HFF arranges $123.6 million construction/permanent loan for Fenway area multi-housing development in Boston, MA

Rendering of planned 1282 Boylston Street apartments, Fenway/Kenmore neighborhood, Boston, MA

BOSTON, MA – HFF announced today that it has arranged a $123.6 million construction/permanent loan for 1282 Boylston Street, a to-be-built, 342-unit, Class A multi-housing development with ground floor retail and below-grade parking in Boston’s Fenway/Kenmore neighborhood.

Bob Herron

               Working exclusively on behalf of the borrower, The Abbey Group, HFF placed the loan with AXA Equitable through its advisor Quadrant Real Estate Advisors. 

               Due for completion in Summer 2015, 1282 Boylston Street will have metro suites, studios, one-, two- and three-bedroom units averaging 750 square feet each.  38 units will be designated affordable. 

Property amenities will include a fitness center, 24-hour concierge, a 10th floor common area roofdeck with views of Fenway Park, and a 260-space parking garage. 

There will also be 9,935 square feet of ground floor retail space plus a 2,700-square-foot community space to serve neighborhood needs.  The property is located adjacent to Fenway Park near Landmark Center, Trilogy, the MBTA’s Yawkey Way and Kenmore stations and is within a short walking distance of Boston’s Back Bay and Longwood Medical areas.

Fenway Park, Boston, MA

               The HFF team representing Abbey Group was led by senior managing director Bob Herron and director Porter Terry.

               The Abbey Group, formed in 1968, is a Boston-based real estate development company with a portfolio of more than 100 acquisitions and developments throughout New England.

.  For a complete copy of the company’s news releases, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of and arranges financing for Easton Commons in Houston, TX

Easton Commons, Houston, TX

Rusty Tamlyn

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Easton Commons, a 193,595-square-foot, grocery-anchored community center in Houston, Texas.

               HFF marketed the property on behalf of the seller, a joint venture between affiliates of The Hutensky Group and an investment account managed by American Realty Advisors.

 NewQuest Epic Investments and an institutional partner purchased the property for an undisclosed amount free and clear of existing debt.  HFF also arranged acquisition financing on behalf of the buyer through BBVA Compass Bank.

Ryan West

Easton Commons is located at the northeast corner of Highway 6 and West Road in Houston’s Copperfield master-planned community.  The center is 86 percent leased and is anchored by Kroger, which just renewed its lease, and Studio Movie Grill.  New ownership intends to remodel the entire center.

               The HFF investment sales team representing the seller was led by senior managing director Rusty Tamlyn, managing director Ryan West and real estate analyst Matt Berry.

Adam F. Herrin

HFF’s debt placement team was led by director Adam Herrin along with senior managing director Andy Scott, director Cameron Cureton and real estate analyst Michael George.

.  For a complete copy of the company’s news releases, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.americanreal.com.

www.newquest.com.

www.newquestepic.com

HFF closes sale of 2200 West Loop South in Houston, TX

2200 West Loop South, Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of 2200 West Loop South, a 201,720-square-foot, Class A office building in Houston, Texas.

Dan Miller

HFF’s investment sales team marketed the property on behalf of the seller, Parmenter Realty Partners.  APF Properties purchased 2200 West Loop South for an undisclosed amount and assumed the existing first mortgage securitized debt.

2200 West Loop South is located in a prime location adjacent to the Royal Sonesta Hotel on the west side of Loop 610 between San Felipe and Westheimer in Houston’s West Loop/Galleria market.  The 10-story property was extensively renovated in 2000 and 2008, and is 100 percent leased to tenants including Morgan Stanley and Tenaris.

The HFF team representing the seller was led by senior managing director Dan Miller and director Marty Hogan.

Martin T. Hogan

 “Parmenter acquired this property in January 2012 through a transaction brokered by HFF.  They immediately implemented a highly successful leasing strategy to bring the property to full occupancy thereby creating substantial value and decided to monetize the property earlier this year,” said Miller.

.  For a complete copy of the company’s news releases, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $72.5 million refinancing for 232,000-SF neighborhood center in Westchester County, NY

                 Rye Ridge Shopping Center, Village of Rye Brook, Westchester County, NY

 

NEW YORK, NY – HFF announced today that it has arranged a $72.5 million refinancing for Rye Ridge Shopping Center, Plaza, and South, a three-property 232,000-square-foot multi-tenant neighborhood center, with ING Investment Management.

Michael Trepedino

HFF worked on behalf of the borrower, Win Properties, to secure the fixed-rate financing for a 15-year term.  Loan proceeds are refinancing existing loans on the properties.  HFF will also service the loan.

               Located in the Village of Rye Brook in Westchester County, New York, the property consists of two retail buildings and one retail/professional office building integrated into one complex.  Some of the property’s 78 tenants include D’Agostino’s, CVS, Chase Bank, Ace Hardware, Starbucks, Chipotle, Chop’t, Quest Diagnostics and SoulCycle.  

               According to HFF, Rye Ridge is one of the premier shopping centers and commercial complexes in Westchester County. 

The HFF team representing Win Properties was led by senior managing director Michael Tepedino with real estate analyst David Fowler.

“The transaction exemplified superior execution on behalf of Win Properties and ING Investment Management and is reflective of the professionalism and expertise of both the borrower and the lender.

“ Both parties worked well together to solve complex issues throughout the process and it was a pleasure for HFF to help secure this financing on one of the great retail assets in the U.S.,” Tepedino stated.

Win Properties, Inc. was incorporated in 1986.  It is a 60-plus year old privately owned enterprise that invests, develops, leases, and manages its portfolio of properties in 35 states plus Canada.  The properties are predominately retail and are either downtown Main Street, freestanding, or community strip shopping centers.  Additionally Win owns residential rental apartment units in New York City.

.  For a complete copy of the company’s news releases, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

$580 million refinancing of Miracle Mile Shops on Las Vegas Strip arranged by HFF

Miracle Mile Shops on the Las Vegas Strip

Britney Spears

PITTSBURGH, PA – HFF announced today that it has arranged a $580 million refinancing for the Miracle Mile Shops, a 501,522-square-foot mall located at the epicenter of the Las Vegas Strip.  Miracle Mile Shops is one of the country’s elite performing malls with top tier tenant sales.

               HFF worked exclusively to secure the financing on behalf of the ownership group comprised of a joint venture between Tristar Capital and RFR Holding LLC.  Robert K. Futterman & Associates serves as the project marketing and leasing advisor for the ownership group. 

The 10-year, fixed-rate CMBS loan was led by Cantor Commercial Real Estate, with JP Morgan and Citigroup as participants.  

Claudia A. Steeb

Loan proceeds were used to refinance existing loans and provide funds for additional improvements, including the exciting renovation of the retail area surrounding the PH Live Theatre that will soon be home to Britney Spears’ new Las Vegas show.

               In 2004, the Tristar-RFR ownership group acquired Miracle Mile Shops and immediately embarked on a $130 million renovation and rebranding program.  The mall is 95 percent leased to more than 180 tenants, including many with sales exceeding $1,000 per square foot.

 Notable tenants include H&M, Urban Outfitters, GUESS, Gap, Cabo Wabo, Tommy Bahama and Quicksilver.  The property also features a 4,903-space parking garage and five on-site theatres.  Miracle Mile Shops is further anchored by Planet Hollywood Resort & Casino and Elara, a Hilton Grand Vacations Hotel.

David Edelstein

“We have positioned Miracle Mile Shops as one of the top five malls in the country with tenant sales at double the national average and over 26 million shoppers per year,” said David Edelstein, president of Tristar Capital.

               “On ownership’s behalf, HFF evaluated numerous financing alternatives to secure the optimal recapitalization terms, keeping in mind the significant value creation opportunities ahead for the mall.  In the end, the financing provided us the desired flexibility and returns,” said Michael Fuchs, co-founder of RFR. 

The HFF team was led by managing director Claudia Steeb and executive managing director Manny de Zárraga, and included senior managing directors Barry Brown and Gerry Rohm, and managing director Bryan Ley.

Michael Fuchs

“Cantor’s creative structuring enabled them to be selected by ownership as the primary lender for the transaction.  This is believed to be the largest loan closed by Cantor to date,” added Steeb.

  

.  For a complete copy of the company’s news releases, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Cousins Properties Closes $1.1 Billion Texas Portfolio Acquisition

10-building Greenway Plaza, Houston, TX

777 Main Street, Fort Worth, TX

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has completed its previously announced acquisition of Greenway Plaza, a 10-building, 4.4 million-square-foot office portfolio in Houston, and 777 Main, a 980,000-square-foot Class-A office tower in Fort Worth, Texas, for a total gross purchase price of approximately $1.1 billion in cash from Crescent Real Estate Holdings LLC.

Cousins Properties Closes Two Mortgages Totaling $303 Million

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that it has closed two mortgages, at Post Oak Central and Promenade, generating approximately $303 million in proceeds.

Post Oak Central, Houston, TX

The Post Oak Central non-recourse mortgage, totaling approximately $189 million, has a 7 year term and a fixed rate of 4.26%.

Cousins purchased Post Oak Central, a Class-A office complex comprising 1.3 million square feet in the Galleria submarket of Houston, in February 2013 for approximately $233 million. The building is currently 94% leased, up from 92% leased at the time of purchase.

The $114 million Promenade non-recourse mortgage has a 9 year term and a fixed rate of 4.27%.

Promenade office tower, Atlanta, GA

Cousins purchased this Class-A office tower, located in the Midtown submarket of Atlanta, in November 2011 for approximately $135 million. The 774,000-square-foot building is 87% leased, up from 58% at the time of purchase.

The funds generated by these mortgages will be used to partially fund Cousins’ previously announced $1.1 billion Texas office portfolio acquisition, which closed today.

.  For a complete copy of the company’s news releases, please contact:

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

NAI Realvest Negotiates Lease for a New Crossfit Gym across from Rollins College in Winter Park, FL

125 West Fairbanks Avenue, Winter Park, FL

Brenda Carey

Orlando, FL. – NAI Realvest recently negotiated a lease agreement for a new 3,960 square foot Crossfit Gym in the former Loco Motion space at 125 W. Fairbanks Ave. in Winter Park.

NAI Realvest Associate Mitch Heidrich, negotiated the lease representing the tenant Winter Park Training Consultants, LLC d/b/a Crossfit Winter Park, which will open this October. 

 Crossfit Winter Park, a direct affiliate of Crossfit.com, provides accredited training seminars worldwide and at this location the company will also sell health foods, supplements and massage services, Heidrich said. 

 More information regarding Crossfit Winter Park can be found on their website, www.crossfitwinterpark.com.

Mitch Heidrich

The landlord, RCJ of Winter Park No. 3, LLLP was represented in the transaction by Brenda Carey of Great American Land Management, Inc.

.  For a complete copy of the company’s news release, please contact:

Mitch Heidrich, Associate NAI Realvest, 407-875-9989; mitchheidrich@realvest.com 

Patrick Mahoney, President, NAI Realvest 407-875-9989 Pmahoney@realvest.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com   

Winston James Development Leases 937 SF to Aviation Parts Firm at Aloma Commerce Center in Oviedo, FL

Aloma Commerce Center, Oviedo, FL

WINTER PARK, Fla. -- Winston James Development recently completed a new  lease agreement for 937 square feet at its Aloma Commerce Center off Aloma Avenue in Oviedo.  

Winston Schwartz

Winston Schwartz, president of Winston-James Development, based in South Daytona, said the new tenant is Rush Aviation Systems, a firm that sells new and reconditioned aviation parts.

Bob Winters of Dunhill Properties is the leasing agent for Aloma Commerce Center at 2781-2789 Wrights Rd.

  

.  For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com   

MVP REIT Partnership Completes Acquisition of Six Parking Facilities in Maryland, Missouri, Tennessee and Florida Locations

  

Scott Trade Center, St. Louis, MO

Las Vegas, NV (Sept. 9, 2013) – MVP REIT Inc. announced today that, together with its partners, it has completed the acquisition of the final tranche in a $13.5 million portfolio consisting of five surface parking lots and a single parking garage located in Maryland, Missouri, Tennessee and Florida.

Mike Shustek

The final tranche was comprised of two parking facilities in Baltimore and St. Louis, acquired for $4.3 million on September 4, 2013.

The Baltimore property is a 6-story parking garage, located in the downtown Central Business District. The 86,520-square-foot, automated facility is situated beneath a 23-story office building, and is utilized by local area businesses near the city’s harbor.

 Additionally, the 240-parking space facility is surrounded by a number of professional and financial offices, as well as a number of nearby restaurants.    

Busch Stadium, St. Louis, MO

The St. Louis property is an approximately 1.22-acre surface parking lot, located in the heart of the city center. The 55,153-square-foot lot has 179 parking spaces and is accessible by both eastbound and westbound traffic on Spruce Street. 

Located on the western portion of the St. Louis Central Business District, the property is a short distance from Scottrade Center, Busch Stadium, City Hall, the headquarters of the Metropolitan Police Department, and the St. Louis Public Library.

St. Louis, MO City Hall

“These centrally-located properties are an ideal fit for the MVP REIT portfolio, and are in keeping with our strategy to acquire income-producing parking and storage facilities that may provide our investors with a potential hedge against inflation,” said Mike Shustek, president and CEO of MVP REIT.

MVP REIT, along with Vestin Realty Mortgage I Inc. (“VRMI”) and Vestin Realty Mortgage II Inc. (“VRMII”), formed two separate limited liability companies to purchase the two parking facilities, which are each owned 44 percent by VRMI, 51 percent by VRMII and 5 percent by MVP REIT. Percentages were based on each party’s capital contributions.

St. Louis, MO Public Library

In addition to the acquisition of St. Louis and Baltimore parking facilities, the entire $13.5 million, six parking facility portfolio, included the acquisition of a Fort Lauderdale parking lot in late July, the acquisition of a parking lot in downtown Kansas City and two parking lots in downtown Memphis in late August.

.  For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications                    

949.427.5172, ext. 703 – office                                   

509.338.5676 – cell                                                           

julie@spotlightmarcom.com

Capital Square Realty Advisors Acquires ECU Physicians Medical Office Building in Greenville, NC

                                   

ECU Physicians Medical Office Building, 905 Johns Hopkins Drive, Greenville, NC

  

GREENVILLE, N.C. (Sept. 9, 2013) – Capital Square Realty Advisors LLC announced today that the company has acquired a 20,458-square-foot medical office building in Greenville, N.C. 

Louis Rogers

The building is 100 percent long-term leased by East Carolina University Physicians, which utilizes the property as its Psychiatric Medicine Outpatient Clinic.

 Located at 905 Johns Hopkins Drive in the midst of a thriving medical district, the building was originally constructed in 1989 and underwent a comprehensive renovation and expansion in 2012. 

“This medical office building is leased on a 10-year term to one of the largest medical practices in Eastern North Carolina and is well located in a busy medical district,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

 “As a nation, Americans are growing older and demanding greater healthcare services such as those provided to the residents of Eastern North Carolina in this facility.” 

Vidant Medical Center, Greenville, NC

ECU Physicians Medical Office Building is affiliated with Vidant Medical Center, one of four academic medical centers in North Carolina, and the flagship hospital for Vidant Health. 

The medical center serves as the teaching hospital for the Brody School of Medicine at East Carolina University and provides acute, intermediate, rehabilitation and outpatient health services to more than 1.4 million people in 29 counties.

  

.  For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications                    

949.427.5172, ext. 703 – office                                   

509.338.5676 – cell                                                            

julie@spotlightmarcom.com

Taylor Johnson Represents Kinzie Real Estate Group and Enclave at Heritage Estates in Lake Barrington, IL

Enclave at Heritage Estates, Lake Barrington, IL

Emily Johnson

CHICAGO, IL – Taylor Johnson President Emily Johnson is pleased to announce Taylor Johnson now represents Chicago-based Kinzie Real Estate Group and its development Enclave at Heritage Estates, a single-family home community of custom and semi-custom homes in Lake Barrington, Ill.

 Founded by some of the Chicago-area’s most esteemed real estate professionals, Kinzie Real Estate Group is a fully integrated real estate service, brokerage and general contracting firm.

Jeanne Martini

Under the direction of partners Steven Spinell, John Lifka, Jeanne Martini, Tony Martorano and Steven Maher, the firm already boasts an impressive sales portfolio including single-family, multi-family, mixed-use, commercial and land assets; while also bringing to the Chicago area one of the first new custom-home single-family communities of 2013.

Steven Spinell

Kinzie’s experienced professionals can speak to:

• Local perspectives on reports of sales of new-construction, luxury homes, particularly in Chicago’s suburbs
• Design trends among buyers of move-up, custom and semi-custom homes
• Topics relating to single-family development, infrastructure and new-home marketing

John Lifka

With a diverse and highly experienced team, Kinzie Group will be a new and knowledgeable resource for your residential real estate stories.

“We look forward to sharing insights from Kinzie Group and news about Enclave at Heritage Estates,” Johnson said..

For more information on Kinzie Group, please visit kinziegroup.com and for information on Enclave at Heritage Estates, visit www.enclaveliving.com or contact Vanessa Irving at Taylor Johnson at 312-267-4525 or virving@taylorjohnson.com.

.  For a complete copy of the company’s news release, please contact:

jgrange@taylorjohnson.com

Taylor & Mathis Sees Significant Increase in Leasing Activity at Waterford at Blue Lagoon Properties in Miami, FL

                          Waterford at Blue Lagoon Corporate Park, Miami, FL

Kimberly Azizy

MIAMI, FL, Sept. 9, 2013 –  Taylor & Mathis of Florida, the exclusive leasing agent for eight office properties within Miami’s Waterford at Blue Lagoon Corporate Park has completed over 74,000 square feet of leasing at the properties this year more than doubling the 30,000 square feet leased in the same time period last year. 

The 19 leases were negotiated on behalf of the owners by Jeannette Mendoza of Taylor & Mathis.

 All eight buildings leased by Taylor & Mathis are on Blue Lagoon Drive within the 250-acre Waterford at Blue Lagoon corporate park.

Each of the buildings front S.R. 836 and are directly across from Miami International Airport. 

MetLife owns the three Atrium Buildings (6100, 6303 & 6505 Waterford) which recently underwent a million dollar renovation and DRA Advisors owns five buildings - 6161, 6101, 5805, 5775 and 5757 Waterford.

Ryan Ackerman

New Leases

Verizon Wireless   

            7,860 square feet at 6161 Waterford

            Co-broker Kimberly Azizy of Cushman & Wakefield

Alonso & Garcia   

Hotel Connections

8,379 square feet at 6100 Waterford.

Co-broker Ryan Ackerman of CBRE

Next Wave Enterprises, LLC

           4,495 square feet at 5757 Waterford.

            Co-brokered by Doug Okun of CREC

Gimenez & Carrillo

            4,182 square feet at 5775 Waterford.

            Co-broker Rod Castan of Courtelis Company

American Optical Services

Tom Farmer

            3,364 square feet at 5757 Waterford

            Co-broker Tom Farmer of CBRE

American Prime

            2,893 square feet at 5775 Waterford

Caribbean Marketing/Sirenis Hotels

            1,577 square feet at 6303 Waterford. 

            Co-broker Steven Hurwitz of CREC

Medula Network

            1,140 square feet at 6505 Waterford

            Co-broker Alfredo Plat of Gold Rose Realty

Renewals & Expansions

FirstService Residential Florida

            12,443 square feet at 5805 Waterford

.  For a complete copy of the company’s news release, please contact:

Jeannette Mendoza

 (305)267-8062

 jmendoza@taylormathis.com

www.TaylorMathis.com.

Marcus & Millichap Arranges Sale of 31,619-SF Self-Storage Facility in Boca Raton, FL

Boca Mini Storage,  5555 - 5701 North Dixie Highway, Boca Raton, FL

BOCA RATON, FL, September 9, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Boca Mini Storage, a 31,619 square-foot self-storage facility located in Boca Raton, FL. The asset sold for $1,700,000.

Howard Bregman

Howard Bregman, an investment specialist in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust from Palm Coast, FL.

“The property has a long history of extremely high occupancy levels and presented a rare opportunity for an investor to purchase a very well-located, meticulous maintained asset in east Boca Raton at a low cost per square foot and tremendous upside,” says Bregman. 

Boca Mini Storage is a three-building self-storage facility situated on 1.91 acres. The property was built and has been meticulously maintained by the seller since 1976.

It consists of 402 units, of which 186 are climate controlled and 18 have direct outside drive up access.

 Additionally, there is one two bedroom/two bathroom manager's apartment as well as an 1,800-square foot office on the second-story. Boca Mini Storage is located at 5555 - 5701 North Dixie Highway in Boca Raton, FL.

.  For a complete copy of the company’s news release, please contact:

Gregory Matus

Regional Manager

Vice President

 Fort Lauderdale, FL

(954) 245-3400

Trepp August Payoff Report: Percentage of Loans Paying at Maturity Stays above 70% Despite Modest Dip

NEW YORK, NY -- According to the Trepp August Payoff Report, the percentage of loans paying off on their balloon date registered 72.1% last month. This is down two points from 74.1% in July, which was the highest reading in almost five years. August's rate is the second highest level during that time period.

At 72.1%, the August payoff percentage is well above the 12-month moving average of 63.3%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.) 

By loan count (as opposed to balance), 72.2% of loans paid off. The 12-month rolling average by loan count is now 65.1%.

The recent trend of higher payoff rates over the last few months, especially relative to 2012, is not surprising. In 2012, many of the maturing loans were five-year balloons from the 2007 vintage. The majority of loans reaching their maturity now are 10-year balloons that were originated in 2003.

.  For a complete copy of the company’s news release, please contact:

Eric@greatink.com

Developer Ugo Colombo Proposes New Miami Beach Oceanfront Condo Tower

  

Bristol Tower condos, Brickell Avenue, Downtown Miami, FL

   

Ugo Colombo

MIAMI, FL -- With at least 160 new condo towers already proposed for South Florida, veteran developer Ugo Colombo - whose previous projects include the luxurious Bristol Tower, Epic West and Santa Maria in Greater Downtown Miami - is involved with a group planning a new condo building on an oceanfront site in Miami Beach as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida

The new condo project - dubbed the Beach House 8 - is slated to be developed in the 3600 block of Collins Avenue at a time when nearly 20 towers with more than 1,080 units have been proposed for the Miami Beach market as of September 6, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Valerio Morabito

Overall in South Florida, developers are now proposing more than 21,850 units for the tri-county region of coastal Miami-Dade, Broward, and Palm Beach as of September 6, 2013, according to the report.

The Miami Beach coastal market is defined as South Pointe Drive North to 87th Street, and the Atlantic Ocean west to the Intracoastal Waterway, according to the Condo Vultures® Official Condo Buyers Guide To South Beach™.

In Miami Beach, the new project's developer - Ocean Grande Properties LLC with Italian developer Valerio Morabito as managing member - is proposing to build a 10-story condo building with eight units that would be constructed just north of the proposed Versailles On The Ocean, Faena House, and the Residences at Miami Beach Edition condo towers, according to marketing literature.

Planned Versailles on the Ocean condos
Miami Beach, FL

Colombo - who led the unsuccessful effort to secure the $1 billion contract to redevelop the Miami Beach Convention Center - is listed as a member of the "team" developing the Beach House 8 in marketing literature for the project.

the tricounty region and 35 other highrises - Aventura's Bellini At.

.

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC

225 Midtown Building

 225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.