Pitbull's Charter School Acquires Historic Olympia Theater For $10: The South Florida Deal Sheet
Miami commissioners voted unanimously last week to transfer ownership of the historic Olympia Theater to Pitbull’s charter school — for $10.
Miami’s City Commission voted unanimously last week to give the Olympia Theater to Sports Leadership Arts Management, the charter school co-founded by rapper Armando Christian Pérez, better known as Pitbull.
In exchange, the school will take on major repairs, from water damage and outdated mechanical systems to restoring the marquee, roof and ticket booth. The theater, originally built in 1926 for silent films, will also see its dressing rooms rebuilt.
The school has committed at least $50M to restore and preserve the Olympia, SLAM co-founder and Chief Administrative Officer Millie Sanchez told commissioners.
“That is the level of investment necessary to restore and preserve this landmark,” Sanchez said at the meeting. “Our proposal saves the Olympia Theater, which you have heard from many, to do just that.”
Beyond classes, SLAM promised to stage 180 public events a year — concerts, community gatherings and art shows — CBS News reported.
The transfer drew criticism from a handful of residents, among them Sandy Moise, who called it a “shady, no-bid arrangement behind closed doors” and urged the commission to vote it down.
“What we are closer to is giving away one of Miami's greatest public treasures in a backroom deal that does not reflect the will or the best interest of the people,” she said at the meeting.
SALES
Billionaire Zara founder Amancio Ortega’s firm, Ponte Gadea USA, picked up a 23K SF retail property in Miami’s Design District for $30M, records show.
An entity tied to Germany-based Commerz Real Americas sold Ponte the properties at 114, 130 and 140 NE 40th St. and 135 NE 39th St.
The sites were assembled for around $60M in 2015 and 2016, according to the South Florida Business Journal. Today, they are home to tenants such as Michael’s Genuine Food and Drink, Longchamp, Oliver Peoples, Rebag and Rolex.
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The shuttered Festival Marketplace in Pompano Beach has a new future. Foundry Commercial and Wheelock bought the 27-acre site for $66M, with $78M in new debt from Hartford Investment Management.
The partners plan to turn it into Festival Industrial — three buildings totaling 477K SF with 422 parking spaces at 2900 W. Sample Road.
The Festival Marketplace permanently closed on June 1.
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Ares Management picked up the Meridian at Weston industrial facility from Cabot Properties for $56M, property records show. The 230K SF warehouse at 3245 Meridian Parkway was built in 1995 on 16 acres and serves as a manufacturing and distribution hub.
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Two fully leased warehouses in Miami Lakes and Hialeah traded for $37M, with Redfearn Capital and TPG Angelo Gordon buying the properties from DWS Asset Management.
The Miami Lakes building totals 183K SF and houses Mac Papers and Packaging, while the Hialeah site spans 50K SF and is leased to C-Air Brokers and Forwarders.
FINANCING
Related Urban, the affordable housing division of Related Group, landed a $100.3M construction loan to build the Residences at Marina Village in Riviera Beach.
The South Florida developer broke ground Monday on the 149-unit, eight-story project at 1124 Broadway Ave.
Apartments will target households earning 30% to 110% of the area median income and come with amenities like a pool and gym. The site is less than 2 miles from the Mangonia Tri-Rail Station in West Palm Beach.
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Developers Newgard and Two Roads closed on $513M in construction financing for One Brickell Riverfront.
The capital stack combines $370M in senior financing from an unnamed lender with $143M in mezzanine financing from 3650 Capital. The project features two condo towers — the 44-story Lofty Brickell and the 46-story Standard Residences, Brickell — totaling 784 units.
Both are rising at 99 SW Seventh St. and are slated to deliver in August 2027, with construction already halfway finished.
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The Astor Sound at Lake Worth, a 230-unit community at 2201 10th Ave., just scored a $57M bridge loan from Infinity Collective for owner Midtown Capital Partners.
The four-building complex spans 6.5 acres and offers one-to-three-bedroom apartments between 715 SF and 1,160 SF, along with amenities like a pool, gym, coworking lounge, dog park and spa, and game and coffee rooms.
The 280K SF complex is nearing its completion, Florida YIMBY reported.
Berkadia’s Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins and Patrick Johnson represented Midtown.
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A José Andrés restaurant, rooftop pool and 30 condos starting at $4.3M are coming to South Beach under the Ritz-Carlton flag.
Developer Sobe Sky Development, a partnership of Flag Luxury Group, Ben-Josef Group and Lionstone Development, just landed $61.2M in predevelopment financing from Bank Hapoalim’s U.S. division, BHI.
The Kobi Karp-designed project will also feature 50K SF of amenities, including a gym and screening room.
LEASES
Hialeah’s Metro Parc is getting a Cuban flavor. Mr. Baker signed a 1,760 SF lease with Baron Property Group and MG Developer for a ground-floor bakery slated to open next year.
The 559-unit project with 15K SF of retail topped off in 2023 at 952 E. 26th St., with its sibling project, the 661-unit Metro Parc North at 901 E. 26th St., now under construction.
Fuse Commercial’s Daniel Pou repped the developers, and Florida Realty of Miami’s Oscar Martinez repped the tenant.
PEOPLE
After more than $6B in closed multifamily transactions, Roberto Pesant is joining Cushman & Wakefield as executive managing director in Miami. The former Berkadia senior managing director will now focus on multifamily investment sales and land deals across South Florida.
