💸 Another One Buys the Dust

Happy Sunday, Highest & Best readers!

I’ve been away for a few weeks on some family travel, but it’s good to be back. I thought summer might bring a lull in Florida real estate news. Turns out, not so much. Here’s a rundown of the week that was:

🏖️ Trio Teams Up for a Beachfront Teardown
🏙️ Macklowe’s Miami Loss—and Liftoff
💼 Boca Beckons Displaced Capitalists
🎾 Steve Ross Swings for Miami Open
🛍️ Nation’s Biggest Mall Owner Buys Into Brickell

Let’s get to it!

A Real Estate Trio Teams Up for a Tear-Down

For years, the Miami Beach Club was the belle of the demolition ball—courted by major developers hoping to raze the mid-century beachfront relic and replace it with something taller, prettier, and a whole lot pricier.

In the end, it took a trio.

Related Group, Dezer Development, and BH Group teamed up to buy all 108-units in that Sunny Isles condo complex for $131 million. Related already owned eight units. Last week, the group said they closed on the remaining 100.

What’s next? A fresh (and much taller) start.

The developers plan to demolish the two-story, 1951-built structure at 19051 Collins Ave. and replace it with a branded luxury tower, likely reaching 820 feet, according to FAA filings. It’ll rise next door to the Armani/Casa condo tower, another joint effort from Related and Dezer.

The deal was backed by an $87.5 million loan from J.P. Morgan, arranged by Berkadia.

“Sunny Isles Beach has always represented the pinnacle of oceanfront living,” BH Group CEO Isaac Toledano said in a statement. “We look forward to creating a landmark that honors this community’s legacy and redefines luxury for years to come.”

⏪ Catch up on recent Highest & Best issues:

• Put it in Reverse, June 1, 2025

• Get the Parting Started, May 24, 2025

• Level Up, Lauderdale, May 10, 2025

💸 His Miami Debut Ended in Loss—Now He’s Aiming Higher

Developer Harry Macklowe’s first South Florida purchase just wrapped up the way no investor hopes for: with a 37% loss.

The New York real estate titan—who once owned the GM Building and built a towering condo on Manhattan’s Billionaire’s Row—sold a 1.64-acre site near Dadeland Mall for $20 million on June 30, according to property database Vizzda.

He bought the property, at 8609 SW 72nd Avenue, for $31.9 million in 2022. It was the first ever South Florida investment for the Manhattan developer, who now holds other interests in the region.

The buyer of the site is an entity linked to Miami’s Related Group, a reliable standby for any South Florida development. The property comes with secured approvals to build 770 apartments across twin 25-story towers.

The land, formerly part of a rail corridor, is one of many snapped up by high-profile developers during Florida’s pandemic-era boom, when capital was flowing and migration trends appeared to go in only one direction ( ⬆ ). But insurance costs, interest rates, and lender risk appetites have led many to change course.

Perhaps Macklowe’s just clearing the deck for a bigger South Florida ambition: last week he, in partnership with Related, filed plans to build the tallest-ever towers on the island chain of North Bay Village, according to the Next Miami.

The plans call for two 43-story towers, with heights exceeding 500 feet, according to documents filed with the village’s planning commission. The project will include 364 extra-large luxury condos, with unit sizes averaging 2,148 square feet.

🏝️ Boca Raton: Now Accepting Displaced Capitalists

Is the future of capitalism in… Boca Raton?

Mayor Scott Singer thinks it just might be.

After democratic socialist Zohran Mamdani won New York City’s Democratic mayoral primary last month (putting him on a course to win the general election), Boca’s mayor says his phone started ringing—with business groups from up north asking what life (and taxes) might look like in South Florida.

Singer told the New York Post he’s seizing the moment. He’s touting Boca as a sunny, regulation-light refuge for capital seeking options outside the Big Apple.

“It’s going to be harder for people to stay in New York,” Singer, Boca’s Republican mayor since 2018, told the Post. “Socialism is a terrible idea that has failed everywhere it’s been implemented.”

Singer told the Post he’s spoken with leaders of financial and tech firms, pitching them on moving their corporate headquarters to Boca, citing other firms like Office Depot and ADT who are already anchored in the Palm Beach County city of 100,000.

Mamdani’s policy platform in his bid to become New York’s mayor has set off alarms in the business and real estate communities. His proposals include higher taxes on corporations and the wealthy, a citywide rent freeze on rent-stabilized apartments, a near-doubling of the minimum wage, and publicly funded services like free buses, childcare, and city-owned grocery stores.

🎾 Steve Ross Takes a Big Swing at the Miami Open

Is there anything in South Florida Steve Ross isn’t buying?

The billionaire developer —and owner of the Miami Dolphins, the F1 Miami Grand Prix, and a large chunk of real estate from Miami to West Palm Beach—is now reportedly acquiring nearly half of the Miami Open tennis tournament.

Ross, 85, already helped bring the event from Key Biscayne to Hard Rock Stadium, and now he's nearing a deal to buy a roughly 45% stake in the tournament itself, Front Office Sports reported last week.

The deal marks another milepost in Ross’ full-court press on South Florida’s real estate and cultural scene. His firm, Related Ross, is already the largest commercial property owner in West Palm Beach—and he’s been remaking that city with office towers, condos, and an ambitious bid to bring Vanderbilt University to town.

In just the past year, Ross began work on two new office towers, pledged $50 million toward Vanderbilt’s planned campus, and purchased sites for elementary schools. He also bought a waterfront synagogue and a television station — likely sites for more high-end condos.

Simon Says: We’ll Take It From Here

The largest U.S. mall owner just went all in on one of Miami’s highest-profile retail centers. Simon Property Group $SPG ( ▲ 1.3% ) has taken full control of the retail and parking at Brickell City Centre after acquiring Swire Properties’ remaining stake in the project last week, according to a press statement.

Simon previously held a 25% non-managing interest in the retail complex. Now, they’re steering the ship at a property that spans three city blocks and includes a 500,000-square-foot open-air shopping center, anchored by Saks Fifth Avenue and shaded by the futuristic “Climate Ribbon” canopy.

Brickell City Centre opened in 2016 and has since become a hub for global brands, upscale dining, and more than a few selfies. The lineup includes Apple, Sephora, Nike, and Lululemon, alongside restaurants like Motek, Tacology, and a CMX luxury cinema.

That’s it for today!

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