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  #141  
Old Posted Jun 15, 2006, 8:55 PM
dave8721 dave8721 is online now
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Quote:
Originally Posted by hi123
cool! thanks dave ..how about 600 biscayne and paramount park?
About Paramount Park here is a quote from Dale over at SSC:

Quote:
In the latest Ocean Drive there's an interview with the CEO of Prodigy which I found very encouraging. He said that while doubtless most current propsals will never get out of the ground, stronger developers will continue to churn out their projects as the Miami's 'fundamentals are there', basically that Miami can't be stopped.

Oh yeah, he said Solis is launched, Paramount Beach is soon to get underway and Paramount Park will be launced later this year. Also, Beach House is moving ahead.
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  #142  
Old Posted Jun 15, 2006, 10:25 PM
BTinSF BTinSF is offline
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From today's Wall Street Journal:

Quote:
Street Sleuth
New York Developer, Backer
Scale Back Projects in Miami

By CHRISTINE HAUGHNEY and MICHAEL CORKERY
June 15, 2006; Page C3
In a sign some global investors may be souring on the U.S. housing market, a New York-based luxury condominium developer and his Israeli financial backer are trimming back in Miami. The U.S. partner plans to expand in India and elsewhere overseas.

In recent weeks, Shaya Boymelgreen, who got his start building Brooklyn apartments and has designed some of the flashiest condo projects in New York City, and financial backer Lev Leviev have entered into contracts to sell three parcels in downtown Miami for $89 million.


Lavish: Rendering of Mr. Boymelgreen's Soleil project in Miami, planned to have 244 condominium units and open in 2009.

Mr. Boymelgreen, who hasn't bought properties for condo development in 18 months, says he is refocusing his efforts in Israel, India and Europe. He recently put down a $54 million deposit to buy a 64% stake in Israeli publicly traded company Azorim Investments. He says he plans to get into residential and commercial real-estate development in India.

In an interview yesterday, Mr. Boymelgreen said he is seeing "more demand in India than in Miami by people that can afford to buy houses. The Miami market is not going as fast it used to go. So we're going global."

Mr. Boymelgreen's cutback in Florida -- a market he entered during the recent real-estate boom with ambitions of catering to some of the wealthiest buyers -- comes as financial backers are curbing their enthusiastic investing in U.S. real estate, particularly as once-hot markets cool.

"There is a distinct caution in the marketplace with foreign investors," says Brian Street, president and chief executive of Boca Developers of Deerfield Beach, Fla. He adds that foreign investors are more likely to be skittish than a local investor who has a better first-hand knowledge of the market.

To be sure, lots of foreign money continues to pour into U.S. residential real estate, especially from cash-flush long-term investors like Dubai companies that have purchased several Manhattan office buildings and a California-based homebuilder. But for developers building projects using borrowed money and looking for quick returns on their investments, the atmosphere in the U.S. has become more challenging.

"The general feeling among the Israelis and especially ones that had a phenomenal run mainly in U.S. residential real estate was that they reached the peak and they've squeezed the juice out of the New York market specifically and the entire U.S. market in general," says Yoav Oelsner, a senior director with real-estate brokerage firm Cushman & Wakefield Inc. who has worked with many global investors on ventures.

Messrs. Boymelgreen and Leviev say they will complete three luxury apartment buildings with 616 units and build on three more sites in Miami with an estimated 600 units.

A spokesman for Mr. Leviev, who runs publicly traded firm Africa Israel Investments Ltd., says the pair will continue to do deals together on a case-by-case basis and that Mr. Leviev will continue to invest in the U.S. real-estate market. "He will deal with Shaya and more partners," says spokesman Shlomo Peles.

Before the latest real-estate boom, Mr. Boymelgreen was a relatively unknown Brooklyn developer who worked on small projects in neighborhoods such as Park Slope and Dumbo, for "down under the Manhattan Bridge overpass." After meeting Mr. Leviev on a cruise to Puerto Rico, the two developers hit it off and decided to form a partnership. In January 2002, they entered into a five-year development agreement. Since then, Mr. Boymelgreen says they have worked on more than 30 luxury condominium projects in Miami, Toronto, Las Vegas and New York City, valued at $8 billion.

In New York City, Mr. Boymelgreen's projects continue to sell well, and Mr. Boymelgreen has been willing to drop the prices when it has been necessary, says Pam Liebman, chief executive of real-estate brokerage firm the Corcoran Group in New York. Corcoran represents the developer on seven projects in New York City.

Since he entered the Miami market, Mr. Boymelgreen has attracted attention for lavish parties and marketing of his projects. But he also experienced turnover in marketing firms and has been criticized by some contractors about late payments. Michael Cannon, managing director of Integra Realty Resources in South Florida, says Mr. Boymelgreen's troubles could stem from high development costs and some potentially overbuilt locations, such as one in downtown Miami.

In March, Mr. Boymelgreen tapped his attorney, Andrew Hellinger, who has extensive experience in bankruptcy, to oversee his Miami operations, sparking rumors in the market that he was experiencing problems with his condo projects.

Mr. Hellinger has said he was hired for his knowledge of the Miami market and not because of his bankruptcy experience. He said the firm's projects are moving forward. "Right now we're in the development of three projects with a total sellout price of about $600 million, and we have three more projects that are planned that are close to $1.5 billion," says Mr. Hellinger.
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  #143  
Old Posted Jun 16, 2006, 1:33 AM
hi123 hi123 is offline
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what is "beach house"?
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  #144  
Old Posted Jun 16, 2006, 4:41 PM
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richard meier project near bal harbour on Collins ave and somewhere in the low 90s.

http://www.beachhousemiami.com/
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  #145  
Old Posted Jun 16, 2006, 6:01 PM
dave8721 dave8721 is online now
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600 Brickell and the new Flatiron design go before the Miami city commission for approval on June 22nd.

http://egov.ci.miami.fl.us/meetings/...nda_(Long).pdf
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  #146  
Old Posted Jun 18, 2006, 3:01 AM
NewAtlantisMiami NewAtlantisMiami is offline
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Quote:
Originally Posted by dave8721
600 Brickell and the new Flatiron design go before the Miami city commission for approval on June 22nd.

http://egov.ci.miami.fl.us/meetings/...nda_(Long).pdf
Dave, is there a way we can get Emporis to update the Miami page after that? It would certainly be more accurate if they used your updated list and even more impressive than it is now after adding 100 South Biscayne, the Omni Development, and Biscayne Plaza project, but their Miami page hasn't been updated in months now. Steve
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  #147  
Old Posted Jun 18, 2006, 9:40 PM
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^ Emporis is redesigning their website and I seriously doubt we will see any updates soon.
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  #148  
Old Posted Jun 21, 2006, 2:04 AM
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came across this great shot of all the towers risiing on Biscayne Boulevard



L to R: 50 Biscayne, Everglades on the Bay, Marina Blue, 900 Biscayne, Ten Museum Park
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  #149  
Old Posted Jun 21, 2006, 1:37 PM
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Nice shot bob.
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  #150  
Old Posted Jun 21, 2006, 4:57 PM
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Great shot! Should make a nice backdrop for the Heat victory parade...
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  #151  
Old Posted Jun 21, 2006, 6:11 PM
dave8721 dave8721 is online now
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On 600 Brickell:

http://www.miamitodaynews.com/news/060622/story4.shtml

Quote:
Brickell mixed-use project goes to city this week

By Deserae del Campo
A Brickell mixed-use project of nearly 1 million square feet of office space and hundreds of hotel rooms and residential units is to go before the Miami City Commission this week for building permit approval.
The two-tower 600 Brickell and its approximately 952,000 square feet of office space can't come soon enough to the area's space-strapped leasing market, said Bert Checa, a Holly Real Estate broker. "The vacancy rate would go from 8% to 17% if the building was going up now.
"The project would bring a very healthy amount to the market, which is starving right but it's not coming soon enough," Mr. Checa said. "This is a project that the market desperately needs."
600 Brickell is among several projects in the works that could ease pressure on the leasing market. City records show downtown Miami is expected to see more than 5 million square feet of office space from projects in the pipeline.
The shorter tower of 600 Brickell, standing 485 feet, is to be completed ahead of the taller one, by the end of 2010. It's to include 490,126 square feet of office space and 14,030 square feet of retail space.
Work on the second tower is to begin in 2011. The 903-foot structure is to include 134 residential units, 360 hotel rooms, 463,483 square feet of office space and 3,917 square feet of retail space.
Developer 600 Brickell LLC is to go before the commission today (6/22) for a major use special permit. The city's zoning board approved the project in March.
"We received approval from the Urban Development Review Board and the zoning board," said attorney for the developers Gil Pastoriza of Weiss Serota Helfman Pastoriza Cole & Boniske during a planning and zoning meeting this month. "They were all ecstatic about the project.
"We have a truly unique building here, the first of its kind on Brickell Avenue that has a significant amount of public space with three quarters of an acre of public plaza."
Ron Henderer, architect with RTKL Architecture, said "600 Brickell draws a parallel with Rockefeller Center. This project will bring significant value to the city of Miami with a vital urban space that will be a magnet for people."
The project has also received city commission approval for the land and zoning use changes. The final reading for the land-use change is also scheduled today. A six-story building at the site is to be razed to make way for the project.
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  #152  
Old Posted Jun 21, 2006, 9:22 PM
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Why such a small amount of retail?
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  #153  
Old Posted Jun 22, 2006, 8:55 PM
HigherinCarolina HigherinCarolina is offline
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Talking

W ow! I hope it's not too much of a good thing.
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  #154  
Old Posted Jun 25, 2006, 3:42 AM
hi123 hi123 is offline
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Quote:
beach house is moving ahead
does that mean that it has already begun construction?
also does anybody have a pic of apogee or carribean progress?

thanks in advance

-hi123
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  #155  
Old Posted Jul 2, 2006, 5:18 AM
NewAtlantisMiami NewAtlantisMiami is offline
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Guys, let's all thank Dave8721 for all the great renderings on page 1 that he regularly updates. They are truly awe-inspiring and quite inspirational. I especially like the most recent rendering of Empire World. It looks as though it's already there on Biscayne Blvd. Let's all at least hope it will be. Steve
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  #156  
Old Posted Jul 13, 2006, 1:07 PM
dave8721 dave8721 is online now
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A new bayfront tower called "On the Bay" which will be located on Pace Park between the 1800 Club and the Bay Parc Plaza apartment building goes before the planning board on July 19th. Its to be 47 stories and 499 feet tall (why not just add 1 foot and make it an even 500??). Its a pretty dense building considering it will have 648 condos (and 859 parking spaces) in just 47 stories.

Here is a pdf of the building:
http://egov.ci.miami.fl.us/Legistarw...ents/26622.pdf
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  #157  
Old Posted Jul 14, 2006, 3:34 PM
dave8721 dave8721 is online now
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Quote:
Originally Posted by dave8721
A new bayfront tower called "On the Bay" which will be located on Pace Park between the 1800 Club and the Bay Parc Plaza apartment building goes before the planning board on July 19th. Its to be 47 stories and 499 feet tall (why not just add 1 foot and make it an even 500??). Its a pretty dense building considering it will have 648 condos (and 859 parking spaces) in just 47 stories.

Here is a pdf of the building:
http://egov.ci.miami.fl.us/Legistarw...ents/26622.pdf

An image of the pdf:
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  #158  
Old Posted Jul 14, 2006, 5:56 PM
hi123 hi123 is offline
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does anyone know when paramount beach in sunny isles will start construction?
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  #159  
Old Posted Jul 15, 2006, 12:13 AM
NewAtlantisMiami NewAtlantisMiami is offline
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Question

Quote:
Originally Posted by dave8721
A new bayfront tower called "On the Bay" which will be located on Pace Park between the 1800 Club and the Bay Parc Plaza apartment building goes before the planning board on July 19th. Its to be 47 stories and 499 feet tall (why not just add 1 foot and make it an even 500??). Its a pretty dense building considering it will have 648 condos (and 859 parking spaces) in just 47 stories.

Here is a pdf of the building:
http://egov.ci.miami.fl.us/Legistarw...ents/26622.pdf
I didn't think anything that big could even fit there! Just went by there again tonight. What's the point in building condos in that kind of density when your only view is going to be inside somebody else's 40th-floor condominium? Steve

Last edited by NewAtlantisMiami; Jul 15, 2006 at 3:34 AM.
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  #160  
Old Posted Jul 15, 2006, 1:53 AM
kardon kardon is offline
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All those photos of Miami look great, but their market doesn't look good.

From the Miami Herald:

The area most in danger of falling prices: condos, which now make up more than half of housing sales in South Florida.

Experts predict condo prices will slow, flatten or even fall this year, especially at the high end, because the boom churned out too many units too fast.

There are, for instance, 15,080 units under construction in the city of Miami alone, compared with 11,241 built in the entire past 10 years. And that doesn't even count the more than 28,000 units approved to go up in Miami.

Condo fever already has cooled from the time when buyers camped out all night at sales centers. In 2004, it took developer Jorge Perez of the Related Group of Florida about a week to sell out The Plaza, a 1,000-unit Brickell Avenue project.

Perez's more recent project, the 1,750-unit ICON Brickell, just a few blocks away, went on the market in April. But after more than eight months, it's still not sold out.

To summarize the market, developer Henry Harper scooped up the milky froth on his cappuccino at a Miami restaurant with his spoon. ''This is now gone,'' he said.

While rising construction costs may buffer the market by choking off proposed projects, some market watchers say so many buyers are speculators that prices will drop.

''There is severe overbuilding of condos,'' economist Hank Fishkind said in January at an Urban Land Institute conference in Hollywood. He gloomily predicted, ``People will get hurt, banks will go bankrupt.''

Deerfield Beach investor Jack McCabe is betting on it. He has started several so-called vulture funds to swoop in on distressed properties at bargain prices after a market fall. He says he has more than $10 million in pledges already.

''I think it will happen in 2006,'' he said. ``The writing is on the wall.''


DO YOU AGREE OR DISAGREE?
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