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Real Estate
Firestone Miami Beach
After being purchased for $10 million in January, the Firestone Miami Beach located at 1575 Alton Road will become a 24 hour Al's Diner, according to the Real Deal.
The buyer was Russell Galbut of Crescent Heights, but will be managed by Menin Hospitality. They plan on renovating the building with a drive through window and plan on restoring the large Firestone sign on top of the building.
Al's Diner is expected to open at the beginning of next year.
The Brickell district of Miami has changed significantly since the 1980s when it was comprised mostly of financial buildings and low rise apartment buildings.
In the early 2000s, condos started popping up in the area and along Brickell Avenue. The recession hit in 2008 and building came to a halt in Miami. It wasn't until 2012 when Brickell City Centre started construction that the market picked up and more condos were added to the growing Miami skyline. In 2012, there were many empty lots scattered around Brickell. Those lots are now filled with condos such as Brickell City Centre, Brickell Heights, SLS Lux, SLS Brickell, My Brickell, 1100 Millecento, Bond at Brickell, Panorama Tower, 1010 Brickell, Brickell Flatiron and Solitair Brickell.
The Brickell skyline will only continue to change in the future with proposed condos in the works such as One Brickell, Edge on Brickell, 830 Brickell, Villa Magna and One Brickell City Centre.
Not only is Brickell experiencing a change, but also West Brickell, which is located West of the Metrorail tracks.
Previous transformation photos of Brickell from 2012 - 2015 can also be viewed here.
Last month, two bids were submitted for Miami Riverside Center from Adler Group and Panther Capital. One of plans by Adler Group has been revealed by The Next Miami.
Adler Group wants to tear down the existing Riverside Center and replace it with apartment towers called Nexus Riverside Central. Nexus Riverside Central would consist of two 36 story rental towers with 900 units, 150 hotel rooms and 20,000 square feet of retail/restaurant space. As part of the deal, the City of Miami would get a 3% revenue over a 90 year lease.
Adler Group would also combine the two apartment towers with land they purchased next to Riverside Center in July 2015 to build Riverside Tower.
As part of the proposal, Adler Group would help the City of Miami finance a new office building at 375,000 square feet. Locations include next to Marlins Park and near the Lyric Theater in Overtown.
Holiday Inn in Downtown Miami
Kawa Capital Management has paid $43 million for the Holiday Inn in Downtown Miami, according to SFBJ.
The sale included a lease buyback by the seller with both parties obtaining financing.
The site was last purchased in November 2015 by developer Gilberto Bomeny with plans to build a 77 story mixed used tower called ITC Miami and was designed by Arquitectonica.
Miami Riverside Center
Two bids have been submitted for Miami Riverside Center located at 444 SW 2nd Ave along the Miami River, according to The Miami Herald.
The June 20th deadline to submit a bid for the 3.15 acre site were received by Adler Group and Panther Capital LLC.
Adler Group is developing the 34 story rental Riverside Tower next door.
The City of Miami is looking to sell the property and hoping the the buyer will build a new 375,000 square foot building at a new site possible next to Marlins Park or next to The Lyric Theater in Overtown.
Marlborough House on Miami Beach
Fortune International Group may be positioning to purchase the Marlborough House on Miami Beach for $39.9 million, according to SFBJ.
The 13 story building was built in 1963 and sits on 43,000 square foot oceanfront land. A buyout of the 110 units would amount to $363,000 per unit.
Fortune International Group is developing the under construction Jade Signature on Sunny Isles Beach.
200 West Flagler St. in Downtown Miami
A 32,200 square foot assemblage is listed for sale at 200 West Flagler St, according to The Real Deal.
The site is zoned for 36 stories be can be raised to 48 stories as apart of Miami 21 and allow up to 315 residential units.
There is no list price, but the site is expected to fetch between $15-$32 million.
