What was once a village that attracted bohemians during the 1950s and ‘60s, Miami’s Coconut Grove, is now attracting a different class with their new and improved condos.

A rendering of Park Grove

A rendering of Park Grove

According to The Wall Street Journal author Stefanos Chen, prices for some units in Park Grove’s under-construction towers are expected to top $1,900 a square foot—a city of Miami record.

Coconut Grove’s priciest home, a historic estate listed for $47.5 million, is likely to be torn down as the value really lies in its 6.9 acres, agents say.

Listing agent Mercedes Hernandez with Avatar Real Estate Services says homes on valuable waterfront lots, [like Sandy Dufay, a retired health care company founder] are dwindling because developers are tearing them down to build larger modern spreads that maximize their return. Down the block, a home on a similar lot was demolished to create a 9,800-square-foot spec house listed for almost $8 million—more than double the price of Ms. Dufay’s home. “There’s hardly a street that hasn’t had something knocked down” for redevelopment, says Ms. Dufay, who hopes her future buyer will keep her home intact.

Per The Wall Street Journal, Mr. Pérez, the billionaire developer and founder of Related Group, lives down the road in a 10,000-square-foot Venetian-style palazzo. Nearby is Jonathan Lewis, an investor and son of the late Progressive Insurance chairman, Peter Lewis, according to records, as well as Carlos Migoya, the CEO of Jackson Health System (and occasional tennis partner to Mr. Pérez, the developer says).

With celebrities like Golden Globe winner Christian Slater and many more, Coconut Grove’s housing market has noticed a significant change.

The Wall Street Journal also reports that The housing market has risen rapidly in the last few years, says Michael Light of Miami Luxury Homes. For publicly listed condos and homes, the median sales price in the Grove was $675,000 in 2015, up 17.5% from 2014. Last year, NBA star LeBron James sold his roughly 12,000-square-foot home in the Grove for $13.4 million, according to public records—one of the most expensive home sales in the village.

 

Source: Housingwire

For two years the major players in Wynwood, Miami’s hippest, hottest emerging neighborhood, have been working on plans to jack the old industrial district up to the next level — only to now find themselves sharply at odds over exactly what that means, with the district’s future hanging in the balance.

Even as one group of property owners and developers publicly worked up a plan to control development to maintain Wynwood’s creative vibe and human scale while drawing in more housing, shops and businesses, the area’s biggest landowner, New York moving-company mogul, developer and arts patron Moishe Mana, privately sketched out a blueprint that embraces the same broad ideas — but on a dramatically different scale.

No sooner was the ink dry on the Miami City Commission’s approval of the Wynwood Neighborhood Revitalization District — special zoning rules that limit heights to eight to 12 stories and extract payments from developers to improve streets and create parking garages and public open space — than Mana applied for his own plan.

Mana’s proposed Special Area Plan, which would supersede the new zoning rules on 24 acres of his property, calls for a massive nine million square feet of new development, including towers up to 24 stories, while exempting the developer from the public-benefit programs in the NRD plan, as well as payments to the local business improvement district. In lieu of that, Mana has proposed to build an expansive public plaza and a city fire station and bury obtrusive FPL electrical lines that run through his properties at his own expense.

WynwoodSplit

The Mana plan has provoked some serious balking from a good portion of his fellow Wynwood property owners, including Goldman Properties, the firm credited with launching the neighborhood’s transformation from derelict warehouse district to hipster mecca and a key backer of the NRD plan.

Those Wynwood owners and entrepreneurs say they’re concerned Mana’s mammoth project could overwhelm its modestly scaled neighbors while providing insufficient public benefits and little help in mitigating its impact on traffic, parking, policing and other public services — in effect, they contend, passing on the public burden of his upzoning to other local property owners who agreed to cap development.

“Everything we’ve done is to try to develop a comprehensive strategy to create a great place,” said Goldman Properties managing director Joe Furst, complaining the Mana blueprint is so vague in places there’s no gauging its precise effects on the rest of Wynwood. “There’s too many question marks.”

Mana’s representatives have noted it was no secret that he was working on a big plan for his Wynwood properties, centered around the former Wynwood Free Trade Zone complex, which he purchased in 2010, and that he never objected to the NRD plan. But Furst and others note Mana held details close to the vest and did not brief anyone else in the neighborhood until he filed his application with the city in November.

Everything we’ve done is to try to develop a comprehensive strategy to create a great place.

Mana’s planner and architect, Bernard Zyscovich, called his client’s promised public benefits “very, very significant,” saying their cost will run into the tens of millions of dollars. And he said Mana has also agreed to mesh the zoning along the edge of his property on Northwest Second Avenue, Wynwood’s main drag, with the NRD zoning, creating a consistent urban street front.

“We’ve done a tremendous amount to collaborate and make sure we’re integrated with the rest of Wynwood,” Zyscovich said. “We also have our own objectives, of course.”

How Mana’s proposal fares will play out over the next several weeks, and is likely to have defining implications for Wynwood’s redevelopment. The debate over his plan is the first sign of a serious split in the neighborhood since it began drawing outside developers, investors and speculators who’ve driven up rents and land prices and driven out many of the artists and galleries that characterized its early revival.

The NRD plan, supported by a majority of local property owners, was an effort to guide development before it happened, upzoning just enough to foster construction of reasonably priced housing and new commercial spaces while maintaining a consistent scale, and encouraging a building-design aesthetic that blends with Wynwood’s funky industrial look.

But some are clearly concerned that Mana’s plan, because it covers a substantial percentage of the neighborhood, could upend that carefully calibrated strategy before it has a chance to work.

Earlier this month, the board of the Wynwood Business Improvement District, an autonomous public agency chartered by the city that commissioned the controlled-development NRD plan, declined Mana’s request for an endorsement of his own plan after twice meeting to consider it. Instead, the BID board, which Furst chairs, asked the city’s planning and zoning board to defer a scheduled vote on the Mana plan while agency leaders could study his proposals further.

The planning board put its vote off until Jan. 20 after Mana’s representatives agreed to a postponement. The Mana plan and a companion development agreement with the city will ultimately need to be approved by the Miami commission.

Mana’s attorney, Iris Escarra of Greenberg Traurig, was out of the country through January and could not be reached for comment. At the BID’s Dec. 14 meeting, though, she hinted Mana might be willing to compromise. “It’s possible this is going to evolve,” she said. “Stay tuned.”

Escarra did say that the development agreement will legally require Mana to keep his promises, including building the fire station and every acre of the promised open space. She also noted that city planners have already insisted that Mana meet other elements of the Neighborhood Revitalization plan. Among those: That his new buildings be reviewed by a new Wynwood design review board created under the NRD, and that Mana’s development provide cut-through “paseos” to foster pedestrian flow and connectivity to the rest of the neighborhood.

BID board members, who represent the district’s property owners, say they would like to reach an understanding with Mana. But what they’ve seen so far, they say, doesn’t seem to justify the large increases in scale and density he’s seeking.

And neither his zoning plan nor the development agreement appear to sufficiently hold Mana to building the promised public space in a timely fashion, nor guarantee a high design quality, they contend. Because the project would be built out over 30 years, some Wynwood stakeholders worry Mana might leave the public space for last.

“The vision for the Mana project is a good one,” said Jonathon Yormak, an investor and BID board member who’s planning a mixed-use building on a large vacant lot his firm owns off Wynwood’s main drag . “Everyone believes the underlying premise is a good one. We are all inclined to support it.  To Mana’s credit, he has engaged us. But for what he is really providing, versus what he’s asking for, does that seem like a fair outcome? The initial answer is no. What he’s presented is more to his benefit and to the detriment of the neighborhood,” Yormak added. “If they care to get our support, I believe they can get it. It will require a little bit of consideration and cooperation from them.”

Zyscovich said he and Mana’s team plan to meet with BID members in early January.

 

Source: Miami Herald

Developer PMG received approval today from the FAA to build a 1,049-foot tower at 300 Biscayne Boulevard, and they fully intend to build to that height.

PMG’s tower will be taller than the Empire World Towers once proposed for the same site:

PMG’s tower will be taller than the Empire World Towers once proposed for the same site

PMG principal Ryan Shear told TNM that the developer “has full intention to use every foot.” The tower would be the tallest in Miami.

The approved height is 1,041 feet above ground, or 1,049 feet above sea level. At that height, it will be taller than the 93-story Empire World Towers project that was once proposed for the same site.

Details of the project haven’t yet been revealed, but it is expected to include about 500 luxury condos.

 

Source: The Next Miami

Little Haiti

Longtime residents, business owners and civic leaders gathered in Miami’s Little Haiti neighborhood on Thursday to deliver a message about their rapidly changing community: “We want to stay.”

Little Haiti residents say investors and real estate developers are buying property and pushing out the people and small businesses that give the district is distinct Caribbean flavor. (Photo Credit: Daniel Chang, The Miami Herald)

Little Haiti residents say investors and real estate developers are buying property and pushing out the people and small businesses that give the district is distinct Caribbean flavor. (Photo Credit: Daniel Chang, The Miami Herald)

Residents and activists, many carrying hand-written signs declaring “Little Haiti is not for sale” and “Say no to gentrification,” said real estate developers and speculators are buying up land and pushing out the people and small businesses that give the neighborhood its distinct Caribbean character.

“They tried to push me out of this area,” said Wilfrid Joseph Daleus, a Haitian immigrant and owner of the Daleus Museum and Art Gallery on 59th Street and Northeast Second Avenue.

Daleus, 66, said he opened his art gallery in 1980 and loves the neighborhood. But his rent is rising, and he feels that local government could do more to help, such designating the area a historic or cultural district.

“The price goes up every month,” Daleus said, “and I don’t have the support to stay. … But I don’t want to go. I want to stay.”

The Little Haiti neighborhood of Miami — an area broadly defined as running from 38th Street to 79th Street between Interstate 95 and the Florida East Coast Railway — does not have an official boundary, though city commissioners have considered a formal designation in the past.

Little Haiti gained its name as Haitian migrants, fleeing the regime of Jean Claude “Baby Doc” Duvalier, began to populate the neighborhood in the late 1970s and early 1980s.

Longtime residents, business owners and civic activists gathered to protest what they see as the gentrification of Little Haiti. They produced a list of demands, including the creation of a cultural district and the establishment of a trust to preserve and acquire land in the district for housing and businesses (Photo Credit: Daniel Chang, The Miami Herald)

Longtime residents, business owners and civic activists gathered to protest what they see as the gentrification of Little Haiti. They produced a list of demands, including the creation of a cultural district and the establishment of a trust to preserve and acquire land in the district for housing and businesses (Photo Credit: Daniel Chang, The Miami Herald)

Lately, though, art galleries have moved north from Wynwood in search of more affordable rents in Little Haiti. And developers have taken increasing interest in the area, using harassment, intimidation and sometimes inducements to coerce longtime residents and businesses to move, said Marleine Bastien, executive director of Haitian Women of Miami, a community group.

Bastien told a group gathered in front of the offices of the Haitian American Community Development Corporation on Northeast 82nd Street that “a lot of investors and developers are “organizing to change the name of Little Haiti. They are buying left and right, cash. The Little Farm Mobile Court on Biscayne Boulevard, home to many Haitian immigrants, has been purchased through lawyers by a Chinese investor who doesn’t even live here.”

Joined by representatives from local civic groups and elected officials, including Michael Etienne, city clerk for North Miami, Bastien presented a list of demands for Miami leaders, including the creation of a historic or cultural district and the establishment of a community land trust to preserve existing land and acquire new property for housing and small businesses.

She called for fast action from Keon Hardemon, a Miami commissioner whose district includes the Little Haiti neighborhood. “If he doesn’t act,” she said, “soon Little Haiti will disappear.” Hardemon did not respond to an interview request from the Herald made through his chief of staff on Thursday.

Miami Mayor Tomás Regalado said the city has never designated any area in honor of any immigrant group, including Little Havana. But, he said, that doesn’t mean Miami has overlooked the contributions of immigrant groups that have contributed to the city’s history.

“The Haitian heritage can never be erased from the history of Miami,” Regalado said. “It’s still there in Little Haiti, although some Haitians have moved, but still we have the Little Haiti Soccer Park. We have the Little Haiti Cultural Center. We have the Caribbean Marketpalce.”

 

Source: Miami Herald

The real estate stability in Miami is still strong.

For four years, Miami’s economy in real estate has not met any downturn and consecutively even with the rising cost of real estate, it is evident that the city is one of the biggest players in this sector.

“South Florida offers world-class amenities, a top-tier arts and cultural epicenter, a diversified economy and more. The strong demand is leading to fewer days on the market for Miami single-family homes while buyer offers are near asking price,” according to World Property Journal.

Meanwhile, the increase in sales of properties was not only due to U.S. homebuyers. There was also a report stating that part of the buyers that are seeing potential and interest in the city is from the international market.

“Miami real estate continues to attract international buyers from all over the world as well as a growing number of domestic consumers,” said Miami-based Realtor Christopher Zoller

One promising note about the stability in the real estate of Miami is that the city offers a limited number of properties that can be loaned in mortgage. Out of the thousand properties that were available to sell to the public, only a small number can be allowed for mortgage loans. This makes it all the more visible how many are really eyeing settling in this city.

“Miami existing condominiums have been impacted by a lack of access to mortgage loans. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 23 are approved for Federal Housing Administration loans, down from 29 earlier this year,” based from the article and the statistics from Florida Department of Business and Professional Regulation and FHA.

In addition to this, there was a policy that was worked on this month to open up more opportunities for buyers to own a property in Miami. This could detail in more growth for the city’s real estate economy as people who are opting to own a residence in this city can apply instead via a mortgage loan.

“By increasing the number of local condo buildings approved for FHA loans, more consumers will be able to access FHA’s low down payment mortgages. Accepting Citizens insurance and co-insurance clauses is another significant development, which would help more than 85% of Florida’s condo projects in complying with FHA’s insurance requirements,” said MIAMI’s SVP Government Affairs & Housing Danielle Blake.

 

Source: Realty Today

Biltmore Parc luxury condominium residences are coming to Coral Gables.

Pictured as Biltmore Parc Luxury Residences break ground are (l-r) Marshall Bellin, Maximo Italiano, Glenn Pratt, David Torres, Luis Arevalo, Alirio Torrealba, Mayor Jim Cason, Jose Luis Bueno, Antonio Zeiter, Alejandro Abascal, Jimmy Forrest, Jenny Ducret, Aquiles Torrealba, and Fernando Pinto

Pictured as Biltmore Parc Luxury Residences break ground are (l-r) Marshall Bellin, Maximo Italiano, Glenn Pratt, David Torres, Luis Arevalo, Alirio Torrealba, Mayor Jim Cason, Jose Luis Bueno, Antonio Zeiter, Alejandro Abascal, Jimmy Forrest, Jenny Ducret, Aquiles Torrealba, and Fernando Pinto

Elected officials, members of the development team, and well-wishers were on hand recently to witness the groundbreaking ceremony for the project.

Proximate to the Biltmore Hotel, Biltmore Parc is the first project in six years to be located within walking distance of Miracle Mile. As traffic woes increase in Miami-Dade County, residential properties located near the workplace and amenities such as restaurants, shops and public transit become more attractive. In Coral Gables an estimated 540,000 vehicles travel through the city’s 189 entrances.

“This is hitting a market, capturing a niche for Millennials, families with young children who want to be in the heart of the city and empty nesters who are looking to move from a large home to a luxury condo,” Coral Gables Mayor Jim Cason said of the development.

Venezuelan entrepreneur Alirio Torrealba, interior designer Vincenzo Avanzato, the architectural firm of Bellin & Pratt, together with developers MG Developer Miami LLC and United Real Estate Group have created a project synonymous with the elegance that is the hallmark of The City Beautiful.

biltmore-parc-coral-gables 3The five-story building, located at 718 Valencia Ave. will have 32 units ranging in price from $950,000 to $1.65 million. Two and three-bedroom units are available, at 1,700 to 2,500 square feet in size.

biltmore-parc-coral-gables 2Each residence has a den with an expansive private terrace with NanaWalls (glass walls that fold inward). Private elevator access to the foyer is available to every unit. Two elegantly appointed multipurpose lounge areas capable for use as business center, meeting venue, game room or reading lounge also are available. Interiors include European-style kitchens, oversized spa-inspired bathrooms with separate showers and bathtubs, spacious walk-in closets, and walk-in laundry rooms.

Residents can take advantage of amenities such as the 24/7 personalized concierge assistance for things such as dining and event reservations to in-residence services. Other luxury touches such as 24-hour security, spa, fitness center, valet service, and WiFi in the common areas are part of the Biltmore Parc lifestyle. Also offered is a one-year membership to The Club at the Biltmore, which makes available fitness, social activities, special privileges at its legendary resort, discount on hotel amenities, and monthly special events.

“This is a great project for Mr. Merrick’s city now celebrating its 90th anniversary. The size, scale and location are ideal,” Mayor Cason added.

The project, which is scheduled for completion in February 2017, sold 15 units as of the groundbreaking. The sales gallery is located at the Coldwell Banker Residential Real Estate office, 4000 Ponce de Leon Blvd., Suite 700, Coral Gables. The construction company is TA Builders.

“This is going to be a beautiful building,” Commissioner Jeannett Slesnick said. “Congratulations to everyone involved in Biltmore Parc.”

 

Source: Coral Gables Community News

A panel of major Miami developers, many of them billionaires, gathered at The Real Deal South Florida’s Real Estate Forum & Showcase to talk about their upcoming projects and give their take on when this real estate cycle will come to a close.

Craig Robins, Jeffrey Soffer, Richard LeFrak, Gil Dezer and Michael Simkins

Craig Robins, Jeffrey Soffer, Richard LeFrak, Gil Dezer and Michael Simkins

In attendance was Richard LeFrak of the LeFrak Organization, Jeffrey Soffer of Turnberry Associates, Gil Dezer of Dezer Development, Craig Robins of Dacra and Michael Simkins of the Innovate Development Group.

The five heavyweights touched on themes like what it means to build a neighborhood and the challenges involved with planning a multibillion-dollar project. However, one topic reigned supreme: is South Florida headed for a crash?

“In the long run, what is going to happen is what always happens: the weak will not survive, the strong will survive, and the ones who survive will thrive,” said LeFrak, chairman and CEO of the LeFrak Orgnization.

To watch the panel from start to finish, check out the video below, or go to The Real Deal‘s YouTube page.

 

Source: The Real Deal

New York-based Chetrit Group and local developer Ari Pearl’s plans for a $1 billion Miami River project have moved a step closer to reality.

A rendering of the Miami River project

A rendering of the Miami River project

The Miami City Commission late Thursday unanimously approved a development agreement and rezoning of a 10-acre site where Pearl and the Chetrit Group plan to build the mixed-used site that includes four towers, a hotel, shops, restaurants, and a public river walk with boat slips. There, a large section of Little Havana along the Miami River will get a major facelift.

To obtain city approval for higher density, the developers promised to invest $14 million into an affordable workforce housing fund, as well as $7 million for public infrastructure surrounding the project, including renovating nearby Jose Marti Park. Raymond Jungles has designed the plans for the park.

“This project is of city-wide importance,” the developers’ lawyer Melissa Tapanes Llahues told commissioners. “It makes the vision of an interconnected city a reality.”

A rendering of the Miami River project

A rendering of the Miami River project

Located between Southwest Second Avenue and Southwest Third Avenue, the Miami River and Southwest Seventh Street, the project will be built in five phases. The complex would have 1,678 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and more than 2,000 spaces. The first tower with 200 hotel rooms and 328 condos, Tapanes said, is scheduled for by the end of 2018. The developer is also getting 1.2 million square feet of “air rights” from the city at $17.82 a square foot, or $21 million, which is being used for the public improvements.

Joseph Chetrit

Joseph Chetrit

Pearl and the Chetrit Group have been working on the project’s design since they assembled the land for roughly $100 million last year. Some of the properties they acquired included the Finnegan’s River restaurant and the Pleasure Emporium adult superstore.

The developers and their architect, Kobi Karp, also consulted with the Miami River Commission on the site’s design which calls for restaurants and shops to line the river walk that will be accessible to Brickell and East Little Havana residents. There will also be a public gathering place at an I-95 underpass.

“This is a very exciting project in a blighted area that could use some enthusiasm,” said Miami River Commission Chairman Horacio Stuart Aguirre.

The commissioners also heard from a dozen residents and property owners who spoke in favor of the project. City Commissioner Frank Carrollo, whose district includes the site, gave the project a thumbs up after negotiating some more concessions from Pearl. Carrollo said the developers had agreed to contribute $14 million to the city’s workforce affordable housing fund and to set aside a space for the city to build a small paramedic station. The first $1 million is due when Pearl and Chetrit submit site plans for the towers, which they expect will be sometime in February 2016. Another $1 million is due once the first building permits are approved.

“This is a beautiful project,” Carrollo said. “I am glad to say I met with the developer and his team to address some issues

 

Source: The Real Deal

A Chinese investment group paid $38.5 million for less than 1 acre at 6747 Collins Ave. in Miami Beach.

China City Construction Company Da Tang Development and Management LLC struck the eight-figure deal with the Peebles Corp. for a 0.98-acre oceanfront site approved for high-density multifamily development.

The buyer, part of China City Construction Holding Group, has New York-based operations as well as offices in Miami, Los Angeles, San Francisco and San Diego. It operates six regional service centers in China, targeting high-profile investors looking to acquire U.S. properties.

China City Construction Co. acquired the site at 6747 Collins Ave. in Miami Beach.

China City Construction Co. acquired the site at 6747 Collins Ave. in Miami Beach.

Its new purchase sits between 67th and 69th Streets with the Deauville Beach Resort to the south and Sterling condominiums to the north.

Approved plans allow a 19-story development with 60 residential units and a 150-room condo hotel with gross building square footage of up to 93,600 square feet. The company appears to be wasting little time moving forward with plans for the site.

Dr. Shan-Jie Li, chief executive officer of American Da Tang Group

Dr. Shan-Jie Li, chief executive officer of American Da Tang Group

Information on its website shows CEO Shanjie Li and general manager Haibo Pan traveled to Miami and Atlantic City between March 31 and April 6 to scout development prospects. While in Miami, they met with real estate developers, architects and lawyers to create a land development plan, according to the site. Their meetings likely included CBRE Inc.‘s Miami-based hotel division since the real estate brokerage house announced Thursday it handled the massive sale.

CBRE executives Robert Taylor and Paul Weimer of the hotels division teamed with Gerard Yetming of the firm’s multifamily arm and Irving Padron of Engel & Volkers to represent Peebles Corp. They marketed the land as one of Miami Beach’s last vacant oceanfront properties.

“This beachfront site is ideally situated in one of the nation’s most sought-after real estate markets, a top-performing hotel market and a place where residential sales top $2,000 per square foot,” CBRE senior vice president Robert Taylor said.

Peebles chairman and CEO Donahue Peebles called the site a “prudent investment with immeasurable potential.”

“As the Peebles Corporation shifts focus to our large-scale projects in the Northeast, we will watch with great enthusiasm as China City Construction Co. brings this exciting development opportunity to life,” Peebles said.

American Da Tang Group and Borda Commercial Real Estate represented the buyers in the transaction.

 

Source: DBR

Florida East Coast Realty obtained approval from the Federal Aviation Administration (FAA) for the height of two planned towers in downtown Miami, both designed to rise about 1,000 feet.

The FAA approved the designed height Florida East Coast’s 1,005-foot One Bayfront Plaza and the company’s 995-foot 1201 Brickell development. In a separate decision, the FAA recently approved the designed height of six Miami condo buildings by Related Group, including two taller than 800 feet.

The FAA had issued  preliminary notices of “presumed hazard” to Florida East Coast because the federal agency was concerned that the height of One Bayfront Plaza and 1201 Brickell could interfere with air traffic.

Florida East Coast designed 1201 Brickell as a twin-tower residential development with 787 units. One Bayfront Plaza is planned at a location on the west side of Biscayne Boulevard between Southeast 1 Street and Southeast 2 Street. The $1.4 billion project would include 768,000 square feet of office space. The mixed-use development also would encompass 643 hotel rooms, 97,000 square feet of retail space and 110,000 square feet of meeting and convention space.

The tallest building in Miami now is the Four Seasons hotel at 1435 Brickell Avenue, which is 789 feet tall. Florida East Coast will top that when it finishes its 822-foot Panorama Tower at 1101 Brickell Avenue, now under construction. Swire Properties eventually may have the tallest tower in town: The developer plans to build a 1,049-foot tower in a future phase of its Brickell City Centre development along South Miami Avenue between 8 Street and 6 Street.

 

Source: The Real Deal