Miami

Oak Row Equities Secures Prime Miami Location for $38.5M, Plans 45-Story Luxury Tower

By Columbus International,3 July 2024

In a bold move that underscores the growing appeal of Miami’s urban core, Oak Row Equities has acquired a prime downtown parcel for $38.5 million in an off-market deal. The real estate investment and development firm, with offices in New York and Miami, plans to transform the site at 49 NW 5th St. into a striking 45-story multifamily tower dubbed “First & Fifth.”

The acquisition, brokered by Colliers’ Mika Mattingly and Cecilia Estevez, along with Vincent Pastore of Pastore and Associates, represents a significant investment in Miami’s burgeoning transit-oriented development landscape.

Designed by ODP architects, the proposed First & Fifth tower will boast 700,000 square feet of space, housing 500 luxury multifamily units. While specific details on unit mix and rental rates remain undisclosed, the project aims to blend modern luxury with historical charm by preserving elements of the original 1925 Venetian-inspired structure.

The development’s strategic location adjacent to MiamiCentral station positions it at the nexus of Miami’s mass transit system, offering residents unprecedented access to Brightline, Tri-Rail, Metrorail, and Metromover services. This proximity to transportation hubs aligns with a growing trend in Miami’s urban development, catering to residents seeking car-free living options in the city center.

Erik Rutter, managing partner at Oak Row Equities, emphasized the project’s alignment with evolving renter preferences: “First & Fifth exemplifies our thesis that the ability to live, work, and play within a short walk or train ride will become critical to a renter’s decision process in South Florida.”

The development comes at a time when Miami grapples with significant traffic congestion, ranking eighth globally according to INRIX’s latest data. This challenge has spurred a wave of transit-oriented developments and renewed focus on expanding mass transit options.

Market data supports the wisdom of Oak Row Equities’ investment. Over the past five years, downtown Miami has captured more than 30% of the city’s renter demand. The area’s desirability is reflected in premium asking rents, which command a 21% higher rate compared to the broader Miami market, according to CoStar.

As Miami continues to evolve as a global city, projects like First & Fifth are poised to reshape the urban landscape, offering a blend of luxury living and practical accessibility that could set new standards for residential development in high-density urban areas.

Source: CoStar News

JPMorgan Chase Expands South Florida Footprint, Doubling Miami Office Space

By Columbus International,25 June 2024

In a bold move signaling its commitment to the burgeoning South Florida market, JPMorgan Chase (NYSE: JPM) has announced plans to significantly expand its presence in the region. The financial giant will double its office space in Miami’s Brickell district and establish its first West Palm Beach location, accommodating a growing workforce and client base.

Miami Expansion The bank is set to lease an additional 80,000 square feet at 1450 Brickell Avenue, effectively doubling its current footprint in the tower. This expansion will create room for 400 new employees, underlining JPMorgan’s confidence in the area’s economic potential.

West Palm Beach Entry In a strategic move to tap into Palm Beach County’s affluent market, JPMorgan Chase will open a 13,000-square-foot office at Related Companies’ 360 Rosemary development in West Palm Beach. This new location is expected to house over 60 employees.

Regional Growth Strategy Jonathan Bello, co-chair of JPMorgan’s South Florida Market Leadership Team, emphasized the strategic importance of the region, stating, “Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America.”

The bank’s two-year expansion plan includes:

Renovating its existing 80,000 square feet in the Brickell tower
Opening new offices in Melbourne, Sarasota, and Fort Myers
Launching three new J.P. Morgan financial centers in Palm Beach, Jupiter, and Palm Beach Gardens

First Republic Integration Following its acquisition of First Republic Bank in May 2023, JPMorgan Chase is converting some former First Republic locations into new customer-facing offices. Jen Roberts, CEO of Chase consumer banking, noted that these centers will offer “the strength and scale of JPMorgan Chase and First Republic’s commitment to exceptional client service.”

Market Context JPMorgan’s expansion comes amid a broader trend of financial firms flocking to South Florida, attracted by the influx of wealthy individuals and Latin American capital. Notable moves include Goldman Sachs doubling its Brickell presence and BNY Mellon Wealth Management strengthening its Miami team.

The bank currently boasts 16,400 employees across Florida, serving 6.2 million customers through over 400 branches. With approximately 5,400 wealth advisers managing around $900 billion in assets, JPMorgan is well-positioned to capitalize on the region’s growing wealth management opportunities.

Real Estate Impact The 80,000-square-foot lease expansion ranks among the largest in South Florida this year. Alan Ojeda, Chairman of Rilea Group, which developed 1450 Brickell, highlighted the building’s appeal to blue-chip companies and its ability to “command some of the highest blended rents in the city today.”

As JPMorgan Chase doubles down on its South Florida investments, the move not only reinforces Miami’s status as a financial hub but also signals continued confidence in the region’s economic prospects. With this expansion, the banking giant is poised to enhance its services and capture a larger share of the dynamic South Florida market.

Photo and source via Bisnow/Google Maps

Billionaire Trader Doubles Down On Miami’s Financial Future

By Columbus International,18 June 2024

When hedge fund billionaire Ken Griffin relocated his $51 billion Citadel from Chicago to Miami last year, he cited the Sunshine State’s business-friendly policies and Chicago’s rising crime rates as catalysts for the move.

Now the famously aggressive trader is expanding Citadel’s footprint in Miami before employees have even settled into their new digs. Citadel and its sister market-making firm Citadel Securities are adding two extra floors to their already massive eight-floor pre-lease at OKO Group and Cain International’s newly built 830 Brickell tower in Miami’s financial district.

The expansion brings Citadel’s total occupancy to 10 floors spanning over 300,000 square feet in the sleek, sail-shaped 55-story skyscraper. It’s the first top-tier office development delivered in the city in over a decade. The extra floors became available after two Chicago law firms – Winston & Strawn and Kirkland & Ellis – shuffled their leasing plans, presenting an opportunity Griffin’s team quickly pounced on. While a Citadel spokesperson confirmed the enlargement, further details on the value of the deal were not disclosed.

Premium office rents at the property reportedly top $100 per square foot, multiples higher than typical Brickell averages around $80. When Citadel’s new headquarters opens later this summer, the contemporary tower promises abundant amenities befitting a billionaire owner’s tastes: A swanky rooftop bar and restaurant, wellness center with yoga and fitness studios, an outdoor sky terrace, and 24/7 concierge service. It’s just the start of Griffin’s grandiose vision transforming Miami into Wall Street’s southern rival. The 54-year-old, worth $31.7 billion, has been enthusiastically promoting his new home base, calling Miami “the future of America” in interviews and pledging $1 billion for Citadel’s eventual permanent headquarters.

He’s already been snapping up prime real estate, including a prized waterfront parcel, while donating millions to local schools, hospitals and projects. Griffin is all-in on the city stealing finance’s spotlight from New York. Citadel’s move brought hundreds of high-paying jobs, with 450 employees expected by summer, fueling Miami’s quickly evolving into a legitimate corporate hub. Major firms like Microsoft, Thoma Bravo and law firm Baker McKenzie have also signed on at 830 Brickell. As Wall Street’s elite continue making Miami inroads, Griffin is aiming to lead the sunny new frontier.

Source: CoStar

Miami’s Sizzling Real Estate Market Defies Gravity

By Columbus International,12 June 2024

Over the past decade, Miami’s real estate landscape has undergone a staggering transformation, solidifying its status as one of the nation’s hottest housing markets. From the first quarter of 2013 to the first quarter of 2023, the median single-family home prices in Miami-Dade, Broward, and Palm Beach counties have nearly tripled, resulting in an average home price gain of a whopping $340,000. This surge has left traditional investment returns in the dust, even outpacing the relentless bull run of the stock market. The numbers speak for themselves: Between 2013 Q1 and 2023 Q1, home prices across the tri-county area witnessed a jaw-dropping increase.

In the last five years alone (2018 Q1 to 2023 Q1), median single-family home prices soared by an average of 64%, translating to an average price gain of a cool $220,000. Certain municipalities within this real estate hotbed have experienced particularly stratospheric home price gains over the last decade. Palm Beach takes the crown with an average home price increase of a staggering $6 million, followed by Miami Beach ($2.5 million), Lighthouse Point ($1.4 million), Pinecrest Village ($1.3 million), and Coral Gables ($1 million). The city of Miami itself saw homes appreciate by $400,000, slightly higher than Fort Lauderdale ($387,000) and West Palm Beach ($337,500). Remarkably, the Miami real estate market continues to display robust growth, defying challenging market conditions. According to recent data, home prices in Miami have seen an impressive 8.7% increase in April 2024 compared to the same period last year, with the median home price now a cool $625,000.

Homes are selling slightly slower, averaging 69 days on the market compared to 68 days last year, indicating a relatively stable market despite the price surge. Sales activity, however, has slightly declined, with 583 homes sold in April 2024, down from 634 in April 2023. This trend reflects a broader pattern of fluctuating demand, as evidenced by the 27% of Miami homebuyers searching to move out of the city between February and April 2024. However, a significant 73% of buyers expressed interest in staying within the Miami metropolitan area, underscoring the city’s enduring appeal. Miami remains a top destination for homebuyers from other major cities, particularly from New York, Washington, D.C., and Boston.

Nationally, 3% of homebuyers considered moving to Miami from outside metropolitan areas, highlighting the city’s attractiveness on a broader scale. As of February, new listings in Miami had increased for six consecutive months, nearing pre-pandemic levels. In fact, February 2024 saw a 25.87% year-over-year increase in new listings, providing more options for homebuyers and contributing to a more balanced market. While the Miami real estate market may be experiencing some turbulence, its resilience and allure continue to captivate investors and homebuyers alike, solidifying its position as one of the nation’s most coveted and dynamic housing markets.

Formula 1’s Rising Star Charles Leclerc Scores Multimillion-Dollar Miami Waterfront Condo

By Columbus International,4 June 2024

Fresh off his podium finish at the Miami Grand Prix, Formula 1 sensation Charles Leclerc is celebrating another milestone: his first luxury real estate acquisition in the United States. The 26-year-old Ferrari driver, who boasts a staggering 15 million Instagram followers, recently announced his purchase of a signature sky residence at the Edition Residences, an ultra-luxury condominium development in Miami’s desirable Edgewater neighborhood. In a Instagram post that garnered over 1.3 million likes, Leclerc shared a photo slideshow captioned “Miami, feeling at home already … Can’t wait,” hinting at his excitement about his new waterfront property.

While the exact purchase price remains undisclosed, signature sky residences at the 55-story glass tower start at a cool $3.1 million and range from 2,315 to 2,709 square feet, offering spacious two- to three-bedroom layouts with high-end finishes and breathtaking bay views. Scheduled for completion in 2027, the Edition Residences promises to be a true oasis for the global elite. Designed by renowned architect Bernardo Fort-Brescia and featuring interiors by Alessandro Munge, the 649-foot tower will boast an impressive 800 feet of coveted Biscayne Bay frontage. Residents can indulge in a curated collection of amenities spanning 45,000 square feet of indoor and outdoor spaces, including a state-of-the-art racing simulator – a fitting addition for the Formula 1 star. Leclerc’s acquisition comes on the heels of his third-place finish at the recent Formula 1 Miami Grand Prix, where he shared the podium with race winner Lando Norris and runner-up Max Verstappen.

The highly anticipated event, held on a $40 million custom track funded by real estate mogul and Miami Dolphins owner Stephen Ross, solidified Miami’s status as a premier destination for motorsports enthusiasts. “A little bit of blue and 2 trophies to take back home. Miami, thank you,” Leclerc posted on Instagram, alongside a photo of himself proudly holding one of his trophies aloft. The Edition Residences marks the global hotel brand’s first independent collection of luxury condominiums, promising an unparalleled level of amenities and services. In addition to the racing simulator, residents will enjoy access to an indoor/outdoor poolside garden lounge with a wet bar, a cabana-lined pool, a cinema, golf simulators, a state-of-the-art fitness center with private training studios, yoga and spinning areas, onsite fine dining, a library lounge, and six guest suites. With his meteoric rise in Formula 1 and his recent foray into luxury real estate, Charles Leclerc’s star continues to shine brightly, both on and off the racetrack.

Source: New York Post
Photo Credit: Edition Residences

The Branded Tower Frenzy of Miami’s Real Estate

By Columbus International,3 June 20243 June 2024

In Miami, developers are taking branding to new heights with an explosion of luxury residential towers carrying the cachet of famous names like Porsche, Armani, and even fashion magazine Elle. Attaching prestigious brands to condo projects has become the norm in this sunny metropolis, where foreign buyers crave the assurance of an aspirational lifestyle.

Major Food Group, the hospitality juggernaut behind hot spots like Carbone and Dirty French, is the latest big name leveraging its brand power beyond restaurants. Their upcoming 58-story Villa Miami tower promises residents an immersive experience steeped in the group’s culinary DNA, from kitchens designed by founders Mario Carbone and Rich Torrisi to a double-decker signature restaurant and poolside refreshments. “It’s not about having a label,” says David Martin, CEO of co-developer Terra. “It’s about trying to create an ethos.” This brand-centric approach has been a gamechanger for Miami’s real estate market over the past decade. In a city where addresses lack the same prestigious air as New York’s Park Avenue or Central Park West, luxe branded residences provide an instant status symbol and lifestyle association prized by moneyed buyers, particularly from overseas markets.

“What they do know is brands,” says Oren Alexander of brokerage Official, noting most international purchasers are unfamiliar with Miami’s diverse crop of developers. “In Miami, the brand is the brand.” For developers, landing marquee partnerships accelerates condo sales and pricing premiums as high as 30%. Meanwhile, brands earn lucrative licensing fees and global marketing for their core business. The formula has fueled a gold rush of branded Miami towers by everyone from haute couture houses like Fendi and Missoni to seemingly unlikely luxury purveyors like Diesel jeans and wellness club The Well.

Real estate insiders say the branded residence craze stems from a desire to craft a tangible, marketable lifestyle experience beyond just upscale finishes – a pull particularly potent in brand-obsessed Miami. And they expect this evolution to new extremes. “I think the next phase will be a stack of brands on any given project,” says development advisor Peter Bazeli, pointing to the Four Seasons Residences at The Surf Club, which layers branded components like celebrity chef Thomas Keller’s cuisine atop architecture by Richard Meier.

“Luxury buyers are attracted to the idea that every facet of their lifestyle is effectively branded,” Bazeli adds. Not everyone is sold on the branded residential mania. Some brokers question whether most fashion or automotive brands truly enhance the living experience beyond some branded furniture and accent pieces. There are also buyers staunchly loyal to specific marques who would never inhabit a rival condo tower. Still, in Miami’s spectacle of one-upmanship, branded real estate shows no signs of abating as developers continue one-upping each other to court elite buyers chasing the latest ultra-luxe residential “it” factor. From helicopter-pad topped penthouses to private garage elevators that whisk owners’ Porsches directly into their units, brands are fueling a relentless escalation of opulent residential experiences. For global elites, the name on the building has become the ultimate status symbol.

Photo: Cutting a sail-like silhouette, the 66-story Aston Martin tower soars as a striking presence on the Miami skyline.
Credit: Aston Martin

Coral Gables: The Ideal Oasis for Miami Investment

By Columbus International,21 May 2024

In the heart of Miami lies a hidden gem, Coral Gables, a city that has long captivated homebuyers with its Mediterranean-inspired architecture and lush greenery. However, the pandemic has propelled this idyllic neighborhood to new heights, transforming it into one of the most coveted real estate destinations in Florida.

The 33156 ZIP Code, once a haven for those seeking a tranquil retreat from the bustling city, has experienced a remarkable surge in property values. Once hovering around the $1 million mark, the median listing price has skyrocketed to an impressive $4.6 million as of April 2024, according to Realtor.com data. This remarkable appreciation has positioned Coral Gables as the second most expensive residential area in Florida, surpassed only by the illustrious Fisher Island, a Miami Beach-adjacent enclave with a staggering $12.75 million median listing price. As Miami experienced an economic renaissance during the pandemic, with businesses flocking to the area and a surge in mega real estate transactions around Miami Beach, Coral Gables emerged as a sanctuary for families seeking top-notch schools, proximity to thriving office culture, and a walkable downtown atmosphere.

Exclusive Membership: The Riviera Country Club
For those seeking an unparalleled lifestyle, the Riviera Country Club offers an 18-hole golf course meticulously designed and built by the legendary Donald Ross in the 1920s. In 2015, the course underwent a major renovation by the renowned Kipp Schulties, further enhancing its allure and prestige.

Event of the Year: The Mango Festival
Coral Gables is not only a haven for luxury living but also a celebration of nature’s bounty. Each summer, the Fairchild Tropical Botanic Garden hosts the highly anticipated Mango Festival, a weekend-long event paying homage to the fruit with activities such as mango tasting. The garden boasts the world’s largest collection of mangoes, with nearly 400 varieties, and spans 83 acres, housing nearly 30,000 individual plants in its immaculate collection, making it a true Coral Gables mainstay.

Advice for the Buyer
While Coral Gables encompasses a 13-square-mile area with overlapping ZIP Codes, the driving force behind the soaring real estate prices in the 33156 ZIP Code is the prestigious gated community of Gables Estates. According to some local real estate agents, “The most expensive neighborhood in Coral Gables is Gables Estates. It offers direct waterfront access, expansive views, and properties spanning an acre or more.” Gables Estates is one of the few neighborhoods in the Miami area where such luxurious waterfront real estate can be found, rivaled only by the exclusive enclave of Indian Creek.

In conclusion, Coral Gables stands as the ideal oasis for those seeking a luxurious and tranquil lifestyle in the heart of Miami. With its unparalleled amenities, prestigious communities, and unmatched natural beauty, this neighborhood presents an unrivaled opportunity for discerning investors seeking a piece of paradise in one of Florida’s most sought-after real estate markets.

Source: WSJ

Photo: Coral Gables

Palm Beach: A Gilded Age Gem Reimagined

By Columbus International,17 May 20249 November 2024

The ultra-exclusive island of Palm Beach has been luring the elite since the early 1900s when industrialist Henry Flagler transformed the marshy backwater into an opulent winter escape. Today, this 16-mile long barrier island continues to redefine luxury with new upscale additions blending seamlessly with its Gilded Age heritage. From magnificent architecture to world-class culture, exceptional dining and pampering pursuits, here is how to experience the best of Palm Beach over a indulgent weekend getaway.

Where to Stay

The Colony is the chicest place to bed down in Palm Beach. This iconic “pink paradise” reopened after a dazzling renovation that pays homage to its 1950s tropical glamour. Custom designed rooms, cheeky monkey motifs, and the lively scene at Swifty’s Pool Bar & Grill exude a playful, see-and-be-seen vibe befitting the style setters who frequent nearby Worth Avenue.

Day One

After settling in at The Colony, spend the afternoon exploring the Mediterranean-inspired shopping mecca of Worth Avenue. Pioneering architect Addison Mizner crafted this whimsical district of hidden courtyards, stair stairs, and eclectic tilework to evoke an Old World aesthetic. Browse the chi-chi boutiques like Gucci and Tiffany & Co or hunt for vintage gems at consignment salons like Attitudes.

Cap off the day with sunset cocktails at Spruzzo, a breezy rooftop bar overlooking the Intracoastal Waterway and dine alfresco on Italian classics at Elisabetta’s across the street.

Day Two

Delve into Palm Beach’s Gilded Age legacy at the magnificent Flagler Museum, a lavish 75-room mansion built by the railroad pioneer in 1902. Then explore the outstanding art collection at the Norton Museum, recently revamped by Norman Foster. Contemporary art lovers can browse intriguing exhibits at Sarah Gavlak Gallery. Afternoon calls for a round at one of the area’s celebrated golf courses – splurge for an oceanfront tee time at The Breakers or tackle a redesigned championship layout at PGA National Resort. Celebrate the perfect drive at Jeremy Ford’s new Butcher’s Club with indulgences like a 50oz. Tomahawk steak.

Day Three

Book a rejuvenating Biologique Recherche facial and massage at the gorgeous Four Seasons spa to start your day, then linger over a Mediterranean-inspired brunch at Florie’s helmed by acclaimed French chef Mauro Colagreco. If visiting during polo season, attend the weekly champagne brunch at the International Polo Club, where you can watch the fast-paced “sport of kings” and participate in the traditional divot stomp during half-time. Otherwise, bask in the warm Florida sun on one of Palm Beach’s pristine white sand beaches before departing this gilded paradise refreshed and revitalized.

Source: CN Traveler

Photo by Arnel Hasanovic via Unspash

South Florida’s Bustling Offices Buck National Trend

By Columbus International,16 May 20249 November 2024

While remote work remains prevalent across most of the United States, South Florida stands out as an exception where office attendance is nearly back to pre-pandemic levels. According to data from Placer.ai, which tracks mobile phone location data, office visits in the Miami metro area (including Fort Lauderdale and West Palm Beach) were just 14% below April 2019 levels. This contrasts sharply with the national figure of a 32.2% decline compared to four years ago.

For the past three months, South Florida has led all U.S. metro areas in office attendance after overtaking New York City. April marked the region’s highest level of office foot traffic since before the COVID-19 pandemic began. The gap from 2019 narrowed slightly last month to 14.1%, down from 9.4% in February. The only other metro area achieving at least 75% of its 2019 office occupancy is New York City at 16.9% below its pre-pandemic benchmark. Washington D.C. (-26.5%), Dallas (-27.6%), San Francisco (-49.3%), Los Angeles (-43.3%), and Chicago (-41.1%) all lag further behind. Despite San Francisco’s last place national ranking, it actually led the country in year-over-year office visit growth at 26%. Miami took second with a 23.5% annual increase in foot traffic. Nationwide, office visits grew 18.2% year-over-year, with the gap from 2019 levels the smallest since August of that year. South Florida’s robust office market has benefited commercial property owners.

Asking rents in Miami rose over 9% annually in Q1 2023 per Cushman & Wakefield. Tenants are flocking to premium modern buildings while older offices see high vacancy. Over 70% of 3 million SF available for sublease is in pre-2000 properties, with just 220,000 SF available in buildings constructed after 2015. Largest leases are also concentrating in top-tier properties more than in past years. Since 2019, the average size of new leases has been bigger in Class A buildings compared to lower tiers according to Avison Young data. These trends have allowed most of South Florida’s office markets to achieve greater rent growth than nearly anywhere else in the U.S. since 2019, with stable vacancy outside of Fort Lauderdale. Class A asking rents in Miami-Dade County spiked over 20% between Q1 2023 and Q1 2024.

Escape Velocity: The Ultra-Rich Forge a Parallel Housing Universe

By Columbus International,29 April 2024

In leading cities and luxury destinations around the world, a surprising new phenomenon is emerging: a concept of an ultra-luxury real estate market completely independent from conventional economic forces. No longer bound by the same rules that govern traditional housing markets, the super rich are developing their own real estate stratosphere where prices have become almost irrelevant and scarcity is the true luxury commodity.

From the billionaires’ homes in New York to the ultra-luxurious properties in Dubai, the concept of luxury living is being redefined by a rarefied class of buyers for whom money is truly no object. In these realms, a nine-figure price tag is not just the cost of entry – it is a badge of exclusivity that leads to excelling over others. At the highest levels, the motivations go far beyond mere real estate investment. It’s about curating a lifestyle narrative, joining an ultra-exclusive club where admission is granted by the audacity of what you can afford to spend. This dynamic is fueling a boom in what can only be defined as ultra-luxury accommodation: properties so lavishly appointed that they belong in a separate category from traditional high-end homes. Think private garages for your car collection, ultra-private elevator foyers, and amenities so bespoke they verge on the absurd, like hallways with coral aquariums and lounges dedicated to a Space observatory.

In Miami, the new Residences have just unveiled 17,800 sq ft penthouses listed for the staggering sum of $200 million, including a private helipad and a wine cellar stocked with Cristal. While most city real estate markets rise and fall with local economies, these ultra-luxury enclaves have become isolated from such earthly concerns. Their values are unshackled, buoyed by an elite of globetrotting investors who crave a stamp of absolute pedigree and provenance. As wealth concentrates at the highest levels, the appetite for this degree of extravagance continues to grow. In the race to reach escape velocity from conventional markets, the sky is no longer the limit for the highest real estate stratosphere.