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This week in Miami real estate: The Zika impact and a $10-million Coral Gables penthouse hits the market

by James McClister

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Lots of interesting things happened this week in the world of real estate. Notable stories this week included the impact Zika is having on Wynwood and a multi-million-dollar penthouse being listed in Coral Gables.

Catch up on this week’s top news with our real estate news roundup:

Zika to hurt Wynwood? –  In an interview with GlobeSt.com, Tony Cho, founder and CEO of Metro 1, talked about the impact the appearance of Zika is having on Wynwood’s market. His answer: “It has raised a lot of awareness about the virus and residents and business owners have been super proactive in addressing it.”

Developer wants $80 million – Tri-Rail has been a major undertaking in the Greater Miami area, and it has hit multiple snags in getting funding. And this week it hit another, when developer Mike Masanoff told West Palm Beach Commissioners that his project needed $80 in public tax incentives, reported the South Florida Business Journal. If he doesn’t get it, Masanoff said the banks will not fund it.

Design District getting mixed-use building – Design District Development Partners needed $24.3 million to build a seven-story, 46,000-square-foot mixed-use building in the design district, and thanks to Canyon Partners Real Estate LLC they now have it, reported Rebusiness Online. The building is expected to reach completion this December.

Multi-million-dollar Coral Gables Penthouse hits market – Nationally recognized mesothelioma attorney Jim Ferraro has listed his two-story Coral Gables penthouse at Segovia Tower, for $10.5 million, according to The Real Deal. The unit is nearly 8,500 square feet.

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