1111 Lincoln inks retail lease with Yoyoso, Miami-Dade and Related Urban reveal massive affordable housing plan

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.

1111 Lincoln Road adds new retail tenant. YOYOSO will occupy the 5,600-square-foot corner retail space at the property. The deal marks the largest retail lease, in terms of square footage, signed along Lincoln Road since the second quarter of 2018, according to CBRE.

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion. Todd Michael Glaser and DJ and former Miami Heat player Rony Seikaly paid $7 million for a waterfront Miami Beach property they had leased while building a new mansion. [TRD]

Menin Hospitality’s Bodega is expanding to Fort Lauderdale. Menin Hospitality co-founders Keith Menin and Jared Galbut signed a 10-year lease with options to open Bodega Taqueria y Tequila’s second standalone permanent location at the historic Bryan building, at 21 West Las Olas Boulevard in Fort Lauderdale. [TRD]

Kohl’s-anchored shopping center in West Palm goes for $24M. A West Palm Beach shopping center anchored by Kohl’s and Dick’s Sporting Goods sold for $23.6 million. [TRD]

Elliman foots bill for agents’ new business tool. Douglas Elliman is hoping it’s found a divine trinity in a new tool that combines marketing, business management and a customer relationship management system. [TRD]

NFL’s Frank Gore lists Davie mansion. Buffalo Bills running back Frank Gore is looking to part ways with his mansion in Davie. Gore, a native Miamian and University of Miami graduate, is currently the oldest active running back in the National Football League at 36 years old. Gore is listing his five-bedroom, six-bathroom home at 12535 Stoneway Court in Davie for $1.8 million. [TRD]

Miami again delays vote on David Beckham’s soccer stadium deal. At a special meeting Tuesday morning, Miami city commissioners voted to continue negotiations with Beckham’s partnership group to build Miami Freedom Park, a projected $1 billion commercial mixed-use project anchored by a 25,000-seat stadium for the Major League Soccer franchise Inter Miami CF. [TRD]

Zillow and Opendoor aren’t making much on home-flipping. The slew of iBuying companies that have popped up in the last two years aren’t low-balling sellers, but they don’t appear to be making much of a profit, either. Zillow, for example, lost an average of $4,826 on each home sale in the third quarter, after interest expenses — up from $2,916 in the second quarter, the company revealed last week. [TRD]

Toll Brothers sells golf course to ClubCorp for $8M. Toll Brothers sliced a deal for its golf course and private club at Jupiter Country Club to ClubCorp after selling out its residential community. [TRD]

Related’s affordable housing arm is unveiling the River Parc master plan. Miami-Dade County, Related Urban Development and SunTrust will reveal plans for the 22-acre redevelopment as they break ground on the Gallery at River Parc, a 150-unit affordable and workforce housing project. The master plan will add 1,800 of such units to the three public housing projects that already exist on site, currently totaling 800 units. The development is in Little Havana, across from Marlins Park. [Press release]

FEMA is delaying its planned rate restructuring for flood insurance premiums until October 2021. The agency hasn’t said how much rates will increase, but it will stop providing subsidized rates and refunds. Congress pushed FEMA to defer the new rates a year after originally planned. Florida, where 35 percent of the National Flood Insurance Program’s policies are written, stands to be impacted the most. [Sun Sentinel]

Todd Michael Glaser and former Miami Heat player-turned-DJ Rony Seikaly paid $7 million for a waterfront Miami Beach property. Glaser said the seller, real estate developer Ron Simkins, offered him the unique deal a year and a half ago. Glaser and investment partner Seikaly were able to lease the property at 1635 West 22nd Street on Sunset Island IV, knock down the house, build a new spec home in its place, and buy it when it was completed. It will hit the market for about $19 million. [TRD]

Compiled by Katherine Kallergis

All eyes on cranes during Hurricane Dorian

Three cranes collapsed during Hurricane Irma in South Florida, despite assurances that they could withstand much higher wind speeds

(Credit: Getty Images)

(Credit: Getty Images)

When Hurricane Irma swept through South Florida in 2017, three construction cranes collapsed amid the raging winds, despite assurances that the equipment could withstand wind speeds of over 100 miles per hour.

Now as Hurricane Dorian is strengthening across the Atlantic and is projected to become the largest hurricane to hit Florida’s east coast since Hurricane Andrew in 1992, developers and construction companies are looking to ensure that the same thing doesn’t happen again.

During Hurricane Irma, cranes collapsed at Related Group’s luxury condo project Gran Paraiso in Miami’s Edgewater neighborhood, and at Property Markets Group’s X Miami apartment project in downtown Miami. Another crane collapsed at Related Group’s Auberge Beach Residences & Spa in Fort Lauderdale.

In 2017, all the crane issues came from the same crane model SK-315, according to a report issued by the Occupational Safety and Health Administration. The SK-315 model was manufactured by Noell Service.

The model had a design issue with the connection between the beam of the crane and the turntable that allows the crane to operate, according to OSHA. The cranes then collapsed when turbulent winds struck the cranes and caused the beam to separate from the equipment’s turntables and fall over.

But according to a report by Local 10 News in Miami, all SK-315 models were removed from the city and have not been brought back after the collapses, according to the Miami Building Department.

Peter Dyga, the CEO of Associated Builders and Contractors of Florida’s East Coast Chapter, said most cranes in Miami can withstand speeds of up to 120 miles per hour and the cranes shouldn’t collapse like last time. He said that cranes will be put into a mode called “weather vane,” which allows them to spin.

“People see them spinning, but that’s what they’re supposed to do. The tension is released by them turning,” Dyga said. “They are designed to be put in that mode and should be fine.”

He added that the cranes are put into the weather vane mode because “there are too many of them to be disassembled for the type of wide event we are looking at.”

Richard Schuerger of John Moriarty & Associates said the construction company has already completed its inspections on the cranes at its projects: 545 Wyn, a mixed-use office development in Wynwood; Elysee, a 57-story tall luxury condo project in the Edgewater neighborhood; and Amli Residential’s apartment development in Midtown Miami.

“The cranes are not coming down,” Schuerger said.

Jorge Perez on art and SLS Brickell

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Jorge Perez, chairman of the Related Group, seems to care as much — if not more — about the art at his developments as he does the steel and glass that go into the projects.

“Some art makes you happy, some art makes you think,” Perez told The Real Deal, seated on a sofa on the mezzanine level of the hotel at the recently completed SLS Brickell. “It hits you in so many ways.”
His favorite art, he said, is always the last one he bought. And he won’t discuss prices.
For SLS Brickell, at 1300 South Miami Avenue, Related partnered with sbe on the condo, hotel and restaurant development.
The Arquitectonica-designed 55-story building includes a 450-unit condo tower, a 124-room hotel and two restaurants led by celebrity chefs, Bazaar Mar by chef Jose Andres and Fi’lia by chef Michael Schwartz. The hotel component features guest rooms designed by Philippe Starck.
Related commissioned artists to create several major art installations that were specifically designed for the project:

Markus Linnenbrick, a German artist who lives in Brooklyn, painted the mural on the building, depicting dripping paint;
Katya Loher, a Swiss artist, who also lives in Brooklyn, designed video installations, “When will the sea swallow the land?” The installation features six LED-discs placed on the ceiling of the entranceway of SLS Brickell.

“We found her in one of the fairs during Basel and fell in love with her work, and bought a piece for our home,” Perez told TRD. That one is a table and chairs with a video installation, showing bees pollinating, with other scenes depicting the world after the bees have died. Perez said his 13-year-old son, who was 10 at the time, loved it. Perez then asked Loher to create the video installations at SLS Brickell.
“Katya talks about the disappearance of things, our urbanization and our technology,” Perez said.

Ray Smith, a Mexican-American artist completed two massive paintings for the condo lobby, “The Wave,” and “Tex-Rex (Cowboy).
Bernardi Roig, a Spanish sculptor, made the sculpture of “The Man of Light,” in the hotel lobby, featuring a middle-aged man hauling a collection of lights strung on wires behind him.

“He’s a man without destiny,” Roig told TRD of the sculpture, likening him to Sisyphus of Greek mythology, who had to push a huge bolder up a hill, only to watch it come back and hit him, repeating the action for eternity.
Perez then began singing the Beatles song, “He’s a real nowhere man.”
“I love the art, I love the artist and I love the expression of his humanity and our humanity in this art,” Perez said.
“Art reflects our times….. Artists interpret the issues facing us in different ways,” Perez added. “[Roig] does it with sculpture, Katya does it with video, Markus with his dripping paints. It’s their expressions of what they see and feel.”

Source: The Real Deal Miami

Related, Dezer score $115M construction loan for Hyde Midtown

From left: Jorge Perez of the Related Group, renderings of Hyde Midtown and developer Gil Dezer
The Related Group and Dezer Development just sealed a $114.7 million financing deal for their upcoming Hyde Midtown condo project in Miami.
The loan covers Hyde Midtown’s development site at 3401 Northeast 1st Avenue right in the heart of Midtown Miami. It was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm that’s tied to the Mack Real Estate Group.
Related and Dezer broke ground on Hyde in September and expect to wrap up work on the 60-story tower in the second quarter of 2018. It’s slated to bring 60 hotel rooms and 410 condos to the neighborhood.
A fourth quarter report from brokerage ISG World said sales at Hyde stood at 65 percent by the end of 2015. The project launched sales in 2014.
Hyde Midtown’s amenities will include a pool deck, spa and fitness facilities, plus event and meeting spaces. Units at the building range in price from the mid $300,000s to $2 million.

Source: The Real Deal Miami