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Miami Real Estate Reacts to Formula 1 Announcement

Stephen Ross (Getty, Related) Formula One’s plan to race in Miami starting next year has developers and brokers ready to kick their marketing efforts into high gear to appeal to the fast-driving crowd. Efforts to bring the elite race to Miami culminated this month with a city vote that clinched a 10-year deal at Hard Rock Stadium with Related Companies’ chairman and founder Stephen Ross. The approval followed years of negotiations and opposition. Exotic cars are synonymous with high-end Miami real estate and nightlife, and F1’s fan base could bring thousands of new prospective buyers to South Florida. For developers, brokers and hotels, the opportunities for sales, sponsorships, booths, events, partnerships and more seem endless.

Reuben Brothers Files To Foreclose On One Thousand Museum

Simon and David Reuben with One Thousand Museum (Getty, iStock) One Thousand Museum, the luxury downtown Miami condo tower designed by the late Zaha Hadid, is facing a foreclosure lawsuit, The Real Deal has learned. Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the remaining 15 unsold units at the skyscraper at 1000 Biscayne Boulevard, according to a filing obtained by TRD. The lender sued 1000 Biscayne Tower, 1000 Biscayne Mezz LLC, developer Gilberto Bomeny, Bank of the Ozarks, Plaza Construction and a number of subcontractors in Miami-Dade Circuit Court last week. The developers include Louis Birdman, Gregg Covin, Todd Michael Glaser, Kevin Venger and Bomeny.

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