News

Billionaire Citadel founder Ken Griffin is selling a prime strip of Palm Beach’s Worth Avenue for $80.5 million, three years after buying it for $78 million. Sources confirmed the buyer of the 48,600-square-foot building at 151 Worth Avenue is TZ Capital, a West Palm Beach-based real estate investment firm led by Sam Zuckert, Tyler Tananbaum and Teddy Tananbaum. The sale is expected to close Monday, a source close to the deal confirmed. TZ Capital plans an extensive renovation of vacant retail spaces and is aiming for boutique retailer tenants. A source close to the firm also confirmed the building’s underground This article originally appeared on The Real Deal. Click here to read the full story.

A Miami-Dade County committee gave David Martin’s Terra the green light to take over the troubled Miami Seaquarium in Virginia Key. Now the Coconut Grove-based firm will seek approval from the full county commission next month.  On Thursday, the Miami-Dade appropriations committee advanced Terra’s proposal to acquire Miami Seaquarium’s lease from the bankrupt company that owned the longtime attraction. A Terra affiliate is buying the lease and Miami Seaquarium for $22.5 million.  A Delaware bankruptcy court approved the deal, but it needs the county’s approval because Miami-Dade owns the property at 4400 Rickenbacker Causeway.  Martin aims to reimagine the aging This article originally appeared on The Real Deal. Click here to read the full story.

Miami ranks second only to Dubai among global markets for its branded residence pipeline, a newly released report shows. Dubai had 64 completed projects and an additional 87 in the works, with Miami trailing behind with 48 completed projects and 55 planned, according to the report from British brokerage Savills. The numbers reveal a diversifying sector proliferating throughout global markets, expanding outward from its American origins.  A similar report published in September by Knight Frank found that the Middle East accounts for 15.9 percent of active branded residences globally, and 26.7 percent of all pipeline projects. Combined, U.S. markets make This article originally appeared on The Real Deal. Click here to read the full story.

Citing negative impacts from climate change, Miami-Dade officials may grant a rent break to a politically connected restaurant tenant leasing a county owned waterfront venue. Hammock Marine Corporation — a company owned by Rodney Barreto, chairman of the Florida Fish & Wildlife Commission, and Brian May, a lobbyist for several big name developers including billionaires Ken Griffin and Steve Ross — owns and operates Noma Beach at Redfish Grill, as well as a bait and tackle shop, at Matheson Hammock Park at 9610 Old Cutler Road in Coral Gables.  Hammock Marine leases the land underneath Noma Beach and the bait This article originally appeared on The Real Deal. Click here to read the full story.

A distressed Holiday Inn site will hit the auction block next month, signaling a possible jumpstart for redeveloping one of the last major parcels in downtown Miami.  The property at 340 Biscayne Boulevard, currently home to the 200-key Holiday Inn Port of Miami-Downtown, will be sold through a court-approved bankruptcy auction starting Dec. 3, culminating with a live sale in New York on Dec. 17, according to filings in Miami federal bankruptcy court.  On Nov. 7, U.S. Bankruptcy Judge Laurel Isicoff ruled that the sale will proceed free and clear of liens. A hearing to confirm the auction results is This article originally appeared on The Real Deal. Click here to read the full story.