Laguna Gardens, a 341-unit garden-style apartment development in Miami Gardens, received its temporary certificate of occupancy and has started move-ins.  The project by South Florida’s Cymbal DLT Companies is among the first in Florida to be developed under the state’s Live Local Act, which aims to increase the supply of affordable housing in expensive areas. Tenants earning at or below 120% of the area’s median income qualify for reduced rent.  Located at 20775 NW 17th Ave., the community comprises 10 low-rise buildings on 14 acres next to Miami’s Hard Rock Stadium. Four of the bui ..read more

Chris Hutchens is rejoining Guaranteed Rate in a newly expanded role: producing area manager and senior vice president of mortgage lending. Based out of Wilmington, North Carolina, Hutchens will provide management and mentorship to loan officers there, as well as at a new location in Pinehurst and in surrounding areas. Hutchens previously spent more than eight years at Guaranteed Rate, as a vice president of mortgage lending, before leaving in 2022 to become a branch leader at Movement Mortgage. Reflecting on his return in a press release, Hutchens said, “It’s cliché, but sometimes you don’t k ..read more

Roger Development Group recently poured the foundation for The Avenue Hotel & Residences Coral Gables, an eight-story building with 48 residences.  Located at 351 San Lorenzo Ave., across from the shops and dining of Merrick Park, the building will also offer 3,861 square feet of ground-floor luxury retail space. Residences range from 598 to 1,200 square feet and are priced from $730,000 to over $1.3 million.  The building was designed by Bermello Ajamil & Partners, while the fully furnished interiors were done by Adriana Hoyos Design Studio. Sales are being exclusively manag ..read more

CoStar Group Inc., a global real estate information marketplace, will acquire Matterport, which pioneered the development of “digital twins”: the 3D capture method which can deliver photorealistic, virtual home tours. Founded in 2011, Matterport’s patented technology enables anyone to digitize a property using just about any camera, including ones found on smartphones. “CoStar Group and Matterport have nearly identical mission statements of digitizing the world’s real estate,” Andy Florance, founder and CEO of CoStar Group, said in a press release. “The world has changed and today, a Matterpor ..read more

South Florida’s Kolter Urban and BH Group have partnered on the development of Solana Bay, a 52-condo mid-rise slated for Miami’s Biscayne Bay.  Douglas Elliman Development Marketing is handling sales and marketing.  Located at 2305 Northeast 123rd Street, the 10-story tower is designed by Arquitectonica and offers two- to four-bedroom units ranging from 2,200 to just over 4,000 square feet. Each residence has been designed by Los Angeles-based Avenue Interior Design and will have private foyers, open great rooms, flex spaces, deep terraces and primary suites with water views. Commun ..read more

Cleveland-based apartment company The NRP Group hired McDowell Housing Partners Vice President Bill Zunamon to establish a Florida affordable-housing portfolio.  In his new position as vice president of development, Zunamon will work with nonprofit organizations, public housing authorities and governmental agencies to identify and execute affordable-housing projects in the state. The hire marks NRP’s first expansion beyond market-rate developments in Florida, according to a press release.   “The demand for affordable housing in Florida is undeniable, and with this new hire, we’re poi ..read more

What was your most interesting job before going into real estate? First mate Where did you grow up? South Florida Growing up, what did you want to be? An astronaut What do you do to relax when you’re stressed? Freedive If you could meet any well-known figure (living or not), who would it be and why? Amal Clooney, who is a highly respected human rights lawyer and activist. Her dedication to advocating for justice and equality is truly inspiring. Meeting her would provide an invaluable opportunity to learn from her experiences and understand her perspective on the pressing legal and social issu ..read more

Bank OZK recently extended a $328 million construction loan for the development of Baccarat Residences Miami, a luxury condominium tower underway on Brickell Avenue.   Berkadia South Florida arranged the floating-rate loan for the developers, Related Group and GTIS Partners.  The 75-story project, which is situated at the confluence of the Miami River and Biscayne Bay, launched in late 2021 and is now more than 95% sold; construction began in October and is expected to conclude in early 2028.  “Despite a shifting capital markets environment, Related and GTIS continue to sha ..read more

The government cannot charge large development fees from property owners in exchange for building permits, the U.S. Supreme Court ruled last week.  The ruling was praised by the National Association of REALTORS® (NAR) as a win in the fight to uphold property rights in the face of rising development fees. The case rose to the high court from a 2016 lawsuit filed by George Sheetz of California. According to his lawsuit, Sheetz was told to pay his county $23,000 for a traffic impact study in order to receive a permit to build an 1,800-square-foot home on his property. Sheetz’s attorneys said ..read more

Courtesy of Architecture Lab. Home values have increased in every American state since 2013, according to a study from Architecture Lab. However, Florida is one of the states where values have increased the most dramatically.  Using data from the Zillow Home Value Index, Architecture Lab ranked every U.S. state based on the difference between average home values in 2013 and 2023. Florida ranked No. 2: A decade ago, the average home was valued at $144,464. Last year, however, that value had jumped 164% to $381,922.  The state where home values have increased the most was Idaho, whic ..read more