New York Developer Secures $108M Construction Loan for a 42 Story
New York developer has secured a $108 million construction loan to construct an apartment building at the 27-acre Miami Worldcenter development in downtown Miami. The site covers approximately 20,980 square feet and is located at 697 N. Miami Avenue.
The New York developer under the name Block G Phase 2 LLC, which is managed by Mark Lapidus received the mortgage from Los Angeles Cim Real Estate Credit. Lapidus is the former WeWork CEO.
This property will be part of the current tower at Caoba apartments and will be designated as the second phase of this current tower. The new tower will be connected to the amenity deck of Caoba, which was originally opened in 2019.
The tower was originally approved in 2018 and was reactivated again in September 2021.
Construction is already underway and this second phase will feature 420 units rising 42 stories. The square footage for this property includes a project of 473,330 square feet which will include 4,103 square feet of retail.
The renderings show that the tower will not a parking garage but will share the amenity pool deck. It will also be a bit smaller in height and width but should remain very similar to the current design of Caoba. The cost of the project is estimated to be $82,833,750.
Coastal Construction and AECOM Tishman, is listed as the general contractor. The project is projected to be completed in late 2022 or early 2023.
1.3 Million Square Foot Development is in the Works for Aventura
In Aventura, developer Dan Kodsi is planning to build a large mixed-use building featuring residences, offices, and high-end residential shopping. Kodsi’s company paid $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street that they plan on building this mixed-use property.
Not only is this site being used for this massive mixed-use project but other lots in the area are currently under contract. These lots include 10 acres surrounding the development site.
Kodsi hasn’t named partners in the project or for the additional sites but stated that the project would cost over $500 million. According to Kodsi, the total site now consists of land and tiny residential structures that Aventura-based Rieber Developments successfully rezoned to allow for 1.3 million square feet of mixed-use development.
Aventura commissioners approved the zoning amendment in June 2021, permitting a 693-unit high-rise residential building; a 120-key hotel; 67,743 square feet of workplaces; 161,270 square feet of retail; and a 120-bed assisted-living facility.
Kodsi has yet to determine whether he would adhere to these guidelines or revise the development plans. According to him, the basic concept is for multifamily, offices, some of which will be used for medical purposes, and high street retail, which will serve as an alternative to the neighboring Aventura Mall.
The retail side of this development will be similar to the Miami Worldcenter but not as large. Kodsi constructed the Paramount Miami Worldcenter and is now building the Legacy Hotel & Residences at Miami Worldcenter.
Plans Submitted for 48 Story Tower: Brickell Gateway
Israeli-developer, Gazit Horizons, is on track to bring a 48 story tower to Miami’s Brickell. Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021, was the date that the developers submitted plans for demolition. The tower is proposed to include 500 condo units.
The demolition approval is still pending. According to the plans, the site only permits plans for a building up to 48-stories and they are taking full advantage.
The demolition costs for the property would total $139,698 with an estimated cost for completion at $150 million. BG Group is listed as the demolition contractor for the project. Once approved, the developers are aiming for a completion date in quarter 2 of 2023.
The developers met with the City of Miami on February 15, 2022, for review. The current status of the project is still in redesign.
You may be familiar with the current site of the proposed tower. It is a black building with magnificent artwork portraying soccer-based graffiti. The soccer club, Club Internacional de Fútbol Miami, that houses the building has been renting the space since 2018. David Beckham is the Miami MLS Owner and President of Football Operations.
Mast Capital Unveils Plans for a 3 Tower Development in Brickell: Cipriani Residences Miami
Another development has just been announced and this one is massive. Coming in at 2.6 million square feet, plans for this 3 tower development in Brickell have been revealed: Cipriani Residences Miami. Developer, Mast Capital paid $103 million mark this transaction as one of the largest in Miami-Dade in 2021.
Mast Capital’s proposal for the site involves a master-planned development that will comprise of 400-unit condominium tower and two more high-rises totaling 850 premium apartment rentals, created in collaboration with Rockpoint Group.
The property located at 1420 S. Miami Ave, has been inactive for over 15 years following two failed development initiatives. This property is one of the last remaining raw pieces of land accessible in the vicinity to undertake a project of this magnitude.
Development Information:
One 80 story condo tower
Two multifamily towers (one at 50 stories and one at 60 stories)
1,250 residential units
400 condo units
850 rentals
1,650 parking spaces
Ground floor retail
For this specific project, Mast Capital has partnered with a private real estate equity firm, Rockpoint, which will be responsible for the multifamily component. Mast Capital will be utilizing MSD and CanAm for financing. Arquitectonica will be the architect for the proposed tower.
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025.
St. Regis Residences Miami Releases Tower Amenities and Residence Features
In December 2021, developers, The Related Group and Integra Investments announced the newest twin condominium towers, the St. Regis Residences Miami. Since then, little information about the project was released but today the tower amenities and residence features are officially out and they are impressive!
On a beachfront affordable housing site at on 1809 Brickell Avenue, the St. Regis Residences will rise 47 and 48 stories tall. The site itself will span over 3.16 acres with over 50,000 square feet of amenities.
Tower Amenities
40,000 square feet of amenity space
On-premises ground floor, fine dining restaurant
Exclusive beach club access
Park-like grounds and lush terraces
State of the art media room
Business center with coffee bar and conference rooms
Children’s entertainment room
Teen video game lounge
Programmable golf simulator
Salon equipped for all beauty services
Pet spa, grooming and dog walking services
Private, secure climate controlled storage
Private marina
Fully equipped fitness center
Relaxation and juice bar
Indoor lap pool and cold plunge pool
Pilates and yoga studio
Salt spa room
Dual saunas and steam rooms
State of the art treatment room
Bayfront infinity pool and whirlpool with private cabanas
Poolside bar and cafe
Bayfront garden with seating area
St. Regis Butler service and in-room dining
St. Regis housekeeping services
St. Regis global membership privileges
31st Floor Sky Lounge
Double-height bar and lounge with water views
Signature St. Regis Cognac Room
Traditional St. Regis Tea Room
Billiards room
Catering Kitchen
Technologies
Keyless residential entry
Smart home climate and lighting control systems
State of the art fiber optic WI-FI service throughout residences and amenities
Easy to use St. Regis residents-only app
The luxury units are expected to range from 1,300 to 7,000 square feet with prices starting at $2 million with 354 available units.
The Residences
Private elevator and entry foyer to each residence
Double door entry in select residences
11 foot ceilings with integrated linear diffusers in living areas
Custom European marble flooring throughout
European solid wood doorways
All homes feature a powder room and laundry room
Integrated smart home technology
Kitchens
Gourmet kitchen with custom Italian cabinetry designed by Rockwell Group
Marble countertops and backsplashes
Fully-integrated Sub-Zero and Wolf appliance packages, including:
Paneled refrigerator
Paneled freezer
Full-height wine refrigerator
Convection oven
Steam oven
Microwave
Dornbracht fixtures
Primary Suites and Bathrooms
Oversized walk-in closets
Midnight bar and butler’s pantry
Split marble top vanities with Dornbracht fixtures
Oversized marble showers and free-standing bathtubs
Private water closets with Toto toilets
The same architect who designed 220 Central Park South and 30 Park Place in New York will be the designer for this twin tower 354 unit development, Rober A.M Stern Architects. The interiors will be designed by the Rockwell Group, a New York-based design firm that is also responsible for NEMA and Treehouse Hotel.
Related and Integra expect a $2 billion sellout once the St. Regis Residences have been completed. The sales center is expected to launch in 2022 simultaneously with the sales. The ground breaking is expected to occur in 3rd quarter of 2022.
830 Brickell Tower Brings Big Names to Miami’s Financial District
As more tech companies and their execs flock to Miami, another quintessential tower is making a name for itself in the Brickell Financial District with new commercial leases and a lot of them are prominent names! 830 Brickell will soon be home to a massive technology and aerospace companies and we cannot wait to see what other companies decide to lease space.
AerCap, an aviation company recently signed a lease for 20,000 square feet at 830 Brickell with their headquarters currently in Dublin, Ireland. AerCap has leased the entire 50th floor.
According to the developers Cain International and OKO Group, “Attracting a global company like AerCap is precisely what we envisioned when we decided to develop this best-in-class office tower in the Brickell Financial District.”
Other companies that are joining AerCap include CI Financial and Microsoft. CI Financial, a Canadian Asset Management Firm signed a lease for 40,000 square feet between floors spending over the 48th and 49th floors. Microsoft is also leasing 50,000 square feet.
Rent for 830 Brickell starts at $100 per square foot.
About 830 Brickell
830 Brickell is a 55 story Class A office tower located in the Brickell Financial District. Developed by OKO Group and Cain International, the tower was designed by Adrian Smith + Gordon Gill. Interiors have been designed by the Italian architecture company, Iosa Ghini Association.
830 Brickell totals 650,000 square feet.
Amenities for 830 Brickell include street-level retail, cafes, outdoor terrace, conference facility, health and wellness center, and rooftop bar/restaurant. The tower also offers unlimited Biscayne Bay and downtown Miami views.
OKO Group and Cain International are also responsible for Una Residences and Missoni Baia, residential towers in Miami. Missoni Baia has already reached 90% sold. Una is currently scheduled for completion in 2023.
830 Brickell is scheduled to be complete by the end of 2022.
729 Edge Tower in Edgewater Receives Plan Approval
When we first announced plans for the 729 Edge development in October 2021, we had only received information about the Miami Review Board meeting for the proposal for this tower. Months later, we are happy to announce that plans have been approved for the 58 story tower located in Edgewater.
The plans are moving right along and recently the developers have assembled the land for $29.08 million which includes three lots. One lot was located at 710 NE 29th Street which was purchased for $17.5 million. The 2nd parcel was purchased for $6 million located at 530 NE 29th Street. The last parcel located at 483, 485m, and 501 NW 29th Street was purchased for $5.58 million.
Located along Biscayne Bay spanning over 0.88 acres, the tower is not only being developed by part of the same team that was responsible for One Thousand Museum but it will also be very similar in design.
The project will be designed by Hollywood-based ODP Architecture & Design who also assisted the late Zaha Hadid on One Thousand Museum.
The project itself would expand 342,848 square feet rising 58 stories tall. There would be a proposed 70 luxury units with three to five-bedroom options. The breakdown of the units would be one to two units per floor. Full floor units would expand a total of 6,174 square feet. 729 Edge would also feature 2 penthouses-styled townhomes spanning two floors.
There would also be 13,037 square feet of commercial space between two buildings with a restaurant on the lower level of the condo tower.
The units will have three to five bedrooms with one or two units on each floor. Pricing has not been announced.
Amenities will be similar to those of One Thousand Museum.
Tower Amenities:
Private dock
Lounge/bar
Business center
Private dining room
Theater room
Storage space for owners
Fitness room
Salon/spa
Indoor pool
Juice bar
Sky lobby on the top floor
The developers include 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth.
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.
