RNC’s winter meeting will be hosted at Trump Doral, developer scores $24M construction loan

A daily roundup of South Florida real estate news, deals and more for Nov. 14, 2019

Miami /
Nov.November 14, 2019 05:30 PM

UPDATED, Nov. 15, 1 p.m.: 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 5:30 a.m.

 

The Republican National Committee’s winter meeting will be hosted at Trump National Doral Miami. Washington Post White House reporter Josh Dawsey tweeted that the contract was signed in March, citing an RNC official. President Trump planned to host the G-7 at the Doral resort, but nixed those plans amid backlash. [Twitter]

 

Habitat Group is moving forward with the construction of a large condo-hotel project in Brickell after scoring a $24 million loan. Habitat secured the construction loan from Miami-based Ocean Bank to build Smart Brickell’s Tower 1 at 239 Southwest 9th Street in Miami’s West Brickell neighborhood. The tower will have 50 hotel rooms and 50 condos and is planned for completion in 2021. [TRD]

 

At a ULI symposium, Richard LeFrak touted Solé Mia’s progress from a landfill to paradise. LeFrak recounted the moment roughly nine years ago when he received a call gauging his interest in 184 acres of waterfront land fronting Biscayne Boulevard in North Miami. “It’s a [former] landfill and it’s kind of had a checkered past,” LeFrak recalled the unnamed individual on the line telling him. “I asked what’s the minimum bid? He said $21 million. That’s all I had to hear.” [TRD]

 

A former printing and distribution site for USA Today in Miramar sold for $12 million. Zaragon purchased the 56,087-square-foot property at 10315 USA Today Way for $214 per square foot, records show. The property was previously used by Gannett Co. to print and distribute USA Today newspapers, according to Loopnet. [TRD]

 

A total of 139 condos sold for $49.7 million in Miami-Dade County last week, compared to 152 units that sold for a combined $52 million the previous week. Condos last week sold for an average price of about $358,000 or $294 per square foot. [TRD]

 

Donald Trump has been taken to court many times by lawyers, brokers, contractors and others who claimed that he owed them money. Now the shoe is on the other foot, as the Trump Organization copes with delinquent retail tenants. Last year the Trump Organization’s revenue fell by as much as $45 million —to between $610 million and $650 million, according to a Crain’s analysis. [Crain’s]

 

WeWork’s losses have reached $1.25 billion. The parent company of the troubled office-space startup also told shareholders that revenue increased to $934 million in the three months ending Sept. 30, a 94 percent year-over-year jump. The company is in search of a new leader after the ouster of founder Adam Neumann, and was reported to be in talks with T-Mobile US Inc. chief executive John Legere. [WSJ]

 

Jared Kushner declined SoftBank’s request to divest from Cadre. The decision to turn down SoftBank, which was concerned about conflicts of interest, saw funding talks fizzle for Cadre. The online real estate platform for was founded by CEO Ryan Williams and Josh Kushner in 2014. [Bloomberg]

 

Brookfield is buying JPMorgan’s U.S. mall stakes. The deal, valued at $3.2 billion, is a sign of confidence in the mall sector, which has struggled in recent years with the rise of e-commerce. [Bloomberg]

 

Free People, Madewell, Marie Robinson and Maisons du Monde opened at Aventura Mall. Carolina Herrera and Breitling opened in new spaces, and Peloton moved from a kiosk to a permanent store, according to a press release. Turnberry Associates and Simon Property Group own the mall at 19501 Biscayne Boulevard. [Press release]

 

The home of Pulitzer Prize-winning poet Elizabeth Bishop sold for $1.2 million. The Key West Literary Seminar purchased Bishop’s Key West home with plans to renovate it and use it as its headquarters, according to the Miami Herald. Bishop sold it to a family, which just sold it to the nonprofit. Her requirement to the family was that the home wouldn’t be changed. [Miami Herald]

 

A rezoning in Pompano Beach could advance Harbourside at Hidden Harbour, a planned nine-story, mixed-use development with 300 apartments on a waterfront corner of North Federal Highway. City commissioners initially approved a proposal to rezone about 9 acres next to a canal on the southeast corner of Federal Highway and Northeast 16th Street in Pompano Beach. [TRD]

 

On the heels of raising $35 million, a San Francisco-based brokerage that provides white-label tools to agents has set its sights on Florida. Side, the venture-backed brokerage founded in 2017, launched in Florida this week, the company said. Donnie Pingaro is Side’s managing broker in Florida. [TRD]

 

Compiled by Katherine Kallergis


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