Author Archives: Tita millan

MANY REASONS TO LIVE AND VISIT MIAMI

Affordable real estate: the local market offers affordability of registration, services and incentives to the seller; 50% more affordable in the last five years because the weak dollar offers greater discounts for foreign buyers

Main international buyers market: Florida and Miami are the main markets for international buyers; and they are expected to outperform other US markets for a long time in the future.

Enviable climate: the only large “subtropical” city in the United States. Average temperature 75ºF / 23º C.

Beautiful beaches: Greater Miami has 84 miles of Atlantic Ocean and 67 square miles of waterways and more than 15 kilometers of world-famous beaches.

Water activities and sports: enjoy diving, sailing, boating, kayaking, swimming, diving and other water sports throughout the year.

Exciting lifestyle for all, young adults, families, baby boomers, retirees, celebrities and visitors – showrooms, museums, art galleries, sports center and magnificent places for shopping.

Fabulous nightlife – Ocean Drive and more – best restaurants, nightclubs, bars, world famous interactive areas.

Restaurants – in Miami you can savor cuisine from around the world unlike any other city in the United States.

Entertainment – the most important fashion center, leading agencies in the world, fashion week & more than 2,400 video and film modeling companies.

Commercial and real estate investment: vacancy rates for all commercial sectors in Miami are below the national average; Retail and multi-family sales are surpassing most major markets in the United States.

“Gateway for the Americas”: strategic location between Latin America and Europe; “Capital of the Americas” – perfect for business or pleasure

Source/ Bienes Raices America
Date/ Aug 8

OKO Group’s Brickell office tower and other projects seek Miami approval

888 Brickel Plaza

A new batch of project proposals will go before the city of Miami’s Urban Development Review Board this week, including plans for a mixed-use rental tower in the city’s Arts and Entertainment District.
888 Brickell Plaza | Developer: OKO Group
An affiliate Russian developer Vlad Doronin’s OKO Group is seeking waivers to build a primarily residential tower in the Brickell Financial District.
Watson Brickell Development LLC is planning a 50-story, 940,000-square-foot building at 888 Southeast Brickell Plaza, also known as 830 Brickell. WeWork signed on to take 10 floors spanning 146,000 square feet at the project, which is across the street from Brickell City Centre.
The developer wants the city to approve waivers for lot coverage, parking, landscaping design, driveway width and more. The office tower would have about 15,000 square feet of retail space, 490,000 square feet of office space, and a restaurant on the 53rd floor.
Architect Adrian Smith of Adrian Smith + Gordon Gill Architecture is designing the project.
Source/TRD
Date/June,17,2019

Florida Legislature passes bill that could boost foreign investment in real estate

The Florida Legislature recently passed a bill that would make remote online notarizations legal, a move that could speed up foreign and out-of-state real estate investment in the Sunshine State.
Florida’s House of Representatives and Senate approved House Bill 409, which now heads to Gov. Ron DeSantis’ desk. If DeSantis signs it into law, Florida would become one of only a few states that accepts remote electronic notarizations, joining Virginia, Indiana, Minnesota, Nevada, Texas, Vermont and others.
The bill would allow for buyers, sellers, lessees, lessors and other parties on real estate transactions to physically be outside of Florida to get notarized documents signed – speeding up what can be a painfully old-fashioned process. Remote online notarizations were first accepted in Virginia in 2011.
If it passes, the bill could encourage more international investment in Florida, experts say. Florida ranks as the top state for foreign buyers, with the highest concentration in South Florida. In 2018, 65 percent of foreign investment throughout the state was in Miami-Dade, according to the Miami Association of Realtors.
“It provides the opportunity for a lot more investment, to expedite transactions,” said Gunster attorney and government affairs consultant Greg Black. “We have a ton of cash buyers coming into the country from South America and Europe. In South Florida and Central Florida, we also have a big military population” that could use remote online notarizations.

Source/TRD online Date/May 14/ 2019

The construction of Smart Brickell in Miami begins

Santiago Vanegas, president of Habitat Group, presided over the ceremony to start the construction of the first tower of the Smart Brickell building complex that will be built during the next 24 months at 229 SW and 9th Street in Miami.

He believes that the modern building marks a milestone for his company involved in five other projects west of Brickell. The first of the three mixed-use towers is completely sold

Taking the word Vanegas thanked all the team that has participated in the creation and planning of the project of more than 100 million dollars of investment, consisting of three towers of mixed use, with smart apartments of two and three rooms.

Source / Diario Las Americas
Date / 03-29-19

Miami Open at the Hard Rock Stadium

The 2019 Miami Open presented by Itaú will make its debut at Hard Rock Stadium March 18-31, and fans will have the opportunity to see one of the best player fields in tennis at its new lifestyle and entertainment venue.

This year’s extraordinary lineup features 19 players who have combined to win 109 career Grand Slam singles titles including all-time record holders Roger Federer and Serena Williams. Reigning Australian Open champions, and the world’s No. 1 ranked players, Novak Djokovic and Naomi Osaka top one of the strongest ATP and WTA tournament draws of 2019.

Overall, each of the top 79 ranked men and 76 ranked women have entered to compete in Miami.

Federer and Djokovic lead a men’s field that includes 17-time Grand Slam champion Rafael Nadal, three-time Grand Slam champion Stan Wawrinka, and former US Open champions Juan Martin del Potro and Marin Cilic, along with defending Miami Open champion John Isner.

The player field also boasts the next generation of ATP stars including World No. 3 Alexander Zverev, Australian Open semifinalist Stefanos Tsitsipas, American Frances Tiafoe and Australian Nick Kyrgios.

The women’s field is even more impressive. Osaka, winner of the last two Grand Slam singles titles, leads a field that includes 23-time Grand Slam champion Serena Williams and defending Miami Open champion Sloane Stephens. Fans also will have the opportunity to see seven-time Grand Slam Champion Venus Williams, five-time Grand Slam champion Maria Sharapova, three-time Grand Slam winner Angelique Kerber, two-time Grand Slam winner Garbiñe Muguruza, two-time Wimbledon champion Petra Kvitova, reigning French Open champion Simona Halep, 2018 Australian Open champion Caroline Wozniacki and 2017 French Open champion Jelena Ostapenko.

The player field however is just part of the story.

Tournament Owner IMG and Miami Dolphins Owner Stephen Ross partnered to keep the Miami Open in Miami and have worked together to build a permanent world-class tennis facility that will provide an elevated fan experience while incorporating a unique Miami look and feel. The improved amenities will allow the tournament to host a true lifestyle and entertainment event featuring the best in tennis, art, food and music.

Source/ Miami open website
Date/ Feb 6/19

Visit Coconut Grove

Miami’s original neighborhood was founded in 1873 by an eclectic mix of pioneers, artists, intellectuals and adventurers. The tropical oasis of Coconut Grove is an escape from the stresses of city life. Coconut Grove is located in the middle of Miami, yet completely separate and quaint.  The Grove offers a warm, laid-back atmosphere with charming boutiques, galleries, gourmet restaurants, sidewalk cafes and sailboats anchored at the bay. The neighborhood’s distinct bohemian flair and lush tropical canopy make this one of Miami’s favorite neighborhoods for locals and visitors alike.

Link

City of Miami greenlights Brickell City Centre expansion

The Miami City Commission approved Brickell City Centre’s expansion, changes to Wynwood’s zoning code and a deal allowing the Adler Group to move ahead with its Miami Riverside project at its meeting on Thursday.
Commissioners granted final approval to a more than 100,000-square-foot expansion of Brickell City Centre, as well as changes to Wynwood’s zoning code meant to encourage single property owners to develop small-scale commercial projects. In exchange for payments into the Wynwood Parking Trust Fund, developers of new single buildings on vacant lots and adaptive reuse projects can now have reduced or no parking requirements.
The amendment to Brickell City Centre’s special area plan adds 15 properties owned by Colombian businessman Carlos Mattos to the massive mixed-use project’s footprint.
Brickell City Centre developer Swire Properties is partnering with Mattos on a 104,287-square-foot expansion that would entail a 54-story building with 588 residential units, 84,009 square feet of commercial space and 832 parking spaces, as well as a 62-story tower with 384 residential units, 3,275 square feet of commercial space and 399 parking spaces. Among the sites is the former home of Tobacco Road, the famed watering hole that lasted 102 years before a wrecking ball claimed it in 2014.
The commission also gave staff the green light to negotiate a deal with Adler to develop a new administrative headquarters on land the company owns next door to the city’s current operations hub near the Miami River.
By a 3-2 vote, the commission selected Adler’s site at 230 Southwest Third Street over a short list of city-owned sites that included vacant lots near Marlins Park in Little Havana, a park in the Arts & Entertainment District at 150 Northeast 19th Street and the Melreese Country Club, the proposed site for Beckham United’s massive soccer complex approved by voters in November.
Voters In November also approved a deal allowing Adler to lease the land currently occupied by the Miami Riverside Center and redevelop the property into multi-tower project featuring a mix of apartments, offices and hotel rooms with about 37,000 square feet of retail space and a 1,000-space parking garage. Adler has a 99-year lease requiring the developer to pay annual rent of 3 percent percent of the entire project’s gross revenues, or $3.62 million a year with annual 1.5 percent increases, whichever is greater.

Source/TRD online
Date/Jan 29/2019

Sneak peek: José Isaac Peres unveils 57 Ocean sales gallery

Brazilian billionaire José Isaac Peres is unveiling a newly built sales gallery for his planned luxury condominium project 57 Ocean at an event on Thursday that will feature music by the New World Symphony and a fireworks show.
Peres’ Multiplan Real Estate Asset Management is developing the 18-story, 81-unit project at 5775 Collins Avenue in Miami Beach. Edgardo Defortuna’s Fortune Development Sales is handling sales and marketing.
The two-story, oceanfront sales gallery cost $3 million to build and spans 5,000 square feet, said Marcelo Kingston, managing partner of Multiplan Real Estate Asset Management.
A sneak peek tour led by Multiplan CEO Peres revealed scale models of the tower and neighborhood on the first floor, with a model unit upstairs, including a living room, kitchen, master bedroom with bathroom, walk-in closet and terrace.
Peres, who studied architecture before switching to economics, said he chose Arquitectonica to design the project after asking three U.S. companies and two from Brazil to compete for the design. Brazilian architect Patricia Anastassiadis is designing the interiors.
Units range from 1,200 square feet to 7,000 square feet, with prices from $1.5 million to $31 million, Kingston said. Prices average $2,000 per square foot.
Foundation work has started and construction will begin in April, regardless of the level of presales, though Peres said he expects to reach 30 percent by that time. He is self-funding construction of the project without financing. He said he has already spent $100 million so far, including about $90 million to buy out the condo owners of Marlborough House, the 110-unit building that previously occupied the site.
Despite the ongoing condo slowdown, Peres said he feels “confident in the product.” He expects units to be purchased by end-users, including local buyers, who will use them as primary or vacation homes.
Defortuna launched sales in the fall, and is targeting buyers from the Northeast, as well as Brazilians and Mexicans, among other prospective foreign buyers. “We have signed a few contracts and expect people to commit in the next month or so,” now that the sales gallery is open, he said.
Each unit at 57 Ocean will have a private elevator entrance, a 12-foot-wide terrace and Italian kitchens and bathrooms by Poliform. Some two-bedroom units are designed to be combined into four-bedroom units with staff quarters, Peres said.
Amenities will include an outdoor wellness garden, massage rooms, yoga deck and spa, steam room, two pools, a pool bar, summer kitchen pavilion, club room fitness center and library.
The project is expected to be completed in September 2021.
Peres previously developed Il Villagio on Ocean Drive, launching sales in 1994 with a beachfront concert by the late opera singer Luciano Pavarotti. His next project will be 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive in Miami Beach’s South-of-Fifth neighborhood.
In addition to his privately owned Multiplan Real Estate Asset Management, Peres is also CEO of Rio de Janeiro-based, publicly traded Multiplan, one of the largest shopping mall developers and operators in Brazil, according to Forbes, which pegs Peres’ net worth at $1.4 billion.

Source- TRD online
Date- Jan 23 2019

Wynwood portfolio hits market at $50M as mixed-use dev site

A portfolio of eight properties in Wynwood is on the market for $50 million, offered as a potential site for a major mixed-use project with apartments, a hotel, Class A office and retail space.
The 1.7-acre portfolio includes 146 and 153 Northwest 25th Street, 2431-2455 Northwest 2nd Avenue, and 172 Northwest 25th Street and includes industrial and retail buildings.
Avison Young’s Florida Capital Markets team of John Crotty, Michael Fay, David Duckworth, George Vail and Brian de la Fé was tapped to sell the portfolio, owned by the family trust of Doris Friedopfer. The properties were previously on the market unpriced by Cushman & Wakefield, but the brokerage was unable to secure a deal with a buyer.
Listing the portfolio with a price makes it more attractive to potential buyers because it shows the seller is more serious about selling, according to Crotty, who is responsible for spearheading the marketing of the property.
Crotty and Fay said they believe the potential buyer will likely be a large national real estate developer who will look to turn the properties into a major mixed-use project with apartments, retail and Class A office space and a hotel. It it zoned as a T-5 zoning which would allow for 240 multifamily units, Crotty said.
The properties are in the heart of Wynwood, where asking retail rents have spiked to $100 per square foot, according to Fay and Crotty. The site is within walking distance from the Wynwood Walls and other popular food destinations like Coyo Taco and Panther Coffee.
A number of new projects are being proposed in Wynwood, including the 65,000-square-foot Cube Wynwd office and retail project that is expected to be completed this year. Related Group’s 285-unit Wynwood 25 is also set be completed this year.
In addition, Sterling Bay recently closed on an $81 million construction loan for 545wyn in December, a mixed-use project it is planning in Wynwood. The building will include 298,000 square feet of Class A office space, 26,000 square feet of retail space and 420 parking spaces.

Source/ TRD online
Date/ Jan17/19

Waldorf Astoria tower in downtown Miami scores $33M pre-development loan

Property Markets Group landed a $33 million pre-development loan for the Waldorf Astoria Hotel & Residences Miami before the end of the year.

PMG, along with Greybrook Realty Partners, S2 Development and Hilton, are planning the 98-story luxury hotel and condo tower at 300 Biscayne Boulevard. BridgeInvest provided the loan, which will be used to finalize approvals and launch condo sales, according to a release.

The financing deal closed on Dec. 21, according to a spokesperson for BridgeInvest, but it has not yet been recorded in property records. The non-recourse loan’s flexible structure gives the developer the option to exit in the near future with limited prepayment penalties, the release said.

PMG principal Ryan Shear said in a statement that the developer refinanced its previous debt “at more favorable terms” and that the firm will launch sales when “the timing is right for this class of product.”

PMG announced the Waldorf Astoria brand for the 1,049-foot tower in September.  The project will include a 140-key hotel and about 400 condo units. It was designed by Sieger Suarez Architects as a stack of glass cubes.

The development will mark the first in Miami for Waldorf, which is owned by Hilton Worldwide Holdings.

PMG acquired the downtown Miami property for $80 million in 2014, and built X Miami, a rental tower, next to the site.

Source-TRD online
Date- Jan 7 2019
Homerich