Transit-Oriented Project in Miami
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Mixing transit and development is very much a thing now, and a proposal near downtown Miami highlights the trend. A group of developers would construct just such a project on a recently acquired plot near the region’s Metromover. Also for today: Staying in South Florida for a story that reflects what’s going on in other parts of the country when it comes to famous architects and new construction.
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— Tom Acitelli, Deputy Editor
PMG, Michael Simkins, and Lndmrk Buy Overtown Development Site
Three high-profile Miami developers are teaming up in Overtown, a historically Black neighborhood near Downtown Miami, to build a transit-oriented development. A joint venture among Property Markets Group (PMG), Alex Karakhanian’s Lndmrk Development and Michael Simkins’ Lion Development paid $16.5 million for a development site at 105 NW 11th Terrace Known as Block 19, the 1.5-acre parcel sits two blocks west of E11even, a nightclub that Simkins co-owns. City National Bank provided a $8.3 million mortgage for the acquisition.
Check out our newest Deals of the Week newsletter, featuring the top commercial real estate transactions at a glance — plus a deep dive into the key players behind each transaction.
Starchitects in Miami Are So Over. It’s About the Branding Now.
As the Miami area’s luxury real estate market boomed over the past two decades, developers looked for ways to differentiate their condos — and up their prices. Many developers turned to a commercial brand. Gil Dezer, who pioneered the tactic, inked deals with Donald Trump (before he was president), German car manufacturer Porsche, and Italian luxury fashion designer Armani. Others turned to star architects, or “starchitects” as they’re commonly known: Herzog & de Meuron, the Swiss duo behind London’s Tate Modern art gallery; Renzo Piano, the Italian famed for the Centre Pompidou museum in Paris; and the late Iraqi-born Brit Zaha Hadid, just to name a few.
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