Concord Summit Capital, LLC (Concord Summit) arranged a $16 million bridge loan to refinance and expand the Bed Bath & Beyond Plaza located at 14802 South Military Trail in Delray Beach, Florida. The sponsor, Berta Management of Florida, will use the money to construct a new Starbucks store, provide for capital improvements and pay off existing debt.
An obstruction evaluation study is currently underway at the Federal Aviation Administration (FAA) for a 454-foot-tall skyscraper at 1000 North Orange Avenue in the northern section of Downtown Orlando’s Central Business District. The four coordinates submitted to the FAA align with a vacant 1.474-acre site that sits on the southwest frontage of the intersection between North Orange Avenue and North Garland Avenue, also bound by West Marks Street and SunRail tracks on the south end of the block. According to the Orange County property records, the land is owned by a Hallandale Beach-based entity registered as Mustang Orange Garland LLC (Mustang) managed by Aaron Churba and Mike Daiagi. The entity, which is linked to a number of other financial and investment entities using the Mustang moniker, has owned the property since January 2005 after purchasing it from Orange Garland Realty Ent LLC for a $3,000,000.
The Federal Aviation Administration received applications for permits to assemble two towers cranes for the construction of 575 Rosemary, a 21-story mixed-use tower to be developed at 575 South Rosemary Avenue in West Palm Beach by New York’s Related Companies, encompassing over 500,000 square feet of new construction including 364 state-of-the-art luxury residences, ground floor commercial space and parking. The project is designed by Boston-based Elkus Manfredi Architects and Omaha-based Leo A. Daly with Meyer Davis leading interior design. The new structure will rise in the heart of The Square, an upscale Mediterranean and Venetian-themed mixed-use complex owned by Related, offering residents easy access to the best of West Palm Beach’s local arts, culture and wellness programming, as well as entertainment and shopping corridors in the downtown area.
Florida East Coast Realty (FECR) is planning to invest $12 million in renovations to its office towers at 1101 Brickell Avenue in Miami’s Financial District, including a new grand lobby, flagship restaurant, extensive fiber optic connectivity, and 24-hour security. Located immediately West of Miami’s currently tallest skyscraper – the 85-story Panorama Tower also owned and built by FECR – the office towers are bound by Brickell Avenue on the West, Southeast 11th Street on the South and Southeast 10th Street on the northern end of the city block.
The 27-acre Miami Worldcenter mega project, has reached a new milestone in construction with the completion of Block H, adding to the residential, retail and parking components on the $4 billion mixed-use development reinvigorating the Park West neighborhood of Downtown Miami. Block H is comprised of 50,000 square feet of prime street-level and rooftop retail space, and a 922-space public parking garage fronting Northeast 7th Street, between Northeast 1st and 2nd Avenues. A portion of the structure’s rooftop is also home to a resort-style amenity deck serving Bezel Miami, a recently completed 43-story luxury rental tower developed next door by the Moinian Group in collaboration with ZOM Living. Miami Worldcenter was envisioned and master planned by Miami Worldcenter Associates, a joint venture led by Principal Art Falcone and Managing Partner Nitin Motwani in partnership with CIM Group.
