Dozens of Miami luxury condos and hotels sinking at an ‘unexpected’ rate, new study finds
Dozens of luxury oceanfront condos and hotels in Surfside, Bal Harbor, Miami Beach and Sunny Isles are sinking into the ground at an “unexpected” rate, with nearly 70 percent of buildings in northern and central Sunny Isles sinking into the ground A university study revealed that of Miami. The study, released Friday night, shows that between 2016 and 2023, the iconic Surf Club Towers, Faena Hotel, Porsche Design Tower, The Ritz-Carlton Residences, Trump Tower and more A total of 35 buildings were identified as having subsided up to 3 inches. III and Trump International Beach Resort. Tens of thousands of residents and tourists live in the skyscrapers. (Source: Miami Herald)
Has the deal to transfer Florida’s protected forests to a golf company fallen apart?
Six months after Florida officials advanced a deal to exchange 324 acres of national forest with a golf course company, Chase Pirtle hikes through the forest and documents the creatures that are likely to lose their homes. did. He discovered an endangered indigo snake basking in the sun, a rare animal that some scientists have spent years discovering. The endangered Florida mouse, which has large ears and hind legs, was captured on camera at night as it ran across the sand. Pirtle, who heads a nonprofit research group hired by the Sierra Club, has surveyed at least 112 burrows for endangered gopher tortoises, with more than half showing signs of active use. (Source: Tampa Bay Times)
Will the rental-to-condo trend in South Florida continue?
While the number of apartment buildings converted from office space is increasing across the country, other types of conversion projects are also gaining momentum, albeit on a smaller scale. For example, rental-to-condo conversions are quite popular in South Florida, especially due to the lack of new condo inventory in the area. According to a report by ISG World, demand for condominiums built in the past 30 years is high and new construction is not keeping pace. This has given rise to house-to-condo conversions as a faster, more affordable alternative that allows developers to focus on finishes, amenities, and buyer-ready details. (Source: Apartment Housing News)
Publix acquires North Miami Shopping Center
Publix Super Markets will not pay rent for its North Miami grocery store. The company purchased the 90,188-square-foot shopping center for $40 million. Gordon B. Sartin Jr. Trust and Lawrence C. Turner sold properties at 12700, 12864 and 13000 Biscayne Boulevard. Go to Publix. The 11.8-acre site includes a retail plaza anchored by Publix, a four-story, 22,877-square-foot office building that will house a branch of Wells Fargo Bank, and a 4,362-square-foot restaurant leased to McDonald’s. The Sartin/Turner family has owned the property for decades and had a ground lease with Publix. (Source: Connect CRE)
Brevard County residential listings sought reduction in November.
The median home price in Brevard County in November was $389,000, down 0.4% from $390,480 the previous month, according to a Realtor.com data analysis. Compared to November 2023, the median home list price increased 0.7% from $386,250. The median home value in Brevard County is 1,740 square feet and is listed at $233 per square foot. The price per square foot of homes for sale decreased by 0.5% from November 2023. (Source: Florida Today)
$52 million
Elliott Investment Management has acquired the Gates Hotel South Beach for $52.5 million. Deutsche Bank provided the buyer with an $82.5 million mortgage. Acquisitions of hotels include additional compensation beyond the certificate value of the hotel’s non-real estate assets, such as branding and business operations. (Source: Connect CRE)
Also trending:
› Coworking giant opens 33 locations in Florida
International Workplace Group opens 33 new coworking locations across Florida. Five of those locations are in the tri-county area.
› 14 Most Popular Suburbs in Florida’s Hot Housing Market
Florida’s real estate market continues to boom, with property values soaring in some unexpected corners of the Sunshine State.
› Verizon offices could be redeveloped with warehouses
Prologis (NYSE: PLD) is seeking to demolish the Miami-Dade County office building of TracFone Wireless, a subsidiary of Verizon Communications, to make way for a warehouse.
› Looking for affordable housing in Florida? Long-established Italian restaurant could be getting a new complex
Workers looking for affordable housing in Florida may soon have a new option near the airport on the state’s Gulf Coast. Developers are looking to build affordable housing for low-income workers near Sarasota-Bradenton International Airport.
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