13th Floor launches third single-family home development in Tamarac

Rendering of a home at Hidden Trails in Tamarac

The home-building division of 13th Floor Investments began sales and construction of Hidden Trails, the company’s third development of single-family homes in Tamarac.

13th Floor Homes has more than 30 pre-construction reservations for homes at Hidden Trails. Mike Nunziata, president of 13th Floor Homes, told the South Florida Business Journal that the 30-plus reservations reflect “pent-up demand for attainably priced new-construction homes.”

Hidden Trails is a 214-home development at 4893 Northwest 55 Place in Tamarac, near the interchange of Florida’s Turnpike and Commercial Boulevard.

Homes at Hidden Trails will range in size from 1,580 square feet to 2,086 square feet. Prices start at $286,990 and range up to $349,990. The development’s amenities will include a swimming pool, cabana, lounge and garden, plus walking trails.

Thee home-building division of 13th Floor Investments has launched two other single-family home developments in Tamarac called Central Parc and Manor Parc.

13th Floor Homes has sold out Central Parc and has sold more than 45 percent of the homes planned for Manor Parc, which has been under construction since November. [South Florida Business Journal]Mike Seemuth

Source: The Real Deal South Florida

Local firm starts building WPB self-storage facility

SROA’s self-storage facility at 424 Park Place in West Palm Beach

A locally based company began construction of a self-storage facility near the Palm Beach Outlets shopping center on Palm Beach Lakes Boulevard in West Palm Beach. The three-story building will have 830 air-conditioned storage units.

 West Palm Beach-based SROA Capital expects to open 100,000-square-foot building at 1620 North Congress Avenue early next year. SROA bought the two-acre development site last year for $1.3 million. SROA runs 59 self-storage buildings in Delaware, Florida, Kentucky, Ohio and South Carolina. [Palm Beach Post] Mike Seemuth

Source: The Real Deal South Florida

CBRE showcases new office design in Miami

The new CBRE office at 777 Brickell Avenue in Miami

Commercial real estate brokerage CBRE opened a new office on Brickell Avenue in Miami with paperless operations,  no assigned desks and a high-tech theater, part of a company-wide initiative to upgrade CBRE’s workplaces.

The 18,921-square-foot office on the 11th floor of 777 Brickell Avenue is part of CBRE’s global Workplace360 initiative to promote flexibility, mobility and productivity through office design.

The new office features both collaborative and private spaces for CBRE employees and a Liquid Galaxy theater for presentations that incorporate three dimensional images, mapping technology and analytical data.

“Our new office will create a more collaborative culture for our employees in an innovative and sustainable environment, and we know it will have a meaningful impact in attracting and retaining top talent,” Arden Karson, senior managing director at CBRE South Florida, said in a prepared statement.

CBRE’s in-house workplace strategy and project management teams led the implementation of the new Workplace360 space at 777 Brickell Avenue.

A CBRE team in South Florida led by Shay Pope represented the firm in the lease transaction for the Brickell office.

“The new space will have a strong focus on employee collaboration, as well as hospitality elements and various amenities,” Cicily Dostalek, program manager for CBRE’s Workplace360 initiative, said in a prepared statement. “From productivity and wellness, to engagement and recruitment, the workplace contributes to our business results.”

Source: The Real Deal South Florida

Arden community in PB County holds grand opening

Map of the master-planned Arden development

The master-planned Arden residential development in west-central Palm Beach County held a grand opening Saturday to unveil model homes and landscaping. Virginia-based Ryan Homes expects to build about 200 homes in the first phase of the development, located just west of Lion Country Safari. Ryan has 24 reservations for homes with prices starting in the $300,000s. Arden is expected to grow to 2,000 homes over 10 years.

Freehold Communities, the developer of Arden, designed the community with 19 miles of walking and running trails and a mile-long lake at its center. One of Arden’s most unusual features will be a community farm that will raise fresh vegetables for residents, who will support the farm through a monthly homeowners’ association fee of $246, which also will cover the cost of landscape maintenance and a community clubhouse. [Palm Beach Post]Mike Seemuth

Source: The Real Deal South Florida

GL sells 60 homes in 6 weeks at Dakota in Delray

Rendering of a home at GL Homes’ Dakota development in Delray Beach

Sunrise-based home builder GL Homes sold 60 single-family homes in six weeks at its Dakota residential development in west Delray Beach.

Marcie DePlaza, chief operating officer of GL, told the Sun-Sentinel the pace of pre-construction sales at the 387-home development “exceptional.”

Strong demand for Dakota homes has led GL to raise prices by $15,000 since the company launched pre-construction sales March 11. Prices start at $449,900 and range as high as $579,900.

DePlaza also told the Sun-Sentinel that some of the buyers at Dakota have parents who reside at GL’s nearby Valencia communities for “active adults.”

Buyers also include empty-nest couples seeking a smaller house at Dakota, located on the southeast corner of State Road 7 and Atlantic Avenue in Delray Beach.

GL expects to open model homes at Dakota in fall and move-ins to start in early 2018.

The privately held home builder closed on the sale of 666 single-family homes last year while starting construction of 732, according to the housing research firm Metrostudy.

 GL also started pre-construction sales March 4 for its 57-home Berkeley development in west Boca Raton but has sold only four so far. DePlaza told the Sun-Sentinel that GL expected Berkeley to sell more slowly than Dakota because Berkley prices are higher, starting at $865,900 and ranging up to $1.1 million. [Sun-Sentinel] Mike Seemuth

Source: The Real Deal South Florida

Developer lands $43M loan to build retail center with Miami-Dade’s 1st Wawa

Rendering of Wawa store that will be part of the Gardens Promenade shopping center

Miami-based Ocean Bank made a $43 million loan to finance construction of a shopping center in Miami Gardens with a group of tenants including Miami-Dade County’s first Wawa convenience store.

North Miami-based IMC Equity Group secured the loan through an affiliate to finance is construction of Gardens Promenade, expected to open in August 2018.

IMC will build the 251,489-square-foot shopping center on a 32.8-acre site at 18000 Northwest 27 Avenue. The project’s cost is $60 million.

Carlos Segrera, director of acquisitions and finance at IMC, told the South Florida Business Journal the center is 80 percent leased.

Signed tenants other than Wawa include Advance Auto Parts, Boston Market, Burlington Coat Factory, CitiTrends, DD’s Discounts, Dollar Tree, Five Below, Marshalls, McDonalds, Ross Dress for Less, Shoe Carnival and Taco Bell.

The Pennsylvania-based Wawa chain plans to open four locations in Miami-Dade. The location at Gardens Promenade will be the first in Miami-Dade to enter the construction phase of development.

Hawkins Construction is the general contractor of the Miami Gardens shopping center project. In the project’s second phase, IMC will build a 120,000-square-foot facility for self storage.

Ralph Gonzalez-Jacobo, executive vice president of Ocean Bank, told the Business Journal that the financing for IMC is typical of the bank’s loans to developers, citing IMC’s substantial investment in Gardens Promenade and an “excellent loan-to-value ratio.” [South Florida Business Journal]Mike Seemuth



Source: The Real Deal South Florida

Miami Beach may get 10-year lock on Art Basel show

The annual Art Basel show

Art Basel may commit to holding its annual art show at the Miami Beach Convention Center for 10 years if the city adds an elevator and escalator to its expansion and renovation of the convention center.

City commissioners have agreed to pay $124,240 to Fentress Architects to design and plan the addition of an elevator and escalator connecting the convention center’s exhibit halls on the ground floor to its ballroom on the second floor.

City Manager Jimmy Morales, who recommended going forward with the elevator-escalator installation, said the city government will proceed with negotiations of a long-term deal with Art Basel.

Miami Beach Commissioner John Elizabeth Alemán recently told other city commissioners that the city currently has a one-year commitment from Art Basel to stage its annual art show at the convention center.

Maria Hernandez, project director of the convention center district, said installation of an elevator and escalator will cost $2.8 million. The convention center is undergoing a $600 million expansion and renovation.

The convention center makeover is almost 40 days behind schedule. Two of the center’s four exhibit halls are expected to be ready for events by late May, and work on the other two is expected to be done by December, when Art Basel’s will stage its annual show. [Miami Herald] Mike Seemuth

Source: The Real Deal South Florida

Developer gets $24M loan to build Aloft in Delray

Renderings of the Aloft Delray Beach

Renderings of the planned Aloft hotel in Delray Beach

The developer of an Aloft hotel in Delray Beach obtained a $24 million construction loan to build it as part of a mixed-use project.

Samar Hospitality got the loan from Manufacturers & Traders Trust Co. The bank, which had made a $1.5 million loan to Samar in 2014 to finance its acquisition of the Delray Beach development site, boosted the loan balance by $22.5 million.

Jericho, New York-based Samar, led by Alan Mindel, bought the 1.7-acre development site for $2.54 million in 2014. The property address is 202 to 272 Southeast 5 Avenue in Delray Beach.

Samar recently secured city approval for a five-story, mixed-use building with 122 Aloft hotel rooms, 35 condominium units and 6,280 square feet of retail store space.

Aloft Delray Beach is scheduled to open in 2019, according to the website of Starwood Hotels.

Just north of the Aloft site, the Atlantic Avenue corridor of Delray Beach has emerged as a popular destination for dining and shopping. [South Florida Business Journal]Mike Seemuth

Source: The Real Deal South Florida

Miami-Dade may impose new rules on short-term rentals

Hosts offering short-term rentals in unincorporated Miami-Dade would have to apply for a county certificate of use, among other requirements under a proposed ordinance.

A proposed ordinance would impose a pile of new regulations on short-term rentals in unincorporated Miami-Dade County.

Hosts on such platforms as Airbnb and HomeAway would be required to obtain a certificate of use and a business tax receipt and to enforce compliance by guests with short-term rental standards.

Miami-Dade Commissioner Sally Heyman, who is sponsoring the proposed ordinance, told the Miami Herald the proposal is “a work in progress.” The county commission is scheduled to consider the proposal at its meeting on Tuesday.

Fines for violating the proposed ordinance would range from $100 for a first offense to $2,500 for the third offense in a 24-month period.

Under the proposed ordinance, the county would charge hosts a “minimal” fee to apply for a certificate of use. The application would include contact information for the host, the property owner and the platform that lists the short-term rental property.

Hosts applying for a certificate of use also would be required to collect and remit local tourism tax and state tax on rental income and to have a vacation rental license from the Florida Department of Business and Professional Regulation. In applications for a certificate of use, hosts also would state whether they want to rent a room, more than one room or an entire residence. Hosts also would be required to renew their certificates of use annually.

Airbnb and other online rental platforms would be prohibited from posting short-term rental listings for Miami-Dade hosts without a certificate of use.

The proposed ordinance also would require Airbnb and similar platforms to maintain Miami-Dade compliance records and to inform the county of possible violations of law on the premises of short-term rental properties.

“While we see some challenges with the ordinance as currently written, we are confident that the Board [of county commissioners] will allow our host community a seat at the table as we all pursue our joint mission of developing clear, fair rules that work for everyone in unincorporated Miami-Dade,” Benjamin Breit, a spokesman for Airbnb, said in a statement.

Under the proposed ordinance, hosts also would be required to keep a list the names of all guests, as well as people the guests invite to the short-term rental property. The maximum overnight occupancy would be two people per room.

The proposed county ordinance emerged as bills deregulating vacation rentals move through legislative subcommittees in the Florida Senate and House. The bills would prohibit local governments from enacting new regulations the ban short-term rentals or limit their frequency or duration.

But according to Heyman’s proposed ordinance, state law allows local governments “to enact new regulations on vacation rentals that do not pertain to duration and frequency.” [Miami Herald]Mike Seemuth


Source: The Real Deal South Florida

Fort Lauderdale Beach investors add to commercial portfolio with $32M deal

201 South Fort Lauderdale Beach Boulevard

Fort Lauderdale investors Aiton “AJ” Yaari and Lior Avidor paid $32 million for an assemblage of properties on Fort Lauderdale Beach Boulevard, property records show. 

The duo are fresh off the $18.7 million sale of the Aquatic Center Plaza, also on South Fort Lauderdale Beach Boulevard, to a New York developer. Yaari and his partner now control about 4.5 acres in the area, and he said he plans to keep the properties as they are for now.

Together Yaari and Avidor control about 325 feet of the 500 feet fronting the boulevard on the 200 block. Yaari told The Real Deal up to 300,000 square feet of a mixed-use retail, hotel and condo project can be developed on the land, which is across the street from the beach.

Records show TRD of Fort Lauderdale LLC, which is controlled by Yaari and Avidor, bought the properties at 201-203 and 213 South Fort Lauderdale Beach Boulevard from the Miniaci family’s Miniaci Enterprises, led by Dominick Miniaci. They total about 30,750 square feet of land, which comes out to about 0.7 acres, a 8,200-square-foot building and a 10,300-square-foot building.

The Miniaci family, longtime holders of real estate in the area, had owned the properties since the 1970s. Tenants include the Drunken Taco, a souvenir store, Sweets and Treats and Cafe del Mar. The low-rise buildings were built between 1958 and 1985.

Yaari and Avidor financed the deal with a $17.9 million mortgage from City National Bank of Florida.

Property values along the boulevard, also known as A1A, have skyrocketed as of late. In March, investor Joseph Cohen paid $7 million, or $670 per square foot, for the land underneath the Elbo Room, a Fort Lauderdale Beach institution at 3001 East Las Olas Boulevard.

“People don’t know about Fort Lauderdale Beach,” Yaari said. “It’s like this hidden baby that never got the right credit. But we are the future. There are a lot of big things happening.”

Source: The Real Deal South Florida