The Real Deal Miami

  • Empire World Towers land could sell for $80M

    Circuit Court judge could approve sale of downtown Miami site on Thursday
    July 25, 2014 09:45AM
    Empire World Towers rendering

    Empire World Towers rendering

    The Empire World Towers site could be the next in downtown Miami to sell for an expensive price.

    A court-appointed receiver’s report on HFF’s marketing efforts for the 300 and 330 Biscayne Boulevard land indicates a deal could be completed as soon as Aug. 10. PMG-CH Downtown Developers is said to be the highest bidder with an $80 million offer. The use of PMG in the company name hints at the involvement of New York-based developer Property Markets Group in the bid for the two-acre site, which is approved for the development of two 93-story residential towers. [more]

  • Top stories

    July 25, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. Tate brothers, Sergio Rok buy Fort Lauderdale resort
    2. Edgewater property frenzy puts pressure on developers
    3. Former One Bal Harbour owner sues partners

  • Toscana Condominiums penthouse

    Toscana North Condominiums penthouse

    A Boca Raton penthouse hit the market for $7.2 million. [more]

  • Almost all charges against Palmieri brothers dropped

    Francis Palmieri still facing one charge of grand theft
    July 24, 2014 04:30PM

    Russell and Francis Palmieri

    Most of the charges against the Palmieri brothers have been dropped.

    The state attorney’s office dropped all grand theft charges against contractor Russell Palmieri. His brother, Francis “Bud” Palmieri still has one count of grand theft open against him.

    The Palmieri brothers were charged in April with several counts of grand theft for allegedly fraudulently entering into business contracts. [more]

  • Inside

  • Owner of future Trader Joe’s location gets $27M loan

    Wells Fargo Bank provides construction financing for Fort Lauderdale shopping center
    July 24, 2014 03:45PM
    Trader Joe's

    Trader Joe’s

    The company building a Fort Lauderdale Trader Joe’s site lined up a $27.2 million construction loan from Wells Fargo Bank.

    HEP1600 LLC, which is tied to Naples-based Ezon Inc., obtained the mortgage for the shopping center that is being renovated at 1590-1600 North Federal Highway. Trader Joe’s is expected to open a store there next year, according to the South Florida Business Journal. HEP1600 paid nearly $13 million for the more than 46,000-square-foot center in a recent transaction. [more]

  • Biscayne Landing construction underway in North Miami

    Oleta Partners announces beginning of mixed-use project's first phase
    July 24, 2014 03:00PM
    Michael Tillman

    Michael Tillman

    The developers of Biscayne Landing started construction of the first phase of the North Miami mixed-use project.

    Oleta Partners announced that initial work is underway at the 180-acre development site in a written statement released on Thursday. The entire project calls for more than 4,000 residences, 37 acres of parks and recreation space and more than 800,000 square feet of retail space at Northeast 151st Street and Biscayne Boulevard. DC Equipment was hired as the designated contractor for the first wave of construction activity, which includes preparations for a spine road on Biscayne Boulevard and Northeast 143rd Street. [more]

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    Example of South Florida coastal flooding

    Developers try to revive Miami’s blighted Omni neighborhood. Miami Beach raises storm water fees to fight rising sea levels. The latest on Met 3 construction in downtown Miami. Read those stories and more after the jump.

  • Shuckers reopens one year after deck collapse

    North Bay Village restaurant got national attention after patrons were thrown into Biscayne Bay
    July 24, 2014 01:30PM
    The collapsed deck at Shuckers Bar and Grill

    The collapsed deck at Shuckers Bar and Grill

    The popular Shuckers Bar & Grill in North Bay Village reopened one year after receiving national attention when its 120-foot deck collapsed, causing numerous patrons to plunge into Biscayne Bay.

    Shuckers hosted a group of local business owners and village leaders on Wednesday and reopened to the public the next day. The restaurant completely rebuilt the deck and settled some of the dozens of lawsuits filed by patrons impacted by the accident. Shuckers representatives plan to meet with the remaining plaintiffs next month to discuss potential settlements. [more]

  • North Palm Beach firm sued for alleged false ads

    Florida Attorney General, Consumer Protection Bureau file suit; Hoffman Law put in receivership
    July 24, 2014 12:45PM
    Pam Bondi

    Pam Bondi

    A North Palm Beach law firm accused of sending false and misleading advertisements to homeowners across the nation was placed into receivership and had its accounts frozen by regulators.

    Hoffman Law Group was hit with a joint lawsuit filed by Florida Attorney General Pam Bondi and the federal Consumer Financial Protection Bureau. Attorney and firm owner Marc Hoffman and business managers Michael Harper and Benn Wilcox were also named in the complaint. [more]

  • Miami office vacancies keep dropping: report

    CBRE credits lack of new construction for increased occupancy, rental rates
    July 24, 2014 12:00PM
    Wells Fargo Center

    Wells Fargo Center

    The lack of new office construction in Miami is allowing area landlords to chip away at the market’s vacancy rate, a new report from CBRE shows.

    Miami’s office sector finished the second quarter of 2014 with a 15.5 percent vacancy rate, down from 16.2 percent during the first quarter and 17.3 percent during the second quarter of 2013. Landlords completed 160 lease transactions totaling 877,000 square feet during the quarter. The market’s average asking rental rate was $30.83 per square foot, an increase of 12 cents from the first quarter. [more]