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. Read more

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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. Read more

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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. 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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Key International and 13th Floor complete 1010 Brickell with $262M sellout

Key International and 13th Floor complete 1010 Brickell with $262M sellout

Key International and 13th Floor Investments just completed 1010 Brickell, a 50-story condo tower.

The 389-unit is 99 percent sold with three units remaining and a sellout of more than $262 million, a spokesperson said. 1010 Brickell will begin recording closings in September. Sales launched in 2013, Inigo Ardid, co-president of Key International, said in a press release. Read more

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ASRR to buy out partner in Surfside condo project

Renderings of Arte by Antonio Citterio and Alex Sapir

Alex Sapir’s ASRR Capital is in advanced talks to buy out its partner in a Surfside condominium project, according to documents filed on the Tel Aviv Stock Exchange.

Sapir will pay $6.1 million for Eyal Ben-Yosef’s 12.5 percent stake in the project, called Arte by Antonio Citterio, marking the latest move in an eventful year for ASRR. Read more

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Aerial view of Bay Harbor Islands, Surfside and Bal Harbour

Bal Harbour, Surfside and Bay Harbor Islands may have 2 years of excess inventory

Nothing screams buyer’s market like excess inventory. And judging by a new report, sellers and developers in Bal Harbour, Surfside and Bay Harbor Islands could be dealing with just that.

That market currently has about two years of excess luxury condominium inventory, according to a new report from Condo Vultures Realty.

During the first half of this year, 39 units sold in the three cities, meaning an absorption rate of less than seven units per month, according to the report. But nearly 245 luxury units are listed for sale. The report defines luxury as units asking $1 million and up, and excludes the pipeline of preconstruction units.

Six months of supply generally makes for a balanced market. Anything over that suggests a buyer’s market, while years of excess supply suggest developers and sellers will be sitting on product for a long time. Read more

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Bal Harbour Shops

Bal Harbour Shops gets Bigger and Better

The Bal Harbour Shops are ready for a renovation. Scheduled to begin at the end of the year, one of Miami’s biggest malls is getting bigger. The mall is set to double in size, thanks to a $400 million investment project that was approved last week. Read more

One Thousand Museum by ZAHA HADID ARCHITECTS

What does the word ‘luxury’ mean in Miami?

Who is Zaha Hadid? The award-winning, Iraqi-British architect is, according to Forbes, one of the most powerful women in the world. Her approach to design is influenced by more than 30 years experience and careful study in architecture, design, and urbanism. Read more