AN EXTRAORDINARY RESTAURANT / RETAIL SPACE LOCATED ON THE MIAMI RIVER MIAMI RIVER IS BECOMING ONE OF THE MOST DYNAMIC RESTAURANT AND ENTERTAINMENT WATERFRONT DISTRICTS IN THE COUNTRY ACCESSIBLE BY LAND AND SEA FEATURES APPROX. 200 LINEAR FEET OF RIVER FRONTAGE, 15 FOOT CLEAR CEILINGS, THREE DOCK HIGH LOADING BAYS, ONE LOAD BEARING MEZZANINE, TWO WALK-IN COOLERS, A SMALL SECOND FLOOR OFFICE AND MULTIPLE INDUSTRIAL STYLE DOORS LEADING TO THE WATER
Space Available 1,800 - 8,448 SFRental Rate Yr NegotiableSpaces 2Building Size 12,632 SFProperty Sub-type RestaurantStatus Active
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key cornerstone property of the Miami River District, taking up 2 corners of 441, right in front of The Bridge over the Miami River. Additional land and parking available.
Space Available 9,350 SFRental Rate Yr $25 /SF/YrSpaces 1Building Size 9,350 SFProperty Sub-type RestaurantStatus Active
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Plans for the Sea Vault boat slip condo project along the Miami River have been revamped with more slips and living quarters for yacht owners and crew.
The Miami River Commission’s Urban Infill & Greenways Subcommittee will meet on May 19 to consider the new plans for the 9.4-acre site at 1583 N.W. 24th Ave. In March 2015, the MRC supported the developer’s plan for 14 large boat slips and 14 living quarters, but the new plan would have 45 boat slips – with the sizes reduced – and 45 separate living quarters.
The property is owned by Brisas Del Rio, headed by Miami Beach developer Homero Meruelo.
“With the 14 slips, the pricing and the number of vessels out there was difficult,” Meruelo said. “The market is much larger for smaller vessels than what we had planned. We were looking at 200-foot vessels. Now we are looking at 100-foot vessels.”
Meruelo said the current boat slips at the property would be redeveloped to accommodate boats from 50 to 100 feet. It would sell the boat slips with crew quarters buildings of 3,000 square feet each. These three-story buildings could be configured for a combination of living space, office space or warehousing, he said. They would have full kitchens and bathrooms.
Sea Vault would also have a clubhouse, lounge, pool and tennis courts. It would be surrounded by locked gates to make it a private yacht club, Meruelo said.
Brisas Del Rio acquired the property for $7.5 million in 2003. The developer previously sought approval for a high-rise condo there but a legal challenge resulted in the area being restricted to mostly marine industry uses.
Meruelo said he has yet to select an architect Sea Vault
As the Biscayne Lady coasts up the Miami River, local historian and Miami Dade College professor Paul George, facing the boat’s starboard side, pointed to a townhouse development on Northwest North River Drive that was completed in 1980.
“You could have picked up one of those units for $100,000 back then,” George said. “The building right next to the townhouses is a product of the last boom. Units there were going for $789,000. But the developer couldn’t sell anything following the market collapse.”
George shared his vast knowledge about the Miami River’s history with more than 100 real estate professionals and members of the Greater Miami Chamber of Commerce during a boat tour of the primarily commercial waterway Thursday afternoon. The tour’s goal was to show participants how new development is once again sprouting along the riverfront, said David Restainer, managing director of commercial real estate at Douglas Elliman Florida.
“Miami has come back stronger than any place in the world,” Restainer told The Real Deal. “It’s a testament to the people, the diversity and the climate that we have here.”
Restainer, who is chairman of the chamber’s real estate committee, said the organization wants the public to discover the river as a place they can live, work and play. “It seems not enough people throughout our community know that our waterfront is accessible to the public,” he said. “We want people to walk up and down the river.”
During the two hour boat ride, Miami River Commission managing director Brett Bibeau pointed to several new developments underway, as well as sites for future mixed-use projects on the table. Among the projects he identified included the new home of Apex Marine, a yacht service facility that relocated to the south fork of the Miami River; the revamped Miami River Inn by developer Avra Jain who recently reopened the historic bed and breakfast; CG Florida Properties’ development site where the company is building 1,678 residential units, 330 hotel rooms, restaurants, and retail stores; and One River Point, a residential project featuring 400 luxury residential units, 20 hotel rooms, restaurant and nightclub being built by Kar Properties.
Restainer said investors interested in the Miami River are individuals who understand that most major cities develop on a river. “It takes someone with fresh eyes and a worldly perspective to understand what will be happening in the future,” Restainer said. “You see folks who are familiar with life in Chicago, Istanbul and all these wonderful cities along a river.”
Cary Cohen, Blanca Commercial Real Estate’s executive vice president, said seven years ago, following the crash, brokers could not sell anything along the Miami River. “Now the market is incredible,” he said.
Cohen told TRD that he sold a few land sites on the river to developers at the end of last year. He could not provide details because the deals have not closed, he said. “It is interesting what the chamber is doing,” Cohen said. “It provides you a perspective you won’t normally see. You can drive around it 300 times and you won’t see it this way.”
Source: The Real Deal
Mill Creek Residential acquired the site of the Modera River House apartment project in Miami and landed a $52.4 million construction loan to break ground.
Miami River House Associates, managed by Lauris Boulanger and Francisco Silver in North Miami, sold the property at 1035 N.W. 11th Court and 1170 to 1080 N.W. 11th Street for $11.5 million to Riverhouse Development, an affiliate of Boca Raton-based Mill Creek Residential. Virginia-based Citizens Bank provided the construction loan to the buyer.
Aztec Group's Jim Fried represented both the seller and the buyer in the deal.
“The site has terrific access and visibility," Fried said. "The property fronts directly on the Dolphin Expressway. A person living in this project can get to the Miami CBD, Brickell, Midtown/Edgewater/Wynwood the Hospital District, Coconut Grove or Coral Gables without ever getting on the highway – a major benefit in today’s urban environment.”
The 2.54-acre site across from the Miami River was recently approved for 292 units units, ranging from 647 to 2,423 square feet. It would rise eight stories. The developer also agreed to preserve a single-family home.
“We targeted this development site specifically for its convenient access to the Miami Health District and the downtown Miami CBD, as well as its incredible views along the Miami River,” said Jeff Meran, senior managing director for Mill Creek Residential. “It’s a perfect location surrounded by the historic Spring Garden neighborhood and we are incredibly excited about this opportunity. This submarket will be very well served by a high-end luxury rental community like Modera Riverhouse.”
A buying binge led by Miami Beach-based developer Michael Simkins is generating seven-figure deals along a four block stretch of Overtown, Miami’s historically African-American neighborhood.
“Prices have increased dramatically,” Simkins told The Real Deal of the area, which is one of the city’s poorest communities. “When we started purchasing land, it was in the $20 a square foot range. It is now approaching $150 a square foot.”
Overtown runs from Northwest Fifth Street to 20th Street and is bounded on the west by the Miami River and State Road 836 and on the east by the Florida East Coast Railway tracks on Northwest First Avenue. In addition to Simkins, a handful of other buyers have proven to be increasingly bullish on apartment buildings and vacant parcels between Northwest Eighth and 12th streets and Northwest First and Third avenues.
The properties that have been snapped up are in close proximity to three grand-scale, mixed-use developments: All Aboard Florida’s MiamiCentral, Miami Worldcenter, and Simkin’s proposed Miami Innovation Tower, the signature piece to a technology district he wants to develop in Park West, the neighborhood directly abutting Overtown.
“The area we are focused on was the main commercial corridor for historic Overtown,” Simkins said. “The Overtown of the 1940s was a thriving place. The neighborhood has soul and character.”
During the Jim Crow era, the neighborhood was known as “Colored Town” and was a bustling business and entertainment center for Miami’s black community. It’s where entertainers like Count Basie, Cab Calloway and Josephine Baker stayed when they performed in Miami. However, the construction of I-95 through portions of Overtown decimated the neighborhood’s prosperity. Riots in the 1980s further eroded Overtown.
Today, the annual median household income for Overtown residents is $17,450, according to recent U.S. Census data.
Nevertheless, investors like Simkins have recently paid top dollar for Overtown properties. In mid-October, he closed an all-cash $2 million deal there for two apartment buildings with a combined 28 units and three commercial units. Simkins paid $116 per square foot for the 16,300-square-foot assemblage .
“These buildings will be renovated with our own dollars and continue as rentals,” Simkins said. “The people living there will hopefully continue living there, as well as other Overtown residents.”
He said market-rate rent in Overtown for a one-bedroom unit is $700, compared to $1,963 in Miami, and a two-bedroom unit is $850, compared to $2,911 in Miami, according to RentJungle.com.
That deal marks the third seven-figure Overtown property transaction involving Simkins in the past 10 months. In February, Simkins paid $94 a square foot for three vacant lots totaling 13,750 square feet . In June, he bought two vacant parcels totalling 15,000 square feet on Northwest 11th Street and Northwest Second Avenue for $92 a square foot.
Simkins is not alone. In January, Bahia Apartments LLC, a company registered to Horacio Segal and Marcela Segal, a North Miami-based real estate broker, paid $3.5 million for three apartment buildings with a combined 26,887 square feet. That’s $130 a square foot. According to Miami-Dade records, Bahia obtained a $2.4 million loan from Ocean Bank that it used toward the purchase.
In July, an entity called Beacon 87 Member Inc. purchased a 75-unit apartment building for $3.68 million — about $107 a square foot. According to state incorporation records, Beacon’s manager is Joanne Rosen, a partner in New York City-based real estate investment and development firm, Beacon Advisors, LLC. The seller DJ Acquisitions 1136 paid $2.6 million for the property in May 2014.
The more recent prices are a far cry from what Simkins paid only a year ago. The developer purchased a 24-unit apartment complex at 1160 Northwest Second Avenue for $330,000 in November 2014. Today, the property has a market value of $1.6 million, according to the Miami-Dade County Property Appraiser’s website. He also paid $555,000 for a two-floor retail building at 937 Northwest Third Avenue in October 2014.
The same year, Simkins purchased another 22 lots between Northwest Ninth and Tenth streets and Northwest Second Avenue and Second Court for a combined $14.1 million. Aside from the city of Miami Park West/Overtown Community Redevelopment Agency, he believes he has the largest portfolio in Overtown.
“It’s an unprecedented level of investment,” he said. “We are committed to really reviving and redeveloping Overtown into what it has always been.”
But Overtown still faces challenges, according to Emile Farah, chief executive of the Farah Group of Companies. Farah assisted in brokering Simkin’s most recent deal. “Whoever wanted to buy it had to come with cash,” Farah said. “It’s difficult to get financing for Overtown properties.”
Banks will only lend money based on the rental income a building produces and not on the property’s appraisal price, he said. “In that area, rents are averaging $600 and are starting to go up to $700 a month,” Farah said. “The income approach doesn’t justify making a deal for most buyers.”
Farah said the area remains a tough sell, despite All Aboard Florida and other major projects. But we was optimistic about the impact of Simkins’ acquisitions. The developer “has a vision for the future of the neighborhood,” he said.
One River Point by Rafael Viñoly gives Miami’s downtown renaissance its defining architectural statement. Two slender 60-story towers rise above a floating podium from which a serene waterfall cascades 85 feet to a shimmering pool below appearing to flow into the Miami River. From its vantage point within the lush parkland setting, the elevated podium affords broad vistas across the river, the city and to the bay beyond.
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The Edge on Brickell, only 130 unique boutique luxury sky residences with panoramic views of Miami River, Biscayne Bay and the Miami skyline. These exclusive residences are immensely spacious, modern and the majority of them offer flow through views and private terraces accessible from living rooms and bedrooms. These unique residences will have LEEDTM silver rating.
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