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Construction of Pinnacle at Tarpon River Kicks Off

29 Aug 2014, 3:32 pm

By Balazs Szekely, Associate Editor

Fort Lauderdale residents will soon have another affordable option downtown as a $32 million, 112-unit mixed-income and mixed-use development will be constructed at 805 Southeast 3rd Avenue.

The new Pinnacle Housing Group project is the first mixed-income housing development in downtown Fort Lauderdale south of Broward Boulevard. The developer is simultaneously  going vertical with the first mixed-income apartment in the City of Miami, Brickell View Terrace. Both communities will provide affordable and market-rate housing.

Pinnacle at Tarpon River will comprise 100 units designated for qualified affordable housing residents and 12 market rate rental units. Its location grants easy access to transportation and amenities, targeting mainly entry-level professionals, health care workers, teachers, service sector personnel and other public sector employees seeking an urban live/work environment

Common area amenities at the community will include a 1,800 square-foot fitness facility with both workout equipment and a yoga studio, internet café, a three-story parking garage with a controlled access and fully-equipped car care area, an outdoor patio deck on the garage roof with wet bar, barbecue and playground. Ample indoor common area space for programming and resident events as well as up to 2,000 square feet of leasable flex space for commercial or office uses will also be available.

According to this year’s “State of the Nation’s Housing” report by Harvard University’s Joint Center for Housing Studies, South Florida is becoming one of the nation’s least affordable regions to live in.

The project is set to come to market in 2015.

Photo credits: Pinnacle Housing Group

Three Major So-Fla Developers Join Forces to Acquire Hollywood Waterfront Site

22 Aug 2014, 8:49 pm

By Balazs Szekely, Associate Editor

The Related Group, 13th Floor Investments and Key International teamed up to acquire a waterfront site in Hollywood, Fla. The joint venture plans to develop a mixed-use condominium-hotel project on the property.

The newly formed joint venture acquired the parcel through a foreclosure auction held in mid-August. The transaction was worth $10 million, which is how much the partners paid for the note before the auction. Key International and 13th Floor have collaborated in several projects beforehand – most recently in the development of 400 Sunny Isles in Sunny Isles Beach and 1010 Brickell in downtown Miami, but this is the first time for Related to join in on a deal.

The 2.4-acre site is located at 4000 S. Ocean Drive along the Intracoastal Waterway, directly across A1A from The Related Group’s Apogee Beach and Hyde Resort & Residences developments. The parcel benefits from close proximity to a number of regional destinations such as Aventura Mall, downtown Hollywood, Bal Harbour and Miami Beach. The Miami International and Fort Lauderdale-Hollywood International airports are also within easy reach.

President of the Related Group Condominium Division, Carlos Rosso sees great potential in the area. “As the condo market continues to expand northward, from Sunny Isles and Bal Harbour, we are seeing great appreciation in our Hallandale and Hollywood developments,” he said. “This is on track to become “the” place to be, on the sand north of Sunny Isles,” he added.

Construction of the mixed-use project is expected to begin in the second half of 2015.

Image source: Broward County Property Appraiser

Joint Venture Grabs Downtown Dadeland for $38.9M

12 Aug 2014, 3:58 pm

By Balazs Szekely, Associate Editor

Duncan Hillsley Capital joined forces with Pebb Capital in order to purchase Downtown Dadeland, a 127,240-square-foot retail lifestyle center in Miami.

Formed in January 2009, Duncan Hillsley Capital LLC is a fully integrated, private commercial real estate investment company that started its operations by acquiring distressed and underperforming assets as and assisting other investors in restructuring and recapitalizing their portfolios after the recession. Pebb Capital started out this year. The wholly owned real estate private equity firm’s success is founded on the 40 year real estate investment, development and management experience of founders Todd and Jeff Rosenberg. Both partners in the joint venture are based in Boca Raton.

The property is located on a 7.5 acre urban infill site in the center of the stretch nicknamed Dadeland Golden Triangle across from Dadeland Mall. Completed between 2007 and 2009 Downtown Dadeland is also widely known as “a village within a city,” due to its pedestrian- friendly, town-center design. It includes 127,000 square feet of street level retail space with tenants like West Elm, HCA Medical, Chili’s Bar & Grill, Paul Mitchell Academy, Men’s Wearhouse or Panera Bread; as well as 416 condo units encompassing  studios, one-, two- and three-bedroom residences ranging in size from 470 to over 1,950 square feet.

Holliday Fenoglio Fowler marketed the complex on behalf of Downtown Dadeland Retail, LLC, the former owner of the asset. Managing Director Luis Castillo, Senior Managing Director Daniel Finkle and Senior Analyst Nat Scarmazzi led the HFF team that spoke for the seller in the transaction of the unencumbered property.

Photo credits: Downtown Dadeland

Noble Picks up Marriott Hotel near Miami International Airport

1 Aug 2014, 3:44 pm

By Balazs Szekely, Associate Editor

The recently renovated SpringHill Suites by Marriott Miami Airport South is under new management as Noble Investment Group acquired the facility in late July. The property is the second Miami hotel in the organization’s portfolio.

Founded in 1993, Noble is focused on value-added, opportunistic investments in the lodging and hospitality real estate sector. Noble has invested more than $2.5 billion in upper upscale and upscale hotels throughout the nation through its private equity real estate funds. These are affiliated with Marriott, Hyatt, Hilton and Starwood brands. Launched in 1998, SpringHill Suites by Marriott is a brand specially designed with business and leisure travelers in mind.

The seven-story hotel at 6700 NW 7th Street is located directly adjacent to Miami International Airport and apart from the 150 residentially-inspired suites it features an outdoor pool, a fully-equipped business center, fitness center as well as complimentary airport transportation. The property also features 480 square feet of meeting space with a capacity of up to 30 people. The guest rooms, lobby and public areas at SpringHill Suites Miami Airport South offer complimentary high-speed wireless connectivity.

Principal Ben Brunt is optimistic about the addition, especially due to the “robust year-over-year demand growth” in the area, he said according to a recent written announcement released by Noble.

“Our ability to establish operating synergies in the submarket will allow us to further drive RevPAR penetration at the hotel and yield on this investment,” he adds.

Photo credits: SpringHill Suites by Marriott

Armani-Dezer-Perez Trio Brings Luxury Residential Project to Sunny Isles Beach

18 Jul 2014, 5:27 pm

By Balazs Szekely, Associate Editor

The Armani Group announced Armani/Casa Interior Design Studio’s new joint venture with Gil Dezer’s Dezer Development and Jorge M. Pérez’s Related Group to develop a new high-end South Florida residential tower.

Armani/Casa Interior Design Studio provides complete interior design services to private individuals as well as property developers in 40 countries worldwide, all under the artistic direction of Giorgio Armani.  Since its inception in 2003, the company has opened a total of 53 outlets, comprising 31 mono brand stores and 22 shops-in-shops.

The exclusive partnership called upon Argentinean-born César Pelli’s expertise, the architect who has designs like the Petronas Towers in Malaysia and Miami‘s Adrienne Arsht Center in his portfolio. The 60-story oceanfront building and its 260 luxury residences will reflect Giorgio Armani’s trademark design characteristics also seen in the Burj Khalifa, the world’s tallest building located in Dubai.

Situated just north of Bal Harbour in Sunny Isles Beach, the site is close to some of Miami’s most popular attractions such as the Aventura Mall the Bal Harbour Shops, Ocean Drive and Lincoln Road in Miami Beach. The Armani Residences will offer buyers a choice of condo units ranging from 1,500 to 3,100 square feet. Floorplans will be available with up to four bedrooms with den and five and a half baths; the two, three and four bedroom units within the building having at least ten foot ceilings plus an east to west “flow through” floor plan design. A full service restaurant, a fitness facility and spa, a swimming pool near the Atlantic Ocean and private cabanas will almost certainly be among the common space features, but the ultimate list of amenities has yet to be finalized.

Prices are expected start from around $1.1 million and the highest class units will cost over $5.5 million.

Photo credits: Armani Residences Miami

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