wynwood walk

Thor starts construction on Wynwood Walk

Thor Equities is beginning construction on its planned retail and restaurant development Wynwood Walk, after securing construction financing, The Real Deal has learned.

New York-based Thor won approval from the Wynwood Design Review Committee in May for the project at 2800 Northwest Second Avenue, to be built on 2.3 acres the firm owns in the artsy neighborhood. Read more

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New York firm scores loan for project in Miami’s Upper East Side

A company tied to New York-based Knickpoint Ventures just secured $13.75 million in financing for a Class A self-storage facility in Miami’s Upper East Side, property records show.

Florida Community Bank provided the loan to Bel Air Crest LLC. Records show the entity paid $840,000 for the 29,000-square-foot lot at 7865 Northeast 10th Avenue in 2003.

Knickpoint was founded this year by Zain Koita, a former development executive with Related Companies and Matt Sprayregen, formerly with BBH Capital Partners, a private equity fund based in New York.

Koita said the company plans to build a 120,000-square-foot, five-story building with about 3,000 square feet of retail space.

The neighborhood, which includes the MiMo District, has increasingly become a target for investors and developers as it attracts new restaurants, retail tenants and some micro-unit developments.

Last year, the former Cadillac Hotel in the MiMo District was acquired by Canadian investors who plan to convert the building into micro condos.

Smaller residential units and increasing land costs make it especially challenging to find affordable development sites, Koita said. He declined to say how much equity he’s investing into the self-storage project, which will be completed by the beginning of 2019.
Self storage has caught the attention of deep-pocketed investors over the past year. In August, developers Ken Edelman and Alan Potamkin opened SoBe Wine & Self Storage, a three-story commercial building with traditional storage and temperature controlled wine rooms on Alton Road.

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Art Basel agrees to 5 more years in Miami Beach

The organization behind Art Basel agreed to hold the annual art fair from 2019 to 2023 at the Miami Beach Convention Center after the city agreed to install a new elevator and escalator there.

The Art Basel organization also took an option to hold the art fair in Miami Beach from 2024 to 2028. The fair has been held in Miami Beach since 2002. Read more

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Miami Spice 2017 Exted to October

Miami Spice Extended Through October to Help Restaurants Recover From Hurricane Irma

To help local restaurants, the Greater Miami Convention & Visitors Bureau (GMCVB) has extended Miami Spice through October. The dining program, which traditionally runs August 1 through September 30, is designed to give a financial boost to local eateries during Miami’s slowest months for tourism.

Spice public relations rep Larry Carrino says all restaurants currently participating in Miami Spice are invited to participate in October, but no new restaurants will join. About 90 percent or more of those restaurants are expected to extend the program through Halloween. The GMCVB is still reaching out to restaurants, but fewer than five have declined to continue through next month. The program and price points — $23 for lunch or brunch and $39 for dinner — will not change.

click here to read full article on Miami New Times
Food Halls In Miami

Food halls sizzle in Miami as craze spreads across nation

There’s a food hall commotion stirring up around the nation, and developers in Miami are joining the movement.

More food halls are opening nationwide as consumers demand more artisan and healthier food options in lively environments, according to the New York Times.

The brokerage firm Cushman & Wakefield conducted a research study showing that the growth of food halls has increased by 700 percent since 2010. Pamela Flora, director of research for Cushman & Wakefield, told the Times she expects the number of food halls to exceed 200 by 2019, which is about double the number of open food halls in 2016.

Already a number of food halls are planned to pop up around Miami. Those in the works include Brickell City Centre’s three-story Italian food hall, La Centrale, a 40,000-square-foot food hall, located at the northeast end of the shops. The retail component, developed with Swire Properties, Simon Property Group and Whitman Family Development, is part of the $1.05 billion, mixed-use development that also includes residential, hotel and office components. La Centrale is set to open in December.

The Citadel is another food hall planned in the Little Haiti/Little River neighborhood of Miami. Tenants include the River Seafood Oyster Bar, Green G Juice Bar and Taquiza. Developers Thomas Conway and Nicholas Hamann plan to open the Citadel, a roughly 60,000-square-foot space at 8300 Northeast Second Avenue, in the winter.

The Lincoln Eatery, at 723 North Lincoln Lane, will be on the ground floor of the new Marshalls building just off of Lincoln Road, in Miami Beach. Developer Terranova Corp. plans to open the 9,600-square-foot food hall by the summer of 2018.  It will have roughly 16 eateries, juicers and coffee-type tenants, according to Terranova Executive Vice President Mindy McIlroy.
Another food hall in the works include the Time Out Market, a gourmet food hall planned for 1601 Drexel Avenue, on the ground floor of a parking garage built in 2012, just around the corner from Lincoln Road.

Developers have the option to either choose to lease out and operate food hall themselves, or hire professionals in the food industry to manage vendors. Food halls call for about 5,000 square feet to more than 40,000 square feet, according to the Times. Same-store restaurant sales dropped 2.8 percent in July, according to the latest report by TDn2K, which tracks weekly sales from 28,5000 restaurants. [NYT] – Amanda Rabines

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Miami Restaurants Help in Hurricane Irma Recovery Efforts

Miami Restaurants Helping in Hurricane Irma Recovery Efforts

Many Miami establishments are donating funds and supplies to relief efforts — even as they themselves are without power. Here’s a list of places where your dollars and donations can help.

7-Eleven. Various locations. Customers nationwide can join 7-Eleven in its hurricane-relief efforts by adding $1 to in-store purchases or donating online at 7eleven.com/hurricane-relief. All money will be donated to the Red Cross.

Islamorada Beer Company. 2229 Overseas Hwy., Islamorada; 305-440-2162; islamoradabeerco.com. The brewery has set up a GoFundMe page to help raise money for supplies. Cofounder Jose Herrera says he plans to make as many trips with supplies as he can. So far, the campaign has raised nearly $6,000 of its $10,000 goal. He’s also looking for a few Miami breweries to step up and volunteer to become drop locations for people to leave donated supplies. If anyone is interested in helping, email him at jose@islamoradabeerco.com.

Mojo Donuts & Fried Chicken. 8870 SW 40th St., #13, Miami; 305- 223-6656; mojodonuts.com. The restaurant is collecting items to donate to help Monroe County residents who evacuated to Florida International University. Items needed include diapers, yoga mats, feminine hygiene products, clothes, food, water, blankets, and pillows. Items can be left at Mojo Donuts and will be delivered to the shelter residents.

My Ceviche. 3252 NE First Ave., Miami; 786-220-8832; myceviche.com and all other locations.
My Ceviche has partnered with Feeding South Florida and will donate 50 percent of proceeds from all locations to the organization this Friday, September 15, through Sunday, September 17.

Shuckers. 1819 79th St. Cswy, Miami Beach; 305-866-1570; shuckersbarandgrill.com. Shuckers is donating 50% of all draft beer sales this Saturday and Sunday to the United Way of Miami-Dade Operation Helping Hands to support Hurricane Irma relief efforts.

Simon Malls. South Florida Simon malls including Dadeland Mall, The Falls, Miami International Mall, Coral Square Mall, and Town Center at Boca Raton will serve as drop-off points to donate supplies to the Red Cross. Supplies will help out the Florida Keys residents currently staying at a shelter at FIU. Items being accepted include water, non-perishable foods, blankets, pillows, ,portable phone chargers, paper plates, and plastic ware. The malls will accept donations throughout September 30 at the following locations:

  • Mall Management offices at Coral Square Mall & The Falls from 10 a.m. – 5 p.m.
  • Simon Guest Services at Miami International Mall from 10 a.m. – 9 p.m.
  • Simon Guest Services and Mall Management office at Dadeland Mall from 10 a.m. – 9:30 p.m.
  • Simon Guest Services at Town Center at Boca Raton from 10 a.m. – 9 p.m

Sugar at East Miami. 788 Brickell Plaza, Miami; 786-805-4655; east-miami.com. To support Hurricane Irma relief, Sugar will donate $2 per each specialty “Irma Relief” cocktail ($16) to Feeding South Florida. The cocktail includes Plymouth gin, St-Germain, muddled apple, aloe, and pineapple and lime juices.

Wall. 2201 Collins Ave., Miami Beach; 305-938-3130; wallmiami,com. September 15 through 17, Wall will donate 100 percent of its door revenue to the Red Cross.

Zuuk Mediterranean Kitchen. 250 S. Miami Ave., #105, Miami; 305-200-3145; zuukkitchen.com. Zuuk has partnered with Feeding South Florida to donate 50 percent of proceeds from all locations to the organization this Friday, September 15, through Sunday, September 17.

click here to read full article on Miami New Times
Eighty Seven Park

Terra, partners boost construction loan for Eighty Seven Park to $155M

Terra Group and its partners just took out $63.8 million in construction financing for Eighty Seven Park, boosting their mortgage to $155 million.

Property records show Singapore’s United Overseas Bank Limited is providing the financing to 8701 Collins Development LLC. It adds to the previous $91.2 million the developer secured with the Asian bank.

Eighty Seven Park, designed by Renzo Piano, is being developed by Terra in partnership with Bizzi & Partners Development, Great Eagle Holdings and Vector Group subsidiary New Valley. The developers plan to begin vertical construction soon, but did not provide a date. It was set to go vertical more than a year ago as the condo market slowdown was settling in.

Douglas Elliman is leading sales for the 70-unit, 20-story oceanfront tower planned for 8701 Collins Avenue in North Beach. It’s more than 60 percent sold with more than $250 million in total sales volume, according to a press release.

Prices range from $1.6 million to $15.2 million and units from 1,400 square feet to more than 7,000 square feet.

The tower will feature an underground parking garage, a gym/spa and a rooftop terrace. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture, the latter of which designed the Miami Beach Soundscape Park, are also working on the project design. Eighty Seven Park will also be surrounded by a forest of 200 trees that will also infiltrate the ground floor lobby.

Amenities will include access to an outdoor juice bar, salon and full-time botanist.

Terra purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles Beach developer Michael Dezer for $65 million in 2013. That hotel, which was originally known as the Biltmore Terrace, was built in the early 1950s and demolished in 2015. Its lobby was designed by famed architect Morris Lapidus.

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juvia

Miami’s Five Best Rooftop Happy Hours by Miami New Times

Rising to the top is never a bad thing, and in this case, think rooftops. Naturally, the best way to enjoy captivating skyline views is with a cocktail. If you need a reason to grab a drink, here’s a list of Miami’s five best rooftop happy hours.

1. Whisper Cocktail Lounge. The W Miami’s rooftop terrace on the 50th floor, previously known as Club Fifty, has been rebranded as Whisper Cocktail Lounge. A $5 happy hour featuring on-trend frosé is offered Wednesday through Saturday from 6 to 8 p.m. The lounge’s weekly event lineup is what really makes this rooftop rise above the rest. Ladies’ night is every Wednesday from 6 to 8 p.m., when women drink the weekly rotating cocktail for free. Thursdays are dedicated to the ’80s and ’90s during Bounce Back Thursday; the themed happy hour features local DJs spinning the best throwback hits, and guests can relive their youth through childhood games and free passed bites. 485 Brickell Ave., Miami; 305-503-4400; wmiamihotel.com. Read more

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HUD announces changes on reverse mortgage program

The Department of Housing and Urban Development announced Tuesday that it plans to make changes, including raising premiums, to the reverse-mortgage program for senior citizens. The Trump administration believes the program, which allows lenders to take out a mortgage against the value of their home, needs better financial footing, according to The Wall Street Journal.

HUD plans to raise the upfront payment of the loan program from 0.5 percent to 2.0 percent, and will lower the annual payment from 1.25 percent to 0.5 percent. Changes will only be imposed on new borrowers, while existing reverse-mortgage borrowers will be able to keep existing rates. Read more

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Pear flatbread at GLAM

Miami Goes Green With Restaurants GLAM, Soul Tavern, and Crate Plant-Based Kitchen & Lounge

Firm, glistening cubes of watermelon bear a striking resemblance to high-end raw tuna, which is precisely why chef Todd Erickson chose the juicy fruit as the foundation for the restaurant’s vegan poke ($7). To make the dish taste like the Hawaiian raw fish salad, he enhances the watermelon with Asian ingredients such as kombu broth, yuzu vinaigrette, sweet tamari, nori shavings, and sesame seeds. Baby mushrooms and crunchy lotus flower root help round out this refreshing, umami-laden starter.

Erickson is the executive chef at GLAM, which is short for “Green Living Animals Matter.” It opened in midtown earlier this summer, marking the well-known toque’s first foray into helming an exclusively vegan kitchen. Erickson isn’t vegan, but the restaurant’s vegan owner, Janette Miller, sought him out, and the two instantly connected. A former interior designer, Miller recognized that Miami lacked an eatery serving elevated plant-based fare that was also approachable and affordable.

click here to read full article on Miami New Times