Regions Southeast | Miami
Nov 1, 2007
By: Tom Dworetzky, News Editor
H&H Development and BCTM Development Group L.L.C., in unrelated deals, have retained the Jones Lang LaSalle capital markets group team led by managing directors Jubeen Vaghefi and Jeff Morris to market a pair of Miami development sites. The H&H Development project (rendered), say Miami real estate veterans, should fetch $26 million to $28 million.
The project will sit on an approximately 3-acre site at 3760 Bird Road in Miami, southwest of Miami's CBD. It has entitlements for the development of a 22-story, 375,000-square-foot Class A office tower including 350,000 square feet of office space, 24,000 square feet of ground floor retail/restaurant space and an integrated parking garage.
According to the JLL team the market is tight for high-end office development. "At 8.2 percent, Miami currently has the third lowest office vacancy rate of the 79 largest metro markets in the nation and Coral Gables' vacancy of just 3.9 percent make it Miami's tightest submarket," said Morris. Rents have risen 24.2 percent in the last four years to the currently $33.29 per square foot. That's an all-time high for the area, according to Morris.
According to Jones Lang LaSalle, Class A properties in Coral Gables are outperforming prestigious Downtown and Brickell office space in terms of vacancy rates by nearly three percentage points. Likewise, asking rent per square foot is $36.46 for Class A office space in second quarter 2007, which is on par with rates in Brickell and surpasses Downtown rents by almost four dollars per square foot.
Founded by Harvey Hernandez, H&H Development Co. has created a portfolio of eight development projects in various stages of planning, development and completion in the last four years.
The second Miami development that JLL will be marketing is BCTM Development's Fountains at San Simeon, a 72-acre, 1,211-unit, multi-family project to be built at 600 NE 215th St. in Miami. Miami real estate sources put the probable selling price for this development in the $36 million to $40 million range. In addition to the residential units, the project will include nearly 11 acres for a public elementary school and park. The deal is for sale in whole or as a joint venture. In this second deal, Morris and Vaghefi are joined by JLL vice president Steve Echelson in the marketing effort.
This medium-density, multi-family development is in a high-demand region, as Miami is among the top 10 apartment markets in the country, according to Morris. The Fountains at San Simeon will be a four-phase garden-style multi-family community including 1,211, three-story, Class A residential units. The property will have four clubhouses, four resort-style pools, children's playroom, and other amenities. The property sits equidistant from Miami and Ft. Lauderdale. Site plan approvals are currently underway and development is expected to begin in fourth quarter 2008.
By: Tom Dworetzky, News Editor
H&H Development and BCTM Development Group L.L.C., in unrelated deals, have retained the Jones Lang LaSalle capital markets group team led by managing directors Jubeen Vaghefi and Jeff Morris to market a pair of Miami development sites. The H&H Development project (rendered), say Miami real estate veterans, should fetch $26 million to $28 million.The project will sit on an approximately 3-acre site at 3760 Bird Road in Miami, southwest of Miami's CBD. It has entitlements for the development of a 22-story, 375,000-square-foot Class A office tower including 350,000 square feet of office space, 24,000 square feet of ground floor retail/restaurant space and an integrated parking garage.
According to the JLL team the market is tight for high-end office development. "At 8.2 percent, Miami currently has the third lowest office vacancy rate of the 79 largest metro markets in the nation and Coral Gables' vacancy of just 3.9 percent make it Miami's tightest submarket," said Morris. Rents have risen 24.2 percent in the last four years to the currently $33.29 per square foot. That's an all-time high for the area, according to Morris.
According to Jones Lang LaSalle, Class A properties in Coral Gables are outperforming prestigious Downtown and Brickell office space in terms of vacancy rates by nearly three percentage points. Likewise, asking rent per square foot is $36.46 for Class A office space in second quarter 2007, which is on par with rates in Brickell and surpasses Downtown rents by almost four dollars per square foot.
Founded by Harvey Hernandez, H&H Development Co. has created a portfolio of eight development projects in various stages of planning, development and completion in the last four years.
The second Miami development that JLL will be marketing is BCTM Development's Fountains at San Simeon, a 72-acre, 1,211-unit, multi-family project to be built at 600 NE 215th St. in Miami. Miami real estate sources put the probable selling price for this development in the $36 million to $40 million range. In addition to the residential units, the project will include nearly 11 acres for a public elementary school and park. The deal is for sale in whole or as a joint venture. In this second deal, Morris and Vaghefi are joined by JLL vice president Steve Echelson in the marketing effort.
This medium-density, multi-family development is in a high-demand region, as Miami is among the top 10 apartment markets in the country, according to Morris. The Fountains at San Simeon will be a four-phase garden-style multi-family community including 1,211, three-story, Class A residential units. The property will have four clubhouses, four resort-style pools, children's playroom, and other amenities. The property sits equidistant from Miami and Ft. Lauderdale. Site plan approvals are currently underway and development is expected to begin in fourth quarter 2008.
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