Amazon’s Strategic Expansion and Bezos’s Personal Move to Miami: A New Era for Investment and Market Dynamics
Amazon and its founder, Jeff Bezos, are charting new courses in Miami. Bezos, ranking second on the Bloomberg Billionaires Index, has already made plans to return to Miami with the purchase of a waterfront mansion on Indian Creek Island. His move is aligning with Amazon’s strategic move to acquire 50,000 square feet of office space in Downtown Miami.
This move reflects Amazon’s broader strategy to consolidate its physical presence, following its push for a return-to-office policy. Despite resistance from employees, Amazon’s firm stance on in-person collaboration underscores its commitment to a traditional work environment, a point of interest for market analysts and investors.
Amazon’s expansion into Miami, joining other major firms like Nvidia, Citadel, and Microsoft, signals a shift towards regions with favorable business conditions and tax advantages. This trend is crucial for analyzing regional market dynamics and potential investment opportunities in real estate and tech sectors.
Bezos’s personal relocation to Miami, where he has invested in high-value properties, aligns with strategic shifts in his post-Amazon ventures, particularly Blue Origin. This move, free from state income and capital gains taxes, offers a financial edge, presenting a case study in strategic personal and corporate fiscal planning.
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.
Bon Appétit Names Peruvian Restaurant in Miami Top Best New Restaurants in the Country
The 24 Best New Restaurants of 2023 have been published by Bon Appétit, and Maty’s in Midtown is the only establishment in Florida to make the list. The well-liked Peruvian-Japanese Itamae inside a Design District food hall was founded by Chef Valerie Chang, her brother Nando, and her father Fernando in 2018.
It bears the name of Chang’s grandmother as a culinary tribute to the value of family, which has always been a guiding principle for the Changs.
According to Kate Kassin of Bon Appétit, “Miami chef Valerie Chang is getting personal.” “She wanted to make a place where she could celebrate the culinary customs of Peru in memory of her grandmother Maty. Chang is the driving force behind this new endeavor, dishing up warm and hearty meals like the fluffy tortitas de maiz and a vivid cebiche mixto with black grouper and crisp calamari. A complete roasted dorade sits beautiful on an ode-worthy aj amarillo beurre blanc, while a fried snapper arrives wrapped dramatically around fish nuggets dusted with cornmeal.”
A gallery of family pictures and heirlooms are displayed on the walls of the stylish, spacious dining area. Therefore, Maty’s is very much a family business even though Chang’s idea may have inspired its creation. Food & Wine has named Val and Nando Chang as some of the “Best New Chefs in America 2023.”
For the Chang family, this is a busy moment to make the announcement. Val and Nando Chang visited New York earlier this week to celebrate being listed by Food & Wine as one of the country’s best chefs. Itamae, a freestanding restaurant that first opened in 2020, closed last month and was replaced by Fernando Chang’s B-Side, a fast-casual sushi restaurant owned by the Chang family.
By the end of the year, Itamae Ao, a new Itamae, will reopen in Midtown as an omakase experience next to Maty’s. Itamae was mentioned by Bon Appétit earlier this year as one of the factors in Miami’s selection as the “food city of the year.”
Mary’s is located at 3255 NE First Ave., Miami with hours ranging from 4-10 p.m. Wednesday through Thursday and Sunday and 4-11pm Friday through Saturday.
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.
New York-Based Shvo Obtains Construction Loan for Miami Beach Hotel to Add Condo Tower to Development
New York-based Shvo recently secured a $190 million construction loan for The Raleigh Hotel in Miami Beach to add a condo development.
Currently, the site includes The Raleigh, the Richmond Hotel, and the South Seas Hotel. The three hotels were put together by the developers for $242.85 million in 2019. At the time, the property was secured by a $146.9 million loan from Acore Capital Management.
The developers might be able to remove equity from the project and move the work along if they take out a loan for a higher sum. According to the developer, the hotel contributed over $1 billion to the project, including over $300 million in stock.
The hotel is closed while work is being done on the premises. The Raleigh will have 60 suites under Rosewood Hotels & Resorts’ management when it reopens in 2026. The developer is also constructing a high-end restaurant with a private member’s club and a 17-story condo with 42 flats that bears the Rosewood brand.
The 1940s saw the development of the Raleigh. The curving pool, the Martini Bar, and the Tiger Room are just a few of the hotel’s distinctive characteristics that will be preserved by Shvo.
To design the project, Shvo hired New York-based architect Peter Marino and Miami-based Kobi Karp Architecture.
Former Raleigh project investor Bilgili Group, based in Turkey, has pulled out of the project.
