Amazon is Looking For a New City for Amazon HQ2 And Miami Is In The Running

Amazon is looking to invest $5 billion and add 50,000 new jobs over the next 20 years as they have their sights set on building Amazon HQ2. One major metropolitan city is going to get the business and it just so happens that Miami is in the Top 10. Amazon is looking for a city that has over 1 million residents and is located in North America, mainly the United States. Cities are currently now organized bid packages to present to the Amazon RFP. Amazon is also looking to build on a development site that will allow them to build a 3 phase office park style development or retrofit an existing building as long as it fits their criteria. Miami is an attractive city as it features a high quality of life, strong infrastructure growth, a growing educated workforce, strong job growth, etc. Quality of life has become a major factor when choosing a new headquarter location as both housing cost, livability and amenities play a major roll in a firm's ability to attract top-end talent. It has been reported that even those who command six figure salaries in the current tech hub of Silicon Valley and San Francisco are looking to leave the the bay area in search of a lower cost of living without sacrificing their quality of life. Miami has the low pricing when compared with other major cities without sacrificing the quality of life and the city features all of the amenities that highly paid and educated employees seek including top-tier restaurants, recreation and culture. The low cost with a high quality of life in Miami would make it easy for Amazon to attract top-end talent. Some factors that hurt Miami is the lack of public transportation and traffic congestion.

Jimmy Tate Closes On $50 Million Loan for Bahia Mar Resort in Fort Lauderdale Beach

Jimmy Tate and Tate Capital has locked in a $50 million loan for Bahia Mar in Fort Lauderdale Beach from Florida Community Bank and has boosted its mortgage on the property to $135 million. The project includes a $7 million redesign of the Bahia Mar Fort Lauderdale Beach – a DoubleTree by Hilton, which is a 40-acre, 296-key resort. Bahia Mar was redesigned by Kobi Karp and is expected to be completed in October (2017). Tate Capital is planning to invest close to $500 million in redeveloping the property into a mixed-use project which will also include 7 apartment buildings, dock space, restaurants, a 250-slip marina with docking for 100 mega-yachts, etc. They have also secured that the Fort Lauderdale International Boat Show will remain at Bahia Mar through 2050.

Construction Resumes At Many of Miami's Major Projects As Developers Power Through After Hurricane Irma

Miami, a city full of investment, cranes and development, is just about back to business as usual for its biggest developers. CMC Group's 552-unit Brickell Flatiron resumed construction today (9/15/17) which is keeping the project on schedule for completion by June 2019. The development site saw little damage during the storm, which swamped Brickell with flooding throughout the city streets. There were reports that cranes were down, but the reports ended up being false and one of the cranes has already by re-certified in excellent condition. In Edgewater, Melo Group's Aria on The Bay saw no damage to the glass, waterfront tower. They announced that construction is back in full-swing as they race to finish and deliver the tower. 

In the Arts + Entertainment District, Canvas by NR Investments saw little to no damage and the developers expect to restart construction any day. Next door, Melo Group's Square Station is still waiting for power to return so they can resume construction. PARAMOUNT Miami WorldCenter also resumed normal construction today (9/15/17). 

Not all projects escaped unscratched. PMG's 300 Biscayne rental tower in downtown suffered damage to a crane which has put the project on pause for the current time. Another crane collapsed at Related Group's GranParaiso and at Auberge Beach Residences and Spa in Fort Lauderdale. Once the fallen cranes are cleaned up, the developers expect to resume construction and get back on schedule. Moody's Analytics estimates that Florida suffered between $64 billion and $92 billion in property damage, although the specific numbers for South Florida have not been released. 

Hurricane Irma's Effect on The Miami Real Estate Industry

Despite the potential destruction that was anticipated by Hurricane Irma, Miami, along with most of the South Florida metropolitan real estate markets, were mostly spared from any significant or crippling damage. $38.94 billion of CMBS debt was exposed to potential damage in Florida, with $6.41 billion in Miami alone. Fort Lauderdale held an $4.32 billion exposed as reported by The Real Deal. Cranes were reported down at PMG's 300 Biscayne Avenue and Related Group's GranParaiso and Auberge Beach Residences and Spa in Fort Lauderdale. According to Turnberry Associates CEO Jeffrey Soffer in an interview on CNBC, he doesn't believe that the South Florida real estate markets or prices will take a hit in the long term. “It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared," said Soffer. At the same time Stuart Miller of Lennar Corp. announced that Irma has delayed hundreds of home deliveries. The nation's largest home builder said that close to 700 home deliveries in Florida, George and South Carolina have been impacted. The storm came just as the company was reporting new orders rising 8% year over year. Time will tell, but it is apparent that Miami is on the way back to business as usual where the real estate market has been bolstered in recent years due to both domestic and foreign demand alike. 

Miami Is Back In Business As Miami International Airport & Miami Beach Reopen

Miami International Airport and Miami Beach are once again open. Cars could be seen backed-up waiting to get onto Miami Beach as early as last night. Miami International Airport has resumed flights, although it is a limited schedule and some flights have been cancelled. Flights from London, Paris, Sao Paulo, Buenos Aires, New York and Los Angeles have now arrived into Miami International Airport since reopening this morning. Miami International Airport received some wind damage but not as bad as what could have been. Fort Lauderdale airport is also expecting to resume flights today.

If you are looking for supplies, the following PUBLIX are open and running:

• 15750 SW 72nd St., Miami
• 9755 NW 41st St., Doral
• 2270 SW 27th Ave., Miami
• 9050 Biscayne Blvd, Miami Shores Village
• 1700 Miami Gardens Dr., North Miami Beach
• 8250 Mills Dr., Kendall
• 9041 SW 107th Ave., Kendall
• 11750 SW 104th Ave., Kendall

Tour the Carnage That Hurricane Irma Dumped On Miami Including Submerging Brickell

Although Hurricane Irma was not a direct hit to Miami, the storm's massive composition wreaked havoc throughout the world-class metropolitan city's streets. In Brickell and Miami Beach, streets became flooded and turned into rivers including Brickell Avenue, one of Miami's most iconic streets which is lined with luxurious skyscrapers of banks, offices, hotels and residences.Gale force winds could be shown whipping through the city streets, blowing over Palm Trees, signs, trucks and anything in their path. In addition to the storm surge, rain water flooded inland areas and high winds damaged Miami International Airport, which officials have not yet deemed when they will be ready to open. Venetian Causeway was almost completely under water and a sailboat was seen slammed up against the bridges between San Marco Island and Biscayne Island. City officials still cannot confirm how high water levels rose. While some areas have seen water levels pull back, others are still flooded. 

Areas to note, Purdy Avenue in Sunset Harbour, one of Miami Beach's most notorius flood zones, survived with little to no flooding. This shows that Miami's commitment to fending off sea level rise can prove to be successful as the city has raised the sidewalks over the years by 2' 5" and Miami Beach has committed over $500 million to raise streets and install pumps to drain floodwaters.

The damage assessment will take quite a few days as officials will make sure structures are safe for residents to return, remove debris and begin a clean-up process that at this time appear that it could have been much, much worse. Despite that, until the official reports begin to roll-in, there is just no way to know how much damage was done to the city and region of South Florida. So far, 5.8 million Florida homes and business' lost power and FPL claims that returning to normal operation could take weeks as they expect damage to core company systems. Many resources will need to be dedicated to rescue crews and clean-up so staying away from the city will allow officials budget the necessary resources to the people and areas that need them. Business are not open and returning to the city without essential supplies can hinder the efforts of those working to get the city back up and working on its feet. 

Stay tuned to PROFILEmiami for more updates on Hurricane Irma and the clean-up effort. 

Waves break over the Brickell Seawall as storm surge shakes up the Miami River. Photo via Joe Raedle/Getty Images

Brickell Avenue. Photo via Joe Raedle/Getty Images

Photo via Joe Raedle/Getty Images

Looking South Down SW 1st Avenue in Brickell. Photo via Joe Raedle/Getty Images

A collapsed crane at 3rd & Biscayne Blvd. Photo via Joe Raedle/Getty Images

Looking down Biscayne Boulevard from 19th Street. Photo via CNN

Looking North Towards Edgewater Up Biscayne at 19th Street. Photo via CNN

Waves break over the Seawall between Icon Brickell and Brickell Key. The Mandarian Oriental is shown in the background. Photo via CNN

A1A in Fort Lauderdale. Photo via CNN

Hurricane Irma Shifts West as Governor Rick Scott Warns "The Storm Is Here"

Outer bands bringing strong wind and rain from Hurricane Irma began to pound the southernmost reaches of Florida this morning (Saturday 9/9/17). The storm is now a Category 4 with sustained winds of 130 mph which will bring storm surge, rain, flooding and devastating gale force winds. Hurricane conditions are expected to begin Saturday night int he Florida Keys and across the southern and central Florida coasts.

"The storm is here. This is a deadly storm, and our state has never seen anything like it," said Florida Governor Rick Scott.  

The eye of Hurricane Irma is expected to hit the Florida Keys Sunday morning before moving up the west coast of Florida including Naples, Fort Myers and Tampa Bay. Officials warn that just because the storm's path has shifted west does not mean that the east coast is safe and is at risk of severe danger of storm surge, flooding and devastating winds which threaten many of the construction cranes in Miami's burgeoning metropolitan areas. 

We reported yesterday (Friday 9/8/17) that the largest mandatory evacuation order in the history of the United States are in effect for all of Miami Beach, Brickell and Downtown, amongst others counties. Over 650,000 people in the Miami area are effected by the storm and evacuation orders. Other evacuation orders include Broward County east of US 1, Palm Beach County, parts of Brevard County, coastal Jacksonville and Duval County, and Monroe County, which was among the first as it features the Florida Keys.

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners Secure $155 Million In Construction Financing for Eighty Seven Park, Prepare to Commence Vertical Construction

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners, the partners behind Eighty Seven Park, Renzo Piano’s first residential project in the U.S., have finalized a construction loan that will open the door to vertical construction. The loan is for $155 million in construction financing from United Overseas Bank. Terra has reported that the building is now over 60% sold with a sales volume of over $250 million. The start of vertical construction follows initial site work that involved placing 300 foundation pilings into the ground.

“Local and international buyers are responding to Eighty Seven Park’s brand of intelligent luxury, with more than sixty percent of our sixty-six units now sold,” says Terra president and co-founder David Martin. “Eighty Seven Park’s singular location, combined with Renzo Piano’s sophisticated design and the equity we’ve built through pre-construction sales, have created a powerful combination that put us in position to secure construction financing.”

“Buyers seeking oceanfront living in Miami Beach have many options, and Eighty Seven Park is the most desirable among them as evidenced by our sales success,” says Howard M. Lorber, chairman of Douglas Elliman Real Estate and CEO of Vector Group, the parent company of New Valley. “Our project offers the amenities, exclusivity and sophisticated design that today’s most discerning buyers are looking for.”

“IRR Miami’s market forecasts indicate that the only new projects that will get started over the next 24 months are those sponsored by the strongest developers,” explains Anthony Graziano, chairman of Integra Realty Resources and senior managing director for IRR-Miami/Palm Beach. “The strength of Eighty Seven Park lies in its location, design, and the experience of the development team that Terra has assembled. This is another example of Terra’s ability to deliver bold projects in irreplaceable locations.”

Eighty Seven Park is located on Collins Avenue in North Beach at 87th St. and Collins, which is the northern-most parcel of land in Miami Beach. Eighty Seven Park will be an 18 story glass tower with expansive, unobstructed views of the Atlantic Ocean, Miami Beach and Biscayne Bay. The building was designed by famed designer and Pritzker Prize-winning architect Renzo Piano Building Workshop in collaboration with RDAI, West 8 designed the landscape architecture and Ruben and Isabel Toledo will handle branding and marketing material. Eighty Seven Park will feature 68 residences that range from 1 to 5 bedroom layout and 1,400 SF to over 7,000 SF. Pricing ranges from $1.6 million to $15.2 million. There will also be a full-time concierge and butler service, smart home and building technology and five-star amenities including a salon, resort style pool with full-service bar, valet, security, library and on-site enoteca complete with on-site wine tasting. Eighty Seven Park is expected to be completed in 2018.

Brazillian Billionaire Jose Isaac Peres Sees Backlash to His Proposal for 5775 Collins Ave

Brazillian billionaire Jose Isaac Peres has seen a backlash from neighbors over his proposal for 5775 Collins Ave in Miami Beach. Resident's complain of a "Condo Canyon" effect which is caused by newer building taking up the entire lots they are built on in terms of width. This would block partial views of the ocean as well as limit public access  to the beach. The building is being designed by Arquitectonica and would rise 17 stories and feature 89 units. The building would also feature 2 levels of semi-subterranean parking. The proposed tower is outfitted with white stucco-tipped slabs with a glazed glass skin on the units. The balconies appear to be finished with with a warm brown wood, with planks oriented and glass rails. The proposal will head to the Design Review Board in December. 

Two Roads Development Celebrates With Top Brokers by Awarding Commission Checks In-Advance of Ground Breaking

On Wednesday, August 30th, Two Roads Development, the developers of Elysee Miami, awarded nearly $400,000 in commission checks to the project’s top-selling brokers in advance of its highly-anticipated groundbreaking this coming fall (2017). The check presentation took place at a special cocktail event at Elysee’s sales gallery on Biscayne Boulevard. Notable guests included Two Roads Development’s Reid Boren and Taylor Collins, as well as members of Cervera Real Estate’s executive leadership team including Alicia Cervera Sr., Veronica Cervera Goeske, Alicia Cervera Lamadrid, Jesse Ottley and Ali Lamadrid. Set to rise along Biscayne Bay at 788 NE 23rd Street in Miami’s East Edgewater neighborhood, the 57-story waterfront tower will feature 100 half-floor and full-floor residences priced from $1.5 million to $14 million. Cervera Real Estate are the exclusive sales team for Elysee. 

DJ Sasha Lauzon

Fernan Hernan Hernandez, Alessandra Ulrich, Holger Odenstein & Gilberto Quintero

Jennifer Cervera, Juan Estrada & Yanet de Castro

Tomas Hoffman, Sandra Masis & Jesse Ottley

Emily Gimblett & Franco Tommasi

Reid Boren, Pearla Machaen, & Robert Thorne

eronica Cervera Goeseke, Alicia Cervera Sr., & Lydia Juliao