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  • Digging into design

    February 18, 2019 05:00PM

    In the last cycle, the Miami-Fort Lauderdale real estate market has given rise to audacious and groundbreaking architecture. Looking to outdo their peers and competitors, some local developers have enlisted the services of global A-list building designers such as the late Zaha Hadid, Herzog & de Meuron, Renzo Piano and Richard Meier to create whimsical glass-and-steel obelisks that will give them an edge in luring luxury buyers to their projects, while others have turned to … [more]

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  • Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development firm decided to build rentals. It even tapped Fortune Development Sales, a … [more]

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  • Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, according to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last summer, who were eager to get in on a program that provides … [more]

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  • If you brand it, they will come. That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers. More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc, Bloomberg reported. Such developments include the 60-story Porsche Design Tower in Sunny Isles … [more]

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  • Alex Sapir, through his investment firm, the Sapir Corp., is seeking shareholder approval on a deal that will let his relatives bail him out on a luxury condo development under construction in Surfside, a sleepy town north of Miami Beach. Alex Sapir’s publicly traded company is proposing to use $6 million in deposits for condo units at Arte by Antonio Citterio, to fund overrun costs tied to completing construction of the 12-story project, according to … [more]

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  • New York-based Gramercy Property Trust got $19 million for selling a building in Miramar leased by DeVry University. The new owners are Miami Beach-based Miramar 2300 Investors LLC, David J. Berger and Steven R. Becker. They got a $21 million mortgage loan from City National Bank in connection with their acquisition. An affiliate of Gramercy Property Trust, RT Miramar I LLC, sold the 97,690-square-foot building for $194 per square foot. DeVry has been the sole … [more]

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  • Developer Al Adelson is planning a 16-acre development in Palm Beach Gardens as he finishes building the ultra-luxury Bristol condominium near downtown West Palm Beach. Adelson told the Palm Beach Post that he will acquire property on Central Avenue between Hood Road and PGA Boulevard but has not decided how to develop the 16-acre site. The Palm Beach Post also reported that Adelson bid for the PGA National Resort & Spa in Palm Beach Gardens … [more]

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  • Luxury department store chain Barneys New York will introduce a line of upscale accessories for marijuana users at its California locations. Barneys will open a marijuana accessories boutique called The High End in each of its California department stores, starting with its Beverly Hills location in March. The department store chain is curating products for The High End together with Beboe, a Los Angeles-based retailer of cannabis products, which the New York Times described as … [more]

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  • Power couple Jennifer Lopez and Alex Rodriguez are Malibu’s latest celebrity residents. Singer-actress JLo and former Yankee shortstop A-Rod were the buyers behind the $6.6 million sale of actor Jeremy Piven’s Malibu beach house last month, according to Yolanda’s Little Black Book. The three-story, 4,400-square-foot home on Malibu Road has 50 feet of beachfront and a suite of high-end conveniences. They include a sauna, soaking tub, steam shower, and a screening room. The couple are … [more]

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  • Miami-based YMP Real Estate Management acquired an office park in the Cypress Creek area of Fort Lauderdale for $29.25 million. YMP bought the 237,682-square-foot Lakeshore Business Center from Boca Raton-based Morning Calm Management for $123 per square foot. Developed from 1986 to 2000 on a site spanning about 17 acres, Lakeshore Business Center is a two-story, four-building office property that was 79 percent leased when the sale closed. ECI Telecom, Hair Visions International and Kirlin … [more]

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  • The name of President Donald Trump’s Mar-a-Lago club is Spanish for “sea to lake,” but going there by boat won’t become an option anytime soon. An attorney representing Mar-a-Lago withdrew a proposal to build a dock at Trump’s private club in Palm Beach. Attorney Harvey Oyer withdrew the proposal before the Palm Beach Town Council could vote Wednesday on a motion by one of its members to reject the proposed dock. Mar-a-Lago proposed construction of a … [more]

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  • Amid opposition, Amazon says ‘adios’ to LIC site for HQ2 So long, Big Apple. Amazon has scrapped its plans to build a new campus in Long Island City, Queens — a decision it attributed to political opposition. New York lawmakers, including Sen. Michael Gianaris and Councilman Jimmy Van Bramer, both of Queens, opposed the $3 billion incentive package the technology giant had been set to receive. Critics also took issue with the Seattle-based company’s business practices … [more]

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  • Yext founder and CEO Howard Lerman is the buyer of a Miami Beach spec mansion that recently sold for $17 million, The Real Deal has learned. Lerman, head of the New York City technology firm, acquired the 10,665-square-foot estate at 6010 North Bay Road from luxury homebuilder Peter Fine’s To Better Days Development, according to sources. Records show The WonderLion Land Trust, managed by attorney Alexander Sundstrom, paid $17 million for the house. Lerman and … [more]

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  • Here are a couple of real estate events worth checking out next week! On February 19th, NAIOP is hosting its Industrial Supply Chain event at PortMiami, Terminal D, 1435 North Cruise Boulevard from 7 a.m. to 6:30 p.m.  Attend for networking opportunities, as well as discussions focused on the challenges of being involved in certain areas of development in the South Florida market. Speakers include PJ Charlton of CenterPoint and Ed Klimek of CSS Architects. … [more]

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  • UPDATED, Feb. 15, 2:20 p.m.: Compass is expanding its presence in Palm Beach. The brokerage acquired Hall Real Estate, an 11-agent boutique firm led by broker Steve Hall, and brought on Elizabeth DeWoody, a top producer at Corcoran Group, according to a press release. Hall and his team will continue working out of their office, at 140 Royal Palm Way, until the lease ends in a few months. Hall said it was “obvious” that Compass’ … [more]

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  • Developer Todd Michael Glaser and a group of partners are proposing a massive mixed-use project with pocket parks, elevated courtyards, residential and commercial space in the heart of South Beach. Glaser, Jarrett and Sean Posner, Fred Carlton and Charlie Ratner are the developers behind the West of West overlay district. Domo Architecture + Design presented it Wednesday to the Miami Beach commission, which sent the project to the city’s Land Use boards as early as … [more]

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  • GEO Group, one of the country’s largest private prison companies, said it expects to boost revenue in 2019 due to an increase in the Immigration and Customs Enforcement budget. The Boca Raton-based real estate investment trust, which owns immigration detention centers and private prisons across the United States, reported on Thursday that its fourth quarter net income dropped to $33.4 million, or 28 cents per share, from $36.4 million, or 30 cents per share, during … [more]

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  • The long-delayed Ritz-Carlton Residences, Miami Beach, is now expected to receive its temporary certificate of occupancy in April and begin closings later that month or in early May. Developer Ricardo Dunin, founding partner of Lionheart Capital, said construction of the luxury condominium project is nearly completed. “Many units are finished and locked, and most of the building is done,” Dunin said. “We just have to go through all the fire safety inspections and get the … [more]

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  • UPDATED, Feb. 14, 10:56 a.m. The CEO of Hewlett Packard Enterprises bought a mansion in Stone Creek Ranch near Delray Beach for $7.5 million. Antonio Neri purchased the 12,474-square-foot home at 16141 Quiet Vista Circle for $601 per square foot. Neri bought the house from Leslie and Beth Melamed, who built the home in 2017, according to property records. The home has a gym, game room, wine collection room and a custom movie theatre as … [more]

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  • Despite slowing home prices and a few rocky months, overall residential sales grew year-over-year in 2018 in South Florida, up to a combined $36.8 billion in the tri-county region, according to the Miami Association of Realtors. Miami-Dade The total number of residential closings rose 3.5 percent in 2018, up to 26,794 closings. Single-family home sales were up 1.1 percent year-over-year to 12,931. Condo closings increased 5.6 percent to 13,863 in 2018. Total residential sales volume … [more]

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