Miami

Iconic ‘Miami Vice’ Cameo House Hits Market for $29.9M After Designer Refresh

By Columbus International,20 April 2024

In the digital era, the Internet serves as an extensive repository of knowledge, offering unprecedented access to information on any topic. Its vastness not only facilitates the exploration of “quirky” curiosities but also connects individuals with common interests and passions. A striking example of this phenomenon occurred recently when news emerged of a prestigious Coconut Grove home hitting the market for a staggering $29.9 million.

For enthusiasts of Miami’s real estate scene, this leak of information sparked immediate interest. However, it wasn’t just the announcement itself that captured attention, but rather the reference to an ’80s cultural icon: “Miami Vice.” The historic property, located at 3467 N. Moorings Way, with a lineage dating back to 1925, was designed by architect Walter DeGarmo, whose most notable works include Miami City Hall and the Women’s Club of Coconut Grove, a noteworthy detail in itself. In the media, headlines like “Coastal Mansion Featured on ‘Miami Vice’ Breezes Onto the Market for $29.9M” failed to capture the essence of the television series that epitomized the vibrant charm of 1980s Miami.

Similarly, articles like “Inside a $30 Million South Florida Mansion Featured in ‘Miami Vice'” offered little more than a cursory overview, leaving enthusiasts eager to delve into the property’s backstory in the cultural landscape of the time. Enter miamiviceonline.com – a “digital refuge” for “Miami Vice” devotees. Here, two Austrian enthusiasts, Thomas Foltyn and Tom Seifert, stand out as luminaries in their relentless quest for nuances of the show and its profound impact on the portrayal of Miami. Through their meticulous research, Foltyn and Seifert offer insights into the relationship between “Miami Vice” and the city that served as its backdrop. According to Mansion Global, “the seller, who owns several properties, searched for over eight months to find the right property. She had no intention of selling, but I kind of persuaded her – one of the houses in the neighborhood was sold privately for $50 million, and that set the ceiling.” Built in 1929, the Mediterranean Revival-style “Miami Vice” house overlooking Biscayne Bay is located in the prestigious and private gated community of The Moorings, which has only 35 houses.

The estate was featured in the “Main Squeeze” episode, the eleventh of the fifth and final season of “Miami Vice,” starring Don Johnson and Philip Michael Thomas as undercover police detectives and aired from 1984 to 1989. You may recall a scene with Rita Moreno in the living room (the interior decoration looked very different at the time). Situated on two-thirds of an acre, the grand residence, at the mouth of the marina, covers 6,268 square feet and features six bedrooms, six full bathrooms, and one half bath. Outside, the lush garden, reminiscent of an oasis, is punctuated by a swimming pool and spa, a fountain, and a koi pond. The Moorings is one of the few gated communities in Coconut Grove. You can walk to the village center for dinner and shopping.

Additionally, the estate is right next to the Carrollton School of the Sacred Heart, a renowned private girls’ college preparatory school. Coconut Grove is a coveted community because you’re in the middle of the city but can enjoy a small-town life, without too much chaos and stress around. The house was sold twice in quick succession before the current seller bought it. In February 2021, it sold for $9.5 million, in January 2022, it changed hands for $12.4 million, according to property records.

Climate Crisis Drives Miami Toward Gentrification: At-Risk Neighborhoods Under the Spotlight

By Columbus International,9 April 2024

Miami‘s scintillating real estate scene blazes like the South Florida sun, with its market ablaze in a frenzy of activity. In recent years, an influx of new residents has set the city’s property values and rental rates ablaze, rendering the dream of living in the Magic City an increasingly unattainable reality for many lower-income Floridians. Yet, amid the allure of ocean views and beachside proximity, the city’s waterfront neighborhoods face a growing menace: the encroaching peril of the climate crisis. Despite their undeniable charm, these low-lying havens are now fraught with the looming threat of rising sea levels, prompting a sobering reassessment of their desirability. Interestingly, some of Miami’s less affluent communities find themselves perched on higher ground, providing a sanctuary from the watery woes besieging their coastal counterparts. However, this sanctuary is not without its own risks, as the specter of “climate gentrification” casts its shadow over these once-overlooked neighborhoods.

With wealthier denizens setting their sights on safer, less flood-prone locales, a wave of change threatens to engulf these resilient communities. The tide of transformation is unmistakable, as neighborhoods like Little Haiti, Overtown, and Liberty City witness a surge in real estate values. Developers, sensing the shifting winds, are redirecting their focus toward areas less vulnerable to flooding, a trend underscored by recent research findings. Moody’s, in a freshly minted report, underscored the socio-economic implications of this migration dance. “Such shifts in migration patterns accelerate the displacement of established residents and inflate property values and taxes, widening the socio-economic divide,” the report warned, serving as a poignant reminder of the collateral damage wrought by Miami’s changing landscape.

A chilling study published last year in Environmental Research Letters hinted at the magnitude of the looming crisis. If sea levels surge by 40 inches, more than half of Miami-Dade County’s 2.6 million inhabitants could find themselves displaced, adding a sense of urgency to the city’s plight. Unfortunately, the forecast offers little solace, as the convergence of rising temperatures, swelling seas, and fiercer storms threatens to compound the city’s woes. Compounding this predicament is the rising influence of millennials, a cohort acutely attuned to the perils of climate change, who are poised to reshape the real estate landscape in the years ahead. Yet, Miami is but one pawn in Mother Nature’s grand chessboard, as coastal flooding and extreme weather events ravage cities across the nation. It is often the most vulnerable among us who bear the brunt of these cataclysms. A sobering analysis by McKinsey in 2023 laid bare the harsh reality: lower-income and predominantly Black neighborhoods are disproportionately exposed to the ravages of climate change, painting a stark picture of inequality in the face of nature’s fury.

Jeff Bezos Buys Third Mansion in Indian Creek: Controversy Among Residents

By Columbus International,4 April 20249 November 2024

Jeff Bezos, the visionary force propelling Amazon to unprecedented heights, continues to fortify his dominion over the esteemed Indian Creek island, securing a third opulent mansion in his illustrious real estate portfolio.

Looking for a home in Miami? Contact our real estate agents!

In a discreet off-market transaction shrouded in exclusivity, the acquisition commands a staggering price tag hovering around the $90 million mark, as reported by Bloomberg, thus elevating Bezos’ standing as a titan in the realm of property acquisitions. Insiders familiar with the matter, who spoke on condition of anonymity to The Post, divulged Bezos’ intentions to make this newly acquired residence his primary abode, while concurrently orchestrating the dismantling of his two preceding island abodes. Nevertheless, this audacious maneuver hasn’t gone unnoticed by the affluent denizens of the island, who covet their own slice of the prestigious enclave. “As the pinnacle destination in the nation, exclusivity reigns supreme on Indian Creek. The wealthy elite are drawn to its allure,” confided a source well-versed in the area’s real estate dynamics.

“With properties on the island already in high demand, Bezos’ clandestine dealings are bound to stir the aspirations of those vying for residency.” The revered Indian Creek island, spanning a scant 300 acres, is home to only 41 residential estates alongside the esteemed Indian Creek Country Club. Representatives for Bezos have remained tight-lipped regarding the transaction. Historical records reveal that the property last changed hands in 1998 for a modest $2.5 million, exemplifying the astronomical surge in its valuation over the intervening years. Bezos’ latest venture into the Miami real estate arena follows swiftly on the heels of his relocation from the Seattle region to the sun-kissed shores of the Sunshine State. With a formidable net worth totaling $203.7 billion, as per the Bloomberg Billionaires Index, Bezos epitomizes the epitome of luxurious living. His prior acquisitions on Indian Creek, amassing a staggering $147 million, firmly entrench him within the echelons of the island’s elite. With his residences boasting prestigious addresses such as 11 Indian Creek Island Rd, 12 Indian Creek Island Rd, and his latest acquisition at 28 Indian Creek Island Road, Bezos’ investment in the area now eclipses a staggering $237 million.

Often dubbed the “Billionaire Bunker,” Indian Creek counts amongst its residents illustrious figures such as power couple Jared Kushner and Ivanka Trump, football maestro Tom Brady, and esteemed investor Carl Icahn. Bezos’ presence on the island adds yet another luminary to its glittering constellation of residents. While Bezos’ financial acumen is undeniably formidable, his recent maneuvers have ignited speculation regarding his long-term strategies and investment trajectories. In February, he divested Amazon shares worth an eye-watering $8.5 billion, marking his first substantial departure from the company since 2021. The allocation of these proceeds remains shrouded in mystery, further fueling conjecture surrounding Bezos’ fiscal machinations.

Beyond his acquisitions in Miami, Bezos boasts an impressive array of properties, including residences in Washington, a sumptuous estate in Maui, and a grandiose mansion in Beverly Hills, procured for a princely sum of $165 million in 2020. The seller of Bezos’ latest acquisition, situated at 28 Indian Creek Island Road, is identified as former banker Javier Holtz, thus adding another chapter to the island’s storied legacy of opulent transactions.

Miami’s Office Market Cools as Tallest Tower Struggles to Secure Anchor Tenant

By Columbus International,18 March 2024

The emergence of challenges surrounding the construction of One Brickell City Centre, poised to be Miami’s tallest corporate skyscraper at approximately 1,000 feet, reflects the gradual cooling of the city’s once-booming office real estate market. Related Cos., a New York-based developer, and Swire Properties, an international firm founded by the British Swire family, find themselves in a struggle to secure a key tenant nearly a year after breaking ground. Sources familiar with the situation indicate that Related is in the process of restructuring its agreement with Swire, the landowner. Reports suggest that Swire has even contemplated selling the 1.55-acre downtown Miami site, as revealed in a document reviewed by The Wall Street Journal. However, Swire has clarified that while they regularly assess various options for their development sites, the One Brickell City Centre site is currently not up for sale. Related has affirmed its ongoing collaboration with Swire despite the challenges.

The U.S. office market has faced pressures from rising interest rates and the shift to hybrid work models, impacting cities like Miami, which previously weathered such challenges better due to corporate relocations and limited office space availability. However, recent data from commercial real estate services firm JLL indicates a 25% decrease in leasing activity in the Miami office market last year compared to 2022. Additionally, sublease vacancies surged by 66%, signaling existing tenants’ desires to downsize their office footprints. Steven Hurwitz of JLL notes, “There’s a slowdown of new-to-market activity. We’re sort of at a new inflection point.” Juan Arias, director of market analytics for CoStar in South Florida, highlights that office construction starts in Miami have decelerated following a peak in the second quarter of 2023. Factors such as higher interest rates, increased construction costs, and subdued leasing activity in a softer economic climate have contributed to this slowdown. Miami, once primarily focused on leisure and tourism, is striving to evolve into a thriving business and financial hub. While the city has attracted financial and tech firms from various regions, it also grapples with challenges such as soaring property prices and limited educational infrastructure for new residents. Despite these hurdles, Miami’s office market remains robust compared to many U.S. cities. It registered the highest annual office rent growth last year and maintained a low office vacancy rate of 8.4%.

Related chairman Stephen Ross, known for his interest in South Florida projects, has emphasized One Brickell City Centre’s significance. The tower, with 68 floors spanning 1.5 million square feet, is slated for completion in 2028. Ross aimed to secure prominent tenants, including discussions with Ken Griffin of Citadel regarding potential tenancy, although recent developments suggest Griffin’s firm is pursuing other ventures. While the partnership for One Brickell City Centre’s anchor tenancy did not materialize, both Ross and Griffin have hinted at future collaborations. Their joint statement expresses eagerness to partner on initiatives beneficial to the community, indicating potential future endeavors despite the current challenges facing this high-profile project.

Shore Club Stunner: $120M Penthouse Sets Record as Miami’s Priciest Pad

By Columbus International,11 March 2024

An extraordinary ocean-view penthouse in Miami Beach is set to be sold for a staggering amount exceeding $120 million, as reported by the Wall Street Journal. If finalized, the transaction would surpass previous records, making the condominium the most expensive ever sold in the Miami area. Situated within the prestigious Shore Club Private Collection, this lavish unit boasts a living space complete with terraces and a private rooftop pool, offering unparalleled luxury, comfort, and breathtaking ocean views. The identity of the buyer remains a mystery as the developers, the Witkoff Group and Monroe Capital, have chosen not to comment, fueling speculation. Real estate record-breaker and billionaire hedge fund magnate Ken Griffin had previously set a record for Miami condos in 2015 when he acquired two penthouses at Faena House for $60 million. Griffin later sold those units for a lower price: $46.2 million. His passion for high-value real estate transactions continued in 2022 with the purchase of the waterfront property at Adrienne Arsht in Coconut Grove, Miami, for an incredible sum of $106.87 million, marking a historic moment: the first nine-figure residential sale ever in the city. This recent monumental sale underscores an unprecedented surge in Miami’s luxury real estate market, with affluent individuals eagerly vying to secure their piece of paradise.

The Shore Club redevelopment project has been in the works for years, involving the transformation of two iconic hotels – the 1940s-era Shore Club Hotel and the historic Cromwell Hotel, a gem of Art Deco architecture from the 1930s. Designed by esteemed architects Robert A.M. Stern, the development features 49 residences spread across the original Cromwell Hotel and a new imposing structure rising above the beach. Additionally, an ocean-facing standalone villa and a luxurious five-star resort managed by Auberge Resorts Collection are set to enhance the complex. Sales of Shore Club apartments began early last year, with prices ranging from approximately $6 million to $40 million, excluding the jewel penthouse. Excitement is palpable for the project’s completion (expected in 2026). Kobi Karp Architecture & Interior Design, in collaboration with RAMSA, is the firm responsible for the architecture. The interiors, overseen by RAMSA, will embody a yacht-inspired aesthetic, featuring a serene color palette evocative of the surrounding natural elements.

Photo via The Boundary (Rendering)

Ken Griffin’s Plan for a Miami Headquarters Finally Begins to Take Shape

By Columbus International,5 March 20249 November 2024

Ken Griffin, the billionaire founder of Citadel, caused quite a stir when he announced the relocation of his hedge-fund giant from Chicago to Miami. This move marked the most significant shift of any financial institution to the Miami scene. However, nearly two years down the line, the waterfront property Griffin secured for his planned $1 billion headquarters remains barren.

Citadel’s employees continue to toil away in temporary offices in the financial district, awaiting the fruition of their grand relocation plans. Nevertheless, the vision for Griffin’s Miami headquarters is gradually taking shape. Foster + Partners have been entrusted with the design, aiming to erect one of the city’s tallest skyscrapers. Renderings seen by The Wall Street Journal reveal plans for a luxury hotel atop the building, reflecting Griffin’s ambition to leave an indelible mark on Miami’s skyline. Gerald Beeson, Citadel’s chief operating officer, sees this as a pivotal opportunity to craft an iconic edifice befitting Citadel’s future.

Miami, often touted by Griffin as “Wall Street South,” is slated to be the firm’s primary hub, with expansions planned for New York City and London. Griffin’s conspicuous presence in Miami has drawn parallels to the impact LeBron James had on the city, attracting both businesses and wealth, and igniting pockets of growth in the real estate market. Born in Daytona Beach, Florida, Griffin founded Citadel in 1990, propelling himself into the upper echelons of the financial world. With approximately $58 billion in assets under management, Citadel stands as one of the globe’s foremost hedge-fund managers. Griffin’s high-profile acquisitions in Miami, including a record-breaking purchase of a sprawling estate in Coconut Grove, further underscore his commitment to the city. Before publicly announcing his relocation plans in 2022, Griffin quietly acquired a prime waterfront parcel on Brickell Bay, setting the stage for his envisioned headquarters. However, his collaboration with Sterling Bay, the initial developer, came to an abrupt end amid concerns about their ability to see the project through. Citadel’s subsequent search for an experienced developer with a solid track record in South Florida ensued.

Amidst uncertainties surrounding the fate of Citadel’s future headquarters, the company appointed Paul Darrah, formerly of Alphabet’s Google, as its chief workplace officer. Darrah, renowned for his role in developing Google’s corporate campus in Manhattan, aims to establish a temporary space within the 830 Brickell building. This interim solution will provide Citadel with a platform to experiment and refine its vision for the ultimate headquarters, a decision facilitated by the flexibility of the lease agreement. Griffin’s real estate endeavors, however, face challenges, with several acquisitions made but development hindered by existing structures, notably a condo building. Despite these hurdles, Griffin’s determination to establish Citadel’s presence in Miami remains unwavering, signaling a continued evolution of the city’s financial landscape under his stewardship.

Introducing E11EVEN Residences Beyond: Redefining Luxury Living in Miami

By Columbus International,26 February 2024

Nestled within the prestigious District 11 of Miami, E11EVEN Residences Beyond emerges as the epitome of opulent living, introducing a lifestyle coined as “24/11”. This visionary development, the second phase of the esteemed E11EVEN Hotel & Residences Miami project, is poised to transcend the ordinary and set new standards in Miami’s residential landscape.

With bespoke amenities empowering residents to transcend the mundane and a cadre of esteemed partners crafting immersive, entertainment-filled experiences, E11EVEN Residences Beyond promises a life of unparalleled luxury. Embark on an immersive journey into the realm of extravagance with a visit to the state-of-the-art sales gallery located at 1018 N Miami Avenue, where the essence of E11EVEN Residences Beyond comes to life through a meta-reality experience showcasing the new residential collection. At the heart of this visionary development lies the integration of holistic wellness practices, courtesy of the globally renowned wellness brand Chopra Global. Marking their inaugural residential and hotel partnership, Chopra Global brings the ancient healing traditions of Ayurveda to the towers of E11EVEN Hotel & Residences. The Chopra Spa & Studio invites residents and guests into a sanctuary of tranquility, featuring a sublime reception area designed to instill a sense of serenity. From a breathtaking indoor pool to a revolutionary somatic room offering immersive sensory experiences, the spa promises a holistic approach to well-being, complemented by yoga sessions, personalized treatments, and nutrition coaching.

Elevating the social and culinary landscape of E11EVEN Residences Beyond is The Clayton, an exclusive premium social club hailing from Chicago. Exuding an air of sophistication, The Clayton offers residents an array of curated cocktail and dining experiences, alongside private meeting spaces and secluded cigar hideaways, promising the epitome of a lavish night out. Further enriching the culinary tapestry of E11EVEN Residences Beyond is the Riviera Dining Group, renowned for its innovative hospitality concepts. Residents can indulge in a gastronomic journey at the experiential restaurant and lounge nestled within E11EVEN Hotel & Residences, or ascend to the rooftop lounge for panoramic vistas of the Downtown Miami skyline and Biscayne Bay. Beyond its luxurious amenities, E11EVEN Residences Beyond offers a realm of adventure, granting residents access to an expansive resort-style dual-level pool deck and a vibrant day club overlooking the cityscape. Sports enthusiasts can revel in the thrill of major sporting events at the casino-style sports lounge, complete with state-of-the-art amenities and a beer garden. For those seeking a seamless blend of leisure and business, E11EVEN Residences Beyond presents an array of services curated to facilitate every aspect of life. From fully staffed executive office suites to a private helipad for optimal convenience, every detail is meticulously crafted to elevate the resident experience.

Comprising studio to two-bedroom residences, the new residential collection at E11EVEN Residences Beyond epitomizes luxury living, boasting fully integrated “smart building” features, Subzero and Wolf appliances, custom ITALKRAFT Italian cabinetry, and designer-curated furnishings. The recently unveiled Speakeasy Collection adds a touch of sophistication, featuring studios with integrated modern cocktail bars stocked with premium liquors, transforming each residence into a swanky entertainment destination. Embrace a life of limitless possibilities at E11EVEN Residences Beyond, where luxury knows no bounds. With exclusive amenities and world-class partners, this visionary development epitomizes the ultimate live, work, play experience, inviting residents to embark on a journey of unrivaled sophistication and indulgence.

Photos via E11EVEN

Unveiling the Epitome of Luxury: Miami’s Starchitect-Driven Real Estate Revolution

By Columbus International,22 February 2024

In the world of luxury real estate in Miami, the mere mention of the name of a world-renowned architect can evoke prices that defy imagination. Imagine this: a penthouse spanning over 13,000 square meters ready to enter the market at a price of $150 million, equivalent to the astronomical figure of $11,000 per square meter. Welcome to The Raleigh, an illustrious Art Deco hotel currently undergoing renovation under the guidance of developer Michael Shvo, ready to unveil the epitome of opulence in collaboration with Rosewood Hotel and Residences. The allure behind these stratospheric prices? A design led by architect and visionary Peter Marino, celebrated globally for his creations. Marino and his “colleagues,” often referred to as “starchitects,” are the driving force behind many of Miami’s most coveted residential skyscrapers. Their involvement goes beyond aesthetics; it symbolizes exclusivity and prestige, elevating Miami’s already rich real estate landscape to unprecedented levels. According to some brokers, “in the Miami market, it is a true mark of credibility, of quality.” The intrinsic value associated with properties bearing the imprint of these architectural luminaries is emphasized, where ownership goes beyond mere real estate investment to embody a symbol of enduring value and sophistication. A glaring example of this phenomenon is One Thousand Museum, a beacon of architectural skill conceived by the late Zaha Hadid. The residences within this colossus have consistently commanded premium prices, with resales reaching up to $2,100 per square meter, a testament to the profound impact of alignment with a renowned architect. There is a trust instilled in buyers by the mere association with famous architects, citing the example of the St. Regis Residences by RAMSA in Brickell, where buyers have shown absolute confidence in the architect’s pedigree. To illustrate the tangible impact of the touch of a famous architect, let’s compare five upcoming towers in Miami, each crafted by the most eminent of starchitects, with their non-starchitect counterparts:

The Baccarat, a collaboration between the Related Group and GTIS Partners, boasts the design skill of Arquitectonica, a pillar in the architectural landscape of South Florida. The penthouse at The Baccarat commands a price of $21.7 million, translating to approximately $3,200 per square meter, representing a competitive advantage over non-starchitect offerings nearby.

The Shore Club, undergoing a revitalization under the transformative guidance of RAMSA, sets a new standard in luxury living. With penthouse prices kept discreet, the $6,250 per square meter for the Beach House sets an ambitious benchmark, surpassing nearby competitors.

The collaboration between Related Group and Integra Investments with RAMSA for the St. Regis Residences in Brickell embodies unparalleled luxury. Despite a 35% premium attributed to Stern’s involvement, the price of $4,500 per square meter for the upper penthouse remains competitive in the market.

The visionary project of Mast Capital and Starwood Capital Group, conceived by Rem Koolhaas’s OMA, embodies avant-garde design. The $37 million penthouse, sold at $6,500 per square meter, represents a significant premium over nearby offerings, underscoring the intrinsic value of architectural distinction.

The pinnacle of luxury finds its zenith in the legendary beachfront enclave reimagined by SHVO and designed by Peter Marino. With the crown jewel, a luxurious penthouse commanding an extraordinary price of $150 million, or $11,000 per square meter, it eclipses its competitors, embodying the pinnacle of exclusivity and luxury.

In the landscape of luxury real estate in Miami, the name behind the design is more than a mere recognition; it is a mark of unparalleled excellence and sophistication, capable of transforming residences into true works of art. As Miami continues its ascent as a global epicenter of luxury living, the influence of these visionary architects remains unparalleled, shaping the city’s skyline and redefining the very essence of luxury living.

Source: New York Post

Miami’s Short-Term Rental Condo Boom: A Paradigm Shift in Urban Living

By Columbus International,12 February 20249 November 2024

Miami’s real estate landscape is undergoing a profound transformation, driven by a surge in short-term rental condos that are reshaping the dynamics of urban living across Downtown Miami, Brickell, Edgewater, and beyond. According to a report by the South Florida real estate firm ISG World, a staggering 8,467 short-term rental condos are planned across 26 projects in these areas, constituting a significant portion of the region’s development pipeline.

The rapid growth of short-term rental projects can be attributed to various factors, including economic and political uncertainty in Latin America. Craig Studnicky, CEO of ISG World, notes that developers are capitalizing on the influx of foreign buyers seeking to invest capital outside their borders, particularly amid volatile conditions in their home countries. With international buyers accounting for nearly half of home purchases in South Florida, these projects serve as attractive investment opportunities for individuals looking to diversify their portfolios. Studnicky highlights the exponential growth of short-term rental units in Miami-Dade and Broward counties, with developers seizing the opportunity to cater to the rising demand for flexible accommodation options. This surge in development underscores a “carpe diem” moment for developers, who have capitalized on the convergence of favorable market conditions to meet the evolving needs of residents and investors alike. Alicia Cervera, Chairman of Cervera Real Estate, emphasizes the increasing interest from American buyers in these projects, citing the affordability and flexibility offered by short-term rental condos compared to traditional housing options. With Miami’s population and property prices on the rise, there is a growing demand for smaller, more affordable housing solutions, making short-term rentals an attractive proposition for urban dwellers. Indeed, short-term rental condos are filling a void in the market by providing transitional homes for new arrivals to Miami, as well as serving as investment vehicles for those seeking to monetize their properties. With a wide range of amenities catering to both residents and travelers, these units offer a blend of convenience and luxury in prime urban locations.

Developers are responding to this demand by proposing a diverse array of projects with varying degrees of rental restrictions, catering to different preferences and investment strategies. From fully furnished turn-key residences to condo-hotels with limited occupancy rules, these developments offer options tailored to the needs of various buyers. One notable project, 600 Miami Worldcenter, has sold out its fully furnished units ahead of groundbreaking, underscoring the heightened demand for such offerings in prime locations like Downtown Miami. Similarly, the expansion of the Natiivo concept to Broward County reflects the broader trend of extending the reach of short-term rental condos beyond Miami’s borders.

While there may be some fluctuations in market demand, Studnicky remains optimistic about the future of these projects, citing the resilience of Latin American buyers and the allure of pre-construction investments. With interest rates becoming more favorable and construction financing more accessible, developers are poised to break ground on numerous projects, further reshaping Miami’s skyline and urban landscape. In conclusion, the proliferation of short-term rental condos represents a paradigm shift in Miami’s real estate market, offering investors, residents, and travelers alike a new way to experience urban living in one of the nation’s most dynamic cities. As these projects continue to evolve and expand, they are not only reshaping the physical landscape but also redefining the very essence of urban life in Miami.

Source: Bisnow

Barbie Cafe Buzz to Booming Developments: Wynwood’s Real Estate Rise

By Columbus International,8 February 2024

California-Miami Real Estate, a golden ticket!

Introducing the new Malibu Barbie Cafe, a lively pop-up restaurant in Wynwood, Miami, celebrating the spirit of 1970s Malibu Barbie. You can immerse yourself in a nostalgic culinary adventure, carefully crafted to honor the legacy and influence of the iconic Mattel doll.

Conceived through a partnership between Bucket Listers and Mattel, the giant behind Barbie, this collaboration is led by Derek Berry, a Miami native and president of Bucket Listers experiences. Following the success of previous pop-ups like Saved by the Max and the Peach Pit, this collaboration promises a unique culinary experience, following in the footsteps of previous Malibu Barbie initiatives in New York, Chicago, and the Mall of America.

You can then be transported to the sun-drenched beaches of 1970s Malibu, where every detail reflects the glamorous era of the doll. Designed by Master Chef semi-finalist Becky Brown, the menu boasts a fusion of flavors from Southern California, with delights such as rainbow pancakes, avocado toast, and cauliflower bowls, ensuring an enticing experience for all palates, including children with a dedicated menu.

The atmosphere is Instagram-worthy, complete with giant Barbie boxes, retro furnishings, and the signature pink shades synonymous with the brand. Interactive experiences await, from skating to disco-themed evenings, for guests of all ages.

Meanwhile, if after enjoying your Mattel-branded coffee you decide to buy a house in Miami, developers seem to all agree: Wynwood is a winning bet. Similarly to other areas of Miami, developers are descending on the neighborhood and have over a dozen projects in various stages of development. An analysis by The Real Deal has found that over 2,200 apartments and condominiums are coming to Wynwood. A number destined to increase.

Developers have spent just under $300 million solely on land acquisitions between March 2021 and May 2022. By comparison, approximately $366 million was spent on land in Brickell and $555 million in Edgewater.

Here are the planned projects in Wynwood:

Ironstate Development and Brookfield Properties, 26 Northeast 27th Street

Ironstate Development, based in Hoboken, New Jersey, led by brothers David and Michael Barry, along with Brookfield Properties, have proposed a complex of 289 apartments on the former Art by God site. Last year, they paid $15.6 million for the entire assemblage at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

Gamma Real Estate, 2825 Northwest Second Avenue

Gamma Real Estate from New York took control of the site from The Collective, after making a credit bid. Current plans for the property include 180 units, ranging from studios to six-bedroom apartments.

Clearline Real Estate, 2000 and 2021 North Miami Avenue

Clearline, led by Jenny Bernell, envisions a mixed-use project, likely including rentals. The undeveloped property is zoned for over 300 units.

Fifield Companies, 37 Northeast 27th Street

Fifield plans an eight-story residential building with 210 units and approximately 10,000 square feet of commercial space and a pedestrian walkway. The Chicago-based developer paid $19.5 million for the property in January. Construction is expected to be completed in 2024.

L&L Holding Company and Carpe Real Estate Partners, 31 Northwest 29th Plaza

New York developers L&L Holding Company and Carpe Real Estate Partners plan a mixed-use project that would span over 1 million square feet and include 509 units.

Rilea Group and Promanas Group, 94 Northeast 29th Street

Rilea Group and Promanas Group plan to build 127 rentals at 94 and 100 Northeast 29th street. Plans call for a 12-story project with a rooftop restaurant and a pool bar. The developers bought the properties for $12.2 million last year.

TriStar Capital, Related Group, Lndmrk Development, Tricera Capital, 2700 Northwest Second Avenue

TriStar Capital, Related Group, Lndmrk Development, and Tricera Capital plan to build more than 300 units. The developers paid $26.5 million for the 1.3-acre development site last year. Construction could begin in August.

PMG and Greybrook Realty Partners, 2431 Northwest Second Avenue

PMG and Greybrook Realty Partners secured a $142.3 million construction loan last year for their planned 318-unit, 10-story mixed-use project.

Related Group, 2130 North Miami Avenue, 38 Northwest 22nd Street

Related Group plans to build a pair of 12-story buildings with 317 apartments and 534 parking spaces.

Kushner Companies, Block Capital Group, 127 Northwest 27th Street

Kushner Companies and Block Capital Group are building a project that will have 152 apartments and 232 parking spaces, an outdoor pool deck, and a lounge. It’s expected to be delivered in the third quarter of this year.

Sources and Photos: Eater, The Real Deal, Instagram