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Miami Developers Court New York Restaurateur to Help Sell Luxury Condos

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Miami Developers Court New York Restaurateur to Help Sell Luxury Condos


Main Meals Group, the proprietor of stylish Manhattan eating places similar to Soiled French and the Italian eatery Carbone, is extending its model into the booming Miami residential real-estate enterprise. 

The hospitality firm, which opened its first restaurant in 2011, is becoming a member of two Miami-based builders to construct a 58-story luxurious condominium tower on the southern Florida waterfront. The challenge is Main Meals Group’s first affiliation with a residential constructing. Will probably be often called the Villa and can embrace Main Meals Group eating places, which the corporate stated will possible be new ideas that draw parts from its present manufacturers. 

“Meals and beverage is now a forethought whereas earlier than it might need been an afterthought,” stated David Martin, chief govt of Terra, one of many builders. 

The Villa will price $500 million to construct and can break floor this winter, Mr. Martin stated. It’s scheduled to open in 2026.

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The collaboration is the newest instance of how landlords are more and more turning to high-end restaurateurs to generate cachet, promote condos, drive up workplace rents or enhance foot site visitors for close by retail properties. 

Mall proprietor

Simon Property Group Inc.

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stated final week that Spanish chef José Andrés would open three eating places at its purchasing facilities in Las Vegas and Palo Alto, Calif. In New York Metropolis, workplace landlord

SL Inexperienced Realty Corp.

tapped French chef

Daniel Boulud

to open public eating places and eating providers for tenants at its latest Manhattan developments, One Vanderbilt and One Madison Avenue.

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Inflation has barely damped Individuals’ enthusiasm for eating out. Spending at bars and eating places rose 15.3% in February from a yr earlier, nicely above the tempo of annual inflation, which was 6% in February in response to the Labor Division’s consumer-price index.

Main Meals Group and Terra declined to touch upon their monetary relationship. However because the pandemic, extra landlords are making it simpler for restaurateurs to get began and reduce threat by reducing base rents and taking a proportion of the restaurant’s month-to-month revenue, stated Andrew Moger, vice chairman on the brokerage Ripco Actual Property.

Simon Property Group stated final week that Spanish chef José Andrés would open two eating places at its purchasing facilities in Las Vegas.



Picture:

Simon

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The Howard Hughes Corp.

approached French chef Jean-Georges Vongerichten years in the past about opening a restaurant in Pier 17, the developer’s eating and leisure venue on the southern Manhattan waterfront. Underneath their association, the developer shouldered a lot of the prices related to constructing out the seafood restaurant, the Fulton, and accepted a proportion of gross sales in lieu of hire, stated Howard Hughes Chief Govt

David O’Reilly.

The chef and developer cut up the restaurant’s revenue, he stated. 

Howard Hughes stated it has reached comparable preparations with a number of different restaurateurs, together with Momofuku’s David Chang and Andrew Carmellini of NoHo Hospitality Group.

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“We got here out of the pandemic with higher outcomes than we had ever seen in any respect our eating places,” Mr. O’Reilly stated. 

Mr. Vongerichten final yr expanded at Howard Hughes properties, opening a 53,000-square-foot meals emporium on the South Avenue Seaport. Howard Hughes additionally acquired a minority stake in Jean-Georges Administration for $45 million.

José Andrés Group entered retail after years of opening eating places in luxurious lodges, stated President Sam Bakhshandehpour. The restaurateur opened Mercado Little Spain, a 35,000-square-foot meals corridor, in 2019 within the base of a brand new mall constructed by developer Associated Cos. in its Hudson Yards mega-project on Manhattan’s far west aspect. 

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A rendering of the Villa, which is able to price $500 million to construct and is scheduled to open in 2026.



Picture:

Binyan Studios

“For our real-estate companions, we accomplish two issues: We assist them push rents,” Mr. Bakhshandehpour stated. “We grow to be a vacation spot for locals, we drive site visitors and put them on the map.”

José Andrés Group’s partnership with Simon gives the chance to snag prime areas with heavy foot site visitors, such because the Las Vegas Strip the place the chef will open his Mediterranean restaurant Zaytinya on the Discussion board Retailers at Caesars Palace.

In residential growth, eating has grow to be an ordinary amenity akin to gyms and spas, Mr. Martin stated. Terra, which is teaming with the developer One Thousand Group on the Villa, not too long ago offered out one other restaurant-branded residential constructing, Mr. C Residences, that’s wrapping up building in Miami’s Coconut Grove neighborhood, with Ignazio Cipriani, a fourth-generation member of the household that runs Italian hospitality firm Cipriani. 

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What’s your outlook on partnerships between restaurateurs and real-estate landlords and builders? Be part of the dialog under.

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Branded residences, traditionally the dominion of luxurious lodges, have in recent times attracted curiosity from different industries together with eating places, style homes and high-end automotive firms. Builders say they will cost premiums for apartment items which might be affiliated with luxurious manufacturers, which additionally might help distinguish their product in aggressive markets. 

The Villa residences will embrace about 60 items beginning at $4.5 million and providing 360-degree views of Biscayne Bay in Miami’s Edgewater neighborhood. There can be 20,000-square-feet of restaurant facilities, together with a residents-only Italian restaurant, residential eating, non-public chef providers and cooking classes. The constructing may also have one restaurant open to the general public. 

Main Meals Group is coming into the residential enterprise as costs have been falling in a lot of the nation, however Miami stays a sizzling market. Town had the quickest annual home-price progress within the nation in January at 13.8%, in response to S&P Dow Jones Indices. 

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The New York-based Main Meals Group has opened seven eating places and personal golf equipment in Miami over the past two years. Including residential to its portfolio felt just like the pure subsequent step, stated co-owner Jeff Zalaznick. 

“Opening a restaurant, we’ve clearly carried out many occasions,” he stated. “This time we get to assist create the constructing that surrounds it and all of the facilities.” 

Write to Kate King at kate.king@wsj.com

Copyright ©2022 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Miami, FL

Trade Proposal: Miami Heat Acquire Star Forward From Brooklyn Nets

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Trade Proposal: Miami Heat Acquire Star Forward From Brooklyn Nets


It doesn’t seem like those Miami Heat rumors will slow down anytime soon.

The Heat are one of many teams newly linked to Brooklyn Nets forward Cam Johnson. With speculation surrounding star Jimmy Butler, the Heat could make a move for Johnson. He was a 2019 first-round pick.

A potential trade between the Miami Heat and Brooklyn Nets could look like:

Miami Heat receive: F Cam Johnson, G Shake Milton

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Brooklyn Nets receive: G Terry Rozier, 2029 first-round draft pick

For the Heat, Johnson becomes a consistent strong presence at forward. This season, he is averaging 20 points while shooting near 50 percent from the field for a rebuilding Nets team. The good thing about trading for Johnson is he isn’t just a half-season rental. He is on the books through the 2027 season. In this trade, the Heat also acquire guard Shake Milton, who has provided numerous solid games throughout his career. He could serve as a backup guard for a team that just lost Dru Smith for the season.

For the Nets, they are in a rebuild since moving on from their Big Three of Kevin Durant, James Harden and Kyrie Irving. They traded Dennis Schroder to the Warriors last week, signaling they’re willing to move significant pieces prior to the trade deadline. Acquiring Terry Rozier could give the Nets a scorer who has shown he can perform at a high level. However, the big piece of the deal is the unprotected 2029 first-round draft pick, which could be valuable down the line. The Nets could start stockpiling on draft picks by moving more players.

If the Heat make a move for Johnson, he could help the team re-establish themselves as contenders in the East.

Sean Jordan is a contributor to Miami Heat On Sports Illustrated. He can be reached at sjorda06@syr.edu.

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Jalen Suggs leads Orlando Magic in loss to Miami Heat

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Jalen Suggs leads Orlando Magic in loss to Miami Heat


After carrying the load offensively all night for a shorthanded Orlando Magic squad, the only thing Jalen Suggs could do was watch Tyler Herro as he sunk the game-winning shot for the Miami Heat to cap off a thriller from the Kaseya Center Thursday night.

The former Kentucky star spoiled a big night from the Gonzaga standout. Suggs finished with a game-high 29 points on 10-of-22 shooting from the field, but it wasn’t enough as the Heat stormed back in the second half to beat the Magic, 89-88, on a 19-foot jumper in the final seconds from Herro.

“Sometimes you’ve just gotta tip your cap,” Suggs said of Herro’s go-ahead basket. “Even the last possession, I thought TQ [Trevelin Queen] played great defense, good contest, tough shot. So sometimes you’ve just gotta give the guy some props.”

The Magic leaned heavily on its 6-foot-5 guard from start to finish — as has been the case lately without Paolo Banchero and Franz Wagner in the lineup due to injury. Suggs came into Thursday averaging 18.4 points in 29.5 minutes over his last five contests. The Heat had a track record of stifling No. 1 options as of late, though that certainly wasn’t the case when trying to slow the Magic’s go-to guy. 

Suggs and company scored the first 14 points of the night and took a commanding 22-5 lead after the former fifth-overall pick knocked down back-to-back 3-pointers in the first quarter. 

The Heat chipped into the Magic’s lead heading into the second quarter before Suggs checked back in for the final minutes of the first half. He helped push the lead back to 14 points with a midrange jumper to make it 40-26, followed later by a 23-foot jumper. With just over a minute remaining, Suggs connected with Goga Bitadze on an alley-oop to make it 50-40 in favor of the Magic.

Orlando led by 10 going into the fourth quarter before the Heat scored six points in a 45-second span to make it 71-67 with 11:14 to play in regulation. Alec Burks went 3-for-3 at the charity stripe upon drawing a foul from Anthony Black while shooting from long distance. Burks connected on his next try from 25 feet on the ensuing possession. 

After former UCLA standout Jaime Jaquez Jr. made it a 1-point game, Burks put the Heat out in front 77-76 with 7:42 left. Suggs scored four points in a row to tie things at 80 apiece, but from there it was all Miami down the stretch. 

Herro finished with a team-high 20 points. Jaquez Jr. had 15 points while Burks and Terry Rozier combined to score 31 points off the bench for the Heat (15-13).

Tristan da Silva tallied 18 points and Bitadze recorded a 10-point, 14-rebound double-double but the Magic (19-13) suffered a loss for the fourth time in its last six contests. 

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Jim Larranaga's retirement opens 30-day transfer portal for Miami basketball

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Jim Larranaga's retirement opens 30-day transfer portal for Miami basketball


Jim Larranaga stepped down as Miami men’s basketball head coach on Thursday, ending a 14-year stint with the Hurricanes. The 75-year-old head coach is nearly two years removed from bringing the Hurricanes to their first Final Four appearance.

Miami has lost eight of its last nine games, touting a 4-8 record to open the season. Larranaga’s abrupt, mid-season decision surprised many. On3’s Joe Tipton reported that players found out the news on social media.

Larranaga’s departure triggers the 30-day transfer portal window for Miami players. NCAA rules allow athletes on a team with a coaching change to enter the portal the day after the change. In this case, Miami athletes can start entering Friday.

According to the NCAA, an athlete who transfers after enrolling at a school cannot transfer during that same year and compete for a new school. Grad students could transfer if they don’t play in any games this fall and be eligible in the spring.

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The former Bowling Green and George Mason head coach cited NIL as part of the reason for his retirement.

“At this point, after 53 years, I just didn’t feel that I could successfully navigate this whole new world that I was dealing with because my conversations were ridiculous with an agent saying to me, ‘Well, you can get involved [with a prospective player] if you’re willing to go to $1.1 million,’ and that would be the norm,” he said at a news conference on Thursday.

The college basketball transfer portal is scheduled for 30 days during the spring of the 2024-25 academic year. According to the NCAA, the portal opens for business on Monday, March 24, and closes on Tuesday, April 22, 2025. The national championship game will be played on April 7 at the Alamodome in San Antonio. Athletes would still be given a 30-day window to transfer after a head coach’s departure.

The college basketball transfer portal is starting to mirror the NBA’s free agency. Last spring alone, 1,962 Division I players tested the portal waters. According to college basketball analytics expert Evan Miyakawa, for the first time in history, more than half of the points scored in Division I men’s college basketball will be scored by players recruited through the transfer portal, not from high school in 2024-25.



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