Construction to Begin at Miami Worldcenter Block G's Seventh Street Apartments

Miami Worldcenter's master plan is moving along as Block G is ready for construction. Excavation for the foundation is well-underway and piling work began in June. Block G is the future site of Seventh Street Apartments, which will be two rental towers consisting of a 450-unit phase 1 and a 413 unit phase 2. Construction on phase 1 is expected to begin in December 2016. Seventh Street Apartments will be designed by Cohen & Friedman and the complex will feature a full suite of amenities, including a pool deck overlooking downtown, a fitness center, covered garage parking and concierge service. It is targeted at bringing more affordable living to Downtown's Park West neighborhood. 

Miami Worldcenter is being developed by CIM Group of Los Angeles and the Falcone Group. Miami Worldcenter will be a $2 billion mixed-use complex which will feature multi-family housing, retail, hospitality, condominiums including Paramount Worldcenter and commercial space. The main draw will be a main street style pedestrian-only shopping promenade which should bring some much needed retail and recreation to the Park West neighborhood of Downtown Miami which has been hot over the past few years and is expecting the completion of One Thousand Museum as well as Miami Worldcenter. 

Miami Worldcenter Main Street Retail

Aimco Proposes 1111 Brickell

Aimco, a NYSE-listed REIT, has proposed to redevelop the Yacht Club at Brickell not a new mixed-use  tower named 1111 Brickell. The development will ultimately result in a new 61-story, 690-foot residential rental apartment building as well as the renovation of the 32-story which will feature a hotel, retail as well as residential rental apartments. There will be 750 rental apartment units in the development matched with 250 hotel rooms and 961 parking spaces. Aimco has also applied for a potential of no hotel and 897 rental units. Stantec will be the architect and plans have been submitted to Miami's Planning & Zoning Department with a UDRB review scheduled for November 16. 1111 Brickell is sure to add further uncertainty into the Brickell market as developers have already hit the brakes and investors have had trouble renting their units for what they had projected to be market rent. If Brickell Bay Drive wasn't dense enough already, Aimco is looking to increase that density through rental only units. Aimco also owns and operates Miami Beach's Flamingo Tower as well as Edgewater's Bay Parc Plaza. 

PROFILE Exclusive: Market Update with Demetri Demascus, REALTOR® & Founder of The Demascus Group X SRG

PROFILEmiami had the exclusive opportunity to sit down with Demetri Demascus, a top-producing REALTOR at Spectrum Realty Group as well as an investor and developer in the Miami market, to get his opinion on the fast movement that the Miami real estate market has seen over the last year as well as how to how to navigate uncertain market conditions. 

PM: What have you seen over the last year in the Miami real estate market?

DD: The market has been grinding to a halt. Anyone who says it isn't just really is not looking at the data. Yes there are still new projects selling, but even developers topping off their buildings are feeling the pressure from buyers still needing to close on the final 50% or so of their purchase. There are less buyers pulling the trigger; thus, less offers which is starting to pull prices down.   

PM: What factors are influencing this?

DD: The world is very different than it was five years ago and many of the economic and political shifts have effected Miami's real estate market. Miami is a haven for a lot of flight capital, meaning as soon a foreign family has money, they are coming to the United States. Safety is their main priority as people escaping foreign countries are looking for safer, more stable investments. They are afraid of keeping their money in unstable economies or in countries with corrupt, unstable governments and politics. 

The weakened purchasing power of foreign economies has also directly negatively affected the residential real estate market in Miami-Dade as well as the stronger U.S. dollar, which is making local markets unaffordable. Some investors are also adversely effecting real estate values as they profit off of currency fluctuation and lock in what appear to be losses in real estate for gains in currency. 

PM: How do you recommend people navigate the uncertainty?

DD: With crisis comes opportunity. Yes lots of people are worried and upset about the values of their properties, which means they may be feeling the squeeze to sell. What most real estate shoppers do not realize, is that a "buyers market" is actually a bad market. You want to buy when real estate is at its lowest and sell when it is at its highest. Why not take advantage of the low pricing and some of the opportunities that are out there. People who are scared of the "market crash" or who have been effected by unstable foreign markets will sometimes sell their home quick and below market value, giving you the opportunity to cash in on deals that would not otherwise be available. Buy some properties while their value is weak so that you can profit when their value is high. 

PM: Are there any neighborhoods that are exciting to work-in as the rest of the market seems to pull back?

DD: Yes, there is always excitement no matter how the economy is. Right now there is a lot going on in Park West and Coconut Grove. Park West is a fairly new neighborhood which is second after Fisher Island when it comes to average monthly rent. It is the area where Museum Park is and includes Marquis Residences, Ten Museum, 900 Biscayne and Marina Blue. This is a young, vibrant group of buildings and residents as well as will only improve as One Thousand Museum and Paramount World Center race towards completion. 

Also Coconut Grove is night-to-day. This area has always had pockets of luxury, but the neighborhood got lost in time as Brickell and Miami Beach have cannibalized a lot of the market over the past twenty years. Slowly parts that have ben known as "the hood" have seen many sales close to $1 million and new construction has completely transformed the neighborhood. New restaurants, stores and high-end luxury-condo buildings have . This is surely an area that will continue to grow as it truly is one of the most lush, beautiful, neighborly communities in South Florida. 

PM: Do you think South Florida and Miami real estate will continue to grow?

DD: When people look at the market right now they see two major driving factors. One is the weather and landscape. Miami is beautiful because you have the sun, sand, beach, bay, etc. There will always be a desire to live in a major city that offers such an outdoor lifestyle. The second is the attractive cost of prime real estate. No where else in the world right now can you buy such prime real estate for such discounted prices, at times near $400 SF. That is attractive to any investor no matter who you are.

Read our 2017 Market Outlook with Demetri Demascus from July 2016. 

Office location: 4141 NE 2nd Ave, STE 106-B Miami FL 33137

About Demetri Demascus & The Demascus Group X SRG:
The Demascus Group X SRG was founded in 2016 to provide our clients with modern, full-service real estate experience. The Demascus Group X SRG provides each client an individualized program tailored to their needs matched with with unprecedented support. Our services range includes sales and brokerage services, investments, property management and portfolio management. We cultivate and maintain strong partnerships with the top real estate attorneys, title companies, contractors, architects, banks and mortgage brokers and give our clients full access to our network to help them succeed. Demetri Demascus has over 8 years of experience in real estate across various markets as a residential and commercial broker, real-estate developer, manager and investor. He has set record prices in Miami working with his clients. Demetri Demascus is a member of the Miami Association of REALTORS and has knowledge in the South Florida Real-Estate Market. He is also the managing partner of Trilogy Partners, a real estate investment firm. Visit Demetri & The Demascus Group X SRG at www.demetridemascusmiami.com.

Miami Falls to 10th in Average 1 Bedroom Rental Prices Amongst U.S. Cities

Miami has fallen to tenth amongst U.S. cities when it comes to most expensive one bedroom rental prices according to Zumper. According to their study Miami has an average rent of $1,800, down .6% from last month and down 3.7% from the same time last year. Two bedrooms have remained stable at $2,500 both year over year and month over month. Seattle passed Miami to 9th after seeing major growth and San Francisco ($3,380), New York ($3,000), and Boston ($2,250) remained the top three although rents in those three cities were down across the board.

Miami Beach Home Shown on The Real World Sells for $2.71 Million

The famed Miami Beach home from The Real World located at 1200 W 63 ST Miami Beach has sold for $2.71 million. It belonged to Roman Jones, one of the managing partner of the former Opium Group. The home is 6 bedrooms, 7 bathrooms with a half-bath over 6,660 SF. It features a blend of classic Miami Beach style with exposed beam and beach style wood along with some modern features including the home being draped in Ipe wood and synthetic turf along with a rooftop terrace and tiki hut. The home was originally listed for $3.895 million in January 2015 with Dina Goldentayer and Sladja Stantic of Douglass Elliman. 

46 Star Island Lists for $65 Million

The legendary 46 Star Island, the iconic cul-du-sac estate at the end of Miami Beach's exclusive Star Island, has listed for a whopping $65 Million. The mansion is 18,356 SF that spans the entire point of the island and was originally built in the 1920's. The old world style is evident throughout the residence, which the owner just recently restored to an absolutely pristine condition. The home has over 40 rooms including 10-bedrooms, a massive wine cellar, home office, library, living room, chef's kitchen, dining room, and maids quarters with two separate condo style staff living areas. The estate also features 255 feet of waterfront on Biscayne Bay complete with two private docks, a boat lift, beautiful statue lined swimming pool, cabana, along with exotic landscaping, gardens, courtyards and terraces throughout the property. 

46 Star Island Dr. is now the most expensive single-family home for sale in Miami-Dade County at $65 million, followed by a penthouse unit at Faena House and Casa Bahia in Coconut Grove asking $55 million and $50 million respectively. The listing price comes in around $3,530 SF. The owner originally paid $1.83 million for the 1.4 acre property in 1987. The home is currently listed by Mirce Curkoski & Albert Justo One Sotheby's International Realty as well as Alexa Iacovelli. The home is surrounded by Viagra founder Philip & his wife Patricia Frost's estate 21 Star Island as well as Lennar Corp. founder & CEO Stuart Miller's estate and his other various Star Island holdings 22 Star Island and 11 Star Island. Photos via One Sotheby's International Realty. Stay tuned for a tour and more coming soon. 

The Towers by Foster + Partners Submits Plans for Review

The Brickell skyline looks to be in for another shake-up. Plans have been submitted for The Towers by Foster + Partners, a 660-unit condo development in Brickell. The waterfront project is proposed at 1201 Brickell Bay Drive, which also just happens to be the last waterfront development site in Brickell. The Towers will be designed by Pritzer winning architect Lord Norman Foster working with ODP Architects along with the development team comprised of Florida East Coast Realty, Corigin Real Estate Group and McCourt Global Properties. The development would consist of a two towers connected by a pedestrian plaza style bridge complete with shops, restaurants, art galleries, etc. One of the towers would be 1,049 feet which would make it one of the tallest buildings in Miami. The height is already approved by the FAA. The Towers design is set for review and there is no timeframe as to sales or groundbreaking at this time. 

Brickell City Centre to Open November 3

It is finally here! The Ribbon-Cutting Ceremony will be held Thursday, November 3 at 9:45 AM to officially open the mall portion of Brickell City Centre to the public. Stores and the mall will officially open at 10 AM and DJ's will take the stage at noon to help make a vibrant shopping experience as part of their Rotating DJ Series. 

Full list of retailers:

Anchors
Cinemex
Italian Food Hall
Saks Fifth Avenue

Apparel
100% Capri
120% Lino
Addict
Adolfo Dominguez
Agent Provocateur
Armani Collezioni
BDBA
Boglioli
Chobard
Cole Haan
Crocus Studio
Hugo Boss
In-Sight
Intermix
Kiton
koko & Palenki
Lafayette 148
Live!
Lululemon
Onda De Mar
Mirto
Orlebar Brown
Reiss
Pinko
Rhythm of Grace
Sportsaction
Stitched
Suit Supply
Sundek
Ted Baker
Tommy Bahama
Victorias Secret
Vilebrequin

Fashion & Accessories
Acqua Di Parma
APM Monaco
Audemars Piguet
Baldinini
Bally
Bath & Body Works
Bruno Magli
Capritouch
Carmen Steffens
Caudalie
Coach
Designers Eyes
Diptyque
Font
Giuseppe Zanotti
Illesteva
Harmont & Blaine
IRO
Italia Independent
Kendra Scott
Kreations
Leetal Kalmanson
Michele Lopriore
NARS
Nest Casa
Pandora
Porsche Design
Richard Mille
Samsonite
Santa Maria Novella
Sephora
Stuart Weitzman
Violetas/Baccarat
Westime

Arts & Services
At&t
Bojanini Art Gallery
Brickell Nail Bar
Musart
Sean Donaldson Hair
Sparis

Dining
American Harvest
Calissons Du Roy Rene
Davids teas
Dr. Smood
Haagen-Daaz
Luke’s Lobster
Pasion Del Cielo
Pubbelly Sushi
Quinto La Huella
Santa Fe
Taco Chic
Sugar

Miami Named Top 20 City for Building Wealth

Miami has been named one of the top cities in the United States for building wealth. According to Bankrate, Miami residents have an average debt burden of $25,644 and a 58% home ownership rate. While the chart below shows Miami as the only ranked city with a negative ratio of savable income, Bankrate highlights that Miami was adversely effected by a high population of retirees and older residents who are spending their retirement savings. The rankings also considered average income and expenditures, unemployment rate, education, retirement plans, homeownership rates, price appreciation and non-mortgage debt. Miami continues to be a hotspot for new development and continues to attract new residents and jobs.   

PROFILE Exclusive: Interview with Stantec Miami Design Manager Jimmy Sinis

PROFILEmiami had the exclusive opportunity to sit down with Jimmy Sinis, the Design Manager at Stantec's Miami Office, to talk with him about architecture, building design, Miami's real estate market and a look inside one of the city's most exciting real estate design firms behind projects such as Southgate Towers.

PM: What makes architecture and design in Miami so unique compared to other cities? 

JS: It really is an eclectic situation. We have seen an influx of varying cultures from all over the world come to Miami to showcase art and design. This cultural injection continues to transform the city of Miami at all levels from the Grove to South Beach to Wynwood. We witness a different flavor in each area, but the one common denominator is lifestyle. Design is focused on lifestyle arguably above all and this is what truly makes Miami unique. Fortunately, this only strengthens design culture throughout and creates an exciting foundation for the future.
 
PM: How has building design in Miami changed over the last decade in Miami? Where do you see it heading? 

JS: I believe that everyone has become more aware - more aware of the potential Miami offers. Long has Miami been associated with the MiMo style and art deco of South Beach, which in my opinion will always be an appealing character, but we have witnessed a shift to luxury design. Many of the high-rises and multi-family residences being designed in Miami are collaborating with luxury brands such as The Ritz-Carlton to create an experience unique to its location, but as in fashion, styles changed ever so quickly. I see Miami development continuing to push the envelope on design innovation across all disciplines.

Southgate Towers

PM: Where do you see Stantec's role in Miami over the next five to ten years?

JS: Right in the thick of things. Our mission is to design with community in mind and I see that as a valuable quality moving forward. Miami is still a very young city and as it evolves into a major destination for live, work, and play, we must take the right steps now as we design the foundation for the future. We understand this and relish in the opportunity to play a role in designing for this exciting time.
 
PM: How does architecture differ amongst the different neighborhoods of Miami? Does any stand out in your mind?

JS: As I stated earlier, all the neighborhoods have their own flavors of style and design with the underlying theme focusing on lifestyle, but if I had to choose one that stood out to me…. my answer may surprise you. I’m excited about what is coming. I’m excited about the neighborhoods yet to be developed. Miami has been fortunate to have exciting areas developed like Brickell, Downtown Miami, Midtown, Wynwood, but I’m excited for the connecting zones of Historic Overtown, and land near the Omni Station with amazing museums and cultural centers. I’m excited for how design plays a role in the evolution of the urban fabric as Miami grows into a global city.
 
PM: What is the most unique feature that Stantec has brought to a project in South Florida

JS: Instead of pinpointing one unique feature, I feel that the body of work we have produced and are producing is the early chapters of our legacy. We are fortunate to be a part of many of the developments in Miami, and the collection of these designs shaping what is still a very young Miami, is what is most unique to me. We are influencing the skyline and forcing those Miami tourists stands to continuously update their postcard prints.

Stantec’s Miami office is located at One Biscayne Tower, 2 South Biscayne Blvd, Suite 1607, Miami, FL.  T: (305) 482-8700.

Luma 

About Stantec
"We're active members of the communities we serve. That's why at Stantec, we always design with community in mind. The Stantec community unites approximately 22,000 employees working in over 400 locations across six continents. Our work—engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through design, construction, and commissioning—begins at the intersection of community, creativity, and client relationships. With a long-term commitment to the people and places we serve, Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at www.stantec.com/commercial or find us on social media."