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Miami Real Estate News

City selling land in downtown Lakeland for residential development

Posted:Sat, 21 Oct 2017 20:30:31 +0000

The Lakeland City Commission approved a deal to sell land in the city’s downtown district for the development of 306 apartments and townhouses. Tampa-based Framework Group is buying  the land for the downtown development from the city for $3.7 million. The commissioners also agreed  to spend as much as $1.8 million on other incentives for Framework, which include waiving inspection fees and putting a screen on an electric substation near the development site. Also in ... [more]

Used-car “vending machine” coming to Orlando

Posted:Sat, 21 Oct 2017 19:40:03 +0000

A used-car ”vending machine” is under construction in Orlando along Interstate 4. The four-year-old company behind the project is Phoenix-based Carvana, an auto dealership group that encourages customers to take delivery of cars or fetch them at a multi-level “vending” buildings, like the one it’s building at 3511 Rio Vista Avenue in Orlando. Carvana has similar “vending machines” in other cities including Atlanta, Houston, Jacksonville and Raleigh. Carvana paid $1.6 million for 2.84 acres next ... [more]

Tough sell: Harvey Weinstein takes Hamptons mansion off the market

Posted:Sat, 21 Oct 2017 18:00:26 +0000

From TRD New York: Amid a deluge of sexual assault and rape allegations, disgraced film producer Harvey Weinstein has — at least for now — decided against selling his Hamptons mansion. Weinstein and his estranged wife, Georgina Chapman, most recently listed their 9,000-square-foot mansion in Amagansett for $12.4 million, but Sotheby’s International Realty broker Frank Newbold says the property is off the market, Town & Country reported. The de-listing comes on the heels of Chapman ... [more]

RADCO uses $31.7 million loan to buy 336-unit rental complex

Posted:Sat, 21 Oct 2017 17:00:15 +0000

Atlanta-based RADCO Companies got a $31.7 million loan to acquire a 336-unit apartment property in Casselberry in Central Florida. The loan-to-value ratio was 70 percent, indicating that RADCO paid $45.3 million for Reflections Apartments, or about $135,000 per unit. RADCO plans to spend almost $5 million on improvements to the property, which has been renamed Radius Winter Park. Built in 1984, the Casselberry apartment property has amenities including a clubhouse, swimming pool, barbecue area, business ... [more]

South Florida’s first Canopy by Hilton under construction

Posted:Sat, 21 Oct 2017 16:00:22 +0000

Driftwood Acquisitions & Development broke ground for construction of a Canopy by Hilton hotel in downtown West Palm Beach. Coral Gables-based Driftwood expects to open the 150-room hotel in early 2019. It will be the first South Florida hotel to operate under the Canopy by Hilton brand. Driftwood’s management arm in North Palm Beach, Driftwood Hospitality Management, will operate the hotel. The 14-story Canopy by Hilton will feature a rooftop pool and bar, a lobby-level ... [more]

Fall kills worker at Miami Beach condo site

Posted:Sat, 21 Oct 2017 15:00:37 +0000

A construction worker fell 10 stories and died Friday at the vacant Versailles Hotel in Miami Beach, the Miami Herald reported. Argentina-based Faena Group, led by developer Alan Faena, has been redeveloping the 16-story hotel property at 3425 Collins Avenue as a condominium. Police diverted traffic from a stretch of Collins Avenue for several hours after the accident, which the Occupational Safety and Health Administration will investigate. Police have not released the name of the ... [more]

Hurricane Irma hurt hoteliers in September

Posted:Sat, 21 Oct 2017 14:00:21 +0000

Hurricane Irma blew a hole in South Florida’s hotel industry last month. Irma hit South Florida on Sept. 10 and depressed hotel occupancy rates in Miami-Dade and Broward counties due to hotel property damage and evacuations ahead of the hurricane. Tennessee-based STR, a hotel industry research firm, reported that the September occupancy rate in Miami-Dade fell to 59.3 percent from 68.4 percent last year. But the average daily room rate rose to $144.48 from $140.49 ... [more]

National Cheat Sheet: Five top US RE firms are hot investments in Israel, Amazon is taking over your building’s package room … & more

Posted:Sat, 21 Oct 2017 13:00:51 +0000

US real estate firms recommended to Tel Aviv investors From TRD Los Angeles: A handful of major U.S. real estate companies that trade on the Tel Aviv bond market got the seal of approval from IBI, an Israeli investment firm. The company released a report to investors this week that recommended the Moinian Group, Related Companies, Wharton Properties, KBS and Lightstone Group. All five have seen their yield spread trend downward comparable with government bonds, ... [more]

Shoma launches Eleven on Lenox sales gallery

Posted:Fri, 20 Oct 2017 21:45:20 +0000

Shoma Group’s Eleven on Lenox, a boutique townhouse project near Lincoln Road in Miami Beach, is launching its sales gallery amid the ongoing market slowdown. Designed by Zyscovich Architects with interiors by Charles Allem, the project at 1030 15th Street will consist of 11 three-story units, each with four bedrooms, a family room, two-car garage and rooftop deck with a pool and summer kitchen. Featuring a color scheme of pale and sandy colors and floors ... [more]

South Florida home sales plummet in September due to Hurricane Irma: report

Posted:Fri, 20 Oct 2017 21:06:01 +0000

September was a rough month for South Florida home sales, thanks in part to Hurricane Irma, according to September figures from the Florida Realtors. Miami-Dade County Residential sales decreased more than 30 percent to 1,488 closings from 2,130 the previous year. Single-family home sales fell a whopping 35.8 percent year-over-year, to 684 from 1,066; while condo sales dropped 24.4 percent to 804 from 1,064, according to the Miami Association of Realtors. Residential sales volume in ... [more]

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