The principals of Hemisphere Real Estate, Inc. have been either materially and significantly involved, or have been a procuring cause in, the following sampling of projects and/or transactions:
Consulting Assignments:
Miami Circle – This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed.
Miami River Center – This highly complex property was originally designed for use by the Miami News. It was constructed in 1957 along the Miami River to accommodate large barges that delivered bulk rolls of paper. It was operated as a news plant until the late 1960s. By the 1970s, the property was converted to an operations center by Southeast Bank. In the early 1990s, the property was converted to a public elementary school. Our firm spent nearly a year involved with analyzing the different types of uses and users that this property could attract.
Mirabella – This high-rise multi-family site is located in Central Miami Beach. The owners of the property have been denied the right to build a high-rise project and are suing the City of Miami Beach under the Bert-Harris Private Property Protection Act of 1996. The lawsuit is set for trial in June 2002, and is the first case in the state of Florida to be tried under the Bert-Harris Act.
Bank of America Building (formerly CenTrust Tower) – This trophy property is one of the premier “Class A” office buildings located in Miami, and is built on air rights that are leased above a parking garage owned by Miami-Dade County, further complicating the assignment. The particular assignment involved a detailed cash flow analyses to determine the value of the property.Turtle Run – This large PUD is located in Coral Springs, Florida. It involved a joint venture between The Lennar Corporation and the Courtelis Companies. The PUD has many different land uses within the 640-acre project. The assignment involved analyzing the value of all the different components comprising Turtle Run.
Real Property Assets of Doral Park – This is another large PUD located in the western suburbs of Miami-Dade County. It involved one section of land (640 acres) being developed by the Lennar Corporation. This assignment involved analyzing the existing inventory, which included a golf course, single family homes, multi-family sites, and work-in-progress.
Port of Everglades – This property consists of over 250 acres located immediately east of the Ft. Lauderdale/Hollywood International Airport. The property had several different highest and best uses and multiple zoning classifications. The property was eventually acquired by Broward County from the Swerdlow Companies.
Arquitectonica Building – A five-story office building located in the heart of South Beach that was designed and occupied by world-renowned Arquitectonica, an architectural firm in South Florida. The building is owned by Gloria Estefan.
Property Assemblage – Assembled five separately owned properties to provide for the construction of a new parking facility for an adjoining 1,300-unit apartment complex called The Mirador (formerly The Forte Towers), owned by Charles E. Smith Residential. The Mirador is located in the very popular, yet short of parking, South Beach portion of Miami Beach, Florida.
Ad Valorem Property Tax Appeals:
Through informal negotiations and formal hearings, approximately $10,000,000 in property tax liabilities were eliminated for a variety of clients. Properties were located throughout counties of Palm Beach, Broward, and Miami-Dade.
Commercial Real Estate Brokerage and Finance:
Aventura Commons – Arranged a $17,250,000 senior mortgage through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida.
Kendall Lake Towers – Arranged an $8,400,000 senior mortgage through First Union Real Estate Capital Markets for the refinance of this 254-unit multi-tenant apartment complex located in the Kendall area of Miami, Florida. Subsequently marketed this asset for sale.
Herons Plaza – Arranged a $3,750,000 senior mortgage through CIBC Capital Markets in Atlanta, GA. Property is located in Pembroke Pines, Florida. This loan retired an existing construction loan from Bank of America.
Monte Sano Apartments – Arranged an $11,845,000 senior mortgage and an additional $300,000 in “preferred equity” through Nomura Capital on the refinance of this 180-unit garden-style apartment complex located in Huntsville, Alabama.