New-York Developer Proposes Two Super Tall Towers at Miami Worldcenter

New York-based developer, Naftali Group, recently announced their plans to build two residential buildings at the Miami Worldcenter. Naftali is entering the height of the Miami construction boom where the demand for residential units is so great, that they hope to relieve some of the market stress with this new development.

The proposed site located at 1016 Northeast Second Avenue expands over 44,500 square feet which will include retail, co-working space and residential units. The Naftali Group paid $40.5 million for the property after the seller, Akara Partner paid $18.8 million in July 2020. The deal has been in the works since last year.

Pre-sales for the two ‘supertall’ towers are planned to begin by the end of the year. Naftali has stated they they are not sure whether that the project will include condos, apartments, or both.

In a statement released by the developer, they have be actively looking at sites in Miami for the past 9 months and the owner believes the property is “a truly unique opportunity to develop in the downtown Miami urban core.”

Additional details about the development will be released in the next few months.

Naftali Group has also purchased an 8,227 square foot lot on Eleventh Street across from the Metromover Station. This lot will allow a project up to 1.3 million square feet. Naftali Group has a mixed portfolio including 37 residential project totaling $12 billion in value.

The Miami Worldcenter is designed around several projects which encompass residential towers, commercial properties, entertainment, and retail that spans 27 acres.

Miami Real Estate Sales Soar for the 17th Consecutive Month

According to the Multiple Listing Service (MLS), Miami-Dade County real estate achieved its best-ever February sales month as existing condo transactions climbed by double digits for the 17th consecutive month, following the historic January 2022 and 2021 year sales.

Total house sales in Miami-Dade County increased 13.2% in February 2022, from 2,485 to 2,814. Due to low availability, Miami single-family home transactions fell 7.9%, from 1,093 to 1,007 units. Existing condo sales surged jumping up 29.8%, from 1,392 to 1,807, marking the 17th consecutive month of double-digit year-over-year condo gains.

Home sales were much higher in February 2022 compared to February 2020 with total house sales up 51.1% compared to February 2020, from 1,862 to 2,814. Miami single-family house sales are up 13.9% while condo purchases are up 84.8% from January 2020.

Miami luxury condo sales are up 45.4%, with mid-market transactions ranging from $400,000 to $600,000 on the rise. In addition, Miami’s existing condo luxury ($1 million and more) sales increased 45.4% year on year to 237 deals.

Miami single-family houses valued between $400K and $600K climbed 24.7 percent year over year in February 2022, with 389 sales. Miami’s existing condo sales in the $400K-$600K price range surged 101.8 percent year over year to 345 deals in February 2022.

Single-family home inventory fell 29.3 percent year on year in February 2022, from 3,128 active listings the previous year to 2,212 this month. Condominium inventory fell 55.1 percent year on year to 5,272 from 11,735 during the same time in 2021.

Months’ supply of inventory for single-family homes has been decreasing since July 2019, suggesting high demand. Months of inventory for single-family homes fell 39.3 percent to 1.7 months, indicating a seller’s market. Existing condominium inventory fell 74.5 percent to 2.6 months, indicating a seller’s market. A balanced market between buyers and sellers provides six to nine months of supply.

The total number of active listings at the end of February 2022 fell 49.6 percent year on year, from 14,863 to 7,484.

In February 2022, Miami-Dade County single-family median prices grew 19.1 percent year over year, rising from $450,000 to $536,000. The median price of a single-family home in Miami has climbed for 123 straight months (10.25 years), the longest unbroken stretch on record.

Year over year, the median price of existing condos grew by 26.7 percent, from $300,000 to $380,000. The median price of a condo has risen in 125 of the previous 129 months.

Mortgage rates have typically been low, making house purchases more accessible. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.76 percent in February, up from 3.45 percent in January, according to Freddie Mac. The overall commitment rate for 2021 was 2.96 percent.

Miami real estate is attracting several bids, with buyers willing to pay above the asking price. In February 2022, the median percent of the initial list price obtained for single-family houses was 98.7 percent, up 1.5 percent from 97.2 percent the previous year. For existing condominiums, the median percent of the original list price obtained was 97.8 percent, up 3.7 percent from 94.3 percent last year.

Miami cash sales accounted for 75.6 percent of all sales in February 2022, which is much higher than the national average. In February 2022, cash transactions accounted for 43.9 percent of Miami closed sales, up from 35.8 percent in February 2021. According to the most recent NAR figures, cash accounts for around 25% of all house sales in the United States.

Cash sales made up 53% of all existing condo sales in Miami and 27.5 percent of single-family purchases.

Developer Plans Luxury Office Building in Miami’s Design District

As companies and tenants flock to Miami, the demand for office space is increasing. Craig Robins, a Miami Developer is looking to build his first Class A office building in Miami’s Design District. Partnering with Miami Design District Associates, Robins recently revealed plans for a 15 story building at 30 Northeast 39th Street, the Ursa.

The building is anticipated to feature 180,000 square feet of office space spanning over 10 floors. There will be retail space on the ground floor and a rooftop deck that will only be available for tenants of the building.

According to Robins, “We are thrilled to be bringing the Ursa to the Miami Design District. integrating state-of-the-art workspaces into the neighborhood has always been a part of our plan. People want to work in centers of creativity, culture, and commerce; and the district really provides the type of environment where innovation can take flight.”

Arquitectonica is responsible for the design of the tower with New York artist, Daniel Arsham, designing the furniture and the public art for the retail spaces.

From the renderings, the Ursa appears to have a lot of outdoor space with lush greenery on the rooftop as well as on varying terraces. The floor-to-ceiling windows provide tenants with views of the Miami Design District. On-site, the building will be fully integrated with the most up-to-date technology as well as 24/7 security and property management services.

The Miami Design District Associates already owns 1+ million square feet of commercial space in the Miami Design District.

Miami-Dade County has already proved the site for utilities for the Ursa and the county records show an application for the demolition permit. The property was purchased in 1995 for $680,00 and is expected to be completed in fall 2024.

Gordon Ramsay’s Infamous Hell’s Kitchen to Open in Miami

In a statement recently released from Gordon Ramsay’s company, Ramsay will establish a Hell’s Kitchen branch in downtown Miami in late 2022. It will be the third Hell’s Kitchen establishment, after those in Las Vegas and Lake Tahoe. Two more locations, in Chicago and Washington, D.C., are also on the way.

The Miami location will be just as big and just as iconic as its other locations. The site itself will be located at the Metropolitan Miami Development which lies just north of the river in Brickell.

The space spreads out 16,000+ square feet over two floors, there will be a ground-floor patio and a second-floor dining terrace. Like its counterparts, there will be an open kitchen, bar, and signature fire depictions throughout the restaurant.

The menu will include the show favorites but with a Miami twist. Think oysters, shrimp cocktails, and seared scallops featuring Cuban and South American spices and classics. Other foods like beef Wellington, chicken scallopini, meatballs, and foie gras will also be on the menu.

You will know what you pay for with the fixed-price options that range from $75 to $85.

Ramsay himself stated, “I’m so excited to bring [the restaurant] to Miami. With its impressive food scene, Art Deco architecture, and amazing people, they really know how to bring on the heat, and I know Hell’s Kitchen will feel right at home.”

Gordon Ramsay is a British chef, tv personality, and restaurateur. He founded Gordon Ramsay Restaurants in 1997 and has been awarded 16 Michelin stars overall and currently holding 7. He began Hell’s Kitchen in 2004 and it received national recognition in 2005. Ramsay is known for his incredible skills, fiery attitude, bluntness, and his excessive use of profanity.

Hell’s Kitchen Miami will open in the fall of 2022. Aria Group and Architecture will be in charge of the design of this location.

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.

The Regent Cocktail Club Reopens After 2 Years

It has been a rough couple of years for businesses due to COVID and the rising costs of goods/services. Within the past 2 years, a lot of businesses had to close, including one of South Beach’s favorite spots, The Regent. Recently, the Havana-inspired bar and lounge reopened with a new cocktail menu that will quench your thirsts.

Located inside the Gale South Beach, the bar and lounge originally opened in 2012. The bar was named in the Top Ten Hotel Bars in the World in 2017. In March 2020, The Regent closed its doors shortly after a renovation in 2019.

Before it was The Regent, it was called the Rec Room and was more of a night club themed spaced. Due to the renovation, the bar is now 3x the size of the once nightclub. The bar can also hold up to 200 guests.

Although The Regent is located in the Gale South Beach, you can still enter through a separate door behind the hostess stand of the Dolce restaurant. Once you make your way through the stairwell illuminated by neon signs, you will enter the bar area with a 10+ seat bar, comfy chairs, and leather banquettes.

The bar pays homage to classic 1920’s speakeasy with low lighting, leather fixtures, and privacy. In the early hours, hear low levels of jazz but the bass will rise later once the DJ starts spinning.

While you’re there, grab a Champiña or Peach One from the signature menu. If you get hungry, there is a limited food menu with cheese plates, chicken empanadas, and chips and guacamole.

The Regent is open Thursday through Saturday from 7 pm to 2 am.

5th Annual Automotive Showcase to take Place in the Miami Design District

Miami Concours will host the 5th annual automotive showcase in February 2022 located in the Miami Design District. The showcase was designed to celebrate American supercars but this year, it will be honoring one of the most iconic supercar collectors in the country.

The automotive show will be honoring innovator and car manufacturer, James Glickenhaus by showcasing his personal collection of supercars including his new production cars. He will also be showcases his one-of-a-kind race car.

Miami Concours will also be displaying John Hennessy’s limited edition Hennessy Venom F5 Hypercar. With only 24 of these cars manufactured, the price tag reaches to $2.8 million and can go up to 250 mph.

The showcase will also feature 60 hand-selected post-war automobiles that are owned by some of the most exclusive and significant collectors in the country.

A red carpet will run from NE 39th Street to NE 41st Street stretching half a mile, showcasing all of the unique and exclusive cars that concours has to offer. The show will take place on Sunday, February 18th-20th, 2022 beginning at 11am. You can register your concours car here.

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.

Estate Featured on Miami Vice Sells for $13.9 Million

Andian Group, a Miami-based development firm led by Andres Isaias and Alejandro Diaz Bazan recently purchased a Miami Beach waterfront home for $13.9 million. What a deal for the estate that was originally on Miami Vice.

The property is located at 1415 North View Drive on Sunset Islands. The property itself features 7,748 square feet sitting on 0.6 acres. With 6 bedrooms and 8 bathrooms, the contemporary design showcases custom walls, marble flooring, and soaring wood-beamed ceilings.

Skylights and large windows center on the incredible outside views. The home also features a custom bar in the main living area, a gourmet eat-in kitchen with top-of-the-line appliances. Carrara marble unfolds throughout the bathrooms making the home a luxurious retreat.

The exterior of the home feature an in-ground pool with a fountain, 97 feet of water frontage, and the ability to place a long boat dock.

The home was originally built in 1983 and was utilized from 1984 to 1990 for the filming of the original Miami Vice.

The property records state that the seller is Lions Global Venture out of Miami. Lions Global purchased the home in 2013 for $7.6 million.

The Andian duo plans to renovate and sell the home for profit. They have been very active in Miami Beach and have recently sold a home on the Venetian Islands for $15.1 million.