21,740 sf neighborhood center Rental Rate - $12 psf, NNN, $4.50 psf CAM Two spaces availalble 1,250 sf and 2,500 sf Located next to 7-11 and within walking distance to high school Near I-95 and Ives Dairy Road Located in un-incorporated Miami-Dade County, permits only needed with county Abundant parking 85 spaces; 4:1 parking ratio Join Day Care, Barber Shop, Dollar Store, Women' s salon Bravo Supermarket opening soon in nearby center
Space Available 1,250 - 2,500 SFRental Rate Yr $12 /SF/YrSpaces 2Building Size 21,740 SFProperty Sub-type Street RetailStatus Active
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The Hyperloop One could eventually come to Miami, creating a 26-minute route to Orlando, which would be a fraction of the four hours it would take to drive and less than half the hour it’d take to fly.
Of the 2,600 submissions in a global challenge from earlier in the year, among the 11 U.S. finalists is the Miami-to-Orlando route.
The process works by using a linear electric motor to move an electromagnetically levitated pod through a tube at speeds up to 620 miles per hour with no turbulence. Hyperloop One’s Senior VP Nick Earle says they plan to select two or three of the 11 finalists for further study.
“The question is where are we going to get the most collaboration and willingness to work together to jointly define the regulatory framework,” Earle said. “Because we can design the product in our development to meet the regulations.”
One of those collaborators is Alice Bravo, director of public works for Miami-Dade County in Florida. Bravo is proposing a hyperloop between Orlando and Miami, which could be a huge boon, not only for moving freight from the busy Miami port but also tourists back and forth between Disney World and Miami Beach.... Additional phases of the project could see the Florida hyperloop extend to Atlanta and then Chicago. “We think this is a corridor that could serve as a national stimulus,” Bravo said, “for this area of innovation and human capital intellect.”
There are also potential hyperloop routes being explored for six other countries.
Por es es conveniente invertir en propiedades de precio razonable y en lugares rentables entre Miami y Orlando.
La parte norte del Estado de la Florida tambien es una buena opcion para invertir aunque se vera apreciada en mucho mas tiempo, pero tiene ventajas por el clima y el nivel de elevacion sobre el nivel del mar, pensando en los cambios climaticos.
Para cualquier inversion en terrenos o propiedades en todo el estado de la Florida, le puedo servir con gusto a realizar su compra
Final rent + terms, along with all offers, are subject to approval of Walgreen Co.' s Real Estate Committee- Suggested Rent*: $425,000/yr. + sales tax * (inclusive of RET; R&M, insurance, utilities separate)- Minimum Term: 10 years; maximum term 8/31/35- Delivery: As-Is - Cooperating Broker: 2% (initial 10 years)- Offers Evaluated as Received Property Overview- Year Built: 2010- Master Lease Expiration: 8/31/35- Acreage: 1.53- Square Footage: 17,152 SF (First Floor 12,610 SF / Mezzanine 4,542 SF)- Parking: 82 Spaces- Access Points (shared): 2 adjacent on Galloway Rd / 3 on Bird Road- Signage: Building + double panels on Bird & Galloway pylons - Zoning: BRCUAD, Miami-Dade County- Lease Restrictions Include: Office related retail, copy services, gym, restaurant, offices, supermarket, bank, automotive & non-retail
Space Available 4,542 - 12,610 SFRental Rate Yr NegotiableSpaces 2Building Size 17,152 SFProperty Sub-type Free Standing BldgStatus Active
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Opa Locka, FL 33054 - Opa-Locka MF Submarket
42,862 SF Class C Apartments Building Built in 1969 Property is for sale at $3,400,000 ($79.32/SF)
Gated, Off-Street ParkingCentral Location in Miami-Dade CountyTwo of Three Roofs Have Been ReplacedExcellent Unit MixCentral Air-Conditioning and HeatMany Capital ImprovementsHistorically High Occupancy
The The proposed retail site, the Shoppes at Coral Way, has excellent frontage directly on the 2700 block of Coral Way, a major thoroughfare between Coral Gables and Brickell/Downtown Miami. Currently the site is home to a Chase Bank, with over $171M in retail deposits, making it a top 3 bank branch in Miami-Dade County. The branch does close to 500,000 transactions per year. The newly constructed project has one of Floridas highest traffic Chase Bank locations and a single tenant Publix center located adjacent to the South. The newly built project has multiple points of ingress / egress and enjoys traffic counts of over 40,000 per day. Owner is seeking to pre-lease the retail and office spaces (site plan on next page) with an expected delivery date of mid-2016 or will also entertain a ground lease on the +/- 40,000 SF remaining land. Demographics include population of 253,443 and a median housing value of $354,541 within a 3 mile radius. Nearby tenants, highlighted in the above map, include Starbucks, Publix, Winn Dixie, Staples, CVS, Big Lots, Office Depot, GNC, McDonalds amongst many others.
Space Available 10,000 SFRental Rate Yr NegotiableSpaces 1Building Size 23,491 SFProperty Sub-type Retail (Other)Status Active
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.”
Bal Harbour Shops has purchased the Church by the Sea’s lot for $30 million, marking another step forward for Whitman Family Development’s expansion plans for the upscale shopping center.
Miami-Dade County records show the now torn down church, formerly the oldest in Bal Harbour, sold last week to Bal Harbour Shops LLLP. The 27,000-square-foot property was part of a contentious battle between the Miami-Dade County’s historic preservation board and the church, the latter of which agreed to sell to the Whitman family. The board voted against protecting the church from demolition in November. It was torn down in December.
The church has been a key part of the neighboring mall’s renovation and expansion. The $400 million project will include a new entrance, wider sidewalks, a new canopy, landscaping and some new exterior walls. The upgrades will also include the addition of Barneys New York, expansions of existing Neiman Marcus and Saks Fifth Avenue stores, and new luxury boutiques. Bernard Zyscovich of Zyscovich Architects is the lead designer on the project.
Whitman has also agreed to build a new home for the congregational church.
Last year, Whitman president and CEO Matthew Whitman Lazenby said that “without exaggeration the last 40 years have been spent trying to negotiate a deal with the congregational church,” and that Whitman’s plans ensure “that the Village of Bal Harbour remains the center for luxury living.”
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.
Sales of apartment properties totaled a record $2.8 billion in South Florida last year, according to CBRE’s multifamily market update, as new residents flocked to the area and people continued to shift from homeownership to rentals.
Developers and other real estate professionals think the trend will continue for now, though things could get overheated in the future, especially at the top end of the market. “There’s been a lot of chatter about a bubble, but for the next two years things look fine,” Don Ginsburg, CEO of Realty Master Advisors in Fort Lauderdale, said.
As for the population numbers, South Florida’s population rose by 361,000, or 6.5 percent in the last five years. And Nielsen estimates the population will increase another 377,670, or 6.4 percent, over the next five years. Meanwhile, the national homeownership rate slid to 63.7 percent in the third quarter of 2015, near a 30-year low. “Those factors are fueling demand,” Ginsburg said.
But that doesn’t mean it’s a slam dunk for everyone, says Nader Salour, a principal at Cypress Realty of Florida, a multifamily developer based in Jupiter. “Developers need to be very careful both where they build and building a project with the right style,” he said.
Cypress just opened the first phase of its $120 million Loftin Place apartment project at 805 North Olive Avenue in West Palm Beach. “The quality of finishes and amenities are very different at Loftin and nicer than rental projects even 10 years ago,” Salour said. That’s what people demand from a project on the northern edge of downtown West Palm Beach, he said.
The good news for multifamily developers is that people of all ages are interested in apartments — from millennials who can’t afford to buy a home yet to empty-nest baby boomers who are looking to return to urban areas. “We have people of all ages in Loftin, not just 25 to 35,” Salour said. “The universe of potential users is far greater than the last 10 to 20 years.”
Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach, sees risk on the horizon. “If rental rates get so high that the vast majority of the population can’t afford available units, there is a chance we’re getting into bubble territory,” he said. Effective rents rose 5.8 percent in Miami-Dade County last year, following a 4.8 percent increase in 2014, leaving the average rent at $1,197 a month, or $1.44 per square foot, according to CBRE.
“Probably 35 percent of renters in South Florida are paying more than 50 percent of their income, and 28 percent is a good number,” McCabe said. “The vast majority of new units are Class A. Maybe 5 percent are affordable units.” So the top end may be turning into a bubble, he said. “Low-priced units if anything are underdeveloped.”
Costs are a problem, McCabe and others say. Land costs, construction material costs and labor costs are soaring, they say. That makes developers reluctant to take on affordable housing projects. Salour feels the problem first hand. “Usually the rule of the jungle applies, and developers won’t overpay” for a property, he said. “If developers do overpay, then they are forced to build expensive projects, and the market may not be there for that price.”