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]

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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

Spec home developer Felix Cohen buys two vacant lots on North Bay Road for $14M

Julian Cohen with the property

Julian Cohen with the property

Spec home developer Felix Cohen purchased two vacant lots on Miami Beach’s North Bay Road for $13.5 million, with plans to build a new estate with his son Julian Cohen.

Cohen bought the combined 36,143 square-foot-property at 5830–5840 North Bay Road for $373 per square foot, records show. The property features 200 feet of deep water frontage.

NBR5840 LP, a Delaware Company with a London address, sold the property. NBR5840 LP bought the combined property in September 2018 for $13.85 million, meaning it sold at a slight loss.

Julian Cohen of The Jills Zeder Group represented the buyer, according to a press release. He is also a co-developer of the project.

Felix Cohen is a Miami Beach spec home developer who co-developed 3 Indian Creek Road that sold for $47 million in 2012, marking a record sale that year.

North Bay Road has become one of the most desirable streets for ultra-wealthy buyers. Earlier this month, spec home builders Brett Palos and Bart Reines sold a waterfront home at 5712 North Bay Road for $16 million.

In August, hotelier Keith Menin paid just over $12 million for the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road.

Also in August, a California buyer purchased a waterfront mansion and lot on North Bay Road for a combined $35.4 million, marking a record sale in Miami Beach this year.

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