Gencom has sold the Ritz-Carlton Coconut Grove for $24.63 million. About $214,000 per room, to Hersha Hospitality Trust.
Read More
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.
Read More
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.”
Read More
Local developers are putting up heavy resistance against a city of Miami effort to fund or place public art in private projects.
Last week, the Miami City Commission delayed a final vote on the measure, amid a chorus of opposition from local builders and trade groups claiming the legislation was unfair and required more tinkering.
“We ask you to refrain [from imposing] an art impact fee on privately financed projects at this time,” said Truly Burton, Builders Association of South Florida’s executive vice president. “We are not saying ‘no.’ We are saying ‘not yet.'”
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
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.
Read More
Alex Karakhanian, an active investor in Miami’s MiMo District, has just bought a retail property in Wynwood for $7 million, with long-term plans to develop a 12-story building, The Real Deal has learned.
Read More
Ransom Everglades School paid $34.6 million for a historic Coconut Grove estate that will expand the private school’s campus, listing agent Nelson Gonzalez told The Real Deal.
Ransom announced the deal last Thursday, but declined to provide a closing price. La Brisa, a 6.9-acre property that was once the most expensive residential listing in Miami-Dade, was last listed for $39.5 million.
A
Read More