Florida Hits the Jackpot – Seminole Tribe and Governor DeSantis Signs Gaming and Betting Agreement
Governor Ron DeSantis is at it again! Back in March, DeSantis met with lawmakers to discuss possible options to bring betting and gaming to Florida, specifically Miami. Now, his plan seems to be falling into place.
A historic deal took place on Friday when Governor DeSantis signed a gaming compact with the Seminole Tribe of Florida that would bring ‘mobile sports betting’ as well as ‘Vegas-style’ casinos to tribal facilities in Florida. According to Marcellus Osceola Jr. on Friday, Chairman of the Seminole Tribe of Florida, stated “The agreement we are about to sign is going to be life changing for our tribe.”
What the Agreement Will Look Like
Ages 21 and older (located within Florida) can use the app to place sports bets (sports teams would not be allowed to bet)
Bets would be routed through the Seminole Tribe for the next 30 years
The Seminole Tribe would agree to pay $500 million in annual payments to Florida (this amount could increase depending upon the market and profits)
The agreement would allow the transfer of slot machine licenses within Miami-Dade and Broward counties
An exclusive right to operate craps and roulette at all of the Tribe’s casinos and to build three more casinos on existing tribal property
Challenges Facing the Agreement
This agreement may come up against some legal challenges due to a constitutional amendment that was passed by voters in 2018 that requires a vote for all new games in Florida. Miami business leader, Armando Codina has hired a lawyer to fight the gambling agreement and if the agreement is approved, he stated that he plans to sue the State of Florida. According to the Miami Herald, there are others that plan on joining the fight if approved.
Final Notes
Before approval, this agreement must be ratified by the Florida Legislature as well as approved by the U.S. Department of Interior. Governor DeSantis and Senate leaders are due to meet on May 17th to discuss the issue and is expecting approval for the compact by August 2021. According to the Miami Herald, if this agreement is approved it will be the “most populous state in the nation to offer mobile sports betting!”
Melo Group Proposes Two-Story Tower in Wynwood Named Urban22
The Melo Group is a well-known development group in the Miami area. After completing 6,000+ residential units in Miami over the years, they currently have 2,000 units under construction.
According to The Real Deal, the group met with Miami’s Urban Development Review Board on April 21st to propose a two-tower multi-use project called Urban22 in the Wynwood neighborhood.
Multiple parcels making up the 1.94 acre site stretch’s from Second Avenue, 22nd Street, to 23rd street. The Melo Group started purchasing these sites in 2011.
Each 15-story tower would total 708,119 square feet with an 8-story podium connecting between the two. The towers will feature a proposed 441 apartments, 7,168 sq. ft. of retail, 5,692 sq. ft. of office space, and 529 parking spaces. The garage will feature a pool deck on top
The apartments would range from 725 to 1,200 sq. ft. with studio to three bedroom options.
4 studios
243, one bedroom
152, two bedrooms
42, three bedrooms
There has been no update on what the Urban Development Review Board has concluded but we will continue to monitor this proposed project.
Brickell House Finally Finds Solution to Its Parking Garage Woes
All eyes on are on Brickell House condominium tower after years of fighting a parking garage battle! More than 6 years in the making, owners now see a solution to their parking concerns.
The Brickell House Association has contracted ParkPlus High Density Parking Systems to complete the parking replacement project. ParkPlus has 50+ years of history in parking automation and they offer a number of solutions for any need; including robotic parking solutions, self-park stacking, and manually operated stacking.
The parking replacement project is estimated to take up to 77 weeks once permits and approval from the city are in place. ParkPlus is estimating 411 parking places with 80 spaces for electric vehicle charges. With the new system in place, it is estimated that 95 vehicles can be parked per hour.
With the $72 million awarded from the previous parking systems lawsuit, the Association will be able to cover the transition to this parking project making a special assessment not necessary for unit owners. The Brickell House Association has stated that they have taken into account the cost of preventative maintenance for 15 years but may need to revaluate due to technology advances in the future.
ParkPlus is bonded and insured, and the Association has additional insurances if the need arises. Initially there will be valet parking only, which will eventually transition into self-parking. Until the transition occurs, there will be personnel ready to assist in the parking and loading areas.
With this new parking replacement project in full swing, prices for Brickell House condos should rebound over the next few years as there is finally a light at the end of the tunnel!
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Formula One Racing Comes to Miami – Scheduled for 2022
Formula One racing is heading to Florida! For those who are unfamiliar with Formula One, it is an international auto race for single-seater formula racing cars. It is considered one of the, “Premier forms of racing of the world since the inaugural season in 1950,” according to a spokesperson for Formula One.
The new Miami Grand Prix is scheduled for the the fall season of 2022. The exact day is still to be determined but the President of Formula 1 stated that it will be a 10 year deal for Miami. The Hard Rock Stadium in Miami Gardens (home of the Miami Dolphins) will be hosting the event.
“The Hard Rock Stadium entertainment campus in Miami Gardens exists to host the biggest global events to benefit the entire greater Miami region and Formula 1 racing is as big as it gets,” stated the Vice-Chairman, President & CEO of Hard Rock Stadium.
According to the press release by Formula 1, the track will be 5.41 km (3.361 miles), 19 corners, 3 straightaways, and 3 DRS zones. The top speed is estimated at 320 km/h (198.83 mph).
This is an exciting and historical time because Miami will be the 11th location in the United States to host the Formula One Gran Prix Race since the Championship began in 1950. Other cities include, Las Vegas, Detroit, Dallas, and Phoenix.
The partnership hopes to provide a boost in tourism for the Miami area and discounted tickets will be available for Miami Gardens residents. Miami will also see a STEM education program provided by Formula 1, along with local business and community support programs.
This is definitely an exciting time to be living in Miami!
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
Miami Q1 Residential Condo and Single Family Home Numbers are In, and They Look Good!
According to the quarterly Douglas Elliman’s report for Q1 in Miami-Dade County, residential sales continue to rise. With limited inventory of single-family residences and condominiums, prices and sales have increased drastically.
Single-family sales increased by 162 percent and new signed contracts for condo sales have increased by 338.9 percent.
What’s interesting for both condo and residential sales in Miami, the sales price of $5 million and higher have increased substantially. With condo sales over $5 million at a 492.2 percent increase and residential sales over $10 million at a 339.5 percent increase.
The median condo sale price is at $300,000, with a 14 percent increase compared to this time last year. According to the report, “Condos showed much larger gains due to their earlier slowdown in activity early on in the pandemic.”
For Miami Beach, sales of condos and houses increased by 85% with 1,425 closings in Miami Beach. Nearly 10-month supply for single-family homes and condos remained. Condo sales in Miami Beach have increased by 75 percent to 1,192 sales. The median condo price at $510,000 rose 44 percent compared to this time last year.
Modera Biscayne Bay Tower Tops Off – Preleasing Begins May 2021
Modera Biscayne Bay recently toped off on the 28-story tower located at 2150 N Bayshore Drive in Edgewater. This luxury mixed-use residential tower features 296 apartments for rent, 11,000 square feet of retail space, and an 8-story parking garage with 425 spaces. This tower was originally occupied by Unity on the Bay Church before demolition.
The 7-story Goodtime Hotel is located at 601 Washington Avenue in Miami Beach and will feature 266 rooms spanning a full block with 100,000 square feet of indoor space. This Deco-style hotel features a pool deck, restaurant, private lounge, and main floor retail.
Grutman and Williams also partnered with New-York based real estate development firm, Imperial Cos. for this project. They have previously collaborated on a Miami Design District restaurant, Swan & Bar Bevy which has been a huge success. Ken Fulk who assisted with the interior design for the Swan Bevy restaurant was also the lead designer for this hotel project.
Grutman stated, “I always wanted to be a hotel [owner] to try to complete my ecosystem in hospitality.”
The hotel restaurant, Strawberry Moon, is a 30,000 square foot Mediterranean restaurant which will also flow into a bar and pool deck, all located on the third floor. The ground-floor retailers have not been released.
According to The South Florida Business Journal, The Goodtime Hotel is expected to be the largest hotel in Miami Beach by rooms.
Property records also show that Imperial Cos. purchased the property for $5.75 million in June 2015.
Since people are wanting to spend more time outdoors due to the pandemic, Miami is now seen as the “go-to” destination. Imperial Cos. owner stated “If there is a net winner coming out of this pandemic, Miami is top of that list.”
