$634M public-private partnership proposed in Dania Beach, buyer at luxury condo project in Pompano Beach sues developer: Daily digest

A daily roundup of South Florida real estate news, deals and more for August 23, 2019

TRD MIAMI /
Aug.August 23, 2019 04:00 PM
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Two developers want to build a $634 million project on mostly city land in Dania Beach. Armada Hoffler Properties and Capital Group’s proposal to build The Dania Beach City Center project, with residential, office, retail and hotel development, will be considered by the Dania Beach commission next week, according to South Florida Business Journal. The city issued a request for proposals in March to develop the property at 100 West Dania Beach Boulevard. [SFBJ

 

The former CEO of La Quinta Holdings is suing the development group of Sabbia Beach. Wayne Goldberg is alleging the developer falsely induced him to purchase a condo for $5.35 million. He is now seeking to close on the penthouse and recover compensation for the harm he and his family have suffered. The complaint alleges that Fernbrook Florida falsely represented that only seven units at the Pompano Beach condo project were still available at the condo development, driving up the sales price. [TRD]

 

Billionaire David Koch died at 79 on Friday. He was the 11th richest person in the world. In Palm Beach, the industrialist paid $10.5 million for an estate at 150 South Ocean Boulevard in 1998. The 13-bedroom, 20,378-square-foot mansion was built in 1920 on nearly 2 acres of land across the street from the ocean, according to property records. [TRD

 

Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties. The fund is looking to raise a total of $300 million, which will give it buying power of over $750 million. Investors in the fund include domestic and international institutional investors as well as high net worth individuals. [TRD

 

Development has been ramping up in Hialeah. Avra Jain is looking to bring back the glory days of Hialeah, starting with a major adaptive re-use commercial development on about 6 acres of land in east Hialeah, she said during a panel hosted by CREW Miami at Four Seasons Hotel Miami earlier this week. [TRD

 

Fort Lauderdale has a big water problem. The city will hold on fixing its water treatment plant after the lowest bid it received was $15 million higher than the city’s budget, according to the Sun Sentinel. The city commission still plans to use about $10 million in utility funds to pay for other city services, despite the city’s aging water and sewer systems, and crumbling pipes. [Sun Sentinel]

 

Developer Jeff Greene is back to building condos on a West Palm Beach site he’s building on. Greene bought the property at 550 Quadrille Boulevard in 2014, and planned to build 84 luxury condos at the mixed-use project. Then, he decided to replace the condos with rental apartments when he reconfigured his plan to include less office space. Now, he told the Palm Beach Post that there is “such a demand for smaller units that are super luxurious and have an enormous amount of amenities” that he’s leaning toward selling the 300-plus units as condos. [Palm Beach Post]

 

Robert Finvarb and Tony Cho closed on a $67 million loan for a mixed-use hotel near Brickell City Centre. The partnership secured the financing from City National Bank to build a 21-story, 264-key dual-branded hotel on the property. The project, designed by Arquitectonica, would also feature 25,000 square feet of retail space, structured parking and a rooftop terrace. [TRD]

 

Ex-members of Trump National Doral have been waiting to inch forward on the refund list at the Doral golf course and resort — and they may have to wait decades more. To move up on the list by one spot, four new members need to join the golf club, and the list is more than 265 people long, according to the Miami Herald. Few members have joined between December 2017 and January 2019. One member said that he moved up by two spots, which means only eight members had joined in that period of time. [TRD]

Compiled by Katherine Kallergis


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