In the upcoming weeksB the Bricknell financial district will be receiving a new addition in the form of a multicolored building that is sure to stand out.B The design of TD Bank’s future homeB at 1101 Brickell Avenue is being led byB veteran developer Tibor Hollo. When coming up with the plan for $3.8 million project, known as The Cube, Hollo took inspiration from the Fifth Avenue Apple store in New York .
The building will feature aB SageGlass, aB special type of glass manufactured by Sage Electrochromics in Minnesota that changes color with the sunlight. As the time of day changes so will the tint of the glass helping to keep the temperature inside the building at a steady temperature. The Cube will be the first building in Miami to utilize the SageGlass.
For additional informational on commercial real estate trends in South Florida visit Morris Southeast Group.
Image from the Miami Herald
In a few weeks qualified bidders will have the chance to gain possession of an historical piece of Miami Beach at a luxury auction on August 26th. Two oceanfront condominiums in the famous, four Diamond-ratedB Tides South Beach hotel will be up for grabs. Built in 1936 byB architectB Lawrence Murray DixonB in a classic Art Deco style, The Tides is a major landmark in Miami Beach that is full of history. Once known as the choice hotel for international travelers and celebrities it is now home to 45 oceanfront suites belonging to Miami’s elite.
The one bedroom, one bathroom “Junior Suites” feature nearly identical floor plans spread over 667 square feet. They also feature interior designs created by celebrity interior designer Kelly Wearstler.B Both of the units that are up for bid were once offered for $1.1 million, but will now sell for $640,000 or more. For additional information on the sale visit Tides Luxury Auction.
Have you been hearing the news about South Florida’s unemployment rate continuing to rise? The rate which was set at 11.4 percent in May has now made its way to 11.8 percent throughout the month of June. It represents the 982,000 that are jobless in South Florida’s work force of 9.2 million.
However, there has been aggressive hiring in accounting, customer service and technology position which would make one would think that with the increase of 4,300 jobs things would improve, but the month-to-month unemployment rate continues to rise. One of the main reasons is due to more people entering the marketplace looking for jobs. The increase places Miami-Dade County as the third-highest,B not-seasonally-adjustedB unemployment rate in Florida.
Despite the increases the Florida Agency for Workforce Innovation is happy with the pattern of growth and is continuing their effort to restore the state’s economy to the levels seen before the recession.
For more information on changes in the workplace visit Morris Southeast Group.
Source: South Florida Business Journal
Tomorrow Coral Gables City Manager Patrick Salerno will have good news to share at the budget workshop. Salerno plans to announce the city’s proposed $145 million budget to the City Commission which will include a tax drop.
Salerno will be recommending that the Coral Gables tax rate be dropped from $6.072 for every $1,000 of assessed property value to $5.869.B Two hearing will be held at City Hall before the budget is passed for the new fiscal year beginning October 1; the first will take place on September 13th and the second on September 27th.B And even though the tax rate will be dropping none of the city’s 791 full-time employees’ jobs will be cut, meaning all city services will be maintained.
The Coral Gables budget workshop will take place tomorrow morning at 9am at the Corals Gables City Hall. For more information on the meeting call the City Clerkb s Office at 305-460-5208. And if you would like information on the budget call the finance department at 305-460-5276 and to see budget records visit the City of Coral Gables website.
During the first half of this year the President of Morris Southeast Group Ken Morris represented the Washington-based group of investors that were looking to sellB the Belle Haven Towers apartment complex in Alexandria, VA. Carlyle Group and AION Partners bought the apartment complex for $93 million making it one of the largest off-market deals on the East Coast.
Morris managed negotiations among the 55 member group of investors and the buyer throughout the sale, whileB Attorney Roger Simon who is based inB Washington officially represented the group in the sale. Once the purchase was acquiredB Carlyle/AION changed the name to Cityside Huntington Metro. They are also making plans to invest around $10 million in upgrades to the complex made up of four 10-story buildings with 570 units. The units were built from 1964 to 1974 and are located atB 6034 Richmond Highway in Alexandria.
In the official release Morris was quoted saying…
Belle Haven was an excellent source of investment revenue for many years but as some of the original investors retired or passed away, it was time for the remaining family members to divest their interests in the property and take the capital after years of appreciation.
For more news on South Florida commercial real estate visit Morris Southeast Group.
Are you familiar with the specialty grocer The Fresh Market? If not it is soon be a common household name because it is headed to The Falls in South Miami-Dade County. The location is a part of its recent expansion and it will be the first situated in a Simon Property Group Mall.
Known for its fresh seafood, full-service meat counter, bakeries that produce over 30 types of breads and 14 different pie varieties, as well as stocking over 200 imported and domestic cheeses, “The Fresh Market will be a great complement to The Falls current lineup of attendants,” states The Falls manager Julie Goldman.
For more information on real estate trends visit Morris Southeast Group.
In Miami-Dade county, the vacancy rate for offices fell from 18.6% to 16.8%, which is the lowest it has been since 2009. 10 years ago there was very little land because real estate developers bought it all. Now with firms downsizing and going out of business, a recovery has begun.
This year there are signed leases for 1.3 million square feet. This time last year, there was only 1.2 million square feet signed. During the first quarter of this year, 888,633 square feet were signed and leased. In the second quarter, only 450,988 square feet were leased. Buildings like 600 Brickell will most likely have increased vacancy later this year due to the market.
Rent for offices hasn’t changed much. During the second quarter, rent was $30.10 per square foot which was an increase from $29.99 during the first quarter of this year.
It may take some time before the growth of rent can be seen in the market. Some people are optimistic, while others seen buildings dropping rates because they have lost tenants.
For more information on this topic on real estate trends, visit the Morris Southeast Group.
Everyone in Florida is no doubt excited about the recent good news about the current economic state. AB recent CNBC report said that Florida ranked in the top 10 states in terms of workforce and state-wide infrastructure. This means jobs are readily available in the state and there are people qualified to do them, and that roads, buildings, bridges, and other construction projects are some of the best you’ll find anywhere in the country.
The news is a welcome sign that opportunity is rising again in Florida, despite the hard national downturn that’s hindered economic growth in the United States in recent years. Despite that, Florida ranked 18th overall in this major business report, a significant improvement after placing 28th in the same report in 2010.
With all this economic growth that’s going on, now’s the perfect time to start investing in quality commercial real estate, and Morris Southeast is just the company you need to talk to. Contact us today and find out how we can help grow your business.
Source:B NBC Miami
Photo Courtesy: stock.xchng