MIAMI | Development Thread

[chris08876]

If we recall, in April or so, this plot was for sale. It was sold, and this could yield something nice. Something to keep our eyes and ears open on. Great location for a skyscraper.
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Argentine investor gets downtown land for $125M
Parcel next to EPIC condo-hotel sold to company linked to Coto family

A new-to-market player from Argentina is the buyer of the waterfront property adjacent to the EPIC Hotel & Residences in downtown Miami, The Real Deal has learned.

The partnership between developers Ugo Colombo and Diego Lowenstein sold the 1.25-acre parcel at 300 Biscayne Boulevard Way for $125 million on Monday, according to the CBRE brokers who arranged the sale. Riverwalk East Developments is the buyer. State corporate records link the buying company to the Coto family.

Led by prominent businessman Alfredo Coto, the Coto family runs the large Coto Supermarkets chain in Argentina.
Riverwalk East emerged from a group of 15 bidders, CBRE’s Robert Given and Gerard Yetming told TRD.

“This was really the first waterfront site in downtown Miami or Brickell to come to market in this cycle,” Yetming said. “Interest was really varied.” Groups from Asia, New York, Europe and South America showed interest in the site.
The brokers narrowed the field to six prospective buyers before selecting Riverwalk East, which did not make the most expensive offer among the bidders.

“We selected this particular group because of its ability to close and how quickly we were able to agree on contract terms with them,” said Given, who noted the transaction closed within 30 days.

The property was originally set for development as EPIC’s second phase.
Colombo and Lowenstein’s company received City of Miami approval for a major use special permit in 2004. Under the permit, the property owner could construct a 609-foot building with up to 596 residential units. A new owner could also ask the city to change the property’s zoning so it reflects the current Miami 21 code, which would allow a maximum of 1,250 residential units, according to CBRE.

Given and Yetming were assisted by CBRE first vice presidents Christopher Apone and Zachary Sackley, vice chairman Charles Foschini and financial analyst Mary Kate Swann.

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July 14, 2014
http://www.skypropertiesmiami.com/wp...ds/300east.gif
http://therealdeal.com/miami/blog/20...land-for-125m/

[eleven=11]

so when is David Beckham coming back to Miami?

anybody think a good place for a 25,000 stadium
is between the Dolphin Mall & Miami International Mall
near NW 111 ave ???

its next to 2 highways and people driving to a game
can go shoping before or after......

[chris08876]

Originally Posted by eleven=11

so when is David Beckham coming back to Miami?

anybody think a good place for a 25,000 stadium
is between the Dolphin Mall & Miami International Mall
near NW 111 ave ???

its next to 2 highways and people driving to a game
can go shoping before or after......

They are in talks right now about where to put the stadium. I do like the location near the highways better than the boat slip. I would rather have that area near the American Airlines Arena become something else instead of a stadium. The whole stadium has kinda been a drag on the WTC (Port Miami)... but they are talking about the possibility of putting it in Marlins Park. I think Little Havana would be a good location.

[chris08876]

Downtown Property Owner Plans Condos On Tiny Lot

A 13-story mixed use project called One 15 has been proposed in Miami’s Central Business District.

Manfred Ecker is proposing to build 69 residential units along with 900 square feet of retail space on a .15 acre lot at 115 SE 1st Street. No parking spaces will be built.

A zoning variance is required for the proposal, which is flanked by historic buildings that date back to 1920 and 1925. A Miami board will review the plans next week.

The project architect is Adan Fons.

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http://www.exmiami.org/index.php/dow...ndos-tiny-lot/

[chris08876]

Developers Plan Mixed-Use Project Across From Midtown

Wharton Equity Partners and and Mack Real Estate Group are planning a 500,000 square foot, 195-unit project across from Midtown Miami on land that abuts I-195.

The partnership paid $9 million for the property earlier this year, along with an undisclosed amount to contract flipper Terra Group.

Terra had plans for a retail project called The District 36. The new plans will also include a significant amount of retail space.

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http://www.exmiami.org/index.php/dev...cross-midtown/

[GoldenDuskPhotograph]

Originally Posted by chris08876

Glad progress is going smoothly on a lot of these projects. It will be interesting to see Villa Magna finally start. The site is huge.

It's about time for Villa Magna. That land is in a prime spot and has been vacant for too long. Hopefully they design something that is unique and stands out in that spot.

[GoldenDuskPhotograph]

Bay House Construction Photos

http://www.goldenduskphotography.com...ruction-photos

[chris08876]

Interesting read. Normally I cut reading material but I found this material to be very informative when it comes to units, the current real estate forecast, certain projects, ect.
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60th new condo tower proposed for Greater Downtown Miami

Developers in Greater Downtown Miami are on pace to ultimately build as many new towers and units in this South Florida condo boom as they did during the last cycle.

The possibility of matching the number of new condos from the last boom moved closer to reality last week, when development group NR Investments announced plans for what equates to the 60th new condo tower – named Canvas – in Greater Downtown Miami.

Including Canvas, developers in this cycle are proposing nearly 18,000 units in Greater Downtown Miami, which stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway and Biscayne Bay west to I-95, according to the preconstruction condo projects website CraneSpotters.com.
(For disclosure purposes, my firm operates the website.)

By comparison, developers created 84 new condo towers with more than 22,200 units during last decade’s real estate boom in Greater Downtown Miami. Less than 375 new condo units created in Greater Downtown Miami during the previous cycle were still unsold as of the first quarter of 2014, according to government records.

Overall, Greater Downtown Miami now accounts for nearly 52 percent of the more than 34,725 new condo units proposed east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach counties.
The Hollywood / Hallandale Beach market in Southeast Broward County ranks as the second-most active preconstruction condo market in South Florida with less than 3,000 proposed units.

New condo development in Greater Downtown Miami is so popular right now that builders are now proposing new residential towers in unproven locations away from the water, established neighborhoods and existing retail centers.
For example, the newly proposed Canvas is slated to be developed upon a nearly 1.1-acre site located in the 1600 block of Northeast First Avenue, between the emerging Edgewater neighborhood to the east and the numerous blocks of vacant lots surrounding the Miami-Dade County Homeless Trust’s Homeless Assistance Center to the west in the Biscayne Boulevard Corridor of Greater Downtown Miami.

During the last South Florida real estate boom, developers that attempted to build in that same area of Greater Downtown Miami had mixed results.
The Parc Lofts condo project – the first condo tower to come online in the area – was successful upon its completion at 1749 NE Miami Court in 2005, the peak of the last South Florida condo boom.

The results were dramatically different across the street at 1650 NE Miami Court for the Filing Station Lofts project that stood partially constructed for years after the condo market crashed.

In January 2013, the Filing Station project was purchased for nearly $8.6 million by NR Investments, which proceeded to build out the 10-story tower as rental apartments.

Now for the proposed Canvas condo tower, NR Investments announced its intention to revive – and dramatically revise – a previously approved mixed-use project originally planned by a different developer for the site.

The original project – called the Max Miami during the last South Florida real estate boom – was slated to stand 31-stories tall with 28 residential units, 168 hotel rooms, nearly 50,300 square feet of retail space, about 250,000 square feet of office space and 1,139 parking spaces, according to City of Miami records.

As part of the new plan, NR Investments – which acquired the site in December 2013 for $7.3 million as a result of a bankruptcy auction – filed an application with the city to revise the original project to allow a 36-story condo tower with 513 units, nearly 10,000 square feet of retail space and 588 parking spaces.

The Miami Planning, Zoning and Appeals Board is scheduled to hear NR Investments’ application for the proposed Canvas condo tower on Wednesday.

The unanswered question going forward is whether developers will be confident enough to propose more new condos in emerging areas of Greater Downtown Miami, given that more than 80 percent of the total number of new units created during the previous real estate boom is already planned.

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July 15, 2014
By Peter Zalewski
http://therealdeal.com/miami/blog/20...owntown-miami/

[Private Dick]

A condo tower!

[GoldenDuskPhotograph]

The Crimson Miami Construction Photos

http://www.goldenduskphotography.com...ruction-photos

[chris08876]

Metropica project moving forward despite lawsuit

Metropica, a $1 billion mega-development set to rise west of Sawgrass Mills, won key approvals from City Hall on Tuesday night.

The 4-million-square-foot development would add hundreds of homes, offices and businesses to western Broward County. The first two phases call for 1,250 high-rise units, 485,000 square feet of commercial space and 150,000 square feet of office space on 28 acres.

Commissioners unanimously approved the development's master plan and a request to rezone the property despite a last-minute hitch in the form of a lawsuit filed by a neighboring shopping center last week.

The lawsuit, which lists Metropica and Sunrise as defendants, was filed by FVP Sawgrass on July 8 in Broward Circuit Court. The suit claims Metropica would dwarf the Sawgrass Commons Shopping Center and overburden an access road owned by the center. The plaza, at 13001 W. Sunrise Blvd., is on the outskirts of Sawgrass Mills.

Amy Huber, an attorney representing the shopping center, urged commissioners to deny Metropica's request for rezoning.

Mayor Mike Ryan said the lawsuit would not affect his vote.

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By Susannah Bryan, Sun Sentinel
http://www.sun-sentinel.com/news/bro...,1945276.story

[chris08876]

Note: The project will most likely be presented to the commission in October.
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20-story tower, marina target Terminal Island City

Miami Beach’s Terminal Island may get a facelift. A proposed development agreement is in the works with the goal of an October presentation to the city commission for a 20-story tower with 60-plus residential units, amenities, parking, and a deep-water large-yacht marina.

A development agreement term sheet presented to the city’s Land Use and Development Committee last week outlines in broad strokes the proposal for the Miami Beach Port LLC and the city. Before the project begins, a development agreement is needed and some of the property would need to be rezoned for use.

The proposed luxury residential tower and accompanying mega-yacht marina would supposedly reduce traffic along the MacArthur Causeway on which the island sits by moving container operations, an incentive that has aligned neighborhood and homeowner associations with the project.

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Written by Nina Lincoff
July 16, 2014
http://www.miamitodaynews.com/2014/0...l-island-city/

[GoldenDuskPhotograph]

Originally Posted by chris08876

Note: The project will most likely be presented to the commission in October.
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20-story tower, marina target Terminal Island City




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Written by Nina Lincoff
July 16, 2014
http://www.miamitodaynews.com/2014/0...l-island-city/

I like this project and think it's in a good spot. Much better than Island Gardens.

[chris08876]

Prive Gets The Green Light, Will Build 2nd Sidewalk

Prive, the twin towers going on a dramatically located island in the center of Dumfoundling Bay, has prevailed in the battle over the 2nd sidewalk that doesn't exist on the island next door that is crossed when approaching Prive. Or, it doesn't exist yet, we should say, but it will. The developers have gotten approval to build the sidewalk from the City of Aventura, an approval that was required to build their project.

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http://miami.curbed.com/archives/201...d-sidewalk.php

[sakau2007]

So was the Island Gardens project canned in favor of that new Terminal Island plan? I seemed to remember reading new stuff about it just within the last couple of weeks?

[chris08876]

Originally Posted by sakau2007

So was the Island Gardens project canned in favor of that new Terminal Island plan? I seemed to remember reading new stuff about it just within the last couple of weeks?

I think there might be some confusion on the geography. They are two separate projects.

[GoldenDuskPhotograph]

Design District Expansion Construction Photos

http://www.goldenduskphotography.com...ruction-photos

[simms3_redux]

Development insanity in Miami. $125MM land sale is interesting - developer clearly has to put up a large number of super luxe units that will compete with Echo and SLS. Literally exactly what NIMBYs here are referring to when they say "No Wall on the Waterfront" (they were referring to an 11 story tower here that was a block off the waterfront, not really even on the same level).

Are there any wealthy Latin Americans that haven't yet bought a condo in South FL/Miami? How much deeper is the market?

[sobchbud1]

from the New York Times last week

Influx of South Americans Drives Miami’s Reinvention

http://www.nytimes.com/2014/07/20/us/20miami.html

[GoldenDuskPhotograph]

Updated NINE at MBV Construction Photos

http://www.goldenduskphotography.com...ruction-photos