"I love helping people find places that match their personalities"
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Gencom has sold the Ritz-Carlton Coconut Grove for $24.63 million. About $214,000 per room, to Hersha Hospitality Trust.
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Russian people searched for South Florida property the most of any other country for the first time since the Realtors’ association began tracking web searches through its portal, Miamire.com, in 2013. Behind Russia was Colombia and Venezuela. In October, Canada topped the list, followed by Colombia and India.
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The property, which has 150 feet of waterfront, was approved by Bay Harbor Islands for a 30-unit, eight-story building with a pool and cabanas called Akua. The asking price breaks down to $361,800 per approved unit, and about $217 per square foot for the planned 49,909-square-foot building.
The land comes with plans for a project that was designed by Frankel Benayoun Architects, led by architect Markus Frankel. Frankel is designing a number of boutique projects in the two-island town, which has been flooded with proposals for roughly 30 new condo and townhouse projects. Commercial and multifamily development is only allowed on the east island.
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Bal Harbour Mayor Gabriel Groisman made the announcement at Tuesday night’s Village Council meeting, saying he had received a letter from Whitman Family Development withdrawing its proposal and requesting a meeting where new expansion plans could be discussed. Whitman Family Development submitted new plans last Friday for a planned expansion of Bal Harbour Shops. Grossman said his initial impression was that any new plan “would be a smaller plan than before.”
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A duplex penthouse in a new Miami beachfront condominium just chopped its asking price by more than 25% from the $53 million it was first listed for over a year ago.
Penthouse 900 at 321 Ocean Drive in Miami Beach is now listed for $39.5 million, with a price reduction of $13.5 million or over 25%, according to the Multiple Listing Service.
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Metro 1, the commercial real estate brokerage led by Tony Cho, has expanded to Palm Beach County through a merger with Sycamore Realty Advisors, led by Mark Roberto and Frank Fausone.
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A Miami investor paid $8 million for a corner gas station across the street from the Chetrit Group’s $1 billion Miami River project, adding to his holdings in the Brickell area.
Records show broker and investor Simon Karam’s City Block Properties LLC spent $378 per square foot for the 21,158-square-foot corner lot at 720 Southwest Second Avenue near Brickell City Centre. The seller is Five Group Corp., a company controlled by Eduardo Atienza, Manuel Alegria, Antonio Moreno and Basilo J. Folgueira.
The deal is another indication of developers acquiring land amid the slowdown in Miami’s luxury market, with most holding off on launching new projects until sales pick up again.
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This was the second time Deco Capital Group had proposed a height increase for eight lots it acquired in 2014 for $14 million. New York-based RWN Real Estate Partners, backed by billionaire Marc Rowan, is a majority partner in the venture. The planned building would have had 15 luxury condos on top of premium retail, overlooking Maurice Gibb Park.
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Orlando-based developer Zom selected architecture and design firm Stantec to do the interior design of Met Square, the fourth and final phase Metropolitan Miami, a mixed-use residential development in downtown Miami.
Met Square, expected to open next year, will have 391 residences, a spa, club lounge, pool deck, four restaurants and an 18-screen multiplex theater with seating for 1,778.
“Tribal Chic” is the interior design concept for Met Square, an homage to the Tequesta Indians, the earliest residents of Miami.
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Midtown Five opened on January 1 after receiving a Temporary Certificate of Occupancy, and demand for apartments there is proving to be strong.
There are already 70 signed leases in the 400-unit apartment building, a developer spokesperson told TNM. Those numbers place the building ahead of the developer’s schedule for leasing, and are exceeding the typical pace for a building of this size, they say.
About three dozen tenants are now living in the building, just days after the TCO was issued.
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Fashion Designer Calvin Klein Miami Beach Home is still for Sale
It is located on North Bay Rd. A private waterfront sanctuary with a pool and dock overlooking 113 feet of open bay views.
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Landlords and real estate brokers planning to rake in rent money from pot dispensaries, in the wake of Florida voters approving medical marijuana by 71 percent, will have to wait a little longer in Miami Beach.
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As South Florida dealt with the stunning results of the presidential election, Miami’s real estate industry looked toward the future, mostly with optimism. For developers and brokers, a Donald Trump presidency is good for business, they told The Real Deal.
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Two Venezuelan investment groups have teamed up to launch a new condo project in Wynwood, as the artsy Miami neighborhood continues to attract more residential development.
WYN 26, a 15-unit building with ground floor retail space at 50 and 58 Northwest 26th Street will mark the first development in the United States for the Alvarez Group and the Palmar Group, Enrique Alvarez, a director of the joint entity told The Real Deal. The families, involved in the construction industry, have co-developed and built low-income housing in Venezuela and Panama for 12 years.
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