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After picking up two properties near downtown Fort Lauderdale in March, Macken Companies announced it will build a luxury townhome community. The parcels, at 12 Southeast 13th Avenue and 1305 Southeast First Street, sold for $785,000 in March, according to Broward County property records.
G&A Strategic 1305, a company affiliated with Macken Principal Alan Macken, was the buyer. Colee Landing, an Aventura-based LLC, was the seller. Colee paid just more than $1 million for the site in September 2004. The site currently houses a two-story four-unit apartment building. Macken Realty will manage the property until plans are approved.
In February, Macken announced it would develop four homes on a barrier island in Fort Lauderdale. The project, dubbed “Beach House,” will be
situated in the Dolphin Isles neighborhood. The Florida-based real estate firm owns related affiliates VCM Builders, Bid That Project, MTV Investments, Palmetto Park, Sefran, and G&A Strategic.

 

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The top three most expensive listings to hit each of the tri-county real estate markets — Miami-Dade, Broward and Palm Beach — over the past week ranged from $3.9 million to $39 million, according to Zillow data. Miami-Dade had the priciest property and a home in Palm Beach was on the low end.

Miami-Dade

#1 A Palm Island mansion was listed for $39 million. 10 Palm Avenue includes a 130-foot heated pool with a Jacuzzi, grotto and waterfall; a beach volleyball court; gym; and movie theater. The eight bedroom, six-bathroom and two-half-bathroom mansion has 9,893 square feet and sits on a 35,348-square-foot lot, according to Miami-Dade County property records. Jago Tech Investments LLC, tied to entrepreneur Christian Jagodzinski, paid $2.25 million for the site in February 1999. Lisa Blake of Villazzo is the listing agent, according to the MLS.

#2 The house at 110 Arvida Parkway was on the market for 539 days as of early December. It was relisted this week for the same price — $35 million. The property last sold in 1990 for $1.9 million. It includes six bedrooms, nine-and-a-half bathrooms and 12,756 square feet. It features more than 200 feet of dockage, attached in-law quarters with an elevator and a third-story observatory. Engel & Volkers’ Lourdes Alatriste has the listing for this Gables Estates home.

#3 Kobi Karp designed the house at 2920 North Bay Road, which was listed at $29.5 million. The 9,815-square-foot mansion in Miami Beach has seven bedrooms and eight bathrooms. The property includes a gym, private office, elevator, custom kitchen, wine cellar, and a rooftop deck with a bar and heated saltwater pool. The Jills’ Jill Hertzberg of Coldwell Banker is the listing agent.

Palm Beach

#1 A massive equestrian property at 10366 Wellington Preserve Boulevard is being listed for $32 million. The compound totals 102.8 acres with five barns and 120 stalls. Four of the barns is 11,510 square feet, while one is 23,000 square feet. All five are climate controlled. The compound also has six 1,917-square-foot staff quarters with four bedrooms. The property also has a three-bedroom, two-bathroom guest home. Other features include two regulation-size polo fields and an exercise track. Carlos Arellano of Equity Realty Group has the listing.

#2 The 8,233-square-foot mansion at 444 East Coconut Palm Road in Boca Raton has hit the market for $8.5 million. The listing describes the eight-bedroom, eight-bathroom home as inspired by “Gianni Versace.” It’s on a half-acre lot fronting a canal. Peggy Turk of the Berger Realty Group has the listing.

#3 A Mediterranean-style home at 323 Seabreeze Avenue in Palm Beach has been listed for $3.9 million. The 4,430-square-foot residence was built in the 1920s, and its listing describes it as “meticulously maintained.” It has an expansive outdoor patio, which surrounds the property’s pool, and comes with a next-door guest home. Dana Koch of the Corcoran Group has the listing.

Broward

#1 A home with Chinese decor in Hallandale beach was listed for $10.5 million. Located at 660 Oleander Drive, this 7,458-square-foot home sits on a half-acre lot near the Intracoastal Waterway. It has five bedrooms, six bathrooms and a heated outdoor pool. Janet Ben Zvi of Engel & Voelkers has the listing.

#2 A penthouse at The Diplomat Oceanfront Residences in Hollywood is on the market for $9.9 million. Unit 2901 at 3535 South Ocean Drive has 7,861 square feet, six bedrooms and eight-and-a-half bathrooms. It takes up an entire floor, has ocean views and 12-foot ceilings. The home also has a private theater room, motorized window shades and smart-home technology. It is being listed by Bozena Kaluza of Diplomat International Realty.

#3 The mansion at 16710 Stratford Court in Southwest Ranches has been put up for sale at $4.7 million. The gated property sits on 2.5 acres and has six bedrooms and seven-and-a-half bathrooms. It features smart home technology, a media room, full gym and what the listing describes as a “free-form pool.” Jodi Macken of Macken Realty has the listing.

http://therealdeal.com/miami/blog/2015/05/01/priciest-home-listings-in-the-tri-county-area-this-week-19/

 

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Alan Macken and his partners in the Palmetto Park joint venture scored a major coup for their Miami Gardens shopping center when they landed the world's largest retailer as a tenant.

The group's Palmetto Gardens Plaza has a new anchor, a 40,000-square-foot WalMart Neighborhood Market, one of the latest of a series of large retail stores planned for South Florida. A proposed store is in the works for Palm Springs North and a long-running campaign has sought to bring a 203,000-square-foot Wal-Mart Supercenter to Midtown Miami. Meanwhile, Broward County commissioners have cleared the way for a $100 million Wal-Mart-anchored shopping center in Fort Lauderdale. For Wal-Mart, the expansion strengthens its foothold and responds to renewed competition from deep discounters and aggressively growing dollar stores. Their neighborhood stores cut into the mega retailer's share of the bargain retail market. "When you develop a big-box center, you have to achieve the highest and best use," said Macken, whose North Miami-based VCM Builders and af?liated companies have worked single-box redevelopment plays for banks, 7-Eleven Inc. stores, Family Dollar and restaurants. "It makes you, as a landlord, up your game." To sign Wal-Mart, Palmetto Park needed to meet the retailer's loading-zone speci?cations, parking requirements, tenant exclusions for certain competitors and a slew of other contractual terms. The deal took a year to hammer out versus 60 days for smaller tenants. "The big box is not necessarily a panacea," Macken said. "It doesn't cure all your ills, but Wal-Mart gave our other tenants the con?dence that there was going to be good traf?c.” That's been good and bad news for South Florida retail landlords when one powerful lessee could mean a ?ood of shoppers to buoy neighboring tenants. For some, like developers Art Falcone and Nitin Motwani, big-box leases help bolster massive projects like the proposed 10-block Miami Worldcenter with 765,000 square feet of retail anchored by a 195,000-square-foot Macy's store and a 120,000-square-foot Bloomingdale’s. But elsewhere across the region, where some big-box tenants folded during the recession or shrunk to adapt to the rise of online shopping, the loss could spell disaster for neighborhood centers like Nassau Square in suburban Lake Worth.

New Life When broker Bill Reichel took over leasing for Nassau Square, the 160,000square-foot neighborhood center had been nearly half empty for about a decade since losing its largest tenant, a regional department store that once occupied 45,000 square feet. The dramatic stem in traf?c cost the center smaller tenants and hinted at more bad news for Nassau Square. Its second largest lessee, Publix Super Markets Inc., had only three years left on its lease with no de?nitive plans for renewal. Reichel's strategy involved a $1.2 million renovation with new facades, a sprucedup parking lot, fresh landscaping and thousands of dollars' worth of new lighting to reposition the lagging center. The move paid off, allowing him to broker transactions valued at $4.25 million and raise occupancy enough to bolster the value of the $10 million shopping center over the next 18 months. Reichel secured a 45,000-square-foot lease with Metro Lumber and Hardware, a large Puerto Rican chain looking to make a South Florida entry. He then successfully negotiated renewals with Publix, Dollar Tree Inc. and the Brass Money Sports Bar & Grill, which together accounted for nearly 55,000 square feet. As part of the deal, Publix will invest about $1 million to renovate its interior. Plus, McDonald's Corp. signed a 20-year ground lease on an outparcel. "Within 90 days that shopping center will take on a whole new complexion," said Reichel, president of Reichel Realty & Investments Inc. in Palm Beach Gardens. That sort of repositioning is key, analysts say.? Emerging Opportunities As some big-box tenants shrink their brick-and-mortar footprint to compete with online sellers and others change their business models to adapt, retail landlords must prepare for new demands. Once-lucrative tenants like Of?ce Depot are shuttering hundreds of stores nationwide, leaving behind vacant storefronts that once were key revenue drivers.

In Broward County, Of?ce Depot will shutter three stores in 2015 as part of a plan to close more than 400 Of?ce Depot and Of?ceMax locations nationwide. That's both good news and bad for landlords. "Of?ce Depot is looking to sublet some of their spaces, but most people who come in wanting that much space typically want long-term deals," said Cammi Goldberg, director of retail leasing and landlord representation for Franklin StreetReal Estate Services' South Florida operations. Instead of subletting, replacement tenants go straight to landlords to negotiate new long-term leases, which often mean higher rates and improved revenue streams for property owners. But big tenants often mean big expenditures for extensive remodeling, adaptation and improvements. "In most of these cases it means a big check for improvements, so landlords need to look for term.” That's easier to get now than it was just a few years ago when departures by stores like Borders meant these businesses were struggling ?nancially or in bankruptcy. For some landlords, it meant rent streams immediately dried up as key tenants defaulted. Now departing tenants are likely to be realigning their business and still have enough revenue to pay the remainder of their contract, giving landlords a steady stream of upfront cash for renovation and repositioning. "It's a really a good time to have these spaces come back to the market," said Barry Wolfe, vice president of investments and senior director of the national retail group at Marcus & Millichap Real Estate Investment Services. "It just took time, but now we're in a much different environment. I think landlords might be licking their chops, looking for opportunities to back?ll these spaces."

 

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North Miami Beach officials are hoping for a surge in development after updating the city’s zoning code in key areas to allow for greater density.


The city of 43,250 is just south of high-end Aventura and across the water from the booming condos on Sunny Isles Beach, but it’s mostly been overlooked for major new developments. Mayor George Vallejo said its zoning code was decades out of date and it fell behind the progress of neighboring cities. The recently approved code allows buildings of up to 30 stories in the new central district along Northeast 163rd Street between Dixie Highway and Biscayne Boulevard, he said. Heading away from the new city center, buildings of eight to 15 stories are allowed on some parcels on those roads, and also on Northeast 164th Street.
Vallejo compares it to Midtown Miami.
“Rather than just have a building, you would have retail on the bottom with parking inside and active street uses to encourage walkability and live/ work,” he said. “Those are the kind of housing choices consumers want today.”
Vallejo said the city is offering incentives for developers – such as a 75 percent tax rebate over at least 15 years for new buildings and partially funding infrastructure – through its community redevelopment agency.
"The new zoning code will encourage redevelopment in North Miami Beach after years when the city’s major streets have been overlooked", said Alan S. Macken, founder of development firm Macken Cos., who grew up in the city and has offices there. He owns several properties on Dixie Highway, and he’s considering going vertical with them for mixed uses.
“North Miami Beach has a great opportunity to enhance the lifestyle of Aventura and Sunny Isles Beach because it has more streetscapes,” Macken said. “It will be different because we have wider, more diversified uses. It has the ocean and the Intracoastal and a mall.”

 

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South Florida is home to some of the most widely recognized cities, towns and areas in the southeastern United States. From the high end homes and condos of Palm Beach County to the “Venice of America” better known as Fort Lauderdale in Broward County and the style of Miami Beach, barrier island in Miami-Dade. All three of these counties provide a unique lifestyle but they each share the sunny ambiance that has made South Florida and its beaches some of the best in the country.

For over thirty years Macken Realty has cultivated its expertise of South Florida, reflected in its service and exceptional sales performance. Spearheaded by Lillian, Jodi and Alan Macken and comprised of a talented team of agents, we invite you to explore the many fine homes and luxury condos throughout South Florida.

Thank you for visiting and please bookmark our website to stay on top of the latest news and new properties. Use the Contact button for any buying, selling or investing needs and questions you may have.

 

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