Jamestown, Weingarten Realty score $170M loan for Broward shopping center

Northridge Shopping Center
The joint venture owners of a Publix-anchored shopping center in Oakland Park have closed on $170 million in financing.
Broward County records show WRI JT Northridge LP, which owns the Northridge Shopping Center, is the borrower. Jamestown owns 80 percent, while Weingarten Realty Investors, a publicly traded company, has the remaining 20 percent stake in the 18.5-acre retail property at 1003 East Commercial Boulevard.
The New York branch of German bank Landesbank Baden-Wurttemberg is the lender.
Other tenants of the 234,000-square-foot mall include Ross, Party City, Rainbow Apparel and Youfit Health Club. Publix has been a tenant of the shopping center since 1972.
According to Weingarten’s fourth quarter 2015 filing, Northridge had a 99.2 percent occupancy and an average base rent of $17.44 per square foot at the end of last year.
In its 2015 annual report, the real estate investment trust said it has 11 redevelopment projects that it plans to invest about $56.2 million in over the next two years. A spokesperson at Weingarten declined to comment on the mortgage, and Jamestown could not be reached for comment.

Source: The Real Deal Miami

Florida Appeals Court rejects objections to Westlake in PBC

Rendering of Westlake
Florida’s 1st District Court of Appeals has jettisoned objections to the 3,800-acre Westlake development that Minto Communities Florida plans for the area north and west of West Palm Beach.
The unanimous ruling came without explanation March 16 and affirmed the Florida Department of Economic Opportunity’s own affirmation of a decision by an administrative law judge approving the project.
Two area residents had filed the suit, alleging that the plan for 4,500 homes, 500,000 square feet of retail space, 1.5 million square feet of employment-center space and 200,000 square feet of civic space would illegally create urban sprawl.
“The preponderance of the evidence shows the proposed amendments [to the county’s Comprehensive Plan] discourage the proliferation of urban sprawl,” the administrative law judge wrote in an opinion delivered April 17, 2015. And now that opinion has been upheld.
“The regulatory and court challenges to the Comprehensive Plan Amendment are over,” John Carter, vice president of Minto Communities, said in a statement.
“The appeals court decision makes it clear that the land use approval by the Board of County Commissioners [in 2014] met the stringent criteria to amend the county’s Comprehensive Plan, and we look forward to breaking ground on this visionary project.”
A Minto spokesperson told The Real Deal that the company expects to break ground on the project within 90 days.
“The courts and a state agency have affirmed three times that the approval process was proper and consistent with law as well as sound planning principals,” Carter said. “Unfortunately, a lot of time and taxpayer money was wasted hearing unfounded objections. It’s time to move forward.”
Minto sees the Westlake project in grand terms. “This will be the new downtown of central Palm Beach County,” Carter told TRD last month.
Minto bought the land in September 2013 for $51 million. The civic space in the project is slated to include a fire station, a sheriff’s station and a school. Minto can also add a 3,000-student college and a 150-room hotel on the property.
Plans were revised for the project, formerly to be called Minto West, in mid-2014. About 2,000 homes and a spring training baseball stadium were cut from the original proposal and commercial uses were added the master plan.
The developer began marketing the retail and commercial space this year and already has received a strong level of interest, Carter said. He declined to specify names. The retail space is enough for two to three power centers, Carter said.  “We aren’t looking to build a major mall.” The area is so light on retail space now that “within a 15-minute drive, there’s $600 million a year of retail leakage to the east,” Carter said. “This is an unheard of opportunity. The metrics are just incredible.”
The employment-center space can include traditional office space, light/clean manufacturing and medical office space, he said. “At this point, the entire population of [this area of] central Palm Beach County goes elsewhere to work,” Carter said. “There’s a built-in, high-skilled labor force just waiting for opportunities to have workplaces nearby.”

Source: The Real Deal Miami

Here are 8 of Zaha Hadid’s most eye-catching designs

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From the New York website: Widely regarded as the world’s greatest female architect, Zaha Hadid shattered earthly boundaries with her futuristic, out-of-this-world designs.
The Iraqi-British architect, who on Thursday died of a heart attack at a hospital in Miami, delivered her distinctive style to buildings around the globe. In New York City, she was commissioned for Related Companies’ 520 West 28th Street project, an 11-story condo that resembles a spaceship hovering beside the High Line.
Check out the above slideshow to see some of the Pritzker Prize winner’s most notable designs.

Source: The Real Deal Miami

Max Strang tapped to design collection of Miami homes

Renderings of the homes (Credit: Mizuno)
Cadus Corp, a publicly traded company backed by billionaire Carl Icahn, is building a collection of 11 homes throughout the coastal cities of Miami-Dade to be designed by Miami-based Strang Architecture.
Cadus tapped Max Strang’s firm to design the luxury homes and will break ground on the first property in Miami Beach’s Sunset Islands this month. The 11 spec homes will also be located in Miami, Surfside and Sunny Isles Beach, Strang told The Real Deal via email. And they’ll feature his “fin system,” which incorporates vertical solar shading elements in the design.
Rendering of one of the homes (click to enlarge)
The company bought the properties to develop spec homes, spending nearly $30 million as of September 2014, according to a press release. Prices for the plots, ranging from 7,500 square feet to $18,400 square feet, were between $1.2 million and $3.1 million. Eight had existing homes and three were vacant lots. Addresses were not disclosed.
Earlier this year, the Miami Beach Commission rejected an ordinance that would have limited the lot coverage and unit size of new single-family homes being built in the city.
Icahn, founder and majority shareholder of Icahn Enterprises, is a majority shareholder of Cadus, a former drug-discovery technologies company. As of 2014, it has shifted its focus to real estate, according to published reports. Icahn, who is worth about $21 billion as of 2015, was the former chairman of WCI Communities until it filed for bankruptcy in 2008.

Source: The Real Deal Miami

Carlos Zapata-designed “wing” on Lincoln Road may soon disappear

The “wing” on Lincoln Road
A landmark may soon disappear from Lincoln Road, albeit one that has often been ridiculed.
The wing and fountain
On Wednesday, Miami Beach’s Land Use and Development Committee unanimously voted in favor of removing a triangular glass-and-metal-structure from the 400 block of Lincoln Road. Designed by architect and artist Carlos Zapata, the structure, which also includes two rectangular water fountains and a planter bed, is the first thing that greets tourists walking west from the beach.
Completed in 1999, the structure was soon called “the roach” or “the wing” by Miami Beach officials. It cost $259,000 to build and was, according to a Miami Herald article from that time, “intended to be the final touch on the mall’s $17 million make-over.” The structure was also supposed to house an information touch screen for tourists, but the device never worked properly and, thus, was never installed.
The touchscreen wasn’t the only problem. “The structure was never completed as designed, missing a glass wall in front of the fountain,” according to a March 30 report from City Manager Jimmy Morales.
Miami Beach is about to embark on yet another renovation project for Lincoln Road, a pedestrian mall where retail rents surpass $300 a square foot. The Lincoln Road master plan, created by James Corner Field Operations and approved by the Miami Beach City Commission in October, suggested the Zapata structure’s removal, Morales’ memo stated, “in order to enhance visibility from Washington Avenue.”
The structure is a hazard, too, Morales’ memo stated. “The Zapata ‘wing’ and fountain conditions have deteriorated over time due to the environment and impact on pedestrian traffic,” the city manager wrote. “The fountains are used by children, dogs, and skateboarders, creating a potentially hazardous situation. Risk management has received complaints of slip and falls adjacent to that area.”
Commissioner Joy Malakoff asked if it was possible for the city to sell the structure. Max Sklar, director of Tourism, Culture and Economic Development, doubted it. The wing was never installed correctly, Sklar said. “It was not what he [Zapata] designed,” Sklar said. “I don’t think he really would take credit for it.”
The structure’s removal is not a done deal yet. It still has to be authorized by the city commission. The elected body’s next meeting is April 13.

Source: The Real Deal Miami