This Week's Highlights and Opportunities in South Florida Real Estate.
South Florida Deal Sheet: New York developer Michael Shvo secured a $190M financing for his plan to restore the Raleigh Hotel in Miami Beach and build an additional 17-story oceanfront tower at 1775 Collins Avenue.
Miami's Retail Market Remains Tight: Michelin-starred chefs and high-end retailers, including Gucci, Louis Vuitton, and Prada, continue to expand into Miami, pushing up rents and reducing vacancies.
Witkoff, Monroe Secure $430M Loan: Miami-based Witkoff Group and Chicago-based Monroe Capital secured a $430M construction loan for a luxury condo development at 2901 Collins Avenue in Miami Beach.
Brickell Woods Townhome Owners Seek Bulk Buyer: Owners of a 14-unit townhome complex in Brickell are seeking a bulk buyer for their two-story units in Brickell Woods at 3025-3055 Brickell Avenue.
Miami-Dade Condo Sales Jump in July: Miami-Dade County condo sales rose in July, totaling $767 million, up from $700 million in June. Brokers closed 1,393 sales in July, compared to 968 in June.
Alta Lands $20M Construction Loan: Alta Developers, led by CEO Raimundo Onetto, scored a $20.3M construction loan for Alana, a seven-story, 30-unit condo project at 9901 West Bay Harbor Drive in Bay Harbor Islands.
Kimco Proposes 630 Apartments at Kendall's Palms: Kimco Realty proposes a pair of 12-story apartment buildings with retail on the site of a Kohl’s-leased building at 11800 Mills Drive in Kendall’s Palms at Town and Country, adding 630 apartments.
Ugo Colombo, a Miami developer, is planning to build a new Four Seasons hotel in Coconut Grove: The project is still in its early stages, and details about the development are scarce. However, the news indicates a continued interest in luxury hotel development in Miami.