Presenting "The 500 Block of Collins Avenue" - an exciting new retail project offering a total of 60,000 sf on two levels and on-site parking for 225 cars. Its distinctive architectural style will accommodate flagship retail stores and offer boutique spaces perfectly suited to a wide range of retail and restaurant uses.
Join the first Equionox Fitness Club in the southeast, and Zara USA in this exciting new retail project containing on-site parking for 225 cars. Its disitinctive architectural style will accommodate flagship retail stores and offer boutique spaces perfectly suited to a wide range of retail and restaurant uses. Join the first Equinox Fitness Club in the southeast, and Zara USA in this exciting new retail project containing on-site parking for 225 cars. Its distinctive architectural style will accommodate flagship retail stores and offer boutique spaces perfectly suited to a wide range of retail and restaurant uses.
Building Type: RetailSubType: (Neighborhood Center)Class: -RBA: 74,652 SFTypical Floor: 13,000 SFStories: 4Building Status: ExistingYear Built: 2004% Leased: 100%Owner Occupied: NoOwner Type: Developer/Owner-NTLTenancy: Multiple TenantLand Area: 0.87 ACZoning: C-PS2, Miami BeachParcel No: 02-4203-002-0100Parking: 226 free Covered Spaces are availableRatio of 4.35/1,000 SF
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phone: (305) 754-1000
Email: farah@theworldforsale.net
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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.
MIAMI, FL (Oct. 22, 2015)
— When major developers need to find a prime piece of property in Miami's urban core, they turn to the Farah Group of Companies.
In the latest example of Farah Group's real estate dealmaking prowess, the company produced a rare acquisition opportunity near Downtown Miami for developer Michael Simkins. CEO Emile “Ur-Cousin” Farah and USA Lending Realty Vice President Zena Bardawell and Sales and Marketing Director Jean Kelly teamed up to arrange the sale of an Overtown apartment site to Simkins, who plans to develop the Miami Innovation Tower and eight additional buildings in the neighborhood.
“With so much development and investment activity occurring in and around Downtown Miami, it has become extremely difficult to find sites in the area,” Farah said. “That's where we come in. We have a 35-year track record of producing results for real estate clients when others cannot.”
USA Lending is owned and operated by Farah Group, which recently opened a new corporate headquarters at Synergy Workspaces in Downtown Miami's One Biscayne Tower. The company is hosting a special event to celebrate its new headquarters on Nov. 12.
In the Overtown deal, the Farah team facilitated the all-cash, $2 million sale of two apartment buildings totaling 28 units and three commercial units at 1117 NW Third Ave. and 220 NW 11th Terrace to Simkins. The site is located just west of Downtown Miami and the future All Aboard Florida station.
As part of the transaction, Farah worked out a deal with Simkins to allow existing tenants to remain at the apartment buildings in the short-term while the developer finalizes project plans for his Overtown portfolio. That was one of several obstacles Farah had to overcome to complete the sale. Other potential buyers could not obtain financing, so Farah had to find an all-cash buyer.
Farah Group specializes in complex transactions. Last summer, Farah brokered the $17 million sale of 18 acres in North Miami Beach known as Biscayne Village. The land was previously used by a gas distributor and designated as a brownfield site. Farah successfully educated the buyer about the future development potential of the site.
Shortly after completing the North Miami Beach deal, Farah, Bardawell and Kelly arranged the $6 million sale of a West Brickell hotel development property to Venezuelan developer William Hammani.
“In deals like these, our role goes beyond bringing a seller and buyer together,” Farah said. “We help our clients create a long-term vision for a site and assist them in carrying out that vision.”
To learn more about Farah Group's current real estate investment opportunities, visit "http://www.farahreacquisitions.com/".
About The Farah Group of Companies
Led by Emile “Ur-Cousin” Farah, The Farah Group of Companies specializes in all types of real estate transactions in Miami and beyond. Farah Group is often hired to facilitate complex deals involving a variety of distressed assets, including commercial bank-owned properties, short sales and bank notes. Headquartered at Synergy Workspaces in Downtown Miami's One Biscayne Tower, Farah Group has direct contact with bank asset managers throughout the world. That gives the company access to all property types, including multifamily communities, shopping centers, warehouses and developable land.
About Emile “Ur-Cousin” Farah
Emile “Ur-Cousin” Farah has been CEO of The Farah Group of Companies for more than 35 years. During that time, Farah has successfully completed the sale of a variety of real estate portfolios and rehabilitated thousands of square feet within buildings. Originally from Jerusalem, Farah is also a renowned philanthropist and community leader. He formed the Naim and Marie Foundation in honor of his parents. The foundation helps raise money for causes supporting the construction of new schools, orphanages and medical centers in areas like the Middle East. Farah has also been recognized for donating to the American Cancer Society and organizations supporting Autism awareness.
Farah is also the The World Ambassador ,. In that role, he travels around the world to encourage the exchange of culture, research and business between Cities worldwide.
Prestigious Dominguez Technology Center location • Modern concrete tilt-up with corporate curb appeal • 106 parking spaces/17,000 feet of office • 22 foot minimum clear height/4 grade level doors • Dock high via well possible/sprinklered • Portion of warehouse is climate controlled
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At 67 stories, Marquis is Biscayne Boulevard’s tallest residential tower. Envisioned as a magnificent glass sculpture by internationally renowned architecture firm Arquitectonica, the tower itself becomes a showcase for innovation with the installation of two original works of art: Arquitectonica’s own “Biscayne Beacon,” glowing brightly each night at the top of the spire, and “Miami Rain,” by Tom Patti, embellishing the North and West facades.
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A singular gem, the last of its kind.
The elegant South of Fifth neighborhood in Miami Beach offers one final, spectacular property. Surrounded by the sparkling panorama of Biscayne Bay and the Atlantic Ocean, and overlooking the Marina, Marea brings the twin luxuries of art and designtogether within an atmosphere of exquisite tranquility. Orchestrated by The Related Group’s visionary founder, Jorge Pérez, this boutique residence has been designed by the exceptional team of Sieger-Suarez Architects, Yabu Pushelberg, and Enzo Enea. Commissioned art installations by Riccardo De Marchi and Markus Linnenbrink transform its private lobby into an exclusive gallery.
Your Private Oasis Between Ocean and Bay.
Le Parc at Brickell is a 12-story, 128-unit luxury condominium planned by a joint venture between AXA Developers and Strategic Properties Group in Miami’s upscale Brickell neighborhood. Slated for delivery in 2014, the eco-friendly, boutique-style building will boast a central location just blocks away from Miami’s urban core with panoramic views of Simpson Park looking out towards Biscayne Bay and the Downtown Miami/Brickell skyline. Exclusively featuring designs and furnishings inspired by Ligne Roset, Le Parc at Brickell will be home to the internationally-renowned luxury furniture designer’s first residential development in the United States
SIMPSON PARK
Located across Simpson Park, its eight acres of protected botanical life offer to residents a sanctuary to relax stepping away from the busy city living, enjoying a natural trail to exercise, admire natural springs, dine in picnic areas and learn about Miami’s botanical history at its local community center.
RESIDENCES
Le Parc at Brickell will offer 128 luxury ”move-in ready” residences including studios, 1-, 2- and 3-bedroom layouts, as well as 9 expansive two-story townhome units, with floor plans ranging from approximately 576 to 1,968 square feet in size. The development’s 6-foot-wide private balconies feature sprawling luscious-green park views and panoramic city views of the Downtown Miami/Brickell skyline looking out towards Biscayne Bay. Residents also have the additional option to purchase custom-designed Turn-Key Furniture Lifestyle Packages exclusively offered by Ligne Roset.
IVI DORAL, a new iconic destination that completely gives in to the pleasures of life. The distinct architectural style of the luxury residences is inspired by minimalist design, simplifying living space to reveal the essential qualities of balance and lifestyle. Each home’s expansive façade delivers a stunning modern feel, achieved with a fresh white palate and the beauty of natural wood patterns.
This new privately gated and secured community located in the heart of Doral reflects the very finest that any exclusive home has to offer. The attention to detail within the homes’ spacious interiors offers luxurious and modern comfort. With a large backyard, extravagant rooftop terrace, open living areas and grand kitchen, you never miss a chance to form lasting memories with the ones you love.
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