7880 Biscayne Blvd gets a new life!

In June 2012, the Fifteen Group acquired the former Immigration and Naturalization Services (INS) building at 7880 Biscayne Blvd. The developers created inspired renderings of a proposed project, an “adaptive reuse” of a “new” 12-story building flanked by several eight-story structures. In late November 2013, another development group purchased the five-property site -- Florida Fullview International Group. Originally, its slight design modifications added an 80-room hotel. Now Florida Fullview has created revised plans further for the project, which has been renamed the Triton Center. The Fullview plan also calls for renovation and construction funding through the Immigrant Investor Program, also called the EB-5 visa program (more about this shortly). The newest architectural renderings from ADD Inc. envision the Triton Center as a collection of four interconnected 12-story buildings, a change from the structures in the previous drawings. This latest vision incorporates 722,000 square feet of residential living space, including 317 condo units and 135 hotel rooms. Add 24,000 square feet of street-level retail and 587 parking spaces, and this little project has mushroomed into a steroidal super-development. To see more project renderings, visit Curbed Miami online -- they are pretty cool. The current plans remove any architectural vestiges of the original structure, built in the 1960s to house the Gulf American Land Corporation, notorious sellers of swamp land who stripped bare thousands of acres in rural Collier County. Those gold-toned anodized aluminum brise-soleil (sunshade) panels, which residents either love or hate, will be lost to the past. According to the proposed renderings, stucco, painted metal, and colored glass will tower over a lushly landscaped central pedestrian plaza. Given the size of the project, it will at least have to be LEED Silver-certified. Often held up as a developer’s commitment to green building practices, LEED (Leadership in Energy and Environmental Design) certification is mandatory with something of this scale; the “silver” denotes the level of certification. Lazaro Lopez Fortune Int'l Realty 1390 Brickell Ave, Suite 104 Miami, Fl. 33131 http://www.LazaroLopez.com http://www.MiamiPropertyConsultant.com 786-525-9430

Cash is King! Majority of Florida home sales still all-cash...

Cash still rules South Florida real estate. In June, Florida ranked No. 1 in the nation in cash home sales, according to CoreLogic. Some 51 percent of all closings in the state were paid for with cash in June, according to the Miami Herald. And cash deals accounted for 58.7 percent of home sales in the Miami-Miami Beach-Kendall area in June, and 58.5 percent in the Fort Lauderdale-Pompano Beach-Deerfield Beach area, the CoreLogic data showed. Nationally, cash sales fell to 33 percent of total home sales, the lowest level since September 2008, when the financial crisis struck - See more at: http://therealdeal.com/miami/blog. Lazaro Lopez Fortune Int'l Realty 1390 Brickell Ave, Suite 104 Miami, Fl. 33131 (786) 525-9430 http://www.LazaroLopez.com http://www.MiamiPropertyConsultant.com http://about.me/lazarolopez

Lazaro Lopez PA, about.me

I am a licensed Real Estate Broker since 2004. I specialize in comprehensive Residential, Commercial and Foreign Investments in Real Property. I am able to assist prospective buyers with all their real estate requirements from buying, selling to leasing, as well as assist with providing the post purchaser with financial strategies in order to protect their investments. I am also a fellow investor. In today’s South Florida real estate market trends and economic influences, I can provide the experience and knowledge needed to capitalize on the hard earned equity. Experience:Fortune International Realty Broker-Associate September 2004 – Present (10 years 1 month) I Assist clients with all their real estate requirements from buying, selling to leasing, as well as assist with providing the post purchaser with financial strategies in order to protect their investments. As Broker-Associate at Fortune International Realty, empower my clients with accurate real estate information, knowledgeable of procedure and law, market analysis and effective marketing strategies. Proven track record: *International Sales and Marketing, and Referral networking *Luxury real estate homes sold *Comprehensive property market analysis *Identifying, facilitating and closing residential and commercial investment opportunities *Ongoing client post acquisition, investment portfolio management *Working with a strong team of international property Brokers, and transaction specialists. *I Offer comprehensive relocation services to both national and international clients Specializing in International Sales, I am determined to achieve maximum client satisfaction by providing superior results in every real estate transaction, first class service and by offering the best portfolio of properties in Miami and South Florida. Lazaro Lopez Fortune Int'l Realty 1390 Brickell Ave, Suite 104 Miami, Fl. 33131 http://www.LazaroLopez.com http://www.MiamiPropertyConsultant.com (786) 525-9430

Miami's Greater Downtown, Brickell and Edgewater areas are experiencing the greatest growth of residential units.

In Miami’s Greater Downtown, the Brickell and Edgewater areas are experiencing the greatest growth of residential units. Development and construction isn’t anything new to Miami but as certain areas get built out, focus shifts from one neighborhood to the next. Last week, the Miami Downtown Development Authority released its Greater Downtown Miami Residential Real Estate Market Study, prepared by Integra Realty Resources. Six submarkets were identified: Brickell, the Central Business District, Arts and Entertainment, Edgewater, Midtown and Wynwood. Over all six, nearly 14,500 residential units are in the conceptual and planning phase, pointing towards much fuller downtown in the coming years, the report said. Of the six, Brickell and Edgewater are experiencing the greatest growth, with Brickell expected to grow 27% and Edgewater 67%, the study reports. Edgewater is topping growth by percentage partly because it doesn’t have a significant number of units now. “It’s kind of miraculous to have such a beautiful area of waterfront property that was so untouched in a city as beautiful as Miami,” said Alicia Cervera Lamadrid of Cervera Real Estate. The focus on Edgewater and East Edgewater in particular is logical, considering that waterfront property has long been snapped up and developed in other locations. Cervera is handling future sales of the ION East Edgewater Condominiums. The future 2751 Biscayne Blvd. project between 27th and 28th streets is expected to break ground in 2015, and is being developed by Sakor Development. ION will add a projected 330 units at an average of $475 per square foot, slightly less than Edgewater’s overall average of $553 per square foot. “As prices go up on the beach, East Edgewater is actually a very good deal. You’ve got beautiful views, waterfront parks,” said Barbara Salk of Sakor Development. “In terms of people that will move into East Edgewater, its people who have options.” The Edgewater neighborhood is reminiscent of Miami Beach’s South of Fifth (SoFi) neighborhood ten years ago, Ms. Salk said. As interest peaks in the surrounding areas like Brickell and the Central Business District, she said, East Edgewater will fill in as developers and buyers look for adjacent neighborhoods with similar access and characteristics. “Real estate is all about location,” Ms. Salk said. Edgewater offers quick highway access and waterfront. For downtown and the surrounding areas, in coming years residents can expect greater infill. But interest isn’t the only factor that infill depends on. “The infill projects will happen more rapidly once the transportation options get further developed in Miami as well,” Ms. Salk said. The development authority’s study offers a snapshot of development in the moment. Where Brickell and Edgewater are growing fastest, areas like Midtown are in the earlier stages of life. Long-term growth is expected in the Central Business District and Arts and Entertainment areas, the study says. Unsurprisingly, domestic buyers aren’t the ones snapping up residential units in greater downtown. The study reported that 90% of buyers of new residential units are from abroad. In a city like Miami, that’s par for the course. “That’s been consistent in Miami forever. Miami is a city that has been built by immigrants,” Ms. Cervera Lamadrid said. “Out-of-country investors have an edge on how to make some money in real estate in Miami,” Ms. Salk said. As financing becomes more readily available, however, greater downtown could see more domestic buyers. “The domestic market has been on the sidelines due to a lack of financing, but as more financing mechanisms get into place there will be a new buyer base,” Ms. Salk said. If a domestic buyer was to consider snapping up a residential condo in greater downtown, excluding non-ultra luxury projects like Echo Brickell and 1000 Museum, the average price per square foot is $559, for a total average cost of $662,439.

About My Business!

About My Business: I am a licensed Real Estate Broker since 2004. I specialize in comprehensive Residential, Commercial and Foreign Investments in Real Property. I am able to assist prospective buyers with all their real estate requirements from buying, selling to leasing, as well as assist with providing the post purchaser with financial strategies in order to protect their investments. I am also a fellow investor. In today’s South Florida real estate market trends and economic influences, I can provide the experience and knowledge needed to capitalize on the hard earned equity. I Assist clients with all their real estate requirements from buying, selling to leasing, as well as assist with providing the post purchaser with financial strategies in order to protect their investments. As Broker-Associate at Fortune International Realty, empower my clients with accurate real estate information, knowledgeable of procedure and law, market analysis and effective marketing strategies. Proven track record: *International Sales and Marketing, and Referral networking *Luxury real estate homes sold *Comprehensive property market analysis *Identifying, facilitating and closing residential and commercial investment opportunities *Ongoing client post acquisition, investment portfolio management *Working with a strong team of international property Brokers, and transaction specialists. *I Offer comprehensive relocation services to both national and international clients Specializing in International Sales, I am determined to achieve maximum client satisfaction by providing superior results in every real estate transaction, first class service and by offering the best portfolio of properties in Miami and South Florida. Lazaro Lopez PA Fortune International Realty 1390 Brickell Avenue Suite 104 Miami, FL 33133 Cell: 786-525-9430 Phone: 305-400-6393 Fax: 305-400-6394

Four 60-story towers on river advance

More details have been released on a large project set to bring four new 60-story residential towers to a high-profile site on the southern bank of the Miami River, adjacent to I-95. The developer of Miami Riverwalk, Chetrit Group, is moving ahead with detailed plans to transform a handful of vacant and rundown properties into a booming mixed-use project just a few blocks from Brickell and the heart of downtown. The plan gets its first audience with the full Miami River Commission on Sept. 8. Miami Riverwalk would include four towers providing 1,762 condo units and 246 hotel rooms on about 6.5 acres. The plan also calls for retail and office uses, a riverfront restaurant, public riverwalk and other dedicated green space, a small marina and parking garages. The development is planned for a three-block area bordered on the north by the river, on the south by Southwest Seventh Street, on the west by Southwest Third Avenue and on the east by Southwest Second Avenue. Hugging corners of the overall site are the YMCA on the northwest and a multi-level self-storage building, StorageMart, on the southeast. Representatives of the development team presented new information and a set of new renderings to a subcommittee of the river commission last week. The owner is listed as CG Miami River Owner LLC in the latest presentation to the river commission. The team includes Miami architectural firm Kobi Karp Architecture and Interior Design, landscape architect and civil/traffic engineer Kimley Horn of Miami, and coastal engineering firm Coastal Systems International Inc. of Coral Gables. The existing land uses are industrial and restricted commercial. The developer anticipates requesting a change in the land use and zoning of the properties, and an increase in the allowed density. Miami Riverwalk would be constructed in five phases. The developer would adhere to Miami River Greenway provisions and build a public riverwalk extending eastward to connect with the riverwalk in front of Latitude on the River, and extending westward to head under the elevated I-95. The large project would displace four operating businesses, including Finnegan’s River, a bar and restaurant. River commission officials hope Finnegan’s would open in another riverfront location later.

Edgewater property demand puts pressure on Developers!

The land demand in Miami’s Edgewater area is driving up property prices to the point where some notable local developers are questioning the viability of planned condo projects in the bayside neighborhood. Carlos Rosso, president of the Related Group’s condominium division, cited the recent land buying binge by Russian mining oligarch Oleg Baybakov as a concerning example while participating in a panel discussion during Forbes LATAM’s South Florida Real Estate Forum on Wednesday. “Compare what we paid for land in Edgewater to what the Russian developer has paid recently and prices have more than doubled,” Rosso told the audience of about 100 real estate professionals and invited guests at the EPIC hotel in downtown Miami. “He will need to sell [units] at $1,000 a square foot to make money.” Since February, Baybakov has spent nearly $39 million for five properties in Edgewater totaling about two acres. His first deal was for a 37,462 square foot building at $21 million, or $560 a square foot. According to a recent condo survey by the Miami Downtown Development Authority, Edgewater is downtown Miami’s fastest growing market, with 1,900 new units in development. Some developers are turning to nearby neighborhoods which haven’t gotten as much attention as Edgewater, like the Omni area. During the forum, NR Investments principal Nir Shoshani discussed his company’s decision to develop a 37-story condo tower called Canvas at 1630 Northeast First Avenue, near Braman Motors.