54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest
A daily roundup of South Florida real estate news, deals and more for Oct. 3, 2019
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@example.com
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Jeffrey Soffer’s Turnberry Ocean Club topped off. The 54-story, 154-unit luxury condo tower in Sunny Isles Beach is expected to be delivered in the spring of next year. Soffer’s Fontainebleau Development is now handling sales of the project in-house, after One Sotheby’s International and the developer ended their contract earlier this year. The building, designed by Carlos Zapata and Robert Swedroe, will have over 70,000 square feet of amenities, including a three-story private club and pools.
Flagler Street project will begin after the Super Bowl. The city of Miami, the Flagler District Business Improvement District and the Miami Downtown Development Authority plan to break ground on a major streetscape project in the spring of next year. The long-awaited project will begin at Biscayne Boulevard and extend west to Southwest First Avenue.
SoftBank’s debtholders hope for more caution. The cost to insure SoftBank’s debt increased last month to the highest level in nearly a year after WeWork’s IPO plans veered off track. But the co-working company isn’t all to blame: Uber’s valuation sagged, and SoftBank’s stake in Alibaba plummeted because of the trade war. [Bloomberg]
Found Hotel Miami Beach is opening in the summer of 2020. Hawkins Way Capital and Found Places purchased the former hotel condo building, the Alden Hotel at 2925 Indian Creek Drive, and terminated the condo docs earlier this year, property records show.
Plans revealed for the Related Group’s Coconut Grove office building. A Cushman & Wakefield broker posted details of 2850 Tigertail on LinkedIn, which showed that Related’s office building will be eight stories tall with Related taking the top two floors. Five stories are available for lease, according to the Next Miami. Related will be moving from its current headquarters in downtown Miami. Arquitectonica is the architect and MKDA is handling interior design. [The Next Miami]
Rise condo re-sellers are losing money on their investments. Analyzing Multiple Listing Service resales data, The Real Deal found that 12 units at the 43-story building at Brickell City Centre were resold between January 2018 and June 2019, at a time when the developer was also unloading more than 100 remaining units. Eleven of those resellers flipped their units at prices way below what they paid during the project’s preconstruction ramp-up. [TRD]
A co-working firm backed personally by Adam Neumann is raising $500 million. Selina, which provides office space to travelers, is seeking to launch a fund to invest in U.S. properties. [Bloomberg]
Compiled by Katherine Kallergis