Electra America and BH Group are Partnering for a $1 Billion Renovation Project at Southland Mall in Cutler Bay
More than 4,000 units will be included in a $1 billion makeover plan for the Southland Mall in Cutler Bay, which was unveiled by Lake Park-based Electra America and Miami-based BH Group.
The 80-acre site will have mixed-use additions from Miami-based real estate company BH Group, its multifamily partner American Landmark in Tampa, and Electra. According to a press statement, they will contain a 150-key hotel, 60,000 square feet of medical office space, 150,000 square feet of retail out lots, and a public amphitheater.
The present mall building won’t be demolished, though, according to the developers. Instead, while the original mall is being rebuilt, the development would take place in the parking lot.
A new grand entry on U.S. 1, a pedestrian bridge to the brand-new BRT stop, trolley stops, and an amphitheater with a bandshell are all additional attractions.
The partnership purchased the indoor shopping center at 20505 South Dixie Highway in May for $100.3 million. Southplace City Center is the name of the new endeavor.
According to a press statement, Electra America, headed by managing partner Joe Lubeck, and its partners want to start construction on the first residential building in 2023, with a completion date of early 2025. Starting rent will be $2,500 per month.
MSA Architects is developing the master plan for Southplace City Center.
In the first five years, according to the project’s creator, 2,700 employment would be generated.
The redevelopment site is located in an Opportunity Zone, a region that has been set aside by the government with the goal of promoting growth and job creation in low-income areas. As a result, the partnership might draw in investors looking for tax advantages from project investment.
Almi Reveals Plans and Renderings for Midtown Miami-Midtown 7 Residential Tower
In November 2021, Almi Developers announced plans for a residential tower in Midtown Miami, Midtown 7. The project is now moving forward with new construction plans filed as well as new renderings released.
AMLI Residential purchased the 1.85-acre site located at 3001 N.E. First Ave, Miami for $30.5 million. The site is approved for 389 residential units totaling 451,469 square feet. ALMI Residential is considered one of the largest apartment developers in the United States.
The recently submitted designs call for Midtown 7 to include 389 residential units, 28,000 square feet of ground-floor retail space, and 501 parking spaces. It will rise 31 stories tall, or 350 feet and the zoning for Miami 21 requires 452 spaces but does allow reductions.
There will be four levels of the podium and three levels of parking. Although attractive garage screening is envisioned, the parking will not be concealed by the residential lining.
Midtown 7 Amenities
Concierge
Private Pool
Covered Parking
Secure Entrance
24-Hour Security
Gym
Social area/ Entertainment room
The architect creating the revised plans is Arquitectonica. On September 21, there will be a hearing before the Urban Development Review Board.
PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development
PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.
The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.
On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.
The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.
The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.
According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.
Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.
In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.
Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.
Eco-Friendly Mixed-Use Building Proposed in Coral Gables
Along the well-known Miracle Mile district of Coral Gables, Terranova Corp. intends to construct what might be the first mixed-use carbon-neutral structure in South Florida.
The office and retail building will generate all of the energy required to run it on-site, according to the Miami Beach-based developer. Using photovoltaic glass to capture solar energy, battery systems to store it, and energy-efficient AC and elevator systems might be done.
The total square footage of the four-story structure at 93 Miracle Mile would be 36,482. The building would feature 26,167 square feet of area for shops and restaurants and the rest for offices. A rooftop terrace would also be present.
According to Chairman of Terranova, Stephen Bittel, “93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world. The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”
The developer paid $6.8 million for the 10,164-square-foot site in 2021 through an associate. The 9,097 square foot retail facility that it currently has would be torn down.
The project’s design was created by Miami-based Arqutiectonica and is awaiting local permission. Onyx Solar, based in Spain, was chosen to supply the solar glass. The solar glass will help with insulating the building as well as generating solar energy. The rooftop design will create a trellis that helps support the suspended orchid garden.
New Luxury Bayfront Development Revealed in Edgewater-Vida Residences
A new condo development has recently been revealed for Edgewater, Vida Residences. Vida Residences will encompass a Euro design that embodies luxury through every detail including its interior with beige tones, floating chandeliers, and all the amenities a luxury condominium has to offer.
Rising 9 stories tall, Vida Residences Edgewater will feature 121 fully finished and furnished units. One of the more enticing features includes the allowance of short-term rentals. There will no rental restrictions and residents will be allowed to rent on a short-term basis through hosting platforms such as AirBnb and VRBO.
The building will feature over 22,000 square feet of amenities.
Building Amenities:
Expansive rooftop tranquility pool with jacuzzi
Cabanas
Grilling stations
Private rooftop restaurant/bar
Breathtaking vistas of Biscayne Bay
State-of-the-art fitness center Convenient juice and coffee bar
HiTech co-working center 24/7 security services
Controlled property access with 24/7 concierge services
The developer for this project is listed as Urbana with Kobi Karl as the architect and interiors by Euro Design Group. The Groundbreaking is scheduled for the spring of 2023 and completion in 2024. Units start at $300,000.
Two Roads Development Launch Sales on 3 Tower Project- Edition Residences
Two Roads Development has just announced the launch of a 3 tower development designed around the Edition branding, Edition ResidencesEdgewater, with sales launching for tower 1.
With Marriott’s global reach, operational know-how, and size, this brand offers the personalized, intimate, personalized, and distinctive accommodation experience for which Ian Schrager (owner and operator) is renowned.
The Edition brand not only includes excellent design and genuine innovation, but also individualized modern service, and exceptional, one-of-a-kind food, beverage, and entertainment options.
Previously called Biscayne 21, the Edition project located at 2121 N. Bayshore Drive feature 185 condo units with pricing starting at $1.7 million. With 2 of the towers still being planned, it is unknown whether they will also have the ‘Edition’ branding.
Twos Roads Development is also responsible for Biscayne Beach and Elysee towers. Arquitectonica is listed as the architect.
In May 2022, Two Roads paid $150 million for the site which included Biscayne 21, a 191-unit tower currently on the site.
If you or someone you know have an interest in purchasing at Edition Residences Edgewater, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Empira Group Purchases Building Site for an 85 Unit Residential Project-CoralGrove Brickell
Empira Group, a Swiss company, has recently invested $9 million in a multifamily building site in Miami’s The Roads neighborhood as part of its introduction into South Florida’s real estate market.
According to a news release from the developer, Empira plans to erect the eight-story CoralGrove Brickell project on a half-acre plot of land adjacent to Coral Way, between 3025 and 3051 Southwest Third Avenue.
The property currently consists of a two-story and a one-story apartment structure, both of which are vacant and scheduled for demolition this year.
CoralGrove will contain 85 units, ranging from one-bedroom to three-bedroom homes, and 900 square feet of ground-floor retail space.
According to Rafael Aregger, Empira’s head of investments in the U.S., the previously approved 79-unit proposal for the site is being modified by Empira to add more units and relocate a pool that was originally planned for a mezzanine level to the rooftop.
According to Aregger, Empira, which has its headquarters in the town of Zug, manages investments on behalf of German organizations like pension funds, insurance companies, and banks. Empira, led by CEO Marcus Bartenstein, manages $7 billion in assets.
The company entered the United States two years ago, but its primary area of interest is real estate in German-speaking regions of Europe. Together with its joint venture partner Zidan Management Group, it has since built up a 2,100-unit apartment portfolio in the Midwest. The company’s American headquarters are in Empira’s Miami location. Additionally, it maintains offices in Stockholm, Dubai, and London.
According to Empira, the business is considering future development in Sun Belt states including Arizona, Texas, and Florida.
Construction on CoralGrove Brickell is anticipated to begin in 2023 with a completion date in 2025.
Miami Worldcenter Welcomes Sports & Social-New Bar by Live! Hospitality and Entertainment
Miami Worldcenter and Live! Hospitality & Entertainment has a deal to bring its widely regarded Sports & Social concept to the $4 billion, 27-acre mixed-use development that is reshaping Downtown Miami.
Live! Entertainment’s premier dining, entertainment, sports viewing, and social concept is called Sports & Social. One of the biggest restaurant and entertainment concept creators and operators in the US is Hospitality & Entertainment. The company’s main goal is to build iconic venues near prestigious sports arenas, world-class resort casinos, and popular entertainment and lifestyle areas around the nation.
The Sports & Social Miami Worldcenter location will occupy about 20,000 square feet in the development’s glass-encased “Jewel Box” retail building and will feature an open-air third level and a rooftop restaurant overlooking the World Square public park and plaza. It will be situated just steps from Miami’s FTX Arena.
The establishment will provide sophisticated food and drink options, including made-from-scratch gameday favorites, handmade cocktails, and specialty drinks, like its iconic Crush selection, and a variety of beers from popular local and national beers. A number of special food-related events will be held at Sports & Social, including a brunch experience you won’t want to miss on Saturdays and Sundays that will feature its renowned #brunchtails table drinks and menu favorites like avocado toast, savory breakfast skillets, and its signature Chicken & Bliss.
Sports & Social in addition to offering some of the top sporting events in the area, Miami will host a range of live music performances and unique events throughout the week. With cutting-edge technology throughout, the venue will include a striking 53-foot LED display as its focal point, which will simultaneously stream different athletic events and games.
Additionally, visitors can take part in a variety of games like shuffleboard, Beirut, skeeball, foosball, pop-a-shot, and arcade games. Each location of Sports & Social is uniquely designed with careful attention to every detail by some of the highest profile firms in the world including ICRAVE, Jeffrey Beers International, and Knauer Incorporated. ICRAVE, a highly regarded and award-winning strategy, design, and development company, is creating Sports & Social at Miami Worldcenter. ICRAVE, a Miami- and New York-based company, has been in charge of designing Sports & Social’s nationwide expansion.
Three residential towers, Paramount Miami Worldcenter, Caoba, and Bezel Miami, as well as about 175,000 square feet of retail space, were among the phases of the project that were already finished. A 351-room citizenM hotel and an additional 125,000 square feet of retail space are slated to debut at Miami Worldcenter before the end of the year.
The Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space, as well as the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments, are also under construction. The 52-story Miami World Towers, which will have 550 apartment units, is also under construction.
The Witkoff Group’s three-tower mixed-use project, which will include up to 2,000 residential units as well as 550,000 square feet of office space and an additional 50,000 square feet of retail, is one of the planned developments. The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures, two “supertall” residential towers by New York-based Naftali Group, and The Crosby are a few other projects that are in the works
‘Sports & Social’ will add to Miami Worldcenter’s alluring list of recently revealed tenants, which also includes Sephora, Bowlero, and Lucid Motors as well as two food and beverage concepts, Brasserie Laurel and El Vecino, that will soon open under the direction of Michelin-starred Chef Michael Beltran. Around 110,000 square feet of leased retail space are shared by these seven businesses and the newest tenant of the property in Downtown Miami.
New York Developers Purchase Site to Build a Two Tower Residential Project for $40.5 Million
The Namdar Group recently purchased a development site for $40.5 million with plans to construct a two-tower residential and apartment project in downtown Miami.
According to county records, the New York-based company purchased 1.3 acres in two agreements at 50 and 60 Northeast Third Street and at 222 and 234 Northeast First Avenue.
Namdar additionally obtained a $195 million loan for the purchase and development of the skyscrapers. Scale Lending, a subsidiary of Slate Property Group, supplied the funding.
A 41-story structure with 640 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
According to records, entities led by Daniel Stone paid $30.5 million for the parking lot and land at 50, 60, and 222 Northeast First Avenue as well as the parking lot at 50 and 60 Northeast Third Street.
The retail building at 234 Northeast First Avenue was sold for $10 million by a partner of Jaime and Esther Waserstein, who founded the ShoeGallery company in Miami. There is a ShoeGallery store on the premises.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.
Igal Namdar’s commercial real estate investment company, Namdar Realty Group, which buys bankrupt retail centers, also has a New York address that is shared by Namdar.
The Journal Square district of Jersey City has seen activity from the corporation. According to the real estate website Jersey Digs, Namdar completed the tops of two mixed-use towers with a total of 27 stories and 667 residences in July.
Namdar Towers would be the newest development in downtown Miami, which has attracted the attention of multifamily developers.
A 48-story tower with 1,200 flats is what Jorge and Jon Paul Pérez’s Related Group and ROVR Development hope to erect at the site of the College Station Garage at 190 Northeast Third Street. The Namdar Towers location is direct across the street from this one.
The 57-story, 675-unit M Tower is what Lions Group NYC and Fortis Design + Build hope to erect at 56, 70, and 65 Southwest Second Street.
Hyatt and Gencom plan to transform the James L. Knight Center and adjoining Hyatt Regency Miami hotel into a three-tower complex called Miami Riverbridge as part of another downtown redevelopment. 1,500 apartments, a new Hyatt hotel with 615 rooms and 264 service-branded flats, as well as a 190,000-square-foot conference center are all part of the plans.
A referendum on the plan will be held in November.
