Written by Miami Today on May 24, 2012
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RECORD RENTS: Miami-Dade and Broward average apartment rents are above the record high rents, with Miami-Dade occupancies at 96.3% and at 95.6% in Broward, CBRE South Florida Multi-Housing Market Update for summer 2012 revealed. Miami-Dade boasts the fourth-highest occupancy level in the US. Improving rents and occupancies are translating into higher net operating income for many multi-housing properties in South Florida. The report also showed that more local lenders are aggressively pursuing multi-housing properties for financing or refinancing opportunities at sub 5% rates.
ZONING MEETING: Lionheart Capital’s developers Ricardo Dunin and Ophir Stenberg made a proposal Tuesday to the City of Miami Beach Planning Board to rezone the old Miami Heart Institute building for a luxury condominium project. The developers want to change the future land use map and the zoning map from hospital to residential. Lionheart Capital purchased the 700,000-square-foot medical facility at 4701 N Meridian Ave., Miami Beach, and the adjacent parking lots for $20 million in February. To keep the existing height of the building, the developers plan to tear down a portion of the heart institute building and keep most of it instead of demolishing all of it, which would only allow them to build five stories.
INTERNATIONAL ITEMS: The Miami-Dade County Commission approved changing the name of the International Trade Advisory Board to the International Trade Consortium. It amended rules, allowing board members to miss three of four meetings each year. Members who miss all four will be removed, and 40% of members must be present to make quorum.
NEW RENTAL TOWERS: Miami’s Adler Group and Atlanta-based ECI Group are teaming up to develop a new two-tower multifamily development on a 2.84-acre site overlooking Biscayne Bay just north of downtown Miami. Groundbreaking is expected this year, and the project is expected to be completed in two years. Located at 7950 NE Bayshore Drive, the towers will be luxury rental apartments.
NEW LEASE: Sunshine Bouquet, a supplier of fresh-cut flowers for the mass market, signed a 95,000-square-foot new long-term lease at Miami International Distribution Center at 2003 NW 70th Ave. The transaction brings the 215,000-square-foot distribution center to 100% occupancy. Transwestern’s South Florida office represented the landlord DCT Industrial in the deal.