Nonprofit puts Lincoln Road building on market

ArtCenter South Florida owned Miami Beach property since 1988

ArtCenter South Florida could cash in on the property investment flurry occurring on South Beach’s Lincoln Road.
The nonprofit announced on Tuesday that it plans to sell its nearly 18,000-square-foot building at 800-810 Lincoln Road. ArtCenter also owns a building at 924 Lincoln Road. That property is not for sale.
Chris Lentz and Robert Kaplan of Ackman-Ziff Real Estate’s Miami office are marketing 800-810 Lincoln Road on behalf of ArtCenter, which paid a mere $700,000 for the property in 1988.
ArtCenter cited a desire for “additional resources” for the organization’s expansion plans in Tuesday’s written announcement.
“The timing of this could not have been any better as the organization can now expand its exhibitions and educational outreach programs and increase the resources that are provided to the current and alumnae artists enabling them to continue to thrive,” ArtCenter chairwoman Kim Kovel said.— Eric Kalis

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Florida homeowners to get $9.2B in mortgage relief

Lenders honor national settlement that impacts 120,000 borrowers statewide

March 20, 2014

Florida homeowners are set to receive $9.2 billion in relief through the National Mortgage Settlement.
The state attorney general’s office announced the nation’s largest banks honored their obligations under the settlement on Tuesday, the Palm Beach Post reported. The agreement was originally reached in February 2012. It allowed lenders to atone for some of their foreclosure-related practices after the housing market collapsed.
Of the nearly 632,000 mortgage holders nationwide to get reimbursed, 120,000 are located in Florida. A total of $50.4 billion in relief was provided by the lenders. Florida got a special guarantee promising $4 billion in principal reductions, mortgage modifications and refinancings.
“I am very encouraged by what we have accomplished so far but I realize that there are still many Floridians facing the loss of their family homes and struggling to get back on their feet,” Florida Attorney General Pam Bondi said. — Eric Kalis

 

Vacant Miami parcel sold through bankruptcy court

February 17, 2014 01:00PM

                                         

Renzo Renzi and John Crotty

The final property from Miami developer Renzo Renzi’s crumbled empire has been auctioned off for $4.2 million, The Real Deal has learned.
RBC Acquisitions Group won last week’s bankruptcy auction of a vacant Miami property previously owned by a Renzi-managed company, according to bankruptcy court records. The buyer of the 1.3-acre property at 3170 Southwest 22nd Street is tied to Coral Gables-based BF Group LLC. The property’s zoning allows for residential, hospitality, office and other forms of commercial development.
The Blue on Coral Way, which was managed by Renzi, paid $1.7 million for the property in 2002. The company was unable to develop the land before the real estate downturn. It lost an $18.2 million foreclosure judgment for that property and a Brickell-area site in December 2012.
Colliers International South Florida executive vice president and partner John Crotty marketed the property to potential bidders. — Eric Kalis

For more information on real estate in South Florida please call EWM real estate agent Debbie Lazoff 305.903.0118, debbielazoff@Gmail.com, www.debbielazoff.com

 

Jimmy Buffett-themed resort set to open in July 2015

              

                 

Margaritaville rendering

The Jimmy Buffett-themed Margaritaville Hollywood Beach Resort remains on track for a July 2015 opening.
Construction of the $147 million resort on five city-owned acres at Johnson Street and A1A has progressed to the fifth floor, the Sun-Sentinel reported. Developer Lon Tabatchnick said the project is on schedule and within budget following the first six months of construction.
Plans for the 349 room resort include seven restaurants and bars, oceanside pools, a wave ride and 35,000 square feet of convention facilities.
Some neighbors, including the adjacent Beach Market store, have complained about a loss of customers since Margaritaville construction began. The Johnson Street parking garage was closed before the project’s groundbreaking, which eliminated 700 spaces frequently used by Hollywood Beach visitors. — Eric Kalis

For more information on South Florida real estate please contact
Debbie Lazoff at 305.903.0118, DEBBIELAZOFF@GMAIL.COM
www.debbielazoff.com

Bal Harbour Shops boasts record sales in 2013

 

Dolce & Gabbana, Prada highlight group of expanding tenants at mall

              
                   

               

Stanley Whitman

The Whitman family enjoyed a record sales year at their high-end Bal Harbour Shops.
Average sales at the retail hub rose 7.4 percent from 2012 to 2013, South Florida Business Journal reported. The shops generated an average of $2,800 per square foot in sales last year. Numerous tenants, including Dolce & Gabbana and Prada, took the opportunity to expand in 2013.
“Our specialty department store category, comprised of Neiman Marcus and Saks Fifth Avenue, was up solid double digits for the year, as was our restaurant category,” Bal Harbour Shops operating partner Matthew Whitman Lazenby told the Journal.
The 6,400-square-foot Grill at Bal Harbour restaurant is set to open soon at the mall.
Bal Harbour Shops founder Stanley Whitman TURNED 95 in November. — Eric Kalis

For information on Miami real estate please call Debbie Lazoff at 305.903.0118
debbielazoff@gmail.com
www.debbielazoff.com