Aston Martin condo tower adds superyacht marina amenity, Sapir wants to sell Edgewater site: 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.

Aston Martin Residences will have a superyacht marina. The downtown Miami condo tower, which is under construction, will feature the added amenity of a full-service marina that is 490 feet long with a draft depth of 15 feet. There’s also the Aston Martin Residences butler service, which will take care of everything for boat owners, captains, and their crew. G&G Business Developments is the developer behind the tower at 300 Biscayne Boulevard Way. Cervera Real Estate is handling sales, priced from $750,000 to $50 million for a penthouse.

Alex Sapir’s massive Opportunity Zone site in Miami hit the market. Sapir Corp. and its partners planned to build a 1.7 million-square-foot project on an assemblage of land north of downtown Miami. But the Israeli real estate firm is now looking to sell the property. The site, at 1768 Northeast Second Court, is in an Opportunity Zone, which would give a buyer substantial tax incentives. [TRD]

Real estate investor Joseph Imbesi and his wife Orla sold their waterfront Manalapan house for $6.5 million. The Imbesis sold their 6,643-square-foot home at 1675 Lands End Road to Marilyn Flint, David Fischer and Zachary Fischer for $978 per square foot, according to property records. [TRD]

Earning six figures isn’t necessarily enough to help you buy a home. This year, about 19 percent of U.S. households earning six-figure incomes are renters, an increase from 12 percent in 2006. Those figures amount to 3.4 million new renters who may have owned homes over a decade ago. Home-price appreciation is typically how middle-class households accumulate capital, so more Americans renting could lead to a greater wealth gap. [WSJ]

Flexible workspace provider Industrious inked a deal for its third South Florida location. Industrious will take 25,000 square feet of retail space at Paseo de la Riviera, a mixed-use project under construction in Coral Gables. The space, at 1350 South Dixie Highway, is expected to open in the first quarter of 2020. [TRD]

WeWork abandons planned Seattle co-living location. The firm announced with landlord Martin Selig Real Estate, the owner of a 36-story tower at Third Avenue and Lenora Street, that it would be backing out of a planned lease deal to refocus on its core business. The news comes on the heels of a New York Times report that said WeLive was under investigation by the city at 110 Wall Street in Manhattan. [Bloomberg]

SoftBank has hired investment bankers to oversee WeWork’s restructuring. Houlihan Lokey, which specializes in bankruptcy, will work on slashing liabilities at the office-space giant. The move comes as WeWork is assessing a deal that would give SoftBank control of the company. [Bloomberg]

Stephen Ross (Credit: Getty Images)

Stephen Ross (Credit: Getty Images)

Stephen Ross’ plan to bring a Formula One race to Miami is one step closer to becoming a reality. F1 finalized an agreement with Ross’ Hard Rock Stadium in Miami Gardens that would allow for annual racing starting in 2021, according to the Miami Herald. But Miami-Dade County would still need to approve the deal, and county commissioner Barbara Jordan has proposed legislation that would require a commission vote before that county approval. Ross would pay for all the race costs, including a $40 million track. [Miami Herald]

Christian Martinez

Christian Martinez

Digital marketing and social media executive Christian Martinez was tapped to be the regional president of Compass Florida. Martinez, who was previously with Facebook and Univision, is taking over Beth Butler’s role now that she’s been promoted to director of new development for Compass in the Southeast. [TRD]

Todd Glaser (Photo by Mary Beth Koeth)

Spec home developer Todd Michael Glaser prefers to eat his dessert before his meal. Glaser took The Real Deal through a typical day for him, which begins at 6 a.m. reading TRD and the Shiny Sheet, and involves bombarding people with emails and taking Virgin Trains to job sites throughout South Florida. [TRD]

Compiled by Katherine Kallergis

Glaser and partners propose 15-acre “West of West” district in South Beach

Glaser and partners propose 15-acre “West of West” district in South Beach

Overlay district is bordered by Bay and Alton roads and 13th and 16th streets

A rendering of the mixed-use project

Developer Todd Michael Glaser and a group of partners are proposing a massive mixed-use project with pocket parks, elevated courtyards, residential and commercial space in the heart of South Beach.

Glaser, Jarrett and Sean Posner, Fred Carlton and Charlie Ratner are the developers behind the West of West overlay district. Domo Architecture + Design presented it Wednesday to the Miami Beach commission, which sent the project to the city’s Land Use boards as early as March. The proposal covers more than 15 acres bordered by Bay and Alton roads and 13th and 16th streets.

An aerial rendering fo the project

Along with his partners, Glaser has spent about $10 million acquiring nine properties in the district. In all, he estimates there are 140 properties. The area is zoned for buildings as tall as 50 feet, and the West of West district would not exceed that, but the proposal does seek reduced or eliminated setbacks.

Glaser said sea level rise and the increasing cost of flood insurance could drive property owners to sell to him, his partners or other developers. Glaser said that on the homes he owns in the area, flood insurance has gone up from $1,200 to $5,000 a year over the past two years.

At the commission meeting, Domo principals Robert Moehring said “soon these owners will not be able to afford the flood insurance.”

The elevated project calls for live/work lofts, restaurants, retailers, green and blue roofs and more, taking in climate change recommendations from organizations like the Urban Land Institute.

Commissioners encouraged the group to work with residents and neighboring areas before the district goes to Land Use.

A rendering of the projects proposed layout

Glaser called the project “an opportunity to bring back Miami Beach,” which he said has lost visitors and retailers to trendy neighborhoods like Wynwood and the Miami Design District, both on the mainland.

“It’s 15-and-a-half acres of non-historic properties, which is going to be under water in the next 10 years,” Glaser said, later adding that “this is the first time that Miami Beach can have a cohesive area.”

Rubell, Simkins finance their Miami Beach manse with $6.7M loan

510 Lakeview Court
Jason Rubell and Michelle Simkins, a South Florida power couple known for their ties to art and real estate, just financed their newly built waterfront mansion on Miami Beach with a $6.73 million loan.
The loan was issued by Bank of America, county records show. It covers the home at 510 Lakeview Court on the Flamingo Waterway between Lake Surprise and the Intracoastal in Mid-Beach. Developer Todd Glaser, who has had a hand in developing many of the contemporary mansions that now populate some of Miami Beach’s ritziest neighborhoods, was the builder.
Rubell and Simkins’ home is a two-story residence with six bedrooms, five bathrooms, two half-baths. It occupies most of the three-quarter-acre lot it sits on, with the extra space going to a waterfront pool and private tennis court.
Planned by Domo Architecture + Design, the home has an angular shape that runs parallel to the lot lines, unlike the neighboring properties.
Rubell has owned the property since 1998, when he paid $800,000 for what was then a mid-century home. In late 2014, he and Simkins razed the existing home and began construction of the new mansion in the beginning of 2015, county records show.
The Rubell family is known for its extensive art collection, which is reportedly one of the largest private contemporary art assemblages in existence. Jason Rubell is also involved in Rubell Hotels, which owns the Albion Hotel in Miami Beach.
His wife Michelle is the daughter of Leon Simkins, CEO of Simkins Industries, a paper products company headquartered in Miami Beach.
A company tied to Rubell bought a warehouse in Allapattah for $8.4 million two weeks ago. The neighborhood has been eyed by some real estate players as one of Miami-Dade County’s newest hot spots for investment and development.

Source: The Real Deal Miami