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Former Italian consul in the Caribbean pays $5.15M for historic hotel in South Beach

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354 Washington Avenue (Inset: Vincenzo Odoguardi)

Vincenzo Odoguardi, president of the Mirage Group, a construction company based in the Dominican Republic,  just paid $5.15 million for an Italian boutique hotel in South Beach. In 2016, Odoguardi was the Honorary Consulate of Italy in La Romana, Dominican Republic.

Villa Italia at 354 Washington Avenue in Miami Beach spans about 6,566 square feet and comes with 13 units. Rates can rang from $140 to $260 a night, according to Expedia.

Esprit Sobe LLC, led by Paul Benichou, sold the hotel for about $783 per square foot. Records show Benichou purchased the hotel for $3.8 million, or $578 per square foot, in 2015.

The tiny sliver of Italy in Miami Beach’s Art Deco District was built in 1926, according to its website. Around the same time, other numerous small hotels were being built along lower Collins Avenue and Ocean Drive.

Vila Italia comes with custom-built Italian furniture, and a 1,560-square-foot private villa with two bedrooms, two bathrooms, a full kitchen and a private terrace.

It’s deemed a historic hotel by Miami Beach’s Historic Preservation Board. Villa Italia, in the South-of-Fifth neighborhood, was known as Harmon Villa until 2011. It had interior renovations in 2010 by Luigi Vitalini, an Italian-born architect.

Nearby, aging storefronts in the Art Deco District are being restored at 915, 947 and 955 Washington Avenue to make way for the Moxy South Beach, a new large scale development. Miami Beach’s Historic Preservation Board approved the development in December.


TRD’s top stories: Steve Witkoff in contract to buy Weston Town Center for about $90M, Birdman lists Palm Island manse for $20M … & more

Keep an eye out for The Real Deal South Florida’s June issue!

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March issue

The Real Deal South Florida’s June issue will be hitting newsstands and mailboxes later this month!

We’ll be ranking the most active condo developers in the tri-county region, and will also look at what’s happening in the commercial brokerage world, evaluating the biggest general contractors in Miami-Dade, and more.

We now publish four magazines each year, with in-depth coverage of South Florida’s residential and commercial markets. Check out our latest March 2017 magazine here.

Real estate players know better than anyone else that timing is everything, so reserve your advertising space for the June 2017 issue. The deadline for artwork is Friday, June 9.

To get a copy of the print edition or for a media kit — and for all other advertising inquiries — please call our advertising director Chris Cuomo at 786-334-5052 or email fladvertising@therealdeal.com.

The week in luxury: A map of Miami-Dade’s priciest condo sales

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Condo sales in Miami-Dade County jumped last week by more than $30 million in volume.

A unit at Terra Group’s newly completed Grove at Grand Bay marked the most expensive condo sale when it closed for $3.24 million. Unit 1201-N hit the market in November for $3.65 million and just traded for about $730 per square foot. Blanca Rivero of Cervera Real Estate represented the developer.

The second priciest deal was the $3.2 million sale of Murano Grande unit 2206. It was listed with Bryan Sereny of Douglas Elliman for 239 days before it sold for $1,581 per square foot.

The county saw 212 condos sell last week for $78.9 million, a jump from the previous week’s $48.2 million. Average prices were about $372,000 per unit and $300 per square foot.

Closing prices in the top 10 deals ranged from $972,000 to $3.24 million.

Here’s a breakdown of the data for the week of May 28 to June 3. Click on the map for more information:

CondosandProperty_Updated

Most expensive

Grove at Grand Bay #1201-N, Miami | 194 days on market | $3.24M | $730 psf | Listing agent: Blanca Rivero of Cervera Real Estate

Least expensive 

One Thousand Venetian #302, Miami Beach | 268 days on market | $972k | $484 psf | Listing agent: Patrick Vysata of One Sotheby’s International Realty

Most days on market

One Thousand Venetian #302, Miami Beach | 268 days on market | $972k | $484 psf | Listing agent: Patrick Vysata of One Sotheby’s International Realty

Least days on market

La Gorce Palace #1601, Miami Beach | 76 days on market | $1.1M | $647 psf | Listing agent: Marilina Apfelbaum of Beachfront Realty

Trump Organization launches budget hotel chain “American Idea”

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From left: Donald Trump Jr. and Eric Trump (credit: Getty)

From TRD New York: The Trump Organization plans to launch a budget hotel chain that will first target areas of the country that favored President Trump during the presidential election.

American Idea, a three-star hotel chain, will debut in Mississippi and will partner with Chawla Hotels, another chain based in the state, the New York Times reported. Trump met the company’s co-owner, Suresh Chawla, during a campaign stop in Jackson, Mississippi, last summer.

The new hotel chain will feature American-themed items like an old Coca-Cola machine and will be a distinct departure for the Trump Organization, which has built up its reputation as a luxury brand. The Trump Organization will not own the hotels but license them to business partners, who will pay royalties and other fees.

The new chain follows the Trump Organization’s promise to embark on new deals in the United States and reflects Trump’s campaign slogan, “America first.” Eric Danziger, the chief executive of the Trump Organization’s hotels division, told the Times that the decision to launch the new hotel chain was not related to politics. President Trump’s name will not appear on the hotels.

Chawla is also partnering with the company on its other recently launched hotel brand, Scion. Trump has drawn considerable criticism for refusing to divest from his business. Though his sons now control the Trump Organization, the president remains financially invested in the business. [NYT] Kathryn Brenzel 

Topgolf scores development site near Dolphin Mall for $12M

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The Topgolf facility in Jacksonville

Industrial giant Prologis just sold a site west of Dolphin Mall to Topgolf USA for $11.7 million, property records show.

It will mark the second South Florida location for Topgolf, a Dallas, Texas-based sports entertainment company. Its Miami Gardens facility is under construction.

AMB Codina Beacon Lakes LLC sold a portion of land within the Prologis Beacon Lakes industrial park in northwest Miami-Dade County to Topgolf USA Doral LLC. The Prologis subsidiary submitted plans to the county earlier this year for a 65,000-square-foot Topgolf at the retail portion of Beacon Lakes, the South Florida Business Journal reported.

Topgolf facilities typically feature three-story entertainment complexes with a driving range, restaurant and bar. The golf balls used by patrons are microchipped so statistics like range can be tracked and translated into points for games.

The sports entertainment complex will be part of the 495,000-square-foot Shops at Beacon Lakes. Prologis announced recently that it was selling land to Stiles Corp. to develop the retail component of the industrial park, where tenants include Amazon, UPS and Ryder System, Inc.

NBCUniversal Telemundo Enterprises is also building a $250 million headquarters at Beacon Lakes.

Topgolf’s Miami Gardens location is expected to open by the end of the year.

Assisted living center in West Miami sells for $7.8M

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5890 Southwest 8th Street

Pointe North Gables, an assisted living center in West Miami, has just sold for $7.8 million to Hallandale-based Hernandez Family Ventures.

Records show the three-story building at 5890 Southwest 8th Street holds 94 units. West Gables Holdings sold the 34,232-square-foot building for $228 per square foot to Pointe Real Estate, an affiliate of Hernandez Family Ventures. The family-owned company is led by Alain Hernandez, Andy Hernandez and Chantel Hernandez.

West Gables Holdings bought the center in 2013 for $5.8 million or $169 per square foot. Records show it was built in 1966.

Records also indicate Pointe Real Estate took out a $5.46 million mortgage from Floridian Community Bank.

West Miami is south of the airport and just northwest of Coral Gables. It’s also home to Senator Marco Rubio.

Commercial properties in West Miami have been selling recently. The nearby Soleste West Gables apartment complex, at 2101 Ludlam Road, sold for $57.4 million to a Chicago-based investment and property management firm in August. Estate Investments Group, Fortune Capital Partners and Mattoni Group were the sellers.

Last month, Publix closed on the purchase in West Miami for $23.2 million. A CVS-leased building, also in West Miami, traded hands in July for $12.5 million.

ASRR Capital teams up with Israeli partners to buy Surfside site for $8.8M

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The site at 8800 Collins Avenue with Tzachi Hagag on left, and Alex Sapir

ASRR Capital Ltd., the publicly-traded Israeli company led by New York real estate moguls Alex Sapir and Rotem Rosen, is paying $8.8 million for a development site in Surfside in a joint venture with partners, The Real Deal has learned.

ASRR Capital and its partners, Tzachi Hagag and Eyal Ben-Yosef, are buying the 28,369-square-foot lot at 8800 Collins Avenue, according to an announcement on the Tel Aviv Stock Exchange. ASRR is taking a 35 percent stake. Hagag, who is CEO of the publicly-traded Hagag Group, one of the largest development firms in Israel, will also have a 35 percent stake, and Ben-Yosef, who is partnering with ASRR on another Surfside project, will have a 30 percent stake, according to the announcement.

The partners plan to build an 86,000-square-foot residential building with 30 condo units and 52 parking spaces, at an expected cost of $30 million, according to the announcement. The site, which runs from Collins Avenue to Harding Avenue, is close to Surfside’s Veterans Park and Tennis Center and across the street from Terra Group’s planned oceanfront condo development Eighty Seven Park.

The seller is 8809 Harding Development LLC, property records show. Developers Leonardo Ambard and Salvador Di Lodovico had previously planned a luxury condo project on the site, to be called 88 Hundred Collins. They had launched sales for the 28-unit project in October 2016.

For ASRR Capital, the project will marks its second in Surfside. The company made its first foray into South Florida in 2015 when it paid $40 million for an oceanfront building (that has since been torn down) on a Surfside site at 8955 Collins Avenue. ASRR is partnering with Turkish businesswoman Ozlem Onal to develop a 12-story, 16-unit luxury condo tower on the property, be called ARTE by Antonio Citterio. It will mark the prominent architect Citterio’s first project in the United States.

A joint venture between Miami-based John Moriarty & Associates and the French construction firm Bouygue Group will build the project for ASRR Capital and Onal, whose family owns the Turkish luxury hotel chain Dedeman Hotels & Resorts, which operates 16 hotels in Turkey, Russia and Kazakhstan. In March, the partners closed on a $90 million construction loan.

“Surfside has become the Riviera of Miami, where all the high-end brands are,” Rosen told TRD. Other recently completed luxury projects in Surfside include the recently completed Fendi Château Residences and the Four Seasons Residences at the Surf Club.

ASRR Capital also just closed on its $33 million purchase of land in Miami’s Arts & Entertainment district, on Second Avenue between 17th and 18th streets, together with Chinese construction company CNBM International, based in Beijing, and G-Resources Group, a Hong Kong-based publicly traded company. The partners plan to develop a 1.7 million-square-foot mixed-use residential, retail, and office complex, with two towers of 60 stories and 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000 square feet of office space.

Chava Gourarie contributed reporting.


Related, 13th Floor and Key International close $115M construction loan for Hyde Beach House Hollywood

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Rendering of Hyde Beach House. Inset: Jorge Perez

The Related Group, 13th Floor Investments and Key International just closed on a $115 million construction loan for Hyde Beach House in Hollywood, property records show.

The developers secured the financing in an increasingly tight lending environment for condo construction in South Florida. Guggenheim Corporate Funding LLC, an affiliate of the New York-based investment and advisory firm Guggenheim Partners, is the lender. Related’s 4000 South Ocean Property Owner LLLP is the borrower.

Related Vice President Eric Fordin told The Real Deal in December that the developer was in talks with a lender to close on a loan exceeding $100 million for the project, a 265-resort-condo unit and 77-condo project at 4000 South Ocean Drive. It was about 70 percent sold at the time with prices ranging from $590,000 to $1.3 million. Related Realty is handling sales. The Miami-based developer could not immediately be reached for comment.

The project launched sales in July 2015.

The 41-story building is being designed by Cohen, Freedman, Encinosa & Assoc. Architects, with interiors by Brazilian designer Debora Aguilar. Amenities will include a beach club, pool deck, restaurant, indoor racquetball court, outdoor theater and more. Owners of resort units can use their units 150 days out of the year, while condo owners will have unrestricted use of their units. The deposit structure includes 10 percent at reservation, 10 percent at contract, 20 percent at groundbreaking, 10 percent at top-off and the remaining 50 percent at closing, according to a fact sheet.

The developer bought the 2.4-acre site out of foreclosure in 2015, property records show.

Related has zeroed in on Hollywood Beach with Hyde Beach House and Hyde Resort & Residences, which together are valued at a combined $620 million. Related, co-developer Fortune International Group and Sbe hosted a grand opening of Hyde Resort earlier this year, complete with a performance by the Gipsy Kings and a live-streamed demolition of the Hyde Beach House site. Hyde Resort, which is across the street at 4111 South Ocean Drive, fronts the beach.

Repossessed Concourse Towers in West Palm Beach sold for $13.8 M

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2000 and 2090 Palm Beach Lakes Boulevard (Credit: Friedman Integrated Real Estate Solutions)

Concourse Towers in West Palm Beach just sold for $13.81 million to 2000-2090 Palm Beach Lakes LLC, led by Carlos G. Morrison and Thomas J. Morrison, according to Real Capital Analytics.

The two 10-story office buildings at 2000 and 2090 Palm Beach Lakes Boulevard total 130,680 square feet, records show. The sale price breaks down to $92 per square foot.

The towers were repossessed by a commercial mortgage-backed securities trust as collateral from borrower 2000 PBL Venture, in 2013, according to RCA. BACM 2005-3 Deaderick Office LLC, an affiliate of the CMBS trust with LNR Partners were the sellers.

Property records show 2000 PBL Venture bought the towers just west of the exit to I-95, for $7.3 million in 1996. They were built in 1979 and 1981.

In March, New York-based Related Cos. proposed a 25-story waterfront office building in West Palm Beach following the city’s rejection of a 30-story version of the project.

A recent real estate development and investment forum in West Palm Beach pointed out the county’s lack of available commercial space and traffic problems.

Miami-Dade approves $9M land sale to Miami Beckham United

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New rendering of the soccer stadium. Inset: David Beckham

David Beckham can jump into the next phase of his soccer franchise dream now that he has the land to build a stadium in Miami’s urban core.

On Tuesday, the Miami-Dade County Commission voted 9-4 to sell nearly 3 acres in Overtown to Miami Beckham United to complete an assemblage that also includes 6 privately owned acres the group paid $19 million for last year.

“Now is the time for MLS to move forward in helping us deliver the soccer club that Miami has been waiting for,” Miami Beckham said in a statement. “We look forward to working with the Miami community to bring our vision for the neighborhood to life.”

Beckham has the next 60 days to finalize a deal with MLS for his Miami franchise, which includes league approval of the stadium site, the ownership team and financing. “We need time,” Beckham attorney Neisen Kasdin told commissioners. “We now have control of the property, which is a critical element.”

The closing for the land sale is at least two months away. Beckham agreed to pay $9 million, of which $4 million would be paid over four years at a 5 percent interest rate after an initial $5 million at closing.

Miami-Dade Mayor Carlos Gimenez, chief architect of the sale agreement, hailed the vote as the conclusion to a “lengthy, difficult, but necessary” process to ensure county taxpayers were properly compensated.

“I firmly believe that the sale of this property, as well as the subsequent soccer stadium, will leave a lasting positive impact on the community,” Gimenez said in a statement. “I can also assure the residents of Miami-Dade County – particularly residents of Overtown and Spring Garden – that this is unlike any previous agreement.”

Since the agreement between Beckham and Gimenez was announced in early May, Overtown and Spring Garden residents have expressed skepticism about a soccer stadium in their backyard – citing the lack of parking, potential for traffic gridlock and questioning the promise of 50 permanent jobs.

During the commission meeting, some Spring Gardens homeowners also criticized the terms of the sale. For instance, resident Charlie Hand questioned why the county’s sale price was $68 per square foot when Beckham paid roughly $300 a square foot for the privately owned acres next door last year.

“If someone came along and paid $300,000 for the lot next to my home and then came and offered me $200,000 for my house, I would tell them to pound sand,” Hand said. “[Beckham United] comes in and gets a sweet deal.”

Miami activist Bruce Matheson also blasted the sale price per square foot. “The county’s discounted sales price amounts to a $4 million subsidy to [Beckham United],” Matheson said. “Taxpayers deserve the same price per square foot that the previous owners of the adjoining land sold it for.”

Commissioner Jean Monestime, one of the four “no” votes, said he did not like the terms of the contract, either. “This is a deal [Beckham United] could have paid all cash for,” Monestime said. “I feel the organization has not felt the incentive into making a commitment to invest here. Or maybe it is a transaction in transition until other partners come to purchase the team and the stadium.”

Florida East Coast Industries CEO Vince Signorello steps down

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Vince Signorello

Florida East Coast Industries President and CEO Vince Signorello resigned from his position on Tuesday with plans to launch his own real estate investment and development firm.

Signorello left FECI as the company wraps up construction of its Brightline stations and rail service from Miami to West Palm Beach. He led the Coral Gables-based real estate, transportation and infrastructure company for nine years.

“This transition will give me a chance to focus on what I love the most: raising and deploying capital, working directly with investors and partners, and building teams capable of creating transformative real estate projects,” he said in a statement.

Signorello was at the helm of the planned Brightline project, a $3 billion express-train service. It’s scheduled to start service between Fort Lauderdale and West Palm Beach in “late summer” of this year, and will offer express service, traveling at an average of 80 miles per hour between Miami and Orlando. After the first trains begin running between Fort Lauderdale and West Palm Beach, service will begin to Miami. The Orlando route and station have been delayed due to litigation.

FECI is owned by funds managed by Fortress Investment Group. Signorello joined FECI from Fortress, where he led investment in the company.

FECI said in a statement that Signorello will lead a new partnership to “develop certain assets of FECI.”

Dave Howard, CEO of Brightline Trains, Mike Reininger, executive vice president of FECI and director of Brightline Development, and Bruce Snyder, CFO of FECI, will continue to lead the company.

In November, Signorello spoke out against the glut of luxury condo development in downtown Miami. “When the conversation is about development and all the wonderful things happening, it seems we are talking about the movie we want Miami to be, rather than the Miami we actually live in … If we are honest with ourselves, I am not not sure Miami gets a high grade in affordability and creating a place where everybody can enjoy this incredible environment,” he said.

Signorello was not immediately available for comment.

French bistro Le Piment opening in Miami Beach’s South-of-Fifth

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864 Commerce Street and Noah Fox

UPDATED June 6, 11:30 p.m.: Le Piment, a French bistro with two locations in St. Barts, is opening an eatery in Miami Beach’s South-of-Fifth neighborhood, The Real Deal has learned.

The restaurant has signed a lease for 864 Commerce Street, broker Noah Fox of Koniver Stern Group told TRD. Fox represented the landlord, Commerce Street Offices LLC, which is led by his father Nelson Fox, as registered agent, and partners Fox Irrevocable Trust, Koniver Stern 401K and RonRuss Partners, which is linked to Russell Galbut’s Crescent Heights, records show.

Alex Noyer of Coldwell Banker represented the tenant. He said his clients had been looking for a site for four months, first in Sunset Harbour, before he introduced them to South-of-Fifth.

The 1,250-square-foot property is a small, standalone cottage that was formerly used as an office building, Fox said. The restaurant is now building out the space with plans to open in time for Art Basel Miami Beach. Both Fox and Noyer declined to disclose lease terms.

The bistro will be the restaurant’s first in the United States, said Fox, who visited Le Piment in St. Barts. A representative from the ownership group did not immediately respond to a request for comment.

“It’s a friendly neighborhood bistro,” Fox said. “It will be a nice addition to the neighborhood.”

Alex Noyer

The restaurant will serve breakfast through dinner, with moderate prices, Noyer said.

“It will be a  French gastropub with modern, Euro-friendly design, something very relaxed, not fancy, he said.

The South-of-Fifth neighborhood is being transformed with new boutique condo projects, including Mast Capital’s Louver House, JMH Development’s Three Hundred Collins and Terra Group’s Glass.

Other new restaurants in the South-of-Fifth neighborhood include Forte Dei Marmi at 150 Ocean Drive, and Bakehouse Brasserie at 808 First Street.

School’s out: Portland academic investment group closes $38M loan

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Clockwise from top left: Championship Academy of Distinction Davie Campus, Plantation – Renaissance Charter School, the Coral Springs – Imagine School, Imagine At South Vero, and Charter School Capital CEO Stuart Ellis

Charter School Capital, an academic investment group based in Portland, just took out a $38.2 million mortgage for two charter schools it owns in Broward County.

KeyBank provided the financing for Champion Academy of Distinction at 3367 North University Drive in Davie and Renaissance Charter School at 6701 West Sunrise Boulevard in Plantation, according to property records.

Three affiliates of Charter School Capital took out separate mortgages. AEP Charter Champion Academy LLC borrowed $8.4 million, AEP Charter Renaissance Plantation LLC took out $14.6 million, and AEP Charter Imagine Broward LLC, which owns Imagine Charter School at Broward in Coral Springs, closed on $15.2 million.

The schools were previously acquired from two local real estate companies, MG3 Development Group and ESJ Capital Partners, along with three other schools in Riverview, Coral Springs and Vero Beach for $71.7 million, last year. The portfolio encompassed 295,992 square feet spread across the five schools.

Charter schools have received more attention as of late on a national level, which could translate to more demand on a real estate level. Though they’re publicly funded, charter schools still have to pay rent if they don’t own their facilities — translating to steady income for investors like Charter School Capital.

Notably, the W.P. Carey investment trust bought a Broward County preparatory school for $68.6 million in June as part of a larger $167 million deal to acquire three U.S. private academies.

TRD’s top stories: ASRR plans two-tower complex at A&E site in Miami, Monad Terrace restructuring is financing … & more


CRE execs debate whether this is a different real estate cycle

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From left: Nicholas Seidenberg, David Durning, Reid Liffmann, Dennis Schuh, Robert White and Michael Quinn (Credit: Will Parker for The Real Deal)

From TRD New York: Top commercial real estate executives gathered at the Marriott Marquis hotel in Washington, D.C. to discuss how the current real estate cycle differs from the late stages of the last cycle just before the global financial crisis.

The panelists at the Commercial Real Estate Finance Council’s annual conference on Tuesday were David Durning, president and CEO of PGIM Real Estate Finance; Reid Liffmann, managing director of Angelo, Gordon & Co.; Dennis Schuh, chief originations officer at Starwood Property Trust; Real Capital Analytics’ Robert White; and Annaly Capital Management’s Michael Quinn. Eastdil Secured’s Nicholas Seidenberg led the discussion.

Because of CREFC’s restrictive media policy, the quotes and statements cannot be attributed to the panelists, who are treated as off-the-record anonymous sources.

According to one panelist, there are key differences between the current cycle and the prior one, notably that there’s less volatility and less opportunistic investing this time around. In this cycle, there is still some room for expansion, the panelist said.

Another panelist said that, as with the last cycle, whatever finally signals the end of the road is not likely to be obvious or expected. The probability of making mistakes is now higher in the current part of the cycle, he said, citing overambitious price expectations in Class B multifamily properties, one of the same mistakes he said he saw in 2007.

All of the panelists said that the current cycle would be over within five years, with one speaker expressing optimism that there were still a few strong years left. He said there’s been too much pessimism that belies the reality that pricing is still strong. And despite capital controls on wealth fleeing China, there’s been no notable drop in Asian investment in U.S. real estate so far, he said.

Another sign that the current cycle is different than the last is the crowding in the debt market, panelists said. Mezzanine lending, for example, is an increasingly stocked field, as more equity investors move into doing debt deals.

Perhaps the biggest difference between the two cycles, panelists said, is how the real estate finance industry has adjusted to what happened last time. Today, banks are less leveraged and newer regulations — like those restricting high volatility commercial real estate — make for more conservative lending practices.

The last cycle was marked by cheap and easy credit and that’s not how things work this time around, one panelist noted.

As for how close we are to the end of this cycle, only one panelist said it was basically already over. Like many a financier before him, the speaker opted for a baseball metaphor: The cycle is in extra innings, and a single run could end the game.

Rockefeller Group, Stiles sell Amaray Las Olas in Fort Lauderdale for $134M

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Amaray Las Olas

A joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas, a new luxury rental tower in downtown Fort Lauderdale, for $133.55 million. The buyer is managed by Boston-based GID, a real estate developer, property management and acquisition firm.

Property records show Rock-French Quarter LLC sold the 30-story, 254-unit apartment building at 215 Southeast Eighth Avenue to Amaray Las Olas by Windsor LLC. The GID affiliate financed the deal with a $65 million mortgage from TIAA.

The tower hit the market in January with Cushman & Wakefield’s Robert Given, Zach Sackley, Troy Ballard and Neal Victor. Given said at the time that the property could sell for upwards of $150 million, citing comparable properties in cities like Washington, D.C., Boston and Chicago that have been trading for $500,000 to $700,000 per unit.

At $133.55 million, Amaray sold for nearly $526,000 per apartment. It could eventually be converted to condos.

Cushman’s Robert Kaplan, Chris Lentz and Mark Rutherford arranged the mortgage for GID, according to a press release.

New York-based Rockefeller and Fort Lauderdale-based Stiles developed the building on a non-waterfront 1.25-acre site. It opened to residents in April of last year, and was 97 percent leased as of January with units renting for an average of nearly $3,500 per month.

Amenities include a rooftop pool deck with a hot tub and private cabanas, an entertaining pavilion with gas grills, a gym area with saunas and massage treatment rooms, a clubroom with catering kitchen, business center, a dog run and a dog wash.

Amaray is a block away from Las Olas Boulevard where new developments include Las Olas Place, a two-story, 30,000-square-foot retail and office building across the street from American Social; and west of the shops, the Related Group’s Icon Las Olas. The Comras Company’s Michael Comras and Jeff Evans were hired by three major property owners last year to handle leasing of the 250,000-square-foot, four-block stretch of the boulevard.

In South Florida, GID also owns the Windsor at Miramar, a 348-unit apartment complex and co-owns the Mirador at Doral.

In all, GID has at least 76 multifamily properties totaling roughly 21,500 apartment homes in 13 states in its portfolio. The firm also owns 2.7 million square feet of industrial space, is building multifamily in Brazil and India, and has its own hedge fund management affiliate, according to its website.

New renderings of Muse, Paramount Miami Worldcenter and more

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The developers of two condo buildings under construction in South Florida and the new owner of a downtown Miami office tower just released new renderings of their projects.

Paramount Miami Worldcenter, a 60-story, 562-unit tower, unveiled its penthouse collection of 26 units priced from $3.5 million to $9.5 million. The collection includes 18 single-story units and eight two-story condos ranging from 3,500 square feet to more than 6,000 square feet. The penthouses will be part of the four-story Skydeck with a lounge, sunrise pool, observatory, infinity pool, sundeck and Tai Chi deck.

Developer Dan Kodsi secured a $285 million construction loan for the tower earlier this year and plans to deliver the building in 2019. It’s about 65 percent presold, a spokesperson said.

East End Capital unveiled a new look and name for the New World Tower in downtown Miami. Now called 100 Biscayne, East End plans to spend more than $10 million to replace the façade, build a new lobby, renovate common spaces and bathrooms, install fiber connectivity, and add an amenity space, among other improvements.

Zyscovich Architects is handling the design of the lobby and façade, while MKDA is working on interiors. Gordon Messinger of Cushman & Wakefield is handling leasing.

The Witkoff Group, Panther Capital Management and Highgate sold the 30-story tower at 100 Biscayne Boulevard to East End in October for $84 million.

Pre-built offices, hallways and bathrooms have been completed with the other renovations expected to begin toward the end of this summer.

Property Markets Group and S2 Development released new renderings of Muse Residences, a 68-unit, 49-story tower under construction in Sunny Isles Beach.

The developers are showcasing new images of the fitness center, sauna room and pool and cabana areas ahead of its 2018 opening.

Architect Carlos Ott along with Sieger Suarez Architects designed the building at 17141 Collins Avenue. Amenities will include a beach-level pool deck, a gym on the third floor, sauna, children’s play room, a “farm to table” lounge for residents, outdoor pool cafe and pet services.

Antrobus & Ramirez is designing the interiors of the common areas, and Troy Dean Interiors will handle the units’ interiors. Custom artwork by Helidon Xhixha is also available to residents.

PMG could not immediately be reached for comment for a sales update. Muse was about 75 percent presold in March, with units asking $4.8 million to $17.5 million.

International Boat Show will stay in Fort Lauderdale, plans for Bahia Mar redevelopment may progress

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A rendering of the project

The Fort Lauderdale International Boat Show is set to remain at the Bahia Mar resort through 2050.

The announcement from the Marine Industries Association of South Florida for the boat show’s 30-year lease extension on Tuesday also prompted city commissioners to cast votes allowing developer Jimmy Tate and Rahn Bahia Mar LLC to submit a new proposal to redevelop the site, according to a report from the Sun-Sentinel.

The boat show brings in significant funds to Fort Lauderdale, about $850 million to the city annually.

Preliminary plans for the redeveloped property and 39-acre marina would include replacing the existing hotel and adding seven, 11-story apartment buildings, surrounding dock space, and restaurants — not to mention a small fishing village. The city said that it would not accept just any proposal, and even if Rahn Bahia Mar receives approval, Tate will have to renegotiate the terms of his 46-year lease on the city property, according to the Sun-Sentinel.

The low-lying buildings are a scaled-down version of Tate’s original 39-story tower proposal. But, even the scaled-down plans have been met with opposition from residents who disapprove of a 651-unit apartment development and 250-room hotel on city-owned, Tate-leased land.

In April, Tate explained the Fort Lauderdale project to The Real Deal. ““It’s phased so [the investment is] fairly significant. Between the 650 residential units and the commercial and the hotel, it’s probably, from an investment standpoint, $500 [million], $600 million,” Tate said in a video interview at TRD‘s Third Annual Broward Real Estate Showcase & Forum. “If we sell the condos, you’re talking a billion and a half, $2 billion.”

The vote was 4-1 from the city commissioners for redevelopment proposals for Bahia Mar. The oppositional commissioner Romney Rodgers told the Sun-Sentinel that he didn’t have enough information to feel comfortable in casting a supporting vote. [SunSentinel]  — Grace Guarnieri

Miami board approves Miami Women’s Club outdoor restaurant and rooftop lounge

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Rendering of Miami Women’s Club

Two years after signing a deal with the Heafey Group to restore the Miami Women’s Club to its original luster, club leaders are moving forward with their renovation plans to turn the historic waterfront property into a restaurant and lounge space.

Miami’s Historic and Environmental Preservation Board on Tuesday unanimously approved MWC Development’s request for several waivers needed for the restoration, according to the property owner’s attorney Vicky Leiva. The board had previously approved plans for the restaurant and lounge use on Sept. 9, 2016. The building was originally completed in 1930 and is located at 1737 North Bayshore Drive, next door to Margaret Pace Park. The U-shaped Mediterranean Revival-style building is listed on the National Register of Historic Places.

The waivers will allow Miami Women’s Club to build an outdoor lounge consisting of an 18-inch wood deck along the rear of the property facing Biscayne Bay, and a 13-foot high wall to conceal cooling towers, as well as allow vehicle entry from North Bayshore Drive. The rooftop lounge would be built on the sixth floor.

“I have been trying to get an upscale [restaurant] in there for the last 10 years,” Women’s Club member Dolly MacIntyre told the board. “I am so delighted this is going on. I urge you do to whatever you can to expedite this process.”

In June 2015, Miami Women’s Club approved a 90-year lease with the Quebec-based Heafey Group to reinvent the building into a restaurant and lounge. Heafey agreed to finish roughly $8 million of renovation work and provided a loan to pay off a $350,000 judgment against the club, according to published reports.

In a memo to the board, Miami’s interim preservation officer Efren Nuñez said the waivers would allow Miami Women’s Club to create an adaptive reuse of the historic building and provide a “unique restaurant” for the general public.

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