This Week's South Florida Deal Sheet: Newgard, Two Roads Join Forces For $1.5B Brickell Project
Newgard Development Group and Two Roads Development are joining forces to develop the three-tower One Brickell Riverfront project.
The 2M SF project sits in the middle of Miami’s financial district with a projected total value of $1.5B, according to a release.
Miami-based Newgard, led by founder and CEO Harvey Hernandez, assembled the land, secured entitlements and commenced construction of the project’s inaugural tower, dubbed Lofty Brickell, before bringing on Two Roads.
Lofty Brickell is a residential development set to rise at 99 SW Seventh St. holding 362 studios and one-to-two-bedroom units ranging from $1M to $3M. More than 94% of residences have been sold, with Cervera Real Estate as the sales and marketing partner.
The 44-story project will also hold 40K SF of amenities, including a private marina, a members-only social club, a pool, a modern fitness center, a spa, coworking spaces and a cigar lounge.
CONSTRUCTION AND DEVELOPMENT
Related Ross, led by Stephen Ross, has begun vertical construction at its first luxury condominium project in Florida named South Flagler House in West Palm Beach.
The two 28-story towers named The Park Tower and The Lake Tower are set to rise at 1355 S. Flagler Drive. The project will feature 108 two-to-five-bedroom units including penthouses and guest suites.
Pricing for units begins at $6M and ranges up to an eye-watering $73M. Corcoran Sunshine Marketing Group broker Suzanne Frispie is leading the sales for South Flagler House.
FINANCING
The Estate Cos. refinanced the Soleste NoMi Beach, its luxury waterfront apartment community in North Miami Beach, for $110M, according to a release.
JLL Capital Markets' Brian Gaswirth, Paul Adams and Val McWilliams arranged the floating-rate loan from Ares Management. The loan refinances the $75.6M construction loan Estate took in 2021 from Bank OZK, The Real Deal reported.
South Miami-based Estate delivered the 22-story residential building in April. The complex at 16395 Biscayne Blvd. offers 367 one-to-three-bedroom apartments averaging 914 SF.
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Clearline Real Estate, led by Jenny Bernell, landed $95M in construction loans for Excel Miami Apartments in Miami’s Arts and Entertainment District, according to a release.
The loans include a $68.5M senior construction loan from Centennial Bank orchestrated by Jay Brito and a $26M subordinate loan from Southern Realty Trust and affiliate Sunrise Realty Trust.
Excel Miami Apartments, designed by architect Arquitectonica, will rise at 1550 NE Miami Place. The 214K SF property will hold 427 apartments offering studio, one- and two-bedroom units, as well as 13 townhouse loft units.
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Lincoln Property Co. secured a $68.2M refinancing for the Royal Palm I and II office buildings in Plantation.
A JLL team led by Paul Stasaitis and Maddy McMillen arranged the fixed-rate financing through Barclays, according to a release.
Royal Palm I and II has an eight- and a nine-story building on a 25.4-acre office site. The sites, located at 850, 900, 950 and 1000 S. Pine Island Road, were constructed between 2001 and 2007. Since then, the Dallas-based landlord has upgraded the buildings' amenities with modernized conference rooms, a fitness center and a wellness room.
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An entity tracing to the Los Angeles County Employees Retirement Association and Stockbridge Capital sold the Fountains of Miramar shopping center for $42.3M to RK Centers.
Stockbridge Capital acquired the property in 2018 for $40M, according to public records provided by Vizzda. The 15.3-acre property consists of two buildings built in 2005. The property at 2905-3161 SW 160th Ave. is anchored by Ross, Marshalls, HomeGoods, Home Depot and Pet Supermarket.
Sunny Isles Beach-based RK Centers, run by Miami Heat minority owner Raanan Katz, is known for developing and operating community shopping centers in New England and South Florida, according to its website.
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An affiliate of Chicago-based real estate giant CRG sold a healthcare education campus in Miramar for $18.8M, according to records provided by Vizzda.
Detroit-based Vault Equity Partners bought the building, which is leased to healthcare educational institution Adtalem. It took out an $11.3M loan with International Finance Bank that matures in 2029.
CRG in 2021 acquired the two-story building at 10315 USA Today Way, which was built in 1986, for $18M, and the developer renovated it the following year. Adtalem held a grand opening for Chamberlain University in February at the building.
LEASING
CP Group has signed five new tenants and executed two renewals totaling 51K SF of leases at the Citigroup Center in Downtown Miami, according to a release.
Steven Hurwitz and Doug Okun of JLL represented CP Group in the leasings at the 34-story building.
Boreal Capital Management, an international wealth services firm, is relocating from Brickell to more than 12K SF of office space. JAB Holding Co., an investment firm, signed an almost 9K SF lease with representation from Scott Weston and Marty Bradley of Maduxx Co. An unnamed international government agency signed an almost 7K SF lease with representation from Tom Capocefalo and Amanda Montanez Alvarado of Savills.
Other new tenants included Onyx Funding LLC and Horizon Auto Logistics, which was represented by Brent Palmer and Sharon Ellis of Palmer Property Group. Capital Advertising and international law firm Hughes Hubbard & Reed renewed their leases in the building.
THIS AND THAT
Miami-based Constellation Group and The Boschetti Group have sold 50% of their condos in the Ella Miami Beach building, according to a release.
Sales launched in January 2023, The Real Deal reported at the time, with prices starting at $550K. The 10-story building is set to rise at 6940 Abbot Ave. with 95 units ranging between 340 SF and 1,090 SF. The project will also feature a studio collection for short-term rentals at 350 SF, according to the release.
Developers said last week at a Bisnow event that Miami units are getting smaller to provide more affordable options. The smaller units at Ella Miami Beach will offer smart storage solutions, closet space and integrated built-ins to optimize the living space.
Building amenities include a rooftop pool, a fitness center, outdoor dining, a pickleball court and wellness centers.
