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.

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.

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.

The Related Group Plans for Demolition of Site for New Tower-Miami Station

In January 2021, the developer, the Related Group revealed plans for a proposed transit-oriented tower called Miami Station. Now, plans are rolling out to begin demolition and preparation for construction.

The pre-construction site located at 525-533 NW 2nd Ave in the Overtown district of Miami recently filed to begin demolishing the current parking garage that sits on the site. The remains of the parking garage is that of the Logik office tower that stopped mid-construction during the recession in 2008. The concrete shell of the garage has never been utilized.

A separate lot is adjacent to MiamiCentral Station and is also the former site of the Krystal Tower that was never completed. A separate lot next door with the once planned tower, Avery MiamiCentral will eventually be added to the Miami Station site plan.

Once construction begins, the proposed tower will rise 41 stories at 459 feet tall. The proposed plans would include 309 apartments, over 200,000 square feet of office space, over 8,000 square feet of retail, and 510 parking spaces.

Units will feature studio to 3 bedroom floor plans a well as a few penthouse units ranging from 460 to 1428 square feet of living space.

The office space will occupy the first 12 floors with 13-foot slab to slab heights. The residential units will occupy the higher floors with 10-foot slab to slab heights.

Development Information

• Developer: The Related Group
• Demolition Contractor: BG Group
• Architect: ODP
• Structural engineer: B+J Consulting Engineers
• MEP Engineer: Feller Engineering
• Landscape Architect: Dixie Landscape
• Exterior and Finishes: Facade +Envelope

Amenities

• 22nd-floor amenity deck
• rooftop pool
• Landscaped deck
• Dog park
• Several outdoor terraces

The date for the groundbreaking has not been set.

ARod Backed-Grand Station Apartment Tower is Complete and 80% Leased

Construction on Miami’s Grand Station Apartment tower has been completed. Alex Rodriguez and his partner Ricardo Vadio, owners of Rovr Development are the investors behind the $70 million construction project that was built on top of the existing Courthouse Center Garage.

Not only has ARod backed the construction of the project but his company Monument Real Estate Services is also the property Manager of Grand Station Apartments.

In early March 2020, partners for Grand Station obtained a $53 million loan from Saperian Capital to assist with the construction. Since Grand Station received their temporary certificate of occupancy in August, they have reached over 80% leased for the tower.

The tower located at 240 North Miami Avenue rises 30 stories and feature 300 units right in the heart of downtown. The development is a part of a public/private partnership with the Miami Parking Authority, which has assisted in adding an additional 350 spaces for the building totaling 1,200.

The tower features studio to 2 bedroom apartments with a monthly rent that ranges from $1,800 to $2,500. All units boast Italian kitchen cabinets, quartz counters, stainless steel appliances, and an in-unit washer and dryer.

The luxury tower amenities include an indoor pool, rooftop terrace with pool, outdoor kitchen, hot tubs, fitness center, and club room.

Zyscovich Architects and Anillo, Toledo, Lopez LLC are responsible for the design of Grand Station.

Rovr along with the Related Group and Airbnb are the masterminds behind the new development, The District located at 225 North Miami Avenue.

Miami-Dade County Looking to Add a New City for the First Time in 16 Years

It has been 16 years since Miami-Dade added a new city but that could change for Biscayne Gardens. Following a public decision, county commissioners are deciding today to utilize 5 square miles that border 4 northeast cities.

The next step in the approval process is for local voters to vote in the special election on November 2, 2021. If voters decide on the new city, Miami-Dade will have a new 35th ‘parish.’ The last was Cutler Bay which was founded in January 2005.

The 5 square miles is located near North of Northwest 167th Street, East of Northeast 18th Avenue, South of Northwest 128th Street, and West of Northwest 17th Avenue. The current neighborhood is called Biscayne Gardens and the area would keep that name. About 3% of the land is undeveloped with a quarter of the area is dedicated to traffic, communication, and utility.

There is still much room for growth. Included in the plans to form the city are 3 apartment complexes with 861 units, mega-church, and additional apartment complexes.

Biscayne Gardens would also include 3 parks which would include a community center with costs of $1 million with 20,000 square feet.

The Biscayne Gardens Municipal Advisory Committee was formed in September 2003 to look at whether the area could turn into a city. The committee later broke apart in In April 2012.

The area of Biscayne Gardens now has 35,000 residents with over 50% being registered to vote. If the city is formed, the special election would cost $94,000. This price the county would pay up front then the city would reimburse once established.

Although a strong opposition on the vote, we will know more after today’s meeting.

Construction on Miami World Center ‘Jewel Box’ Begins

Miami Worldcenter is a 27-acre urban destination development that will bring new businesses, real estate opportunities, and most of all a new energy to downtown Miami. This site will be a unique blend of commercial and residential towers including Paramount Miami Worldcenter, Miami Worldtower, and Legacy Tower.

Construction for the signature “Jewel Box” in the middle of Miami Worldcenter will feature a retail building that will be located at 150 N.E. Eighth Street. The 2-story tower will boast 78,000 square feet of retail space with a rooftop terrace and public gathering space.

Developed by Miami-based Miami Worldcenter Associated and Los Angeles-based CIM Group. The Jewel Box will be designed by Coral Gables-based Nichols Brosch Wurst Wolfe & Associates.

Managing partner of Miami Worldcenter Associates stated, “The final elements of this world-class retail development plan are coming together, and the design and concept for the signature ‘Jewel Box’ element reflects the strong feedback we’ve received from brands from around the world and across South Florida.”

The jewel box will feature floor-to-ceiling glass that will reflect the outside elements that will create a jewel-like effect. Mixing the designs of a boutique retail space and diverse entertainment, the jewel box will be the “go-to” place for all Miami residences.

Construction for the jewel box is currently underway and the anticipated completion date is scheduled for the summer of 2022. Once the full Miami Worldcenter project is complete, the developers are estimating that the cost of the project is $4 billion.

The jewel box is a part of the 130,000 square feet of retail that is already under construction at the Miami Worldcenter with another 150,000 square feet already completed.

Legacy Hotel & Residences Breaks Ground

The highly anticipated Legacy Hotel & Residences finally broke ground today at the development site located at 942 NE 1st Avenue in the heart of downtown Miami. In attendance was Ken Russell (City of Miami Commissioner), representatives of Royal Palm Companies, and Peggy Olin (Owp Property representative).

Also known as Legacy Miami Worldcenter, Legacy is one of the newest pre-construction residential towers located in Park West Miami. The luxury tower will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This tower sold out of all the units prior to the groundbreaking and is the first development to sell out prior to construction.

This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium with all of the luxury amenities a 5-star hotel could offer.

The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.

CONSTRUCTION INFORMATION

• DEVELOPER: ROYAL PALM COMPANIES
• ARCHITECT: KOBI KARP
• DESIGNER: ID & DESIGN INTERNATIONAL

HOTEL AREAS (GROUND LEVEL AND PEDESTAL)

• SPECTACULAR 40 FT. HIGH LOBBY WITH GLASS ELEVATORS
• SIGNATURE INTERNATIONAL RESTAURANT
• FULL-SERVICE CAFÉ WITH LOCALLY SOURCED BAKED GOODS
• FIRST OF ITS KIND INTERNATIONAL BUSINESS LOUNGE
• GRAND BALLROOM AND EVENT SPACES
• SHUL WITH KOSHER KITCHEN

ONE ACRE POOL DECK (9TH FLOOR)

• LARGEST DOWNTOWN HOTEL POOL DECK
• MULTIPLE WATER FEATURES AND FULL-SERVICE POOL
• SIGNATURE RESTAURANT SERVING ALL MEALS
• BAR AND LOUNGE
• LUXURIOUS DECK FURNITURE
• LUSH LANDSCAPING
• PLUSH CABANAS

ROOFTOP ATRIUM AND EVENT SPACE

• DECADENT LOUNGE WITH SEATING AMIDST GARDENS
• FULL-SERVICE BAR FOR INDOOR AND OUTDOOR SEATING
• CANTILEVERED, INFINITY-EDGE, SINGAPORE INSPIRED POOL
  500-FEET IN THE AIR
• ROOFTOP SUNDECK WITH ENDLESS DOWNTOWN VIEWS
• PLENTIFUL EVENT SPACE

CENTER FOR HEALTH & PERFORMANCE

• 50,000 SQ FT MEDICAL CLINIC WITH SUITES
  FOR HEALTH AND PERFORMANCE
• DIAGNOSTICS AND TECHNOLOGY
• VIP HEALTH CLUB WITH OPERATING ROOMS
  AND PRIVATE VIP ENTRANCE
• ADVANCED PERFORMANCE TESTING CENTER

WELLNESS (SOME COSTS MAY APPLY BASED ON USAGE AND PROCEDURES)

• MEDICAL FITNESS WITH PRESCRIPTION FOR HEALTH
• VITALITY SPA
• FITNESS STUDIOS
• SPORTS MEDICINE/PHYSICAL THERAPY
• EUROPEAN STYLED STEAM ROOM
• RELAXING SAUNA
• ALTITUDE TRAINING ROOM
• CRYOTHERAPY CHAMBERS
• JUICE/BEVERAGE BAR
• IV NUTRITION THERAPY

All but 2 of the 312 units have sold for a combined value of $212 million. Average prices range between $350,000 to $2 million. Royal Palms closed on the construction loan in May 2021. Legacy Hotel & Residences is expected to be completed by 2024.

Natiivo Miami Tower Construction Update

With all the buzz happening over new construction in Miami, here is something else to get hyped about! Over the weekend, 1,400 tons of rebar was reinforced along with 4,400 cubic yards of concrete poured for Natiivo Miami. In the next few weeks, we should start seeing construction go vertical.

Natiivo will mix all of the amenities of a luxury hotel with the hospitality of a residential tower. Located in the heart of downtown Miami at 601 NE 1st AvenueNatiivo will rise 51 stories with incredible views of the Miami skyline as well as Biscayne Bay.

Designed and curated by Urban Robot, Natiivo is the first home-sharing condo/hotel residential tower that will utilize services to their owners with the ability to rent out their condos as short-term or long-term rentals. Owners have the ability to manage their own rentals or utilize Natiivo’s services.

Natiivo will feature finished and fully furnished 448 residential units with 16 types of floor plans. Units range from studio to three-bedroom suites with 492 to 1,633 square foot options. 601 Miami will also feature 240 hotel rooms managed by Gale Miami Hotel. The building will also offer 3 floors of 70,000 square feet of amenities including offices, food, and beverage rental spaces.

Work Amenities:

• Co-working spaces
• Private offices
• Flexible office arrangements
• Video-capable conference rooms
• Quiet rooms
• Phone booths
• Cutting-edge technology and connectivity
• Office host
• Coffee and juice bar
• Amphitheater
• Meeting/presentation rooms

Social Amenities:

• Specialty restaurant and bar
• Dining terrace
• Social area with full-service cafe and cocktail bar
• Drink and dine lounge areas
• Media lounge
• Live show and events lounge
• The porch
• Speakeasy
• DJ and live performances
• Programmed events

Splash Amenities:

• Sun deck
• Poolside beverage and food service
• Native tropical landscaping
• Cabana bar
• Pool towel services

Fit Amenities:

• Juice bar
• Yoga and Pilates studio
• Boxing ring with punching bags
• Peloton equipment
• Weight station
• Cross-training/Crossfit
• Spa/treatment rooms
• Sauna/steam rooms
• Locker rooms
• Outdoor terrace/training
• The Fit Boutique

Construction will continue for Natiivo with an anticipated completion date of 2023. If you or someone you know have an interest in purchasing at Natiivo, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

District 225- Formerly Named The District-Have Officially Launched Sales

District 225 is an innovative pre-construction development that will soon grace the Miami skyline. What makes this project unique is its home-sharing capabilities as well as its resort-style amenities.

Located at 225 and 233 N. Miami Avenue in downtown Miami, this 37-story tower will feature 343 fully furnished units that cater to short-term renters. The site is near Miami-Dade College and the Federal courthouse. Just two blocks east is the Government Center transit station. There is currently a 15,000 square foot retail building located on the property but once demolished the construction will begin.

The Related Group, Rovr, and BH group are working together on District 225. Siegler Suarez Architects partnered with Meshberg Group will be responsible for the design.

Along with 343 units, District 225 will not have a parking garage. To alleviate some consumer hesitancy, residents will have close access to public transportation as well as nearby city garages where residents can rent spaces.

District 225 will total 288,400 square feet with studios to 2 bedroom floor plans. Studio pricing will begin around $350,000 up to $700,000 for the 2 bedroom floor-plans. There will also be 2,297 square feet of commercial space located on the main floor.

District 225 Amenities

• Rooftop pool
• Fitness center
• Indoor/outdoor basketball court
• Racquetball court
• Rock-climbing wall
• Yoga/spinning studio
• Coworking spaces
• Lounge with billiard tables
• Summer kitchen

Residence Amenities

• Views of Biscayne Bay and Miami skyline
• Fully finished and furnished studios, one-, and two-bedroom residences
• 9.8-foot-high ceilings
• Smart-home technology experience for seamless personalization with the touch of a button
• Interiors designed by award-winning interior design firm Meshberg Design
• Fully built-out closets in all residences curated by Meshberg Design
• Includes integrated audio, video, window treatment, and lighting systems
• Equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
• Built-in, top-of-the-line washer and dryer
• Flooring selections included with specifications recommended by Meshberg Design
• Pre-wired for high-speed communications and data connection
• Kitchens featuring custom Italian cabinetry curated by Meshberg Design
• Smeg appliance package including an integrated, paneled microwave; dishwasher; built-in convection oven; and refrigerator/freezer
• Master baths featuring rainfall showerhead and custom Italian vanities
• Dornbracht and Duravit bathroom fixtures, features, and accessories

If you or someone you know have an interest in purchasing at District 225, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.