Developers clear first hurdle in massive casino redevelopment, FPL fuels up with Homestead farmland for natural gas facility: 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]

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Rendering of the project (Credit: Point Publications)

Rendering of the project

Cordish Companies and partner plan redevelopment of casino and horse racing track in Pompano Beach. Pompano Beach city commissioners granted the first approval to a land-use change that would more than triple the maximum number of residential units on the Isle Casino Racing Pompano Park. [TRD]

FPL buys 109 acres near Homestead for natural gas facility. Florida Power and Light bought 109 acres near Homestead for $9.8 million where its affiliate natural gas company plans to build a nitrogen gas plant. [TRD]

Turnberry Ocean Club condo tower scored a $460 million refinance. Jeffrey Soffer’s Fontainebleau Development secured a massive refinance of its Turnberry Ocean Club, a 54-story condo tower under construction in Sunny Isles Beach. JPMorgan Chase and Mack Real Estate Credit Strategies are the lenders. [TRD]

Forever 21 is planning to file for bankruptcy as soon as Sunday. The retail chain could close as many as 700 stores in such an event, bringing an end to months of hemorrhaging money while it struggled to secure a loan. [WSJ]

Benderson CEO Randy Benderson and 1635 Northwest 107 Avenue

Benderson CEO Randy Benderson and 1635 Northwest 107 Avenue

Benderson Development scoops up Toys “R” Us property in Doral. The University Park, Florida-based real estate investment company purchased the parcel to a Toys “R” Us and Babies “R” Us in Doral for $5.3 million from Pacific Equities Capital Management. [TRD]

Billionaire Ken Griffin’s massive Palm Beach holdings now total $350M. Hedge funder Ken Griffin’s recent $99 million purchase of a Palm Beach estate highlighted his insatiable appetite for ultra-luxury homes, but it also added to his growing collection of properties in one of South Florida’s glitziest towns. [TRD]

Amid growing demand for university housing, Adam America buys a multifamily complex near FIU. Developers are increasingly seeking to build new upscale student living next to Florida International University as demand for that kind of housing grows. [TRD]

Adam Neumann (technically) lost $10 billion. The WeWork founder’s 22 percent stake was reportedly pegged as high as $14 billion earlier this year. But after a rocky path to the company’s IPO, its valuation has plummeted, and Neumann’s stake is now worth closer to $3 billion. [Bloomberg]

Low rates are increasing loan enthusiasm. Mortgage applications jumped 2 percent last week, compared with the previous week, and remained 69 percent higher than the same week last year. Interest rates are also down slightly; the average contract interest rate for a 30-year fixed rate mortgage with conforming loan balances dropped to 3.82 percent from 3.87 percent over the week. [CNBC]

Anbang’s Andrew Miller with Fairmont Chicago and JW Marriott Essex House on Central Park South (Credit: Wikipedia)

A fraudulent deed complicated Anbang’s $6 billion hotel sale. Anbang has sold its U.S. hotel portfolio to the highest bidder at a price north of $5.8 billion, but a last-minute wrench was thrown into the deal when the Chinese insurance conglomerate discovered six of the properties’ deeds were fraudulently transferred to limited liability companies, the Wall Street Journal reported. [TRD]

The Wynwood property and David Edelstein

The Wynwood property and David Edelstein

The owner of W South Beach buys up more land for Wynwood residential project. TriStar Capital’s David Edelstein paid $6.5 million to add a chunk of land to his growing assemblage along a booming stretch of Wynwood. He plans to develop the site into a residential building with about 365,000 square feet of space and up to 370 units. [TRD]

SoftBank is looking to use its leverage to call off WeWork’s planned IPO. SoftBank is urging WeWork’s parent company to shelve its IPO plans as the Japanese conglomerate tries to raise $108 billion for a second Vision Fund. It could struggle to attract major investors if the firm’s initial $100 billion Vision Fund is hurt by a poor performing investment in WeWork. [TRD]

Palm Beach condos shut off power as Hurricane Dorian approached. Some Palm Beach condominium buildings turned off their power after an evacuation was issued from Hurricane Doraine, leaving residents to endure miserably hot conditions. [Palm Beach Daily News]

Compiled by Keith Larsen

JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

194 Northwest 24th Street in Wynwood
After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.
County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for $1,367 per square foot. Trendy Properties LLC sold the property to 194-196 Wynwood LLC, an entity that ties back to the owner next door.
Eric Gonzalez, co-founder of Central Commercial Real Estate, represented the seller in the off-market deal. Devlin Marinoff, managing director of Whitehall Realty Advisors, and Tony Arellano, executive vice president of Metro 1 Commercial, represented the buyer.
Property records show Trendy Properties bought the 7,137-square-foot plot in 2004 for $182,500 and built the two-story building in 2007. It was on the market for lease only, listings show. The seller, controlled by Enrique Lopez and Irma Martinez, formerly occupied the space as a production studio.
Earlier this month, JSRE paid $35 million to buy three buildings between 23rd and 24th streets along Northwest Second Avenue where tenants include Shinola and Etra Fine Art. Together with this week’s acquisition, JSRE owns 25,489 square feet of buildings and 29,734 square feet of land in Wynwood.
New zoning changes to the artsy neighborhood increased commercial activity in Wynwood.In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.
The firm also owns property at 716-720 Lincoln Road where it spent about $35 million in 2014.

Source: The Real Deal Miami

Entire retail block in Wynwood trades for $35M

2301 Northwest Second Avenue
New York-based JSRE Acquisitions just paid $35 million for an entire retail block along Northwest Second Avenue in Miami’s red hot Wynwood, The Real Deal has learned.
The purchase includes three buildings at 2301 Northwest Second Avenue, 2315 Northwest Second Avenue and 198 Northwest 24th Street, sources told TRD.
The property totals 21,358 square feet of retail space on 22,597 square feet of lots, according to Miami-Dade property records. The buildings were built in 1946, 1947 and 1957. Tenants include Shinola and Etra Fine Art.
The seller is the entity 170 NE 40 St Inc., which is tied to Steve Rhodes, records show.
Metro 1 represented the seller, sources said. But the firm signed a non-disclosure agreement and declined to comment.
The property is not JSRE’s first purchase in South Florida. In May 2014, JSRE bought 716-720 Lincoln Road in Miami Beach for $34.5 million.
Wynwood has also attracted other New York buyers in recent months. In January, East End Capital and Yellow Side Ventures paid $11 million for the entire block on the west side of North Miami Avenue, between 24th Street and 25th Street. The purchase included a separate parcel across the street.
The city of Miami recently approved new zoning in Wynwood. In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.

Source: The Real Deal Miami