Tag Archives: Miami real estate news

Miami Beach

Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort

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Miami Beach

Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.

The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.

Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.

Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.

This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.

The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.

Aria Reserve Announces Ground Breaking

Foundation Pour Completed for Aria Reserve North Tower

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Aria Reserve in Miami

Exciting progress is being made on the highly anticipated Aria Reserve development in Miami! The foundation pour for the 62-story Aria Reserve North Tower was successfully completed, according to a recent social media post by shell contractor L&R Structural Corp. This marks a significant milestone in the construction of one of Miami’s most luxurious and ambitious residential projects.

The foundation pour comes just a few weeks after the Miami Building Department issued the master construction permit for the North Tower on June 11. Construction cranes were promptly installed following the permit issuance, allowing the project to progress smoothly. The twin towers of Aria Reserve, each rising 62 stories or 649 feet, are set to redefine Miami’s skyline.

Aria Reserve is a twin-tower development, with each tower standing tall at 62 stories. The South Tower, which topped off in April, is a testament to the speed and efficiency with which this project is moving forward. Together, the two towers will offer approximately 743 luxury condos, providing residents with stunning views and top-tier amenities in the heart of Miami.

The Aria Reserve project is being developed by the esteemed Melo Group, a name synonymous with quality and luxury in Miami’s real estate scene. The architectural design is being crafted by the renowned firm Arquitectonica, known for their innovative and iconic designs that grace skylines around the world.

With the foundation pour now complete, the construction of the Aria Reserve North Tower will continue to rise, bringing this ambitious project closer to its final form. As the towers inch closer to completion, Miami residents and future condo owners alike are eagerly awaiting the day when Aria Reserve will open its doors, offering an unparalleled living experience in one of the most vibrant cities in the world.

The HueHub Miami

Breaking Ground: The HueHub Revolutionizing Miami-Dade’s Landscape

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The HueHub Miami

Miami-Dade County is on the brink of a transformative urban development, as plans for a groundbreaking project, The HueHub, have been submitted to local authorities. Named after its vibrant vision and its potential to become a central hub for the community, The HueHub, also known as Holland Park, promises to redefine the Miami skyline and enhance the local lifestyle experience.

The HueHub is set to be a sprawling urban oasis, seamlessly integrating residential, retail, and recreational spaces. With 3,233 residential units, 57,260 square feet of retail space, and a whopping 4,249 parking spaces, this project isn’t just large in scale; it’s a testament to the evolving needs and aspirations of Miami-Dade’s residents.

Designed by the renowned architectural firm Arquitectonica, The HueHub promises to be a striking addition to Miami’s architectural tapestry. Multiple towers will punctuate the skyline, with the tallest soaring an impressive 37 stories high. This ambitious design is set to breathe new life into the area, replacing existing one-story buildings with a dynamic, multi-dimensional urban landscape.

Behind The HueHub stands the 27th Ave Hollandpark Ecoresidences LLC, a developer with a bold vision for Miami’s future. Their commitment to innovation and sustainability is evident in the project’s name, highlighting their dedication to creating eco-friendly living spaces that seamlessly integrate with the surrounding environment.

One of the most exciting aspects of The HueHub is its strategic location within Miami-Dade County. With the North Corridor Metrorail extension along NW 27th Avenue in the pipeline, The HueHub is poised to become even more accessible to residents and visitors alike. A proposed station at 83rd Street, mere steps from the development site, will further enhance connectivity, making it easier than ever to explore everything Miami-Dade has to offer.

As plans for The HueHub continue to unfold, anticipation is building within the Miami-Dade community. This ambitious project has the potential to not only reshape the local skyline but also to create a vibrant, thriving community where residents can live, work, and play.

Domus Brickell Park

Sales Launch for Domus Brickell Park Miami

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Domus Brickell Park

We are thrilled to announce the launch of sales for Domus Brickell Park, the latest milestone in luxury condominium development brought to you by North Development—a joint venture between Miami developer Ricardo Dunin’s Oak Capital and Peru’s Edifica. This exciting project marks the second condominium under the Domus brand and showcases the unique FLATS concept (Flexible Apartments for Temporary Stays), designed to revolutionize urban living.

Situated in the heart of Miami’s prestigious Brickell financial corridor, Domus Brickell Park will rise 35 stories high, featuring 579 meticulously designed units. This prime location at 1034 SW 2nd Avenue places residents at the epicenter of vibrant city life, surrounded by major banks, corporate headquarters, trendy restaurants, shopping centers, and recreational venues.

Domus Brickell Park promises an exceptional living experience with an array of world-class amenities:

  • The Cypress Room: A luxurious 4,000-square-foot gathering space featuring a café, wine bar, and artisanal market with gourmet fare.
  • High-Touch Services: 24-hour concierge, valet attendants, and a dedicated customer service line.
  • Wellness and Recreation: A seventh-floor gym with an outdoor terrace, rooftop yoga deck, rooftop bar, pool, sky deck, cabanas with day beds, hot tub, and a lush garden lounge.
  • Technology and Convenience: The Domus FLATS App for seamless check-ins, room and elevator access, and more.

The FLATS concept, coined by Ricardo Dunin, is garnering praise for its innovative approach to short-term rental-friendly offerings, rooted in high-end hospitality. Domus Management, a bespoke management company created by Dunin, ensures that each property adheres to top-tier brand standards, providing a comprehensive, customer-centric experience.

The design team for Domus Brickell Park includes Studio Mc+G Architecture, known for their work on the iconic Delano South Beach hotel, and Urban Robot Associates, specialists in urban design, interiors, and landscape architecture. The building is a wellness-focused ‘green’ structure featuring ultraviolet (UV) water purification, air filtration systems, and EV charging stations.

Residents of Domus Brickell Park will enjoy unparalleled access to transportation, with the Brickell Metromover station just one block away. This connection links to the Miami Metrorail and the Brightline high-speed train, making travel to Orlando a breeze. The building’s location also offers stunning high-floor views of the cityscape and Biscayne Bay, and proximity to Southside Park, multiple greenspaces, and The Underline—a 10-mile linear park with numerous amenities.

Starting from the low $500,000’s to $1.5 million, Domus Brickell Park offers studio, one-, and two-bedroom FLATS featuring nine-foot ceilings, private balconies, keyless entry smart lock systems, premium appliances, and in-unit washers and dryers. This competitively priced property is poised to be a standout in the Brickell market.

Domus Brickell Park is slated for completion at the end of 2027, promising to be a landmark of luxury and innovation in Miami.

Summit Brickell in Miami

Summit Brickell Development Secures FAA Approval, Moves Forward with Updated Plans

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Summit Brickell in Miami

The highly anticipated mixed-use development, Summit Brickell is set to redefine the skyline of Miami’s Brickell neighborhood. Located at 1015 Southwest 1st Avenue, this ambitious project recently achieved a significant milestone by securing approval from the Federal Aviation Administration (FAA). With this approval, the development is poised to rise 765 feet above ground, reaching a total height of 769 feet above sea level at its highest point. Designed by Corwil Architects and developed by Lore Development Group—a joint venture between Brazilian billionaire Daniel Dantas’ Opportunity investment firm and Leste Group—Summit Brickell promises to bring a dynamic blend of residential and commercial spaces to the heart of Miami.

Filed on April 5 and swiftly approved on May 21, Summit Brickell is planned as a 60-story structure with a total floor area ratio (FAR) of 717,740 square feet. The updated plans for the tower to include:

  • 500 residential units
  • 1,583 square feet of commercial space
  • 500 parking spaces

Documents recently filed with Miami-Dade County in April provided updated renderings and plans for Summit Brickell. One of the notable changes is the reduction of the proposed structure from 69 to 60 stories. The updated plans also indicate the elevator bulkhead will now rise to 750 feet, significantly lower than the initially planned 843 feet, falling well within the heights approved by the FAA.

Summit Brickell is currently under review by Miami-Dade County planners as part of its Rapid Transit zoning plan, allowing it to bypass city review. However, a construction permit for the project has not yet been filed with the county.

The project’s material board highlights the variety of architectural features and elements that contribute to the overall design and aesthetic of the structure. Key features include:

  • Fine sand stucco/textured finish used throughout the elevations
  • Horizontal concrete pours/sculpted to exterior walls
  • Impact-resistant guardrail systems
  • Sliding glass doors with impact-resistant aluminum frame and glass
  • Fixed-lite, clear safety glass and impact-resistant guardrail system on balcony rails

Additionally, the building will feature:

  • Impact-resistant glass doors
  • Storm-resistant mesh screens
  • Parking garage breezeway
  • Perforated aluminum garage system panels
  • Decorative metal claddings
  • Aluminum sunshade systems

Summit Brickell will offer various unit types from the 14th through the 58th floor, including studios, one-bedroom, two-bedroom, and three-bedroom floor plans ranging from 500 to 1,418 square feet. The penthouse units on the 59th floor will range from 1,288 to 2,618 square feet. Residents will enjoy amenities on both the 13th floor and the 60th-floor rooftop. The parking garage is designed to occupy floors 2 through 12, ensuring ample space for residents and visitors.

While it remains unclear when the developer plans to break ground on the project, it is still navigating through the approval process, and no permits have been submitted as of May. Initially, groundbreaking for the project was tentatively scheduled for June 2024, with completion expected by summer 2027. However, given the current status, a groundbreaking towards the end of the year seems more likely, with completion potentially extending into late 2027.

JEM Private Residences Miami Worldcenter

Breaking Ground at JEM Private Residences Tower at Miami Worldcenter

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JEM Private Residences Miami Worldcenter

Miami’s ever-evolving skyline is set to reach new heights with the groundbreaking ceremony of the JEM Private Residences tower at Miami Worldcenter. This monumental event, which took place yesterday, signifies the beginning of an ambitious project that promises to redefine luxury living in South Florida.

What sets the JEM Private Residences apart is not just its soaring height, but also the unprecedented speed at which it has moved from concept to construction. In less than five months since its market entry, the developer, Naftali Group, has propelled this visionary project into reality. Such a rapid development timeframe is a first for South Florida, demonstrating the determination and efficiency driving this endeavor.

Ascending over 700 feet into the Miami skyline, the JEM Private Residences tower will be a beacon of elegance and innovation. Designed by the renowned firm Arquitectonica, every aspect of the tower reflects meticulous attention to detail and a commitment to architectural excellence. From its sleek exterior to its thoughtfully curated interior spaces, the tower promises to offer a lifestyle of unparalleled luxury.

At the heart of the JEM Private Residences tower lies a vision of urban living reimagined. The tower will boast 259 condo units on its upper levels, providing residents with breathtaking views of the city and the ocean beyond. On the lower levels, 530 multi-family units will offer a dynamic and vibrant living experience, complete with modern amenities and conveniences. Additionally, ground floor commercial spaces will contribute to the vitality of the surrounding community, while ample parking ensures convenience for residents and visitors alike.

Behind every great project stands a team of dedicated professionals, and the JEM Private Residences tower is no exception. With Arquitectonica at the helm as the architects and Coastal Construction leading the way as contractors, the project is in expert hands. Together, they bring a wealth of experience and expertise to ensure the successful realization of this ambitious vision.

As construction commences and the tower begins to take shape, anticipation builds for the completion of the JEM Private Residences in 2027.

The Perigon Miami Beach Elevation from the Beach

Groundbreaking Scheduled for The Perigon Miami Beach

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The Perigon Miami Beach Elevation

Miami Beach, known for its vibrant culture, stunning beaches, and dynamic lifestyle, is set to welcome The Perigon Miami Beach. This monumental project marks not just the inception of a new building but the dawn of a new era in architectural innovation and luxury living. As the city continues to evolve, The Perigon stands as a testament to Miami Beach’s commitment to progress and excellence.

Amidst much anticipation and excitement, the groundbreaking ceremony is officially scheduled for April 2, 2024 at the new sales center located at 2341 Collins Ave in Miami Beach. Nestled amidst the pulsating heart of Miami Beach, this groundbreaking project promises to set new standards in architectural design, offering residents an unparalleled fusion of sophistication, comfort, and urban convenience.

The Perigon’s allure extends beyond its architecture. It offers exclusivity with resident-only amenities, such as a waterfront restaurant led by Michelin-starred Chef Shaun Hergatt, and a private beach club. The units boast 10-foot ceilings, wraparound terraces with sweeping ocean views, and custom Italian kitchens with Sub-Zero Wolf appliances, embodying the very definition of luxury living.

In keeping with Miami Beach’s commitment to sustainability, The Perigon incorporates cutting-edge green technologies and environmentally conscious design principles. From energy-efficient appliances to eco-friendly materials, every effort has been made to minimize the environmental footprint of this landmark development, setting a new standard for responsible urban living.

As Miami Beach continues to evolve as a global destination for luxury living, The Perigon stands at the forefront of this transformation, offering residents a lifestyle that is as refined as it is exhilarating. With its groundbreaking design, luxurious amenities, and unwavering commitment to sustainability, The Perigon Miami Beach is poised to redefine the very essence of modern urban living. As construction progresses and the vision becomes a reality, one thing is certain – the future of Miami Beach has never looked brighter.

The Perigon is targeting LEED Gold certification, showcasing a commitment to environmental excellence. Set to be completed in 2026 with starting prices of $4.25 million.

Apple Store

Apple Touches Down: A New Era Begins at Miami Worldcenter

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Apple Store

After months of speculation, it’s official: Apple is making its mark on Miami Worldcenter, the sprawling 27-acre megadevelopment in Downtown Miami. A leasehold agreement filed to Miami-Dade County confirms the tech giant’s arrival, adding to the excitement surrounding this ambitious project.

Construction has been underway since November for a one-story, stand-alone retail building located at 725 NE First Avenue. With a price tag of $12 million, this development is poised to become a focal point within the Miami Worldcenter landscape. Situated on an 18,600-square-foot site, the building occupies a prime spot at the corner of Northeast Eighth Street, just west of the Jewel Box retail building.

Miami Worldcenter, akin to New York’s Hudson Yards, is one of the largest private projects in the country. Spearheaded by master developers CIM Group, Art Falcone, and Nitin Motwani, this mixed-use development promises approximately 300,000 square feet of retail space, offering a vibrant shopping and entertainment experience in the heart of Miami.

Already, the development has welcomed a lineup of notable brands, including Sephora, Lululemon, and Ray-Ban. Exciting additions on the horizon include Starbucks, The Container Store, Rihanna’s Savage X Fenty, and a bar concept by Nick Jonas, among others. Apple’s presence adds further prestige to this burgeoning retail hub.

Speculation about Apple’s involvement at Miami Worldcenter has been rife for months, but confirmation was elusive until now. Despite persistent rumors, both Miami Worldcenter and Apple remained tight-lipped on the matter. However, the recent leasehold agreement filing and confirmation from individuals involved in the project have dispelled any doubts.

Apple’s decision to establish a presence at Miami Worldcenter marks its sixth outpost in Miami-Dade County. This move underscores the company’s commitment to enhancing its retail footprint, particularly following the departure of former retail chief Angela Ahrendts in 2019. Ahrendts, renowned for her tenure at Burberry, left a lasting legacy on Apple’s retail strategy.

With Apple’s imminent arrival, Miami Worldcenter continues to solidify its position as a premier destination for shopping, dining, and entertainment. As construction progresses and anticipation mounts, residents and visitors alike eagerly await the unveiling of this iconic retail landmark.

SD Collaborative Rendering for 5050 Residences

The 5050 Residences: Miami-Dade’s Expanding Housing Development

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SD Collaborative Rendering for 5050 Residences

Miami-Dade County is witnessing a significant transformation in its housing landscape with the expansion of the 5050 Residences. Originally conceived in 2020 as a modest four-story building with 40 one-bedroom apartments, each spanning approximately 800 square feet, this development has now leaped in scale and ambition.

In response to the escalating demand for housing in the region, the 5050 Residences have undergone a substantial revision in their plans. The development now boasts an eight-story structure, offering a total of 82 residences. This expansion not only increases the number of available units but also diversifies the types of living spaces. The revised layout plans range from efficient studios to spacious two-bedroom residences, with sizes varying from 430 to 1,067 square feet.

However, the expansion of the 5050 Residences isn’t just about adding more residences. The project, visualized by SD Collaborative, has also seen adjustments in other aspects. Originally, the proposal included 1,983 square feet of ground-floor retail space and provision for 23 parking spots. The latest plans have scaled down the commercial space to 1,151 square feet, a reduction of nearly 42%. Additionally, the number of parking spots has been reduced to 17, indicating that tenants at the 5050 Residences will not have guaranteed parking spaces.

Set to potentially commence construction in 2025, the 5050 Residences are strategically located at 5050 N.W. 22nd Avenue, Miami, FL, 33142. This location places the development in a prime area within Miami-Dade County. The project is a venture of RE Opportunity Fund LLC, which acquired the 0.38-acre site for $350,000 in 2018. As of now, the site remains vacant, poised for its transformation into a vibrant residential community.

The 5050 Residences represent a dynamic shift in Miami-Dade’s approach to urban living and housing development. By doubling the number of residences and revising the layout and amenities, this project is set to cater to the growing demand for diverse and flexible living spaces in the region. As Miami-Dade County continues to evolve, developments like the 5050 Residences are crucial in shaping its residential landscape.

Brickell Gateway

Brickell Gateway: Miami’s Stunning Skyline Addition

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Brickell Gateway

Miami’s skyline is about to welcome a stunning addition with the construction permit application for the 61-story Brickell Gateway. Located at 90 Southwest 8th Street in the vibrant neighborhood of Brickell, this mixed-use development is set to redefine luxury living in the city. Designed by Corwil Architects and developed through a joint venture between Gazit Horizons and Atlantic Pacific Companies, Brickell Gateway is not just another skyscraper; it’s a testament to Miami-Dade County’s commitment to urban development and innovation.

One of the standout features of Brickell Gateway is that it is among the first projects to advance to the construction permitting phase under Miami-Dade County’s Rapid Transit Zoning. This innovative initiative encourages higher-density construction in proximity to mass transit hubs, promoting sustainable and efficient urban development. By strategically placing developments like Brickell Gateway near transit options, the county aims to reduce reliance on cars and create more vibrant, walkable communities.

The permit application for Brickell Gateway was filed on December 26 and is currently under review. Once completed, the project will cover an impressive 933,209 square feet with an estimated value of $150 million. The total permitting fees for this monumental development are calculated to be around $106,611.31.

Brickell Gateway will offer 504 multifamily residential units, catering to a diverse range of lifestyles. These units will vary in size, from efficient studios to expansive three-bedroom apartments, with sizes ranging from 493 to 1,328 square feet. The tower’s ground level is also designated for 18,287 square feet of retail space, ensuring that residents have convenient access to amenities right at their doorstep.

To accommodate the needs of both residents and visitors, Brickell Gateway will include internalized parking facilities capable of accommodating 344 vehicles. This feature not only promotes a hassle-free living experience but also aligns with the county’s vision of reducing traffic congestion and encouraging public transportation use.

Residents of Brickell Gateway will enjoy a host of rooftop amenities that elevate their living experience. These include a pool deck complemented by covered terraces, grilling spots, and inviting dining areas. The thoughtfully designed rooftop spaces provide a luxurious and well-rounded living experience, offering breathtaking views of the city and the bay.

Brickell Gateway has received approval from the Federal Aviation Administration (FAA) for a permanent height of 761 feet above ground level or 772 feet above sea level. This approval solidifies Brickell Gateway as a significant addition to Miami’s skyline, reflecting the city’s ongoing urban development and architectural innovation. The skyline’s evolving silhouette is a testament to Miami’s dynamic growth and its position as a global city.

The success of Brickell Gateway is a result of collaboration among various experts in the field of architecture and engineering. Witkin Hults + Partners are responsible for the landscape architecture, ensuring that the development blends seamlessly with its surroundings. Kimley-Horn, a respected civil engineering firm, is instrumental in ensuring the project’s infrastructure meets the highest standards.

BG Group LLC completed the demolition work for the former structure that once occupied the 0.49-acre development site at the southeast corner of Southwest 8th Street and Southwest 1st Avenue in late 2022. This marked a crucial step towards the realization of Brickell Gateway and sets the stage for its future as a prominent landmark in Miami.

Brickell Gateway is more than just a construction project; it’s a symbol of Miami’s commitment to sustainable urban development, architectural excellence, and a vibrant future. As this remarkable development progresses, it will undoubtedly capture the imagination of residents and visitors alike, further enhancing the allure of Miami’s ever-evolving skyline. Brickell Gateway is poised to become a beacon of luxury and innovation in the heart of the city, and we can’t wait to see it come to life.