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Tag Archive business

Three Kauai business owners team up to deliver supplies to flooded North Shore: Slideshow

Cody Kimura, whose Blue Water Adventure Tours operates tours of the Na Pali Coast with three 24-foot inflatable boats, sent a group text to his friends Ryan Mackey, who owns Kuhio Auto Group, and Colby Ayonon, owner of Kauai Air Conditioning and Refrigeration, Monday afternoon asking for help.

Source: http://feeds.bizjournals.com/industry_21

Subscribe to TRD’s China Watch newsletter

As you’ve learned from The Real Deal’s reporting, Chinese players have been pulling out of the U.S. property market amid a government crackdown on capital flight. The news and views on what’s happening change constantly, so TRD launched a weekly newsletter to keep you in the loop.

Delivered every Tuesday morning, China Watch captures all the news on Chinese investments — and divestments — across the U.S.

Subscribe today.


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Developer launches first phase of townhome project in Weston

San Michele Collection townhome rendering (Credit: Elad National Properties)

Yet another residential community is planned for Weston, a suburban town in Broward County.

Elad National Properties recently launched sales for phase one of San Michele Collection, a townhome project just west of Bonaventure Boulevard and south of Indian Trace, near Weston Town Center.

Phase one includes 58 townhomes offering two, three or four bedrooms with their own garages. Townhouses start at $433,000, according to Elad National principal Eyal Shay.

Once completed by the second quarter of 2020, San Michele Collection will total about 590 units, Shay wrote in an email. Phase one will be delivered later this year and will feature a clubhouse, playground and a mini golf plaza. ISG is consulting the developer on the project.

Other developers in the area include Terra, which is building Botaniko Weston, a 125-home community on roughly 121 acres on the former Bonaventure Country Club. Earlier this month, the Palace Group closed on a $95 million construction loan for a luxury senior living complex in Weston.

Elad National Properties is also behind the planned Mizner 200 condominium development in downtown Boca Raton.


Source: http://feeds.feedburner.com/trdmiami

A mini revolution: The strategy behind YotelPad’s first East Coast hotel-condo project

David Arditi and Hubert Viriot and a rending of YotelPad

For its first micro-unit hotel-condominium on the East Coast, the Yotel chain chose a market that is awash in new development: Miami.

But the chic London-based hotel brand, which focuses on international hub cities and up-and-coming urban neighborhoods, sees an opening for its planned location in downtown Miami, which is gentrifying and redeveloping, said Yotel CEO Hubert Viriot.

“Miami has always been appealing to us. It’s a hub for the U.S., Central and South America, with a strong international appeal, great connections to Europe and Latin America — a vibrant and exciting city,” Viriot told The Real Deal. “It’s sexy. It fits every single typology and criteria we were looking for as a destination. It’s only natural for us to come here.”

YotelPad Miami will rise at 227 Northeast Second Avenue in downtown Miami, a 31-story tower that should open in late 2020. It will cost $150 million to develop. The new concept is in line with the company’s brand, which offers compact units at moderate prices, according to the partners in the project.

Aria Development, led by principal David Arditi, and AQUARAT, a Kuwaiti publicly traded company, have joined together to build the YotelPad property. It will be managed by Yotel, which is 70 percent owned by the Al-Shamlan family, the controlling shareholders of AQUARAT.

The tower will have 215 condos and 250 Yotel “cabins,” or small hotel rooms. The studios, one-, two- and three-bedroom condos, on the upper floors, will average 580 square feet and will be priced from $260,000 to the $450,000. Condo owners will be able to participate in a short-term rental program.

The project will also have a “Sky Lounge” with a game area, living room with a fireplace and a chef’s kitchen and private dining area. Owners and hotel guests will also have access to bike storage, a coffee bar, restaurant and bar, fitness center, co-working space, a lounge and pool deck.

The aim is to create well-designed, high-technology, compact units with restaurants and services that also include a room for residents to pick up packages and a “PetPad,” for dog grooming, Arditi said.

And though the sales gallery just opened and construction has yet to begin, the partners are already looking for sites in Miami-Dade for a second project, Viriot said. The company looks for areas experiencing transition, similar to its locations in New York’s Hell’s Kitchen, Boston’s Seaport and San Francisco’s South of Market.

In Miami, YotelPad is targeting foreign and U.S. investors who may choose to take part in the rental program, as well as buyers who work downtown and parents of college students at nearby Miami Dade College. One World Properties is handling sales and marketing.

“If you look at the nature of buyers in Miami, there are so many international buyers — they’re not necessarily looking for something to live in year-round.” Viriot said.

In the hotel market, downtown Miami is characterized by lower-priced properties like Holiday Inn and Courtyard by Marriott, and pricey ones like Icon Brickell and the InterContinental Miami. Arditi said the partners discovered “an opportunity to do something in between — a branded, four-star experience but at a moderate price.” Hotel rooms, averaging 240 square feet, will cost $200 a night, he said.

Yet the condo market is highly competitive. Greater Downtown Miami’s condo inventory was expected to grow by 3,456 new units in 2017, according to a Miami Downtown Development Authority report by Integra Realty Resources last year.  This year, 2,846 units are expected to be delivered and 1,960 units in 2019.

Still, Viriot sees a void in the market for lower-priced, smaller-sized branded condos.

“Branded residences are not new — there is Ritz-Carlton, the Four Seasons — but it is always about super luxury,” he said. “I’ve always been a believer that brands can be positioned in very different segments for younger consumers.”

For such buyers, YotelPad will have to compete with other planned developments with small units, like Smart Brickell, a mixed-use project with condos priced from the low $300,000s to about $600,000, and sizes from 558 square feet to 1,117 square feet. Still other planned micro-unit projects in Wynwood are aimed at renters, including Related Group’s and Block Capital Group’s Wynwood 26; and Related and East End Capital’s Wynwood 25. “I think [downtown Miami] is a deeper market because not everyone is going to like Wynwood,” Viriot said.

While compact units are new to the Miami market, in Europe, 400-square-foot to 700-square-foot units are the norm, he said. “Florida has historically been distorted. Those days are gone,” Viriot said. “Increasingly, people focus more on the experience, where they live, how they live — more so than just the physicality.”

Viriot has worked for the Al-Shamlan family for 14 years, returning to Yotel in 2014 to spearhead the brand’s growth worldwide.

Yotel now operates seven hotels worldwide, including two in the U.S.: New York and Boston. San Francisco is scheduled to open later this year. A total of 21 are in the works worldwide.

The YotelPad concept is new, and so far, five YotelPads are in development. Besides Miami, one is in Park City, Utah; one in Dubai, and two are in Geneva, Switzerland. Viriot said his goal is to have 50 or 60 Yotels and YotelPads within five years. Other U.S. cities considered for Yotels include Chicago, Los Angeles, Washington, D.C., Seattle, Austin, Portland and Nashville.

YotelPad Miami’s construction is expected to begin in the fourth quarter of this year, and Arditi said he is negotiating financing. Three units have already been pre-sold, he said.

One downside: the building won’t have on-site parking. Only valet parking will be available, and cars will be parked at two garages across the street, on Northeast Second Street and on Northeast Second Avenue. Last year, the city of Miami approved changes that reduce parking at the development site by 30 percent. And Miami 21 — the city’s long-term urban planning and land use strategy — allows developers to eliminate parking for residential units if the project is located within 1,000 feet of off-site garages.

Yet the partners view downtown Miami as close to Miami Dade College, the central business district, the planned Miami Worldcenter and soon, Brightline commuter train service. “There are a lot of anchors in downtown,” Arditi said. “Downtown is pedestrian friendly.”


Source: http://feeds.feedburner.com/trdmiami

Why this former Arizona Cardinals kicker invested $2.5M in an Arcadia assisted living home

Why this former Arizona Cardinals kicker will spend more time in Arizona

Source: http://feeds.bizjournals.com/industry_21

Photos: This Peninsula estate offers Tudor-style fairytale looks for $5.6 million

Picture a fantasy fairytale home situated on a sprawling estate in the hills of the Peninsula — that’s about just what’s on the market in the exclusive San Mateo community of Hillsborough.

The 5-bedroom, 5-and-a-half bathroom Tudor-style property at 133 Ridgeway Road was built in 1927 and holds old-school handcrafted touches including wrought-iron hardware, hardwood floors, and leaded and stained-glass windows, while still offering modern creature comforts and appliances.

The asking price is…

Source: http://feeds.bizjournals.com/industry_21

Hillsborough estate offers Tudor-style fairytale looks for $5.6 million

Picture a fantasy fairytale home situated on a sprawling estate in the hills of the Peninsula — that’s about just what’s on the market in the exclusive San Mateo community of Hillsborough.

The 5-bedroom, 5-and-a-half bathroom Tudor-style property at 133 Ridgeway Road was built in 1927 and holds old-school handcrafted touches including wrought-iron hardware, hardwood floors, and leaded and stained-glass windows, while still offering modern creature comforts and appliances.

The asking price is…

Source: http://feeds.bizjournals.com/industry_21

Sacramento crafting ordinance to encourage development near transit

A day after a much-watched state bill to boost transit-oriented development died in a legislative hearing, the city of Sacramento is having meetings to craft something similar.

Source: http://feeds.bizjournals.com/industry_21

Broward and Palm Beach office markets improve in Q1: report

West Palm Beach skyline (Credit: Wikipedia)

Palm Beach and Broward counties’ office markets reported growing rents and declining vacancies in the first quarter of this year, while the office market in Miami-Dade showed marginally higher vacancies, according to recently released reports from JLL.

Miami-Dade

In Miami, the overall vacancy rate rose slightly to 13.5 percent in the first quarter of this year, compared to 13.2 percent the same period last year. Rents also increased to $37.77 per square foot from $36.99 per square foot in 2017. Rent growth will be capped for properties north of the Miami River due to high vacancies in downtown Miami, according to the report.

During the first quarter, net absorption totaled 40,355 square feet, marking only 0.1 percent of the total office stock in Miami-Dade County. About 123,000 square feet of office space was added with another 690,000 square feet that are under construction, according to the report. Office projects that will be completed this year include MiamiCentral, which will be delivered in June, Sunset Office Center in Coral Gables, Giralda Place in Coral Gables, Mary Street in Coconut Grove and Cube Wynwyd in Wynwood.

Broward

Overall vacancy, which includes sublet space, dropped to 12.5 percent in the first quarter compared to 14.4 percent a year ago in Broward County, according to JLL. The average rental rate rose to $31.45 per square foot, up from $28.75.

Newly signed leases in Broward include Spaces, a co-working concept from Regus that signed a 32,000-square-foot lease at Las Olas Square, and KEMET Corporation, which is relocating to 1 East Broward and expanding by more than 45,000 square feet.

Older buildouts are also falling out of favor. The penthouse at 450 East Las Olas has been vacant since Huizenga Holdings vacated the space a year ago. JLL said tenants are increasingly seeking concession packages, specifically tenant improvement expenses.

Palm Beach

Overall rents rose slightly in Palm Beach County – up 1.5 percent to $31.57 per square foot from $31.07 per square foot a year ago. The vacancy rate also fell to 14.7 percent from 15.6 percent.

In downtown West Palm Beach, where Class A trophy buildings are now more than 95 percent occupied, the overall average asking rent in the fourth quarter increased to $48.10 per square foot, nearly 10 percent higher than the $43.89 per-foot rent in the first quarter of last year.

JLL said suburban markets like Boca Raton North are stronger than the urban core thanks to large relocations and expansions. Shoes for Crews, for example, took nearly 35,000 square feet at the Boca Raton Innovation Campus, relocating from One Clearlake Center in West Palm Beach. Crocker Partners and Rialto Capital Management recently paid $179.3 million for the Boca Raton Innovation Campus, which was the biggest office sale in the tri-county region since 2016.


Source: http://feeds.feedburner.com/trdmiami

Report: Multifamily construction spending exceeds $13B in Phoenix since 2000

Since 2000, spending on building apartments, condominiums and other multifamily projects has exceeded $13 billion in Phoenix, according to a new report.

That’s $13.1 billion to be exact, according to the report from Apartment List. That total spending is the 10th highest among all major U.S. metro areas during the period from 2000 to 2016.

Spending on multifamily construction in Phoenix was 10.5 percent of the share of residential spending from 2000 to 2016, according to the report.

Nationally,…

Source: http://feeds.bizjournals.com/industry_21

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