Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest

A daily roundup of South Florida real estate news, deals and more for Oct. 29, 2019

TRD MIAMI /
Oct.October 29, 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.

 

The Miami-Dade County Commission approved a public-private partnership with Brightline to build a Virgin Trains station at PortMiami by 2020. The $15.4 million station would eventually connect to Orlando International Airport by 2022. Brightline is also working on adding a stop in Aventura and is in talks with the city of Boca Raton to add another station next year, according to a release.

 

WeWork wants to get into … electronic gaming? The troubled co-working giant applied for a trademark for “Play By We” earlier this year, according to documents published in the UK last week. The company has hired a handful of staffers for the fledgling business, but their fate is now unclear as thousands of job cuts are planned following Softbank’s takeover. [Bloomberg]

 

The Icahn Enterprises move to South Florida has begun. Carl Icahn’s stepdaughter and her husband, an executive at the corporate raider’s investment firm, paid $7.3 million for a new waterfront house in Golden Beach. A trust tied to Hunter Gary and his wife Shana purchased the 7,981-square-foot home at 301 Center Island Drive for $914 per square foot, records show. [TRD]

 

The Altman Companies closed on a 30-acre development site in Miramar for $35 million, and at the same time sold a portion of the land to a joint venture for $6 million. Altman, led by CEO Jeff Roberts, acquired the plot of land on the northeast corner of Miramar Parkway and Red Road, said Thomas Godart, managing director of Godart Florida Real Estate Development. The company simultaneously sold 6.7 acres of that site to a joint venture between Master Development Inc. and Konover South. [TRD]

 

Zillow CEO Rich Barton insists its ibuying is not home-flipping. Instead of making money off of home price appreciation, the company’s Zillow Offers tool generates money for the company in the form of a transaction fee, Barton emphasized at an event Monday. [TRD]

 

A rezoning in Dania Beach could spark residential development of an 11-acre block along a canal, across the street from the sprawling Dania Pointe mixed-use development.
The Dania Beach City Commission voted Monday on second reading to change the zoning for the rectangular block along Bryan Road. Miami-based developer Asi Cymbal worked with four owners of Bryan Road properties to get their entire block rezoned, and he proposed a site plan for an eight-story, 302-unit rental apartment development on part of the block. [TRD]

 

All-cash homebuying startup Ribbon raised $330 million in new debt and equity. The startup, founded in 2017, empowers buyers who need financing to compete against all-cash bids in a competitive market. [TRD]

 

Vacation rental startup Vacasa is now valued at $1 billion. The startup raised $319 million in a strategic round led by Silicon Valley private equity firm Silver Lake, bringing its total funding to more than $500 million. Vacasa currently manages 23,000 homes on behalf of properties. [TRD]

 

Ben Carson’s HUD wants banks to lend on low-income homes again. HUD and the Department of Justice are moving to reduce bank fines for minor infractions associated with FHA mortgages, as nonbank lenders have increasingly filled the void left by banks since the last recession. [TRD]

 

Target will anchor the Grove Central Metrorail Station project. The retail giant is leasing just under 50,000 square feet at Grass River Property and Terra’s mixed-use transit-oriented development, according to the South Florida Business Journal. In all, Grove Central will have 135,000 square feet of retail space. [SFBJ]

 

The S&P 500 rallied to a record high on Monday, but real estate stocks didn’t follow suit. Nareit’s All REITs index, a measure of real estate investment trusts, was down 0.53 percent. Equity REITs fell 0.6 percent, though mortgage REITs rose 0.38 percent. And the Real Estate Select Sector Index fell by 2 points by the end of the day. Out of a mix of 28 real estate stocks tracked by The Real Deal, 15 posted gains and one stayed flat. [TRD]

 

A total of 117 condos sold for $48.5 million in Miami-Dade County last week, compared to the 116 units that sold for a combined $37 million the previous week. Condos last week sold for an average price of about $414,000 or $307 per square foot. The top deal was the $3.7 million closing of Jade Signature unit 1503. [TRD]

 

Compiled by Katherine Kallergis


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