London + Regional Properties buys Fort Lauderdale Marriott hotel

The 315-key hotel sold for $154K per room

Procaccianti Companies CEO James A. Procaccianti and 6650 North Andrews Avenue

Procaccianti Companies CEO James A. Procaccianti and 6650 North Andrews Avenue

Procaccianti Companies sold a Marriott hotel in north Fort Lauderdale to London + Regional Properties, records show.

The Cranston, Rhode Island-based company sold the 315-key hotel at 6650 North Andrews Avenue for about $154,000 per room. An affiliate of London + Regional Properties secured a $24.9 million loan from Wells Fargo to acquire the property.

Procaccianti paid $35 million for the hotel in 2006, according to property records. It was built in 1986 and is near I-95.

London + Regional Properties, a U.K.-based luxury hotel and resort company, recently bought the Palm House Hotel in Palm Beach for $39.6 million. In January, the company paid nearly $49 million for the Pullman Miami Airport hotel at 5800 Blue Lagoon Drive in Miami.

Procaccianti was founded in 1958 and has completed real estate deals worth more than $10 billion, according to its website. In 2017, the company paid $9.2 million for a 11,600-square-foot office building at 231 Royal Palm Way in Palm Beach.

In South Florida, thousands of new hotel rooms are hitting the market, which is driving down occupancy rates. In the first quarter, the hotel occupancy rate in Broward County fell to 83.5 percent, about a percentage point drop from last year, according to hospitality industry monitor STR.

SmarterAgent sues HomeAway over patent infringement

Too many rooms at the inn? Q1 hotel occupancy falls in SoFla amid grow…

To keep pace with rivals, Industrious acquires co-working firm

Feds indict Chicago alderman on charges he extorted developers

Brazilian developer launches sales of Fort Lauderdale townhome project

Townhouses start at $640K and go up to $800K

Luis Noronha and renderings of Galleria Village (Credit: LinkedIn)

Luis Noronha and renderings of Galleria Village (Credit: LinkedIn)

Brazilian developer Luis Noronha is launching sales of a new townhome project near the Galleria Mall in Fort Lauderdale.

Noronha’s Lana Capital plans to break ground on the 24-unit Galleria Village development at 1245 Northeast 18th Avenue in east Fort Lauderdale in August, according to Dan Teixiera of Douglas Elliman. Teixeira and Megan Kowalchuk are handling sales of Galleria Village. Townhouses start at $640,000 and go up to $800,000.

The townhouses, in a gated community, each have three bedrooms and a den in more than 3,000 square feet, with a two-car garage and the option to build a pool. Sagewood Construction is building the project and Gustavo J. Carbonell is the architect.

Lana Capital has developed more than 30 projects in Brazil, New York and Miami, Noronha said. This marks the first for the developer in Fort Lauderdale.

“Development in Miami is quite challenging at this point,” he said. “There’s enough product and prices are going down.”

Lana Capital paid $2.8 million for the property in 2017, Noronha said.

The city of Fort Lauderdale has been investing in infrastructure in the area, where new restaurants, bars and grocery stores have been built. Last year, GreenWise Market inked a 28,000-square-foot, ground-floor lease at The Main Las Olas project, developed by Stiles and Shorenstein Properties, at 225 East Las Olas Boulevard.

Teixeira, a Fort Lauderdale resident, said Galleria Village stands out among the competition because the townhouses have the amenities of a single-family home, with larger garages, two stories instead of three, and the option for a private pool.

Buyers are required to put down 30 percent deposits during the construction phase. The project is expected to be completed within 14 months of breaking ground.

Teixeira said he’s seen interest from international buyers, including from Brazil. Brazilian buyers appear to be coming back to South Florida. In 2018, Brazil ranked as the top country buying South Florida homes, according to the Miami Association of Realtors.

Barry Brodsky sells restored 1936 waterfront Miami Beach home

US retailers have closed more stores this year than all of 2018

Moishe Mana is still picking up properties in downtown Miami. Here’s t…

Realogy struggles as competitors “seem fine with losing money”

Fort Lauderdale mansion sells at auction for $17M

It’s the most expensive single-family home sale in Fort Lauderdale in the last 18 months

Compass's Chad Gray, Katrina Campins of The Campins Company and 534 Bontana Avenue

Compass’s Chad Gray, Katrina Campins of The Campins Company and 534 Bontana Avenue

A major used-car dealer paid $17.36 million at auction for a waterfront Fort Lauderdale mansion, marking the most expensive single-family home sale in the city over the last 18 months, The Real Deal has learned.

James Barnett, an asset manager, sold the 27-room, over 17,000-square-foot estate at 534 Bontona Avenue to Mark and Eileen Fischer of Off Lease Only, said listing agent Katrina Campins of The Campins Company. The deal, set to close on Monday, is more than double 2018’s record $7 million single-family home sale in Fort Lauderdale of 2501 Delmar Place.

Fischer’s Off Lease Only is the largest independent used-car dealership in the U.S. based on volume, according to its website.

The $17.36 million price tag includes the buyer’s premium. Six bidders participated in the auction, which was handled through Concierge Auctions on April 12. Chad Gray of Compass’ Luxury Living Fort Lauderdale Group represented the buyer.

Barnett paid $7.64 million for the property in 2010. He bought it from the late Wayne Huizenga, whose family recently went to auction for his former estate at 1575 Ponce De Leon Drive.

Barnett then knocked down the former home on Bontona Avenue and built a new mansion, putting it on the market for $39 million. The home includes five full bedrooms, six bathrooms and five half-bathrooms, hand-painted ceilings, hand-painted Portuguese wall tiles, an elevator, two fireplaces, a gym, massage room, yoga room, two home offices and a four-car garage.

The property also features a Venetian-style saltwater pool, outdoor kitchen, a 350-foot concrete dock, and room for a tennis court, according to a release.

Hong Kong’s $80B plan to fix housing crisis is “disastrous,” critics s…

What are the odds? Rare Las Vegas Strip casino hits the market

Leonard Abess buys 86 acres of farmland in western Miami-Dade County

Centerbridge could make a splash with potential sale of Great Wolf wat…

Key International starts building AC Hotel by Marriott near Fort Lauderdale beach

Key International starts building AC Hotel by Marriott near Fort Lauderdale beach

The Miami-based firm paid $9.56M in 2016 to acquire the Alhambra Street site for a 10-story, 171-room AC Hotel by Marriott

March 16, 2019 05:15PM

Rendering of planned AC Hotel by Marriott at 3029 Alhambra Street in Fort Lauderdale

Miami-based Key International broke ground for construction of an AC Hotel by Marriott near the beach in Fort Lauderdale.

Key International is building the 10-story, 171-room hotel on a site at 3029 Alhambra Street on Fort Lauderdale’s barrier island.

The Miami-based firm acquired the development site as a three-parcel assemblage for $9.56 million in July 2016.

Amenities at the AC Hotel by Marriott will include a cocktail lounge and a resort-style swimming pool with cabanas and dining service.

Key International acquired the half-acre development site about eight months after Fort Lauderdale city commissioners approved a site plan for the hotel development in November 2015.

South Carolina-based OTO Development had a contract to purchase the Alhambra Street site but decided against closing the deal.

Key International’s portfolio of hotels and resorts includes the Eden Roc Resort in Miami Beach, a newly opened  Embassy Suites by Hilton in St. Augustine and the dual-brand Residence Inn and Springhill Suites in Clearwater. [Hospitality.net]Mike Seemuth

Soaring costs threaten the Wave streetcar project in Fort Lauderdale

A streetcar in Kansas City similar to the type planned in Fort Lauderdale
Unexpected increases in estimated costs threaten the planned development of a streetcar system in Fort Lauderdale.
Contractors bidding to build the streetcar system, called the Wave, want more money than expected to build it, at least $74 million more.
That means the total cost of the system could top $270 million, or almost twice the $142 million originally estimated.
The Wave streetcar system would operate on a 2.8-mile route inding through and around downtown Fort Lauderdale.
Wave streetcars would be operated on tracks embedded in street lanes and would be connected to overhead electrical wires over most of the 2.8-mile route.
The project already had cost more than $23 million as of July 18. The partners in the streetcar project are Fort Lauderdale, the city’s Downtown Development Authority, and the Broward Metropolitan Planning Organization, plus the county, state and federal government.
Jenni Morejon, executive director of the Downtown Development Authority, told the Sun-Sentinel that soliciting bids for large projects more than once is one way to lower their cost.
Lowest among bids to design and build the streetcar system is a $188.7 million bid, which excludes a separate $31.4 million expense the county authorized to acquire five streetcars and spare parts.  [Sun-Sentinel] — Mike Seemuth

Source: The Real Deal Miami

Palm Beach County and Fort Lauderdale among nation’s top single-family markets: report

Palm Beach County from the sky
Fort Lauderdale and Palm Beach County ranked among the nation’s five hottest single-family markets, according to a new report released Thursday by Ten-X.
Fort Lauderdale dropped from second to fifth place this year in Ten-X’s Top Single-Family Housing Markets Report for Spring 2016. Palm Beach County rose a few spots to land at No. 4. Seattle and Portland remained in first and second place, respectively, and Nashville was No. 3.
Other Florida cities also register spots on the list: Orlando at sixth place; Tampa at 11th; Miami at No. 19 and Jacksonville at No. 31.
Ten-X ranked the top 50 markets across the United States based on a combination of factors, including rising home prices, home appreciation, affordability and economic and demographic conditions.
According to the report, Palm Beach County experienced a 14.1 percent growth in home prices year-over-year, while Fort Lauderdale saw home prices rise by 8 percent. Home sales were up 2 percent and 1.7 percent in Palm Beach County and Fort Lauderdale, respectively, Ten-X found.
While both South Florida markets have bounced back from the economic downturn of a few years ago, home prices remain far below their peak levels, suggesting room for continued growth, the report said. At a median sales price of $247,000, Palm Beach County is still 18 percent below its peak. At $227,000, Fort Lauderdale prices are still 22 percent below their prior peak, according to the report.
“Palm Beach County and Fort Lauderdale embody the ongoing recovery effort seen in many Florida markets, leaving ample opportunity for future growth as housing fundamentals remain below pre-recession levels,” the report said.

Source: The Real Deal Miami