Proposed 40,000 SF Mixed Use Lifestyle CenterIdeally suited for restaurants, medical, fitness, educational, shared workspace, or corporate headquarters" 224 Dedicated Surface Parking Spaces" High Exposure Location with Dedicated Traffic Signal" Prominent End cap Tower Feature" Pylon Signage" Outdoor Restaurant Seating with Mezzanine and Roof-Top Options" Modern Architecture" Customer Drop-Off
Space Available 10,400 - 19,200 SFRental Rate Yr $50 /SF/YrSpaces 3Gross Leasable Area 40,000 SFProperty Sub-type Neighborhood CenterStatus Active
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Vizcayne is a luxury mixed-use development in Downtown Miami that contains 849 condominium units in two residential towers, and 43,301 square feet of prime retail space
Space Available 2,793 - 7,115 SFRental Rate Yr NegotiableSpaces 4Building Size 43,301 SFProperty Sub-type Retail (Other)Status Active
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2,800 sf of prime retail space 20' of frontage on Miracle Mile Surrounded by hi-rise office towers and hi-end residential towers Ample metered, valet and garage parking available Growing residential population within walking distance Ideal location
Space Available 2,800 SFRental Rate Yr $42 /SF/YrSpaces 1Building Size 2,800 SFProperty Sub-type Street RetailStatus Active
33 Downtown Tower is available for lease, we have large and small spaces to suit your needs. Perfect Conditions.
Born in 1929, today would have been Khan's 88th birthday. He came to the United States in 1952 and studied at the University of Illinois, where he earned two master's degrees and a PhD in structural engineering. Khan was hired by Chicago architectural firm Skidmore, Owings & Merrill in 1955, and went on to design the two iconic Chicago buildings.
He's considered the "father of tubular designs" for skyscrapers, which allowed towers to be constructed by the exterior frame of the building rather than the central supports of steel. This method, which proved to be far more efficient by using considerably less steel, has continued t0 be used in many high-rise buildings today. Khan's design innovation was used in buildings such as the World Trade Center, Bank of China Tower and in New York's Trump Tower.
At 100 stories high, the Hancock center was the second-tallest building in the world when it was completed in 1968. Built just a few years later in 1973, the Sears Tower is 108 stories high and is the second tallest building in the United States. It was renamed the Willis Tower in 2009.
Khan died of a heart attack in 1982 and was buried in Chicago. Khan is frequently remembered for his quote on always remembering the bigger picture in life.
"The technical man must not be lost in his own technology,” he said. "He must be able to appreciate life, and life is art, drama, music, and most importantly, people.”
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It looks like the legal fight between developers and unit owners of an aging North Miami condo complex is starting to boil over.
This week, developers of the ultra-modern Apeiron project and the condo associations of the Jockey Club lobbed lawsuits at each other aimed at control of the condo complex’s common areas.
Apeiron Miami, led by Horst Schulze, Michael Bedner and Muayad Abbas, wants to build an ultra-modern condo and hotel complex on 13 acres of common grounds at the Jockey Club condo complex at 11111 Biscayne Boulevard, which it purchased for $3.25 million in 2014. Plans call for two 40-story towers with a total of 90 hotel rooms and 240 condos, with the residences receiving service from the hotel portion. As it stands now, the Jockey Club complex has three condo towers, two of which are 21-stories and one is 13-stories. They were built between 1971 and 1982 and house 411 units in total.
In March, the Apeiron team ran into trouble when the condo associations of two Jockey club towers — Jockey Club I and Jockey Club II — filed suit to try and stop the development, alleging Apeiron was trampling over a pair of binding agreements dating back to 1977 and 1995 that essentially blocked all further development at the club.
The situation became even messier when Jockey Club III pledged support for Apeiron, with the other two associations alleging their counterpart had been bought out by the developer to the tune of $10 million.
These most recent suits were filed in quick succession to the 11th Judicial Circuit Court of Miami-Dade County.
On one end, the Jockey Club I and II associations are alleging that Apeiron is trying to wrest control of maintenance for the common areas, and that Jockey Club III has stopped making any contributions to the shared maintenance costs.
Glen Waldman of Heller Waldman, the plaintiff’s attorney, told The Real Deal that Apeiron’s strategy is to leverage control of the common areas to help gain county approvals for its project.
Waldman said that could lead to neglect for a number of necessary maintenance issues in the complex, because Apeiron wouldn’t want to fix something it is going to demolish in the future.
“On their best day, they won’t be shoveling the ground for one to two years,” he said. So Apeiron is basically saying “‘We’re not going to fix it, because eventually we’re gonna build here.”’
The suit the associations have filed is seeking damages and relief from Apeiron, which would legally prevent it from taking over management of the Jockey Club’s common areas, as well as requesting that Jockey Club III continue making its maintenance payments.
The point of view painted in Jockey Club III’s suit, however, is much different. It alleges that the Jockey Club’s maintenance has been severely mismanaged, with no official budget, work done without permits that has drawn notices of violation from the county, and no payroll records for employees.
Jockey Club III filed an emergency motion with the court to have a third-party receiver appointed for managing the common areas, though the judge has since ruled that the situation is not an emergency.
“We’re optimistic that we have clear legal standing to proceed with Apeiron at the Jockey Club, and we look forward to delivering a first-rate project that includes major property improvements that will benefit all Jockey Club residents,” Abbas, one of the Apeiron’s developers, said in a statement. “Unfortunately, current residents – many of whom support Apeiron – are now stuck paying the steep legal bills that their Condo boards have saddled them with by filing these lawsuits.”
As Miami-Dade County’s condo market shows signs of slowing due in part to a stronger dollar, an out-of-state developer envisions a pair of new condo towers with more than 550 units combined as a key component for a proposed $160 million mixed-use project in Coral Gables.
The latest condo project proposed for the Coral Gables area — a wealthy suburb of local residents and foreign investors — is the Gables Station complex slated to be developed on a 4.3-acre site located on the north side of the 200 block of South Dixie Highway near the upscale Shops At Merrick Park retail center, according to city of Coral Gables records.
“The applicant is proposing a mixed-use residential/hotel/retail project, which will be composed of three towers with a maximum height of 155 feet with about 168 hotel units totaling 111,583 square feet, 554 luxury condominium residences and 87,900 square feet of retail space,” according to the cover letter included with the developer’s application to the city of Coral Gables.
To build the project as proposed, the prospective developer — a “contract purchaser” based in Minnesota called NP International USA LLC with Charles D. Nolan and Brent Reynolds — is seeking a number of revisions to current land-use and zoning regulations, according to government records.
Currently, the owner of record of the proposed development site is a Coconut Grove-based corporation called Gables Station LLC with Jeffrey L. Berkowitz that had previously announced plans to build a retail-and-parking facility with 330,000 square feet after acquiring the land in 2005, according to government records.
With this newest project, the Coral Gables area now has 17 new condo buildings with nearly 1,400 units announced in South Florida since this current cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com as of Monday. (For disclosure, my firm operates the website.)
The total number of new Coral Gables units for this cycle would have been even higher if not for earlier decisions by unrelated developers to revise the original plans of the proposed Collection Residences project with 126 units and the Antilla Coral Gables project with 32 units.
To date, developers have revised plans to build nearly 20 new condo buildings with nearly 2,900 units since 2011. Most of the units in question were to be developed in Miami-Dade, according to the data.
Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units in the coastal tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 33,000 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.
In the Coral Gables market, no new condo buildings have been completed to date during this cycle.
A trio of new condo buildings with a combined 265 units are currently under construction in the Coral Gables market as of Monday.
An additional 14 new condo buildings — including the newly announced Gables Station project — with more than 1,120 units are currently in the planning and presale phase of development in Coral Gables, according to the data.
The combination of announced units that are in the planning or presale phase of development represent more than 80 percent of the total number of condos in the pipeline for the Coral Gables market during this cycle.
The Coral Gables market ranks as South Florida’s ninth most active preconstruction condo market based on announced units.
On the resale front, buyers acquired 275 condo units last year for an average of nearly 23 transactions monthly, according to data from the Southeast Florida MLXchange.
Based on the 2015 resale statistics, the Coral Gables condo resale market currently has about 6.7 months of supply of units available for purchase.
A balanced market is considered to have about six months of resale supply available for purchase. More months of condo resale supply suggests a buyer’s market, and less months indicates a seller’s market.
While the supply of condo units is encouraging, the average resale transaction price per square foot in Coral Gables was unchanged at $320 in 2015, just as it was in the previous year of 2014, according to the data.
Currently, the average asking price for a condo resale unit available for purchase is $431 per square foot, according to the data.
China Vanke sure is receiving some unwanted attention these days. The world’s largest property developer — with stakes in New York properties like the Bush Tower and Aby Rosen’s 100 East 53rd Street — is fighting a takeover attempt from Baoneng Group, a privately-owned Chinese property-to-finance behemoth. Baoneng is China Vanke’s largest shareholder at 22 percent.Vanke will issue more shares in an asset restructuring in an attempt to reduce Baoneng’s power, the Wall Street Journal reports.So who would gobble up newly-issued shares? State-owned China Resources Group, with a 15 percent stake in Vanke, could potentially step up, according to the Journal.However, with Vanke’s stock having soared 68 percent in the past month, any new investor would likely receive a discounted rate. And a discount would certainly upset existing shareholders like Waldorf Astoria Hotel owners Anbang Insurance Group, which recently bought a 5 percent stake. Along with Baoneng, Anbang could try to block Vanke’s share issuance, according to the Journal.The restructuring could also mean that Vanke purchases assets, the Journal reported.Vanke has a controlling stake in the 30-story office building known as the Bush Tower and also bought into Aby Rosen’s condo project at 100 East 53rd Street.In November, Vanke paired with Adam America and Slate Property Group for a development site at 10 Nevins Street in Downtown Brooklyn. The trio have planned a 33-story condo tower.
The developer planning a 633-foot observation tower equipped with electronic murals is moving his plans forward even as the mayor of Miami talks of slowing him down.
Michael Simkins’ Innovate Development Group applied this week to Miami’s building department for a permit to erect five large electronic signs embedded within the skin of the tower’s twisting facade and mounted along its pedestal. The signs, which would flash advertisements as well as public art and messages, are as large as 30,000 square feet and would be visible from Interstates 395 and 95.
The high-tech tower is envisioned as the centerpiece of a 10-acre technology district around 10th Street and Northwest First Avenue. Simkins expects to go before the city’s Southeast Overtown Park West Community Redevelopment Agency on June 29 to finalize a crucial community benefits agreement that, when last made public, included $5 million in upfront payments to the redevelopment agency and at least $1 million every year after it opens.
“The CRA board has to accept the benefits [for the project to move forward], but we submitted our permit because we are looking at a bigger picture,” said Simkins. “We’re looking at an innovation district as a whole, with 7.4 million square feet and 13,000 high-paying jobs to downtown Miami. And we’re hoping to start phase one in June” of 2016.
Simkins stressed that he’s followed the “letter of the law,” in part because critics have accused him and the Overtown CRA of quietly negotiating his project for months without involving the public.
When city commissioners considered his project in April in their capacity as CRA board members, they decided that they didn’t need to vote on the tower’s signage and then deferred a vote on the community benefits agreement. Audience members weren’t allowed to speak, and left the meeting wondering if they’d lost their only chance to comment on the project before it was approved.
That would seem a moot point now, with Simkins going back to the CRA board for another hearing. County ethics commissioners began poking around after receiving complaints but decided they had no reason to pursue the issue further.
Still, Mayor Tomás Regalado says he doesn’t believe the CRA should be given the power to approve a billboard tower. Previously, a similar project in the Omni area went before the Miami City Commission. But under Miami law, the executive director of the Overtown redevelopment agency is tasked with reviewing and approving a “media tower” in the redevelopment area, and its correlating public benefits.
This week, at Regalado’s behest, Miami’s legal staff released two pieces of legislation that would repeal the laws that place the authority with the redevelopment agency, and replace it with a new zoning code that requires city commission approval.
“I think it’s unfair for the residents, that they won’t be able to participate in public hearings,” said Regalado, who was accused of fast-tracking the proposed billboard tower in the Omni several years ago.
At first glance, though, activists who hailed Regalado in April for his position on the Innovation Tower are cringing at the legislation. Peter Ehrlich, a member of anti-billboard group Scenic Miami, said Wednesday after reading Regalado’s legislation that he worries it would actually allow for more billboard towers with less scrutiny.
“This legislation is horrible,” he said.
Simkins’ attorneys don’t believe the proposed legislation would even apply to the project should it be approved, since Simkins has submitted his plans to the city and the CRA.
City Attorney Victoria Méndez couldn’t say Wednesday whether she agrees. But in late April, her office issued a legal opinion stating that Simkins must still receive administrative approvals for his project, including the approval of a warrant, which can be appealed.
“The technical man must not be lost in his own technology,” he said. “He must be able to appreciate life, and life is art, drama, music, and most importantly, people.”