South Florida Market Update |
|
|
|
The Bimini Cove apartment complex broke ground near Marina Bay in Fort Lauderdale, thanks to a $22.9 million construction loan.
Miami-based City National Bank of Florida provided the mortgage to Bimini Cove LLC, which offered loan guarantees from David O. Deutch, Louis Wolfson III and Mitchell M. Friedman, the lead partners at Miami-based Pinnacle. It covers the 2.8-acre site at 2500 S.W. 22nd Terrace.
|
|
A mixed-use building with a robotic system in the parking garage could be developed in Oakland Park.
The city’s Development Review Committee will consider on June 10 the site plan for the 1.13-acre site at 3939 Powerline Road. The footprint of the vacant property makes it challenging to develop. It’s a triangular site on the west side of Interstate 95, south of where Powerline Road passes underneath the highway.
|
|
|
|
|
JKM Developers will start work on the second phase of Tamarac Village after obtaining a $26.1 million construction loan.
Wayne, New Jersey-based Valley National Bank awarded the mortgage to JKM TV MF2 LLC, an affiliate of Boca Raton-based JKM Developers. The project is on a land lease on the 17.3-acre site at 9141 W. Commercial Blvd., Tamarac.
Jim Gielda, a principal at JKM Developers, said the first phase of Tamarac Village has 221 apartments and is 99.5% leased. It also includes the clubhouse, pool and other amenities.
|
|
The Miami-Dade County Commission approved a lease and development deal with Miami-based Terra for a mixed-used project near the Dolphin Station park-and-ride facility.
The 11-1 vote on June 15 cleared the way for a 97-year lease on 43 acres near the corner of Northwest 14th Street and Northwest 118th Place. It’s near where Florida’s Turnpike meets the Dolphin Expressway/State Road 836.
The development, called Upland Park, will be designed to be integrated with the neighboring Dolphin Station transit hub.
|
|
|
|
|
A parking lot in downtown Miami that’s ripe for development sold for $46 million.
The 2.13-acre site, at 16 and 60 S.E. Second St. and 41 and 61 S.E. Third St., was sold by 16 SE 2nd Street LLC, a joint venture between New York-based Wharton Equity Partners and New York-based Cross Lake Partners. The buyer was Miami-based investor Enrique Manhard.
|
|
A trio of developers broke ground on the Wynwood Haus apartments in Miami as residential development in the city booms.
Miami-based TSG and Lineaire Group are teaming with Salt Lake City-based Bridge Investment Group for the project on the 0.69-acre site at 1765 N. Miami Ave., in the Arts & Entertainment District. They hired Beauchamp Construction Co. and Corwil Architects for the 20-story project.
The 224 units at Wynwood Haus are to range from 392-square-feet studios to 945 square feet with two bedrooms. Amenities will include a fitness room, a yoga room with an outdoor terrace, a pool, a coworking center with a conference room, a steam room, a sauna and drilling stations. Residents will also have access to electric car charging stations and a smart locker package room with cold storage.
|
|
|
|
|
Fort Lauderdale-based Value Store It acquired a pair of self-storage facilities in Palm Beach County for a combined $35 million.
Founded in 2009, the company is looking to expand its holdings of self-storage properties as South Florida's population growth and transient population drives demand.
In the bigger deal, Value Store It paid $18.08 million to W Palm Beach LLC, managed by Michael Rolfes of Trico Capital Investments in Irvine, California, for the 162,334-square-foot self-storage facility at 2909 S. Military Trail near West Palm Beach. It was built on the 4.12-acre site in 2018. The price equated to $111 a square foot.
|
|
Compson Associates is planning a mixed-use building with office, retail and residential in downtown Boca Raton.
The Boca Raton-based developer has the property at 121 E. Palmetto Park Road under contract and aims to demolish the one-story retail buildings there. The property is a block east of U.S. 1.
The project would be called Aletto Square, according to CBRE, which was hired to lease the office and commercial space there. It’s slated for seven floors of offices totaling 64,000 square feet, 93 luxury apartments in 12 stories, 18,000 square feet of retail including a two-story rooftop restaurant, and a 360-space parking garage with an automated system to park cars.
|
|
|
|
|
The second phase of the Avenir community in Palm Beach Gardens will soon move forward after a $69.41 million land sale.
Avenir Holdings, managed by David Serviansky in Coral Gables, sold 445 acres on the north side of Northlake Boulevard, west of Coconut Boulevard, to Avenir Development LLC, managed by Manuel M. Mato of Coral Gables-based Landstar Development Group. The deal included $62.47 million in seller financing.
The buyer is the master developer of Avenir, a 4,763-acre community that’s one of the largest development sites in South Florida. The entire site is set to be acquired in phases over the years.
|
|
|
|
Airbnb is growing and taking over the way we vacation. More people are doing away with the hotel life and making more out of their trip with a private, cost-effective experience. Airbnb has been beneficial to both guests, and home owners / investors due to its functionality and profitability. |
|
|
|
The COVID-19 pandemic has sent travelers looking for safe, comfortable settings in which to connect with family and friends, creating economic opportunity for others to earn needed extra income by listing their homes on Airbnb. We are gratified to be able to announce that new hosts with only one listing who welcomed their first guests after the start of the pandemic have already earned more than $1 billion.
|
|
A new condo tower in downtown Miami will have an amenity none other can offer: A built-in partnership with Airbnb.
District 225, a 37-story, 343-unit building to be located at 225 N. Miami Ave., adjacent to the Miami Dade College downtown campus, will offer fully-furnished, move-in ready condos, ranging in size from studios through two-bedrooms and priced at $350,000-$700,000.
The $170 million project is a joint venture between Miami-based developers The Related Group, ROVR and BH Investment Group. Siegler Suarez Architects will design the exterior of the building. The Brooklyn-based Meshberg Group will handle the interiors. The building is scheduled for completion in 2023.
|
|
|
Exclusively Listed
570 NE 68th St Miami FL 33138
|
|
LISTED
3,796 SF at $3,500,000
|
|
8 Fully Renovated Apartments located in the desirable Miami, Florida area. A great investment opportunity for Airbnb rentals. |
|
Exclusively Listed & Sold
Carini's & Oceans 11
800 & 814 N Federal Hwy Hallandale, FL 33009
|
|
SOLD
6,513 SF at $3,275,000
|
|
2 Free-standing Retail Buildings directly on US-1 / Federal Hwy. |
|
Exclusively Listed & Sold
Midtown Manor ALF
2001 Polk St Hollywood, FL 33020
|
|
SOLD
27,845 SF at 9,700,000
|
|
105 Bed - Licensed Assisted Living Facility located in East Hollywood, FL |
|
Small Business Grant Program |
|
The DeMarco Real Estate Group™ with RE/MAX 5 Star Realty is proud to give back to our local community. We are now accepting applications for our annual Small Business Grant Program. This $15,000 grant shall be awarded to a small business that is relocating or opening at a new business location.
|
|
Please visit our Website for a full list of eligibility requirements and application deadlines.
|
|
|
|
|
John DeMarco, CCIM
Broker/Owner
|
|
|
|
|
|
The DeMarco Real Estate Group™
1901 Harrison St. Hollywood, FL 33020
Office: (954) 453-1000
|
|
|
|
|
|
|
