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INDUSTRY NEWS: Miami-Dade’s apartment rental market still among most competitive in U.S. Here’s why

March 31, 2023

People shouldn’t expect apartment rental prices to drop anytime soon in Miami-Dade County, because a new survey shows the county remains one of the most competitive areas in the United States to land an apartment. The desire to live in the Miami metropolitan area made it the second-hottest residential-rental market in the country to start 2023, after North Jersey, N.J., and a notch ahead of Harrisburg, Pennsylvania, according to RentCafe’s quarterly market insights report of the toughest larger cities in[...]

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CLIENT NEWS: Mixed-Use Tower Planned at Busy Coral Way Corner

March 30, 2023

A new mixed-use residential development is coming to a high-profile corner of the Coral Way neighborhood in Miami. Owner-developers 27th Avenue and Coral Way LLC and 27th Avenue and Coral Way 2 LLC plan the 10-story building at 2200 SW 27th Ave., where it intersects Coral Way. The building will be home to 166 residential units, about 10,100 square feet of retail, and 291 parking spaces. The city’s Urban Development Review Board has recommended approval of the project, with recommendations.[...]

CLIENT NEWS: Rishi Kapoor “exploring” second co-living project on Miami Beach’s Washington Ave

March 29, 2023

Rishi Kapoor is looking to develop a second Urbin-branded, co-living project on Washington Avenue in Miami Beach. The Miami Beach City Commission on Monday granted preliminary approval to allow co-living units on Washington Avenue north of 12th Street, and to extend a deadline for Kapoor to obtain building permits until 2027. Kapoor, CEO of Coconut Grove-based Location Ventures, is under contract to buy a retail building at 1509 Washington Avenue and a mixed-use apartment building at 1515 Washington Avenue, said Michael[...]

CLIENT NEWS: First Glass Installed At Massive Block 55 Retail & Residential Complex

March 27, 2023

The massive Block 55 shopping and residential development in downtown Miami’s Overtown neighborhood recently had its first glass installed. Block 55 will include: 578 affordable apartments for seniors 250,000 square feet of retail space 1,050 parking spaces 1,400 square foot police substation Tenants that have signed retail leases at Block 55 include Target (with a CVS and Starbucks inside the store), Aldi, Burlington, Ross, and Five Below. Foundation work for the project began in June 2021, with a foundation pour[...]

CLIENT NEWS: Four-Story Time Century Jewelry Center Nears Completion

March 27, 2023

The Time Century Jewelry Center in downtown Miami is nearing completion, new photos show. The New York Times ran a report on the project in January, which said that more than 60 leases have already been signed in the new complex. Opening was expected to begin last month, phased over a 12 month period, the report said. The former Metro Mall building, which dates to the 1920s, is undergoing a gut renovation to accommodate the new 225,000-square-foot jewelry mall. Once completed, Time[...]

CLIENT NEWS: Tower Cranes Rising Up To 891 Feet Approved At 1 Southside Park

March 20, 2023

The Federal Aviation Administration has approved a plan to install two temporary tower cranes to assist with construction at the 1 Southside Park megaproject. Approval was issued by the agency on March 15. According to a letter sent to the developer, two cranes are permitted to rise up to 891 feet and 834 feet. The permanent height of the tower is planned to be 62 stories – 754 feet above ground, or 766 feet above sea level. Foundation work is already[...]