Monthly Archives: November 2015

The Wrap: Check out this Art Basel Miami party guide, Lil Wayne mortgages his Wynwood skate park…and more

Art Basel Miami Beach

1. Art Basel Miami 2015 party guide [Miami New Times]
2. Lil Wayne mortgages his Wynwood skate park Eastside [Gossip Extra]
3. Art Basel Miami Beach fills up hotels like the holidays [SFBJ]
4. Two women start Boca Raton real estate law firm [Daily Business Review]

Sean Stewart-Muniz

Source:: The Real Deal

Moishe Mana’s Wynwood plan faces criticism

Rendering of Mana Wynwood and Moishe Mana

Some Wynwood developers are expressing concerns about Moishe Mana’s bold plan to transform his 30 acres in Miami’s hottest neighborhood into a massive tech and entertainment-focused mixed-use site, as he seeks exemptions to recently approved zoning regulations they helped craft for more than a year.

At a planning committee meeting for the Wynwood Business Improvement District, Mana’s attorney Iris Escarra and the developer’s architect Bernard Zyscovich pitched BID members on Mana’s project, a gargantuan 9 million-square-foot development that will offer commercial space for tech and international trade companies, as well as include retail shops, restaurants, bars, an auditorium, a hotel and 2,500 residential units. The plan would also include roughly 168,000 square feet of public open space.

Mana, who also attended the meeting, called it his “legacy” project. He is seeking the BID’s support for the project’s special area plan, an instrument that allows developers who own more than nine acres of contiguous land to apply for multiple zoning variances at one time.

“I feel we are an important part of the neighborhood,” Mana said. “We want your help to complete what we started.”

However, some BID members questioned why Mana is seeking to create his own master plan that includes rezoning portions of his massive development site to build taller residential towers than are currently allowed, as well as bypassing other new zoning guidelines for 204 acres in Wynwood that went into effect in October by the city commission.

The new regulations created the city’s first Neighborhood Revitalization District, reclassifying most of the industrial uses into commercial and residential ones, as well as requiring developers to go before a building design advisory board and contribute to a dedicated fund for neighborhood improvements, such as providing more parking and public transportation.

David Polinsky, the BID planning committee chairman and managing director of 250 Wynwood, which has recently completed an 11-unit residential building at Northwest 24th Street and 2nd Avenue, said none of the strict requirements would apply to Mana’s project if his plan is approved. “Mana wants to be a part of the Wynwood BID and vice versa,” Polinsky said. “But quite frankly, the existing draft of the special area plan doesn’t have strong linkages on an ongoing basis to make sure that occurs.”

Jonathon Yormak and Albert Price, two other BID members, suggested the special area plan would give Mana a leg up on other Wynwood developers. “I hope it doesn’t sap the life of what everyone else is trying to do here,” said Yormack, whose company East End Capital co-owns seven acres in Wynwood. “It needs to be done in a way where Wynwood is not cannibalized.”

Price, a principal of Bazbaz Development, which is building a mixed-used site at 2110 North Miami Avenue, said Mana is effectively creating a new neighborhood that would compete with Wynwood. “We love the vision of the project,” Price said. “But we look at it and say, ‘why are you getting an unfair advantage in this other corner of Wynwood?’”

In response to the concerns, Mana insisted his project is not going to compete with other developments. “It’s absolutely not true,” Mana told the BID members in attendance. “There is no competition. We are going to complete the neighborhood.”

Before the meeting concluded, Polinsky requested that Mana and his representatives consider incorporating some of the Neighborhood Revitalization District requirements, such as contributing to the Wynwood benefits fund and seeking the approval of the design advisory board. He also asked that Mana provide BID members with copies of the draft development agreement with the city of Miami at the full board’s meeting in two weeks.

Source:: The Real Deal

Beckham seeks alternative MLS stadium sites to Little Havana

David Beckham

Nearly a week after plans for David Beckham’s soccer stadium seemed to be falling apart, Miami Beckham United has confirmed that it’s looking at sites across Miami-Dade County.

The Beckham group had proposed building the $200 million Major League Soccer stadium next to Marlins Park in Little Havana, which would require buying out a number of private land owners.

The Miami Herald first reported that a school board vote to approve a partnership with the team had been postponed. And NBC Miami reported on Monday that the stadium deal had been pulled from the city of Miami commission agenda for Tuesday.

In the statement, the organization said through a spokesperson that it is “faced with the fact that some owners are not interested in selling or are seeking completely unreasonable prices.”

While the Little Havana stadium would be built on mostly public land, it would also include a private apartment complex and some commercial property. The owner of a daycare center wanted at least $18 million, according to NBC Miami.

Published reports have said that Beckham is considering land in Overtown. The news comes after nearly two years of Beckham’s team searching for a site.

“Fortunately, we have been receiving interest from a number of private land owners with sites across Miami-Dade County and we are now in the process of evaluating those alternatives,” according to Miami Beckham United’s spokesperson. “David, Marcelo, Simon and Tim appreciate the strong support of our fans and we are doing everything in our power to make our dream of an MLS club in Miami a reality.” [Miami Herald] and [NBC Miami] – Katherine Kallergis

Source:: The Real Deal

Baywood Hotels lands $17M loan for site near Miami airport

Bennigan’s site in Miami Springs

The new owners of a hotel development site near Miami International Airport closed on $17 million in financing last week, Miami-Dade County records show.

An affiliate of Baywood Hotels acquired the 1.84-acre site at 3449 Northwest 42nd Avenue in September. The LLC paid $3.75 million for the Miami Springs property, which currently houses a 6,800-square-foot Bennigan’s restaurant that is now closed.

FirstBank Florida is the lender, according to Miami-Dade County records. Baywood’s Chirag B. Desai signed the mortgage. Amit N. Patel, also of Baywood, is part of the ownership. Baywood has been active in South Florida this year. The company owns the Homewood Suites Brickell, which is scheduled to open soon. A Baywood affiliate also bought a development site near Brickell City Centre in April for $15.5 million.

Baywood also purchased a Florida Keys resort from the Peebles Corp. earlier this year.

The single-story restaurant last sold in 2012 for $1.5 million, property records show. It’s surrounded by a Red Roof Inn, Embassy Suites and a La Quinta. It was marketed as a development site for a 150-key limited service hotel.

Source:: The Real Deal

The week in luxury: A map of Miami-Dade’s priciest condo sales

While some Realtors were carving up their turkeys over the holidays last week, others were closing big-ticket condo sales in Miami-Dade County.

The county’s condo market mostly took a break during the week of Thanksgiving, which saw a huge dip in sales volume and transactions. Despite that drop, there were several sales that pushed passed $1 million — and one that fetched six times that amount.

This week’s priciest sale was unit 3501 in South Beach’s Murano at Portofino condo tower. The all-white residence has three bedrooms, three-and-a-half bathrooms and modern style ocean views. Joseph Weiner of Sterling Equity Realty had the listing, which closed for $6.75 million, or $2,005 per square foot. It first hit the market with Sterling in 2012 — roughly 3.5 years ago.

After that big sale, the price tags for last week’s most expensive condos dropped drastically. The No. 2 spot belongs to Jelena Houston of Keller Williams, who had the listing for unit 2E at the Ocean Place complex in South Beach. It sold for $1.475 million, or $1,156 per square foot, after 170 days on the market.

And the final $1 million-plus sale for the week was unit 1604 at Peninsula II in Aventura, which sold for $1.3 million. Sigal Dagan of One Sotheby’s International Realty had that listing, which spent 281 days on the market before closing at $375 per square foot.

Following those, the week’s next seven most-expensive condo sales ranged between $850,000 and $405,000 — the lowest price to make the top 10 in several months.

Miami-Dade saw 85 condo sales last week for a total of $26.1 million. By comparison, the previous week was an absolute blowout with 133 transactions for roughly $70 million. Average prices for this week were $310,814 per unit and $222 per square foot.

Here’s a breakdown of the data for the week of November 22 to November 28. Click on the map for more information:

Most expensive
Murano at Portofino, South Beach | $6.75M | $2,005 psf | 1279 days on market | Joseph Weiner of Sterling Equity Realty

Least expensive
Marina Blue, Miami | $405,000 | $486 psf | 170 days on market | Alessandro Mercia Bellucci of Avanti Way

Most days on market
Murano at Portofino, South Beach | 1279 days on market | $6.75M | $2,005 psf | Joseph Weiner of Sterling Equity Realty

Least days on market
Midtown Four, Midtown Miami | 13 days on market | $420,000 | $251 psf | Brigitte Lombari of Keller Williams

Source:: The Real Deal

White House: Land-use limits linked to flat incomes

Jason Furman, chairman of the White House Council of Economic Advisers.

White House economic advisers have produced a stream of studies on America’s puzzling lack of productivity and middle-class income growth, and they have identified land-use regulations as a likely culprit.

Jason Furman, chairman of the White House Council of Economic Advisers, said in a recent speech that zoning and restrictions on land use have put “artificial constraints” on housing development.

A limited supply of housing impedes the mobility of Americans, and increasing their mobility “is going to be an important part of the solution to increasing incomes and increasing incomes across generations,” Furman said, speaking at a conference co-hosted by real estate databank CoreLogic and the Urban Land Institute.

Tough zoning rules are “actually correlated with those places that have higher [income] inequality,” Furman said.

He cited research by Raven Molly, a Federal Reserve economist, showing that an increase in demand for labor in cities with tough limits on land use will result in less housing development, elevated home prices and lower employment in the long run.

“If you’re not pricing people out of the market, you’re able to attract more people and increase employment more,” Furman said.

He also said the Obama administration’s concern about land-use regulations and housing affordability starts at the top: “It’s something he president is personally concerned about.” [Wall Street Journal] — Mike Seemuth

Source:: The Real Deal

Magic Leap may win Broward-expansion incentives

Magic Leap founder Rony Abovitz.

The Broward County Commission on Tuesday will consider awarding about $1 million of incentives to 3-D software developer Magic Leap to create jobs in Broward.

The Sun-Sentinel reported that the county’s commitment would be part of $9 million package of public incentives for Magic Leap to create 725 jobs with an average annual salary of $100,000.

Magic Leap, which now employs 217 workers in Dania Beach, has started moving into its new headquarters in Plantation.

The company is renovating 260,000 square feet of commercial space at 8000 West Sunrise Boulevard, which formerly housed Motorola Mobility.

Magic Leap expects make a capital investment of $150 million in Broward, according to the county’s economic development department.

The company also has three California locations in Los Angeles, Mountain View and Santa Cruz, plus locations in Austin and Seattle and two overseas, in New Zealand and the United Kingdom.

The state would contribute $7 million of the job-creation incentive package, including $3 million from Governor Rick Scott’s Quick Action Closing Fund.

According to the Sun-Sentinel, the City of Plantation on November 4 approved more than $1 million of job-creation incentives for an unidentified company fitting the description of Magic Leap.

The company lists almost 200 job openings on its website for software engineers, game designers, Andriod app designers and cinematic animators, plus professionals in accounting, finance and human resources.

Magic Leap was founded by Rony Abovitz, co-founder of robotic-assisted surgical company Mako Surgical in Davie, which was sold for $1.65 billion in 2013 to competitor Stryker Corp.

Abovitz soon began Magic Leap, attracting venture capital interest in his line of “cinematic reality” products under development. Last year, the startup received a $542 million investment led by Google.

After Abovitz started Magic Leap, the company attracted venture capital investors interested in its line of “cinematic reality” products under development. Last year, Google Inc. led a $542 million investment in Magic Leap. [Sun-Sentinel] — Mike Seemuth

Source:: The Real Deal

This skyscraper will be stretched like chewing gum: VIDEO

From the New York site: Have you ever seen a building being pulled apart from the inside? You’re about to.

The latest renderings of 303 East 44th Street show a slender glass tower whose floors are separated by 16-foot gaps and supported by elegantly sculpted concrete beams. The effect is that the building looks like it is being slowly stretched, as if the floors were glued together or stuck together with gum.

To see how ODA New York’s Eran Chen does it, watch the above video or visit The Real Deal‘s YouTube page.

Source:: The Real Deal

Newly built Palm Beach home sells for $11.6 million

The two-story home at 301 Maddock Way in Palm Beach intitially was listed for sale with a pre-construction price of $11.9 million. (Credit: Meghan McCarthy)

A new Palm Beach home with more than 9,000 square feet of living space sold for $11.6 million.

The two-story, six-bedoom, British-Colonial style home at 301 Maddock Way is in the Landmark Estates section of the town’s North End neighborhood.

The buyers are Barbara Floersheimer Rothschild and her husband Richard Rothschild, longtime Palm Beach residents who own an apartment at the Sun & Surf condominium at 130 Sunrise Avenue.

The deed to the home at 301 Maddock Way, recorded November 25, shows that Barbara Rothschild and Robert T. Michaelson are investment trustees of the Barbara Rothschild 2009 Trust.

The seller is 301 Maddock Way LLC. The limited liability company is related to Malasky Homes, which has been building luxury homes in Palm Beach for more than 20 years.

Don Malasky, who runs Malasky Homes, told the Palm Beach Daily News that the home at 301 Maddock Way is “a pretty spectacular house” and its sale is “a win-win situation for everyone.”

REal estate agent Christian J. Angle, who represented the sellers, was unavailable for comment. Angle advertised the house with a pre-construction price of $11.9 million, then raised it to $12.95 million.

Corcoran Group agents Paulette Koch and Dana Koch represented the buyer. [Palm Beach Daily News] — Mike Seemuth

Source:: The Real Deal

FCA Group buys 260 more Tampa-area rental units

A two-bedroom apartment at Bay Pointe Colony.

FCA Group continued its acquisition of Tampa-area multifamily properties by purchasing the Bay Pointe Colony apartment complex.

The sale price of the 260-unit apartment complex was not disclosed.

FCA is an arm of Libra Group, an international conglomerate with offices in Beijing, London and New York City and interests in aviation, hospitality, real estate, renewable energy and shipping.

Bay Pointe Colony spans more than 16 acres at 14566 Seaford Circle in Tampa, near the University of South Florida. FCA plans to renovate the apartments, upgrade common areas and restore a park on the property.

In the last five years, FCA has acquired more than 1,500 apartments in the Tampa area.

“Our mission is to improve living conditions for low- to middle-income communities in the region and, in turn, reduce tenant turnover and enhance the environment,” said Frank Espinosa, chief executive officer of FCA.

Espinosa described the acquisition of Bay Pointe Colony as an “off-market deal … We feel the timing was right given strong rental housing demand supported by improving employment drivers in the area.” [Tampa Tribune] — Mike Seemuth

Source:: The Real Deal