Plans for Midtown 6 and 7 have been revealed and Magellan Development looks to expand on their Midtown exposure. Midtown 6 and Midtown 7 will be a pair of 32-story towers located adjacent to Midtown 5 at 3001 ND 3101 NE 1ST Ave. Midtown 6 will feature 447 residential apartment units and 39,718 SF of retail with 601 parking spaces. Midtown 7 features 391 residential apartment units with 30,709 SF of retail and 505 parking spaces. Midtown 6 is expected to break ground in the summer of 2017 while Midtown 7 is on a "wait and see" approach as the developer aims to build and deliver based on demand. The buildings will be designed by BKL Architecture and will be reviewed by Miami's Urban Development Review Board later this month. Magellan is building Midtown 5 next door and is nearing completion.
Coconut GroveHammock House by Shulman + Associates Lists for $7 Million
3503 Banyan Circle, also know as the Hammock House in Coconut Grove has listed for $6.95M.
The 5,968 SF modern home was designed by Shulman + Associates to incorporate the lush feel of Coconut Grove while minding a skin hole on the property. The home includes 6 bedrooms and 8 bathrooms. It features a glass living room that brings the lush landscaping right into the home as well as a nature incorporated outdoor entertainment area with summer kitchen and pool. Architect Allan Shulman designed the home to leave the natural habitat on the property undisturbed, as well as the mastery to design it over a sink hole, a depression in the limestone caused by erosion. The property last sold in 2012 for $795,000.
Wynwood Plant Final Plans Set for Review
The Thor Equities and Touzet Studio's Wynwood Plant is up for review by the Urban Design Review Board in their mid-September meeting. The mixed-use building will feature 306 residential apartment units and 88,000 SF of commercial space while preserving the area's industrial past as a former Coca Cola plant along with Wynwood's artistic inspiration.
South Pointe Penthouse in Portofino Tower Lists for $13.95 Million
PH4003, the 3-story penthouse high above South Pointe's Portofino Tower, has been listed for $13.95 million. The condo is 4,300 SF with an additional 3,000 SF of outdoor space with a private rooftop terrace complete with a summer kitchen, bar and jacuzzi. It has 3 bedrooms and 3.5 bathrooms. 20 foot floor-to-ceiling windows provide panoramic views of Miami Beach, Atlantic Ocean, Coconut Grove, Biscayne Bay, Brickell and Downtown Miami throughout. The unit last sold in 2007 for $6.5 million. Listing and photos by Brown Harris Stevens.
Spectacular N Bay Rd Mediterranean Mansion Asks $24.5 Million
2318 N Bay Road is a modern-mediterranean mansion on one of the hottest streets in Miami Beach. The home was built in 2009 and is 14,647 SF and 8 bedrooms 10 bathrooms and 3 half-baths on .57 acres. It features over 124 ft. of waterfront with a private dock, outdoor entertainment area with summer kitchen and infinity pool, 2 courtyards, library 3 car garage, formal dining room, 1,100 SF Boffi kitchen, wine cellar and gym. It is truly a unique estate with a Miami feel. It is currently listed for $24,500,000. Listing and photos by EWM Realty International.
SoleMia Completes Road Work, To Break Ground on 2 Residential Towers
Miami Beach's SoleMia is moving ahead after completing the necessary road and site work needed to proceed with the development. SoleMia is a 183 acre, $4 billion megaproject by developers Jeffrey Soffer, Jackie Soffer and Richard LeFrak. The Soffer's Turberry Associates and LeFrak families are two of the oldest development families in Miami and have played a major roll in the evolving landscape of the city. The development will result in about 11 condo towers and retail surrounding two artificial ten-acre lagoons. They will start the project with 2, 200-unit residential condo towers located on Biscayne Bay which will break ground in early 2017. Two were previously built on the site in 2007 during the last development boom. The two new residential buildings are expected for completion in 2018. The retail part of the project will be known as SoleMia Mainstreet and will feature 400,000+ SF of retail including a grocery store, bowling alley, dine-in cinema, sporting goods store and restaurants.
5941 Pine Tree Drive Back on Market for $7.5 Million
5941 Pine Tree Drive is back on the market for $7.5 million after it last sold in July for $7.1 million. The 4,564 SF, 1929 La Gorce Island Mediterranean Villia was originally designed by architect Russel Pancoast. It is 3 bedrooms, 3.5 bathrooms in the main house and a 2 bedroom 1 bathroom guest house. It also features rare coral stone archways and walkways throughout as well as original mosaics, Pecky Cypress and wood beam ceilings, pool and private dock. It is located on the popular Pine Tree Drive part of Miami Beach on La Gorce Island. Photo and listing by One Sotheby's International Real Estate.
Miami Ranked 10th Most Expensive City in World For Average Monthly Rent
Commercial real estate firm CBRE has published that Miami is the 10th ranked city when it comes to world cities with the most expensive rent. Miami's average monthly rent was $1,868 per month, a number that is rapidly increasing as Miami is also 7th in the world when it comes to % increase in average monthly rental rate. The Next Miami has reported investors in Miami see an overall yield of 2.6%. Miami trailed other U.S. markets of Los Angeles, which led at $2,544 per month, and New York at $2,422 per month. Miami has begun to supplant itself as one of the leading major cities in the U.S. in terms of real estate and the market continues to look strong despite continued uncertainty.
Las Olas City Centre sells for $220 Million
Las Olas City Centre has sold to Deutsche Bank for $220 million as reported by The Real Deal. Located at 401 East Las Olas Boulevard, 401 East Las Olas LLC sold the Class A Fort Lauderdale property to TAF gg Las Olas LP, an affiliate of Deutche Bank’s asset management arm RREEF Property Trust in a deal financed with a $100 million mortgage from Wells Fargo. Las Olas City Centre is a 23-story, 725,898 SF, LEED Gold certified, mixed-use commercial building with office space and retail built in 2002. Major tenants are Bank of America and Patriot National. Average rent at Las Olas City Centre is around $47 SF and there is about 408,064 SF of leasable space as per the CoStar Group. JP Morgan purchased the building in 2011 for $164 million and reported a 6.3% cap rate.
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.
