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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: North Miami Beach food market site could be replaced with 3 towers

February 28, 2023

The former home of Laurenzo’s Italian Market in North Miami Beach could be redeveloped into a mixed-use project with three towers. May NMB LLC, an affiliate of Lakewood, New Jersey-based Accurate Builders, filed a municipal pre-application with Miami-Dade County concerning the 3.03-acre site at 16445 and 16385 W. Dixie Highway, plus 2255 N.E. 164th St. The site currently has 52,120 square feet of commercial space, mostly the old market. Laurenzo’s Italian Market closed in 2019 after 69 years in business.[...]

CLIENT NEWS: Tech Entrepreneur Plans Elementary School Expansion in Miami Beach

February 27, 2023

A private elementary school in Miami Beach is looking to expand along Washington Ave. John D. Marshall, founder of the mobile security company AirWatch, is seeking approval to build a four-story building to house upper elementary and middle school grades of the Basecamp 305 school, according to filings made to the Miami Beach Historic Preservation Board. The investor, who sold AirWatch for $1.17 billion in 2014, founded the private institution so his children could go to school close to where[...]

CLIENT NEWS: Intervest Seeks to Convert Historic Miami Beach Rental into Hotel

February 27, 2023

An Oklahoma-based investor wants to convert a historic apartment building in Miami Beach into a boutique hotel, according to a filing with the city’s Historic Preservation Board. The Mediterranean Revival-style building, located a block south of the Bass Museum at 337 20th Street, was constructed in 1926 and today functions as a 56-unit rental property. Intervest Properties is seeking approvals to turn the 34,979-square-foot building into a 76-room hotel, eight years after paying $11.8 million for it. The proposed plans[...]

CLIENT NEWS: Tech entrepreneur proposes four-story private school in South Beach

February 27, 2023

A limited liability company headed by a tech entrepreneur aims to build a four-story private school in Miami Beach's South of Fifth neighborhood. The proposed plans for BaseCamp305, designed by Miami-based architecture for Arquitectonica, is scheduled to come before the Miami Beach Historic Preservation Board (HPB) on Mar. 14. If ultimately approved, it's slated to be built on a 13,000-square-foot parcel adjacent to the present BaseCamp305 school for pre-K through third grade students at 224 2nd St. The expanded school[...]

CLIENT NEWS: Clara Homes lands $26M construction loan for Bay Harbor Islands project

February 23, 2023

Clara Homes scored a $26 million construction loan for the first phase of a three-building luxury apartment development in Bay Harbor Islands. Records show Clara Homes secured the financing from Maxim Credit Group, an affiliate of New York-based Maxim Capital. Clara Bay Harbor will include three, six-story buildings with 150 apartments. It marks the developer’s first multifamily development in South Florida. Miami-based Clara Homes, led by founder and CEO James Curnin, paid a combined $32.2 million for the Bay Harbor Islands non-contiguous site[...]