Exciting Times for Savvy Investors in Miami Real Estate: Miami Tower Sale, Macy's Gets Hip with 20K Leasehold
In the midst of all the gloom and doom predictions for Florida's economy this year, it's important to remember what John F. Kennedy pointed out so many years ago (paraphrasing here): the Chinese character for crisis is the same as it is for opportunity.
And as 2011 begins, Miami is seeing lots of innovative, creative real estate deals being done. Consider these two examples of our bright real estate future:
The Miami Tower Sale
Consider, first of all, the $106,000,000 that clients of Chicago's global commercial brokerage firm Jones Lang LaSalle just paid for the Miami Tower. It's not clear in today's news coverage exactly who the new owners are -- but one wonders if they're a part of the international investors bringing their money into the local economy since Jones Lang LaSalle is known for its global clientele, serving real estate needs in over 60 countries.
It's a beaut, this skyscraper designed by I.M. Pei, always beautifying the Miami skyline with its capacity to change colors through a complexity of exterior lighting. It's more than just another office building: the Miami Tower is somewhat of a beloved landmark for Miamians.
But here's the good news, economy-wise: it sold. And, it reportedly sold for almost an 25% higher price than its previous purchase price back in 2003. That's good real estate news anytime - but it's amazing stuff here in the first few weeks of 2011.
The Downtown Macy's 20K Lease
Meanwhile, its not just sales that are being made here in Miami: the downtown Macy's has announced that it has entered into a commercial lease of its ground floor to Miami developer Barlington Group.
And last Thursday, the Barlington Group debuted its big plans for this street space to the Miami City Commission: reportedly, there will be a Jazz & Blues Lounge (run by the owner of Miami's Transit Lounge) along with what is hoped to be the first of a chain of coffeehouses by Kana Cuban Coffee and assorted restaurants, cafes, and entertainment spots filling up the 20,000 square feet of leasehold.