Antonio Brown gives deposition for allegedly damaging Sunny Isles condo, Baptist plans senior living in Coral Gables: Daily digest

A daily roundup of South Florida real estate news, deals and more for Sept. 24, 2019

TRD MIAMI /
Sep.September 24, 2019 06:15 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 6:15 p.m.

 

Antonio Brown gives deposition for allegedly damaging Sunny Isles condo. The troubled former NFL wide receiver sat for a deposition on Tuesday over claims he allegedly damaged a luxury Sunny Isles Beach condo last year, according to the New York Post. The owners of the Mansions at Acqualina in Sunny Isles Beach sued Brown, claiming he caused $35,000 worth of damage. [New York Post]

 

Baptist Health South Florida reveals plans for luxury senior living project in Coral Gables. Baptist Health South Florida and Belmont Village plan to build 10 stories, with 232 senior living units, 12,505 square feet of retail or commercial space and 207 parking spaces on the former site of the planned Collection Residences condo project. [SFBJ]

 

Adam Neumann to step down as WeWork’s CEO. Adam Neumann stepped down Tuesday as WeWork’s CEO as the company moved to salvage a planned initial public offering. The chief executive’s exit concludes talks that began in recent days between Neumann and his company’s investors and board members. [TRD]

 

Fort Lauderdale luxury auto dealership allegedly built without landlord’s consent, according to a new lawsuit. A nearly completed Aston Martin, Bentley and Rolls-Royce dealership in Fort Lauderdale is at the center of a property dispute between the facility’s developer, Holman Automotive, and its Alabama-based landlord. [TRD]

 

Miculitzki family lists property near Wynwood Walls for $18M. Block Capital Group, owned by the Miculitzki family, is looking to sell a retail property near the Wynwood Walls for $18 million. 295 Wynwood LLC, led by Martin Miculitzki, gut-renovated the property at 2729 Northwest Third Avenue and leased the 9,616-square-foot building to Bfyne, a clothing store; Giache Crepes; and D’Cajon, a restaurant. [TRD]

 

Medical device makers sell Manalapan estate for $27M. The founders of a medical supply company sold their 2.3-acre waterfront Manalapan estate for $27 million, 38 percent below its original asking price. David and Margaret Lumia sold the property at 1340 South Ocean Boulevard to Villa Del Balbianello LLC, led by Eric Thompson of Towson, Maryland. [TRD]

 

Compass’ COO Maëlle Gavet is out. Compass‘ chief operating officer Maëlle Gavet is leaving the residential brokerage next month, according to sources familiar with the matter. Gavet’s exit is the most notable in a string of recent departures from the SoftBank-backed firm. [TRD]

 

Spec home builders sell North Bay Road mansion for $16M. Spec home builders Brett Palos and Bart Reines sold a waterfront Miami Beach estate for $16 million, property records show. The buyer is Rodney O’Neal, the former president and CEO of Delphi Automotive, an auto parts supplier. [TRD]

 

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding. Cardone Capital’s $50 million Cardone Equity Fund V is oversubscribed and closed as of Friday, said Susan Schieman, chief financial officer of Cardone Capital. [TRD]

 

Raanan Katz buys Pembroke Pines shopping center. A company tied to Sunny Isles Beach commercial property owner Raanan Katz bought a retail center in Pembroke Pines for $22.3 million. [TRD]

 

Co-working rivals are cashing in on WeWork’s struggles. Flex-space company Knotel, co-working startup Industrious and meeting-space company Convene have all raised funds over the past month amid WeWork’s IPO woes, in part by highlighting the differences between themselves and the SoftBank-backed giant. In particular, firms often point out that their partnerships with landlords will better protect them in a downturn. [WSJ]

 

The WeWork IPO is just the latest in SoftBank’s long list of problems. SoftBank-backed companies including Uber, its Chinese rival Didi Chuxing, Slack and cancer-test company Guardant Health are all likely to be marked down in the firm’s third-quarter reporting. The odd structure of Softbank’s Vision Fund — in which 40 percent of the capital comes in the form of debt-like preferred stock — poses greater risks in a downturn, and Masayoshi Son’s firm recently took out an unusual three-year loan to pay back its investors, using its stakes in Uber and Guardant as collateral. [WSJ]

 

Some developers embrace short-term rentals. From a condo project in Nashville marketed for short-term rental use, to hotel-licensed, Airbnb-branded developments in Miami and Austin, developers are taking a new approach to increasing profits and driving sales. They are also taking steps to address safety and regulatory issues which have historically led landlords to shy away from transient uses. [WSJ]

 

Miami Beach could see new hotels on Lincoln Road. The Miami Beach City Commission is considering allowing taller buildings and smaller room sizes on Lincoln Road, which would allow for hotels to built on the popular street, according to the Miami Herald. The ordinance could head to a vote in October. [Miami Herald]

 
The property known as La Follia at 1295 South Ocean Boulevard closed for a record-breaking $105 million in July.

The property known as La Follia at 1295 South Ocean Boulevard closed for a record-breaking $105 million in July.

Here’s what it takes to sell a luxury home in posh Palm Beach. Tax benefits are leading more out-of-towners to plant a flag on the exclusive island, where brokers are in fierce competition and backstabbing is par for the golf course. [TRD]

 
Rendering of Virgin Hotels Miami and Richard Branson (Credit: Getty Images)

Rendering of Virgin Hotels Miami and Richard Branson (Credit: Getty Images)

Richard Branson’s Virgin Hotels unveils plans for first Miami hotel. The 40-story property in the Brickell neighborhood will have a co-living component. The hotel is one of at least two that Virgin Hotels plans to operate in the Miami area, according to AFAR, which first reported the news. The second will be in South Beach. [TRD]

 

Compiled by Keith Larsen


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