Lennar scores $45M construction loan for Wynwood apartment project

Stuart Miller, Wynwood Green

Stuart Miller, Wynwood Green

A subsidiary of Lennar scored a $44.8 million construction loan for an apartment project on the former site of Wynwood Yard.

The Miami-based company secured the loan from Santander Bank to construct the 11-story, 189-unit apartment building with nearly 17,000-square-feet of commercial space and 324 parking spots, records show. The project will be known as Wynwood Green.

Lennar purchased the 1.26-acre property in January 2019 for $17 million. The property is at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, in Miami’s Wynwood neighborhood, property records show.

David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site to Lennar. It was most recently home to Wynwood Yard, an outdoor venue that featured an array of food and beverage concepts and a performance stage. It was also home to O Cinema, a nonprofit independent movie theater that operated out of a converted warehouse.

Lennar is one of the largest homebuilders in the country and is known for its “Everything’s Included” design of efficient but reasonably priced homes.

East End Capital launches co-living platform with first project in Wynwood

Rendering of East End Capital

Rendering of East End Capital

East End Capital scored initial approval to build two mixed-use projects in Wynwood that will include the company’s first branded co-living development.

New York City-based East End is launching its co-living brand, called Foyer. The developer plans to build Foyer-branded, operated and managed buildings nationwide and is targeting New York as its next market, said Jonathon Yormak, founder of East End Capital. The company is planning to build at least 10 co-living projects over the next five years.

Along with its partner the Related Group, East End completed the Wynwood 25 apartment building and the Wynwood Annex office building last year.

East End’s newest project, at 2400 and 2500 North Miami Avenue, will have co-living and micro units, flexible co-working space, Class A office space, and retail. The two buildings will total more than 525,000 square feet and will be built in two phases.

Yormak said the project, approved by the Wynwood Design Review Committee on Tuesday, will go before the Miami Urban Development Review Board next.

The first, a 375,000-square-foot, 12-story apartment building, will have 348 bedrooms in 236 units, shared amenities that include a gym, juice bar, coffee bar, pool deck, chef’s kitchen, work areas and a recording studio. The residential building will have a high ratio of furnished co-living and micro units, as well as studios and one- and two-bedroom units. Studios will be about 360 square feet.

The 128 co-living bedrooms, which will include their own bathrooms, will start at about $1,400 a month, a price that includes furniture, electricity, common area cleaning and WiFi. Foyer will match roommates together using a proprietary compatibility algorithm.

Yormak said he hopes the residential building will be completed within about 30 months.

Co-living projects are spreading throughout South Florida, as developers easily pencil out profits from the higher-density rental properties. Developers can increase their bedroom count, charging more for a co-living unit at per-bedroom prices that are typically lower for the average renter compared to a traditional apartment. In Wynwood, Property Markets Group plans to build a Society-branded co-living project, W5 Group is developing a co-living project with the Related Group, and The Collective is planning a project on Second Avenue.

East End Capital’s second 12-story building, on the northwest corner of 25th Street and North Miami Avenue, will have 150,000 square feet of Class A office space, 5,700 square feet of ground floor commercial space, and an eighth floor amenity level with a covered terrace, fitness center and conference rooms. The floorplates will range from 7,000 square feet to more than 14,000 square feet.

Office development is also starting to take off in Wynwood. Cube Wynwd and the Wynwood Annex are among the projects that have already been completed, and Sterling Bay is expected to deliver the largest office project in Wynwood later this year. Spotify recently announced it’s taking the office component of the Oasis in Wynwood, at 2335 North Miami Avenue.

Kobi Karp Architecture & Design is designing both East End Capital buildings. They will be built near the Oasis, Veza Sur Brewery and the planned Arlo hotel.

David Edelstein sells Wynwood site to AMLI for $35M

David Edelstein and a rendering of the Wynwood site

David Edelstein and a rendering of the Wynwood site

Developer David Edelstein sold an assemblage in Wynwood to multifamily giant AMLI Residential, The Real Deal has learned.

Edelstein of New York-based TriStar Capital sold the “45 Winwood” development site to AMLI for $35 million. Together, the properties are zoned for 669,600 square feet and 321 residential units. The assemblage, at 45 Northwest 24th Street, between Northwest Second Avenue and North Miami Avenue, is currently home to five buildings with 41,000 square feet of commercial space.

AMLI plans to develop the land into a mixed-use project with 321 residential units and 45,000 square feet of retail, Edelstein said.

Cushman & Wakefield’s Robert Kaplan, Robert Given, Errol Blumer, Mark Rutherford and Ricky Giles represented TriStar Capital in the deal. Edelstein received interest from Toll Brothers, Hines and Related to purchase the site, he said. AMLI’s plan is “super creative” for the neighborhood, Edelstein added.

Edelstein, who owns the W South Beach, spent about six years assembling the properties. Last year, he paid $6.5 million for the parcels at 97 and 101 Northwest 24th Street. In all, property records show companies tied to TriStar spent nearly $15 million for lots on 24th and 25th streets since 2013.

TriStar also owns the building at 261 Northwest 26th Street in Wynwood where Lebron James’ Unknwn store is located.

Chicago-based AMLI has owned and developed thousands of apartments in South Florida. In Miami, it’s currently building AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue.

Edelstein, meanwhile, is shifting his focus to Wynwood’s Fifth Avenue. In 2018, he entered a contract to spend $32 million to buy a large assemblage west of the AMLI assemblage with plans to develop it into a mixed-use project. He closed on the first piece in 2018, spending $18 million for the properties at 2641 and 2661 Northwest Fifth Avenue, and said he plans to close on the second piece in April.

There, Edelstein is planning 350,000 square feet of residential and office development. Nearby, Sterling Bay is currently building 545 Wyn, a 10-story, 325,000-square-foot office building at 545 Northwest 26th Street.

On the West Coast, Edelstein is a landlord to major tech companies like Amazon and Facebook in Seattle, and Apple in Sunnyvale, California.

Palm Beach estate hits market for $110M, Gulfstream Park bets on $20M renovation

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 6:20 p.m.

An oceanfront Palm Beach estate re-enters the market for $110M.  The property at 1341 South Ocean Boulevard was previously on the market for two years and is the most expensive home advertised in Palm Beach, according to the Palm Beach Daily News. The house has 170 feet of oceanfront and seven bedrooms. [Palm Beach Daily News

Trulia hit with lawsuit over Premier Agent. Trulia was slapped with a federal lawsuit assailing its Premier Agent advertising program as “unfair” and “deceptive,” and accusing it of diverting home buyers away from listing agents. [TRD

Walmart-anchored shopping center in WPB sells for $20M. Riverstone Capital Group bought a Walmart-anchored shopping center in West Palm Beach for $19.6 million. The Coral Gables-based investment group bought the 112,364-square-foot Shoppes of Forest Hill at 4316-4450 Forest Hill Boulevard for $174 per square foot, records show. New York-based Trinity Place Holdings sold the property. [TRD

Gulfstream Park bets on $20M renovation. South Florida’s thoroughbred horse racing venue is betting on $20 million in renovations. The Stronach Group plans to modernize Gulfstream Park in Hallandale Beach with a new open-air dining terrace overlooking the racetrack. [TRD

Tax refugee? Stifel bigwig nabs penthouse at 57 Ocean. Financial adviser Chuck Roberts is purchasing a penthouse at 57 Ocean, an oceanfront condo building under construction in Miami Beach. Roberts, managing director of investments at Stifel in New York, is paying $10.9 million for penthouse two at 5775 Collins Avenue. [TRD

Miami River Commission approves yacht building and restaurant. The Miami River Commission on Monday backed a proposal to build a six-story marine facility and an adjacent 90-seat restaurant on properties once owned by a Cuban exile accused of plotting to assassinate Fidel Castro. [TRD

Black Friday foot traffic falls from last year. Foot traffic to U.S. stores fell about 6.2 percent on Black Friday, according to ShopperTrak, the Wall Street Journal reported. More people continue to shop online than go to brick and mortar stores as online sales reached $7.4 billion on Black Friday, up from $6.2 billion last year, according to Adobe Analytics. [WSJ]

Apartment leasing startup signs a lease for a new hotel near Wynwood Walls. Sonder, a San Francisco-based startup that leases apartments and rents them out on a short-term basis, signed a lease for a new hotel development near the Wynwood Walls. The short-term rental operator will manage the 72-key project at 111 Northwest 26th Street in the artsy Miami neighborhood. [TRD]

Compiled by Keith Larsen

Sterling Bay tops off 545wyn in Wynwood, Reich Brothers buys $70 million former Sears distribution center in Ocala

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 5:30 p.m.

Metro 1 lists Wynwood Crossings. Metro 1 is putting a 1.38-acre site in Wynwood’s Southeast Quadrant on the market for $21.5M. The site at 2000 North Miami Avenue could be developed into a 12-story building with up to 207 residential units or a combination of a 170 key-hotel, 120,000 square feet of office and 311 parking spaces.

Elliman takes over sales of Alex Sapir’s Arte project in Surfside. Douglas Elliman is taking over sales of Arte by Antonio Citterio, a luxury boutique condo in Surfside, The Real Deal has learned. Corcoran Sunshine was previously handling sales and marketing of the 16-unit, 12-story condominium building at 8955 Collins Avenue. [TRD]

Grove Isle developers pay $17M for West Kendall assisted living facility. United Home Care sold an assisted living facility in West Kendall to a company tied to Grove Isle developers. Property records show 9355 Miami LLC, led by developers Eduardo Avila and Hector Fernandez-Rousselon, paid $16.5 million for the four-story, 87,674-square-foot building at 9355 Southwest 158th Avenue. [TRD]

Apartment building in Little Havana flips for $6M. An investor flipped a Little Havana apartment building for $6.2 million after buying it a few months ago.
Aurora Investments Florida, led by Coral Gables attorney Oswaldo Martinez, sold the 21-unit apartment building at 900 Southwest Seventh Street for $295,238 per unit, records show. [TRD]

Margaritaville developer plans another Hollywood hotel despite opposition. Lon Tabatchnick, the developer of the Margaritaville Hollywood Beach Resort, plans to co-develop another oceanfront hotel, despite opposition from the city’s planning and development board. [TRD]

Private equity firm picks up Hialeah Gardens trucking facility. A 51.8-acre truck parking facility in Hialeah Gardens sold for $8.1 million. Timber Hill Group bought the property at 15545 Northwest 122nd Avenue for $156,370 per acre, records show. F&M Parking, which is led by Felix Rodriguez of Sunny Isles, sold the facility. [TRD]

Mark Bellissimo buys land near International Equestrian Center. Wellington developer Mark Bellissimo paid over $29 million for land near his Palm Beach International Equestrian Center.
As part of the sale, property records show Pierwell Properties LLC sold the lots at 3440, 3462 and 3510 Gene Mische Way to Far Niente Stables XXV and Far Niente Stables XXVI, both controlled by Bellissimo, for a combined $17.18 million. [TRD]

Sterling Bay tops off 545wyn in Wynwood. Chicago-based Sterling Bay topped off and started a retail launch for its 545wyn office building at 545 Northwest 26th Street in Miami. The 10-story, 325,000-square-foot new construction broke ground in December 2018 and is set to be completed in late 2020.

Reich Brothers buys $70 million former Sears distribution center in Ocala. Reich Brothers purchased a former Sears distribution center totaling nearly 2 million square feet in Ocala, Florida. The sale is Florida’s largest single-building industrial asset, according to a release. Avison Young’s Mike T. Fay, Jay A. Ziv, John K. Crotty, and David Duckworth represented the seller in the deal.

Terra unveils latest mixed-use project near Downtown Doral. David Martin’s Terra revealed plans for a retail center near Downtown Doral, as demand for sprawling suburban shopping centers remains strong in South Florida. Tenants of the 150,000-square-foot shopping center include 24-Hour Fitness and Marshalls, according to a release.

Compiled by Keith Larsen

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]

This page was last updated at 9 a.m.

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