Strategic Real Estate Moves: Boucher Brothers Clinch Nikki Beach in a Tense Miami Beach Vote
In the high-stakes world of real estate, where every decision can ripple through the financial markets, the Boucher Brothers have made a significant play. On September 27th, 2023, amidst the towering skyscrapers and the azure backdrop of Miami Beach, the City Commission convened. The agenda? The future of the coveted oceanfront property at 1 Ocean Drive, Miami Beach, Florida.
The Boucher Brothers, no strangers to the Miami Beach landscape, were vying for the Nikki Beach site. Their ambition was met with intense scrutiny and debate, echoing the boardrooms of Wall Street. The decision was not an easy one. City Manager Alina Hudak had put forth a recommendation, and after what can only be described as a nail-biting session, it was approved in a 4-3 vote.
Lending their support to the Boucher Brothers were Mayor Dan Gelber and Commissioners Ricky Arriola, David Richardson, and Kristen Rosen Gonzalez. On the other side of the aisle, Alex Fernandez, Steven Meiner, and Laura Dominguez voiced their reservations. Their concerns? Primarily procedural, with some pointing to earlier discussions around a no-bid agreement and advocating for a delay in the vote to allow for more public consultation.
For the hedge fund managers reading this, the intricacies of the deal are where things get interesting. The Boucher Brothers’ proposal is a 10-year commitment, promising the city a yearly contribution of 10% of gross operating revenue. In tangible terms, that’s a minimum of $4 million annually, with a 3% increment each year. The property itself is set to undergo a transformation, with a proposed $26 million in renovations. The vision includes a state-of-the-art pool, a wellness center and spa, a dedicated area for children, and a beach concession zone. Culinary enthusiasts will be pleased to hear of a collaboration with Major Food Group, bringing a Sadelle’s restaurant to the location.
However, the road to this decision was far from smooth. Legal challenges and intense negotiations marked every step. Earlier in the year, the City Commission had considered a non-binding term sheet with Boucher, hinting at a potential no-bid agreement. But in the face of significant criticism, they pivoted, seeking alternative proposals for the land and its adjacent beach area.
For those in the financial world, this move by the Boucher Brothers is more than just a real estate acquisition; it’s a testament to strategic planning, negotiation, and the ability to navigate complex landscapes. As the ink dries on this deal, one can’t help but wonder what ripple effects this will have on the broader investment landscape.
Norman Foster’s Biophlic South Beach Office Building Project Approved by the Planning Board of Miami Beach
The proposed Alton Road office project in South Beach by developer Shvo was approved by the Planning Board of Miami Beach.
The project is being designed by Pritzker Prize winner Lord Norman Foster and the crew at Foster + Partners using a biophilic approach that was influenced by Florida’s climate and vegetation. Foster and Kobi Karp Architects are listed as the architects involved in the design.
‘The Alton’ and will rise 6 stories with 170,000 rentable square feet, 17,000 square feet of ground floor retail, and 4 luxury residential units.
The hearing before the Design Review Board will take place in October. The Alton’s construction is anticipated to start in early 2024, assuming it is permitted.
Shvo is working with Foster and architect Peter Marino on three Class-A office buildings in Miami Beach, including The Alton, that have a combined square footage of about 400,000. Together with Deutsche Finance America, the developer is committing nearly $2 billion to Miami Beach.
$1 Billion Highland Park Miami Project Unveiled
Due to Miami’s exceptional growth, which has surpassed that of other major international cities, there is now a greater need and demand for economic drivers, such as healthcare, in order to support the city’s expanding infrastructure.
The Allen Morris Company, one of the largest diversified real estate firms in the southeast, and Black Salmon, a national commercial real estate investment firm based in Miami, have teamed up to develop Highland Park Miami, further solidifying the metropolitan area’s position as the second largest health district in the United States. The 7-acre, $1 billion mixed-use development will add around 10% to the Miami Medical District’s footprint.
Preliminary site clearing for the eagerly awaited Highland Park Miami project will start later this year. The creative team behind the multi-phased development has spent the last ten years conceptualizing and planning Highland Park Miami. They have traveled to important medical centers in the US, such as Houston and Rochester’s renowned Mayo Clinic Health District, to gain a deeper understanding of the needs for such a significant and vast project.
The development of Highland Park Miami will be at the nexus of business and health. The multi-block, mixed-use complex will comprise hotels, residential buildings, supporting retail, food and beverage uses, and green space, and will house medical and related office uses in an urban setting. The internationally acclaimed architecture firm Arquitectonica is responsible for the project’s master planning and design.
Naturalficial, a Miami-based landscape architecture and design firm, has transformed Highland Park Miami, from an unused area into a walkable, gorgeously planted lifestyle community that promotes health and wellness. In order to stress connectedness as a crucial component of the design, it will have 1,000 residential units created by Oppenheim Architecture, a 150-room hotel, and 500,000 square feet of medical office space weaving through open pathways and vegetation.
At 800 NW 14th Street, Highland Park Miami will be situated between the bustling Miami River and Florida State Road 836, a significant east-west transit route that connects to the airport and practically all of the city’s top attractions. Being a transit-oriented development (TOD) and being only 400 feet from a Metrorail station, it will also draw a significant amount of density.
Abbhi Capital Breaks Ground on 2 Million Square Foot Development at Miami Worldcenter
With a ground-breaking of a 2 million square foot mixed-use development that includes the area’s first significant office building, Abbhi Capital plans to revolutionize Miami Worldcenter.
On September 20th, the city’s Urban Design Review Board will consider the expansive project, which consists of a 59-story residential tower and a 33-story office tower joined by a shared podium with plenty of parking. The property was purchased by SanaProperty8LLC, an affiliate of Abbhi Capital, for a total of $44 million between 2020 and 2021. It is located at 1001 N.E. First Ave. The development will have 1,319 spacious parking places, 7109 square feet of retail and dining space, 368,362 square feet of available commercial space, and 558 residential units.
An amenities deck including a pool, jacuzzi, pickleball courts, fitness center, coworking spaces, media room, and even a dog grooming station will be available to residents and renters on the 12th level. The construction intends to accommodate a variety of lifestyles with the majority of residential apartments beginning on the second floor and ranging from small 570-square-foot studios to roomy three-bedroom residences covering 1,562 square feet.
Ten city blocks make up Miami Worldcenter, which is next to Museum Park, which is home to the Frost Museum of Science and Pérez Art Museum Miami, as well as the FTX Arena, Adrienne Arsht Center for the Performing Arts, and Wolfson Campus of Miami Dade College. Miami Worldcenter is the largest and best-connected transit-oriented development in Florida thanks to its proximity to Brightline’s MiamiCentral station, which provides direct train service to Fort Lauderdale, West Palm Beach, and Orlando and access to Tri-Rail, the Metromover, and the Metrorail.
New Restaurants to Open at Miami Worldcenter in 2024
The long list of tenants at Miami Worldcenter, a $6 billion, 27-acre mixed-use complex remaking the center of Downtown Miami, will grow by four national food and beverage concepts.
A dual-concept location for BurgerFi and Anthony’s Coal Fired Pizza & Wings has been signed by the development’s ownership group, as well as leases with Serafina, an internationally renowned Italian restaurant group founded in New York City; Sixty Vines, a sustainable restaurant with an exciting wine-on-tap program and food inspired by vineyards.
The development’s exceptional lineup of recently opened food and beverage outlets, which already includes three concepts from Michelin-starred Chef Michael Beltran of Ariete Hospitality Group’s Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar, as well as two more eateries anticipated to open soon, Earls Kitchen & Bar and Chicago’s Maple & Ash, will be strengthened by the development’s newest restaurants, which are anticipated to open in 2024.
The 300,000 square feet of retail, dining, and entertainment space at Miami Worldcenter, one of the largest privately owned and developed urban real estate developments in Florida, complement the diverse mix of residential, commercial, and hospitality uses that it offers. Approximately 84% of the retail space in the property is leased. In collaboration with CIM Group, Miami Worldcenter is being built by master developers Miami Worldcenter Associates, headed by Managing Partners Art Falcone and Nitin Motwani.
Ten city blocks make up Miami Worldcenter, which is next to Museum Park, home to the Frost Museum of Science and Pérez Art Museum Miami, Adrienne Arsht Center for the Performing Arts, and Wolfson Campus of Miami Dade College. Miami Worldcenter is the largest and best-connected transit-oriented development in Florida thanks to its proximity to Brightline’s MiamiCentral station, which provides direct train service to Fort Lauderdale, West Palm Beach, and Orlando and access to Tri-Rail, the Metromover, and the Metrorail.
Tesla to Open 3rd Florida Sales Center in Miami
The third service and sales facility for Tesla is slated to open in Miami-Dade County. The multi-million dollar project would need to renovate a 78,026-square-foot warehouse that was originally built in 1984.
Additionally, 150 parking spaces are planned, with 2/3 of them being outside the structure. The 5.3-acre construction site was purchased by EV 9900 LLC in late 2021 for $19.75 million. The building wasn’t occupied when it was purchased.
The original structure will be transformed into a service center, showroom, and office space in accordance with Tesla’s concept. This would entail that the facility would be open for the transfer of new cars to owners, the acceptance of end-of-lease vehicles, and the provision of basic services like tire repair and software upgrades.
The project was created by Stantec. It shared conceptual illustrations of a mid-rise glass structure with many web outlets. The proposal will be presented to Miami-Dade city officials on August 23, 2023, according to Tesla North.
If permitted, the business would complement the Tesla service centers that are already located in Delray Beach, West Palm Beach, and Fort Lauderdale. The business may be found in Miami-Dade County at 9950 N.W. 25th St., Miami, FL, 33172. The construction would be located north of Dolphin Expressway.
Jeff Bezos Buys Waterfront Mansion on Indian Creek Island for $68 Million
Third-richest man in the world and billionaire Jeff Bezos reportedly paid $68 million for a waterfront mansion on Miami’s Indian Creek Island. An organization that bought the demolished home at 11 Indian Creek Island Road was controlled by the founder of Amazon.
Bezos and his fiancée Lauren Sánchez, a former news reporter, and pilot, were searching for a new or restored property in the Miami region. He probably began looking for a home when in Miami in May for the Formula One Grand Prix. Given that he has looked at residences on La Gorce Island, Star Island, and North Bay Road in Miami Beach, he might potentially be prepared to buy additional properties.
The home was originally built in 1965 with some additional renovations completed in 1985. The home features 9,300 square feet of living space with 3 bedrooms and 3 bathrooms on 2.8 acres. According to tax records, the sellers are listed as hotelier Tulia Soucy de Gonzalez Gorrondona.
Other notables on Indian Creek Island include hedge fund manager Eddie Lampert, businessman Carl Icahn, Tom Brady, Ivanka Trump, Jared Kushner, musician Julio Iglesias, and auto dealer magnate Norman Braman.
David Guetta is also under contract to purchase the beachfront spec home at 37 Indian Creek Island Drive, which has a $69 million asking price.
Chicago-Based Company Files Plans for 39-Story Residential Tower in Brickell
Focus, a Chicago-based company recently submitted plans for a residential tower at the site of the former Starlite Motel in Brickell. According to records, the company paid $28 million for the property in November 2022.
“Miami’s vibrant metropolis, with its walkable urban cores, offers a dynamic and energetic environment that aligns perfectly with our mission,” said Tim Anderson, CEO and Founder of Focus.
The site’s demolition was finished earlier this year, and it was just permitted to be a part of Miami-Dade’s Rapid Transit Zoning District, which permits higher density. A pre-application for the new skyscraper was submitted to Miami-Dade planners on August 4. Gensler is listed as the architect for this new development.
According to the plans, the tower will rise 39 stories tall and will feature 516 residential units. There will also be ground floor retail, indoor and outdoor amenity spaces, and 506 parking spaces.
Construction Continues on 7918 West Drive In Miami’s North Bay Village
Construction is underway at 7918 West Drive, a 21-story, 54-residence waterfront condominium development in Miami’s North Bay Village.
The foundation through the third level is now complete, and significant progress has been made on the parking garage. The columns and shear walls as well as the sixth level have also had concrete poured. The parking garage’s south section’s foundation is also finished.
Where east and west converge at 7918 West Drive, there are a number of striking units with Aerial views that display the unique architectural and natural features that characterize each floor plan. The idea stands out from the competition because of its unique fusion of a contemporary, high-tech lifestyle with Japanese culture. The development will provide a Zen Garden, a yoga room, and water features to create an indoor-outdoor atmosphere.
Modern SieMatic cabinetry, Cosentino worktops and surfaces, and high-end Miele equipment can be found in the kitchens. Additionally, Hansgrohe and Kohler plumbing fittings will be included in the homes. Additionally, the cutting-edge technology at 7918 West Drive will incorporate automated software customization for the utmost convenience, security, and privacy.
Priced from $2 million to over $17 million, homes range in size from 1,677 to 7,086 total square feet, including a minimum of two bedrooms, and have at least two views of Biscayne Bay. There are only four units per floor, all of the houses are corner units, and each balcony has an irregularly shaped ceiling that offers places that are both partially sheltered and partially sunny.
7918 West Drive will have 16,224 square feet of common areas, 148 parking spaces, and a 33,600 square foot property on the Intracoastal Waterway.
The project architect is Juan Azulay, founder, and director of MTTR mgmt, and the general contractor is listed as Thornton Residential. A multidisciplinary architectural design business with its headquarters in Tokyo, ONE DESIGNS Co. Ltd., created the lobby of the skyscraper. The company includes architectural designers and top-tier certified architects that provide knowledge of Japanese construction and interior design for people looking for a home that simply redefines attention to detail.
7918 West Drive is distinctively designed and equipped with cutting-edge technology throughout. Due to its outstanding design and painstaking attention to detail, the development has made significant progress since its groundbreaking ceremony in February 2023, confirming its place as a benchmark of architectural excellence in South Florida.
Miami Riverbridge Development Approved
The lease between the City and the joint venture led by Hyatt and Gencom was unanimously authorized by the Miami City Commission with a vote of 5-0. This choice represents an important step forward for the ambitious Miami Riverbridge project at 400 Southeast 2nd Street, paving the way for the revitalization of Downtown Miami’s riverside area.
The agreed lease deal opens the door for joint initiatives between Hyatt and Gencom to improve accessibility, encourage walkability, and bring a variety of offerings to the bustling city. The joint venture may now go forward with finalizing the construction plans in close collaboration with the City thanks to this significant endorsement.
The Miami Riverbridge project has already had resounding public support, garnering an amazing 64% of voters’ approval in the November election. This broad acknowledgment of the project’s transformative potential emphasizes its significance to the local community and visitors alike, sparking excitement for Downtown Miami’s future.Riverbridge in Miami. Credit: Gencom and Hyatt.
Both Phil Keb and James Francque, speaking on behalf of Gencom and Hyatt respectively, acknowledged how grateful they were that the City Commission had approved the lease. They reaffirmed their steadfast dedication to bringing about a great development that satisfies the community’s ambitions while also making a major contribution to Miami’s economic development.
Now that the leasing arrangement is finalized, the Miami Riverbridge project can move forward, realizing the riverfront’s full potential and creating a vibrant urban environment. The joint venture’s goal is to accommodate the rising demand for homes, hotel rooms, and event venues while also bringing in a sizable sum of money for the City in the form of taxes, fees, and ground rent.
Three towers affording residents and hotel visitors sweeping views of Downtown Miami and Biscayne Bay are part of the site’s plans, which were created by Miami-based Arquitectonica. 682 multifamily apartments, a 615-room Hyatt Regency with more than 100,000 square feet of conference space, and 264 serviced apartments will be housed in Towers One and Two, which will rise 61 stories. A Skybridge with an upscale destination restaurant and lounge positioned 700 feet above the city will connect the towers at their highest point. Tower three will rise 1,049 feet in the air and contain 860 residential apartments, making it one of the tallest structures in South Florida.
