Galium Capital, a Miami-based private equity firm and its joint-venture partner, Owens Realty Capital, have acquired Fountain Square II, a curvilinear four-story office building in Tampa for $29.4 million. The joint-venture paid about $220 per square foot for the Fountain Square II office building in the Westshore area of Tampa.Read More
Gazit Horizons, a subsidiary of Gazit Globe, has revealed Brickell Gateway, their newly proposed 650,000 SF mixed-use tower which will be built next to Brickell City Center. Located at 90 SW 8th Street, Brickell Gateway will rise up to 48-stories and is expected to offer retail and office space as well as a hotel and residential component. A demolition permit for the existing structure has not been filed with the city.Read More
After the famous Epicure Gourmet Market & Café on Miami Beach’s Alton Road closed its doors after Hurricane Irma, the owner of the market & café, Jason Starkman, is now redeveloping the Lincoln Road space and has listed the 31,000 SF property with Brian Carter, Filippo Incorvaia and Ross Padfield of Douglas Elliman.Read More
Estates Investment Group has proposed a Class A apartment building in Overtown which will be built in partnership with the Overtown and Park West Community Redevelopment Agency. The property, which is located at 218 NW 8th St., will be built on 1.23 acres of CRA owned land.Read More
Terra, a South Florida-based residential and commercial development firm, has closed on $91 million in financing for its newest multifamily community, Pines Garden at City Center in Pembroke Pines. The firm secured the loan through an affiliate of Mack Real Estate Group.Read More
A $77.4 million funding package for a major James Corner Field Operations-designed revamp of Miami Beach’s Lincoln Road has been approved by Miami Beach city commissioners. The funding will come from city taxpayers in addition to a $16 million Special Assessment charged to property owners in the immediate Lincoln Road district.Read More
Terranova Corporation has revealed a new hotel design by Arquitectonica which has been proposed on Coral Gables’ Miracle Mile. The design was influenced by Mediterranean architecture and the historic Biltmore Hotel. The hotel will offer 120 hotel rooms and 36,778 SF of ground floor retail which will also feature restaurant space.Read More
Holliday Fenoglio Fowler, L.P. (HFF) has announced that it has arranged $550 million in financing for the expansion of the iconic Bal Harbour Shops, a 463,114 SF, open-air, fully leased global, luxury shopping destination anchored by Saks Fifth Avenue and Neiman Marcus along Miami Beach in Bal Harbour, Florida. The loan is one of the largest construction loans ever to close in Miami.Read More
Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has received a unanimous final approval from the Miami City Commission. MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community.
Renovations and construction commenced in August 2018 on 17 of MCID’s 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1 is overseeing lleasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood. The developers will also contribute $31 million to the Little Haiti Revitalization Trust which will be overseen by the city
When complete, the Magic City Innovation District Will feature 3.8 acres of public civic space, 2.18 acres of landscaped pedestrian promenade dubbed the Promenade du Grand Bois, 2,630 residential units, 1,987,686 SF of office, 101,669 SF of expo space, 432 hotel rooms, 344,538 SF of retail, and 6,081 parking spaces. The first 4 tenants to commit to MCID were revealed in Sprinf 2019 including Diana Lowenstein Gallery, Manmar Entertainment (marketing), Ecovie (recycling start-up), and COOL Creative (advertising).
Adler Developments’ Nexus Riverside is coming to the Miami River after having been approved by Miami city commissioners. The developers plan to break ground in Q4 of 2020 and will bring 4 towers set o be completed in 5-7 years.Read More