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Real Estate

North Bay Village Real Estate News!

By
Cashflow In Miami
on
July 4, 2022

North Bay Village Real Estate News!

1850 JFK Causeway North Bay Village

Shoma Group is working on Publix anchored mixed use!

Shoma Bay.

Miami-based developer Shoma Group is excited to announce Shoma Bay, a 2.8-acre mixed-use development planned for 1850 JFK Causeway in the thriving waterfront community of North Bay Village. Anchored by a 36,068-square-foot Publix, the project will boast a 21-story, 327-unit luxury apartment community and 6,315 square feet of retail space including a rooftop lounge and a Shoma Bazaar food hall. Residences range in size from 324-square-foot furnished micro studios to 1,435-square-foot three-bedroom units. A portion of the project will be workforce housing.

Shoma Bay was designed by MSA Architects with interiors by renowned designer Adriana Hoyos. Shoma Bay’s streamline moderne style echoes the art deco architecture of the historic neighborhood, which became well known in the 1950s and 60s for its popular restaurants and nightlife, attracting celebrities like Frank Sinatra and Judy Garland. The development will rise on the site of what was once a nightclub by Rat Pack crooner Dean Martin in the 1960s and 70s.

1335 79th St./Kennedy Causeway, North Bay Village

Sakura site might become mixed use project on public land with city municipal offices and fire station.

This is part of a wave of P3 projects in South Florida. These deals help municipalities raise much-needed funds and receive new public facilities at reduced costs, and they also usher in major development.

For the North Bay Village site, Global City proposed a 22-story building totaling 272,286 square feet. It would include 114 workforce housing units totaling 128,094 square feet, plus a pool deck and other amenities, 1,064 square feet of retail, 27,600 square feet for village offices, a 14,381-square-foot fire station, and 252 parking spaces, including 69 spaces for the village office and fire station. That would include 216 parking spaces using an automated system to save on space.

The developer said all of the apartments would be priced for people making between 120% and 140% area median income so more of the workforce can live in North Bay Village.

The median household income in North Bay Village is $62,396.

As for the financial terms of the deal, Global City would form a nonprofit affiliate that would purchase the land from the village for $4.59 million. That would make the site eligible for municipal bond financing to support construction, according to the developer’s business plan.

The village would lease the office space from the developer for $1.5 million a year, with a 3% annual rent increase. After 30 years, the village would have the option to purchase its office space for only $1. At the same time, the village would receive 100% of the cash flow from the building after operational costs, debt service payments and a management fee of 0.3% of the proceeds from the bond.

Under this deal, the developer estimated the village would pay $73.4 million in rent and receive $65.3 million in cash flow from the building over 30 years, and it would then receive a benefit worth an estimated $64.5 million by acquiring the office space for $1.

The site would be exempt from property taxes because it’s owned by a nonprofit.

Global City’s team in North Bay Village includes Omaha, Nebraska-based Leo A Daly architects and Boston-based Suffolk Construction.

1600 and 1624 79th Street Causeway, North Bay Village

$14 million Sunbeam Television buy!

The billionaire Ansin family’s Sunbeam Television continues its buying spree in North Bay Village, where it plans a mixed-use development along Kennedy Causeway.

Sunbeam Television paid $14 million for the Presidente Supermarket and next-door retail building, at 1600 and 1624 79th Street Causeway.

Sunbeam wants to build a mix of uses that would create a “first class live-work-play” community where residents can walk to work, restaurants and retail, Ansin said.

The company is in talks with North Bay Village officials about its vision, but has not yet submitted an application.

In February 2021, Sunbeam bought 2 acres at 1555 North Bay Causeway for $14 million. This was followed by the $29 million purchase of property at 1415 Northeast 79th Street in March, and the $13.5 million purchase of the former Trip on the Bay restaurant site at 1601 79th Street in April.

1755 79th Street Causeway, North Bay Village

Is the 30 story tower coming?

The project is proposed to include:

  • 201 residential units
  • 52,818 square feet of office
  • 19,545 square feet of restaurant
  • 1,860 square foot coffee/juice bar
  • 408 parking spaces

The roof of the tower is proposed at 345 feet above ground.

Eleven of the units would be rented as workforce housing in order to obtain a zoning density bonus.

Arquitectonica is the architect.

...

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