WeWork to Lease 65,000 SF of Office Space at Two Brickell City Centre

WeWork on Miami Beach

WeWork has announced that they will lease 65,000 SF of office space in Brickell City Centre. The lease could account to close to half of Swire Properties' 132,280 SF of the space at Two Brickell City Centre going to the highly-valued and controversial Coworking/ Shared Work Space pioneer, according to The Real Deal. Asking rents were around $53 SF. In 2015 WeWork opened an original Miami location on Lincoln Road then opened a second space with 850 desks on Lenox Ave. in Miami Beach. WeWork is currently valued around $16 billion and was founded in 2010 by Adam Neumann and Miguel McKelvey. Sources via TheRealDeal.

Bacardi Family Heir Lists Coral Gables Mansion for $27.26 Million

Hilda Maria Bacardi has listed her recently completed Coral Gables mansion for $27.26 million. She is the sister of Bacardi Chairman Fecund Bacardi and great, great granddaughter of Facundo Bacardí Massó, who founded the rum company in 1862. The property was previously listed uncompleted for $18 million in 2014, but was taken off the market. Bacardi had originally planned to live in the house but ultimately decided to reside somewhere else. 

The property is 1.3 waterfront acres in the Islands of Cocoplum gated community section of Coral Gables. There is a 10 bedroom mansion with over 21,000 SF, a 2 bedroom guest house, and over 400 feet of waterfront including a 100-foot private dock. It also includes a wine cellar, elevator, 15 bathrooms, 3 kitchens and a pool. Photos and listing by Barbara Estela of Douglas Elliman Real Estate.

Moshie Mana and the Wynwood Business Improvement District at Impasse Over Last Minute Changes

Photo via The Real Deal

There has been a major shake-up between Moshie Mana and the Wynwood Business Improvement  District (BID) as the developer aims to shave off $7.5 million in funds that were allocated for public benefits. The BID estimates that the public may loose out on close to $30 million in public benefits in total due to the last minute changes. The two parties have been in intense negotiations for months and it had appeared that they had reached an agreement. The developers were also seeking looser development, building and zoning restrictions.  

“If the Mana team is determined to go through with these changes in their current form, I would recommend that we withdraw our support. That’s not to say that there aren’t other changes that can be negotiated. Perhaps they’ll come up with a new or modified plan.”

- David Polinsky, Chairman, BID Planning Committee 

Photo via The Real Deal

The major parts of the development at risk are the order of development agreed upon, the Mana Commons public space and a $10 million pledge towards public benefits. Originally he would build at least 35% of the public cultural areas on the eastern half of the project which include the Mana Commons. Should he complete those milestones they would be able to build up to 24 stories in the west half of the project.  

Official Release:

Wynwood Business Improvement District (BID) Holds Special Board Meeting to Address Latest Zika Advisory and Attempt by Developer Moishe Mana to Deprive Wynwood of Millions of Dollars in Public Benefits

Dr. Lillian Rivera of Florida Department of Health to Address State’s Zika Response

Wynwood Community Dismayed that Developer Moishe Mana has Reneged on his Commitment to the Neighborhood

WHAT: The Board of the Wynwood Business Improvement District (BID) will host a special board meeting in which Dr. Lillian Rivera of the Florida Department of Health will discuss the latest advisory regarding Zika cases and how the government is addressing the issue in Wynwood.

The Wynwood BID will also seek answers from representatives of real estate developer Moishe Mana’s eleventh-hour changes to his Special Area Plan (“SAP”) proposal for a major Wynwood development project that may result in the neighborhood losing out on close to $30 million in public benefits, including more than $7 million in previously-agreed-to funds for the greater Wynwood area. These last-minute changes come after a year of negotiations with the Wynwood BID and at a time when the neighborhood is suffering significantly due to Zika-related issues.

WHO: Wynwood Business Improvement District (BID) Board
Dr. Lillian Rivera, Florida Department of Health, Miami-Dade Office
Representatives, Mana Wynwood project

WHEN: Wednesday, August 24, 2016
2:00 p.m.

WHERE: Wynwood BID Offices
310 Northwest 26th Street, Suite 1
Miami, FL 33127

The Fasano Residences + Hotel

HFZ Capital Group will begin work on the renovation of the historical Shore Club on Miami Beach, transforming it into the Fasano Residences + Hotel Miami Beach. The redesign will result in a hotel residence under the Brazilian, Fasano brand, with 67 luxury condo units and 85 hotel rooms. The renovations and redesign are being headed by Brazilian architect Isay Weinfeld and will preserve the Shore Club's original art deco facade and 22 story central tower, original hotel lobby and most of the south tower. Units will range from 800 SF to over 4,000 SF. Morgans Hotel Group will close the existing 300 hotel room Shore Club this fall and completion of the Fasano Residences + Hotel is slated for 2018. HFZ Capital Group purchased the Shore Club in December 2013 for $175.3 million. 

Renzo Piano's Eighty Seven Park Coming to North Beach

Terra Group and the famed designer and Pritzker Prize-winning architect Renzo Piano have teamed up to bring Collins Avenue in North Beach a new ultra-luxury condo building dubbed Eighty Seven Park. Located at 87th St. and Collins, which happens to be 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 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. Completion is expected in 2018 and the project is now taking reservations. 

Foreclosures and Delinquencies Down in Miami-Dade in June 2016

The foreclosure rate in Miami has fallen yet again in Miami by 1.23% in June to 2.39% according to The Real Deal and CoreLogic. The number is still double the national average which is around 1.2%. Delinquencies were also reported to be down as only 6.36% of home mortgages in Miami-Dade were over 90 days past due in June, down from around 9% last year. This should single some stability in the market as opposed to past Miami real estate cycles. 

Mario Chalmer's Triplex in Marquis Residences Listed for $3,200,000

Photo via Fortune International Realty Brickell Inc.

Creativity can be everything in real estate. This massive nearly 5,500 SF triplex in Marquis Residences, unit 4906, is currently listed at $3,200,000. The custom built layout makes use of the two-story units to allow for double-height floor to ceiling windows with unparalleled views of Biscayne Bay, Miami Beach and the Atlantic Ocean. The unit is 5 bedrooms and 5 bathrooms complete with a billiards room, full sized cooks kitchen, media room and expansive master suite. Finished with marble flooring throughout and smart home technology. This is a rare gem in an amazing building that features the recently opened Me Miami Hotel and STK Miami steakhouse. It is linked to Mario Chalmers of the formerly of the Miami Heat. Listing and photos by Allan Kleer of Fortune International Realty Brickell Inc. 

Setai TH-A Relists for $14.9 Million

Photo via Zilbert

TH-A in the Setai Hotel has listed for $14.9 million, back on the market after dropping from $22 million 2013 and burning through several price breaks and listing agents. The oceanfront townhouse is 3,627 SF with 4 bedrooms, 4 bathrooms, 18 foot ceilings, and LED lighting system, a cantilevered glass staircase, 3 balconies and a private pool. The unique floor plan is the only oceanfront unit with double height ceilings, allowing for breathtaking beach and ocean views from the glass living room and two 800 SF oceanfront master suites. The unit is owned and redesigned by Doug Rogers and is listed with Jeff Miller of Brown Harris Stevens. Photos via Zilbert. 

Biscayne Beach Upper Penthouse Sets Edgewater Record, Sells for $8.6 Million

The 2-story upper penthouse at Biscayne Beach has sold for a record $8.6 million as the most expensive condo sale in Edgewater. The 6 bedroom, 8 bathroom with a "Sky Terrace" with private pool includes a wine cellar, 12 to 14 foot ceilings and is nearing completion. The Next Miami is reporting that the buyers are Turkish, with roughly about 5% off all pre-construction inventory being snatched up by real estate investors looking to move their assets from Turkey to the United States amid political and economic uncertainty back home. Biscayne Beach is a 52 story residential tower by Eastview Development & GTIS Partners with architecture by WHLC. Construction started in the first quarter 2014 and is steadily cruising along with an expected completion date of late 2016. Units had originally started at $445K to about $7 million, but the developers were able to beat their own expectations as the building races towards delivery. 

3900 Alton Update

Mast Capital plans to break ground on 3900 Alton by the end of 2016. Sales have been reported by ISG and The Next Miami at around 10% since reservations launched, but the developers are confident that they will be moving ahead with their plan to develop the Alton Road lot by the end of the year. Designed by Ricardo Bofill, 3900 Alton is an 8 floor residential building whose design is a timeless vision that strikes a delicate harmony between nature and art. Its 78 residences feature ten foot floor-to-ceiling windows that capture and mimic the beauty of living on Biscayne Bay, while bathing living areas in natural light. Each unit has an overview of the cascading pool and surrounding lounge seating, that is nestled amongst a landscape designed by the visionary behind Soho House and founder of Naturaficial, Andres Arcila. Pricing starts at $750,000 and units range in size from 927 SF to 2,182 SF.

3900 Alton has a personally curated collection of art, designed by Loris Cecchini and Fernando Mastrangelo, unique to each unit and also in the lobby. Equipped with 24 hour concierge, a state-of-the-art gym, business center, children’s playroom, and even a Tesla house car, this building is the epitome of easy, luxurious living. Located in the heart of historic Mid-Beach this sophisticated boutique residence offers a seamless transition between modern and organic living with its lush oasis and artful collaboration.