Miami, FL
How best-ever Miami GP defied fears over a Vegas F1 hangover
Just over five months on from a frantic – but highly successful – inaugural Vegas street race, a third Miami GP might have felt a little old hat for America’s recently acquired passion for F1. Had Miami been trumped?
But fears that Sin City had stolen all the limelight were allayed by a sell-out 275,000 Miami GP weekend crowd and a plethora of global celebrities, musicians and sports stars and even a former US President (and future candidate).
When asked by an American journalist if he thought Miami’s race had been diminished by the arrival of Vegas, seven-time world champion Lewis Hamilton replied: “Diminished? No, I think the sport’s got bigger here.
“It’s got a lot more awareness. Every city that I go to, people are excited. It’s now a sport here in the States. Before, it was just an event that arrived once a year. Now, we’re kind of a part of the culture here, which is really, really cool.
“It’s been amazing, and I think all of us are super grateful for the US finally embracing this sport and having the love and passion for it that we all have grown up with.”
Hard Rock Stadium president and CEO Tom Garfinkel, who is the managing partner of the Formula 1 event and the boss of the Miami Dolphins NFL team, explained to selected media including Autosport that he felt his event is proving out F1’s continued growth in the States.
“We are sold out; we’re over 275,000 tickets, he confirmed. “The grandstands, suites and hospitality mostly sold out last week.
“We sort of plan things to sell out right before the race, that’s how we like to do it. And we had some last-minute campus pass sales just over the last few days, but most of the tickets were already sold.
Tom Garfinkel meets Michael Andretti in the paddock Photo by: Mark Sutton / Motorsport Images
“We’re still kind of trying to limit capacity a bit to make sure we can deliver the experience. I think if we put 125,000 people a day in here, traffic would get worse, concessions and bathroom [queues] and everything would get worse.
“We anticipate growing the attendance in the future, but right now we’re trying to just keep delivering this great experience hopefully and grow it slowly.”
As well as a packed house, celebs like Ed Sheeran, Kendall Jenner, Luis Suarez, Danny Ramirez, Tom Brady, Alexandra Daddario, Camilla Cabello and Patrick Mahomes strolled the paddock.
There was clearly no reduction in star names wanting to be seen here, and it seems that fan interest continues to be boosted by having celebrity attendees on site.
“I think the people that didn’t come in year one had FOMO [fear of missing out] and wanted to come in year two,” said Garfinkel of the event’s celebrity pulling power. “And then the people that maybe missed the first two years wanted to come this year.
“I got so much good feedback from some of those folks. One very, very famous athlete told me it was his favourite event he’d ever attended because he could be with his friends, he got in and out easily. He wasn’t being bothered for pictures and selfies and stuff. Then he ran into other friends of his that he didn’t expect to see.
“He was like, ‘this is the best event I’ve ever attended and I wanna come every year’. So, from that standpoint, I’m not surprised they’re coming back and that more people are coming that haven’t been here before.”
For RB’s sprint race hero Daniel Ricciardo, whose popularity in the US exploded thanks to Netflix’s Drive To Survive, he believes that the spectacle only continues to increase.
Daniel Ricciardo, AlphaTauri VCARB01 Photo by: Erik Junius
“I love when you mix sports and the States, I think it’s always a lot of fun,” he said. “I’m enjoying having three races here.
“I didn’t compete here last year, but I was here at the event. It felt like it was much kind of I’d say better, let’s say grander than year one, which is expected.
“It’s like a whole week of things now. And I feel that you know, our weeks have built out now not to the extent of a Super Bowl week but it’s getting there with events and people are interested.
“There’s kind of high from a Wednesday onwards, it’s not just the Sunday that they’re excited for the race. We had a really good crowd, a lot of young people, and I feel like a lot of a new audience coming in so it’s good to grow the sport for sure.”
In his role, which is second only to the Miami Dolphins billionaire owner Stephen Ross, Garfinkel gets the peruse the entire campus and is all about the details, listening to feedback and fine-tuning the experience for his patrons.
Of course, he spends most of his time in the exclusive suites and that gives him insight into what’s making them the hottest ticket in town.
“I think Miami attracts so many people because it’s culturally relevant,” he said. “When you combine Miami with what Formula 1 is, I think that combination creates a lot of great things.
“We have an area called the Palm Club, and just looking around who was in that room and then going to Carbone Beach [an exclusive off-site supper club that attracted Taylor Swift’s NFL boyfriend Travis Kelce, LeBron James and Ivanka Trump] and seeing who was in that…
“I was with people, you know, they are some of the wealthiest people in the world. There are CEOs of some of the biggest companies in the world. There are NFL players, NBA stars, music stars and they’re all converging and hanging out, spending time together and we’re all kind of looking at each other.
“I was with one CEO of a huge bank and he’s like, ‘I can’t believe this room’ – and he’s been in a lot of rooms, you know what I mean?! So, it’s really amazing to see people of different ages, backgrounds, skin colour, all kinds.
Camila Cabello, singer
Photo by: Mark Sutton / Motorsport Images
“You’ve got hip-hop stars hanging out with CEOs of banks, hanging out with some billionaire, hanging out with an actress. You’re just standing there like ‘this is bizarre’ – but that’s a lot of fun.”
Garfinkel doesn’t see a risk of dilution with having three events in the US, and points to his group’s close ties with Vegas in particular, as they are both effectively partnered with F1 owners Liberty, rather than Austin’s ‘legacy’ United States GP event.
“I think Miami, Austin and Las Vegas are all three very different cities with three very different cultures,” he added. “And we’re trying to be uniquely Miami here, and Vegas does what Vegas does and Austin does what Austin does.
“I think those differences are all positive because it means that fans can choose which one they enjoy the most. Or choose to go to all three and have different experiences at all three.
“We’re just being Miami, and trying to do things a little differently, do some things that are fun across the spectrum from people that are spending $150 a day for a campus pass to people that might spend $15,000 a day for really high-end luxury experience.
“We’d love for this event to become like the Super Bowl or Wimbledon or the Masters or something where it’s an event you need to attend and you need to go to.
“And I think it’s got the potential to become that.”
Miami, FL
Miami-Dade condo owners plead for help after weeks-long elevator outrage impacting residents’ health
Condominium owners near Doral are appealing for help after their buildings have been without elevator service for weeks. They are speaking exclusively with CBS News Miami, sharing stories of hardship amid the area’s suffocating heat. Several owners, who are elderly and have disabilities, say they are struggling to climb the stairs.
This is not the first time the issue has plagued Parkwood Condominiums. Last July, CBS News Miami reported that one building in the complex had been without elevator service for more than a week.
Currently, service has been out at 9240 Fontainebleau Boulevard since May 14. The elevator at 9270 Fontainebleau Boulevard has been out of service since May 15, and the elevator at 9180 Fontainebleau Boulevard is also non-functional, though the duration there is unknown.
Ronald Bedenis, who has lived on the fifth floor of 9240 Fontainebleau Boulevard for 31 years, expressed worry for his wife and others.
“It’s terrible. People are having a really difficult time,” Bedenis said. “My wife cannot go out. I have an 80-year-old woman who cannot go down the stairs. Another neighbor is 104 years old, and she is in a wheelchair. How is she supposed to get down and buy food?”
His neighbor, 68-year-old Sandra Hanson, shared her struggle. “It is horrible. It is very bad because my husband is 80 years old and he cannot walk. He is very sick. He is stressed out,” Hanson said.
At 9270 Fontainebleau Boulevard, 77-year-old heart patient Luis Jorge said the outage is impacting his health.
“They put two catheters in my heart before, and I have another operation coming up,” Jorge said. “To go down is not a problem. But to go up is a problem. We called, and there is no one to talk to. I feel like I am in prison”.
His neighbor, Iris Hernandez, called the situation “frustrating”.
“It’s a big hardship, and I am in disbelief,” Hernandez said. “I feel like I am in a nightmare. I would like to see the elevator fixed”.
CBS News Miami contacted Atlas Property Management Services in Doral and received a statement from Joaquin Alvarez, the property manager.
Alvarez reported some progress at 9270 Fontainebleau Boulevard, where a damaged property edge was repaired, but they are waiting for a control card. At 9240 Fontainebleau Boulevard, Alvarez said the elevator had a damaged valve, and he expected a new one to be installed by the end of the week. He confirmed the Condominium Association had authorized repairs.
For 9180 Fontainebleau Boulevard, Alvarez said the problem involves a defective control board, which the elevator company is working with the manufacturer to resolve. He noted the issue has been ongoing “for a while” but did not provide a repair completion date for that building.
Miami, FL
Developers pay off $115M in Miami construction loans as condos near sellout
South Florida developers knocked out a combined $115 million in construction loans for Miami condo towers that are nearly sold out, as the demand for hospitality-branded residences heats up in the region.
North Development paid off a $70 million loan to Forman Capital and Core Capital for Domus Brickell Park, while Rosso Development and Midtown Development paid off a $45 million mortgage to Arkansas-based Bank OZK for The Standard Residences, Midtown Miami.
The projects have hit major milestones.
North’s 172-unit Domus Brickell Park recently opened and has posted 120 closings, while Rosso and Midtown’s 228-unit Standard Residences is nearing completion with only five units left to sell.
North Development, a partnership between Ricardo Dunin’s Oak Capital and Juan Carlos Tassara’s Edifica, paid off its loan in April for the building at 1611 Southwest Second Avenue.
The project offers a mix of studios, one-bedroom and two-bedroom units that are short-term rental friendly. Units were marketed from the $600,000s to $1.2 million.
Zyscovich Architects is the architect, and Urban Robot Associates is the interior design firm. Amenities include the Peacock Room, which Dunin previously described as an activated lobby with food and beverage concepts, a market, and co-working spaces for guests and the public that were inspired by the ACE hotel in New York.
The payoff comes as North pushes ahead with Domus Brickell Center, another short-term-rental-friendly condo tower nearby. The developer said that 35-story, 579-unit project at 1034 Southwest Second Avenue is more than 50 percent sold and ahead of schedule. Less than a year ago, the project secured $220 million in financing, consisting of $180 million in C-PACE funding from Coral Gables-based Bayview PACE and a $40 million mortgage from Core Capital.
A few miles north, Rosso Development and Midtown Development paid off a $45 million construction loan for The Standard Residences, Midtown Miami, the first standalone residential project from the lifestyle hospitality brand. Another Standard-branded residential tower is under development in Brickell by Newgard Development Group and Two Roads Development.
Designed by Arquitectonica, the 12-story Midtown project includes 228 residences and more than 34,000 square feet of amenities, featuring a rooftop pool, pickleball court, coworking spaces and several food-and-beverage offerings, including a Juvia Group restaurant on the rooftop.
Units range from 432 square feet to 965 square feet, and include studios to two-bedroom condos. Owners will be able to rent their units out for terms as short as one month. In October 2023, fewer than 35 units remained, priced between $500,000 to $1 million.
A JLL Capital Markets debt advisory team led by Brian Gaswirth and Jimmy Calvo arranged the financing in 2023. According to JLL, the loan was paid off ahead of schedule.
Bank OZK is one of South Florida’s most active condo construction lenders. The bank also provided PMG’s state record-setting $668 million construction loan for Waldorf Astoria Residences Miami, which is expected to become the tallest residential tower south of New York City.
Even as interest rates have gradually come down in recent years, the environment is still relatively high, and construction costs continue to climb.
Read more
Juvia to open rooftop restaurant at Standard Residences in Midtown
Development
South Florida
Standard Residences in Midtown Miami scores $45M construction loan
Residential
South Florida
Ricardo Dunin, Juan Carlos Tassara land $220M financing for Domus Brickell Center
Development
South Florida
Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell
Miami, FL
Family displaced after car crashes into southwest Miami-Dade home, leaving structure unlivable
A car crashed into a southwest Miami-Dade home Sunday evening, leaving the structure unlivable and displacing a family of five, authorities said.
The crash happened near the intersection of Monroe Street and Douglass Drive and involved two vehicles, according to the Miami-Dade Sheriff’s Office. Doorbell camera video captured the moment of impact and the chaotic aftermath as neighbors rushed to help.
Five family members were inside the home at the time of the crash, including an 84-year-old woman. No one inside the house was injured, but the damage to the home was extensive.
“I was frantic. I was scared,” said Ken Charles, a relative who rushed to the scene to check on his grandmother. “I had to jump up and head straight over here and see what’s really going on.”
A woman who lives in the home, who asked not to be identified by her full name, said she initially thought something far worse had happened.
“I didn’t know if it was a gunshot, if it was a bomb, if it was a police chase,” she said. “So I looked outside and saw the car smoking.”
Emergency crews transported three people involved in the crash to a hospital with injuries ranging from stable to critical, officials said. Doorbell video shows neighbors and occupants of the vehicles attempting to help the injured moments after the collision.
Residents in the neighborhood said speeding and drivers running stop signs are ongoing concerns in the area, though they said crashes this severe are uncommon.
“There is no reason for him to be going so fast,” the resident said.
The American Red Cross responded late Sunday evening to assist the displaced family with temporary housing. Charles said the family does not have insurance and is now facing major financial challenges.
“We really do need the help,” he said. “It’s very difficult, and it’s not easy. We don’t know how we are going to get by.”
Authorities have not released an update on the conditions of those injured or said whether any charges will be filed. The investigation remains ongoing.
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