Miami Today: Week of Thursday, April 30, 2015

WEEK OF THURSDAY, APRIL 30, 2015

A Singular Voice in an Evolving City

WWW.MIAMITODAYNEWS.COM $4.00

RESIDENTIAL REAL ESTATE

Younger residents accept less space to get downtown, pg. 15 CARGO SURGE: PortMiami container volume grew in double digits in March and 12% for the first six months of fiscal 2015. Port officials cited 84,000 units equivalent to a 20-foot container in March, compared to 73,000 in March 2014, and for the first six months 477,400 units compared to 426,000 a year earlier. In a written release, County Mayor Carlos Gimenez said industry leaders in November 2014 ranked PortMiami number 1 on the US East Coast for port productivity and performance for the first six calendar months of last year. Officials said more than $1 billion in capital infrastructure work is transforming the port. The release points to a July completion of dredging that is to deepen the main harbor channel from 42 feet to 50 to 52 feet, saying the port will be the only major logistics hub south of Virginia capable of handling fully laden post-Panamax vessels.

Ritz Carlton Residences rising on Heart Institute’s site, pg. 18

THE ACHIEVER

BY JOHN CHARLES ROBBINS

LAND GIVE: To aid the Florida Department of Transportation’s construction and improvements to I-395, the City of Miami is conveying land to the state. City commissioners declared surplus and authorized the city manager to convey to the state at no cost 139 square feet at 1338 NW Second Ave. The vacant property represents a maintenance cost and liability to the city. City charter allows disposal of city property for projects of any government agency without competitive bids or a fair market value return to the city. The $600 million project is to begin construction at the end of 2016 or early 2017 and include new elevated ramps, updating the alignment and road surface, and creating a new bridge with higher structures.

NEW NAME ON KEY: A portion of Virginia Key has been renamed.

Miami city commissioners approved a resolution renaming the areas called “North Point Park” and “Shrimper’s Lagoon, Public Beach and Coastal Hardwood Hammock Restoration,” to “Virginia Key Beach North Point Park,” as documented in the Virginia Key Master Plan. The resolution notes the master plan was approved in July 2010 “as the guiding tool for the future development of Virginia Key, creating a viable waterfront with recreational and public spaces, and for the protection and enhancement of natural resources located on the island.” It goes on to say the city since the plan’s adoption “has taken concrete steps to fulfill this vision, including the environmental remediation of the North Point, construction of mountain bike trails, and the issuance of request for letters of interest… for a recreational support facility, for the rental of kayaks, canoes, bicycles, and other non-motorized recreational equipment.”

Photo by Maxine Usdan

Avra Jain

Cutting-edge developer active in 60 to 70 locations The profile is on Page 4

Big-name developers vie to build at Metrorail

BY LIDIA DINKOVA

Developers behind some of the most notable projects in Miami-Dade County are vying to build out an area adjacent to the Douglas Road Metrorail station near Coconut Grove.

Miami-Dade government requested proposals for transit-oriented development near the station. Two groups responded, Miami Today learned through a public records request. The Related Group is competing with Adler 13th Floor – a partnership between the Adler Group and 13th Floor Investments.

Related proposes a nine-story parking garage, a 17-story residential tower and a 17-story student residence. The Douglas Road Metrorail station is just northeast of the University of Miami. Related’s proposal includes ground-floor retail as well as office space, records show. Related is partnering with Miami-based architecture firm Arquitectonica on the proposed development.

Adler 13th Floor is proposing 970 residential units, 288 of them in a 25-level tower that would rise on the northeast side

AGENDA

Miami rolls to grow free trolley lines

of the development at Peacock Avenue and Douglas Road, as well as units at a mid-rise garden-style residence with ground-floor retail.

The Adler team is also proposing 70,000 square feet of retail; parking; a public plaza with outdoor furniture and water features leading to Metrorail’s entrance; and a 150key hotel. Adler 13th Floor is considering several hotel brands for the project, with a Hilton Garden Inn as one option, records show.

The Adler 13th Floor team includes Boston-based Stantec as architect.

The Adler Group and 13th Floor Investments are already partnering on another project, a 25-story luxury high-rise with 294 multifamily units in the Dadeland area.

The county’s solicitation for proposals for development at and near the Douglas Road Metrorail station is a nod toward the latest trend of building transit-oriented development, essentially mixed-use, pedestrian-friendly projects where people can live and work as well as seek entertainment, all near a public transportation stop.

Transit-oriented development has been touted as a way to attract more mass transit

riders and to provide amenities, offices and residences for these riders near the mass transit stations.

The plan at Douglas Road is one of many such projects ongoing in MiamiDade. Another transit-oriented development is the Eighth Street Metromover station that’s being revitalized and is to be incorporated within Swire Properties’ now-rising Brickell City Centre. MiamiDade has also solicited applications from developers to build at the Omni bus terminal in Miami.

In transit-oriented development, the developer usually must upgrade the station. Both Related and Adler 13th Floor include in their proposals plans to upgrade the Douglas Road Metrorail station.

Related said it would invest about $191 million in the project, including about $17.2 million to upgrade the station. Adler 13th Floor says its program, including common area contributions, hard and soft costs totals about $310 million, and the developer says it would invest $12.7 million in improvements of common property, such as parking and upgraded escalators.

Miami leaders are preparing to expand their free trolley system, which averages 12,000 riders daily.

Commissioner Frank Carollo said the rubber-tired trolleys have met great success since they started rolling in 2012. “I want to extend that success into Little Havana,” he said.

On April 23, he moved to add a route into East Little Havana, running from Southwest Eighth Street to Southwest First Court, to Southwest Seventh Street, to Southwest Third Avenue, to Southwest Sixth Street, to Beacom Boulevard and back.

Commissioners expressed support but postponed a vote to May 14, opting instead to direct City Manager Daniel Alfonso to study potential new routes citywide.

Chairman Wifredo “Willy” Gort pushed to examine the entire city and how much it would cost to add routes. “The concept should be how to connect the whole city,” he said.

Mr. Carollo pushed to immediately launch a route through East Little Havana. He also advanced the idea of a later route further west into Flagami.

“Without question, I agree, our trolley [program] has been incredibly successful,” said Commissioner Francis Suarez. Last month ridership was around 360,000, he said. He supported expansion but suggested there may be better new routes, and he backed studying all areas.

Officials have often cited the trolleys as one step taken to help alleviate gridlock. At the same time, some have wondered how long the city can keep them going without collecting a fare.

One way to help pay for new routes is state and federal funds.

Staff mentioned a June deadline for government programs that could help offset the cost of new routes.

Beyond that, Mr. Suarez, without offering details, suggested creation of a city transportation trust to help pay for transit and transportation.

36-STORY HOTEL TOWER COULD RISE AT HISTORIC SITE ...

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NEW MIXED-USE CORRIDOR A LURE FOR VITAL HOUSING ...

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COUNTY ASKS EXPRESSWAY AUTHORITY TO CAP TOLLS ...

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REGULATORS ASKED TO EASE RESTRICTIONS ON TRADE ...

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VIEWPOINT: TO KEEP VISITORS FLOWING, FIX TRAFFIC ...

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BRICKELL TOWERS SNARLED IN TUNNEL, SCHOOL TALK ...

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MIAMI LOOKS AT HOW TO FILL A MAYORAL VACANCY ...

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MIAMI’S RETAIL MARKETPLACE CLIMBS UP THE CHARTS ... 23

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MIAMI TODAY

TODAY’S NEWS

WEEK OF THURSDAY, APRIL 30, 2015

THE INSIDER BIG BOND SAVINGS: Miami-Dade County expects to save more than $128 million by refinancing $1.45 billion in bonds for its transit system, airports and water & sewer operations. County commissioners voted 110 to refinance the bonds for each department without discussion last week. The bonds are expected to be issued in May, well ahead of any move by the Federal Reserve to raise interest rates, the impact of which could make the refinancing less profitable.

GRANTS MANAGED: Miami officials hope a new computer service will ultimately lead to more grant dollars. City commissioners recently approved the purchase of a grants research and management system from eCivis Inc. for the Office of Grants Administration. The program is designed to make grant research faster and more efficient, and it provides for better grants management, staff said. The city does not have a grants management system now. The deal is on a recurring annual subscription basis for an initial three years with the option to renew for two added oneyear periods. The estimated cost for the first three years is $98,274 in all.

If the city chooses to exercise the two options to renew, the amount will total $155,790.25 for five years.

BEACH, ISLAND PRICES RISE: Rising housing prices in Miami Beach and barrier islands pulled additional inventory into the market, according to a report by Douglas Elliman Real Estate on the two markets.

Listing inventory for condos and single-family homes in Miami Beach and the barrier islands increased 19% in the year’s first quarter to 4,376 over the first quarter of 2014. The median sales price for all property types in those communities rose 13% to $437,750 from the same period in 2014; condo median sales price expanded 10.7% to $375,000 and single-family median sales price rose 6% to $1,550,000 over the same period. Overall sales in Miami Beach and the barrier islands declined 13.3% to 1,026 from 2014’s first quarter. The report states a portion of increase in price indicators is attributable to the drop in lower-price foreclosures and short sales. Distressed condo sales in Miami Beach and the barrier islands fell 48.7% and distressed single-family sales fell 71.4% from 2014’s first quarter. The luxury market, defined as the top 10% of sales, rose: the luxury condo median sales price rose 11.5% to $2,587,500 and luxury single-family median sales price rose 1.8% to $7,125,000.

GABLES FINANCIAL MILESTONE: According to Mayor Jim Cason, Coral Gables reached a milestone of financial stability in March with a reserve that has grown to $37.4 million. He said in a written statement the reserve represents 25% of the city’s operating budget, the gold standard in municipal finances, up from $4.5 million four years ago. The $37.4 million reserve balance is probably the largest reserve in the city’s history and certainly unmatched in the past 30 years, city officials said. The reserve, a rainy-day fund, is similar to a consumer’s interest-earning savings ac- Jim Cason count for emergencies or unexpected dips in income. The commission set aside money for the reserve from unfilled staff positions, a new $1.2 million city development fee paid by the University of Miami and a return on investment from the city’s sewer and storm water account.

SLOW THE ROLL: Miami Mayor Tomás Regalado and Commissioner Francis Suarez joined city administrators and residents at the groundbreaking April 16 for the Northwest 52nd Avenue and Fourth Street Traffic Calming project. “This project will slow down traffic and make the neighborhood safer,” the mayor said. The work consists of constructing a raised intersection to include asphalt/pavement restoration and reconstruction, storm sewer improvements, construction of new ADA ramps, new curb and gutter or valley gutter, sidewalks and roadway signs and pavement mark- Tomás Regalado ings. Total cost is $172,318, funded through transit half-cent surtax funds. The project is anticipated to be completed by June. “Our Flagami residents have made clear that speeding in our neighborhoods is an issue that needs to be addressed,” Mr. Suarez said.

HONORING COMMUNITY LEADERS: The Miami Beach Chamber of Commerce will honor five community leaders at its 93rd Annual Gala on May 9 at the Fontainebleau. This year’s honorees are Alan and Diane Lieberman, owners of South Beach Group Hotels and SBI Realty, for Excellence in Tourism; Stanley Tate, visionary behind the Stanley G. Tate Florida Prepaid College Program, for the Leonard A. “Doc” Baker Lifetime Achievement award; Bernie Yuman, entertainment entrepreneur and producer of ON YOUR FEET!, the story of Gloria and Emilio Estefan, for City National Bank Hi-Tides Outstanding Achievement; and Rabbi Gary Glickstein, leader of Temple Beth Sholom, for the Jan Pfeiffer Distinguished Service award. The event is an annual fundraiser for the chamber’s 501(c)3 Education Foundation, which supports educational initiatives in the Miami Beach community.

Details: Miami Beach Chamber of Commerce, (305) 674-1300, or Valerie Roy, CI Management, valerie@miamibeachchamber.com.

ESTABLISHING ROOTS: Thirty trees were planted April 24 in the Shenandoah neighborhood, on Southwest 19th Avenue between Ninth and 12th streets, as part of the City of Miami’s annual Arbor Day. The event was organized by Mayor Tomás Regalado, Commissioner Francis Suarez, the Office of Sustainable Initiatives, Department of Planning and Zoning, and the Department of Public Works. Local environmental community-based organization Citizens for a Better South Florida partnered with the city for this initiative. Volunteers planted Floridafriendly, drought-tolerant and wind resistant trees. Through the Tree Master Plan, adopted by the city commission in 2007, the city has set a goal to increase its tree canopy to 30% by 2020. To accomplish this, the city has set up the Green Miami Campaign, which encourages neighborhood groups and individuals to plant trees and preserve the urban canopy. Details: (305) 960-5191.

CORRECTION: A news brief April 9 should have said the Miami City Commission approved an additional $50,000 to the Scavenger 2000 Decontamination Boat for clean-up of the Miami River, Biscayne Bay, and all navigable tributaries in the area, bringing a three-year contract allocation to $650,000.

Photo by Marlene Quaroni

This apartment building at 3300 Biscayne Blvd. is on sale for $7.9 million. Site could hold a 36-story tower.

Historic apartments in Edgewater may get new tower, become hotel

BY L IDIA DINKOVA

A historic 20-unit apartment building in Edgewater is up for sale, and hotel owners and operators have expressed interest in buying the building and turning it into a hotel.

The apartment building at 3300 Biscayne Blvd. is one of a pair of buildings that comprise the Beverly Terrace Historic District – two apartment buildings that the City of Miami designated as historic.

Aside from the 20-unit apartment building, also up for sale is the 7,500-square-foot parking lot behind it as well as 205,200 square feet of transferable development rights that are part of the property, said Stephen Nostrand, senior vice president of Avison Young in Coral Gables. The real estate company is overseeing the sale listing of the building.

The City of Miami designated the two apartment buildings as the Beverly Terrace Historic District in 2003. Per city laws, the historic designation gives the buildings some protection from demolition because a city board would have to approve issuance of a certificate for demolition.

Based on the interest in the building so far, developers don’t seem interested in demolishing the structure.

“We’ve gotten a lot of calls from a lot of developers who want to convert the current 20 units into a hotel and build a new structure on the 7,500 [foot] lot,” Mr. Nostrand said.

“The current zoning allows you to go very high, so in theory someone could build a small, very tall building on that 7,500 feet and accommodate a hotel.”

Under the current zoning for the site, a developer could build as high as 36 stories, Mr. Nostrand added.

Mr. Nostrand said late last week that he had gotten three calls from potential buyers who are interested in converting the building into condos where residents own and occupy their unit; two calls from potential buyers who are interested in keeping the building as is, where tenants can rent an apart-

ment; and about three calls from potential buyers interested in converting the existing building into a hotel.

He added that any future development on the 7,500-squarefoot parking lot behind the building would have to fit in with the historic character of Beverly Terrace.

“The city is not going to permit for anybody to come in and put a fancy modern glass structure, the kind we’re seeing predominantly in Edgewater, connected to a building built in [1925]. It doesn’t fit the character of the neighborhood and any development would require the input and discussion of neighbors,” Mr. Nostrand said.

“The city is very sensitive to existing historic structures.”

Also up for sale are 205,200 square feet of air rights, or the unused air space above the apartment building. Air rights, referred to as the transfer of developmental rights (TDRs), are essentially the unused air space above one-, two- and three-story structures. The owner of a shorter building can sell TDRs to a developer of a high-rise building. The air rights allow the developer of a high rise to add more square footage to the base floor area that he’s allowed to build.

According to the Miami 21 zoning code, qualifying sellers of TDRs are owners of historic buildings or owners of buildings that are part of a historic district. Per the code, the owner is to then invest proceeds from the sale of TDRs into renovating the historic structure.

The purchase of TDRs has been particularly common in the MiMo district between Northeast 50th and 79th streets along Biscayne Boulevard, where oneand two-story hotels and motels have been renovated from the proceeds of TDR sales.

TDRs sold by the private sector could fetch about $8 to $9 per square foot, industry experts have told Miami Today.

“If someone wanted to buy just the building [Beverly Terrace Apartments], then the current owner could keep those development rights and transfer them to someone else,” Mr.

Nostrand said.

Aside from Beverly Terrace Apartments, also part of the historic district is Beverly Terrace Manor, an apartment building at 3224 Biscayne Blvd. that isn’t for sale.

Architects Martin Luther Hampton and E.A. Ehmann designed the buildings in 1925.

They designed a Beverly Terrace complex that according to records was to include four similar-looking buildings on all four corners of Northeast 33rd Street at Biscayne Boulevard.

Eventually three buildings were built, the two apartment buildings on the west side of Biscayne Boulevard and Beverly Terrace Hotel on the southeast side of the boulevard. The Beverly Terrace Hotel building, however, was demolished in 1927 to accommodate the construction of Biscayne Boulevard. The two remaining apartment buildings that are part of the Beverly Terrace Historic District are both representative of the Mediterranean Revival architectural style.

Mr. Nostrand said the asking price for the apartment building, the parking lot and the TDRs is $7.9 million.

WEEK OF THURSDAY, APRIL 30, 2015

MIAMI TODAY

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As North thaws out, Miami residences still hot commodity

BY SUSAN D ANSEYAR

Prospective residential buyers from northern states remain interested in Miami-Dade, a trend a number of realtors say they believe will continue long after memories of the recent brutal winter fade.

Brokers have long known that snow and ice draw people to South Florida but told Miami Today in February they were seeing an unprecedented number of migrating homebuyers from the Northeast. One said staff in her office witnessed at least a 20% swell in inquires for properties of all types and prices from residents of New York, New Jersey and other parts of the Northeast.

Several months later interest remains strong, which realtors attribute to what they describe as Miami’s increasing reputation as a world-class city, the state’s favorable tax structure, growth of its financial sector and ease of working remotely in addition to escape from the cold

Miami is “the first modern, postwar urban city”: Christina Pappas.

to year-long appealing weather.

“The economic engine of South Florida has been accelerating, and now Miami is the city everyone thought it could be,” said Christina Pappas, realtor and assistant district sales manager for Keyes’ Coral Gables office. “It’s the first modern, post-war urban city.”

Keyes had a record-breaking quarter for sales in the US, with a substantial number of homebuyers coming from

northerners, she said.

In the first quarter of 2015, Ms. Pappas said, Keyes sold a $5.7 million home to a Goldman Sachs executive from New York City. The majority of other northern buyers are coming from New Jersey and parts of Connecticut, she said.

“As the economy surges, we will see more people coming to Miami, which is becoming one of the country’s biggest financial centers,” Ms. Pappas said.

Miami is attracting the attention of every major city, said Daniel Quintana, managing broker for Merca Real Estate Services. “It’s not just an escape, a place to vacation anymore,” he said. “It’s now a place to live.”

That’s due, in large part, to more employment opportunities in the professional fields, he said.

Mr. Quintana’s agents are selling to buyers from northern parts of the country and finding people from New York, New England states and Washington, DC, remain interested in

Tax structure and lifestyles also are major draws, said Duff Rubin.

Miami even during months when their good weather starts arriving.

“Miami can offer so much more than it could before,” Mr. Quintana said. “We’re seeing a lot of international companies being created here and they will hire Americans from all over, including northern states.”

He said he believes another draw, Miami Worldcenter and Brickell City Centre, will generate employment for 45,000

people, some of whom will be moving to Miami from northern states.

Miami is seeing corporate relocations from the Northeast every day, said Duff Rubin, regional senior vice president for Coldwell Banker Residential Real Estate.

“The prevailing theme for moving has been weather, but the tax structure, lifestyle and a lot more business headquarters here are drawing people from the northern states,” Mr. Rubin said. “Easter and spring break this year brought more people to South Florida who were looking at homes.”

Mr. Rubin said January and February were relatively quiet this year but March and April saw open business with closings scheduled in June or July.

“For the last few years, Canadians were great buyers but – with their dollar weak now – they’re more on the sidelines,” he said. “We saw a huge push from the Northeast, which is making up the difference.”

Younger residents accepting less space to move downtown

BY SUSAN D ANSEYAR

Not surprisingly, people are moving into residences they can afford and then adjusting to the size of their home, although residential brokers are noticing first choices often depend on the age group.

“Buyers are going with what’s available to them,” said Daniel Quintana, managing broker of Merca Real Estate Services. “Especially for single-family homes in certain price ranges, the mentality is very flexible.”

Mr. Quintana said investors are primarily looking for a return on their investment, as are moderate-income buyers. “They buy what they can afford and hope to resell so they can get what they really want,” he said.

However, for people who can afford luxury condos and singlefamily homes costing $450,000 and up, Mr. Quintana said, prospective buyers do have size specifications and want at least 2,000 square feet that includes four bedrooms and a security system. He said they also want pools and two parking spaces.

Age is often an indicator of dwelling size, said Nancy Hogan, general manager at Avatar Real Estate Services. She said baby boomers and empty-nesters are “downsizing” but not in square footage. Rather, Ms. Hogan said, a lot of people in this age category are selling their homes and looking for large condos, similar in size to what they’re leaving, because they want the same spaciousness without the maintenance responsibilities.

Photo by Maxine Usdan

“They buy what they can afford and hope to resell so they can get what they really want”: Daniel Quintana.

On the other hand, Ms. Hogan said millennials and young professionals (generally in their 20s and 30s) are moving into urban areas like Brickell “where the action is” and picking their residences according to what they can afford. That usually means buying or renting a smaller condo, some of which are not much larger than a studio.

According to Sergio Mannarino, vice president of sales and operations for OneWorldProperties, for condos in buildings such as Icon

Brickell, Infinity at Brickell, The Plaza at Brickell, 500 Brickell and 1060 Brickell, a studio, on average, is about 550 square feet. He said the typical one bedroom is 750 to 800 square feet and a twobedroom is 1,100 to 1,200 square feet.

Very few three-bedroom units are available in Brickell, Mr. Mannarino said, but those on the market are 1,700 to 2,000 square feet.

This generation of people, in their early 20s and even 30s,

haven’t accumulated as much “stuff” and want to live in the downtown area so they accept less space, said Charlette Seidel, managing broker of Coldwell Banker Residential Real Estate’s Coral Gables office.

What she’s seeing among baby boomers is a desire to move from their large homes in Pinecrest and the Baptist Hospital area and Sunset Drive Estate at 5,000 square feet or more and moving to smaller houses, condos or townhouses in Co-

conut Grove, Coral Gables and South Miami that are between 2,000 and 2,400 square feet.

This generation is moving from the suburbs to more urban areas, Ms. Seidel said, but still wants larger dwellings with two or three bedrooms.

The size of new development depends on location, she said.

Developers building houses with some acreage in Pinecrest and the Sunset Drive Estate area are paying so much for the land that the price per square foot is substantially higher than for new condos in Coconut Grove and Coral Gables, Ms. Seidel said, and are no less than 5,000 square feet and between 2,500 and 5,000 square feet, respectively.

Yet Christina Pappas said the prediction is houses become smaller as one moves to urban locations, but the trend is contrary to that forecast.

A realtor and assistant district sales manager for Keyes’ Coral Gables office, Ms. Pappas said one need only look at urban condos being built now to see the trend.

“People still want large square footage in their city dwellings,” she said. She pointed to a few penthouse units coming to the market that are up to 10,000 square feet. Such luxury dwellings, however, often start at $2,000 per square foot, Ms. Pappas said.

“The typical consumer ends up taking smaller spaces than they might want,” she said.

“Their decision is driven by the surging price per square foot in the urban areas.”

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RESIDENTIAL REAL ESTATE

MIAMI TODAY

WEEK OF THURSDAY, APRIL 30, 2015

Flight from suburbs to city is led by young, who aren’t alone

BY CATHERINE LACKNER

The white picket fence, suburban yard and a car in the garage are on the way out, as young families’ desire for convenience trumps their need for more space, observers say.

“All of us are more demanding, and want to have a lifestyle where we can live, work and play in the same neighborhood and not have to sit in a car,” said Denise Sicuso, vice president and managing broker at EWM Realty Inter- Denise Sicuso national. “We want to go out to more restaurants, we want more amenities.”

Ms. Sicuso said it’s clear that the city’s core is the beneficiary of this trend. From 2010 to 2014, there was a

28% increase of families living downtown, when any two related people living together are considered a family, according to statistics collected by Miami’s Downtown Development Authority, she said.

“The growth of art and entertainment downtown, including the new museums, is going to attract more young families,” Ms. Sicuso predicted. Increasingly, people who enjoy the opportunity to live where they can work, shop and dine nearby and don’t want to change that once they have kids, she said.

“Younger people, ages 25 to 29, have now gotten used to the lifestyle and don’t want to move.”

Responding to this need, developers have begun adding amenities such as brand-name gyms, top restaurants and concierge services, she said.

“The other thing I’m seeing is that the whole area is becoming more of a com-

munity; it’s not just young people,” she added. “Older people don’t want to be stuck in the suburbs. They want to go out and walk to restaurants, to the Arsht Center.”

The fly in the ointment, she said, is that many young families and older people can’t afford close-in living spaces, the prices of which have been driven up by demand and by international buyers who pay cash.

“It’s difficult for first-time buyers,” Ms. Sicuso said. Brandnew units typically Oliver Davis fetch 35% more than resales of the same size, she said. “For young families, existing buildings are often the way to go.”

“I see a trend of families of all ages moving into cities again and out of the

suburbs,” agreed Oliver Davis, a principal of the Live Work Play Miami Group of Keller Williams Realty. “A lot of young married couples are starting their families there. Some singles are coupling up and upgrading to larger places.”

It’s often said that millennials are not interested in owning cars or commuting long distances, which is often a requirement of suburban living. “Some do live without cars, especially in downtown Miami and Brickell,” Mr. Davis said.

“Some of them are moving here from New York and they can work remotely from home, or their company has a satellite office here. They are used to a lifestyle that doesn’t include a car.”

He, too, has seen the older generation taking its cue from the younger. “Many empty nesters are buying smaller condos on Miami Beach, where they live about half the year,” he said. And, he added, “They aren’t bringing their cars.”

Two 60-story towers joining cluster of three others on river

BY JOHN CHARLES ROBBINS

Dual 60-story towers planned for the north bank of the Miami River are to include residential units and exclusive hotel rooms.

The towers would connect at the top and bottom and be open in the middle.

Plans calls for about 400 residential units, including two 5,182-square-foot penthouses that each have a terrace and pool.

The city’s Urban Development Review Board recommended approval of the project April 15.

Members asked the developer to consider making the public riverwalk a little less formal and more open. Current plans call for rows of royal palms.

The developer is Shahab Karmely, of KAR Properties.

The architect is Rafael Vinoly of Rafael Vinoly Architects of New York City.

The project site is a familiar one, right next to the South Miami Avenue Bridge.

The vacant parcel is hugged by three condo towers that rose during the last building boom: The Ivy, Wind and Mint.

Along with the hundreds of new condos, the 56th floor will be home to 20 lodging units, 10 in each building.

The 57th floor is set aside for nearly 30,000 square feet of commercial space.

At Level 5 is the shared amenity deck designed to include a large plunge pool, a lap pool and cabanas, a 6,979-square-foot fitness center, 1,321-squarefoot child play area, 5,658square-foot spa and 2,965square-foot café/kitchen.

Parking levels that are the bulk of the podium at Levels 14 will have an automated mechanical lift and space for about 520 vehicles.

The vacant site is bordered on the north by the Wind tower, on the east by the bridge, on the south by the river and on the west by Water Avenue.

An earlier project planned for the site included one bulkier residential tower, while the new proposal includes two slender towers joined in an L-shape by

The site of the two recently approved towers is to be now-vacant land beside the Miami Avenue Bridge.

a podium about five stories high, according to Iris Escarra, an attorney for the developer.

The original tower approved for the site was designed with 507 residential units and a parking garage for 545 vehicles.

The new project incorporates larger living units, said Ms. Escarra.

She said all loading to the new development will be covered and “internal to the site.”

Right next to the bridge, the developer plans a covered area for bicycles as part of an expanded public riverwalk.

The riverwalk is designed much deeper than the required 50-foot setback, creating a public plaza between the river and the front of the dual towers. At one section the proposed riverwalk is 69 feet, and at its deepest it is 77 feet, said Ms. Escarra.

One of the more prominent aspects of the design is a pool that spills over into a large waterfall on the front of the development, facing the river and public riverwalk.

Mr. Vinoly called the site prominent and extraordinary. He mentioned the existing towers, saying “my eye saw a series of buildings unrelated to each other.”

He spoke of the “dilemma” in designing the new project so as to “break the massing into filtering light and views.”

That’s when he came up with the “open book arrangement,” two very slender towers open in the center, he said.

The top of the towers will have a series of gardens and wide terraces. To get there, each tower will have a glass cylinder elevator, “making the journey to the top an attraction for the public,” said Mr. Vinoly.

He said he sought to create “the experience of the ocean” inland with the waterfall feature.

It’s not unlike Niagara Falls, he told the board. “It is literally a wall of water,” he said.

The planned lush landscaping along the riverwalk will be reflected in the water curtain, said Mr. Vinoly, and a large reflecting pool will receive the water.

The waterfall will serve to filter the light and cool the surroundings at the front of the podium for the dual towers, he said.

The towers themselves will be built with “simple, noble, sturdy materials,” Mr. Vinoly said.

Board member Fidel Perez

called the overall project “impressive” but had questions regarding the robotic parking.

A representative of the parking company said the fully redundant system will use four lifts, each independent of the other. There should be no need to shut down the entire system if there becomes an issue with one of the lifts, he said.

Discussion of adding more residential towers in the heart of the city on the river led board member Neil Hall to express a regret that so many new tower residents don’t mingle.

Looking up at all the towers in the urban space, Mr. Hall said he doesn’t see enough interaction.

“Now, we are sequestered,” he said.

Mr. Hall said it was wonderful to see a project that plans to seriously activate the riverfront and work to get the tower occupants “down to participate.”

Mr. Hall said he wants to see projects that will “encourage activities on the waterfront.”

Board member Anthony E. Tzamtzis said he’d like a less imposing riverwalk with smaller trees. He suggested more seating and landscaping of a more “human scale,” and

more romantic.

Something is lost by the imposing large scale, Mr. Tzamtzis said.

Looking over renderings of the large royal palms, Mr. Vinoly said he agreed.

“This is a remarkable project,” added Mr. Tzamtzis.

Board member Jesus A. Permuy said he’d like more space between the two towers and more landscaping for the riverwalk.

Board member Dean Lewis complimented Mr. Vinoly on a “beautiful design.”

Mr. Karmely addressed the board and said he feels privileged to be in Miami. He said he fell in love with the city, and that he is “absolutely fascinated” by the new urban core that is developing.

“The river should be the heart of the city,” he said.

“Urban areas have to be activated … look at all the great riverfronts,” he said.

Mr. Karmely said he’s happy to share in the enthusiasm about the city’s bright future and “we hope to be a part of Miami’s fabric.”

Mr. Perez noted this was one of two major developments planned for the Downtown and Brickell areas on the board’s April agenda, and he voiced concerns about the impact these projects would have on traffic.

Last year when board members expressed concerns about traffic, the city’s top traffic engineer, Chief Transportation Manager Carlos Cruz-Casas, was asked to make a presentation on the status of traffic control efforts, Mr. Perez reminded his colleagues.

Thousands of new residential units are being built in such a concentrated area, said Mr. Perez, and “I feel very strongly, we need some sort of answer from the city: how are we going to handle this?”

Mr. Perez was joined by Mr. Lewis is asking that Mr. CruzCasas come back before the board soon to update traffic management efforts.

The plan for the dual towers is to be reviewed by the Miami River Commission on May 4.

18

MIAMI TODAY

RESIDENTIAL REAL ESTATE

WEEK OF THURSDAY, APRIL 30, 2015

Record rents heighten investors’ multifamily competition

BY SUSAN DANSEYAR

Steady population growth, better-than-average job growth, a vacancy rate of less than 5% in most areas and readily available debt are driving up rents to record levels and heightening investor competition in the multifamily market, according to CBRE’s spring report for South Florida.

Calum Weaver, senior vice president of the investment properties division and co-leader of CBRE’s multi-housing private capital group, along with his team, analyzed the market and anticipates that fundamentals will continue to remain strong going forward.

The market is more expensive, according to the Spring 2015 South Florida Multifamily Market Update, but still provides strong returns and a sound investment strategy. It’s favorable to both buyers and sellers.

According to the report, sellers of multifamily properties can take advantage of low cap rates and the many investors looking to buy. Buyers, conversely, are able to take advantage of attractive financing and anticipated improved property performance.

Cap rate remain stabilized, ranging from 4.5% to 5.0% on Class A properties; 5.0% to 5.5% for Class B; and 5.25% to 8.2% for Class C. The researchers say the widely expected rise in interest rates won’t automatically raise cap rates.

Unless there is a significant increase in interest rates, cap rates will remain largely unaffected, the research team states.

Lower cap rate spreads to Treasury bond yields will probably compensate for a marginal uptick in interest rates, which is

likely to come in second half of 2015, the report says.

“There is plenty of room in current spreads to offset any marginal uptick in interest rates,” the report states. “Therefore, the near-term outlook of slightly higher interest rates is not necessarily going to translate into higher cap rates.”

Rental fundamentals in South Florida look good today (having increased by 5.8% in MiamiDade in the last quarter of 2014) and net absorptions in 2014 were the best since before the great recession and the positive trends continued in the first quarter of 2015, the report says.

According to CBRE research, last year 7,605 net units were

absorbed in South Florida compared with the region averaging 4,300 annually in the previous four years.

Occupancies and rents are at or near records: a vacancy of 4% in 2014 and average rent per unit at $1,575, up 5.8% year over year. The CBRE multifamily group forecasts occupancies will marginally dip as new construction projects begin leasing up (with a vacancy of 4.4%) but overall occupancy rates in most of the area will still be over 95%.

“In 2015, we anticipate over 6,700 units to be completed in the region which is greater than our forecasted net absorption of 5,450 units,” the report

states. “Consequently, the region will continue to experience positive population growth and absorption levels, which will be offset by much needed new supply.”

In 2014, the over 6,300 units completed did not keep up with rental demand of 7,600 net absorbed units. The report states one unit is slated to be built in 2015 for every 870 people in South Florida, among the highest ratios of new construction units to population in the US and “further evidence that new apartment construction in South Florida is needed and we are at little risk for overbuilding.”

Despite the new rental sup-

ply, the CBRE team does not foresee a notable drop in future rental rates.

“It highlights the strength of the overall market that investors are willing to invest in development deals at a 6.5% return on development costs based on today’s rents,” the report states. “This is primarily because they don’t want to pay a 5% cap rate for existing product. They have a compelling need to be invested and like the long-term prospects for the multifamily market in South Florida.”

Details: Calum Weaver, (954) 331-1763, calum.weaver@cbre.com

Ritz Carlton Residences rising where Heart Institute served

BY CATHERINE LACKNER

Construction is moving forward on the Ritz-Carlton Residences Miami Beach at 4701 N. Meridian Ave., at the site of the former Miami Heart Institute. The seven-acre waterfront project comprises 111 condominium units and 15 single-family homes that will be priced from $2 million to more than $40 million. Delivery is expected in 2016 and the project is on schedule, said Lionheart Capital, the developer.

The units will range from 1,700 to more than 11,000 square feet and will incorporate kitchens designed by Italian architect Piero Lissoni, oversized stone countertops, Gaggenau appliances and wiring for smarthome technology. Some will have private elevator foyers and plunge pools, according to the developer’s statement.

The complex – which is set on what Lionheart says is the only lake in Miami Beach and is in the midst of an upscale neighborhood of single-family homes – will have 36 private docks, gardens, a waterfront social room, a private theater, spas, cabanas and other amenities. A

Photo by Maxine Usdan

The seven-acre lakefront site offers 111 condominiums, 15 single-family homes and 36 private docks.

landscaped half-acre rooftop yacht will be docked on the pool deck will offer views of premises for the use of owners Biscayne Bay, Miami Beach and and their guests.

Lionheart purchased the Midowntown Miami. A captained

ami Heart Institute and adjacent parking lots in February 2012 for $20 million. At the time, Miami Beach city officials said

the facility was in bad shape and ready to close down. The city was considering changing the allowed uses for it and South Shore Hospital, which is also being redeveloped as luxury residential housing.

“They are old hospital sites that are no longer necessary,” said Richard Lorber, who was a zoning official at the time.

“There is a certainly more need for apartments than there was for those hospitals.”

The Waves, being developed

by Crescent Heights, would add 551 condominium units on the site of the former South Shore Hospital. It is to occupy two city blocks, running from Fifth to Seventh streets where the MacArthur Causeway meets Alton Road, on what is the largest privately owned land assemblage on Miami Beach, according to the developer’s website.

The multi-use project will comprise office, retail, residential and outdoor spaces, the website said.

The Ritz-Carlton Residences Miami Beach is not owned by, developed by or sold by the Ritz-Carlton Hotel Company or any of its affiliates, Lionheart’s release said.

TODAY’S NEWS

WEEK OF THURSDAY, APRIL 30, 2015

MIAMI TODAY

23

Miami retail market climbs up the chart as building goes on

BY SUSAN DANSEYAR

Miami moved up one spot to rank 11th in Marcus & Millichap’s National Retail Index for 2015, climbing from 12th place last year, among 46 major retail markets based on a series of 12-month variables including employment growth, vacancy, construction and rents.

Miami nearly cracked the top 10 – led by San Francisco, New York City and San Jose – due to its 3.8% vacancy rate at the end of 2014 and projected rate of 3.6% in 2015 as demand for space keeps pace with deliveries, according to the report.

Marcus & Millichap’s outlook for 2015 states metro employers in Miami will add 35,000 positions this year, an annual increase of 3.2%; and builders will complete 700,000 square feet of space.

Average rents in Miami’s retail market reached their highest level in over a decade during 2014 on growth of 6.2%. Asking rents will continue to rise this year, the report states, although at a slower pace. In 2015, they will reach $30.03 per square foot, increasing 2.5% annually.

The market looks good for Miami with resurgent tourism bolstering retail spending.

Record February demand for

Photo by Maxine Usdan

Miami’s Design District was a construction zone in November as dozens of storefronts were readied.

travel to Miami-Dade marked the second straight month at the highest track record in the top 25 US markets, as rated by STR, for revenue per available room, average daily room rate and hotel room occupancy.

That followed unprecedented success last year. For 2014, the

Greater Miami Convention & Visitors Bureau reported a record 14.5 million overnight visitors; a record $23.5 billion spent by visitors on lodging, food, shopping, transportation and entertainment; and a record $200.5 million in tourist-related tax collections.

CLASSIFIED ADVERTISING

To place an ad, call (305) 358-1008 9:00 a.m. - 6:00 p.m. Monday - Friday Or Fax it to (305) 358-4811

Employment Senior Security Researcher II Senior Security Researcher II (Miami Beach, FL) The position is a software product management position that includes technical research and development work. Product management responsibilities including allocation of tasks, quality assurance, and customer support. Other non-technical responsibilities include management and oversight of releases and updates, testing schedules, research integration, budgeting, creation of goals and milestones. Research and development includes exploits, interface, engine and reporting development work, including integration with other products. The position requires working with existing developers by regular meetings and conference calls, as well as projecting resourcing requirements. The applicant will report to senior management and monitor the industry, analyze market positioning, projections, and competitive research analysis. Responsibility includes keeping management informed of progress, and future strategies. Other work will include consulting, training, vulnerability research, and product demos. Presentations at industry conferences at least twice per year is required. Requirements: Master's Degree or foreign equivalent in Computer Science, or a related field, plus 2 years relevant professional experience in system administration and software research and development, or Bachelor's Degree or foreign equivalent in Computer Science, or a related field, plus 5 years relevant professional experience in system administration and software research and development. The position is based in Miami Beach, Florida. Some domestic and international travel required. Resumes to: Alejandro Gonzalez, CFO, Immunity, 1130 Washington Ave., 8th FL, Miami Beach, FL 33139.

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“The Miami retail market will remain a hotbed for activity in 2015 as retailers open new stores and developers move forward with several projects,” the report states. “Strong job growth and a bustling tourism industry are drivers for retail expansion.”

Leisure and hospitality em-

Quidel Corp seeks Director Sales & Marketing (Canada & Latin America) in Doral, FL (or other home office location in Miami MSA): Define & exec mrkt strat for new prods in Lat Amer (inclu Brazil, Carib & Canada). Resp for sales target. Explore & expand distrib into new markets. Devlp & track sales forecast by key countries. Position co. among top 5 brands of sales partners. Direct, supervise, coach, mentor & eval perf of sales reps.

Id & build rely w/ KOLs & VIP end-user targets/labs in each country for region. Id unmet R&D mrkt needs. Forecast, mng, & reprt on exp budgets to plan. Work from home office in Miami, FL MSA to serve co's U.S. & intern’l client base.

Req.: Master’s in Life Sc, Eng, Bus or rel + 10 yrs exp in med prods ind (OR Bach+ 15). Spec. Req: Fluent (written & oral) in Eng, Spanish, & Portuguese. Personal network of est contacts in Min of Health, reg agencies, key ref labs, & top tier hospital labs, & w/ KOL in IVD /resp/inf disease markets in Lat Amer, Carib & Canada. Proven track record of succes sales, prod launches & marktg campaigns in IVD ind. Exp workg for w/ manuf of med prod. Exp w/ MS Word, Excel, PowerPoint. Outst written & pres skills w/ abil to comm to diverse audiences in Eng, Span, & Port.

30% travel to Lat Amer inclu Brazil & Carib & 20% travel to Canada. Mail resumes: Quidel Corp, Attn: Belle Cancellare, HR Business Partner, 12544 High Bluff Dr, Ste 200, San Diego, CA 92130. EOE.

JPMorgan Chase & Co. has an opening for a Banker position in Miami, FL. Develop and deepen private wealth management relationships and deliver the services required to satisfy the needs of high net worth Latin American clients.

Travel (less than 50%) to Latin America to meet with prospective and existing clients. Please fax your resume to (312) 732-7830 with following job ID clearly indicated: [CG150042698]. JPMorgan Chase & Co. supports workforce diversity.

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EB-5 Visa opportunity: BIRD ROAD, $3.65 MM. Very large, very high-end, landmark drycleaner on signalized 25,000 sq. ft. corner. Business and Real Estate available for majority partnership or complete sale. Selling due to pending construction/possible retirement. Buyer’s brokers only, please. jerrold9200@gmail.com

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SeaWatch North Tower Property Owners Association, Inc. v. Stephanie T. McIntoshLuis Civil Action No. 2015-CP-26-2153 Court of Common Pleas, Fifteenth Judicial Circuit, Horry County, South Carolina TO: STEPHANIE T. MCINTOSH-LUIS

Notice of Action IN THE CIRCUIT COURT IN AND FOR MIAMI DADE COUNTY, STATE OF FLORIDA PROBATE DIVISION IN RE: ESTATE OF File No. 2010-2539-CP-02 REYNOLD SUAREZ, Deceased.

NOTICE OF HEARING PLEASE BE ADVISED that the undersigned will bring on to be heard the following: Motions: PETITION TO DETERMINE BENEFICIARIES Date: June 15, 2015 Time: 2:00 PM Judge: Maria Korvick Place: 701 NW 1ST Ct, Room 833, Miami, FL 33136 Time Reserved: 15 minutes

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Commercial Real Estate

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Classified Advertising 3 Weeks in a Row For the Price of 1

ployment has led Miami in job creation since 2007, the report states, and with more visitors expected in 2015, additional workers will be added.

The market’s status as a luxury retail destination is driving the development of two highend shopping centers: Brickell City Centre, a 500,000-squarefoot retail center, will open this year; and construction on the Mall at Miami Worldcenter will continue into 2016.

“Demand for retail assets in Miami will intensify in 2015 as both foreign and out-of-state buyers seek to expand portfolios,” the Marcus & Millichap report states. “International investors view Miami as a safe place to deploy capital and are primarily searching for properties in affluent areas and in coastal submarkets.”

Meanwhile, many private local buyers have been priced out of these areas and are looking at assets in suburban locations, with some investors looking to small strip centers along major thoroughfares with national and regional tenants.

According to the index, Miami’s retail market ranks higher than Boston (14 on the list), Chicago (22), Orlando (23) and West Palm Beach (29).

On the above date and time, or as soon thereafter as the same can be heard.

PLEASE GOVERN YOURSELVES ACCORDINGLY. In accordance with the Americans with Disabilities Act of 1990, persons needing a special accommodation to participate in this proceeding should contact the Court ADA Coordinator at 305-349-7175, no later than five (5) days prior to the proceeding.

Alberto H. Hernandez, Esq. Attorney for Personal Representative Law Office of Alberto H. Hernandez, P.A. 8181 NW 154 St, Suite 112 Miami Lakes, FL 33016 Tel: (305) 820-0334 Fac: (305) 820-0394 FL. Bar No. 0898783

YOU ARE HEREBY SUMMONED to answer the Complaint in the above referenced Civil Action within thirty (30) days after the first publication of this Summons and to serve a copy of your Answer to the Complaint on the Plaintiff’s attorney at the following address: Butler Law, LLC Attn: Dan V. Butler, Esq. 1293 Professional Drive, Ste 224 Myrtle Beach, SC 29577 For your information, the Complaint was filed March 23, 2015 with the Clerk of Court for Horry County, South Carolina. You can obtain a copy of the Complaint from the Office of the Horry County Clerk of Court located at 1301 2nd Ave, Conway, South Carolina.

If you fail to answer the Complaint within the time aforesaid, the Plaintiff in this action will apply to the Court for the relief demanded in the Complaint and judgment by default will be rendered against you for the relief demanded in the Complaint. The Answer must be in writing and signed by you or your attorney and must state your address, or the address of your attorney if signed by your attorney.

BUTLER LAW, LLC Dan V. Butler, Esq. 1293 Professional Drive, Ste 224 Myrtle Beach, SC 29577 Ph: (843) 855-3157 Email: dbutler@butlerlaw.net Attorney for the Plaintiff

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24

MIAMI TODAY

WEEK OF THURSDAY, APRIL 30, 2015

! L A unique supplement

June 4

M 2015

Miami

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Become a part of progress and advertise with us as we highlight the best Miami has to offer in our most awaited annual supplement.

Showcase your business as we spotlight those who are laying the foundation for the future.

Join us as we navigate the ins and outs of our city to bring much deserved attention to those who spearhead the development and growth of this community. Our reporters ask experts to handpick some of the best in order to encourage others to follow in their footsteps.

We Believe in Miami As always, this issue will be a staple at the Greater Miami Chamber of Commerce’s GOALS conference June 4 and 5.

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