Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: Daily digest
A daily roundup of South Florida real estate news, deals and more for Oct. 16, 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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Aston Martin Residences will have a superyacht marina. The downtown Miami condo tower, which is under construction, will feature the added amenity of a full-service marina that is 490 feet long with a draft depth of 15 feet. There’s also the Aston Martin Residences butler service, which will take care of everything for boat owners, captains, and their crew. G&G Business Developments is the developer behind the tower at 300 Biscayne Boulevard Way. Cervera Real Estate is handling sales, priced from $750,000 to $50 million for a penthouse.
Alex Sapir’s massive Opportunity Zone site in Miami hit the market. Sapir Corp. and its partners planned to build a 1.7 million-square-foot project on an assemblage of land north of downtown Miami. But the Israeli real estate firm is now looking to sell the property. The site, at 1768 Northeast Second Court, is in an Opportunity Zone, which would give a buyer substantial tax incentives. [TRD]
Real estate investor Joseph Imbesi and his wife Orla sold their waterfront Manalapan house for $6.5 million. The Imbesis sold their 6,643-square-foot home at 1675 Lands End Road to Marilyn Flint, David Fischer and Zachary Fischer for $978 per square foot, according to property records. [TRD]
Earning six figures isn’t necessarily enough to help you buy a home. This year, about 19 percent of U.S. households earning six-figure incomes are renters, an increase from 12 percent in 2006. Those figures amount to 3.4 million new renters who may have owned homes over a decade ago. Home-price appreciation is typically how middle-class households accumulate capital, so more Americans renting could lead to a greater wealth gap. [WSJ]
Flexible workspace provider Industrious inked a deal for its third South Florida location. Industrious will take 25,000 square feet of retail space at Paseo de la Riviera, a mixed-use project under construction in Coral Gables. The space, at 1350 South Dixie Highway, is expected to open in the first quarter of 2020. [TRD]
WeWork abandons planned Seattle co-living location. The firm announced with landlord Martin Selig Real Estate, the owner of a 36-story tower at Third Avenue and Lenora Street, that it would be backing out of a planned lease deal to refocus on its core business. The news comes on the heels of a New York Times report that said WeLive was under investigation by the city at 110 Wall Street in Manhattan. [Bloomberg]
SoftBank has hired investment bankers to oversee WeWork’s restructuring. Houlihan Lokey, which specializes in bankruptcy, will work on slashing liabilities at the office-space giant. The move comes as WeWork is assessing a deal that would give SoftBank control of the company. [Bloomberg]
Stephen Ross’ plan to bring a Formula One race to Miami is one step closer to becoming a reality. F1 finalized an agreement with Ross’ Hard Rock Stadium in Miami Gardens that would allow for annual racing starting in 2021, according to the Miami Herald. But Miami-Dade County would still need to approve the deal, and county commissioner Barbara Jordan has proposed legislation that would require a commission vote before that county approval. Ross would pay for all the race costs, including a $40 million track. [Miami Herald]
Digital marketing and social media executive Christian Martinez was tapped to be the regional president of Compass Florida. Martinez, who was previously with Facebook and Univision, is taking over Beth Butler’s role now that she’s been promoted to director of new development for Compass in the Southeast. [TRD]
Spec home developer Todd Michael Glaser prefers to eat his dessert before his meal. Glaser took The Real Deal through a typical day for him, which begins at 6 a.m. reading TRD and the Shiny Sheet, and involves bombarding people with emails and taking Virgin Trains to job sites throughout South Florida. [TRD]
Compiled by Katherine Kallergis