Area 41 Secures Financing and Moves Forward

Photo Via Curbed Miami

Design District's Area 41 is moving forward after securing financing with a $24.3 million loan from LA based Canyon Partners. Design District Development Partners project located at 112 NE 41st St. will be a 7 story, 8,082 SF mixed-use commercial development. It includes 10,000 SF of showroom and retail space, 20,000 SF of office space and a rooftop restaurant/ lounge. A rift between developers Benjamin Norton of Design District Development Partners and Asi Cymbal almost ruined the project earlier this year but was settled confidentially. Tenants are yet to be announced and leasing will be handled by Chariff Realty Group. First reported by The Real Deal.

Thor Equities and Touzet Studio Wynwood Mixed-Use Proposal

Thor Equities and architects Touzet Studio plan to pay homage to the former Coca Cola plant, which previously stood on the site of their proposed mixed-use Wynwood development including 306 apartments and 88,000 SF of commercial space. They aim to preserve the areas industrial past while incorporating Wynwood's art theme. They announced in Instagram they will use local artists to inspire the city's culture.

Paramount World Center

The exciting new Paramount Miami Worldcenter will feature the highly-anticipated Paramount Tower, where sales are now underway with over 25% of the building already reserved. Being brought to Miami by developers Daniel Kodsi, Art Falcone and Nitin Motwani with architect Elkus Manfredi Architects with the interior will be by design firm ID & Design International, Paramount Tower will be a luxury high-rise with five-star amenities right in the heart of Downtown Miami. The development is part of the Paramount Miami Worldcenter project that includes residences, mall, shopping, dining, entertainment, etc. This new development is expected to driving commerce and visitors to Downtown Miami at an unprecedented level. 

Paramount Tower will feature 470 residences which will be on levels 10-54 with private elevator access and foyers, outdoor living rooms, designer kitchens and direct access to The Mall at Miami Worldcenter from the third floor. The building will also feature a "Yacht Skyview Deck," a 4-level rooftop haven with pool, lounge and yoga deck. Units are starting at $533 per square foot.  

STK Miami Opens in Marquis Residences

The soft-opening of Me Miami has been so far a success, which recently moved closer to being completely open with the official opening of STK Miami in the lobby of Me Miami and Marquis Residences. The zoning permits the liquor license from the nearby late-night nightclubs including Heart and Space, so expect STK Miami to become a hopping place after-hours. The build-out features a modern restaurant concept right on Biscayne Blvd. and third-floor bar. The location is also walking distance from the Perez Art Museum, Frost Science Museum and American Airlines Arena.  

Menin Hospitality to Open Al's Diner in Iconic Former Firestone Service Station

Menin Hospitality continues to grow its footprint on Miami Beach as it has added yet another project to its rapidly growing portfolio. Al's Diner, a 24 our eatery with gourmet treats will replace the iconic Firestone service station at 1500 Alton Road that opened in 1939. The shop opperated as a car service station until early 2016. The announcement brings Menin to 15 projects under operation. Late July, the Miami Beach City Design Review Board approved a variance to convert the properties' zoning to mixed-use retail/ restaurant with outdoor café seating as well as take-out window. ARRP, an affiliate of Crescent Heights will fully restore the iconic cantilevered porte-cochère and the Firestone roof sign.

Spring Chicken coming to 1439 Alton Road

The popular new eatery Spring Chicken in Coral Gables is coming to Miami Beach. John Kunkel will open his new location in 1439 Alton Road, as will Lulu's Nitrogen Ice Cream Shop. Kunkell was able to get a 15 year master-lease on the 3 units in which he previously operation his BTW and Lime concepts. Kunkell calls Spring Chicken "Shake Shack meets Chick-fil-A." He will develop the property into a fast-casual haven complete with shared courtyards to eat. The restaurants should open in late August and early September. Spring Chicken has also recently opened in Fort Lauderdale as well.   

Marinablue Downtown Retail Space Sells for $14.94 Million

Marinablue's ground floor retail space with prime Biscayne bay-front location just recently sold for $14.94. The sale comes out to approximately $1,347 SF and has 7 retail units spanning 11,090 SF. Wine by the Bay has a long term lease on one of the units. The deal was brokered off market with the buyer being European investor Aran Properties. In March CVS signed a 25 year lease for the space with the store opening in July. This is another exciting development in the fast changing Downtown Miami which has seen population rise by over 29% in the past 5 years and brings yet more value to the Museum Park group of buildings which also just saw an STK and Me Miami Hotel open in Marquis Residences. 

Midtown Overview

What has essentially come the unofficial home of Art Basel, Midtown Miami has rapidly been transformed into a hustling and busting city center. The main Midtown development broke ground in 2005 transforming the FEC rail yard into a clean and safe area for recreation and retail. Midtown Miami continues to undergo massive amounts of construction as the area continues to grow with new buildings and businesses opening everyday.

Midtown Miami is wedged between the Florida East Coast Railway and I-95 and spans from North 29th St. to I-195. The project was originally planned as a large-scale urban development with 8 high-rise residential buildings, a hotel, 2 parks and The Shops at Midtown, consisting of shopping, recreation, dining and entertainment. The project would go on to crash 2 years later with only 2 residential buildings completed, but was reinvigorated in 2011 with plans to complete The Shops and continue with development of residential buildings. The Shops at Midtown are meant to simulate SOHO from New York. Art Basel has made its home right in Midtown Miami with Art Miami and Spectrum amongst other shows attracting visitors to the area from all over the world.

The completed residential buildings have become an attractive option for both buyers and renters alike due to the full-service market the area offers. Midtown currently is one of the few places in Miami where everything you could possibly need is in walking distance from your apartment. The area is also kept extremely safe and clean. Midtown 2 and Midtown 4 have been well received by the market and are very hot buildings to buy or rent. Both buildings take cues from New York's SOHO with a "Miami twist" and the pool decks create a popular urban oasis. Midtown Miami is definitely an area on the rise and worth looking into whether you are looking to buy an investment property, personal property or rent your next apartment. 

Top Buildings:

• Midtown 4
• MidBlock
• Midtown 2
• Northblock

New Developments to Watch:

• Hyde Midtown 3
• Midtown 5
• Liner Retail

Island Gardens

Miami is fast on the rise to solidifying itself as the superyacht capital of the Americas and the Island Gardens development is a major driving force behind the shift. By Flagstone Property Group, the Watson Island project is expected for completion in 2018 featuring a superyacht marina that can accommodate up to 550 feet, 2 luxury hotels, condos, and a retail and entertainment promenade. The marina will be the first of its kind in North America and will be able to house of to 50 superyachts matched with full-service amenities for the marina including a clubhouse, on-site customs, etc. The project will also feature 221,000 SF of retail and green spaces throughout the property. Mehmet Bayraktar won the rights to build the development after working with the city for 14 years. Flagstone plans to start building this fall. 

Tenant Update: Brickell City Centre

The 500,000 square-foot shopping center, anchored by Saks Fifth Avenue and Cinemax, is set to open in November.  Co-developers Whitman Family Development and Simon Property Group recently announced new additions to its diverse roster: Armani Collezioni, Intermix, Audemars Piguet, Diptyque, Pandora, Stuart Weitzman, Italia Independent, and the largest Apple store in Florida. The mall will bring a mix of luxury and accessible brands to an under-served market, while creating hundreds of local jobs. 

City Center will appeal to foodies as well: an Italian food hall the likes of which has yet to open in Florida - until now - will be debuted, along with a variety of familiar and new eateries like Dr. Smood, Luke’s Lobster, Haagen Dazs, Pasion del Cielo, and Pubbelly Sushi. 

The mall will be conveniently accessible by a Metromover stop and will have an underground garage to accommodate the influx of traffic.