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THE REAL DEAL | Downtown Miami to see surge of nearly 3,500 new condos delivered in 2017 as resale pricing falls: report

March 8, 2017/0 Comments/in Real Estate/by mkotler

As new condo units continue to come online in 2017, resale pricing in Miami’s urban core is reporting a drop for the first time in eight years.

Greater Downtown Miami’s condo inventory will grow by 3,456 new units this year, the largest surge of new product expected over the next three years, according to the latest Miami Downtown Development Authority report authored by Integra Realty Resources.

That annual growth is expected to fall after 2017: 2,846 units will be delivered in 2018 and 1,960 units in 2019. Between 2014 and 2019, 12,257 new units will be completed. While that number is high, it’s still significantly less than the more than 21,000 condos that flooded the market between 2004 and 2009, according to the report, which focused on July 2016 to January 2017.

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The Real Deal Miami | Developer to launch phase two of Hallandale project – sans residences New tenants include La Estancia Argentina, Doggis Arepa Bar and Flippo’s Kids Playground

February 9, 2017/0 Comments/in Real Estate/by mkotler

Mexican developer Grupo Eco is going all commercial on its two-phased Hallandale Beach project.

Construction is slated to be completed on Atlantic Village I by the fall, developer Elias Benaim told The Real Deal. The 32,000-square-foot retail and office development, at 801 Federal Highway, signed on new tenants La Estancia Argentina, Doggis Arepa Bar and Flippo’s Kids Playground.

Asking rents continue to be in the same $25 per square foot to $35 per square foot range, triple net, for the second floor and about $10 more per square foot for the ground floor. La Estancia, an Argentinian restaurant, signed a 15-year lease for 3,000 square feet and Doggis signed a 10-year lease also for 3,000 square feet. Flippo’s is leasing about 8,000 square feet on the second floor, bring the project up to about 50 percent leased.

Grupo Eco originally planned to have a residential component for the second phase, Atlantic Village II, but is instead focusing on more commercial space based on market conditions. “ArtSquare has 350 units coming two blocks away so we feel we’re going to succeed in filling the need for commercial space,” Benaim told TRD

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The Real Deal | Focus on developing downtown Miami intensifies: ULI event

December 13, 2016/0 Comments/in Real Estate/by mkotler

UPDATED Dec. 12, 3:30 p.m.: Downtown Miami, traffic-clogged by day and deserted at night, could soon be transformed into a pedestrian-friendly urban dining and entertainment hub, say planners, brokers and local business owners.

Sandwiched between Northeast Sixth Street to the north, Biscayne Bay to the east, and the Miami River to the south and west, downtown Miami has lagged as development has boomed in nearby Brickell, Wynwood and Edgewater.

But participants at a seminar last week, sponsored by the Urban Land Institute and Akerman LLP said a mix of public and private development is about to bring about big changes to downtown Miami.

Mika Mattingly, executive vice president of Colliers International said, “downtown is finally going to move.” Over the past two years there have been $1.8 billion in transactions in the downtown area with prices per square foot increasing from $82 to $500, she said.

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THE REAL DEAL | Downtown Miami to see surge of nearly 3,500 new condos delivered in 2017 as resale pricing falls: report

The Real Deal Miami | Developer to launch phase two of Hallandale project – sans residences New tenants include La Estancia Argentina, Doggis Arepa Bar and Flippo’s Kids Playground

The Real Deal | Focus on developing downtown Miami intensifies: ULI event

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Tag Archive for: real

Same location for over 50 years.

Same location for
over 50 years.