This Week's South Florida Deal Sheet: Related Swaps Apartments For Condos At 45-Story Tower
Related Group and GTIS Partners are changing up plans at a 45-story tower under construction in Brickell, bringing in the hospitality firm Viceroy to brand the property.
The Arquitectonica-designed tower is switching from apartments to condos and will be called Viceroy Brickell, The Residences. It is being built at 77 SE Fifth St. in a complex that will include the planned Baccarat Residences and another yet-to-be-announced tower.
Miami-based Related and New York-based GTIS announced the brand partnership in a release that also officially launched condo sales for the tower, which will be handled by Fortune International Realty with prices ranging from north of $600K to more than $2.5M. It is the first fully residential tower for the hotel and resort brand Viceroy.
Viceroy Brickell will have 420 residences ranging from 485 SF studios to 1,286 SF two-bedroom condos, two penthouse levels and 56 “city flats” that front Southeast Fifth Street. New York-based Meyer Davis is the interior designer for the project, which will have 37K SF of “hotel-grade amenities” including a Formula 1 simulator managed by Viceroy’s hospitality team.
Construction on the tower is underway following a $164M loan from Truist Bank in January 2023, and delivery is planned for 2026. The project faced some regulatory hurdles after the remains of an ancient civilization were found when the adjacent Baccarat Residences broke ground in 2021.
Related paid $104M in 2013 for the three-tower development site along the Miami River.
CONSTRUCTION AND DEVELOPMENT
Construction is complete at the 254-unit luxury apartment building Avalon Merrick Park in Coral Gables, according to a release.
The development at 3811 Shipping Ave. was built by Coconut Grove-based Mast Capital in partnership with AvalonBay Communities. Designed by Arquitectonica, units at Avalon Marrick Park range from 456 SF studios to 1,530 SF three-bedroom apartments.
Amenities include a resort-style pool with ocean views, a fitness center, coworking spaces and a pet spa. The property also includes a 319-car parking garage.
Apartments.com has studios at the property listed for $2,340 per month but doesn't list availability for larger units.
A Mast Capital affiliate paid $11M for the 1-acre site in 2017, and an affiliate of AvalonBay paid $13M for the property in 2020. The second sale came a year after Mast Capital secured approval to build the 20-story building on the site of a luxury car dealership, The Real Deal reported at the time.
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Moderno Development Group and 75Invest Group are leveraging the Live Local Act to propose a 27-story residential tower at 500-514 SW Third Ave., according to a release.
The plan for the 500 Art Lofts from the Miami-based developers calls for 290 units, 71 of which would be dedicated to workforce housing. Dorsky + Yue Architecture, which has offices in Fort Lauderdale and Cleveland, is the architect of record for the project, which is scheduled to break ground in the fourth quarter of 2025.
The project has been submitted to Fort Lauderdale officials but hasn't yet won approval. It would rise on a 24K SF site that the developers assembled for $4.8M in 2020 and 2021 through an entity called 501 Urban Warehouse LLC, property records indicate.
SALES
Alabama-based Vulcan Materials, the nation’s largest producer of construction aggregates, paid $98M for a 560-acre limestone excavation site west of Doral, according to records from property intelligence platform Vizzda. The firm acquired the site near the intersection of Northwest 147th Avenue and Northwest 41st Street from Florida-based Preferred Materials.
The site isn't being actively excavated but is adjacent to a mine owned by Vulcan. The property is zoned for quarrying operations and wouldn't require additional permitting to begin excavation, according to a source with knowledge of the deal.
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An entity tied to Fort Lauderdale-based Fort Partners paid $60M for a 0.8-acre waterfront site in Surfside where it is planning an 11-story tower with 19 condos designed by Kobi Karp, deed records and site plans collected by Vizzda indicate.
The purchase, from an affiliate of New York-based JMH Development, comes with $36M in new debt from Georgia-based Synovus Bank that can be increased up to $350M, records indicate.
The 0.6-acre site at 8995 Collins Ave. was the site of the nine-story Surf House Condominium, a 36-unit property built in 1966 that JMH bought out, before facing a lawsuit from a group of owners that was ultimately settled in 2020, The Real Deal reported. Demolition of the Surf House began last summer.
Fort Partners owns the Four Seasons Hotel and Residences at the Surf Club adjacent to the site, along with all of the Four Seasons-branded hotels and residential projects in South Florida.
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A three-building Class-A industrial portfolio in Boynton Beach traded for $36M, according to a release. Miami-based Elion Partners sold the 198K SF portfolio to VK Acquisition VI LLC, a subsidiary of Illinois-based Venture One Real Estate.
The properties, called Boynton Logistics Center, are at 1200, 1210 and 1230 SW 35th Ave. The property has upside potential because tenants are paying 50% below market rates, according to Dominic Montazemi, a Cushman & Wakefield broker who represented both sides in the transaction.
In addition to Montazemi, Mike Davis, Rick Brugge, Rick Colon and Greg Miller represented the buyer and seller. A Cushman & Wakefield team of Rick Etner, Matthew McAllister, Christopher Thomson and Chris Metzger also supported the sales process and will handle leasing at the property.
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Atlanta-based Jamestown paid $22.5M for Tamarac Town Square as part of a two-property grocery-anchored portfolio deal, according to a release and Vizzda records.
Jacksonville-based Regency Centers sold the 124K SF Tamarac Town Square at 8315 N. Pine Island Road, which is anchored by a Publix and is 84% leased to 19 tenants. The strip mall was built in 1984, and Regency purchased it in 1998 for $10M, according to property records.
The second property in the portfolio is the Kroger-anchored Fountain Oaks in Sandy Springs, Georgia, which was sold by Edens. Both sellers were represented by JLL. Jamestown now owns nine grocery-anchored shopping centers in Florida and Georgia totaling 1.4M SF, according to the release.
LEASES
Eight tenants signed leases totaling 40K SF at a renovated office building on the outskirts of Wynwood, according to a release.
The 59K SF Sky Building at 1900 NE Miami Court is fully leased. It is owned by Big Move Properties, which has its headquarters at the building, and the landlord was represented by Gridline Properties broker Emilia Howard.
The new tenants are:
- Aroma 360, a provider of scent solutions for commercial businesses, which leased 10K SF and was represented by Gridline.
- Monster Energy, which leased 8K SF and was represented by Vivian Gonzalez and John Marshall at Cushman & Wakefield.
- Supply Caddy, a manufacturer and distributor of disposable packaging for the restaurant industry, which leased 4K SF and was represented by Carlyle Coffin of Stream Realty Partners.
- Touchland LLC, a purveyor of scented hand sanitizing mist, which leased 3K SF with representation from Howard at Gridline.
- Seitrack US, a firm that manages artists, leased 3K SF with representation from Howard.
- Building Drops, a structural engineering consulting firm that leased 3K SF with representation from Mateo Romero at Gridline.
- Micro Design and Sherpa, two food and beverage design firms, will share a 2K SF office and were represented by Gridline.
- 4EON, an experiential marketing agency that signed on for 1,334 SF and was represented by Luca Migliore of Gary Hennes Realtors.
All of the new tenants have taken occupancy with the exception of Monster, which is slated to move in next month.
THIS AND THAT
The city of Riviera Beach, north of Palm Beach, is seeking proposals to redevelop 81 acres of public land to help create the “next version of Riviera Beach,” the South Florida Business Journal reported.
City Manager Jonathan Evans told the SFBJ that the city is looking for plans that include a new city hall, a new sports and athletic facility and a new library, but developers can also include residential or commercial projects as part of the proposal. The city is looking to enter a long-term lease with a developer, but the terms are flexible.
The land being offered for redevelopment is 41 acres around 601 Blue Heron Blvd., which includes the existing City Hall, 38 acres owned by the School District of Palm Beach County, and 2 acres at 2250 Broadway.
Proposals can be submitted online by 3 p.m. on June 28. A CBRE team including Clarissa Willis, Lee Ann Korst and Tess Fleming will help Riviera Beach analyze and rank proposals.
