale of the skyline exudes a sense of identity and strength for Albany, while at the pedestrian level the Plaza plays an important role in the community,” Selldorf said. “I know that others find it too brutal or forbidding, but I think it’s beautiful in its monumentality and starkness.”

[NYT] — Christopher Cameron

From left: Deerfield Self Storage and Boca Storage

A self storage complex in Deerfield Beach traded hands for $7.75 million, according to Broward County records. The buyer obtained a $30.1 million mortgage for the property and three others in Boca Raton.

Timothy Lewis and Jeanette Austin sold the 4-acre Deerfield Beach Self Storage at 950 South Powerline Road. Lewis Rental Properties LP, a company managed by Lewis, is the buyer.

Macquarie Investment Group granted the loan to Lewis Rental Properties for the 62,104-square-foot self storage facility, in addition to the following properties:

• 3600 Northwest Second Avenue, Boca Raton: Boca Storage
• 2920 Northwest Second Avenue, Boca Raton: Industrial office warehouses
• 1000-1050 Northwest First Avenue, Boca Raton: Industrial office buildings

In April, Miami City Self Storage, which develops in-fill storage facilities throughout South Florida, picked up six parcels in Miami-Dade County as part of its plan to develop 1 million square feet of self storage.

A graph of distressed home sales in the U.S.

Yet again, Miami ranks second in the United States for short sales and foreclosures, as statistics continue to show a decline nationwide. 

Of all home sales in Miami-Dade County during March, nearly a quarter of them were distressed. Distressed sales are defined as properties sold urgently, often at a loss and to pay off debts. Homeowners with underwater mortgages can choose to sell their properties in a short sale to pay off a portion of their debt.

Miami-Dade was outranked only by Orlando, which had a 0.4-percent larger share of distressed sales. Three Florida metropolitan areas accounted for the most distressed sales, and the state itself ranked second — behind Michigan — for hurried property transactions.

Nationally, distressed sales fell 2 percent from February to March of this year. The share of total home sales across the United States was 12.1 percent. — Sean Stewart-Muniz

Marriott TownePlace Suites Boynton Beach

A Marriott TownePlace Suites in Boynton Beach landed $11.3 million in construction financing, HFF announced on Monday.

City National Bank of Florida granted the loan to the developer, North Boynton Beach Hospitality for the 2.73-acre site in Palm Beach County.

The 116-room hotel will be located north of the Boynton Beach Mall, near I-95 and the Florida Turnpike. The TownePlace Suites will include studio rooms, one-bedroom and two-bedroom suites with kitchens and flexible spaces, a market, pool, gym and putting green.

HFF’s Mike Kavanau, Elliott Throne and Alexandra Lalos arranged the financing, according to a press release.

“It is an exciting time for the lodging market in Palm Beach County,” Lalos said in statement. “With an increasing amount of retail, office and residential development in Boynton Beach, the sponsorship has identified solid demand for new hotel development.”

It’s scheduled to open later this year.

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The New York-based design firm brought on to revitalize Coral Gables’ Miracle Mile has released new renderings of what the four-block stretch will look like when completed.

Cooper, Robertson & Partners was hired by Coral Gables to bring its long discussed $20 million streetscape improvement plan to life. City commissioners approved an upgrade plan in August that called for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.

The design firm held an open house last month to show residents their vision for a new Miracle Mile. The plan for the famed four-block stretch of Coral Way is transformative.

Parking on the street will be entirely parallel, doing away with the 45-degree-angled spots for more sidewalk space. Giralda Avenue will become curbless, with the option of closing the road off to vehicles for special events. These tweaks are geared to create a more pedestrian-centric area with outdoor furniture for cafes and restaurants. The firm said everything down to the trash cans is being designed with art in mind.

The city plans to break ground on certain parts of the plan, yet unannounced, by this fall. —  Sean Stewart-Muniz