Miami Beach OKs hotel development on Lincoln Road, Bank OZK’s construction lending is up: Daily digest

Miami /
Oct.October 18, 2019 06:30 PM

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This page was last updated at 6:30 p.m.

 

Miami Beach commission approves hotel development on Lincoln Road. The city commission gave the green light for hotels on the north side of the popular retail street from Pennsylvania and Lenox avenues. The hotels would have to be set back at least 75 feet from Lincoln Road. Sites of at least 30,000 square feet could be developed into hotels with at least 100 rooms. [SFBJ]

 

Bank OZK’s construction lending is up. The Arkansas-based bank reported that its third quarter construction loan portfolio grew to $6.68 billion from $6.49 billion a year earlier. It originated $2 billion in loans during the latest quarter. The bank has more than $23 billion in assets and is one of the most active construction lenders in New York, Chicago, Los Angeles and Miami. [TRD]

 

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. [TRD]

 

Miramar-based Spirit Airlines will consolidate its headquarters and other facilities in Broward County at a new $250 million campus in Dania Beach. Spirit’s project at the Dania Pointe mixed-use development, just south of Fort Lauderdale-Hollywood International Airport, will span up to 500,000 square feet. It will include corporate offices and a crew-training facility equipped with flight simulators. [TRD]

 

WeWork’s valuation might drop to $8 billion. That’s if it takes a lifeline from SoftBank. The figure is dramatically lower than the $47 billion valuation set earlier this year by the Japanese conglomerate, which has already sunk $10 billion into the company. [TRD]

 

Developer Glenn Straub sold a chunk of the Palm Beach Polo and Country Club property in Wellington for $16 million. The buyer is Scott Swerdlin, one of the top equine veterinarians in Wellington. Straub’s company provided $16 million in seller financing. [TRD]

 

Adam Kimmel is the sixth executive to resign from WeWork in the last month. Kimmel joined the company in 2017 as chief creative officer after a career in fashion, and designed the WeWork San Francisco office. The company is considering laying off as many as 2,000 people in the coming weeks. [Bloomberg]

 
Donald Trump (Credit: Getty Images)

Donald Trump (Credit: Getty Images)

President Trump will host the G-7 summit at Trump National Doral. His acting chief of staff, Mick Mulvaney, said Trump has “pretty much made it very clear since he got here that he doesn’t profit from being here” and that the hotel would host the conference “at cost,” the New York Times reported. The decision drew criticism about whether it was a conflict of interest to choose one of his own properties. A recent report by the Washington Post found that overall revenue at the golf resort is down since 2015 and net operating income declined by 69 percent from 2015 to 2017.  [NYT]

 

The Florida Panthers’ nonprofit will pay for a $45M renovation of the War Memorial Auditorium in Fort Lauderdale. The city of Fort Lauderdale owns the building, which was built in 1950, and is contributing an $800,000 grant for the project. It’s also leasing the 7-acre property for $1 a year for the next 50 years. [Sun Sentinel]

 
From left: E.B. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

From left: E.B. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing is bogging down Miami’s luxury condo market. Douglas Elliman agent Oren Alexander; Phil Gutman, president of Brown Harris Stevens Miami; Mike Pappas, president of the Keyes Company; and Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, said that sellers overpricing properties is contributing to the slow market, during a panel discussion about “Bucking the Buyer’s Market” at The Real Deal’s 2019 Real Estate Showcase & Forum on Thursday. [TRD]

 

Compiled by Katherine Kallergis


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