Beginning May 3rd, Supercar Rooms Miami will be hosting the Miami GP Week, an action-packed week of everything cars celebrating the automotive industry and culture right before the Formula 1 big race. Located in the heart of Miami’s Wynwood at 2022 NW 1st Court, Supercar Rooms Miami is the world’s first member’s only art gallery dedicated to automotive visionaries and interactive experiences.
Elo, the British-born automobile genius, founded and established the company Supercar Rooms Miami. Elo began to amass his own car collection, a desire that developed from a childhood curiosity and admiration for motors. His collection developed to include a vehicle for every mood and occasion.
Elo has been a vehicle collector for over 30 years and is a true automotive aficionado. Presenting on DAVETV’s ‘Modern Wheels or Classic Steals,’ HISTORY UK’s ‘Ultimate Wheels,’ and MTV’s ‘Slips.’ Elo has established himself as a leader in the custom/classic automobile field.
Supercar Rooms Miami is home to one-of-a-kind masterpieces including the 1929 Rolls Royce Bootch, 1961 196 SP Ferrari antique racing car, 2007 Shelby Supercar Ultimate Aero TT vehicle number 1, 1958 450 S Maserati vintage racing car, and 1955 SL 300 Mercedes Gullwing, to mention a few.
Now that Formula 1 is coming to Miami, Supercar Rooms Miami is hosting Miami GP Week. Supercar Rooms Miami invites car aficionados to join them for an incredible week-long event filled with planned activations each day to commemorate the automotive culture that has a stronghold in South Florida.
In collaboration with headline sponsor, IWC Schaffhausen and Crypto sponsor Solana, E11EVEN Vodka, Exotics on Las Olas, and Sunreef Yachts, and
Supercar Room Miami’s Schedule:
May 3– Paddock Orientation Meal- An introduction dinner presented by Supercar Rooms Miami in which a special cuisine is developed and served as you network and enjoy the night among the car community. You will get all of the details and special events for GP Week.
May 4– IWC watchmaker private session- Enjoy lunch at an award-winning Michelin-starred restaurant in Miami’s Design District and be immersed in the world of IWC Schaffhausen. A private Watchmaking lesson will introduce you to the world of high-end Swiss accuracy and workmanship.
May 5- A parade of supercars will cruise down to the Florida Keys for a 60-mile journey. Enjoy a delicious summer lunch while being treated to an exclusive IWC reveal.
May 6– Checkered Flag- The official kick-off celebration for the Miami Grand Prix is preparation for one of Miami’s greatest races. Get ready for a night filled with supercars and the theme of the night is all-access, with special guests in attendance.
May 7– Formula One qualifying day at Hardrock Stadium-From 11:00 a.m. until 4:00 p.m.
May 7-The first-ever Fabio Lamborghini Lifestyle US Store on Lincoln Road celebrates its grand opening. The event will run from 2:00 to 4:00 p.m. This is a private, invitation-only event.
May 7-8– Fabio Lamborghini Miami GP Week Fanfest takes place on Lincoln Road in Miami Beach. 11:00 a.m. to 6:00 p.m. The fanfest is free and open to the public, and it commemorates Lamborghini’s F1 history, which dates back to 1991. Come view Lamborghini’s, both vintage and modern collections.
May 8– Holman Fanfest Experience: From 11 a.m. to 6 p.m., join the Holman family of dealerships next to their luxury flagship dealership in Sunrise, Broward for a day of food, family-friendly entertainment, and all the spectacular action from the racetrack.
May 8– Supercar Rooms on Race Day Miami has leased many suites at Hardrock Stadium, where its members will witness the inaugural Formula One race in Miami.
In addition, Supercar Rooms Miami will provide its members with Red Bull Beach grandstand access to the man-made beach as well as cabanas. This will be a fantastic experience since it will blend Formula 1 racing with a regular day on the beach in Miami.
Can the Metaverse Change the Miami Real Estate Market?
“Metaverse” is a massive buzzword in the realms of technology, business, and finance right now, and like all buzzwords, its definition is hazy, debated, and molded by the objectives of those who use it. Now, the Metaverse is being debated whether it can be a real estate game-changer.
One Miami commercial group is trying to make their listings more attractive by utilizing the Metaverse. Currently, Inhouse Commercial is partnering with the Metaverse Group to create a virtual copy of the two buildings that they have for sale in Miami Beach.
The properties are located at 930 and 960 Alton Road, and whoever purchases the properties, will receive the digital copies of the buildings in the Metaverse. The total asking price for the package is $25 million.
The property is owned by the former Miami Beach Mayor, Phillip Levine. It has been on the market since early 2021. Although the property has received multiple offers, the company stated that they believe they could lure in a big tech company with the Metaverse addition.
Metaverse Group, a significant virtual real estate owner and developer, has so far only created representations of the virtual property. According to Matt Zanardo, the firm’s consulting head, it will wait until Inhouse finds a buyer to completely build it out and choose the metaverse where it will reside.
According to Inhouse’s owner, “Companies and brands in our line of business were entering the metaverse, and we saw there was probably going to be a need for a connection to the real world.”
Recently, a number of organizations and brands have entered the metaverse recent months, and the feasibility of the virtual real estate industry has yet to be shown.
If the company succeeds with this deal, this will be the first-ever commercial/metaverse purchase and will forever change how commercial properties are presented to developers as well as other potential buyers.
Okan Tower Reaches $39 Million in Sales in 1 Month-Groundbreaking Planned for June
Sales have not slowed down for many pre-construction towers in Miami and that list also includes Okan Tower Residences. In a recent press release, developers saw just over $39 million in sales for the month of March.
Originally launched in May 2018, Okan Tower was put on hold in early 2020 due to the pandemic. Now the developer, Okan Group, is moving full force ahead. Okan Tower is expected to rise 70 stories tall with 163 condos and 263 condo-hotel units.
The tower will be located at 555 North Miami Avenue in Downtown Miami and will include luxury resort-style amenities, office spaces, entertainment areas, and a 316-key Hilton Hotel.
Prices for units at Okan Tower will begin at $387,000 for the condo-hotel units and $587,000 for the condos and will go up to $2 million. The hotel units will start on the 36th floor with studio to 2 bedroom floor plan options. These floor plans range from 445 to 1,250 square feet.
The condos will then begin on the 51st floor and will feature 1 to 3 bedroom floor plans. These units will have 695to 2,075 square feet of living space.
The tower will also feature a 2-floor penthouse with 1,875 to 2,040 square feet of living space. Okan will also include luxury resort-style amenities.
Amenities
70th-floor rooftop pool
Sky deck with cabanas
12th-floor lap pool
Clubroom and lounges
Health and fitness center
Spa
Children’s room
Theater
Wine cellar
Owner’s lounge
Amenity deck on floors 27-30
Cafe
Bars
Conference and meeting space
Ballroom
Spa with a marble Hamman
The groundbreaking is scheduled for June 2022. This will be the developer’s first real estate project ever.
If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
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.
