Sitting between Apple’s Infinite Loop headquarters and the spaceship-like Apple Campus 2 in Cupertino, California is the failed Vallco Shopping Mall.

Vallco Shopping Mall 5Now Architect Rafael Viñoly has unveiled a proposed $3 billion plan for Sand Hill Property Company that starts with renaming the property The Hills at Vallco. The ambitious project will transform the old shopping mall into a sustainable and walkable LEED Platinum mixed-use community and include the largest green roof in the world.

Vallco Shopping Mall Green Roof 5The new neighborhood will feature a highly walkable and bikeable downtown anchored by two town squares. Parking will be hidden away underground and a transit center may be built at the shopping center. The complex will cover 15 blocks filled with 625,000 square feet of retail, 2 million square feet of office space, and 800 residential units — including 680 market-rate apartments, 80 affordable apartments, and 40 apartments for seniors.

The Hills at Vallco will turn the current shopping mall into a downtown-style street grid anchored by two town squares surrounded by a mix of retail, office, residential and entertainment. Sand Hill plans to integrate a 30-acre community park and nature preserve into the site. Rendering courtesy Sand Hill Property Co.

The Hills at Vallco will turn the current shopping mall into a
downtown-style street grid anchored by two town squares surrounded by a mix
of retail, office, residential and entertainment. Sand Hill plans to
integrate a 30-acre community park and nature preserve into the site.
Rendering courtesy Sand Hill Property Co.

Adding to the family friendly atmosphere, the development will include plenty of restaurant and entertainment options, such as an AMC movie theater, ice rink, bowling alley, and fitness club. The town squares may be used to host farmers markets and outdoor movie nights.

Vallco Shopping Mall Green Roof 4The Hills at Vallco’s crown jewel will no doubt be its $3 million, 30 acre green roof designed by Olin Landscape Architects. It will be an unprecedented engineering feat that is “at least twice as big as anything attempted before it.” The elevated community park will include 3.8 miles of walking and jogging trails along rolling hills, orchards, vineyards, meadows, organic gardens, children’s play areas, and a sanctuary for native fauna and flora.

Vallco Shopping Mall Green Roof 6The sustainable green roof will help The Hills at Vallco achieve LEED Platinum certification by growing native, drought tolerant and climate responsive plants; reducing the building’s energy demands with natural ventilation and insulation; improving air quality; and counteracting the heat island effect. Recycled water and recaptured rainwater will be used to irrigate the park.

“There will be nothing like it when we are done,” Reed Moulds, Sand Hill’s managing director tells the Mercury News. “We believe its community focus will make this a remarkable place to live, work, dine, play, learn, and recreate.”

Approval by the City of Cupertino is pending, according to Tree Hugger.

 

Source: Green Building Elements

The developer of Brickell City Centre has placed a larger bet on the office market, as it has converted a planned wellness usage into “Class A” office.

In 2014, law firm Akerman LLP signed a lease to occupy 80 percent of the 130,000-square-foot Brickell City Centre Green tower that was under construction as part of the $1.05 billion project in Miami. The rest of the space was supposed to be for wellness, but developer Swire Properties has made the 26,000 square feet available for office tenants. It also rebranded the tower Three Brickell City Centre. The project will include another office tower of the same size, Two Brickell City Centre.

“One of the two towers, Three Brickell City Centre, although designed with use flexibility, was originally designated as a wellness center, but current market conditions show demand for additional office space,” said Edward Owen, Swire Properties’ office leasing manager. “Swire decided that it was in the best interest of the market to create supply to further Brickell’s growth as a leading international business hub.”

Arquitectonica designed both buildings, which will have floor-to-ceiling glass and 10-foot high walls. Brickell City Centre will also feature a shopping center, restaurants, condos and a hotel. The office, condo and hotel parts of the project should be ready this winter.

According to Cushman & Wakefield’s second quarter report, the Class A office market in downtown Miami has a 13.3 percent vacancy rate and average asking rent of $41.81 per square foot. The last new office delivery was 2010.

CBRE reports that about 1 million square feet of office space is under construction in Miami-Dade County, with Brickell City Centre and All Aboard Florida’s Miami Central Station as the largest projects.

The Business Journal is tracking another 5.4 million square feet of office space that’s in the pipeline in South Florida, as described in a recent centerpiece.

Click here for a “Behind the Scenes” slideshow of the Brickell City Center

 

Source: SFBJ

Arguing before the Supreme Court Tuesday over whether a solar power constitutional amendment should go forward, supporters of Floridians for Solar Choice and opponents backed by utility companies didn’t pull their punches.

“You can’t make voters believe that there’s a problem when you have no basis for saying that,” Barry Richard, a lawyer representing four utility companies including Duke Energy, Tampa Electric Company and Florida Power and Light, told the justices, trying to convince them that the amendment is misleading.

“Right now, you are a captive customer of your big utility company,” responded Susan Glickman, Florida director of the Southern Alliance for Clean Energy, on the courthouse steps later. “That’s going to change” if the amendment passes.

The constitutional amendment at the center of the debate would allow companies to install solar panels on homes and businesses and sell that energy, without being treated as a utility by state and local regulators. It’s keying up what could become a contentious and very public battle between utility companies and amendment sponsors.

Supporters argue that it will drive down the cost of electricity and open up the market to competition for the monopoly utility companies. But utilities say it merely eliminates regulation meant to keep people safe and will put consumers at risk with limited protections.

The court’s role isn’t to weigh in on the merits of each argument, as Justice Barbara Pariente repeatedly reminded both sides during a public hearing. Rather, the justices have two questions to answer: Does the ballot language fairly show the amendment’s impact? And is it limited to just one subject?

Opponents say it fails both tests by misleading voters and changing the powers of multiple levels of government.

“The voters deserve to understand what this amendment does, and the ballot summary does not make that clear,” Florida Solicitor General Allen Winsor said.

But Bob Nabors, the lawyer for Floridians for Solar Choice, says that’s a hard argument to make. Voters will understand what they’re voting on, he said. The solar choice group also maintains that its language is focused on a single subject.

“There’s a oneness of purpose,” Glickman said. “You do not have to consider every single ramification when there’s a oneness of purpose.”

FloridaSolar4If the justices give them a green light, the amendment’s sponsors still need another 562,000 petition signatures to put the amendment language on the ballot in November 2016. Already, both sides are preparing for a hard-fought campaign.

Opponents have started a committee and constitutional amendment of their own: Consumers for Smart Solar, which aims to protect the existing rules around solar power. The Florida Chamber of Commerce — whose board of directors includes executives from five power companies — is a supporter.

Floridians for Solar Choice has collected $751,176 in contributions, nearly all of it from the Southern Alliance for Clean Energy, a group that refuses to make its donor list public for fears that supporters could be harassed. They said future funding will come from other groups pending the court’s go-ahead.

 

Source: Miami Herald

An Asia Task Force organized by the Greater Miami Chamber of Commerce wants to organize Miami trips for Chinese journalists, investors and developers to help market the city to businesses and entrepreneurs from the Far East, The Real Deal has learned.

Greater Miami Chamber of Commerce’s Asia Task Force

Greater Miami Chamber of Commerce’s Asia Task Force

At its first brainstorming session Friday morning, the eight-member task force laid out its objectives. Task force chairman Seth Gordon, a Miami publicist who represents Shanjie Li, the Chinese businessman whose company purchased a 2.39-acre site on Brickell Avenue for $74.7 million last year, said he wanted the Chamber to sponsor a delegation of reporters from China, who would then write articles about Miami’s business offerings. Gordon told other members he recently hosted a small contingent of eight Chinese journalists with assistance from Turnberry Associates founder Don Soffer and Carnival Cruise Lines.

“Don is very interested in working with the Chinese,” Gordon said. “He contributed a full week of rooms at the Fontainebleau Miami Beach hotel and we flew them in with eight round trip business class tickets provided by Carnival.”

While the reporters were in Miami, Shareef Malnik, owner of the Forge, had them over for dinner at the storied restaurant’s wine room, Gordon said. In addition, developers Armando Codina and David Martin briefed the reporters on their respective projects.

“If we do it as a chamber project, we can do something more serious,” Gordon said.

Peng Lu, Florida International University’s associate provost of international programs, said the college would like to coordinate events and activities, including meetings with top business leaders in Miami, for a delegation of 22 Chinese business people visiting the city in mid-September.

“Two of them are billionaires,” Lu said. “One is a frozen food king in China who wants to buy fish products from Latin America. They are all extremely interested in seeing what business opportunities are here.”

In exchange, Lu said FIU can assist the chamber in organizing a business delegation trip to important cities in China. Andy Perez, CEO of South Miami-based EB5 Visa Funds, also suggested the chamber consider sponsoring classes on how to conduct business with the Chinese.

“One of the most important things you can do is educate the chamber’s membership,” Perez said. “It’s very important, down to how you hand over your business card.”

The task force is scheduled to meet again at the end of September.

 

Souce: The Real Deal

Miami International Airport and FPL Services say they are undertaking one of the largest energy-savings programs ever in Florida – one that’s expected to create hundreds of jobs and save the airport more than $40 million in utility costs over 14 years.

MiamiAirport4 The companies officially launched the $32 million project on Tuesday and over the next two years, the airport will receive new energy-efficient lighting, air conditioning and ventilation upgrades, water conservation retrofits and other green initiatives. The energy-saving equipment is expected to reduce MIA’s carbon emissions by the equivalent of 5,110 cars and decrease water use by 28 million gallons annually. The installation phase will also create 300 jobs.

The Sustainability Project is expected to save the airport $2.2 million each year.

Miami International Airport, among the busiest airports in the world, has welcomed 21.9 million passengers from January to June. The airport is on pace to host more than 43 million passengers this year.

“As one of the largest energy consumers in Miami-Dade County, we are pursuing conservation measures like The Sustainability Project to be its most efficient consumer as well,” said Miami-Dade Aviation Director Emilio Gonzalez.

MiamiAirport3Its latest endeavor is among major upgrades the airport has been making in recent years, including its recently completed $2.7 billion North Terminal development program and its $6 million investment in 80 automated passport control kiosks to speed up lines for international passengers,

Its concessions also continue to be upgraded and along with more connections and added flights, and the airport is developing plans to rebuild its Central Terminal with work beginning after 2020.

 

Source: SFBJ

Public art, pedestrian-friendly developments, and a booming commercial sector are all part of the future of Coral Gables, commercial real estate experts discussed at a panel last Wednesday.

Clockwise from left: Renderings of Paseo de la Riviera, a curbless Giralda Avenue and the Mediterranean Village at Ponce Circle

Clockwise from left: Renderings of Paseo de la Riviera, a curbless Giralda Avenue and the Mediterranean Village at Ponce Circle

Paseo de la Riviera is among the new projects. The planned, mixed-use development will replace an existing Holiday Inn with a open-air “paseo,” hotel and residential tower, said developer Brent Reynolds, president and managing partner of NP International. “We felt the U.S. 1 corridor was the right location,” said Reynolds, one of the panelists at a CREW-Miami luncheon at the Four Seasons Hotel Miami on Brickell.

The 2.66-acre project, located at 1350 South Dixie Highway, will activate that corner of U.S. 1 and Caballero with transit-oriented development, which includes green space the 0.5-acre Paseo will provide. It will be across the street from the planned Underline linear park, which runs underneath the Metrorail, as well as the University of Miami.

The paseo, or walkway, will span 352 feet in length and 72 feet in width. A 10-story, 252-key hotel and an eight-story, 224-unit residential building with 838 parking spaces will replace the 155-room Holiday Inn. “There really is no amenity space like this in the south Gables,” Reynolds said during the event.

The developer plans to complete the approval process with the city in October and begin construction next year. Coral Gables architect Jorge L. Hernandez and international firm Gensler are designing the project.“There really is no amenity space like this in the south Gables,” Reynolds said during the event.

Also among new developments redefining the Gables is Mediterranean Village at Ponce Circle. The 6.7-acre, mixed-use complex, developed by Agave Ponce, will include a five-star, 184-key hotel; a 300,000-square-foot Class A office building; 300,000 square feet of retail; two condo towers; 15 townhomes; a rooftop restaurant; and parks. Panelist Eddie Avila, president of Key Realty Advisors Development, said the $500 million project will span three full blocks and keep all streets open.

It will also feature an underground loading zone, keeping most of the street parking. To maintain the pedestrian-friendly design, the developers have decided to move the hotel entrance to inside the complex. The developer will spend an additional $7.8 million for public spaces including art, Avila said during the panel.

Downtown Coral Gables by the numbers

Downtown Coral Gables by the numbers

The city is also investing in pedestrian-friendly and green spaces. Funding for the $20 million streetscape improvements was approved back in August 2014: 50 percent will come from the city of Coral Gables and the other half from the independent BID property owners. The Gables BID is fully funded by its members, Foglia said. Marina Foglia, a panelist and executive director of the Coral Gables Business Improvement District, has led the $20 million Miracle Mile and Giralda Avenue streetscape project. Foglia also advocates for the overlay district, which will “change the coding to activate downtown Coral Gables,” she said.

Cooper, Robertson & Partners designed plans for the project, which calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas. Parking on the street will be entirely parallel, doing away with the 45-degree angled spots for more sidewalk space. Giralda Avenue will become curbless, with the option of closing the road off to vehicles for special events. Next, Coral Gables will hold a design workshop on Aug. 27. The streetscape project will break ground in January, Foglia said.

Panelist Jane Tompkins, development services director for the city of Coral Gables, named other new projects that are under construction, including the Aloft Hotel at 2524 LeJeune Road2020 Salzedo, a residential project; and the University of Miami Health Center. More have been approved, including 4311 Ponce de Leon and 1200 Ponce de Leon. “We have a lot going on,” Tompkins said. “We have several projects under way.”

 

Source: The Real Deal

Commercial buildings—our offices, schools, hospitals, restaurants, hotels and stores—consume nearly 20% of all energy used in the United States, and we spend more than $200 billion each year to power the country’s buildings.

Unfortunately, much of this energy and money is wasted. A typical commercial building could save 20% on its energy bills simply by commissioning existing systems so they operate as intended. If a facility manager knows where to look and what changes to make, unnecessary costs can be eliminated.

Here are five building areas that should be checked and strategies to minimize energy waste.

WastedEnergy-ElevatorAging Elevator Components

When was the last time your elevator’s efficiency was evaluated? Can you remember? You’re not alone if it’s been awhile, but new technologies can make a big dent in your elevator’s energy draw. If you have a hydraulic version for a low-rise building, improvements such as properly adjusting valves, implementing sequential standby modes, and improvements to the cab such as door-operating motors can save up to half of elevator energy use. Additionally, be sure to take a look at advanced software packages that can streamline elevator operations while improving efficiency.

WastedEnergy-BolersBoilers Left Unattended

It’s not the most glamorous of tasks, but keeping your building’s boiler properly maintained can not only ensure continued performance but can also maximize its efficiency. Make sure the tubes and traps are clean and clear – if they’re obstructed, they can block heat flow and compromise the boiler’s efficiency. Keep in mind that if your boiler uses #2 fuel oil rather than natural gas, you may have to check more often as the fuel oil does not burn as cleanly as gas, leaving soot that reduces efficiency.

WastedEnergy-MotorsMotors On Overdrive

Optimizing motor speeds with variable frequency drives can not only cut energy use, as a 20% reduction in speed creates up to 50% energy savings, but it can also extend the life of your equipment. VFDs can be useful for equipment such as chillers, cooling power pumps, air handling units, and others. Don’t forget to check to see if your state’s energy office or local utility offers demand-side management rebates for VFD implementation, which can help offset the initial cost and produce even bigger savings.

WastedEnergy-HVAC CoilsDirty HVAC Coils

How are your condenser coils performing these days? If their performance isn’t what it used to be, some cleaning may be in order as the DOE reports that a dirty condenser coil can increase energy consumption up to 30%! Not only that, but failing or degrading coil performance can cause IAQ to suffer and reduce your motor’s functional life. To avoid these issues, schedule annual HVAC coil cleanings to ensure nothing’s building up.

WastedEnergy-OverboardLightingGoing Overboard With Lighting

While your office space should be adequately lit, improperly placed or overpowered light fixtures can create strain for busy occupants and can also jack up your electricity bill. Polling your occupants to learn how they feel about the illumination in their space is a good start, but a light meter that measures footcandle readings can also be a valuable tool for interpreting light levels and assessing whether or not they should be changed.

 

Source: Buildings

An Argentine developer, who is not named, is planned on building a thirty story mixed-use apartment tower at 1700 Northeast 164th Street in North Miami Beach, currently a parking lot.

[Photo via Google Earth]

[Photo via Google Earth]

The site is further west than most new development in the area, which are concentrated along the Biscayne Boulevard corridor, but is a few blocks east of the old 163rd Street Mall and its Walmart Supercenter, and will be one of the tallest buildings in the area.

1700 Northeast 164th Street in North Miami Beach

1700 Northeast 164th Street in North Miami Beach

 

 

 

 

 

Source: Curbed Miami

Is “green” living important to you?

If you’re a boomer or GenX’er, the answer is likely “yes,” and interest in environmental sustainability is increasing. That’s why some forward-thinking retirement communities are offering residents everything from greener buildings to energy-efficient lighting to community gardens. And some towns are putting a focus on walkability.

According to AARP surveys, such measures are important to a large segment of older Americans. Its 2014 House and Community Preferences of the 45+ Population survey, for example, found that 61% of respondents valued their community being “easy to walk,” with those over 65 most appreciating walkability. Roughly 30% wanted their community to be near transit with an equal portion wanting to be close to a park.

Traditional retirement communities, though, have typically been built on the outskirts of town, leaving residents dependent on cars. And their manicured lawns and golf courses usually use plenty of chemical fertilizers and herbicides, not to mention water — a scarce resource in much of the nation.

A recent New York Times story found that the supply for green retirement communities has not kept up with the demand. But that may be shifting.

If environmental concerns or saving money through energy-efficient housing matters to you, here are a few examples of what’s out there:

Living Light

One standout is Pennswood Village in Newtown, Pa., a Quaker continuing care retirement community founded in 1980.

“Sustainability is one of our six founding Quaker principles,” says marketing director Jennifer Doone. “It was important to our founders, and it continues to be important to our residents and staff.”

One green standout is Pennswood Village in Newtown, Pa., a Quaker continuing care retirement community founded in 1980

One green standout is Pennswood Village in Newtown, Pa., a Quaker continuing care retirement community founded in 1980

The community is open to all, not just Quakers. Among the steps Pennswood has taken: It constructed a personal care (assisted living) building with LEED gold certification, the second highest level given by the U.S. Green Building Council; it installed a geothermal heating and cooling system for some common buildings; it supported a resident-initiated recycling program; it planted a community garden and, through a partnership with the nearby town, it created an award-winning, multi-million-dollar storm management system under its natural meadow that benefits Pennswood and the surrounding community.

Doone says representatives from other senior living communities visit Pennswood to learn about its LEED certification and landscape and architecture students come to study the storm management system.

New residents Lynne and Todd Waymon, in their 70s, were drawn to Pennswood in part because of its environmental ethic. They immediately joined the residents’ Environmental Concerns Committee, which developed a year’s worth of activities to encourage sustainable practices, such as reducing the use of plastic bags. Working in partnership with the dining services staff, the committee found that residents and staff used 2,250 plastic bags in June, just for carrying leftovers from the café. After their campaign began, the number dropped to 1,750 in July.

Lynne Waymon, who had not been an environmental activist before retirement, says she views Pennswood as a microcosm and says she hopes to put the experience she gains there to use at the town or state level.

“People get to a certain age and they think, ‘I’m done, I don’t have any influence or say,’ and that’s sad,” she says. “I want people to band together and feel powerful — and know that we can make a difference.”

Pennswood residences range from studio apartments to two-bedroom homes. Two possible contracts are available: fee-for-service, in which long-term-care costs are paid later as needed, either at Pennswood or elsewhere or a lifecare contract which includes long-term care, including a nursing home, at Pennswood. There is a one-time entrance fee and monthly service fees. The cost ranges from a $90,000 to $400,000 entrance fee, depending on the contract, and monthly fees of $2,500 to $8,000 for a couple.

A Smaller Ecological Footprint

Co-housing, a community model developed in Denmark, is generally more sustainable than the average American household. Individual homes are smaller, with large common spaces and gardens. Co-housing residents tend to use less energy and drive fewer cars.

EcoVillage in Ithaca, N.Y., (its street address, appropriately, is Rachel Carson Way), is a large co-housing, independent living community with an unusually strong commitment to living green.

“The whole reason that we started this community was to demonstrate how to live more sustainable lifestyles and to put some very good working models on the ground so that people could come visit and get inspired and take home good ideas to their own communities,” says Liz Walker, EcoVillage’s executive director.

EcoVillage in Ithaca, N.Y. is a large co-housing, independent living community with an unusually strong commitment to living green

EcoVillage in Ithaca, N.Y. is a large co-housing, independent living community with an unusually strong commitment to living green

Now in its 24th year, EcoVillage is comprised of three neighborhoods. When the newest section is fully occupied later this year, 230 people will live there, about one-quarter of them over 60. Eighty percent of the new housing is wheelchair-accessible, something the community hadn’t considered building when its founders were younger. Currently, homes are available for rent starting at $450 a month and for sale starting at $97,000.

“We’re aiming at affordability, accessibility and sustainability,” says Walker. “These goals can be in conflict with each other, so we’re trying for a happy medium.”

The newer homes are among “the most energy efficient in the United States,” she says. Using a “passive house” system, developed in Germany, they are 80 to 90% more energy efficient than what the standard building code requires, Walker says. Two of the new homes produce more energy than they use, by employing solar for heating, electricity and hot water. “It’s extremely hard to achieve,” says Walker. “I’m very proud of our group.” (In September, EcoVillage is offering a workshop on how to achieve net zero energy buildings.)

EcoVillage has also preserved 80% of its 175 acres as green space. The property includes an organic farm, a neighborhood root cellar, and community gardens, ponds and woodlands.

Walkable Communities

Portland, Oregon, is bike and pedestrian friendly with a network of light rail, buses and streetcars

Portland, Oregon, is bike and pedestrian friendly with a network of light rail, buses and streetcars

What about the eight out of 10 people who say they’re not moving anywhere? The growing movement to make cities “age friendly” shares many of the “livability” goals of environmentalists — such as increased walkability, public transit options and community gardens. At least 28 U.S. municipalities, as well as AARP, have joined the World Health Organization’s Global Network of Age-Friendly Cities and Communities.

One pioneer is Portland, Ore. The city is bike and pedestrian friendly with a network of light rail, buses and streetcars. Its Green Building and Development Program works with residents and businesses to encourage sustainability.

Portland’s original development was during the streetcar era, with each terminus on the line having a village center, explains Barbara Bernstein, executive director of the nonprofit Elders in Action. “So our neighborhoods are built around these,” she says. “Within walking distance is a library, several coffee shops and restaurants.”

Walker also points to some 30 farmers markets and a vibrant local agriculture scene. Entrepreneurs are creating new businesses, she adds, such as Soup Cycle, which pedals homemade meals to customers. Bernstein, 55, uses the service after a long day’s work. Businesses like these give older people easy access to ready-made fresh food, she says.

All these efforts at sustainability promote a high quality of life.

“With so much demoralizing going on in the world,” she says, “the local focus that Portland offers is really life affirming.”

 

Source: Forbes

Out-of-town buyers aren’t just snapping up Miami’s prime real estate — they’re also changing the way luxury developers build.

As more out-of-towners decide they want to put down roots in South Florida rather than simply buy investment properties for the rental market, they’re asking for bigger, better, more expensive designs. Units equipped with quarters for a nanny or maid. Guest suites for visiting relatives and friends. High-tech security with biometric identification.

Those requests come from both Latin Americans, who have driven Miami’s latest real estate boom, and wealthy Americans, who are appearing locally in greater numbers. Some developers, hoping to lure a growing pool of Chinese buyers, are even turning to “feng shui” consultants who specialize in the eastern art of balanced design.

“Foreign investment has completely changed our entire landscape from an architectural standpoint,” said Daniel de la Vega, president of One Sotheby’s International Realty. “People are bringing their families here to spend time, and that changes their needs. One Sotheby’s now advises all developer clients building units greater than 3,500 square feet to include live-in quarters for a maid or nanny,” de la Vega said.

At Paramount Miami Worldcenter, a luxury condo tower planned for downtown Miami, about 80 apartments out of a total 513 have a bedroom and bathroom — called a “lockout suite” — branching off from the main entrance near the unit’s private elevator. The studios, between 250 and 280 square feet, are envisioned as space for a maid or nanny, although they could also be used for teenage children who squawk for privacy or an elderly parent who needs quiet, said Peggy Fucci of OneWorld Properties, sales lead for the project. Units with a lockout suite start at about $1.5 million, or $650 per square foot.

In past projects, Fucci said, “we had people buying small units in addition to their main purchase because they wanted a place for the maid.” Now they expect that space to be available as part of their units.

Look To The Roofs

Families like to entertain and, in Miami, that naturally means enjoying the outdoors. Large outdoor terraces and elaborate rooftops are becoming the norm for high-end developments.

MiamiRealEstateDesign-OasisParkRoofIn single-family homes, the need for rooftop-space is partially driven by high land prices and small backyards. At Oasis Park Square, a 150-unit single-family home development marketed to Venezuelans, some backyards are large enough for a 392-square-foot pool. But the flat rooftops — tricked out with a jacuzzi and the option of a summer kitchen, as well as a bathroom — are where many homeowners will entertain. That wouldn’t be possible in Miami’s traditional Mediterranean style of building, which usually uses low-pitched tile roofs. The rooftops on these modernist homes are between 1,300 and 1,900 feet of open space. That’s more than a third of the size of many houses, which range from 3,300 to 4,000 square feet.

“The buyers find rooftop space very attractive,” said project architect Francillis Domond, who grew up in Venezuela. “Venezuelans have large extended families, and it’s very common to get together for family events at least every month.”

Oasis Park developer Masoud Shojaee of Shoma Group said when interviewed all but nine of the homes, which run from $1.15 million to more than $2 million, have already sold, with the majority going to Venezuelan buyers. “There is so much product on today’s market that you have to give the buyers exactly what they want,” Shojaee said.

Family Ties

MiamiRealEstateDesign-Aria on the Bay-PlayroomFamilies also need places for children to play.

“Kids’ rooms in condos used to be an afterthought,” said developer Carlos Melo, co-owner of the Melo Group. For a project called Aria on the Bay that will open in fall 2017, Melo plans to include a 2,360-square-foot play room for children, equipped with toys, board games, rock-climbing, pingpong, televisions — and cameras linked up to the security room to soothe nervous parents. One of the project’s four swimming pools will be a shallow “kiddie” pool.

Melo said he thinks that some younger couples accustomed to life in Miami’s downtown and other major cities may not want to give up their urban lifestyles for the suburbs. Instead, he argues, they’ll look for high-rises with enough space for kids. “We are expecting a new generation of young families who want to live in the city,” Melo said.

Down From The Northeast

Domestic buyers are also making more of an impression on Miami’s market — meaning some developers are focusing on public transit, smaller units and semi-urban projects common in other big American cities.

Statistics on where exactly those buyers are coming from aren’t precise, said Ron Shuffield, president of EWM Realty International. But he said that through the first six months of 2015, the number of luxury buyers in Miami-Dade County, home of Miami, listing a New York address is up roughly 20 percent over the same period in 2014.

Anastasia  Townhomes

Anastasia Townhomes

That’s important because the number of foreign buyers has been slowing as currency crises rock economies in Latin America and Europe. Cash sales — which often indicate international buyers — were down 12 percent in Miami-Dade in June 2015 compared with June 2014, according to the Miami Association of Realtors.

Santander Townhomes

Santander Townhomes

Townhomes are one sub-market that have appealed specifically to New York and northeast buyers, said Shojaee of Shoma Group. His firm built a 10-unit townhome project called Anastasia and has another 10-unit project called Santander scheduled to open by year’s end. The two-story walk-up homes at Santander are made from coral rock and start at $1.35 million for 3,000 square feet. Most buyers have been domestic.

New Balance

Chinese buyers also are growing in numbers, although they accounted for only 2 percent of international deals in South Florida in 2014, according to a report by the National Association of Realtors. But that’s double the number from 2012. Local brokers have visited Beijing to pitch buyers, including Ugo Colombo’s CMC Group.

And Paramount Miami Worldcenter has even hired Claudine De Bolle, a Miami-based feng shui consultant, to help make sure the condo’s common spaces have the right feel for Chinese buyers.

“It’s important for Chinese buyers to know the project was designed with feng shui because it is associated with good luck and prosperity in their culture,” De Bolle said.

De Bolle said she recommended that developers replace a lobby chandelier that was too angular in its design with one that used smoother features. “The chandelier was very beautiful, but it was very pointed coming down from the ceiling and it felt like a threat,” she said. Other recommendations included placing a fireplace in the lobby to balance the other feng shui elements of wood, earth, metal and water, and using matte tiles instead of a shinier material to slow the energy of a ninth-floor conservatory meant for reading and relaxation. Chinese buyers have accounted for about 15 percent of sales so far, according to developers.

Part of the reason South Florida has been so attractive to out-of-towners looking to buy a vacation home or relocate is because it is well-priced compared with other global cities. Urban apartments in London ($2,948 per square foot), New York ($2,024 per square foot) and Moscow ($1,243 per square foot) are all much pricier on average than Miami Beach ($760 per square foot), Miami ($475 per square foot) and Fort Lauderdale ($400 per square foot), according to research compiled by EWM in 2014.

And for developers there is a clear advantage to building and marketing buildings for end-users rather than investors. “Investor-dominated buildings face risks from fluctuations in foreign currencies,” said Jack McCabe, a housing market analyst based. But focusing on the high end of the real estate market means home prices and rental rates in Miami — already some of the nation’s highest compared with median income — won’t see any relief, he added.

“There’s very little that you would consider to be affordable that’s under construction,” McCabe said. “The developers have been targeting the sweet spot of the buyer pool, which is primarily affluent cash buyers.”

And if currency crises persist and some foreign buyers can’t close, some projects may go under or have to reduce prices.

“The upper end is almost like a separate market,” McCabe said. “The prices are so high above the rest of South Florida that we’re likely to see a correction just in the luxury end of the market if there’s not enough demand.”

 

Source: The Bulletin