Downtown Miami gets influx of firms, boosting apartment rental prices

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Downtown Miami gets influx of firms, boosting apartment rental prices

The downtown Miami office market continued to expand over the past year, despite the pandemic, increasing the number of people living close to work and boosting residential rents in the area.

Downtown added 17 new companies that opened offices between fall 2020 and June 2021, and they are expected to bring 1,835 jobs to the city in the next three years. In exchange, the firms are eligible to receive up to $150,000 each from the city over three years depending on the number of people they employ here.

The average rent for all ...

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First building in vast Little Haiti project gets OK

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First building in vast Little Haiti project gets OK

The Special Area Plan and development agreement include a maximum of 2,630 residences, hotel rooms, nearly 350,000 square feet of commercial-retail uses, and more than 1.9 million square feet of offices.

The first building is designed as a 25-story mixed-use building with 349 residential units, 13,010 square feet of commercial-retail uses and 10,093 square feet of office space, with an adjacent parking garage with spaces for 393 vehicles and amenities, connected to the tower.

The principal owner-developer is identified as MCD Miami LLC, along with Magic City Properties I, LLC, a subsidiary/affiliate of MCD Miami and the owner of ...

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New transportation infrastructure in South Florida

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New transportation infrastructure in South Florida

According to Bloomberg, Elon Musk’s The Boring Company emerged victorious in a bid to build an underground transportation system in Fort Lauderdale.

The system will be known as Las Olas Loop, and consist of two tunnels running 2.5 miles from downtown Fort Lauderdale to the beach.

Passengers of the transit system would be driven in dedicated Tesla cars (private cars won’t be allowed). Construction is estimated to take one year once the city gives the final green light.

Miami, which is said to be seeking a similar system, is now finishing pre-development and preparing an agreement ...

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$230M for Boca Raton apartments, the priciest multifamily sale of the year

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$230M for Boca Raton apartments, the priciest multifamily sale of the year

A new apartment community in Boca Raton sold for $230 million, marking the most expensive multifamily sale in South Florida this year.

Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital sold the 456-unit, seven-building development to Atlanta-based Cortland.

The Residences at Uptown Boca was completed last year, and the sale breaks down to about $504,000 per apartment. Units range from 718 square feet to 1,737 square feet and from one to four bedrooms.

According to the release, the Boca community includes a 24-hour gym and ...

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Miami is getting new amenities

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Miami is getting new amenities

A key stretch of Downtown Miami’s baywalk has been opened to the public. With the newly opened space, pedestrians will now walk along the bay on an uninterrupted path that starts from behind the Perez Art Museum near I-395 to the Miami River. Construction has been underway since at least 2019.

Soon, the walkway will be further extended. A pedestrian bridge has been planned to connect it beyond the I-395 to the Resorts World Miami and towards Edgewater. A pedestrian bridge that could even become a new tourist destination as the city is considering a $20 million plan to ...

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Jared and Ivanka paid $24M for Indian Creek estate

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Jared and Ivanka paid $24M for Indian Creek estate

Ivanka Trump and Jared Kushner acquired a waterfront South Florida home — a six-bedroom, 8,510-square-foot mansion — for $24 million, The Real Deal has learned.

The 1.3-acre estate, with manicured landscaping, reflecting pools, a double staircase, a resort-style pool and a large dock, hit the market in October for nearly $25 million.

Indian Creek, a gated, guarded island north of Miami Beach, is home to a number of billionaires and celebrities. Homeowners include billionaire Carl Icahn, billionaire hedge funder Eddie Lampert, Hotels.com ...

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