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April 10, 2019

Three Developers On Their Miami River Projects

Lissette Calderon was thinking of London and Paris after she graduated from Wharton, finished an investment banking stint in New York and came back to her hometown of Miami in the late 1990s.

“All big cities were started around a river,” Calderon said. “Having traveled the world — New York, Chicago — they all have this amazing artery in the urban core. All good metropolises have this riverfront.”

The Thames, The Seine, And ... The Miami River?

The five and a half-mile-long Miami River, however, had long been neglected. Although indigenous people had built structures near the river mouth and the city of Miami was founded on its north bank, by the 1950s, it had become a dumping ground for raw sewage. In the following decades, it…

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What To Look For In Next Round Of Opportunity Zone Regulations

What To Look For In Next Round Of Opportunity Zone Regulations  

Investors, developers and accountants have been anxiously awaiting a new batch of proposed regulations regarding opportunity zones. The regulations are under review by the federal Office of Management and Budget but expected around the end of this month. Billions of investment dollars have been potentially sitting on the sidelines, but…

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Related Group's Auberge Condo Celebrated Opening Last Night

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Last night, Related Group did its thing and opened another sparkling condo on a South Florida beach, along with partners Fortune International Group and The Fairwinds Group. Auberge Beach Residences & Spa, a two-tower project overlooking the Atlantic Ocean in Fort Lauderdale, celebrated the completion of its 170 units. The…

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No, Online Sales Aren’t Beating Brick-And-Mortar Retail

There are three types of lies: lies, damn lies and, apparently, retail statistics.

A recent U.S. Department of Commerce retail report showed non-store sales eclipsed general merchandise sales by a narrow margin in February, a first in the history of the government agency tracking such data. News reports on the data said e-commerce had trumped brick-and-mortar retail for the first time.

But hold up, retail experts say. 

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The Good, The Bad And The Unknown When It Comes To Opportunity Zones

 

DALLAS-FORT WORTH — Unlike unicorns, opportunity zones have no magical powers, so planting commercial real estate in one of them is worthless unless the underwriting and numbers make sense from the beginning.

And asset price appreciation spawned by all the hype surrounding these neighborhoods could make these numbers harder to justify, experts said at Bisnow’s Texas Opportunity Zones Summit Tuesday. 

“I am warning my clients to price in some of the appreciation in land that they may be looking at,” Hunton Andrews Kurth partner JR England said. “They were seeing advantages of 2.4% to 2.5% in return on investment, but if there is appreciation, then the return on investment gets smaller and smaller. If you raise it too high, you get rid of the entire incentive for doing it.”

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Capital Market Leaders Still Iffy On Opportunity Zone Properties

LOS ANGELES — The new federal opportunity zone program is still a hot topic in the commercial real estate industry but as written right now, many commercial real estate professionals find it too complicated, too limiting and to some not even worth the trouble.

“I’m pretty negative on opportunity zones from a commercial real estate standpoint because of the three-dimensional puzzle you have to solve — time, taxes and the amount of capital and compliance that you have to put into the deal to make it work,” Kidder Mathews Senior Vice President Richard Putnam said at Bisnow's Greater Los Angeles Capital Markets & Real Estate Finance event.

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Beyond The Bio: 16 Questions With Solomon Cordwell Buenz's Chris Pemberson

 

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.

For as long as he can remember, Chris Pemberton has been focused on design — as a kid growing up in Toronto, during his education at Carleton University, earlier in his architecture career in such places as Hong Kong, and now designing buildings around the world as president and CEO of Solomon Cordwell Buenz.

SCB's approach is to ask questions, listen and determine the best design response for each project, he said. Context is key.

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