NR Investment's CANVAS in the Arts + Entertainment District Unveils New Renderings of Rooftop Lounge & Ground Floor Retail

NR Investment's newly topped off 37-story residential condo project CANVAS in the Arts + Entertainment District has released new renderings its 4,500 SF rooftop lounge. In total, CANVAS has 14,500 SF or retail space with 10,000 SF or ground floor retail. The asking price is around $40 SF triple net and leasing is being overseen by Alex Acker and Frank Rodriguez Melo of Cedano Realty Advisors. CANVAS is expected to be completed for occupancy in March 2018. 

Related Companies Pays $12.2 Million for Equinox & Soul Cycle at Related Group's Brickell Heights

The Related Companies has paid $12.2 million for the commercial space leased to Equinox Club and SoulCycle Studio at Brickell Heights. The Equinox Club is three-stories and 30,000 SF while the SoulCycle studio spans about 6,000 SF. The Equinox Club features its own private pool and tanning area on the Brickell Heights amenity deck accessible only to members. 
 
“The closing of Equinox and SoulCycle units Brickell Heights is another step forward in our efforts to transform South Miami Ave. into a vibrant, pedestrian friendly corridor in the same vein as Lincoln Road. Brickell is thriving, and these closings show a long-term commitment to further establish the area as a bustling neighborhood to live, work and play. Our buyers at both Brickell Heights and SLS LUX are excited about these changes and can’t wait to start living the lifestyle,” said Carlos Rosso, President of the Related Group’s condo division.  

The combo fitness clubs are located in Related Group's Brickell Heights, which is a two-tower, 690-unit luxury condominium development that opened earlier this Brickell’s South Miami Avenue. Brickell Heights is located next to Mary Brickell Village, Swire's Brickell City Centre, which opened in late 2016, and SLS LUX Hotel and Residences, a joint-venture between The Related Group, The Allen Morris Company and will be operated by SBE. Brickell Heights includes a three-story, 30,000 SF Equinox Club, as well as a 6,000 SF SoulCycle studio, the first in Brickell. Brickell Heights was designed by Arquitectonica. 

Leasing Underway at DD41, A Modern Retail Design by Royal Byckovas Coming to Miami Design District

Leasing is underway at the proposed DD41 modern retail project designed by Royal Byckovas in Miami Design District. The building is a 3 story structure with over 8,400 SF of retail being developed by TSG Group, a boutique, diversified real estate development and investment company based in South Florida. Leasing is being handled by CBRE. The site was purchased by TSG Group in 2015 and is one of the last commercial development sites in Design District, which has emerged as one of the world's leading luxury retail destinations. The district has also been certified as the 1st LEED ND Gold Certified Project in Miami-Dade County. 

Triptych Hotel Approved in Midtown

Triptych Hotel has been approved under the Miami 21 Zoning Code after submitting revisions to their original plans and scaling back the project. New plans show the project to rise 20 stories featuring 252 hotel rooms, 300 parking spaces, 38,000 SF of retail and 41,000 SF of office space. The hotel will be operated as a Hilton Curio Hotel. The hotel will be among the first in Midtown and will join HYDE Midtown when completed as the main hospitality options between Midtown and Design District. Triptych Hotel is being developed by HES Group and JQ Group. 

Fort Lauderdale Approves FATCity in FATVillage

Fort Lauderdale city commissioners unanimously approved FATCity, Flager Arts and Technology City in FATVillage. The mixed-use project is being developed by Triana Cos will total 1.35 million SF within 2, 30 story towers designed by Adache Group Architects. FATcity will feature retail, 270,000 SF of office space, hospitality, 612 residential units and 1,300 parking spaces. FATCity is expected to break ground around the end of 2018.

Developer Robert Wennett Sells Iconic Mixed-Use Parking Garage, 1111 Lincoln Road

Bayerische Versorgungskammer (BVK), a German investment fund, has purchased the iconic, mixed-use parking garage from developer Robert Wennett. The deal was reached at $283 million and includes adjacent retail space at 1664 Lenox Avenue and 1666 Lenox Avenue. The total assemblage comes to around 146,327 SF, all roughly equating to around $1,932 SF on the sale. BKV financed the purchase with a $66.85 million mortgage from Universal-Investment-Gesellschaft mBh. Wennett originally purchased the properties for $23.5 million in 2005 before undergoing heavy development. 1111 Lincoln Road is an award-winning, mixed-use parking garage designed by Herzog & de Meuron in 2010, that has become an iconic part of Lincoln Road, Alton Road and South Beach. The 7 story, exposed concreted, mixed-use parking structure itself features 94,488 SF of office space, 51,839 SF of retail space, and a 300 parking spaces which can also be used as event space. Ground floor retail space has floor-to-ceiling glass storefronts with high ceilings along with another retail space located on level 5 that also features floor-to-ceiling glass to provide amazing views of the Miami skyline. 

Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove

Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood. The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of 'adaptive reuse' infill development in Miami. Construction is expected to begin in early August 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida's most walkable and self-contained urban neighborhoods.

Mary Street's Touzet Studio design will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means. The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice Streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.

“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project's superior location, and the surge of interest we've received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra. 

Miami Worldcenter Files Utility Plans, to Feature as Much Restaurant Space as Retail

Miami Worlcenter’s newly filed utility plan shows that there will be nearly as much restaurant space as retail. Miami-Dade Water and Sewer has approved a deal that will allow Miami Worldcenter to build 202,391 SF of full-service restaurant space, 50,000 SF of fast food restaurant space and 21,500 SF of bar and cocktail space. It is expected that with this restaurant footprint, Miami Worldcenter's restaurant tentants could serve up to 17,000 customers at a single time. The new plan includes 281,191 SF of retail, 5,862 SF of residential units, 202,391 SF of full-service restaurant space, 50,000 SF of fast food restaurant space, 21,500 SF of bar and cocktail space, 250 hotel rooms, 506,500 SF of office space and 26 bungalows. In separate agreements are The Marriott at Worldcenter, Paramount Worldcenter and the 45-story Hines office building.