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CLIENT NEWS: Miami Beach project promises to house working class in tiny units. Rents start at $2,000

April 16, 2024

A new law has paved the way for twice as many apartments for a Miami Beach development that targets the city’s working class with capped rents. After being presented and approved two years ago, Mia will return to Miami Beach’s Planning Board in late April with double the number of floors and apartments than originally planned after the passage of the Live Local Act. The state law allows developers to build higher and add more apartments — disregarding local zoning[...]

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CLIENT NEWS: Ronny Finvarb Proposes New Resi Project in Sunset Harbour

October 5, 2022

Developer Ronny Finvarb is returning to the Miami Beach Design Review Board with plans for a new project in Sunset Harbour. At next week’s meeting, the board will vote on plans for the developer’s mixed-use project at 1790 Alton Road in the Sunset Harbour neighborhood. Finvarb previously sought to build a hotel on the property, but the city commission unanimously passed a zoning overlay district that banned the construction of new hotels last year. Instead, it encouraged the development of new[...]

CLIENT NEWS: MG Developer, partner score $148M loan for Hialeah apartments

September 26, 2022

MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 600-unit planned apartment complex in Hialeah, as development ramps up in the city. Coral Gables-based MG Developer, led by CEO Alirio Torrealba, and New York-based Baron Property Group, led by Matthew Baron, expect to break ground on Metro Parc in December and complete the project in the second quarter of 2024. Post Road Group provided the 30-month loan for the development planned for 955 East[...]

CLIENT NEWS: Biscayne Boulevard’s New World Tower Could Get Rapid Transit Zoning

September 21, 2022

A developer who has been assembling several Biscayne Boulevard properties where a supertall tower is possible has requested Rapid Transit zoning designation, according to a county memo. The properties being requested for inclusion include the 30-story New World Tower on Biscayne Boulevard, and the adjacent Yve Hotel. The New World Tower dates to 1965, and was built by Jose Ferre, the father of Maurice Ferre. The Yve dates to 1926, but has been significantly altered. Both properties are said to[...]

CLIENT NEWS: Shore Club to become Auberge: Witkoff and Monroe’s redevelopment approval stands

September 15, 2022

Witkoff and Monroe’s plans to redevelop the Shore Club — and rebrand it as Auberge — are moving forward. The Miami Beach Historic Preservation Board on Tuesday voted against a rehearing of the redevelopment proposal that the board had approved four months ago. The developers’ attorney Michael Larkin revealed the Auberge branding at the meeting. The Setai Resort & Residences condo association had challenged the same board’s May 10 decision in favor of Witkoff and Monroe Capital’s plans for the oceanfront historic hotel at[...]

CLIENT NEWS: Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M

September 6, 2022

Ronny Finvarb and Joseph Chetrit paid $15.5 million for the Miami Beach Macy’s store off Lincoln Road, one of the oldest retail buildings in the city. Sobe Park, An entity managed by Finvarb, principal of Bay Harbor Islands-based Finvarb Group, acquired the 96,610-square-foot department store at 1675 Meridian Avenue, according to Marcus & Millichap’s Scott Sandelin and Alejandro D’Alba, the brokers who worked on the deal. Chetrit is Finvarb’s partner on the purchase, D’Alba and Sandelin said. The brokers represented[...]