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Cashflow In Miami
November 24, 2022


Galbut has more coming to Alton road!
710 and 633 Alton road, South Beach

Voters on Tuesday approved an increase in FAR to 2.6 from 2.0 for the Alton Road gateway area, which will allow Russell Galbut and David Martin of Terra to build a taller mixed-use project on the site of the Miami Beach Community Health Center at 710 Alton Road, in exchange for a new health facility and public library across the street at 633 Alton Road.The new building at 710 Alton Road will be about 15 stories tall with about 120 residential units, some office space, parking and community-oriented retail fronting Canopy Park. He is working on the design plans for that project, and the developers will cover the costs and will build the new health center across the street.Galbut’s South Beach Heights II bought the two-parcel site at 633 Alton Road from an affiliate of South Shore Hospital in 2004 for $2 million.

-- Miami Beach residents voted in favor of zoning changes that could boost floor area ratio — or overall project size — of certain properties in the city. They also approved closing a loophole tied to the city’s vacation of public streets.\  Residents also greenlit a FAR incentive for developers who want to convert existing apartment-hotel properties to residential in some areas of South Beach. In some zoning districts south of Fifth Street, property owners could receive a bonus FAR if they are converting sites zoned for apartment-hotel uses to residential: to 1.5 from 1.25 in the RPS1 District, and to 1.75 from 1.5 in the RPS2 District.

On Tuesday, residents also OK’d a referendum requiring developers to seek voter approval to combine FAR of adjacent properties when the city of Miami Beach vacates – or transfers control of – streets or alleys. That means voters would have to approve a density increase before the city vacates, or transfers, streets. A number of developers use street vacations to increase their development size or footprint, or transfer zoning among properties.

New office building instead of the parking lot approved!

1664 Meridian Avenue, SOBE

Peebles is partnering with former Miami Beach mayor Philip Levine and Scott Robins to build  a six-story, 159,000-square-foot building on 1.4 acres at 1664 Meridian Avenue.The project would include 46 market-rate apartments on two stories; 80,000 square feet of offices on three stories; 9,500 square feet of ground-floor retail; and parking.There is also another parking lot approved for the office building-Miami-based Integra joined forces with Sternlicht’s Starwood and Comras’ The Comras Company, both based in Miami Beach, on plans for The Gardens at Lincoln Lane with 130,000 square feet of Class A offices, 25,000 square feet of ground-floor retail, and more than 425 parking spaces, 192 of which will be for the public, according to a release from the developers. The project would include one six-story building on a 0.9-acre lot at 1680 Lenox Avenue, and an eight-story building on the nearby 1.1-acre lot at 1080 Lincoln Lane North, city records show. It would include a “pocket park” with a water feature and 1,000 square feet of public space for a nonprofit or an educational organization.

Macys SOBE sold for $15,5 million!

1675 Meridian Avenue, SOBE

Ronny Finvarb and Joseph Chetrit paid $15.5 million for the Miami Beach Macy’s store off Lincoln Road, one of the oldest retail buildings in the city.

The seller, 1675 Meridian, previously put the Macy’s property on the market in 2018 for $20 million, but a deal fell through due to issues with the title that have since been resolved.

Outstanding building gets sold SOBE $52 million!

555 Washington avenue , SOBE

East End Capital and BentallGreenOak sold an office building in Miami Beach for $52.3 million.

An entity tied to The Davis Companies, based in Boston, bought the four-story property at 555 Washington Avenue, according to a deed.

The building consists of 46,000 square feet of Class A office space; 22,000 square feet of ground-floor retail and a 243-space garage, according to East End’s website. The Arquitectonica-designed blue and white building has curving glass corners on one side and a glass lobby.

It was constructed in 2001, property records show.

New York-based East End bought the property in 2018 for $38 million, along with GreenOak Real Estate, embarking on facade and streetscape improvements. (GreenOak merged with Bentall Kennedy in 2019, forming Toronto-based BentallGreenOak.)

The building gained 37.5 percent in value since it last traded five years ago

2911 Indian Creek future?

2901 and 2911 Indian Creek Drive, Miami Beach

We posted this November last year, does not seem that anything has moved?

The new development  involves demolition of two of the buildings while restoring, relocating, reorienting, and raising the western building at 2911 Indian Creek which was designed by Schoeppl & Southwell and constructed in 1936. The building, which has been obscured from public view for 60 years following the construction of a building in 1962, will be relocated to face Indian Creek and elevated five feet. Behind is a new six-story multi-family residential building along 29th Street. The project is designed by Urban Robot Associates.

We will wait and , am sure something exciting will be happening on this site!

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