Clockwise from the top-left corner: James Tate, Demetri Demascus, Shahab Karmely and W. Allen Morris.
Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims.
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Gio Midtown has just received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. The 447-unit and 39-story tower, which was jointly developed by Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management, began to welcome its first residents on April 15.
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Partners East End Capital and The Related Group closed on $136 million in financing for its a master-planned, mixed-use developments Wynwood 25 and Wynwood Annex. The financing was provided by Blackstone Real Estate Debt Strategies and is being used to fully satisfy the construction loans for both projects and return equity to the partners. Completed in June 2019, the nine-story building is already nearly 90% leased.
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Melo Group, one of Downtown Miami’s preeminent real estate development firms, is getting ready to open their latest residential tower addressing two of the city’s most-pressing issues, housing affordability and traffic.
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Vox Miami, a multifamily project designed by Perkins and Will and developed by Treo Group, is gearing up to break ground at 5801 S Dixie Highway. The project is targeted at students and is located just a short walk from the South Miami Metrorail Station.
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TSG Group and Lineaire Group have revealed plans for Wynwood Haus, a 20-story residential project designed by Corwil Architects. Wynwood Haus will be a residential apartment rental building offering 224 residential units. 42 of the residential units will be micro units, just under 400 SF.
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Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.
The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami.
Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.
Society Las Olas in Fort Lauderdale.
Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.
As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.
The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.
Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.
Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami
Society Biscayne in Downtown Miami.
By Katya Demina
Miami-based real estate developers Adler Group and 13th Floor Investments have finalized a $99 million loan that will open the door to the construction of a second tower at Link at Douglas, a 7-acre master-planned development that will transform Miami-Dade County’s Douglas Road Metrorail Station into a mixed-use transit hub with residential, retail and commercial office uses.
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Construction teams have passed the 6th floor of vertical construction at Grand Station Partners’ Grand Station apartment tower, located at 40 Northwest 3rd Street in Downtown Miami, also known as Parcel B. Grand Station Partners is a public-private development partnership led by ROVR Development and its principals Oscar Rodriguez and Ricardo Vadia.
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13th Floor Investments and Tricera Capital have commenced vertical construction on The Boulevard. The apartment rental building will offer 283 apartment units, 35,855 SF of restaurant space, 13,485 SF of retail space and 517 parking spots.
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