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Aloft South Beach Tops Off

22 Sep 2014, 2:55 am

By Balazs Szekely, Associate Editor

Aloft South Beach, an adaptive reuse project announced earlier in May topped off according to JMH Development, one of the partners in the joint venture that develops the new 235-room hotel in the heart of Miami’s South Beach submarket.

With a presence in fourteen countries, Starwood’s portfolio of Aloft branded hotels has the modern, active traveler in its crosshairs, offering state-of-the -art tech solutions such as smartphone-based check-in at more than 100 of its locations worldwide. Aloft South Beach joins Aloft Miami-Brickell and Aloft Miami Doral as the brand’s third hotel in the Miami area.

JMH teamed up with Madden Real Estate Ventures to develop the new hotel, which is an adaptive reuse of the historic Motel Ankara. ADD Inc. is responsible for the design and Plaza Construction servies as the main contractor.  Apart from the Motel Ankara building, the project also includes a new eight-story tower.

The Aloft South Beach’s waterfront site has access to Lake Pancoast and the Collins Canal, which practically wrap around the property. On-site amenities will include an outdoor pool, roof deck lounge, a 24-hour fitness center and 2,349 square feet of flexible meeting space ideal for both business meetings and social gatherings

Its location just one block from the shores of Miami Beach also grants easy access to the Miami Beach Convention Center, several art galleries, the Bass Museum of Art and numerous night clubs, restaurants and boutiques. Its rooms averaging over 360 square feet makeit unique in the South Beach market.

Aloft South Beach will be first newly constructed hotel to open in South Beach since 2009 and it is scheduled to start its activity in early 2015.

Photo credits: Starwood Hotels & Resorts Worldwide 

Anex Office Signs Lease in Miami’s Brickell Financial District

12 Sep 2014, 9:03 pm

By Balazs Szekely, Associate Editor

Anex Office, a Miami-based company, recently signed an 11,000-square-foot lease agreement at the office building on 1001 Brickell Bay Drive, formally known as Brickell Bay Office Tower.

The tenant is an executive office suites provider offering fully equipped executive office units, meeting spaces, virtual offices, and secretarial services. Its clientele includes small- and medium-sized businesses as well as Fortune 500 companies.

Directly overlooking Biscayne Bay, the mid-sized office tower offers open layout floor plates from 10,896 to 18,622 square feet. Its range of amenities includes an on-site bank, covered parking, car wash service and 24-hour manned security. The new lease has brought the 280,500 square-foot tower to 92 percent occupancy. Other tenants in the building include risk management and insurance services provider AON, international law firm Astigarraga Davis, the British Consulate, 1st United Bank, national bakery café chain Au Bon Pain, global strategic business advisory firm The Hackett Group as well as tech/IT providers such as the NEC Corporation and Syntel.

The new lease marks Anex Office’s third alternative workspace location in the Miami area. The company is to occupy a full floor at the tower and Miami-based Insight Design’s Principal Iñaki Muguruza is in charge of the architecture and design of the tenant’s new shared office space at 1001 Brickell Bay Drive.

The building’s ownership was represented by Brickell Bay Office Tower Vice President Christian Driussi, and Brent Palmer and Sharon Ellis of Rise Realty spoke for Anex Office in the transaction; financial terms were not made public.

Photo credits: Google Maps

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

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