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).
Grove Bay Investment Group LLC. has submitted plans to the city for the redevelopment and restoration of Coconut Grove’s historic Pan Am Airways base. Construction on the project is already underway on the parking garage portion of the development.Read More
The Aventura-based Rieber Developments has announced that they have closed on a $36 million construction loan for Ivory 214. The loan was provided by the Miami-based BridgeInvest and was formally granted to the property’s development LLC, Shalev Development Group.Read More
The Aventura-based Rieber Developments, led by Bernardo Rieber, has revealed plans for 12|12 Aventura, a mixed-used project with offices for medical professionals, a luxury senior living component and vibrant dining and shoppingRead More
Miami-based sustainable real estate developer Metronomic has acquired an assemblage of properties in Coconut Grove to commence development of their “Grand Plaza” mixed-use project. The four-parcel portfolio along Grand Avenue consists of 0.77 acres and was purchased for $6.3 million ($186.67/psf).Read More
Alta Developers and the Facundo and Amalia Bacardi Foundation have been awarded approval by city commissioners to change the zoning needed to move ahead with South Miami Town Square, located at 5850 SW 73rd Street and 7331 SW 59 ave.Read More
Simon's 2.3 million SF Sawgrass Mills, the largest outlet mall in the United States, is undergoing a major renovation as the Simon’s tries to boost brick-and-mortar shopping versus customers tendency to shop online.Read More
Publix has received a construction permit to begin work on their newest supermarket location at Three MiamiCentral, just one block from MiamiCentral Station. Publix will buildout their 27,935 SF location in the ground floor retail space of the recently completed building which also features 90,000 SF of Class A office space and parking.Read More
Miami-based Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project set to be the first of its kind in Hialeah in more than 20 years. When complete, the project will transform the area’s aging retail and residential offerings with the first new sleek contemporary designed vertical towers.Read More