The Real Deal Miami

  • mapA 2011 photo of downtown Miami’s skyline (Credit: Lonny Paul) and the Chinese flag (Credit: Daderot)

    Chinese investors are spending more on U.S. real estate than any other foreign country. Alarms are sounding at the headquarters of Sports Authority, which is closing all of its stores — including more than a dozen in South Florida — amid a bankruptcy auction. And apartment builder ZOM is looking for county approvals to build yet another rental tower in Brickell. Read these stories and more after the jump. … [more]

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  • Bank of America escapes $1.3B mortgage fraud penalty

    Federal appeals court throws out 2013 verdict on sale of toxic mortgages to Fannie and Freddie
    May 24, 2016 05:00PM
    From left: Angelo Mozilo and Rebecca Mairone

    From left: Angelo Mozilo and Rebecca Mairone

    From the New York website: Bank of America is off the hook for a $1.27 billion fraud penalty for its Countrywide Financial division’s role in selling toxic mortgages to Fannie Mae and Freddie Mac in the buildup to the 2008 financial crisis.

    On Monday, a Manhattan federal appeals court overturned a 2013 jury verdict that found Countrywide, which Bank of America acquired in 2008, fraudulently dumped the shoddy mortgages on the government-sponsored entities despite having promised to sell only investment-quality loans. [more]

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  • Epicure owner sells Bay Harbor Islands home for record $4.9M

    Previous record was set by $2.35M home, which sold in February 2015
    May 24, 2016 04:15PM By Katherine Kallergis
    in Bay Harbor Islands

    Aerial view of 10031 West Broadview Drive in Bay Harbor Islands

    The owner of Epicure and his wife have sold their Bay Harbor Islands home for a neighborhood record of $4.85 million.

    Jason and Diana Starkman sold the six-bedroom, 6,712-square-foot home at 10031 West Broadview Drive on Tuesday, listing agent Chad Carroll of the Carroll Team told The Real Deal. [more]

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  • Jackie Soffer on Bal Harbour

    Jackie Soffer responded to allegations that the vice-mayor of Bal Harbour is biased against the proposed expansion of Bal Harbour Shops because of a personal relationship with the Soffer family.

    As The Real Deal reported on Tuesday, the owners of Bal Harbour Shops launched a website that makes public more than 10,500 pages of emails and texts messages from vice-mayor Patricia Cohen’s private cellphone and email accounts. The Whitman family, which owns the shops, is suing against Cohen and the village for allegedly violating Florida’s public records law.

    Read more here.

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  • Inside therealdeal.com

  • Shops at Brickell City Centre set to open in November – here are all the tenants

    Retail will be anchored by Cinemex, Saks Fifth Avenue and an Italian food hall
    May 24, 2016 03:00PM
    Photos of construction and a rendering of Brickell City Centre's retail portion

    Photos of construction and a rendering of Brickell City Centre’s retail portion

    Brickell City Centre officially released the opening date for the retail component of the project along with a list of 11 new tenants, including Sephora, Hugo Boss and Tommy Bahama. [more]

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  • New renderings revealed of Morgan Group’s Pearl Midtown 29

    Developer expects to finish project by January 2018
    May 24, 2016 02:15PM
    Updated rendering of Pearl Midtown 29

    Updated rendering of Pearl Midtown 29

    With site work well underway at Morgan Group’s Pearl Midtown 29 rental tower, the developer’s architect just released new renderings of the project that are a big step up from what’s previously been circulated. [more]

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  • As rental market heats up, PMG turns to luxury sector for downtown Miami project

    464-unit apartment tower will offer 60,000 square feet of common amenities
    May 24, 2016 01:30PM By Katherine Kallergis
    Renderings of 300 Biscayne apartments

    Renderings of 300 Biscayne apartments

    New York-based Property Markets Group is about to break ground on its rental tower in downtown Miami as it works on securing $110 million in financing for the amenities-laden, luxury apartment tower, principal Ryan Shear told The Real Deal[more]

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  • The week in luxury: A map of Miami-Dade’s priciest condo sales

    Top deal was for oceanfront unit at Jade Beach
    May 24, 2016 12:45PM By Sean Stewart-Muniz
    map Unit 4401 in the Jade Beach tower in Sunny Isles Beach and a map of Miami-Dade’s priciest condo deals last week

    Take a look at the most expensive condos that were sold in Miami-Dade County last week, courtesy of The Real Deal and Condo.com. … [more]

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  • MDM lands $115M subsidy package for Miami Worldcenter expo center, hotel

    MDM still needs county approval to extend life of Overtown CRA until 2042
    May 24, 2016 12:00PM
    An up-to-date rendering of the hotel, left, and an early version, right

    An up-to-date rendering of the hotel, left, and an early version, right

    City of Miami commissioners approved an essential subsidy package on Monday night for the development of a downtown Miami convention center and hotel.  [more]

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  • Owners of Bal Harbour Shops launch public records-based website aimed at vice-mayor

    Database includes 10,500 pages of emails and texts belonging to the Bal Harbour vice-mayor
    May 24, 2016 11:15AM By Francisco Alvarado
    A screenshot from the website BalHarbourPublicRecords.com

    A screenshot from the website BalHarbourPublicRecords.com

    In the latest attempt to salvage their original $400 million expansion plan, the owners of Bal Harbour Shops have launched a website targeting their leading opponent, drawing a sharp rebuke from a perceived competitor caught in the crossfire. [more]

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