Downtown Living Miami

11/06/2018

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05/31/2018

https://therealdeal.com/miami/2018/05/30/russian-oligarch-sells-setai-penthouse-for-9-5m/

Russian oligarch Oleg Baibakov just sold his Miami Beach penthouse for $9.53 million, about a year after listing it for $12.15 million. 101 PC Holdings LLC, a Delaware company that incorporated in April, purchased the 3,571-square-foot, three-bedroom condo at the Setai in Miami Beach, a source sa

05/31/2018

https://therealdeal.com/miami/2018/05/30/deco-capital-tries-again-to-get-approval-for-mixed-use-sunset-harbour-project/

Deco Capital Group is returning to the city of Miami Beach seeking approval for its mixed-use project in the Sunset Harbour neighborhood. The developer submitted plans to the Miami Beach Planning Board for a 65,000-square-foot project, which would have more than 20,000 square feet of retail space

05/31/2018

https://therealdeal.com/miami/2018/05/30/the-week-in-luxury-a-map-of-miami-dades-priciest-condo-sales-172/

Condo sales dipped last week in Miami-Dade. The county recorded 150 closings for a total of $66 million, slightly less than the previous week's $68 million sales volume for 174 units. Condos last week sold for an average price of about $439,000 or $341 per square foot. A penthouse villa at the

05/30/2018

https://therealdeal.com/miami/2018/05/29/the-weekly-dish-food-hall-planned-for-delray-beach-more/

Delray City Market | Delray Beach Developer Craig Menin and restaurateur Dennis Max are planning a massive, 30,000-square-foot food hall in Delray Beach. The developers will submit proposals for Delray City Market next month, according to SouthFlorida.com. The food hall will have 30 vendors wi

05/30/2018

https://therealdeal.com/miami/2018/05/29/shelved-condo-projects-shrink-pipeline-of-new-construction-in-miami-fort-lauderdale-report/

Miami's preconstruction inventory is shrinking, thanks in part to a handful of canceled or paused projects, a new report shows. About 83 percent or 16,714 of the roughly 20,000 units in the pipeline were presold as of April, according to the ISG Miami Report. While the percentage is up from the 8

05/30/2018

https://therealdeal.com/miami/2018/05/29/contractor-sues-owner-of-bayfront-edgewater-tower-for-6-5m-in-allegedly-unpaid-work/

The contractor tasked with completing a $7 million renovation of a luxury apartment tower in Edgewater is alleging it was only paid a pittance, and is owed nearly the full amount for unpaid construction work. Sierra Commercial Construction is suing Properties of Hamilton Inc., the owner of the Ha

05/29/2018

https://therealdeal.com/miami/2018/05/26/redevelopment-of-cocowalk-advances-as-demolition-starts-on-its-east-side/

Demolition work is under way on the east side of the CocoWalk complex in Coconut Grove to make way for a five-story office building and street-level retail space. It will be the first new office building to open since 1989 in Coconut Grove, where the office vacancy rate is 1 percent, according to

05/29/2018

https://therealdeal.com/miami/2018/05/25/fire-and-hurricane-irma-ravaged-the-deauville-beach-resort-but-owners-wont-make-repairs-miami-beach-officials-say/

UPDATED May 26, 12:05 p.m.: Ten months after a fire shut down the Deauville Beach Resort in Miami Beach, followed by water damage caused Hurricane Irma, city leaders want to force the owners of the historic Miami Modern-style building to speed up renovations and repairs. The city commission's lan

05/29/2018

https://therealdeal.com/miami/2018/05/27/miami-adviser-sea-level-rise-may-inflate-federal-flood-insurance-premiums-by-2021/

Premiums charged by FEMA's National Flood Insurance Program might surge in two to three years if they start to reflect the risk of sea level rise, according to the chairman of the Miami city government's task force on rising seas. The cost of flood insurance could double in two to three years if

05/25/2018

https://therealdeal.com/miami/2018/05/24/public-money-in-play-for-park-at-crescent-heights-5th-and-alton-development-site/

Some Miami Beach commissioners are open to the idea of using taxpayer dollars to buy a portion of Crescent Height’s Alton Road redevelopment site between 5th and 7th streets to build a park that combats sea level rise. Any acquisition would be part of a deal in which Russell Galbut's Crescent Hei

05/25/2018

https://therealdeal.com/miami/2018/05/24/buyer-revealed-billionaire-hedge-funder-picks-up-26m-south-beach-penthouse/

A company tied to AQR Capital Management co-founder Cliff Asness is the buyer of a penthouse at 321 Ocean that sold last week for $26 million, property records reveal. Skurge LLC, a Delaware company that lists a Greenwich, Connecticut address, purchased the five-bedroom, 6,807-square-foot penthou

05/25/2018

https://therealdeal.com/miami/2018/05/24/south-florida-home-sales-rise-in-april-florida-realtors/

Residential sales rose in all three counties in April to more than 8,700 closings – a 7.85 percent year-over-year increase – according to reports from the Florida Realtors. Miami-Dade experienced the biggest surge with a nearly 13 percent increase in closings compared to the previous year. The i...

05/24/2018

http://www.miamitodaynews.com/2018/05/22/mount-sinai-medical-center-plans-two-major-fall-openings/

Mount Sinai Medical Center plans two major fall openings

05/24/2018

https://therealdeal.com/miami/2018/05/23/opposition-mounts-against-brightlines-pursuit-of-more-than-1b-in-bonds-for-second-phase/

Phase two of Brightline’s Miami-to-Orlando train service is off to a bumpy start. Members of Florida’s congressional delegation are discussing whether project is eligible for $1.15 billion in tax-exempt bonds that the project’s parent company All Aboard Florida is seeking for the northern expa...

05/24/2018

https://therealdeal.com/miami/2018/05/23/beaker-gray-owners-to-open-boombox-in-former-bardot-site-in-midtown/

The owners of Beaker & Gray have signed a lease to open a new bar and lounge called BoomBox at Bardot's former site in Midtown Miami. BoomBox will open in a 3,264-square-foot space at 3452 North Miami Avenue late this summer, Marc Sirkin of Engel & Voelkers told The Real Deal. Sirkin a

05/23/2018

https://therealdeal.com/miami/2018/05/22/biscayne-bay-brewing-to-open-at-historic-post-office-in-downtown-miami/

Biscayne Bay Brewing is opening a second location in a historic building in downtown Miami. The brewery, based in Doral at 8000 Northwest 25th Street, is opening a 6,200-square-foot brewery and taproom at the Old United States Post Office and Courthouse building, at 100 Northeast First Avenue. It

05/23/2018

https://therealdeal.com/miami/2018/05/22/crescent-heights-to-go-before-miami-beach-board-for-5th-and-alton-tower/

One of Miami Beach's most controversial development plans is up for discussion again. Developer Russell Galbut will go before the Miami Beach Land Use and Development Committee on Wednesday for the site at Fifth Street and Alton Road. A rally is planned in opposition. Galbut, co-founder of Cre

05/23/2018

https://therealdeal.com/miami/2018/05/22/terra-and-avalonbay-buy-doral-office-park-for-mixed-use-development/

UPDATED, 10:40 p.m., May 22: Terra and AvalonBay Communities just paid $33.5 million for a development site in Doral. The developers acquired the Atrium Office Park and adjacent restaurant at 3900 Northwest 79th Avenue in Doral, across the street from CityPlace Doral. Avalon Doral LLC paid $20 mi

05/22/2018

https://therealdeal.com/miami/2018/05/15/miami-dades-resi-sales-suffered-the-most-in-q1-realtors-reports/

Fewer South Florida homes sold in the first quarter compared to the same period last year, with Miami-Dade taking the brunt of the slowdown, new reports from the Florida Realtors show. Still, prices continue to rise across South Florida. Residential closings fell 6.5 percent in Miami-Dade County

05/22/2018

https://therealdeal.com/miami/2018/05/21/is-hialeah-the-next-big-thing-for-real-estate-investment-in-sofla/

Hialeah is hot. The city has been experiencing a surge in real estate investment, bolstering its reputation as an industrial hub while also identifying it as a more welcoming place for multifamily and commercial construction following recent moves to encourage development. But investors drawn to

05/22/2018

https://therealdeal.com/miami/2018/05/21/faena-district-in-miami-beach-scores-140m-refi/

Len Blavatnik’s Access Industries secured a $140 million loan to refinance the Faena District in Miami Beach. Apollo Commercial Real Estate Finance is providing the floating-rate loan, according to the Commercial Observer. The financing is backed by the Faena Hotel Miami Beach, Casa Faena hotel,

05/21/2018

https://therealdeal.com/miami/2018/05/18/south-florida-by-the-numbers-here-comes-brightline/

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Choo-choo! The Brightline high-speed train will finally roll into downtown Miami this weekend, offering express service to and from Fort Lauderdale, West Palm Beach, and ...

05/21/2018

https://therealdeal.com/miami/2018/05/18/a-little-arkansas-bank-is-funding-much-of-south-floridas-condo-boom-what-could-go-wrong/

Overlooking a small lake in a quiet area of Mid Beach, The Ritz-Carlton Residences, Miami Beach was pegged as an upscale European oasis in South Florida. Ophir Sternberg, a native of Israel who moved to Miami in 2009, tapped Italian architect Piero Lissoni to design the project, where homes would

05/21/2018

https://therealdeal.com/miami/2018/05/18/miami-beach-to-request-proposals-for-a-new-convention-center-hotel-once-again/

The Miami Beach City Commission voted unanimously this week to issue a request for proposal for developers to submit designs and bids for a convention center hotel. The hotel would be built on the same site that a previous hotel design was proposed in 2016, which was ultimately turned down by voters

05/21/2018

https://therealdeal.com/miami/2018/05/18/moishe-manas-not-done-yet-picks-up-downtown-miami-building-for-13m/

Moishe Mana’s portfolio of properties in downtown Miami keeps growing. The investor and developer just paid $12.9 million for a two-story retail and office building at 201 East Flagler Street. The deal brings his total spent in downtown Miami to nearly $285 million. Mika Mattingly and Cecilia

05/18/2018

https://therealdeal.com/miami/2018/05/17/miami-beach-shelves-plan-to-raise-roads-amid-opposition-from-north-bay-road-residents/

The Miami Beach City Commission voted down a plan to elevate North Bay Road amid growing concerns from residents that it could ruin their property values and lead to flooding on their properties. The contentious move could delay the project for close to six years since the Florida Department of T

05/18/2018

https://therealdeal.com/miami/2018/05/17/developer-plans-mixed-use-hotel-for-coconut-grove-lot-next-to-greenstreet-cafe/

Metronomic Inc. is under contract to buy the parking lot next to the popular GreenStreet Cafe in Coconut Grove, where the developer is planning to build an Aloft hotel. Metronomic, led by Ricky Trinidad, will pay $4.8 million, or about $670 per square foot, for the nearly 7,200-square-foot lot at

05/18/2018

https://therealdeal.com/miami/2018/05/17/american-dream-miami-wins-county-commission-approval/

Triple Five Group can officially begin the construction phase of its $4 billion American Dream Miami project, set to become the largest mall in the country. County commissioners voted 11-1 on Thursday to re-designate nearly 174 acres in unincorporated northwest Miami-Dade from "industrial and offic

05/17/2018

https://therealdeal.com/miami/2018/05/16/brenda-nestor-sues-akerman-in-connection-with-her-ouster-as-caretaker-of-victor-posners-estate/

It's been 16 years since Victor Posner passed away, but the legal war over the remnants of the master corporate raider's real estate empire lives on. Brenda Nestor -- a former-girlfriend-turned-business-associate of Posner's who was named the primary beneficiary of his $321 million estate in 2002