Stephen Ross of the Related Companies and Cityplace West Palm Beach
1. Life goes on at CityPlace despite mortgage woes [Palm Beach Post]
2. Boca's luxury Via Mizner project nears completion of first phase [Sun Sentinel]
3. Mapping the 10 coolest rooftop bars in Miami [Curbed Miami]
4. Emails show some Florida building officials still denying climate change [Miami New Times]
- Sean Stewart-Muniz
Aerial view of West Palm Beach
1. West Palm Beach might not be ready for big-league architecture [Palm Beach Post]
2. Related's priciest condo ever could be at Terminal Island [The Next Miami]
3. Co-working office-space business takes off [Wall Street Journal]
4. Florida venture invests more than $220 million in Southeast multifamily properties [SFBJ]
- Sean Stewart-Muniz
From left: Colliers' Jay Hennick, JLL's Colin Dyer, Savills' Jeremy Helsby and CBRE's Bob Sulentic (Illustration by Lexi Pilgrim)
From the New York website: Facing a Brexit-fueled slowdown in sales, commercial real estate services firms must also grapple with possible drops in commissions and a change in merger prospects abroad.
Shares in firms including CBRE Group, JLL, Savills PLC and Colliers International Group have plunged at the possibility of a decrease in commissions, the Wall Street Journal reported. Cushman & Wakefield, whose initial public offering was expected to come later this year or early next, will likely have to postpone as analysts sound the alarm and firms trade at deep discounts.
“If your peers are trading poorly, your owners are going to say why am I taking this thing public now,” Brandon Dobell, of William Blair & Co., told the newspaper. “Giving away cheap equity tends to not be a great idea to put before the board.”
Still, some firms may benefit from Britain's exit from the European Union. Firms with low debt like CBRE and JLL may be able to more easily acquire companies in the U.K. who are facing the uncertainty of a post-Brexit economy, the Journal noted.
The Real Deal in late June took a speculative look at how Miami and New York's real estate sectors might be impacted by the Brexit. [WSJ] - Kathryn Brenzel
Rendering of Miami Worldcenter
1. Miami Worldcenter's high street retail plan set for city review [The Next Miami]
2. Potamkin mansion in Coral Gables reduced to $44M [Curbed Miami]
3. Double-decker restaurant on Miami River under fire for lack of riverwalk [Miami Today]
4. How a condo association could kill a sale [Wall Street Journal]
- Sean Stewart-Muniz
Robert Given
Chalk one up for Cushman & Wakefield.
The commercial brokerage just hired away CBRE's Robert Given and his investment sales team, who have closed more than $20 billion in deals over the past 13 years.
Cushman & Wakefield announced Wednesday that Given, who's spent more than a decade with CBRE and consistently ranked as a top producer for the firm, has switched sides and brought eight teammates with him.
His new role at Cushman & Wakefield will be much the same as it was at CBRE. His title of vice chairman, for instance, has been maintained in the switch. And his team will still specialize in representing private and institutional owners who want to sell their multifamily properties, developable land and structured equity finance.
Some of his most notable deals during Given's 13-year tenure at CBRE include representing the seller of the W Fort Lauderdale when Stephen Ross' Related Companies bought it in 2014, and more recently, marketing Doral's White Course for its $96 million sale in April.
A request for comment to Given was not immediately returned.
Luring Given marks a major win for Cushman & Wakefield, which has worked to bolster its share of the Southeastern multifamily market in recent months. Just last month, the brokerage acquired Atlanta-based Multi Housing Advisors. Combined, they handled roughly 20 percent of all multifamily deals in the Southeastern U.S. last year - a figure it readily compared to CBRE's 15.7 percent share in its announcement of the acquisition.
Cushman & Wakefield has also grown its presence in South Florida over the past year, adding about 70 agents to the brokerage's roster here since its $2 billion merger with its rival DTZ.
Here are the eight teammates Given brought with him:
- Sean Stewart-Muniz
Rendering of 200 North Miami Avenue
Mana Wynwood has submitted plans for a 49-story, 328-unit apartment tower in downtown Miami, the first for developer Moishe Mana in downtown Miami.
Mana and Zyscovich Architects submitted their plans for 200 North Miami Avenue to Miami's Urban Development Review Board for its July 25 meeting. Mana has spent more than $200 million acquiring land and buildings in downtown Miami, in addition to what he's amassed in Wynwood.
The 322,355-square-foot apartment tower would rise on a 14,325-square-foot plot of land in the Flagler Street neighborhood of downtown Miami. It would include 23,295 square feet of residential amenities, a 6,550-square-foot lobby and a leasing office – and no parking, according to the proposal.
Last year, Mana filed suit against the Miami Parking Authority after the city agency agreed to lease the garage land next door to another developer, Grand Station. Mana wanted to combine both sites for his own development, which would include a bigger expansion the existing parking garage.
Micro units, which Mana previously hinted at, would take up about a third of the 328 apartments, architect Bernard Zyscovich told The Real Deal. They would be located on the lower levels, with higher end units on the upper levels.
Amenities at 200 North Miami Avenue will include an infinity pool and pool deck, shared social spaces and possibly conventional amenities like a gym, Bernard Zyscovich told TRD. “We're looking very much at the idea of trying to have a very intensely filled out technology [oriented] building,” he said. Think very fast Wi-Fi and TVs that stream services like Netflix.
Dylan Finger, managing director of Mana Wynwood, previously told TRD that micro units would attract young professionals, millennials and creative workers, who would otherwise be out-priced.
“In Miami, we have these nice condo buildings that are beautiful. But they're not affordable; they're out of reach,” he told TRD last summer. Either Miami's young professionals “have to share an apartment or live in Kendall or live at home or live far away from the urban core.”
Zyscovich said there is no set start date for the project yet.
In June, Mana took out close to $10 million in financing out of a bigger $100 million loan for properties he owns in downtown Miami, this project site not included. Centennial Bank is the lender for that loan. Mana could not be reached for more information on what that would be used for.
Check out more renderings of the apartment building:
Miami skyline
1. How millennial tastes shape a new generation of food startups [Miami Herald]
2. Brexit adds chill to slumping commercial property sector [Wall Street Journal]
3. The preliminary route of rail system that will connect Miami to South Beach [The Next Miami]
4. Expect to see more of this new hotel brand in South Florida [GlobeSt]
- Sean Stewart-Muniz
