Related Group Requesting Permission to Develop Mixed Use Project on Miami River

The Related Group’s affordable housing division, Related Urban Development Group, is requesting permission to develop a mixed-income housing development on Miami-Dade County property close to the Miami River.

The ground lease and development agreement with the Miami-based developer for the 1.05-acre site at 395 N.W. 1st St. and 25 N.W. River Drive will be up for consideration by the County Commission on September 1. There is a two-story county office building there right now.

The site is close to Interstate 95 to the west, Flagler Street Bridge to the north, and Lummus Park to the south.

In January 2021, the county released a request for proposals (RFP) to find a developer for the land, and Related Group was selected as the successful bidder.

The developer would lease the land from the county under the proposal for 75 years in exchange for a $1.54 million down payment and annual fee equal to 16.5% of the project’s revenue flow. Over the course of the lease’s 75-year term, the county calculated that the payments would total $238.8 million.

The Gallery at Lummus Parc was a project that Related Group predicted would cost $151.7 million to complete.

It would include 439 apartments in two 30-story towers, as well as 5,400 square feet of retail space, a 478-place parking garage, and a cultural installation showcasing Lummus Park’s heritage. An overpass over Northwest First Street would connect the towers.

On the eleventh floor, there would be an amenities deck with a pool, a club room, a workout facility, Zoom rooms, a game room, and a lounge.

Some of the apartments would have cheaper rents and be income-restricted. According to the agreement, 20% of the flats would be reserved for residents earning up to 50% of the area median income and another 20% for residents earning up to 140%. There would be no constraints on income for the remaining flats.

Miami’s average household income is $44,268. The Gallery at Lummus Parc is anticipated to fill some of that demand as local workers have found it more and more difficult to afford residences in the city due to recent double-digit rent increases.

The sizes of the flats would be between 495 and 1,220 square feet. There would be 28 three-bedroom homes, 99 studios, 177 one-bedroom units, and 135 two-bedroom units.

The Related Group representatives declined to comment. According to the proposal, a federal opportunity zone investment fund, Charlotte, North Carolina-based Grandbridge Real Estate Capital, and low-income tax credit equity from JPMorgan Chase and Raymond James would all contribute to the project’s partial funding.

The concept was created by Miami-based CFE Architects. The developer is represented in the application by Miami attorneys Terry M. Lovell and Al Dotson Jr.

New York Developer Acquires Belmar Condominium in Edgewater for a Potential New Development Site

Another potential development site in Miami’s Edgewater neighborhood has been acquired by a New York condo and multifamily developer.

According to public documents, a company managed by Joseph Stern, the principal of SB Development, paid $12 million for all 13 apartments of the Belmar Condominium at 419 Northeast 19th Street. The price per condo for the group purchase is $923,076. To pay for the transaction, the buyer got a $14 million loan from Rok Lending, a company based in Aventura.

Between the 1970s and the 1990s, several of the sellers who bought units made substantial profits on their purchases. In 1973, when Belmar was finished, Francesca, Monica, and David Vila paid $36,000 for a two-bedroom apartment, according to documents. Leopoldo Colon and Kenneth Merker, who are on the board of the Belmar condominium, paid $40,00 and $41,00 for their respective apartments in 1993 and 1994. After Stern’s company completed the bulk sale, the condo association was disbanded, according to records.

The five-story Belmar, which is tucked up against the Cité on the Bay Condominium, might be SB Development’s upcoming renovation endeavor in Edgewater. There are no plans on file with the city of Miami.

For $12.2 million, SB and its joint venture partner Hazelton Capital Group purchased a five-bedroom home at 480 Northeast 29th Street as well as two nearby vacant properties. The land is zoned for up to 38 floors, and the partnership aims to build a boutique apartment tower with a bayfront restaurant on the ground floor.

According to the company website, SB, which was founded in 2010, has more than 500,000 square feet of projects in various stages of development, from townhomes to high-rise buildings. For a construction site in Long Island City where the company intends to construct a $70 million, 24-story apartment tower, SB paid $15.2 million in 2019. SB also contributed to the development of Williamsburg’s Dime, a mixed-use housing and retail complex.

Plans for a 30 Story Tower in North Miami Beach are Announced by BH Group

After purchasing land in North Miami Beach, developer BH Group is planning a 30-story residential structure located at 2261 N.E. 164th Street.

The 1.96-acre site was sold by CK Prive Group 164 LLC, controlled by Bruno Bloch in North Miami Beach, to the BH Group in Aventura for $11 million.  The property increased in value since it was last sold for $8.3 million in 2016.

Currently on the property is a 1969-built warehouse of 35,538 square feet. The warehouse will be destroyed, according to BH Group, and a skyscraper with 400 luxurious residential units will be built in its place.

CFE Architects of Miami Lakes will be the architect for the project.

After the city rezoned a significant portion of its east side to allow for higher density and mixed-use development, North Miami Beach has been experiencing an increase in commercial and residential developments.

BH Group has been purchasing sites all over South Florida. The business frequently collaborates with Miami-based Related Group including District 225 condo in downtown Miami, a condo on Fisher Island, a waterfront condo in North Miami, the Transit Village mixed-use project in West Palm Beach, and condos on Bay Harbor Islands.

The Elser Hotel & Residences Unveiled with Exclusive Party Hosted by PMG and Greybrook

A party celebrating the unveiling of the 49-story luxury condominium tower known as The Elser Hotel & Residences was held on Wednesday, August 3rd, by PMG and Greybrook.

The venue, located in the center of Downtown Miami with unhindered views of Biscayne Bay, offered visitors infinite champagne, a live band, and interactive entertainment. The PMG Residential sales team, comprised of Alejandra Castillo, Christian Tupper, Daiana Quiceno, Aura Aragon, and Karine Carvalho, as well as PMG Managing Partner Ryan Shear, made remarks.

The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.

The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.

Facts and Features

• 49-story tower located in Downtown Miami
• Developed by PMG and Greybrook Partners
• Designed by internationally renowned architecture firm Sieger Suarez Architects
• Approved for short-term rentals
• On-site hospitality management
• Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
• Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
• and Biscayne Bay
• 132-Foot Resort Style Pool with private lounge areas
• Two-Level Modern Gym & Fitness Studio
• Co-working Lab
• Valet Parking
• Electric Vehicle Charging Stations
• Latest Smart Building Technology

Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals.

Residences start at $600,000 or the equivalent in bitcoin, according to PMG Residential, the property’s exclusive sales team.

Developers File Coastline Review for a 30 Story Mixed Use Tower

In North Bay Village at 1755 Kennedy Causeway, B Developments under the LGE NBV, LLC submitted a request to Miami-Dade County for a coastline review. Arquitectonica was hired by the developer to create a mixed-use structure that would be 345 feet tall, 30 floors tall, and directly face Biscayne Bay.

Due to the property’s frontage on Biscayne Bay and its compliance with Article III, Section 33D of the Miami-Dade County Code of Ordinances, the application is necessary. The coastline setback and side setback are subject to variance requests from the developer. A structure with 30 floors must be 75 feet away from the main shoreline and 25 feet away from the side shorelines, according to the County Code’s setback requirements.

The property can’t be developed strictly in accordance with the criteria due to the tower’s height, the property’s size, and the lot’s proportions. To build in compliance with the site plans, the setback from the beach would have to be decreased to 25 feet, resulting in a 50-foot variance.

The developer is offering to construct a public bay walk behind the property along Biscayne Bay as leverage to get the variances allowed for the project because the County standards cannot be met. On the plus side, the proposal complies with the 2020 Island Walk Design Criteria as well as the North Bay Village Unified Land Development Code.

According to floor designs submitted in February 2022 to the North Bay Village Planning & Zoning Board, the distinctive two-story waterfront restaurant would occupy 19,455 square feet of area between the ground floor and mezzanine level. From the mezzanine level to floors 2 through 5, 8 and 9, the majority of the west podium would be occupied by offices. There are five storeys of parking on the podium’s remaining surface.

On the 6th and 7th floors are the residential amenity levels, which have a landscape deck with three pools, barbecue spaces, fire pits, kids’ splash pads, party lounges, residential lounges, game rooms, sky lobbys, and fitness centers. On the south and west sides of the sixth level, there will be a separate amenity deck that the office tenants can use.

Building Plans Description

• 473,252 square feet project
• 201 residential units
• 32,654 square feet of amenities
• 19,455 square feet for a 2-story restaurant with a waterfront terrace
• 1,860 square feet of office space
• 408 parking space in a parking structure podium

The landscape architect is listed as Arquitectonica and the civil engineer as Kimbley-Horn.

Residential units would start on the 10th level and range in size from 670 to 2255 square feet, including 104 one-bedroom, 83 two-bedroom, 8 three-bedroom, and 6 four-bedroom units.

Chicago Hedge Fund Citadel Establishes New Headquarters at 830 Brickell Tower

Less than two months after announcing that he was relocating the Citadel hedge fund from Chicago to Miami and planning to establish a new headquarters, billionaire Ken Griffin signed a significant lease for the company’s premises at 830 Brickell.

Citadel signed a long-term lease for about 95,000 square feet at the 55-story tower at 830 Brickell Plaza, according to people familiar with the arrangement. The skyscraper is being developed by Vlad Doronin’s OKO Group and Cain International, and the asking rates there have reached $125 to $150 per square foot.

Two leases at $130 per square foot are being negotiated, according to a second source, and recent full-service leases have been completed at $110 to $120 per square foot, making the Citadel’s deal ranging from $10.5 million to $11.4 million a year.

According to Justin Oates, SVP at Cain, OKO, and Cain anticipate finishing 830 Brickell within the next six months, with tenants moving in sometime next year.

Griffin revealed in June that Citadel and financial services company Citadel Securities would relocate their corporate headquarters from Chicago to Miami. The choice was made at a time when Miami has developed over the previous 15 months into a destination for the relocation and growth of out-of-state financial firms.

A 2.5-acre bayfront development site at 1201 Brickell Bay Drive has been purchased by Citadel, according to the information originally published by Bloomberg and confirmed by sources to TRD. In April, that transaction concluded for a record $363 million. Citadel may also be related to the $286.5 million acquisition in June of the 28-story office building at 1221 Brickell Avenue, which is across the street. The acquisitions have not been confirmed or disputed by Citadel.

Approximately 70% of the 640,000 square foot 830 Brickell building is already leased, a representative for the development team said.

Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.

Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.

Canadian asset manager CI Financial doubled its original lease signed last year to about 40,000 square feet in January.

Between late last year and this summer, other large tenants included the IT behemoth Microsoft, the insurance and financial services company A-CAP, and Marsh, the insurance division of Marsh & McLennan Companies.

Plans Submitted for a 2 Tower Fontainebleau Project

Fontainebleau Apartments II is a two-tower multifamily development of 10 and 19 stories that is planned to rise atop 4.03 acres of backfilled land in Fontainebleau, Florida. It was developed by the Miami Lakes-based real estate developer and general contracting firm LF Development through an affiliated entity referred to as Combo Group Holdings LLC.

The project, designed by Coral Gables-based Valle Valle & Partners, would include 600 residential units split between its two towers, 5,200 square feet of retail space, and 957 parking spaces, including 147 parking spaces for electric vehicles and 20 handicap spaces. The engineering team is made up of Solver Engineering, Zamora & Associates, and Fineline Engineers, Inc. The landscape architect is Witkin Hults + Partners.

The property itself spans 11.18 acres which is roughly 487,436 square feet with the property also backing to a lake. The lake/property is specifically located west of Northwest 87th Avenue, east of Northwest 97th Avenue, between State Route 836 Expressway to the north and West Flagler Street to the south. The developer is requesting to backfill 4.03 acres (175,480.00 square feet) of the lake/property to construct the multifamily project.

If approved, Fontainebleau Boulevard would front the recently filled in land and run directly between these neighboring thoroughfares. The developer is also requesting that the property’s designation be changed from Water to Medium-High Density Residential and that the zoning be altered from GU to RU-4.

These zonings and classifications surround the region, which is being used as leverage to support the zoning changes. The owner of the area where the buildings are planned to go up is indicated as Italo Campagna.

The site permits 50 dwelling units per acre, resulting in a total of about 560 dwellings. Additionally, the developer is including 36 workforce housing units (WHU) at a rate of 6 percent, allowing for a density increase of about 50 units.

Residential units would have floor patterns with one or two bedrooms. The combined floor area of the two buildings would be 691,497 square feet, and 75,480 square feet of the land would be used as private open space to surround the complex. Google Maps places the building at 9193 Fontainebleau Boulevard, almost exactly where the south tower’s entrance would be.

On July 28, plans for Fontainebleau Apartments II were submitted, although there was no mention of a requested application meeting time.

Demolition Permit Filed and Renderings Revealed for 710 Edge Tower

In October 2021, developers announced plans for a 55-story tower, 710 Edge that will be located in Edgewater. Months later the plans were approved by the Miami Review Board and now permits have been filed with new renderings attached.

The permit that was filed will allow total demolition of the site which would include several buildings that are currently on the property.

Two adjacent waterfront buildings were submitted on July 29th with one of the buildings as Harbor 29. A total of 16,000 square feet will be demolished costing the developers $151,000.

The second permit is for 530 NE 29th Street which totals 4,590 square feet estimating $25,250.

On both permits, Dade Wrecker Service is identified as the demolition contractor.

The projected height of 710 Edge is 55 stories, or 646 feet (649 feet) above sea level. 710 Edge will include 70 residential units, 193 parking spaces, 16,000+ sq. ft. of commercial and retail, a rooftop helipad, and a public baywalk.

Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum. Sales have not yet been announced.

Approval Received for 87 Condo Tower in Coral Gables

A 16-story condo development by Location Ventures has officially been given the green light by the Coral Gables City Commission this past Monday.

Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue. According to the meeting, the project would cost over $350 million and with only 87 condo units, the average price per unit would be north of $4 million.

The new condo would have 319 parking spaces, 10,500 square feet of retail space, and 87 homes in its almost 500,000 square feet. The fourth story would have an amenities deck. A full board room for private meetings, as well as a spa with a steam room and sauna, were among the features listed by Kapoor. Along Mendoza Avenue, there would also be a public dog park located outside the building.

The majority of the condos would have three or four bedrooms, with a few one- and two-bedroom apartments. According to Kapoor, prices would start in the mid $1 million level or roughly $1,000 per square foot.

The site is mostly unoccupied, however, there is a 1925 structure that is 5,736 square feet in size which Location Ventures consented to refurbish and restore that structure so that it might house restaurants.

The owner of Location Ventures, Rishi Kapoor, plans to partner with a high-end luxury brand to market and design the property but no luxury brand has been named in the agreement documents.

Location Ventures anticipates starting construction in late 2023 and starting sales this fall.