The art exhibition that started in Switzerland in 1970 and has spread around the world, becoming one of Miami Beach’s most important yearly events, is coming back to the city with “robust measures to create a safe fair environment.”
Residential construction starts up 240%, nonresidential up 245%.
As more frequent and more intense storms bring destruction, they also present us with a chance to modernize.
Foreign investment in the U.S. may have slowed down during the coronavirus pandemic, but it didn’t disappear, and it’s been growing since international travel picked up, Miami real estate experts say.
While COVID may be a catalyst, core reasons for businesses coming to South Florida remain solid: access, taxes and lifestyle. CLICK ON THE HEADLINE FOR MORE
Ven-American Real Estate is exclusively representing an entire 32,000-square-foot industrial building for sale within a 3-building, Class A industrial park located at 2401 SW 145 Avenue in Miramar, Florida.
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The building, one of 3 buildings within Monarch Commerce Center, features a ±6,000-square-foot premium office space including conference rooms and a lounge; an additional ±6,000-square-foot mezzanine; 24’ clear height, racked warehouse space; a rear-loaded dock high and 7 loading doors; heavy 3-phase power; fire sprinklers and impact windows.
Andrew Kruss, Director of Commercial Services for Ven-American Real Estate, will lead leasing efforts.
Ideally positioned just North of Miramar Parkway and just East of I-75, Monarch Commerce Center is located within 30 minutes of Miami International Airport, Fort Lauderdale-Hollywood Int’l Airport and Port Everglades.
Contact Andrew Kruss, Owner/Agent
Ven-American Real Estate, Inc.
305.496.2950
When iconic brands shake hands with real estate developers, there’s no limit to what they can achieve.
The Related Group and Dezer Development partnered with fashion designer Giorgio Armani, architecture firm Pelli Clarke Pelli and Swiss landscape architecture firm Enzo Enea to build Residences by Armani/Casa, a 308-unit luxury tower on the sands of Sunny Isles Beach in Miami. Recently, the developers paid off a $315 million construction loan to Wells Fargo and the 56-story building is nearing its planned $1 billion sellout.
Residences by Armani/Casa received its temporary certificate of occupancy and the first residents are ready to move into what the developers call a building that radiates opulence. Units range between 1,800 and 6,000 square feet, with prices starting at $2.9 million and going as high as $17 million. In an interview with Multi-Housing News, The Related Group Executive Vice President Jon Paul Perez and Dezer Development President Gil Dezer reveal details about the ultra-luxury condo project and their collaboration with the iconic brands.
M-HN: What’s the vision behind this project?
Perez: This building is the perfect combination of high fashion and five-star services and amenities, allowing homeowners to be immersed in luxury and enjoy ease of living. Our vision was to deliver a product that not only resonates with admirers of the Armani brand, but wows buyers with something they’ve never seen before and serves as an exemplar in the condo market.
M-HN: What is the current status of the development?
Perez: The project is now complete and move-in ready. Most of our homeowners are currently building out their units and we will also be offering turnkey residences later this spring.
M-HN: What features set Residences by Armani apart from other Miami developments?
Perez: The amenity spaces cover 35,000 square feet and are easily among the project’s most remarkable qualities. They sprawl two full floors and are entirely designed and furnished by the Armani/Casa Interior Design Studio, helmed by Giorgio Armani himself. Each area radiates opulence, from the Privé lounge on the lobby level, to the two-story spa with indoor and outdoor treatment rooms. Other standout common spaces include a private bar and restaurant, a state-of-the-art fitness center with yoga and Pilates, a club-inspired game room with billiards, dedicated children’s room, old Hollywood-inspired movie theater, private cigar room, temperature-controlled wine cellar and more.
M-HN: Tell us about the most challenging aspects of the development.
Perez: Designing a project of this caliber involved ensuring every intricate detail upholds the standard and quality that the Armani brand and both development teams embody. Achieving the level of precision and luxury we set out for was no easy feat, from the custom grand doors that just barely graze the ceiling to the Italian-imported fabric wall coverings in lieu of wallpaper. Finally seeing it come to fruition was an extremely proud moment for all teams involved.
M-HN: Residences by Armani/Casa is now debt free. What can you tell us about financing such a project?
Perez: This is a tremendous milestone for our team and is a key indicator of the project’s rapid sales success so far. Paying off this loan so quickly is not only unique, but it also shows the importance of a harmonious partnership, from developers to designers.
M-HN: The property recently received its temporary certificate of occupancy. How did that impact sales?
Dezer: Now that the building is tangible and our buyers and prospective buyers can physically tour the building and see the quality, we’ve seen a huge wave of sales from the U.S. and across the globe. We’re nearing 90 percent and we’re on track toward the planned $1 billion sellout.
M-HN: This project is among the last by Argentinian architect Cesar Pelli, the mastermind behind iconic buildings around the world. Tell us about the features of the tower that best illustrate Pelli’s architecture and design style.
Dezer: Cesar Pelli and his firm are renowned for their skyscraper designs and for creating distinct structures that stand out among the skyline. This is the first feature at Residences by Armani/Casa that screams Cesar Pelli. The others are the tower’s glassy and silky form and the glass façade designed to blend into the ocean below. Pelli is known for his striking works, which seamlessly integrate into their surroundings.
M-HN: How do you expect this project to impact the Miami condo market as a whole?
Dezer: The success of Residences by Armani/Casa and our Porsche Design Tower demonstrate that luxury branded developments do help differentiate from other luxury offerings on the market. Buyers, particularly in this market, have increasingly high standards of design and leisure.
M-HN: What other distinctive projects is Dezer Development pursuing?
Dezer: We’re very bullish on Sunny Isles Beach. In fact, we just got approvals to build what could be the tallest tower in Sunny Isles Beach. We are also working on plans for the Intracoastal Mall in North Miami Beach, but our main focus right now is to sell out the remaining units at Residences by Armani/Casa.
Source: Multi-Housing News
A large chunk of prime development land in downtown Miami could soon be put up for bid by the Miami-Dade School Board – and developers could build a mega-project there, according to the Herald.
The property has the potential to become “a new Brickell City Centre,” according to an official with the Omni CRA, an agency that is working with the School Board.
The School Board could eventually offer up to 10 acres to developers in a ground lease with the proceeds to fund education, as part of a “21-acre vision.”
Already, a deal is in place with Crescent Heights for an acre of land which the developer will combine with adjacent property to build twin 60-story towers with parking, residential, and offices for the School Board.
If the School Board does put its property out to bid, it could generate taxes for the CRA that would fund several now projects each with hundreds of affordable housing units.
A new building would be constructed for iPrep Academy at Northeast 19th Street, on city property next to the City Cemetery. School Board funding would pay for the school, with CRA funding for hundreds of elderly affordable housing on top.
Another project would be the rebuild of Phillis Wheatley Elementary near Overtown and Wynwood. Hundreds of affordbale housing units would also be built on top.
A School Board meeting is scheduled on whether to move forward with a possible deal. An Omni CRA presentation is also scheduled and open to the public.
Source: The Next Miami
Moishe Mana and the Mana Group plan a large-scale tech center, anchored by Flagler Street, for downtown Miami, representatives just told the Downtown Development Authority.
“Mana Tech will bring tech and venture capital companies into the city’s core very much at the direction of Moishe Mana,” said Paul Lambert, managing principal of Lambert Advisory. “Flagler Street will be the center, and he plans to re-do the entire block.”
The area, bounded on the east and west by Southeast First and Southwest First avenues and on the north and south by Northwest Second and Southwest Second streets, will contain 11 buildings, most of which already exist and will be renovated.
“A pocket park will be adjacent to one building,” Mr. Lambert said.
The Mana Group, already a presence in Wynwood, began acquiring downtown buildings in 2014; it has been reported that Moishe Mana owns about 45 buildings near Flagler Street now.
“Permits will be pulled shortly to begin renovations, with the earliest of the buildings to be ready in the first quarter of 2021,” Mr. Lambert said.
“There is tech in Miami, but it is isolated, and it’s not working as one,” said Uri Adoni, Mana Tech managing director. “We want this whole area to be about tech, and not just local tech. We want to import start-ups, possibly from South America. Start-ups need services, and that’s what we will supply. Usually, these companies would be based in New York City, but Miami can be a target.”
“This really has the power to be transformative, based on the sheer assets and resources you’re deploying,” said authority board member Philippe Houdard, founding principal of Pipeline Workspaces and Skybank Financial. He asked whether the group has any firm commitments from potential tenants.
“We want a mix of tenants; it can be relatively young start-ups with 50 to 100 employees,” Mr. Adoni said. “We’ve also had initial talks with large corporate tenants, but I can’t say it’s mature yet. Give us any leads you have and we’ll filter them.”
“Flagler is the spine and nervous system of downtown,” said Ken Russell, authority chair and Miami commissioner. “We’re setting the table” with the renovation of Flagler Street itself, which is to resume after the February Super Bowl. That project has been driven by the authority and is being funded by the city, the county, the authority and property owners.
“We want to help you recruit,” he told Mr. Adoni. “And we have a bank account that’s meant to do just that.”
Source: Miami Today
In the future, potential renters may visit available units, apply for leases and execute paperwork without ever seeing a human being.
That’s what PropTech investor John Helm is banking on. Helm is the managing director for Real Estate Technology Ventures (RET Ventures), an industry-backed early stage investor fund. He made his prediction of human-free leasing during a recent panel at the Urban Land Institute Miami fall symposium.
“Cutting leasing staff can significantly trim expenses for an apartment building,” said Helm. “But the savings won’t come from a single app. We tend to follow things and invest in companies that compliment one another.”
His team is investing in artificial intelligence companies that digitize the screening of a would-be renter online and allow that renter to schedule an appointment to tour the unit. RET Ventures is also investing in lock-and-entry technology using facial recognition software to give access to a person to tour an apartment.
“The ability to tour a home solo also correlates with higher closing rates,” said Helm. “Data shows that renters who tour units without human leasing agents are more likely to close.”
Panelist Tigre Wenrich, CEO of Lab Ventures Miami, is focusing on a different real estate sector: construction. Lab Ventures is investing in apps that monitor construction workers to simplify payroll and track progress. In addition, it has invested in Licify, a marketplace for the Latin American commercial construction industry.
LAB Miami Ventures is also investing in a 3D visualization product that will allow a prospective customer to see how an office or residential space might look when customized to the client’s wishes.
Source: Miami Herald