Plans for Twin Condo Towers at the Turnberry Yacht Club Proposed
Jeffrey Soffer, CEO of YCM Acquisition LLC, has submitted a site plan to build on a section of the 18.4-acre site located at 19500 and 19735 N.E. 36th Street in Aventura. The current site is comprised of 7.6 acres of buildable land and 10.8 acres of submerged land.
Currently on the site is a marina, a 50-room hotel, a clubhouse, a spa, and tennis courts. The two proposed condos would replace the hotel, eight tennis courts, and a portion of the parking lot that is currently on the site.
The twin towers would be labeled as towers north and south and would rise 24 stories tall. The north tower would equal 398,000 square feet in the first phase of the project, with 145 condominiums, 10 service apartments, and 320 parking spots.
The residential units would range from 1,730 square feet for the two-bedroom floor plan to 4,990 square feet for the three-bedroom floor plan.
The service apartments would be smaller and range from 367 to 638 square feet. These suites would only be for guests of owners and can be purchased by the owners.
Each condominium would have its own pool, exercise facility, and social areas. Two additional tennis courts would also be built in the south tower.
Soffer is making a name for himself in Aventura, first with the Turnberry Ocean Club and a building north in Tequesta and now with this new development.
No dates have been submitted for the review of the proposal. Arquitectonica is the architect for these twin towers.
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.
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.
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.
December 2021 Posts Best Sales Month in Miami-Dade Real Estate History
This year has been a record-breaking year for Miami-Dade County real estate. Quarter one, we saw median sales prices reach record numbers as well as the number of homes sold. In the second quarter for 2021, a new record was set for the most home ever sold in that quarter.
In the third quarter, records for highest condo prices sold. And now, Miami has had its best December sales month in history with total homes sales, highest annual total dollar volume, most condo transactions, and most single-family home sales.
According to the Multiple Listing Service (MLS) for quarter 4, there has been 49% more sales and 103% more dollar volume in 2021. Year 2021 ended with 39,394 existing total property sales, up 49.5 percent from the 26,345 transactions in 2020 and 31.1 percent from the previous annual high of 30,041 transactions in 2013. Miami’s sales in dollars totalled $30.3 billion in 2021, an increase of 103.4 percent year over year.
The total sales record actually broke in October 2021 (10 months) which is a record in itself. In just nine months in 2021, Miami broke its all-time yearly condo sales record, selling 23,689 units, an increase of 80.9 percent over the previous year. Miami set a new record for annual single-family home sales in 11 months, with 15,705 units sold, up 18.5 percent from 2020.
Total home sales in Miami-Dade County increased 14.8% year over year in December 2021, from 2,990 to 3,433. While single-family house sales in Miami fell 1.2 percent, from 1,372 to 1,356, existing condo sales in Miami rose 28.4%, from 1,618 to 2,077. It’s the 15th month in a row that condo prices have risen by double digits year over year.
Nine of the top ten best house sales months in Miami history occurred in the year 2021. The month of June 2021 (with 4,057 total transactions) is still the most active in Miami’s history. Since MIAMI began keeping statistics in 1993, December 2021 (with 3,433 sales) has been the sixth-best sales month overall.
Home sales in Miami are also up considerably from December 2019. Total home sales in Miami increased by 41.6 percent in December 2021 compared to December 2019, from 2,424 to 3,433. Single-family house sales in Miami are up 15.5 percent, while condo transactions are up 66.2 percent, compared to December 2019.
In December 2021, single-family luxury ($1 million and more) transactions in Miami increased 18.6% year over year to 262. Existing condo luxury ($1 million and over) sales in Miami increased by 100% year over year to 264 transactions.
Luxury single-family homes have a 3.2-month supply, while luxury condos have a 7.5-month supply. Month-over-month and year-over-year, luxury months of supply continues to decline for all property categories.
In December 2021, 535 single-family houses priced between $400K and $600K sold in Miami, up 25.6 percent year over year. Existing condo sales in Miami increased by 101.7 percent to 359 deals, with prices ranging from $400K to $600K.
Single-family median prices in Miami-Dade County grew 15.4% year over year in December 2021, rising from $454,900 to $525,000. The median price of a single-family home in Miami has grown for 121 months in a row, a stretch of 10.1 years. The typical price of an existing unit grew 29.3% year over year, from $274,500 to $355,000. In 123 of the last 127 months, condo median prices have risen.
In December 2021, Miami’s total monetary volume was $3.1 billion. The dollar volume of single-family homes climbed 27.7% year over year, from $1.31 billion to $1.67 billion. Year over year, condo dollar volume increased 68.5 percent, from $853 million to $1.4 billion.
In December 2021, cash transactions accounted for 40.4 percent of Miami closed sales, up from 32.2 percent in December 2020. According to the most recent NAR statistics, cash sales account for about 23% of all house sales in the United States. Cash sales made up 49.1% of all existing condo sales in Miami and 27.1 percent of single-family home sales.
The Real Wolf of Wall Street Now Calls Miami Home
We can’t stress enough how hot Miami is right now! And we aren’t talking about the temperature. Notables, celebrities, and execs are moving to Magic City daily and another one just joined the ranks. Recently announced that the real ‘Wolf of Wall Street,’ Jordan Belfort is Miami’s newest resident.
Recently, Belfort eloped in Las Vegas with model and now wife, Cristina Invernizzi. Invernizzi is originally from Argentina and is listed as Belfort’s third wife. Belfort and Invernizzi are moving from Las Vegas.
So who is Jordan Belfort? You may have seen the 2013 The Wolf of Wall Street movie starring Leonardo DiCaprio portraying Jordan Belfort. But to dive deeper, Belfort was a former stockbroker who pleaded guilty to multiple crimes related to stock market manipulation and the running of a long-term scam involving penny stocks sending him to prison.
Belfort grew up in Queens, New York where he began selling at a young age. His friend any him would sell Italian water ice desserts out of inexpensive styrofoam coolers at a beach during the summer months where they would earn around $20,000 every summer. Belfort later went to American University where he studied biology and later went to dental school for a short period. In the 1980s Belfort founded Stratton Oakmont, an over-the-counter brokerage house and financial firm that did remarkably well until he was later caught.
Since his sentencing and prison sentence, Belfort has profited off of 2 memoirs that discuss his life during the Stratton Oakmont era, as well as a self-help book on persuasion and influence.
More recently, Belfort has been participating and becoming fully engulfed in the Miami scene. During Art Basel week, he released his very first NFT. The NFT portrays Belfort partying on a yacht surrounded by models, helicopters, and helicopters flying overhead. One of the fascinating depictions includes the yacht being surrounded by FBI agents. David Yarrow is the photographer for the piece.
Another announcement includes Belfort’s announcement for his very own tequila coming to a shelf near you, Mezcel Santo Inferno. We can’t wait to see what else The Wolf has in store for Miami!
Moishe Mana Expands Portfolio to 3 Buildings for $25.4 Million in Miami
Miami’s biggest landlord, Moishe Mana, has bought three additional buildings to add to his forever expanding portfolio. As part of his aim to convert the Downtown Miami into an innovation and cultural centre, he plans to create, Mana Common. Moishe Mana has spent much of this year investing in commercial properties as well as residential properties in Miami that he has been making a big time profit on!
Mana paid a total of $25.4 million for the three properties at 100 North Miami Avenue, 173 Northeast First Street, and 124 Northeast Second Avenue. The buildings total 50,197 square feet, and are part of Mana’s portfolio of more than 60 properties in and surrounding Downtown Miami.
According to property records, the two-story, 18,535-square-foot structure at 100 North Miami Avenue was built on 0.2 acres in 1941. According to state corporate filings, the seller Flexini Investments is led by Mario Sapoznik. The two-story, 7,200-square-foot building at 124 Northeast Second Avenue, erected in 1922 on less than 0.1 acre, is two blocks west, according to property records. On 0.3 acres, it lies next to the two-story, 24,462-square-foot structure at 173 Northeast First Street. The two buildings were sold by SG & S, which was led by Ana White.
The majority of his properties are older low- to mid-rise buildings with small businesses including clothes boutiques, pawn shops, and cafes.
Mana intends to repair or redevelop his properties to establish Mana Common, a campus-like space aimed at integrating Latin American and American digital companies. Despite the fact that Mana has started work on several of his properties after years of land acquisition, he has run across some roadblocks recently.
Mana had commissioned engineering inspections prior to beginning repairs, which revealed the buildings had “significant structural issues.” Mana Common’s representative declined to provide an update on the buildings. Some of the buildings that he has started repairs include the Nikola Tesla Innovation Hub, a fashion mall, the Flagler Studios, and another building on East Flagler Street.
M Tower Redesign Renderings Revealed
Located at 56 SW 1st St and 65 SW 2nd Street, M Tower will rise 49 stories in Downtown Miami. Recently, the developers released renderings for a redesign of the tower. M-Tower will be developed by the Miami Parking Authority and a private developer in a partnership.
The old plans showcased the property reaching 53 stories, 440 condo units, and 818 parking spaces. The tower was proposed to encompass 622,783 square feet total with 25,732 square feet of office space and 1,089 square feet of retail. These previous designs were created by Zyscovich Architects.
The new designs showcase 624 condo units, ground floor retail, offices for Miami Parking Authority, and 717 parking spaces. The architect for the redesign is NBWW Architects located in Coral Gables.
In the previous design, the older garage on the property was to be refinished and incorporate some of the new design but the current plans show an entire demolition of the site with plans to rebuild.
The property that the proposed M Tower sits on sold earlier this year to an affiliate of the Lion Group NYC for $10 million.
If the new redesign is approved by all parties, then construction will begin in 2022.
Developers for Legacy Hotel & Residences Receives Third Largest Construction Loan Ever in Florida
Developer Dan Kodsi’s Royal Palm Companies recently received a $340 million construction loan for Legacy Hotel & Residences. New York-based real estate lending joint venture Silverstein Capital Partners, provided the loan for a condo-hotel construction tower that will be located in Downtown Miami at Miami Worldcenter.
According to a press release, the financing is the third-largest construction loan ever made in Florida, behind two others for projects in Miami-Dade. The other two loans were for the building of The Estates at Acqualina in Sunny Isles Beach ($558 million) and Five Park in Miami Beach ($345 million).
Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.
The luxury tower located at 942 Northeast First Avenue, will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium.
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.
Not only is this loan one of the largest construction loans in Florida but this is also Silverstein Capital Partner’s first South Florida loan. Larry Silverstein of Silverstein Properties is an affiliate of the financial group and also led the development of the World Trade Center after 9/11.
Kobi Karp Architects, Design Agency, and ID & Design International designed the structure.
The ground-breaking for Legacy Hotel & Residences occurred in August 2021 and is expected to reach top-off in 2024.
