Blackstone Acquires EAST Miami Hotel at Brickell City Centre
Miami’s hospitality market scored another major deal today with news that Blackstone Real Estate has acquired the EAST Miami hotel from Trinity Investments and Certares Real Estate Management. The 352-key property, which includes 89 serviced apartments, is the flagship hotel at Brickell City Centre, the $1.1 billion mixed-use development that has helped transform the heart of Miami’s financial district. Since opening in 2016, EAST Miami has become known for its sleek guestrooms, residences, and its iconic rooftop bar, Sugar, a staple of the city’s nightlife scene.
Trinity and Certares purchased the property in 2021 from Swire Properties for approximately $174 million. Deed records reflected a base price of $120.3 million, with the higher figure likely including furniture and fixtures. Under their ownership, the joint venture implemented operational and management enhancements that significantly boosted the hotel’s financial performance. Within the first full year, net operating income jumped by more than 60 percent, showcasing the strength of Miami’s hospitality rebound and their ability to reposition high-quality lifestyle assets. The sale also represents the first fully realized asset by Trinity GP Fund I, L.P., marking an important milestone for the firm.
For Blackstone, the deal underscores its growing conviction in the Miami market. Scott Trebilco, Senior Managing Director at Blackstone Real Estate, highlighted the neighborhood’s transformation, driven by strong population and employment growth as well as booming leisure and entertainment demand. The acquisition aligns with Blackstone’s broader South Florida strategy, which includes ownership of the W Hotel Fort Lauderdale and a recent $300 million loan to support renovations at the Ritz-Carlton Key Biscayne.
The acquisition of EAST Miami not only strengthens Blackstone’s foothold in the region but also reflects the rising prominence of Brickell as a global business and lifestyle hub. What was once a strictly financial district is now a dynamic neighborhood attracting international investors, luxury retailers, and world-class hospitality brands. By securing one of its crown-jewel hotels, Blackstone has placed a strong bet on the continued growth and appeal of Miami’s hospitality sector.
Miami Leads Major U.S. Cities as Strongest Buyer’s Market, Realtor.com Reports
Miami’s housing market has officially tipped in favor of buyers, according to the latest Realtor.com press release and its August 2025 Monthly Housing Market Trends Report. The national housing landscape reached a significant milestone last month with 5.0 months of supply—marking the first balanced summer market since 2016. But Miami stood out with a whopping 9.7 months of supply, the highest among the 50 largest U.S. metros. Other metros joining Miami in buyer’s market territory include Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside, California.
This shift means buyers in Miami now hold greater negotiating power, with more inventory to choose from and a higher likelihood of price reductions. In fact, Miami’s inventory situation reflects deeper issues: homes are sitting on the market longer, and sellers increasingly appear reluctant to adjust their prices. In July, approximately 57 homes were delisted for every 100 new listings in Miami—far more than in any other metro. This surge in delistings shows that many sellers would rather pull their properties from the market than sell at discounted prices. It’s a clear signal that pricing expectations are out of sync with current demand.
Nationally, the August 2025 data reveals broader softening trends. Active listings rose 20.9% year-over-year, marking the fourth straight month with over one million active listings on Realtor.com. However, inventory remains 14.3% below pre-pandemic levels—an improvement from June’s 12.9% gap. New listings increased modestly, up 4.9% year-over-year, but have declined for four straight months on a month-over-month basis. Homes are also taking longer to sell, with a median time on market of 60 days—seven days longer than last year and five days longer than in July.
Price trends provide more evidence of cooling. The national median list price remained flat year-over-year at $429,990 but declined 2.2% month-over-month. Approximately 20.3% of all active listings in August had their prices reduced, and delistings jumped by 57% compared to a year earlier. These patterns are especially concentrated in southern markets like Florida, where inventory gains have been most substantial.
Even as the broader Miami market cools, the luxury sector remains insulated—thanks to the dominance of cash buyers. Realtor.com data reveals that more than half of all Miami homes priced over $1 million were purchased with cash in recent months. The breakdown is especially telling: 53.5% of homes between $1M–$5M, 54.1% of homes between $5M–$10M, and 58.6% of homes above $10M closed in all-cash transactions. In the ultra-luxury segment—homes priced above $2,000 per square foot—cash accounted for a staggering 83% of condo purchases and 79% of single-family home sales. These figures highlight that while the broader market is cooling, luxury sellers still retain leverage due to the strength of all-cash demand.
For buyers, the Miami market now offers more choice, more negotiating power, and less urgency. Inventory is high, homes are sitting longer, and sellers in many price brackets are growing increasingly flexible—either reducing prices or delisting altogether. This presents a rare opportunity for buyers to enter the market with leverage not seen in years. However, for sellers, particularly outside the luxury segment, the new environment may require more realistic pricing strategies. Those who refuse to adjust may find themselves among the growing number of delisted properties.
In short, Miami’s housing market isn’t just shifting—it’s leading the nation as the strongest buyer’s market, offering house hunters more leverage than any other major U.S. metro.
Cove Miami Secures $170M Construction Loan in Eleventh-Hour Financing Win
In a dramatic turn of events, Cove Miami—a highly anticipated 40-story luxury condominium planned for Miami’s Edgewater neighborhood—has officially secured a $170 million construction and land loan from Bravo Property Trust, an affiliate of Bravo Capital. The deal, announced in early September 2025, represents a major milestone for the project after weeks of uncertainty that left many in the industry questioning whether financing would come together. Despite launching sales roughly two years ago and reaching between 30 and 40 percent presales, the development team had faced significant challenges securing debt in today’s high-interest-rate environment.
Located at 456 NE 29th Street along Biscayne Bay, Cove Miami will rise 40 stories and bring 134 one- to four-bedroom residences to one of the fastest-growing districts in Miami. The design is a collaboration between Kobi Karp Architecture & Interior Design and Buenos Aires–based Dieguez Fridman, blending sleek glass architecture with bayfront living. Prices range from approximately $900,000 to nearly $4 million, appealing to a high-end buyer demographic in a market segment that continues to show strong demand despite broader economic headwinds. Completion of the project is currently slated for 2028.
Beyond its striking design and coveted location, Cove Miami promises an array of luxury amenities designed to elevate the resident experience. Plans include a waterfront infinity-edge pool with cabanas, a full spa with massage rooms, sauna, hammam, and cold plunge, as well as a state-of-the-art fitness center, indoor and outdoor yoga studios, and a rooftop lounge overlooking Biscayne Bay. Social and lifestyle features include a wine and library lounge, a private dining room with chef’s kitchen, a grand theater, and game rooms, while modern conveniences such as co-working spaces, private office suites, an on-site restaurant, dock access for water sports, and even LEAA on-demand healthcare highlight the project’s comprehensive approach to urban luxury living.
The $170 million financing package was arranged by Bravo Property Trust, a lending platform backed by Bravo Capital that has originated over $1.8 billion in loans since 2021. Bravo’s leadership highlighted the importance of backing experienced developers with bold, high-quality projects, underscoring confidence in Miami’s high-end condo market at a time when financing has become increasingly selective.
Cove Miami also arrives amid a broader development surge in Edgewater, a neighborhood that has transformed into one of Miami’s most desirable luxury condo markets. Just blocks away, Villa Miami, a branded tower by Major Food Group, is underway, while Oak Row Equities recently secured a $210.5 million construction loan for 2900 Terrace, a 38-story, 324-unit project. Together, these projects reflect both the resilience of Miami’s luxury housing market and the growing appeal of Edgewater as the city’s next major real estate hotspot.
The successful financing of Cove Miami signals more than just progress for one project—it demonstrates continued investor faith in Miami’s luxury condo market and in Edgewater’s rapid evolution. Despite an uncertain lending environment, determined developers and strategic financial partners are ensuring that some of the city’s most ambitious projects not only break ground but also redefine Miami’s skyline in the years to come.
U.S. Housing Market Hits Record $55.1 Trillion While Florida Values Drop $109 Billion
The U.S. housing market has reached a record value of $55.1 trillion, according to a new report released by Zillow on September 8, 2025. Since 2020, the market has grown by more than $20 trillion, fueled largely by rising home prices and the steady pace of new construction. However, growth has slowed significantly in the past year, with the market adding just $862 billion, a sharp contrast to the rapid gains of the pandemic era.
Florida, one of the fastest-growing housing markets over the last several years, is now showing signs of weakness. Zillow’s analysis revealed that Florida’s housing market actually lost $109 billion in value over the past year. While the state added more than $1.6 trillion in housing value between 2020 and mid-2025, recent declines in home prices across key metropolitan areas have offset earlier gains. Rising insurance costs and affordability challenges are eroding some of Florida’s competitive edge, particularly as buyers become more price-sensitive.
Major Florida cities are leading the decline. Home values in Miami fell 4.6% year over year, while Tampa dropped 6.2% and Orlando declined 4.3%. These decreases come at a time when many U.S. metros are stabilizing or even rebounding, underscoring Florida’s unique challenges. Sellers in the Sunshine State are increasingly resorting to price cuts, and homes are spending longer on the market, giving buyers more leverage than in recent years.
Despite these declines, new construction continues to play a stabilizing role in Florida’s housing sector. Nationally, new builds have added $2.5 trillion in value since 2020, and about 20% of Florida’s growth during that time came from new construction. This ongoing development has helped offset demand pressures, particularly in high-growth regions, though it has not fully shielded the state from recent declines in resale home values.
As of mid-2025, the average home value in Florida stands at $382,136, down 4.8% from a year earlier. Inventory is rising, with more than 206,000 homes currently on the market and over 36,000 new listings added in July alone. Homes are taking longer to sell, with the median time to pending now at 53 days. The gap between list prices and sale prices is widening as well, with the median sale-to-list ratio at just 0.971, signaling a shift toward a buyer-friendly environment.
For Florida homeowners, the message is clear: the market has cooled considerably from its pandemic-era highs, and expectations may need to be adjusted accordingly. Buyers, on the other hand, may find more negotiating room and better opportunities than they have had in years. While the broader U.S. market sets new records, Florida’s real estate tells a different story—one of correction, recalibration, and the possibility of renewed balance ahead.
Miami Beach Breaks Ground on $29.4M Pedestrianization of Drexel Avenue
The City of Miami Beach has officially broken ground on the highly anticipated Pedestrianization of Drexel Avenue, a $29.4 million capital improvement project that will transform the corridor into a vibrant public space. Designed to enhance walkability and connectivity, the project will feature a small amphitheater, expanded seating, lush landscaping, and improved pedestrian access that better links Lincoln Road to some of Miami Beach’s most important cultural and civic destinations, including the New World Center, Miami Beach Convention Center, Pride Park, and Soundscape Park.
Stretching from Lincoln Lane South to Lincoln Lane North, Drexel Avenue will be converted into a pedestrian-only zone, eliminating vehicular traffic in favor of wide sidewalks, new hardscape areas, modern lighting, and lush green spaces. Construction will also include critical infrastructure upgrades such as storm drainage, paving, irrigation, and improved traffic signals. Once complete, the corridor will not only create a seamless pedestrian experience but also strengthen the connection between Lincoln Road and key landmarks such as The Fillmore Miami Beach and the future Grand Hyatt Convention Center Hotel.
One of the highlights of the redevelopment is an amphitheater-style performance space inspired by the Miami Modern (MiMo) aesthetic, paying tribute to the legacy of architect Morris Lapidus. This new venue will provide flexible space for public gatherings, performances, and cultural programming, adding a fresh dimension to Lincoln Road’s role as Miami Beach’s iconic pedestrian mall. Additional upgrades include new café-style seating areas designed to support local businesses and encourage outdoor dining, further enhancing the area’s appeal to residents and visitors alike.
The Drexel Avenue pedestrianization is part of the broader Lincoln Road Redevelopment Project, a multi-phase initiative designed to reimagine Miami Beach’s most famous retail and entertainment district. With construction expected to take roughly ten months, the project is slated for completion by May 2026, setting the stage for a new era of pedestrian-friendly urban design. City officials emphasize that these improvements will boost the neighborhood’s economic vitality while preserving Lincoln Road’s historic character and enhancing its position as a world-class destination for shopping, dining, and cultural experiences.
For Miami Beach residents, businesses, and tourists, the redevelopment represents more than an infrastructure upgrade—it signals a renewed commitment to creating people-first spaces that prioritize walkability, sustainability, and community engagement. As work progresses, the pedestrianization of Drexel Avenue is poised to become a defining feature of Miami Beach’s urban landscape, offering a dynamic new gateway to the cultural heart of the city.
2026 G20 in Miami’s Backyard: Economic, Infrastructure & Social Impacts
President Donald Trump announced yesterday that the 2026 G20 Summit will be held at his Trump National Doral golf resort, located just outside Miami. He touted its proximity to the airport and space for international delegations, while insisting his family business would not profit, claiming the venue will be used “at cost”.
Miami Mayor Francis Suarez welcomed the decision, calling it a “tremendous boom” for the economy and saying it “puts us on the global map”.
What Is the G20 and Why It Matters
The G20 is a premier global forum of major economies—including the U.S., EU, and others—focused on coordinating international policy on trade, climate, and financial stability. Hosting such a summit brings major attention and economic activity to the host city.
Lessons from Past G20 Host Cities
-
- Economic and Tourism Boost
In Bali (2022), the summit generated an uptick in tourism and business travel—particularly vital to a tourism-dependent region recovering from the pandemic.
- Infrastructure Upgrades and Legacy
Brazil invested millions in venues and transport security for Rio’s summit (2024), updating airports, renovating cultural institutions, and deploying extensive security forces.
- Rising Land Values
Data from China shows host cities often see a 22.6% increase in land prices, largely due to upgrades in infrastructure and venue construction.
- Displacement Risks & Social Tensions
In New Delhi (2023), beautification efforts included demolishing shantytowns and displacing low-income residents—raising concerns about inequality and social costs.
- Security, Transportation Disruptions & Protests
Toronto (2010) and Hamburg (2017) faced costly infrastructure adjustments, school closures, roadblocks, and intense protests, some escalating into riots.
Projected Impacts on Miami
| Category |
Likely Impact on Miami/Doral |
| Tourism & Local Economy |
Expect a surge in international delegates, media, and staff: hotels, restaurants, transport, and retail could see a significant revenue boost. |
| Infrastructure & Venue Upgrades |
Miami may invest in road enhancements, airport and public transit capacity upgrades, and security infrastructure around Doral and central Miami. |
| Real Estate & Land Value |
Surrounding areas—including Doral and broader Miami-Dade County—could see rising land and property values, as seen in other host cities. |
| Urban Development & Long-Term Benefits |
Like Brazil’s G20 upgrades, Miami could gain improved public facilities, cultural venues, or transportation benefits that endure beyond the summit. |
| Social Equity & Displacement |
Although Miami is built-up, construction and security zones risk displacing small businesses or low-income residents—new policies will be needed to mitigate displacement. |
| Security & Disruption |
Expect heightened security protocols—road closures, event zones, heightened policing—that may temporarily disrupt daily life in and around Miami. |
| Global Visibility |
Hosting an international summit projects Miami onto the world stage, potentially enhancing business investment, visibility, and prestige. Mayor Suarez’s comment that it “puts us on the global map” underscores this effect. |
Conclusion
The 2026 G20 Summit at Trump Doral promises to be a landmark event for Miami, with substantial economic benefits, infrastructure investments, and real estate appreciation. Additionally, the summit brings global visibility and a rare opportunity for urban enhancements.
Yet it also carries risk: security disruptions, transport strain, and the potential for social displacement—all lessons drawn from previous host cities.
To ensure a successful and equitable G20 summit, Miami officials should plan infrastructure investments carefully, enhance public transit and security without overreach, and safeguard vulnerable communities and businesses.
Flow Brickell Set to Open Next Month Along the Miami River
Flow Brickell, a newly branded luxury apartment building, is preparing to open next month at 275 SW 6th Street, Miami, FL. While the name suggests a prime Brickell location, the 54-story tower is actually situated along the Miami River within the recently dubbed “The River District”, a 4-million-square-foot master-planned community from the Chetrit Group.
Designed by Kobi Karp Architecture & Interior Design, the tower rises to 640 feet and spans nearly 1 million square feet. The project will bring 632 rental units along with retail space and structured parking as part of The River District’s first phase. Two waterfront commercial pavilions are also included, further activating the riverfront. Once complete, the 6.2-acre master plan is expected to deliver 1,961 residential units, 29,600 square feet of restaurant space, 12,020 square feet of retail, 40,000 square feet of office, a 17-slip marina, and 2,000 parking spaces across four towers.
Rental pricing at Flow Brickell is positioned at the higher end of the Miami market: starting at $2,790 per month for studios, $3,225 for one-bedrooms, $4,155 for one-bedroom plus den layouts, $4,525 for two-bedrooms, $4,965 for two-bedroom plus den residences, and $5,985 for three-bedroom apartments. These price points reflect both the scale of amenities expected within The River District and the premium branding of the Flow residential concept.
The tower is now owned by Flow — a residential brand founded by Adam Neumann, the controversial co-founder and former CEO of WeWork — in partnership with Canada Global and Yellowstone Trust. Neumann, who resigned from WeWork amid allegations of reckless spending and mismanagement, has since re-emerged in the real estate world with his Flow housing startup. His involvement has generated both intrigue and skepticism, given his past business controversies.
Flow Brickell also arrives at a complicated moment for Miami’s rental market. According to the latest Zumper National Rent Report, Miami has posted the steepest rent declines among Florida markets, driven by a surge of new supply and an uptick in outbound migration. The addition of nearly 2,000 more residential units within The River District will only intensify competition, placing further pressure on landlords to offer concessions or adjust pricing. While Flow Brickell’s upscale positioning may insulate it somewhat, the broader wave of new deliveries suggests renters will have increasing leverage heading into 2026.
As October approaches, Flow Brickell will stand not only as the next chapter for The River District but also as a litmus test for how Miami’s luxury rental market digests a flood of new inventory at a time of shifting demand.
Miami Rent Market Cools: Zumper National Rent Report Reveals Steepest Declines in Florida
Miami’s rental market is showing signs of significant cooling, with the latest Zumper National Rent Report indicating the steepest annual rent declines among Florida metros—largely driven by a flood of new supply and rising outbound migration.
National Picture: First Widespread Rent Decline
In August 2025, the median one-bedroom rent in the U.S. dropped 0.2% to $1,517, while two-bedrooms fell 0.4% to $1,897. This marks the first time the national rent index has declined across the board, both month-over-month and year-over-year, and represents the fourth consecutive month of slowing growth.
Miami Leads Florida in Rent Declines
Miami topped the list among Florida markets for rent declines—posting annual drops of 6.5% for one-bedrooms and 6.7% for two-bedrooms. This downturn is fueled by a rapid increase in rental inventory, along with more residents leaving the city, giving renters unmatched leverage.
Local Snapshot: Median Rent, Trends & Neighborhoods
As of August 2025, the median rent in Miami across all property types and bedroom counts was $3,100, placing it 55% above the national average. Rent in Downtown Miami averaged even higher—$3,634, or 82% above the national norm.
Monthly and annual trend highlights in Miami:
- Miami overall:
- ↓ 3% month-over-month
- ↓ 5% year-over-year
- Downtown Miami:
- ↑ 3% in the last month
- ↓ 2% year-over-year
- Average rents by property type:
- Apartments: $2,600
- Condos: $3,250
- Houses: $3,500
South Florida Patchwork: Pockets of Steeper Drops
Some cities in the Miami-Dade and Broward regions experienced even sharper rent declines:
Monthly drops were also notable:
Meanwhile, in August, the most expensive markets for one-bedroom apartments were:
What’s Behind the Softening Market?
- Intense new rental supply—including large-scale developments—has flooded the market, increasing choices and vacancy rates.
- Outbound migration compounds downward pressure, as more tenants leave the city.
- Suburban markets are absorbing demand, stabilizing rent trends outside Miami’s core.
What This Means for Renters and Landlords
- Renters now hold more negotiating power and have more housing options—versus a year ago, when competition was fierce.
- Landlords and developers may need to adjust pricing strategies or offer incentives to secure tenants as inventory continues to rise.
- Developers working on projects—including Flow Brickell and other large-scale developments—will need to monitor leasing velocity and market absorption carefully.
Revault Miami: A Luxury Car Condo and Padel Club Coming to Little River
Newgard Development Group, spearheaded by developer Harvey Hernandez, has announced plans for Revault Miami, a luxury car condo community set to rise in Miami’s Little River neighborhood. The project represents a bold new concept for Miami’s urban landscape, combining high-end, climate-controlled garages with exclusive lifestyle amenities.
Revault Miami will occupy a 1.2-acre site at 7400–7410 NE Miami Court, 40 NE 75th Street, and 19 NE 74th Street, which Newgard acquired for $8.2 million. The 16-unit development is designed with car collectors in mind, offering private garages with 22-foot ceilings that can accommodate up to nine vehicles per unit using vehicle stackers. The residences will be more than just storage—they will serve as stylish studios where owners can enjoy their collections in a curated, community-oriented setting.
In addition to its unique automotive focus, Revault Miami will feature a suite of luxury amenities. The second floor is planned to include an indoor padel club with four courts, lounges, a café, sauna, steam rooms, and event spaces. A members’ lounge and concierge services will further elevate the experience, offering both convenience and exclusivity. Hernandez noted that his inspiration came from his own experience as a car collector, seeking a place that was more intimate and community-driven than a large industrial warehouse.
Sales for Revault Miami are expected to launch in the coming weeks, with construction slated to begin next year. The buildout is anticipated to take about one year, making the project a relatively swift addition to Miami’s evolving skyline.
The choice of Little River underscores the area’s growing importance as a hub for innovative development. Once overlooked, this neighborhood has been gaining attention thanks to its proximity to Miami Beach, Bay Point, Morningside, and Miami Shores, as well as major mixed-use projects in the pipeline. Revault Miami will join a wave of new construction that is reshaping the district with a mix of residential, retail, and lifestyle offerings.
For Hernandez and Newgard Development Group, Revault Miami continues a track record of forward-thinking projects that push the boundaries of Miami real estate. Known for developments like Lofty Brickell, Natiivo, and The Standard Residences Brickell, Newgard has consistently targeted buyers seeking unique lifestyle experiences. Revault Miami reflects that same ethos, catering to Miami’s thriving luxury car culture while introducing an entirely new kind of residential product.
By blending the worlds of car collecting, wellness, and social spaces, Revault Miami is set to become a destination for enthusiasts and a catalyst for further growth in Little River. With sales approaching and construction expected to begin soon, the project promises to be one of the most distinctive new developments to hit Miami’s real estate market.
