Pompano suspends self-storage development, energy drink founder lists two homes for $70M: Daily Digest

A daily roundup of South Florida real estate news, deals and more for Sept. 25, 2019

Miami /
Sep.September 25, 2019 05:45 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]

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Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Pompano Beach imposes six-month moratorium on self-storage development (Credit: iStock)

Hold onto your stuff: Pompano Beach voted to suspend self-storage development. City commissioners imposed a six-month moratorium on self-storage developments in Pompano Beach, part of a broader resistance to such projects. [TRD]

 

Founder of Rockstar Energy Drink lists two South Florida homes for $70 million. Billionaire Russell Weiner, who made his fortune with Rockstar Energy Drink, is looking to sell two South Florida homes for a combined price of $70 million, according to the Wall Street Journal. Weiner put his Miami Beach and Delray Beach homes on the market for $35 million apiece. [WSJ]

 
501 South Andrews Avenue and a rendering of Riverparc Square

501 South Andrews Avenue and a rendering of Riverparc Square

Fort Lauderdale site of planned Riverparc Square sells. A downtown Fort Lauderdale office building that is the site for the planned mixed-use project, Riverparc Square, sold for $16.3 million. [TRD]

 

Embattled Costa Hollywood Resort files for bankruptcy. The troubled Costa Hollywood Resort in Hollywood Beach filed for Chapter 11 bankruptcy protection five months after its lender sought to foreclose on the condo-hotel. The bankruptcy filing marks the latest challenge for the 326-unit project at 777 North Ocean Drive that opened in October. [TRD]

 

Waterfront house in North Bay Village sets single-family home sale record. A private equity fund investor sold her North Bay Village home for $5.1 million, marking an all-time record in the city that runs along the 79th Street Causeway. [TRD]

 

Crescent Heights to begin construction of massive Edgewater project. Developer Russell Galbut’s Crescent Heights acquired more land for the firm’s massive Edgewater development. The AIDS Healthcare Foundation sold its building at 2900 Biscayne Boulevard to Crescent Heights’ 2900 Block Redevelopment LLC for $6.75 million. The property is in an Opportunity Zone. [TRD]

 

Alexandria Ocasio-Cortez (Credit: Getty Images)

AOC’s $16.5B housing plan is really bad for real estate. On the heels of Sen. Bernie Sanders’ $2.5 trillion housing plan, the firebrand New York congresswoman just released her own $16.5 billion plan on Tuesday, and it’s not pretty for institutional landlords. [TRD]

 

Adam Neumann is out. Now what? WeWork is in talks with JPMorgan Chase and Goldman Sachs for a new $3 billion loan, contingent on raising significant equity. The office-space company is also looking at closing side businesses, such as WeGrow, and laying off thousands of employees. [Bloomberg]

 

Trump has deep real estate ties to Ukraine as Democrats seek impeachment. House Speaker Nancy Pelosi on Tuesday announced the beginning of a formal impeachment inquiry of President Trump over his conversation with Ukranian President Volodymyr Zelensky. Trump has a number of real estate ties to Ukraine. They include a connection to a Ukrainian developer who wanted the Trump branding rights for a Moscow tower, and his associates’ efforts to negotiate a possible Russia-Ukraine peace deal. [TRD]

 

Lauderhill golf course to close. The privately owned Inverrary Country Club in Lauderhill plans to shut down its golf courses next June, according to the South Florida Business Journal. Victorville West Limited Partnership owns the 292.5-acre property, which has 36 holes and a clubhouse. Many golf courses across South Florida are being redeveloped into residential communities as land becomes more scarce. [SFBJ]

 

A Marine Corps reserve unit that planned to hold its annual ball at Mar-a-Lago in Palm Beach is now looking for a new location. The event was supposed to be held on Nov. 16, but the 4th Air Naval Gunfire Liaison Company,, a Marine unit stationed in West Palm Beach, was ordered to find another venue, according to the Miami Herald. The decision came after concerns that the military unit would be benefiting President Trump. [Miami Herald]


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