Target could be coming to North Beach, Related and Atlantic Pacific head to Miami board: Daily digest

Miami /
Sep.September 16, 2019 05:00 PM

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Developer Pacific Star Capital is now looking to build a Target-anchored shopping center in North Beach, after a deal to swap land with Miami Beach fell apart. Aria Mehrabi’s Pacific Star wants to buy the Miami Beach-owned parking lot to build the shopping center, according to a memo he sent last week. The Santa Monica, California-based real estate firm has offered $4.2 million for the North Beach lot, which is located on the corner of 71st Street and Byron Avenue. The prior deal involved swapping land so that Pacific Star could build a residential and retail project at that location. [TRD]

 

Bernie Sanders is making a call for national rent control. The $2.5 trillion affordable housing plan would also focus on ending homelessness. It would expand public housing, increase the amount of affordable housing and limit annual rent increases to no more than 1.5 times the inflation rate or 3 percent. The campaign will release the full plan within the next month. [NYT]

 

The Related Group and Atlantic | Pacific Communities will go before a city of Miami board on Wednesday for mixed-use projects in the Magic City. The developments are along the Miami River, Liberty City and near downtown Miami. Related is seeking approvals from the Miami Urban Development Review Board for two projects. [TRD]

 

A home automation company backed by Blackstone Group is merging with a unit of SoftBank. Vivint Smart Home Inc. will create a company valued at $5.6 billion through the merger. The company makes a variety of smart home security products. [Reuters]

 

A company tied to the Related Group scooped up two lots near Miami Dade College’s downtown campus for $8.8 million. Parcel C LLC, which shares an address with the Related Group, bought the combined 15,000-square-foot site at 225 and 233 North Miami Avenue for $584 per square foot, records show. [TRD]

 

The Bakehouse Art Complex in Wynwood wants to build affordable housing for its artists. The nonprofit is seeking zoning and land-use changes that would allow it to build up to 250 units, and it also hopes to renovate its building, a former industrial bakery from the 1920s, according to the Miami Herald. Bakehouse’s director, Cathy Leff, said that it will enlist a developer or investors to take on the project. [Miami Herald]

 

A lottery winner plans to invest $19 million into transforming Sistrunk Boulevard in downtown Fort Lauderdale. Miguel Pilgram, who won a $52 million lottery nearly a decade ago, has a three-phase performing-arts plan for Sistrunk, a historically black section that’s west of the Florida East Coast Railroad tracks, according to the Sun Sentinel. Pilgram is now planning to renovate the building at 1448 Sistrunk Boulevard, once home to the Night Owl lounge. [Sun Sentinel]

 

The Federal Reserve is expected to slash its benchmark interest rate again this week — a move that likely will give financial markets a boost. The Dow Jones Industrial Average closed Friday up 37 points for the day and closer to its all-time high in July. Easing tension between the U.S. and China over trade and the prospect of another rate cut also gave the S&P 500 a slight bump. Real estate stock performance, on the other hand, was more of a mixed bag. [TRD]

 

Compiled by Katherine Kallergis


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