Mayfair Real Estate Advisors and Terra Group have secured an anchor tenant at Mary Street, a mixed-use development taking shape in Miami’s Coconut Grove neighborhood.

Advisory firm Kaufman Rossin agreed to occupy 64,666 square feet at the Class A project. Developers are transforming a former parking garage, with delivery slated for mid-2019. Kaufman Rossin will lease the building’s top two floors and half of the third floor starting June 2020. The firm is currently headquartered at 2699 S. Bayshore Drive, just two blocks away from Mary Street. The lease represents a 10,000-square-foot expansion, with the tenant relocating nearly 300 employees to the new location.

Co-developer Terra will also lease 13,174 square feet at the Touzet Studio-designed property, bringing Mary Street’s office component to full occupancy. Terra’s new corporate space will be on the building’s third floor and mezzanine level. Located at 3310 Mary St., the 78,000-square-foot project will feature five floors of Class A office space, ground-floor retail space and a publicly accessible, 340-space parking garage.

Pent-Up Demand

Upon delivery, Mary Street will mark the first completion of Class A office space in Coconut Grove’s business district in more than two decades. According to a JLL report, vacancy in Coconut Grove is 1.7 percent, the lowest rate in Miami Dade County’s submarkets. Amenities at Mary Street will include 24-hour security, covered drop-off and valet areas, electric car charging stations, bicycle stations and storage. Jaguar Therapeutic, OXXO Cleaners, Elia restaurant, Workout Spot and a private dentistry practice are among the signed retail tenants.

Tom Capocefalo, senior managing director with Savills Studley, represented Kaufman Rossin, while Chris Dekker, vice president with Mayfair Real Estate Advisors, worked on behalf of the development team.

“The move to this expanded, innovative space represents new beginnings for Kaufman Rossin while keeping us true to our roots in Coconut Grove,” said Blain Heckaman, chief executive officer of Kaufman Rossin, in prepared remarks.

“Our team launched Mary Street to complete the vision of a true live-work-play environment in Coconut Grove,” added David Martin, president & co-founder of Terra.

 

Source: Commercial Property Executive

A developer is planning to rebuild the Coconut Grove Metrorail station into a self-powered apartment and retail complex.

Grove Central will include a 330-unit apartment tower, along with retail space, parking and a bus station, according to the Miami Herald. Total cost is expected to be $200 million.

Solar panels are planned to cover the buildings, producing two megawatts of power. Underneath, massive batteries that are the size of six shipping containers will store 20-megawatts per hour of electricity.

Air condition for the building would come from a geothermal system using cold water pumped from underground. Groundwater and rainwater will also be used to provide cooling mist and for landscape irrigation.

Enough power could be generated and stored to make the building self-powered, while also powering Metrorail as it departs the station, planners say. The solar array and battery is known as an urban microgrid, and is the first of its kind in Florida.

A waste-to-energy plant that would convert sewage into power, compost and water is also in negotiations.

The developers are awaiting final approval from county transportation officials, with completion expected in 2021. Five other Metrorail stations, as well as 10.7-acres of land next to Miami Central Station by the airport, are now in planning or negotiations for similar sustainable projects.

Terra Group and Grass River Property are the developers of Grove Central, with Touzet Studio the architect. The solar project is also a pilot program for Florida Power & Light.

 

Source: The Next Miami

Those looking for new digs in South Florida would be wise to check out one of these areas.

Here’s where luxury home buyers are parking their money.

Coconut Grove

Coconut Grove is on the tip of many Miami real estate experts’ tongues, all of whom cite a sort of rebirth in an already prestigious area.

“The city is doing a lot to revamp the area in terms of parks and restaurants, and it has more of a community feel,” says Chad Carroll of the Carroll Group at Douglas Elliman.

One reason for that is an influx of office space, which has helped make the “live-work-play” lifestyle a possibility in Coconut Grove, says Karen Elmir, president of the Elmir Group with Cervera Real Estate. New stores have also come in, and CocoWalk announced in the spring that it would be adding an open-air plaza as well as new stores and restaurants to the long-established shopping and dining center. Plus, there are plenty of new places to call home.

“There are many new high-end buildings with top-of-the-line amenities,” says Ms. Elmir, who specializes in sales in the area and has shown homes there to celebrities like models Elle Macpherson and Hannah Jeter and basketball player Hassan Whiteside.

Ms. Elmir says prices have gone up in recent years, citing sales at the Bjarke Ingels–designed Grove at Grand Bay. In 2012, she was selling residences at about $800 a square foot. Now, they’re more like $1,100 to $1,200 per square foot, she says.

“It’s one of the hottest areas in all of Miami,” says Daniel de la Vega, president of ONE Sotheby’s International Realty.

He is handling sales at the not-yet-opened Fairchild Coconut Grove, where 26 luxury condominiums range from $1.4 million to $4.6 million.

East Edgewater

East Edgewater is also making waves.

“It’s minutes away from the new Design District,” Ms. Elmir says. “It’s minutes away from Miami Beach.”

Not that one would necessarily want to leave. The area is home to several new retail options—think high-end shops and gourmet restaurant—and has sweeping views of Biscayne Bay.

“Beyond emerging, it’s developing,” says Beth Butler, president of Florida Compass. “There’s been more retail and residential action.…It’s a hot neighborhood.”

She says the condo market is especially strong. The neighborhood has single-family homes lining the side streets, as well. New residential developments include Aria on the Bay, in which Grammy Award–winning producer Timbaland bought a home. A three-story penthouse is for sale for just under $13 million.

There’s also the Biscayne Beach Residences, where Ms. Elmir is showing a $10.5 million penthouse. Paraiso, a project from Related Cos., is bringing 1,400 new condos in four towers, as well as retail options, to service the new spike in population. A new beach club and restaurant are part of the mix.

Downtown Miami

Walkability is one of the main draws of Downtown Miami, according to Jill Eber of the Miami Beach–based real estate team The Jills.

“Everything is superclose,” Jill Eber says. “It’s like a city within a city.…It’s like a little New York there.” That includes the American Airlines Arena, home to the Miami Heat basketball team, cultural centers, and plenty of shops and restaurants.

Ms. Eber says the number of baby carriages in the neighborhood has increased in recent years.

The Brightline train is now connecting passengers from downtown to West Palm Beach and Fort Lauderdale, and developers are looking to the area as another “live-work-play” location.

“Downtown shares its southern border with Brickell,” Ms. Eber says. “The whole area is seeing a lot of interest. Before, it was just a bunch of parking lots.”

The Phillip and Patricia Frost Museum of Science, which opened in 2017, and the Perez Art Museum Miami, which features modern work, are highlights of the area.

“A renewed sense of community has spurred new events and projects,” Ms. Butler says. “One new project is Canvas, a 37-story tower offering 513 fully finished apartments.”

 

Source: Mansion Global

Okan Tower is one step closer to beginning construction.

On September 1, contractors filed a dry run permit to begin building a 70-story tower, city records show.

Next week, a phased Class II foundation permit will be filed, along with a master building permit, a consultant working for the developer said.

The filing last week included:

  • 500 sheets for review by city officials
  • $457,707.60 upfront permit fee
  • $163,466,625 total cost of construction
  • 318,090 square feet of hotel, with 294 rooms on 19 floors
  • 512,080 square feet of condo, with 398 rooms on 33 floors
  • 66,920 square feet of office, on 4 floors
  • 37,005 square feet of retail on 1 floor
  • 934,095 total square feet to be built

The hotel will be known as the Hilton Bayfront.

Okan representatives previously told The Next Miami that the tower will top of at 890 feet.

 

Source: The Next Miami

The CEO of the Greater Miami Chamber of Commerce has a worry that many civic leaders in smaller and less prosperous areas would like to share: development is plunging ahead at breakneck speeds.

“There’s been so much commercial development in Miami and Dade County, that’s one reason why we made the top 20 list for Amazon,” Alfred Sanchez tells Globe.St. com.

He was referring to Miami earlier this year being named in the final 20 cities for Amazon’s new second headquarters in North America, what they’ve dubbed HQ2. The online giant started out with more than 320 locations and whittled it down dramatically.

“What I really worry about is that development is happening so quickly with such a large volume of stuff that’s going to happen that we get ahead of planned development,” Sanchez says.

Traffic is Growing Issue

One particular concern: congested traffic.

“That’s our number one issue, so that when you live here, you’re not stuck in traffic all day long in the downtown area,” Sanchez says.

He cites promising new commercial developments moving the area forward such as the Chinatown project in North Miami. It was recently in the news as requests were made for proposals from architectural firms.

The Chinatown Cultural Arts & Innovation District is to be comprised of 16 blocks of commercially zoned land along Northwest Seventh Avenue between 119th and 135th streets. The area is to be complete with parks, green space, bike lanes and rooftop gardens, along with pagodas, canals and an entrance inspired by the Ming Dynasty.

Many Major Projects Planned

Another promising project he mentioned: Developer Moishe Mana recently secured a $20.13 million construction loan to build Mana Wynwood Americas-Asia Trade Center & International Financial Center. Mana plans to build a center which will feature 10 million SF of commercial space as a trade hub to encourage and facilitate trade between China, Asia, Latin America, North America and the Caribbean. The project will be built in multiple phases with phase 1 including the development of 8.5 acres of Wynwood with 4.68 million SF of Class A office space, showrooms, retail, hotels and other development.

As for infrastructure keeping up with development, Sanchez cites work by the New World Center committee originally formed by the chamber in 1976. Their goal is to “have a catalytic influence on downtown projects in respect of the public and private sectors.”

An area the chamber is looking at as a priority is traffic.

“You need a master plan and the chamber plays a big part in it. We’re trying to develop transit solutions,” Sanchez says.

 

Source: GlobeSt.

Bjarke Ingels Group has unveiled designs for a massive mixed-use development that is elevated into the air on thin stilts.

Located in the central Miami neighborhood of Allapattah, an industrial, working-class district mainly comprised of produce suppliers, the major complex will serve as a new landmark destination in the city.

Dubbed Miami Produce, the project will activate the site with urban farming, restaurants, storefronts, co-working offices, co-living apartments and educational programming.

Click here to view inhabitat‘s rendering slideshow of BIG’s Miami Produce project

 

Source: inhabitat

Miami residents will soon vote on three major deals to redevelop city-owned property:

Miami Riverside Center

Lancelot Miami River, an affiliate of Adler Group, wants to demolish and replace the city’s Riverside Center administrative building.

If the deal is approved, four new towers could be built.

Two would be 50 to 60 story condo towers, one of which will be luxury and the other mid-range. A third will be a 30-story rental tower, and the fourth would be a replacement administrative building for the city, valued at $140 million.

Voting is scheduled for November.

Miami Freedom Park

A partnership that includes David Beckham and Jorge Mas want to develop the Melreese golf course into a project valued at up to $1 billion.

The project could include a stadium, retail, hotel, office and parking garages.

Voting is scheduled for November.

Jungle Island Hotel

A 13-story, 300-room hotel is proposed at Jungle Island by owner ESJ Capital.

Voting is scheduled for the August 28 primary election.

Source: The Next Miami

North Beach’s new main street might include tiny apartments, 200-foot towers and homes that double as businesses.

This vision for the “Town Center” area along 71st Street, developed by city planners, is designed to turn a stretch of the island that has seen little development into a hub where residents can live, work, shop and eat without ever getting into a car.

“We think that there’s an opportunity to make Town Center more walkable and more liveable and we want to see Town Center thrive,” said Thomas Mooney, Miami Beach’s planning director. “We wanted to have more of a 24-hour feel.”

Mooney and his team have proposed allowing developers to build up to 200 feet if they provide a public benefit, such as affordable housing or a contribution to a fund that could be used for a variety of neighborhood projects. He said limiting the height to 12 stories (125 feet), which was recommended in the master plan for North Beach, would generate “static” buildings and wouldn’t leave much room for creativity.

“We wanted to build in the ability for a good architect to be able to creatively redistribute” the allowed density in a taller structure, Mooney said.

In addition to allowing micro-units — tiny, furnished apartments in buildings with shared amenities — city planners have recommended permitting artisanal retail where goods like artwork, food and beer are produced and sold on-site and neighborhood fulfillment centers where shoppers can pick up goods they order online. Units where residents can live and work in the same space would also be allowed.

But not everyone agrees with this vision for Town Center.

The redevelopment of the area between Collins Avenue and Indian Creek Drive/Dickens Avenue from 69th Street to 72nd Street was approved by voters last November when they authorized an increase in density. Voters approved an increase in the overall size of buildings in the area, but the referendum didn’t get into specifics. That was left up to the city’s planning department.

Some residents object to allowing 200-foot towers and are skeptical about the micro-units, which they say will only attract tourists. (Short-term rentals are legal in the Town Center area.)

North Beach activist Kirk Paskal said 200-foot towers weren’t what voters envisioned when they cast their ballots because the height increase hadn’t been included in the master plan or agreed to by residents.

“Now suddenly, this new urgency for more height could severely damage the character of North Beach in a drastic and permanent way,” Paskal said in an email. “Any public benefits that may be proposed by way of this last minute effort to stray from the plan, could not justly recompense the harm that would be inflicted on the alluring human scale and cohesive character of North Beach by the incompatible and oppressive height of 200 feet.”

Paula King, a longtime North Beach resident, also has concerns about the maximum height.

“What they’re looking for is to build these high needles that are higher than any other building in North Beach so they can have the view and charge more for it,” King said. “Miami Beach is not New York. We don’t have the infrastructure to support this.”

Tiny Living

Micro-units are a trend in urban areas among residents who are willing to trade space for the opportunity to live in a neighborhood they couldn’t otherwise afford. Projects have sprouted up in Wynwood and downtown Miami, as well as in Miami Beach. A new micro-unit project at 6080 Collins Ave. offers apartments as small as 350 square feet, about the size of two parking spaces. Other micro-unit projects are in the works on South Beach’s Washington Avenue.

Mooney and his team have proposed allowing micro-units in hotels and apartment buildings in Town Center as long as the building includes plenty of shared amenities like community kitchens, business centers and gyms.

Commissioner Kristen Rosen Gonzalez is skeptical the micro-units will appeal to North Beach residents, however.

“What you have right there is a massive amount of transient tourism,” Rosen Gonzalez said. “It really is not reflective of what the community wanted,” she added, referring to the micro-units and the proposed height limits. “We can’t turn North Beach into South Beach.”

Others disagree. In order to attract young people and plan for the future, the regulations forTown Center need to leave room for new housing trends, said Commissioner Ricky Arriola.

“I think we need to be open minded and flexible,” Arriola said. “We can’t be rigid and just stick to the way we’ve always done things. The facts are that we are losing our millennial generation across the bay.”

North Beach residents have mixed views on the proposals.

Miguel Gonzalez, 36, said he wasn’t sure there is a market for micro-units right now due to a lack of job opportunities and public transportation. But Gonzalez, a lawyer who lives within walking distance of Town Center, said that could change.

“If you could work and live in the same place, like in downtown Miami, if they can convert this into that kind of area, more young people might be interested,” Gonzalez said.

Judith Acame, 77, lives in the Town Center area and said she thought the micro-units would appeal to young people, but not to low-income retirees like her.

“People my age will have to move to cheaper areas,” Acame said in Spanish.

Acame said she loves living in the neighborhood because she can walk to her yoga and Tai chi classes and to a nearby senior center. If the area gets more expensive and fills with buildings catering to young people.

“I guess I’d have to go to Hialeah, where my brother lives,” Acame said.

Ultimately, the city will have to be flexible in order to attract economic development to North Beach, said Commissioner John Elizabeth Alemán.

“North Beach’s Town Center District has seen little new development since the concept originated in 2003,”Alemán said in an email. “This time around, it is imperative that the Commission err on the side of growth and progress. The North Beach community craves results.”

The planning department’s proposal, included in the draft of an ordinance that will regulate area development, will be evaluated by the city’s planning board on July 24 and by the Land Use and Development committee on July 31. The City Commission will have final say.

The draft ordinance includes a number of other proposals, including provisions to ensure ample space between towers so that air and light filter down, limits on the numbers of hotel rooms and apartments, and noise reduction requirements for businesses that provide entertainment.

Source: Miami Herald

The developers and builders of some of Miami’s tallest towers are being sued for damage allegedly caused to two neighboring Brickell condo buildings.

Everest National Insurance Company, on behalf of the 1060 Brickell Condo Association, filed a lawsuit in Miami-Dade County Circuit Court against Florida East Coast Realty, Tutor Perini Building Corp., Key International, Moss & Associates, Rilea Group Realty and Coastal Construction Group of South Florida for significant damage to 1060 and 1050 Brickell due to the construction of Panorama Tower, 1010 Brickell and the Bond.

In all, construction of FECR’s Panorama and Rilea Group’s the Bond, which both began in early 2014, and of Key International’s 1010 Brickell, which broke ground in September of that year, allegedly damaged the facade, balconies, railings and building components, a portion of the trellis near the pool deck, the roof and cooling tower of the property at 1050 and 1060 Brickell Avenue, according to the suit.

The condo association’s policy with Everest ran from March 1, 2015 to May 1, 2016, the suit said.

Everest claims that the condo association received complaints from residents about debris, and cement and paint splatter, and that residents lost the use of their balconies. The association had to replace the roof of one of the buildings due to damage from debris impact. The association also alleges that about 45 pounds of dust and cement debris collected in one of the building’s cooling towers, clogging the filter.

On April 24, Everest made an undisclosed payment to the 1060 Brickell condo association to perform remediation to the properties caused by the loss, according to the suit.

Panorama, an 85-story mixed-use tower with apartments, a hotel and commercial space, opened at 1100 Brickell Bay Drive earlier this year. Tutor Perini handled construction.

The Bond, a 44-story, 328-unit condo tower at 1080 Brickell Avenue,opened in April 2017 and was built by Coastal Construction. And Key International and 13th Floor Investments opened 1010 Brickell, a 50-story, 389-unit condo tower at 1010 Brickell Avenue, in August. Moss & Associates was the general contractor.

The lawsuit claims that the developers and general contractors “owed a duty to adjacent property owners and residents … to ensure the development and construction” of the buildings “was within the standard of care for real estate developers under the same or similar circumstances.”

In a statement provided to The Real Deal, Bruce Moldow, executive vice president and chief legal officer of Moss, said, “We believe Moss has no liability in this situation and we will defend the case vigorously.”

Coastal vice president Dan Whiteman said the company does not comment on pending litigation.

FECR, Tutor Perini, Key International and Rilea Group did not immediately respond to requests for comment.

A number of developers have been sued this cycle by neighboring condo associations alleging damage from construction, including Biscayne Beach and Porsche Design Tower.

 

Source: The Real Deal

For nearly five decades, Master Brokers Forum board member Donna Bloom, an agent with Douglas Elliman, had the privilege of helping people buy and sell their homes all over Miami; particularly in Miami Beach.

She witnessed extraordinary changes to the real estate market and industry during that time, often in step with the transformations of the community itself.  She describes it as a wild and fun ride.

The following are her thoughts on the five most remarkable changes she experienced along the way.

1. More Technology (But Fewer Personal Connections)

It is simply impossible to understate the impact technology has had on real estate — in ways both positive, and negative, in my opinion. When I began my career, there were no smart phones, no tablets, no fax machines, and no computers. What we did have were phones, cars, and plenty of hustle! At the time, we had to personally present offers, which meant a lot of literal “back and forth” between buyer and seller — often late at night.

Today, contracts can be completed and signed over smartphones, any time of day or night — a big change from when I made my very first sale of a house on North Bay Road, for the price of $35,000. (Really!) We didn’t have preprinted contracts, only a form that had to be filled in by a typewriter, and you had to insert all the terms yourself. I showed that house, the buyers wanted it and I completed the form — by hand — on the trunk of my car.

Back then, the mantra was “work hard!” Now, it’s “work smart!”, which technology certainly allows one to do. (This does not mean that today’s agents don’t work hard; we all definitely do, in ways that are far different than before.) But very often, that involves dealing more with machines and screens than with real, live human beings.

2. Luxury Condos… Everywhere!

It really is fascinating to see “before” and “after” photos of downtown Miami’s skyline over the past 20 years. When I got started, the only luxury condominiums could be found along a stretch of Collins Avenue in Miami Beach, and it was aptly named the “Condo Canyon.” At the time, the prevailing logic was that condo buyers would only trade square footage for beautiful waterfront views. While that is largely still the case, and Miami Beach remains the epicenter of luxury condo development, the landscape for that development has extended considerably. Today, amazing new luxury condos can be found in Sunny Isles Beach, Coconut Grove, Surfside, Edgewater, Coral Gables and everywhere in between.

All these new condos have truly altered the way any successful Miami agent does their business. We have to keep up to speed on all the new projects, which developers make the best buildings, amenities, emerging neighborhoods, and especially where to find the best value for our clients. The “muscles” we agents use for buying and selling condos are very different than the ones used for selling single family homes, and they certainly get stretched and worked like never before.

3. Power Shift: From Agents To Customers

I’ll admit it: Before the internet became mainstream, real estate agents held all the cards. We had access to all the data and information, and the only means by which anyone could buy or sell their home. Good luck trying to sell your home yourself in those days — how could you possibly know how to find comparative pricing, get access to other agents and their customers, or handle the mountain of rules and paperwork involved in the process?

It all seems quaint now as today’s buyers and sellers have a world of listings, data, advice and marketing tools at their fingertips. It has become common to meet with prospective clients who are well-versed on recent “comps” and have good, strong opinions on how and where I should market their home.

Rather than resist this increase in customer savvy, veteran agents like me highlight specialized services that only we can provide: our local experience and expertise. It still means something to sellers when an agent can tell them, “I’ve already sold this house — and ten of your neighbors’ houses — over the years.”

4. More Competition

As Miami has evolved into a true world class-city since the turn of the century, more people earn their real estate license and take their shots at “the game” with each passing year. While real estate is a fantastic and rewarding career choice, the majority of new Miami agents enter the market with (and I choose my words carefully here) vastly unrealistic expectations for what it takes to do the job well, and earn a living doing so. This can make it challenging for customers to filter through the inexperienced or unqualified members of our industry, but it also emphasizes the need for the rest of us to market ourselves well and maintain good reputations. We also face increasing competition from online sources such as Zillow and for-sale-by-owner (or “FSBO”) entities.

5. Dramatic Population Swings

Political and environmental events have significantly shaped and altered Miami’s demographic identity over the past 50 years. From the mass exodus of Cuban exiles to Hurricane Andrew’s wrath to today’s surge of new residents from South America and Russia, agents like me have learned to roll with these changes accordingly. Very often, it has meant working with customers and colleagues whose first language may be different from mine, seeing the identity of an entire neighborhood change in months, and advising clients on the critical importance of insurance and shutters. Without even realizing it, experienced agents can simply get used to the idea of change itself being a constant.

With that in mind, I close with the question of what changes Miami real estate will experience over the next 50 years? What will the job of a Miami real estate agent look like in 2068? I’m really not sure, but I’ll be happy to write a follow-up column at that time.

 

Source: Miami Herald