Miami Among Top U.S. Cities For Green Commercial Buildings

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Many Miami real estate investors are doing their part to ward off global warming and save energy as the city ranked high for green commercial real estate.

A new study by CBRE Group and Maastrict University ranked Miami ninth in the nation, with 19.4 percent of its commercial real estate certified as green. There are 79 buildings totaling 21 million square feet of office space with either U.S. Green Building Council LEED certification or Energy Star labels.

Given that South Florida would be among the first places in the nation to be swamped by sea level rise, that’s a helpful move.

“Miami was slow to embrace green building standards relative to cities like San Francisco and Manhattan, but has caught up quickly thanks in part to good public policy and buy-in from owners and investors who realize there is growing demand from tenants for more sustainable, energy efficient space,” said Patricia Nooney, LEED AP, who leads investor services for CBRE Florida, in a news release.

In fact, Miami’s municipal code requires all new private development over 50,000 square feet to achieve LEED Silver certification.

The study rated Minneapolis as the greenest city for commercial real estate, with 77 percent of buildings certified as green.

Since 2005, the number of LEED certified buildings has increased more than 1,000 percent nationwide.

Florida homeowners are also going green. A recent study by the USGCB ranked Florida seventh for the most LEED-certified homes, with 1,860. California was first, with 9,186.

 

Source: SFBJ

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‘Floating’ Parking Garage, 352 Residential Units, Proposed Above Historic Biscayne Boulevard Church

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Architect ADD Inc has prepared a creative plan to preserve the historic church at 1836 Biscayne Boulevard, while adding 352 residential units and a parking garage.

1836 Biscayne Boulevard - 2Under a proposal scheduled to be reviewed by Miami’s Historic and Environmental Preservation Board, the church would be restored and retrofitted to become hurricane-resistant. Instead of a place of worship, a grocer would occupy the space.

A 34-story residential tower would be built next to the church. ‘Floating’ above the former church would be a parking garage. In total, up to 480 parking spaces are planned.

Developer Fifteen Group paid $14.25 million for the property last year. R.J. Heisenbottle Architects is working alongside ADD Inc for the developer as a historic preservation consultant.

The church is directly across the street from Atlas Capital Group’s newly proposed 429-unit residential tower at 1900 Biscayne.

 

Source: The Next Miami

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Top 8 Predictions For Green CRE In 2015

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Several green building trends emerged over the past 12 months that will impact commercial real estate in the United States in 2015, according to Doug Lawrence, founder and managing principal of 5 Stone Green Capital—Bainbridge, an institutional real estate company.

Lawrence serves on the investment and natural resources committees of the University of Connecticut Foundation and the advisory board of Rutgers Business School.

Here’s what he foresees for emerging trends in green real estate in the year ahead.

1. Aging baby boomers and Gen X, Y and Z will continue to move to cities, requiring more affordable housing—and expecting it to be green.

CREPredictionNo1U.S. cities are growing faster than the suburbs. Baby boomers will need urban housing that supports their health and community needs, but so will the younger generations flocking to live in urban environments. As a policy matter, this means cities will be pressured to create housing that serves a wider range of income and age demographics. Affordable housing is likely to be the target of municipal agendas throughout the country.

Green multifamily really wins within this demand picture. The ability to reduce overall operating expenses through green technology, therefore also reducing occupancy costs for tenants, should improve residential affordability. Green multifamily properties featuring optimal health designs will become increasingly attractive. These would include better air filtration systems to reduce dust, pollen and airborne pathogens that may trigger asthma; more daylighting to improve natural vitamin D production; and antibacterial countertops and doorknobs.

Expect multifamily vacancy rates to continue to fall for affordable and seniors housing sub-sectors. Absorption rates will remain solid for new multifamily construction. The 18-to-34-year-olds seem psychologically predisposed to green housing and, thanks to tight lending standards and high student loan debt, this group will not be seeking single-family homes in the near future. Thus, multifamily demand looks pretty good for 2015, and green multifamily will be the likely winner with the younger generations.

2. The anti-climate-change voices will yell even louder.

CREPredictionNo2Some naysayers will stop arguing that there is no increase in carbon dioxide (CO2) in our atmosphere. Instead, they will argue that increasing CO2 is good for the global economy because CO2 is necessary to increase agriculture. Under this theory, more CO2 in the atmosphere would mean a golden age for crop production. Green real estate investors will continue to reduce their carbon footprint under the belief that doing so increases profitability and is good for the environment as well.

3. Renewable technology, particularly solar, will continue to fall in price and improve in efficiency.

CREPredictionNo3Solar panels that can convert up to 70 percent of the sun’s light spectrum into electricity (from gamma rays to X-rays) are already in beta testing. This could be a game-changer for real estate owners, especially in the multifamily and industrial sectors, as well as for those with properties in dense urban environments in high-cost electricity states.

The cost of solar energy could fall below that of fossil fuel-generated electricity per kilowatt hour, even with the drop in oil and/or gas prices. As technology improves, real estate managers will explore new ways to provide energy to tenants and users at more efficient prices.

4. Urban resiliency and climate change will become topics for deeper discussion among policy-makers.

CREPredictionNo4Following rising average sea levels in a wide range of American cities—from Los Angeles to Galveston, Texas to New York and Boston—and more frequent and more damaging storms, cities are becoming very focused on hardening essential infrastructure.

The real estate industry may see new building codes that emphasize sustainability, as well as resiliency.

5. Utilities companies and smart developers will form partnerships for distributed generation.

CREPredictionNo5It’s getting harder and harder to build new power plants, yet we have more people for whom to provide electricity; meanwhile, business demand for electricity is increasing as the economy strengthens. U.S. power plants are not only aged, but also use incredibly large amounts of fresh water for cooling. Moreover, some experts predict that as much as 10 percent of coal-fired electricity-generating plants in the United States may be shut down over the next few years. More demand, coupled with fewer production resources, may spur real estate owners and power companies into an alliance.

The concept of distributed generation, wherein solar-powered rooftops are used to create renewable energy that feeds the grid, will become more attractive. In this way, the utility company will gain a production source to feed growing demand without having to go through nightmarish public hearings to obtain the production increase. Meanwhile, the real estate owner may see a new revenue stream, or at least a reduction in energy consumption. All in all, partnerships between developers and utility companies may reduce overall operating expenses for garages, public areas, elevators and other electrical hot points.

6. The sharing economy will continue to grow.

CREPredictionNo6Sharing economy enterprises are thriving, particularly in urban markets. Think office sharing, or even Airbnb.com. These phenomena are no longer fads, and they are changing how we think about office space, hoteling and more.

Many experts assume that the more we share, the less stress we will have on the environment, but it may still be too early to tell whether that’s true.

7. Food production will become more urban and commercial buildings’ rooftops will increase in value.

CREPredictionNo7It’s becoming less profitable to truck a tomato from California to New York and, due to the increasing demand for locally-grown produce, the term “farm-to-table” has become embedded in our vocabulary. The demand for food that is grown without pesticides, fungicides or other chemicals is increasing. We already see grocers like Whole Foods establishing hydroponic farms on their rooftops. Such production reduces transportation costs and improves produce freshness and variety. Other grocers, including Safeway, have gone green by deploying solar arrays and other renewable energy technologies on their stores’ rooftops in order to reduce peak-demand electricity charges. Large rooftops will therefore continue to find new value as non-traditional tenants begin to use them in new ways.

8. Mortgage finance and insurance organizations will consider green standards.

CREPredictionNo8As the government-sponsored entities Freddie Mac and Fannie Mae continue reviewing and improving their standards for green buildings, other mainstream lenders and insurance companies will catch up with the trend. Insurance companies will see green buildings as a way to reduce risk. Lenders will potentially see lower volatility in net operating cash flows. As the capital markets go green, so will more building owners and investors.

The Dow Jones Sustainability Index is proving that green business outperforms the non-green Dow Jones Industrials Index. Green building will mimic that outperformance and, as a result, gain momentum in 2015.

 

Source: NREI

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Retail Development Site In Miami’s Edgewater Sells For $64M

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A retail development site in Miami’s Edgewater neighborhood traded for $64 million, or $200 per square foot, to a well-known businessman.

The 7.35-acre site at the northwest corner of Northeast 17th Street and Northeast Second Ave. was previously approved as Bayview Market with 653,659 square feet of retail, a 2,047-square-foot gym/spa and 24 apartments. The seller obtained approval in 2009 but didn’t start construction.

EdgewaterMiamiBayviewMarketBDB Miami LLC and 110 Avon, a partnership between Atlanta-based BDB Realty and Redwood Capital Investments, sold the property to Rebuild Miami-Edgewater, which is headed by Richard Meruelo. The deal included $34 million of seller financing.

Meruelo was the co-founder and chairman of EVOQ Properties, which was sold in 2014 to Atlas Capital Group and Square Mile Capital Management. EVOQ was one of the largest property owners in downtown Los Angeles. He’s also part of the Cuban American Meruelo family, which has owned the Deauville Beach Resort in Miami Beach for many years.

The deal was brokered by CBRE’s Gerard Yetming, Robert Given, Zachary Sackley, Casey Rosen, Dennis Carson and Tim Gifford.

CBRE said the site could be zoned for up to 3 million square feet of development. Edgewater has a host of new condo towers rising along Biscayne Bay.

“BDB Miami is the perfect canvas for a visionary developer,” Yetming said in a news release. “Population growth for the one-mile radius around this site is forecast at nearly 10 percent over the next five years. With this acquisition, the buyer has an opportunity to capitalize on all of the new energy associated with Miami’s most transformative commercial real estate development projects.”

 

Source: SFBJ

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Republican-Led Group Launches Ballot Petition To Boost Solar Power In Florida

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Backers of broader use of solar energy in Florida have quietly launched a petition for the 2016 ballot that would allow those who generate electricity from the sun to sell the power directly to other consumers.

If the measure passes, solar proponents argue that it would open up Florida’s solar energy market, which has largely stagnated for years. The measure would allow business or property owners to produce up to 2 megawatts of solar power and then sell that power directly to others, such as tenants, without having to go through a utility.

Under Florida law, only utilities can sell electricity directly to consumers, though solar proponents argue that 36 states allow the practice. By removing the utilities as middlemen, the argument goes, it could help spur solar as a clean-energy alternative.

Tory Perfetti of Tampa leads Conservatives for Energy Freedom

Tory Perfetti of Tampa leads Conservatives for Energy Freedom

Led by Republican Tory Perfetti, a Tampa resident and head of Conservatives for Energy Freedom, the effort is making for strange bedfellows.

Some Republicans, including the Republican Liberty Caucus of Tampa Bay, and Democrats are teaming up to support the initiative that they say is long overdue. Environmental groups are expected to join the effort at a press conference Jan. 14.

Under the political action committee Floridians for Solar Choice Inc., backers of the amendment criticize Florida utilities as having too much control over the Sunshine State’s power. “Floridians have a right to choose where they are going to have their energy coming from,” Perfetti said.

The group started its petition drive this week but plans to make a major push over the weekend and early next week. “I think the people understand that … the power companies have been running the show in Florida for too long,” said one supporter, Rep. Dwight Dudley, D-St. Petersburg. “I’m very excited and happy they’re doing it.”

The Florida Department of State approved the petition Dec. 23 without fanfare. Perfetti waited until after the holidays to begin circulating it.

Perfetti is working with Georgia tea party leader Debbie Dooley, who has pledged to push for more solar in Florida. Dooley has successfully pressed other regulators and policymakers for more solar in neighboring Georgia.

Dooley said the reason the solar efforts have been successful in Republican-dominated areas is that opening up the free market and giving people choice is a core conservative principle. “Conservatives will be out front on this to give Floridians choice and a voice,” Dooley said. “All too often, the only voice that is heard is the voice of these very powerful and deep-pocketed monopoly utilities.”

Scott McIntyre, president of the Florida Alliance for Renewable Energy and CEO of Solar Energy Management, said the issue was about free enterprise. Prohibiting the sale of electricity from solar power owners to consumers is “stopping the growth of solar power in Florida,” he said.

Floridians for Solar Choice has significant hurdles to overcome. First, the group must gain 683,149 signatures by Feb. 1, 2016, to get the initiative on the 2016 ballot. Then, the measure will need 60 percent support to pass. Advocates could face tough opposition from Florida’s utilities, which have opposed the proliferation of rooftop solar.

Utilities have argued that as more homeowners and business put solar on their rooftops, it puts more pressure on low-income and poor residents to pay to maintain power plants, power lines and other parts of the electric grid. Others counter that constantly building power plants hurts the poor more, and say the utilities simply are worried about losing revenue.

Tampa Electric spokeswoman Cherie Jacobs said the utility expects the solar petition to be one of “many energy policy proposals that will emerge over the next few months. We will evaluate the proposal and support the ones that are fair and beneficial to all customers.”

Duke Energy Florida also said it wants to ensure any proposal benefits all customers.

 

Source: Tampa Bay Times

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Euro’s Slide Generates Concerns For Miami Condo Market

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Will the recent free fall of the Euro hurt sales of new and existing condominium units in Miami?

Miami right now probably feels quite expensive compared to last year for returning international visitors who are armed with euros, the official currency of 19 countries in the European Union.

The current exchange rate to convert euros into U.S. dollars stood at about $1.178 on Thursday, following a steep drop in value resulting from a surprise monetary move this week by the Swiss Central Bank, according to the foreign exchange trading website OANDA.com.

Some currency watchers say Switzerland’s sudden maneuver to protect its currency, the franc, could send Western Europe’s primary currency plummeting against the dollar in the weeks and months ahead.

The current exchange rate is the weakest the euro has been against the dollar on the date of Jan. 15 since back in 2003 when the currency was worth about $1.055. In the more than a decade since the 2003 level, the euro has had a value ranging from between $1.265 and $1.485. A year ago on Jan. 15, 2014, a euro was worth $1.367, according to OANDA.com.

The dramatic drop in the euro means that everything in Miami, from hotel rooms to bottle service at nightclubs, and rental cars to condo purchases, now cost about 14 percent more than a year ago, according to OANDA.com. A deeper weakening of the euro could diminish Miami’s reputation as a cheap, must-see global destination for vacations, shopping sprees and real estate investments with Western European visitors.

For their part, Western Europeans are a key part of the crucial pool of international buyers purchasing real estate in South Florida, according to the 2014 Profile Of International Home Buyers In Florida report released in September by the Florida Realtors.

Buyers from Western Europe purchasing in South Florida accounted for 8 percent of all international sales in the Latin American-dominated Miami area, 18 percent in Fort Lauderdale and 24 percent in the Palm Beach area.

Statewide, the report concludes that buyers from Western Europe paid a mean price of $321,500 per transaction for Florida real estate with some 85 percent of the deals transacting in cash. Price statistics for Western Europeans who purchase in the South Florida region are unknown as the Florida Realtors report does not address that topic.

What is known is that South Florida’s condo market east of Interstate 95 has a growing pool of available inventory that needs buyers, whether they originate from Western Europe, Latin America or the Northeast. An estimated 6,400 new condo units are scheduled to be completed this year east of Interstate 95 in South Florida with an additional 6,700 units slated to be delivered in 2016 and 5,000 more units in 2017, according to the preconstruction condo projects website CraneSpotters.com.(For disclosure, my firm operates the website.)

An additional 12,750 condo units are currently on the resale market east of Interstate 95 in the tri-county South Florida region. The number of condo units currently on the resale market represents nearly nine months of available inventory. Ideally, a healthy market has about six months of supply available for resale. More months of supply suggests a buyer’s market and less months a seller’s market.

The unanswered question going forward is whether South Florida’s current condo boom will be able to maintain its momentum of recent years, if buyers from Western Europe find it more expensive to buy units in the tri-county region.

Thought Of The Week: South Florida Condos “Not Priority” For Russian Investors

At a time when the U.S. currency’s run-up in value is prompting some Wall Street experts to predict the beginning of the next King Dollar era, Russian condo buyers – who have seen their home country’s currency tumble by nearly half in the last year – are reportedly rethinking their necessity to own multiple beachfront condo units in the tri-county region.

“An apartment in Miami, even the most glorious beachfront apartment, is not a priority right now,” New York Attorney Marlen Kruzhkov reportedly said in a recent press report.

This sentiment from Russian investors – a key buying pool in the tri-county region for at least the last two decades – cannot be good news for sellers of new and existing condos in South Florida who are seeking top dollar for their luxury units.

 

Source: The Real Deal

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This Zero-Emission Home Creates Enough Energy To Power An Electric Car For One Year

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This just might just be the most beautiful zero-emission home anyone ever laid eyes on.

Snøhetta, a design firm in Norway, has created the ZEB Multi-Comfort House in Ringdalskogen, Larvik, Norway. The house not only runs solely on solar energy, but collects enough extra solar energy to power an electric car for one year.

ZeroEmissionsHouse2

ZEB took 10 months to build and, according to Kristian Edwards, the lead architect of the project, a very intricate process was employed to ensure that the solar energy would be used at the highest efficiency.

The result? A home with striking features like a tilted roof that is slanted at a 19-degree angle to accommodate the photovoltaic panels (the ones that provide electricity) and the solar thermal panels (the ones that provide heat and hot water). Edwards told The Huffington Post that the roof also provides a dramatic flair to the inside of the home. “It is perhaps the most striking element of the upper floor,” he says. “Relatively small bedrooms gain great volume, hugely beneficial to sleep comfort, light transmission and of course, a certain drama.”

ZeroEmissionsHouse3

In the atrium, Edwards used recovered brickwork from a barn that was being demolished. “The recovered brick serves a thermal mass which passively contributes to balance temperature spikes,” says Edwards.

ZeroEmissionsHouse4There are currently no tenants in the home. However, Edwards says that there are plans in the works to have families occupy the space “in order to realistically test the building and system performance.” Feedback from visitors has been “generally extremely positive,” he adds.

ZeroEmissionsHouse5Despite it’s forward-thinking approach, Edwards says the goal of ZEB was to create a place that is welcoming and comfortable, with energy-saving features that virtually disappear into the background. “Our goal was to ensure that the house, whilst advanced, is predominantly welcoming,” says Edwards. “The outdoor covered atrium with a fireplace gives a welcome extension of the outdoor season that is fundamental to the Norwegian culture. This shows that the steps toward zero carbon housing need not represent a quantum leap in lifestyle, and therefore, makes it simpler and quicker to make the switch.”

ZeroEmissionsHouse6

 

Source: Huffington Post

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Miami Condo King Says Cuba Embargo Must Go

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Miami billionaire Jorge Perez says an end to a U.S. economic embargo on Cuba could help turn Havana into a mecca for real estate investment.

Jorge Perez oversees a global condo empire with $20 billion in assets as chairman of Related Group

Jorge Perez oversees a global condo empire with $20 billion in assets as chairman of Related Group

Perez, who was born in Argentina to Cuban parents, oversees a global condo empire with $20 billion in assets as chairman of Related Group.

The U.S. Agriculture Coalition for Cuba, with more than 25 companies and farm trade associations, was created yesterday in Washington to urge repeal of a 1996 law that placed permanent sanctions on Cuba after Fidel Castro seized power in a communist revolution.

In an interview at his Miami office, Perez said he favors a lifting of the embargo even after Cuban exile groups organized protests in Miami’s Little Havana neighborhood last month to oppose President Barack Obama’s easing of restrictions in place for more than 50 years. “We should’ve opened our eyes a long time ago,” the 65- year-old said. “Opening up trade and the exchange of ideas would further the democratization of Cuba. Demand for second homes will be much bigger than the Bahamas, Puerto Rico or Dominican Republic.”

Obama’s move to end a half century-long estrangement with Cuba raises the prospect that American developers and hotel operators such as Marriott International Inc. and Hilton Worldwide Holdings Inc. may be able to enter the tourism-rich market only 90 miles (145 kilometers) from Florida’s coast. They face a long road of navigating a region with unclear property laws and government control, making it probable they will proceed with caution, Perez said.

Joint Ventures

Tourist arrivals to Cuba rose almost 12 percent year-over- year in October to 187,311 visitors, according to the Cuban National Statistics Office. About 2.9 million tourists visited the island in 2013, almost a third of them from Canada. The second-most visited Caribbean country behind the Dominican Republic, Cuba has about 200 hotels with at least 35,000 hotel rooms, according to Jones Lang LaSalle Inc.’s hotel group.

Perez said he visited the island two years ago, taking a charter flight after he wasn’t able to obtain a U.S. permit to fly his private plane. If an opening occurs, Perez said he’d be interested in creating joint ventures with Cuban companies to help cultivate an entrepreneurial class, teach people how to operate in a free market economy, and encourage them to keep income from the projects in Cuba to help the country grow. He’s also interested in getting involved in the restoration of historic Havana.

‘Condo King’

Perez crashed with the rest of real estate market in 2008. He regained his crown as Florida’s “Condo King” by building new projects with 50 percent deposits from foreign buyers. The Miami Art Museum was recast as the Perez Art Museum Miami before its opening last year after he pledged $35 million in cash and art.

Inside his office, Perez has a coffee mug stamped with Bill Clinton’s name and a photo of him standing next to Obama. Most of the campaign donations Perez and Related Group made in 2012 and 2014 elections went to campaigns of Democratic party members, according to OpenSecrets.org.

Obama last month used the limited flexibility allowed by the law to ease travel, trade and finance with Cuba. Still, the economic embargo, in place since the early 1960s, needs congressional action to remove the restraints. “I don’t think that Raul Castro is going to wake up tomorrow and call free, general elections,” he said. “The lifting of the embargo is going to be a fight, though not impossible. A lot of the farm states are clamoring to lift this thing so we can sell products to Cuba. You’re going to get a lot of economic pressure.”

 

Source: Financial Advisor Magazine

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Green Buildings Save small Businesses BIG Money In Three Ways

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Mike Schoenecker, vice president at Winkelman Building Corp, says green buildings, defined as those that reduce their impact on the environment by being more energy efficient and using fewer natural resources while reducing waste and pollution, save money for business owners three ways.

Increased Efficiency Means Lower Energy Bills

Green buildings cost about 2% more initially, but will save building owners about 30% on their energy bills for heating, cooling and water usage every year for the life of the building. That can add up to a lot of money, which can be used to pay for the initial costs of going green. Once those costs are recaptured, the savings will add to the building owner’s bottom line for the entire useful life of the building.Government Incentives Can Put More Money In Building Owner’s PocketsThe United States government offers rebates, tax credits, and other incentives for businesses who commit to building green and installing sustainable forms of energy like solar, wind, and geothermal technologies. The U.S. Department of Energy (DOE) maintains a public database called DSIRE that is organized by state and lists all of that state’s current incentives and programs. State and local incentives may also be available, so check with your accountant or state resource sites, as well.Long Term Cost SavingsBenefits from using green energy technology like solar and geothermal technology and solar are magnified when a building owner opts for green materials such as energy efficient windows and roofing materials. Those materials also provide an economic advantage because they cost less to maintain and repair. For example, bamboo is a sustainable alternative to hardwoods for floors and interior trim that offers superior durability without sacrificing style.ConclusionMaking a $4 per square foot investment in green now will yield savings of $58 per square foot over a twenty year period. By using recycled glass, drywall, and steel, the savings could be even greater and the benefit to the environment enhanced.

There are other economic benefits to building green, too. A green building will command a higher price when sold. More importantly,  a businesses that shows it cares for the environment will appeal to clients and customers who are looking to do business with responsible companies. Put it all together and going green makes for smart business in more way than just saving money.

 

Source: Green Building Elements

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Brazilian Condo Developer To Make Miami Debut

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Rodolfo Ishak, developer of Krystal Tower PHOTO: Mark Freerks

Rodolfo Ishak, developer of Krystal Tower
PHOTO: Mark Freerks

Rodolfo Ishak has had plenty of opportunities to launch his first condo project in Miami during boom cycles of years past, but he feels now is the perfect time.

Having completed more than 40 projects in his native Brazil, Ishak is making his Miami debut with Krystal Tower, a 35-story, 153-unit project at 530 N.W. First Court. It launched sales in November, starting at $342 a square foot, with an average price of $450 a square foot. It will also include 5,500 square feet of commercial space.

The property currently has a five-story shell of a project that stalled during the recession. Ishak’s company will build atop that structure. He plans to launch construction once presales reach 50 percent, he said.

A rendering of Krystal Tower, planned for 530 N.W. First Court in Miami.

A rendering of Krystal Tower, planned for 530 N.W. First Court in Miami.

Ishak and sales director Roderyck Reiter said his company and his experience has reached a level where he feels comfortable to come to Miami, a market that’s more conductive than in Brazil. His reservations are evenly divided between Brazilians and Venezuelans. Both countries are suffering from economic problems and the weakening of their currencies against the U.S. dollar.

“It has helped us in Miami because of the instability and insecurity of the economy in both countries,” Ishak said. “People who have the capital want to take their capital to a safe market like this. … It’s like a savings account to them. If they keep it in their country, they will lose value on inflation.”

Ishak said his goal with Krystal Tower is to offer the amenities residents would expect at a luxury building at a lower price point. It helps that he paid only $3.5 million for the property, compared to the tens of millions of dollars that other developers paid to obtain land near downtown Miami.

BY THE NUMBERS
  • $108 million – Price paid by Stiles and Prudential Real Estate Investors for New River Center. The 281,713-square-foot office tower is at 200 E. Las Olas Blvd. in Fort Lauderdale.
  • $279 – Price per square foot for KAR Properties’ $12.5 million purchase of a 1.03-acre site in Miami’s Wynwood neighborhood.
  • 57,012 – Square footage of C-G of South Florida’s warehouse at 6865 N.W. 36th Ave. in Miami as it faces a $2.5 million foreclosure lawsuit from Ocean Bank.
  • $11.5 million – Price Origin Behavioral HealthCare paid for the 90-bed Hanley Center, a substance abuse facility in West Palm Beach.

 

Source: SFBJ

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