Real Estate News

Tony Arellano, Exec. VP, Metro 1 Commercial

Plans Would Expand Design District Retail Geography

By Eleazar David Melendez |

Proposed rezoning would expand the Design District Retail Street Special Area Plan by 1.9 acres to include a property north of 42nd Street.

$10M Deal for Palm Beach Gardens Parcel on Intracoastal

By Samantha Joseph |

A developer planning a six-acre mixed-use waterfront project closed on the former Panama Hattie's site.

Stuart Miller

Lennar Profit Rises on More Sales, Higher Prices

Lennar's net income in the quarter was $177.8 million, compared with $120.7 million a year earlier.

350-Unit Project Gets Underway in Pompano Beach

By Samantha Joseph |

Invesca Development Group, which is planning 950 Broward County homes, broke ground last month on Koi Residences and Marina, a $65 million project with hundreds of homes on a 10-acre site in Pompano Beach.

The Cypress Financial Center, 5900 N. Andrews Ave. in Fort Lauderdale

Steelbridge Makes $15 Million on Cypress Financial Center

By Samantha Joseph |

Steelbridge pays $15 million less than its selling price eight years ago on Cypress Financial Center.

Downtown Athletic Club at 200 S. Biscayne Blvd. in the Southeast Financial Center

DavidBartonGym Moving in, Downtown Athletic Center Moving Out

By Eleazar David Melendez |

A downtown gym popular with local lawyers and bankers has closed and is being replaced by a more glam brand.

Flagler Jewelry Center building at 17 E. Flagler St.

Moishe Mana Thinks Downtown Miami is a Good Investment, Buys Another Property

By Eleazar David Melendez |

An Israeli entrepreneur buying up downtown Miami retail scores again with a $4.5 million deal at 17 E. Falgler St.

The Pace of South Florida Foreclosures Has Dramatically Slowed

By Samantha Joseph |

Florida leads the nation in foreclosures long after the housing crisis, but new data show the pace has dramatically slowed in Broward and Miami-Dade counties, and the numbers even fell in Palm Beach County.

Real Estate Tax Would Fund Land Conservation

By News Service of Florida |

A proposed constitutional amendment on the November ballot would redirect documentary stamp tax proceeds to buying environmentally sensitive land.

9999 Collins Ave.

Micky Arison's Mom Loses $2M on Condo Sale, But is She Exploiting Tax Loophole?

By Eleazar David Melendez |

Micky Arison's mother is taking a $2 million paper loss on the sale of luxury units purchased during the recession.

Updated: Worldcenter Project Gets Tentative Green Light, But Final Approval Awaits

By Eleazar David Melendez |

Commissioners warned the developer that final approval at their next meeting would depend on a more robust commitment for creating jobs in the community.

Rendering of the Galleria Mall, in Fort Lauderdale. The owner wants to turn 40 acres around the mall into a development with more than 1,600 luxury condominiums and apartments.

Shop This: $1 Billion Plan for Development Around Galleria in Fort Lauderdale

By Samantha Joseph |

The owner of the Galleria at Fort Lauderdale mall wants to turn 40 acres around the mall into a development with more than 1,600 luxury condominiums and apartments.

Related ISG Expands to Fort Lauderdale, Hires 30 Agents

By Samantha Joseph |

ISG and Related Group aggressively grow their South Florida real estate brokerage. The latest move is a Fort Lauderdale office opening.

Future of Golf Courses Relies on Cities Shooting for 'PAR'

By Chad S. Friedman |

PAR, which stands for the Florida Department of Economic Opportunity's adaptation planning strategies and stands for "protect, accommodation and retreat," attempts to address the negative impacts of sea-level rise.

Argentina President Cristina Fernandez

Argentina Plans Latin America's Tallest Building

President Cristina Fernandez says the 1,165-foot tower is expected to cost around $300 million and will serve as a center for the entertainment industry, including television and movies studios.

June Hoffman

State Appeals Court Sides With Broker in Commission Fight

By Eleazar David Melendez |

A state appeals court decision is a new "arrow in the quiver" for brokers looking to secure commissions on real estate deals and is likely to "give heartburn" to sellers and title agents looking to close disputed deals quickly.

09/10/14- Miami-  Mario Suarez, Partner, Zyscovich Architects, with balcony view at Casa Moderna, 1100 Biscayne Blvd. European hotelier Melia will be upscaling the hotel.

Get Ready For This European Hotel Operator to Spend In Miami

By Samantha Joseph |

With $20 million for renovation and expansion, the ME Miami hotel will open in the spring at 1100 Biscayne Blvd.

One World Trade Center

13 years later, Lower Manhattan's Revival Nearly Complete

Building at the 16-acre World Trade Center site is set to be substantially completed in the next year, following delays, litigation, disputes and power plays.

Joe Sloboda, partner at Jafrejo Holdings LLC and Florida Restaurant Franchise Group shown at VooDoo BBQ & Grill

2014 Commercial Real Estate Annual Report

By Review staff |

As foreign capital floods into the South Florida market through the EB-5 visa program, South Florida's retail market shines, while hospitality real estate from iconic luxury properties to rundown mom-and-pop operations is attracting investor interest.

Rendering of SeaBranch, the project at the center of the Martin County lawsuit

Developers Wanted Farmland Rezoned, County Said No, Now They Are Suing for $3.4M

By Samantha Joseph |

Developers whose rezoning application was shot down are demanding the Martin County Commission pay them $3.4 million in lost property value.

60,000-square-foot beachfront estate Le Palais Royal

Have $139M to Spend? This 60,000-Square-Foot Estate Could be Yours Then

By Samantha Joseph |

The oceanfront Le Palais Royal is one of the most expensive residential listings in the country. The pool alone is larger than most homes at 4,500 square feet, not to mention the underground garage, built for more than 30 cars.

Zoning Board OKs Miami Worldcenter Changes

By Eleazar David Melendez |

The Miami zoning board unanimously approved zoning changes that will let the sprawling Miami Worldcenter project move forward based on the developer's plans.

4th DCA Rules For Homeowners In Hurricane Coverage Dispute

By Adolfo Pesquera |

The Fourth District Court of Appeal rules for homeowners on when bad faith claims are ready but cautioned the new interpretation may be ready for review by the Legislature.

2011 photo of Joan Rivers arriving for the White House Correspondents' Association dinner in Washington, D.C.

Loss No. 2: Socialite Loses To Joan Rivers, Then Over Fisher Island Mansion Loan

By John Pacenti |

A socialite who lost her Manhanttan condo catfight with Joan Rivers also loses in a beef over her Fisher Island mansion loan.

Jack Seiler, City of Fort Lauderdale Mayor

Fort Lauderdale Hires CBRE As Public Real Estate Manager

By Samantha Joseph |

Fort Lauderdale mayor Jack Seiler is bringing in professional help to cut costs and look for missed revenue from its 700-parcel real estate portfolio.

Joseph R. Gosz

Broward Judge Orders New Foreclosure Auction After Rejecting $5,200 Sale

By Samantha Joseph |

Homeowners facing foreclosure use claims of a botched auction to block a sale by their lender. 'The same objection could potentially be made in hundreds or perhaps thousands of foreclosures,' attorney Joseph R. Gosz said.

Dang! New Heat Forward Luol Deng Drops $4.6M On Historic Miami Home

By Samantha Joseph |

Luol Deng paid $4.6 million for a renovated five-bedroom, four-bath mansion North Bayshore Drive, just minutes from the American Airlines Arena.

Housing Market Stumbling

Home prices, which have risen 29 percent since bottoming in 2012, increased 8.1 percent from June 2013, the smallest 12-month gain since January 2013.

Office Landlord Plans To Go Public For $2.5B

Paramount Group, a New York-based real estate investment trust, plans a $2.5 billion initial public offering.

Westin Diplomat Resort at 3555 S. Ocean Dr., Hollywood

Westin Diplomat Sold In $535.5 Million Deal

By Samantha Joseph |

Thayer Lodging Group paid $460 million for the 1,000-room, beachfront hotel, $20 million for a neighboring 18-hole golf course and $55.5 million for several adjacent parcels.

Touted as New Town Square, this rendering shows two major downtown thoroughfares, Biscayne Blvd. and I-395, underground and replacing acres of pavement with public parkland adjoining Miami's Museum Park

I-395 Going Underground? Miami Park Plan Would Do Just That

By Eleazar David Melendez |

A cross-section of Miami's civic, business and political leadership is considering burying the intersection of I-395 and Biscayne Boulevard.

Broccoli Rabe and Sausage pizza at Verde restaurant at the Perez Art Museum

Power Lunch: Art Museum's Restaurant Is A Hidden Gem

By Julie Kay |

Verde at the Perez Art Museum hasn't been open a year yet it has almost tripled the expectations of its manager as it attracts the power lunch crowd.

Court Rejects $5 Million Hurricane Insurance Claim By Boca Condo Complex

By Adolfo Pesquera |

A Palm Beach County condominium association's third insurance claim for Hurricane Wilma damage is rejected in favor of the Florida Insurance Guaranty Association.

Elan 33 West.Address: 6300 SW 24th Place, Davie.Property type: Apartment complex with 246 units constructed in 2013 on about 15.5 acres.Price: $78.86 million, or $320,386 per unit.Seller: CRP-Grep College Crossings LLC, linked to Washington-based Carlyle Group LP.Buyer: AR Davie LLC, linked to New York-based homebuilder AVR Realty Co. LLC.Past sale: $10.07 million on June 25, 2012 for land

Luxury-Apartment Boom Favors Millennial Renters

Rents in the Washington, D.C., region declined 0.1 percent in the second quarter, compared with national average gains of 3.3 percent.

Fewer Cash Sales Actually Good News For South Florida

By Samantha Joseph |

Fewer cash sales in Palm Beach and Miami-Dade counties isn't necessarily bad news--it may mean a better market for mortgages.

Music Stars Willy Chirino, Wife Lissette Sell Miami House For $4M

By Eleazar David Melendez |

A Cuban-American music superstar couple has sold their Miami house, bidding goodbye to the ritzy neighborhood they've lived in for over 20 years.

John Halula, William G. McCullough and Ilana Strickon

Holland & Knight Team Works $290M Surf Club Redevelopment Loan

By Eleazar David Melendez |

John Halula, William G. McCullough and Ilana Strickon of Holland & Knight helped arrange a $290 million construction loan for the Surf Club Four Seasons Private Residences and Hotel.

Home Price Gains Slow In June

Yearly price growth weakened in all 20 cities surveyed,with Miami and Tampa still at least 33 percent below their housing bubble peaks.

Office complex at 950-1000 S. Pine Island Road

Dallas Investor Pays $128M For Plantation Office Towers

By Samantha Joseph |

A company linked to Dallas-based Lincoln Property Co. pays $125 per square foot for two mid-rise towers at Pine Island and Peters roads.

CityPlace Tower in West Palm Beach

CityPlace Office Building Sells For $150M

By Samantha Joseph |

The 18-story tower developed by the Related Cos. and Crocker Partners is sold by a California rea estate investment trust.

150 SE 2nd Ave. was converted into condos

Downtown Miami Office Space Being Sold Off To Investors

By Eleazar David Melendez |

Interest from Latin American investors—in particular Argentine entrepreneurs used to such investments back home—is bringing the South Florida market in office condos back from the dead.

Sales Of New Homes Decrease In July

Fewer Americans bought new homes, proof that the housing sector is struggling to gain traction.

The home of former Miami Dolphins wide receiver Brandon Marshall in Southwest Ranches

You Can Have Ex-Dolphins WR Brandon Marshall's House In Southwest Ranches For A Mere $4.9 Million

By Samantha Joseph |

Chicago Bears wide receiver Brandon Marshall's Southwest Ranches home features a chef's kitchen, built-in Smarthome technology and a free-form heated pool with spa and summer kitchen.

Kelly L. Smallridge

Cancer Treatment Center Puts Headquarters In Boca Raton

By Samantha Joseph |

Vicinitas Cancer Care leased 45,000 square feet of office space at 1200 N. Federal Highway for its new headquarters.

Existing Home Sales Rise For Fourth Time

Sales of existing homes rose to their highest level in nearly a year.

Brett D. Lieberman and Thomas M. Messana

Bankruptcy Judge Approves $75M Aventura Office Sale Pushed By 6 Percent Shareholder

By Samantha Joseph |

A rarely used bankruptcy section helps 30 partners avoid foreclosure on a Aventura office complex.

Rendering of Brickell View Terrace

Affordable Housing on Brickell? Say Hi to Brickell View Terrace

With all the luxury condos being built, land prices are soaring making it difficult for the average person to afford a condo. Affordable housing developers must find creative ways to get their projects done.

Six-Property Lincoln Road Retail Portfolio Goes Mind Boggling Amount

By Eleazar David Melendez |

In one of the largest South Florida real estate deals in recent memory, the properties on Miami Beach's Lincoln Road high street retail district have traded hands.

Loews Miami Beach

Loews Miami Beach Lands $175 Million Loan

By Eleazar David Melendez |

Miami Beach's Loews hotel has received a $175 million mortgage, one of the biggest refinacings in Miami-Dade County this year.

525 NW 77th St.

Marriott Residence Inn Sells For $12M In Boca Raton

By Samantha Joseph |

Blackstone pays $100,000 a room for the hotel west of I-95 between Clint Moore Road and Linton Boulevard.

Cabinet Considers Sale Of Broward Land To Strata Group

By News Service of Florida |

Members of the Florida Cabinet were poised to approve the sale of a 6.4-acre vacant parcel in Broward County that is owned by the Department of Management Services.

Blackstone Suffers Setback in Irish Real Estate Drama

On July 29, Irish property developer Michael O'Flynn realized that Blackstone Group LP was trying to gain control of his real estate empire, which includes the country's tallest residential tower. Ten weeks earlier, the private equity firm had bought $2.4 billion of loans to O'Flynn's companies and the developer personally.

Housing Starts Hit Highest Level In Eight Months

Housing starts surged in July, underscoring the recent pickup in builder optimism as the residential real-estate market gains some traction.

Ezra Katz

Private Equity Firms Fill South Florida Financing Gaps

By Eleazar David Melendez |

Private equity bets on the South Florida housing market are filling a need for hundreds of millions of dollars in construction financing that's otherwise not being provided by banks.

The 13,300-seat stadium court is the centerpiece of the Tennis Center at Crandon Park facility, home of the Sony Open in Miami, Florida since 1987.

Break Point: Key Biscayne Tennis Expansion Challenged

By Adolfo Pesquera |

The Third District Court of Appeal considers an appeal that could nullify a Miami-Dade referendum on proposed expansion of the Crandon Park tennis stadium.

Homebuilder Confidence Hits 7-Month High

Builder confidence increased by double digits in the Midwest but declined in the South.

Il Lugano Hotel Sells In Fort Lauderdale

By Samantha Joseph |

Berger Singerman attorney Barry Lapides leads a $24 million condo hotel deal in Fort Lauderdale.

07/09/14-- Miami-- The historic Dade County Courthouse at 73 W. Flagler St. currently is attempting to secure and restore the facade, which has been dropping in chunks.

So Long Historic Dade County Courthouse? Some Say It's Time For A New One

By John Pacenti |

Miami-Dade's chief judge says it's time to retire the historic Dade County Courthouse as the building fights basement flooding and other structural problems.

NYC's Next Hot Areas Targeted With Property Funds

New York's real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods.

Ka-Ching! Sweetwater Student Housing Apartments For FIU Sell For $43.5M

By Samantha Joseph |

The seller inks a sweet deal on a Sweetwater student housing complex, or $80,260 per bedroom.

$76M Price Tag For Boca Raton Office Complex

By Samantha Joseph |

One Boca Place west of I-95 changes hands for $124 per square foot.

FANNIE MAE

Fannie Mae Loses Case Over $100K In Fees

By Samantha Joseph |

The Federal National Mortgage Association lost in the Third District Court of Appeal against Miami Beach's Alden Hotel Condominium Association in a dispute over more than $100,000 in delinquent dues on a foreclosed unit.

Hedge Fund Latest To Bet On Housing Recovery

Senator Investment Group LP, the hedge-fund firm backed by Blackstone Group LP, disclosed a 6.3 percent holding in mortgage insurer Radian Group Inc.

$820 Million Earmarked For South Florida By Blackstone

By Eleazar David Melendez |

New York's Blackstone Group, one of the largest private equity firms in the planet, has committed more than three-quarters of a billion dollars to two South Florida projects.

First-Time Buyers Hit With Bigger Down Payments

Economist Dean Maki says bank have become much tighter on credit, making it harder for first-time buyers with limited credit histories.

Pit Bull Versus Housing Anti-Discrimination: Case Weighs Protection For Support Animal In Condo

By Alessandra Stivelman |

A federal case in Miami pits a county pit bull ban against housing anti-discrimination laws.

Coldwell Banker Moving To New Gables Office

By Eleazar David Melendez |

Coldwell Banker Residential Real Estate has inked a long-term lease for approximately 14,000 square feet of space at 4000 Ponce de Leon Blvd. in Coral Gables.

Miami Architects Merging With Canadian Firm

By Eleazar David Melendez |

ADD Inc., a 210-person architecture and planning firm based in Boston and Miami, has agreed to merge with Edmonton, Alberta-based Stantec Inc.

Jose Antonio Hernandez-Soluan, president, The Easton Group and and Paul Douglas, president, Easton Development.

Getting Creative: Filling Lakes For New Development Projects

By Samantha Joseph |

Easton Group's Jose Antonio Hernandez-Solaun and Paul Douglas said they have to get creative to find land for new projects, such as filling a lake in Pembroke Park.

Phillips Point office on South Flagler in West Palm Beach

West Palm Office Complex Tops 96% Occupancy

By Samantha Joseph |

Phillips Point, a Class A office property on South Flagler Drive, closed $46.5 million in recent leases.

Home Supply getting Worse For First-Time Buyers

An inventory crunch for entry-level houses has only worsened during the past year as discounted foreclosures become scarce and cash-paying investors snap up affordable listings to convert to rentals.

Miami Grill at 18660 S. Dixie Hwy.

Miami Subs Makeover Comes With South Florida Expansion Plans

By Eleazar David Melendez |

A repositioning in the way each location approaches its real estate is a big part of rebranding the former Miami Subs chain.

Waste Company Buys Davie Acreage For Nearly $12M

By Samantha Joseph |

The family of Miles Austin Forman divested more than 35 acres to a company linked to Charles Gusmano, CEO of Southern Waste Systems LLC.

Zillow Tops Analysts' Estimates for Second-Quarter Sales

Zillow, the real estate website that's acquiring smaller rival Trulia for $3.5 billion, reported second-quarter sales that topped analysts' estimates as traffic increased and more agents used its home-listing service.

Tablet with chart displayed

Mortgage Bond Group Building Standards Sought by Treasury

The U.S. mortgage-bond industry is taking steps toward creating standards meant to help kick-start sales as the government seeks to wean the housing market from its support.

7270 N. Kendall Dr. “Downtown Dadeland”

Downtown Dadeland Shops Come Full Circle, Sold for $39 Million

By Eleazar David Melendez |

One of the earliest and most spectacular failures of the last real estate boom cycle appears to have come full circle following the purchase of a Kendall retail complex foreclosed in 2007.

The Chapel By The Lake is a piece of property sold by First Baptist Church of West Palm Beach at 1101 S. Flagler Drive.

From Church to Condos: Investors Turn To Religion To Find Land For Development

By Samantha Joseph |

The newest frontier for real estate developers? Churches.

NorthStar to Buy Griffin-American REIT for $3.4 Billion

NorthStar Realty Finance agreed to buy Griffin-American Healthcare REIT II for about $3.4 billion, expanding its holdings of medical-office buildings and senior housing.

Banks Burdened With Compliance Costs Outsource Home Loans

As banks lose money on mortgages and retreat from the business, PHH Corp. is rushing to cash in.

New Suit Claims Chinese Drywall Destroyed Homes

Lawyers for people who say their homes were wrecked by defective drywall made in China have filed a new lawsuit against the manufacturers and a new defendant—the Chinese Cabinet agency that oversees the country's biggest state-owned companies.

Banks' Slowdown On Mortgage Aid Could Lead To Another Foreclosure Mess

With a backlog of applications for federal mortgage aid, some borrowers are at increasing risk of losing their homes to foreclosure, according to an auditor's report.

Mayor Bill de Blasio

De Blasio Hails $350 Million in Housing Loans Led by Citigroup

New York Mayor Bill de Blasio announced $350 million in loans for affordable housing provided by banks led by Citigroup Inc. as he forges closer ties to Wall Street, once one of his loudest critics.

BofA Ordered to Pay $1.27 Billion Over Mortgage Fraud

Bank of America has been ordered to pay $1.27 billion in penalties in connection with a wide-ranging mortgage fraud perpetrated by its Countrywide financial unit.

Seth Wise.President of BBX Capital Asset Management

Major Builders Are Dusting Off Hialeah Housing Plans

By Samantha Joseph |

Hialeah is attracting major developers for master-planned residential projects near I-75 and the Palmetto Expressway.

Tony Cho, CEO, Metro 1.

They Were Friends Working To Transform Wynwood, Now They Face Each Other In Litigation

By Eleazar David Melendez |

A landlord and broker working together to transform Miami's Wynwood neighborhood are locked in a legal fight.

Tablet with chart displayed

Banks' Slowdown on Mortgage Aid Hurts Borrowers, Audit Says

Lenders aren't keeping pace with a mounting backlog of applications for federal mortgage aid, placing some borrowers at increasing risk of losing their homes to foreclosure, according to an auditor's report.

Zillow Topping Realogy Shows Web Surge for Housing Market

Zillow's purchase of Trulia makes the online company such a force in U.S. real estate that its market value now surpasses that of Realogy Corp., owner of renowned brokerage brands from Coldwell Banker to Century 21.

Greg Matus, Franklin Street Real Estate Services’ regional managing partner for Broward and Palm Beach counties

Restaurants Are Leading South Florida's Retail Resurgence

By Samantha Joseph |

New post-recession tenants are feeding new projects and higher reale state prices across the region.

Jim Knight, Knight Group LLC

$20M Delray Beach Sale Biggest Downtown Real Estate Deal In A Decade

By Samantha Joseph |

Jim Knight brokers the $20 million sale of historic Sundy House in a major downtown Delray Beach commercial real estate deal that leaves room for expansion.

Million-Dollar U.S. Housing Loans Surge to Record Level

Banks are handing out mortgages of as much as $10 million to the wealthy in record numbers while first-time homebuyers struggle to get loans.

4017-4299 W. Commercial Blvd.

Retail Investor Takes Over Publix-Anchored Center In Tamarac

By Samantha Joseph |

A Boston buyer pays $28.5 million—a 90 percent premium—for a Tamarac shopping center.

4410-4484 Weston Road, Davie

Davie Retail Center Sells For $32 Million

By Samantha Joseph |

A Connecticut hedge fund manager keeps up a South Florida purchasing spree with a $32.25 million retail center acquisition in Davie.

REIT Buys Prime Office Properties In Broward

By Samantha Joseph |

In a $66.4 million deal, a Boston-based investor scooped up two Fort Lauderdale office towers housing law firms and financial service providers.

$60 Million Housing Bond Issue Set For Miami's Overtown

By Eleazar David Melendez |

A much-delayed $60 bond issue vital to five affordable housing projects in Miami's Overtown neighborhood is finally moving forward.

Blackstone In Talks To Buy Eight Italian Buildings

By Sharon Smyth and Marco Bertacche |

Blackstone Group is arranging a $336 million sale-and-leaseback deal for publicly owned buildings.

HOAs Butting In Where Marijuana Is Legalized

By The Associated Press |

Some homeowner associations ban marijuana smoking as a nuisance after legalization.

07/24/14- Miami-  Parking lot at 300 Biscayne Blvd was sold.

Prime Downtown Miami Site May Soon Hit Market

By Eleazar David Melendez |

A prime site in downtown Miami could be sold next month after being tied up in receivership and litigation since 2008.

Bahia Mar, 801 Seabreeze Blvd., Fort Lauderdale

Bahia Mar Resort Lease Changes Hands, Redevelopment To Follow

By Samantha Joseph |

An investment group led by Sergio Rok and Jimmy Tate purchased the 39-acre Bahia Mar resort ground lease in Fort Lauderdale and plans a major makeover.

U.S. New Home Sales Plummet in June

The Commerce Department reports shows real estate remains a weak spot in the economy.