Posts Tagged ‘South Florida News’

Port of Miami officials mull nine-figure cruise terminal upgrade

December 6th, 2011

The Port of Miami is considering spending several hundred million dollars to upgrade cruise terminals, according to Miami Today, to accommodate the growing number of passengers expected to flood the area in the coming years.

The port drew 4.1 million passengers, making it the busiest one in the world, and officials expect that number to rise to 5.9 million by 2035. The industry generates about $60 million per annum for Miami-Dade county.

In hopes of maintaining its leadership position, officials want to expand the size of terminals because the industry has trended towards larger ships. The latest vessels by Carnival Corp, Royal Caribbean Cruise Lines and Norwegian Cruise Line are as long as 1,300 feet

Marriott Harbor Beach’s ground lease interest nets $49M

December 4th, 2011

U.S. Realty Advisors acquired the ground lease interest on Marriott Harbor Beach Resort & Spa for $48.6 million, according to the South Florida Business Journal.

The 16.5-acre oceanfront parcel is located at 3030 Holiday Drive in Fort Lauderdale and contains the 15-story, 650-room hotel. The hotel is controlled by Host Hotels and Resorts, which has more than 93 years remaining on the leased fee interest. The ground lease previously belonged to Northwestern Mutual which tapped Holliday Fenoglio Fowler to market the property.

The hotel has direct beach access, three restaurants, a 22,000-square-foot spa and a 100,000-square-foot function space.

U.S. pending home sales rise sharply

December 3rd, 2011

Pending home sales rose strongly nationwide in October, increasing by 9.2 percent year-over-year, according to the October pending home sales report from the National Association of Realtors, released today.

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condominium and co-op units, rose to 93.3 in October from 84.5 in September. In October 2010, the index was 85.5.

The Pending Home Sales Index in the South surged 8.6 percent to 99.5 in October and was 9.7 percent above October 2010′s index. An index of 100 equals contract activity from 2001.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years,” said Lawrence Yun, chief economist at NAR.

Yun also indicated that record low default rates and a decline in inventory due to less building after the recession hit could be factors driving the optimistic numbers.

Yun was also cautious. “Although contract signings are up, not all contracts lead to closings,” he said. Many potential buyers make mistakes with their credit while applying for mortgages and are not approved. Tighter regulations for mortgages surely contribute. – Guelda Voien

Source: http://therealdeal.com/miami/articles/us-pending-home-sales-rise-sharply-according-to-the-national-association-of-realtors

Sunset Harbour is Miami Beach’s next hot ‘hood

December 2nd, 2011

The Sunset Harbour neighborhood in Miami Beach is undergoing a renaissance as business owners, city officials and a condo developer launch new projects there. The first Fresh Market in Miami Beach opens there this week.

Miami Beach’s Sunset Harbour is saying goodbye to neighborhood establishments like Mark’s Quality Cleaners and Riverside Gordon Funeral Home as it prepares to welcome a shiny new condo tower, a “starchitect”-designed parking garage and new restaurants, shops and grocery stores.

It’s part of a neighborhood makeover that business owners hope will turn the area into South Beach’s newest live-eat-play destination.

“In the next five years, you’ll probably see a nice enclave of restaurants and retail, more like what you see on Lincoln Road,” said Alan Waserstein, who owns Miami Lakes-based. LeaseFlorida. Earlier this month, Waserstein sold a plot of land on 20th Street to a condo developer for $4.3 million, doubling his investment from last year.

Sunset Harbour — bordered by Alton Road, Dade Boulevard, 20th Street and Biscayne Bay — is one of the few sections of South Beach zoned as an industrial district, a designation that has kept it from becoming a big player in retail, restaurants and entertainment. The Venetian Causeway leads drivers directly into the bayfront neighborhood, which sits on the northwest corner of South Beach, but most cars pass right through to the more lively Alton or Lincoln roads.

That’s likely to change, as investors and small business owners have aggressively bought up old buildings and land to repurpose the neighborhood as a shopping and dining hub. The city of Miami Beach is getting in on the action as well, launching a new high-end parking garage and planning to move its property management division across the street.

The area, mostly known for its yacht-shaped Publix and a 60-year-old neighborhood dry cleaner’s, has attracted tens of millions of dollars in new investment in the past year, with more on the way.

Ellen Friedman, who owns Mark’s Quality Cleaners with her husband, sold the building on 20th Street to a condo developer earlier this month. The company will relocate its operations in January, while the developer — the same entity that bought Waserstein’s 20th Street land — erects a new mixed-use condo tower, she said.

“They’re putting in an extraordinary complex,” Friedman said. “It’s going to be retail on the bottom and very posh condos on the top.” She added the project could be completed within two years, when Mark’s would return to the location as a retail tenant.

The developer, listed as Boca Raton-based Palau Sunset Harbor, has not officially filed plans with the city, and could not be reached for comment.

The city of Miami Beach also sees Sunset Harbour as a neighborhood ripe for development. The city is building a flashy parking garage with about 450 spaces on Purdy Avenue and commissioned star-architectural firm Arquitectonica to design it. The high-end garage is slated to have 30,000 square feet of retail space on the ground floor.

“More parking will help bring interest from the private sector to help redevelopment of the area,” said Assistant City Manager Jorge Gomez. “Also, the commercial component of the parking garage will help draw interest to the area.”

To help ease the flow of traffic in the burgeoning neighborhood, the city is considering building a bridge over the Collins Canal. City officials have authorized a $639,000 feasibility study for the proposed bridge, on West Avenue between 17th and 18th streets, and plan to hold an up-or-down vote next year.

The bridge could help alleviate traffic congestion on Alton Road and make it easier for drivers and pedestrians to travel between Sunset Harbour and the rest of South Beach.

With promises of better parking and potentially a smoother flow of traffic in Sunset Harbour, restaurateurs, grocers and retail companies are flocking to the sleepy neighborhood.

Fresh Market selected the neighborhood for its first Miami Beach location. The popular produce market is set to open its newly built 24,000 square-foot location, at 1800 West Ave., on Wednesday morning.

A handful of restaurants—including Morgan’s, Barceloneta and Pubbelly’s Sushi—have opened in the past six months. Catering mostly to a local crowd, the restaurants have found a loyal niche during dinnertime.

“These property owners look upon this as a chance to almost create another Lincoln Road,” said Frank Kruszewski, president of the Sunset Harbour Neighborhood Association. “Once the garage is built, you’ll have the ability to park your car and go to a couple different places.”

Earlier this year, Rosinella Restaurant purchased the property that has housed Riverside Gordon Funeral Home for decades. The family-owned Italian restaurant, with a popular outpost on Lincoln Road, is planning to build a restaurant, bakery and coffee shop at the 1920 Alton Rd. site. Construction could begin in the next few weeks, said co-owner Tonino Doino.

The company expects more restaurants and businesses to follow suit and move into the area in the coming years.

“It’s going to be a nice area,” Doino said. “It’s a completely new area and I think it’s a great neighborhood, especially for local people.”

Source: http://www.miamiherald.com/2011/11/16/v-fullstory/2523862_sunset-harbour-is-miami-beachs.html#storylink=addthis#ixzz1fIsoXmuO

Miami Beach home lists for $60M

December 1st, 2011

A 10-bedroom home at 3 Indian Creek Drive in Miami Beach has been listed for $60 million, according to Miami Today. The home, which was designed by architect Rene Gonzalez, has 30,000 square feet and a 100-foot pool. The home is located on Indian Creek Island, which has its own private police force and golf club.

To view the property please call 786-276-2451

Miami residential sales jump 51 percent in third quarter: report

November 16th, 2011

The sales of single-family homes and condominiums in Miami-Dade County rose by 51 percent in the third quarter, according to a report from the Miami Association of Realtors. It was the 13th consecutive quarter of increasing sales in Miami. The average sales price of single-family homes also rose, jumping 19 percent, and the average sales price of condos jumped by 21 percent. “Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment,” said Jack Levine, chairman of the board of the Miami Association of Realtors. “Local sales are expected to set a record this year that should exceed the height of the boom in 2005.” Total housing inventory in Miami-Dade County fell 38 percent from the same period in 2010, with a 65 percent total drop since August 2008.  — Alexander Britell

Source: http://therealdeal.com/miami/articles/miami-residential-sales-jump-51-percent-in-third-quarter-report

Coral Gables, Biltmore reach deal

November 12th, 2011

The city of Coral Gables and the Biltmore hotel have reached a deal in principle in which the hotel would repay much of its overdue rent and golf fees, according to the Miami Herald. The hotel is owned by the city, and the row over delinquent rent has lasted since 2009. As part of the plan, the hotel’s operator, Seaway, would resume paying rent to the city, with base rent at about $800,000 per month, and it would also pay back about $650,000 in unpaid golf management fees. Seaway has argued that the city should reinvest much of the money it receives in rent, but that has continued to prove an issue between the two sides.

 

Source: http://therealdeal.com/miami/articles/coral-gables-biltmore-reach-deal

New projects planned for Sunny Isles

November 9th, 2011

At least three new condominium towers are being planned in Sunny Isles Beach, according to a report from Condo Vultures. The projects, which call for a total of 524 new units in the city, would help Sunny Isles’ real estate market move forward with unsold developer inventory projected to be absorbed entirely by the end of next year. “We expect the ultra-luxury Regalia condo tower — proposed as one unit per floor — to be one of the first new Sunny Isles Beach projects to launch presales since the crash,” said Peter Zalewski, founder of Condo Vultures. Pricing for the 42-story project will start at more than $1,000 per square foot. — Alexander Britell

Source: http://therealdeal.com/miami/articles/new-projects-planned-for-sunny-isles

Wynwood Market Update

October 26th, 2011

Wynwood has been picking up steam lately in its process of rejuvination. In the past two months it picked up two hip coffee houses, Panther Coffee, located at 2390 NW second ave, and Lester’s, located at 2519 NW 2nd Ave. Most people from Midtown or Edgewater can check them out during the highly popular Wynwood Art Walks but it will likely take some time before business is booming at these locations but eventually it will if the owners have the patience.

One recent important development in the area is that the new Charlie’s Angels TV series will set up home-base right in the heart of Wynwood. We already have seen some movies such as The Rock of Love being shot there as well as many other artistic endeavors but the fact that there will be a running TV show the caliber of Charlies Angels will have a much bigger impact on the local economy. If anything, the chance to spot some hot celeb’s at these coffee houses might bring some more attention to these currently low-key establishments.

The residential areas immediately around the NW 2nd Ave epicenter of Wynwood are still in bad shape and I have not seen much construction activity that would indicate immediate change is on the horizon. However, I can see that this continue improvement of this unique retail strip can create the type of fascinating embryo that will attract residential developers immediately next to it and then spread onward. The buzz is still going strong.

There has not been much commercial real estate activity on the selling side. I believe because many real estate owners are either underwater on their mortgages and the banks are not moving much to write off commercial loans just yet to allow for significant numbers of short sales, and also because owners see what is happening in the area and would not want to sell at depressed prices if they don’t have to. There is certainly upside potential but anyone that needs to sell now would have to contend with the reality of the market today.

Source: http://miamirealestatenews.org/2011/07/26/wynwood-market-update/

Home remodeling hits record in August

October 25th, 2011

 

 

 

 

 

 

Home remodeling is big these days, even in a sour economy. Or maybe because of it.

The BuildFax Remodeling Index released this week showed that August had the highest amount of remodeling since the index started in 2004, and it was the 22nd consecutive month with an increase.

BuildFax estimates that more than 3.3 million home remodeling projects in the U.S. will be completed this year. The company, based in Texas, says it tracks construction records on millions of properties from cities and counties nationwide.

“As mortgage rates hit record lows, it is apparent that millions of Americans are refinancing their homes and using some of their new monthly savings to reinvest in their homes with remodeling projects,” Joe Emison, a vice president at BuildFax, said in a statement.

Presumably, remodeling also is popular in places such as South Florida where people can’t sell their homes because their mortgages are “underwater.”

Source: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/10/home_remodeling_hits_record_in.html