Construction sites buckle down ahead of Hurricane Dorian’s landfall, Brightline suspends service: Daily digest

A daily roundup of South Florida real estate news, deals and more for August 30, 2019

TRD MIAMI /
Aug.August 30, 2019 05:20 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:20 p.m.

Hurricane Dorian is a Category 3 hurricane as it heads across the Atlantic Ocean toward Florida’s coastline. The storm is projected to make landfall on early Tuesday morning between Martin and Palm Beach Counties as a Category 4 storm, according to the Miami Herald. At 2 p.m. National Hurricane Center said Dorian is increasing in strength in the Atlantic Ocean, with maximum sustained winds at 115 miles per hour, up from 110 miles per hour at the 11 a.m. update. [Miami Herald]

 
A satellite image of Hurricane Dorian (Credit: Getty Images, iStock)

A satellite image of Hurricane Dorian (Credit: Getty Images, iStock)

Developers and builders are preparing for the hurricane by securing their construction sites. Across South Florida, developers and builders are securing tower cranes to blow with the wind like a weather vane, putting away debris that could become projectiles and emptying out dumpsters of loose materials as Dorian approaches the Sunshine State. [TRD]

 

Sergio Rok buys a building in downtown Miami. Downtown Realty Investments LLP, which is tied to Rok Acquisitions, paid $5 million for the property at 275 Northeast First Street. It abuts the buildings at 144 Northeast Third Avenue and 256 Northeast Second Street, which Rok Acquisitions also owns. [TRD]

 

Real estate deals are on hold due to Hurricane Dorian. Insurance companies hold the key to any real estate closing that involves a mortgage, so it’s no surprise that a major storm would throw a wrench in a buyer’s plans to close on a property. [TRD]

 

Brightline to suspend service starting this weekend. The high speed rail’s final departures from West Palm Beach and Miami will depart at 12 p.m. on Saturday, the company said. Rail crossings along the corridor will be secured by Florida East Coast Railway (FECR) in anticipation of gusts reaching 35 miles per hour within the next 72 hours. [TRD]

 

Entrepreneurs from the Czech Republic paid $17 million for two units at One Thousand Museum. It marked the most expensive closing to date at the Zaha Hadid-designed condo tower. Cimex Invest, led by Jana Sobotova and Petr Lukes closed on units 5501 and 5502 at the 62-story, 84-unit luxury tower at 1000 Biscayne Boulevard in downtown Miami. [TRD]

 

D.R. Horton heads south. Homebuilder D.R. Horton paid $11.5 million for 25 acres in Florida City as homebuilders continue to push south and buy land in southern Miami-Dade County. Arlington, Texas-based DR Horton bought the property at 612 Northeast 4th Street in Florida City for $452,756 per acre, records show. Florida City 70 Acres LLC, which is led by Alicio Pina, sold the property. [TRD]

 
Sunny Isles Beach skyline (Credit: Getty Images)

Sunny Isles Beach skyline (Credit: Getty Images)

Sunny Isles development boom could slow. Sunny Isles Beach gave preliminary approval to a moratorium on real estate development on the west side of Collins Avenue. The moratorium is in an area with low- and mid-rise building across from a high-rise row of oceanfront condo towers. [TRD]

 

A renewed optimism for trade talks between the U.S. and China helped push real estate stocks up so far this week, along with the broader stock market. Since Monday, the S&P 500 is up 2 percent, and 19 of the 28 real estate stocks The Real Deal follows — a mix of real estate investment trusts, real estate services firms and technology companies — also made gains for the week. [TRD]

 

Morgan Group and Mesirow Financial closed on a $80 million refinance. The development group secured the loan for their Midtown apartment tower next to the popular Cuban restaurant Enriqueta’s Sandwich Shop. Miami Midtown 29 LLC, a joint venture between Houston-based Morgan Group and Mesirow Financial, will use the financing from TIAA for Midtown 29 at 180 Northeast 29th Street. [TRD]

 

Thor Equities plans to spend $900 million on logistics space as it launches a new e-commerce business. Thor appears to be joining many companies in a move away from brick and mortar to online shopping by developing warehouse facilities. ThorLogis already has two developments in the works — one in Red Hook, Brooklyn and one in the Netherlands. [WSJ]

 

Realogy’s stock drops below $5 per share. Realogy is the biggest brokerage conglomerate in the country. And its stock is now worth $4.75.
Shares are down nearly 22 percent since the market opened after Realogy announced changes to a military referral program that will impact its 2020 earnings. The change was disclosed in regulatory filings late Wednesday. In the filings, Realogy said it was ending its current military rewards program, offered through the United Services Automobile Association. [TRD]

 

Why are so many people leaving New York? Data compiled by Bloomberg shows that roughly 277 people are leaving New York every day — more than any other major U.S. city. According to the report, 200,000 residents left New York last year; many are pushed out by the high cost of homes and local taxes. [Bloomberg]

 

Compiled by Keith Larsen


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