This Week's South Florida Deal Sheet: Blackstone Backs Ritz-Carlton Key Biscayne Revamp
A Blackstone fund has provided a Gencom-led partnership with $300M in financing for the $100M renovation of the Ritz-Carlton Key Biscayne.
Gencom reached a deal with an affiliate of Fortune International Group that owns Grand Bay Club to unify the two properties, and the joint venture locked down a mortgage from Blackstone Real Estate Debt Strategies.
Gencom, which developed the Ritz-Carlton Key Biscayne 25 years ago, expects to finish its renovation of the property at 455 Grand Bay Drive by December. It struck one of the largest deals of 2024 when it paid $400M for full control of the 420-key resort from Brookfield Asset Management.
The 13-story hotel is getting its exterior refreshed and its lobby, rooms and spa redesigned. The resort is also getting a new signature restaurant and upgrades to its pools, fitness center, The Club Lounge, tennis courts and 37K SF of indoor and outdoor spaces.
The renovation resulted in the temporary layoff of more than 400 employees. Design partners on the project are Hart Howerton, Design Agency and Chapi Chapo Design.
The hotel and Grand Bay Club now comprise a 22-acre master plan with more than 1,200 linear feet on the beachfront. The renovation of the private membership club is expected to start at the beginning of 2026 and finish by next summer.
FINANCING
Coral Gables-based MG Developer landed a $10M construction loan from New York-based S3 Capital for its Metro Station 1 in Hialeah, according to a release.
The 55-unit boutique project will have 14 studios, 35 one-bedroom and six two-bedroom units at 2691 E. 11th Ave.
The project is designed to complement the broader Metro Center master plan, which is more residential communities across 2M SF named Metro Parc, Metro Parc North and Metro Parc South. Construction has already begun and is expected to wrap up in February.
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Codina Partners secured a $38.8M construction loan from Ocean Bank for the final phase of the retail component at its master-planned Downtown Doral, according to a release.
The final phase is a 932-space parking garage for its retail visitors, part of Codina's 250-acre Downtown Doral project. It also includes 25K SF of new retail along 87th Avenue. The developer plans to begin construction sometime within the next few weeks and deliver in 2026.
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Linkvest Capital’s private lending affiliate, LV Lending, provided a $17.6M loan to Habitat Group for the last phase of Smart Brickell Development, according to a release.
The debt is split, with about $8.6M refinancing the land and construction loan for Smart Brickell II. The remainder goes into financing the construction of the 23-story Smart Brickell Luxe at 259 to 267 SW Ninth St. The final phase is set to bring 53 condos and 78 condo-hotel units by March 2028.
CONSTRUCTION AND DEVELOPMENT
Terra, Turnberry and Hyatt broke ground on the Grand Hyatt Miami Beach, according to a release.
After securing $392M in construction financing from Tyko Capital, the 17-story hotel is set to bring 800 rooms adjacent to the Miami Beach Convention Center. The hotel will have 12 floors of guest rooms and four floors of meeting and ballroom space. Construction is expected to be completed in late 2027.
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Related Group broke ground on the Andare Residences Design by Pininfarina in Fort Lauderdale, according to a release.
Rising more than 540 feet and 46 stories, the 163-unit project will be the tallest residential building in Broward County. Units range from 1,800 SF to 4,300 SF, with penthouses averaging around 6,235 SF. The penthouse is listed for $16M.
Andare will include 35K SF of amenities concentrated on the 10th and 11th floors, with a pickleball court, wellness spa and an ocean-facing bar. A rooftop pool, cabanas and a sun deck will top off the tower.
The ground floor will include a 6K SF restaurant by Tim Petrillo of The Restaurant People. Construction is expected to wrap in 2027.
MILESTONES
Housing Trust Group opened its $100M University Station mixed-use community in Hollywood, according to a release.
The affordable housing development brings 216 affordable and workforce units, a new 12K SF campus for Barry University’s College of Nursing and Health Services, 2K SF of commercial and retail, and a 635-space public-private parking garage.
The buildings at 421 N. 21st Ave., 309 N. 21st Ave. and 2031 Polk St. are split into 108 one-bedroom units and 108 two-bedroom units that range between 621 SF and 899 SF. All of the units are income-restricted for those earning between 22% and 80% of the area median income, with rents ranging from $332 to $1,942.
Amenities include a fitness center, multipurpose room, catering kitchen and game room.
LEASES
Quest Workspaces expanded its space at the Doral Center by almost 15K SF, according to a release.
The woman-owned coworking brand now has roughly 38K SF in the 290K SF office complex that Banyan Street Capital and Independencia Asset Management purchased in 2020 for $43M, Commercial Observer reported.
The coworking firm was among 66K SF of leasing activity at the property, including the state of Florida renewing almost 10K SF for the Department of Financial Services and the Department of Health.
New leases include Alva Manufacturing, Monarca Insurance Group, WAC Research, Kisinger Campo & Associates and Clasquin. CBRE’s Gordon Messinger and Randy Carballo represented Banyan. Newmark’s Lance Benson represented Quest Workspaces.
SALES
An entity tracing to Edens purchased the Weston Road Shopping Center in Davie for $51M from an affiliate of Barings, according to property records provided by Vizzda.
Edens, a real estate firm focused on strip malls and retail-centric mixed-use development, acquired the more than 108K SF shopping center built in 1999 at 4410-4484 Weston Road.
Barings and Cornerstone Real Estate Advisors purchased the property in 2014 for $32.3M, Commercial Observer reported.
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An entity tracing to Envision Cold purchased a warehouse complex in Miami from Rivas Family Enterprises for $47M, according to property records provided by Vizzda.
The cold storage developer and operator purchased the 7-acre site with a $34M loan from Barings. The three warehouses at 2950 NW 75th St. were built in 1967.
PEOPLE
Walker & Dunlop hired Kyle Jemtrud as a new managing director based in Fort Lauderdale and Minneapolis, according to a release.
Jemtrud is joining the mortgage banking firm after nine years with Greystone where he was the South Florida, St. Paul and Minneapolis managing director originating multifamily loans, according to his LinkedIn profile.
At Walker & Dunlop, Jemtrud will focus on originating agency loans for small balance and conventional multifamily properties.
