IKEA Sets Summer 2014 Opening Date for Miami-Dade Store

By Georgiana Mihaila, Associate Editor

With a building permit pending for its future Miami-Dade location in Sweetwater, IKEA has already hired Balfour Beatty Construction to oversee the 417,000-square-foot project. With groundbreaking set for some time within the next couple of months, the Swedish retailer plans to open the store in summer 2014.

This will be the second IKEA store for the South Florida area, the other—IKEA Sunrise—being located in Broward County.

“We are excited that plans are on track to open IKEA Miami in Summer 2014 as our second South Florida store,” said Mike Ward, IKEA’s U.S. president. “This store will provide a more conveniently located IKEA shopping experience for current and potential Miami-Dade customers and will help strengthen the IKEA presence in Florida established by stores already in Sunrise, Orlando and Tampa.”

The 417,000-square-foot store will rise on a 14.6-acre site in the city of Sweetwater and will be adjacent to the Dolphin Mall set west of Miami International Airport. Store plans reflect the unique architectural design for which IKEA stores are known worldwide. The company will also evaluate solar generation potential for this store to complement the presence of renewable energy generation at nearly 90 percent of its current U.S. locations.

In addition to over 500 jobs that are to be created during the construction phase, approximately 350 workers will join the IKEA family once the new store opens. IKEA Miami would also generate significant annual sales and property tax revenue for local governments and schools.

IKEA—the world’s leading home furnishings retailer—has chosen Balfour Beatty Construction, one of the nation’s largest construction management firms, to handle the project, while also tapping Kimley-Horn and Associates for civil engineering, ATC Associates for geotechnical services, The Goldstein Environmental Law Firm for Brownfield expertise, and Procacci Development Corporation for selling the land. Atlanta-based GreenbergFarrow will serve as architect for the project.

Image courtesy of IKEA

Foram Group’s 600 Brickell Tower Goes Platinum

By Georgiana Mihaila, Associate Editor

The 40-story 600 Brickell building can now pride itself with a rare designation that makes it unique in the Florida market—placing it among only a handful of its class and size in the world—after being certified LEED Platinum by the U.S. Green Building Council.

The 600,000-square-foot mixed-use commercial tower set in the heart of Miami’s financial district was delivered to the market in August 2011. The 600 Brickell at Brickell World Plaza has already brought a top technology award to developer Foram Group, receiving the Greater Miami Chamber of Commerce’s Technology Leader Award for Best Project in 2012.

Designed by global architecture firm RTKL, the $300 million tower features central monitoring and control of air quality, temperature and lighting—resulting in a healthier, more comfortable and more secure working environment. It also incorporates fully redundant electrical backup systems, as well as both public and secured WiFi and direct access to the world’s Internet backbone through underground, redundant fiber-optic connections linking directly to the NAP (Network Access Point) of the Americas less than one mile away.

600 Brickell is the first “Class A” office building of this magnitude to be ISO 27001 Certified, the internationally accepted benchmark for information security.

The U.S. Green Building Council recognized 600 Brickell for its merits of achieving efficiencies in energy, lighting, water and material use, as well as that of incorporating a variety of other sustainable strategies to reduce its carbon footprint. The tower received the designation in the core and shell category, which applies to new construction.

“Every detail of this building was planned and examined before one shovel of dirt was ever turned,” said Loretta Cockrum, Foram’s founder, chairwoman and CEO. “We wanted to build something that would be as relevant 50 years from now as it is today. We have achieved our goal.”

Image via 600 Brickell official website

Developers Ross and Perez Show Interest in Stalled Island Gardens Project

By Georgiana Mihaila, Associate Editor 

According to the South Florida Business Journal, the company headed by Dolphins owner Stephen Ross—Related Cos., as well as Jorge Perez’s The Related Group, will assist Flagstone Properties in developing the long-stalled Watson Island project, Islands Gardens.

A joint statement released on Wednesday says that both companies are engaged in conversations with Flagstone Property Group about potentially partnering on the redevelopment of Watson Island. Yet the $800 million project will have to meet certain criteria and would include additional investment partners before the investment moves forward, the Business Journal reported.

Previously announced development plans state that Island Gardens will feature an ultra-luxury Shangri-La Hotel; a Residences Island Gardens-Miami, managed and serviced by Shangri-La Hotels and Resorts; a lifestyle hotel; 60 cutting edge and high-end retail boutiques; 18 waterfront restaurants, cafés and nightlife venues; world-class dining; a unique waterfront promenade; a fish market; leisure gardens; and a maritime gallery created in conjunction with the Historical Museum of Southern Florida.

Plans also call for a distinctive marina exclusively designed for mega-yachts. The super-yacht harbor is meant to establish Miami as an international destination on the same caliber as illustrious getaways in the Mediterranean and Caribbean.

Island Gardens was conceptualized by developer Mehmet Bayraktar and concept architect Eric Kuhne to utilize every aspect of Watson Island. Piero Lissoni, world-renowned interior designer and co-founder of Studio Lissoni, is designing the interiors of various components of the development. The project architect is Spillis Candela DMJM, one of the oldest and largest professional design firms in the southeastern United States.

Island Gardens was first approved by the city commission on July 8, 2004 and went before the county commission in September 2004 on the marina aspect of the proposal. Yet construction stalled, and developer Mehmet Bayraktar faced several lawsuits and financial problems. The ambitious project, considered to be one of the largest waterfront developments in the world, could open by 2016, according to Bayraktar.

Renderings via www.islandgardens.com

Starwood to Bring New Eco-Conscious Brand to Miami Beach

By Georgiana Mihaila, Associate Editor

As the result of a combined effort between Starwood Capital Group, Invesco and the LeFrak Organization, Miami Beach will soon experience a new concept in beachfront luxury hotel living. The developers have unveiled plans for The 1 Hotel & Residences South Beach—a bold project that will combine a residential component with a 417-room SH Group-operated hotel.

The new brand 1 Hotels was developed by Barry Sternlicht—creator of the widely successful W Hotels and St. Regis hotel brands—and aims at celebrating nature through eco-conscious design and management.

Barry Sterlicht, Starwood Capital Group Chairman and CEO, has chosen The LeFrak Organization to help with the $100 million transformation of an existing 1970’s structure into a LEED-certified, environmentally conscious structure featuring natural materials and finishes and lush landscaping.

Located at 2399 Collins Ave. on the site of the hotel formerly known as The Gansevoort South, the new 1 Hotel & Residences South Beach will include 163 residential units, available in one-, two-, three- and four-bedroom layouts, as well as duplexes that will range in size from 830 to 4,280 square-feet.

The residential units will sit atop the 417-room hotel, which will be operated by SH Group—Starwood’s hotel management company. The entire property and the residences have been retrofitted with new energy-efficient casement windows and sliding glass doors onto private terraces, and each unit will be equipped with ENERGY STAR® qualified appliances.

Residents of 1 Hotel & Residences South Beach will enjoy a collection of superior amenities, such as four ocean view swimming pools—including the hotel’s existing famous rooftop pool, a 40,000-square-foot spa and fitness center, 24-hour in-home dining and concierge services, and 600 feet of beachfront with private beach amenities.

The location places 1 Hotel & Residences next door to the W South Beach and two blocks from The Setai Hotel and Residences in a neighborhood rich in retail, restaurants, culture and entertainment.

Award-winning Brazilian designer Debora Aguiar is creating a fresh, unique design for the residences and common areas that resonate with the brand’s core sustainable ethos, while Miami-based Fortune International will be leading sales and marketing efforts. An onsite sales center will also be set up starting April 2013.

Image: Former Gansevoort, now Perry South Beach Hotel

High-end Bal Harbour Shops to Co-Develop Retail Component of 2.9MSF Brickell CityCentre

By Georgiana Mihaila, Associate Editor

The 2.9 million-square-foot Brickell CityCentre has added a valuable name to its development team. Bal Harbour Shops has joined Hong Kong-based Swire Properties in co-developing the retail part of the project currently under construction in downtown Miami.

The terms of the alliance specify that Swire Properties will remain the primary developer of the mixed-use project, while Bal Harbour will contribute both meaningful equity and its brand recognition and luxury retail expertise as co-developer of the retail component. The venture reinforces the vision that Swire Properties has for Brickell CityCentre—becoming the leading destination in the heart of Miami for exclusive shopping and dining.

“We are honored to have Bal Harbour Shops join us as co-developers of the shopping at Brickell CityCentre,” said Stephen L. Owens, president of Swire Properties Inc. “Built over generations, the credibility of Bal Harbour Shops with the luxury retail market, evidenced by the extraordinary sales performance of their center, will be of tremendous value to the market positioning of Brickell CityCentre as a destination shopping experience for residents and visitors alike.”

Bal Harbour Shops—named “the most productive luxury shopping center in the entire world” by the International Council of Shopping Centers—have been around since 1965. Owned by the Whitman family, the property has been fighting the expansion of luxury retail in Miami-Dade for years, the Miami Herald reports. Along with the new venture with Swire Properties, Bal Harbour will be claiming its ground on the downtown Miami luxury market.

Work on the $1.05 billion Brickell CityCentre project started in June 2012, with the first phase—a high end 500,000-square-foot retail center, two residential towers, a hotel, wellness center, serviced apartments, one office building and 3,100 parking spaces—scheduled for completion in 2015. The second phase will include a second office tower and has a completion date set for 2018.

Image courtesy of Swire Properties

New $265M Frost Museum of Science Takes Shape in Downtown Miami

By Georgiana Mihaila, Associate Editor

With the building’s structural foundation now complete, vertical construction on the Patricia and Phillip Frost Museum of Science is underway. The 250,000 square-foot complex is a world-class, state-of-the-art facility designed by Grimshaw Architects that will take shape in the heart of downtown Miami. Aiming to be among the world’s most innovative and sustainable science museums, the building will harness energy from water, sun, wind and even museum visitors to power exhibits and conserve resources.

“Now that progress on the new museum’s construction is visible, our community’s business, civic and philanthropic leaders have a tangible asset they can stand behind,” said Trish and Dan Bell, co-chairs of the Museum’s Board of Trustees. “By supporting our campaign, individuals and corporate donors are advancing one of Miami’s leading cultural and educational institutions. An investment in the Patricia and Phillip Frost Museum of Science is an investment in Miami’s future, and we expect vertical construction to spur new excitement among our donor base.”

As construction of the new museum moves forward, private sector support is also growing. The museum has secured more than $70 million of its $100 million private fundraising goal, which will complement Miami-Dade County’s $165 million funding. In addition, the Museum enjoys a broad base of support from leading corporations such as American Express, AT&T, Best Buy, Cordis Corporation, Florida Power & Light Company, IBM, JP Morgan Chase, State Farm and Wells Fargo, which all provide grants for educational programs and events. The 2013 Galaxy Gala in March will offer the private sector additional opportunities to support the museum.

In addition to being an international center for learning and innovation, the new museum will also be an economic catalyst for Miami-Dade County. The 35-month construction period will employ upwards of 400 workers, with an average of 150 crew members on site at any given time. Following construction, the ongoing annual economic impact to the county is estimated at $95.4 million with a total of 914 jobs created.

According to an official release, approximately 7,000 cubic yards of concrete have been poured to complete the museum’s foundation, enough to fill the American Airlines Arena’s basketball court with a 40-foot high concrete slab. The museum’s development is progressing on schedule, with completion set for 2015.

Images courtesy of Miami Science Museum Blog

Sentai Penthouse $27M Sale Sets New Record for South Florida

By Georgiana Mihaila, Associate Editor

One of the coveted penthouse residences atop Miami Beach’s famed Setai Resort has just set a new record for the most expensive condominium ever sold in South Florida. An anonymous buyer paid $27 million for the 7,100-square-foot residence.

Jeff Miller of Zilbert International Realty was the broker involved in the deal; Miller also set the prior sales record at The Setai in December 2011, when he brokered the sale of another penthouse for $21.5 million.

“The Setai residences are among the most luxurious in Miami Beach,” noted Mark Zilbert, president and CEO of Zilbert International Realty. “Homeowners are able to benefit from world-class, five-star amenities and services provided to them from the Setai Hotel and Resort.”

Encompassing the entire 40th floor, the sprawling residence overlooking South Beach and the Atlantic Ocean features over 7,100 square feet of living space with floor-to-ceiling windows, 4 bedrooms, 4 and-a-half bathrooms, and a spectacular outdoor rooftop terrace with private pool and hot tub.

The home’s gourmet kitchen is fully-equipped with SubZero and Gagenau appliances. Designer bathrooms feature marble flooring, Duravit sink vanities and Dorenbracht fixtures. Located at 101 20th St., The Setai Residences feature 163 residences, ranging in size from 767 to 7,100 square feet.

The Miami Herald reports that there is another listing on the market that could easily top the Setai sale if the sale price will be anywhere near the asking price. Penthouse 2 in the decade-old Continuum South tower at 100 South Pointe Dr. in the South of Fifth neighborhood is currently on the market for $39 million.

Blanca Commercial Tapped to Lease Courthouse Tower, 8200 Doral

By Georgiana Mihaila, Associate Editor

Courthouse Tower

Miami-based brokerage and advisory firm Blanca Commercial Real Estate has recently expanded its leasing portfolio to 2.5 million square feet by adding Miami’s Courthouse Tower and 8200 Doral.

“We are delighted to expand our agency-leasing portfolio with the addition of Courthouse Tower and 8200 Doral,” said Tere Blanca, president and CEO of Blanca Commercial Real Estate. “These assignments are located in two of the region’s most active submarkets: Miami’s thriving urban core and the always desirable City of Doral.”

Executive Vice President Juan Ruiz will spearhead leasing and marketing for both properties, alongside Executive Vice President Danet Linares at Courthouse Tower.

The 161,905-square-foot Courthouse Tower is a 25-story office building located at 44 West Flagler St., directly across from the Miami-Dade County Courthouse in downtown Miami. The recently-renovated Courthouse Tower lists as amenities a Sabadell United Bank branch on the first floor, ample surrounding parking and 24-hour on-site security, management and maintenance. The building offers approximately 45,274 square feet of immediate available space. Major tenants include City Year Miami and law firms Liebler, Gonzalez & Portuondo P.A. and Adams & Diaco P.A.

8200 Doral

Formerly Royal Palm Doral Center III, 8200 Doral is a 101,144-square-foot building located in the heart of Doral, just minutes from Miami International Airport and the Miami Intermodal Center, with convenient access to all major expressways. The building was recently awarded LEED Silver certification from the U.S. Green Building Council and has earned the EPA’s ENERGY STAR® rating. The building is owned by Royal Palm Building LLC, which fully paid off the asset’s remaining $16 million loan in 2010.

These two new assignments—totaling 263,000 square feet—strengthen Blanca Commercial Real Estate’s reach in two of the region’s most active submarkets: downtown Miami and Doral.

Images courtesy of Schwartz Media Strategies

Walmart Gets Final Approval for NW Miami-Dade Supercenter

By Georgiana Mihaila, Associate Editor

Adding to the list of nearly 20 new or expanded stores planned in the next couple of years across South Florida, the Miami-Dade County Community Zoning Appeals Board green-lighted Walmart’s plans of building a Supercenter in Northwest Miami-Dade. Set at NW 32 Avenue and 79 Street, the new retail center will activate a vacant site that has not been developed in over a decade. Easily accessible via public transit, the new store will sit steps away from the Northside Metrorail station.

The 186,000-square-foot Supercenter will feature a full selection of groceries, as well as a bakery, deli, frozen food section and meat, dairy and fresh produce sections. General merchandise areas include pharmacy, apparel, electronics, home, fine jewelry and health and beauty. It is estimated that the new retail center will employ up to 300 people upon completion.

“Walmart’s investment is a vote of confidence in this community and will bring a much-needed economic boost to an area that hasn’t experienced major development in a long time,” said Miami-Dade County Commissioner Jean Monestime, who represents Northwest Miami-Dade. “For the many residents who live in the neighborhood, the new employment opportunities and affordable prices at the Walmart Supercenter are welcome.”

Walmart has been operating stores in Miami-Dade County for 20 years and currently serves Kendall, Hialeah, Hialeah Gardens, Miami Gardens, Homestead, Florida City, North Miami and Doral. Construction on the Supercenter is set to start in 2013, with a completion date estimated for 2014.

Image courtesy of Schwartz Media Strategies

Terranova/Acadia Pay Record $139M for Lincoln Road Retail Portfolio

By Georgiana Mihaila, Associate Editor

In what seems to be Florida’s largest retail acquisition of 2012, Terranova Corporation and Acadia Realty Trust paid $139 million for a three-building portfolio on Lincoln Road in Miami Beach. This addition of 801, 826 and 719 Lincoln Road to the Terranova/Acadia portfolio makes them the largest pure retail owner on the block.

The Miami Herald reports that the deal is being billed as the largest retail acquisition in Florida during 2012 in terms of dollar value, trumping Vornado Realty Trust’s $132 million purchase in July of 1100 Lincoln Road. The properties include a Fossil, Dylan’s Candy and Kiehl’s.

“These properties have huge upside as lease rates roll up to market,” said Terranova Chairman Stephen Bittel. “We look forward to bringing the best retailers in the world to join the impressive collection already on Lincoln Road.”

He added: “The only thing better than adding to our market-leading position on Lincoln Road is to once again be growing with Acadia as our partner. Their national urban high-street portfolio blends perfectly with Lincoln Road and enables them to add so much more than just capital to our joint investment.”

Back in February 2011, the two companies bought another three-building Lincoln Street portfolio consisting of 61,000 square foot of retail space for approximately $52 million. Since then, the company has brought to the area an Armani Jeans store and an Asian-themed Khong River restaurant.

Lincoln Road, an eight-block open-air pedestrian mall between Alton Road and Washington Avenue, is a popular destination for south Florida residents and tourists alike, featuring high-end restaurants, boutiques and bars where shoppers and diners can expect to enjoy the most modern shopping and entertainment paired with a lively nightlife scene. The street generates some of the highest per-square-foot sales in Florida as one of the only 24-hour retail destinations.

Moreover, Lincoln Road recently received international acclaim with the opening of H & M on Pennsylvania and Lincoln Roads. This coupled with the New World Symphony entertainment venue and the just-opened Forever 21 store has kept the eyes of world-class retailers sharply focused on the venue, which boasts daily pedestrian traffic estimated at over 25,000 people and retailers regularly reporting fashion sales of over $1,000 per square foot.

Image via PRNewswire