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Miami's and South Florida's original leading source for commercial real estate news, analysis, trends, events and resources in office, industrial, retail, multifamily, hotel, healthcare and net lease property sectors.
However, rents were strong in the three Florida regions.
The development will feature over 400 apartments.
If approved, the tower would stand at 1,010 feet.
It is the largest hotel deal in Miami this year.
The process took months - but the project has finally broken the ground.
It comes with a caveat for developers though.
Avison took a look at Fort Lauderdale and West Palm Beach as well.
Brazilians view the region as a "second home."
The excess of supply for the most part drove up vacancies in South Florida.
Office operates are re-evaluating their footprint, according to Avison Young.