SoftBank to take control of WeWork, ULI recommends changes to city of Miami zoning code: Daily digest

A daily roundup of South Florida real estate news, deals and more for Oct. 21, 2019

TRD MIAMI /
Oct.October 21, 2019 05:50 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 5:50 p.m.

 
ULI South Florida focus group leaders Andrew Frey and Greg West

ULI South Florida focus group leaders Andrew Frey and Greg West

ULI recommends changes to city of Miami zoning code. A new Urban Land Institute report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations. [TRD]

 

SoftBank to take control of WeWork at less than $8B valuation. WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. [TRD]

 
Giorgio Vecchi and Dario Stoka

Giorgio Vecchi and Dario Stoka

Miami Beach agents Giorgio Vecchi and Dario Stoka left Brown Harris Stevens Miami to join Douglas Elliman. Together, they form the Vecchi + Stoka Group. The two agents closed a combined $45 million in sales volume last year, Stoka said. [TRD]

 

Lincoln Property joins partnership on downtown Fort Lauderdale building. Lincoln Property Co. has joined Eden Multifamily and Cypress Equity Investments as a partner to build a 32-story apartment project in downtown Fort Lauderdale. [TRD]

 
Patti and Allan Herbert with 4845 Southwest 78th Street (Credit: University of Miami and Redfin)

Patti and Allan Herbert with 4845 Southwest 78th Street (Credit: University of Miami and Redfin)

After selling their Richmond Hotel in Miami Beach, this couple bought a new house. Miami philanthropists and former hotel owners Patti and Allan Herbert paid $6 million for a mansion near Coral Gables. The Herberts, who have donated more than $100 million to the University of Miami, closed on the home at 4845 Southwest 78th Street, according to property records. [TRD]

 

Auto dealer snags a pad in Fort Lauderdale for $7M. Sebring car dealer Alan Jay Wildstein has found a new spot, paying $6.5 million for a waterfront home in Fort Lauderdale. Wildstein purchased a 7,752-square-foot house at 1500 Southeast 10th Street for $838 per square foot, records show. [TRD]

 
Paul Ellis

Paul Ellis

Foundry Commercial bought an 18-acre site in Hialeah Gardens, plans industrial project. Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000 square foot speculative industrial development. [TRD]

 

LV Lending provides $3.3 Million Refinancing for a planned medical office building in Hallandale Beach. LV Lending has provided a $3.3 million in refinancing for a vacant 1.06-acre parcel of land at 400 Southeast 9th Street. The owner plans to develop the site into an eight-story medical building totaling 168,700 square feet with 56,000 square feet of leasable space, according to a press release.

 
President Donald Trump (Credit: Getty Images)

President Donald Trump (Credit: Getty Images)

Trump surprised at pushback to his plans to host G-7 at Trump Doral. President Donald Trump’s acting chief of staff Mick Mulvaney said the President was “surprised at the level of push-back” to the previous week’s announcement that Trump would host the G-7 in Doral, according to the Miami Herald. Mulvaney called Trump’s change of mind to not host the summit at the resort “the right decision” during an interview Sunday morning with Fox’s Chris Wallace. [Miami Herald]

 
Federal Reserve Board chairman Jerome Powell (Credit: Getty Images)

Federal Reserve Board chairman Jerome Powell (Credit: Getty Images)

Federal Reserve looks to another rate cut. Federal Reserve officials are likely going to slash interest rates during their meeting in two weeks, according to the Wall Street Journal. Officials are also discussing when to stop their current pace of interest rate cuts and how to communicate their plans, the Journal reported. [WSJ]

 

Little Haiti’s Eastridge Special Area Plan delayed again. The city of Miami’s Planning, Zoning and Appeals Board delayed a request by the developer of a controversial special area plan known as Eastside Ridge in Little Haiti, according to the Miami Herald. This was the fifth time the board delayed a zoning change for Eastside Ridge, which would span over 22 acres and is being developed by SPV Realty. [Miami Herald]


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