This Week's South Florida Deal Sheet
Housing Trust Group has broken ground on a $100M workforce housing development as part of a public-private partnership with the city of Hollywood. The Coconut Grove-based developer is building two residential towers and a 635-space parking garage on city-owned land at 421 North 21st Ave., next to the planned Broward Commuter Rail South Station.
The development will include 216 apartments, more than 2K SF of commercial and retail space, and 12K SF of educational space for the Barry University College of Nursing and Health Services. The apartments will be leased across a wide range of income thresholds as low as 22% of the area median income and as high as 80% of AMI.
The project is being financed through a mix of public and private funds. Bank of America provided a $17.75M permanent loan for the development, and HTG secured around $68M in state, county and city funding and other incentives.
CONSTRUCTION AND DEVELOPMENT
McDowell Housing Partners began construction of a 332-unit affordable housing development in Kendall after the developer selected Davie-based ANF Group as the project’s general contractor, according to a release. The project will be completed across two phases, the first of which will be called Southpointe Vista and will include a 10-story building with 124 units and a two-story parking garage with 196 spaces. It is being built at 21255 Southwest 117th Court and is expected to be completed in the first quarter of 2024. The second phase will include another 10-story building with 208 units and a separate parking garage with 148 spaces.
McDowell Housing Partners, the affordable development arm of national multifamily developer McDowell Properties, acquired the land in 2022 for $7M, the South Florida Business Journal reported. The developer secured $33.8M in Low-Income Housing Tax Credits and a $30M construction loan from Wells Fargo for the project.
FINANCING
Woodmont Properties and Butters Construction & Development secured a $27.5M construction loan to begin construction on a warehouse in the Palm Beach Park of Commerce, the SFBJ reported. The New Jersey-based Woodmont Properties and Broward-based Butters landed the mortgage from Hartford Fire Insurance Co. The 303K SF warehouse with 206 car parking spaces and 26 trailer parking spaces will be built on a 20.3-acre site at 15340 Corporate Road N. It is being built as a speculative development and will have 40-foot clear heights and 43 dock-high doors. An affiliate of Woodmont Properties paid $40.5M for 116 vacant acres at the property, which is west of Jupiter, in January 2022, and the developer broke ground on a separate 250K SF industrial building there in October.
SALES
Related Group has sold its 348-unit Manor Lantana development at 900 Water Tower Way in Palm Beach County, according to a release. The Praedium Group, a national real estate investment firm, paid an undisclosed price for the property, which was built in 2022 and has 240 garden-style apartments across four buildings and 108 villas across 18 two-story buildings. Related Group began construction in September 2020 on Manor Lantana, the second phase of a 73-acre mixed-use development called Water Tower Commons on the site of the former A.G. Holley State Hospital in Lantana. It purchased the development site for $16.5M in January 2020, according to an SFBJ report.
LEASES
The Museum of Ice Cream will open a permanent 14K SF location at Miami Worldcenter in Downtown Miami following two successful Miami pop-up locations in 2017 and 2022, according to a release. The mix of immersive exhibits and bottomless ice cream is slated to open in early 2024. It is the brainchild of Maryellis Bunn and Manish Vora, who opened the first MOIC in New York in 2016 before founding a parent company called Figure8 in 2019 to expand the brand. The company aims to “create fully immersive, interactive spaces that create connection through the universal power of ice cream.”
The new location will be at 851 Northeast First Ave., along Miami Worldcenter’s pedestrian promenade. The $6B, multiphase Miami Worldcenter development spans 27 acres and is being developed by Los Angeles-based CIM Group and Miami Worldcenter Associates, led by Nitin Motwani and Art Falcone. Three residential towers, a hotel and some of the project’s retail components have already been completed.
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A partnership between coworking operators Office Evolution and Venture X signed a 12K SF lease at District Pointe at 1501 Belvedere Road in West Palm Beach, according to a release. The two companies first announced they were partnering to expand their coworking operations last May and will open their latest location on the fifth floor of District Pointe. They were represented by Derek Baker at Colliers. The property is owned by District Pointe LLC, a joint venture between West Palm Beach-based Verdex Construction and the Swedish development company Index Investment Group, which has its U.S. headquarters in Jupiter. The entity purchased the property in November 2021 for $13.4M from the construction company Rinker/Cemex. Anthony Librizzi and Tara England of Cushman & Wakefield represented the landlord in the coworking lease.
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The Lincoln Road District signed eight new tenants to the outdoor shopping and dining destination spanning eight blocks in Miami Beach, according to a release. The new tenants are:
- Paris St. Germain at 1024 Lincoln Road: The French soccer club, which is losing Lionel Messi to Inter Miami, is partnering with Lids to open a retail location.
- Habitat Hyett at 441 Lincoln Road, a luxury store for “hand-selected items for ever-changing habits.”
- The Cheesecake Factory at 600 Lincoln Road, the restaurant chain’s first location in Miami Beach.
- Ecco at 701 Lincoln Road, a footwear and accessory pop-up that will be open through the end of June.
- BonBonEtc at 631-B Lincoln Road, a candy store offering nearly 1,000 different confections.
- Osteria da Fortunata at 607 Lincoln Road, a country-style Italian restaurant.
- Voyage Luggage at 663 Lincoln Road, a luggage and travel products retailer.
- Salt & Straw at 749 Lincoln Road, a small-batch ice cream shop opening its first Miami Beach location.
THIS AND THAT
Baltimore-based Cordish Cos. will hold a grand opening for Vivo! Dolphin Mall on Friday, June 23. The dining and entertainment complex will complement the 1.4M SF Dolphin Mall 5 miles west of Miami International Airport. The project will be anchored by two Cordish-operated dining brands, a 17K SF Sports & Social and a 10K SF PBR Cowboy Bar. Miami-based Sergio's Family Restaurants will also open Sergio's Cuban American Kitchen on the project's outdoor plaza, which can host up to 2,000 people for concerts and events. Dolphin Mall is owned by Taubman Co., a mall developer that was established by Alfred Taubman in 1950 and now operates 26 malls throughout the U.S. and Asia. Simon Property Group bought an 80% stake in the company in December 2020.
