A portion of the industrial portfolio that just sold for $60 per square foot

A joint venture between two investment groups just announced its all-cash acquisition of a $9 million portfolio of industrial buildings near the Palm Beach International Airport.

The portfolio includes 11 buildings in the industrial park at 1700 and 1560 Latham Road, which is less than a mile from I-95 and three miles from the airport. Taillard Capital, an investment company based in Hollywood, and YS Investments, headed by Yaniv Sananes, were the buyers.

Together the buildings house roughly 150,000 square feet of small bay warehouses, storage and flexible space, according to a news release about the acquisition. The venture’s purchase price breaks down to exactly $60 per square foot.

An outlined aerial view of the 11 buildings that were acquired

“The plan is to rehab the property and bring it back to life,” Mickey Taillard, CEO of Taillard Capital, said in the release. He said the venture is banking on the county’s blooming development market, which will need storage space to support its projects.

The portfolio fell into trouble last year when its owners were hit by a $10.1 million foreclosure lawsuit originated by U.S. Bank, which was representing a commercial mortgage-backed securities trust. Okeechobee #1 LLC, headed by Peter Applefield and Brian Waxman, lost the judgment in April of this year and the buildings headed to auction, according to Palm Beach County property records.

The winning bid was made by a Delaware company titled ECO SBC 2015-1 REO 127617 LLC, which is managed by the South Florida law firm Arnstein & Lehr.

Sananes, a managing partner in the venture, said the two investment groups plan to grow their industrial holdings in West Palm Beach by 500,000 square feet within the next 12 months — and another 500,000 within two years. — Sean Stewart-Muniz

The offices at 7800 Congress Avenue in Boca Raton

One Michigan doctor took a shot in the arm for this real estate deal — after seven years of ownership, he sold his Boca Raton corporate center at a $1 million loss.

The $7.45 million sale includes a low-rise office building at 7800 Congress Avenue, also known as the URS Corporate Center. It was built in 2000 with 42,455 square feet of space and was fully leased at the time of its sale, according to a news release. The property is one piece of the Boca Commerce Center, a massive business park that covers 327 acres along Congress Avenue.

Dr. Robert Ernst

RJE Investments #1, a Michigan company that’s managed by Dr. Robert J. Ernst, was the seller. The physician first purchased 7800 Congress Avenue for nearly $8.5 million in 2008, according to Palm Beach County property records. That deal broke down to roughly $200 per square foot.

The new buyer is Naya USA Investment & Management, a Hollywood company owned by Yoav Merary — the same investor who snapped up a Surfside apartment building in 2014 before flipping it to the Château Group for more than $2 million.

Merary’s purchase of 7800 Congress Avenue equates to $175 per square foot, a heavy discount from what Ernst paid during the real estate crash.

Douglas Mandel of Marcus & Millichap

Douglas Mandel of brokerage Marus & Millichap represented the seller.

“This was a rare opportunity to acquire a stabilized, multi-tenant office building with tremendous visibility and immediate access to I-95,” Mandel said in the release. — Sean Stewart-Muniz

Shops at Sunset Place

The Shops at Sunset Place has signed its first new tenant since the mall sold earlier this year for more than $110 million.

Frontgate, a high-end furniture store, will lease 23,000 square feet on the ground floor of the outdoor mall, according to a press release. Maryland-based Federal Realty Investment Trust, along with local partners Grass River Property and the Comras Company, purchased Sunset Place in October.

Frontgate will open its fifth outlet store at the South Miami mall on Friday. Michael Comras, president and CEO of the Comras Company, who brokered the deal, said in the release that the lease will generate more foot traffic. New landscaping and lighting, as well repairs to the parking garage, have been added since Simon Property Group and its partners sold their interest in the 10-acre property.

Comras previously told The Real Deal the original concept was to create “a pedestrian friendly streetscape environment” and bring in major national tenants. The mall, at the intersection of U.S. 1, Red Road and Sunset Drive, includes 408,000 square feet of retail space, 107,000 square feet of office space and a 1,700-space parking garage. It’s anchored by AMC Theatres, LA Fitness and Barnes & Noble. – Katherine Kallergis

Florida East Coast Industries and the Friends of Ludlam Trail held a public bike ride last weekend to promote plans for the Ludlam Trail.

More than 300 people gathered at A.D. Doug Barnes Park for the bike ride. Miami-Dade Commissioner Rebeca Sosa and city of Miami Commissioner Francis Suarez also attended the event, which included food trucks, free beer and kids activities.

In June, Gov. Rick Scott vetoed $3 million for the city of South Miami’s Ludlam Trail Corridor improvements. The 6.2-mile long trail that runs from West Flagler Street to U.S. 1 near Dadeland covers 72 acres. The developer, Flagler, had proposed a mixed-use project that would concentrate development at Blue Lagoon, Bird Road and Kendall Drive. However, nearby residents wanted to turn the 78-100 foot-wide trail into a park.

Both groups are working together on plans for the site. – Katherine Kallergis and Sean Stewart-Muniz

The aftermath of Tuesday’s plane crash in Akron, Ohio (Credit: NBC News) and the seven Pebb Enterprises employees who were killed

1. Services held for Pebb employees killed in plane crash [Sun Sentinel]
2. Beckham group has until Dec. 5 to submit stadium plans to MLS [Miami New Times]
3. Apartment project breaks ground in West Palm Beach [SFBJ]
4. State proposal could fix un-buildable lots in Florda Keys [KeysNet]

— Sean Stewart-Muniz

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Renderings of Aventura ParkSquare and photos of Angelo Elia Pizza Bar & Tapas in Weston

Graziano’s Market and Angelo Elia Pizza Bar & Tapas will lease space at Aventura ParkSquare, joining already announced tenants such as Icebox Cafe, greenmonkey yoga and Barry’s Bootcamp. 

Coral Gables-based Graziano’s Market will lease 5,000 square feet, including a market, according to a press release. Angelo Elia Pizza Bar & Tapas, which has locations in Fort Lauderdale, Weston, Delray Beach and Coral Springs, will open in a 4,500-square-foot space with outdoor seating. Both are slated to open in early 2017.

The Comras Company’s Michael Comras, Jonathan Carter and Michael Silverman are the exclusive leasing agents for the retail component of the 8.5-acre project. The health and wellness-oriented development is targeting tenants similar to those at Sunset Harbour in Miami Beach. In the release, Silverman said the goal is to round out “a robust fitness roster” at ParkSquare.

Integra Investments is the developer.

When completed, it will feature a “restaurant row” with outdoor seating on Northeast 207th Street. Parksquare will also include a 10-story, 40,000-square-foot medical wellness center; a 131-unit luxury residential condo tower; 55,000 square feet of retail space; a flagship select-service hotel; and a 100,000-square-foot Class A office building, the latter of which is fully pre-sold at $56 million.

The health-oriented development will also feature extra-wide sidewalks for walkability; open staircases that support less use of elevators; and the elimination of curbs. It will be located on the corner of 2900 Waterways Boulevard and Northeast 207th Street. – Katherine Kallergis

A rendering of Miami Worldcenter

From the October issue: Overtown, North Beach in Miami Beach, the Arts & Entertainment District and Coconut Grove are among several areas that have emerged as the hottest real estate submarkets in greater Miami as the fourth quarter gets under way, according to recent interviews with real estate analysts and developers.

“These emerging areas are seeing a renaissance of activity,” said Alex Zylberglait, a senior vice president for brokerage firm Marcus & Milichap. “Pricing is going up as land is becoming [scarcer].” [more]

Avi Bittan and Oakmonte Village at Davie

The developer of a ranch-style senior living complex in Davie has closed on a $24.7 million construction loan, Broward County records show.

North Miami Beach-based Royal Senior Care and MG3 Developer are building the nearly 200-unit project, at 8201 Stirling Road. When completed next fall, Oakmonte Village of Davie will include options for catered living, assisted living and memory care, according to its website.

Developers filed notices of commencement for the complex on Monday, in mid-October and in April, county records show. Miami-based First Florida Contractors LLC is the general contractor.

The $32 million community will span 180,000 square feet on 9.2 acres. Each building will have its own amenity spaces with dining, theaters and performing arts rooms, a gym and spa, nursing and rehab rooms, and hobby rooms.

Oakmonte Village at Davie will also feature a golf putting green, bocce and shuffleboard, a heated pool, outdoor cabana and grill area. Stantec is the architect.

Royal MG3 Property Owner LLC bought the lot for an undisclosed amount in 2013, according to Broward County property records. Avi Bittan, CEO of Royal Senior Care and president of the LLC, signed the mortgage. Branch Banking & Trust Co. is the lender.

Royal Senior Care has communities in Lake Mary, Florida; Greer, South Carolina; Tampa and more, according to its website.

The KinderCare at 7460 Kimberly Boulevard in North Lauderdale

Nine private schools in Broward County were just mortgaged as part of a massive $550 million loan covering early learning centers throughout the United States.

The Broward portion of the loan, issued by Security Benefit Life Insurance Company, is for $14.8 million, according to county records. It’s secured by six KinderCare Learning Centers and three Cambridge Schools locations, spread over eight cities in the county.

Delaware company KCP RE LLC was listed as the borrower. The firm is represented locally by Greenstreet Real Estate Partners, a Coconut Grove real estate investment and management company. Jeffrey A. Safchik, Greenstreet’s COO and CFO, signed the mortgage documents on behalf of the borrower.

KinderCare and Cambridge are brands of the privately-held education giant Knowledge Universe. According to a 2004 CNN Money article, Knowledge acquired KinderCare from its founders in a deal valued at more than $1 billion. That included some major debt assumption — roughly $490 million — along with a $550 million cash payment.

The new $550 million loan covers about $1.07 billion worth of properties throughout the United States, of which $69.45 million of the properties are located in Florida, according to mortgage documents. Tax stamps on a deal this big cost the borrower $243,075 in Florida alone.

Here are the property addresses:

• 7460 Kimberly Boulevard, North Lauderdale
• 3225 Holiday Springs Boulevard, Margate
• 4601 Northwest 30th Street, Coconut Creek
• 9600 Pines Boulevard, Pembroke Pines
• 10790 West Sunrise Boulevard, Plantation
• 8520 Northwest 44th Street, Sunrise
• 177770 Southwest Second Street, Pembroke Pines
• 2550 Glades Circle, Weston
• 6100 Coral Ridge Drive, Coral Springs

Palms on Venice and Peter Zalewski

A fourth new condo project has been completed in the booming Downtown Fort Lauderdale and Beach market since this South Florida real estate cycle began in 2011.

The first transaction in the newly completed four-story Palms On Venice condo project with 10 units and “no less than” 10 boat slips, was recorded on Nov. 10, according to Broward County records. The project is in the 100 block of Isle Of Venice Drive in the Las Olas Isles neighborhood, between Fort Lauderdale’s Downtown and Beach.

To date, buyers have taken title to only one new condo unit —  Penthouse 402 —  for $2.15 million, for an average transaction price of less than $625 per square foot as of Monday, according to government records. The project was developed by a Delaware corporation, led by M. Austin Forman.

Currently, two condo units in the Palms On Venice project are available for purchase at an average asking price of more than $1.6 million — or $620 per square foot — on the Multiple Listing Service database as of Monday, according to data from the Southeast Florida MLXchange.

The Palms On Venice is the fourth new condo project — along with the 12-unit Adagio On The Bay, the eight-unit Cymbrinas Cay and the 22-unit AquaVita Las Olas — to be completed in the Downtown Fort Lauderdale and Beach market. Developers have announced 49 new condo buildings with 3,280 units in that market since this current real estate cycle began more than four years ago, according to the preconstruction condo projects website CraneSpotters.com.(For disclosure, my firm operates the website.)

By comparison, developers a year ago had announced 23 new condo towers with less than 2,430 units for the Downtown Fort Lauderdale and Beach market for the week of Nov. 17, 2014, according to CraneSpotters.com.

Developers are currently constructing 16 new condo buildings with nearly 450 units in the Downtown Fort Lauderdale and Beach area. An additional 28 new condo buildings with nearly 2,800 units are currently in the planning or presale phase of development in the Fort Lauderdale market.

Based on the new units announced, the Downtown Fort Lauderdale and Beach area is the third most active area east of I-95 in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach as of Monday, according to CraneSpotters.com.

Overall in South Florida, developers have now completed 49 new condo buildings — including the Palms On Venice project — with more than 3,725 units located east of I-95. The new South Florida condos completed to date represent about 7.8 percent of the nearly 47,850 units announced for the tri-county region during this cycle.

At least 124 new condo buildings with more than 12,330 units — nearly 26 percent of the overall South Florida total — are currently under construction.

An additional 224 new condo buildings with nearly 31,800 units — about 66 percent of the overall total announced for this cycle — are currently in the planning or presale phase of development in South Florida, according to the data.

In the Downtown Fort Lauderdale and Beach resale condo market, less than 660 units are currently available for purchase at an average asking price of about $414 per square foot as of Monday, according to the Southeast Florida MLXchange.

In the first 10 months of 2015, buyers acquired 966 units at an average price of about $301 per square foot. A year earlier, buyers acquired 896 condo units at an average price of less than $285 per square foot between the same January-to-October period of 2014, according to the data.

Based on the 2015 resale pace, the Downtown Fort Lauderdale and Beach market has about a 6.8 month supply of resale condo units available for purchase.

A balanced market is considered to have about six months of supply. More months of unit supply indicates a buyer’s market, and less units suggests a seller’s market.

It is worth noting that the 2015 average condo resale price in the Downtown Fort Lauderdale and Beach market is still about 19 percent below the $372 per square foot level at the peak of the last South Florida real estate cycle in 2006.

The unanswered question going forward is whether developers will step up the pace of new condo projects proposed for the Downtown Fort Lauderdale and Beach area, given the strength of the market.

Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Rendering of the Berkeley Shore, 1610 Collins Avenue, Miami Beach

About two years after Argentine investors Jorge Savloff and Marcelo Tenenbaum acquired the Art Deco Berkeley Shore Hotel in South Beach, they will begin renovating the historic property, design and architecture firm Stantec announced on Monday. 

When completed, the renovations will cover 45,100 square feet, 96 hotel rooms, a restaurant and the addition of a new 10-story tower with a rooftop garden and pool. The Berkeley Shore, at 1610 Collins Avenue, sold for an undisclosed amount described as “very close” to the asking price of $13.78 million in September 2013.

The hotel was built in 1940 and originally designed by Art Deco architect Albert Anis, according to a press release. It’s on the west side of Collins Avenue, across the street from the Loews Miami Beach and adjacent to the recently completed Hyatt Centric, which was developed by Robert Finvarb.

Stantec, formerly ADD Inc., aims to restore the property to its original status by replicating Art Deco details, using warm neutral colors and incorporating wood and stone. The new structure will be behind the original building. It’s scheduled for completion in the spring of next year.

Savloff and Tenenbaum paid $6.2 million for a Miami Beach apartment building at 1334 Washington Avenue earlier this year. They plan to convert the property into a boutique hotel. The duo also completed Bay Harbor Club, the first of 25 new condo buildings announced for the barrier island town of Bay Harbor Islands, in June. – Katherine Kallergis

Sales held steady for Miami-Dade County’s overall condo market during the second week of November, though the luxury sector continued to drag its feet — with one standout closing.

Only three condos sales last week were above $1 million, two of which posted prices above $2 million. The week’s top sale blew past all of Miami-Dade’s other closings: Unit 40 at the Regalia tower in Sunny Isles Beach was sold for $9.7 million, which breaks down to $1,758 per square foot. The 40th-floor residence boasts 360-degree views of the ocean and Sunny Isles, and along with the usual luxury accouterments like modern appliances and imported stone finishes, it comes with a 2,100-square-foot wraparound terrace with its own summer kitchen. Anna Sherrill of One Sotheby’s International Realty had the listing, which closed after 271 days.

After that monster closing, the week’s next-most expensive sale was unit 1103 at the Grand Bay Tower in Key Biscayne. It sold for $3.5 million, or $1,005 per square foot, after spending only 50 days on the market with Lilia Gambogi of AG Real Estate Advisors. Some of the corner unit’s features include marble and carpet floors, custom-built mirrors and floor-to-ceiling glass windows in the living room.

The week’s final sale above $1 million belonged to Juan Carlos Gonzalez of Keller Williams. His listing for unit 518 at the Belle Plaza condo complex in Miami Beach’s Belle Isle sold for $1.1 million after 186 days on the market. The closing breaks down to $717 per square foot. The unit, originally built in 1962, was recently renovated with white limestone floors and a modernized kitchen.

Miami-Dade had 127 condo closings last week for a total of $49.44 million. Compared to the previous week, the total dollar amount is up by roughly $6 million despite 11 fewer units selling. That can be explained by a significant increase in average prices: up to $389,324, from $323,734 the previous week, and to $279 per square foot, up slightly from $278.

Here’s a breakdown of the data for the week of November 8 to November 14. Click on the map for more information:

Most expensive
Regalia, Sunny Isles Beach | $9.7M | $1.758 psf | 271 days on market | Anna Sherrill of ONE Sotheby’s International Realty

Least expensive 
Brickell Place, Brickell | $730,000 | $342 psf | 147 days on market | Jose Luis Pere of One Sotheby’s International Realty

Most days on market
Sundance Condo, South Beach | 287 days on market | $760,000 | $551 psf | Marla Rivas of Esslinger Wooten Maxwell

Least days on market
Grand Bay Tower, Key Biscayne | 50 days on market | $3.5M | $1,005 psf | Lilia Gambogi of Fortune International Realty

Miami Marine Stadium (credit: Rick Bravo)

The Miami-Dade County Commission on Tuesday postponed its vote to issue a permit and grant a variance that would allow the Miami International Boat Show to install a floating dock with 830 boat slips and other floating structures, as well as use water taxis to ferry people in the waters off Virginia Key.

The county commission’s delay is the latest development in the ongoing war, pitting the village of Key Biscayne and environmentalists against the city of Miami and boat show operator National Marine Manufacturers Association regarding the annual event. The boat show is scheduled to take place at the Miami Marine Stadium site in Virginia Key in early February.

Xavier Suarez, the county commissioner whose district includes Virginia Key and Key Biscayne, requested the deferral based on concerns raised by Key Biscayne Mayor Mayra Peña Lindsay and village John Shubin. “I have been communicating with everybody involved in this matter,” Suarez said. “I want to really admonish the two cities for not resolving this through mediation.”

Suarez said the county commission needed more time to research Key Biscayne officials’ claims that the agreement between Miami and National Marine to host the boat show in Virginia Key violates a Miami-Dade deed restriction on the property. Suarez also expressed disappointment with city officials for failing to identify funds for the restoration of Miami Marine Stadium. “We don’t see the city moving on that particular issue,” Suarez said. “That is very troubling to me.”

Miami is spending $23 million to convert the stadium’s surface parking lot into an event space that will be used as a public park during the months the boat show is not in operation.

During the hearing, Kerri L. Barsh, a shareholder with law firm Greenberg Traurig, which represents the boat show, said the permit would allow the boat show to install an environmentally friendly temporary dock and floating structures. The variance would allow the boat show to use water taxis to ferry boat show attendees to Miami Marine Stadium from other locations in the city like the FEC boat slip near American Airlines Arena, for example. Current county zoning code prohibits the use of water taxis in that area of Biscayne Bay.

Barsh said the boat show is also waiting for the U.S. Army Corp. of Engineers and the Florida Department of Environmental Protection to issue separate permits related to the event’s operations. “The state has issued notice of intent to issue permit,” Barsh said. “They are satisfied that we have complied with all environmental requirements.”

Steve Ryder, project development manager for Bellingham Marine, the Jacksonville company constructing the temporary slips, said his firm is constructing an environmentally friendly dock system.

According to a memo from Miami-Dade Mayor Carlos Gimenez, he and the Miami-Dade Department of Environmental Resources Management recommended approval of the permit and variance with conditions. For example, National Marine would be required to submit a plan showing how it would minimize pollutants in the water, as well as provide maps to all exhibitors and water taxis of the routes they will use to avoid disturbing manatees and damaging environmentally sensitive areas.

However, Key Biscayne’s attorney Shubin insisted a 1963 county deed restriction prohibits the city from using Virginia Key for the boat show. He also argued that the public would be denied access to Marine Stadium during the 90 day period the boat show is being set up, taking place and subsequently torn down.

Lindsay warned county commissioners that issuing the permit would be granting the boat show a license to harm the environmentally sensitive ecosystem in Biscayne Bay, as well as disturb manatees during the height of their mating season. “This job has been punted to you and this is a red flag,” Lindsay said. “If this permit is issued today, when this project goes terribly wrong you will be the ones who made the call.”

Key Biscayne has three lawsuits pending against the city and National Marine aimed at stopping the event from taking place in Virginia Key. Settlement talks between all parties fell apart in October.

Lindsay lauded the commission’s decision after it deferred its vote. “The County Commission made a responsible decision by deferring the Boat Show’s environmental permit for a month,” she said in a statement.

“With the boat show scheduled for February, time is clearly of the essence,” Cathy Rick-Joule, director of the Miami International Boat Show said. “We look forward to receiving approval for the updated plan in December so we can continue the boat show’s decades-long legacy and the $597 million in annual economic impact it brings, in addition to ensuring we continue upholding our reputation as stewards of the environment.”

Former Marcus & Millichap and Franklin Street brokers Deme Mekras and Elliot Shainberg held a launch party for their new commercial real estate firm, MSP Group, in Wynwood last week.

The duo formed MSP in March and are focusing on the multifamily market in the tri-county region. Together, they’ve closed more than $500 million in South Florida deals.

Kris Persaud of KPC Properties; Michael Wohl of Pinnacle Housing and Ascend Properties; and Daryl Shevin of 13th Floor Investments were among the party’s attendees. It was held at Cafeina lounge, at 297 Northwest 23rd Street in Miami.

Mekras was previously regional managing partner at Franklin Street and a founding member of the Marcus & Millichap Miami office. Shainberg was a senior director at Franklin Street and a senior associate at Marcus & Millichap. – Katherine Kallergis and Sean Stewart-Muniz

The West Sunset Square at 15725 Southwest 72nd Street

An affiliate of the Lennar Corp., one of the county’s largest homebuilders, just listed a West Kendall shopping center for $18.8 million.

The shopping center is called West Sunset Square and is located at 15725 Southwest 72nd Street. Some of its tenants include Dollar Tree, Valsan and Planet Fitness. All 64,579 square feet of its space is leased out, according to the property’s listing.

Kirk Olson and Drew Kristol of Marcus & Millichap

Rialto Capital Management, a subsidiary of Lennar, purchased the shopping strip and a separate Walgreens outparcel for $18.3 million from Compass Bank in 2013. The bank had seized the properties that same year after their previous owner, an affiliate of Woolbright Development, foreclosed on a $26 million mortgage, according to Miami-Dade County property records.

A year later, Rialto sold off the Walgreens outparcel at 15705 Southwest 72nd Street for $9.6 million, while retaining ownership of the larger shopping complex.

Kirk Olson and Drew Kristol of commercial brokerage Marcus & Millichap are listing the property.

“More than 42 percent of West Sunset Square’s tenants are national retailers,” Olson said in a news release. “The property offers stable in-place cash flow with annual rental increases built into the majority of the leases.”  

Rialto is a real estate investment and management company based in Miami. The Lennar affiliate was launched in 2007 to focus on distressed and “under-managed” properties. — Sean Stewart-Muniz

Arne-Sorenson-W-Hotel

From the New York website: The forces that led to Marriott International’s $12.2 billion purchase of Starwood Hotels & Resorts this week – pressure from online booking sites and short-term rental services like Airbnb – are likely to lead to more hospitality mergers in the near future, according to industry experts.

“The reality is that all these groups need to become bigger and stronger to be able to fight against the newcomers,” said Andre Juillard, an analyst at Kepler Cheuvreux SA.

“We’ve been expecting consolidation for a while,” Juillard told Bloomberg. “We can see more deals coming to market.”

The Marriott-Starwood deal followed the purchase of Strategic Hotels and Resorts, owner of Essex House at 160 Central Park South, by the Blackstone Group in September for just under $6 billion, including debt.

“The scale of this merger was done to fight the OTAs — the online travel agents — and also the potential threat of Airbnb,” Barry Sternlicht, Starwood Hotels’ founder, told Bloomberg.

Companies in that space are consolidating as well, with Expedia, the online travel site, buying Airbnb-competitor HomeAway earlier this month in a deal worth $3.9 billion. [Bloomberg] – Ariel Stulberg

Interior shots of 33’s eating space

A Peruvian-inspired restaurant will open soon in Coconut Grove, taking over the former Bombay Darbar space.

The eatery, 33, helmed by chef Sebastian Fernandez, will open in a 1,000-square-foot space at 3195 Commodore Plaza. The restaurant’s design will include bright orange seats, a brick wall behind the bar and recycled materials, according to a spokesperson. Lease details were not disclosed.

Fernandez will incorporate locally grown herbs and vegetables into the menu, as well as beer from local breweries. Items will include a “tiradito de snapper,” ginger, aji limo, yuzo, Peruvian corn and sweet potato Brussels sprouts; roasted garlic, pancetta and yogurt lamb chop; cured tuna with soy, radish and fried shitake and more. Prices will range from $9 to $20 per dish.

The restaurant will be open for dinner Wednesday through Sunday. Its name comes from the number 33 on the Newton scale – the temperature when water begins to boil.

Earlier this year, the popular Indian restaurant Bombay Darbar moved from Commodore Plaza to the former TK’s at Villa Mayfair spot, at 2901 Florida Avenue. The eatery went from 34 seats to 200. The new 33 will be next to Farinelli 1937, a 2,500-square-foot Italian restaurant opening soon.

Coconut Grove has seen a resurgence in commercial and residential activity. Tenants such as Buro, Panther Coffee and Harry’s Pizzeria have moved in at the Engle Building. In May, Michael Comras partnered with Maryland-based Federal Realty Investment Trust and Grass River Property to purchase CocoWalk in a deal valued at $87.5 million with plans to shake up the existing tenant roster. And new luxury condo developments like Park Grove and Grove at Grand Bay are currently under construction in the area. – Katherine Kallergis

Rapper Vanilla Ice at a 2009 performance with MC Hammer (Credit: Creative Commons user YoTuT)

1. How Vanilla Ice learned to love life again by flipping houses [Miami New Times]
2. David Cassidy’s Fort Lauderdale home sold to oncologist for $2 million [Sun Sentinel]
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— Sean Stewart-Muniz

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