South Florida On The Market

A property investment frenzy is leading to an unprecedented surge in sale prices at Miami Beach’s Lincoln Road mall. And real estate experts believe the upward pricing trend is not going to stop anytime soon. In May, 818 Lincoln Road — home to Miami-based artist Romero Britto’s gallery — traded for $34.5 million . Montreal-based 818 Lincoln Corp. paid $4,119 a square foot for the two-story building. That deal followed the January purchase by New York-based Imperium Capital and Centurion Realty of a 10,000 square foot building at 643-657 Lincoln Road for $33 million, or about $3,300 per square foot. One broker, Ackman-Ziff principal Robert Kaplan, told The Real Deal Lincoln Road sale prices could eventually surpass $6,000 per square foot. Kaplan, who is marketing 800-810 Lincoln Road on behalf of nonprofit organization ArtCenter/South Florida, cites a shortage of high-quality buildings on primary Lincoln Road intersections as the driver for rent and sale price gains. Prices bega...

A longstanding dispute over a controversial city trolley garage built in Coconut Grove’s historic black neighborhood without consulting residents may get settled by the Coral Gables City Commission on Tuesday. The commission will consider approving a settlement that would have a developer build a trolley depot underneath a proposed high-rise condominium project at 301 Altara Ave., near the Village of Merrick Park. The developer, Henry Torres, is the president of the parent company of the trolley company, Astor Trolley, LLC. It would mean the city’s trolley system would never use the facility in the 3300 block of Douglas Road in the West Grove — a trolley garage built in the Grove, which is part of Miami, to be used by the Gables. This outraged neighbors who didn’t know about the garage because a public hearing was never held.       This led to lawsuits, and federal investigators found that Miami-Dade County and the cities of Miami and Coral Gables vi...