The Chicago-based Magellan Development Group has sold the Midtown Five multifamily asset that they developed in Midtown Miami for $154.35 million, roughly $358,875 per unit. The buyer was an entity tied to the New York-based Sterling Equities.
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Kushner Companies Gearing Up To Break Ground On First Miami Projects
Kushner Companies is gearing up to break ground on their first two Miami projects located in Wynwood and Edgewater. The Wynwood project, known as Wynwood 27, will break ground first in Q1 2021 at 127 NW 27th St. and 129 NW 26th St. Wynwood 27 will feature 152-units, 50,000 SF of office space and 34,000 SF of retail space.
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The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach
The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished.
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East End Capital Receives Approval For Kobi Karp-Designed Co-Living Project, FOYER Wynwood
East End Capital, led by Jonathan Yormak, received approval from Miami’s Planning & Zoning Department for FOYER Wynwood on December 1. FOYER Wynwood is a co-living, mixed-use project at 2400 North Miami Ave. which is now pending a construction permit and demolition permit for remaining structures on the site.
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PMG Reveals MKDA-Designed Society Wynwood After Acquiring Final Piece of Assemblage For $11.5 Million
Property Markets Group (PMG) and Greybrook Realty Partners have submitted their plans for Society Wynwood for approval by the Wynwood Design Review Committee after acquiring the final piece needed for their 1.93 acre assemblage.
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Tricera Capital, LNDMRK and Related Group Break Ground On The Dorsey In Wynwood
The Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital have broken ground on The Dorsey in Wynwood. The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces.
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Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million
Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd.
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West Aventura Developers Proposes Mixed-Use Development In Newly Rezoned Ojus Urban Area District
West Aventura Developers, led by Marina Kessler and Gustavo Lumer, have proposed there mixed-use buildings in the newly rezoned Ojus Urban Area District, just west of Aventura. The area which sits just north of Greynolds Park, was recently rezoned by Miami-Dade county to allow mixed-use development and more density. The 7.9 acre site is located at 2375 NE 186th St.
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AvalonBay Communities Acquires South Miami Winn-Dixie Site For $18.95 Million
AvalonBay Communities, led by CEO Timothy Naughton, has acquired a South Miami Winn-Dixie site located at 5850 SW 73rd Street for $18.95 million. The seller was a joint venture between entities tied to the Bacardi family and Alta Development, led by Henry Pino, who had acquired the property in 2007 for $14.5 million.
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Terra Reveals Plans For Arquitectonica-Designed Multifamily Project in Little Havana
Terra Group has revealed plans for their newly proposed redevelopment of the Central Shopping Plaza, located across from the Magic City Casino in Little Havana, with the addition of a multifamily project with roughly 1,384 residential units and 1,559 square feet of commercial space on the 38 acre property.
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