Lender Fuse Group sold a pair of unfinished Coconut Grove buildings tied to defaulted loans from two developers. Fort Lauderdale-based Fuse sold the building shells at 2961 and 2967 Bird Avenue in Miami to an entity led by Patrizio De Brasi for $8.1 million, according to records. De Brasi took out an $8.2 million loan from Fuse.  The deal comes after the properties were tied to two separate much-touted, but failed Coconut Grove projects, reportedly slated to be condominiums.  First, Coral Gables-based Metronomic, led by Ricky Trinidad, wanted to redevelop the sites as part of a 300,0 ..read more

Electra America and BH Group plan to tear down a big box store on an outparcel of Cutler Bay’s Southland Mall later this year, after the current tenant, Ross Dress For Less, moves into a space in the indoor shopping center.  The move will jumpstart the first phase of the joint venture’s $1 billion makeover of Southland Mall into Southplace City Center, a mixed-use project that will ultimately have 4,395 apartments and condos, a 150-room hotel, 60,000 square feet of medical office space, 150,000 square feet of retail outparcels and a community amphitheater. The new buildings would surround ..read more

Haimov Group is listing a Miami Gardens development site for $24.5 million, after abandoning plans for a $200 million mixed-use project. Miami Beach-based Haimov, led by Igal and Aaron Haimov, is looking to sell a 3.6-acre vacant property at 17300 Northwest Seventh Avenue Road, a listing obtained by The Real Deal shows.  Jamie Rose Maniscalo and Elina Stolyar with Miami-based Alpha Commercial are marketing the site on behalf of Haimov, the listing shows. Aaron Haimov did not immediately respond to a voice message and a text seeking comment.  The site, formerly home to an 11-story hos ..read more

South Miami-based Estate Companies advanced its ongoing expansion into Broward County, winning site plan approval in Davie for a 353-unit apartment building with an affordable housing component. The Davie Town Council last week approved the site plan for Soleste Reserve I, as well as a developer agreement with Estate that mandates deed restrictions requiring below-market rents for 53 of the 353 apartments. Estate plans to break ground in late summer, Robert Suris, the firm’s managing principal, said via email. He also said Estate has lined up a loan to finance construction of Soleste Reserve I ..read more

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Attitudes on South Florida’s scintillating rental market vary wildly, depending on perspective. For local unit owners and investors, the sector remains insanely profitable (even if somewhat cooler than last year), while struggling renters are among the most cost-burdened and competitive in the entire country. Forward-thinking developers have bet big on luxury rental condos where investors can earn passive income by actively marketing and renting their units out for shor ..read more

Once the ink dries and the keys are handed over, it takes a superhero effort to orchestrate a seamless move. That’s where South Florida-based Good Greek Moving & Storage comes in. Known as the “Superhero Movers” with their distinctive yellow and blue trucks featuring the iconic “Spero the Hero” character, Florida’s Most Referred Moving Company is revolutionizing relocation services. Beyond catchy branding, they’ve emerged as industry trailblazers, reshaping standards of professionalism and restoring trust, one move at a time. Recognized as “Mover of the Year” by the American Trucking Assoc ..read more

Developer and hospitality mogul Keith Menin paid $16.1 million for the waterfront Miami Beach home that belonged to the late Don Browne, former president of Telemundo.  Menin said he acquired the 5,552-square-foot, five-bedroom, seven-bathroom home at 5300 North Bay Road. The sale closed late last week, according to the Multiple Listing Service. A trust in Browne’s name sold the property.  Danny Hertzberg with Coldwell Banker’s the Jills Zeder Group represented Browne’s estate. Menin’s wife, Evelyn Menin with Luxe Living Realty, represented Menin.  The 0.3-acre property hit the ..read more

Hedge funder Larry Robbins is the latest New York billionaire moving to South Florida.  Unlike other billionaires jumping on the wealth migration wagon, Robbins isn’t relocating his company along with his family. Robbins’ Glenview Capital Management will remain based in New York City –– for now, Bloomberg reports. Despite making the move himself, Robbins warned of dire consequences for the city should its richest residents keep leaving. “I am in fear for New York’s most vulnerable to become victimized by the great migration,” he told the outlet. “I know of no business that has generated l ..read more

A former lender of the failed project at the entrance to the Miami Design District and Midtown Miami won in court this week, likely closing the door on years of litigation surrounding previous plans for the property.  Miami-based HES Group had planned to develop the site into Triptych Miami, a 475,000-square-foot project with a hotel, retail space, offices and parking at 3601 North Miami Avenue. The latest litigation involved the primary lender, LV Midtown, and QR Triptych, which held a second mortgage.  Rendering of Integra Investments, David Edelstein and Alex Karakhanian’s plans f ..read more

South Florida industrial landlords may see a slowdown on the horizon, as vacancies crept up across the tri-county region in the first quarter, according to a CBRE report. Demand in Miami-Dade County is growing at a slower pace, dropping to 2.1 million square feet in the last 12 months, well below a five-year average annual absorption rate of 4.5 million square feet, the report shows. In Broward, landlords are “adjusting to occupancy losses, lackluster leasing activity and rising availability, and are no longer pushing rents higher.” And the Palm Beach County market has softened in the past fou ..read more