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Real Estate News
Site URL: therealdeal.com/market/miami/
Feed URL: feeds.feedburner.com/trdnews_miami
Posts: 35
Followers: 1
The Weekly Dirt: A condo developer’s strategy backfired. Will the project’s revival succeed?
Published: March 16, 2025 17:00
A partially built luxury condo project in North Bay Village, the city’s first in more than a decade, may be back on track. Never one to shy away from a challenge, Vivian Dimond stepped in to take over development and construction of what is now called…
PPG, BH3 score $225M refi for Hallandale Beach apartment tower, as lending still flows in South Florida
https://therealdeal.com/miami/2025/03/14/ppg-development-bh3-nab-refi-for-slate-hallandale-beach/
Published: March 14, 2025 21:10
PPG Development and BH3 Management scored a $225 million refinancing for the Slate Hallandale Beach apartment tower. The deal marks continued lending in South Florida, despite higher interest rates, slower apartment leasing and other economic headwinds. …
Miami Beach mayor’s threat to evict O Cinema will test tenant free speech protections, experts say
Published: March 14, 2025 20:30
The First Amendment may not save O Cinema from getting evicted for screening an Oscar winning documentary about the Gaza War and events that led to it. On Wednesday, the Miami Beach City Commission will consider Mayor Steven Meiner’s request to terminate O…
Spec developers buy Bay Point mansion for $21M — after price slashed in half
https://therealdeal.com/miami/2025/03/14/spec-developers-buy-bay-point-mansion-after-price-chop/
Published: March 14, 2025 19:30
Spec developers Ricardo Halfen and Matthew Rosenblatt bought a waterfront Bay Point mansion for $21 million, half off its 2022 asking price. Records show 4355 Sabal Palm Owner LLC, a Florida entity managed by Halfen, bought the house at 4355 Sabal Palm…
Lewis Swezy plans age-restricted low-income apartment project in Miami-Dade, as developers target affordable housing
https://therealdeal.com/miami/2025/03/14/lewis-swezy-plans-low-income-seniors-project-in-miami-dade/
Published: March 14, 2025 18:30
Affordable housing developer Lewis Swezy plans an 80-unit age-restricted apartment project near the Earlington Heights Metrorail stop in Miami-Dade County. Swezy, through his Miami Lakes-based Centennial Management, wants to develop the six-story building…
Private equity mogul sells Miami Beach PH to Kayak’s Steve Hafner for $24M
https://therealdeal.com/miami/2025/03/14/marc-leder-sells-miami-beach-ph-to-kayaks-steve-hafner/
Published: March 14, 2025 18:00
Private equity mogul Marc Leder sold his waterfront Miami Beach penthouse to Kayak CEO Steve Hafner for $24 million, marking a South of Fifth price-per-square-foot record. Leder, co-founder of Boca Raton-based Sun Capital Partners, sold the…
Longtime Elliman agent Pablo Alfaro joins Compass
https://therealdeal.com/miami/2025/03/14/longtime-douglas-elliman-agent-pablo-alfaro-joins-compass/
Published: March 14, 2025 14:30
Longtime Douglas Elliman agent Pablo Alfaro joined Compass. Alfaro left Elliman after about 14 years. He’s been involved in sales totaling more than $1 billion over his 20-year career, according to a press release. That includes helping to bring new…
Why Manalapan’s trophy market is booming right now
https://therealdeal.com/miami/2025/03/14/why-manalapans-trophy-market-is-booming/
Published: March 14, 2025 13:45
Just south of Palm Beach, the small island town known for its popularity with the rich and powerful, lies an even smaller island town: Manalapan. Long overshadowed by its more famous neighbor, it is now an ultra-luxury market hub with some of Florida’s…
More South Florida distress: Brickell commercial condo owner’s bankruptcy filing delays foreclosure sale
https://therealdeal.com/miami/2025/03/13/brickell-commercial-condo-owner-files-for-bankruptcy/
Published: March 13, 2025 21:00
A disgraced Venezuelan ex-banker identified in the Panama Papers joins a growing number of South Florida commercial real estate owners feeling the pinch of distress. An entity managed by Eligio Cedeño in Coral Gables filed for Chapter 11 reorganization in…
Family sells waterfront Gables Estates teardown for $17M
https://therealdeal.com/miami/2025/03/13/family-sells-waterfront-coral-gables-teardown-for-17m/
Published: March 13, 2025 20:30
Family members sold their late parents’ waterfront teardown in Gables Estates for $17.3 million, a year after listing it for $21.5 million. Records show Ricardo Pines Altuna, Gustavo Pines Altuna and Francisco Pines Altuna sold the mansion at 8805 Arvida…
TM Real Estate scores $54M construction loan for 250-unit Boynton Beach complex, amid South Florida multifamily supply overhang
https://therealdeal.com/miami/2025/03/13/tm-real-estate-nabs-construction-loan-for-boynton-rentals/
Published: March 13, 2025 19:30
A developer scored a $53.5 million construction loan for a 250-unit apartment complex in Boynton Beach, amid a multifamily supply overhang in South Florida. TM Real Estate Group plans the Shalimar at Boynton Beach project with 10 three-story and…
Botched $11M land deal costs city of Doral nearly double the price six years later
https://therealdeal.com/miami/2025/03/13/doral-officials-approve-21m-settlement-for-land-purchase/
Published: March 13, 2025 18:31
Six years after allegedly trashing a vacant property it intended to buy for $10.7 million, the city of Doral will pay the landowner nearly double the original agreed purchase price. On Wednesday, the Doral City Council approved a settlement agreement that…
Developer Vivian Dimond to revive stalled waterfront North Bay Village condo project
https://therealdeal.com/miami/2025/03/13/vivian-dimond-reviving-stalled-north-bay-village-condos/
Published: March 13, 2025 14:36
Developer Vivian Dimond took over the stalled condo building in North Bay Village, a 15-story shell on Harbor Island, The Real Deal has learned. The planned 54-unit building at 7918 West Drive will now be called Tula Residences. Dimond’s Bayshore Grove…
Solemar closing tops Broward weekly condo sales
https://therealdeal.com/miami/2025/03/13/broward-county-weekly-condo-report-22/
Published: March 13, 2025 13:45
Broward County’s condo sales and dollar volume fell in the first week of March. Brokers closed 128 condo sales totaling $46 million from Mar. 2 to Mar. 9. The previous week, brokers closed 152 condo sales totaling $57 million. Last week’s units sold for an…
BH3 adds 200-plus units to its planned two-tower DNA project in Fort Lauderdale’s Flagler Village
https://therealdeal.com/miami/2025/03/12/bh3-proposes-844-units-for-dna-towers-in-flagler-village/
Published: March 12, 2025 21:30
BH3 Management proposes 844 units at its two-tower project in Fort Lauderdale’s Flagler Village, up 38 percent from its previous plan. Fort Lauderdale-based BH3 raised the number of units from 612 and made both towers 45 stories, rather than one 45-story…
Collins Avenue retail storefront targeted in $6M foreclosure
https://therealdeal.com/miami/2025/03/12/flagstar-bank-targets-south-beach-store-in-foreclosure/
Published: March 12, 2025 21:00
The retail woes along a stretch of Collins Avenue in South Beach have sparked a foreclosure lawsuit against a storefront owner that allegedly owes $5.5 million to a lender. Last week, Troy, Michigan-based Flagstar Bank sued Brooklyn resident Zipporah…
Freight heir sells waterfront Fort Lauderdale mansion for $15M after price cuts
https://therealdeal.com/miami/2025/03/12/freight-heir-sells-fort-lauderdale-mansion-for-15m/
Published: March 12, 2025 20:37
Freight heir Phillip Kirschbaum sold his waterfront mansion in Fort Lauderdale’s gated Coral Ridge Country Club for $15 million, following two years of price cuts. Records show Kirschbaum sold the house at 3080 Northeast 41st Street to the Sunrise Vistas…
Russell Galbut plans 410-unit Live Local Act project in Miami-Dade, amid rush on state workforce housing law
https://therealdeal.com/miami/2025/03/12/russell-galbutgfo-investments-plan-live-local-act-project/
Published: March 12, 2025 18:37
Russell Galbut’s GFO Investments plans a 410-unit Live Local Act apartment project in Miami-Dade County, as developers seize on the state affordable housing law. Miami-based GFO, the Galbut family’s office, proposes a 19-story building and a 16-story…
Brokerage Real Estate Authority merges with Charles Rutenberg Realty Fort Lauderdale
Published: March 12, 2025 18:00
United Real Estate is expanding in South Florida. The Dallas-based brokerage announced that its Charles Rutenberg Realty Fort Lauderdale merged with Real Estate Authority, a brokerage that was based in Davie. The deal gives United another 50 agents for a…
Florida bills aim to boost HOA and condo association oversight, ease structural integrity requirements
https://therealdeal.com/miami/2025/03/12/roundup-of-2025-florida-condo-association-hoas-bills/
Published: March 12, 2025 14:30
The Florida Legislature is considering bills this session that target two of the thorniest issues at condo and homeowners associations: alleged fraud and structural requirements. For decades, some communities have been hotbeds for board members’ alleged…
Aragon closing tops Palm Beach County weekly condo sales
https://therealdeal.com/miami/2025/03/12/palm-beach-county-weekly-condo-report-21/
Published: March 12, 2025 13:45
Palm Beach County’s condo sales and dollar volume dipped in the first week of March. Brokers closed 111 condo sales totaling $57 million from Mar. 2 to Mar. 9. The previous week, brokers closed 129 condo sales totaling $79.7 million. Last week’s units sold…
Ralph Arias, Mirce Curkoski and Albert Justo nab top titles in One Sotheby’s annual awards
https://therealdeal.com/miami/2025/03/11/arias-curkoski-and-justo-land-one-sothebys-awards/
Published: March 11, 2025 21:00
Ralph Arias, One Sotheby’s International Realty’s top agent in 2024, closed almost all of his deals off-market last year. That amounted to $400.2 million in sales, according to a spokesperson for the brokerage. In One Sotheby’s 2024 awards for individual…
Only in America! Don King slapped with foreclosure lawsuit alleging $5M default
https://therealdeal.com/miami/2025/03/11/don-king-slapped-with-5m-foreclosure-lawsuit/
Published: March 11, 2025 20:39
A lender is going toe-to-toe with Don King, alleging the Donald Trump loving boxing promoter defaulted on a $5.3 million mortgage. An affiliate of Miami-based Blueprint Capital Partners filed a foreclosure complaint in Broward County Circuit Court against…
Nigerian national extradited to face decade-old federal charges in multimillion-dollar South Florida mortgage fraud scheme
Published: March 11, 2025 18:30
A man who authorities say played a key role in a multimillion-dollar mortgage fraud scheme in Florida was arraigned on Tuesday morning after he was extradited to the U.S. from Nigeria. Okechukwu Josiah Odunna, a resident of Abuja, Nigeria, was charged…
Developer James Curnin sells his waterfront La Gorce Island mansion for $60M
https://therealdeal.com/miami/2025/03/11/james-curnin-sells-waterfront-miami-beach-mansion-for-60m/
Published: March 11, 2025 17:33
Developer James Curnin and his wife Jennifer spent four years building their waterfront La Gorce Island mansion in Miami Beach. Last week, they sold the property for $60 million. The Curnins sold the 9,640-square-foot home at 66 La Gorce Circle to a land…
Related proposes 390-unit Live Local Act project for South Miami public housing redevelopment
https://therealdeal.com/miami/2025/03/11/perezes-related-plans-south-miami-live-local-act-project/
Published: March 11, 2025 16:30
The Pérez family’s Related Group proposes a 390-unit Live Local Act project for the second phase of its redevelopment of a South Miami public housing complex. The application comes as the Coconut Grove-based firm has seized on the state law that…
Canero plans 54 townhouses in Homestead, amid surge of south Miami-Dade projects
https://therealdeal.com/miami/2025/03/11/canero-group-plans-54-townhouses-in-homestead/
Published: March 11, 2025 14:30
The Canero Group is planning a 54-unit townhouse project in Homestead, aiming to appeal to Miami locals priced out by the area’s luxury boom. The Coral Gables-based firm scored Miami-Dade County’s approval for a total of 66 townhouses for the 2.7-acre site…
Mansions at Acqualina closing tops Miami-Dade weekly condo sales
https://therealdeal.com/miami/2025/03/11/miami-dade-county-weekly-condo-report-53/
Published: March 11, 2025 13:45
Miami-Dade County’s condo sales and dollar volume dropped slightly in the first week of March. Brokers closed 117 condo sales totaling $120.8 million from Mar. 2 to Mar. 9. The previous week, brokers closed 124 condo sales totaling $125.8 million. Last…
Lefferts starts closings for 72 Park condos in North Beach
Published: March 10, 2025 21:05
Lefferts has begun closings for its first of four condo projects planned in Miami Beach’s North Beach neighborhood. 72 Park, a 22-story, 206-unit short-term rental-friendly building at 580 72nd Street is 90 percent sold, according to Miami Beach-based…
Kolter, BH seek redevelopment approval for Miami Beach oceanfront site they listed for $110M
https://therealdeal.com/miami/2025/03/10/bh-kolter-propose-redevelopment-of-miami-beach-hotel/
Published: March 10, 2025 18:43
Kolter Group and BH Group are pursuing a redevelopment plan for an oceanfront hotel that the joint venture recently listed with a whisper price of $110 million. Delray Beach-based Kolter’s hospitality division and Aventura-based BH submitted a site plan…
Venetian Islands mansion in Miami Beach asking $49M tops signed contracts
https://therealdeal.com/miami/2025/03/10/zudy-founders-49m-miami-beach-home-tops-signed-contracts/
Published: March 10, 2025 17:30
Custom app makers Tom and Patricia Kennedy found a buyer for their waterfront Miami Beach mansion asking $48.5 million. The pending sale topped last week’s Eklund-Gomes report, which tracks listings of homes and condos asking $4 million and up in…
Developer plans 163-unit Live Local Act project near West Little River, amid flurry of proposals under state law
Published: March 10, 2025 16:30
A developer proposes a 163-unit Live Local Act multifamily project near West Little River, as the industry continues to seize on the state affordable housing law. Dan Ainuz, a residential real estate investor and developer, wants to build a 14-story…
Lease roundup: Chicago grocery store on tap in Flagler Village, Manolo Blahnik coming to Miami Design District
https://therealdeal.com/miami/2025/03/10/go-grocer-leases-at-fort-lauderdales-flagler-village/
Published: March 10, 2025 14:30
Go Grocer | Fort Lauderdale A Chicago high-end supermarket and convenience store will open its first Florida outpost in Fort Lauderdale. Go Grocer leased 2,500 square feet on the ground floor of the 385-unit Motif apartment building at 500 North Andrews…
Movers & Shakers: Codina Partners taps finance, accounting SVPs
https://therealdeal.com/miami/2025/03/10/movers-shakers-codina-partners-taps-svps/
Published: March 10, 2025 13:45
In the latest South Florida real estate hiring news, firms bulked up their leadership — and one brokerage positioned itself for high-profile clientele. Codina Partners promoted Eric Blanco to senior vice president of accounting and hired Suzette Fandino…
The Weekly Dirt: Examining DOGE’s potential South Florida sell-off
Published: March 9, 2025 13:00
Elon Musk’s potential purge of federal properties across the country includes three South Florida office buildings and the FBI’s headquarters in Miramar. The properties could be prime redevelopment opportunities for buyers. Up to 90 of government leases…