UPDATED, 3:02 p.m., Oct. 19, 2018: Real estate developers and fund managers with questions about how to invest in the Opportunity Zones program are beginning to get more detailed answers. The U.S. Treasury Department today released more guidelines. The program, enacted late last year as part of the Trump administration’s tax overhaul, provides tax deferments and tax breaks for developers who invest in projects in designated low-income neighborhoods across the country. Among the new guidelines … [more]
1 Hotel South Beach SOLD for more than $500M
Billionaire Michael Dell’s MSD Capital is buying 1 Hotel South Beach for about $500 million, or more than $1 million per key. Starwood Capital Group, led by Barry Sternlicht, is selling the beachfront 426-key hotel at 2341 Collins Avenue for about $1.2 million a room, according to the Commercial Observer. The deal, which is reportedly in contract, would set a record for hotel sales in Miami, beating out the $1 million per key (or $325 … [more]
Opportunity Zones: What You Need To Know (VIDEO)
As the Opportunity Zone program stirs greater interest among developers and investors, what exactly is the federal tax incentive measure and who stands to benefit? Check out the video above for what you need to know about the new program, its rules and how to get in on the ground floor. Read more here. Nathan Bickell contributed graphic design to this video. … [more]
Another Hotel near Wynwood Walls Planned
Another development group has filed plans for a mixed-use hotel in Wynwood near the popular Wynwood Walls. 111 Wynwood LLC filed plans for a five-story, 72-key hotel at 111 Northwest 26th Street. Developers Eduardo Vargas and Andres Hogg plan to break ground on the 50,000-square-foot project early next year and open in 2020, Vargas said. Alain Bartroli is the architect of record, and Richter Dahl Rocha is designing the facade. The construction cost is expected … [more]
Luxury Rental Tower & Marina coming to Miami River
Lissette Calderon plans to turn her recently-purchased waterfront tower into luxury rentals after a major renovation, The Real Deal has learned. The new property was just renamed Pier 19 Residences & Marina. Formerly called River Oaks Tower & Marina, the 21-story building on the Miami River has 199 apartments at 1951 Northwest South River Drive. A year in the works, Calderon’s Neology Life paid $61 million for the tower in an off-market deal in mid-September. … [more]
Vagabond Sushi to open at MiMo. Sylvano heads to Edgewater & more
UPDATED, Oct. 10, 7:25 a.m.: Vagabond Sushi Bar | MiMo District The former owner and operator of Bardot is opening a new sushi restaurant at Avra Jain’s Vagabond Hotel along with a new pool deck and a billiards room. Amir Ben-Zion plans to open the restaurant, aptly named Vagabond Sushi Bar, in the next two weeks, bringing in fresh sushi directly from Japan. Ben-Zion said he has spent more than more than $600,000 (although, he … [more]
Wynwood Wants a Train Station
UPDATED Oct. 11, 1 p.m.: Wynwood property owners are pushing for a train station at or near 29th Street, arguing that the area is poised for nearly 65 million square feet of additional development. To prove that, the Wynwood Business Improvement District’s board retained planner Cesar Garcia-Pons to create a study on the potential development capacity within a half-mile radius of 36th Street and 29th Street by the Florida East Coast railroad tracks. The results … [more]
Deauville Beach Resort lost a lawsuit and now can’t pay $400k judgment: court filings
The company managing hotel operations for the Deauville Beach Resort in Miami Beach is so broke, it can’t pay a judgment of more than $400,000, according to recently filed documents in Miami-Dade Civil Court. Belinda Meruelo, manager for Deauville Hotel Management, LLC., signed an agreement conveying all of the company’s assets to Miami attorney Felix M. Caceres for liquidation last week. Meruelo and her family have owned and operated the Deauville since 2004. The agreement … [more]
Forget flipping houses: Here’s how much flipping offices can net
Office-flipping is taking off in Hong Kong and New York as a reliable way to make quick–and sizable–returns. Flipping office space is done through strata-title office transactions, wherein ownership is parceled out over several sections of a building as opposed to the entire building. With just a few floors to consider, investors are increasingly finding office-flipping to be a good way to make a quick a buck, according to Bloomberg. Hong Kong-based investor, logistics heir … [more]
Gambling in Miami? Not so fast. Potential jai alai fronton and poker room may prompt new zoning rules in Edgewater
In response to a controversial proposal by the owners of Magic City Casino to open a jai alai fronton and poker room in Miami’s Edgewater neighborhood, city officials want to draft new zoning regulations that would require gambling facilities to go through a public hearing process and obtain a super-majority vote from the Miami City Commission. City commissioners voted 4-0 on Thursday to authorize Miami City Manager Emilio Gonzalez and the planning department to begin … [more]