Investors Race for Edgewater
The race is on in Edgewater as investors jockey for position. The prize: sites to develop multifamily, as the neighborhood becomes more attractive to Millennials and others who want to be near Downtown without paying to be in it.
Recently the 57k SF office building on 1.5 acres at 3000 Biscayne Blvd traded hands for more than $19M. CREC SVP Peter Mekras tells us that both foreign and domestic investors were keenly interested in the property, including residential and commercial developers, with the sale closing in three months. Along with colleague Andrew Remick, Peter repped the buyer and the seller, the nonprofit Legal Services of Greater Miami, which owned and occupied a large part of the property since 1997.
 The winner in the deal: 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights, and which paid all cash. With the acquisition, the entity has enlarged its holding in Edgewater, since it already owns land adjacent to 3000 Biscayne. All together, the site's zoned for 227 residential units. Peter says that purchase price translates to $290/SF of land and $24/buildable foot, given the site's zoning for 36 stories and 790k SF of development, creating significant added value to the buyer's existing assemblage. |
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Forecast for '15: The Return of Suburban Office
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Almost every South Florida asset class has recovered from the lowest valuations of the recession, except for suburban office, Avison Young principal Keith O'Donnell tells us (right, snapped with Greater Boca Raton Chamber of Commerce CEO Troy McLellan). But with positive absorption picking up in these markets, he predicts that 2015 will see the return of the office market in the ‘burbs. It's already underway, he says: the majority of absorbed space in Palm Beach County this year took place in Boca Raton, and it's an indication that businesses are looking beyond the urban core into the bedroom communities. |
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But the revival of the ‘burbs will be about more than just increasing occupancies and rents, Keith says. “As a result of investors and occupiers driving innovations in select new vertical development projects--proposed or currently underway for completion next year--prices will demand a premium due to the lack of land and rising construction costs,” he says. Further supporting this demand are increased urbanization outside of the downtown areas and professionals preferring to work closer to home not wanting to fight traffic or face a long commute. |
New Art for New Developments
 Alexander Tamargo/Getty Images for Brickell Flatiron Snapped in Brickell Flatiron Park yesterday, artist Julian Schnabel and his 20-foot-high monumental bronze sculpture, “Ahab,” which made the trip from his studio in Montauk to Miami to grace the front of the Brickell Flatiron gallery. The gallery opened during this Art Basel week as both public art installation and as the sales and design gallery for Brickell Flatiron, a condo development by CMC Group, which will start on the site next year.
Also on display in time for Art Basel: the glow-in-the-dark 2014 Porsche Art Car by artist Daniela Wicki at the Porsche Design Tower sales center. Currently only about 10% of its units at the Dezer Development project remain unsold, out of a total of 132. Another Dezer project, Residences by Armani/Casa, will feature a more traditional curated collection of museum-quality pieces, including sculptures by Sandro Chia and Sinisa Kukec, along with works by Venice Biennale artist Marcelo Legrand.
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