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 5:30 p.m.
Jorge Pérez’s Related Group plans to build a new 160-unit apartment building right along the Miami River. The project, known as The Gallery on the River, will sit at 401 Northwest North River Drive and will cost $44.5 million, according to a memo filed with the Miami-Dade County. [TRD]
Opa-Locka warehouse near Amazon distribution warehouse sells for $8 million. The owner of Ameriworld, an e-commerce fulfillment company, sold a four-building industrial warehouse in Opa-Locka amid rising demand for affordable industrial space in Miami. [TRD]
Jeffrey Soffer wants to expand the Fontainebleau Miami Beach. Soffer is seeking to add a new building that will house more ballrooms and a 500-space parking garage. [TRD]
The developer who set a spec mansion record in Palm Beach scored a big profit on his latest oceanfront flip. Maryland car dealer Jack Antwerpen and his wife paid $18.5 million for a waterfront mansion in Gulf Stream, north of Delray Beach. [TRD]
Title insurance’s Big Three are not to be: Fidelity and Stewart call off their planned $1.2 billion merger. The massive merger between Fidelity National Financial and Stewart Information Services that would have turned the country’s “Big Four” title insurers into the “Big Three” is no longer on the table. [TRD]
More office landlords are trying to beat WeWork at its own game. Hines Interests is one of the latest landlords to try their hand at co-working, partnering with WeWork competitors Industrious and Convene to launch “Hines Squared” this June. Firms like Boston Properties and Tishman Speyer have taken a similar approach, presenting yet another challenge to the We Company as it prepares for an IPO. [WSJ]
More resi firms are getting into mortgages and title insurance. Instant-homebuying company Opendoor became the latest example of this trend in recent weeks, after both acquiring a title and escrow company and launching a mortgage-lending business. Redfin and Zillow have operated such side businesses for years, both as an extra revenue source and a solution to homebuying’s “last mile” problem. [WSJ]
South Florida lost almost 60,000 U.S. residents last year, data shows. About 58,000 U.S. residents left South Florida for other parts of the country between July 2017 to July 2018, according to data compiled by Bloomberg and reported on by the Miami Herald. Only New York, Chicago, and Los Angeles lost more. Bloomberg said part of the reason people are moving away from large cities is due to pricey real estate. [Miami Herald]
Government officials are set to testify on Fannie and Freddie. Treasury Secretary Steven Mnuchin will testify before the Senate Banking Committee on Tuesday about the agency’s plans to privatize the mortgage-finance giants Fannie Mae and Freddie Mac. The Treasury report, however, provided no deadlines for the administration to take action on a series of suggestions. [WSJ]
Realogy’s stock jumped after it disputed offer by Compass. Realogy’s stock got a boost on Monday, following a weekend of intrigue, rumor and conflicting statements surrounding its legal battle with Compass. [TRD]
Compiled by Keith Larsen