Rendering of One Bayfront Plaza
1. Tibor Hollor seeks FAA approval for downtown Miami supertower [The Next Miami]
2. Florida gives green light to solar amendment [WLRN]
3. More than 60 percent of Florida contractors experiencing worker shortage [Sun Sentinel]
4. South Florida's 10 priciest homes sold this year went for $77M under ask [Curbed Miami]
- Sean Stewart-Muniz
Rendering of the Conrad Fort Lauderdale Beach (Inset: Andreas Ioannou)
What was once a failed Trump-branded project on prime beachfront land appeared to be saved when a new developer swooped in three years ago with a grand plan.
But the fate of the Conrad Fort Lauderdale Beach now seems to be up in the air again, with the condo-hotel facing months of delays, a construction lien from its general contractor and an opening date that hinges on a yet-to-close refinancing deal.
Orchestra Hotels + Resorts, led by Andreas Ioannou and Jose Luis Zapata, bought out the languishing project at 551 North Fort Lauderdale Beach Boulevard for $115 million in 2013.
At the time, Orchestra's plans were to spend $40 million on finishing and revamping the building into a modern tower with 290 units, split between 109 condos - dubbed the Ocean Resort Residences - and 181 condo-hotel units.
Hilton Worldwide's Conrad Hotels and Resorts brand was also brought on to head the property's leisure services and manage the condo-hotel units.
Fast forward three years, and those plans have changed. Ioannou told The Real Deal that the project's budget is now closer to $70 million, with the extra expenditures going toward upgrading the building's public areas to better compete with nearby upcoming luxury projects like Auberge Fort Lauderdale and the Four Seasons Hotel and Private Residences.
“We felt we had to do more to make sure we lead the market,” he said. “That has led to delays.”
Orchestra originally slated the Conrad to open in early 2015, though that date was pushed back several times and is still uncertain.
Ioannou said the opening hinges on refinancing Orchestra's construction loan with a better interest rate - a deal he said should close within the next two weeks. Once the loan is in place, Hilton's management team can begin the three-to-four month process of getting the hotel ready for opening.
In the meantime, the building's units will sit untouched despite receiving a full certificate of occupancy from city officials in June. Ioannou said condo owners are allowed by law to occupy the condos, but without furnishings or a functioning hotel, there would be little point.
And according to Broward County records, the developer is now facing a $1.4 million construction lien from its general contractor, Moss & Associates. The firm declined to comment, but Ioannou said he can't close any condo purchases until the lien is lifted. About 35 percent of the project has been sold, and Ioannou said roughly half of those deals have closed.
County records show closings began as early as 2014, meaning buyers at the project have waited years for the project to open. Meanwhile, Ioannou said, the development team has committed to covering property taxes and “share fees” for all units until the hotel opens.
Though Ioannou was optimistic that the project would move forward as intended, others familiar with the development said the warning light is blinking.
Philip Gutman, vice president of sales at Douglas Elliman's development marketing division, said his firm and the developer parted ways after less than a year in 2014.
“I think the project was designed in an era that the condo-hotel model with smaller units worked,” Gutman told TRD. “We had some suggestions but [the developer] didn't really work off of them, and finally Cervera took over when we left.”
Sales are now being handled by Cervera Real Estate, with prices starting in the $400,000s and ranging to more than $1 million.
It's not unusual for projects to cycle through marketing firms during development, but Gutman said it was his firm that decided to cut the cord. Peggy Fucci's brokerage One World Properties also headed sales at the Conrad for a brief period when the project first launched.
Over budget and delayed, Orchestra is now finding itself in a situation similar to the one that led the former owners to abandon the project. Formerly known as the Trump International Hotel & Tower, the project originally launched in 2004 with Roy Stillman's SB Hotel Associates as the developer and a licensing agreement from Donald Trump.
But construction was halted amid a litigation firestorm between buyers looking to get their deposits back from a sinking ship and the developer, who ran out of financing before finishing.
The situation was messy: court documents reveal complaints from buyers who felt they were misled by marketing materials into thinking Trump was the developer. Trump fired off another suit at Stillman for an alleged breach of contract, stating he costed Trump millions of dollars and damaged his reputation.
When asked if Orchestra would sell the development, Iannou said, “That is not part of our business plan, though you should never say no if someone comes in and wants to spend a lot of money. Our objective is to keep the hotel for years to come.”
Hassan Whiteside and 528 Lakeview Court in Miami Beach
Miami Heat center Hassan Whiteside closed on the $7.3 million purchase of a new Miami Beach home, sources told The Real Deal.
Whiteside, who signed a four-year, $98 million contract to stay with the Heat in June, bought the six-bedroom, 5,406-square-foot home at 528 Lakeview Court.
ONE Sotheby's International Realty agent Barbara Lamar had the contemporary-style house on and off the market since 2015. At its peak, the waterfront home was listed for $13 million in February of last year and most recently for $7.95 million in June, according to Realtor.com. Darren Weiner, managing director of Douglas Elliman's Sports & Entertainment Division, represented Whiteside. Both brokers declined to comment to TRD.
Records show Lewes, Delaware-based Venetian Coaster LLC sold the 17,676-square-foot property. It last traded for $5.9 million in 2012.
Built in 2014, the home features an open floor plan with a gourmet kitchen, pool, bar, summer kitchen, cabana, a guest house with a private entrance, staff quarters, and a large dock. LF Development built the house, according to its website.
Whiteside is a new neighbor to Matthew Lazenby, president and CEO of Whitman Family Development, which owns Bal Harbour Shops. Jason Rubell and Michelle Simkins also own a property a couple of doors down, records show.
Whiteside's coach, Erik Spoelstra, paid $2.6 million for a 5,400-square-foot house in Coconut Grove in late May.
A North Carolina native, Whiteside was drafted by the Sacramento Kings in 2010, played for a number of teams abroad and then joined the Heat in 2014.
Check out more photos of Whiteside's new house:
Donald Trump
From the New York website: A federal judge on Monday shot down another attempt by Donald Trump to stop a group of former students from suing his former real estate school.
Trump had argued that the fraud lawsuit shouldn't have class action status because one of the students in the case, Sonny Low, didn't actually care whether Trump University was accredited. But U.S. District Judge Gonzalo Curiel ruled that Trump's attorneys were using a limited interpretation of Low's statement that accreditation “was not even a consideration for me,” and that he “went there because it was Trump University, that he created.”
Other portions of Low's deposition, Curiel said, showed that he believed the university was legitimate, Bloomberg reported.
Thousands of former students from Florida, New York and California claim the university falsely promised to reveal the real estate tycoon's investment secrets in exchange for tens of thousands of dollars in tuition. In May, Curiel ruled that the jury trial for the lawsuit wouldn't happen until after the Nov. 8 election. The trial is scheduled to begin Nov. 28.
The presidential nominee faces two other related lawsuits: another class action lawsuit in San Diego that accuses him of racketeering and a $40 million lawsuit filed by New York State Attorney General Eric Schneiderman. [Bloomberg] - Kathryn Brenzel
Rendering of One Bayfront Plaza
1. Tibor Hollor seeks FAA approval for downtown Miami supertower [The Next Miami]
2. Florida gives green light to solar amendment [WLRN]
3. More than 60 percent of Florida contractors experiencing worker shortage [Sun Sentinel]
4. South Florida's 10 priciest homes sold this year went for $77M under ask [Curbed Miami]
- Sean Stewart-Muniz
By Trey Wheeler
New inline-eye single hooks are great for retrofitting plugs and other multi-hook lures.
With the eye at 180 degrees to the bend, these hooks lie straight on plugs.
After you've extracted treble hooks from the twentieth ladyfish of the day, you might be tempted to exchange those hooks for singles. It's easier releasing fish that way.
But in doing so you may introduce a new problem: A standard single hook installed directly on the split ring will point off at angle, interrupting the balance and normal swimming motion of the lure. This is because the eye of most single hooks is aligned at a 90-degree angle to the bend.
The new inline single hooks from makers such as VMC, Owner and Mustad may be the answer to this dilemma.
Tony Shitanishi of Owner Hooks said that these hooks were designed to make plugs more weedless. Florida's fisheries, in both freshwater and inshore saltwater environments, are heavily covered in aquatic vegetation. I've thrown topwaters rigged with single, inline hooks into a lily pad-laden area and walked the dog in between pads. I was even able to slide over some. While not 100-percent weedless, it was by far an upgrade.
The first question I asked myself when considering the change in hook style was how will this affect my hookup and landing ratios? No formal studies have been performed to quantify these ratios. VMC has used many field testers worldwide who have not had a single bad thing to say. In my own experience, from big snook to mahi-mahi, I've not had a problem with hook sets using single, inline hooks. As for landing rates, a single hook may offer an advantage: The fish may not use the other branches of a treble hook to obtain leverage to pry the hook from its mouth.
Captain Craig Korczynski with a Jupiter snook on a Rapala Skitter Walk. Rapala now offers many models with stock singles.
Single, inline hooks are a fantastic alternative, but don't abandon those trebles. remain with the treble hooks. Treble hooks may catch the outside of a fish's mouth as it attempts to injure the lure it thought was prey. If changing the hooks, you may also store those treble hooks to use in the future for natural-bait stinger rigs where legal and appropriate, say for kingfish.
Replacing treble hooks with the inline, single hooks, I ran into the problem of choosing the size of the replacement hook. I had to go by what looked right to my eye, and I promise you that came more as trial and error. One rule of thumb: Cyrille Mathieu of VMC hooks says to take the total width of your treble hook when combining two branches and choose a single hook that is as close to the equivalent width in its gap. VMC will soon post on its website a formal recommendation sheet to show the appropriate hook size for each Rapala lure. A sneak peek given to Florida Sportsman staffers revealed the following guidelines: For a Skitter Walk V, a 4 3⁄8-inch long topwater plug, use a 3/0 model 7237 inline, single 1x hook, and then for a X-Rap Magnum XRMAG30, a 6 ¼-inch lipped diving plug, the suggested hook is a 6/0 model ILS inline, single 4x hook. FS
First published Florida Sportsman August 2016
Rendering of the Faena District
1. Faena District promises a street processional at November opening [Miami Herald]
2. Restaurateur brings New York City eatery to busy West Palm strip [SFBJ]
3. Millennials are hurting middle-market retail [GlobeSt]
4. Real-estate shares to get own sector [Wall Street Journal]
- Sean Stewart-Muniz
The 2016 recreational red snapper season in Gulf of Mexico state waters (shore to 9 nautical miles) will reopen September 2nd and remain open Fridays, Saturdays and Sundays in September and October, and on Labor Day.
The reopening of red snapper state season for Labor Day weekend and weekends in September and October will give anglers additional fishing opportunities in the fall. The daily bag limit is two fish per person within the 10-snapper aggregate bag limit. The minimum size limit is 16 inches total length.
The private recreational angler red snapper season in Gulf federal waters was June 1-9 and was extended two days due to Tropical Storm Colin, closing June 12. The federally-permitted charter boat and head boat season for federal waters ran June 1 to July 16 (closing July 17). The federal red snapper season will remain closed during the September-October state season.
Learn more about red snapper at MyFWC.com/Fishing by clicking on “Saltwater Fishing,” “Recreational Regulations” and “Snappers” (under “Reef Fish”).
Brickell House and Harvey Hernandez
The parking woes at Harvey Hernandez's BrickellHouse project are about to get worse, according to an attorney representing the building's unit owners.
“The condo association has been left with this mess,” lawyer Helio de la Torre told The Real Deal. “We have to clean up this mess.”
On Aug. 23, de la Torre's client, BrickellHouse Condominium Association, filed an amended lawsuit against Hernandez, his company BrickellHouse Holding LLC and Hartford Steam Boiler Inspection and Insurance Company, seeking additional damages for the possibility that some condo owners may be left without a parking space if the building's troublesome robotic parking garage is replaced with a new system.
The association initially sued the developer in January and amended its complaint three times in March to add more counts regarding the failure of the the 374-unit building's robotic parking garage. Court documents allege buyers were promised South Florida's first fully automated parking system that would deliver their vehicles in and out of the building without drivers inside the cars.
Instead, the system was rife with problems such as operating so slowly that sometimes it too more than two hours to retrieve cars, the lawsuit alleges. The condo association also alleged that the system would often stall and malfunction and would only work properly under constant staff supervision. Boomerang Systems, the company that made the system, filed for Chapter 11 bankruptcy and its contract with the condo association to operate the garage was terminated by a judge.
In the latest development, de la Torre told TRD that BrickellHouse's garage was supposedly built to hold 480 vehicles. However, the association is looking to replace the Boomerang system with a different system from another vendor, de la Torre said.
“At this point, we know that any replacement may result in less than 480 vehicles,” he said. “That means we have to face a situation where certain owners will be directly impacted. There are going to be tough choices to make.”
Ronald Lowy, an attorney representing Hernandez, said the association is making a mistake by trying to replace the Boomerang system instead of fixing it. He said the problem lies with the proprietary software the company installed to operate the garage.
“The software needs to be adapted by somebody else,” he said. “Either you pay the bankruptcy trustee for their proprietary use of the Boomerang software or you have to create separate software to make it operate effectively.”
Lowy insisted there are no construction defects in the garage. “There is not a thing wrong with the garage,” Lowy said. “They are seeking to recreate it by starting from scratch, which is an unnecessary expense. No one is going to offer them a cheap fix and they are refusing to allow us to fix it.”
The 2016 recreational red snapper season in Gulf of Mexico state waters (shore to 9 nautical miles) will reopen September 2nd and remain open Fridays, Saturdays and Sundays in September and October, and on Labor Day.
The reopening of red snapper state season for Labor Day weekend and weekends in September and October will give anglers additional fishing opportunities in the fall. The daily bag limit is two fish per person within the 10-snapper aggregate bag limit. The minimum size limit is 16 inches total length.
The private recreational angler red snapper season in Gulf federal waters was June 1-9 and was extended two days due to Tropical Storm Colin, closing June 12. The federally-permitted charter boat and head boat season for federal waters ran June 1 to July 16 (closing July 17). The federal red snapper season will remain closed during the September-October state season.
Learn more about red snapper at MyFWC.com/Fishing by clicking on “Saltwater Fishing,” “Recreational Regulations” and “Snappers” (under “Reef Fish”).
Aerial of the Florida Keys (Credit: Andy Newman/Florida Keys News Bureau)
1. Abandoned Florida Keys resort could see new life [FlKeysNews]
2. This major intersection near Boynton could soon see major development [Palm Beach Post]
3. White retiree influx helps keep Florida in play for Donald Trump [Wall Street Journal]
4. Q&A with economist Hugh F. Kelly, author of “24-Hour Cities” [Mansion Global]
- Sean Stewart-Muniz
The recreational harvest season for snook starts September 1st statewide. Unique to the region, snook are one of the many reasons Florida is the Fishing Capital of the World.
The Florida Fish and Wildlife Conservation Commission (FWC) encourages anglers to continue to use moderation when determining whether or not to take a snook home. Gulf snook populations were negatively impacted by a 2010 cold kill. Gulf snook numbers currently exceed FWC management goals, but are still rebuilding to pre-cold kill levels, which is one of the reasons why it is important to handle fish with care and use moderation when determining whether or not to harvest one.
During the open season, the daily bag limit is one fish per person. In the Atlantic, snook must be not less than 28 inches and not more than 32 inches total length, which is measured from the most forward point of the head with the mouth closed to the farthest tip of the tail with the tail compressed or squeezed while the fish is lying on its side. In the Gulf, they must be not less than 28 inches and not more than 33 inches total length.
When releasing a snook, proper handling methods can help ensure your fish's survival and the species' abundance for anglers today and generations to come. To learn more about catch-and-release and the best way to handle a fish, visit MyFWC.com/Fishing and click on “Saltwater Fishing,” then “Recreational Regulations” and “Fish Handling.”
A snook permit, as well as a recreational saltwater license, is required unless the angler is exempt from the recreational license requirements. Snook may be targeted or harvested with hook and line gear only. Snagging is prohibited.
Snook are closed to harvest Dec. 1 through the end of February and May 1 through Aug. 31 in Gulf state and federal waters, including Monroe County and Everglades National Park. In Atlantic state and federal waters, including Lake Okeechobee and the Kissimmee River, snook is closed Dec. 15 through Jan. 31 and June 1 through Aug. 31.
Researchers ask anglers who harvest the fish to save their filleted carcasses and provide them to the FWC by dropping them off at a participating bait and tackle store. For the county-by-county list, go to MyFWC.com/Research and click on “Saltwater,” then “Snook” (under “Saltwater Fish”) and “Snook Anglers Asked to Help with Research.”
These carcasses provide biological data, including the size, age, maturity and sex of the catch. This information is important to the FWC in completing stock assessments. If you see a snook fishery violation, call the Wildlife Alert Program at 888-404-FWCC (3922).
Visit MyFWC.com/Fishing and click on “Saltwater Fishing” and “Recreational Regulations” for more information on snook.
Donald and his father Fred Trump
From the New York website: There's a long history of alleged racial discrimination at Trump-owned properties.
An investigation by the New York Times contends that Trump Management consistently turned away black tenants and other minorities from its rental properties, dating back to the 1960s. There was no evidence that Donald Trump helped set the organization's rental policies, just that he was working for the company while they were in place. The Republican presidential candidate - who has warned black voters that Hilary Clinton is a “bigot” - has denied knowledge of any discriminatory practices at Trump-owned properties.
The Justice Department sued Donald Trump and his father Fred, the company's chairman, in 1973 for allegedly violating the Fair Housing Act by discriminating against blacks at their properties. Ultimately, the Trumps signed a consent decree, a settlement that Donald later touted in “Art of the Deal” for having admitted to no wrongdoing.
At the time, Thomas Miranda, a former superintendent for Trump Management, testified that several company employees instructed him to label apartment applications from black individuals with a “C” for “colored.”
This case was Trump's first major run-in with the legal system, and many other cases followed. In April, The Real Deal identified more than 90 cases in which Trump or one of his entities sued in New York County State Supreme Court on a real estate-related matter and more than 250 cases in which he or one of his entities was the one being was sued.
The Times noted there's no suggestion of racial bias by Donald Trump toward prospective residents in Manhattan luxury properties since the 1980s. [NYT] - Kathryn Brenzel
From Luxury Listings NYC: In New York City, the rich and famous hide their addresses by buying homes under an LLC. In California (and other parts of the country), they do so by preventing Google Maps - or any other satellites - from taking photographs of their streets and neighborhoods. [more]
The offending furniture at 46 East 82nd Street
From Luxury Listings NYC: You know when you walk into a listing and it has such perfect, beautiful furniture that you can't help but want to take it along with the house?
Well British developer Penny Bradley is being accused of doing just that - and the interior design firm that lent her the furnishings is not happy about it. Kammi Reiss Design is suing Bradley for failing to return furniture that the firm purchased for staging Bradley's listing at 46 East 82nd Street, According to a new lawsuit. [more]
Mosquito
1. Mayors ask for help as governor visits Miami Beach to talk Zika [Miami Herald]
2. Developer wants nine high-end homes on former Wellington golf course [Palm Beach Post]
3. This is why your favorite Miami restaurants are closing [Miami Herald]
4. Appeals court ruling raises red flags for foreclosure attorneys [Daily Business Review]
- Sean Stewart-Muniz
A rendering of Two Brickell City Centre and WeWork's Miguel McKelvey and Adam Neumann
Coworking giant WeWork has signed a deal to lease nearly 65,000 square feet of uncompleted office space at Swire Properties' Brickell City Centre project, sources told The Real Deal.
A source with knowledge of the lease told The Real Deal that WeWork will occupy space at Two Brickell City Centre, the second of two Class A mid-rise office buildings at the project.
The lease includes “nearly half” of the 132,280-square-foot building's total space, though an exact size was not given.
According to data from the CoStar Group, asking rents at the building average $53 per square foot, annually. That means the lease is likely worth millions of dollars.
Swire Properties has yet to complete the building, though its twin Three Brickell City Centre received its certificate of occupancy earlier this year.
This deal marks the largest expansion for WeWork in Miami, mirroring the shared office space provider's explosive - and at times controversial - growth both in New York and throughout the country.
WeWork landed in South Florida in summer 2015 with its launch of an outpost on Lincoln Road, and the workspace provider jumped to a second 850-desk location at 429 Lenox Avenue in Miami Beach earlier this year.
In its biggest move so far, the company signed a lease for the entirety of downtown Miami's 16-story Security Building, totaling about 96,000 square feet. WeWork has yet to open that space.
The company has battled both data leaks and challenges to its $16 billion valuation, all while working to aggressively expand in the hot co-working industry.
If your bay boat, set up for fishing, has to also conform to the needs of the family, this bow arrangement can be configured for U-shaped seating, a large flat sun lounge or a dinette area for picnics. Below all of the comfortable seat cushions is a ton of dry storage. The front-opening door on the center console is a full 32 inches wide and steps down to over 5 feet of head room. The hull has a 9 foot wide beam and gunnels that are wide enough to walk down but not encroach on your cockpit space. The shallow draft is accomplished by the running surface on both sides of the boat extending 22 inches past the transom. This also gives the boat more stern buoyancy and quicker planing times. Twin aft fish boxes can also be used as live release wells and come with a removable divider.
Robalo Boats
300 Industrial Park Blvd.
Nashville, GA 31639
229-686-7481
www.robalo.com
Robalo 246 Cayman Specifications
LOA: 24 feet 6 inch
Beam: 9 feet 0 inches
Fuel Capacity: 75 gal
Draft: 12”
Max HP: 300
Hull Weight: 3,700 lbs
MSRP: 50,249
