Miami-Dade judge strikes down Miami Beach short-term rental ban, Brookfield picks up more industrial properties, Daily digest

A daily roundup of South Florida real estate news, deals and more for September 11, 2019

TRD MIAMI /
Oct.October 08, 2019 05:30 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 5:30 p.m.

 
Marcus Samuelsson and exterior shot of Red Rooster construction (Credit: Getty Images)

Marcus Samuelsson and exterior shot of Red Rooster construction (Credit: Getty Images)

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready. James Beard award-winning chef Marcus Samuelsson and his business partner Derek Fleming gave a sneak peak of his nearly completed Red Rooster Overtown restaurant. [TRD]

 

Brookfield picks up more industrial properties near MIA for $83M. Brookfield Property Group bought six industrial condos at 3400 Northwest 74th Avenue for $82.9 million from a Delaware company managed by Sebastian Guejman of Aventura. [TRD]

 
Miami Beach Mayor Dan Gelber and Natalie Nichols home at 1531 Stillwater Drive (Credit: Getty Images)

Miami Beach Mayor Dan Gelber and Natalie Nichols home at 1531 Stillwater Drive (Credit: Getty Images)

Miami-Dade judge strikes down Miami Beach short-term rental ban. In a major blow to Miami Beach’s crackdown on short-term rentals, Miami-Dade Circuit Court Judge Michael Hanzman granted summary judgment for Natalie Nichols, a real estate investor who sued the city last year over exorbitant fines approved by local elected officials. [TRD]

 

Blackstone had every reason to oppose the overhaul of New York state’s rent law in June. The private equity giant and its Canadian partner Ivanhoé Cambridge had poured more than $5 billion into buying and upgrading Stuyvesant Town–Peter Cooper Village — making them the largest owner of rent-stabilized apartments in the city, with 11,000-plus units, since 2015. [TRD]

 

North Miami approves mixed-use senior apartment development. More than three years in the making, a North Miami mixed-use development composed mostly of apartments for seniors, is moving forward. The North Miami City Council recently approved the $45 million development. Called Residences at NoMi, it will be built at 950 Northeast 124th Street on a 1.95-acre vacant site. [TRD]

 

Carnival Corp. unveils new design for its planned renovation at PortMiami. The company announced its design for the renovation and expansion of Terminal F after county commissioners voted to approve a $195 million terminal deal last month, according to the Miami Herald. The terminal will be large enough to hold Carnival’s largest ship. [Miami Herald]

 
Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone sells off part of massive industrial portfolio. Blackstone unloaded a 100-building portfolio valued at $3 billion to Nuveen, the real estate investment arm of the Teachers Insurance and Annuity Association of America, Nuveen announced Monday. [TRD]

 

California plans to limit rent increases with new law. Gov. Gavin Newsom plans to sign a new law that will cap rent increases and is seeking to change zoning laws and increase construction in the state. The law limits annual rent increases at 5 percent, plus the rate of inflation, and makes it more difficult for landlords to evict people, according to the Wall Street Journal. [WSJ]

 

Sears moves forward with bankruptcy. Sears Holdings Corp. won court approval Monday for a Chapter 11 liquidation plan. The plan will make the company’s suppliers during the bankruptcy take delayed payments or take a discounted payoff, according to the Wall Street Journal. [WSJ]

 

Compiled by Keith Larsen


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