Monthly Archives: November 2016

The Wrap: $37.5M renovation of PortMiami terminal breaks ground, Perez Art Museum Miami gets a $15M donation from a name you already know…and more

PortMiami

1. $37.5 million renovation of PortMiami terminal breaks ground [SFBJ]
2. Perez Art Museum gets a $15M donation from a name you already know [Miami Herald]
3. Oak Park breaks ground in Davie at 25 percent sold [Curbed Miami]
4. One development finishes, others proposed on Jupiter’s Indiantown Rd [Palm Beach Post]

Sean Stewart-Muniz

Source:: The Real Deal

Piero Lissoni unveils first villa at Ritz-Carlton Residences, Miami Beach

Piero Lissoni, the Italian architect of the Ritz-Carlton Residences, Miami Beach, unveiled the project’s first model villa on Wednesday, dubbed “Villa Lissoni.”

The 3,800-square-foot house at 4701 North Meridian Avenue is one of 15 standalone villas planned for the development now under construction in Mid-Beach. Each villa is priced from $4 million to $7 million, including eight that will be along a canal and seven that will be on the street.

“We tried to design something absolutely very different,” Lissoni said of the villa. “We tried to do something not in a classic Miami style — something more European, and something more Italian.”

The model villa, priced at about $5 million, features wood floors, modern bathrooms and an outdoor lap pool, and was designed with multiple terraces and floor-to-ceiling windows to bring in natural light, he said.

Ritz-Carlton Residences, Miami Beach, developed by Lionheart Capital, is being built on the former site of the Miami Heart Institute. “Can you imagine the karma?” Lissoni joked.

Lissoni described the project as “a village,” and “a community.” Spanning seven acres on Surprise Lake, it will have 111 condo units along with the 15 villas when it is completed in the second quarter of 2017.

Lissoni, who is based in Milan, designed all aspects of the three-bedroom model villa, including the Boffi kitchen, as well as the furniture. The upstairs is currently outfitted with a model of the project and a video wall to show a video featuring Lissoni describing the project’s design.

Ritz-Carlton Residences, Miami Beach is now 65 percent sold, Gigi Ganatra Duff, chief marketing officer for Lionheart Capital, told The Real Deal. Lionheart Capital brought on Douglas Elliman Development Marketing in the summer to take over sales and marketing. About 75 percent of buyers are local, and 20 percent are from New York, Ganatra Duff said. Overall, prices range from $2 million to $40 million.

As part of Miami Art Week, on Monday Lionheart Capital unveiled the “Ritz Rainbow” at the project. The 25-mile light beam art installation was designed by artist Yvette Mattern and will be visible from 6 p.m. to midnight until Saturday.

Source:: The Real Deal

Miami developers predict luxury market slowdown to continue in 2017: ULI panel

From left: Jorge Perez, Ziel Feldman, Eliot Spitzer, Moishe Mana and Inigo Ardid.

Two weeks after the glitzy opening for his company’s latest high-end project, the SLS Brickell Hotel & Residences, Miami condo king Jorge Perez signaled a shift away from building luxury towers locally during a high-powered real estate panel on Wednesday.

“At our company, we are shifting into international markets that we know very well, [as well as] rental, government and affordable housing,” said Perez, chairman and CEO of the Related Group. “We see us having less emphasis in the condo market. And we think the rental market will be stronger in next few years.”

Perez was among the featured panelists at the Urban Land Institute’s Miami Condo Symposium at the East, Miami hotel in Brickell City Centre. Joining him in a discussion about the current state of the South Florida condo market were Inigo Ardid, co-president of Key International; Ziel Feldman, chairman and founder of HFZ Capital Group; Moishe Mana, president of the Mana Group; and Eliot Spitzer, principal of Spitzer Enterprises and former New York attorney general. Anthony Graziano, senior managing director for Integra Realty Services, moderated the panel.

“I think there will be a slowdown,” Perez said. “International demand [for Miami condos] is still there, but there is a lot of product to choose from.”

In recent months, Related has submitted plans to the city of Miami for mixed-used projects with rental components the company is co-developing in Wynwood. Over the summer, Related’s affordable housing division was awarded the $307 million redevelopment of Liberty Square and Lincoln Gardens, two of the oldest and largest public housing complexes in Miami-Dade County.

Perez also said construction financing will also be harder to come by for some builders. “We are seeing second tier developers having a difficult time getting financing,” said Perez, who also noted some of these smaller builders have approached Related about providing them with construction loans.

Ardid echoed Perez’s sobering outlook. “I think getting new projects off the ground will be very difficult in the next 12 months,” Ardid said. “The market will slowly chug through this inventory and then come back stronger.”

From left: Reid Boren, Silvia Coltrane, Ugo Colombo, David Martin and Neil Fairman

From left: Reid Boren, Silvia Coltrane, Ugo Colombo, David Martin and Neil Fairman

During an earlier panel, CMC Group founder Ugo Colombo said he believes the market will eventually revert to pre-2000s levels when sales moved at a slow, but steady rate, as opposed to a cycle with a high peak followed by a steep decline.

“The supply and demand kept up with each other,” he said. “Banks were financing when there was a comfort level that the sales pace would go along with the construction [schedule]. It was this way in the 1980s and 1990s.”

Colombo’s panel also included Reid Boren, managing partner of Two Roads Development; Silvia Coltrane, CEO of Transacta Developers; Neil Farman, president and founder of the Plaza Group; David Martin, president and co-founder of Terra Group; and moderator Suzanne Amaducci-Adams, a partner with law firm Bilzin Sumberg.

Source:: The Real Deal

On the scene at billionaire Vlad Doronin’s private Art Basel bash: PHOTOS

Real estate and art share a special relationship in Miami, especially during the week-long Art Basel event every year, when thousands of the world’s wealthy elite come to peruse both art pieces and properties.

To commemorate Art Basel, billionaire Russian developer Vlad Doronin held a bash at his Star Island mansion as part of a marketing campaign for his ultra-luxe Missoni Baia project in Edgewater.

Roughly 200 guests showed up — including Miami Beach Mayor Philip Levine — to hob knob with real estate bigwigs and local tastemakers. The night was capped off by a throng of speeches from Doronin himself, Miami power broker Alicia Cervera, Cain Hoy Enterprises Chief Executive Jonathan Goldstein and Ottavio Missoni Jr. of the Missoni family.

The night was interrupted when Miami’s notoriously temperamental weather threw down a 20-minute rainstorm that sent Doronin’s guests running for cover.

Miami’s Urban Development Review Board recently gave design approvals for the 57-story Missoni Baia, which is slated rise at 700 Northeast 26th Street with 146 units. Prices at the tower average $900 per square foot, with units ranging from two to four bedrooms. — Sean Stewart-Muniz and Katherine Kallergis

Source:: The Real Deal

Italian restaurateur lists newly redeveloped home in Miami’s Bay Point for $14M

4445 Lake Avenue in Miami. Inset: Nicola Schon (Credit: Getty Images)

Italian restaurateur Nicola Schon has completed his waterfront, Italian-style home in Miami’s Bay Point neighborhood and hired the Jills to sell it for $13.9 million.

Schon, who owns Quattro Gastronomia Italiana in South Beach, owns the property at 4445 Lake Road through an LLC. Records show the entity paid $2.55 million for the 23,020-square-foot site in 2011 and completed a partial demolition of the 1957 home and made additions to the property.

The Jills of Coldwell Banker are listing the six-bedroom, 7,000-square-foot home for nearly $2,000 a foot, an asking price that’s on par with other new construction in the neighborhood. Architect Luigi Vitalini and designer Fabrizio Cocchi, both of Italy, designed the single-story house overlooking Sabal Lake. It features millwork, marble, appliances and furniture from Schon’s home country, in addition to a fireplace, spa, sauna, steam room and gym, and staff quarters. The property includes 111 feet of lake frontage and a private concrete dock.

Bay Point is home to the “King of Latin Pop” Enrique Iglesias, who upgraded to a waterfront mansion on Sabal Point Road in 2013.

Schon is a partner of the Miami Beach-based KNR Restaurant Group. Quattro, which has locations in New York City and Mexico City, is a high-end restaurant at 1014 Lincoln Road. His Bay Point home includes an outdoor kitchen with a grill, refrigerator, ice maker and wood-burning pizza oven.

Schon is also a real estate investor: in 2010, he paid $1.8 million for a condo at the Epic in downtown Miami and persuaded 19 of his Italian friends to buy units there as well, according to the Miami Herald. – Katherine Kallergis

Source:: The Real Deal

The Wrap: Gauging how Trump’s win will affect Palm Beach real estate, Wynwood attracts Florida’s first industrial design college…and more

Donald Trump (Credit: Gage Skidmore)

1. Gauging how Trump’s win will affect Palm Beach real estate [Palm Beach Daily News]
2. Wynwood attracts Florida’s first industrial design college [Miami Herald]
3. A once run-down Miami Beach district gets new start [Financial Times]
4. Zak the Baker’s 7,000-square-foot Temple of Bread opens in Wynwood [Miami New Times]

Sean Stewart-Muniz

Source:: The Real Deal

Rubell Family Collection to move from Wynwood to Allapattah

Don and Mera Rubell (Credit: Getty Images) and renderings of the new Rubell Family Collection

The Rubell Family Collection will move from Wynwood to Allapattah as investors continue to target the industrious neighborhood.

The art collection will move to a new 100,000-square-foot museum on a 2.5-acre site in Allapattah, the Rubell family announced on Monday. The new museum will be located at 1100 Northwest 23rd Street, a source told The Real Deal. The property has been the site of Trujillo & Sons Quality Food Products.

Property records show Track 23 LLC, an entity controlled by Jason Rubell, paid $4 million for the nearly 2.5-acre property in April 2015.

A spokesperson for the Rubell Family Collection declined to provide an address for the new location.

The Rubells’ art collection has called Wynwood its home for 23 years, in a 40,000-square-foot warehouse at 95 Northwest 29th Street once used by the Drug Enforcement Administration. The building will be listed for sale with the proceeds going toward the move, according to a press release. The Rubell Family Collection paid $450,000 for its Wynwood warehouse in 1993, records show.

Selldorf Architects and Allapattah-based McKenzie Construction will design the new museum, which will include 40 exhibition galleries, a research library, lecture hall, event space, storage, sculpture garden and a restaurant led by a Miami restaurateur. Construction will begin soon, and the new campus is slated to open in December 2018, collector Mera Rubell said in a statement.

“The Wynwood neighborhood — which was factories and warehouses when the Collection moved here 23 years ago — has become a major cultural destination populated by art galleries and institutions, restaurants and boutiques,” she said in the release. “It is time for us to reimagine our Foundation in a very exciting emerging neighborhood.”

Commercial investment in the neighborhood, which is west of Wynwood, has taken off in recent years. In September, Miami Beach developer Robert Wennett paid $16 million for the Miami Produce Center, a nearly 10-acre site in Allapattah.

The Rubell family owns a number of properties in Allapattah, including the warehouse across from the site of the new museum at 1101 Northwest 23rd Street, which it acquired in March for $8.4 million. LLCs controlled by the Rubells also own the buildings at 1365 Northwest 23rd Street and 1395 Northwest 22nd Street, and the lot at 1390 Northwest 22nd Street. The Rubells also own the Albion Hotel South Beach at 1650 James Avenue in Miami Beach.

Source:: The Real Deal

On the scene of Fairchild Coconut Grove’s launch party: PHOTOS

With the hotly anticipated winter marketing season quickly approaching, ROVR Development recently held a nightime cocktail bash to launch sales for its boutique Fairchild Coconut Grove condo project.

The developer held the fête at Fairchild’s sales center in the Grove, where guests and brokers gathered to check out newly released renderings, samples of the five-story building’s planned finishes and sneak peaks of the 26 unit’s interiors by Rafael de Cárdenas.

ROVR, headed by Ricardo Vadia and Oscar Rodriguez, unveiled plans for the Fairchild in June after securing city approvals for the luxury 26-unit project slated to rise at 3581 Glencoe Street. Vadia and Rodriguez had bought out the owners of an aging Coconut Grove condominium that they plan to demolish.

One Sotheby’s International Realty is handling sales for the Fairchild, which boasts units ranging between 1,700 to 4,200 square feet, with asking prices starting at $1.5 million. The average price works out to roughly $1,100 per square foot.

As Rodriguez told The Real Deal in June, the developers expect to break ground early next year and hope to finish construction by spring 2018. — Sean Stewart-Muniz

Source:: The Real Deal

London home prices and incomes drift even further apart

Georgian houses in London

From the New York website: London boasts one of the most expensive housing markets in the world – and it’s only getting dearer, as low mortgage rates push prices skyward.

The average Londoner must now spend 14.2 times their annual gross salary of 33,720 pounds ($42,048) to buy a house. That is the highest level on record and more than double the ratio for the U.K. overall, according to data compiled by Hometrack and cited by Bloomberg.

Home prices in London have leapt 86 percent since 2009 due to low supply. The average price of a house in London is now 482,800 pounds.

“Overseas buyers looking for a safe haven, robust demand from domestic investors seeking protection from ultra low interest rates and huge demand from potential homeowners has caused prices to surge,” Richard Donnell, a director at Hometrack, said by telephone. “The jump is way in excess of the increase in peoples’ earnings, hence lots of people are simply priced out of London now.” [Bloomberg] –Christopher Cameron

Source:: The Real Deal

Partridge family picks up Pompano shopping center for $50M

Shopper’s Haven retail center in Pompano Beach

No, not that Partridge family.

County records show Chris and Carmen Partridge, a pair of real estate investors, just paid $50 million to buy the Shopper’s Haven retail center in Pompano Beach from investment trust Brixmor Property Group.

The sale marks Pompano’s biggest in its commercial sector this year, giving another example of how the city’s property values are rising amid a new wave of development.

Located at 3301 North Federal Highway, the 206,791-square-foot shopping center was built in 1964 and is anchored by Winn-Dixie. The deal breaks down to just below $242 per square foot.

Data from the CoStar Group shows the property is 99 percent leased, though its asking rent was not disclosed.

Shopper’s Haven has traded hands several times through a series of REIT mergers and acquisitions, most recently when the Centro Properties Group — which later changed its name to Brixmor — bought out the Heritage Property Investment Trust in 2006 as part of a $3.2 billion deal. The retail property’s last outright sale was in 1999 when it sold for $11 million.

According to CoStar, the deal is Pompano’s priciest so far this year, nearly doubling the second highest, Nightingale Properties’ $28 million sale of the Palm Aire Marketplace for $227 per square foot. The city is undergoing a wave of new development as builders seek cheaper land north of Miami-Dade County.

The Partridges financed their purchase with a $25 million loan from First Republic Bank.

Source:: The Real Deal