Equity One’s Piedmont Peachtree Crossing in Atlanta is considered a top-performing shopping center.

From the National Market Report: Despite the country’s mall woes, retail real estate investment trusts have had a nice run over the past five years, and analysts say they still have plenty of juice.

The FTSE NAREIT Retail REIT index, which measures retail REITs’ performance, returned on average 14.9 percent annually in the five-year stretch that ended March 31. It beat eight of the nine other REIT types, including industrial, office, residential and mortgage REITs; self-storage REITs were the exception.

And while gains are unlikely to continue at such lofty levels, the future looks bright for the top performers, even as online retail sales take a bite out of brick-and-mortar retail, according to industry sources. [more]

Rendering of Beach House 8 and Mario Garnero

Brazilian entrepreneur Mario Garnero closed on the $14 million purchase of a duplex penthouse of a new Mid-Beach condo building, records show.

Beach House 8 construction site

Ugo Colombo and Valerio Morabito completed the eight-unit, 10-story development. Garnero’s unit marks the first to officially close at Beach House 8, at 3651 Collins Avenue in Miami Beach. It was designed by Arquitectonica with interiors by Michele Bonan.

Garnero is chairman and principal shareholder of the Brasilinvest Group, a financial firm that’s reportedly worth $700 million. His new penthouse has more than 6,000 square feet of outdoor living space and a private pool. Garnero financed the deal with a nearly $8 million mortgage from Sabadell Bank.

The developers broke ground on the project in June 2014 with plans to open by August 2015. The building sits on a narrow, 16,850-square-foot lot, property records show.

Units were priced from $5.9 million to $14 million and range from 3,783 to 5,200 square feet of interior space. They feature Boffi kitchens, marble countertops, Lutron lighting systems and custom home automation systems.

ONE Sotheby’s International Realty handled sales for the sold-out development.

Beach House 8 is in the same Miami Beach neighborhood as the Faena District, which runs on both sides of Collins Avenue, from 32nd Street to 35th Street. The mixed-use development includes the Faena Hotel, the Faena House condominium tower; Faena Forum, an arts complex now under construction; two Faena Versailles condominium towers; Faena Bazaar, a retail building; and a parking garage.

Aerial view of the North Broward Preparatory School campus

W.P. Carey has officially closed the books on its $68.6 million purchase of a for-profit preparatory school in Pembroke Pines, which it’s leasing back to a Chinese education company.

County records show the New York-based real estate investment trust is now the owner of North Broward Preparatory School, a nearly 80-acre institution at 7600 Lyons Road that resembles more of a college campus than a traditional K-12 school.

The deal had been previously announced by W.P. Carey in April as part of a $167 million acquisition of three U.S. private schools from Chinese firm Nord Anglia Education.

Nord Anglia had come to own those three schools, as well as three others, as part of a massive $575 million cash acquisition from the Meritas family of schools last year.

With this latest sale, W.P. Carey has agreed to triple-net lease the schools back to Nord Anglia for the next 25 years. The trust has also said it will provide $128 million in financing for future expansions.

Although leasing details weren’t included in the announcement, Nord Anglia will now be subject to uncapped annual consumer-price index increases.

Founded in 1957, North Broward Prep boasts an annual roster of roughly 1,600 students and recruitment from colleges like Harvard, Dartmouth, MIT and Columbia, among others, according to its website. The school offers enrollment for both boarding students and day-time students.

When it first acquired North Borward Prep and the five other private schools from Meritas, Nord Anglia said the schools were generating revenue of $25,600 per full-time student.

From left: Arnaud Karsenti, 87 Coral Way/93 Miracle Mile and Seth Gadinsky

In their latest partnership, Gadinsky Real Estate, 13th Floor Investments and Echion USA have purchased the Navarro building on Miracle Mile for $7.65 million.

The building at 93 Miracle Mile is at the corner of Miracle Mile and Galiano Street. Daryl Shevin, 13th Floor’s chief financial officer and principal told The Real Deal that Navarro still has a couple of years on its lease, and there are no current plans for redevelopment.

“We remain very bullish on the areas in South Florida that are in a growth pattern, and we really like Coral Gables — who doesn’t — and we really like Miracle Mile — who doesn’t?” Shevin said. “We own great real estate with no pressure to make any rash decisions.”

Roberto Susi, principal of Axiom Capital Advisors, represented the buyer in the deal that closed on Friday, he told TRD.

BankUnited provided the financing.

The seller is 8793 MM LLC, owned by Benita Ablin Giller and the Giller Family, with an address in Austin, Texas, according to Miami-Dade property records. The 9,097-square-foot building,on a 10,164-square-foot lot, was built in 1950. The sale price equates to $841 per square foot for the building or $753 per square foot for the land.

The seller was represented by Dan Lynch and Elizabeth Wright from Atlantic Retail.

Miracle Mile is undergoing streetscape improvements that will widen sidewalks along Miracle Mile, a four-block stretch of Coral Way in downtown Coral Gables between LeJeune Road and Douglas Road. New trees will be planted and new streetlights installed. In addition, angled parking will be converted to parallel parking. Contractors also will upgrade the drainage system on Miracle Mile and replace beige-colored concrete with shell-colored concrete.

Roberto Susi

“With everything changing there, and with the streetscape improvements, this is a great corner to own,” Susi told TRD.

The latest purchase expands Gadinsky, 13th Floor and Echion USA’s holdings in Coral Gables.

Gadinsky, headed by Seth Gadinsky, 13th Floor, led by Arnaud Karsenti and Echion USA last year partnered on the $16.5 million purchase of Riviera Plaza. Tenants at the two-story, mixed-use property at 1542 South Dixie Highway include Misha’s Cupcakes, My Yogurt Bliss, Gables Pizza & Salad and Subway, as well as various office tenants. Susi represented the partners in that deal, as well.

“It’s a great partnership,” Shevin said, “and we are thrilled to do another deal with those guys and look forward to doing many more.”

Miami’s Arts & Entertainment District

Fueled in part by a continuing construction boom, a new report shows Miami-Dade County’s total property values spiked by 8.6 percent to a record high of more than $250 billion.

The report, issued by Miami-Dade Property Appraiser Pedro Garcia, takes a look at all taxable properties in the county, by municipality, and estimates how values have grown between June 2015 and June 2016.

It shows new construction has brought an additional $5 billion worth of taxable property values to Miami-Dade over the past year, and every one of the county’s municipalities has experienced growth — some by leaps and bounds.

“Like Miami-Dade’s skyline, property values continue to go up,” Garcia wrote in the report. “The construction boom that is visible across the county has yet to peak and will continue to fuel this growth.”

Leading the pack for rising property values is North Miami Beach, which is seeing a renaissance of new development as builders seek affordable waterfront land outside of already-hot neighborhoods like Miami Beach and Edgewater.

Total taxable real estate values in North Miami Beach spiked 16.6 percent from $2 billion to $2.3 billion year-over-year, according to the appraiser’s report.

Not far behind was the ritzy islands of North Bay Village, where estimated values rose 14.7 percent from $911 million to $955 million.

Miami Beach boasted the largest cache of new development of any Miami-Dade municipality, with $1.156 billion worth of buildings going up on the barrier island over the last year. The city’s total real estate values hit $34.438 billion this year, up 12.2 percent from 2015.

Even Doral, once known only for its industrial sites and sprawling suburbs, is getting some love from developers. Roughly $476 million worth of new construction was recorded over the last year, helping push property values there up 9 percent to $11.075 billion.

Interestingly, Bal Harbour was the only neighborhood to report a negative value for new construction, losing $1 million worth of real estate value year-over-year due to demolition.

The appraiser’s report is preliminary and meant to help Miami-Dade’s municipalities balance their budgets, meaning the figures here are subject to change over the next half of 2016.

Even so, Miami-Dade’s total taxable property values have blown past their 2008 peak by roughly $4 billion. These rising figures will be a boon for Miami-Dade’s municipalities as they command higher property taxes from homeowners and landlords.

The report follows news that Miami-Dade’s housing market has begun to slow, which is putting downward pressure on price growth for condos, single-family homes and rentals. That trend could end up impacting future growth for Miami-Dade’s total taxable real estate as home valuations become more realistic.

Check out the appraiser’s full chart of property values by municipality below (click to enlarge)

Manny Pacquiao and the house at 12055 Summit Circle in Los Angeles

From the Los Angeles website: This was one deal the Pac-Man didn’t eat up.

A Beverly Hills compound eyed by boxing great Manny Pacquiao before his loss to Floyd Mayweather is back on the market after the fighter pulled out at the eleventh hour. [more]

Former Viceroy Miami hotel

The Viceroy Miami hotel is now part of Starwood Hotels & Resorts’ W brand.

West Hollywood, California-based Viceroy Hotel Group previously operated the 148-room hotel at 485 Brickell Avenue. On Friday, a Viceroy spokesperson declined to comment on whether the hotel’s management was to change hands. As of Wednesday, employees answered the phone as the W Miami.

Messages left for Starwood spokespeople were not returned.

The property is part of the 10-acre Icon Brickell complex in the Brickell neighborhood. Amenities include a 28,000-square-foot spa and fitness center, a restaurant on the 15th floor and FIFTY lounge on the 50th floor. The Related Group completed the tower in 2008. The three-building complex was designed by Arquitectonica.

Pebblebrook Hotel Trust bought the hotel for $37 million in 2011. Pebblebrook, based in Bethesda, Maryland, could not be reached for comment.

The pool deck at Icon Brickell, shared by condo residents and hotel guests, is the focal point of major litigation. The three towers’ condo associations are suing the project’s general contractor John Moriarty & Associates over alleged problems with the pool, parking garage and maintenance. An employee on Wednesday at the hotel said the pool is open and operating.

Hotel rooms at the now W include 42-inch TVs, marble bathrooms and mini bars. Units with kitchens and washer/dryers are available for a minimum of three days.

Marriott International is acquiring Starwood Hotels & Resorts in a deal valued at $12.4 billion. The takeover will create the world’s largest hotel operator, although it’s already the subject of a number of lawsuits across the country.

In South Florida, Starwood operates two W hotels: the W South Beach and the W Fort Lauderdale.

The Next Miami first reported that the Viceroy may become a W last week.

250 South Coconut Lane on Palm Island and Nelson Gonzalez

A Turkish buyer has purchased a waterfront home on Miami Beach’s Palm Island for $6.02 million, as interest in South Florida from Turkey grows.

Acun LLC, whose managing member is Turkish businessman Levent Bozkurt, bought the property at 250 South Coconut Lane.

Nelson Gonzalez, senior vice president of EWM Realty International represented the seller in the deal that closed on Friday.

Gonzalez told The Real Deal that two separate Turkish investors had vied for the home. “I’ve had quite a few Turkish buyers since they began direct flights from Istanbul,” he said.

The 6,715-square-foot home with 60 feet of waterfront had been listed by Gonzalez for about five months at $6.45 million. Two other agents had listed it previously, for as high as $10.5 million. “It should never have been on the market at that price,” he said.

The two-story house has five bedrooms and five-and-a-half baths and sits on an 8,400-square foot lot. The home features a gourmet kitchen, wine cellar, wet bar and home theater, according to the listing. Additional features include an elevator, sound system and alarm system with four cameras.

The sellers are Stephane A. Nadal and and Delphine M. Nadal, according to property records.

Turkish interest in South Florida property has mounted in recent months. In February, Turyap, the oldest and largest real estate firm in Turkey, launched its first franchise in the United States in Miami, owned by Hilal Borque of Turkey. And in May, RLTY FL, a real estate brokerage, property management and development firm owned by Turkish investors Emir Bahadir and Yahya Ucbasaran opened off Lincoln Road in Miami Beach. Turkey also recently opened a new consulate in Brickell.

1000 Brickell Avenue, and Anthony Casareale and Jim Carenza

Miami attorneys Anthony Casareale and James Carenza have teamed up and launched their own firm, Casareale & Partners. 

The commercial real estate-focused practice, located at 1000 Brickell Avenue, opened in March and focuses on acquisitions, dispositions and office leasing on a state and national level, Casareale told The Real Deal.

Formerly of Greenberg Traurig, both attorneys said the move allows them to take a more hands-on approach. Casareale was most recently with Di Santo Law, where he said he adapted to working at a smaller firm.

“We are not hampered by conflict waivers, internal meetings and billing budgets. Our clients know that they are getting our attention and that we are not pushing the work to inexperienced attorneys,” Casareale said in a press release.

Casareale and Carenza’s clients include Starwood Capital Group, led by Barry Sternlicht, and Goldman Sachs and JPMorgan in a limited role. Starwood developed 1 Hotel & Homes South Beach along with Richard LeFrak, and owns office and multifamily properties in Broward and Palm Beach counties.

The firm handles all real estate-related transactions, including residential closings and financing, Carenza said.

“It wasn’t really necessary for me to have the size of a large firm,” Casareale told TRD.

A rendering of Brickell City Centre

With the opening date for Brickell City Centre’s retail portion drawing closer, Swire Properties has already set its sights toward the future.

The developer has purchased a spit of land a block away from the development for $2.35 million with plans of integrating it into Brickell City Centre.

County records show a limited liability company controlled by Swire Presidential Stephen Owens purchased the parcel at 158 Southwest Seventh Street, which is about a block away from the Brickell City Centre construction site.

The 7,500-square-foot lot is occupied by a single-story warehouse that was built in 1979. It was offered for sale in January by the heirs of Walter R. Ferguson, the property’s late owner who passed away in 2014.

Aerial of the parcel and Brickell City Centre’s construction site

According to his obituary in Southwest Florida Online, Ferguson was one of the largest private landowners in Henry and Glades counties, which are located in central Florida just west of Lake Okeechobee. He came to own the Miami warehouse through a quit-claim deed from the Rudolph Investment Corp. filed in 1969.

Though no monetary amount was attached to that sale, 47 years of holding the property brought Ferguson’s heirs $313 per square foot of land.

Requests for comment to Swire were not immediately returned. The developer had previously announced Brickell City Centre would eventually flesh out through future phases, though it’s not yet clear exactly what the firm’s plans are for this parcel.

Brickell City Centre is set to open its long-awaited 500,000-square-foot retail phase in November this year. The project’s first condo tower Reach has already opened, as has its EAST hotel.

The development’s good news was mired last week when Americabe-Moriarty, the general contractor overseeing Brickell City Centre’s vertical construction, filed a $2.5 million lawsuit against a subcontractor alleging it performed shoddy work when installing drywall for the project.

From left: Vivian Dimond of Avatar Real Estate Services, Hall Willkie of Brown Harris Stevens and Chris Blackman of Ocean Club Realty

New York’s Brown Harris Stevens is on the verge of acquiring two more brokerages in its quest to solidify a sales pipeline between Miami and New York, including Vivian Dimond and Toni Schrager’s Avatar Real Estate Services and Chris Blackman’s Ocean Club Realty, The Real Deal has learned.

Sources told TRD that Brown Harris Stevens is in late-stage talks to acquire both Avatar, which is based in Coconut Grove, and Ocean Club Realty, which is based in the Ocean Club condo complex in Key Biscayne.

With these two acquisitions, BHS would add 86 agents to its roster of realtors in Miami. Among those are heavy-hitters Toni Schrager and Josie Wang, both Avatar agents who landed on TRD’s recent list of top 20 residential real estate agents based off sales volume for 2015.

A representative for Brown Harris Stevens declined to comment. Dimond, the managing broker and majority owner of Avatar, said she couldn’t discuss a deal just yet. Ocean Club Realty broker/owner Chris Blackman also said he couldn’t talk about a possible acquisition.

BHS made its first foray onto Miami Beach’s sandy shores last year when it bought Mark Zilbert’s eponymous Zilbert International Realty, giving the New York brokerage a major foothold in the city’s luxury market practically overnight.

Having had a small presence in Palm Beach since 1999, the company announced it was going on a South Florida offensive last year starting with its acquisition of Zilbert’s firm. William Lie Zeckendorf, co-chairman of Brown Harris, said at the time that Miami was a “natural referral market” to New York City and that “like Palm Beach, it’s where New Yorkers go.”

The company also acquired a luxury brokerage in Lake Worth called Manatee Cove Realty in March.

Founded in 1873, Brown Harris Stevens is well-established in New York as a high-end brokerage with nearly 500 agents and $2.2 billion worth of listings at its Manhattan offices, according to TRD’s latest breakdown of NYC brokerages from May.

The firm is owned by Terra Holdings, whose principals are Swig Equities president Kent Swig, investor David Burris, developers Arthur Zeckendorf and William Lie Zeckendorf, and Eric Hadar of Allied Partners.

The Trump National Doral golf course and owner Donald Trump (Credit: Mike Licht)

Trump National Doral has lost a major player: the PGA Tour.

The PGA Tour is heading to Mexico City in 2017, according to multiple news sources, with no plans to return to South Florida. Doral has hosted the tournament since 1962.

In a statement, Donald Trump called the move a “sad day for Miami, the United States and the game of golf.”

Miami-Dade County Mayor Carlos Gimenez told The Miami Herald that the PGA requested the mayor secure $6 million for the tournament or it would announce the switch to Mexico City.

The announcement comes about six months after the PGA responded to Trump’s controversial comments about Mexicans and Muslims, according to the Miami Herald.

“They’re moving their tournament; it’s the Cadillac World Golf Championship. And Cadillac’s been a great sponsor, but they’re moving it to Mexico. They’re moving it to Mexico City which, by the way, I hope they have kidnapping insurance,” Trump said to Fox News on Tuesday.

“But they’re moving it to Mexico City. And I’m saying, you know, what’s going on here? It is so sad when you look at what’s going on with our country.”

Trump has battled the city and residents of Doral in the past. In March, he filed suit against five residents for allegedly destroying new trees on the property. Trump also sued the city early last year after his golf course had accumulated more than 100 noise violations for maintenance work. The suit claimed Doral’s noise ordinance was too vague, and the city in turn voted on whether or not to revoke the key to the city they gave him that same year. They ultimately voted to let him keep it.

Gimenez said in a statement on Wednesday that the PGA “has been a great partner in Miami-Dade…. It is disappointing to learn that these charitable causes are now left without those valued contributions. What is equally disappointing is that the businesses in the City of Doral, and throughout our county, will no longer have the opportunity to take advantage of a world-class event, and the economic benefits it brings,” he said. [Miami Herald] [ESPN] – Katherine Kallergis

A 2012 photo of the Brickell skyline taken from the Rickenbacker Causeway (Credit: Daniel Christensen)

South Florida is no stranger to the destructive powers of hurricanes and storm surge, but a new report shows the region has more homes at risk than any other metropolitan area in the nation.

The report, authored by real estate research firm CoreLogic, shows that 780,482 homes in South Florida are located in storm surge risk zones.

All those properties add up to a reconstruction cost of $144 billion, which is the price associated with completely rebuilding every home at risk, according to the report.

Though a large swath of South Florida’s homes are at potential risk of damage from storm surge, only 75,903 are in “extreme” risk zones, where even a category 1 hurricane has the potential to cause damage.

A heat map attached to the report shows coastal areas, as expected, have the highest risk, as does southern Miami-Dade County.

South Florida isn’t the worst region in every category of the report, however. New York City — despite having about 60,000 fewer homes at risk — has a much higher reconstruction cost of $260 billion. — Sean Stewart-Muniz 

Check out the report’s full flooding heat map below

Rendering of China City Construction’s project at 6747-6757 Collins Avenue (in center)

1. China City residential tower is challenged in court [The Next Miami]
3. Wynwood’s alcohol permits running dry [Miami Today]
3. Court fight stalls plans for Fort Lauderdale water park [Sun Sentinel]
4. Craig Menin picks up waterfront Palm Beach manse for $25M [Palm Beach Daily News]

— Sean Stewart-Muniz

Current reader favorites:

1. ASRR brings in Chinese, Hong Kong investors to partner on Miami project
2. Qatari company buys Viceroy Miami for $65M, now a W Hotel by Starwood
3. Moët Hennessy CEO pays highest price ever for Bay Harbor Islands home: $8.3M
4. Sam Zell: It’s really hard not to be a seller in real estate right now
5. Cena by Michy shutters following sale to Michael Comras, Forte Capital

Donald Trump

From the New York website: In testimony unsealed on Tuesday, former employees of the defunct Trump University call the school a “financial scheme” that preyed on cash-strapped students.

Federal Judge Gonzalo Curiel ordered the release of the sealed documents on Friday, in response to a motion filed by the Washington Post. According to the testimony, employees were instructed to engage in questionable sales tactics, like encouraging prospective students to open as many credit cards as possible to pay for classes.

A former sales manager testified that he was criticized for not pressuring a financially struggling couple to sign up for a $35,000 real estate class, according to the New York Times.

“I believe that Trump University was a fraudulent scheme and that it preyed upon the elderly and uneducated to separate them from their money,” Schnackenberg said.

Some former students, however, testified that the school met their expectations and boosted their business acumen.

The documents are the latest development in a federal lawsuit lobbed against Trump University by former students. Trump started the school in 2005, advertising the university as a way to learn his strategies for business success. Last month, Curiel ruled that the trial for the California lawsuit would be held until after the Nov. 8 presidential election. A similar lawsuit is also making its ways through New York state’s highest court. [NYT] — Kathryn Brenzel 

Portfolio of office and industrial buildings that Milhous sold

The Boca Raton-based Milhous Group has sold four office and industrial properties in Palm Beach and Broward counties for a combined $38.8 million. 

Three of the buildings are in the Park at Broken Sound in Boca Raton, while one is in Deerfield Beach, according to CBRE. Jeff Kelly, executive vice president; Chris Lee, vice chairman; and Jose Lobon, first vice president, arrange the deals.

Here’s a breakdown of the sales:

• 6000 Broken Sound Parkway, which David Long of Orange Theory acquired for $13.9 million
• 6100 Broken Sound Parkway, which sold to Liberty Equities for $8.6 million
• 990 South Rogers Circle, which sold to David Kahn for $12.4 million
• 2150 Southwest 10th Street in Deerfield Beach, which Geneva Roth BEA bought for $3.9 million

“The owner of these properties had an aggressive timeline, as loans on all four properties were set to expire on May 31st, 2016,” Kelly said in a press release.  The deals all closed on Tuesday.

Kelly told The Real Deal the availability for new office building at the Park at Broken Sound is dwindling, bringing rents up and vacancies down.

Orange Theory will use part of its new 72,763-square-foot office building at 6000 Broken Sound Parkway as its corporate headquarters. The building, completed in 2001, is currently 50 percent occupied. It last sold for a little more than $3 million in 2000.

The 66,100-square-foot flex office building at 6100 Broken Sound Parkway is fully leased, according to CBRE. It was built in 1999. Liberty Equities (USA), a real estate company based in New York, bought the International Plaza near Boca Raton last year for $21 million. Property records show it last sold for $5 million in 2006.

The 123,005-square-foot workspace at 990 South Rodgers Circle, built in 1987, is 84 percent occupied. The buyer is tied to the Geneva Group, a real estate investment company based in Coconut Creek.

And over in Deerfield, the two buildings at 2150 Southwest 10th Street, which include a 10,000-square-foot strip mall and a 25,000-square-foot office/showroom/warehouse, sit on a 3.1-acre lot.

Map of top 10 U.S. rental markets by price

Just like home prices, apartment rents in Miami have been quickly rising ever since the market recovered from the last crash.

But a new report from listing service Zumper shows those rents could be starting to level out, or even decline.

Median rent for a one-bedroom apartment in Miami hit $1,850 per month during May, according to the report. Although that rate declined a mere 2.1 percent from April’s median of $1,900 monthly, the drop is one of the first Miami has seen in several quarters.

Two-bedroom apartments in the Magic City saw a similar month-over-month decrease of 2.7 percent, down to $2,550.

Though the short-term numbers have declined slightly, year-over-year figures are much more stable. Rents for a one-bedroom didn’t budge an inch compared to May 2015, and the median rate for a two-bedroom apartment was up by 2 percent.

Miami has also retained its title as the nation’s eighth-most expensive rental market, ahead of both Seattle and Washington in the top 10. Leading the country is San Francisco, where rents have grown so expensive that the city has surpassed even New York.

Median rents for a one-bedroom apartment in San Francisco hit $3,590 per month in May, whereas the New York median stood at $3,250. — Sean Stewart-Muniz

Check out a full chart of rental figures below (click to enlarge)

Rendering of 1307 Central Park Apartments

The developer of a rental project near the planned Ludlam Trail is in the process of finalizing its plans and applying for permits to begin building the 77-unit development. 

Victor Vazquez, a consultant on the project and a Realtor, told The Real Deal that the three-building complex will be on a 16-18 month timeline once it receives permits.

The majority of the units at the Central Park project will be two-bedrooms with up to seven one-bedroom apartments. Units will range from 670 square feet to 1,057 square feet. Amenities will include a pool and fitness center, according to a press release.

“There’s a big demand for UM students and young professionals,” Vazquez said about the neighborhood. He said rents will be at “market rate.”

PMLT II is developing the project, according to the release. Property records show a trust controlled by Manuel J. Menendez owns the narrow strip of land at 6950 Southwest 40th Street. The development site is between a United States Post Office and land owned by Florida East Coast Industries, which will be part of the Ludlam Trail when it’s developed. The 6.2-mile trail runs from West Flagler Street to U.S. 1 near Dadeland and covers 72 acres.

Vazquez said the developer received approvals at a public hearing last year to build 77 units on the land, which is also across the street from A.D. Barnes Park. He said the company is in the process of obtaining construction financing.

Coral Gables-based Ramon J. Collado is the architect.

6635 Northwest 122nd Avenue and former NHL player Bryan Allen

Former NHL bruiser Bryan Allen has put his Parkland estate on the market for $1.79 million.

The waterfront home, at 6635 Northwest 122nd Avenue, is located within the gated Heron Bay golf club community that’s a mere mile away from the Everglades.

Its interiors boast seven bedrooms, six bathrooms, Mediterranean style with a gourmet kitchen and “volume ceilings” in every room, according to its listing. Outside, the home has a sizable pool patio, summer kitchen and a winding red-brick motor court leading to its four-car garage.

Allen, a defense player who’s spent 15 years in the league, bought the home when it was newly developed in 2007 amid his contract with the Florida Panthers. Although he was traded to the Carolina Hurricanes in 2011, Allen hung onto his Parkland estate for another five years before retiring and deciding to sell.

Measuring 6,302 square feet, the home’s asking price breaks down to $284 per square foot. That’s a big decrease from the $2.175 million, or $345 per foot, that he and his wife paid when the home was first built nine years ago.

The listing was announced by DND Associates, an affiliate of ONE Sotheby’s International Realty.

Allen isn’t the only hockey player to slice up South Florida’s real estate market in recent years. Petr Nedved, a Czech-Canadian, sold his Icon South Beach condo for nearly $1.9 million amid his retirement in 2014.