The scarcity of space has had an effect in Miami-Dade, where the asking leasing rates increased 12.5% to $38.98 per square foot this third quarter, from $35.54 a square foot year-over-year.
An 82-story tower known as 2nd & 2nd was granted approval last week when Miami’s Office of Zoning granted waivers needed from the Miami 21 zoning code.
A notice issued on the city’s website confirmed the approval was issued November 26. Plans for the tower were first submitted in July 2017, making it 16 months of review.
If construction were to begin today, it would become the tallest building in Miami at its proposed 898-foot height. Brickell’s Panorama Tower is now the tallest at 868 feet, although several buildings are proposed above the 1,000-foot mark including Skyrise, where excavation is underway.
A Courtyard by Marriott hotel would need to be demolished to make way for the new 2nd & 2nd tower.
As reviewed by the UDRB earlier this year, the development would encompass more than 1.5 million square feet, including:
- 266 hotel rooms
- 637 residential units
- 9,245 square feet of retail
- 553 parking spaces
Convention Center Hotel Corp. of Yonkers, NY submitted the plans. The developer is a subsidiary of AVR Realty. NBWW is the architect.
Courtyard by Marriott to be demolished:
Source: The Next Miami
Mast Capital has acquired a Miami property near the Shops at Merrick Park from AT&T Florida for $10.9 million and plans to develop a residential tower.
Camilo Miguel Jr., CEO of Mast Capital, said the 1.02-acre site at 3811 Shipping Ave. is zoned for up to 20 stories and 153 residential units. He plans to build within the current zoning and include 15,000 square feet of retail. The property currently has a small telecommunications office and a parking lot for AT&T’s vehicles.
Miguel said he is buying the site because it’s near the Shops at Merrick Park in Coral Gables, which includes a dine-in movie theater and many restaurants, and a block away from the Douglas Road Metrorail Station. The transit system connects with downtown Miami, the University of Miami and Miami International Airport, among other locations. Another group of developers has leased the Douglas Station site from the county for a major mixed-use project.
“In a few minutes, you can be in any other major commercial corridor,” Miguel said.
Miguel said he hopes to break ground in about a year, once the sale is completed. Mast Capital, which plans to relocate its office from Miami Beach to a larger space in Miami’s Coconut Grove, has a handful of projects in the works. In Miami Beach, the company expects to complete 12-unit Louver House condominium in mid-June, Miguel said. It also owns apartment buildings in Key West and a restaurant building on Brickell Avenue.
Mika Mattingly of the Mika Miami team represented the seller, Courthouse Towers LLC, which is owned and operated by The Donovan Family. RFK Senior Directors Benjamin Mandell and John Ellis represented the buyer. The sale closed yesterday.
Located at 44 West Flagler Street in the heart of Downtown Miami, Courthouse Towers was not listed or on the market prior to the sale. The Mika Miami team, which specializes in properties within Miami’s urban core, arranged the off-market deal.
Standing at 26 stories, the 176,292 square-foot mixed-used office and commercial retail space was constructed in 1974. The building is located across the street from the Miami-Dade County Courthouse and other government buildings and is situated between South Miami and SW 1st Avenues on the south side of Flagler Street.
This marks the second property purchased by Brickman in Downtown Miami, having also acquired a 141,687 square-foot building at 200 S.E. 1st Street just two weeks ago for $33,850,000. Israeli-born New Yorker Moishe Mana has also been an active investor in Downtown Miami, having acquired $198 million in properties.
“The West Flagler area, which has underperformed for some time, is a diamond in the rough and has become one of the few remaining add-value sectors left in Miami,” says Mattingly of Mika Miami. “Downtown’s urban core has been evolving under the radar and Brickman’s purchase only validates its progression.”
“Brickman’s acquisition of the Courthouse Tower in Miami marks an important milestone and makes a big statement for the future of Downtown, as it highlights the market’s future potential and Brickman’s desire to play an important role in revitalizing the area,” said Mandell. “There are plans to renovate the existing office unit and upgrade the building’s common areas, including the lobby, to better suit their new vision for Downtown Miami.”
Rodolfo Ishak has had plenty of opportunities to launch his first condo project in Miami during boom cycles of years past, but he feels now is the perfect time.
Having completed more than 40 projects in his native Brazil, Ishak is making his Miami debut with Krystal Tower, a 35-story, 153-unit project at 530 N.W. First Court. It launched sales in November, starting at $342 a square foot, with an average price of $450 a square foot. It will also include 5,500 square feet of commercial space.
The property currently has a five-story shell of a project that stalled during the recession. Ishak’s company will build atop that structure. He plans to launch construction once presales reach 50 percent, he said.
Ishak and sales director Roderyck Reiter said his company and his experience has reached a level where he feels comfortable to come to Miami, a market that’s more conductive than in Brazil. His reservations are evenly divided between Brazilians and Venezuelans. Both countries are suffering from economic problems and the weakening of their currencies against the U.S. dollar.
“It has helped us in Miami because of the instability and insecurity of the economy in both countries,” Ishak said. “People who have the capital want to take their capital to a safe market like this. … It’s like a savings account to them. If they keep it in their country, they will lose value on inflation.”
Ishak said his goal with Krystal Tower is to offer the amenities residents would expect at a luxury building at a lower price point. It helps that he paid only $3.5 million for the property, compared to the tens of millions of dollars that other developers paid to obtain land near downtown Miami.
- $108 million – Price paid by Stiles and Prudential Real Estate Investors for New River Center. The 281,713-square-foot office tower is at 200 E. Las Olas Blvd. in Fort Lauderdale.
- $279 – Price per square foot for KAR Properties’ $12.5 million purchase of a 1.03-acre site in Miami’s Wynwood neighborhood.
- 57,012 – Square footage of C-G of South Florida’s warehouse at 6865 N.W. 36th Ave. in Miami as it faces a $2.5 million foreclosure lawsuit from Ocean Bank.
- $11.5 million – Price Origin Behavioral HealthCare paid for the 90-bed Hanley Center, a substance abuse facility in West Palm Beach.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
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