South Florida report

Real estate news in the Sunshine State

Nov.November 01, 2013 07:00 AM

New Florida rail to bring $320M in real estate

All Aboard Florida

All Aboard Florida

The company planning to connect Miami and Orlando by Florida’s first privately owned intercity passenger line is putting the project’s cost at $2.4 billion, including $320 million to develop real estate along the track. The development will include office parks, shopping malls, entertainment venues and residential towers.

All Aboard Florida will run its trains on 235 miles of track, virtually all of it owned by sister commodities line Florida East Coast Railway. Slated to open in mid-2015, the passenger line will stop in Miami, Fort Lauderdale, West Palm Beach and at Orlando International Airport, according to the South Florida Business Journal.

The Miami station is what All Aboard Florida has characterized as Florida’s version of Grand Central Terminal; the company puts the construction costs for the 1 million-square-foot depot at $325 million and projects annual rent at $35 million.

Porsche condo gets largest loan since crisis

Developer Gil Dezer has landed a $214 million construction loan for his Porsche Design Tower, a 60-story condominium going up in Sunny Isles Beach. The loan, from Wells Fargo & Co., is the biggest for a new condo project since the South Florida real estate market collapsed six years ago.

The skyscraper won’t be completed until early 2016, but 98 of its 132 units — 75 percent — are under contract. Dezer has already netted $550 million in sales; the development has a total sellout value of $850 million.

The residences range in size from 4,800 to 17,000 square feet; the tower’s amenities include an automobile elevator and a full-time “car concierge” who will oversee detailing, tire rotation and other maintenance for tenants’ vehicles.

Boca Raton penthouse sets new record

A penthouse in Boca Raton is on the market for $13.95 million, the highest asking price for a condo in Palm Beach County. The home has 10,819 square feet, including a 4,000-square-foot terrace with a private pool and a spa. The interior space includes four bedrooms, four baths and a half-bath. Features include oak-and-slate floors, floor-to-ceiling windows and access to the Boca Raton Resort & Club, which offers 24-hour room service and other spa amenities. Douglas Elliman broker Senada Adzem has the listing.

Related plans twin condo towers in Miami’s Brickell area

Related Group, led by CEO Jorge Perez, wants to build two 49-story condo towers side by side in Miami’s Brickell neighborhood, an area seeing much new development these days. The skyscrapers, called Brickell Heights, are being designed by Arquitectonica; they will have 690 units combined and 85,000 square feet of retail space, exMiami reported.


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