Florida

Development Florida Multifamily Southeast

KABR Group, Klotz Open 456-Unit Reef Apartments in Jacksonville

by John Nelson September 22, 2023

JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.

September 22, 2023

Development Florida Leasing Activity Mixed-Use Restaurant Retail Southeast

First Round of Retail Tenants Sign Leases at Nora Development in Downtown West Palm Beach

by John Nelson September 21, 2023

WEST PALM BEACH, FLA. — The first round of retail and restaurant tenants have signed leases to join the commercial district at Nora, a mixed-use development underway in downtown West Palm Beach. A partnership between West Palm Beach-based NDT Development, Miami-based Place Projects and Greenwich, Conn.-based Wheelock Street Capital is developing Nora. The lineup of new tenants includes three food-and-beverage concepts: Loco Taqueria & Oyster Bar, H&H Bagels and Van Leeuwen Ice Cream. The roster will also include two fitness concepts: [solidcore] and Rumble Boxing. The first phase of Nora will comprise 25 eateries and several shops and wellness concepts along North Railroad Avenue. Nora will also include boutique and creative offices and a 201-room hotel that will be developed by a partnership between BD Hotels and Sean MacPherson.

September 21, 2023

Development Florida Multifamily Southeast

Kaplan Residential to Develop 306-Unit Apartment Community in Englewood, Florida

by John Nelson September 21, 2023

ENGLEWOOD, FLA. — Kaplan Residential plans to develop Generation Englewood, a 306-unit apartment community in Southwest Florida. The Bay Harbor Islands, Fla.-based developer purchased the nearly 20-acre site at 201 Pine St. in Englewood from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. Kaplan plans to break ground on Generation Englewood in the first quarter of 2024. Designed by CID Design Group, the development will include a 10,000-square-foot clubhouse, including a dog park that offers outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Monthly rental rates will range from $2,000 to $3,500, according to Kaplan Residential, which plans to deliver Generation Englewood in early 2026.

September 21, 2023

Development Florida Mixed-Use Multifamily Retail Southeast Top Stories

Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Jeff Shaw September 21, 2023

JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …

September 21, 2023

Acquisitions Florida Mixed-Use Office Retail Southeast

Orion Capital Partners Acquires Mixed-Use Property in Miami for $58M

by John Nelson September 20, 2023

MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Development Florida Mixed-Use Southeast Top Stories

Tampa Bay Rays to Build $1.3B Ballpark, Surrounding Mixed-Use Development in St. Petersburg, Florida

by Kristin Harlow September 20, 2023

ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …

September 20, 2023

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates Sale of 16-Story Office Tower in Coral Gables, Florida

by John Nelson September 19, 2023

CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.

September 19, 2023

Development Florida Industrial Southeast

Geis, Stonemont Financial Complete 500,000 SF Industrial Project in Fort Myers, Florida

by John Nelson September 18, 2023

FORT MYERS, FLA. — Geis Development has completed the construction of two identical industrial warehouses totaling 500,000 square feet at 16670 Oriole Road in Fort Myers. Dubbed Legacy 500K, the project was developed in partnership with Stonemont Financial Group. Each building totals 250,000 square feet and features 32-foot clear heights and ESFR sprinkler systems. The speculative warehouses can each accommodate tenant occupancies ranging from 37,000 square feet to 250,000 square feet. Clive Daniels, a furnishing and design company, will occupy 175,000 square feet of Building One, which features 21 dock doors and 39 trailer spaces.

September 18, 2023

Florida Leasing Activity Office Southeast

JLL Arranges Office Lease at 470,000 SF Riverplace Tower in Jacksonville

by John Nelson September 18, 2023

JACKSONVILLE, FLA. — JLL has arranged a new lease at Riverplace Tower, a 470,000-square-foot office property located at 1301 Riverplace Blvd. in Jacksonville. Rogers Towers, a law firm, will occupy two floors at the tower through 2037, with the possibility of an extension. Acram Group is the landlord at the property, which is currently undergoing a $10 million capital improvement plan. Michael Loftin and Jesse Shimp of JLL represented Acram in the leasing lease negotiations. Jim Sebesta of Newmark Phoenix Realty Group represented the tenant.

September 18, 2023

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