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Discovered: mystery safe at Pablo Escobar’s former home

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Pablo Escobar and the home at 5860 North Bay Road

While demolishing the former Miami Beach mansion of drug kingpin Pablo Escobar, construction workers reportedly stumbled upon a mysterious locked safe. Could it hold drugs, cash, diamonds or gold? The property’s new owners plan to find out.

The property at 5860 North Bay Road is owned by Chicken Kitchen founder Christian de Berdouaré and his wife Jennifer Valoppi, a former TV journalist. Last week, the couple began tearing down the 1940s-era home that once belonged to Colombia’s infamous drug lord Pablo Escobar.

Workers had discovered one safe while canvassing the property, but it was stolen within the last month.

“Before we even got a chance to look at it, it was stolen,” Valoppi said. “We were hoping to get it back, but it does not look like it will be recovered.”

Now, another safe has turned up in the rubble. A construction excavator pulled down the home’s last remaining wall, which fell and cracked the house’s foundation. Inside rested a two-foot by two-foot safe with a combination lock, according to CBS Miami.

De Berdouare plans to have a safe cracker open it, according to the report.

A construction worker on the scene told CBS that something rolled inside as the safe moved, though it’s still unclear what the contents could be.

Whatever it holds, one thing is certain: De Berdouare doesn’t want another safe being stolen under his nose. The new find has already been moved off the demolition site for safe keeping. [CBS Miami]Sean Stewart-Muniz

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The Wrap: Broward Realtors appeal to cash buyers facing scrutiny in Miami, Miami-Dade eyeing tax district to help Frost museum…and more

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25th new condo building proposed for Hollywood-Hallandale Beach market

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Luxuria of Hollywood and Peter Zalewski

Developer optimism is still growing in the Hollywood-Hallandale Beach market of Southeast Broward County where the 25th new condo building has been announced since this South Florida real estate cycle began 2011.

The latest condo building to be proposed for the Hollywood-Hallandale Beach area — situated between the booming Broward County market that is favored by domestic buyers with strong dollars and the slowing Miami-Dade County market that is preferred by foreign buyers with weak currencies — is the seven-story Luxuria of Hollywood project. It is slated to be developed with eight units on a vacant 0.3-acre site just west of the sand in the 300 block of Van Buren Street on the barrier island, according to city of Hollywood records.

Plans call for the new condo project — being developed by a Hollywood-based entity called DB Too LLC with Joann Katcher and Moshe Deri — to feature one- and two-story units that range in size from 1,900 square feet to 3,550 square feet, each, according to government records.   

With this newest project, the Hollywood-Hallandale Beach area now has more than two dozen new condo buildings with nearly 4,500 units announced east of I-95 as of Monday, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)

The total number of new units in the Hollywood-Hallandale Beach area would have been even higher if not for a decision in July 2015 to suspend the development of the 182-unit Gulfstream Park Tower.

To date, developers have revised plans to build nearly 20 new condo buildings with more than 2,800 units during this cycle. Most of the units in question were to be developed in Miami-Dade, according to the data.

Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 127 new condo buildings with more than 12,565 units are currently under construction in South Florida.

A combined 233 new condo buildings with nearly 32,775 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.

In the Hollywood-Hallandale Beach area, only three new condo buildings — the 24-story Apogee Beach, the 33-story Beachwalk and the seven-story Positano Beach — with less than a combined 370 units have been completed to date during this cycle.

An additional 11 buildings with more than 1,000 units are currently under construction in the Hollywood-Hallandale Beach market as of Monday.

The combination of units that are already completed and under construction represents nearly 31 percent of the total number of condos in the pipeline for the Hollywood-Hallandale Beach market during this cycle.

At least 11 more new condo buildings with more than 3,100 units are currently in the planning and presale phase of development in Hollywood-Hallandale Beach, according to the data.  

The Hollywood-Hallandale Beach market — composed of a blend of domestic and foreign buyers who tend to be value-oriented investors — is the second most active preconstruction condo markets for new buildings in South Florida after only Greater Downtown Miami, where more than 23,000 units are in the pipeline.

The Hollywood-Hallandale Beach area is said to be benefitting from the reportedly higher preconstruction prices being sought at projects to the south on the Miami-Dade barrier island as well as on the mainland in Aventura.

It is worth noting that at least 108 new condo buildings with nearly 6,800 units have been announced on the barrier island in Miami-Dade. An additional 21 new condo buildings with more than 3,060 units have been announced in the Aventura area.  

The unanswered question going forward is whether the Hollywood-Hallandale Beach condo market will be able to attract enough buyers to purchase all of the new units currently in the pipeline as competition increases during this South Florida real estate cycle.

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.

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Gables Residential lands $56M loan to build apartment tower

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100 Alhambra Circle

100 Alhambra Circle

Atlanta-based Gables Residential has closed on a $56 million construction loan for a development site it owns in Coral Gables.

Miami-Dade County records show an affiliate of the multifamily development and management company took the mortgage out on 100 Alhambra Circle, three parcels on the corner of Alhambra Circle and Minorca Avenue. U.S. Bank National Association is the lender.

Gables Residential is planning a 200-unit apartment tower on the nearly 36,000-square-foot site. David Reece, senior vice president of the company’s Finance and Capital Markets division, would not comment on the project’s details, but said that construction has not yet started. Joe Wilber, head of property development, could not immediately be reached for comment.

The firm paid a combined $6.22 million for the lots in 2014, property records show.

Reece said the planned development marks the third for Gables Residential in Coral Gables. The firm also developed Gables Ponce, a 367-unit luxury apartment complex with retail on Ponce de Leon Boulevard and Le Jeune Road.

The city of Coral Gables will soon break ground on a $20 million streetscape project for Miracle Mile and Giralda Avenue. It calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.

Downtown Coral Gables is in midst of a transformation. The city has 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the pipeline, according to a city meeting in October.

In December, a Class A office complex sold for about $119 million. A Deutsche Asset & Wealth Management fund bought the two towers called the Alhambra, at 2 Alhambra Plaza, on behalf of an overseas institutional investor.

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Wynwood developers seek buffer zone for alcohol sales on Mana properties

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Mana Wynwood and Moishe Mana

Rendering of Mana Wynwood and Moishe Mana

Members of the Wynwood Business Improvement District want to place restrictions on the open-air commercial spaces Moishe Mana is proposing for Northwest Second Avenue from 22nd Street to 24th Street as the developer continues to work on getting their support for the massive mixed-use project he is planning for the neighborhood.

At a BID planning and zoning committee meeting on Tuesday, Mana’s team showed renderings and a 3D-computer graphic simulation of a windowless steel structure on Northwest Second Avenue that would incorporate modified shipping containers to house retail shops and cafes. There would also be a sculpture garden on Northwest 24th Street.

Citing their concerns about Mana’s current use of empty lots on Northwest Second Avenue for alcohol-fueled events, especially during the Second Saturday Artwalk, planning committee members said they are willing to accept the design if Mana agrees to place the food and beverage uses 100 feet back from the sidewalk.

“What is happening now [on Mana’s Second Avenue lots] is a disservice to the neighborhood,” said committee member and Goldman Properties Wynwood Managing Director Joseph Furst. “The idea of a 100-foot buffer is to put some distance.”

Project architect Bernard Zyscovich said he would raise the issue with Mana, but didn’t see it as a deal breaker. “Next time we see you, we will flip it around and put the food and beverage in the back,” Zyscovich said. “We are comfortable not having food and beverage within the first 100 feet.”

The steel structure would be temporary while Mana builds other phases of the development, which entails nearly 30 acres of residential buildings that would scale up from eight stories [the maximum height allowed in Wynwood] to 16 stories to 24 stories, as well as “flex” commercial zoning uses to allow collaborative work environments, retail stores, conference rooms, trade areas, and film and television production studios all in the same building.

Mana is seeking approval from the city of Miami for a special area plan, which allows owners of nine or more contiguous acres to seek multiple zoning changes for a specially designated district. When finished, Mana Wynwood would have 3,482 residential units, 51,146 square feet of civic space, 168,287 square feet of open space, and 8,483 parking spaces. The 24-story buildings would rise on the westside, near I-95. The proposed site also includes three acres for a public park called Mana Commons for gatherings and events.

Members of the Wynwood BID had previously expressed concerns that Mana’s special area plan application would run counter to the newly created neighborhood revitalization district for most of Wynwood that set new zoning regulations for the area, including capping building heights at eight stories.

However, the BID planning and zoning committee members said they believe they are close to reaching an agreement with Mana to recommend that the full board support the project. The committee plans to meet again with Mana officials on Feb. 2, a day before the developer is set to go before the city of Miami’s Planning, Zoning and Appeals Board.

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Starwood closes $5.4B purchase of REIT’s multifamily portfolio

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Starwood Capital Group CEO Barry Sternlicht and Equity Residential founder Sam Zell

Starwood Capital Group CEO Barry Sternlicht and Equity Residential founder Sam Zell

Starwood Capital Group just closed on its $5.365 billion deal to purchase Equity Residential’s huge portfolio of rental units spread throughout five U.S. states, including Florida.

The deal covers 72 properties located in suburban submarkets of South Florida; Denver, Colorado; Seattle, Washington; Inland Empire, California; and Washington D.C.

That breaks down to 23,262 rental apartments for about $230,633 per unit. The purchase was free and clear of existing debt, according to a news release when the parties first announced their deal in October.

With this sale’s closing, Equity Residential has completely exited both the South Florida and Denver markets. The investment trust had 33 properties in the Sunshine State, or 10,742 rental units.

Equity will instead focus its attention on urban coastal markets like New York and San Francisco, where multifamily construction is more restricted.

The REIT is headed by Chicago-based investment guru Sam Zell, who gained fame in 2007 for offloading his entire office portfolio to the Blackstone Group for $39 billion — just in time for the real estate market’s collapse.

As for Starwood, this deal represents the firm’s biggest non-hotel purchase in its history. The investment firm is betting big on the U.S. multifamily market, inking deals for about 67,800 units during the last year. — Sean Stewart-Muniz

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Terra buys parking garage, retail in Coconut Grove for $16M

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Oak Avenue Plaza Parking and David Martin

Oak Avenue Plaza Parking and David Martin

David and Pedro Martin’s Terra Group has picked up a Coconut Grove parking garage with retail for $16 million. 

Miami-Dade County records show the city of Miami Parking Authority sold the Oak Avenue Parking Plaza at 2860 Oak Avenue. The garage was developed in 2000.

Terra is developing Park Grove and Grove at Grand Bay, two luxury residential projects in Coconut Grove. In December, Terra president and co-founder David Martin said two of Park Grove’s towers are more than 95 percent sold. The three-tower development, designed by OMA/Rem Koolhaas, will also include a 2-acre sculpture park and a Michael Schwartz-helmed restaurant. Terra is partnering with Related Group on the waterfront project.

Grove at Grand Bay broke ground in 2013.

The Coconut Grove-based developer agreed to keep 50 spaces available to the public for five years. Martin has said he will eventually renovate the ground-floor retail, remove a floor of parking and convert it to office space.

The Miami Herald reported in October that the parking authority said it will use the proceeds from the sale of the 402-space garage to build two new parking structures in other parts of Coconut Grove. The Herald reported that the garage was shut down in September.

In a statement, Martin said the garage will “remain open for public use for the indefinite future.”

“We are gratified that 100% of the proceeds generated by this purchase will be reinvested back into Coconut Grove through projects like the planned Coconut Grove Playhouse parking garage and other neighborhood improvements,” he said.

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5 trends real estate investors should pay attention to in 2016: VIDEO

From the New York websiteAs foreign buyers flock into Miami real estate, the local market is increasingly at the whims of global forces. If investors and developers want to understand where the market is heading, they need to keep an eye to some major trends happening beyond the Sunshine State — from the Dollar’s exchange rate to REIT stocks. Here are five global and national trends Miami real estate pros should pay close attention to.

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Miami-Dade falls to fifth place for most distressed properties

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An aerial view of Miami's Brickell neighborhood (Credit: creative commons user Towpilot)

An aerial view of Miami’s Brickell neighborhood (Credit: creative commons user Towpilot)

Miami-Dade County, once center stage for the U.S. foreclosure crisis, has fallen to fifth place out of the country’s biggest hot spots for distressed properties.

Out of all the homes sold during November 2015, 20.3 percent of them were distressed. That includes homes that were either in some stage or foreclosure or were sold to satisfy an outstanding mortgage through a short sale.

That percentage fell by 1.1 percent year-over-year, but held mostly steady compared to October.

In the top spot was Orlando, which held its title as the country’s biggest offender for distressed properties for much of 2015. Roughly 21.2 percent of all Orlando’s home sales in November were distressed.

Also ahead of Miami-Dade was Tampa with 20.7 percent. Chicago’s share of distressed properties grew to 20.4 percent in November, tying Baltimore for fourth place.

Despite Miami’s falling rate of distressed properties, the county still posted a share much higher than the national rate. About 11.9 percent of U.S. home sales during November were distressed — down 1.9 percent year-over-year.

Miami-Dade County’s residential market has slowed dramatically in recent months, thanks in part to these declining distressed properties. Both sales volume and pricing have begun wavering county-wide, and a glut of new inventory has piled up for both condos and single-family homes. — Sean Stewart-Muniz

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Fed expected to keep interest rates unchanged

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Janet Yellen

Janet Yellen

From the New York websiteIn a move that will likely put a smile on the face of real estate players, the Federal Reserve is expected to announce Wednesday that it’s keeping interest rates unchanged.

The Fed is slated to deliver a policy statement at 2 p.m. today, and with the market taking a tumble in the new year, all eyes will be on what pace the central bank will set.

If the Fed decides to move more apprehensively than expected on interest rates, it could be yet another indication that economic momentum is slowing down.

The announcement will be watched closely after the Fed opted to raise short-term interest rates in December by 25 basis points, a move many in the real estate industry had long expected. But market turmoil this year has led some to question whether the hike was the right move.

If the central bank maintains its December outlook with another increase on rates, it may put downward pressure on stocks that have had a rough start to the new year, according to the Wall Street Journal. But if the Fed suggests its pace of tightening will be slower than it expected, it could be a sign that the economy is not doing as well as previously thought.

In December, the central bank forecasted it would raise interest rates by about one percent a year over the next three year — reaching 3.3 percent by 2019, the New York Times then reported. As mortgage rates tend to rise with the benchmark rate, this is an important issue for real estate.

Some in the market believe the one percentage point target this year will not be met, and, instead, the Fed will only raise rates another 25 basis points this year, according to CME Group data.

The Journal reported the Fed may strike a cautious tone with China’s economy slowing further and inflation still muted in the U.S. In September last year, the central bank did just that, maintaining interest rates near zero. [WSJ]Dusica Sue Malesevic

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Terra unveils plan for 47-acre Pembroke commercial project

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Terra Group President David Martin and the firm's Pembroke Pines City Center project

Terra Group President David Martin and the firm’s Pembroke Pines City Center project

Miami’s Terra Group has released details for its Pembroke Pines City Center commercial project, which promises to bring lifestyle-oriented retail spaces and residences to the Broward city.

The development firm plans to build 300,000 square feet of retail, entertainment and restaurant space at the southwest corner of Pines Boulevard and Palm Avenue. Also included in the project will be 450 apartments, according to a news release from Terra.

Its first phase would deliver an initial 200,000 square feet of retail space anchored by a grocery store. Phase two would have the apartments and remaining 100,000 square feet of commercial space.

Other planned tenants include a large movie theater, plus free-standing restaurants. Leasing will be handled by the Courtelis Company of Miami.

Terra expects to begin construction in the second quarter of this year. The developer recently entered into a contract to buy a nearby post office from the city for $23.5 million. There, Terra plans to build more commercial space and single-family homes.

Broward County records show much of the acreage where Terra is planning Pembroke Pines City Center is owned by a land trust with SunTrust as its trustee. Along with Terra’s contribution, the City Center project will have apartments built separately by Mill Creek Residential and the Related Group— Sean Stewart-Muniz

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Buyer revealed: Related exec drops $6M on Miami Beach home

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6902 Flamingo Drive and Steve patterson

6902 Flamingo Drive and Steve Patterson

The president and CEO of the Related Group’s development division has a new Miami Beach home.

Related’s Steve W. Patterson and his wife, Carly Patterson, paid $6.2 million for the waterfront spec estate at 2901 Flamingo Drive, Miami-Dade County records show. Patterson has worked with the Miami-based developer since 2010 and is responsible for all multifamily and mixed-use developments, according to the company’s website.

The Patterson’s new home has six bedrooms, seven full bathrooms and one half-bath. It was built last year and features a whopping 300 feet of water frontage, a gourmet kitchen, staff quarters, a pool and private dock on the Intracoastal. The 6,700-square-foot home sits on a nearly 20,000-square-foot lot.

The seller is 2900 Flamingo Drive LLC, which is managed by Jose J. Iglesias. Michael Capponi, chairman and co-founder of Capponi Group Corp., developed the home. The LLC bought the property in May 2013 for $1.82 million. The spec home replaced a predecessor home, built in 1935, with 3,853 square feet.

The sale marks a record on the street that was previously held by a $3.6 million deal in November.

Oren Alexander, co-founder of the Alexander Team at Douglas Elliman, represented the seller, while Dona McLachlan of Esther Percal’s team at EWM International Realty brought the buyer. Alexander listed the property in October for $6.495 million.

 

 

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Billionaire Ken Griffin wants to flip his Faena penthouse: $73M

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Renderings of the Faena House penthouse and Kenneth Griffin

Renderings of the Faena House penthouse and Kenneth Griffin

After buying a penthouse at the Faena House for $60 million last year in Miami-Dade’s top residential purchase, billionaire hedge funder Ken Griffin has put the property back on the market for $73 million.

Griffin never combined the duplex unit — with a top-floor penthouse and a smaller unit below it — into the 12,500-square-foot Miami Beach residence he planned. So now he is listing both units separately: $55 million for the upper floor unit and $18 million for the lower one, Eloy Carmenate, executive director of Douglas Elliman, told The Real Deal. The units can be sold separately or together, Carmenate said.

The top-floor penthouse features five bedrooms and five-and-a-half bathrooms spanning 8,270 square feet. It also has a rooftop pool deck with a 71-foot infinity edge pool, Carmenate said. The smaller unit measures 4,240 square feet, according to the Wall Street Journal, which first reported the deal on Wednesday.

Carmenate and Mick Duchon, who is also with Douglas Elliman, are marketing the property worldwide. An email blast is going out soon to all Knight Frank contacts, Carmenate said.

“In the next hour it’s going to be in Monaco, London and all over the United States,” Carmenate told TRD.

Griffin closed on his $60 million purchase of the two units in September. At the time, his purchase broke all residential records in Miami and heralded a wave of ultra-wealthy finance executives who purchased units in the newly completed Faena House at 3315 Collins Avenue in Miami Beach.

The initial purchase price broke down to about $4,794 per square foot. Now, Griffin wants $6,650 per foot for the larger unit and $4,245 per foot for the smaller.

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Codina and Lennar to buy, redevelop White Course in Doral

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White Course with Stuart Miller and Armando Codina

In one of the priciest land deals in Miami-Dade County history, Codina Partners and Lennar Corp. are set to close on a joint purchase of the White Course in Doral, with plans to redevelop the golf course into a mixed-use project, The Real Deal has learned.

Codina and Lennar are the winning bidders in the sale of the 130-acre property, beating out developer and presidential hopeful Donald Trump, Shoma Group’s Masoud Shojaee and others. The seller is GIC, the sovereign fund of the government of Singapore, which obtained the property through bankruptcy actions. 

The sale, at an undisclosed price, is estimated by several real estate sources to be in the $100 million range.

“The property is in very high demand,” said Robert Given, vice chairman of investment sales for CBRE, which marketed the property on behalf of the seller. He declined to disclose the number of bidders, but said that more than 100 investment groups had requested investment packages.

“We were seeking a price over $100 million,” Given told TRD. At that range, it compares to such other top-dollar Miami-Dade land deals as the 2014 sale of the 1.25-acre Epic 2 in downtown Miami for $125 million; 700 Brickell, which Swire bought in 2013 for $65 million; and Lennar’s purchase of 143 acres in Miami Lakes which closed earlier this month for $74.4 million.

The White Course, located in the northeast quadrant of Northwest 41st Street and Northwest 87th Avenue, is contiguous to the Trump National Doral Resort and Codina’s 120-acre Downtown Doral mixed-use project. 

“It was a complicated transaction,” Given told TRD. “Its use has been a golf course for a very long time and we are very sensitive in selecting a buyer that is complementary to the city of Doral.”

Once they take ownership within about 60 days, Codina told TRD that Codina Partners and Lennar will split the acreage 50/50. Codina said he plans to build, with longtime partner Jim Carr, about 390 single-family homes and about 90 townhouses.

“We’re going to build something to complement Downtown Doral,” Codina said. The $1 billion mixed-use development will include 2,840 residential units spread between condominium towers, townhouses and rental units, as well as office buildings, a charter school and government center. Codina and Lennar are also partnering together on the retail and restaurants component of that project.

“The Doral submarket is a very dynamic market in this real estate cycle,” Given said. “And there is increasing housing demand in Doral in direct result of the redevelopment of the Trump Doral and Mr. Codina’s Downtown Doral development.”

The 130-acre White Course’s zoning allows for 2,709 residential units, 160,748 square feet of retail, 850,805 square feet of office space, 164,790 square feet of civic/municipal square feet, a school and amphitheater, according to CBRE’s offering memorandum. Bids were due on July 15, 2014.

The property’s zoning parameters were set forth in a master development agreement between the property’s predecessor owner, MSR Resort Hotel, in 2012. The agreement is in place for 20 years, and development must begin within 10 years, according to the CBRE offering. The agreement was part of a court settlement between the former owner and the city.

Doral is in the midst of transforming with new construction. In addition to Downtown Doral, other projects include Shoma and the Related Group’s mixed-use project CityPlace Doral and Sergio Pino’s mixed-use development, Midtown Doral.

“Giving Doral a real downtown and a heart and a soul has been a mission for my daughter and I,” Codina told TRD. “It was important to us that the White Course be developed respectfully and complementarily to Downtown Doral, and this is what the residents of Doral want.”

 

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Commissioner: vote on Miami 21 changes could be deferred

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A 2009 photo of Miami's skyline (Credit: Nigel Morris)

A 2009 photo of Miami’s skyline (Credit: Nigel Morris)

A controversial amendment to the Miami 21 zoning code will likely be deferred a second time as its author hammers out the kinks, according to city commissioner Francis Suarez.

The proposal met stiff resistance from Miami’s real estate community when it first came to the city commission for a vote in November. Brokers and developers’ chief concern was a lack of clarity about what the changes meant for small landowners and developers.

City documents show the amendment would set new minimums for developable lots throughout Miami. Some of the biggest changes were in the T4 urban districts like Little Havana, where minimum lot sizes would jump from just 1,400 square feet to 10,000 square feet and up. And in T6 zones like Brickell, the minimum size for a lot would grow from 5,000 square feet to 20,000 square feet.

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A chart of the proposed changes

(Click to enlarge) A chart of the proposed changes

Those with the most to lose include small lot owners, who would potentially lose their ability to develop without buying more parcels or requesting a variance. But commissioner Suarez told The Real Deal that wouldn’t be the case.

He said his recent conversations with Francisco Garcia, director of the Planning and Zoning Department, revealed owners of parcels that are already platted have a vested right to develop. The changes would primarily be felt by developers who want to subdivide their lots into parcels that would individually fall below the new minimums.

The proposal is back on the agenda for Thursday’s planning and zoning meeting, but commissioner Suarez told TRD there’s a good chance it will be delayed for another 30 to 60 days.

“The reservations that have been expressed in my opinion have not been completely addressed,” Suarez said. “Our planning director is still trying to clarify the language.”

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The Wrap: Developers delivering affordable housing amidst high demand, why homes in major U.S. cities are nearly impossible to afford…and more

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Miami

A rendering of the Courtside Family Apartments affordable housing community in Miami

1. Developers delivering affordable housing amidst high demand [Daily Business Review]
2. Why homes in major U.S. cities are nearly impossible to afford [Curbed Miami]
3. Publix and TJX sign leases at Miami’s River Landing [The Next Miami]
4. New home sales in the U.S. rise during December [Wall Street Journal]

— Sean Stewart-Muniz

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Here’s a look into Rise and Reach at Brickell City Centre

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Reach amenity deck
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Reach living room
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Reach playroom
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Reach pool view
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Reach view of Metrorail
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Rise amenity deck
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Rise amenity deck
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Rise amenity deck
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Rise amenity deck
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Rise gallery
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Rise gym
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Rise library
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Rise party room
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Rise spa
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Reach amenity deck
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Rise tea lounge
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Rise west balcony view
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Rise tea lounge
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Reach amenity deck

As Swire Properties completes the first phases of Brickell City Centre, it has released a new set of renderings for Rise and Reach, the project’s two condo towers.

Reach, which topped off in March, is 88 percent sold and Rise, which topped off last January, is 40 percent sold, according to a spokesperson. Both towers are 43 stories.

Amenities include a half-acre amenity deck with heated pools, a poolside cafe, spa, gym and library. Prices for Rise and Reach range from from $595,000 to $2.7 million, excluding penthouses.

Brickell City Centre will also include two mid-rise office towers, its EAST hotel and a shopping mall. Swire Properties, Whitman Family Development and Simon Property Group are co-developing the 500,000-square-foot, open-air retail component of the mixed-use project. The developers announced the final set of stores and restaurants opening, bringing the total to 70 that include Armani Collezioni, Coach, Porsche Design, Pubbelly Sushi, Pasión del Cielo, Cole Haan and Pandora.

The $1.05 billion development features a now-completed Climate Ribbon, a 1,000-foot long ribbon of steel, fabric and glass that will keep future shoppers at Brickell City Centre cool.

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CK Prive Group closes on North Miami Beach site, plans apartments and retail

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North Miami Beach site and Javier Rabinovich

North Miami Beach site and Javier Rabinovich

CK Prive Group picked up another development site in North Miami Beach for $8.3 million, county records show. 

The joint-venture between Prive Land Banking and CK Holding Group on Wednesday closed on the nearly 2-acre property at 2261 Northeast 164th Street for $97 per square foot.

There, CK Prive plans to develop a mixed-use project with 400 rental apartments and ground-floor retail, a spokesperson told The Real Deal. The development will replace the 35,500-square-foot warehouse, built in 1969, that is currently on the property.

Miami-Dade County property records show Commercial Developers, a North Miami Beach-based partnership, sold the warehouse. Partners John and Rhoda Kurzman, Gerard Berkell, and Hannah Lennard signed the deed transfer of ownership. The company paid $600,000 for the property in 1984.

Prive Land Banking CEO Javier Rabinovich said there is increasing demand to generate new activity in Aventura and North Miami Beach.

The two firms are also partnering on the redevelopment of the Dean’s Gold strip club site, just north of their most recent acquisition, and an office condo just west of Aventura in Ojus. Arquitectonica is designing the Dean’s Gold site and the planned Forum Aventura project, the latter of which will have 12 stories with ground level retail condos and a rooftop terrace.

 

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