Saks makes bid for Barneys, Eighty Seven Park will offer a certified botanist: Daily digest
A daily roundup of South Florida real estate news, deals and more for Oct. 14, 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
This page was last updated at 5:30 p.m.
Saks has teamed up with Authentic Brands to bid roughly $270 million for Barneys. Saks, which Hudson’s Bay Company owns, would launch Barneys departments in 41 of its stores, take over the website of the bankrupt retailer and possibly take over some Barneys locations. Barneys had filed for bankruptcy over the summer, and at a court hearing on Friday, a lawyer for the high-end fashion retailer said the company needed more time to solidify a possible deal that would keep it alive. [WSJ]
Eighty Seven Park will offer a certified botanist at the luxury condo project. The botanist can tend to plants on the property and water residents’ gardens. Terra is developing the 66-unit, 18-story condo building at 8701 Collins Avenue in Miami Beach along with its partners, Bizzi & Partners Development, New Valley and Pacific Eagle.
THesis Hotel is coming to Miami. The hotel component at Paseo de la Riviera, a mixed-use project on the former Holiday Inn site at 1350 South Dixie Highway in Coral Gables, will be known as THesis Hotel.
SMS Lodging lists Miami Beach hotel after selling another for $21M. SMS Lodging is looking to sell a boutique hotel in South Beach, following the $21.3 million sale of another hotel farther north in Miami Beach. [TRD]
WeWork’s first investor used his stock as collateral. Now his lenders are suing him. Joel Schreiber, a landlord whose firm Waterbridge Capital owns a vast portfolio of buildings in New York, used his stake in WeWork and properties he owned to back loans totalling almost $3.3 million, which he later defaulted on, according to two lawsuits filed Thursday. [TRD]
SoftBank’s problem solver faces his biggest challenge yet: WeWork. In late September, SoftBank Group’s Marcelo Claure took to Twitter to share his goals for the upcoming month. He wanted to beat his best running time, try a dish he had never had before, watch more soccer games, and figure out his daughter’s Halloween costume. A Twitter follower responded: Fix WeWork. [TRD]
Miami ranks at the top for cities with the highest rates of mortgage declines, according to a report. Almost 12 percent of all mortgage applications filed in Miami are denied, which is the most of any city in the U.S., according to a study by Lending Tree, the Miami Herald reported. The company analyzed more than 10 million mortgage application records from the federal Home Mortgage Disclosure Act. [Miami Herald]
Wawa and Aldi could be coming to a Lantana stalled project. The developer of the Water Tower Commons project will ask the Town Council to approve a gas station and convenience store on his property, according to the Palm Beach Post. The developer submitted plans to the town proposing a 5,900-square-foot Wawa and a 19,500-square-foot Aldi, according to the Post. [Palm Beach Post]
SoftBank Group is seeking to take over WeWork. SoftBank Group Corp. has set up a financing package to give it control of WeWork, which would help the struggling office startup’s cash problems. The board has also sought out JPMorgan Chase & Co. to look for ways the company can raise billions in debt. [WSJ]
Compiled by Keith Larsen