The Real Deal Miami

10875 North Bayshore Drive in Miami (Credit: Condo Vultures)

Today’s priciest new listing is a four-bedroom, six-bathroom single-family house asking $4.5 million. [more]

Grand Central Park

MDM Group announced yesterday it has a contract to build a tower with a 500,000-square-foot convention space below a 1,800-room hotel to be managed by Marriott, the Miami Herald reported.

The site at 700 North Miami Avenue is currently Grand Central Park and under the control of MDM Group, which intends to privately finance the project. Coral Gables-based Nichols Brosch Wurst Wolfe & Associates is designing the tower, the Herald said. Marriott at Miami Worldcenter will be connected to the next-door All Aboard Florida train station by a skybridge. MDM and Miami World Center principals have declined to provide the project’s estimated cost, the newspaper said. [more]

TRD will be covering all the highlights of this year’s ICSC REcon event in Las Vegas

The International Council of Shopping Centers’ RECon event kicks off on Sunday, and The Real Deal will be on hand to cover all the panels, parties, networking and, most importantly, dealmaking that are the hallmarks of the annual global retail convention. [more]

Gary Saul

The engine of South Florida’s factory-like condo production is what Carlos Rosso, head of condo development at the Related Group, touted in The Real Deal’s roundtable Thursday as a “new type of contract.”

Developers like Rosso are asking buyers – mostly wealthy and foreign – to cough up as much as 80 percent of a condo’s sales price, months before construction begins. “The world has changed. We’re coming back from a huge crash,” Rosso said. [more]

Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender? [more]

Echo Aventura

New York-based developers Property Markets Group and JDS Development Group have teamed up to raise $100 million in construction loans to build the 190-unit Echo Aventura condominium tower, Mortgage Observer Weekly reported, in the latest sign of lenders’ renewed appetite for condo construction in South Florida.

Mission Capital Advisors, which is representing the borrowers, is seeking a non-recourse loan with a three-year term and two one-year extensions, the trade magazine said. [more]

South Beach’s celebrity Shore Club hotel

South Beach’s iconic Shore Club hotel has plunged into foreclosure, the Miami Herald reported, with more than $164 million owed on the property, according to a judgment entered earlier this week. An online sale of the 309-room hotel is set for June 25.

The Herald was unable to reach the hotel’s majority owner, New York-based Phililips International, or LNR, the Miami Beach company that controls the mortgage. [more]

From left, Kevin Maloney, Gil Dezer, Carlos Rosso, Eric Trump and Avra Jain.

South Florida’s top real estate developers looked into crystal balls and swapped war stories Thursday at The Real Deal‘s roundtable event and the launch of the magazine’s spring 2013 South Florida Market Report. [more]

Top stories yesterday on The Real Deal:
1. Peebles Corp. chief credits NYC entrepreneurs for Miami’s new stature as a global market
2. Look out, Canada – Brazilians take Miami
3. Barton G sues for fast exit from Versace mansion

Villa Magna in Highland Beach

Today’s priciest new listing is a three-bedroom, four-bathroom condominium at Villa Magna asking $2.25 million. [more]