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CLIENT NEWS: Five Park closing tops Miami-Dade weekly condo sales

May 12, 2025

Miami-Dade County’s condo sales and dollar volume rose last week. Brokers closed 157 condo sales totaling $136.9 million from April 27 to May 4. The previous week, brokers closed 109 condo sales totaling $106 million. Last week’s units sold for an average of $871,712, lower than the $972,843 average price from the previous week. The average price per square foot fell to $568 from $589, according to data from Redfin. For the top 10 sales, prices ranged from $3 million[...]

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CLIENT NEWS: Tesla plans to open showroom, service center at former Toys R Us

September 13, 2024

Tesla could convert a long-shuttered Toys R Us store in Kendall into an electric vehicle showroom and service center. The Austin, Texas-based automaker (Nasdaq: TSLA) filed a pre-application with Miami-Dade County officials concerning the roughly 45,000-square-foot retail building at 8789 S.W. 117th Ave. It’s located just east of the Palms at Town & Country mall and a few blocks from the Kendall Drive exit of Florida’s Turnpike. The Toys R Us store there closed in 2018 as the retailer shut[...]

CLIENT NEWS: Expansion Proposed for Miami Beach Hotel, Designed by Bjarke Ingels

September 12, 2024

The Standard Hotel in South Beach is proposed to be renovated and expanded, a new filing with the city shows. One wing of the hotel is proposed to be renovated, while another is proposed to be redeveloped. The number of hotel rooms will remain the same, while six residential units would be added. The design team includes Bjarke Ingles Group and Kobi Karp Architecture. Investors in the project include Barry Sternlicht, Bjarke Ingles, Marcelo Claure, Peter Thiel, and Antonio de[...]

CLIENT NEWS: Domus Brickell Center Gets FAA Approval, Demolition Permit Issued

September 12, 2024

FAA height approval has been issued for a 35-story tower known as Domus Brickell Center. A demolition permit has also been issued for the site. The FAA approval was issued on August 30, and allows for a permanent tower height on the property of 405 feet above ground, or 419 feet above sea level. The demolition permit was issued earlier in August, with Thornton Residential LLC listed as the contractor. Domus Brickell Center is planned to include 579 fully finished[...]

CLIENT NEWS: Acre scores controversial upzoning approval for 337-unit rental project near MiMo’s Legion park

September 12, 2024

A developer scored approval for a controversial upzoning for a 337-unit apartment project adjacent to Miami’s Legion Memorial Park, despite vehement pushback from neighbors. The Miami Planning, Zoning and Appeals Board greenlit the rezoning of a 3.5-acre vacant assemblage on the northeast corner of Biscayne Boulevard and Northeast 64th Street. Acre, an Atlanta-based multifamily private equity and investment firm, wants to build the six-story apartment building. The project, called Adela II, would rise immediately west of the bayfront five-story Adela[...]

CLIENT NEWS: MG Developer expands into hospitality after buying Miami hotel for $36M

September 12, 2024

MG Developer is entering the hospitality sector after paying $36 million for a hotel near Miami International Airport. Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, acquired Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms at 1000 Northwest 42nd Avenue, records and real estate database Vizzda show. The deal breaks down to $204,545 per key. The seller, an affiliate of Miami-based hospitality real estate firm OPB Capital Group led by Orlando Padron, paid $25.8 million[...]