Miami developer sues Bank of America
Posted on Thu, Aug. 21, 2008

http://www.miamiherald.com/news/breaking-news/story/652339.html

BY PATRICK DANNER
pdanner@MiamiHerald.com

A Miami developer has sued Bank of America for more than $90 million, alleging the lender failed to provide construction funding for an office-condo project.

Urbana Holdings alleges Bank of America agreed to loan $39.5 million for Logik 1, a 30-story, 133,000-square-foot development at 530 NW First Ct. Bank of America committed to providing half the loan, with the balance coming from other lenders brought in by the bank, the suit says.

A Bank of America spokeswoman said it had not seen the suit and declined to comment. Urbana says in the suit it was forced to stop construction in February and close its offices.

SO the news finally gets disclosed!:ohno:

hmmmm. Hopefully they will sort this damn thing out and let the Logik towers rise. Jeez.

Miami developer sues Bank of America
Hmmm...is that a project within the brackets of the MetroMover? Nope.
At any rate, this is a time-proven tactic from developers used to fend off foreclosure procedings. Developer sues bank before bank forecloses on developer. It's a tactic to buy time.
This technique was employed aggressively in the 1980's, it's ashame that the banks didn't foresee this...then again, they loaned the money to bad projects in the first place.
With all the great product in the CBD (where the jobs, transportation, and amenities already exist) why would BofA loan money to a rookie developer in an inferior location. It's been puzzeling me for about 4 years.

It is awfully absurd of you to criticize bank's lending procedures when you were trumpeting real estate as the investment of champions and proclaiming real estate would "never go down in value" before it actually did.

Who gets your criticism next? Your fallen hero Robert Kiyosaki (Rich Dad, Poor Dad)?

I remember when you would insult people who suggested that the market could not sustain itself and prices would suffer (like the time I suggested such when I was being nice and unabrasive and you told me to "develop some reading comprehension skills" among other snide things).

It was pretty easy to forsee for those of us who have a basic understanding of supply and demand. I recall you once told us you tried a career on Wall Street years ago. A basic understanding of supply and demand is necessary in that marketplace also. Maybe thats why it didnt work out for you.

Please enrich us again and elaborate on how the phrase "bubble" is meaningless like you used to so many times.

Come on huh? Oh by the way, this is coming after you dropped my name in Quantum's awesome thread. Cheers to you Quantum! :cheers:

Hmmm...is that a project within the brackets of the MetroMover? Nope.


Its only 500 feet (less than 1 block) from a metromover stop. Its about twice as close to a metromover stop as Icon Brickell is for example. I agree its a blah location but it is on the metromover.

It is awfully absurd of you to criticize bank's lending procedures when you were trumpeting real estate as the investment of champions and proclaiming real estate would "never go down in value" before it actually did. #1 It isn't a criticism, it's an observation and a question. Maybe the answer is that they received a 14% return on the loan and that made sense to them. Just re-read the post.
#2 You have been challenged several times to produce any evidence that I said Real Estate would never go down. You failed.
#3 Of course Real Estate is a great investment. The value goes up and it goes down. You just have to buy right, and spend some time in the market.
Who gets your criticism next? Your fallen hero Robert Kiyosaki (Rich Dad, Poor Dad)? Where do you keep hallucinating the Kiyosaki worship. Most texts that I reference are the boring old Development books like the one with the played our Real Estate Cycles chart.
I remember when you would insult people who suggested that the market could not sustain itself and prices would suffer Incorrect again. I don't insult people, I disagree with their ideas.

Please enrich us again and elaborate on how the phrase "bubble" is meaningless like you used to so many times. You must have misunderstood my idea. Let me clarify my writing so that it can be properly understood. Bubbles definitely exist, just not "real estate bubbles". Real estate cycle.

Id' like to hear why you don't consider this "inside the brackets".

Its only 500 feet (less than 1 block) from a metromover stop. Its about twice as close to a metromover stop as Icon Brickell is for example. I agree its a blah location but it is on the metromover. True, Dave. I confused that project with Kubik. oops.

I love the Logik towers and I'm glad it is off the beaten path. It adds density and make way for more projects of the beaten path.

..

Great news! Thanks for sharing mileageman!

Excellent. :banana:

A new 11 story office building for the Health District (actually its on the South side of the 836)

http://www.globest.com/news/1267_1267/miami/174522-1.html

http://www.loopnet.com/Attachments/2/C/C/2CCBA390-D953-4002-8CFC-C9AE6166221C.jpg

New Building Breaks Ground in Medical District

By Crystal Proenza

MIAMI-Construction has begun on Highland Park Center, a 126,000-sf class A office building in Miami’s medical district. Locally based developer Gutierrez Group LLC expects to complete the project before winter 2009. The space is designed to LEED Silver standards and will cater to the needs of healthcare professionals, according to Gutierrez Group. The value of the project has not been disclosed.

The 11-story building, located at 1001 Sunnybrook Road, will include four stories of office space and six floors of parking, says Jeb Bush Jr., commercial sales and leasing agent for Coral Gables-based Fairchild Partners, which will handle leasing for Highland Park. No leases have been signed yet, but there is interest, he says. Rental rates at the building average $32 per sf triple net.

“Even with the slowdown in the economy, there has been one industry that’s continued to grow and show opportunity—the medical industry,” says Bush. “In Miami, the vacancy rate in the medical office sector has been solid, in the single-digit vacancy rates, around Jackson Memorial Hospital especially.”
Highland Park Center is breaking ground in proximity to that hospital and the University of Miami Miller School of Medicine, UM/Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute, the Miami VA Hospital and the University of Miami Hospital. “Before our eyes, Miami is becoming a global hub for the medical and life sciences, and we look forward to playing a role in the City’s rapid growth in this sector,” Armando Gutierrez, Jr., president of Gutierrez Group, stated in a release.

That is such an ugly building, wow.

Don't say that or the commercial sales & leasing agent's father's brother's co-worker will shoot you in the face. :nuts:

That building is going to be located near Jackson, so it is not going to affect the CBD.

FRONT VIEW

http://img412.imageshack.us/img412/3759/1016200894108pmvc9.jpg (http://imageshack.us)

LOCATION VIEW

http://img185.imageshack.us/img185/4043/1016200894239pmmo1.jpg (http://imageshack.us)

REAR VIEW

http://img119.imageshack.us/img119/4439/xy2ccba390d95340028cfccdp9.jpg (http://imageshack.us)

Ok, how is an 11 story building of which half of the floors are for PARKING in a high transit area still considered LEED silver? This building is horrific...

i honestly think its one of the worst buildings i have ever seen and the architect should be shot... i volunteer for the firing squad (it wount make me feel guilty):gunz:

They should paint it camoflauge so no one sees it.

Ok, how is an 11 story building of which half of the floors are for PARKING in a high transit area still considered LEED silver? This building is horrific...

Yeah, it doesn't make sense.

I think it fits according its surroundings. I would be mad if its location was Brickell.

Ok, how is an 11 story building of which half of the floors are for PARKING in a high transit area still considered LEED silver? This building is horrific...

This is what I imagine the 'Ministry of Highways' building in Lagos, Nigeria to look like. Or maybe a feral cat shelter in Uzbekistan. Either way, ick. Whether it's trying to be an office complex or a parking garage it fails on both accounts and God help any poor soul unlucky enough to spend a day there.

Embarrassing. It should be detonated into rubble 10-minutes after the topping off ceremony.

The only defense I can think of for it is that it is literally next door (a few feet away) from the 836 bridge over the Miami River. The part of the building that has windows will be the part above the bridge. On the other hand that would make it even more dreary from street level. Also being on the south side of the 836 means it is pretty isolated from the rest of the Health District.

Btw, it doesn't seem like a very cost effective use of space in a building. 1 floor lobby/parking, 6 floors of pure parking and just 4 floors of rent producing office space.

This building reminds me of the one in Midtown thats all parking and little office space.

Sad thing is, this isn't the only building in the Health District like this. There are a couple other buildings like this where it's only a couple floors of offices and the rest parking. It's ridiculous and the city shouldn't allow it. It makes me so mad. On top of it, this building has no design, it's horrible-looking!

But it fits well there.

Maybe there will be small people working there ,who drive unusually big cars.

I noticed that they stated that there will be 6 floors of garage and 4 floors of office space and yet it is an 11-story building.


I have to agree with Castro ,I think the building will fit well in that area,hey this is Miami where there is purple and orange -colored buildings why not one where there is more parking than office space.

one floor dedicated to lobby space

[QUOTE=noland123;26781470]Maybe there will be small people working there ,who drive unusually big cars. [QUOTE]

Yea ever notice small guys drive big trucks to compensate for their shortcomings. That's why I drive a small car :):banana::cheers:

Just like Napoleon.

http://www.globest.com/news/1355_1355/florida/177131-1.html

Terminated Lease Brings Flood of Space to Forefront

By Crystal Proenza

MIAMI-After the Foram Group’s Brickell Financial Center lost its anchor tenant, the law firm of Bilzin Sumberg Baena Price & Axelrod LLP, last week, the reality of the flood of unleased office space about to be delivered to the local market came to the forefront. Two of the three class A projects coming on to the market by mid-2010 do not have any tenants signed to date, and local experts say Downtown Miami will be flooded with available space when development is complete, but remain confident the new space will eventually be absorbed in the growing city.

Neither Foram Group nor Bilzin Sumberg would comment on the mutual release agreement for the 115,000-square-foot, 10-year lease at Brickell Financial Center, but Foram Group CEO Loretta Cockrum says the building is still expected to be delivered on schedule. “We have approximately, 320,000 square feet of prospects with several having signed letters of intent within the past 10 days and several more are expected to sign letters of intent within the next couple weeks,” she tells GlobeSt.com.

Competing building 1450 Brickell, being developed by Rilea Group, has 588,000 square feet of office space coming online without any signed tenants as of yet. “We are under a confidentiality agreement with roughly 250,000 square feet of tenants,” Rilea Group president and CEO Alan Ojeda tells GlobeSt.com.

Downtown’s third building under construction, Met 2, is currently 40% leased to multiple tenants including signed anchor Greenberg Traurig LLP, which is to occupy 150,000 square feet within the project’s 750,000 square feet of office space. Developers MDM Development Group and MetLife are close to signing another 100,000 square feet, says Mel Roth president of Parkland, FL-based International Mortgage and Equity Advisors, who arranged the debt and equity for Met 2.

Despite the positive attitude of the developers, there is much speculation in the market as to whether all three buildings will be completed in the original time frames, says Carter Hopkins, first vice president with CB Richard Ellis. “I don’t think any building owner would be satisfied with opening a building with 20% occupancy,” he says. However, he points out that Miami historically is not a preleasing town.

“People will have to walk through the buildings and see for themselves the quality and access each of them offer,” agrees Ojeda. He predicts that the region’s newest projects will not have a problem getting filled after they are delivered because they have a competitive advantage being the only downtown structures built under the new hurricane code.

“Tenants can stay in a 30-year-old building that has limited parking, or they can go to one of the new class A buildings that are green and high tech,” says Roth, adding that some tenants are still in expansion mode. John Sumberg, managing partner at Bilzin Sumberg, confirms that after ending its lease agreement at Brickell Financial Center, the firm is still seeking expanded space in Downtown Miami.

“We are looking at all of the options in the area that have 100,000 square feet, which include new buildings, old buildings or the building where we are,” he says of the company’s space at the Wachovia Financial Center at 200 S Biscayne Blvd., where it occupies 85,000 square feet. The firm needs to be in a new location by the end of 2010, and will probably make a decisions in the next four to six months, he reveals.

As for the future of the Downtown market, Sumberg says three new buildings is more than the region needed in good times. The state of financial institutions, which usually serve as major tenants in new buildings, isn’t helping the situation either.

“Regardless of whether or when any of these new buildings come online, we’re headed to a higher vacancy than we are now, and we’re already at 10%,” says Hopkins. And, on top of the nearly two million square feet in those three projects, don’t discount another 300,000 square feet coming online at the Omni Center just north of Downtown, adds Cushman & Wakefield senior director Alan Kleber.

“Every day that goes by, the market deteriorates,” Kleber tells GlobeSt.com, but it also gets closer to what he calls an “epic” tenant’s market. “There’s no better time than now to be a tenant as it relates to attempting to restructure leases in order to mitigate expenses.”

Add to the glut the 3 floors in Miami Center that will likely be vacated by the Stanford Group. I think they occupy over 70,000 square feet. Look for the vacancy rate to increase and the prices to come down. Great deals to be had downtown.

Add to the glut the 3 floors in Miami Center that will likely be vacated by the Stanford Group. I think they occupy over 70,000 square feet. Look for the vacancy rate to increase and the prices to come down. Great deals to be had downtown.

Great deals, agreed, but obviously not what those involved would have hoped for. Hopefully the dynamic of reduced cost=opportunity gets the engine running again sooner than later.

The question to me is how OBP fits into all of this. I never really expected some of the residential stuff like Met3 or EWT to happen (at least not this go-round) but the office stuff tends to be more connected to real economics, real demand...plus Tibor Hollo wants it badly. Which counts.

Anyway, where do you put the odds with it? I'm STILL going 50% or better even if the market and economics say that's nutty. I think it has a shot.

Great deals, agreed, but obviously not what those involved would have hoped for.Could you be specific about what you mean by "those involved"?
There is a lessee and and a lessor. Lessor hopes for high rates, and the lessee hopes for low rates.
One parties hopes are realized when there is high supply, and one parties hopes are realized when there is high demand.

Could you be specific about what you mean by "those involved"?
There is a lessee and and a lessor. Lessor hopes for high rates, and the lessee hopes for low rates.
One parties hopes are realized when there is high supply, and one parties hopes are realized when there is high demand.

I think you may have answered the question yourself. Those invloved must of meant the ones who own the space (lessor) although it could of been stated clearer. It's definitely not a good thing in terms of construction. Why continue to add to the surplus? No money in that. Hopefully, something good comes out of this like we land some big tenants because of the low rates.

Could you be specific about what you mean by "those involved"?
There is a lessee and and a lessor. Lessor hopes for high rates, and the lessee hopes for low rates.
One parties hopes are realized when there is high supply, and one parties hopes are realized when there is high demand.

Obviously, I meant "those involved" who hoped to move those office spaces at much higher rates.

Of course it represents an opportunity as well...but it's not a sign of overall health, as you know.

My hope is that the new inventory coming open in the near future doesn't hurt the odds of something remarkable like OBP going up. I was simply wondering what your own take was on that.

The old Civica project in the Health District is going to go back before the planning board with an altered project. They are dumping the hotel portion and replacing it with more office and retail space and increasing the height from 290 feet to 300 feet (actually 299 feet 11 inches...why not add 1 more inch? Just seems bizare).

http://egov.ci.miami.fl.us/meetings/2009/4/1819_A_Planning_Advisory_Board_09-04-15_Agenda_Short.pdf

http://www.miamiherald.com/103/story/1030124.html

Office space debate: downtown vs. outskirts

By ROCHELLE BRODER-SINGER
Special to The Miami Herald

When the economy was riding high, companies could pick their office space based on ''location, location, location.'' In today's economic climate, though, that mantra is being challenged by another: ''cost, cost, cost.'' Growing concerns over the bottom line have businesses reassessing whether a pricey downtown location is essential, or whether it is a luxury that can be avoided.

TrèsKoi Public Relations, for instance, considered space in downtown Miami or South Beach, but ultimately settled on The Bank building at Northeast 81st Street and Biscayne Boulevard.

''For a while we were torn on being in the mix of things due to the nature of our business,'' said principal Alexis Knapp. But the space is half the price of a more downtown location. ''One of the worst things young businesses do is get sold on having a lively office space, and as a result pay a fortune,'' Knapp said.

Class A buildings in Miami's central business district averaged $43.77 a square foot in the first quarter of this year, versus $35.46 in noncentral areas of Miami-Dade, according to real estate services firm Cushman & Wakefield. In Broward, Class A rents in downtown Fort Lauderdale averaged $33.49 a square foot, versus $31.89 in other locations, the company reported.

''A 10,000-square-foot tenant can easily save over $10 per square foot in rent, plus another $5 to $10 a square foot in parking fees. You can easily save $200,000 a year by relocating your offices to the suburbs,'' said Dan Heisler, vice president of Adler Realty Services, which owns and manages properties in the Airport West area of Miami, including Office Park at Miami International Commerce Center.

Even small companies can see significant savings by moving away from downtown areas, and their moving costs are typically lower than those of larger companies. Atlantis Development, for instance, recently moved its four-person, 900-square-foot office from downtown Miami to Coral Way in order to save money in rent and parking.

''Parking kills you down there,'' said Andy Simon, one of Atlantis' principals. He said that visitors ``could never find parking, and they'd end up spending $10 or $20 to park and not wanting to come in after a while.''

But it's not just clients who are paying stiff prices for downtown parking. Employees also suffer. It can cost $60 to $150 a month per employee or client in a downtown location.

While rent and parking costs are higher in downtown areas, the current global economic downturn has recently given tenants the upper hand in rent negotiations, with property owners worried about them leaving and willing to negotiate on rental rates and concessions. However, those negotiations sometimes aren't enticing enough to keep businesses downtown.

'When the market's doing really well and people are focused on continuing to expand a thriving business, there's a rationale of, `Why are we going to move?' '' said Steven Hurwitz, a senior vice president at Continental Real Estate Cos. But in the current economy, he says ``every tenant in this time is re-evaluating and double-checking every line item in their budget.''

Besides rent and parking, other downtown costs are also higher. For instance, interior space buildouts tend to cost more in a congested high-rise area, and real estate taxes -- usually passed on to tenants -- are always higher in the downtown cores.

Reese Stigliano, a principal and broker with Berger Commercial Realty Corp. of Fort Lauderdale, thinks that as the economy tightens, more companies will move to suburban markets. ''The suburban rental rates have dropped -- they're very aggressive now [and] there's quite a bit of sublease space available,'' he said.

Cost was the primary reason Northern Trust Bank recently decided to move its back-office operations from Brickell Avenue to Adler Group's Office Park at MICC. Free covered parking and amenities such as an on-site restaurant and health club and a shared tenant conference room made the bank comfortable with the move, said Matt Bittel, who works on leasing the center for Adler.

Just as important for Northern Trust, the Airport West location is convenient for its employees in western Miami-Dade and Broward. Employee access is an important factor in many companies' decisions on where to locate, with some doing ZIP code analysis to map their employees' commuting patterns. Companies also will look at where suppliers and customers are located as they evaluate their options.

Certain executive lifestyle issues also can trump other concerns and lead companies to move out of the downtown core. One often-cited issue is top executives' commutes. ''They're rethinking whether they'd like to sit in traffic every morning, whether they need to be in a downtown high rise that takes 20 minutes from the time you park your car until you sit in your office seat,'' said William Holly of Holly Real Estate, whose company brokers, manages, develops and invests in commercial real estate around South Florida. Holly said commutes are causing some clients to move from downtown locations to offices in Coral Gables or Coconut Grove.

In these outlying areas, clients also are able to buy or lease entire buildings, Holly added. One group is looking at moving to a small, freestanding Class B building in Coral Gables, which will cut the company's rent by 30 percent yet still be close to Coral Gables' downtown amenities.

NOT AN OPTION

Despite the cost savings of moving away from downtown areas, not all companies are convinced that the bottom line should be the deciding factor in where to locate a business.

''We really have not seen, as we did in the last recession, a flight from downtown to the Doral or Airport West area,'' Holly said.

According to industry experts, many companies would never consider locating anywhere other than downtown Miami, Brickell, Coral Gables or Fort Lauderdale. Other firms that assessed their options have decided a downtown location is best, despite the added cost.

A prime example of this dedication to downtown is auto retail giant AutoNation, whose lease for its downtown Fort Lauderdale digs expires in 2010. It decided to stay downtown and will move just a few buildings over to 200 Las Olas Cir. The 105,000-square-foot lease for space in a building owned by Fort Lauderdale-based Stiles Corp. was one of Broward County's largest lease transactions when it was signed late last year.

Companies not fleeing downtown areas have many reasons to stay. They may need to be near government offices, clients or business partners. For example, law firms often need easy access to the courthouses in downtown Miami and Fort Lauderdale, said Stiles President Doug Eagon. They also need to interact with other law firms frequently, so being close to them is important. The same can be said for accountants, financial planners and a variety of other business professionals.

Besides needing to be close to business partners, more accidental meetings occur in densely packed downtowns. ''When you walk down the street, you run into people when you go to lunch . . . and you can conduct business in a very casual environment,'' said Alyce Robertson, executive director of the Miami Downtown Development Authority. ``There's 190,000 people a day that come into downtown and Brickell. There's no way you can replace that synergy.''

Finally, companies may feel they need the higher-end image of a downtown address.

''People locate on Brickell because of the name, the identification. It's more prestigious,'' said Michael Taylor, director of real estate for Miami-Dade County for Stiles. He manages 800 Brickell Avenue, which last year signed 85,000 square feet of leases with companies including TotalBank, Banco do Brasil and advertising agency Canil Saatchi.

FUTURE TRENDS

Some commercial real estate experts are even predicting that more companies will eventually be relocating into downtowns in the coming years, reflecting a larger trend of moving inwards.

While most in the industry believe rental rates in downtown Fort Lauderdale are as low as they're going to get, some expect rates will fall even further in downtown Miami during the next six months, as three massive buildings under construction get closer to completion. While it will still be more expensive to be in a downtown, lower rates could mean more companies will decide to remain downtown. Then when the economy makes a turn in a positive direction, more companies could look at downtowns, some say.

''The movement that started years ago of centralization is still there,'' said Alex Zylberglait, an associate vice president with Marcus & Millichap in Miami. ``I think we're seeing a slowdown because of the economic crisis, but as soon as it goes away, I think we're going to see another wave of interest.''

UPDATE Last updated: May 13, 2009 07:05pm GlobeSt.
Brickell Financial Centre Work Continues

MIAMI-Construction on Brickell Financial Centre continues amid local speculation that work on the 40-story project has stopped due to the recession. The 601,000-square-foot office tower is one of three new buildings set to add space in the city’s central business district through next year.
“The last crane is coming down. That means we are already ahead of the other two buildings,” Loretta Cockrum, chairman and CEO of Miami-based Foram Group, tells GlobeSt.com.
John Breistol, Foram Group’s president, adds that the crane removal makes way for the installation of the $245-million building’s exterior curtain wall system’s on the building’s east facade. The building is still on track for completion in the second or third quarter of 2010, he says.
Foram Group launched the project early last year and held its topping-off ceremony in early February. It announced its first major prelease in April 2008, a $58-million deal with Bilzin Sumberg Baena Price & Alexrod LLP for 115,000 square feet over 10 years, but the law firm canceled the deal in mid-February.
Brickell Financial Centre is competing with two other Downtown Miami high-rise office projects under way, Met 2 and 1450 Brickell. Collectively, the buildings will add nearly two million square feet to the CBD’s current inventory of nearly 13 million square feet.
Miami’s CBD, consisting of the Downtown and Brickell submarkets, had a vacancy rate of 11.2% and availability rate of 18% through the first quarter, according to CB Richard Ellis. Average asking rents are $32 per square foot for Downtown and $37 per square foot for Brickell.
No other preleases have been signed at Brickell Financial Centre, though the Foram Group executives say they have letters of intent from several prospective tenants. Two buildings totaling 1.5 million square feet, plus supporting ground-level retail, are planned for the site at 600 Brickell Ave.
“We’re really proud of the fact that we have moved as far as we have,” Cockrum says.

The redesigned Civica going before the commission for approval on the 28th:

feeling a little blue?
http://egov.ci.miami.fl.us/Legistarweb/Attachments/50908.pdf

^^^^That little building in front of the Civica, that is where I work. People constantly coming by and offering to by our office. LOL. Not going to happen.

Te original design by borges arch was real nice -- this one doesnt do it for me..

Remember this building? The U.S. headquarters for Banco Santander, 1401 Brickell Av...

http://img115.imageshack.us/img115/9539/14011qc1.jpg

http://farm4.static.flickr.com/3583/3686153931_78103c22fa_b.jpg
http://farm4.static.flickr.com/3583/3686153931_78103c22fa_b.jpg

http://farm3.static.flickr.com/2603/3683004690_90061115fd_b.jpg
http://farm3.static.flickr.com/2603/3683004690_90061115fd_b.jpg

http://www.globest.com/news/1545_1545/florida/182332-1.html

Office Towers Dangle Upgrades, Discounts
By Eric Kalis

MIAMI-Landlords of existing local office buildings are going on the offensive. Faced with a glut of new space and the continuing effects of the recession, managers and owners of buildings in the Downtown and Brickell financial districts are scrambling to maintain occupancy levels by fast-tracking building upgrades and offering more generous rental deals.

More than 1.2 million square feet of space are on the way. The Rilea Group’s 576,379-square-foot 1450 Brickell project is to be completed in the first quarter of 2010, while MDM Development plans an April 2010 completion for the 750,000-square-foot Met 2 Financial Center project.

To keep their properties competitive, the owners of the Wachovia Financial Center, Bank of America Tower at International Place and 800 Brickell are pumping millions of dollars into improving their buildings. They hope tenants place more value on improved office buildings with name recognition and stability than the allure of a new tower.

“Existing building [representatives] are working hard to reemphasize the attributes their building offers,” said Don Cartwright, director of leasing at Wachovia Financial Center for Cushman & Wakefield. “Quality, security and stability sells.”

Wachovia, the tallest office tower in Florida, is in the midst of an $8.3-million capital improvement project, Cartwright said. The outdoor plaza of the 55-floor Wachovia building is being renovated to attract new restaurants and retailers; the public bathrooms are being improved; and new escalators will be installed. The improvements are expected to be finished by April 2010.

Owner JPMorgan Chase is applying for Leadership in Energy and Environmental Design gold certification for the tower. Gold certification has already been awarded to 1450 Brickell.

The Wachovia building, which is 98% occupied, will lose two tenants next year: the accounting firm Deloitte, which is moving to Met 2, and law firm Bilzin Sumberg Baena Price & Axelrod, which signed a lease at 1450 Brickell in September.

Closer to Interstate 95, Wealth Capital Management is putting between $1 million and $2 million into Bank of America Tower at International Place, says leasing director Tony Puente, senior vice president of Fairchild Partners. Improvements are being made to the fitness center, Sky Grille restaurant, public bathrooms and common areas.

Occupancy at the Downtown Miami tower is expected to drop to the mid-80% range when Bank of America’s lease expires in December 2010. The bank is consolidating offices into 80,000 square feet at its offices at 701 Brickell Ave.

For now, Wealth Capital is more focused on retaining existing tenants than replacing the bank, Puente says. Law firm Carlton Fields, financial services giant UBS and Thomson Reuters, a financial news and information provider, renewed their leases at the tower earlier this year.

“We have been proactively communicating with tenants who even have two or three years left on their leases,” Puente says. “Our position is that we are a mature, stable building with solid ownership in a good financial position.”

Stiles is in the midst of enhancing 800 Brickell by renovating its outdoor plaza. The firm lured TotalBank from 1101 Brickell. The bank opened a branch on the ground floor at 800 Brickell.

There was one bit of good news for landlords recently: Construction of a third major office development in Miami, Foram Group’s 600,000-square-foot Brickell Financial Centre, has slowed to a crawl with no financing and no planned delivery date. That reduces the amount of office space coming to market in the middle of an economic downturn.

Meanwhile, tenants are taking advantage of a favorable office market by increasing pressure for substantial rent reductions, concessions and improvement allowances. The challenge for landlords is to determine how far to go with rent reductions and concessions, brokers say.

Gross rents in class A office buildings in Miami averaged $48 per square foot in the third quarter, according to Cushman & Wakefield. But landlords are actually offering rates substantially less than the market average, says John Marshall, a senior director at Cushman & Wakefield who represents several tenants in the central business district.

Bank of America Tower at International Place is quoting gross rents between $34 and $39 per square foot. By comparison, Flagler Real Estate Services is advertising space at 1390 Brickell for $32 per square foot. While terms of the leases signed by 1450 Brickell and Met 2 were not disclosed by the landlords, the deals are believed to be as much as 30% lower than initial projections, according to Marshall.

“It is typical in a new building to have the first few deals be loss leader deals,” he says. “It remains to be seen whether or not our economy improves quickly enough for landlords to get rates back up to where they need to be.”

Just like Napoleon.

Actully Napoleon was of normal hieght.
We've all been desived of british propaganda. Quite succesfull propaganda I might add. :)

Actully Napoleon was of normal hieght.
We've all been desived of british propaganda. Quite succesfull propaganda I might add. :)Really? But Napoleon was still French, right?
Or is that more propaganda to make him look feeble.

The following map explains why Napoleon had to be taken out:

http://www.lewrockwell.com/blog/lewrw/archives/043575.html

Really? But Napoleon was still French, right?
Or is that more propaganda to make him look feeble.Maybe we have been desized of British propaganda.

The following map explains why Napoleon had to be taken out:

http://www.lewrockwell.com/blog/lewrw/archives/043575.html

That's awesome. I think it's called the 'Palin Map' :cheers:

Really? But Napoleon was still French, right?
Or is that more propaganda to make him look feeble.

Well, actully he was corsican. Corsica is a french island north of Sardinia, but it's language, culture and nature is way more italian. Sort of like Puerto Rico to the US.
He's birth name was Napoleone di Buonaparte.

Does not look good for the new office towers!

COMMERCIAL REAL ESTATE
Downtown Miami facing office space glut
The economic recovery of the downtown Miami area will depend on its ability to absorb a glut of new commercial space.

Buy PhotoRobert Tascione, left, construction manager, and leasing Jack Lowell, check out the view inside the future office of Greenberg Traurig. CARL JUSTE / MIAMI HERALD STAFF
Photo Similar stories:
•Miami law firm signs large office space lease at 1450 Brickell
Miami law firm signs large office space lease at 1450 Brickell
In the largest office space deal of the year, Miami law firm Bilzin Sumberg Baena Price & Axelrod announced Tuesday it has signed a lease to move into 1450 Brickell, one of three office buildings under construction in downtown Miami.

Bilzin Sumberg will occupy 80,000 square feet and four floors in the 35-story office tower scheduled for completion in the first quarter of 2010 by developer Rilea Group. Financial terms of the 15-year lease were not disclosed.

The law firm will be relocating from Wachovia Financial Center. In an indication of the turbulence surrounding the current real estate market, this is the second lease Bilzin Sumberg has signed for a new office space.

•Miami law firm Bilzin Sumberg to move into 1450 Brickell
Miami law firm Bilzin Sumberg to move into 1450 Brickell
In the largest office space deal of the year, Miami law firm Bilzin Sumberg Baena Price & Axelrod announced Tuesday it has signed a lease to move into 1450 Brickell, one of three office buildings under construction in downtown Miami.

Bilzin Sumberg will occupy 80,000 square-feet and four floors in the 35-story office tower scheduled for completion in the first quarter of 2010 by developer Alan Ojeda's Rilea Group. Financial terms of the 15-year lease were not disclosed.

The law firm will be relocating from Wachovia Financial Center toward the end of 2010. In an indication of the turbulence surrounding the current real estate market, this is the second lease Bilzin Sumberg has signed for new office space.

•Landlords find creative ways to fill retail spaces
Landlords find creative ways to fill retail spaces
When the Fort Lauderdale Children's Theatre first approached Galleria Mall about leasing rehearsal and classroom space, the organization knew it was a long-shot.

Would the prime regional shopping mall in East Fort Lauderdale be willing to rent space at a below market rate to a nonprofit organization?

In the midst of the real estate boom, the answer would have been a resounding ``No.'' But times have changed. Bankruptcy has left a trail of retail vacancies including Circuit City, Linens 'N Things and Sound Advice. Plus many national retailers are putting the brakes on expansion plans. That's forced some South Florida landlords to get creative in order to fill space.

•Health care helping prop up medical office space
Health care helping prop up medical office space
LOS ANGELES - The health care sector is one of the few bright spots in an otherwise dismal market for office space.

While the recession has left entire floors barren in many high-rise office buildings, demand for space in buildings near hospitals is competitive and that has propped up rents and kept vacancies in check.

Doctors and other medical tenants have weathered the economic slowdown better than retailers and other office tenants. And for landlords, these tenants tend to stay in the same location longer than other office renters and have lower default rates.

•Health care helping prop up medical office space
Health care helping prop up medical office space
LOS ANGELES - The health care sector is one of the few bright spots in an otherwise dismal market for office space.

While the recession has left entire floors barren in many high-rise office buildings, demand for space in buildings near hospitals is competitive and that has propped up rents and kept vacancies in check.

Doctors and other medical tenants have weathered the economic slowdown better than retailers and other office tenants. And for landlords, these tenants tend to stay in the same location longer than other office renters and have lower default rates.
BY ELAINE WALKER
ewalker@MiamiHerald.com
Crave more modern office space? Looking to slash expenses?

It's a great time to be a commercial tenant in downtown Miami or the Brickell Avenue financial district, thanks to a glut of new office space that will begin flooding the market next year.

But for everyone else in the downtown commercial real estate game -- lenders, brokers, bankers, construction workers -- there's a disaster brewing, the likes of which hasn't been seen since the 1980s.

The recession already has businesses downsizing or closing. At the same time, there are no new tenants moving into the area and vacancy rates have soared to 15 percent -- a level unseen since 2004.

Meanwhile, two behemoth office towers -- Met 2 Financial Center and 1450 Brickell -- are to be completed next year. Another tower, Brickell Financial Centre, might open in 2011.

The future health of a revitalizing downtown area will depend on the ability to absorb as much as two million square feet of new office space -- nearly the equivalent of sprawling Sawgrass Mills. In a good economy, the market absorbs 250,000 square feet of space a year. Analysts estimate it could take three to seven years for the space to be rented, extinguishing many hopes for new construction and the jobs it creates.

How it all plays out could have serious implications for an economic recovery that has begun to take root elsewhere but hasn't quite made its way to South Florida.

``In the short term it will present quite a challenge,'' said Alyce Robertson, executive director of Miami's Downtown Development Authority, which is working to recruit new companies to downtown.

Until that happens, competition for tenants will be fierce, giving an edge to shoppers like Hunton & Williams. ``It's nice to be wanted,'' said Marty Steinberg, managing partner of the law firm's Miami office. ``It's like dating. We're one of the larger tenants in the market so it puts us in a good position.''

The tenant game of musical chairs will take years to play out. The big question: When the music stops, who will get stuck with the empty chairs?

``The vacancy rates are going to go up another 10 percent by the end of next year,'' said Chris Lovell of the real estate services firm Studley. ``It will be the office space equivalent of the condo situation.''

MOST THREATENED

The biggest danger looms for buildings carrying lots of debt, declining values and increasing vacancies.

``It's the buildings that traded in the last five years or went through a refinancing that are in a challenging situation today,'' said Jonathan Kingsley of Grubb & Ellis brokerage. ``The existing landlords who are smart are realizing they better maintain a tenant at some cost or discount rather than lose them to a new building.''

In 2007, the top buildings in the market were quoting lease rates in the low-to-mid-$40-per-square-foot range. Today, rents at those same buildings have dropped to the low- to mid-$30s -- preboom prices.

For tenants with stable businesses and good credit, it's a chance to upgrade and lock in lower rents. Many are signing deals as long as 15 years versus the average five- to 10-year lease. ``There are more options for tenants today than there ever have been,'' said Barbara Liberatore Black, founding partner with Cresa Partners, which represents about 10 tenants shopping for space. ``These tenants are very curious to see what they can get.''


Full Story 1 2 Next »

found this, I don't know what it is but I do know it's from a spaniard website.
http://www.cincodias.com/recorte.php/20070927cdscdiemp_3/XLCOV467/Ies/futuros_rascacielos_espanoles_selecto_Miami.jpg

link to page
http://www.cincodias.com/articulo/empresas/futuros-rascacielos-espanoles-selecto-Miami/20070927cdscdiemp_45/cdsemp/

^^ there is no link to that page!! :ohno:

Really interesting picture, but that link opened up a hell of pop ups and adware.

El mayor de los bloques tendrá casi 300 metros de altura, 65 plantas y 200.000 metros cuadrados en primera línea de costa. 'Lo que más ha gustado a la comisión es la forma de vela, que permite que todas las habitaciones tengan vistas al mar', aseguran desde la promotora presidida por Pedro Iglesias.

Este edificio, además de espacio para oficinas, cuenta con un hotel de cinco estrellas, residencias de lujo, spa, sala de espectáculos para 1.500 espectadores, centro de convenciones, restaurantes con vistas al mar, centro médico, un centro comercial e incluso una pista de patinaje sobre hielo. Tal vez las estrellas Gloria Stefan o Paulina Rubio, residentes en la soleada Florida, también se acerquen al estudio de grabación del rascacielos.

El hermano pequeño, el Emeraude II -de 250 metros de altura- dispone de 75.000 metros cuadrados de superficie construida en 60 plantas, distribuidos en oficinas, viviendas y dos plantas completas para uso comercial.

Ok, so the name of the towers are Emeraude I y II, which is emerald in French. Tower I would be 300 meters, 65 stories. It says that each condo would have an ocean view. So I'm guessing tower one is the one that faces the bay. It says that other than office space, it will have a five star hotel, luxury apts, spa, a 1,500 seat auditorium, convention center, bay view restaurants, medical center, commercial space, and an ice skating ring.

The second tower would be 250 meters with 60 stories, all distributed between office space, condos, and two stories of commercial space.

The link takes you to an article dated September 27, 2007, leading me to wonder if this was ever a serious proposal. Good find nonetheless! I had never heard about this plan.

I believe it's on the Villa Magna site as well. So this could be the plan on that site after it was sold. Can someone back that up. Not sure if I'm correct.

I believe it's on the Villa Magna site as well. So this could be the plan on that site after it was sold. Can someone back that up. Not sure if I'm correct.

Yes, the taller tower is on the Villa Magna site, and that does look like the plan the Spaniards had for it before the site went back to the Hollos who are still planning to build Villa Magna whenever the market recovers. I think all that info is on the Villa Magna thread. Remember the Spaniards had planned to develop both those sites.

Does not look good for the new office towers!

It's not going to be easy for a project like OBP to get off the ground without enough real demand for space. Office projects aren't as likely to go up on speculative terms as was the case with some projects during the condo boom and what we're seeing in Miami right now is primarily the movement of pre-existing offices into new buildings rather than real expansion.

Still, I'd give it a fighting chance simply because Hollo is involved. Wouldn't be surprised to see it delayed, however. He didn't become a success by tilting at windmills and those newer office buildings don't exactly help the vacancy numbers downtown. It may take awhile to make OBP economically viable.

Here's hoping, though! :cheers:

It's not going to be easy for a project like OBP to get off the ground without enough real demand for space. Office projects aren't as likely to go up on speculative terms as was the case with some projects during the condo boom and what we're seeing in Miami right now is primarily the movement of pre-existing offices into new buildings rather than real expansion.

Still, I'd give it a fighting chance simply because Hollo is involved. Wouldn't be surprised to see it delayed, however. He didn't become a success by tilting at windmills and those newer office buildings don't exactly help the vacancy numbers downtown. It may take awhile to make OBP economically viable.

Here's hoping, though! :cheers:

By OBP's completion date though (2015), anything can happen. Even if the market were booming right now, that's not to say that it still would by the time a project as large as OBP is completed. For it to even be still scheduled to start in 2011 at this point, I must say there must be some pretty deep pockets behind it who want to see it happen.

I think the fact that OBP was, from the get-go, always planned for a much later construction date speaks a lot of their dedication to their project and them being realistic given the office market. I think OBP has a good chance of being built, and by 2015, a lot will have changed. This is Miami afterall.

Article on buildings jockeying for tenants:

http://www.miamitodaynews.com/news/100304/story6.shtml

Coral Gables offices battle Brickell, each other for tenants


By Yudislaidy Fernandez
Two new office projects are under way in Coral Gables, adding to the 1.6 million square feet of office space close to completion in nearby downtown Miami and Brickell.
As part of the 396 Alhambra development, construction on the 173,000-square-foot office building is to begin in the months ahead and take 18 to 20 months to complete, said Darryl Robinson, the project's leasing agent.
The $130 million office project encompasses rehabbing an existing seven-story office building and constructing a 15-story Class A office tower at the southeast corner of Alhambra Circle and LeJeune Road.
Construction of parking for 396 Alhambra has begun and renovations of the seven-story building are under way, said Mr. Robinson, principal of Oak Hill Advisors.
Miami developer and project principal Eddie Avila teamed with Agave Florida Investments, a real estate affiliate of Mexican tequila producer Jose Cuervo, to build the project.
Citibank inked a 10-year lease, with renewal options, last month for 5,500 square feet of retail space at 396 Alhambra's new north tower.
Citibank is moving into a temporary lobby location in 396 Alhambra's south tower because the old branch building, at Alhambra Circle and LeJeune Road, is being demolished to make room for the new 15-story north tower.
As part of the development, a three-story garage on the property has been demolished and an 884-space garage is under construction. The eight-story garage — already up to the fifth level and expected to be complete by September — is to include 18,000 square feet of ground-level retail, Mr. Robinson said.
The construction manager is Balfour Beatty and the architecture firm is Fullerton Diaz.
While parking construction is under way, Mr. Robinson said, the existing office building, with 90,000 square feet of leasable office space, is undergoing a major makeover that began about six months ago. It includes installation of hurricane-impact-resistant windows and new reconfigured bathrooms. Renovations are to finish around October.
"You will not know the difference between the old tower and the new tower," he said.
Despite the recently completed 2020 Ponce, a 14-story office tower in the Gables, and Met 2 Financial Center and 1450 Brickell wrapping up construction this year in downtown Miami and Brickell, Mr. Robinson says prospective tenants will recognize the project's value.
"We feel our timing is perfect to get tenants that recognize the value of a well-built, well-capitalized partnership with the goal in mind of building something special," he said.
But more competition is brewing close to home.
Nearby, Allen Morris Co. is moving ahead with its latest project, Ponce de Leon Towers, a 210,000-square-foot luxury office building that is part of the seven-acre Old Spanish Village in the Gables.
The Coral Gables-based development company got a ruling from the City of Coral Gables last week that allows it to proceed with its last project approvals, said W. Allen Morris, company chairman, president and chief executive officer.
The group has signed leases for 32,000 square feet of the 210,000-square-foot office project, Mr. Morris said.
The Rockefeller Group has committed to one full floor equaling 25,000 square feet and Allen Morris Co. is to move its headquarters from Alhambra Towers to the new building to occupy 7,000 square feet. Rental rates start at $43 per square foot on a gross basis.
"We are in negotiations with other tenants that will take us well over our 50% [leased] target," Mr. Morris said. "A lot of people like to build speculative buildings. We like to build buildings that are successful before we start construction."
Mr. Morris said he plans to begin construction by year's end to complete the 16-floor project by the end of 2012.
On the ground floor, the building is to house a bank branch, a restaurant and another financial services firm. Just as in Alhambra Towers, another Allen Morris Co. office project in the area, the eight-level garage is to be underneath the building. Office floors are to begin on the ninth level.
The city also has plans to renovate Ponce Circle Park, Mr. Morris says, which sits steps from the property. He says he hopes the park's renovation is completed by the time Ponce de Leon Towers is built.
With a design inspired by the 16th century Gothic Cathedral of Barcelona, Mr. Morris says what differentiates his project from those rising on Brickell Avenue is the architectural design and originality.
"It's not just another glass box like the new office buildings in Brickell Avenue," he said. "They are very nice buildings, but they are all glass boxes and one cannot even tell them apart."

Article on buildings jockeying for tenants:

http://www.miamitodaynews.com/news/100304/story6.shtml

We really need a light rail line through Miracle Mile and Coral Gables. Those neighborhoods are already dense enough to justify a rail line connecting it directly with Downtown and the existing Metro line.

I made this quick map in about ten seconds showing what I mean...

http://img.photobucket.com/albums/v96/kevinkagy/gables_lightrail.png

Hello,I have been keeping up with this forum for a long time now,you guys are great!But I must comment on the map that Kevin put up .This is what I have always envisioned as the first step in brining more riders to metrorail.Gov center/stadium/lit hav/coral gables/douglas road.Dose it not just make so much sense!

By the way, here is a rendering of the new 396 Alhambra building which I don't think has been posted before:

http://www.gableshomepage.com
http://www.gableshomepage.com/files/imagecache/spotlight-8-col/images/image/Aerial_final.jpg

They need to reconfigure the on-street parking situation on Alhambra Circle. Either they make it parallel parking and widen the sidewalks or, dare I say it, add a streetcar line in that space. Either way, that suburban style on-street parking is dangerous in such a high-trafficked area and takes up a lot more space than conventional parallel parking.

They need to reconfigure the on-street parking situation on Alhambra Circle. Either they make it parallel parking and widen the sidewalks or, dare I say it, add a streetcar line in that space. Either way, that suburban style on-street parking is dangerous in such a high-trafficked area and takes up a lot more space than conventional parallel parking.

You could say the same thing about Miracle Mile. Coral Gables is trying to get rid of the diagonal parking spaces there too but is meeting alot of resistance from some of the store owners who say people are too lazy to park in a garage a block away and will shop somewhere else instead.

We really need a light rail line through Miracle Mile and Coral Gables. Those neighborhoods are already dense enough to justify a rail line connecting it directly with Downtown and the existing Metro line.

I made this quick map in about ten seconds showing what I mean...

The metro-mover is what? 25 years old? I'm not about to say it's been underused, but having 20,000 new residential units in the area will sure as heck justify it's existence. I read last summer that the Metromover averages around 25-30,000 riders a day (http://brickell-life.blogspot.com/2009/08/sometimes-it-pays-to-be-green-in-miami.html).

A lot of the traffic problems on the freeways would be alleviated with that proposed rail line.

What type of issues will we face though in terms of a light rail to counter flooding issues during the summer months? I don't have much of a engineering background, but won't they need to slightly elevate the rail (let's say 6-12 inches) which would then flood the street unless new drain systems were put in or the county puts in some drainage pools alongside. Therefore the most logical move would to mirror the Metromover and put it at least a story above ground...which the officials in City Beautiful may be more likely to consider an April's fools joke and be reluctant to approve (unless it was brick or Mediterranean).

The fact that Miami has the 7th largest transit system and 1 rail line is a joke. 2020 for the Orange rail line? The stop connecting the airport should have been put in a long time ago given the tourist/service oriented economy.

Although the county is facing several fiscal issues, IMO the system should still focus on interconnected rails rather than bus routes. In the beginning of the next boom developers will also be looking for gold LEED certification. The urbanized downtown core will drive a greater demand. I'm foregoing an Al Gore speech on sustainability, but greater consideration needs to take place for commute time efficiency (buses cannot justify this) and less consideration for taxi profits.

Then again who knows...maybe I'm wrong where with the nature of Miami even with a efficient rail system too many people would be too superficially competitive and insist on owning and driving a car. Up north in NYC, Chicago, DC and Boston people don't perceive trains as the lower class mode of transport (part of that is also due to exorbitant parking and insurance costs).

IMO MDT will need dually invest in marketing a stronger image as well as the rail infrastructure...

The metro-mover is what? 25 years old? I'm not about to say it's been underused, but having 20,000 new residential units in the area will sure as heck justify it's existence. I read last summer that the Metromover averages around 25-30,000 riders a day (http://brickell-life.blogspot.com/2009/08/sometimes-it-pays-to-be-green-in-miami.html).

A lot of the traffic problems on the freeways would be alleviated with that proposed rail line.

What type of issues will we face though in terms of a light rail to counter flooding issues during the summer months? I don't have much of a engineering background, but won't they need to slightly elevate the rail (let's say 6-12 inches) which would then flood the street unless new drain systems were put in or the county puts in some drainage pools alongside. Therefore the most logical move would to mirror the Metromover and put it at least a story above ground...which the officials in City Beautiful may be more likely to consider an April's fools joke and be reluctant to approve (unless it was brick or Mediterranean).

The fact that Miami has the 7th largest transit system and 1 rail line is a joke. 2020 for the Orange rail line? The stop connecting the airport should have been put in a long time ago given the tourist/service oriented economy.

Although the county is facing several fiscal issues, IMO the system should still focus on interconnected rails rather than bus routes. In the beginning of the next boom developers will also be looking for gold LEED certification. The urbanized downtown core will drive a greater demand. I'm foregoing an Al Gore speech on sustainability, but greater consideration needs to take place for commute time efficiency (buses cannot justify this) and less consideration for taxi profits.

Then again who knows...maybe I'm wrong where with the nature of Miami even with a efficient rail system too many people would be too superficially competitive and insist on owning and driving a car. Up north in NYC, Chicago, DC and Boston people don't perceive trains as the lower class mode of transport (part of that is also due to exorbitant parking and insurance costs).

IMO MDT will need dually invest in marketing a stronger image as well as the rail infrastructure...

Is all well said but to make of this involves politians, but as any one who lives and works in florida knows florida is mainly 50/50 on republicans and democrats, republicans would like that idea but that means TAX!!! and they don't like that...lol, and democrats like that because they most likely will use it since the majority are middle class... :) like me...lol...

But if some of this local officials and federal officals who represent florida would stop enriching the rich and focus on middle class for a period of time then it will happen...

I'm not saying it won't happen, but like i said 50/50 is going to be hard

ohh by the way when it does happen everyoneeee wants to get a peace of it...

democrats like that because they most likely will use it since the majority are middle class... :) like me...lol...

Not to mention, idiots.

Took the metro to Dadeland yesterday. I was excited to use WiFi on the train after seeing the ad on the cars. I brought my itouch with me since I use it for reading news, blogs, etc...

Welp, tried connecting to a wireless network. Nothing!

Apparently it's only good for some of the cars cars on a select number of the trains. Awesome! You can't even connect at the station. Maybe instead of printing a really awesome WiFi graffic ad on train cars, they could have installed the WiFi in all the trains.

Completely inefficient and poorly planned....reminds one of ______.

Whatever, I ended up reading on the Kindle app.

Not to mention, idiots.

middle class are idiot?

middle class are idiot?

Why are there school?

http://www.bizjournals.com/tampabay/stories/2010/03/29/daily20.html




Tampa is the least costly place to do business among 22 large U.S. cities, according to a study by KPMG LLP.

Tampa’s business costs were 4 percent lower than a national benchmark, a release said.

The KPMG Competitive Alternatives study allows companies to perform a quick scan of jurisdictions to determine which can offer a cost-competitive business environment, the release said. The 2010 study measured 26 significant cost components — including labor, taxes, real estate and utilities, as they apply to 17 types of business operations — over a 10-year planning horizon. It also included data on a variety of non-cost-competitive factors.

The study established a benchmark cost index of 100, defined as the average of business costs in four large U.S. metropolitan areas — New York, Los Angeles, Chicago and Dallas-Fort Worth. Tampa had a cost index of 96, or 4 percent below the U.S. benchmark.

Very competitive labor costs, along with moderately low office/industrial leasing and sales tax costs contributed to the Tampa area results, the release said. Manufacturing operations in the Tampa area averaged 97.1; corporate and IT services averaged 91.8; and research and development averaged 89.6.

Atlanta ranked No. 2 among the least costly cities with a cost index of 96.3, followed by Miami at 97 and Baltimore at 97.1. The highest cost cities were Los Angeles, New York and San Francisco, the release said.

http://www.bizjournals.com/tampabay/stories/2010/03/29/daily20.html

that because the new and old mayor support office growth and prob have like barely any cost

By the way, here is a rendering of the new 396 Alhambra building which I don't think has been posted before:

http://www.gableshomepage.com
http://www.gableshomepage.com/files/imagecache/spotlight-8-col/images/image/Aerial_final.jpg

Construction on 396 Alhambra has commenced.
http://www.globest.com/news/1681_1681/miami/300300-1.html

I like it.....perfect in Coral Gables.

I would rather Wachovia stay where they are. They just seem to go with that tower.

The Miami Herald

Posted on Fri, Jun. 25, 2010
Wachovia to leave namesake tower?
BY ELAINE WALKER
ewalker@MiamiHerald.com

The Wachovia Financial Center, one of downtown Miami's iconic office buildings, is in danger of losing its namesake tenant.
Real estate industry sources say that Wachovia Bank, which is owned by Wells Fargo, is close to signing a deal to consolidate a major portion of its Miami operations at the Met 2 Financial Center.

The move comes as Wachovia, which was acquired in 2008, will next year move to integrate its operations under the Wells Fargo name. It's expected that a prominent new downtown Miami location would play a key role in the company's rebranding efforts.

Dale Rim, a spokesman for Wachovia, said the company has not finalized any new lease. But Rim acknowledged that the bank's plans call for consolidating its downtown Miami bank branch, as well as the offices for Wells Fargo Advisors Latin America and Wells Fargo Advisors Private Client Group.

``We're bringing everyone together, which is best for our customers and our business clients,'' Rim said. ``The new location would be our Florida headquarters and it shows our commitment to Downtown Miami. The building that we do go to will be called the Wells Fargo Center.''

The expected move is part of the changes being orchestrated by Shelley Freeman, a Wells Fargo veteran, who took over in 2008 as regional president for Florida and moved the headquarters to Miami from Jacksonville.

The Wachovia bank branch and the Wells Fargo private client group are currently located at Wachovia Financial Center, 200 S. Biscayne Blvd., while the Wells Fargo Latin American office is at Mellon Financial Center, 1111 Brickell Ave.

The bank still has a little more than seven years left on its 130,000-square-foot lease at the Wachovia Financial Center. The Wells Fargo Advisors lease at Wachovia Financial just ran out and was extended for a year while the bank worked on its future plans.

Don Cartwright, who handles the leasing for Wachovia Financial, said he would be suprised to see the bank walk away completely.

``It seems unusual that they would vacate space that they're paying rent on to lease space in another building,'' said Cartwright, Director of Leasing with Cushman & Wakefield. ``They clearly have an obligation.

``If anybody tells you they have the ability to walk away without paying, that's not the case,'' he said. ``I'm not sure how you can justify walking away from a $35 million obligation.''

If it happened, it would make the first time that Wachovia or its predecessors have not called this 55-story tower home since it was built in 1984 by Southeast Bank. The office tower is the tallest in the state.

Wachovia's departure would be another blow for the tower, which is already losing two of its other anchor tenants to newer buildings. Deloitte is moving this weekend into Met 2, where it will be the building's first tenant. The law firm Bilzin Sumberg is moving later this year into 1450 Brickell Avenue, which already has its first tenants moved in.

The arrival of the two new office buildings in the downtown and Brickell Avenue corridor is creating a glut of space unlike anything the market has seen since the 1980s. It's driving up vacancy rates and driving down prices, putting the bargaining power in the hands of tenants.

Real estate brokers say that when you factor in the great deals that new buildings are offering and the ability to lock in low rents for a long-term lease, the deal may be just too good for Wells Fargo to pass up.

``You can create a sophisticated financial model that justifies making the move today,'' said Jonathan Kingsley, managing director of Grubb & Ellis' Miami office. ``At the net present value basis it may really not be costing the bank any money.''


© 2010 Miami Herald Media Company. All Rights Reserved.
http://www.miamiherald.com


Read more: http://www.miamiherald.com/2010/06/25/v-print/1699341/wachovia-to-leave-namesake-tower.html#ixzz0rtQs1xPl

Office occupancy and square footage according to Miami Today:

Downtown/Brickell: 18,048,284 sq.ft > 26% vacancy
Doral: 12,530,330 sq.ft > 24% vacancy
Coral Gables: 7,062,080 sq.ft > 17% vacancy
Miami (composite of other smaller area neighborhoods): 4,354,673 sq.ft > 25% vacancy
Miami Beach: 2,003,313 sq.ft > 18% vacancy
Coconut Grove: 1,284,086 sq.ft > 23% vacancy

Other areas with less than 1 million square feet of office space:

Hialeah: 29% vacancy, Medley: 47%, and Miami Springs: 34%.

I'm surprised by how much square footage the Doral area has in comparison to Downtown and Brickell. With the completion of Brickell Financial Centre I, Met 2 and 1450 Brickell, almost 2 million square feet (1,932,817 sq.ft) of office space will be added to the Downtown area increasing Downtown's square footage to 19,981,101.

http://www.miamiherald.com/2010/12/20/1982907/tower-sale-boosts-market.html

http://media.miamiherald.com/smedia/2010/12/20/20/8704382.embedded.prod_affiliate.56.JPG

Investors make a bet on downtown Miami, buying tower for $106 million.

The owners of Miami's flashiest office tower sell the building for a profit as an investor decides the besieged market is close enough to the bottom.

BY DOUGLAS HANKS
dhanks@MiamiHerald.com

Miami's brightest building is helping beat back some of the gloom hanging over the city's glutted office market, as Chicago investors make a big bet on downtown's return to boom times.

An affiliate of Jones Lang LaSalle recently paid $106 million for the 47-story Miami Tower, the 1987 building designed by I.M. Pei and famous for an exterior that changes color thanks to an elaborate lighting system. The price -- a 25 percent increase over its last sale in 2003 -- suggests renewed confidence in an office district suffering from depressed demand and too much supply.

``It's a good sign that somebody believes long-term in the Miami market,'' said Jay Caplin, managing principal of Steelbridge Capital in Miami, which sells and manages office properties. ``The market has been largely stagnant.''

With its Friday sale, an office tower best known for cameos in nearly every filmed and televised shot of the Miami skyline continues its role as a proxy for the highs and lows of South Florida's economy, too.

Opened as CenTrust Tower, the 600,000-square-foot building was a monument to that bank's rise in the go-go era of Miami's financial markets in the 1980s. CenTrust Chairman David Paul famously outfitted the penthouse offices with gold-plated faucets in the washrooms, marble walls and a luxe theater for executives.

When the bank collapsed in the savings-and-loan crisis of the 1990s, the tower's gilded trappings were an easy metaphor for corporate greed.

BANKING MELTDOWN

Amid the recent financial meltdown, the tower lost Bank of America as its lead tenant when the bank pulled its name off the building and cleared out of three floors of offices in a consolidation move.

Now, with new owners, a top priority will be finding another name tenant -- most likely a bank or similar financial institution, insiders said. Just as Wells Fargo signaled its ambitions for South Florida this year by securing the naming rights to the new Met Two office tower, a bank could broadcast a certain fiscal bravado by claiming Miami's flashiest building.

``There are many banks -- and many institutions in general -- that are currently looking at space and reassessing their real estate strategy,'' said Rashid Siahpoosh, senior vice president of Transwestern, the Miami company hired by new owners LaSalle Investment Management to market the tower to tenants. ``Many are looking to heighten their branding by being attached to buildings.''

While a mark-up from the $85 million that previous owner Blue Capital paid for the tower in 2003, the $105.5 million sales price is far less than the building would have fetched just two years ago. In 2008, Japanese conglomerate Sumitomo paid $260 million for the Miami Center office tower next to the Intercontinental hotel. That deal amounted to $332 per square foot, compared to $175 a foot for the smaller Miami Tower.

EAGER INVESTORS

Carey Stiss, a Bilzin Sumberg lawyer who represented Miami Tower's seller, Blue Capital, said investors were eager to scoop up Miami's most recognizable building. Holliday Fenoglio Fowler was the broker in the deal.

``When we put it on the market in September, it drew a lot of interest,'' Stiss said. ``The building itself has a lot of value. The lighting adds some intrinsic value that's hard to put a price on.''

After Bank of America left at the start of 2010, the renamed Miami Tower saw occupancy drop to just below 80 percent. Filling the vacant space is a challenge, given the arrival of two new office towers in Miami: Met Two and 1450 Brickell.

75 PERCENT FULL

A recent report by CB Richard Ellis estimated downtown Miami's office buildings are about 75 percent full. That's compared to about 95 percent full when the real estate crash gained speed in 2008.

``Downtown Miami is experiencing the highest vacancy rate seen in years,'' the report said. Landlords ``will need to offer aggressive terms to retain tenants and attract new tenants.''

LIGHTS ARE NICE

While the lights are nice, LaSalle Investment managing director Ty Spearing said Miami Tower brings with it more practical advantages in a competitive market. With plans to extend Metrorail to Miami International Airport, having a Metromover stop at the building will prove to be a key perk, Spearing said, as will the tower's proximity to an I-95 exit.

With ``all the condo and office development downtown, traffic is becoming an issue,'' he said. ``We think that's a net-positive for this building.''

The Chicago-based firm exited Miami's commercial market in 2007 -- before values crashed -- when it sold the Courvosier Centre office complex on Brickell Key for a reported $150 million.

Spearing sees LaSalle's return as well-timed, too.

``I don't know if we're at the bottom,'' he said. ``But if we're not at the bottom, I think we're close.''

Thanks for post this, Dave!^^ I saw the article early this morning, but SkyscraperCity was down at the time. Let me just add the Miami Herald's front page headline:

Tower sale boosts market

I love it!

Studley’s Lovell Bullish on Class A Miami Office Prospects
By Jennifer LeClaire

MIAMI-While some feel Downtown Miami’s office market won’t return to healthy occupancy for as long as a decade, others aren’t buying into the doom and gloom. Chris Lovell, senior managing director at Studley, is one of the optimists.

Despite being burned by multiple bubbles and major shifts in the real estate and economic markets, Lovell tells GlobeSt.com that too many advisors continue to draw straight lines when looking at future events and probable activities in Miami’s urban core. In particular, Lovell is pointing to yesterday’s article in GlobeSt.com in which CresaPartners’ Miami Founding Partner David Prevé predicted an extended recovery for Miami’s office market.

“To project the current class A absorption of Downtown Miami office space out five years and to suggest a concept of market equilibrium by using historical growth in this fashion is too simplistic,” Lovell says. “Markets will shift disproportionately and the region is subject to notable positive shifts based on current economic success in South America and Canada, and to even further positive shifts following the future correction of the Spanish banking system which seems widely anticipated in the next few years.”

Lovell also suggest that a straight line analysis of office space absorption fails to include the concept that some buildings become undesirable or functionally obsolete. As class A and class B buildings become more economically attainable, he says, tenants vacate older class B and class C properties.

“This-so called ‘flight to quality’ impacts the overall market so that the resulting increases in vacancies in less desirable properties has very little impact, if any, on the class A market,” Lovell says. According to the Studley 25 Miami Index, which looks at the top 25 buildings in the Downtown Miami and Brickell financial district, the overall occupancy rate increased from 73.3% in January to 77.2% at year end.

“While lack of employment growth will have impact on this market, continued economic pressure on rental rates will more likely be the result of continued building,” Lovell says. “Developers by their very nature want to build and each believes their property will be better than the next. The Miami Financial District will continue to see the influx of investment in office and hotel and condominium towers. We have to keep in mind that these buildings are often not highly financed and that the investment objectives are very long term.”

http://www.globest.com/news/1893_1893/miami/309010-1.html

Miami’s Office Market Gaining Strength


Miami’s office market will gain strength in 2011 as the demand for space continues to rise. Rents will increase and construction will slow. So says a new report from Marcus & Millichap.

The picture would be brighter if it nearly 1 million square feet of new office space didn’t come online in 2010. Indeed, the high-vacancy buildings that came online last year are skewing the numbers. The unfilled space pushed up vacancy by over 500 basis points in the Downtown and Brickell areas, while the rate declined in more than half of the other submarkets, M&M reports.

“As we go through the year we will see a more positive story across the board,” Tere Blanca, president and CEO of Blanca Commercial Real Estate, tells GlobeSt.com. Blanca manages 1450 Brickell, which is gaining ground with 65% occupancy after a year on the market. “I’m an optimist,” Blanca says, “but Miami has always proven me right.”

The numbers seem to back Blanca up. On the job front, accelerating employment will generate positive net absorption of 400,000 square feet countywide this year, though the total could rise to more than 1 million square feet depending on how quickly the two new buildings fill.

Leasing remains slow, M&M confirms, but the market’s status as an international gateway attracts a wide range of prospective tenants and offers a reasonable chance of significantly reducing vacancy in these buildings. There is one caveat, though: 600 Brickell.

600 Brickell scored a $130 million senior construction loan in February to finish its 40-story class A office tower. The building is scheduled to come online later this year, adding another 600,000 square feet of empty office space to the Central Business District.

Marcus & Millichap expects the pace of transactions to increase this year access to credit improves and many owners who put off estate- or partnership-related dispositions seek to capitalize on strengthening investor demand. Downward pressure on rents stemming from near-term lease rollovers could affect asset valuations in some properties, M&M says, but average cap rates continue to settle in a range from 7 percent to 8 percent.

There is nothing on the horizan after 600 Brickell so once that is finished the vacancy rate should start to drop faster.

On a side not 600 BRICELL will add to the BRICKELL market and not the Central Business District. :bash:

The article is talking more about suburban office development but it is about office development in the near future:

http://www.miamitodaynews.com/news/110721/story5.shtml


Miami office developers looking ahead to next construction cycle

By Marilyn Bowden

Even as new office buildings drive up vacancies in a market still trying to recover from the country's economic woes, some experienced developers are looking ahead to the next building cycle.
"Office development is not a business for the faint of heart," said Allen Morris, president of Allen Morris Co. "It's a little bit like shooting skeet. You don't shoot at the clay pigeon, but at where it's going to be.
"Right now we see a lot of activity, people negotiating for sites. They're shooting at where the clay pigeon is going to be three years from now. A lot of us believe we are going to see a strong resurgence in demand for office space in our community."
Starting from scratch, he said, a large office project takes three to four years to complete. With all approvals in place and the design phase complete, Mr. Morris said his company's next project, Ponce de Leon Towers, a 16-story, 203,000-square-foot tower to rise at 2801 Ponce de Leon Blvd., could be ready in as little as two years.
"We're in the process of lining up a co-anchor tenant to join an executive search firm affiliated with Rockefeller Group and our own company," he said.
"We are conservative in our approach. We like to have our projects substantially preleased before starting construction — in this case about 50% preleased.
"It makes it easier for prospective tenants when they know who the other tenants will be and helps our leasing program."
Plans are underway for another 250,000-square-foot office tower at Waterford at Blue Lagoon business park in Airport West, said Steven Smith, director of leasing at The Hogan Group, which leases and manages properties owned and developed by TIAA-CREF — Teachers Insurance & Annuity Association, College Retirement Equities Fund.
"Ultimately, we plan four more buildings at our core site, right next to the 701 building," Mr. Smith said, "though one could be a hotel."
The new tower will be "evolutionary rather than revolutionary," he said — "same architect, same design. We're trying to get ahead of the curve and doing drawings right now, hoping to get in it for permitting at the beginning of next year."
He estimated 18 to 20 months for construction.
"What spurred it," Mr. Smith said, "is that we are finding leasing is very strong."
The criteria for starting a new building include 50% leasing at the previous one, he said, a benchmark that has been surpassed at 1000 Waterford, which was released in 2009.
"The next magic number is to get to 90% overall occupancy in the park," he said. "But we wouldn't be proceeding if we were not encouraged by the strong activity we are seeing. The way things are going, we could be out of large blocks by the end of this year."
Codina Partners, which is developing Downtown Doral, a master-planned community at the former Koger Center site, will start looking at design work for another office building once its newest building, 8333 Downtown Doral, reaches about 70% occupancy, said Juan Ruiz, a vice president at Flagler Real Estate Services, which handles leasing. That target could be reached soon.
"That said, we would definitely need to have some preleasing to move forward with construction, which would consist of 150,000 to 200,000 square feet of class A office space," he said.
The decision to begin planning a new office property, a process Mr. Ruiz estimated would take a little over two years — five to six months for design and construction documents, about six months for permits and 14 months for construction of the building shell ——is also based on market activity, he said.
"For example, we currently have three leases out for execution and proposals out for all of the remaining space in our 8333 building. The level of activity has increased significantly.
"Rental rates and concessions have stabilized in the Airport West-Doral submarket. This year alone, we've seen a considerable number of tenants expand, which is also a great indicator."
While at the peak of the recession some tenants were willing to sacrifice location in exchange for lower rental rates in order to cut costs, "we're currently seeing tenants focusing more on location again," Mr. Ruiz said. "Location has been one of the biggest drivers of all the new leasing activity we're seeing at Downtown Doral."