Monday, September 15, 2025
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One Biscayne Tower
FloridaLeasing ActivityOfficeSoutheast

CP Group Signs Leases With Five Tenants at One Biscayne Tower in Downtown Miami

by Abby Cox

MIAMI — CP Group has signed leases with five tenants totaling nearly 70,000 square feet at One Biscayne Tower, a 692,000-square-foot office tower situated in downtown Miami. FTI Consulting; Nelson Mullins Riley & Scarborough LLP; and Young, Bill, Boles, Palmer, Duke & Thompson renewed their current leases. Meanwhile, Alvarez & Marsal Tax LLC signed a new 23,092-square-foot lease and Filler Rodriguez LLP signed a new 2,437-square-foot lease. Juan Ruiz and Alex Marquez of Blanca Commercial Real Estate represented CP Group in all five lease deals. The tenant representatives included: Kevin Landers and David Dusek of Cushman & Wakefield (for Alvarez & Marsal Tax LLC); Keith Edelman of CBRE (Filler Rodriguez LLP); Chris Harak of Blanca (Nelson Mullins Riley & Scarborough LLP); Elizabeth Balch of Colliers (FTI Consulting); and Andrew Easton of Easton Group (Young, Bill, Boles, Palmer, Duke & Thompson). CP Group recently completed a multimillion-dollar capital renovation at One Biscayne Tower that included a new conference facility and fitness club and upgrades to the building café and convenience store, as well as a nearly 2,600-square-foot renovated lower-lobby eatery and lounge that is leased to the wellness-focused dining concept Heal.

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FloridaMarket ReportsMultifamilySoutheastSoutheast Market Reports

Orlando Multifamily Poised for Strong Second Half of 2025, Momentum Heading Into 2026

by John Nelson

Orlando’s multifamily investment market hit an inflection point in the first half of 2025.  Insurance rates and construction starts tapered, and we’ve started to see cap rate compression and signs of rent growth. Our traditional, “household name” and institutional multifamily buyers are back in the market and at the top of the bid sheet. Additionally, investors are showing a strong interest in and appetite for build-to-rent (BTR) communities as that subsector continues to gain favor.  It’s a significant improvement from where we were, coming off the post-pandemic roller coaster ride that saw record years for multifamily investment and pricing in 2021 and 2022 followed by interest rate spikes, cap-rate spikes and all coinciding with higher construction costs, skyrocketing insurance costs and a supply glut.  Of course, Orlando is one of the fastest growing metros in the United States, so new multifamily supply is certainly needed as the region grows in terms of population and affluence. Orlando’s population is expected to hit 3 million this year, with the metro area adding 1,500 new residents per week, according to the Census Bureau. What’s more, year-over-year median household income grew 3.6 percent year-over-year.  It’s no surprise that the region continues to rank among …

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Pendry-Tampa
DevelopmentFloridaHospitalityLoansMultifamilySoutheastTop Stories

Two Roads Development Receives $520M in Construction Financing for Downtown Tampa Hotel, Residential Project

by Taylor Williams

TAMPA, FLA. — South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project that will be located in the city’s downtown area. Pendry is a luxury hospitality operating platform and a division of California-based Montage International. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy (C-PACE) financing. “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline,” says Ryan Doyle, senior director of originations at Nuveen Green Capital. “This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.” “Awareness of what’s happening in the Tampa Bay region is growing each year, and we received tremendous interest from across the nation to finance this development,” adds Taylor Collins, managing partner of South Florida-based Two Roads Development. Designed by Arquitectonica with interiors by Studio Munge, Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building …

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ATRIUM-at-Oviedo-Park
FloridaMultifamilySoutheast

CGI+ Real Estate Sells 275-Unit Park Place Apartment Community in Oviedo, Florida 

by Abby Cox

OVIEDO, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Park Place, a 275-unit, garden-style apartment complex situated with the 108-acre master-planned community of Park Town Center in Oviedo. The buyer, RMR Residential, has rebranded the complex to ATRIUM at Oviedo Park. CGI+ Real Estate originally acquired the former Park Place in 2021 for nearly $70 million after a fire destroyed two buildings and two amenity areas. In collaboration with Fogelman, CGI+ Real Estate rebuilt 33 apartment homes and developed 2,642 square feet of community space occupied by Crazy Cork Wine Bar and a Bruster’s ice cream shop. Originally built in 2015, ATRIUM features one-, two- and three-bedroom floorplans ranging in size from 757 square feet to 1,275 square feet, according to Apartments.com. Amenities include a swimming pool, fitness center, basketball/pickleball court, pet washing station and a lounge.

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AcquisitionsFloridaHospitalitySoutheast

Trinity, Certares Sell 352-Room EAST Miami Hotel at Brickell City Centre to Blackstone

by John Nelson

MIAMI — Funds managed by Trinity Investments and Certares Real Estate Management have sold EAST Miami, a 352-room hotel located within the $1.1 billion Brickell City Centre mixed-use development. Funds affiliated with Blackstone Real Estate purchased the hotel for an undisclosed price. Built in 2016, EAST Miami features guest rooms, 89 serviced apartments and Sugar, a rooftop bar and dining venue. Trinity Investments and Certares acquired the property in 2021 from Swire Properties, the master developer of Brickell City Centre. Swire Hotels continues to operate the hotel under the company’s EAST hospitality brand.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

National CORE Obtains Funding for Affordable Seniors Housing Development in Gainesville, Florida

by John Nelson

GAINESVILLE, FLA. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also provided a $6.5 million Freddie Mac permanent loan for the project. National CORE also secured additional funding from Red Stone, which provided Low-Income Housing Tax Credit (LIHTC) equity and bonds from the Florida Housing Finance Corp. The property qualifies for tax abatement, which provides tax exemption for nonprofit-owned properties that commit to using it for providing affordable housing for a minimum of 99 years. Hawthorne Heights will serve seniors age 62 and older, with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three apartments for residents earning no more than 22 percent of the area median income (AMI), nine apartments for households earning up to 40 percent of AMI and 74 apartments for households earning 60 percent or below AMI. Completion of Hawthorne Heights is slated for November 2026, and the lease-up period is expected to begin in August 2026. National …

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AcquisitionsDevelopmentFloridaHospitalityLoansSoutheast

Northwind Group Provides $98M for Acquisition, Redevelopment of 1250 West Avenue in Miami Beach

by Abby Cox

MIAMI — Northwind Group has provided a $98 million senior loan for the acquisition and redevelopment of 1250 West Ave., an existing 238-room condominium building located in Miami Beach. Terra is leading the project in partnership with JDS Development Group, Rafi Gibly and Gianluca Vacchi, which acquired more than 95 percent of the units at the property. The group plans to transform the property into a luxury condominium tower on Biscayne Bay, with new entitlements permitting development up to 330 feet in height, with an anticipated 100-unit residential program. Northwind Group originated the loan through its Northwind debt investment fund III. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the financing on behalf of the borrower.

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FloridaMarket ReportsRestaurantRetailSoutheastSoutheast Market Reports

Orlando Retail Market Remains Tight as Investor Activity Rebounds

by John Nelson

Orlando has emerged as one of the Southeast’s most competitive retail markets, where robust tenant demand and limited supply are driving both leasing velocity and investor urgency.  With availability near historic lows below 4 percent and most new construction preleased, the market offers few options for the wave of private and institutional capital targeting Central Florida. This imbalance is fueled by strong population growth and resilient consumer spending. Quality retail assets continue to trade quickly, while lower-tier properties remain on the market longer. Buyer pricing remains grounded in fundamentals, and the gap between buyers and sellers has narrowed, making deals increasingly feasible. Investment activity has accelerated in 2025, following 12 to 18 months of steady engagement from private capital. Institutional buyers, including REITs and national funds, are now re-entering the market, primarily targeting stabilized assets in high-growth suburban corridors where tenant rosters offer long-term income visibility. Unanchored and grocery-anchored centers remain in high demand, especially in infill locations with constrained supply and strong population growth.  While investor appetite is strong, today’s environment has created a bifurcated market. Well-located, quality centers continue to trade quickly, often with multiple offers, while less desirable assets linger. 1031 exchange buyers and out-of-state groups remain …

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Gateway Jax Signs Publix to Anchor $2B Pearl Square Mixed-Use Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Gateway Jax has signed a lease with Publix to anchor Pearl Square, a 1.5 million-square-foot mixed-use development underway in downtown Jacksonville. The new Publix will span 31,000 square feet in a building that will also include a 15-story residential tower with 250 apartment units and 400 parking spaces. Gateway Jax and Corner Lot are expected to begin construction on the grocery store in summer 2026. Matthew Clark of Colliers handles the retail leasing assignment at Pearl Square on behalf of Gateway Jax. Upon completion of Pearl Square, the $2 billion development will comprise 1,250 residential units, approximately 200,000 square feet of retailers and restaurants and a renovation of the 100-room Ambassador Hotel. The project will also include new public spaces and parks, widened and shaded sidewalks, as well as a curbless festival street with outdoor dining options. A timeline for completion has not been disclosed. Gateway Jax is a locally based real estate development firm sponsored by JWB Real Estate Capital and DLP Capital.

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DevelopmentFloridaLoansMultifamilySoutheast

Madison Capital Arranges Equity for $84M Multifamily Development Underway in North Miami, Florida

by John Nelson

NORTH MIAMI, FLA. — Madison Capital Group has arranged preferred equity financing for Urbania NoMi 125th, an $84 million luxury multifamily development in North Miami. The equity source was not released. The developers of the 12-story, 195-unit community include Continua Development and Oldtown Capital Partners. Construction is underway and the development is expected to come on line in 2026. Amenities at Urbania NoMi 125th will include a pool, fitness center, media lounge, outdoor gathering spaces and ground-level retail space.

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