This Week's South Florida Deal Sheet: First Condo-Only Waldorf Astoria Planned
Related Group, Merrimac Ventures and Hilton have partnered on the development of the Waldorf Astoria Residences Pompano Beach, the first purely residential property for the Waldorf Astoria brand, according to a release.
The 28-story property is planned on a 1.8-acre oceanfront parcel at 1350 South Ocean Blvd. It will have 92 condos ranging from 2,100 SF to 6,100 SF. Amenities include a private marina with 19 slips, a 20K SF oceanfront pool deck with an outdoor bar, 200 feet of private beach access with a beachside café, and 15K SF of additional amenities. A ground-floor food and beverage concept will round out the development’s dining options.
The property was designed by Coral Gables-based Nichols Architects in collaboration with Kora Architecture in Las Vegas, BAMO in San Francisco and Enea Landscape Architecture, a Swiss firm with offices in Miami and New York.
An affiliate of Fort Lauderdale-based Merrimac Ventures, led by Dev and Nitin Motwani, paid $11.5M in 2011 for the development site and an adjacent 4-acre property that has since been developed into luxury rentals, The Real Deal reported.
SALES
Berkshire Residential Investments paid $135M for a 248-unit Wynwood apartment building, buying the property from Related Group and Metro 1, according to The Real Deal. The 12-story 29 Wyn, located at 2828 Northwest First Ave., includes 28K SF of ground-floor commercial space.
Boston-based Berkshire financed the purchase through a $79.5M loan from Wells Fargo. An existing $69M loan for the property was also increased by $10.5M and transferred to the bank from Cerberus Capital Management.
Related purchased the 1.3-acre development site in 2016 for $12M, buying it from Metro 1 before partnering with Tony Cho's firm on the project.
LEASES
The North Tower of The Plaza Coral Gables has landed six new tenants, Blanca Commercial Real Estate announced in a release. The recent deals total 65K SF and bring occupancy to 83% at the tower and nearly 90% at the overall development.
The tenants moving into the North Tower are:
- Law firm Hinshaw & Culbertson will occupy 21K SF. Shay Pope represented the tenant while at CBRE before his recent move to Stream Realty.
- Trax USA Corp., a provider of aviation maintenance and cloud products, leased 16K SF with tenant representation from Mitchell Millowitz at Newmark.
- W.E. Family Offices, a wealth advisory firm, which signed on for 9K SF without assistance from a broker.
- Spirits company Diageo North America, whose brands include Johnnie Walker, Captain Morgan and Don Julio, leased 9K SF. It was represented by Adam Bernstein at JLL.
- Consulting firm Eisner Advisory Group, which leased 8K SF with tenant representation from Clay Sidner at Newmark.
- Marriott International, which signed a 2K SF lease for a satellite office with representation from CBRE broker Jason Mayo.
The mixed-use project includes a 242-key hotel, 165K SF of retail and dining and 170 residences in addition to 455K SF of office space. It was built by Agave Holdings, a development group that includes the family behind the Jose Cuervo spirits business.
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All Glass Production leased a 250K SF building at the South Florida Distribution Center in Pembroke Pines, according to a release. The glass manufacturer has already moved into Building B at the industrial development located at 20351 Sheridan St., which includes 13K SF of office space and has a 32-foot clear height.
The property is owned by Denver-based Sagard Real Estate. The landlord was previously known as EverWest Real Estate Investors until it changed its name Tuesday following a strategic partnership with Sagard that began in 2021.
Cushman & Wakefield’s South Florida industrial team represented the landlord, with Matthew McAllister serving as the lead broker with partners Chris Metzger, Rick Etner and Christopher Thomson. All Glass Production was represented by Alex Benaldo at America’s Commercial Real Estate.
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Coworking firm Quest Workspaces has agreed to occupy three floors at Miami Tower, the 47-story office building at 100 Southeast 2nd St. in Downtown Miami, it announced in a release. The space will open across three phases with the first portion, occupying the tower’s 20th floor, expected to open Nov. 1.
Quest plans to open on the 38th floor in the spring of 2024 and on the 37th floor in the beginning of 2025. The coworking firm’s final footprint will span 41K SF and 173 private offices. The location is Quest’s fifth Miami location, seventh in Miami-Dade County and 11th in the state.
CONSTRUCTION AND DEVELOPMENT
Related Group launched sales for a 163-unit condo project at 521 Las Olas Blvd. in downtown Fort Lauderdale, the first luxury condo development planned on the street in nearly two decades, according to a release.
The 45-story, 540-foot-tall tower, called Andare by Pininfarina, is a partnership between Related and Italian design firm Pininfarina. It will have units ranging from 1,800 SF to 4,300 SF with asking prices starting at $1.6M. Miami-based CFE Architects is the tower’s architect of record, with landscape design by Fort Lauderdale-based Architectural Alliance Landscaping.
Andare will be built on a 0.6-acre site that Related purchased across three deals in 2020 for $17.1M, TRD reported. The site is adjacent to Icon Las Olas, a 42-story luxury apartment building Related completed in 2017.
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Miami-based development firm Terra has begun construction on The Well Bay Harbor Islands, a mixed-use, wellness-focused development with 54 condos and 102K SF of office space. Delivery is slated for 2025.
The eight-story residential building at The Well, located at 1100 Kane Concourse, has units ranging from 924 SF to 3,291 SF and is more than 50% sold, according to a release. In addition to a 4K SF restaurant, the property has more than 22K SF of amenities including a sauna, steam room and The Infrared and Sound Dome, which promises to “combine the healing benefits of infrared heat with therapeutic sound therapy to treat the body at a cellular level.”
The project’s office space, which is being marketed by Blanca CRE, also has a wellness focus. The rooftop community gardens and outdoor meeting areas will also host fitness classes and the bathrooms will include health-focused gadgets like Theragun massagers and red light facial masks.
Shoma Group has nearly doubled the planned apartment count at Shoma One, a development slated for 3650 Bird Road between Coral Gables and Coconut Grove, according to a release. The updated plans from the Miami-based developer add a second tower to the mixed-use development, which is now slated to have a total of 740 units, expanding from around 600K SF to just over 1M SF.
Shoma One, located near the Douglas Road Metrorail station, is seeking to increase the unit count after it was added to Miami-Dade’s Rapid Transit Zone, which allows for higher density near transit stations.
Units at the property will range from 400 SF studios to 1,200 SF three-bedroom apartments, along with penthouses. Just over 12% of the units will be designated as workforce housing. Designed by Coral Gables-based Bermello Ajamil & Partners, Shoma One is also expected to include a 700-space parking garage, a 34K SF outdoor amenity deck and 20K SF of indoor amenities.
The development is slated to include Shoma Bazaar, an 18K SF retail and dining facility spanning two stories.
PEOPLE
Patricia Nooney has joined Avison Young as its principal and director of real estate management in Florida, according to a release. Nooney will be responsible for the strategic direction of the firm’s property management services in the state, where Avison Young manages 24.3M SF of office, industrial and retail assets.
Nooney brings 25 years of commercial real estate and asset management experience to the firm. She was most recently a president and principal at CRE Analytics Now, where she advised institutional owners on acquisition due diligence, digital transformations and enterprise technology platform rollouts. Nooney has also held various leadership roles at Madison Marquette and CBRE.
