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  • The Sagamore Hotel’s new owners — Fort Lauderdale-based InSite Group and New York-based EL Group — took out a $45 million mortgage on the oceanfront South Beach property. … [more]

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  • Preserving paradise

    October 31, 2016 08:45AM

    From the October issue: Ever since the founding of the Miami Beach Historic Preservation Board more than 30 years ago, developers and preservationists have been tangling over whether it strengthens or weakens local economic development. “Our job is to help development and preservation coexist,” said Jane Gross, who served as the board’s chair until September of this year. “You want to adaptively reuse these buildings; you don’t want them to sit like a petrified forest with no … [more]

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  • Most popular on The Real Deal

    October 31, 2016 07:30AM

    Current reader favorites: 1. Chinese buyer behind bulk purchase at Brickell City Centre’s Rise condo tower 2. Faena Hotel Miami Beach penthouse to hit the market at $50 million 3. How Miami’s real estate market is coping with Treasury’s shell company crackdown: panel 4. Aston Martin and Coto family launch car maker’s first branded condo tower in downtown Miami 5. NP International pays $60M for Gables Station development site … [more]

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  • Sims Crane & Equipment Company hired David Wessin as South Florida safety director. Wessin will oversee project safety for the southern Florida branches of Sims Crane in Fort Myers, Miami and West Palm Beach. Sims Crane was founded in 1959 and has 11 locations throughout Florida, according to the company’s website. … [more]

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  • September hotel occupancy increased from last year’s levels in Broward County and Palm Beach County, and declined in Miami-Dade County, according to hospitality industry data source STR. An increased supply of hotel rooms contributed to declines in both occupancy and average daily room rates in Miami-Dade last month, the Sun-Sentinel reported, citing an unidentified tourism official. … [more]

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  • Fort Lauderdale-based developer Michael Rechter is set to redevelop a former power plant in downtown Vero Beach as a microbrewery and restaurant by next summer. Rechter in January expects to start renovating the former deisel-fueled power plant, which he bought from the City of Vero Beach for $500,000. He plans to finish the renovation work next July and reopen … [more]

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  • Bergeron Properties & Investment Corp. started construction-site work for 170,373 square feet of speculative distribution space in western Pembroke Pines. The 9.1-acre site of the spec building, called the Bergeron Distribution Center, is located at 19700 Stirling Road, just east of U.S. 27. The Bergeron Distribution center would be the first phase of a business park development that would deliver 2.2 million square feet of space at a cost of $137 million. … [more]

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  • Treasure Coast Newspapers reported that basketball legend Michael Jordan is the principal owner of a venture to build a private 18-hole golf course in southern Martin County. Jordan leads a team of about 25 investors in a proposed golf course development on 227 acres in Hobe Sound. Current zoning permits development of a golf course on the 227-acre site, located north of the Hobe Sound Polo Club on Bridge Road and south of Atlantic Ridge State … [more]

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  • A developer of boutique condos in Fort Lauderdale paid $3.6 million for land on the south side of the city to build a 10-story hotel. Grupo Alco bought a 1.75-acre site at 350 East State Road 84, two miles  from Fort Lauderdale-Hollywood International Airport and within a mile of Port Everglades. Grupo Alco bought the land from Sailorman Properties II, which  runs the Sailorman marine store there and plans to relocate the store. Sailorman Properties … [more]

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  • 1. South Beach streetcar project cut in half because of cost [Miami Herald] 2. South Beach condo association sues city over Ocean Drive “strip club” [Miami New Times] 3. Douglas Elliman says demand for this product type at ‘all-time high’ [GlobeSt] 4. Horse lovers pony up for equestrian-friendly communities [Wall Street Journal] — Sean Stewart-Muniz … [more]

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  • After her tri-level penthouse at the Miami Beach EDITION sat on the market for roughly a year, Poonam Khubani is hoping some fresh blood will bring her a buyer. The Bollywood actress and businesswoman just dropped Douglas Elliman’s Chad Caroll in favor of the Jills from Coldwell banker, and has reduced her asking price from $27.5 million to just under $26 million. … [more]

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  • A two-story penthouse atop the Faena Hotel Miami Beach is hitting the market at $50 million, Alan Faena told The Real Deal. … [more]

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  • Video by Alistair Gardiner With construction well underway at the Harbour in North Miami Beach and more than 80 percent of its condos sold, Inigo Ardid isn’t too worried about the market slowdown. In fact, as he told The Real Deal Managing Web Editor Hiten Samtani, it might be a good time to start buying. Ardid, co-president of development firm Key International, stepped aside at TRD’s Showcase & Forum last week to break down how … [more]

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  • A Nassau, Bahamas-based owner of a newly completed Fendi Château Residences unit in Surfside wants to flip it for a big profit.  … [more]

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  • After a pair of accidents that have catapulted South Florida’s year-to-date tally of construction-related deaths to surpass all of 2015, work has resumed at one of the job sites. Construction workers have returned to the Hyde Resort and Residences Hollywood, following a scaffolding collapse Monday that left a local mural painter dead and two others injured. Yet at Property Markets Group’s Echo Brickell project in Miami, work remains suspended eight days after another scaffolding collapsed … [more]

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  • Ezra Katz’s commute to his Coconut Grove office is about to get a lot shorter. County records show the Aztec Group founder and CEO just closed on his $5.34 million purchase of a house-sized condo in Terra Group’s freshly opened Grove at Grand Bay towers. … [more]

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  • Miami investor and former U.S. ambassador Paul Cejas is jumping on the Faena House flipping bandwagon, and listing his penthouse for $33.9 million, or nearly $4,400 per square foot.  … [more]

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  • The Related Group is looking to wine to lure buyers and brokers to its Auberge Beach Residences & Spa Fort Lauderdale. Related kicked off a three-part wine-tasting series at the condo project’s beachfront sales gallery with sommelier Kris Margerum. Once completed, the restaurant at Auberge will include a wine vault and wine room with hand-picked bottles for buyers. Auberge, a partnership between Related Group, Fortune International Group and the Fairwinds Group, will be a 171-unit beachfront project

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  • From the fall issue: South Florida condominium sales have been at high tide for years, but the low tide may be just on the horizon — if not ashore — amid mounting evidence of overbuilding and declining demand. Real estate experts say that if preconstruction condo sales keep falling, a slowdown in construction financing will follow. Wells Fargo Bank Senior Vice President Patrick Ramge, who oversees commercial real estate lending throughout Florida, has lowered the expectations … [more]

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  • For those in Miami’s real estate market waiting for the Treasury Department to stop tracking shell companies that buy luxury homes, don’t hold your breath. A panel of industry experts, gathered Wednesday morning at the downtown Miami Hilton hotel, said the Financial Crimes Enforcement Network was only getting started with its efforts to crack down on money laundering in residential real estate. … [more]

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