Recent News

  • Apr
    14

That village vibe: South Floridians embracing developments with residential, retail units

April 14, 2015

By Johnny Diaz via the Sun Sentinel

South Florida is feeling the village vibe.

The Manor at Flagler Village in Fort Lauderdale, The Mark at CityScape in Boca Raton and other soon-to-come, residential-retail complexes are adding to a growing urban sprawl, as people look to move into the greater downtown areas and enjoy shops and restaurants just a short walk away from their doorsteps.

“We were seeing a suburban model for so many years. People are shifting back to the city center,” said Barbara Blake Boy, executive director of the Broward County Planning Council. “I think it’s an attraction to the amenities and what the downtowns have to offer.”

CityPlace in West Palm Beach, Royal Palm Place in Boca Raton, The Venture in Aventura and The Residences at the Village of Merrick Park in Coral Gables all have led the way toward more of these mixed-use developments. Developers and analysts agree there is demand for complexes with businesses on the ground floor and residential units above.

The 12-story Via Mizner, which will have luxury residential rental units and shops, is under construction at the corner of Federal Highway and Camino Real.

And later this year, The Related Group, which developed The Manor at Flagler Village, is expected to break ground on West Palm Beach Marina Village. The mixed-use development would feature six towers of 1,059 units, 15,000-square feet of restaurants and 10,000 square feet of retail stores, according to the developer.

Agave Ponce LLC has proposed building a Mediterranean Village on the former Old Spanish Village site on Ponce Circle in Coral Gables.

Some South Florida architecture experts say these urban complexes stand out in style and function, contrasting with what’s traditionally been built in the region.

“What’s really important about these new buildings is their relationship to the city,” said David Rifkind, an associate architecture professor at Florida International University, in an email. “They engage the city, rather than wall themselves off from it.

“Many of these complexes include ground-level retail [shops and restaurants] that foster a lively street life, and create public spaces open to both residents and non-residents. That creates the kind of rich, vibrant community that we see in the Art Walks in FAT Village, and which are typically missing in developments.”

Jeffrey Huber, an assistant architecture professor at Florida Atlantic University, thinks the region is seeing more of these mixed-use developments “because the market, like municipalities, are rediscovering ‘walkable urbanism’ … Homebuyers are willing to spend more to be within a certain distance of urban retail development, and the market is merely reacting to this demand.”

At The Manor at Flagler Village, flags hang off street poles touting “Beach, Urban, Chic.” The development has a beachside resort-type feel but is blocks away from downtown Fort Lauderdale skyscrapers. It has a clubhouse, fitness center, and daytime music playing on the speakers above the pool (as well as underwater).

New residents Dennis and Amanda Weiss say they moved to South Florida from just outside Houston, Texas, seeking a warmer climate and a close proximity to the beach and downtown. They found The Manor online and liked “the amenities, the pool, the fitness center, the restaurants going up,” said Dennis Weiss, 25. “It’s like a luxury community.”

Open since last summer, the complex off Federal Highway and Northeast Fifth Terrace offers luxury studios, one-bedroom and two-bedroom units, with monthly rent starting at $1,700.

There’s also a courtyard with towering bamboo trees and a fire pit, creating a Zen-like garden. Colada Cuban Coffee House and Eatery and the Mellow Mushroom pizza place are scheduled to open next month, developers say. A nail and hair salon and a craft beer bar also are in the plans.

“It creates a village for people, for pedestrians to walk around and shop and enjoy the nightlife as well,” said Arturo Peña, vice president and development manager at The Related Group.

“We definitely think it’s sprawl, it’s urbanism, people who want to be able to walk to the grocery store, walk to retail and not rely on their car,” added Peña, whose complex is 80 percent full. It sits next-door to another new complex, The Edge at Flagler Village, which has 331 units.

In Boca Raton, the 12-story Mark at CityScape is expected to officially open in May with 208 units and more than 18,000 square feet of restaurant/retail space on the ground level, according to the developer. Staying true to Boca Raton’s traditional Addison Mizner style of architecture, the white-hued complex features a Spanish red-tiled roof.

The development has allowed some residents to move into their studios, one-bedroom and two-bedroom units in March, with rents averaging $2,100 a month. Officials for the developer, Ram Realty Services, said they are negotiating leases with a yoga studio and restaurants for the ground floor.

Mixed-use developments are attracting a diverse mix of folks, said Hugo Pacanins, a managing director of residential development at Ram Realty Services.

“You have some younger professionals that work in Boca or close to Boca and they don’t want to live out west. And you have an older population, empty-nesters who don’t want to live in the big house in West Boca,” he said.

“A lot of people are downsizing from big homes and moving into downtown locations because they want to have the ability to walk to the restaurants or walk to Trader Joe’s … They are willing to sacrifice the space, the size of the unit, to live in a downtown location,” Pacanins added. “We are trying to create a destination.”

Johnny Diaz can be reached at johnnydiaz@sunsentinel.com or 954-356-4939.

  • Apr
    9

New Apartments offer lofty living in West Palm Beach

April 9, 2015

By Alexandra Clough – Palm Beach Post Staff Writer

Click here to read the article on PalmBeachPost.com 

What once was a historic telephone building now is home to an airy loft apartment building, the first of several new apartment projects set to
open in downtown West Palm Beach.

Final touches are being made to Alexander Lofts, an 85-unit converted loft building at 326 Fern Street set for occupancy in May. The historic property, previously known as The Meridian, was built in 1926 for Southern Bell Telephone and Telegraph as a regional office headquarters. Palm Beach Gardens-based Ram purchased the building and an adjacent property for $5.25 million in 2012.

Ram converted the Meridian building into apartments and renamed the six-story property Alexander Lofts, after telephone inventor Alexander Graham Bell. In tribute to the property’s origins, a mural on the east-facing exterior wall is a a colorful surrealist portrait of Bell. The mural was completed last year by Los Angeles artist Tristan Eaton, who used 600 cans of acrylic spray paint over 15 days to create the artwork.

When Ram bought the property three years ago, Ram chairman Peter Cummings said the goal was to create apartments “very different from new construction.”

It appears he succeeded.

The converted loft apartments feature adaptable open space. This means there no interior bedroom doors, just walls. (Bathrooms do have doors, however.)

Soaring ceilings, some as high as 15 feet, neutral color palates and industrial features, such as exposed ductwork, blend the historic elements of the building with modern finishes, such as glass-and-marble backsplash in the kitchen.

The property consists of studios, one and two-bedroom apartments. Rental rates still are being finalized.

But Hugo Pacanins, managing director of multifamily for Ram Realty Services, said monthly rents will start at $1,350. The building is pet friendly and has Wi- Fi throughout.

Reminders of the 1926 building’s historic roots are everywhere. Some units have original, 10-foot transom windows. Exposed brick decorates the lobby. Even the lobby’s modern ceiling light fixtures, large orbs lit in white and yellow, resemble the telephone assembly of rotary phones.

Pacanins said the goal was to create apartment space that was bright and neutral, to allow the apartments to be a “canvas” for tenants.

Back in 2012, Cummings said the cost of the Alexander Lofts redo could equal the purchase price.

In fact, Pacanins said, the conversion was about double the $5.5 million purchase price. Construction challenges, including piping, electrical and even exterior pavement issues were among the reasons for the added expenses, which sometimes take place with historic properties, Pacanins said.

In any event, Ram finally is at the finish line with the lofts. Plans are to start leasing in about two weeks, Pacanins said.

More WPB apartments
Farther north in downtown, the first apartment complex that is all brand-new construction is moving along well. The first residents are expected to be in Loftin Place by October, according to the developer. Loftin Place is between North Dixie Highway and North Olive Avenue, with Sixth Street on the south and Eucalyptus Street bordering the north side of the property. The first phase is in progress, with 259 planned studios, one- and twobedroom apartments, said Nader Salour, a principal with Cypress Realty in Jupiter. Leasing for the first completed units in this phase will start in May or June. When the property’s second phase is completed, Loftin Place will consist of 463 units.

Alexandra Clough writes about the economy, real estate and the law.

  • Apr
    3

TJ Maxx opens at University Center

April 3, 2015

Jacksonville, Fla. (April 3, 2015)— Nationwide retailer TJ Maxx hosted hundreds of customers in its grand opening at Ram’s University Center in Jacksonville, Fla., last weekend. TJ Maxx backfilled 24,067 square feet of the former Stein Mart space, bringing occupancy to 100%. Beall’s Outlet occupies the remaining 21,020 square feet of the former Stein Mart space.

Located at the SE corner of W. University and St. Augustine Road, University Center boasts 102,7898 square feet of retail space and serves a diverse customer base. Other notable tenants include LA Fitness, Dollar Tree, McDonald’s and CVS.

About Ram

Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. The group also selectively acquires debt secured by retail and residential properties.  Ram is currently investing Ram Realty Partners III LP, a value-added fund targeting retail and multifamily properties in select high growth markets in the Southeast.  Since 1996, the company has deployed $1.7 billion in real estate transactions.  Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida and Charlotte, North Carolina.

IMG_0387      IMG_1760

  • Mar
    25

Peace, Love & Wellness Music Festival Returning to Midtown

March 25, 2015

Palm Beach Gardens, FL (March 17, 2015) Yoga for kids, mural painting, ‘play-an-instrument’ children’s tent and more join the Mainstreet at Midtown’s 3rd Annual Peace Love & Wellness Music Festival on April 11 from Noon to 4 p.m. Featuring live performances from Ketchy Shuby and Hip Abduction on the main stage, the afternoon block party showcases healthy lifestyle vendors and family fun. Additionally, Midtown’s own Cantina Laredo will host a “Yappy Hour” inviting people to bring their dogs on leashes and Big Dog Ranch Rescue will be on hand with furry friends for adoption.
Attendees to the coolest block party of the year can participate in free yoga classes in The Yoga Zone, visit Midtown restaurants and food trucks for lunch, take the family to the interactive kid’s zone, browse an eclectic range of vendors and partake in massages and demonstrations.
Vendor space is available for the event by contacting Belle Forino, Marketing Manager for Mainstreet at Midtown, by phoning 561.282.4623 or emailing bforino@ramrealestate.com. The day’s events for this year’s Midtown Peace, Love & Wellness Music Festival are as follows:
FAMILY FUN

KIDS ROCK N ROLL TENT: Kids try ROCK N ROLL instruments in a real band setting with musicians who will demonstrate the basics of playing a variety of musical instruments.
 
PAINTING ACTIVITIES with The Lighthouse ArtCenter
 
FACE PAINTER
 
KIDS YOGA with Palm Beach Athletic Wear & Yoga
Noon – 12:30 pm at The Yoga Zone

Kids Band (TRAFFIC JAM): Performing at the KIDS ROCK n ROLL TENT run by LIVE MUSIC COMMUNITY.
1:45 pm – 2 pm
 
BIG DOG RANCH will be bringing dogs for adoption.
 
LIVE MUSIC on the MAIN STAGE
Ketchy Shuby Noon – 1:30 pm
The Hip Abduction 2 pm – 4 pm
YOGA ZONE with Palm Beach Athletic Wear & Yoga
BYO Yoga Gear for free yoga classes. 
Noon – 12:30 – Kids yoga class with Miss Chrissy (30 minutes)
12:45 – 1:15 – Gentle / Basic Yoga (30 minutes)
1:15 – 1:45 –  Gentle/Basic Yoga (30 minutes)
2:45 – 3:15 – Gentle/Basic Yoga (30 minutes)
PETS
FUNDRAISING RAFFLE supporting BIG DOG RANCH 
Tickets sold at: The MIDTOWN and BIG DOG RANCH tents and at CANTINA LAREDO’s YAPPY HOUR.
 
YAPPY HOUR at Cantina Laredo
Noon to 4 pm
Bring your dogs and party with friends of Big Dog Ranch at Cantina Laredo’s YAPPY HOUR during the MIDTOWN PEACE LOVE & WELLNESS MUSIC FESTIVAL. Dogs on the leash are welcome.
 
DONATE YOUR OLD YOGA MAT
Palm Beach Athletic Wear & Yoga is inviting everyone to bring their old yoga mats and old linens to donate to Big Dog Ranch.
IN-STUDIO DEMOS
PALM BEACH ATHLETIC WEAR & YOGA 
Studio FREE
1:30-2:30 – Beginner Anti-Gravity Yoga Fundamentals
3:00 – Aerial Yoga Demo
3:15 – Aerial Yoga Demo
3:30 – Aerial Yoga Demo
3:45 – Aerial Yoga Demo
 
CORE EVOLUTION
Introduction to the Megaformer Classes. Each class can hold 10 people. Sign up at the studio to take a FREE class. 
1:15-1:30  
2:15-2:30
3:15-3:30
FOOD
Cantina Laredo, Veggie Express and Rock in Roll Out will all be offering healthy samplings along with:  Christopher’s Kitchen, Chipotle and Saito’s.
The 3rd Annual Midtown Peace, Love & Wellness Music Festival grooves in on April 11 from Noon until 4 pm at Midtown PGA 4801 PGA Blvd. in Palm Beach Gardens. The event line-up joins the dining and shopping destination’s 12-week free concert series, Music on the Plaza; the swede fest™ palm beach amateur film festival and more.
FOR CALENDARS:
DATE: Saturday April 11, 2015
TIME: Noon to 4 pm
LOCATION: Mainstreet at Midtown
4801 PGA Blvd. in Palm Beach Gardens
 
ENTERTAINMENT: A mix of live bands spreading good vibrations, wellness vendors, demonstrations, yoga classes, kids zone, “yappy hour” and additional food and drinks available.
For information about the bands, available sponsorships and other details, contact Belle Forino, Marketing Manager for Mainstreet at Midtown, by phoning 561.282.4623 or emailing bforino@ramrealestate.com. Website:http://www.midtownpga.com
 ###
MEDIA CONTACT
Elizabeth Dashiell
561-543-8276
palmbeachpr@yahoo.com
  • Feb
    27

Ram President Jim Stine named “Alumnus of the Year”

February 27, 2015

Ram President Jim Stine was named the University of Florida Bergstrom Center’s Alumnus of the Year this morning at the UF Trends and Strategies Conference in Orlando, Fla. The conference, held annually, brings together industry professionals to discuss the future of Real Estate and network with the best in the industry.

Stine provides senior leadership for several Company functions, including asset management and development. He joined Ram in 2010 and serves on the Company’s  Investment Committee. Mr. Stine also currently serves on the Advisory Board of the University of Florida’s  Bergstrom Center for Real Estate Studies (UFCRES) and served as chairman 2012-2013. He is an active member in the Urban Land Institute (ULI), the National Association of Industrial and Office Properties (NAIOP) and the International Council of Shopping Centers (ICSC). Additionally, he is a past member of the University of Florida Broward County Regional Development Committee, the Board of Directors of Children’s  Place at Homesafe as well as Leadership Palm Beach. Mr. Stine is licensed in mortgage brokerage and real estate sales in the State of Florida.

IMG_0071

  • Feb
    13

Fashion Mall bankruptcy auction approved by judge, reorganization plan rejected

February 13, 2015

via SFBJ by Brian Bandell

U.S. Bankruptcy Judge John Olsonrejected the attempt of a Chinese company to retain control of the shuttered Fashion Mall in Plantation and scheduled the property for auction.

The 32.1-acre site at 321 N. University Drive will head to auction on March 19 with a sale hearing in bankruptcy court the following day, said attorney Glenn Moses, of Genovese Joblove & Battista, who represents debtor trustee Kenneth A. Welt. Moses said they’ve already signed 75 confidentiality agreements and conducted 14 site tours with prospective bidders. CBRE is marketing the property.

Ram Real Estate in Palm Beach Gardens submitted a $24 million stalking horse bid, but Moses expects the bidding to go higher.

U.S. Capital/Fashion Mall and parent company Mapuche LLC both filed Chapter 7 liquidation in October at the direction of minority owner and manager Wei Chen. The filing came in the midst of litigation between Chen and China-based Tangshan Ganglu Iron & Steel Co., which owns 99 percent of Mapuche and claims to have invested more than $186 million into the property. It alleged that Chen misused its funds. A Broward Circuit Court judge ruled that Chen didn’t have sole control of the company.

Ganglu filed a motion to convert the case into a Chapter 11 reorganization and handle the redevelopment itself. The company hired Miami attorney and developer Andrew Hellinger as its development manager and stated its intention to find a U.S. partner. Ganglu deposited $10 million to show it was serious about funding the project, according to its court filings.

However, Judge Olson ruled that a Chapter 7 auction was the best way to go.

“Conversion to Chapter 11 would have brought significant risk and delay and the correct approach is to proceed with the sale procedure that we have set up,” Moses said. “Every creditor that appeared supported the trustee’s sales process, including the city of Plantation.”

Holland & Knight attorney Jose Casal, who represented Ganglu,said he wasn’t sure whether his client would appeal.

In addition to Ganglu’s claim, Mapuche and U.S. Capital owe a $12.1 million construction mortgage to GHJ Construction and contractor liens of $700,000.

  • Feb
    12

Design Center of the Carolinas in Historic South End Announces Six New Tenants

February 12, 2015

Occupancy Rate at 91%

Charlotte, NC – The Design Center of the Carolinas (DCC) is enjoying over 90% occupancy as six new tenants have leased a total of 15,268 SF in the historic South End office complex.   Owner Ram Realty Services announces the addition of Gray Construction, Seafoods.com, Energy Renewal Partners, SEN Design, Feetures!, and The Avalon Group.

The gathering place for creativity and an inspiring environment for innovative businesses, the Design Center is the symbolic heart of South End with its iconic water tower. The Design Center is a three-building complex, of which two are historic.

Gray Construction has leased 4,121 SF. Serving as Gray’s South Atlantic office, the DCC location provides a full spectrum of engineering, architecture and construction services to customers interested in expanding or locating in the South Atlantic region of the United States. Peter Katz, CCIM, formerly of Coldwell Banker Commercial MECA, represented the Design Center of the Carolinas and The Keith Corporation represented Gray Construction.

Seafoods.com has leased 3,329 SF in the Courtyard Building. Seafoods.com is a Solutions-Based Company; their goal to become each and every one of their customers’ single greatest resource for fresh seafood and premium proteins. Peter Katz, CCIM, formerly of Coldwell Banker Commercial MECA, represented the Design Center of the Carolinas. Mike Kemmet of Cassidy Turley represented Seafoods.com.

Energy Renewal Partners is leasing 2,761 SF in the Courtyard Building. Energy Renewal Partners’ experienced team provides the entire spectrum of environmental and consulting services to energy sector clients. Peter Katz, CCIM, formerly of Coldwell Banker Commercial MECA, represented the Design Center of the Carolinas with Energy Renewal Partners represented by Kristy Venning of Beacon Development.

SEN Design is leasing 2,135 SF in the Courtyard Building. Founded in 1994, SEN is the industry’s first and largest kitchen and bathroom buying group. They improve the business capabilities and bottom lines of their clients by offering valuable education, training, marketing support, business development, and coaching based on their client’s specific needs. Gus Postal, Coldwell Banker Commercial MECA, represented the Design Center of the Carolinas. Holly Alexander of New South Properties of the Carolinas represented SEN Design in the transaction.

Feetures! has leased 1,207 SF also in the Courtyard Building. A family-run company with a global reach, they harness new technology with the goal of producing the best performance socks in the world. Peter Katz, CCIM, formerly of Coldwell Banker Commercial MECA represented the DCC and Feetures! was represented by Bo Younts of My Townhomes Realty.

The Avalon Group has leased 1,715 SF in the Atrium Building. The Avalon Group is a sales, marketing and logistics firm specialized in the brand development of European-based Men’s and Women’s fashion apparel and footwear. The company is focused on the wholesale trade sector to upscale retail institutions with a territory that spans the United States and Canada. Gus Postal, Coldwell Banker Commercial MECA, represented the Design Center of the Carolinas and Julie Cash of Keller Williams Realty handled The Avalon Group.

“With these new leases we are pleased to announce that the Design Center of the Carolinas is at a 91% occupancy rate,” said Phil Heath, Ram’s Vice President of Commercial Asset Management. “Ram has a long-term commitment to the Charlotte market and this level of interest further validates our confidence in the improvement of the local office market and the continued desirability of DCC as the office hub for forward-thinking businesses.”

About Design Center

The Design Center of the Carolinas is ideally located between Camden Road, West Tremont and Worthington Avenues in the Historic South End of Charlotte, NC, along the LYNX Light Rail at East/West Blvd. A signature example of adaptive reuse of historic buildings, DCC is comprised of three distinct buildings featuring exposed brick, expansive windows and compelling architectural details, giving a vintage vibe to contemporary workspace. Its trademark water tower is also a landmark of Historic South End and a symbol of its urban redevelopment. This unique workspace is designed to bring life to a progressive mix of showrooms, studios, offices and event spaces, resulting in a one-of-a-kind gathering place for creativity and forward-thinking businesses. For more information, please visit www.designcentercarolinas.com or contact Megan Atkin at (561)282.4684 or matkin@ramrealestate.com regarding leasing opportunities.

About Ram                   

Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. The group also selectively acquires debt secured by retail and residential properties.  Ram is currently investing Ram Realty Partners III LP, a value-added fund targeting retail and multifamily properties in select high growth markets in the Southeast.  Since 1996, the company has deployed $1.7 billion in real estate transactions.  Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.

# # #

 Contact: Kendria Sweet, kendria@sweetteaconsulting.com, 704.533.3796

  • Feb
    12

Will Fashion Mall in Plantation be put up for auction?

February 12, 2015

via The Real Deal Miami by Mike Seemuth

The Chapter 7 bankruptcy trustee for debtors of the long-vacant Fashion Mall in Plantation has filed a motion to conduct an auction of the property with an initial, or “stalking horse,” bid of $24 million.

“This property has been vacant for almost a decade,” said Glenn D. Moses,  a shareholder of law firm Genovese Joblove & Battista, which represents the Chapter 7 bankruptcy trustee.  “What we would like to have happen is a robust auction process over the coming weeks, which we believe will be in the best interests of all parties and creditors in this case.”

The Fashion Mall is an enclosed shopping center with about 828,000 square feet of leasable space on 32 acres of land at 321 North University Drive in Plantation.

The U.S. Bankruptcy Court in Fort Lauderdale will hold hearings Thursday on the motion for an auction of the Fashion Mall with the $24 million stalking horse bid, and on a competing motion to convert the Fashion Mall bankruptcy case from Chapter 7 to Chapter 11.

“There’s a motion to convert the case to a Chapter 11 proceeding that was filed by one of the shareholders [of the Fashion Mall]. If that motion is granted, then we will not have an auction,” Moses said.

Kenneth A. Welt, the Chapter 7 trustee for the debtors, signed an asset purchase agreement Jan. 27 under which the stalking horse bidder, Palm Beach Gardens-based Ram Realty, will pay $24 million for the Fashion Mall property unless a superior bid emerges in an auction. Commercial real estate brokerage CBRE would solicit auction bids for the mall property on behalf of Welt.

If another entity outbids Ram Realty, Ram would receive a $200,0000 “break-up fee,” under the court motion Welt filed.

  • Feb
    1

Ram Realty Enters Bidding for Shuttered Fashion Mall

February 1, 2015

via SFBJ by Brian Bandell

Ram Real Estate has entered the bidding for the shuttered Fashion Mall in Plantation as a bankruptcy trustee moves to hold an auction for the property.

U.S. Capital/Fashion Mall and parent company Mapuche LLC both filed Chapter 7 liquidation in October. Bankruptcy trustee Kenneth A. Welt filed a motion on Wednesday to hold an auction of the 32.1-acre site at 321 N. University Drive. Palm Beach Gardens-based Ram Realty Acquisitions, an affiliate of Ram Real Estate, would be the stalking horse bidder with a $24 million bid. It has already placed a 10 percent deposit.

If another bidder tops Ram’s price at the auction, it would receive a $200,000 breakup fee.

CBRE has been hired to market the property. Welt hopes to conduct the auction sometime in April, pending court approval.

The mall has been closed for years and the property has been positioned for redevelopment. It currently has 828,721 square feet of leasable retail space and the attached shell of a seven-story office building.

A hearing on the motion to sell the property should take place before Bankruptcy Judge John K. Olson on Feb. 12 – the same day the bankruptcy court will also hear a motion to convert the case into a Chapter 11 reorganization.

China-based Tangshan Ganglu Iron & Steel Co. owns 99 percent of Mapuche and claims to have invested more than $186 million into the property that was allegedly misused by development manager Wei Chen, who owns 1 percent of Mapuche. Ganglu opposes the auction and wants to reorganize its debt and maintain ownership.

In addition to Ganglu’s disputed claim, Mapuche and U.S. Capital owe a $12.1 million construction mortgage to GHJ Construction and contractor liens of $700,000, according to Welt’s motion. He believes a $24 million sale would be enough to satisfy all of the property’s secured creditors.

Ram Real Estate is one of South Florida’s most experienced developers, with projects under its belt such as Mainstreet at Midtown in Palm Beach Gardens and Jacaranda Plaza in Plantation.

  • Jan
    16

Ram Realty Services is Committed to Restoration and Preservation

January 16, 2015

Efforts to “save” the rocklands are based on a misunderstanding of the true conditions on site

Editors Note: View and download a virtual tour of the Coral Reef Commons site:

http://vimeo.com/116977752

Miami, FL – January 16, 2015 –The Coral Reef Commons development site represents less than three percent of the Richmond Pine Rockland complex, and even less of the total pine rocklands in Miami-Dade County. Ram Realty Services is dedicated to the restoration of a significant portion of the land that we own. It should be noted that the Richmond Pine Rockland complex encompasses more than four square miles, of which 74 percent is under public ownership, with an additional 20 percent long ago developed by others.

Environmentalists opposing the development of the site have continuously misunderstood the facts and the current condition of the property.

The notion that the Coral Reef Commons site is a pristine forest is erroneous. Over the last 70 years the site has been used for military purposes, a medical research facility, commercial buildings, residential buildings, enclosures for animals, an incinerator and blimp bays. As such, the area is severely degraded and will continue to deteriorate unless significant resources and consistent management efforts are put into place.

The best prospect for regaining the natural environment is a comprehensive restoration plan such as the one Ram Realty Services is developing with the U.S. Fish and Wildlife Service. Under this plan, almost 40 percent of our property will be restored to its natural native state, set aside and maintained as a natural preserve in perpetuity – a standard never previously achieved in the region.

###

Media Contacts

Wragg & Casas Strategic Communications 305-372-1234

Jeanmarie Ferrara 305-458-3778 / jferrara@wraggcasas.com

Mark Sell 305-206-5397 / msell@wraggcasas.com