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Property Markets Group acquired the site of a downtown Miami church along Biscayne Boulevard for $55 million, with plans to build a major mixed-use tower.

The First United Methodist Church of Miami sold its 1.15-acre property at 400 Biscayne Blvd. to New York-based PMG. The deal was partially funded by Toronto-based Greybrook Realty Partners, which previously announced plans to invest $32.2 million into the project. The site is near American Airlines Arena, Miami Dade College, and the College/Bayside Metromover Station.

PMG’s Ryan ShearEvan SchapiroMatt Ellish, and Yechiel Ciment negotiated the deal. They were represented by Saul Ewing Arnstein & Lehr attorneys Luis Flores, Rebecca Sarelson and David Yontz, plus Josh Kaplan at Bilzin.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” Shear said. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

The developer said it plans to build over 690 units and about 20,000 square feet of commercial space. The property is zoned for about 50 stories. The apartments would be branded by PMG’s new X Social Communities division, which appeals to young professionals seeking more attainable pricing. Its nearby X Miami apartment building, which is under construction, is part of the same brand.

The 400 Biscayne project would have co-working spaces, an oversized fitness center, communal kitchens, smart package lockers, smart home technology controlled by an app, and many pre-furnished units. As part of the project, PMG will build a new church on the site with a separate entrance for FUMC Miami.

“FUMC wanted to rebuild the church in the same location, so the relationship with the potential buyer was very important,” Flores said. “They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term. The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future church.”

“It was the right time for the church to take advantage of the revitalization of its neighborhood,” Pastor Dr. Audrey Warren said. “The project will ultimately allow the church to grow and meet its future operating needs.”

PMG said the architect of the building is Sieger Suarez, and Carlos Ott is consulting on the church that will be included in the structure.

 

Source: SFBJ

The parent company of All Aboard Florida (AAF) this summer will open the first of two office buildings at MiamiCentral, an 11-acre mixed-use development that will include a train station for AAF’s Brightline rail service.

Florida East Coast Industries is developing a standalone office building called Three MiamiCentral and another office building called Two MiamiCentral that will be connected to the train station.

Three MiamiCentral, expected to open by the end of summer, will have 100,000 square feet of office space, including 18,000 square feet that the Brightline rail service will occupy.

Two MiamiCentral, expected to open in fall, will have 190,000 square feet of office space and a group of tenants including Ernst & Young and Regus, a provider of shared office space.

The Cisneros media company will occupy the two top floors of the 10-story Two MiamiCentral office building, and general contractor Moss & Associates will lease space on the seventh floor. Venevision International Enterprises, Fortress Investment Group and Florida East Coast Industries will occupy offices in the building, too.

Rental rates are $33 to $35 per square foot, triple net, at Two MiamiCentral and $29 per square foot at Three MiamiCentral.

 

Source: The Real Deal

The city of Miami inched one step closer Thursday to a multimillion-dollar quid pro quo that would land it a new administrative building and parking garage, while facilitating the construction of a $465 million mixed-use project on the site of its current headquarters on the north bank of the Miami River.

With a swift vote Thursday morning, the City Commission authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group in exchange for the construction of a new building and parking garage elsewhere in the city.

Under the agreement, the developer would pay the city a projected $335 million over the length of a 90-year ground lease on the city’s two-acre property through rent and a cut of sales. That adds up to a present-day value of about $70 million. The deal was proposed last year by an Adler Group affiliate, Lancelot Miami River.

City employees would remain in the building at 444 SW Second Ave., which formerly belonged to Florida Power and Light, until the construction of its new headquarters in 2020.

Rendering of Adler Group’s Riverside Nexus Central. Studio X Architects

For Adler Group, the land swap is part of a larger plan to erect a sprawling mixed-use project on the river dubbed Nexus Riverside Central. The project would be built on the city site and a neighboring 1.5 acre parcel. It would include three 36-story residential towers with 1,350 units, a 150-room hotel and 30,000 square feet of shops and restaurants.

Despite Thursday’s vote, the proposal is far from set in stone. Even if a deal is reached by commissioners, who authorized hiring the law firm without much discussion, the question would then be put on the November ballot and at the mercy of voters.

The deal appeared to be headed for the shelf before Weiss Serota Helfman Cole & Bierman, a Coral Gables law firm, was chosen from a pool of 16 candidates. Commissioners first rejected the city attorney’s choice of Shutts & Bowen, raising questions about whether there would be enough time to get a deal together and on the November ballot.

Commissioners said they were uncomfortable that Shutts & Bowen, a Miami firm, represents a plaintiff suing the city, and also that former commissioner Marc Sarnoff currently works as an attorney at the firm.

“It’s the responsibility of the special counsel to ensure that the city gets a favorable deal,” said Miami Mayor Tomás Regalado.

A review of the proposal last year noted that the city would pay up to $123 million for its new 375,000-square-foot office and 1,200-car garage, a roughly $50 million gap from what Adler will pay to lease the riverside property. Administrators say early negotiations quickly cut into the difference, although the most recent development agreement, crafted back in November, doesn’t specify where those numbers stand.

Weiss Serota will help to negotiate further. The commission in a prior resolution voted that when the city undergoes a major real estate deal, a special counsel is needed to ensure the city receives a fair deal, and Florida law states that any long-term waterfront lease requires a voter referendum.

Regalado said he was hopeful that a deal would be reached and that a motion would be put to voters in November.

“The city’s riverside administrative center, located on highly sought-after riverfront land, lacks adequate parking and poses a challenge for residents to access,” Regalado said. “It’s not client-friendly.”

If approved and favorably voted on, the new administrative headquarters would likely be built in one of three spots: near Marlins Park in Little Havana, behind Lyric Theater in Overtown or inside the seven-acre Link at Douglas complex that Adler is building at the Douglas Road Metrorail Station.

 

Source: Miami Herald

A new urban living complex is slated for once-gritty Wynwood.

East End Capital has filed plans with the City of Miami for Wynwood 25, a mixed-use development that would feature 289 rental apartments, collaborative work spaces, bike storage, dog-washing facilties and a rooftop pool terrace, plus retail space, according to a release. The 400,000-square-foot project is located between NW 24th and 25th Streets immediately west of Northwest Second Avenue.

wynwood-25-rendering-2

The apartments — mostly studios and one bedrooms — are designed to appeal to cost-sensitive millennials. About 80 percent are expected to rent for less than $2,000 per month, according to the developer. The project was designed by Miami architect Kobi Karp to reflect the neighborhood’s industrial history. A pedestrian walk between 24th and 25th streets will include interactive art.

The project includes 340 parking spaces in the parking-challenged neighborhood.

“Wynwood is known for its cutting-edge art, world-class restaurants, creative office and hip retailers,” said Jonathon Yormak, managing principal of East End Capital, via a release. “Wynwood 25 marks the neighborhood’s next phase — an architecturally significant building that brings reasonably priced rental housing to people who appreciate Wynwood’s unique character and want to be a part of the community.”

Plans now must go before the Wynwood Design Review Board and the City of Miami’s Urban Design Review Board. East End hopes to break ground in the first quarter of 2017.

 

Source: Miami Herald