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.”
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.
Current Site of 1428 Brickell
Expansive Mixed Use Tower Planned for Downtown Miami
Miami-Dade planners are working hard on reviewing the pre-application for a large mixed-use project in Downtown Miami.
The property located at 1370 NE 2nd Ave is within the Metromover Subzone of the Rapid Transit Zone District. Within this zoning district, some rules apply which includes up to 1,535 units permitted as well as the 40% glazing requirements.
The tower is anticipated to rise 649 feet tall at 43 stories. Passing the district rules, the tower is proposed to have 1,441 residential units.
The tower will be designed by Rafael Viñoly architects but the city planners are asking for clarification on some of the design elements throughout the project.
The county has stated that the awnings, balconies, and weather protection elements need to be at least six inches from the curb face but the plans appear to encroach on the curb face. Specifically the parking garage for levels 2 through 12 are encroaching.
The open space and landscaping code also needs clarification.
Amenities for the tower will spread over 5 stories and include a state-of-the-art-gym, pool, office elements, and more.
There will be offices dedicated to the auditorium for the Miami-Dade County School Board which will spread over 100,000 square feet. Offices for Crescent Heights will also utilize 19,673 square feet of space.
The plans also show that there will be 9 levels of parking and an expansive ground floor designated for commercial space.
There are currently no scheduled dates to review revised plans but if approved, the ground breaking would begin in 2023.
Dezer Development Plans to Launch Sales for Bentley Residences this Month
Following the completion of the $10 million oceanfront sales center, Dezer Development plans to begin sales of Bentley Residences this year. The sales center and site located in Sunny Isles Beach features a full model unit for potential buyers.
Bentley Residences will be located at 18401 Collins Avenue and will be considered the world’s first Bentley-branded residential building. According to the Developer, once sales launch, they plan for a $1.2 billion sellout.
Seeking to capitalize on the region’s high demand for residential real estate, developers have been hurrying to begin sales of new condo buildings around South Florida. This was one of the driving factors to get the sales launched for Bentley Residences
Dezer plans to open the sales center in two phases, one at the end of January 2022 and the second phase in March 2022. The 12,000-square-foot sales center, which will be built on the site of the former Armani/Casa Residences sales gallery, at 18325 Collins Avenue, will contain a 6,000-square-foot model of a Bentley unit, a broker’s lounge, and a theater for presentations.
According to a press release, a life-sized Bentley sculpture will be displayed outside of the sales gallery before being relocated to the Bentley Residences site after completion of the tower.
The project itself will rise 60 stories tall at 749 feet. The tower will feature 216 luxury condos with in-unit garages and some units showcasing large pools on the balconies. Pricing for units will range from $3.9 million to $6 million for water-facing units. Ocean-facing units will range from $5.5 million to $7.5 million while penthouses will be in the $20 million range.
Units on the east side will have four-car garages, while those on the west side will have three-car garages. With its patterned glass, the Sunny Isles structure will be “unmistakably Bentley,” according to Dezer.
Designed by Sieger Suarez Architects, the 3.6-acre property will feature a gym, pool, spa, theater, restaurant, lounge, bar, cabanas, and gardens.
Construction is set to begin in summer 2022 with completion in 2026.
Terra Group Receives $141M Construction Loan for Mixed-Use Project in Bay Harbor Islands
Miami’s very own Terra Group has received a $141 million construction loan for its Bay Harbor Islands mixed-use project.
According to a statement from a Terra affiliate that owns the site, the Coconut Grove-based business received finance for its construction at 1177 Kane Concourse. The lender is Mack Real Estate Credit Strategies.
Terra, led by David Martin, spent $31.5 million for the site on Kane Concourse and West Bay Harbor Drive in June.
The release states that the project would include a residential aspect as well as Class A workspaces as well as retail space. There will be a “signature food and beverage” concept on the main level of the tower.
Specifics on the project have not been released like square footage and where the tower will include condominium units or apartments.
Northwood Ravin and Wharton Equity Partners’ Wharton Urban real estate investment platform obtained clearance from the council in 2020 for 90 residential units, 98,800 square feet of office space, and 14,900 square feet of commercial space. Terra Group took over the development agreement issued to the sellers by the Bay Harbor Islands Town Council.
Last summer, soon before Terra purchased the land, the Town Council agreed to transfer the development agreement to Terra’s affiliate.
Miami Developer Plans to Rebuild The Wharf in a $185 Million Project
On the site of the iconic downtown Miami’s The Wharf along the Miami River, a Miami developer is teaming up with Driftwood Capital to build a $185 million Dream Hotel and entertainment complex.
The Riverside Wharf project will consist of two 10-story buildings, one of which will house the 165-room Dream Miami hotel. According to a press release, it will also contain a restaurant, nightclub, and entertainment establishments, including an expanded and updated version of the Wharf. Some additional amenities will be built including a deep-water yacht port, and a public riverwalk.
A 16,000-square-foot restaurant, a 12,000-square-foot event hall, a 30,000-square-foot nightclub/rooftop dayclub, and 600 feet of river frontage are all planned for the 200,000-square-foot project.
Garcia’s Fish Market may also set up shop on the property as a pop-up market. Its commercial fishing activity used to be located on the property.
In 2016, voters in Miami approved a deal that awarded MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, a long-term lease on half of the land. The other half is also owned by MV Real Estate Holdings and is located in an Opportunity Zone.
The 1.5-acre Miami River property at 114 Southwest North River Drive was developed by MV Real Estate Holdings and its partner, Coral Gables-based Driftwood Capital. Nitin Motwani, the managing partner of Merrimac Ventures and the developer of the Miami Worldcenter, is also a general partner in the project, according to Mantecon.
According to Mantecon of MV Real Estate Holdings, the developers plan to seek project permissions from the Miami River Commission in January and then go before the Miami City Commission. Cube3 architects’ John Cardello is designing it, with landscaping by Savino-Miller Design Studio.
Once approved, construction is planned to begin in 2022 with a completion date in 2025.
