CC Homes seeks NY registration to sell Canarias at Downtown Doral

Partners Jim Carr and Armando Codina already received approval to sell homes in NJ

Renderings of the Canarias project. Inset: Jim Carr and Armando Codina

Capitalizing on the surge of Northeasterners fleeing high-tax states, CC Homes is seeking registration to sell Canarias at Downtown Doral in New York and New Jersey, The Real Deal has learned.

Jim Carr, who is developing the luxury home and townhome community with partner Armando Codina, said the developers have already seen an influx of buyers from those states, as well as from the Washington, D.C. area and California — though they have not marketed there.

“We want to be more aggressive with our marketing,” Carr said. “We think a lot of people want to relocate.” CC Homes has already received approval in New Jersey.

For more than a year, since President Trump’s tax reform took effect, developers and brokers have seen rising demand for luxury properties from residents of high-tax states who are lured by Florida’s lack of a state income tax.

Even before the changes in tax law, many South Florida condo developers registered their projects in New York to capture that market, including 1 Hotel & Homes in Miami Beach, Turnberry Ocean Club in Sunny Isles Beach and Four Seasons Hotel & Private Residences in Fort Lauderdale.

But it is far more unusual for a single-family housing community to seek approval from New York’s Real Estate Finance Bureau. In the past four years, only three other South Florida developments have sought approval: GL Homes for its Boca Bridges in Delray Beach and Valencia Bay in Boynton Beach, and Hovnanian for its Four Seasons at Parkland.

“People living and raising families would rather have a single-family home than a condo,” Carr said. “We have seen customers come through and we think there is an untapped market.”

Built on the 130-acre former White Course in Doral, Canarias, at 8333 Northwest 53rd Street, is the single-family portion of Downtown Doral, with 343 houses and 52 townhomes. Sales launched in 2017, and so far, about 120 homes have sold and about 40 families have moved in, Carr said.

Homes range from 1,800 square feet to 5,000 square feet, and are priced from the upper $500,000s to more than $1.5 million, he said. Amenities include a 40,000-square-foot clubhouse featuring a pool, cabanas, tiki bar and fitness center.

As a next step, Codina and Carr will be marketing Canarias in the Washington, D.C, area in May, where registration is not required, and in New York and New Jersey.

“This is important enough that Armando and I will jointly be attending,” Carr said. “We see a tremendous opportunity.”

GID partnership scores loan for Windsor at Doral rental community

Windsor at Doral and GID’s Peter S. Martin (Credit: windsoratdoral.com and GID)
A joint venture between Orlando-based ZOM Living and GID, a Boston-based real estate investment firm, just scored a $45.4 million mortgage for its Doral apartment community in front of the Trump National Doral Miami, property records show.
The lender is a subsidiary of Nationwide Mutual Insurance Company. Officials at ZOM and GID could not immediately be reached for comment.
The joint venture’s Windsor at Doral is a 249-unit apartment community at 4401 Northwest 87th Avenue. Records show ZOM bought the property in 2012 for $13.7 million. A year later, the partnership broke ground on the community, formerly called Bel Air at Doral, with a $34.4 million construction loan from PNC Bank.
The rental community, which sits on a 4.2-acre parcel of land, offers one-, two- and three-bedroom apartments ranging from 755 square feet to 1,607 square feet. Amenities include a lakefront pool, an outdoor hammock lounge, fitness studio, waterfront garden and a pet park and pet spa.
In South Florida, GID also owns Amaray Las Olas, a 254-unit luxury rental tower in downtown Fort Lauderdale and the Windsor at Miramar, a 348-unit apartment complex and co-owns the Mirador at Doral.
In all, GID has at least 81 multifamily properties totaling roughly 22,680 apartment homes in 13 states in its portfolio. The firm also owns 2.7 million square feet of industrial space, is building multifamily in Brazil and India, and has its own hedge fund management affiliate, according to its website.
Earlier this month, Zom closed on land in West Palm Beach and broke ground on its planned 179-unit apartment community Azola West Palm. The multifamily developer is also building Solitair Brickell, a 50-story, 438-unit building near Brickell City Centre.

Source: The Real Deal Miami

EB-5 funded office condo in Doral opens at 92 percent sold

Riviera Point Business Center in Doral
A new EB-5 funded, Class A office condominium in Doral has opened at 92 percent sold. 
The Riviera Point Business Center Doral, a $9.5 million, 41,000-square-foot office center at 1500 Northwest 89th Court, marks the second EB-5 funded project for the Riviera Point Development Group in the region, of which the developer has $145 million of investment planned in three projects.
County records show Riviera Point Business Center Doral filed a declaration of commercial condominium on March 25, about four months behind schedule. Nineteen foreign investors bought into the LEED-certified Doral office building, according to a press release. The sales have not yet cleared county records.
The 44-unit project was priced from $275,000 to $495,000, according to a spokesperson.
The EB-5 program grants visas to investors who contribute at least $500,000 to projects in the U.S. that employ 10 workers or more, with a preference for areas with high unemployment. And the demand for EB-5 visas is greater than ever: the number of applications for the controversial investments-for-visas program climbed to just under 17,791 in 2015, up from just over 11,744 in 2014 and 6,554 in 2013, according to U.S. Citizenship and Immigration Services in March.
The lakefront project was designed by Boca Raton-based Corrales Group Architects and built by Design Management & Builders Corp. of Miami. The developer, led by Rodrigo Azpúrua, paid $1.6 million for the 2.4-acre lot in 2013, property records show. In the release, Azpúrua said the Doral market lacks new office condo space.
He also completed the Professional Center at Riviera Point in Miramar last year, marking the first EB-5 funded office complex in Broward County, and is working on a third, also in Miramar. Thirty-four South American investors put $17 million into the business park.

Source: The Real Deal Miami