ROVR Development and Related Plan to Build 48 Story Tower in Downtown Miami- College Station
The Related Group is at it again with another tower proposed in downtown Miami. Along with the Miami Parking Authority, The Related Group, and ROVR Development are proposing to replace a downtown Miami parking garage with a 48-story development.
On Feb. 2, the Miami Off-Street Parking Board, or MPA, will vote on a 99-year lease and development agreement for the College Station Garage at 190 N.E. Third Street which is very close to Miami Dade College.
When the MPA received an unsolicited proposal for the property in July 2021, the process began. It solicited public bids for the property and received bids from College Station Partners LLC, a joint venture with The Related Group and ROVR Development, as well as Terra of Miami. On January 19, an MPA review committee gave College Station Partners’ bid a higher grade for the development.
The College Station project would include 1.88 million square feet of space and include 1,200 residences, 8,214 square feet of retail space, 33,865 square feet of public service space, 30,000 square feet of amenities, and 1,357 parking spots.
The completed facility would contain the same number of public parking spots as the present garage, which will be demolished. The MPA would own these spaces.
The developer stated that 20% of the units would be affordable housing for seniors earning up to 50% of the local median income, while the other 15% would be worker housing for those earning up to 140% of the area median income. Miami’s current median family income is $39,000.
According to the proposal, the public service space might be used for a fire station or an urgent care clinic to support the downtown’s fast-rising population, including a not-for-profit art’s center.
The units would range from 360 to 1,310 square feet in size. There would be 138 studio apartments, 636 one-bedroom apartments, 354 two-bedroom apartments, and 72 three-bedroom apartments.
The lease is expected to be signed in the first quarter of 2023, taking up to 60 months to construct. The application said that the developers would have to establish alternate parking arrangements for tenants of the adjoining Downtown Lofts I and II condos, which would use this garage for parking, during the construction time.
According to the lease’s proposed financial terms, College Station Partners would pay the MPA $500,000 upfront, about $2 million per year during construction to compensate for missed parking revenue and 10% of the project’s net cash flows for rent following completion. According to the developers, this would equate to a $1.27 billion economic gain to the MPA over the life of the 99-year lease, not including the value of the new public parking garage.
Kushner Acquires Multiple Edgewater Sites for a 1,100 Unit Development
In two separate transactions totaling $37.64 million, a Kushner Cos. subsidiary purchased an entire block in Miami’s Edgewater neighborhood.
Biscayne and 19th Street LLC in Miami, owned by Enrique Manhard, sold the 1.33-acre site located at 1900 and 1920 Biscayne Blvd.; 221, 231, 237, 261, 269, and 281 N.E. 19th St.; and 222, 230, 244, and 250 N.E. 20th St. to buyer, Laurent Morali, President of Kushner Cos.
Manhard’s firm built the property with agreements totaling $18.4 million in 2017, $2.52 million in 2018, and $1.64 million in 2020, resulting in a significant profit. The only lot that is not included in the block is the Advance Auto Parts on NE 2nd Avenue.
Several office and residential buildings are located on the land. Some were constructed in the 1920s. The 1900 Biscayne Blvd. site has the same zoning as the nearby 32,775 square foot lot at 2000 Biscayne Blvd. That property was also bought by Kushner for $20.5 million from a firm run by Manhard in July 2021. Its proposals for the other property include 420 units spread across 36 stories.
Kushner executives have stated that they intend to develop around 1,100 residences in Edgewater and their hope is to capitalize on South Miami’s hot market.
Kushner Cos. financed the property through MSD Partner in New York with a $20 million mortgage.
Charles Kushner, the father of Jared Kushner, former President Donald J. Trump’s son-in-law, leads the corporation.
LOFTY Club Residences Debuts in February-50% of Units Reserved
Lofty Club Residences will officially debut on February 17th with the grand opening of the brand’s sales lounge. As of this month, the project has reached 50% reserved and continues to climb.
Similar to its sister tower, NATIIVO (which sold out less in less than a year) Lofty will feature 380 units of fully finished and furnished interiors that will be available for rent nightly, daily, and/or monthly. Residents will have the option of self-managing their units (VRBO or Airbnb) or using Lofty’s onsite management.
Rising 44 stories, Lofty will feature studio, 1, and 2 bedroom floor plans with 485 to 930 square feet options. Pricing starts at $493k for a studio. There will also be available penthouses but the information hasn’t been released as of now.
Designed by internationally acclaimed, Arquitectonica, interiors will be designed by a New York-based interior design company INC New York. Developer Harvey Hernandez is also responsible for Brickell House and Centro towers. Hernandez purchased Lofty lot for $50 million
Lofty will feature a number of wonderful amenities including a butler service, rooftop pool, car service, and a 5-star restaurant that hasn’t been disclosed. This tower will also include a private marina with available docks for boating.
Building Features
The 40-story landmark building designed by internationally acclaimed architecture firm, Arquitectonica
Prime Brickell location is steps from Brickell City Center
Short-term rentals permitted as-of-right
Spectacular panoramic Miami River, Brickell, and Miami skyline views
2 Story lobby with floor to ceiling windows 24-hour welcome desk with concierge 24-hour valet parking 24-hour secure access Advanced technology smart-building with high-speed fiber-optic wireless internet access throughout common areas
Exclusive LOFTY app
Cutting-edge green building technology
6 high-speed passenger elevators with access control
On-site hospitality management Curated River-front restaurant with outdoor dining terrace
Building Amenities
Exotic resort pool with pool-side cabanas
Bar and grill on pool deck 24/7
Co-working lounge Private meeting rooms
Event room with exclusive terrace
A fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
LOFTY Rooftop Experience
Residence Features
Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two-bedroom units
All residences are delivered fully finished and furnished specially curated by INC
Panoramic Miami River, and Miami skyline views
Private balconies for every residence
Corner units offer wrap-around balconies
High ceilings ranging from 9’ to 11’
Owner closets in every residence
Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
Advanced technology Smart Building wiring for HD TV,
Multiple telephone /data lines and ultra-high-speed internet access
Individually controlled energy-efficient central air conditioning and heating system
Kitchen
Imported European cabinets with premium hardware and drawer pulls
Top of the line appliance package including stainless steel refrigerator, oven, cook-top, microwave, dishwasher and sink disposal
Elegant imported stone countertops and backsplashes
Contemporary stainless steel under-mounted sink
High-arc gourmet faucet with integral sprayer
Master Bathroom
Imported European cabinets with premium hardware and drawer pulls
Elegant imported stone countertops and backsplashes
Harvey Hernandez, CEO of Newgard Development Group, “Buyer’s desire for new ways to own and use real estate assets, paired with favorable locations and economics, are nurturing investment growth in our properties.”
The groundbreaking is expected to begin in quarter 4 of 2022. The construction completion date is expected in 2024. If you or someone you know have an interest in purchasing at Lofty Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Related Group along with W5 Group Break Ground on Wynwood Project-W28
In Miami’s Wynwood art’s district, the Related Group has partnered with W5 Group on a massive mixed-use project. According to a press conference, the Related Group has officially began construction with the ground breaking of the project, W28.
W5 Group has been the lead equity partner in the development, committing 80% of the capital for the project. The location of the development will be at 33, 45, and 51 NW 28th Street in Wynwood. The tower is being designed by Arquitectonica.
W28 will feature 200 fully furnished units that will be designed for co-living. The development will also feature 3,600 square feet of ground floor retail, co-working space, common areas, fitness center, rooftop pool, and outdoor space for activities.
The concept came to the founder of W5 because he believed that millennials needed affordable house with a co-living concept.
“As neighborhoods become more desirable, young people are often priced out. Co-living is an exciting proposition that offers tremendous value, enabling them to experience modern living in highly attractive units – all while meeting like-minded individuals and forming rewarding new bonds in coveted metropolitan areas,” stated found of W5.
The Related Group purchased the 2.1 acre site for $6.5 million in June 2021 for the 3 properties that consisted of a 12-unit apartment building, 4 bedroom house, and an additional vacant lot.
The Related Group has already completed Wynwood 25, a different co-living project that was co-developed along with East End Capital. The Related Group is also planning an additional project located at 2801 NW 3rd Avenue that they paid $32 million for last year.
“According to The Related Group executive vice president Jon Perez. “This collaboration with W5 Group is consistent with our commitment to ensuring that every new project in Wynwood, regardless of size and scale, enhances the neighborhood’s livability without compromising its rich culture.”
5th Annual Automotive Showcase to take Place in the Miami Design District
Miami Concours will host the 5th annual automotive showcase in February 2022 located in the Miami Design District. The showcase was designed to celebrate American supercars but this year, it will be honoring one of the most iconic supercar collectors in the country.
The automotive show will be honoring innovator and car manufacturer, James Glickenhaus by showcasing his personal collection of supercars including his new production cars. He will also be showcases his one-of-a-kind race car.
Miami Concours will also be displaying John Hennessy’s limited edition Hennessy Venom F5 Hypercar. With only 24 of these cars manufactured, the price tag reaches to $2.8 million and can go up to 250 mph.
The showcase will also feature 60 hand-selected post-war automobiles that are owned by some of the most exclusive and significant collectors in the country.
A red carpet will run from NE 39th Street to NE 41st Street stretching half a mile, showcasing all of the unique and exclusive cars that concours has to offer. The show will take place on Sunday, February 18th-20th, 2022 beginning at 11am. You can register your concours car here.
December 2021 Posts Best Sales Month in Miami-Dade Real Estate History
This year has been a record-breaking year for Miami-Dade County real estate. Quarter one, we saw median sales prices reach record numbers as well as the number of homes sold. In the second quarter for 2021, a new record was set for the most home ever sold in that quarter.
In the third quarter, records for highest condo prices sold. And now, Miami has had its best December sales month in history with total homes sales, highest annual total dollar volume, most condo transactions, and most single-family home sales.
According to the Multiple Listing Service (MLS) for quarter 4, there has been 49% more sales and 103% more dollar volume in 2021. Year 2021 ended with 39,394 existing total property sales, up 49.5 percent from the 26,345 transactions in 2020 and 31.1 percent from the previous annual high of 30,041 transactions in 2013. Miami’s sales in dollars totalled $30.3 billion in 2021, an increase of 103.4 percent year over year.
The total sales record actually broke in October 2021 (10 months) which is a record in itself. In just nine months in 2021, Miami broke its all-time yearly condo sales record, selling 23,689 units, an increase of 80.9 percent over the previous year. Miami set a new record for annual single-family home sales in 11 months, with 15,705 units sold, up 18.5 percent from 2020.
Total home sales in Miami-Dade County increased 14.8% year over year in December 2021, from 2,990 to 3,433. While single-family house sales in Miami fell 1.2 percent, from 1,372 to 1,356, existing condo sales in Miami rose 28.4%, from 1,618 to 2,077. It’s the 15th month in a row that condo prices have risen by double digits year over year.
Nine of the top ten best house sales months in Miami history occurred in the year 2021. The month of June 2021 (with 4,057 total transactions) is still the most active in Miami’s history. Since MIAMI began keeping statistics in 1993, December 2021 (with 3,433 sales) has been the sixth-best sales month overall.
Home sales in Miami are also up considerably from December 2019. Total home sales in Miami increased by 41.6 percent in December 2021 compared to December 2019, from 2,424 to 3,433. Single-family house sales in Miami are up 15.5 percent, while condo transactions are up 66.2 percent, compared to December 2019.
In December 2021, single-family luxury ($1 million and more) transactions in Miami increased 18.6% year over year to 262. Existing condo luxury ($1 million and over) sales in Miami increased by 100% year over year to 264 transactions.
Luxury single-family homes have a 3.2-month supply, while luxury condos have a 7.5-month supply. Month-over-month and year-over-year, luxury months of supply continues to decline for all property categories.
In December 2021, 535 single-family houses priced between $400K and $600K sold in Miami, up 25.6 percent year over year. Existing condo sales in Miami increased by 101.7 percent to 359 deals, with prices ranging from $400K to $600K.
Single-family median prices in Miami-Dade County grew 15.4% year over year in December 2021, rising from $454,900 to $525,000. The median price of a single-family home in Miami has grown for 121 months in a row, a stretch of 10.1 years. The typical price of an existing unit grew 29.3% year over year, from $274,500 to $355,000. In 123 of the last 127 months, condo median prices have risen.
In December 2021, Miami’s total monetary volume was $3.1 billion. The dollar volume of single-family homes climbed 27.7% year over year, from $1.31 billion to $1.67 billion. Year over year, condo dollar volume increased 68.5 percent, from $853 million to $1.4 billion.
In December 2021, cash transactions accounted for 40.4 percent of Miami closed sales, up from 32.2 percent in December 2020. According to the most recent NAR statistics, cash sales account for about 23% of all house sales in the United States. Cash sales made up 49.1% of all existing condo sales in Miami and 27.1 percent of single-family home sales.
The Historic Deauville Beach Resort Miami Beach Set to be Demolished
The Deauville Beach Resort located in Miami Beach, will be finally be demolished after years of neglect and decay, the mayor of Miami Beach announced this week.
The order for demolition was delivered in a letter to the Miami Beach City Commission on Wednesday, after a report by the building’s owners concluding that the structure is hazardous to the public. An assessment was completed after the letter by the city that confirmed the results to the demolition order.
The hotel forced to close in 2017 due to an electrical fire, and it has been closed ever since.
The hotel was purchased in 2004 for only $4 million by Deauville Associates LLC, a business managed by Belinda and Richard Meruelo. For years, the 540-room hotel at 6701 Collins Avenue has been the subject of lawsuits and other disputes between the city and its owners.
According to a Miami Beach Historic Preservation Board meeting last week in which the board considered options for moving forward, the North Beach hotel has piled up fines totaling roughly $1.8 million since last year.
According to the Miami Beach’s deputy city manager, Eric Carpenter, said that the demolition process may take one to two months to complete once the permit is issued. Approval will come after the Miami-Dade County’s Department of Environmental Resources Management Department determines that the site is safe for demolition, which will include the process of asbestos removal.
Some locals have stated that the property was purposely left unattended and that there was no maintenance ever completed on the hotel.
There are currently no plans for the 3.8 acre site after the hotel is demolished but the property will no longer be considered an historic site once the hotel is removed.
The Deauville features many historic components from 1957, including a large swimming pool, hairdresser, ice skating rink, ballroom and radio station.
This historic hotel housed some of the most iconic performances ever made. The Beatles’ in 1964 on “The Ed Sullivan Show,” and Frank Sinatra. The hotel was also a spot for big names like Joan Rivers and President John F. Kennedy.
Do these Miami Restaurants have the Best Sandwiches in the US?
Who has the best sandwich in Miami? According to a consumer poll on Mashed.com, two of the best sandwiches in the United States are located right in our very own Miami. The sandwiches we are referring to include a cheesesteak sandwich from Batch Gastropub in Miami and a croqueta preparada from Sanguich de Miami located in Little Havana.
The Batch Gastropub creates a heavenly sandwich by brushing a smoke paprika aioli stacked with shaved ribeye that’s covered with white American cheese. The “cherry on top” is the sautéed hot cherry peppers and onions.
According to mashed.com, “The steak is juicy and exquisite, the bun is light, fresh, and a little crispy, and the pickled hot cherry peppers have just the right amount of heat to shine through all of the richness.”
The croqueta is in a whole other league with stacked high slices of ham and roasted pork topped with Swiss cheese. Extras include croquettes, mustard, and pickles.
“There’s a lot to appreciate about this sandwich, but the real stroke of genius is the choice to masterfully tuck a few croquettes in between all the unctuous meat, briny pickles, and melted cheese,” according to the review on this sandwich form Saquich de Miami.
Other restaurants that have made best food lists include Makoto in Bal Harbour and Itamae in Miami.
Estate Featured on Miami Vice Sells for $13.9 Million
Photo Credit: Jill Eber
Andian Group, a Miami-based development firm led by Andres Isaias and Alejandro Diaz Bazan recently purchased a Miami Beach waterfront home for $13.9 million. What a deal for the estate that was originally on Miami Vice.
The property is located at 1415 North View Drive on Sunset Islands. The property itself features 7,748 square feet sitting on 0.6 acres. With 6 bedrooms and 8 bathrooms, the contemporary design showcases custom walls, marble flooring, and soaring wood-beamed ceilings.
Skylights and large windows center on the incredible outside views. The home also features a custom bar in the main living area, a gourmet eat-in kitchen with top-of-the-line appliances. Carrara marble unfolds throughout the bathrooms making the home a luxurious retreat.
The exterior of the home feature an in-ground pool with a fountain, 97 feet of water frontage, and the ability to place a long boat dock.
Photo Credit: Jill Eber
The home was originally built in 1983 and was utilized from 1984 to 1990 for the filming of the original Miami Vice.
The property records state that the seller is Lions Global Venture out of Miami. Lions Global purchased the home in 2013 for $7.6 million.
The Andian duo plans to renovate and sell the home for profit. They have been very active in Miami Beach and have recently sold a home on the Venetian Islands for $15.1 million.
Photo Credit: Jill Eber
1,049 Foot Supertall Tower Receives FAA Approval for Brickell Neighborhood
Brickell may be getting a new supertall tower after receiving approval from the Federal Aviation Administration. Now the plans will move on to the City of Miami to discuss design, permits, and construction.
The tower located at 1428 Brickell would rise 1,049 feet tall on 1.15 acres. The property is currently owned by Miami-based real estate developer Ytech.
Ytech has the rights to build an 825,000 square foot structure due to the air rights. Ytech’s website states, “In a sea of high-rises, 1428 marks a new chapter for luxury development and a turning point for the Brickell area.”
The FAA application was originally submitted on July 30, 2021 and was just granted approval on January 14, 2022. The project is currently being called 1428. Its T6-48A-O zoning means the property could house a tower that’s at least 48 stories tall.
The only information that has been released about the property is that there will be hotel-like services that owners can participate in.
Ytech also owns property nearby where an 80 story tower is possible. This site could also be a possibility for an additional supertall tower as well.
The developer purchased the site in January 2017 for $26.5 million from The Taplin Company LTD after a threat of foreclosure. Currently, there is a 9 story Bank United office building that was originally built in 1971 with 100,762 square feet. Taplin first purchased the property in 1994 for $4.4 million.
