Miami-based Brazilian furnishings house Artefacto is bringing their US flagship showroom to Coral Gables and they just unveiled their eye-catching designs for its highly anticipated storefront. The design is by Miami-based architects DOMO Architecture+Design and features a Modernist concept. The new US flagship will be the largest upscale furnishings showroom in Florida spanning 45,000 square feet lined with sustainable materials and green walls as well as exclusive pieces from designers such as the Campana Brothers and Jader Almeida.
Sweetbird South Design District Construction Update
Construction is cruising at the Sweetbird South retail project by Miami Design District Associates located at 99 NE 39th Street. The structure appears to already have second floor supports and has already topped off at parts. When completed Sweetbird South will be a two-stories with 27,834 SF of retail and commercial space. The project was designed by Norwegian architects Reiulf Ramstad Arkitekter with Stantec as the architect on site and on record.
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Photo via Miami Herald
Resorts World Applies to Renovate The Omni into Office Space & Boulevard Shops Update
Change may finally be coming to the vacant Omni Mall in Edgewater at 500 Biscayne Boulevard as Resorts World Omni, LLC has applied for a construction permit to renovate 24,550 SF into office space. Blufin Construction is the contractor on record for their application. Currently both Resorts World Bimini and Crystal Cruises use 500 Biscayne Boulevard as their headquarter address. Crystal Cruises last year leased 40,000 SF of office space in the Omni Building, adjacent to their Boulevard Shops sales center. Resorts World Bimini and Crystal Cruises are owned by Genting Group, a Malaysian conglomerate that has business interests in leisure, hospitality, plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology.
Last year Crystal Cruises began reconstruction of The Boulevard Shops on an adjacent lot at 1401 Biscayne Boulevard. Their plan was unveiled at the 2016 Fort Lauderdale SeaTrade show for the Boulevard Shops project for Crystal Cruises which will include a renovation and expansion of the historic building to offer a cafe and bistro with indoor and outdoor seating, cigar bar and sales center for Crystal Residences. Crystal Residences will be onboard condos featured on 2 of their cruise ships. The renovation of The Boulevard Shops is being designed by architect Richard Heisenbottle.
Mixed-Use Wynwood Park to Bring Open Park Space & Retail to Wywnood
Developer Metro 1 is bringing Wynwood Park, a much needed new mixed-use development with a focus on green space to Wynwood. Wynwood Park will feature an acre of open green public park space adjacent to Wynwood Walls. The development will also include an adaptive retail concept. It was designed by MKDA Architecture and was introduced at CIASF's 2017 Wynwood Market Report Presentation event. Leasing has already begun. Wynwood Park will be located at NE 2nd Avenue and 26th to 27th Streets. Wynwood has boomed in recent years, first getting its boost from the unique street art that developed into a full art scene. The neighborhood has seen rising prices as it has attracted a number of restaurants, galleries, shops and nightlife to create a vibrant scene in a once industrial setting.
New Retail Historical Conversion Coming to Design District
Miami’s Historic and Environmental Preservation Board has approved a proposal by J Cube Development to renovate an existing, aging building at 4141 North Miami Avenue in the Design District and convert the existing structure into modern retail. The renovations of the 15,901 SF structure will be overseen by architect Allan Shulman and will include 2 levels of retail and a rooftop terrace. Remy Jacobson and J Cube Development purchased the building last year for $10.5 million.
Miami Commercial Real Estate Market Outlook Strong Through 2017
Florida's economy will become the 16th largest in the world this year when gross product passes the $1 trillion mark, expected to happen by 2018. Factors driving this force are declining unemployment, declining vacancy rates and strengthening real estate prices. This should keep South Florida's commercial real estate market strong across office space, retail and industrial markets. In Miami the population continues to rise and the city has an unemployment rate of 5.5%. Miami has seen a glut of projects move toward completion and open over the past several years, with several more in the pipeline including Miami WorldCenter, Brickell City Centre and Design District. Despite that commerical vacancy rates in Miami continued to fall and major companies look to expand their footprint in the city including Ernst & Young. Fort Lauderdale & Broward County's unemployment rate is currently 4.6% with continued job growth expected. Office vacancy rates dropped to 9.4% and rental rates are expected to rise to adjust to the falling inventory levels. Opportunities for development in Fort Lauderdale over the next year will be in retail and multifamily projects. Domestic and international investment and interest are expected to remain strong for South Florida though 2017.
CK Prive Group to Build Mixed-Use Project on Biscayne Blvd. in North Miami Beach
CK Prive Group is planning to build a mixed-use project on Biscayne Blvd. in North Miami Beach. The development will be designed by Arquitectonica and will be located at the intersection of Biscayne Boulevard and 163rd Street. It will feature 198 residential apartment units, 160 hotel rooms, 130,000 SF of office space, 200,000 SF of retail and 1,400 parking spaces. Leasing is under way with retail leases asking around $50 to $70 per foot.
New Renderings of Paramount Miami World Center "High Street Retail" Concept
Arthur Falcone's Miami World Center has submitted their plans and applied for a warrant for their "High Street Retail" with Miami's Planning & Zoning Department as part of Downtown Miami's multi-billion dollar mega mixed-use residential and retail project Paramount Miami World Center. It will ultimately be the second-largest mixed-use urban development in the United States and largest in Florida. In 2015 the developers had received a warrant for an indoor mall, but after adjusting plans earlier this year to an outdoor mall concept, they have submitted the revisions. Although the new plans were reviewed and approved by the Urban Design Review Board, the decision on the new warrant cannot be issued prior to October 6. Construction has started on Paramount residential skyscraper as the first phase of the project and will finish as a 1.1 million SF urban mega-center over 27-acres.
Downtown Miami's Bayside Marketplace in For Major Renovation
Bayside Marketplace is ready for a revamp after 30-years as one of the only shopping centers in Downtown Miami. The project will be led by Zyscovich Architects, Ashkenazy Acquisition and General Growth Properties (GGP). GGP sold 49% of Bayside Marketplace in 2014 and Ashkenazy Acquisition took over management of the property earlier this year. Phase 1 of the redesign will include 140,850 SF of public outdoor space. Phase 2 will the result in a 2-level parking garage and added retail space on Biscayne Boulevard. Bayside Marketpalce has over 150 retail and dining/ entertainment tenants and GGP has a $250 million mortgage committed to renovation and expansion of the development. The proposed SkyRise Miami would be located in Bayside if ultimately constructed.
Macy's Shopping Around Remainder of Lincoln Road Leasehold
It's no secret that the major department stores are in for a major shake-up. The Real Deal is reporting that Macy's is quietly marketing the remainder of leasehold for their Lincoln Road location. The 98,610 SF at 1675 Meridian Avenue has 34 years left on the lease and could go for about $80 million. It is one of the largest retail spaces available in the area and it is reported that both Nordstrom Rack, HomeGoods, Saks Fifth Avenue OFF 5th and Old Navy have inquired about the space. HFF has the listing on the space. Macy's had reported earlier this year that they would be closing 100 stores, but would not comment on what would happen to the Miami locations.