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A new strategic vision, competitive pricing and a less hectic lifestyle are three reasons North Miami Beach is emerging as an attractive location for new residential and commercial investment.

Both the scenic Biscayne Boulevard corridor and the 163rd Street commercial district are in the early stages of an exciting transformation that will bring many positive benefits and developments to the city.

NorthMiamiBeachHiddenGem-ChartLed by Mayor George Vallejo, the city of North Miami Beach adopted a strategic plan in September that sets guidelines for real-estate development, design and zoning for the next 15 years. The “visioning” framework, which was guided by two consulting firms, encourages new mixed-use projects and high-end residential towers in appropriate locations. It also includes funds for a comprehensive parks master plan, which will make the city an even more appealing place to live.

Already, a new wave of commercial development is under way, including plans for new high-end restaurants and a hotel along West Dixie Highway south of the roadway congestion in Aventura. Gil Dezer, president of Dezer Developers in Sunny Isles Beach, purchased the Intracoastal Mall for $63.5 million last year and plans to open a luxury iPic theater in the mall this summer.

On the residential side, North Miami Beach is becoming a destination of choice for both domestic and international buyers seeking an alternative to higher-priced properties in more congested areas along the beach, in Aventura or in downtown Miami. Because the redevelopment of North Miami Beach is just in the early stages, pricing for luxury residences is more attractive than other markets that have already experienced a run-up in values.

Marina Palms Yacht Club & Residences

Marina Palms Yacht Club & Residences

For example, the sales prices for the second tower of Marina Palms Yacht Club & Residences, now under development on Biscayne Boulevard, averages $550 per square foot. To the north, a residence in a new Aventura building would be $850 per square foot, and the price for oceanfront units could be double or triple that rate.

Looking back at the last few decades, it’s clear that South Florida communities are at varying stages of the real-estate cycle. For instance, South Beach real estate was a bargain in the 1980s, before a wave of new hospitality, retail and residential investment created one of the world’s most popular (and expensive) urban resort markets.

Downtown languished until the early 2000s, when new residential and mixed-use developments exploded on the scene. After the recession, developers were quick to pick up unfinished projects and market them on an all-cash basis to affluent buyers from Latin America and Europe.

Meanwhile, North Miami Beach has remained a quiet, suburban city with about 40,000 residents and great recreational amenities, such as Greynolds Park and Oleta River State Park. In addition, the Biscayne Bay campus of Florida International University is conveniently located in nearby North Miami.

With its new strategic plan in place and a growing flow of commercial and residential real-estate investment, North Miami Beach is entering a new era, just as other Miami-Dade communities have evolved in the past.

Now the world is about to discover the new “hidden gem” in South Florida’s real-estate market. It’s an exciting time to participate in the transformation process, which will create a bright future for North Miami Beach and its residents.

 

Source: Miami Herald

If the 11,000-plant “living green wall” or hangers fashioned from recycled paper don’t give it away, the ceilings, furniture and doorways made of reclaimed wood will: 1 Hotel South Beach is serious about its eco-friendly mission.

“Hotels can do better with their impact on the earth,” said Michael Laas, corporate director of impact for SH Group, the hotel brand management company for Starwood Capital Group.

The environmentally-focused 1 Hotel South Beach features a green wall at its main entrance. The 1 Hotel South Beach opens on Wednesday after a massive re-working of the former Gansevoort. NICK SWYTER / MIAMI HERALD STAFF

The environmentally-focused 1 Hotel South Beach features a green wall at its main entrance. The 1 Hotel South Beach opens on Wednesday after a massive re-working of the former Gansevoort. NICK SWYTER / MIAMI HERALD STAFF

In a nod to its nature-centric philosophy, the hotel will celebrate its opening Wednesday with a sage-burning ritual, the unveiling of a coral sculpture and a release of butterflies by Plant the Future, a Wynwood company whose terrariums are found throughout the property. The very first guests checked in Tuesday.

Starwood Capital, an investment firm that is not affiliated with Starwood Hotels & Resorts, partnered with LeFrak, a privately held group of real estate companies, for the massive overhaul of the former Gansevoort. The hotel was also operated as the Perry before closing for renovations in spring 2013. Including the $230 million purchase price in early 2012, the developers have invested about $500 million in the 426-room, 155-residence property.

“Everything was basically, for all intents and purposes, it was gutted and we started over,” said Richard LeFrak, president of LeFrak. He said windows, terraces, air-conditioning systems, elevators, pools, ballrooms, guest rooms, bathrooms and more were redone. “There’s really nothing that resembles what was there,” LeFrak said. “Except it’s still on Collins Avenue.”

The hotel’s website gives the address as 2341 Collins Ave., but the giant property fills the block between 23rd and 24th streets. It includes four pools, including one on the roof; a signature restaurant called Beachcraft, lobby bar and poolside restaurant from celebrity chef Tom Colicchio; another restaurant, STK Miami; a ballroom; and meeting space. Rates start at $699 a night for entry-level rooms with king-sized beds.

Ceilings in the lobby are made of wood reclaimed from water towers in Alaska, while some of the furniture was crafted with fallen trees from South American rainforests. On guest room floors, hallways are accented with wood from trees that were taken down by mountain pine beetles.

“It’s all about telling different stories,” Laas said. But those back stories will have to be found online, not in a glossy brochure or coffee table book. “We’re paper smart, so we don’t have printed material in the rooms,” Laas said. Instead, in rooms that average more than 700 square feet, guests will find a tap with filtered water rather than plastic bottles, low-flow water fixtures and a mini chalkboard on the bedside table to replace a pen and pad.

Laas said the hotel will earn silver certification from the Leadership in Energy & Environmental Design, or LEED, green building program.

Hotel managing director Philip Dailey said he expects the brand’s sensibilities to resonate with modern hotel guests. “Real things are back,” he said. “We’re a very real, very natural product.”

Miami Beach is the first outing for the 1 Hotel brand; a Central Park location is expected to open in early July, followed by a site in Brooklyn Bridge Park at the end of this year or early next, said SH Group president Scott Rohm.

Dailey said Miami Beach, with its international appeal and superheated status, is a perfect place to launch the brand. “We know that there’s certainly a lot of competition here,” he said. “I think we have something that’s really special.”

The reputation of Starwood Capital and SH Group chairman and CEO Barry Sternlicht — who founded Starwood Hotels & Resorts in 1995 and created W Hotels — has also helped draw attention, Dailey said.

Gregory Rumpel, managing director of Jones Lang LaSalle Hotels in Miami, said he believes the hotel will be especially attractive to meeting planners and families drawn by its large rooms, some of which boast two king beds. JLL took the property through foreclosure in its previous iteration, sold the hotel to the current owners and remains “actively involved,” though Rumpel would not say in what capacity.

Rumpel said the 1 Hotel South Beach joins a growing list of high-profile new offerings on the beach, including the Thompson Miami Beach and Miami Beach Edition. “We’ve got this new cast of characters,” he said. “The picture just got broader, the picture just got more interesting and exciting.”

 

Source: Miami Herald

Edge, Sushi Samba, River Oyster Bar and Fox Hole Marketplace and Deli —  are just some of the planned new eateries banking on the Miami River.

 New restaurants, retail and increased public access along the Miami River were among the highlights of a development boat tour of the five-mile-long waterfront district on Thursday.

Renderings of River Landing Project

Renderings of River Landing Project

Developers and real estate professionals toured the river as part of an Urban Land Institute and NAIOP partnership. Brett Bibeau, managing director of the Miami River Commission, said that popular restaurants Seaspice (formerly Sea Salt and Pepper), Garcia’s Seafood and Casablanca have brought business to the area.

Among the restaurants awaiting permits or under construction are Sushi Samba, at 40 Southwest North River Drive; Edge at 39 to 55 Southwest Miami Avenue Road; a new location for the River Oyster Bar at 350 Flagler Street, and Fox Hole Marketplace and Deli at Latitude on the River, 615 Southwest Second Avenue.

River Landing rendering and Andrew Hellinger

River Landing rendering and Andrew Hellinger

The Miami River has increasingly drawn interest from developers who are embracing the river lifestyle. “It’s a place that people don’t have to see as up and coming. It exists,” said Andy Hellinger, developer of the River Landing project, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk.

River Landing’s retail component will include a five-story vertical shopping center, with a different theme for each floor. Among them: restaurants and supermarkets, sporting goods and entertainment. Two acres of the project are dedicated to parks and pathways. Hellinger compared the linear park, with a 50-foot setback, to the Highline in New York.

River Landing recently applied for a seawall permit, and digging for the foundation will be complete in a few weeks, Hellinger told The Real Deal.

Cleaning up the water and building the riverwalk are both key to the area’s success. Bibeau said his organization, the Miami River Commission, sends clean-up crews to pick up trash, pressure clean and paint over graffiti. “If the riverwalk is not maintained,” Bibeau said, “it will not live up to its potential.”

 

Source: The Real Deal

A plan to remake the Coconut Grove waterfront is up for review by Miami’s Historic Preservation Board.

The plan includes the demolition of Scotty’s Landing and the Chart House, and the addition of new boat storage space, restaurants, retail, and a promenade along the water.

Miami voters approved the project last year, although activists claim that the majority of voters in Coconut Grove precincts voted against the proposal. Several lawsuits that could halt the project remain pending.

Arquitectonica is handling architecture and landscape design.

 

Source: exMiami