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

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


Related Articles

arrow_forward_ios
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
South Florida by the numbers: Local mega listings and sales
South Florida by the numbers: Local mega listings and sales
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Shoppes at City Centre at 11201-11261 U.S. Highway 1 in North Palm Beach (Marcus & Millichap)
Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M
Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M
Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach (Google Maps, SSHaving, CC BY-SA 4.0 - via Wikimedia Commons)
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment
Renderings and plans for the redevelopment of the Galleria Mall in Fort Lauderdale (Dwell Design Studio and Adache Group Architects)
Galleria Fort Lauderdale owner revives, revamps redevelopment proposal
Galleria Fort Lauderdale owner revives, revamps redevelopment proposal
From left: Ivy Realty's Anthony P. DiTommaso Jr. and Russell Warren Jr. (Ivy Realty in front of the Tower 101 office building at 101 Northeast Third Avenue in Fort Lauderdale (Ivy Realty)
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
Lease roundup: Ivy Realty scores tenants at Tower 101 in Fort Lauderdale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...