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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: Site Work Permit Issued For Former Miami Arena Site, Where 2,350 Units Planned

September 10, 2024

Miami’s Building Department has issued a site work permit for the former Miami Arena site. The permit was issued on August 26, with Coastal Construction listed as the contractor, records show. Three towers are planned on the property, to be built in phases. A master construction permit for the first tower, with 894 residential units, is currently moving through the approval process, along with a phased vertical permit. The first tower will rise 52 stories, or 624 feet. Eventually, the[...]

CLIENT NEWS: OFFICE REVIVAL Owners Upgrade Workplaces to Attract more Companies

September 9, 2024

Ask real estate insiders what the most challenged sector is now, and most would say office due to the advent of remote and hybrid work schedules. But that hasn’t kept some investors from going all in and funding pricey upgrades for office buildings to lure tenants willing to pay top-dollar rents. The strategy has already proven successful in some South Florida buildings. And while more office investors have taken notice, not all buildings are suitable for costly renovations. Most office[...]

CLIENT NEWS: Billionaire Barry Sternlicht plans $61M redevelopment of Miami Beach hotel

September 9, 2024

The Standard Spa, a Miami Beach two-story hotel co-owned by billionaires Barry Sternlicht, Peter Thiel and Marcelo Claure, may undergo a $61 million redevelopment that introduces new residential units and cuts the number of hotel guest rooms. Documents detailing the planned project at 40 Island Ave. have been filed with the city’s Design Review Board. A meeting to discuss potential design approval is set for Oct. 1. The Standard Spa was purchased by Starwood Capital Group Chairman Sternlicht in 2021.[...]

CLIENT NEWS: Barry Sternlicht proposes Bjarke Ingels-designed redevelopment of the Standard Miami Beach

September 6, 2024

A group of investors led by billionaire Barry Sternlicht is proposing a luxury overhaul and redevelopment of the waterfront Standard hotel in Miami Beach. Starchitect Bjarke Ingels of BIG is designing the project, which is planned for the 100-plus-key hotel at 40 Island Avenue and adjacent properties at 1 and 2 Farrey Lane. Kobi Karp Architecture & Interior Design is the architect of record. The proposal calls for redeveloping the east wing of the hotel into a five-story mixed-use building[...]

CLIENT NEWS: Miami Board Backs Large Apartment Complex Near Legion Park

September 6, 2024

Despite opposition from nearby residents, Miami's Planning, Zoning and Appeals Board backed zoning changes that will enable a developer to build more than 300 apartments near Legion Park. Less than an hour before midnight, PZAB members voted 5-2 to recommend that 2.58 acres of land at 615 N.E. 64th Terrace be rezoned from T5-R medium density multifamily residential to T6-8L restricted commercial. That would increase the maximum density to 150 units an acre from 65 units an acre. The zoning[...]