Suffolk fights back against developer over MiamiCentral delays

Parkline at MiamiCentral and Suffolk CEO John Fish (Credit: Suffolk, iStock)

Parkline at MiamiCentral and Suffolk CEO John Fish (Credit: Suffolk, iStock)

Lawsuits continue to mount at MiamiCentral over construction delays.

A month after Suffolk Construction Company and others reached a multimillion-dollar settlement over construction issues at MiamiCentral, the construction company is suing the development group.

Suffolk Construction is suing two subsidiaries of Florida East Coast Industries, alleging the development group failed to give Suffolk an extension and increase the construction budget at the MiamiCentral apartment project, despite weather delays.

Suffolk Construction alleges the two subsidiaries of FECI breached their contract by refusing to increase the costs and timeline of the Parkline apartment project which it is currently building above the MiamiCentral station.

The complaint alleges inclement weather caused multiple delays with the project. It does not specify how the weather impacted the project or if the weather referred to was Hurricane Irma.

Florida East Coast Industries general counsel Kolleen Cobb did not immediately return a request for comment. Suffolk Construction’s lawyer Ira Libanoff also did not return a call seeking comment, while Suffolk Construction declined to comment through a spokesperson.

The lawsuit, filed in Miami-Dade Circuit Court, comes after Suffolk Construction, Virgin Trains USA and the structural engineering firm Skidmore, Owings and Merrill settled a lawsuit in October for $10.5 million over delays at the station component of the MiamiCentral mixed-use project.

In August, a San Francisco REIT also filed a lawsuit over construction issues pertaining to the office component of the project. After Shorenstein Properties purchased the office component of MiamiCentral, 2 MiamiCentral and 3 MiamiCentral, in May for $159.4 million, the San Francisco REIT claims it inherited millions of dollars in construction debt from the previous owner. Facchina Construction of Florida, the project’s now-defunct general contractor, sued the Shorenstein affiliate that now owns the buildings for nonpayment of $4.3 million in construction work that was allegedly completed in 2016.

FECI is the parent company to Virgin Trains USA, the high-speed rail formerly known as Brightline, with stops in Miami, Fort Lauderdale and West Palm Beach. Last year, Richard Branson’s Virgin Group announced a strategic partnership with the rail line.

The two-tower Parkline project sits on top of a three-story parking structure above the MiamiCentral station. The North tower consists of 30 stories with 350 units, while the South tower consists of 33 stories with 466 units. The project will total 930,779 square feet.

Amenities include a 105,000-square-foot amenity deck, two fenced-in dog parks, a running track, a CrossFit lawn, grill stations, resort and lap pools, cabanas, a movie wall and lounge area, according to Suffolk Construction’s website.

Boston-based Suffolk Construction is one of the largest contractors in South Florida. Its projects have included Jade Signature in Sunny Isles Beach, the Bristol in West Palm Beach and CityPlace at Doral.

Compass sweetens agent stock program for 2020, affordable housing project in downtown Fort Lauderdale lands $27M loan: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:00 p.m.

Moody’s dumps stake in Doug Curry’s data firm. Moody’s Analytics has abandoned an investment in a commercial real estate data firm tied to an embattled industry figure. The information-services firm, which oversees a commercial real estate data portal, had taken a 23.8 percent stake in Empirical CRE, a company led by Doug Curry. [TRD]

Extending its reach: Limousines of South Florida picks up car dealership in Lauderdale Lakes for $7M. Elan Holdings, managed by Oded Haims, sold the 7.8-acre property at 2000 North State Road 7 for $897,435 per acre. The property is occupied by a Haims Motors dealership, which will continue to operate at the location, according to a release. [TRD]

Broward moves to expand affordable housing supply by amending land-use plan. Broward County gave initial approval to a land-use change that would encourage affordable housing construction on commercial sites near major roads. [TRD]

Startup HomeLight lands $109M in new funding round. HomeLight, which began its life matching sellers and buyers with real estate agents, has much bigger ambitions. And it’s just raised $109 million in new financing to build up mortgage lending and instant buying operations. [TRD]

The doctors will see you now: Co-working medical office space operator plans major expansion. An owner and operator of co-working spaces for doctors has tapped Florida as its next big market for expansion. ShareMD, a San Diego-based investment firm led by President and managing partner George Scopetta, is looking to purchase medical office buildings throughout the Sunshine State’s major cities and convert vacant space into its co-working concept. [TRD]

A royal deal: Majestic Plaza shopping center sells in Westchester. A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County. [TRD]

Affordable housing project in downtown Fort Lauderdale lands $27M loan. Atlantic | Pacific Communities closed on a $26.64 million loan from Bank of America for an affordable housing development in Fort Lauderdale. AP Communities received the financing for Sailboat Bend II, a 110-unit rental project for seniors, ages 55 and older, on the New River near downtown Fort Lauderdale. [TRD]

Compass sweetens agent stock program for 2020. Compass is making it easier for agents to cash in on shares of the company stock. The Softbank-backed firm announced changes to its agent equity program, which now allows agents to purchase shares of restricted stock that will vest by 2021 — or sooner if the company goes public. Previously, agents could buy stock options that would vest in four years. [TRD]

Softbank CEO expresses regret over WeWork investment. “My own investment judgment was really bad. I regret it in many ways,” Masayoshi Son said at a news conference in Tokyo following SoftBank’s earnings release, according to the Wall Street Journal. Speaking of WeWork co-founder Adam Neumann, who was ousted as CEO in September, Son said, “I shut my eyes to a lot of his negative aspects.” [WSJ]

Miami’s District 1 race is heading to a runoff. The District 1 seat for outgoing Miami commissioner Wifredo “Willy” Gort is going to a runoff between former state senator Alex Diaz de la Portilla and auto parts retailer Miguel Angel Gabela, according to the Miami Herald. District 2 incumbent Ken Russell won overwhelmingly on Tuesday in a district that covers downtown Miami, Edgewater, Coconut Grove and Brickell. [Miami Herald]

The stakes are high as Jersey City residents vote on Airbnb. After a fraught campaign in which both Airbnb and the hotel lobby were accused of underhanded tactics, Jersey City residents were heading to the polls Tuesday to decide whether to restrict short-term rentals. [TRD]

— Compiled by Keith Larsen

Related Group under fire again at One Ocean, all eyes on SoftBank’s other investments: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5 p.m.

Allegations of shoddy construction at a Related Group development in South Beach, where its chairman and CEO Jorge Pérez is trying to sell his penthouse, are piling up. A recent lawsuit filed in Miami-Dade Circuit Court accuses Related, architects Sieger Suarez, general contractor Plaza Construction of Florida and three subcontractors of failing to address numerous construction defects inside two units in the South of Fifth project. [TRD]

Since WeWork’s disastrous attempt to go public, all eyes are on SoftBank’s other investments. Many are now questioning CEO Masayoshi Son’s strategy of dumping massive amounts of cash on unprofitable firms, including brokerage Compass and construction firm Katerra. [TRD]

Billionaire Bill Koch is among the neighbors who disapproves of a neighbor’s plans for a Palm Beach house. The size, height and scale of the British Colonial-style beach house proposed for 977 South Ocean Boulevard is irking neighbors, according to the Palm Beach Daily News. Rusty and Ashley Holzer are the property owners. [PBDN]

Kusa Hospitality buys new Hotel Morrison in Dania Beach for $28 million. N&S Properties sold the 143-key Hotel Morrison for about $194,000 per key, amid a wave of new development in the Broward County city. [TRD]

Apple follows Google and Facebook with $2.5B housing plan for California. Apple has become the latest Silicon Valley titan to pledge billions of dollars to address California’s affordable housing crisis. About $1 billion will go toward the development of affordable housing, and the plan includes building on Apple-owned land in San Jose. Another $1 billion will help first-time homebuyers find mortgages. [TRD]

A San Diego-based investor acquired two medical office buildings, in what a broker on the deal called an example of the rise in out-of-state buyers searching for higher yield in Florida. The investor paid $33.15 million for the 50,000-square-foot buildings at 5966 South Dixie Highway in South Miami and 475 Biltmore Way in Coral Gables [TRD]

Developers, an ex-mayor and a current mayor are pushing for the expansion of Tri-Rail. Proposed sites are near Midtown Miami, the Magic City Innovation District in Little Haiti, and Liberty City in northwest Miami-Dade County. At two public meetings last week, officials discussed new stations for the publicly funded commuter train that has operated since 1989.
[TRD]

The real estate industry is backing Miami commissioner Ken Russell’s run for re-election. Of the $1 million-plus his campaign has raised, more than $450,000 has come from donors in real estate, architecture, construction and development, the Miami Herald reported. That includes $35,000 from developers like Florida East Coast Industries, Okan Tower developer Kasim Badak and Midtown Opportunities LLC to Russell’s political committee, Turn the Page. Russell’s challengers for the District 2 spot include real estate broker Jim Fried. [Miami Herald]

Property owners in Miami’s West Coconut Grove are seeking a rezoning for multifamily development. On Wednesday, the city’s Planning, Zoning and Appeals Board will vote on a land use change for the assemblage on Carter and Plaza streets from duplex residential to medium density multifamily residential, boosting the maximum density to 58 units from 14 and allowing for ground-floor commercial space, according to the South Florida Business Journal. [SFBJ]

Breather hired a former Regus executive to lead its real estate division. Dan Suozzi joined the office-space company last week, during a tumultuous time for real estate startups. Breather, which launched in Montreal in 2012, has raised $120 million, in rounds led by Menlo Ventures and RRE Ventures. [TRD]

Compiled by Katherine Kallergis

Pinstripes bowling alley inks lease at The Plaza Coral Gables

Rendering of the Plaza Coral Gables

Rendering of the Plaza Coral Gables

Pinstripes signed a lease at The Plaza Coral Gables, a major mixed-use project under construction in Coral Gables.

The dining and entertainment bowling venue is taking 30,000 square feet on two stories at the project. Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, is the developer.

Koniver Stern Group brokered the 15-year lease, according to a spokesperson for Pinstripes. The Coral Gables location will have an outdoor patio, 12 bowling lanes, six indoor and outdoor bocce courts, a restaurant, wine cellar and event space that fits up to 1,000 guests. Pinstripes also plans to open an outpost at the Esplanade at Aventura project next summer.

The Plaza, a more than $500 million development, is expected to open in the summer of 2022. The 2.25 million-square-foot development will have a 242-key hotel, more than 2,000 parking spaces, 174 rental apartments and 161,000 square feet of retail space.

In June, Agave Holdings closed on a $100 million construction loan from PNC Bank for the first phase of the project, which calls for 291,000 square feet of office space, 101,000 square feet of retail and the majority of the apartments.

Blanca Commercial Real Estate is handling office leasing of two Class A towers, and Koniver Stern Group is leasing the retail space. The project will surround a historic George Merrick building and include public art, an open plaza and colonnade-style sidewalks.

The final act: Spaghetti western star sells Overtown warehouse for $10M

690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

Spaghetti western movie star Francisco Martínez-Celeiro sold his Overtown warehouse in an Opportunity Zone for $9.5 million.

Rumasa Corp, which is tied to Martínez-Celeiro, sold the 72,903-square-foot warehouse at 690 Northwest 13th Street to a company tied to Kite Tax Lien Capital of Vero Beach.

The building sits on 2.6 acres of land next to Booker T. Washington Jr. High School. It sold for $130 per square foot.

Martínez-Celeiro, better known by his stage name George Martin, bought the property for $1.45 million in 2002, records show.

Property values in Overtown, a historical African American community, are rising due to the neighborhood’s proximity to downtown Miami, Wynwood and its designation as an Opportunity Zone. Virgin Trains USA’s MiamiCentral station is also located in the neighborhood.

In order to qualify for the Opportunity Zone’s tax benefits, a developer or investor has to build new construction or “substantially redevelop” an existing property, which means doubling the investment in the property.

Michael Tillman’s PTM Partners and Estate Investments Group are seeking to take advantage of this tax break and are building a 360-unit multifamily building at 218 Northwest Eighth Street in Overtown.

Martínez-Celeiro owns the Babylon Apartments site on Brickell Bay Drive. He recently lost a battle with commissioners to rezone the property to allow for a 24-story residential building. The site was previously home to one of Arquitectonica’s first projects in Miami and was known for its post-modern design.

Carl DeSantis buys Delray office building, Faena lists Miami Beach home: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6 p.m.

Investor and hot sauce maker Carl DeSantis closed on an office building in Delray Beach. CDS Investments, led by Carl DeSantis and William Milmoe, paid $3.1 million for the 10,000-square-foot building at 401 West Linton Boulevard, according to brokers William Cunningham and Christopher McInnis of Park View Realty. They represented the buyer, while Marcus & Millichap represented the seller, Callisto Realty LLC. DeSantis, a real estate investor, co-created Tabanero hot sauce. 

Argentinian developer Alan Faena is looking to sell his waterfront Miami Beach estate. Faena is putting the 8,300-square-foot, nine-bedroom mansion on the market for $16.5 million. He paid $10.3 million for the 1-acre property at 4731 Pine Tree Drive in 2014. It features a master suite with a custom walk-in closet designed by Faena, a master bathroom with a Louis XV mirror, original 19th century Spanish chandeliers and hand-painted ceilings. [TRD

Adam Neumann accused of pregnancy discrimination. A complaint filed by Medina Bardhi with New York’s Equal Employment Opportunity Commission accuses the former WeWork CEO of demoting her twice after she revealed she was pregnant, and referring to her maternity leave as “retirement.” [NYT

 

Robert Reffkin paid pocket change for a stake in what’s now a $6.4 billion company. The Compass chief paid $335.50 for his stake in Urban Compass in 2012. That and more came to light from evidence in a case brought by Avi Dorfman, who is suing to be recognized as a Compass co-founder. [TRD]

Barneys has been reduced to rubble. Barneys will been sold to Authentic Brands Group and B. Riley for about $270 million. The deal, approved by Judge Cecilia Morris in bankruptcy court Thursday morning, means that ABG, a brand merchandiser, will own the luxury department store’s intellectual property. It also will allow the new owner to partner with rival department store Saks Fifth Avenue to use Barneys’ name in its stores. [TRD

A co-founder of Robbins Property Associates bought a home in Boca Raton’s Royal Palm Yacht and Country Club for $5.5 million. Mitchell Robbins purchased the 7,997-square-foot house at 461 South Maya Palm Drive for $687 per square foot, records show. [TRD

Jho Low to give up millions in assets in 1MDB scandal. The fugitive financier has given up his claim to assets including luxury apartments, jets, yachts and artwork that prosecutors claim he bought with stolen money. [TRD]

Developer Ugo Colombo completed Brickell Flatiron, a 64-story, 527-unit tower. Colombo’s CMC Group received its temporary certificate of occupancy for the 736-foot-high skyscraper, which means that closings are set to begin immediately, said Vanessa Grout, president of CMC Real Estate. The building at 1000 Brickell Plaza is about 95 percent sold. [TRD

Here’s how to sell a haunted listing. The onus is on the agent to broach the issue with prospective buyers, and Keller Williams’ James Gibbs said it can be “ridiculously hard” to move haunted properties. Gibbs and Compass’ Micha Hendel talk through their tactics at two haunted New York City homes. [TRD

Prologis CEO says the logistics business has legs for up to another 30 years. In an interview with Bloomberg, Hamid Moghadam also detailed the company’s expansion strategy. After purchasing Liberty Property Trust for $9.7 billion this month, the company added 107 million square feet of space to its portfolio. [Bloomberg

Bill Ackman says WeWork’s worth is “zero.” The hedge fund manager said at a conference that WeWork “has a pretty high probability of being a zero for the equity, as well as for the debt,” adding that SoftBank should have “walked away.” [CNBC

Meet the lawyer behind Adam Neumann’s $1.7 billion exit package. Corporate attorney Bob Schumer — brother of U.S. Sen. Chuck Schumer — proved an unlikely ally for founder and former CEO Neumann after the company’s failed IPO bid, helping him to secure the generous package as the company plans to lay off thousands of employees. [BI]

Silver Airlines signed a new lease for its new headquarters. The airline leased 29,438 square feet at 1100 Lee Wagner Boulevard in Fort Lauderdale, according to a press release. CBRE’s Larry Genet, Tom O’Loughlin, Ana Rivera and Jake Zebede represented the building’s owner, Avid Asset Management. Pete Garcia and Rudford Hamon of Binswanger Gateway Partnership represented the tenant.

Miami Beach investor buys retail building in Surfside. A partnership between Imperium Capital and RWN Real Estate Partners sold the 2,000-square-foot building at 9569 to 9571 Harding Avenue for $2.5 million to a company managed by investor Joseph Cohen, records show. Drew A. Kristol and Kirk D. Olson of Marcus & Millichap brokered both sides of the deal. Tenants include an AT&T vendor and an ice cream shop.

United Real Estate merged with Charles Rutenberg Realty in Florida, adding 1,000 agents to the Dallas-based brokerage. United, led by president Rick Haase, said the merger brings its total agent count to 8,000 across 40 states. Charles Rutenberg Realty, with one office in Fort Lauderdale, will keep its name. [TRD]

On the corner of South Federal Highway and Lindell Boulevard, Walgreens is no longer its own landlord. Walgreens sold the 14,362-square-foot Deerfield Beach store at 3200 South Federal Highway for $6.54 million. The buyer is WBA FL 001 LLC, a Delaware company that is tied to Oak Street Real Estate Capital of Chicago. [TRD]

Compiled by Katherine Kallergis

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. The Fed’s move to drop interest rates to a range of between 1.5 percent and 1.75 percent also makes financing cheaper, leading to more real estate deals closing. [TRD]

JPMorgan Chase plans to invest $5 million to develop affordable housing in South Florida in areas near the Florida East Coast Railway transit stations and in Opportunity Zones. The total investment is expected to generate $75 million in affordable and resilient housing investments, according to the financial institution. [TRD]

Mana Group unveiled plans for its downtown Miami project, giving a rare glimpse of the first buildings that the development firm is working to renovate or rebuild. A map, designed by Zyscovich Architects and shared by Mana Group at a community meeting on Tuesday, highlights 11 buildings between Southeast First Street and North Miami Avenue that would be delivered between the first quarter of 2021 and the fourth quarter of 2024. [TRD]

As 2019 draws to a close, occupancy rates and revenue growth are sliding amid a hotel boom that is adding nearly 14,000 rooms to the Miami and Orlando metro markets, according to a recently released report. Released last week during Marcus & Millichap’s annual hotel investment forum, the report predicts that “the magnitude of supply additions” will contribute to softer occupancy and revenue growth in the coming year. [TRD]

Inside Kushner Companies’ $1B expansion into South Florida. Since the start of the year, the firm has rolled out plans to build three major apartment projects in Miami and Fort Lauderdale that will bring a total of 3,000 units – at a time when condo development has nearly ground to a halt and when the area’s multifamily market has already delivered more than 10,000 units over the past year. [TRD]

Barneys’ creditors are still holding out hope that an underdog bidder will keep the iconic luxury retailer’s doors open. Ahead of a Halloween-day hearing to finalize the sale of Barneys, the retailer’s unsecured creditors demanded to review a second acquisition bid that would save the department store. But it is unknown whether the bid will even come in before the hearing. [TRD]

Renderings of 2000 Ocean

Renderings of 2000 Ocean

Shahab Karmely’s KAR Properties released new renderings of 2000 Ocean. The Hallandale Beach development, which launched sales of the luxury condos in 2017, is going vertical after completing a construction pour earlier this year. The 38-story building, with interiors by Minotti and minotticucine, was designed by Enrique Norten of TEN Arquitectos. It’s expected to be completed in early 2021.

Aaron’s former chairman and CEO is taking townhouses to the auction block. Charles Smithgall wants to sell two condos he owns in Palm Beach, previously listed for $5.6 million and $5.1 million, via auction. Smithgall, who also bought a Palm Beach house earlier this year for $8.15 million, tapped B6 Real Estate Advisors’ Jeff Hubbard, James Cote, Katherine DeCoste and Christian Koulichkov to sell the two townhouses at 419 and 421 Brazilian Avenue.

An NCAA decision Tuesday means college athletes nationwide could soon be allowed to earn compensation for endorsement deals. The landmark decision is a stark reversal of the collegiate sports association’s decades-long stance against compensation for athletes. The NCAA’s governing board directed its three divisions to make changes to compensation rules by no later than January 2021. [TRD]

A group of co-living and short-term rental operators and developers discussed how their businesses are becoming a growing segment of South Florida’s multifamily market. Watch the panelists, who include Brian Lee of Common, Sonder’s Marley Dominguez, Brian Koles of PMG, and Ollie’s Andy Levin on co-living and other new housing trends targeting millennials recently at The Real Deal’s Sixth Annual Miami Showcase & Forum. [TRD]

Compiled by Katherine Kallergis

Miami-Dade approves Brightline deal to build PortMiami station, WeWork eyeing electronic gaming play: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:00 p.m.

The Miami-Dade County Commission approved a public-private partnership with Brightline to build a Virgin Trains station at PortMiami by 2020. The $15.4 million station would eventually connect to Orlando International Airport by 2022. Brightline is also working on adding a stop in Aventura and is in talks with the city of Boca Raton to add another station next year, according to a release.

WeWork wants to get into … electronic gaming? The troubled co-working giant applied for a trademark for “Play By We” earlier this year, according to documents published in the UK last week. The company has hired a handful of staffers for the fledgling business, but their fate is now unclear as thousands of job cuts are planned following Softbank’s takeover. [Bloomberg]

The Icahn Enterprises move to South Florida has begun. Carl Icahn’s stepdaughter and her husband, an executive at the corporate raider’s investment firm, paid $7.3 million for a new waterfront house in Golden Beach. A trust tied to Hunter Gary and his wife Shana purchased the 7,981-square-foot home at 301 Center Island Drive for $914 per square foot, records show. [TRD]

The Altman Companies closed on a 30-acre development site in Miramar for $35 million, and at the same time sold a portion of the land to a joint venture for $6 million. Altman, led by CEO Jeff Roberts, acquired the plot of land on the northeast corner of Miramar Parkway and Red Road, said Thomas Godart, managing director of Godart Florida Real Estate Development. The company simultaneously sold 6.7 acres of that site to a joint venture between Master Development Inc. and Konover South. [TRD]

Zillow CEO Rich Barton insists its ibuying is not home-flipping. Instead of making money off of home price appreciation, the company’s Zillow Offers tool generates money for the company in the form of a transaction fee, Barton emphasized at an event Monday. [TRD]

A rezoning in Dania Beach could spark residential development of an 11-acre block along a canal, across the street from the sprawling Dania Pointe mixed-use development.
The Dania Beach City Commission voted Monday on second reading to change the zoning for the rectangular block along Bryan Road. Miami-based developer Asi Cymbal worked with four owners of Bryan Road properties to get their entire block rezoned, and he proposed a site plan for an eight-story, 302-unit rental apartment development on part of the block. [TRD]

All-cash homebuying startup Ribbon raised $330 million in new debt and equity. The startup, founded in 2017, empowers buyers who need financing to compete against all-cash bids in a competitive market. [TRD]

Vacation rental startup Vacasa is now valued at $1 billion. The startup raised $319 million in a strategic round led by Silicon Valley private equity firm Silver Lake, bringing its total funding to more than $500 million. Vacasa currently manages 23,000 homes on behalf of properties. [TRD]

Ben Carson’s HUD wants banks to lend on low-income homes again. HUD and the Department of Justice are moving to reduce bank fines for minor infractions associated with FHA mortgages, as nonbank lenders have increasingly filled the void left by banks since the last recession. [TRD]

Target will anchor the Grove Central Metrorail Station project. The retail giant is leasing just under 50,000 square feet at Grass River Property and Terra’s mixed-use transit-oriented development, according to the South Florida Business Journal. In all, Grove Central will have 135,000 square feet of retail space. [SFBJ]

The S&P 500 rallied to a record high on Monday, but real estate stocks didn’t follow suit. Nareit’s All REITs index, a measure of real estate investment trusts, was down 0.53 percent. Equity REITs fell 0.6 percent, though mortgage REITs rose 0.38 percent. And the Real Estate Select Sector Index fell by 2 points by the end of the day. Out of a mix of 28 real estate stocks tracked by The Real Deal, 15 posted gains and one stayed flat. [TRD]

A total of 117 condos sold for $48.5 million in Miami-Dade County last week, compared to the 116 units that sold for a combined $37 million the previous week. Condos last week sold for an average price of about $414,000 or $307 per square foot. The top deal was the $3.7 million closing of Jade Signature unit 1503. [TRD]

Compiled by Katherine Kallergis

Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:00 p.m.

Old Post Office building, Biscayne Bay Brewing's Jose Mallea and Stambul USA's Daniel Peña (Credit: Google Maps)

Old Post Office building, Biscayne Bay Brewing’s Jose Mallea and Stambul USA’s Daniel Peña (Credit: Google Maps)

The developers of downtown Miami’s Langford Hotel are moving forward with their plan to convert a century-old building that once served as a Post Office and courthouse into a food and beverage center that will include downtown Miami’s first brewery. The Miami City Commission last week unanimously granted an exception that will allow Daniel Pena-Giraldi and Luis Rojas, principals of Stambul USA, to put multiple alcohol-serving establishments into a single five-story, 35,455-square-foot building at 100 Northeast First Avenue. [TRD]

It’s a buyer’s market in Miami, and a new startup wants to capitalize on the glut of condos on the market. New York City-based Compound, led by CEO Janine Yorio, is under contract to purchase a unit at Brickell City Centre, and will open up a vehicle for accredited investors to buy shares. Using the same model, the investment firm hopes to buy hundreds of condos that it will lease to renters. [TRD]

Warehouse giant Prologis is purchasing its rival Liberty Property Trust for $12.6 billion. Prologis aims to use the acquisition to bolster its presence in the United States amid a boom in e-commerce, including in New Jersey, Southern California and Chicago. [Reuters]

Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Prism Multifamily Group paid $47 million for an apartment complex in Tamarac. A company led by Yshia David Willner sold the 291-unit Spectra at Tamarac for $162,000 per apartment. Prism Tamarac LP, tied to the Toronto-based multifamily investment firm, is the buyer. [TRD]

A secret deal allows the housing industry to block stronger rules on climate change. The agreement gives housing industry representatives four of 11 voting seats on two committees that approve widely adopted building codes, according to the New York Times. The National Association of Home Builders controls the seats, which have helped the trade group stop changes that would have made homes more energy-efficient or disaster-resistant. [NYT]

Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood, Peter Mekras of Aztec Group

The Luna at Hollywood complex sold for $19.05 million in a bulk condo deal. Prashkovsky Investments USA bought 150 units of the 192-unit condominium from Eagle Management of Highland Park, Illinois. The deal breaks down to $127,000 per unit. [TRD]

Seven months after settling a lawsuit over a failed $115 million deal for the Tropicana Condominium, the building’s condo association is again suing the developers of the neighboring Ritz-Carlton Residences in Sunny Isles Beach. The developers, a partnership between Chateau Group and Fortune International Group, is now accused of allowing construction debris to rain down on the Tropicana’s pool deck, damaging the pool and Jacuzzi, as well as making the area unsafe for residents and guests. [TRD]

Left to right: Morgan Freeman, Johnny Depp, Joe Perry and Joe Manganiello attend the Grand Opening of the Guitar Hotel expansion at Seminole Hard Rock Hotel & Casino (Credit: Getty Images)

Left to right: Morgan Freeman, Johnny Depp, Joe Perry and Joe Manganiello attend the Grand Opening of the Guitar Hotel expansion at Seminole Hard Rock Hotel & Casino (Credit: Getty Images)

Khloe Kardashian, Morgan Freeman, Jeremy Piven, Johnny Depp, Joe Manganiello and others were among the celebrities who attended the Seminole Hard Rock Hotel & Casino’s grand opening of its 638-room guitar-shaped hotel, casino and new restaurant and retail space. The $1.5 billion expansion of the Hollywood development was designed by Las Vegas-based Klai Juba Wald Architects, among other firms, and built by the Seminole Tribe of Florida and Seminole Gaming. [SFBJ]

The Miami City Commission voted to deny a residents’ appeal and allow the Centner Academy in the Miami Design District to open after all. The private school was opposed by some residents of Buena Vista who appealed a Planning, Zoning and Appeals Board vote that gave the school a zoning exception. [Daily Business Review]

Benjamin Norton’s Design Development Partners scored a $30 million bridge loan to refinance and fund improvements to a Miami Design District property. Design Development Partners secured the loan from Miami-based Pensam Funding for its seven-story office and retail building, called Design 41, at 112 Northeast 41st Street. [TRD]

Compiled by Katherine Kallergis

Bridge Investment picks up downtown Miami’s Museum Tower for $65M, giant wheel coming to Miami’s Bayside Marketplace: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

150 West Flagler Street, Robert Morse, executive chairman of Bridge Investment (Credit: Google Maps and Getty Images)

150 West Flagler Street, Robert Morse, executive chairman of Bridge Investment (Credit: Google Maps and Getty Images)

Bridge Investment picks up downtown Miami’s Museum Tower for $65M. Bridge Investment Group paid $64.6 million for downtown Miami’s Museum Tower, marking the company’s fourth office acquisition in South Florida this year. [TRD]

Giant wheel coming to Miami’s Bayside Marketplace. Coming soon to Bayside Marketplace: a giant observation wheel. Miami commissioners on Thursday endorsed a revenue-sharing deal and height variance that will enable Sky Views of America to build a 190-foot-tall wheel on city-owned land that’s now controlled by Ashkenazy Acquisitions and General Growth Properties, the owners of Bayside Marketplace. [TRD]

The Conrad Brickell is planning a $10 million renovation. For the project, Mast Capital tapped NYC-based design firm Champalimaud to improve public spaces and amenities, meeting spaces, corridors and guestrooms. The hotel is also getting a new restaurant brought by Chef Pablo Lamon, called Nativo Kitchen + Bar (NKB), according to a release.

Rendering of Urbin Coconut Grove and Rishi Kapoor

Rendering of Urbin Coconut Grove and Rishi Kapoor

Co-living venture Urbin expanding to Miami Beach. Developer Rishi Kapoor is betting on co-living, starting with three projects in Miami-Dade. Kapoor, CEO of Location Ventures, is moving forward with a $50 million co-living project at 1234 to 1260 Washington Avenue, now that the Miami Beach City Commission passed co-living legislation for a portion of Washington Avenue from Sixth to 16th streets. [TRD]

Hedge funder set to buy Sydell Miller’s Palm Beach estate for $200M. Hedge funder Steven Schonfeld is reportedly under contract to buy Sydell Miller’s Palm Beach oceanfront estate for close to $200 million, breaking the record for the most expensive home sale in the ritzy enclave. [TRD]

Trump International Hotel in Washington D.C. and President Donald Trump (Credit: Getty Images, iStock)

Trump Organization might sell its controversial Washington D.C. hotel. The Trump Organization may sell its Trump International Hotel in Washington D.C., following years of criticism that the family is disregarding ethics laws by continuing to profit from it during Donald Trump’s presidency. [TRD]

Miami-Dade County will not review the ethics of a nearly $5 million county subsidy for a steel mill proposed by Mayor Carlos Gimenez’s son. Rep. Bryan Avila, R-Miami Springs, asked the county to review the ethical rules for the county’s approval of subsidies for a proposed steel mill partially owned by Julio Gimenez, according to the Miami Herald. [Miami Herald]

Wynwood business owners are seeking to get a Tri-Rail station in the neighborhood. A new set of drawings commissioned by property owner Bill Rammos would have a station between Northwest 25th and 27th streets, according to the Miami Herald. [Miami Herald]

New Aquarius Corp. sold a 200-unit mobile home park in Homestead for $22 million. A company tied to Bradley Dressler of Stuart, Florida bought the mobile home community at 451 Southeast 8th Street for $110,000 per home site. New Aquaris Corp., led by Margitta Di Gennaro of Key Colony Beach, Florida, sold the property. [TRD]

Compiled by Keith Larsen