Monthly Archives: June 2016

The Wrap: Five families tied to Palm Beach on Forbes’ billion-dollar clans list, Kevin James’ $29 million Delray Beach home under contract…and more

Aerial view of Palm Beach

1. Five families tied to Palm Beach on Forbes’ billion-dollar clans list [Palm Beach Daily News]
2. Kevin James’ $29 million Delray Beach home under contract [GossipExtra]
3. Brexit will hurt Latin America [Miami Herald]
4. Scoring a mortgage in Miami-Dade still iffy for some [Miami Today]

Sean Stewart-Muniz

Source:: The Real Deal

On the scene at Boulevard 57’s private broker party: PHOTOS

On a warm summer night late in June, a mob of Miami real estate brokers and their well-heeled clientele gathered in the Miami Modern district for small bites, small talk and the chance to close a deal.

Such was the scene at Boulevard 57’s recent “Summer Night on the Boulevard” party at the project’s sales center, where about 200 agents and clients showed up to view newly released floor plans for the mixed-use development.

The soiree was catered by Andiamo, Soyka and Sushi Siam, all restaurants that neighbor the development in Miami’s rapidly changing MiMo District.

Developed by the Unitas Development Group, Boulevard 57 is a planned eight-story project with 105 condominiums being marketed for end-users. Asking prices are between $600,000 to $2.65 million, with sizes starting at 1,100 square feet and ranging up to 4,800 square feet. The project also has 40,000 square feet of planned retail space on the ground-floor.

As revealed from a lawsuit filed by his former partner, the true developer behind Boulevard 57 is Venezuelan oil magnate Gerardo Pantin Shortt, who allegedly hid his involvement out of fear that the country’s government would try and seize his assets. The suit, filed by Carlos Cuevas, sought to recoup at least $10 million that he was allegedly owed from Shortt related to their Miami development. — Sean Stewart-Muniz and Katherine Kallergis

Source:: The Real Deal

Former pro hockey player sells Boca manse to doctor philanthropist: $15M

528 East Alexander Palm Road (Inset: Ed Jovanovski via Michael Miller)

Looks like this hockey player has just as much prowess in real estate as he does on the ice.

Former Canadian hockey pro Edvard Jovanovski and his wife Kristen just sold their waterfront pad in Boca Raton to a philanthropist doctor for $15 million.

The off-market deal was for 528 East Alexander Palm Road, a massive seven-bedroom, eight-bathroom estate that boasts nearly 13,000 square feet of interior space in the gated Royal Palm Yacht & Country Club.

It’s got a “beach house” feel with vibrant colors, tall windows looking out over the Intracoastal Waterway and roughly 6,000 square feet of patio space, according to a profile on the property in Florida Design.

The Jovanovskis came into the picture five years ago when they paid $5.21 million for the existing property, which already measured some 14,000 square feet, according to county records. They demolished the home a year later and began construction of their dream house.

Around the same time, Edvard Jovanovski had signed back up with the Florida Panthers after a five-year stint with the Phoenix Coyotes. He signed a four-year contract worth more than $16 million in 2011, according to the Sports Network, and announced he was retiring from the National Hockey League late last year.

The buyers for his Boca Raton manse are Steven and Rebecca Scott, a pair of philanthropists who are noted donors to schools like Duke University, the University of Florida and Wake Forest University.

Dr. Steven Scott is the retired chairman of medical investment firm Scott Holdings, and a founder of the Florida Health Plan Administrators company that was acquired by insurer Coventry Health Care for $685 million in 2007. His wife, Rebecca, got her certification as a Nurse Anesthesiologist in 1979.

Jovanovski isn’t the only hockey player getting rid of his home in South Florida. Earlier this month, former NHL bruiser Bryan Allen put his Parkland estate on the market for $1.79 million.

Source:: The Real Deal

Latin American hotel brand to open Atton Brickell Miami on Friday

Atton Brickell Miami

Atton Hotels will open its first U.S. hotel on Friday in Miami’s Brickell neighborhood.

Atton Brickell Miami, a $65 million hotel at 1500 Southwest First Avenue, features 275 guest rooms and suites with views of Brickell’s skyline and the nearly 8-acre Simpson Park.

The property also includes 4,000 square feet of meeting space, a rooftop pool with cabanas, a Vista bar with cocktails and tapas, a gym, a lobby bar and a full-service restaurant, Lima, helmed by chef Kyriacos Petrou, formerly of Shula’s Steakhouse at the Alexander Hotel.

The 12-story hotel, which is aiming for LEED certification, will have 177 parking spaces on site in addition to valet and street parking. On a tour of the property in April, general manager Claudia Di Gino told The Real Deal Atton Brickell’s target market falls between such nearby competition as the Hampton Inn, Courtyard Marriott and Urbano on the lower end, and on the higher end the Conrad, Four Seasons Miami, Viceroy and J.W. Marriott.

The hotel will offer introductory rates of $149.

Atton, which operates in Chile, Peru and Colombia, bought the nearly 40,000-square-foot site in 2013 for $6.3 million. It joins a limited number of Latin American operators in the South Florida market, including Grupo Posadas, Mexico’s largest, Argentina’s Faena Hotels and Fen Hotels, also based in Argentina.

Read more about the hotel from TRD‘s tour here. – Katherine Kallergis

Source:: The Real Deal

Frost Museum of Science CEO steps down ahead of museum’s opening date

Rendering of the museum, Gillian Thomas and Frank Steslow

The president and CEO of the Patricia and Phillip Frost Museum of Science will retire on Friday after 13 years and ahead of the museum’s estimated completion date.

Gillian Thomas has led the museum through its oftentimes tumultuous development of a new $305 million facility in downtown Miami, which included a change in general contractor, a new board of trustees, and funding shortfalls earlier this year.

“I believe that this is the right time for me to retire: as we approach the completion of the building project, now the task is to get the team in place that can carry the project through opening and focus on the future operations,” Thomas said in a statement.

Thomas will be replaced by Frank Steslow, who has served as chief operating officer for the past eight years, according to a press release. She’ll continue as an adviser on the project, which is aiming to wrap up construction by the end of 2016 and to open next year. Thomas, who moved to Miami after leading similar projects in her native United Kingdom, told the Miami Herald that she will soon move to France to be with her husband and kids.

Steslow has more than 30 years of experience as a scientist and nonprofit executive. Before the Frost Museum, Steslow was CEO of the Da Vinci Science Center in Allentown, Pennsylvania.

Thomas has overseen the planning, design and construction, exhibits and fundraising for the project, which broke ground in Museum Park in 2012. Earlier this year, the Frosts provided a bridge loan to keep construction going while the county explored other financial options in the wake of funding shortfalls. The namesake donors also replaced the museum’s board of trustees, which had failed to meet critical fundraising goals. In April, Miami-Dade County approved a $45 million bailout for construction.

Construction is now fully funded, and the five-story, 250,000-square-foot facility’s size remains the same as originally planned.

On a tour of the museum’s construction in May, Steslow and Thomas told The Real Deal that certain exhibits will not make it to the opening, including projections on the outside of the planetarium globe, though they hope to include them later. – Katherine Kallergis

Source:: The Real Deal

The Wrap: Justices will referee housing bias dispute between major banks and cities, Alex Guarnaschelli to part ways with her South Beach restaurant…and more

2012 photo of the Miami skyline

1. Court to referee housing bias claims between banks and cities [Daily Business Review]
2. Alex Guarnaschelli to part ways with her South Beach restaurant [Miami New Times]
3. SkyRise cost ‘escalates beyond’ $430 million [The Next Miami]
4. Max’s Social House closes its doors in Delray Beach after a little more than 1 year [SFBJ]

Sean Stewart-Muniz

Source:: The Real Deal

Condos go hardcore — newest athletic amenities include rock climbing walls, ice skating rinks

Rendering of ice skating rink at the Estates at Acqualina (Credit: ArX Solutions)

In the heated competition to offer the coolest new amenities at luxury condo projects, South Florida developers are muscling in with more athletic offerings. Think rock climbing walls, bowling alleys, ice skating rinks, soccer fields, simulated golfing greens and FlowRiders for surfing.

bowlingalley

Rendering of bowling alley at GranParaiso

Related’s GranParaiso in Edgewater will feature a private bowling alley with a lounge area. Designed by Piero Lissoni, the amenity space will even offer custom designed bowling balls.

SLS LUX, another Related project, will boast a rock climbing wall on its ninth floor garden terrace that will be 12 feet high and 16 feet wide.

Worldcenter soccer field rendering feat

Paramount Miami Worldcenter

Paramount Miami Worldcenter, which broke ground last year, plans to have a soccer field as part of the outdoor sports complex on the 60-story condo tower’s ninth floor recreation deck.

The project, developed by Daniel Kodsi, has already attracted Colombian professional soccer players David Ospina and Juan Camilo Zúñiga, Kodsi told The Real Deal.

In all, Paramount Miami Worldcenter boasts more than 40 amenities, including many that are exercise-related, like tennis courts, a running course and golf simulator, as well as an indoor boxing studio.

“We are in Miami and people are very much into fitness, and we thought that fitness amenities are big sellers,” Kodsi told TRD. “Having high-intensity workout facilities as part of your life is a great selling point.”

The Harbour Aromatherapy Trail feat

The Harbour’s Aromatherapy Trail

Relaxation is also often de rigueur for fitness fanatics, and many new projects have Hamman spas, like the Trump Group’s Mansions at Acqualina and Verzasca’s planned Aurora, both in Sunny Isles Beach. Aurora will also have a yoga lounge.

Rendering of the yoga lounge

Rendering of the yoga lounge at Aurora

And for those who want soothing scents outdoors as they exercise, the Harbour will have an aromatherapy trail, with plantings of chamomile, eucalyptus and other plants. The trail will surround the planned twin-tower condominium project on Biscayne Boulevard in North Miami Beach. Developed by Key International and 13th Floor Investments, both 32-story waterfront buildings will have a combined 425 units.

And Ritz-Carlton Residences, Miami Beach will have a billiards table and golf simulator, as well as a private day yacht for excursions.

Mansions at Aqualina also offers its residents a golf simulator, among other amenities. The 47-story tower with 72 units, was completed last year.

Renderings of Estates at Acqualina

Renderings of Estates at Acqualina

Developers Jules and Eddie Trump’s next project is Estates at Acqualina, with 265 units in two 50-story towers and lobbies designed by Karl Lagerfeld.

The project will include Villa Acqualina, with more than 45,000 square feet of amenities, including a spa and fitness center, and an ice skating rink and bowling lanes. Outside, the project will feature a sculpture garden, walking trails, a FlowRider for surfers, a basketball court, bocce court and soccer field. There also will be an outdoor pool table and a kids’ pool with shooting fountain, said Michael Goldstein, president of sales for the Trump Group.

“Over 46 percent of our buyers are under 50 and they have families, and there are young grandparents with young grandchildren…,” Goldstein told TRD. “The kids can be playing soccer, adults can be playing bocce and teenagers can be on the FlowRider. There’s something for everyone.”

Source:: The Real Deal

BREAKING: Fire spotted at Brickell City Centre’s East, Miami hotel

Smoke billowing from Brickell City Centre’s EAST Hotel

A fire broke out at Brickell City Centre’s newly opened East, Miami hotel earlier today.

The fire started shortly after 3 p.m. Wednesday with reports rolling in about smoke and flames billowing from a balcony on the ninth floor.

According to a spokesperson for Brickell City Centre’s developer Swire Properties, a small generator caught fire on a balcony and the flames remained outside the hotel.

Firefighters have since extinguished the fire, and a Swire spokesperson told The Real Deal that there were no reported injuries.

“Following advice from the fire department and building security, guests and staff have since returned to the hotel, which is fully operational,” the spokesperson said in a statement. “The investigation is ongoing.”

The 40-story East, Miami hotel is a major piece of Swire’s $1.05 billion Brickell City Centre mixed-use development, which is nearing completion this November. The hotel opened in late May at 788 Brickell Plaza and features 352 rooms, two restaurants including one on the roof, and 20,000 square feet of event space.

Fire at @BrickellCityCtr Seems to be under control now #brickell #fire #bcc pic.twitter.com/vPWz3YjRcX

— Eric Schott (@ericnschott) June 29, 2016

Besides East, the development will have a 500,000-square-foot retail component, two mid-rise offices buildings and two condo towers with 390 units each. So far, the Three Brickell City Centre office building opened its doors in February, while the Reach condo tower began recording transactions in April. Its sister building Rise is set to follow suit this summer.

Source:: The Real Deal

Publix bags West Palm shopping plaza it anchors for $14.7M

Shoppes at Andros Isle (Inset: Publix CEO Todd Jones)

Why rent when you can own?

This week, Publix Supermarkets continued its South Florida real estate shopping spree with the $14.7 million purchase of a West Palm Beach retail strip anchored by the grocery chain.

Dubbed the Shoppes at Andros Isle, the strip is located at at 8989 Okeechobee Boulevard near three major housing developments in the city’s suburban western half: Baywinds, Andros Isle and Breakers Reese Jones golf course community.

The commercial property is a single building that measures 80,472 square feet, most of which is occupied by Publix. Other tenants include a nail salon, tax preparation company, pizza shop and liquor store. A recent LoopNet listing for vacant space at the plaza said rental rates averaged $16 per square foot.

It was built in 2000 by an affiliate of Fort Meyer-based developer North American Properties, who sold it six years later for nearly $14 million to the Equity One real estate investment trust.

Global Fund Investments, a real estate company based in Sunrise and the property’s most recent owner, paid $11 million to buy the Shoppes at Andros Isle from Equity One in 2014. After just two years, Global cleared a cool profit of $3.7 million over what it originally paid.

Early last year, Publix announced it was launching a $1.3 billion campaign to buy out its landlords, remodel its existing locations, building new stores and investing in technology. The company has since acquired a swath of shopping centers in South Florida, including a $53 million retail plaza in Wellington sold by the Federal Realty Investment Trust.

Source:: The Real Deal

Growth in income lags very far behind rises in rent: report

Portland, Oregon renters rallying for rent control (credit: libcom.org)

From the New York website: If you haven’t heard, it’s not easy for renters these days. But the complaints are not an exaggeration.

Examining census data from 1960 to present day, a new report has illustrated the drastic — but very real — drop in housing affordability nationwide.

Though median rents have increased by 64 percent between 1960 and 2014, median household incomes grew by only 18 percent in the same time, according to an analysis by rental listing website Apartment List cited by the Wall Street Journal.

And unless something major happens, the trajectory will continue.

Renters had the worst of it between 2000 and 2010, according to the Journal — thanks in part to a recession and then a housing bust, inflation-adjusted household incomes fell by 9 percent while rents increased by 18 percent during that period.

Economic crises notwithstanding, reasons for today’s challenging housing situation include land-use restrictions, rising construction costs and disproportional migration trends, in which more people are moving to already-expensive cities like New York and San Francisco. Whereas globalization has driven down the cost of other products, housing still relies on domestic resources, according to the Journal.

Predictably, Apartment List cites the worst cities for renters as San Francisco, New York City, Boston and Washington D.C. There are, however, cost-effective options. For instance, in Austin, income growth has matched that of rent in recent years. And not all renters are flailing.

A report by property management software maker RealPage found that the trend of rising rents and diminishing housing supply has little negative impact on mid- and high-earning renters. It’s low-income households that suffer the most from the affordable housing crisis. [WSJ] — Cathaleen Chen

Source:: The Real Deal