The Real Deal Miami

  • Renovated Palm Beach condo commands $3.08M

    The sellers bought the condo for $1..5 million in 2014 and extensively renovated it
    December 03, 2016 04:30PM TRD WEEKEND EDITION
    Unit 2C3 at 2580 South Ocean Boulevard, Palm Beach

    Unit 2C3 at 2580 South Ocean Boulevard, Palm Beach

    A renovated condo in the South End neighborhood of Palm Beach sold for $3.08 million.

    The price breaks down to $796 per square foot for Unit 2C3 at The Stratford condominium, 2580 South Ocean Boulevard. [more]

  • Related advances apartment project in Fort Lauderdale with below-market rents

    The Miami-based developer plans to build 150 apartments, mostly with below-market rents
    December 03, 2016 03:30PM TRD WEEKEND EDITION
    600 North Andrews Avenue (Credit: Brittany Walman / Sun-Sentinel)

    600 North Andrews Avenue (Credit: Brittany Walman / Sun-Sentinel)

    Broward County endorsed a plan by Related Group and a partner to lease county land at Andrews Avenue and Sistrunk Boulevard and build apartments there, most of them with rents below market rates.

    County commissioners voted November 29 to negotiate a land lease agreement with Miami-based Related Group and a company called Flagler Warehouse 1, co-owned by Doug McCraw, founder of the Flagler Arts and Technology Village, or FATVillage. [more]

  • Planned hotel in Lauderdale will bear 2 Hilton brands

    Construction of the 202-room Tru/Home2 Suites hotel is scheduled to start in mid-2017
    December 03, 2016 02:30PM TRD WEEKEND EDITION
    Rendering of Tru/Home2 Suites hotel in Fort Lauderdale

    Rendering of Tru/Home2 Suites hotel

    Real estate developer Dev Motwani and his partner in a Fort Lauderdale hotel development said it will bear two Hilton brands, Tru and Home2 Suites, and will open in about two years.

    Construction is scheduled to start in mid-2017 for a 202-room Tru/Home2 Suites hotel in the Flagler Village neighborhood near downtown Fort Lauderdale.

    A partnership led by Motwani bought the development site at 315 Northwest 1 Avenue together with two nearby lots last January for $1.9 million. [more]

  • Partial demolition of Norton Museum of Art begins

    It is the first phase of a two-year renovation and expansion of the West Palm Beach landmark
    December 03, 2016 01:30PM TRD WEEKEND EDITION
    Norton-Museum-demolition work (Credit: Larry Aydlette / Palm-Beach-Post)

    Demolition work at the Norton Museum of Art is under way. (Credit: Larry Aydlette / Palm-Beach Post)

    Demolition crews have started tearing down sections of the still-open Norton Museum of Art. It is the initial phase of an expansion and renovation of the West Palm Beach landmark. Admission to the museum remains free because of the project. Many paintings are in storage but some remain on the walls, including works by Matisse and Picasso.

    The museum at 1451 Olive Street just east of South Dixie Highway is scheduled to reopen in December 2018 with a newly renovated gift shop, great hall and theater. The museum’s three-floor Nessel Wing also will undergo renovation. Norton spokesman Scot Benarde told the Palm Beach Post crews are demolishing the museum’s Harris Pavilion, the inner atrium and stairways, and the entry to the Great Hall, plus rooms for classes and business meetings. Demolition work at the Norton is expected to end this month. [Palm Beach Post] Mike Seemuth

  • Inside

  • the-175000-square-foot-building-will-feature-34-huge-units-each-of-which-will-have-a-living-room-dining-room-open-kitchen-and-two-to-seven-bedrooms

    From the New York site: Many upscale apartment complexes include pools that residents can use. But a new residential building in the Bahamas is even more luxurious. [more]

  • Tampa estate with 2 water slides listed for $5.95M

    The 8,070-square-foot residence was built by a player for the New York Yankees
    December 03, 2016 11:30AM TRD WEEKEND EDITION
    16814 Avila Boulevard, Tampa

    16814 Avila Boulevard, Tampa

    The owner of an 8,970-square-foot estate in Tampa with two water slides, a spa and grotto has listed the property for sale for $5.95 million.

    The residence, originally built by a professional baseball player with the New York Yankees, is in a gated country club community in Tampa called Avila.

    It has six bedrooms, six bathrooms, three half-bathrooms and a five-car garage. The property features a formal living room with chandeliers, marble columns and a stone-mantle fireplace. [more]

  • Gables commercial building sells for $3 million

    Avison Young represented the seller, who got $623 per square foot for the property
    December 03, 2016 10:30AM TRD WEEKEND EDITION
    178 Giralda Avenue, Coral Gables

    178 Giralda Avenue, Coral Gables

    Brokerage firm Avison Young announced the sale of a mixed-use building in the commercial heart of Coral Gables for $3 million.

    Michael T. Fay, the Miami-based principal and managing director of Avison Young, and associate Myles Stepner represented the seller.

    The 4,818-square-foot building at 178 Giralda Avenue in the central business district of Coral Gables sold for $623 per square foot. [more]

  • Asking price for Miami Beach mansion cut by $4.5M

    A French banking agency seized the bayfront residence from convicted tax evaders Mauricio Cohen Assor and his son
    December 03, 2016 09:45AM TRD WEEKEND EDITION
    5930 North Bay Road, Miami Beach

    5930 North Bay Road, Miami Beach

    A bank regulatory agency in France knocked $4.5 million off the asking price for a Miami Beach mansion that the agency took from developers found guilty of tax evasion.

    Realtors Jill Eber and Jill Hertzberg have the listing for the nine-bedroom residence known as Whitehall Mansion. Its new asking price is $25 million, down from $29.5 million. The mansion at 5930 North Bay Road spans 13,637 square feet and features a helipad and 200 feet of frontage on Biscayne Bay. [more]

  • Amancio Ortega buys Miami’s iconic Southeast Financial Center for $500M

    Latest deal marks nearly $900M worth of purchases in Miami for Spanish billionaire
    December 02, 2016 05:55PM By Sean Stewart-Muniz
    The Southeast Financial Center (Credit: Marc Averette) and Amancio Ortega

    The Southeast Financial Center (Credit: Marc Averette) and Amancio Ortega

    Buying a whole block on Miami Beach’s Lincoln Road simply wasn’t enough for Spanish billionaire Amancio Ortega.

    The Zara owner has yet again smashed a Miami record with the $500 million purchase of downtown’s Southeast Financial Center, an iconic office building that seller JPMorgan Asset Management began shopping around earlier this year.

    In a single deal, Ortega has closed on the largest commercial purchase in Miami this year, blowing past the previous high set by Sumitomo Corp. in May when the Japanese conglomerate burst back onto the Florida real estate scene with its $220 million acquisition of the Miami Tower. [more]

  • Brokers and developers capitalize on artsy set during Art Basel

    Yacht outings, new listings and scores of soirees are among the week's offerings
    December 02, 2016 05:30PM By Ina Cordle

    Art Basel Miami Beach

    Lavish luncheons and dinners, helicopter tours, rooftop parties and art-studded soirees.

    During Art Basel, brokers and developers are taking advantage of the well-heeled crowd descending on Miami to boost the visibility of their luxury properties. Brokers are launching new multimillion dollar listings in time to catch art-lovers’ eyes. And a plethora of prospective buyers are squeezing viewings in between art fairs and fetes. [more]