Coming Soon – Bayview Market in the Arts District of Miami
May 1, 2009 by Lucas Lechuga
Earlier this week, the Miami Today News reported that construction is scheduled to begin on Bayview Market in the first quarter of 2010. The commercial development will consist of up to 535,000 square feet of retail and office space and cost approximately $200M. The 7.35 acre site will be located in the Arts District of Miami on the corner of NE 17 Street and NE Second Avenue and will include big-box retailers and a supermarket.
Bayview Market has been a highly anticipated commercial development in Miami and will be a great boon for the Arts District as well as Downtown. Both neighborhoods currently lack quality retailers and a nice supermarket. Lowe's, the home improvement store, will act as one of the anchor stores at Bayview Market. It is estimated that the development should take about 18 months to complete.
It will be nice to have more shopping near downtown. A grocery store is long overdue. Put a WalMart on the other corner and it will be great. The Mid-Town (Target) is nice and the garage parking is a great design. The Omni shopping seems doubtful since people prefer more open space today. Now if they would run a train up those rusty tracks so customers didn’t need to drive it would be more urban.
This is the Slum District, not the Arts District. This project will never happen. Midtown Miami is already failing.
Wild Bill…MidTown is hardly failing in terms of the initial tenants. The only closure has been Linens & Things and that was part of a nationwide bankruptcy of the chain.
Now, have they been successful in leasing all of the space? No, of course not. But the initial phase has indeed been successful and is obviously weathering the current economy just fine.
Unless all the homeowners from Miami Beach decide to shop at Lowe’s, I doubt it make it in that location…empty condos don’t generate business neither do renters who have no right to perform any “home improvement.”
It is so friggin wierd coincidence. I have visited MCI after a long time and I have to find this post. Unbelievable coincidence.
OK, today for the first time I went visiting Madison Condos and Park on Bay Apts in Park West. The views from the later are really nice. I was quite surprised. The location is not that bad.
Next for the first time I went visiting Parc Lofts and the filling station. The parc Lofts valet is busily parking very expensive cars including a lamb. Snow White ladies and Gentlemen look as if they are about to go to Madama Butterfly at the Adrienne Arsht are seen coming in and out of the Parc Lofts. And to contrast this there are some homeless people hanging out on the outlying streets. There is an artsy white couple fearlessly walking their dog and it was dusk. And I had to curse all you ninnies out here who constantly reminded me of why I should avoid the place. Apart from some poor people on the street, I did not see anything to be jumping out of my skin.
Shame on you Wild Bill!
I wish I had some friends in Parc Lofts. It seems like a very very cool place with very cool people. I wonder if Cynergie will have a new Cynergy at this rate.
OK, what’s up with the Filling Station? Why is it stopped midway?
Finally back to the subject. While at Parc Lofts, I thought when the hell is this Bayview market going to come up. It was supposed to break ground in Fall 2008. And I was thinking the Bayview market will be god sent to Parc Lofts as it is right next to it. Finally Lucas has the answer. But spring 2010 is very late. But People will eat it alive when it comes up. There is so much pent up frustration and demand for a supermarket in this area, you cannot even imagine. More than half the shoppers at 50th street Publix is from Pace Omni area. They really hate going there.
Also If only someone has the foresight, they will put up a lounge/restaurant/club in the Arts District and mint money like there is no tomorrow.
Paramount is looking incredible. Runway lights along the drive way and other fancy trimmings and the whole building is oozing with oomph. I heard May 15th to May 30th is the opening.
They are redeveloping the road from Opera to Cite. I thought it is beautiful as is. But they are spending millions more and raising the level as well as beautifying the place. I don’t know why the City of Miami is so generous with Pace Park residents. What ever they want, they seem to get. The project is set to complete by nov 2009.
They are starting a rubber Tire Trolley from Rickenbacker to OMNI ala Downtown Gables. It could be extended to Midtown. The route is all the way up Brickell Avenue and then Biscayne Boulevard. Go to Miami DDA website for more info.
I just love all this great news.
the streetcar is a great idea. i mentioned this months ago. the entire brickell/biscayne stretch is perfect for a streetcar. will definitely make the downtown miami area more pedestrian/resident friendly.
Seriously AJ, do write romance novels or something….it is getting a bit deep.
I am now thoroughly convinced that AJ is actually City of Miami District 2 Commissioner Marc Sarnoff…because I can think of no other person who could have such an agenda in shamelessly promoting the Pace Park area.
And WTF are “snow white ladies?” Christ.
RT
LOL – “Its Getting A Bit DEEP”
AJ
1800 Club location is fine but your delusional to say Madison and Park On Bay location is not bad. And Park On Bay is nowhere near the bay.
And yeah wtf are snow white ladies and gentlemen?
Remember that SNL ad for “Bad Idea Jeans”?
IT is great that they are building it. IT is very much needed in the area. I hope the supermarket is going to be a good one.
In re to Cynergi. I visited it in 2004- beginning of 2005. Due to the spike of prices I think that prices were around $300/sq.ft. I thought that it was too high considering emerging location but I looked at some developer’s lofts in the building and I loved them. IT was a real artistic nest. So if they can survive this dowturn eventually it can be a very attractive place.
Unless it is going to be a total collapse of everything in 5 years you would not recognize Miami Design District. It is also very exciting to see all the changes on the way.
aj/
have you been listening to the moody blues recently ?? tuesday afternoon ???
reminds me of the home depot the built on 23 rd st in nyc, it closed a while back+
i think aj ,means, miami was made with the snow white powder, snow white ladies is his code word,
he is realy communicating with his spymasters thru code, he is using this site to get his message out,
The “rabid dogs of reality” and going to take a hunk out of the cheerleaders’ asses! When it comes to Condos-R-Us (Corus) Bank, no news would have been good news!
Dailoy Business Review:
http://southflorida.bizjournals.com/southflorida/stories/2009/04/27/daily73.html?ed=2009-05-01&ana=e_du_pub
Friday, May 1, 2009, 12:03pm EDT | Modified: Friday, May 1, 2009, 5:51pm
Fla. condo lender Corus Bank warns of receivership
South Florida Business Journal – by Brian Bandell
Major South Florida condo lender Corus Bankshares warned that it could be the next to fail.
The Chicago-based parent of Corus Bank said on Friday that federal regulators could place it into receivership or conservatorship as it announced a preliminary $285 million loss in the first quarter.
The bank had $1.11 billion in loans outstanding to South Florida condo projects on Dec. 31, including $1.01 billion that were past due or not being paid. The company (NASDAQ: CORS) did not provide an update on its loan portfolio. Instead, it said it would file its final quarterly report by May 11.
In the bank’s preliminary report, it said it is “undercapitalized” according to federal regulators. It has hired an investment banking firm to seek all strategic alternatives, including a capital investment, sale, strategic merger or restructuring.
Corus Bank said regulators continue monitoring and could take actions, such as placing the bank into receivership or conservatorship, based on its financial conditions. If that happens, at least 16 South Florida condo projects could have the Federal Deposit Insurance Corp. as their lender.
On April 24, Corus Bankshares President and CEO Robert J. Glickman and Chairman Joseph C. Glickman resigned for personal reasons. The company named Randy P. Curtis interim president and CEO.
Curtis did not immediately return a call seeking comment.
Corus Bank said it had $2 billion in nonperforming loans and $499 million in foreclosed property as of March 31. That covered 32 percent of the bank’s $7.7 billion in assets.
The bank had a 5.9 percent Tier 1 risk-based capital ratio on March 31. Federal regulators gave Corus until mid-July to improve that ratio to 9 percent.
Cynergi is totally foreclosed. The whole building is for sale
I heard yesterday that Cyerngi is under contract for $8.5M with a few back-up offers. 4 units closed. The remaining 96 units are now under contract as well as a 6,600 square foot commercial space. It works out to about $88 per square foot.
The downtown Miami area needs another 10,000 residential units to make all this retail space work. Not going to happen. When I mentioned Midtown as a failure I was thinking of the original plans compared to what is their now. Linens-n-Things and Circuit City spaces are now empty. National retailers are closing under performing stores. Miami is an under performing city. These retailers don’t open stores because a few people in new condos want or need them. They have to do studies of the entire surrounding areas. Remember my six block rule.
DREW …..is AJ talking about “COCAINE” is that what snow white ladies means???What is all this coming to???
isabel – two of the anchor tenants are bust with nobody coming in to fill that space ANYTIME soon. west elm…i wouldn’t be surprised if it folds up shop as well. aside from the commercial space, half of the residential project has been scrapped, with no chance of it going forward for at least another five years. i hardly consider midtown to be what it was originally planned (not to mention, will they ever get rid of the damn railroad tracks running alongside the project? it’s a dump)
aj – i’ve always been a fan of parclofts although i think you’re hyping it a bit too much. regardless of the brave people walking their dogs at dusk, the neighborhood is a joke and will be so for another decade. those hipster/urban pioneers you reference will be long gone, living on the beach. filling station…based on the fact it’s an ocean bank loan…and ocean bank commercial loans tend to be non-performing loans (20%+ as of last quarter…sort of a corus bank miami), i can’t believe the project is in good shape. too bad…i would describe it as parclofts on steroids (which is a good thing in this instance). the units are huge and the original planned amenities were sick (parquet basketball floor!!!). i actually almost bought there four years ago. then i came to my senses, realized the price made no sense when considering the neighborhood.
cynergi is a f%^king joke. preconstruction pricing was not 300sq/ft but rather, near 400 sq/ft. (it was another building i looked at a few years back). look at that building…cheap railing, cheap materials, horrible neighborhood. yet somehow they got enough units presold to get a construction loan. another sign of a foregone era where people were just utterly f%^tarded.
finally, bayview…yeah, that’s what we need – more bigbox shopping complexes in a low rise blue collar community. if the neighborhood needs a publix, i’m sure there’s already a place to put it (how about where linens & things used to be?). why not make the area an open air mall/shopping area a la little five points in atlanta? the utter lack of neighborhood feel in these new areas outside of south beach makes them decidedly unattractive. at least with brickell you get the whole “this is a wannabe financial district neighborhood” feel going. can’t say that for the so-called design/arts district/wynwood. it’s all piecemeal making the whole place feel like on the atlantic.
i meant to say “houston on the atlantic”
Lucas said: “I heard yesterday that Cyerngi is under contract for $8.5M with a few back-up offers. 4 units closed. The remaining 96 units are now under contract as well as a 6,600 square foot commercial space. It works out to about $88 per square foot.”
Well, Big Gorge has now put 500 Brickell in the sewer and has passed on having his vulture fund buying up the units all of us “speculators” walked (read: RAN) away from. Related has now officially waded into the low-end of the market with a “high-end” (at least that is the Kool-Aid RCRS was pitching) building.
Today’s Miami Herald Real Estate insert has a RCRS ad for 500 Brickell: “Fannie Mae Approved” with 1 bedrooms from $194,900 (less than $200 a foot). When the “close or run” started in May 2008, that number was $277,000, or $277 a foot. In 2005, the pre-con numbers were $350+ a foot.
“FANNIE MAE APPROVED!!!” What happened to the “Related will Finance ANYBODY” bull… of October 2008??? The construction loan must have come due yesterday!!
Laughing Out Loud at Big Gorge having to pander to the peasantry!! Imagine those RCRS shills having to plant their noses deep into the aromatic backsides of the “unwashed masses”!!
Wait until ICON is “Fannie Mae Approved”……there will be a line of Obamunists stretching around the block to buy at $100 a foot!
Hahahaha! Snow white ladies!?
I tried to negotiate with the agent at icon but they will not drop the rent. They claim the units are filling up fast. 18% rented. No negotiation with jorge…
I passed. Too condescending for my tastes.
BMW
what were they asking? i heard 2 large for a small one bedroom.
regardless the rental income doesn’t cover the monthly nut on the loan and certainly not the balloon. not to mention, the hotel aspect of the loan can’t be “rented”…and that space ain’t getting sold anytime soon.
Finally visited the Midtown Buildings. I always loved Midtown and its open air Mall and pedestrian roads. If I was not such a sucker for being at the water front and have unrestricted waterviews, I would have lived in Midtown.
OK, I like the Mid block but it is not for sale. So I looked at Midtown 4 (I already saw M2 last year). The 7th floor pool deck looks great. The views are nothing to sneeze at. The gym is so so. I liked the lobby very much. The sales guy then takes me around, shows me the only 2 BR (1370sf) SW corner on the 16th floor. He quoted me 560K that is $390/sf. I almost fell off the chair. I said can you show me some units on the East facing, and he said , there are none left. All are taken on lease with an option to buy and he will call me if anything comes up and he will put me on the waiting list with so many others!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I am still reeling in shock, when I left and even while I am writing this. Friggin waiting list to lease (or buy) a condo in Midtown?
I told the guy, If I go to Brickell, the developer would lick my feet and sell the unit for half price. He said smilingly, I know, we do not have such a problem. People want to live here. I said good for you guys and left.
I am very wizened after this trip. It si never the same everywhere.
If Cynergie indeed can be had for such a price, people should buy it. Once the remaining Midtown towers come up by 2015, it will be a great place to live. I am happy for all the development in Midtown as I could enjoy it too. It only took me 15 minutes to walk from Midtown shops to Pace Park. Not bad at all.
wild bill, its true its an underperforming city but retailers sometimes tend to open stores in areas =which anybody with common sense knows they wont make $, and then they stay open for several years…..so they could get tenants, although with credit so tight and job losses , etc…….it looks like a long shot……theres going to be alot of banks closing branches all over the place as well…………
anybody ever been inside the bank 81 st and us 1 ???
corus bank stock is 30 cents hello !!! put a fork in it
AJ
if you believe what he’s shoveling…come on. those people that signed a lease to own would be stupid to buy at a price they went to contract at a year ago…six months ago…o even three months ago. just look at the prices in mid2 where real unit closings occurred (did you ask the sales guy how many actual buyers closed in mid4?). huge dropoff.
as for cynergi…no f$%king way. unless you’re prepared to live there for ten years and don’t mind driving all the time to places where there are actually things to do.
the bank is nice but in the middle of nowhere.
yeah but you could rent it out pretty easy i bet ??? and maybe get a unit for 100 ish ??
Mid Town will be great by 2015 so the Bank on 81st should be great by 2030??? What happened to the plans for 2 towers on 79th and Biscayne across from immigration. Location Location.
==reminds me of the home depot the built on 23 rd st in nyc, it closed a while back==
Drew 299…your information is unreliable. I live 2 blocks from the Home Depot on 23rd in NYC and it is still very much open. Just sayin’!
Drivers in Miami are F@#$%^n crazy. I just hate them. 90% are arseholes. They peel off at 60 miles an hour to a red light 50 meters away, not to speak of other horrible horrible acts of “driving” (if you could call that). I personally will never buy a used car. But anyone thinks of doing it, check to make sure it was never registered or driven in South Florida. 100% possible they beat the shit out of that car.
isabel,
unless they converted it to a egular home depot which i cant believe, its done…..they are closing down the whole division…..(I FORGET THE NAME) BUT ITS LIKE A HOME DEPOT FOR CITY FOLK
pass by and ask a cashier how much longer they will have a j o b
they were asking a little under 1700 for the one bedroom at icon.. I think with all the um student leases ending early this month, Everglades opening up, and wanabes upgrading to icon, the rental market will really collapse by June…..
Home Depot recently announced they are shutting down their all-Spanish web site. They discovered that about 50% of the site traffic came from outside the US…which is funny because they don’t even ship anything internationally.
bmw
how big was the one bedroom? i was told 2k for the 750sq ft 1bd line.
Monday May 4 at 6:30 Pm is an Opportunity to Learn about the Edgewater neighborhood…
An organization that tries to deal with the many issues facing the Edgewater area -15 st north to app 36 st-holds monthly meetings the first Monday of each month (name is NEAR-Neighborhood of Edgewater Association Residents )
The May meeting will be held tomorrow Monday May 4 at 6:30 pm at the Out of the Blue Cafe 2426 NE 2 nd Avenue.
I attended a meeting last fall and found the organizer Richard Strell very well informed about community goings on .
I urge anyone who has an interest ranging from a financial one-you own a condo or business in the area-or just a curiousity about the area-to attend.
“Everglades opening up”
Actually, what’s going on with Everglades? Any closings, or is it almost a complete rental? There’s a lot of units there so it will make an impact
J and j rev at 940sf.. Wire closets, no shower door, carpet. WTF? Thts luxury? Fk the related group. I’m looking at marina blue now
WTF guys? (and girls)
I live at Quantum, and I walk 2 blocks to my Price Choice.
I’m on first name basis with the managers and get treated well.
Of course it has a limited selection, but the prices are very good on many items.
Besides, I am a chef, lived in France and Italy for many years.
I know what good food tastes like.
I know how to buy good food.
I am always skeptical when I hear North Americans complain about grocery stores.
First learn how to cook, and then you can complain.
In the meantime learn to maximize what you have.
Price Choice, if frequented optimally and efficiently, can be your neighborhood grocery store.
I know I sound like a Euro-trash snob, but after spending lots of time on both continents, the food in Europe is better.
US is good in Chicago, and the NE + San Fran (+Montreal and Toronto), but Miami has got a long ways to go.
It’s laughable that overpriced restaurants that we Miamians call delicious would be considered mediocre by other’s standards.
So, if Miamians’ palettes are underdeveloped, why should I take any anti-Price Choice comment seriously.
Just sayin’
Price choice? Excuse me I’ve been to price choice and I must say other then a large amount of homeless people outside ,the staff was not bi-lingual and only spoke Spanish and I needed to return somthing and was treated like a criminal with them stating that they don’t refund anything unless it’s damaged.. Rude manager. Price choice is for thee consumer with no transportation and very little options.
I was told I could get a pretty hooked up 1 bdrm in Everglades with more square feet than marina blue for less money ~1300/month…unfortunately I like the finishes in marina blue better. The finishes are equal quality, just different styles.
I’ve heard noise complaints about marina blue. Anyone with info on this?
AJ,
I hope you’ll go to Edgewater meeting at 4p.m. today. Also if you cannot then I would ask George who posted info about this meeting to report a brief summary of the meeting. I am very curious and would like to know since I have my investments in this area.
Also is there any website for this organization or at least email where people who are out of towners but invested in the area can communicate?
Thank you
Lara Re #42
The meeting is at 6:30 PM -not 4 pm -at 2426 NE 2nd Ave.
The guy in charge is Richard Strell and his email : [email protected]
miami restaurants are very over-rated, europe the food ?? maybe>>>but if it was so great, wouldn’t u still be there ???
besides the portions are to small…………thats why fiat will fail we like suv’s and all u can eat places…….
and overpriced condos in crap e areas
drew299 said:
==unless they converted it to a regular home depot which i cant believe, its done…..they are closing down the whole division…..(I FORGET THE NAME) BUT ITS LIKE A HOME DEPOT FOR CITY FOLK. pass by and ask a cashier how much longer they will have a job===
That division is called Home Expo and the location on 23rd in New York is not affiliated with that…it is a regular Home Depot, always has been, and is not closing. In fact, the Home Depot on 23rd in NY has some of the highest retail sales per sq ft of any Home Depot location across the country. So I guess those cashiers won’t be losing their jobs after all.
In Miami, there was a Home Expo located out near Blue Lagoon at the airport and it did indeed close just like every other across the US. But there is nothing like this in MidTown Miami or the Arts District…so it won’t have an impact on empty retail space in that neighborhood.
Sorry to harp on this, but so many doom&gloom postings on this blog tend to be rooted in hyperbole. I’m no Pollyanna and definitely agree that Miami has very serious economic problems, but I take issue with the extremists who post things without any context.
i.e. Wild Bill acts as though the Circuit City and Linens & Things closures at MidTown were selective to underperforming locations and use this as an example of another Miami failure. In fact, both of those companies went 100% bankrupt and closed every single location across the country. It is a sign of the overall times more than a specific indicator of MidTown’s failure.
There will be a lot of pain that is specific to Miami (second wave of foreclosures, etc.) I am sure, before things improve. But the end result will not be the ghost town that so many seem intent on predicting and even, perversely, seem to want!
Okay – my “centrist” rant is over! lol!
Isabel….well said. Your posts turn me on.
Everglades says they closed 100 units. They encourage rent to own with all the rent going toward purchase price. They are looking for offers on purchases and salesman said would run them by the bank (out of developers hands???) 4 pools but water view nothing to write home about.
isabel
you said something along the lines that midtown is a success. maybe in five/ten years that synopsis will ring true…but definitely not today.
I was implying that Miami has several million feet of empty commercial space. The two bankruptcies at Midtown open up more unused space.
South Beach is just finishing a project with 185,000 feet of more retail.
Midtown is a failure. Park West is a failure. Jungle Island is a failure. Old Miami Arena is a failure. Bayside Marketplace is a failure. Miami Herald is a failure. Omni is a failure. Downtown Macy’s is a failure. Homeless sex offenders living under a bridge, another failure. No movie theater in your are means even Magic Johnson cinemas thinks Miami is a failure.
Wackos on this site still want more retail in their empty neighborhoods.
* Linens ‘N’ Things – closing 120 of 589 stores. Filed for chapter 11 bankruptcy protection in May.
* Disney Stores – closing 98
* Foot Locker – closing 140 of the 3,785 stores in addition to the 274 stores it closed last year.
* Wilson’s Leather – closing 160 stores.
* Home Depot – closing 15 stores.
* Ann Taylor – closing 117 stores.
* PacSun ‘Demo’ Stores – closing 154 stores in addition to the 74 stores it closed last May.
* Lonestar Steakhouse – closing 27 locations.
* Zales – closing 105 stores. Will have 2,145 locations open.
* Pier 1 Imports – closing 25 stores. Closed 79 in 2007.
* Friedman’s Jewelers – closing 120. Closing stores and laying off employees as it goes through bankruptcy proceedings.
* Dell – closing 140 stores.
* 84 Lumber – closing 140 stores. Directly impacting by the nation’s housing market. Closed 12 stores in December.
* Sharper Image – closing 90 stores. Filed for bankruptcy protection.
* Pep Boys – closing 31 stores.
* Ethan Allen – closing 12 of 300+ stores.
* Rite Aid – closing 28 stores.
* Sprint/Nextel Corp – closing 125 stores.
* Movie Gallery – closing 400 of 3,500 stores.
* Saks – closing 1 store.
* CompUSA – 103 stores will be shut down or sold.
* Kirkland’s – closing 30 to 130 stores.
* Fashion Bug, Lane Bryant and Catherine’s – closing 150 stores.
Wild Bill…..well said. Your posts turn me on.