CLIENT NEWS: Coral Rock scores $54M construction loan for Live Local Act project in Allapattah

December 30, 2025

Coral Rock Development Group scored a $54 million construction loan for a Live Local Act project in Miami’s Allapattah. Developers across South Florida have seized on the state workforce and affordable housing law by filing a flurry of proposals, but few have advanced their projects to the financing and construction stage. Coral Gables-based Coral Rock plans to start construction in the first quarter on the eight-story, 227-unit Dulce Vida apartment building on a 1.3-acre site at 1785 Northwest 35th Street,[...]

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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[...]

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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[...]

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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[...]

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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.[...]

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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[...]

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