This week Deal in South Florida: Connected Ross opens a flagler (February 2, 2025) – Bisnow

The Stephen Ross Development Company in Florida opened its latest office tower in the center of West Palm Beach, called One Flagler, according to a message.

The office building is the first to be opened under the connected Ross after the company diverted last year from connected COS.

With the kind assistance of related trump cards.

A flagship at 180 Lakeview Ave. On the water in the center of West Palm Beach.

The 25-storey tower of 180 Lakeview Ave is expected. To be a 95% rented by the end of the month of tenants such as Vista Investments from Florida, Goldentree Asset Management and Ocean Sound Partners, Globest reports.

The building has a 19K SF of a terrace and a green space, a Greek -style restaurant named Estatorio Milos, retail space and offices with private terraces, according to its website.

Related, they purchased the site in 2021 for $ 20.1 million from Christ’s first church, West Palm Beach, according to VizzDa database.

Construction and development

Witkoff Group and PPG Development have broken up on their Kondo project at Hallandale Beach Condo The Residences in Shell Bay, according to a message.

The 20-storey Kobi Karp tower, which will hold 108 residences and 60 hotel units. Construction is expected to be completed in 2027. The property also has a nine holes developed by Greg Norman, a PAR-3 golf course, a 48-slip port, a club house with a spa, restaurants and a place for events.

The project is a $ 273 million loan from JPMorgan Chase and BDT & MSD Partners and an additional $ 5 million loan from Connectone Bank in November, at the top of its original $ 55 million financing in 2021.

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The Baron Property Group has broken on its Parc North Housing Subway in Hialeah, according to a message.

The development of 661 units of Miami and New York-based will have units ranging from studios to three bedrooms with a 24-hour porter, a swimming pool with private cable, covrocking spaces and club room.

The project is up to the Metro Parc of 952 E. 26th St., the project of 559 units of the development company in partnership with Coral Gables MG Developer, which exceeded construction in March, Florida Iimbi reported.

Together, projects cover nearly 2 million SF. Construction, led by Kast Construction, is expected to be completed in the third quarter of 2027.

Sales

Tracking the company to CSL partners and the presidium purchased the Pura Vida Hialeah apartment complex for $ 95 million from Coral Rock Development, according to VIZZDA records.

The sale was financed by $ 64.6 million in Freddie Mack’s debt, which matures in 2030 and originated by the subsidiary of Newmark Berkeley Point Capital. The apartment with 260 units of 3011 W. 16th Ave. There are three eight floor buildings that were built in 2022.

The complex has a pool and fitness center of the 5 acres plot. The apartments range between one and three bedrooms, which are between 505 SF and 1120 SF, according to its website.

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BH Group acquired Wake Biscayne Bay’s apartments from Miami -based Mast Capital and New York -based TPG Angelo Gordon for $ 84 million, Commercial Observer reported.

The two 10-storey buildings of 7525 E. Treasure Drive and 1900 S. Treasure Drive have 338 units for rent and were built in 1962 and 1966 at 2.3 and 1.4 acres of land separated by the Treasures of the Bay II condominium.

Bridgeinvest is financing a loan to acquire an undisclosed amount, Co reported.

Moxy Miami Wynwood Hotel at 255 NW 25th St.

Istanbul -based Süzer Group purchased a 52% share at Moxy Miami Wynwood Hotel from Dolphinbay Hospitality for $ 99 million, according to a message.

Dolphinbay Hospitality, a partnership between Dolphin Partners and Baywood Hotels, saved the remaining 48%, Real Deal reports. Jordan Carp mediates the deal for the buyer and the seller.

Dolphinbay purchased the site for $ 11 million in 2019, when it was just a warehouse, according to VIZZDA records. It is now a hotel with 120 keys designed by Kobi Karp with two restaurants and 28K SF food, drinks and sun beds on 255 NW 25th St.

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Advance Business Associates, a Tamarak -based city furniture formation, has sold its Pembroke Pines Pines furniture store on Pines 11211 to Miami Heath -Raana Katz co -owner for $ 15.2 million, the real deal reports.

The RK Centers Branch, based on KATZ RK, purchased the 62K SF building, built in 1995 at 4.3 acres. The website was last traded for $ 6 million in 1999. City Furniture was leaving the store by its new owner for the long run as part of the deal.

Funding

Coral Gables Calta Group has provided a $ 53.7 million loan from Forman Capital for the construction of an apartment complex in Hollywood, according to a message.

The loan will finance the development and construction of 251 apartment units for two phases. The first phase, called Caltopia I, is expected to break at the end of this year at 2217-2239 Jackson St. The building with 100 units, the size of an average of 750 SF and the rents of about $ 2.465 a month, is expected to take 18 months to complete.

The second phase, Caltopia II of 2718-2750 Van Buren St., will include the remaining 151 units with an average of 740 SF and about $ 2.590 a month.

Property amenities will include a swimming pool, fitness center and yoga room, a spa for dogs, sun beds and kitchen areas. Scott Melman and Tai Renier represented Forman Capital.

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Fort Lodherdale Urban Street Development provided a $ 20.5 million loan from Berkadia for its 55 Delray with mixed retail and office property in Delray Beach, according to a message.

The property is 100% busy with tenants like Throw Social, Roka Hula, Vic and Angelo’s and Brandy Melville. Brad Williamson of Berkadia, Mitch Sinberg, Scott Wodler, Matt Robbins and Kyle Ryan Equipi loan on behalf of Urban Street Development.

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Ocean Terrace Holdings and Witkoff Group, led by Steve and Alex Vitcof, have provided a loan to pre -build $ 85 million from JPMorgan Chase for a mixed -use condo project for a decade at North Beach, Real Deal reported.

The last project movement was in 2021, when the Miami Beach Historical Council of the Historical Council approved Ocean Terrace’s plans for a 20-storey building with 75 units, renovating Broadmoor and Ocean Surf Properties and added a hotel with 127 key. The project is also approved for 15K SF from Collins Avenue commercial space and 3K SF of Ocean Terrace. There will also be partial destruction and restoration of existing buildings.

This and that

Atlas Real Estate Partners hired Chase Guillory as assistant Vice President of Acquisitions based on his office in Miami, according to a message.

Previously, Gilory worked on the IMT Capital acquisition team, where he works on supplying, signing and multi -family investments in Southeast and Texas.

Miami -based and New York -based private investment and development company ATLAS is aimed at $ 1b in acquisitions over the next three years.