The 3-year, $620 million renovation of the Miami Beach Convention Center is powering towards completion. The redesign, which features 500 aluminum fins which are influenced by ocean waves, was designed by Fentress Architects, Arquitectonica and West 8. Miami Beach Convention Center features 1.4 million SF of total development including a 500,000 SF exhibit hall, 4 ballrooms and 127,000 SF of meeting space. The renovation will also bring a contemporary multimedia screen and futuristic lighting on the ballroom ceilings. Construction is expected to be completed by December 2018 for Art Basel and construction on the adjacent park, the final piece of the renovation, should begin shortly.
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In the highly anticipated election on Tuesday night, Miami Beach residents approved the construction of an 800-room convention center hotel. The referendum needed a 60 percent vote in order to lease public land from the city and passed at 64 percent in its third attempt to bring a headquarter hotel to Miami. The hotel will be built on a city-owned parking lot adjacent to the newly renovated convention center.
The previous attempt in 2016 failed due to concerns over the size, originally twice as large as the current proposal, and traffic congestion. The tourism bureau estimates Miami Beach lost at least $250 million in economic revenue over the last several years because it was unable to accommodate larger scale conventions.
South Beach resident Andres Montejo, 43, said that the convention center hotel was one of the issues that drove him to the polls. Montejo, a businessman who travels frequently for work, said that the other cities he visits already have hotels connected to their convention centers.
“A convention center is great, but without a hotel it’s just another convention center,” he said after casting his ballot at Miami Beach Senior High School. “Anybody that travels … you know that’s how the game works. It’s like that all over the world.”
Other residents, annoyed with the constant flow of construction and resulting noise and traffic in the area, decided to vote against the hotel.
The hotel will connect to the convention center via a pedestrian bridge and include a 53-foot podium containing parking, meeting spaces and ballrooms as well as two 185-foot-tall wings of hotel rooms. Voters authorized the lease and the construction of an 800-room hotel with a maximum height of 185 feet, but specifics of the hotel design will be evaluated by the city’s Design Review Board at a later date.
The group behind the proposal — Turnberry’s Jackie Soffer, Terra Group’s David Martin, Miami Design District developer Craig Robins and architecture firm Arquitectonica — emphasized that the hotel would be roughly 100 feet shorter than the previous proposal and include six times more space for cars to queue on the property so that they don’t spill onto the street.
“This is the right project for our city at the right time, and Jackie, Craig and I look forward to working with the community to deliver a hotel that will make Miami Beach proud,” said developer David Martin.
On a related ballot item, residents voted to earmark the guaranteed hotel rent payments for traffic reduction measures, stormwater projects and education initiatives, rather than sending the money to the city’s general fund where it could be used for a broader range of expenses.
According to the terms of the lease agreement, the hotel will have to pay Miami Beach either fixed rent totaling $16.6 million over the first 10 years or a percentage of hotel revenue, whichever is greater. Miami Beach estimates that the city will also collect $96 million in taxes from the hotel over the next 30 years.
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Just days after Virgin Trains USA announced it had taken a minority stake in Brightline and presented plans to the Securities and Exchange Commission for permission to conduct an initial public offering of stock, Richard Branson has continued his push into South Florida as Virgin Voyages prepares to launch. Virgin has now revealed a new $150 million terminal in PortMiami for Virgin Voyages whose first ship, Scarlet Lady, will launch in 2020. The new 2-story terminal is being designed by Arquitectonica and will be made of storm resistant glass which will resemble a palm tree. Virgin is currently awaiting approval from Miami-Dade commissioners before breaking ground.
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Miami Beach Commissioners Vote To Finalize Deal With Crescent Heights At South Shore Hospital Site On Alton Road
Miami Beach commissioners have officially voted in favor of finalizing the proposed deal with Crescent Heights and its co-founder Russell Galbut to redevelop the former South Shore Hospital site on Alton Road in South Beach. As per the agreement Crescent Heights will fund and build a 3 acre park on the Alton Road site in exchange to allow Galbut to up-zone the site where commissioners approved a tower height increase to 519’. The tower is being designed by Arquitectonica and will rise 44-stories, offering 410 luxury units which the developer will be allowed to rent as short term rentals with a minimum term of 30 days per rental. After sale-and-purchase of the condo units the buyers will not be permitted to rent out their condos on a short term rental basis. The park which will be connected to the baywalk which wraps around South Pointe via a taxpayer funded pedestrian bridge. Galbut now has 6-months after the appeal periods to demolish the vacant South Shore Hospital and must complete the park within 2.5 years after the construction permit for the tower is issued, which must be completed with in 8 years. Should Galbut wish to flip the property he must retain 10% ownership.
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A new standard for refined, relaxed luxurious interiors
Missoni Baia’s 249 bayfront residences celebrate the timeless appeal of waterfront living in relaxed, modern style. It cuts a prominent figure on the Miami skyline and on East Edgewater’s waterfront. Missoni Baia soars 57 floors into the air and spans an impressive 200 feet along Biscayne Bay. Missoni, the legendary Italian fashion house, offers as much a way of living as it does a way of style. Guided by visionary design and innovative craftsmanship, Missoni’s colorful style is infused with a tangible sense of joyfulness and relaxed luxury. Now for the first time in its history, Missoni is giving form to this unique sensibility through a residential property: Missoni Baia.
Bought in 1993 by our current owners, this natural wonder has been transformed from a simple scuba diving site to a world class tourist attraction. Visit one of North America’s most prehistoric places, Devil’s Den Spring! This underground spring inside a dry cave has been home to many extinct animal fossils dating back to the Pleistocene Age, which are on display at The University of Florida’s Museum of Natural History.
On cold winter mornings you can see steam, like smoke, rising from the chimney opening. Thus, the early settlers gave the name Devil’s Den. With crystal clear water, year round 72 degree water temperatures, ancient rock formations with stalactites, fossil beds dating back 33 million years, and much more, you’re guaranteed to leave with memories that will last a lifetime!
Vast RV Park with 32 sites. Most sites offer 30/50 amp hook-ups, water, and sewer. We can accommodate large and small RV’s. Rates (August,2017): Per Night Stay: $24.00 or Weekly Stay: $110.00. Hours: 7 days a week: 8 a.m. – 6 p.m. Last water entry at 5:30 p.m. Main Gate Closes 7:00 pm Nightly.
Contact: 5390 N.E 180th Ave, Williston, FL 32696
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Bayfront school added nearly 7 acres in 2016 with $35M purchase
The prominent, private middle and high school is under contract to purchase a home at 1921 South Bayshore Drive for about $3.7 million, according to Engel & Völkers Miami. The deal, set to close Nov. 15, would add about an acre to the 16.7-acre campus.
The property the school is buying includes a three-bedroom, 4,612-square-foot home. Records show Jeffrey Degen and Gary Majka of Degen Majka Interior Design are selling the Coconut Grove lot. It was listed with Victor Olaniel of The Olaniel and Elliott Team and Angel Nicolas of The Nicolas Group at Engel & Völkers. It was previously owned by Maria, Scott and Howard Srebnick, and Howard’s wife, Stacy Robins of the Robins family.
Rendering of the STEM center at Ransom Everglades
It’s unclear what the school plans to use the 40,500-square-foot property for. Ransom Everglades declined to comment.
It’s not the first time the school, which has its high school at 3575 Main Highway and its middle school at 2045 South Bayshore Drive, expands its land holdings in the Grove. In 2016, Ransom Evergladers paid nearly $35 million for the adjacent property at 3551 Main Highway. Earlier this year, developer and neighbor Caroline Weiss sued Ransom Everglades over its amended special area plan. In addition to increasing the Upper School’s total lot area to 801,319 square feet, the special area plan increases its maximum enrollment by 67 for a total of 726 students, increases staff from 140 to 160 and increases the surface parking lot by 31 spaces for a total of 241.
The bayfront school is also renovating its campus and building a new Science Technology Engineering and Math center. Earlier this month, it unveiled a portion of the completed renovations to the Cameron Hall, according to a press release.
As the name suggests, the legendary automobile makers of the Aston Martin are behind the new project
After the unquestionable success of luxury-brand condo towers like Porsche Tower Miami, Armani Casa Condo, or Fendi Chateau Residences, Aston Martin comes to make its mark with its first real estate deal called Aston Martin Residences. This ultra-lavish residential development will be located at the mouth of the Miami River in downtown Miami providing expensive views of the bay and the city, and backed up by its elite name, it will deliver an unpriced elevated lifestyle. Over the top amenities like a yacht marina, fitness centers and spas and an spectacular rooftop swimming pool are just a preamble to what is about to come.
Sea level rise? No worries. Sluggish sales in the luxury market? Not a problem. Strict requirements for construction loans and traditional bank financing? There are other ways to buy a condo.
High-end real estate development has slowed to a crawl in Miami-Dade, with most builders taking a breath while the market absorbs a bounty of condos priced at $1 million and up.
Only two new major luxury condos broke ground in 2018: Estates at Acqualina in Sunny Isles Beach, with 245 residences ranging from $4.2 million to $35 million, and One Park Grove, the third and final tower of the ritzy Coconut Grove development, priced from $2.7 million to $6.3 million.
But three ambitious developers from outside the U.S. are betting on Miami’s enduring appeal with plans for ambitious condos priced in the mega-millions. The trio are proof that out-of-town investors continue to see a big future — and an even bigger payday — in Miami-Dade’s luxury market, despite sluggish sales and climate change concerns.
“The rest of the world sees the U.S. as the safest place to move their capital,” said Ron Shuffield, president and CEO of EWM Realty International, a brokerage firm. “The international developer is thinking about where they want to have their assets two or three years down the road. They feel there’s no better use of their capital right now than to build high-quality properties in markets where it will continue to appreciate, even though it’s not the best time to have a $5 million condo for sale.”
The monthly number of Miami-Dade condos listed on the Southeast Florida Regional Multiple Listing Service (MLS) during 2018 priced $1 million and up reflects the highest levels in history, according to EWM Realty International. On Sept. 30, 2018, there were 2,874 active sale listings — an 11 percent increase over the same period last year.
The glut is even more evident for condos priced at $5 million and up. According to EWM, the MLS listed 348 units in that price range as of Aug. 31, 2018. That’s a total of 58 months of inventory — well above a “healthy” inventory of 12 to 18 months.
But despite the surplus, three new luxury projects in Miami-Dade are moving forward, each launched by foreign-based developers who are financing the projects from their own resources:
▪ 57 Ocean, an 18-story, 81-unit luxury tower at 5775 Collins Avenue in Miami Beach, is the third condo project in Miami-Dade from the Brazilian firm Multiplan Real Estate Asset Management;
Architectural rendering of 57 Ocean (second building from the right) at 5775 Collins Avenue in Miami Beach.
▪ Okan Tower Miami, a mammoth 70-story condo/hotel/retail building at 555 North Miami Avenue in the downtown area, will reach a height of 890 feet. It is the first project in the U.S. for the Turkish firm Okan Development Group;
▪ Monaco Yacht Club, at 6800 Indian Creek in Miami Beach, will offer 39 fully-finished waterfront units on 11 floors. The developer is Optimum Development USA, the Miami branch of the Luxembourg-based Optimum Asset Management.
The three projects join other luxury developments that have already broken ground or entered the pre-sale phase. Those include the Aston Martin Residences in downtown Miami, from Argentine supermarket magnate German Coto; the Missoni Baia tower in Edgewater and the Una Residences in Brickell, both from OKO Group; and the Eighty Seven Park tower in Miami Beach, a joint venture between the prolific South Florida developer Terra and the Italy-based Bizzi & Partners.
The developers behind the three new projects believe their product is unique enough to stand out from the pack — and they have the resources and staying power to weather the ebb and flow of the market.
Jose Isaac Peres, a Brazilian billionaire who amassed his fortune building shopping malls, is the founder of Multiplan, the firm behind the 57 Ocean tower on Miami Beach. The project, which will occupy the former location of the demolished Marlborough House, will emphasize wellness and healthy living in its design and amenities. Prices range from $1.5 million to $31 million. Pre-sales will begin this month.
Peres believes the building will impact the “Millionaire’s Row” stretch of Collins Avenue like one of his previous projects, the Il Villaggio condominium, impacted Ocean Drive in the late 1990s.
Jose Isaac Peres, the CEO of Multiplan Real Estate Management, on Wednesday, October 17, 2018. The Brazil-based firm is developing a new luxury condo tower on Miami Beach.
“This project will present real value investment opportunities not only for us, but also our initial buyers, as these irreplaceable assets tend to appreciate over time,” Peres said. “By self-financing, we have the flexibility to push our construction schedules forward and boost consumer confidence and differentiate ourselves from mainstream developers who struggle to reach sales milestones and meet financing requirements.”
Marcelo Kingston, managing partner at Multiplan, said 57 Ocean’s beachfront location balances out any concerns about real estate market fluctuations.
“The trickiest point is timing,” Kingston said. “When is the right time to start a new project? But a project with a location like this one is special, because there will always be demand for it. This project transcends economic challenges and political tumult, because there’s nothing on the market that can compare with this location. That gives us the ability to pull the trigger and move forward, knowing there will be demand from all parts of the world.”
Experts say that global demand for Miami shows no signs of fading. In the 2019 edition of the annual Emerging Trends in Real Estate survey conducted by the Urban Land Institute and PricewaterhouseCoopers (PwC), Miami ranked 12th on a list of the top 20 U.S. markets to watch for overall real estate prospects. Miami also ranked fifth on a list of the 16 strongest markets in the South Atlantic and Florida region ranked by investor demand, capital availability and redevelopment opportunities. (Fort Lauderdale came in sixth).
“If you’re trying to attract condo buyers from around the globe, it makes sense to broaden your net as far as you can,” said Mitch Roschelle, partner and business development leader at PwC. “When you have a multicultural environment, you’re opening yourself up to buyers from around the world. Because Miami is so culturally diverse, condo developers there have the broadest possible audience.”
That growing cultural diversity is one of the factors that led Bekir Okan, founder of the Turkish company Okan Development Group, to build his first U.S. project in Miami. Okan first visited the city with his family in the 1990s, when they sailed on a Royal Caribbean Cruise that departed from the Port of Miami.
Two of his children later went to schools here — the University of Miami and Florida International University — which kept him returning to South Florida.
“He’s been coming to Miami for 20 years and he loves the place,” said Kasim Badak, CEO of Okan Development Group. “He had been doing construction in Turkey, Africa and the Middle East. And one day he said ‘Why don’t we do a project in Miami?’”
Interior of the 3,000 square foot Okan Tower sales gallery in Istanbul. The developer is marketing its downtown Miami condo/hotel tower directly to buyers in Turkey.
Badak said the company opened a 3,000 square-foot sales gallery with a full-model residence in Istanbul in May and has collected 65 reservations thus far. The $300 million tower will sport the shape of a tulip, Turkey’s national flower, and be made up of 316 Hilton hotel rooms, 149 residences, 236 turnkey units and four penthouses.
Groundbreaking is scheduled for early 2019. The general contractor will be Suffolk Construction, which also built the guitar-shaped Seminole Hard Rock Hotel & Casino in Hollywood. The other two new projects have not yet hired a contractor.
The Okan Tower is entirely self-financed for now. But even the most high-end luxury projects eventually turn to traditional bank lending once they cross certain thresholds of pre-sales or have a proven track record.
Ricardo Tabet, CEO of Optimum Development USA, sad that while the firm’s Monaco Yacht Club project in Indian Creek is currently self-financed, he expects a loan to close next month. Some of the firm’s other projects include The Optimum office building in Coconut Grove and the Celino Hotel on Ocean Drive, both due for completion in 2019.
The scale of the 39-unit Monaco Yacht Club was intentionally kept small — Tabet said the project could have easily accommodated 90 units — because the developer wants to attract an elite breed of sophisticated buyer who will appreciate (and pay for) touches such as custom-made wood doors. Prices will range from $1.1 million to over $4 million, and pre-sales are expected to launch by the end of the year.
Architectural rendering of the top floors of the planned Monaco Yacht Club luxury residential tower in Indian Creek.
“There’s no such thing as Miami sea-level rise,” Tabet said. “There’s global sea-level rise. It’s an issue we are facing around the world. Everyone knows the planet has an issue. But I believe people are still looking for the unique lifestyle that Miami is offering. Hurricanes have forced us to learn to live with nature. We take precautions and we have insurance. The construction requirements are stronger and the infrastructure of the city has gotten better. “
A bullish market
The early interest in projects that are already underway confirm Tabet’s claim. Since breaking ground in 2017, the Aston Martin Residences has sold more than 40 percent of its 391 units, ranging in price from $700,000 to $50 million, to buyers from Latin America, Europe and the U.S. The building is scheduled for completion in 2021.
The 57-story Missoni Baia tower in Edgewater, which launched sales in 2016 and broke ground in 2017, has begun vertical construction and is scheduled to be completed by 2020. Prices on the remaining units range from $550,000 to more than $3.5 million.
This photo taken Oct. 15, 2018 shows vertical construction has commenced on the 57-story Missoni Baia Miami tower at 777 NE 26th Terrace in Edgewater. The building is scheduled to be complete by late 2020.
“These developers see an opportunity and have their own capital structure, enabling them to be in the position to build right now,” said Vlad Doronin, the Russian-born CEO and chairman of OKO Group. “They see the advantage of building at a time when nobody else is, particularly at a moment when there is less competition and very little new inventory. We take a long-term view on the markets we enter and we are bullish on Miami. The city is growing, and the domestic tax structure is increasing demand in Miami from the rest of the US.”
Lenders are bullish too — at least about some projects. Earlier this month, the Trump Group (no relation to the president), the developers who built Williams Island, scored a $558 million loan from Bank OZK (formerly Bank of the Ozarks) for their Acqualina project, which is valued at $1.5 billion.
Construction work continues at The Estates at Acqualina in Sunny Isles Beach on October 17, 2018. The developers landed a $550 million bank loan earlier this month.
“There’s a little bit of a misconception that there is an endless supply of new construction,” said Alexandra Lehson, a partner at the law firm Bilzin Sumberg, which negotiated the Acqualina loan. “The market has stabilized. We are out of the boom and bust cycle days and the pendulum isn’t swinging too far in either direction. Bank lenders need to have a sponsor with a solid track record, a project with a fantastic location and a great amenity package. They are increasingly focused on the quality of the loan they are financing.”
Terra president David Martin said 54 of the 66 units at the Eighty Seven Park tower in Miami Beach have been sold at prices ranging from $2 million to $18 million — another indicator of the strength of Miami’s luxury market. The building is topping off this month and is due for completion summer of 2019.
And although foreign buyers are critical to luxury developers, Martin argues that the number of out-of-town U.S. buyers investing in high-priced homes in Miami keeps growing and bodes well for the market.
“There’s not one demographic at Eighty Seven Park: It’s more of a psychographic, people who are adventurous and want to live on the ocean,” he said. “As Miami has matured from a cultural and experiential standpoint, we’ve been able to attract more American buyers from Boston, Chicago, New York and Washington D.C. They either want to relocate here or use Miami as a second or fourth or fifth home.”