Coconut Grove is rapidly morphing into the city’s newest billionaire enclave, fueled by a wave of nine-figure real estate deals.
The loan will fund One West Twelve Residences (One W12), a 22-story development with 372 units planned at 105 Northwest Eleventh Terrace. The short-term-rental-friendly condo project will feature a mix of studio and one-bedroom condominiums, along with a limited number of townhouse-style units.
The Miami City Commission offcials are considering proposals to transfer city-owned land at no cost and provide millions of dollars in financial incentives to two developers planning affordable housing projects in Little Havana.
The company plans to invest more than $100 million in restoring the property.
Once known more for agriculture than housing, the Homestead area and surrounding parts of South Dade. are seeing a surge in development activity as land availability in Miami-Dade County continues to shrink.
The 5,875-square-foot building, constructed in 2014 on a 5,000-square-foot lot, previously sold for $21.5 million in 2016, reflecting a solid gain in value.
Miami city commissioners are scheduled to vote on a deal that would allow PAMM to continue running the billboard in exchange for at least $500,000 in annual payments to the city and compliance with new restrictions on brightness and operating hours. If approved, the agreement would end a long-standing legal dispute and preserve the high-profile sign.
While a rate cut would reduce borrowing costs and may jumpstart some transactions, industry professionals caution that it’s just one component of a complex financial equation.
The joint venture intends to transform the existing condo building located in South Beach into a luxury residential tower overlooking Biscayne Bay.
If finalized, this would mark the largest office sale in South Florida so far this year.