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Upland Park: Miami-Dade’s $1B Transit-Driven Landmark

A new sight is coming to South Florida. Terra Development will be starting its new development of Upland Park after securing a $170 million construction loan from Slate Property Group for phase 1. The $1 Billion project is set to begin in early 2025, with a formal groundbreaking ceremony. This will mark the start of Miami-Dade County’s largest public-private transit-orientated project in history.

Dual Purpose

The project is set to feature both residential and commercial spaces with phase 1 consisting of 578 apartments. Terra has partnered with PPK Architects, Arquitectonica and Plusurbia Design in order to create 2,000 garden-style and mid-rise apartments. In addition, the project’s 47 acres will also feature 282,000 square feet of retail space and 414,000 square feet of other commercial space.

Why Upland Park

Upland Park was created in order to support Miami-Dade County’s SMART plan. The SMART plan is a large-scale initiative with the purpose of expanding the public transit system to increase the connection within the county. Upland Park will be placed strategically in the East-West Corridor promoting its public transportation by offering a center for housing, retail and commercial spaces. The county hopes to fight its problem of traffic congestion and limit private vehicles. In addition, Upland Park is expected to create thousands of jobs and generate tremendous amounts of revenue.

Upland’s Future

Phase 1 of the project is expected to be completed by the second quarter of 2025, with the construction of residential area. With the timeline of phase 2 undeclared, it can be expected that the Upland Project will not be completed for the next few years.

Sources:

rebusinessonline.com/terra-obtains-170m-construction-loan-for-first-phase-of-1b-upland-park-mixed-use-project-in-south-florida/

www.terragroup.com/property/upland-park/

www.multihousingnews.com/terra-lands-construction-loan-for-1b-miami-project/

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A New Use for Unused Buildings: Self Storage Facilities

The Rise of Adaptive Reuse in Self-Storage

Around 9% of the total self-storage space in the U.S. comes from adaptive reuse, with 78% of these conversions happening in industrial buildings and 16% in former retail spaces. This trend is a creative solution to meet the increasing demand for storage while giving new life to older structures.

Why It Works

Building new self-storage units can be costly, especially with expensive land and zoning restrictions. In contrast, repurposing existing buildings is often more affordable. As StorageCafe’s Maria Gatea explains, converting a structure means fewer materials are needed, and labor costs are typically lower. Industrial buildings are ideal due to their high ceilings and open layouts, which make them easier to convert, while retail spaces may require more modifications.

The Appeal of Location

Converted self-storage facilities are often found in urban areas, making them convenient for renters. With fewer zoning challenges compared to new developments, adaptive reuse allows developers to build storage units closer to where people live and work. Plus, they tend to be more affordable than purpose-built storage units, offering budget-friendly options for city dwellers.

Looking Ahead

As cities grow denser and land becomes scarcer, the demand for self-storage in urban areas will only increase. Adaptive reuse offers a cost-effective way to meet this demand without requiring new land. Chicago is leading the charge with over 7.3 million square feet of converted space, and New York City is also seeing a surge in conversions.

In short, adaptive reuse in self-storage is a smart, sustainable solution for urban areas. As the trend continues, repurposing old buildings will play a key role in meeting the storage needs of growing cities.

Sorter, Amy Wolff. “A New Use for Unused Buildings: Self Storage Facilities.” Connect CRE, 14 Nov. 2024, www.connectcre.com/stories/a-new-use-for-unused-buildings-self-storage-facilities/. Accessed 20 Nov. 2024.

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2025 Commercial Real Estate Outlook: Key Predictions and Insights

As we approach 2025, the commercial real estate (CRE) landscape is poised for significant transformations. Drawing from industry analyses and emerging trends, here are eight key predictions shaping the future of CRE:

  1. Data Centers Leading Performance: With the exponential growth of digital data, the data center sector is expected to outperform other CRE sectors, driven by increasing demand for cloud services and digital storage solutions.
  2. Interest Rate Reductions: The Federal Reserve is anticipated to continue lowering interest rates, aiming to stimulate economic growth and investment within the CRE market.
  3. Rise of Shadow Spaces: The emergence of ‘shadow spaces’—areas repurposed for temporary or alternative uses—is set to become more prevalent, offering flexible solutions in the evolving market.
  4. Retail Sector Evolution: Retail spaces are expected to undergo significant changes, adapting to new consumer behaviors and technological advancements to remain competitive.
  5. Industrial Sector Growth: The industrial sector is projected to continue its expansion, fueled by the rise in e-commerce and the need for efficient logistics and distribution centers.
  6. Office Space Reimagined: Office environments are likely to be redefined, focusing on flexibility and adaptability to meet the changing needs of the workforce.
  7. Sustainability and ESG Prioritization: Environmental, Social, and Governance (ESG) considerations are expected to take center stage, with a growing emphasis on sustainable and socially responsible investments.
  8. Technological Integration: The integration of advanced technologies, including PropTech solutions, is set to revolutionize property management and tenant experiences, enhancing efficiency and engagement.

At Cohen Commercial Realty, Inc., we are committed to staying at the forefront of these developments, ensuring our clients are well-informed and strategically positioned to navigate the evolving CRE landscape in 2025 and beyond. Cheers to the new year, wishing everyone a successful 2025!

For a more in-depth analysis, you might find the following resource insightful: https://www.youtube.com/watch?v=iNKTr9Jnnxg&t=16s

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Art Basel: A Cultural Beacon Driving Miami’s Economic and Artistic Renaissance

Art Basel Miami Beach has evolved from an ambitious art fair into a transformative force for Miami’s cultural and economic landscape. Launched in 2002 as the American extension of the renowned Swiss art fair, the event not only introduced the city to the global art scene but also positioned Miami as a nexus for creativity, luxury, and culture. The annual event attracts thousands of visitors, including collectors, curators, celebrities, and art enthusiasts, generating immense economic benefits and cultural enrichment for the city.

A Cultural Revolution

Art Basel Miami Beach has significantly shaped Miami’s identity as a global art hub. The fair emphasizes contemporary art, featuring works from emerging and established artists, and celebrating Miami’s unique Latin American and Caribbean influences. This cultural diversity resonates throughout the event, with exhibitions and satellite shows across the city. Over time, Miami’s local art scene has flourished, with galleries, studios, and public art initiatives thriving in the fair’s wake. The city’s Wynwood Arts District, now famous for its murals and creative spaces, is a direct beneficiary of this artistic boom.

Economic Impact

Art Basel Miami Beach has been a boon for Miami’s economy. The event generates significant revenue, particularly in the hospitality, retail, and transportation sectors. Hotels report record occupancy rates during the event, while restaurants and luxury retailers see a surge in patronage. In 2021, after a year of pandemic disruptions, Art Basel’s return contributed to Miami’s economic recovery, showcasing its ability to drive substantial local and international spending.

The ripple effects extend beyond the immediate economic gains. Real estate development, particularly in areas like Wynwood and the Design District, has been influenced by the demand for spaces that cater to the creative community. Art Basel has also inspired an influx of new residents, including collectors and artists, who seek to immerse themselves in Miami’s dynamic cultural environment.

A Legacy of Connectivity

Art Basel’s impact transcends economic and cultural boundaries. It serves as a platform for dialogue, connecting artists, institutions, and collectors globally. Miami’s strategic position as a gateway to Latin America enhances this role, highlighting the fair’s ability to bridge diverse cultural narratives. This connectivity has spurred collaborations between local and international galleries, fostering a more inclusive art market.

Future Growth

As Miami continues to grow in prominence, Art Basel Miami Beach remains a cornerstone of its cultural calendar. The city’s commitment to expanding its art infrastructure, such as the Perez Art Museum Miami and the Institute of Contemporary Art, ensures that Art Basel will continue to inspire and attract audiences. The fair is not just an event but a catalyst for ongoing transformation, underscoring the potential of art to drive economic development and elevate global standing.

Art Basel Miami Beach exemplifies how art can redefine a city’s identity, boost its economy, and create a thriving ecosystem of culture and commerce. It has turned Miami into a shining example of how creativity can fuel urban transformation, making it a destination where art and opportunity converge year-round

  Rojas, Amy. “The Evolution of Art Basel Miami Beach and Miami’s Art Scene.” Financial Times, https://www.ft.com/partnercontent/art-basel/the-evolution-of-art-basel-miami-beach-and-miamis-art-scene.html Accessed 10 Dec. 2024 

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Cohen Commercial Realty Helps Stage Kitchen & Bar Bring Culinary Excellence to Boca Raton

Stage Kitchen creates culinary magic

Palm Beach Gardens’ renowned Stage Kitchen & Bar is poised to make waves in Boca Raton. Slated to open in early 2025 along the prestigious Restaurant Row on Town Center Road, this new venture promises to bring the same bold, globally inspired flavors that have earned Stage national acclaim.

Known for its Indian-inspired small plates and unique wood-burning, open-flame cooking techniques, Stage, pronounced “staahj,” is helmed by the culinary powerhouse duo of Chef Pushkar Marathe and Andy Dugard under their joint venture, Flavor Builders Hospitality. The original location in Palm Beach Gardens is a celebrated hotspot, featuring on USA TODAY’s Restaurants of the Year 2024 list and showcasing the talents of James Beard Award semifinalist Chef Marathe.

Crafting Culinary Magic

At the heart of Stage’s allure is its commitment to artistry and authenticity. Chef Marathe’s passion for wood-fired grilling is evident:

“You have to speak to the fire… have a relationship.”

The Boca Raton location will feature custom-designed grills, including a 9-foot-long Spanish-style parrilla. The menu will mirror many beloved dishes from Palm Beach Gardens, such as chicken liver pâté, bang bang cauliflower, and grilled tandoori Niman Ranch churrasco. Additionally, Boca patrons can look forward to a daily cut steak list, including premium wagyu cuts tailored to local tastes.

An Elevated Dining Experience

Designed by Anna Woodman Interior Design, the Boca Raton restaurant will recreate the sophisticated ambiance of the original location. With deep blues, burnished bronze, and copper accents, the nearly 6,000-square-foot space will host 189 guests across indoor and outdoor dining areas, including a 25-seat bar. The venue aims to offer three distinct dining environments, ensuring a memorable experience for every guest.

Cohen Commercial Realty’s Role in Securing the Space

The expansion into Boca Raton was made possible by the expertise and dedication to long-term relationships that Chris Haass, Senior VP of Commercial Advisory Services, is known for. As part of the Tenant Representation Team at Cohen Commercial Realty, Inc., Haass played a key role in representing Stage Kitchen & Bar to find and secure this prime location on Restaurant Row.

Cohen Commercial’s commitment to understanding their clients’ needs was crucial in identifying a location that aligns with Stage Kitchen & Bar’s vision of accessibility, community engagement, and culinary excellence. PEBB Enterprises, the landlord in this Boca transaction, has been a longstanding partner of Haass’s, having worked together on multiple restaurant deals in the past, making this collaboration a perfect fit.

“Stage is a South Florida brand, but we may be growing into other major metro markets in Florida in the coming years,” said Haass.

A Thriving Culinary Future

Chef Marathe expressed excitement about bringing Stage’s eclectic, globally inspired cuisine to Boca Raton, citing the area’s diversity as a key draw. From high-finance professionals to aspiring students at Florida Atlantic University, the new Stage location promises to captivate a wide audience.

As Chef Marathe aptly put it:

“We’re excited to bring the eclectic, globally inspired cuisine to Boca.”

With Cohen Commercial Realty’s support and the passion of Flavor Builders Hospitality, Stage Kitchen & Bar is set to enrich Boca Raton’s dining scene and deliver the exceptional culinary experiences it is celebrated for.

Information from:

Ritz, Eddie. “Globally-inspired restaurant that wowed locals, made national top list coming to Boca.” Palm Beach Post, https://www.palmbeachpost.com/story/entertainment/dining/2024/10/17/stage-kitchen-bar-restaurant-known-for-indian-inspired-small-plates-opening-location-in-boca-raton/75510784007/ Accessed 10 Dec. 2024 

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A New Use for Unused Buildings: Self Storage Facilities

Adaptive reuse has been a hot topic in real estate, especially when it comes to converting office buildings into residential or hospitality spaces. But there’s another trend gaining traction—turning old industrial and retail buildings into self-storage facilities. According to a report from StorageCafe, this shift is growing, and it’s reshaping the self-storage landscape.

The Rise of Adaptive Reuse in Self-Storage

Around 9% of the total self-storage space in the U.S. comes from adaptive reuse, with 78% of these conversions happening in industrial buildings and 16% in former retail spaces. This trend is a creative solution to meet the increasing demand for storage while giving new life to older structures.

Why It Works

Building new self-storage units can be costly, especially with expensive land and zoning restrictions. In contrast, repurposing existing buildings is often more affordable. As StorageCafe’s Maria Gatea explains, converting a structure means fewer materials are needed, and labor costs are typically lower. Industrial buildings are ideal due to their high ceilings and open layouts, which make them easier to convert, while retail spaces may require more modifications.

The Appeal of Location

Converted self-storage facilities are often found in urban areas, making them convenient for renters. With fewer zoning challenges compared to new developments, adaptive reuse allows developers to build storage units closer to where people live and work. Plus, they tend to be more affordable than purpose-built storage units, offering budget-friendly options for city dwellers.

Looking Ahead

As cities grow denser and land becomes scarcer, the demand for self-storage in urban areas will only increase. Adaptive reuse offers a cost-effective way to meet this demand without requiring new land. Chicago is leading the charge with over 7.3 million square feet of converted space, and New York City is also seeing a surge in conversions.

In short, adaptive reuse in self-storage is a smart, sustainable solution for urban areas. As the trend continues, repurposing old buildings will play a key role in meeting the storage needs of growing cities.

Sorter, Amy Wolff. “A New Use for Unused Buildings: Self Storage Facilities.” Connect CRE, 14 Nov. 2024, www.connectcre.com/stories/a-new-use-for-unused-buildings-self-storage-facilities/. Accessed 20 Nov. 2024.

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Vanderbilt University receives approval for new downtown West Palm Beach campus

Vanderbilt University has received unanimous approval from the Palm Beach County Commission to establish a new campus in downtown West Palm Beach, marking a significant development for the area. This initiative is supported by a major land donation that includes two acres at 386 S. Tamarind Ave., along with additional properties on Evernia and Fern streets. The university is committing at least $300 million to the first phase of construction, which will focus on graduate programs in business, artificial intelligence, and feature an innovation hub aimed at fostering local business collaborations.


Projected to house around 1,000 students and employ over 200 full-time staff within five years, the campus is expected to have an annual operating budget of at least $70 million. Local leaders, including Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County, have expressed optimism about the campus’s potential to stimulate economic growth and attract corporate relocations. Smallridge noted that the prospect of Vanderbilt has already helped recruit a company that will bring 2,000 jobs to the area, emphasizing that “education is the currency of economic development.”


The land donation comes with stipulations: Vanderbilt must use at least 90% of the property for educational purposes, which includes student housing and research facilities. Outpatient health care and hotels are explicitly excluded from this usage. If these conditions are not met, the land could revert to the county.


Additionally, the development must address a prior agreement with Transit Village LLC, which holds a temporary license for using part of the land for parking and construction material storage. While the County Commission voted to revoke this license, they encouraged Vanderbilt and Transit Village to negotiate a new temporary agreement, as construction on the campus is not expected to begin for another year or two.


In terms of timelines, Vanderbilt has 180 days to conduct due diligence on the donated properties. Following this, the university will have 12 months—potentially extendable by another year—to finalize a master development plan. The total investment for the campus is anticipated to reach approximately $519.6 million, underscoring Vanderbilt’s commitment to contributing to the educational and economic landscape of West Palm Beach.

https://www.floridaoftomorrow.com/post/vanderbilt-university-receives-approval-for-new-downtown-west-palm-beach-campus

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Odd Burger Expands into Florida: 40 New Locations Planned

Exciting news for vegan food lovers! Odd Burger, the Canadian quick-serve vegan chain, is set to open 40 new locations across Florida over the next eight years. This announcement comes on the heels of their previous agreement to launch 20 locations in Washington state, adding to their current roster of 16 locations in Canada.


Odd Burger offers a diverse menu featuring vegan burgers, sandwiches, wraps, salads, breakfast items, and desserts, catering to a growing demand for plant-based dining options. Their expansion strategy in the U.S. involves partnering with area representatives who have a deep understanding of local markets. These representatives play a crucial role in securing franchise partners, assisting with site selection, overseeing construction, and providing ongoing support.


The partnership with StarMatt Corporation, led by Prashant Dalal and Vishal Valsadia, marks a significant step in Odd Burger’s U.S. growth. Dalal, a co-founder of Odd Burger, brings expertise as the area representative for Ontario, while Valsadia offers valuable experience in real estate and commercial development.


Stay tuned for more updates as Odd Burger continues to make its mark in the fast-casual dining scene!


Boyd, Mike. “Vegan Burger Chain to Open 40 Florida Locations.” Connect CRE, 20 May 2024, www.connectcre.com/stories/vegan-burger-chain-to-open-40-florida-locations/.

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Florida: The New Frontier for International Business Expansion

By Commercial Brokers International

Florida’s dynamic business landscape is attracting international companies and brands at an unprecedented rate, creating exciting opportunities in the state’s commercial real estate market. As a worldwide trading hub and gateway to the Americas, Florida provides unique advantages that are drawing international investment and fueling economic growth.

Why Florida?

  1. A Thriving Economy

Florida’s economy is the fourth largest in the United States and the 14th largest globally, outperforming nations such as Indonesia and Spain. Florida offers a huge market opportunity for foreign enterprises, with a population of 22 million people and an economy worth more than a trillion dollars. (Source)

  • Strategic Location

Florida provides unmatched access to emerging markets as the main commercial gateway to Latin America and the Caribbean. The state is a great starting point for businesses wishing to reach throughout the Americas because of its advantageous geographic location and sophisticated multimodal infrastructure. (Source)

  • Business-Friendly Environment

Florida’s pro-business climate consistently ranks it among the most business-friendly states in the U.S. Key advantages include:

  • Low taxes and no income tax
  • Favorable regulations
  • Competitive costs of living and doing business
  • Skilled Workforce

Florida provides multinational businesses with a vast talent pool of highly educated, technically proficient, and culturally diverse workers, numbering 11.1 million. The state’s concentration on higher education, with 12 public universities, provides a consistent supply of skilled workers.

Florida stands out among other states for its thriving economy,
strategic location, and skilled workforce

Impact on Commercial Real Estate

The influx of international companies is having a significant impact on Florida’s commercial real estate market:

  • Office Space Demand

As more international firms establish their presence in Florida, demand for office space is likely to increase, particularly in major business hubs like Miami, Orlando, and Tampa.

  • Industrial and Logistics Growth

Florida’s role as a global trade hub is driving demand for industrial and logistics properties. International companies are seeking warehouse and distribution facilities to support their operations.

  • Retail Expansion

International brands entering the Florida market are fueling demand for retail spaces, from high-end shopping districts to mixed-use developments.

  • Technology and Innovation Centers

With Florida’s growing reputation as a center for innovation, international tech companies are likely to seek out spaces for research and development facilities.

Global businesses are rising in Florida commercial real estate market

Outlook and Opportunities

The future looks bright for Florida’s commercial real estate market, driven by international investment and remains open for business to the vast majority of international investors. The state’s economic development agencies continue to actively court foreign direct investment, offering resources and support for companies looking to establish or expand their presence in Florida.

For commercial real estate professionals, this influx of international business presents exciting opportunities. From helping companies find the perfect office location to developing state-of-the-art logistics facilities, there’s never been a better time to be in Florida’s commercial real estate market.

As Florida continues to attract global talent and investment, we can expect to see sustained growth and innovation in the commercial real estate sector. Whether you’re representing an international company looking to enter the Florida market or a developer seeking to capitalize on this trend, the Sunshine State offers a wealth of opportunities in the years to come.


If your business is looking to expand nationwide, our CRE Affiliate Network can help you smoothly extend your reach to multiple prosperous states in the country. The journey starts in Florida, and goes beyond.

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Six New Projects Reshaping the Future of West Palm Beach

West Palm Beach, often dubbed “Wall Street South,” is rapidly becoming a key destination for finance and urban living. With multiple new downtown districts in development and a surge of high-rise buildings, the city’s skyline is transforming into a vibrant hub for residents, businesses, and investors alike. Here’s a closer look at six exciting projects leading this evolution:

  1. Nora District
    The Nora District is set to become a 40-acre hospitality haven in Downtown West Palm Beach. Groundbreaking for Phase I took place in June 2023, with a completion target of early 2025. This vibrant area will feature over 150,000 square feet of retail, dining, and office space, reimagining historic railway warehouses into modern venues. Notable retailers include Loco Taqueria, H&H Bagels, and Juliana’s Pizza, alongside a brand-new boutique hotel.
  2. CityPlace
    Undergoing a major redevelopment, CityPlace will introduce two impressive office towers designed to attract leading financial firms. The East Tower is poised to be the tallest office building in the county, complemented by a luxurious residential tower called “The Laurel.” Enhancements to public spaces will create a more welcoming atmosphere, making it a premier destination for all.
  3. The District at Northwood
    This 4.6-acre site in Northwood Village is transforming into a vibrant community hub, featuring a multifamily residential complex with 382 units, including workforce housing. The project will offer 63,000 square feet for commercial use, enhancing the local dining and retail scene, along with 12,000 square feet of public open space for community gatherings.
  4. West Palm Point
    A new landmark office tower is on the way at 801 South Dixie Highway, designed by renowned firm Pelli Clarke Pelli. The 24-story West Palm Point will include 447,484 square feet of office space, ground-floor retail, and a 10-story parking garage. With plans for a
    pedestrian-friendly Paseo and ample green spaces, it aims to integrate seamlessly into the urban landscape.
  5. South Flagler House
    Led by billionaire Stephen M. Ross, this luxury condominium project is making waves in West Palm Beach. Featuring two 28-story towers with 108 units, the South Flagler House will offer high-end living along the Intracoastal Waterway. Ranging from 2,000 to over 13,000 square feet, these residences come with premium amenities and stunning views, targeting an affluent clientele transitioning to high-rise living.
  6. Mr C. Residences
    Set to debut in late 2026, Mr. C. Residences promises to blend upscale living with exceptional hospitality. This 27-story development will feature 110 hotel rooms and 146 branded residences, all designed with luxurious finishes and private terraces. Residents can enjoy a rooftop restaurant, a chic café, and an exclusive members’ lounge, creating a vibrant social atmosphere.
    As West Palm Beach continues to grow and attract new investment, these projects are not just reshaping the skyline but also enhancing the quality of life in this thriving city. Stay tuned for more updates on this exciting urban transformation!
    Nicholas, J. (2024, July 15). Six new projects are reshaping the future of West Palm Beach. Florida Tomorrow. https://www.floridaoftomorrow.com/post/six-new-projects-that-are-reshaping-the-future-of-west-palm-beach