Office and Retail Space in Miami Popular with Foreign Investors

By Sunny Isles Real Estate Expert on November 9th, 2015

Commercial real estate in Miami

The Miami area is not only a great place to live and to buy residential property, but also a fantastic place to buy retail space and office property. In fact, a number of people from Latin America, and other countries, have been looking for both office buildings and properties with just a single-tenant building all around Miami, as well as in other parts of the county. The number of purchases and clients looking for these properties has skyrocketed over the course of the last year and a half or so.

Why Are These Properties So Popular?

While we certainly know that the real estate market for residential homes is doing well, the other parts of the Miami economy are growing just as quickly. Smart businesspeople want to get in on this action, and that has set them racing toward buying up these office properties as fast as they can. In fact, they are buying at a rate that’s faster than what even many of the real estate experts in the Miami area had anticipated. Many of the buyers seem to be coming from Latin America, as there have been an increasing number of purchases made by people from Argentina, Brazil, and El Salvador.

International investors from all around the world see the potential that Miami is offering. It is a multicultural city that is a major hub for all types of business, and the area is continuing to grow quickly. They realize that investing now and holding onto those retail and office spaces has the potential to provide them with a nice return on their investment.

Many of the buyers already have at least one home in the Miami area. They might be using this as an investment rental, or as a vacation home. They have the money to buy – with the average investor able to purchase retail and office properties between $3 and $5 million in most cases. Some of the wealthier buyers are even able to buy property and build their own. In other cases, developers are looking at the need for more of these types of properties and are building them for clients, knowing that they will be able to sell them. The Solution Group said that they are building an office condo in Coral Gables to meet the demands of their customers. Others are doing similar things to help increase their sales.

It Keeps Growing

The power of commercial property in Miami and the surrounding area is growing quickly, and foreign investors do not want to waste time getting properties in the country that they can then lease, or even start their own business. The commercial market has seemingly limitless potential right now, so you should expect to see even more investors from other countries snapping up properties as soon as they become available. Since there are limited properties now, it is a seller’s market. However, with developers starting to build new properties, this could change in the future.

Conrad Miami Offers a Great Investment Opportunity

By Sunny Isles Real Estate Expert on September 18th, 2015

Brickell City Centre Condo for sale

Conrad Miami is a luxury hotel in the heart of Miami’s Brickell neighborhood that features 203 units. Located at 1395 Brickell Avenue in Espirito Santo Plaza, the hotel is now up for sale, although there is not currently a listing price attached. It’s believed to be priced at over $120 million though, and given the potential of the property, a price that his is certainly not out of the question. The property offers 103 luxury condominiums, as well as retail space.

Some of the other features of the property include a spa and a gym, as well as 20,000 square feet of areas specifically for meetings. In addition, it offers the Atrio Restaurant and The Bar at Lvl 25. Those who live or stay in the property will also be able to enjoy two tennis courts located outside, as well as a whirlpool and a pool located on the roof.

It’s all of these features that make potential visitors interested in the property, and it is that potential that is driving the interest from the investors. They see that the hotel has a lot of potential. It’s in a great area and the economy of Miami is continuing to grow stronger. Investing in this building could be a very smart move, as you will see.

Why Is the Hotel a Great Investment?

For starters, it is more than a hotel. It has retail opportunities as well, which means leasing opportunities for the owner. Also, consider the hospitality market in the Miami area. People love Miami and flock to it for vacations, work, and more. When people visit, they want to stay in the best possible locations and properties, and they are willing to pay a premium to stay at a luxury hotel such as Conrad Miami.

The commercial properties in the Brickell area have relatively high prices because of the potential that they offer. It was only a couple of months ago that an office building in the area (777 Brickell) went to investors from Brazil for $140 million. Investors who are looking for great properties and who are willing to pay for them are not rare in today’s world. The investors who bought the office building at 777 Brickell were from Brazil, and you’ll find that a large number of investors are from out of the country. Latin America, as well as China and parts of Europe have a number of investors who are very interested in the Miami area.

They can see the potential that the area has to bring in a good return on their investment, and they are snapping up properties as quickly as they can. While $100 million may seem like a lot of money, for investors and investment groups, it is easily feasible, and you can be relatively sure that this hotel will not stay on the market for too long. The only question is who the buyer might be and how much they will finally end up paying for the property.

Soon after this announcement last week, Dallas, Texas-based Gaedeke Group has purchased the Espirito Santo Plaza in the Brickell Financial District for $142 million, Miami-Dade County records show.

Estoril Inc. sold the 36-story office building at 1395 Brickell Avenue. EXAN Capital was marketing the property. It was developed in 2004 and spans 659,753 square feet, according to Miami-Dade property records.

In June, Gaedeke announced plans to invest $300 million in “larger office properties exclusively in primary markets.” The full service real estate firm, which has regional offices in West Palm Beach, also closed a $65 million mortgage from JPMorgan Chase, records show.

EXAN’s Juan Jose Zaragoza and Juan Arcila worked on the deal, a spokesperson told The Real Deal. There was no listing price, “but we were obviously aware of what’s going on in the market,” the spokesperson said.

Not included in the acquisition was the Conrad Miami, which is on site. The hotel was listed for sale earlier this year and expected to sell for more than $100 million. CBRE is marketing the luxury 203-key hotel.

“There is enough capital interested in acquiring Brickell Avenue office properties for each property to sell many times over,” Chris Lee, vice chairman of CBRE Capital Markets told The Real Deal. “It is among the most difficult markets in the world for a buyer to win a deal.”

The property is in the heart of Brickell, near Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. Check out available commercial real estate in Miami here

In February, the 13-story SunTrust office building at 777 Brickell sold to Brazilian investors for $140 million.

South Florida Commercial Real Estate Looking Bright

By Sunny Isles Real Estate Expert on July 15th, 2015

Miami Brickell City Centre

The JJL’s Pulse360 2015 panel members provided predictions about South Florida’s commercial real estate (view all commercial listings), and the outlook is looking very bright. Among these predictions were:

• 2015 is looking to be a strong year for commercial real estate in Florida due to steady investments and a strengthening economy.
• Prime office spaces may see an increase rental rates from 15 to 25% over the next two years as new workplace construction slows, and absorption rates begin increasing.
• South Florida is continuing to grow in popularity thanks to the tourism boom, and world-class hotels, restaurants, and retail locations.
• Millennial entrepreneurs and their rush to the urban core, including in places such as the Design District, Miami Beach, and Wyndwood, along with the increasing popularity of shared office spaces, will cause changes in the face of work sites.
• The Miami Worldcenter, Brickell City Centre, and the Design District, which are three of the top ten retail destinations in the nation, are all currently being built in Miami.
• Currently, the only prime office tower that is slated to be built is the Brickell City Centre by Swire Properties, and it will not be completed until 2019.

All of these predictions and findings show that South Florida is poised to take advantage of the increasing demand for space required by national and international retailers who are choosing to take advantage of the tourist base in Miami. This tourist base, which includes international travelers from locations such as Brazil, arrive in Miami with empty suitcases that they plan to pack with purchases to take back home with them. Major retailers want a piece of that pie.

Land Price Increases

Another driving force behind the increase in office rental prices is the high land prices. This is causing many developers to abandon office sites, and change their focus to the popular luxury condominiums that are being bought up by foreign buyers, many of whom pay in cash.

Considering that the Swire project is the only one expected to occur between now and 2019, JJL’s Pulse360 members believe that this will result in one thing – rental rates will go sky high. These rates will be driven by the lack of additional supply of office spaces in a market that is already tight, and according to the predictions, this is going to be a major push to getting those rental rates even higher.

While there are no other projects currently under development, Nitin Motwani, who assisted with the creation of Venture Hive, a shared workplace for entrepreneurs close to downtown Miami, has said that there have been other developers who are interested in the concept, and creating sites that are similar. However, the problem with creating those sites is that financing is not as easy to secure since it is outside of the typical office space. Motwani believes that this will change as well, although it may take up to 10 years for that type of financing to become the norm.

All of these predictions show that South Florida is a prime location for retail rentals, and it is only going to get better.

South Florida’s Office Market Bolstered by Latin Investors

By Sunny Isles Real Estate Expert on December 21st, 2014

Miami commercial real estate

The residential Miami real estate (view home page site here) market has traditionally been well served by Latin American buyers and investors. Now those same investors are helping to support the area’s office market by investing in office condos in Miami. This both supports and spurs on Miami’s expansion in office space and the number of businesses and entrepreneurs operating in the city.

Ofizzina 1200

One of the most visible ways that Latin American investors are helping make Miami a thriving place to call home is the creation of Ofizzina 1200. This office/condo/suite amalgamation will stand 16 stories tall, and will house 47 office suites. It will be located at 1200 Ponce de Leon Boulevard in Coral Gables, and will span an impressive 97,000 square feet of office space in a Mediterranean themed building.

Other Developments

There are several other business developments in and around greater Miami these days other than Ofizzina 1200. Another can be found along the riverfront in Downtown, where the Coto supermarket family of Argentina paid $125 million for a construction site. The same family also purchased 19 office condos at 1200 Brickell Avenue earlier in the year. (CLICK HERE for Miami commercial real estate)

Not for Immediate Use

While Ofizzina 1200 will be constructed for immediate use as business space, many Latin American investors are buying existing rentals and transforming them into office condos, then turning around and either leasing or selling them outright. Some experts point out that this allows investors to pay $180 per square foot initially, but sell for $300 per square foot after reconfiguring the space for the needs of business owners. That’s a significant amount of profit, and it also serves the Miami area where there are few places investors actually want to be, despite the ongoing business expansion within the city. That expansion is more than sufficient to support multiple luxury office building projects, as well as office condo development.

Other Business Developments Downtown

While Latin American investors are doing a great deal to bolster the economy in South Florida, there are other noteworthy developments. One of those is the 17-acre site that will soon become Miami Worldcenter. It will create an estimated 18,000 jobs, and will house condos, retail space, bars and nightclubs, restaurants, a massive conference center, and even a 1,000-room hotel. Of course, there’s also Brickell City Centre, a massive mixed-use project already under way. BCC will feature residential areas, business areas, and even the first Cinemex north of the US-Mexico border.

Add to that explosion and expansion of business the burgeoning real estate market (which recently hit a six-year high in term of price), and you have a true recipe for success. Miami residents look forward to putting the lingering effects of the recession behind them, and for many, that might occur much sooner than for other areas of the nation where real estate prices are still depressed, and businesses are vanishing at an astonishing pace.

Miami, already a world-class city, is poised to take on a leadership role on the international business scene comparable to its reputation as one of the best places to live.

Two Hot Properties Sell for $34.5 Million Apiece In Miami Beach

By Sunny Isles Real Estate Expert on June 25th, 2014

Miami Beach real estate

When many people think about residential real estate in Miami Beach, they immediately start thinking about all of the residential properties and condominiums that are available right on the beach. However, as plentiful as they are, residential real estate is certainly not the only game in town. Commercial property is also a big seller, as is demonstrated by two recent sales that brought in a large amount of money.

South Beach Gallery/Home of Romero Britto

Brazilian artist Romero Britto recently sold his home, which also serves as his gallery and showroom called Britto Central. The building, located at 818 Lincoln Road, has been a fixture of the area since 1935. The last time this property sold, which was in 1993, it went for $335,000. The sale price this time was $34.5 million.

The buyer was a company based in Montreal called 818 Lincoln Investments. The manager of the buying company was Danny Lavy, who also happens to be the CEO of Elite Group Inc., a company that distributes household products.

Another Lincoln Road Building Brings in the Big Bucks

Just one week after the sale of the gallery, another retail building in the area, just a short distance from Britto’s gallery, sold for, again, $34.5 million. In this deal, JSRE Acquisitions bought the 716-720 Lincoln Road property. This building was bought by a company called 718 Lincoln Owner, and there was no financing recorded.

The seller was Investment Group of Miami, who had actually owned this 7,500 square-foot property in South Beach for twenty-one years before making the sale. This building is nearly as old as the gallery, having been constructed in 1936. It is just between Forever 21 and H&M. Currently, the company that leases the property, RFK, says that the two businesses occupying the spaces in the building are Cache and American Apparel.

What Will Happen at These Sites?

It does seem quite strange that within a week of one another, two properties very close to one another would sell for the exact same price. While there is the possibility of a connection, very little is actually known at this time, and it could merely be a coincidence.

Of course, there is also the possibility that a large company, or conglomeration, could be buying up land and properties in the area as a means to begin planning a future development. Again, it’s too early to tell exactly what will happen at these sites. They could continue in their current capacity with absolutely no changes whatsoever.

Still, it should be quite interesting to watch and see what does happen, and to keep an eye on the area to see if there might be any more of these big dollar sales in the coming weeks and months. After all, it is important to keep this area of Miami Beach in mind. It has a great location that is quite popular with developers, and there is every chance that we could be seeing the very beginnings of one or more new developments.

Pembroke Tops Florida Multi-Family Transactions at $225 Million

By Sunny Isles Real Estate Expert on February 24th, 2014

Miami commercial real estate

A $225 million transaction in Pembroke topped the multifamily stats for this year. The sale was for a 1520-unit community known as the Resort at Pembroke Pines. The sale was completed by the Carroll Organization, out of Atlanta.

Although the property was a bit rundown and outdated, the Carroll group developers were still interested in picking up this apartment complex, despite the fact that it is not quite as modern or stocked with amenities as newer complexes. This demonstrates that investors are interested in apartment complexes that already exist, rather than just having an interest in developing new apartment complexes.

Lower The Risk

According to reports, the prices of land in Florida have been going up and the costs of development have been going up, but growth as far as rental income goes is slowing. This means that, for developers, there is less risk involved in purchasing existing properties than there is in developing new properties, a process which can take two or three years to complete. The reporting states that, of course, in two or three years, the market can be remarkably different than it is at the time the development starts, adding an element of risk to the investment.

Stabilizing Market

While growth in the Miami commercial real estate market may be picking up, economic indicators show that the typical cycle of booming and busting in the South Florida real estate market may be between 7 and 12 years. With investors moving in from all over the world – Latin America, Russia, Europe, etc. it has proven to be particularly rich with people looking to make investments in South Florida real estate – real estate prices have largely stabilized and luxury properties are selling well again.

What’s Out There

South Florida may be principally known for its very high-end, upscale luxury real estate properties, but there are still many distressed properties on the market and, as this transaction shows, properties that may be a little bit outdated, but that could become very attractive provided they were given a bit of renovation. For some commercial real estate developers, it’s more attractive to invest in a property such as these, simply because they do not have to go through the development process or take on any of the extra risk associated with that process.

As the South Florida real estate market continues to grow, there are likely to be many very attractive deals that come available on the market, but it generally requires a skilled real estate agent for clients to be able to take advantage of these properties. We provide a list of Miami’s most expensive condos and Miami’s most expensive homes for sale and give forecasts about the market in general, both of which should be of great interest to individuals looking to invest in the luxury properties available in a South Florida market or, in fact, some of the older properties that could be very good investments with a little bit of redevelopment.

Real Estate Equity Funds Are Finding Greater Profits from High Risk Investments

By Sunny Isles Real Estate Expert on June 27th, 2013

Commercial real estate for sale

Investors in private equity funds tend to take on riskier real estate opportunities such as office buildings with high vacancy rates, or distressed properties that are often strapped with huge debt. The private equity fund might be invested in a high priced new construction project that can only be completed with well-healed purchasers that can hang in there long enough to create a profit.

The sophisticated investor is always on the lookout for anyway to maximize their diversified portfolio. They are eagerly seeking any type of option that can generate solid profits. In their effort to achieve a well-balanced portfolio, they will often turn to private equity funds. This is because these funds do not usually subject themselves to a traditional stock or bond market volatility.

It is the premise of the investor to select a private equity fund because of the potential for an attractive return. Some investors trust the experience of well-managed fund professionals that often subscribe to proven investment strategies.

There are a large number of individual investors that have experienced success with private equity Miami real estate investments. Since the downturn in the real estate markets, back in 2007, many private equity fund investors have waited patiently, for the market to reverse. With the increased sales in many communities across the nation, especially Southeast Florida, the time seems right for many investors to locate their next project.

Leveraging and Cash Flow

Typically, a private equity group will use debt leverage as a way to automatically increase the investment return on their capital. Usually, the amount of leverage that is applied is typically determined by the generated profit results the debt can provide. Sometimes great effort needs to be applied by the private equity fund group to turn a project around to create cash flow.


Many private equity fund programs are designed as a way to create profits, and not run a business. The group tends to generate their income from significant cash flow because they acquired a real estate property, along with any money that will be generated when selling it. It is the exiting from the project that is the mechanism used to the group to monetize their equity.

Usually, a private equity fund group will seek out a quality project that can produce the best “liquidity event.” This might mean that the group purchases an office building that has yet to be completed, or has high vacancy rates, and turns the scenario around. Once the building is complete, or the occupancy rate is increased, they can liquidate the property and take their profit.

Not all fund investment opportunities work this way. Overall, private equity funds tend to liquidate their assets less often than other trading instruments including hedge funds. Because of that, investors often struggle to determine the current value of all of their assets pertaining to the private equity fund held in their portfolio, versus all of their other assets of other trading instruments.

June 2013 Turned Out To Be One Of The Busiest Months For Miami Real Estate Market

By Sunny Isles Real Estate Expert on June 23rd, 2013

Sunny Isles real estate

June turned out to be one the busiest months for Miami real estate market. From sales of celebrities homes to latest Miami pre-construction projects, to commercial real estate deals, the Magic City’s fame as an international business and hospitality center continues to draw foreign cash buyers and baby boomers to more expensive luxury Miami real estate rather than to cheaper Broward and Palm Beach counties.

Here are some of the exciting news which took place in Miami in June 2013:

Al Capone’s former Palm Island mansion sold for $7.43 million

The house, at 93 Palm Island, is said to be where Capone allegedly planned the St. Valentine’s Day massacre and died of syphilis years later. The estate, which the gangster reportedly purchased for $40,000 in 1928, boasts a private beach area on 100 feet of Biscayne Bay frontage, a spacious swimming pool and cabana area and multiple balconies.

Singer Billy Joel has sold his Miami Beach home for $13.75 million

This was all-cash deal, $1 million off its listed price. The Mediterranean-style mansion at 82 La Gorce Circle was built in 2004 and boasts 8,881 square feet of living space, including seven bedrooms and eight and a half bathrooms, a wine cellar and expansive outdoor kitchen. TMZ reported the buyer as Diego Della Valle, owner of Tod’s and a majority shareholder in Saks Fifth Avenue worth a reported $1.55 billion. A spokesperson for One Sotheby’s was unable to confirm. We are excited to report this was ONE Sotheby’s International Realty’s listing.

Introducing Baltus House – the latest Related Group pre-construction project in Miami!

Baltus House will be built within the next two years on Biscayne Blvd and 43st Street in the most trendiest Midtown Miami area. With prices starting at just $230K it offers spacious modern design, great amenities and most beautiful water views.

Jade Signature Sunny Isles

is one of the most anticipated projects in Miami and many investors and end users can’t wait for it to be built. The new 57-story technological wonder will be rising in the heart of Sunny Isles Beach, one of the most sought after residential areas on the ocean. Take a look at the sneak peak video below to see why it is so popular and desirable:

Oceana Key Biscayne project is more than 90-percent sold-out while still in pre-construction phase. It is being developed by the first U.S. development of Argentine real estate mogul and art collector Eduardo Costantini, leaving only 1 penthouse and 6 villas on the market 10 months after sales opened.

Miami commercial real estate

has always been one of the most desirable assets for investors, especially on Lincoln Road. This month Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported. Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million dollars.

Commercial Real Estate Values are Going Up In Miami

By Sunny Isles Real Estate Expert on June 22nd, 2012

Commercial real estate For Sale

Commercial real estate in Miami

The recession has had a major impact on many different parts of the economy, and the Miami real estate market has definitely felt this. However, in the recent weeks, the commercial real estate market in Miami has managed to get above the recession and start making an upward swing that is most definitely good news. Not only is commercial real estate value improving, but it is actually improving in all areas. This is news that is certainly worth noticing, and the National Association of Realtors has indicated that there is more to note. The commercial real estate market has recovered in almost all ways. Additionally, some markets are not just recovering, but they are also growing. One such market is the apartment rental area of commercial real estate. A recent survey that is completed by the National Association of Realtors on a quarterly basis showed that these findings for the commercial market are definitely true.

The National Association of Realtors chief economist, Lawrence Yun has indicated more about the Miami commercial real estate market and its growth. Yun stated that because more jobs are being created in the American economy, this has lead to a growth in the commercial real estate market. As consumers have better jobs and spend more money, commercial businesses will continue to grow. If the federal budget stays on the track that it is, there will be millions of new jobs created in the United States in just two years. This will allow the commercial market to continue to grow as well.

Smaller Markets

The only area in which there seems to be struggles would be in the smaller commercial properties. These properties that are priced lower than just a couple of million are still not selling as well as could be hoped according to the National Association of Realtors. This would be because smaller companies still have more restrictive budgets while larger companies are feeling more of a business boom.

The Markets

The Miami office real estate market

is definitely seeing some improvements. At the beginning of this year, the office property vacancies were more than sixteen percent. Since that time, the vacancies in major areas of the country have dropped dramatically. For example, in New York City, the vacancies are down to just ten percent.

In the industrial real estate market, vacancies in properties are expected to continue declining as well. At the beginning of the year, the vacancies for industrial properties were at about eleven percent. In some metro areas, the percentages have dramatically dropped. In fact, in Miami, the industrial property vacancies are down to just over seven percent.

These drops in vacancies are being seen in retail and multifamily Miami real estate markets as well. In the retail market, they have dropped from an average of eleven percent to as low as three percent in some areas. The multifamily market has dropped from around four and a half percent to just above for percent.

As the economy continues to improve, the commercial real estate in Miami will continue to improve as well, which is most definitely good news for the United States overall.

South Florida Is In Construction Phase Once Again

By Sunny Isles Real Estate Expert on February 11th, 2012

Miami real estate

Hallandale preconstruction condo

The latest report from Miami Herald ( indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

The Hollywood and Hallandale Condo resales

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

In addition to single family homes in Miami

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.