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DevelopmentFloridaLoansOfficeSoutheast

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

by John Nelson

MIAMI — Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided in 2019. Beatriz Azcuy of Sidley Austin LLP assisted the developers in the loan arrangement. Set to open this fall, 830 Brickell is fully leased to several high-profile tenants, including Microsoft, Citadel, Kirkland & Ellis, Marsh Insurance, Sidley Austin, CI Financial (Corient), Thoma Bravo, Santander Bank and A-CAP. OKO Group and Cain International are receiving temporary certificates of occupancy (TCOs) in phases for tenants, many of which are already building out their interior spaces within 830 Brickell ahead of its completion. Designed by Adrian Smith + Gordon Gill with interiors by Iosa Ghini Associati, the office tower will feature a restaurant and bar/private club on the top floor, upscale health and wellness center, conference facilities, outdoor terrace, cafés and street-level retail space.

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FloridaLoansMultifamilySoutheast

BWE Arranges $76.8M Refinancing for The Mav Channelside Apartments in Tampa

by John Nelson

TAMPA, FLA. — BWE has arranged a $76.8 million loan for the refinancing of The Mav Channelside, a 324-unit midrise apartment community located at 601 N. 12th St. in Tampa’s Channelside District. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE secured the five-year, fixed-rate loan using Fannie Mae’s Near-Stabilization Execution on behalf of the borrower, a joint venture led by Birmingham, Ala.-based Daniel Corp. Built in 2022, The Mav Channelside features a mix of 108 studio, 163 one-bedroom and 53 two-bedroom apartments that were 90 percent occupied at the time of sale. Amenities include a fitness studio, indoor/outdoor coworking space with private conference rooms, a pool deck with a resort-style pool and a sky deck with views of downtown Tampa and Tampa Bay.

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DevelopmentFloridaMultifamilySoutheast

Mast Capital, AEW Complete 342-Unit Remi on the River Apartments in Miami

by John Nelson

MIAMI — Mast Capital and AEW have completed Remi on the River, a 342-unit apartment community located at 999 N.W. 7th St. in Miami’s River District. The eight-story property features 400 feet of frontage along the Miami River, as well as studio, one-, two- and three-bedroom apartments spanning from 465 to 1,334 square feet in size. Monthly rental rates range from $2,171 to $4,897, according to Apartments.com. Designed by Corwil Architects, Remi on the River’s amenities include a resort-style swimming pool, aqua lounge, fitness center, clubroom, private parking and a resident lounge with coworking spaces. Remi on the River is Phase II of a multifamily development by Mast Capital. Phase I of the project was MAST on Waterline Miami, a 346-unit apartment community formerly known as Waterline Miami.

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DevelopmentFloridaRetailSoutheast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

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DevelopmentFloridaRetailSoutheast

WMG Underway on 60,000 SF Shoppes at Orange Blossom Shopping Center in Southwest Florida

by John Nelson

NAPLES, FLA. — WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center in Naples. Publix will anchor the shopping center, which will total more than 60,000 square feet at the corner of Oil Well Road and Big Corkscrew Drive. Other committed tenants at the center include Great Clips and Le Nail Salon. Scheduled for completion in late-summer 2025, the project will be situated at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment destination, and adjacent to apartment community Emblem at Orange Blossom.

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AcquisitionsDevelopmentFloridaMultifamilySoutheast

Excelsa Acquires 477-Unit Drake at St. Pete Multifamily Community in St. Petersburg, Plans $8M Renovation

by John Nelson

ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.

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DevelopmentFloridaHealthcareSoutheast

St. Joe Co., Tallahassee Memorial Open First Building at 87-Acre Healthcare Campus in Panama City Beach, Florida

by John Nelson

PANAMA CITY BEACH, FLA. — The St. Joe Co. and Tallahassee Memorial HealthCare (TMH) have opened the first building at the FSU/TMH Medical Campus, an 87-acre campus currently in Panama City Beach underway by the companies and Florida State University (FSU). Situated at 1002 N. Arnold Road, the medical office building is one of several planned at the development. TMH Urgent Care and TMH Physician Partners – Primary Care are now open at the property. The campus, which will include a 100-bed hospital with an emergency center and other inpatient services, is scheduled for completion in 2027.

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DevelopmentFloridaMultifamilySoutheast

Alliance Residential Opens 300-Unit Prose Horizons Village Apartment Community in Central Florida

by John Nelson

WINTER GARDEN, FLA. — Multifamily developer Alliance Residential Co. has opened Prose Horizons Village, a 300-unit apartment community located at 16810 Easthampstead Road in Winter Garden, approximately 16 miles northwest of Orlando. The property features one- and two-bedroom residences averaging 1,008 square feet in size. Amenities at the community include a clubroom, business center, package locker system, pool, fitness center and a pet park. The developer also recently opened Prose Cypress Pointe in nearby Winter Haven, Fla.

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DevelopmentFloridaMultifamilySoutheast

H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami

by John Nelson

MIAMI — Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents an expansion of the River Landing Special Area Plan (SAP) as it will be located directly north of the existing River Landing Shops & Residences, also owned by the REIT and co-developed with Urban-X.  Sustainable features of MidRiverVu will include rain gardens, intensive and passive green roofs and decks and blue-green systems to control and slow runoff. The construction timeline and planned amenities for the tower were not disclosed.

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