Single-family homes, townhomes planned for Pinecrest

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GC3 Development and Bindor Development are spurning condominiums and zeroing in on single-family homes and townhomes, with two projects underway in Pinecrest.
Pinecrest Place, a luxury home development, has recently broken ground at 9600 Southwest 72nd Avenue, Sergio Fuenzalida, sales and development associate of GC3 told The Real Deal. 
At Pinecrest Place, the developers plan 10 single-family homes, each on 15,000-square-foot lots. The project will be built on a 5-acre parcel formerly known as the Horse Farm that Bindor Development had bought for $5 million in 2014. Each residence will be 5,000 square feet to 7,000 square feet, with garages, SubZero/Wolf appliances and Isenberg fixtures, Fuenzalida said.
The homes will be priced from $2.495 million to $2.9 million. So far, the project is 50 percent sold, with five houses under contract, he said.
Next will be the Villas at Pinecrest, an 18-townhome project at 7520 Southwest 100th Street that is currently undergoing site preparation. Bindor Townhomes contracted the land for purchase for $6.7 million in 2014. Miami-based Bindor Development is headed by James Dorsy, and Miami-based GC3 Development is led by Michael Garcia-Carrillo.
“We thought we needed townhome product in Pinecrest — luxury townhomes — because not everyone likes the one-acre lifestyle,” Fuenzalida said. “We also wanted to create an opportunity for young families who want to start a family here and people who want to downsize — empty nesters who have an 8,000 square-foot home and want to stay in Pinecrest because their kids and grandkids live in Pinecrest.”
Villas at Pinecrest’s prices will range from $1.2 million to $1.4 million, with townhomes sized from 3,418 square feet to 3,680 square feet, and averaging 3,550 square feet. So far, the project is 38.5 percent sold, with five townhomes under contract, Fuenzalida said.
The 2.5-acre property was previously a privately-owned mango grove with a small house on the property. At one time, the site was used by Henry Flagler as a staging area for raw materials when he was building the railroad extension to the Keys, he said.
Sotolongo, Salman & Henderson are the architects on both Pinecrest Place and Villas at Pinecrest, and both have a “coastal contemporary style. Both projects are expected to be completed in 2017.

Source: The Real Deal Miami

CushWake enters Broward market with new Fort Lauderdale office

The SunTrust Center office tower in Fort Lauderdale and Larry Richey, Cushman & Wakefield’s Florida market leader
Brokerage Cushman & Wakefield is expanding its reach to Broward County with the opening of its newest office in Fort Lauderdale.
This will be Cushman & Wakefield’s fourth office in South Florida, adding on to their current locations in West Palm Beach, Boca Raton and Miami.
The firm’s new digs will be located in the SunTrust Center at 515 East Las Olas Boulevard.
“Establishing a strong foothold in Fort Lauderdale is vital for Cushman & Wakefield’s success in South Florida,” said Larry Richey, Cushman & Wakefield’s senior managing director and Florida market leader, in a statement. “Having an office in the Fort Lauderdale CBD allows us to better serve our clients in Broward County and maintain our position as a market leader in the region.”
Both agents and support staff will call the new office home. The brokerage’s newest additions — Deanna Lobinsky, Travis Herring, Katherine Ridgway, Chase Kulp, Jeff Holding and A.J. Belt — will also set up shop there, according to a release.
Cushman & Wakefield merged with DTZ last year in a deal valued at $2 billion, forming a commercial real estate giant with 250 offices in 60 countries. — Sean Stewart-Muniz

Source: The Real Deal Miami

Underline linear park scores $75,000 for “Brickell backyard”

A proposed rendering of the Underline’s Brickell portion
Pinnacle Housing Group, along with 13th Floor Investments and the Adler Group, have donated a combined $75,000 to the Underline, a planned 10-mile long linear park and trail in Miami-Dade County. 
The donations will be used for the design of the project’s first phase, the Brickell portion, Friends of the Underline founder and CEO Meg Daly told The Real Deal. As planned, “Brickell backyard” will start at the Miami River and will feature picnic areas, native vegetation, an outdoor gym with a basketball court, a nature-driven playground and dog park.
Daly said she hopes to break ground by the end of 2016.
Pinnacle donated $50,0000 to the Underline, while 13th Floor and Adler partnered on a $25,000 contribution. Louis Wolfson, a partner with Pinnacle, in a press release cited economic and real estate benefits that will result from the Underline.
“This is supporting the design and engineering for the $5 million construction funding,” Daly told TRD.
The Underline runs on the M-Path, underneath the Metrorail tracks that start in Brickell and go through Coconut Grove, Coral Gables, South Miami and Dadeland. Each portion has its own budget, Arden Karson, Related Group senior vice president, previously told TRD. Karson, who is leading the real estate sub-committee, said the $5 million in public funding that the Underline secured last year is designated for the Brickell segment. That breaks down to $3 million from Miami-Dade County, $1 million from the city of Miami impact fees and $1 million from a Florida Department of Transportation grant.
Twenty percent, or $24 million, of the estimated $120 million project is being raised privately. The total cost includes $80 million for the trail, $20 million for intersections and $20 million for destination parks. James Corner Field Operations is designing the development.

Source: The Real Deal Miami

Canvas signs off on $70M loan, plans groundbreaking event

Renderings of Canvas
Canvas, the condominium tower planned for Miami’s Arts & Entertainment District, has signed off on its $70 million construction loan from Bank of the Ozarks, The Real Deal has learned.
NR Investments, developers of the 513-unit project, signed off on the loan on Tuesday, Ron Gottesman, co-founder and principal of NR Investments, told TRD. The funding had been in the works for months.
The 37-story project began construction two weeks ago and is now finalizing excavation. By the end of the week, work on pilings will begin, said NR Investments co-founder and principal Nir Shoshani. “So the 24-month process started last week.”
Canvas is planning a ground breaking ceremony on Feb. 23, with at least 350 guests, as a “celebration for the district,” he said.
Canvas, at 1630 Northeast First Avenue, is now 58 percent sold, with 298 units under contract, Gottesman said. Sales began in October 2014, and the project is now registered in New York.
So far, 50 percent of the buyers are domestic, mostly from New York, with some from Los Angeles, San Francisco, and even Hawaii. The other 50 percent is split between Europeans — from France, Germany, Spain and Italy, as well as Israel — and Latin Americans from Venezuela, Colombia, Argentina and Brazil. Chinese buyers also bought 12 units, he said.
Canvas has received Fannie Mae approval, which allows qualified domestic buyers to put down as little as 5 percent.
“Our target is the end-user and this is why we insisted on the Fannie Mae approval and are refusing any bulk buyers,” Gottesman told TRD.
The tower is aimed at the “affordable luxury,” segment of the market, with prices ranging from $300,000 to $550,000. Units will range from 620 square feet to 1,150 square feet, and average $483 per square foot, the developers said.
The building, which will include a restaurant by Kevin Aoki — son of Benihana founder Rocky Aoki — is targeting the 30-to-45 year-old sub-market, they said. Fortune International Realty is the exclusive sales and marketing firm for the project.
The tower was designed by CFE Architects. NR Investments paid $7.2 million for 1.1-acre site, which it acquired through an October 2013 bankruptcy auction. The company also paid $4.8 million in impact fees in 2014.
Canvas’ amenities will include sunrise and sunset pools, a fitness center, glass-enclosed racquetball court, spa and sauna treatment rooms, business center, and children’s playroom and lab.
NR Investments last year filed an offering plan with the New York State Attorney General, so that condo units can be legally marketed and sold there. The total listed sell out price for the project is $221 million, according to the documents filed in New York.
Canvas is one of three properties NR Investments owns in Miami’s Arts & Entertainment District, the former Omni area north of downtown. Shoshani and Gottesman developed the Filling Station Lofts, an 81-unit rental building at 657 North Miami Avenue. They also own a one-acre parcel between Northeast 14th and Northeast 15th Streets, on which they plan a mixed-use project including hotel, office and residential components.

Source: The Real Deal Miami

Marriott pays $23.5M for South Beach hotel, plans renovation

The former Edgewater Hotel in South Beach
The Edgewater Hotel in South Beach is about to get a facelift and new name now that it’s been sold for $23.5 million to Marriott International’s timeshare division.
Marriott Vacation Club bought the 1930s-era building and its 49 suites, located at 1410 Ocean Drive across the street from Lummus Park. Marriott spokesperson Ed Kinney told The Real Deal that the 49 units were sold by a single seller, though he declined to name the entity. However, an Israeli company called the El-Ad Group lists the property under its portfolio holdings.
The hotel will now be known as the Marriott Vacation Club South Beach and is already taking reservations, according to a news release. Marriott will renovate the hotel’s suites and common areas through 2016.
“We are excited to offer our owners and guests another new addition to our collection of properties around the world that puts them right in the heart of South Beach and all it has to offer to visitors,” Stephen P. Weisz, president and chief executive officer of Marriott Vacations Worldwide, said in the release.
Marriott Vacation Club was originally committed to purchasing a separate 182-unit building in South Beach, Kinney said, but the deal fell through for undisclosed reasons. Then the opportunity to buy the Edgewater Hotel appeared, and Marriott closed on it.
“It’s not very big by our standards,” he told TRD.” But… we feel it’s a great way to get into the market.” 
As part of the re-branding, Marriott Vacation Club will open an off-site sales center for timeshares at the hotel. Kinney said the company is looking at a couple of nearby locations that they will close on in the near future.  — Sean Stewart-Muniz

Source: The Real Deal Miami

Former Bear Stearns exec sells waterfront Palm Beach home

608 Island Drive in Palm Beach
After buying a home in June on Palm Beach’s Everglades Island, Denis P. Coleman and his wife Annabelle G. Coleman have flipped the property for $6.49 million, a $100,000 loss.
Palm Beach County records show the Colemans sold the two-story, waterfront home at 608 Island Drive to a company managed by luxury homebuilder Bruce A. Malasky. They bought the 0.44-acre property in June for $6.5 million, then listed it for sale in August for $7.9 million. It was been listed and delisted since then.
Denis Coleman, chairman of the Quantum Foundation, was an executive vice president at the Bear Stearns Companies from 1967 to 1989. He’s currently director of Radixx Solutions International, an airline reservations technology company, and president of the Palm Beach Town Council.
The 4,449-square-foot home was built in 1962 and includes a four bedrooms. The Everglades Island property, which is on the Intracoastal, includes a pool, fountain, boat lift and dock.
West Palm Beach-based Malasky Homes is a full-service home building company owned and operated by the Malasky family. The buyer, 608 Island Drive LLC, financed the deal with an $8.45 million mortgage, county records show.
In June, the Colemans sold a property down the street at 662 Island Drive for $19 million.

Source: The Real Deal Miami

Historic Fort Lauderdale bar to become mixed-use development

Grady’s Bar & Grill in Fort Lauderdale
Grady’s Bar & Grill, a Fort Lauderdale dive that first opened its doors in the 1940s, is being eyed for a mixed-use development after its owners sold the property for $2 million.
The deal included four parcels at 901, 903 and 915 South Andrews Avenue, plus another connected piece on Southwest 9th Street. They measure 38,071 square feet of land altogether and are occupied by three small commercial buildings with their parking lots.
At the assemblage’s center is Grady’s, founded by Grady Copeland in the 1940s after paying only $1,200 for the first parcel. That’s less than $5 a square foot — a hard deal to beat in 2016.
As time went on Copeland’s family picked up the neighboring lots until they owned all the western frontage on the 900 block of South Andrews Avenue.
An aerial view of the four parcels included in the sale
Now, the family has offloaded its holdings after more than half a century. The buyer is a Florida company called Highlands Equity Investments, headed by Rochelle Mazza and Panagiota Lazarou-Amanna. The purchase price breaks down to $52 per square foot for the land, which was financed with a $2.8 million balloon mortgage from Nathan Capital.
Steve Hyatt of Berger Commercial Realty represented the Copeland family for the sale.
“After Grady’s long and colorful history, the second and third-generation owners were ready to retire from the bar business,” Hyatt said in a news release. “The new owner plans to redevelop the infill site into a mixed-use property for retail and residential uses.”
The surrounding buildings are mostly low-rise commercial and residential properties. Further details about Highlands’ plans are not yet available. — Sean Stewart-Muniz

Source: The Real Deal Miami

Midtown, Wynwood and the Design District: all grown up?

Rendering of District 36, Tuesday’s panel and a rendering of Hyde Midtown
As the Design District, Midtown and Wynwood continue to evolve, the neighborhoods could replicate the synergy of Greenwich Village, Chelsea, the High Line and the Meatpacking District in Manhattan, according to some big-name developers.
“You can actually walk around here,” said Gil Dezer, who recently purchased a penthouse at Hyde Midtown, a project he is co-developing. “You see people living the life versus people just going shopping. That is what I wanted to see.”
Last night, the Dezer Development president joined a panel discussion on the interconnectivity between the Design District, Midtown and Wynwood. Held at the Hyde Midtown sales center at 3401 Northeast First Avenue, the group also featured Carlos Rosso, president of condo development for the Related Group; Michael Comras, CEO of the Comras Company; James Provencher, managing partner of Barry’s Bootcamp; and Ivette Day, sales and marketing director at Apeiro Kitchen & Bar.
According to Rosso, Midtown is the hub because it has the largest density of residents among the three neighborhoods. “I think [Midtown] is one of the safest neighborhoods, particularly for women,” Rosso said. “It’s one of the few neighborhoods where people can have pets, even big dogs.”
Related, which is co-developing Hyde Midtown with Dezer, is putting in a huge dog park, Rosso said. “There are another 2,000 units planned for Midtown,” he added. “Some are under construction now.”
Rosso and Provencher, whose fitness company just opened a location at 3252 Northeast First Court, said Midtown is also attracting New Yorkers who want to be close to the hip vibe of Wynwood and the affluent aesthetic of the Design District. “Twenty to 30 percent [of new clients] said they just recently moved down from New York,” Provencher said. “It’s a more professional crowd.”
Provencher said he got a sense of the interconnectivity between the three neighborhoods when Barry’s began building its space at the Shops at Midtown Miami in late 2014. “When we started construction and spending actual time [in Midtown] we realized how everything is close and makes everything into one cohesive neighborhood. It’s not just three separate microcosms.”
Comras said projects like District 36, an apartment and retail mix building being built on 36th Street next to I-95, will further unite Midtown and the Design District. “It’s a linkage project that is going to connect the Design District to Midtown,” Comras, who is leasing the retail space at District 36, said. “All three areas have been evolving on their own, but the beauty is the neighborhoods have been evolving together.”

Source: The Real Deal Miami

Xochimex Cantina Grill to open sixth SoFla location near MIA

Xochimex Cantina Grill
Xochimex Cantina Grill, a fast-casual restaurant chain in Miami-Dade, has inked a lease for its sixth location.
The Tex-Mex chain signed a 10-year lease for 1,538 square feet at 5761 Northwest Seventh Street. Jeremy Hebert of Beacon Hill Property Group represented the tenant, while Katz & Associates represented the landlord, a company tied to First Washington Realty.
The base rent is in the mid-$30 range, Matt Martinez, president of Beacon Hill, told The Real Deal. Airpark Plaza, a 178,593-square-foot shopping center, is anchored by Burlington, Publix and Office Depot. Other tenants include Starbucks, GameStop and AT&T. It’s located south of Miami International Airport, near Hyatt House Miami Airport, which sold for $38 million in October, and Burger King’s headquarters – both current and planned.
Xochimex, previously known as Cantina Grill, also has locations on Kendall Drive and Bird Road, as well as in Coral Reef and Hialeah.

Source: The Real Deal Miami

PHOTOS: On the scene at Watson Island superyacht show

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Flagstone Property Group hosted a “berth-day” for its Island Gardens marina, the first phase of the Watson Island Development.
Islands Garden Deep Harbour, along with Show Management, kicked off the Superyacht Miami show with a collection of 24 superyachts up to 250 feet and valued at more than $800 million.
The marina opened in January, nearly 14 years after developer Mehmet Bayraktar won the rights to build the controversial, mixed-use project. The $1 billion development will be fully completed between 2017 and 2018. It will include two luxury hotels, residences with hotel services and amenities, waterfront retail and restaurants, and a water taxi transportation system.
The marina offers 5,000 linear feet of capacity and accommodates about 50 yachts up to 550 feet in length. – Katherine Kallergis and Sean Stewart-Muniz

Source: The Real Deal Miami