The under-construction 55-story office tower — loaded with state-of-the-art amenities and building health systems — already is signing up big-name tenants, including Microsoft, WeWork, Thoma Bravo and CI Financial, with more to come ahead of its opening next year.
Cryptocurrency isn’t the only corner of the tech world exploring new realities in Miami.
Microsoft will use the space at 830 Brickell as its new regional headquarters.
Residential construction starts up 240%, nonresidential up 245%.
As more frequent and more intense storms bring destruction, they also present us with a chance to modernize.
Foreign investment in the U.S. may have slowed down during the coronavirus pandemic, but it didn’t disappear, and it’s been growing since international travel picked up, Miami real estate experts say.
While COVID may be a catalyst, core reasons for businesses coming to South Florida remain solid: access, taxes and lifestyle. CLICK ON THE HEADLINE FOR MORE
A large chunk of prime development land in downtown Miami could soon be put up for bid by the Miami-Dade School Board – and developers could build a mega-project there, according to the Herald.
The property has the potential to become “a new Brickell City Centre,” according to an official with the Omni CRA, an agency that is working with the School Board.
The School Board could eventually offer up to 10 acres to developers in a ground lease with the proceeds to fund education, as part of a “21-acre vision.”
Already, a deal is in place with Crescent Heights for an acre of land which the developer will combine with adjacent property to build twin 60-story towers with parking, residential, and offices for the School Board.
If the School Board does put its property out to bid, it could generate taxes for the CRA that would fund several now projects each with hundreds of affordable housing units.
A new building would be constructed for iPrep Academy at Northeast 19th Street, on city property next to the City Cemetery. School Board funding would pay for the school, with CRA funding for hundreds of elderly affordable housing on top.
Another project would be the rebuild of Phillis Wheatley Elementary near Overtown and Wynwood. Hundreds of affordbale housing units would also be built on top.
A School Board meeting is scheduled on whether to move forward with a possible deal. An Omni CRA presentation is also scheduled and open to the public.
Source: The Next Miami
Moishe Mana and the Mana Group plan a large-scale tech center, anchored by Flagler Street, for downtown Miami, representatives just told the Downtown Development Authority.
“Mana Tech will bring tech and venture capital companies into the city’s core very much at the direction of Moishe Mana,” said Paul Lambert, managing principal of Lambert Advisory. “Flagler Street will be the center, and he plans to re-do the entire block.”
The area, bounded on the east and west by Southeast First and Southwest First avenues and on the north and south by Northwest Second and Southwest Second streets, will contain 11 buildings, most of which already exist and will be renovated.
“A pocket park will be adjacent to one building,” Mr. Lambert said.
The Mana Group, already a presence in Wynwood, began acquiring downtown buildings in 2014; it has been reported that Moishe Mana owns about 45 buildings near Flagler Street now.
“Permits will be pulled shortly to begin renovations, with the earliest of the buildings to be ready in the first quarter of 2021,” Mr. Lambert said.
“There is tech in Miami, but it is isolated, and it’s not working as one,” said Uri Adoni, Mana Tech managing director. “We want this whole area to be about tech, and not just local tech. We want to import start-ups, possibly from South America. Start-ups need services, and that’s what we will supply. Usually, these companies would be based in New York City, but Miami can be a target.”
“This really has the power to be transformative, based on the sheer assets and resources you’re deploying,” said authority board member Philippe Houdard, founding principal of Pipeline Workspaces and Skybank Financial. He asked whether the group has any firm commitments from potential tenants.
“We want a mix of tenants; it can be relatively young start-ups with 50 to 100 employees,” Mr. Adoni said. “We’ve also had initial talks with large corporate tenants, but I can’t say it’s mature yet. Give us any leads you have and we’ll filter them.”
“Flagler is the spine and nervous system of downtown,” said Ken Russell, authority chair and Miami commissioner. “We’re setting the table” with the renovation of Flagler Street itself, which is to resume after the February Super Bowl. That project has been driven by the authority and is being funded by the city, the county, the authority and property owners.
“We want to help you recruit,” he told Mr. Adoni. “And we have a bank account that’s meant to do just that.”
Source: Miami Today
In the future, potential renters may visit available units, apply for leases and execute paperwork without ever seeing a human being.
That’s what PropTech investor John Helm is banking on. Helm is the managing director for Real Estate Technology Ventures (RET Ventures), an industry-backed early stage investor fund. He made his prediction of human-free leasing during a recent panel at the Urban Land Institute Miami fall symposium.
“Cutting leasing staff can significantly trim expenses for an apartment building,” said Helm. “But the savings won’t come from a single app. We tend to follow things and invest in companies that compliment one another.”
His team is investing in artificial intelligence companies that digitize the screening of a would-be renter online and allow that renter to schedule an appointment to tour the unit. RET Ventures is also investing in lock-and-entry technology using facial recognition software to give access to a person to tour an apartment.
“The ability to tour a home solo also correlates with higher closing rates,” said Helm. “Data shows that renters who tour units without human leasing agents are more likely to close.”
Panelist Tigre Wenrich, CEO of Lab Ventures Miami, is focusing on a different real estate sector: construction. Lab Ventures is investing in apps that monitor construction workers to simplify payroll and track progress. In addition, it has invested in Licify, a marketplace for the Latin American commercial construction industry.
LAB Miami Ventures is also investing in a 3D visualization product that will allow a prospective customer to see how an office or residential space might look when customized to the client’s wishes.
Source: Miami Herald