Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

A daily roundup of South Florida real estate news, deals and more for Oct. 28, 2019

Miami /
Oct.October 28, 2019 06:00 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 6:00 p.m.

 
Old Post Office building, Biscayne Bay Brewing's Jose Mallea and Stambul USA's Daniel Peña (Credit: Google Maps)

Old Post Office building, Biscayne Bay Brewing’s Jose Mallea and Stambul USA’s Daniel Peña (Credit: Google Maps)

The developers of downtown Miami’s Langford Hotel are moving forward with their plan to convert a century-old building that once served as a Post Office and courthouse into a food and beverage center that will include downtown Miami’s first brewery. The Miami City Commission last week unanimously granted an exception that will allow Daniel Pena-Giraldi and Luis Rojas, principals of Stambul USA, to put multiple alcohol-serving establishments into a single five-story, 35,455-square-foot building at 100 Northeast First Avenue. [TRD]

 

It’s a buyer’s market in Miami, and a new startup wants to capitalize on the glut of condos on the market. New York City-based Compound, led by CEO Janine Yorio, is under contract to purchase a unit at Brickell City Centre, and will open up a vehicle for accredited investors to buy shares. Using the same model, the investment firm hopes to buy hundreds of condos that it will lease to renters. [TRD]

 

Warehouse giant Prologis is purchasing its rival Liberty Property Trust for $12.6 billion. Prologis aims to use the acquisition to bolster its presence in the United States amid a boom in e-commerce, including in New Jersey, Southern California and Chicago. [Reuters]

 
Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Prism Multifamily Group paid $47 million for an apartment complex in Tamarac. A company led by Yshia David Willner sold the 291-unit Spectra at Tamarac for $162,000 per apartment. Prism Tamarac LP, tied to the Toronto-based multifamily investment firm, is the buyer. [TRD]

 

A secret deal allows the housing industry to block stronger rules on climate change. The agreement gives housing industry representatives four of 11 voting seats on two committees that approve widely adopted building codes, according to the New York Times. The National Association of Home Builders controls the seats, which have helped the trade group stop changes that would have made homes more energy-efficient or disaster-resistant. [NYT]

 
Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood, Peter Mekras of Aztec Group

The Luna at Hollywood complex sold for $19.05 million in a bulk condo deal. Prashkovsky Investments USA bought 150 units of the 192-unit condominium from Eagle Management of Highland Park, Illinois. The deal breaks down to $127,000 per unit. [TRD]

 

Seven months after settling a lawsuit over a failed $115 million deal for the Tropicana Condominium, the building’s condo association is again suing the developers of the neighboring Ritz-Carlton Residences in Sunny Isles Beach. The developers, a partnership between Chateau Group and Fortune International Group, is now accused of allowing construction debris to rain down on the Tropicana’s pool deck, damaging the pool and Jacuzzi, as well as making the area unsafe for residents and guests. [TRD]

 
Left to right: Morgan Freeman, Johnny Depp, Joe Perry and Joe Manganiello attend the Grand Opening of the Guitar Hotel expansion at Seminole Hard Rock Hotel & Casino (Credit: Getty Images)

Left to right: Morgan Freeman, Johnny Depp, Joe Perry and Joe Manganiello attend the Grand Opening of the Guitar Hotel expansion at Seminole Hard Rock Hotel & Casino (Credit: Getty Images)

Khloe Kardashian, Morgan Freeman, Jeremy Piven, Johnny Depp, Joe Manganiello and others were among the celebrities who attended the Seminole Hard Rock Hotel & Casino’s grand opening of its 638-room guitar-shaped hotel, casino and new restaurant and retail space. The $1.5 billion expansion of the Hollywood development was designed by Las Vegas-based Klai Juba Wald Architects, among other firms, and built by the Seminole Tribe of Florida and Seminole Gaming. [SFBJ]

 

The Miami City Commission voted to deny a residents’ appeal and allow the Centner Academy in the Miami Design District to open after all. The private school was opposed by some residents of Buena Vista who appealed a Planning, Zoning and Appeals Board vote that gave the school a zoning exception. [Daily Business Review]

 

Benjamin Norton’s Design Development Partners scored a $30 million bridge loan to refinance and fund improvements to a Miami Design District property. Design Development Partners secured the loan from Miami-based Pensam Funding for its seven-story office and retail building, called Design 41, at 112 Northeast 41st Street. [TRD]

 

Compiled by Katherine Kallergis


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