ORLANDO, FLA. — DIX Developments LLC has unveiled plans to develop Vive on Eola, a 12-story residential building that will feature 120 micro units averaging 400 square feet. The development, estimated at $32 million, will welcome its first residents in early 2022. Vive on Eola’s floor plans will be similar to a studio apartment and monthly rental rates are projected to start at $1,250. The tower will have a ground-level signature restaurant, coffee shop, three floors of parking and as much as 13,500 square feet of coworking space. The site is at the corner of South Eola Drive and Church Street, which currently has a 9,000-square-foot office building that will be operational with month-to-month and other short-term leasing while DIX Developments awaits a demolition permit and other governmental approvals. Once the existing building is taken down, construction of Vive on Eola is expected to take eight to 12 months.
Florida
FORT LAUDERDALE, FLA. — Morgan Group has begun construction on Riverland Apartments, a planned 276-unit multifamily community in Fort Lauderdale. The gated property will span six four-story buildings offering studio to three-bedroom floor plans. Communal amenities will include coworking space, an internet lounge, clubroom, community kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda, pool pavilions, sun deck, dog park and a heated pool overlooking the property’s onsite lake. Morgan Group will oversee development, construction and property management of Riverland Apartments. The Houston-based company expects to welcome its first residents in the second half of 2021.
MIAMI BEACH, FLA. — A joint venture between King Street Real Estate GP LLC, Westdale Properties and Cedar Capital Partners has purchased Shelborne South Beach Hotel, a 275-room hotel in Miami Beach, for $120 million. The beachside hotel opened in 1941 in the Art Deco district, seven miles from downtown Miami. The hotel offers a pool; pool deck; sky terrace; several meeting and event spaces; beachside services including beach chairs and towels, and waverunner, parasailing and paddleboard rentals; nightly happy hour; and live music on the weekends. The seller was not disclosed.
MIAMI — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.
The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn Enterprises are leaving their traditional New York and New Jersey locations to come to Florida, one of just seven states that do not impose state income tax. Paired with favorable weather and a high quality of life, Miami is a desirable destination for businesses and its workforce. Entrepreneurial activity in the region is also helping to fuel the office market, as the number of foreign business owners who choose to relocate to Miami and set up shop continues to grow. Hot submarkets Miami’s Wynwood neighborhood has quickly earned the reputation as one of the city’s up-and-coming places to be. The district is poised to become the next 24/7 hotspot thanks to a healthy pipeline of residential development underway that will support office growth in …
Moss Construction Completes 368-Unit Multifamily Community in Downtown St. Petersburg
by Alex Tostado
ST. PETERSBURG, FLA. — Moss Construction has completed Icon Central, a 368-unit multifamily community in downtown St. Petersburg. The Related Group was the developer of the redevelopment project, which included updating the 94-year-old Union Trust Bank building. Moss Construction also added 15,000 square feet of retail space bringing the total to 19,000 square feet at the 15-story property. Unit sizes range from 542 to 1,470 square feet. Communal amenities include a pool, indoor fitness center, residence club, outdoor terrace on the eighth floor, spa and a virtual game simulator. Icon Central is situated at 855 Central Ave.
Moss Construction Completes 19-Story Multifamily Property in Downtown Miami’s Brickell District
by Alex Tostado
MIAMI — Moss Construction has completed Maizon at Brickell, a 19-story, 262-unit multifamily property in downtown Miami. The property offers apartments ranging from 490 square feet to 1,234 square feet. Maizon at Brickell also features an attached parking garage, 15,000 square feet of retail space and 3,400 square feet of amenity and leasing space. RD Jones designed the amenity and public spaces to include a pool, fitness center, dog run and smart package lockers. ZOM Living was the developer, and MSA Architects designed the building.
Cushman & Wakefield Negotiates $24.3M Sale of Medical Office Building in West Palm Beach
by John Nelson
WEST PALM BEACH, FLA. — Cushman & Wakefield has negotiated the $24.3 million sale of Gardens Medical Pavilion, a 75,424-square-foot medical office building (MOB) in West Palm Beach. Charlottesville, Va.-based Anchor Health Properties acquired the building for $24.3 million, or $322 per square foot, from Gardens Medical Pavilion LLC. The five-story MOB was built in 1991 at 3401 PGA Blvd., which is situated near Palm Beach Gardens Medical Center, Jupiter Medical Center and the North County Surgery Center. Gardens Medical Pavilion was 84 percent leased at the time of sale to tenants including Florida Cancer Specialists, the University of Miami, Gastro Group of the Palm Beaches and Pediatric Partners. Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller, Miguel Alcivar, Anthony Librizzi and Michael Feldman of Cushman & Wakefield represented the seller in the transaction.
Unicorp to Develop 300,000 SF Office Headquarters for Marriott Vacations Worldwide in Orlando
by Alex Tostado
ORLANDO, FLA. — Unicorp National Development Inc. will construct a nine-story, 300,000-square-foot building that will house Marriott Vacations Worldwide Corp.’s headquarters in Orlando. The building will be situated within Unicorp’s O-Town West development, a $1 billion mixed-use project that will include restaurants, offices, entertainment, retail stores, hotels, apartments and residential homes. HuntonBrady Architects is the designer and Finfrock Construction will serve as the general contractor of the office project. Construction of the new campus is scheduled to begin in early 2020 with a 2021 anticipated completion date. Additional details and features of the global headquarters are yet to be determined. Marriott Vacations Worldwide operates under Marriott International while offering vacation ownership, exchange, rental and resort and property management.
Seefried, MDH Partners Purchase 20 Acres in East Orlando to Construct Two-Building Industrial Property
by Alex Tostado
ORLANDO, FLA. — Seefried Industrial Properties and MDH Partners LLC have purchased 20 acres in east Orlando to construct Narcoossee Logistics Center, a two-building industrial campus. The first building will span 160,000 square feet and the second will total 120,000 square feet. Both buildings will feature 32-foot clear heights, 130-foot concrete truck courts, an ESFR sprinkler system and a combined 71 dock high doors. The site is situated near State Road 528 and Narcoossee Road, about five miles east of Orlando International Airport. MacGregor Associates is the project architect, and Kimley Horn is the civil engineer. Lee Morris of Colliers International will lead leasing efforts for the project, which is slated for completion by the end of the year.