This Week In Miami Real Estate Update

This week in Miami Real Estate: 7.19.2013 from John Ellis at Robert Futterman & Associates

• Coral Gables- BrickTop’s has opened at 2418 Ponce De Leon. Florida’s second location for the concept which has a similar offering to Hillstone (Houstons) up the street. Other locations include Naples, Charlotte, Atlanta, Nashville and St Louis. Florida location number three coming to Palm Beach in the fall. They spent some money on this spot in the Gables and it has excellent exposure. There’s a little revived restaurant row over there: Anthony’s Coal Fired Pizza, Energy Kitchen, Swine, Pao Town etc.

• Miami Beach – Fuor D’ Acqua, a reputable Florence based “ristorante”, has opened a location in South Beach at 560 Washington Avenue. In case you are looking for a good late night spot on the weekends, they will be serving dinner until 5:00 AM Friday and Saturday.

• South Beach Ace and Tishman Hotel & Realty won the official bid against Portman Holdings (5-2) to redevelop the Miami Beach Convention Center. The $1.2 billion project will entail the existing convention center to be revitalized and topped with an 800 room hotel on the 52 acre site. In Addition, the current 17th Street garage will be demolished and rebuilt. For the retail component, 90,000 square feet will be developed along with a public park around the center. Next is an opportunity for the residents of Miami Beach to vote and approve the project. It is moving forward. In the good sport department, Portman / CMC sent and published a classy letter to the City of MB. I liked that.

• Coral Gables – Jennifer Nicole Lee aka: JNL Worldwide has signed a lease for a 1600 SF studio at the brand new Gables Ponce residential development. JNL Fusion Gym will join Epicure Gourmet Market in the first floor retail component of the beautiful new project. I attended the grand opening party a few weeks back and it truly is luxury living and a good addition to Coral Gables.

• Brickell – Three Chefs is joining Batch Gastropub and City Slickers Subs & Salads in the first floor retail component of the Hampton Suites at 30-40 SW 12th Street, one block west of Miami Ave. This completes an awesome restaurant / bar lineup that will be open and rocking this fall.

• Brickell – PMG Acquisitions is thisclose to closing on the $25M acquisition of the development site at 1449-1451 Brickell Ave. just south of the Four Seasons Tower. PMG plans to build Echo Brickell a skinny Tower to include 166 luxury condos. I say skinny because of the lot size and required setbacks. The purchase price of $25M converts to $962 PSF and in order to maximize use of the 25,988 SF parcel the developers are planning to install a robotic parking system.

• Brickell – Swire update. Swire closed on the 1.55 acre site at 700 Brickell Ave. between 7th and 8th streets. The purchase price of $64M translates to $948 PSF right at the top of my estimate. The land will rightfully be incorporated into the $1.08B CityCentre project and adds the cache of Brickell frontage & address.

• Brickell – Spaghettino opened at The Plaza: 947 Brickell Ave.Monday July 8th in the former Gran Inka space. This is the latest restaurant from Tom Billante who also owns and operates Carpaccio (Bal Harbour Shops) and Il Villagio (Merrick Park) among others in South Florida. Spaghettino will be open for lunch and dinner seven days a week from 11:30AM until last customer served. (I like those hours!)

• Brickell – Congrats to My Ceviche for being featured on CBS 4’s Cheap Eats segment with Lisa Petrillo. Very nice story and Sam – you are a handsome man. My wife is addicted to the octopus burrito. I am addicted to the guacamole and the octacos. Look for more My Ceviche locations to be announced soon.

• Golden Beach – Shaq rejoins the Heat. In this case Heat = the Fuzz aka the Police. This past Tuesday Mayor Glenn Singer and Chief of Police Donald DeLucca officially swore in and welcomed the latest member of the Golden Beach Police Department….. public announcer voice: “Sha- quiiiiiiiill Ooooo Neeeeaaaaallllllll.” At a listed 7’1″ and 324 lbs. Shaq is definitely the most visible member of the Golden Beach force. Now about that Golden Beach Police Department basketball team…. they just became the #1 seed.

• Design District – Billionaire Italian Couture has signed a lease for the former South Street, former Sra Martinez space at the NWC of 40th St and NE 2nd Ave. Established in 2005, the retailer has positioned itself as the world’s first international haute couture line exclusively for men. In 2007 Percassi Group signed a joint venture agreement with Billionaire founder Flavio Briatore to carry out a global development plan. Billionaire now has premier worldwide locations including London, Moscow, Rome, St.Tropez, St Moritz, Las Vegas, Kiev, and St.Petersburg. Terms of the lease (rumored @ $230 PSF) were not disclosed.

• Design District – national home furnishing retailer Mitchell Gold /Bob Williams has leased 10,000 SF on two levels in the new (David Damatov) 3800 N Miami Ave. project. The new renderings are awesome. In total the building will be 16,000 SF with 30+ parking spaces. Delivery and projected opening Q2 2014.

• Edgewater – Related’s Element has been announced at 31st Street on the bay. Two 55 story towers, 700 units. This is the second time that Related has taken over a public Edgewater street in exchange for giving the city a public park. Like at Icon Bay, these projects will sit over and around the end of the street (conveniently on the water). The parks will be on the water and be incorporated into the projects. I didn’t say the parks would be convenient for the public, but they will be cool for the residents. The cityscape will be completely transformed along the water between 23 and 31st streets. It’s going vertical fast.

• National- Men’s Wearhouse announced it is buying the Joseph Abboud brand for $97.5M. Men’s Wearhouse has an existing relationship with Joseph Abboud where he has been chief creative director since December.

• Chicago- Well done Mr. Jed. Meatheads Burgers and Fries opened location number 12 in Barrington, IL. this past week. The growing gourmet burger joint has locations throughout Illinois & Chicagoland. Tom- I remember when Meatheads first started floating around in your cranium. That’s cool.

• National- Blackstone has filed to take Brixmor public. Brixmor is organized as a REIT and the portfolio being offered in the IPO includes 522 shopping centers (87 million SF). The target mentioned is to raise up to $100M. Brixmor plans to use the proceeds to primarily repay debt. Smart.

• Facts:
o 93.6% : average occupancy of US shopping center REIT’s for 2012
o 4.37 % 30 year fixed – a little slide back from 4.66 %
o American League won the All Star Game 3-0 in NY Tuesday = AL Home Field in World Series
o Gas $3.75 , $4.00 in Brickell WTF?
o October 17, 1860 – First British Open: Prestwick Golf Club in Scotland
o $130.00 Prestwick GC Greens Fee for one round

• Sports Corner- Love the final round of the British Open. Anything can happen and we all know why…. English announcer’s voice: ” Those diabolical Sunday hole locations”
• Sports Corner II – Haven’t played tennis all week due to the rain. Makes me cranky.