Real Estate

Edgewater Site Listed For $4.9M

530 NE 29th St Site in Edgewater

A 6,300 square foot Edgewater site located at 530 NE 29th Street has been listed for sale for $4.9 million, according to The Real Deal.

Currently on the site is a 10 unit apartment building that can be zoned for 8 stories, but can go as high as 45 stories if joined with the 15 unit condo next to it on the water.

TSG Group Purchases Arts & Entertainment District Site For $5.9M

1765 North Miami Avenue

TSG Group has purchased a 30,000 square foot site at 1765 North Miami Avenue located in the Arts & Entertainment District for $5.9 million, according to The Real Deal.

The site will be used as a multifamily project and is zoned for up to 24 stories and 344 units.

Construction could break ground early 2020.

TBT - "Scarface" Building On Ocean Drive Sells For $15M

728 Ocean Drive

TBT (March 19, 2015) - 4 years ago the building used in the movie Scarface was sold for $15 million. Demolition and renovation started on the building in April 2017 before finally being completed January 2018 and turned into a CVS.

The building that was used in the infamous chainsaw scene in the movie Scarface has sold for $15 million, according to the Real Deal. 

The property at 728 Ocean Drive and 6,500 square foot building was sold to New York based developers, Infinity Group. 

A Johnny Rockets restaurant operates from the ground level of the building. 

The building last sold for $8 million in 2011.

1100 Unit Apartment Complex Planned For 2000 Biscayne

2000 Biscayne Rendering

Kushner Companies is under contract to purchase the 2000 Biscayne site and plan to build an 1100 unit apartment building, according to The Real Deal.

The 32,775 square foot site was recently sold for $13.1 million to Enrique Manhard in October 2018 after purchasing it from Verzasca Group. When Verzasca Group own the land, they demolished the City Hall restaurant on the site and had plans to build a 36 story rental building with 393 units.

Kushner plans on financing the $550 million three phase project. The first phase, with 400 units will break ground third quarter this year.

1 Hotel South Beach Sold For $610M

1 Hotel South Beach

The 1 Hotel South Beach has been sold for $610 million to Host Hotels & Resort, according to the SFBJ. The seller was Starwood Capital Group and the LeFrak Family.

Location at 2341 Collins Avenue, the 1 Hotel South Beach has 429 rooms, but does purchases doesn’t include the 155 condos.

Starwood Capital Group purchased the hotel in 2012 for 100.3 million and renovated it at a cost of $300 million.

TBT - A Revival Of Miami's Omni District

Miami's Omni District

TBT (February 2, 2015) - Four years ago, the Miami Herald had an article about the revival of Miami’s Omni District, now rebranded the Arts & Entertainment District. Previously, the area was run down with vacant lots and was even used as a set for the movie Rock of Ages featuring Tom Cruise. Fast forward four years and the area now has the completed Square Station, Canvas Condo, the under construction Art Plaza and Miami Plaza with more future development on the way.

After many purchases of vacant land in Miami's Omni District, the area looks to be heading towards a rebirth, according to the Miami Herald.

The neighborhood is located just North of Downtown, but South of Wynwood, Midtown and the Design District. Recent purchases in the area include 1400 Biscayne (Auberge Residences & Spa), Melo Group's land at NE 14th St & NE 1st Ave, and a $64 million transaction just South of the Miami Cemetery.

Land prices were around $60 a square foot five years ago have increased to $390 a square foot, but developers believe condos can be cheaper than Downtown, Brickell and Edgewater. 

Krystal Tower Site in Downtown Miami Sold For $8.5M

Krystal Tower Site

Krystal Tower Site

The Krystal Tower site in Downtown Miami located at 530 NW First Court has been sold for $8.5 million, according to The Real Deal. The seller is Rodolfo Ishak and the buyer is BH Investments

Krystal Tower was supposed to be a 35 story condo with 153 residential units when announced in September 2014. It was then changed to Miami Station Tower in July 2016, but never materialized as the building remained uncompleted.

The site in located across the street from 3 MiamiCentral and next to a lot purchased for $4.7 million September 2016 where a 150 rental building was planned.