Howard Chase RE expands into North Beach

It marks the resi brokerage's second office

TRD MIAMI /
Dec.December 01, 2017 11:15 AM

Howard Chase and 700 71st Street (Credit: Howard Chase Real Estate)

Howard Chase Real Estate is opening a second location in North Beach amid a push for investment and redevelopment in the Miami Beach neighborhood, The Real Deal has learned.

The residential brokerage, based at a 2,000-square-foot space at 1354 Washington Avenue, inked a lease for 2,050 square feet at 700 71st Street, owner Howard Chase said. His company signed a five-year deal with an option for a three-year extension. It’s taking over the space previously occupied by Pets & Vets.

Since opening in 2007, the luxury residential brokerage has grown to 60 agents and Chase plans to hire up to 80 more agents in 2018. The second location is slated to open in February. “Moving into a second office, in a signature corner at the entrance, we feel, to North Beach, will allow us the freedom to grow,” Chase said.

Records show North Beach investor Andrew Fischer paid $2.65 million for the property last year. Fisher raised rents by 80 percent in anticipation of the street’s redevelopment, Chase said.

Commercial rents for new buildings in the area have reached $40 per square foot annually, and older properties are securing leases in the $20 per square foot range, according to Chase.

Last month, Miami Beach voters approved a measure that will allow for a Floor Area Ratio or “FAR” increase – making way for developers to build taller buildings like high-rise condos and mixed-use projects.

The zoning increase impacts the area between Collins and Dickens avenues to Indian Creek Drive between 68th and 72nd streets. With the increase, developers can now build a mixed-use “Town Center” district along 71st Street. Urban planning firm Dover Kohl & Partners is designing the city’s town center.

Investors and developers have already bought numerous properties in the area.

In March, Pacific Star Capital paid $24.6 million for City National Bank’s North Beach branch. The firm has proposed a 110,000-square-foot residential and retail project for the two block area along 71st street.


Related Articles

arrow_forward_ios
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Elvis Dumervil and 12501 Northeast 13th Ave. (Credit: Twitter, Google Maps)

Elvis Dumervil’s company fined in death of construction worker in North Miami

Elvis Dumervil’s company fined in death of construction worker in North Miami
Jay Jacobson of Eden Multifamily and Lazul Apartments (Credit: Google Maps)

North Miami Beach apartment project nabs $71M refinancing

North Miami Beach apartment project nabs $71M refinancing
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
North Miami Mayor Philippe Bien-Aime, city of North Miami City Hall (Credit: Ebyabe/Wikipedia)

North Miami offers grants to business owners hurt by coronavirus

North Miami offers grants to business owners hurt by coronavirus
Gil Dezer and 3909 Northeast 163rd Street (Credit: Google Maps)

Dezer picks up office building next to Intracoastal Mall

Dezer picks up office building next to Intracoastal Mall
Rendering of the project, Davide Bizzi and Jeff Bercow

North Miami Beach approves Bizzi & Partners’ mixed-use tower

North Miami Beach approves Bizzi & Partners’ mixed-use tower
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...