This Week's South Florida Deal Sheet: Related Group, Witkoff Land Huge Construction Loans
In one day last week, partnerships led by Related Group and Witkoff Group landed about $700M in financing to build luxury oceanfront condominiums.
Related, Rockpoint and Two Roads Development secured a $424M construction loan for the Rivage Residences Bal Harbour from Tyko Capital, led by Adi Chugh and backed by Elliott Investment Management.
Rising 24 stories in Biscayne Bay, the tower will hold 56 units ranging from 3K SF to 13K SF. Pricing for each unit starts at $10M, with the penthouse on the market for $75M, according to a release.
The amenities span 25K SF and include a fitness pavilion, a hammam-style spa, pickleball and padel courts, a lounge and a children’s playroom.
The Rivage, from Miami-based Related, led by Jorge Perez, Two Roads and Boston-based Rockpoint, reached $100M in sales in the last two months. Construction for the project began in September and is expected to be completed in 2027.
Witkoff Group and PPG Development received a $273M construction loan from JPMorgan Chase and BDT & MSD Partners for the condo-hotel project named Shell Bay in Hallandale Beach.
Witkoff and PPG also received a $5M loan from ConnectOne Bank, in addition to its original $55M in financing for the project in 2021, according to a release.
The 20-story Auberge-branded tower will hold 108 residences and 60 keys for the hotel. It is expected to open in 2027. The property features a Greg Norman-designed, nine-hole, par-3 golf course, which is already open, a 48-slip marina, a clubhouse with a spa, restaurants and event space.
About 50% of the condos for the Auberge-branded project have already been sold at an average of more than $2K per SF.
FINANCING
The Estate Cos. secured a $75M refinancing loan for Soleste Seaside in Dania Beach.
Affinius Capital provided the loan, which was arranged by Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop, according to a release.
The eight-story property opened in 2023 and holds 340 apartments that range from studios to three-bedroom units consisting of 600 SF to 1,200 SF.
Located at 4 N. Federal Highway, the property includes on-site parking, a fitness center, an outdoor swimming pool and 13K SF of retail space.
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BWE, a multifamily mortgage banking firm, secured a $53M credit-tenant lease loan for Phase 1 of the International Swimming Hall of Fame complex in Fort Lauderdale.
Steve Perricone and Andrew Tomaino of BWE originated the loan, which was structured as a public-private partnership with the city of Fort Lauderdale and Hall of Fame Partners LLC.
The museum will be at the Ft. Lauderdale Aquatics complex. Phase 1 of the project includes rebuilding the sea wall and developing a new ocean rescue building. Future phases of the development — including museum facilities, dining options, retail spaces and options for swimmers to train and compete — are projected to cost more than $200M.
The International Swimming Hall of Fame complex broke ground in October and is expected to deliver all four phases by 2028.
LEASES
The soccer craze continues to grip Miami, with a new Lincoln Road lease for a Mexico-based sports apparel retailer.
Comras Co. inked a deal with Culto Fútbol for the retailer’s first store in the U.S. Culto Fútbol will take 7,400 SF at 744 Lincoln Road and is scheduled to open in summer 2025. The store will feature a collection of official jerseys for a variety of teams like Inter Miami CF, Los Angeles FC, Real Madrid, Club América, Tigres and Rayados, according to a release.
The parent company, Grupo Innovasport, has more than 260 stores in Mexico. The expansion to the U.S. comes after Lionel Messi joined Inter Miami CF in July 2023, sparking a rise in soccer interest that has spread to CRE.
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Related Ross, led by Stephen Ross, welcomed Equinox Fitness Club to CityPlace in West Palm Beach.
Equinox West Palm Beach will open by the end of 2025 with a total of 35K SF on the second and third floors of 575 Rosemary. This will be the brand's first location in West Palm Beach. Ross is an investor in Equinox.
The gym will be in The Laurel, a newly completed apartment building that will also feature Crate & Barrel, yoga apparel and accessories retailer Alo, and Canadian restaurant chain Moxies, 12 News reported.
This comes after a lawsuit between Related and the former gym occupant, LA Fitness, took more than a year to settle.
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VSE Corp., a provider for the aviation industry, is relocating its headquarters from Northern Virginia to the Miramar Park of Commerce.
The company first landed in the Miramar Park of Commerce in 2014 with a 37K SF lease and has expanded to occupy more than 142K SF. VSE will invest approximately $3.5M in the facility and add 110 new jobs, according to the release.
Apol and Ryan Goggins of Sunbeam Properties & Development represented the park, and Matthew Cheezem of Cushman & Wakefield represented VSE.
The Miramar Park of Commerce, owned by the Ansin family’s Sunbeam Properties, plans to develop a 126-acre mixed-use project on the site named The Park Miramar. Plans call for 2,874 apartments, a 185-key hotel, 340K SF of retail space and 126K SF of office space. The project is expected to break ground at the end of 2025.
THIS AND THAT
New York-based real estate firm Fisher Brothers has rebranded and renamed the Wynhouse Miami to Joule House.
The building's new name is meant to signify the energy of the area and property — joule is the metric system unit of measure for energy. Construction is nearly complete on the eight-story building at 2200 NW First Ave.
The project is expected to open in spring 2025 with 308 rental units ranging from 470 SF studios to 1,410 SF three-bedroom apartments. The building, designed by the Rockwell Group, holds about 26K SF of retail space on the ground floor and more than 23K SF of indoor and outdoor amenities.
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Armani Group is partnering with Vertical Developments, WellDuo, GCF Development and SP Developments to launch the Armani/Casa Residences in Pompano Beach.
The two-tower development will hold 28 residences, each with its own floor with wraparound terraces that offer water views, starting at $5M. The residences at 1550 N. Ocean Blvd. will offer custom Armani/Casa kitchen cabinetry, according to a release.
The project also includes a resort-style pool, an outdoor kitchen with a bar, a fitness center, plus a spa with a sauna, steam room, hammam, a cold plunge and a meditation garden. The branded condo will also feature a private lounge for beauty appointments, a business lounge and a virtual gaming room.
Fortune Development’s sales department will handle sales and marketing for the residences beginning sometime this month, according to the release.
This is the second branded venture this month for Vertical Developments, WellDuo and GCF Developments. The trio announced its partnership with Italian yacht manufacturer Riva at the International Boat Show earlier this month, Bisnow previously reported. It is the second branded tower from Armani in South Florida, following the Armani Residences in Sunny Isles Beach.
CONSTRUCTION AND DEVELOPMENT
Related Group and BH Group announced the plans for the development of W Pompano Beach Hotel & Residences.
The 24-story tower, designed by Nicholis Architects and Kora, will feature 74 custom-designed condominiums named The Residences, 296 fully furnished condo-hotel suites named The Suites, and three penthouses. The Residences will offer two-to-four-bedroom plans spanning 2,400 SF to 3,400 SF. The Suites will include studios, one- and two-bedroom layouts ranging from 580 SF to 1,860 SF.
Amenities for the project will include a full-service bar and grill, pickleball and a 63K SF pool deck.
The Residences start at $3.1M, with The Suites starting at $775K. Fortune International will lead the sales and marketing, and sales for The Residences will launch Jan. 6.
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Developers BD Hotels and Wheelock Street Capital broke ground on the Nora Hotel in West Palm Beach, according to a release.
The 215K SF property will rise five stories with 201 rooms, a 5K SF spa and fitness center, a rooftop pool deck with a restaurant, and New York-based brasserie Pastis occupying 13K SF on the ground floor, Bisnow previously reported.
The hotel is part of the adaptive reuse of historic railway warehouses in the up-and-coming Nora District, transforming the area into hospitality, retail and wellness developments. As the first vertical development in the project, the hotel is set to deliver in 2026.
