Tag Archives: Real Estate Development

Norway’s Wealth Fund Targets U.S. Real Estate in 2013


Norway’s $650 billion sovereign wealth fund is closing in on its first U.S. real estate investment as the market struggles with stagnant prices.

The fund will invest in the U.S. “by the end of next year at the latest,” Trond Grande, deputy chief executive officer at Norges Bank Investment Management, said in a Sept. 27 interview in Molde, Norway. “The U.S. is the largest real estate market so if you want to have a global portfolio you must have exposure to the U.S.”

Built from Norway’s oil and gas wealth, the fund in 2010 got approval to invest as much as 5 percent of its capital in real estate as it seeks to meet a 4 percent return target. It has since bought properties in Paris and London for about $2 billion and real estate accounted for 0.3 percent of its holdings at the end of June.

The fund is preparing its move as a recovery in U.S. real estate values “lost steam” in the last three quarters, Moody’s Investors Service said in a Sept. 13 report. While values have recouped 42 percent since bottoming in January 2010, they are still 22.5 percent below the December 2007 peak on the Moody’s/RCA Commercial Property Price index. Continue reading

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Real Talk With Howard Chase- Tips When Selling Your Home

For more information about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505. Remember to subscribe to my Youtube channel. Thank you and have a great day!

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

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Rewards Of Working In Real Estate

HOWARD CHASE REAL ESTATE
P: 305 532-7470
F: 305.532-7471
E: howard@howardchaserealestate.com
Address: 1354 Washington Avenue Suite #220
Miami Beach, FL 33139

For more information about buying or selling real estate, please feel free to email howard@howardchaserealestate.com or call at (786) 566-3505. Remember to subscribe to my channel. Thank you.

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Developers Plan Restoration Of Historic South Beach Block

 

 

 

 

 

 

They have been neglected for nearly a decade and burned badly by suspicious fires.

But a South Beach block of dilapidated and charred Art Deco, Post War Modern and Mediterranean Revival buildings could soon be reborn as a complex of boutique hotels if a developer’s plans are approved Tuesday.

The seven crumbling, historic apartment buildings and hotels were purchased in April by the Chetrit Group, under the name CG Sunny Isles LLC. The New York-based developer wants to restore, partially demolish and add onto the properties in order to construct a roughly 300-room complex that would rejuvenate a block of buildings tucked between the Miami Beach Convention Center and the Miami City Ballet.

Chetrit Group partner and local developer Ari Pearl has said the restored complex could open in 2014 if plans are approved this month. If successful, the project would effectively revive more than 10 percent of the contributing properties in the surrounding Museum historic district.

“This is a very important block,” said Herb Sosa, chairman of Miami Beach’s Historic Preservation Board, which will review and possibly approve the plans Tuesday.

For now, however, the block — save one restored apartment building — is also a source of disappointment both for preservationists and for neighbors who live in the city’s Collins Park neighborhood.

The seven boarded-up buildings between Washington and Park avenues and 20th and 21st streets were built between 1938 and 1953 by some of Miami Beach’s most prominent architects. That includes L. Murray Dixon, who designed the Raleigh and Tides Hotels, and Albert Anis, the architect behind the Clevelander hotel on Ocean Drive.

They were supposed to be revitalized 12 years ago when a developer bought the properties and received city approval for similar plans to open a complex of restored hotels. But the developer’s lender declared bankruptcy and the properties fell into litigation and eventually disrepair.

Then the Collins Park Hotel was doused in gasoline and set ablaze in 2007, followed last year by suspicious fires in the Copley Terrace Apartments and the Tyler Apartment Hotel, leaving almost half the block gutted and falling down.

The latter two burned during a week in which several historic Collins Park buildings went up in flames.

The condition of the buildings has created a sense of urgency among preservationists and even city staff to get a restoration project approved.

“This sort of solves seven problems at once, as far as historic preservation is concerned,” said Charles Urstadt, chairman of the Miami Design Preservation League.

Collins Park neighbors, who are supporting the project, say the block is an eyesore and a nuisance and needs to be improved.

“That’s a cesspool,” Stanley Shapiro, who lives in the one restored and occupied building on the block, said of the next-door Tyler.

The abandoned buildings were in such disrepair and had been slapped with so many liens and daily fines that the city forced the Chetrit Group to pay close to $300,000 and shore up the three charred and condemned buildings as part of a settlement. Pearl has called the settlement a payment “for the past sins of the previous owners.”

The developers now plan to entirely restore three of the buildings and add rooftop lounges and pools. Other buildings will be restored but partially demolished and the razed structures will be replaced with four- and five-story additions.

The developers have talked of restoring a terracotta compass in the a shared courtyard, constructing an underground parking garage with mechanical lifts and building a recording studio in one of the buildings.

In their report on the project, Miami Beach’s planning staff called the Chetrit Group’s proposal “well coordinated” and “quite desirable,” but said key documents were missing and proposed that the Historic Preservation Board delay a vote until October.

Pearl declined to comment and attempts to reach the Chetrit family through a Miami representative were unsuccessful.

But Pearl, during a meeting with the Collins Park Neighborhood Association last month, said he and the Chetrit family aren’t fly-by-night developers, evidenced he said by the 15 historic properties they had contracted to purchase throughout the city.

“We have a real vested interest in Miami Beach,” he said.

The project’s main architect, Kobi Karp, said the intent is to restore the buildings as close as possible to their original design.

“We’re going to bring it back to the way it used to be,” he said. “Not any time in between.”

Developers Plan Restoration Of Historic South Beach Block,  August 13, 2012, retrieved from http://www.miamiherald.com/2012/08/13/2950247/developers-plan-restoration-of.html.

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New 18-Story Condo Tower Planned For Ocean Drive Site In South Beach

By , Herald-Tribune
/ Friday, July 6, 2012

A private equity group is reviving plans to construct a condo tower on the famous Ocean Drive in the South Beach neighborhood of Miami Beach as the coastal market increasingly shows signs of recovering from the dramatic South Florida real estate crash that began in 2007, according to a new report from CondoVultures.com.

The proposed 120 Ocean Drive project – originally dubbed the Kallisto – is envisioned to be an 18-story condo tower with 10 units immediately north of the popular steak restaurant Prime One Twelve, according to the Preconstruction Condo Projects list from the licensed Florida brokerage CVR Realty.

The developer – a entity controlled by the Boston-based Congress Group – purchased the three-parcel site with a combined 17,250 square feet of land for $8 million in October 2005, according to Miami-Dade Property Appraiser records.

CondoVultures.com profiled South Florida new unit sales by project in the first quarter of 2012 in the seven largest coastal condo markets in the tricounty region of Miami-Dade, Broward, and Palm Beach counties.

Beginning the week of April 16, 2012, the Condo Vultures Market Intelligence Report published a seven-part weekly series that analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

South Beach is a 24-block long neighborhood in the barrier island city of Miami Beach that stretches from South Pointe Drive north to 24th Street, the Atlantic Ocean west to the Venetian Islands, according to the Condo Vultures Official Condo Buyers Guide To South Beach.

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Investors Reselling Condo Units Bought During Housing Collapse

posted by Alex Ferreras
(Source: Paul Owers Sun Sentinel, Fort Lauderdale, Fla. (MCT) — Bulk buyers have resold more than 60 percent of the coastal condominiums snapped up during the housing bust, according to a recent report.

The investment groups have unloaded roughly 3,200 of the 5,100 units that were in or near foreclosure, said CondoVultures.com, a Bal Harbour-based real estate consulting firm.

Many of the bulk sales occurred in Miami-Dade County. But as available properties there became scarce, the investors found deals in Broward and Palm Beach counties.

The supply of available condos is shrinking quickly, prompting developers to plan thousands of new units in South Florida over the next few years.

Bulk buyers started by renting the condos but are reselling them for modest profits now that values are increasing, Zalewski said. He added that the groups are likely to keep renting some units, expecting prices to rise even more in the months ahead.

Some of the larger bulk sales involved Trump Hollywood, Las Olas by the River in Fort Lauderdale and 2700 N. Ocean Drive on Singer Island in Riviera Beach.

The 200-unit Trump Hollywood is sold out, Miami-based BH3 announced last month. The group took control of the development in late 2010 after developer Jorge Perez handed the 41-story tower back to the lender. Donald Trump still licenses his name to the building.

Lionheart Capital said last week that 2700 N. Ocean, now known as Ritz-Carlton Residences, has surpassed $100 million in sales.

Lionheart, a Miami-based private equity firm, bought 146 of the 242 oceanfront units in 2010. Prices range from the $700,000s to more than $10 million.

Sales are picking up, and buyers are discovering that they can’t wait indefinitely to decide, said Carolyn Block Ellert, a sales executive at the Ritz-Carlton Residences.

With less than a third of the units still available, “we’re well ahead of our projections,” said Ophir Sternberg, president of Lionheart.

Read full story here: http://www.loansafe.org/investors-reselling-condo-units-bought-during-housing-collapse

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Vornado Realty Buys Lincoln Road Retail for $132M

By Jennifer LeClaire – GlobeSt.com

MIAMI—Vornado Realty Trust is on a major retail acquisition roll. Beyond acquiring 666 Fifth Retail for $707 million, the REIT also acquired a prime South Beach retail building just days ago.

Vornado Realty Trust’s 25% owned real estate fund, Vornado Capital Partners, just acquired 1100 Lincoln Rd., a 167,000-square-foot retail property in Miami Beach, for $132 million. 1100 Lincoln Road is the western anchor of the Lincoln Road shopping district .

Vornado could not immediately be for comment. But GlobeSt.com caught up with Carter McDowell, partner at Bilzin Sumberg and local counsel to Vornado on the Lincoln Road transaction.

“There is no doubt about it, Miami is hot right now and this transaction is further evidence of its viability as one of the most in demand real estate markets in the country,” McDowell tells GlobeSt.com. “This isn’t the last major deal that we’ll hear about in coming months and in fact, there are a number of large national REITs that are currently pursuing other properties on Lincoln Road and elsewhere across the region.”

1100 Lincoln Road is 97% leased. Principal tenants include Regal Cinemas, Anthropologie, and Banana Republic. The building also includes a 298-space parking garage.

Vornado disclosed that the $132 million purchase price was financed in part by a $66 million new mortgage loan on the property. The loan bears interest at LIBOR plus 2.75% and matures in July 2015 with two one-year extension options.

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