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Because Holland & Knight considers Miami to be a genuine gateway city, we found it fitting to name this publication accordingly. From lenders and investors to owners, developers, landlords and tenants, we have provided counsel for some of the largest and most significant real estate transactions in Miami, throughout the United States and world.
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GATEWAY2014 ANNUAL REPORTMiami Real Estate Group Project Highlights
Over the last several years, Miami has transitioned from a mid-
size American city into a global metropolis, serving as a gateway of
commerce throughout the United States and abroad. Real estate has
driven much of this transformation and the Miami of today bears little
resemblance to the Miami of years past.
Holland & Knight’s Miami Real Estate Practice Group has had the
pleasure of representing and providing guidance to many of those
responsible for this amazing transformation. From lenders and
investors to owners, developers, landlords and tenants, we have
provided counsel for some of the largest and most significant
real estate transactions in Miami, throughout the United States
and world.
This is the first edition of what we intend to be an annual publication.
Because Holland & Knight considers Miami to be a genuine gateway
city, we found it fitting to name this publication accordingly. Miami’s
uniqueness is based on its diversity of people and cultures that live
together, work together and develop the city – together.
While business cycles and market downturns will always be a part of
real estate development, there continues to be a tremendous amount
of opportunity in Miami, with the flow of capital – both financial and
intellectual – pouring into our community. As we look ahead to
another successful year of counseling our clients on what are sure
to be truly impressive projects, we would like to briefly reflect on
some of our project highlights throughout 2014.
We continue to be amazed by the scope of transactions taking place
in this “new” Miami and, though we are not able to include all the
past year’s transactions in this publication, we would like to thank
each and every one of our clients for their trust, support and for
letting us be a part of this pivotal transformation.
While the following is only a small sample of our work over the past
year, we sincerely hope you will enjoy learning about Holland &
Knight’s recent activity in our beloved community.
John F. Halula
Miami Real Estate Practice Group Leader
TABLE OFCONTENTS
Land Use and Development ....................................................1
Real Estate Finance .................................................................6
Acquisitions and Dispositions................................................. 15
Hospitality and Gaming ..........................................................18
Real Estate Leasing ...............................................................20
Holland & Knight Real Estate Fast Facts ..................................23
GATEWAY2014 ANNUAL REPORT
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LAND USE AND
The Bass Museum of Art, Miami Beach
DEVELOPMENT
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Bass Museum Secures Grant to Renovate Museum
» We represented the Bass Museum in obtaining a grant from the City of Miami Beach to renovate the interior space of the museum. A world-famous architect designed the museum and we continue to assist the Bass Museum in its efforts to obtain the necessary permits to complete the renovation.
CRA Incentives for Miami WorldCenter Project
» We represented the Southeast Overtown/Park West Community Redevelopment Agency in connection with the negotiation of a $100 million economic incentive agreement in connection with the Miami WorldCenter Project being developed in downtown Miami. The Miami WorldCenter Project will consist of an up to 765,000 square foot shopping mall anchored by Bloomingdale’s, Macy’s, and complementary dining and entertainment options. It is expected to have a significant economic impact on the Park West area of Miami.
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Baptist Hospital Expands Main Campus
» We represented Baptist Health South Florida in connection with obtaining approvals for the expansion of Baptist Hospital of Miami to include the addition of land, a modification to a previously approved hotel, addition of a conference facility and the addition of the Miami Cancer Institute, all to the hospital’s master plan in Miami-Dade County, Florida. The plan change added approximately 30 acres of land and one million square feet of new construction to the Baptist Hospital campus. Our efforts resulted in favorable outcomes which required significant interaction with County staff and other outside consultants to obtain the necessary special environmental approvals, zoning modifications and variances.
Codina Continues Development of Downtown Doral
» We represented several affiliates of local developer Armando Codina (including Codina Partners, CC Residential and Codina Management) with regard to numerous projects throughout Miami-Dade County, Florida. Of particular significance during 2014, we assisted the Codina entities throughout Miami-Dade County, Florida in (i) obtaining approvals for the Downtown Doral project (which consists of over 2,840 residential dwelling units, 1.4 million square feet of office use, 180,000 square feet of retail use and 100,000 square feet of municipal use entitlements); (ii) negotiating various infrastructure agreements with the City of Doral that addressed the timing and nature of obligations to install infrastructure; (iii) property tax issues associated with the conveyance of the City of Doral’s City Hall; and (iv) providing counsel with regard to efforts to significantly upgrade the water supply system with the Miami-Dade County Water and Sewer Department in order to accommodate the development contemplated by the Downtown Doral project and other projects that have been approved within the area.
Lennar Secures Approvals for Significant Development in Doral
» We represented Lennar in securing approvals for the development of more than 2,000 residential dwelling units, a charter school, and a 72-acre environmental and archaeological preservation area on approximately 240 acres of land in Doral, Florida. We assisted in obtaining an amendment to the City of Doral’s Comprehensive Development Master Plan Map, two separate zoning approvals and subdivision approvals.
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IKEA Opens First Miami-Dade County Store
» We represented IKEA with securing approvals for the site of its Miami-Dade store. Located in the City of Sweetwater, construction began in May 2013 and IKEA Miami opened in August 2014. This milestone represented a significant achievement for IKEA, which had been looking for a site in Miami for nearly a decade. The 416,000 square foot store is the largest of the Swedish company’s four Florida locations. Additionally, the IKEA Miami building hosts South Florida’s largest rooftop solar array.
Sweetwater, Florida
REAL ESTATE
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FINANCE
Palau North Beach, Miami Beach
Surf Club Obtains Construction Loan from Blackstone for Ultra-Luxury Surfside Project
» We represented Surf Club Associates in connection with obtaining a construction
loan from Blackstone to build a mixed-use project to include an 80-room Four
Seasons luxury hotel and 150 Four Seasons-branded residential condominium
units, located in Surfside, Florida.
» The lawyers involved in this project were named “Top Dealmakers” in the
Construction Finance category by The Daily Business Review.
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C1 Bank Finances Construction of Multiple Projects in Miami Beach
» We represented C1 Bank in connection with construction financing for the Peloro Condominium in Miami Beach. Peloro Miami Beach is a luxury residential condominium project featuring 1, 2 and 3-bedroom residences.
» We also represented C1 Bank in connection with construction financing for the Palau Sunset Harbour Condominium in Miami Beach. Palau at Sunset Harbour is a waterfront multi-use luxury project consisting of 11,000 square feet of retail commercial space and features 1, 2 and 3-bedroom residences.
Peloro, Miami Beach
Palau Sunset Harbour, Miami Beach
Ocean Bank Finances Construction of Silverspot Cinema in the Heart of Downtown Miami
» We represented Ocean Bank in connection with construction financing for a new retail component at the downtown Miami Met project site, which will be anchored by a Silverspot Cinema, and will occupy 76,237 square feet of the 113,508 square foot building on the northeast corner of Southeast 4th Street and Southeast 3rd Avenue.
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Downtown Miami
Oceana, Bal Harbour
HSBC Finances the Construction of Several New Projects in South Florida
» We represented longtime client HSBC in connection with several large construction loans for new projects in South Florida, including the following transactions:
» Via Mizner, a high-end mixed-use development in Boca Raton, Florida. The financing was arranged for Penn-Florida, a full-service owner and developer of residential and commercial real estate projects throughout Florida. The first phase of construction, which is underway, includes 366 ultra-luxury rental apartments and a designer retail space. A five-star hotel and first-class, hotel-branded condominium residences will be built in the subsequent phases.
» A construction loan to (i) build an 18-story, 47 residential unit ultra luxury high-rise for-sale residential condominium building containing approximately 155,000 net sellable square feet, together with a 76-space parking garage, and (ii) completely renovate a 16-story, five-star 169-key luxury hotel known as the Saxony Hotel, all located in South Beach.
HSBC Finances the Construction of Several New Projects in South Florida
» A construction loan to build a luxury residential development, Oceana Bal Harbour, in Bal Harbour, Florida. The 28-story, 240-unit condominium tower, developed by Consultatio Real Estate, spans 5.53 acres of land, 400 feet of beach, and includes a private poolside restaurant, world-class spa, Olympic-sized lap pool and leisure pool, as well as a 555-space underground parking garage.
» A construction loan to build a 57-story, 192-unit for-sale residential condominium building, with one commercial unit and six “Signature Suites,” containing approximately 621,998 net-sellable square feet and a 420-space underground parking garage, located in Sunny Isles, Florida.
SunTrust Refinances Lincoln Road Retail
» We represented SunTrust in connection with a refinancing transaction with respect to high street retail properties located on Lincoln Road, in Miami Beach, Florida, owned by a joint venture which included an affiliate of Terranova Corporation.
Ocean Bank Finances Construction of New Tides Hotel
» We represented Ocean Bank in connection with a construction loan to developers Joseph and Meyer Chetrit and Ari Pearl for the redevelopment of the Tides South Beach hotel, including a new parking garage and skybridge.
TotalBank Finances Retail Buildings in Miami Beach
» We represented TotalBank in connection with a loan that was used in the refinancing of a retail shopping center located in the heart of South Beach.
The Tides, South Beach
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ACQUISITIONS AND
Miami Design District
DISPOSITIONS
Miami Design District
General Growth Properties Acquires Interest in Design District
» We represented General Growth Properties in its participation in an investment in the Miami Design District luxury retail area by providing Florida counsel assistance and land use and real estate due diligence. The Miami Design District is an up-and-coming neighborhood in the northern portion of the City of Miami that is being developed and will provide a home to a virtual who’s who of luxury retailers, including Louis Vuitton, Hermès, Cartier, Celine, Prada and Berluti, as well as numerous high-end restaurants and luxury residential developments.
Popular Community Bank Sells Its Central Florida Regional Operations
» We represented Popular Community Bank (PCB), the U.S. subsidiary of Popular, Inc. (NASDAQ: BPOP), in the sale of its Central Florida regional operations. As part of the transaction, PCB sold nine of its branches in the Central Florida area, including $104 million in loans and $217 million in deposits.
The Greenery Mall Sale
» We represented the seller of the Greenery Mall – a mixed-use office and retail center anchored by TJMaxx/Homegoods, Jo-Ann’s Fabrics and The Guitar Center – located in the Dadeland area of Miami-Dade County.
Subsidiaries of Madison Marquette Dispose of Two Shopping Centers in Naples, Florida
» We represented two subsidiaries of Madison Marquette in connection with the sale of the Neapolitan Way Shopping Center and the Crossroads Market Shopping Center, both anchored by Publix and located in Naples, Florida.
Subsidiary of CNL Commercial Real Estate Acquires Sawgrass Office Complex
» We represented a subsidiary of CNL in connection with the purchase of an office building containing approximately 240,000 square feet of net rentable area located on a 7-acre parcel in the City of Sunrise, Florida.
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HOSPITALITY ANDGAMING
Magic City Casino Acquires Ownership Interest in Dania Beach Casino
» We represented longtime client West Flagler Associates, owners of the Magic City Casino in Miami, on its deal with Ondiss Corp. to acquire a 25 percent stake in the Dania Casino and Jai Alai. We advised West Flagler on all corporate and real estate issues involved in the sale and worked with their regulatory counsel in obtaining state approval of the transaction. We continue to represent West Flagler in connection with an extensive redevelopment planned for the Dania Casino.
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REAL ESTATE
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LEASING
Office Leasing Throughout the Southeastern United States
» We continue to represent a longtime institutional client in numerous office leases throughout the Southeast, including several large projects in Miami. The total square footage of leasing we handled in South Florida was in excess of 1,786,020 rentable square feet, with an additional 800,000 square feet leased outside of South Florida.
Coconut Grove Mixed-Use Development Project
» We represented Grove Bay Investment Group, LLC, in its efforts to secure a long-term lease of prime waterfront property from the City of Miami. The public-private-partnership aims to revitalize a portion of the Coconut Grove waterfront to create a mixed-use destination, including a marina, several restaurants, commercial uses and vastly improved public access.
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REAL ESTATEFAST FACTS
POSITION YOURSELF TO THRIVE WITH OUR REAL ESTATE PRACTICE’S UNPARALLELED EXPERIENCE
200+lawyers and
professionals maintain our 100-year tradition of providing counsel in
real estate law
25+languages spoken
fluently by our attorneys, enabling us to effectively conduct business across
international borders
Synergyacross practices,
including private wealth and financial services,
ensure we address legal needs in every
segment of the industry
Holland & Knight’s substantial experience in a wide range of business sectors is enhanced by our established working relationships with business and government leaders. The firm’s practice diversity, global reach and depth of experience boosts our ability to provide cost-effective legal counsel to clients across a broad spectrum of industries. Holland & Knight attorneys and professionals partner withclients to deliver innovative business and legal solutions.
CLIENTS BENEFIT FROM OUR PRACTICE SYNERGYAND MULTICULTURAL UNDERSTANDING
GET ACCESS TO ATTORNEYS THROUGHOUT THE FIRM, REGARDLESS OF LOCATION
WHAT OTHERS SAY ABOUT OUR FIRM
The Best Lawyers in America Guide62 lawyers | Leading the nation with most attorneys listed in Land Use and Zoning in 2015Real Estate Law | 2008 - 2014
U.S. News - Best Lawyers Guide2015 National First-tier Rankings:Land Use and Zoning Law | Real Estate Law“2014 Law Firm of the Year”Land Use and Zoning“2013 Law Firm of the Year”Real Estate
WE DIFFERENTIATE OURSELVES BY BEING
HIGHLY RESPONSIVE »to market changes, creatively adapting as circumstances demand
INNOVATIVEby offering cutting-edge counsel on evolving issues affecting every aspect of the industry
»
CONNECTEDto the Florida, Caribbean and Latin American markets, and employ our intimate knowledge of pivotal opportunities, trending communities and challenges within these locales - and beyond
»
Law360Top 10 largest practice groups in the U.S.
Holland & Knight reflects the commercial
dynamics and cultural diversity of the gateway
city of Miami, which is recognized worldwide
as an international hub for trade, business
and tourism.
LatinFinance 2014 Honored for our role in Fibra UNO’s US$2.5 billion follow-on public offering named the “Follow-On Equity Deal of the Year” | “largest-ever Latin American real estate equity sale” | “one of the largest REITs in the Americas”
WE DIFFERENTIATE OURSELVES BY BEING
CONTACTSMark Aronson
305.789.7657
Bill Bloom
305.789.7712
Miguel De Grandy
305.789.7535
Vivian de las Cuevas-Diaz
305.789.7452
Joe Dewey
305.789.7746
Joe Goldstein
305.789.7782
John Halula
305.789.7796
Alan Krischer
305.789.7758
Ines Marrero-Priegues
305.789.7776
Juan Mayol
305.789.7787
With more than 1,100 attorneys practicing in over 150 areas of law, Holland & Knight can provide you with comprehensive representation in virtually any legal matter.
Learn more about Holland & Knight at www.hklaw.com.
Rick Perez
305.789.7630
Tracy Slavens
305.789.7642
Bob Smith
305.789.7749
Gavin Williams
305.789.7637
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