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October 31, 2013
Hotels Need That Extra Zing
South Florida's hospitality market is improving with the economy, but hotel operators can't relax. Better times mean more competition luring guests from properties that are even the least bit dowdy. (Guests are fickle, shallow, and easily stolen away... like our prom date.)
H3 Hospitality partner Seth Gadinsky tells us that "value enhancement for hotels is a constant goal--they need to keep up with competition as fresh new hotel brands appear on the market monthly." It's critical to keep up with the industry's changing trends, to develop unique foodand beverage concepts or retail offerings, and to bolster a hotel's assets. (Might we suggest having an in-hotel magic shop?) Recently Seth, who owns Gadinsky Real Estate, formed H3 along with colleague Justin Schultz and nightclub developers Cal Fortis and Ken BarilichÃ to specialize in adding that missing zing.
Seth adds that common-area assets like lobbies, restaurants, retail, and even storage areas and rooftops are great opportunities for hotels to generate revenue. "Hotels can use these spaces to create one-of-a-kind dining or entertainment, and their guests will talk about it," he says. These spaces also become separate revenue drivers for people not staying at the hotel and, when marketed properly, give the hotel another recognizable brand. Pictured: the B-Bar at The Betsy Hotel in Miami Beach, which Cal designed. (Perfect for those inclined to dance battle.)
Retailers Want Office Space
Luxury retailers want space in Downtown and Brickell, Pointe Group Advisors prez William Holly tells us--office space, that is. The market's in the early stages of luxury retailers seeking office space in Downtown Miami, to be located near their Design District and Brickell CitiCentre storefront retail locations, he says. "We expect increased demand from quality retailers and fashion-oriented firms as the residential market strengthens." (If you work in that area, you'll need to step up your wardrobe, because that'll be stiff competition coming into town.) Recently, William repped New World Tower at 100 N Biscayne Blvd in leasing half a floor (about 5,000 SF) to Italian eyewear purveyor Luxottica; other retail tenants already in the building include Christian Dior, Guerlain, Bvlgari, and La Prairie. Scott Minchew & Co's Scott Minchew represented Luxottica, which will relocate from its existing office near the MIA.
Investors Hot for Wynwood
Metro 1 CEO Tony Cho (snapped with his wife Ximema) tells us that investor interest in Wynwood is strong, and he expects more new development there soon. Recently Tony repped the buyer and seller of a 55k SF, seven-parcel portfolio around NW 29th Street and NW 3rd. He says the LLC buyer includes seasoned developers with plans for the site, adding that the neighborhood--best known in recent years for artists and fashion businesses--is now attracting investors and developers from around the world. Tony recently completed his own development in the area, the Wynwood's Gateway Building; Italian motorcycle brand Ducati will anchor the project with a 6,000 SF showroom. Photo: World Red Eye.
Affordable Housing Demand Vast, Supply Small
Snapped at a recent housing lottery: Carrfour CEO Stephanie Berman-Eisenberg, along with Miami-Dade Commissioner Bruno Barreiro. One thing the lottery proved is that the demandfor affordable housing in South Florida is nearly bottomless. When Carrfour prepared to put 44 affordable units in its Amistad development in Little Havana up for rent, the nonprofit got more than 1,500 applications within a month. When it opens in January, Amistad will consist of 89 affordable housing units, half of which will be for residents at or below 28% of AMI (considered homeless housing), with the other half for residents earning 60% of AMI.
Miami's Tops for Trick-or-Treating
Residential valuation data specialist Zillow recently reported the top 20 cities in the nation for trick-or-treating. That is, where best to troll for candy, as determined by four equally weighted data variables: the Zillow Home Value Index, population density, Walk Score, and local crime data. Miami is No. 14. Zillow further posits that the best local neighborhoods are Coconut Grove, Coral Way, the Upper Eastside, Shenandoah, and Little Havana. Now who is willing to do a study of best-tasting candy?
The Curse of the Bambino seems to have taken the last decade off. May all your Halloween hexes be strong and permanent.
Thought for Hollywood: Demons are a ghoul's best friend. Send story ideas, suggestions, and puns to firstname.lastname@example.org.