Douglas Elliman Releases Q2 2020 South Florida Market Reports

Douglas Elliman has just released their Q2 2020 Market Reports for South Florida, which were prepared by Miller Samuel, a leading independent appraisal firm. The reports, which cover the areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland, have revealed that the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply in South Florida, despite the strength of the market in the first quarter.

Miami Beach/Barrier Islands

Overview:

• Condo price trend indicators moved higher as the number of sales dropped during the shutdown

• Single-family price trend indicators continued to decline along with sales and listing inventory year over year

• Luxury condo price trend indicators pressed higher as listing inventory showed a slight gain

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 10.3% to $480,000

• Average price per square foot edged up 6.1% to $659

• Number of sales dropped 34.9% to 501 

• Listing inventory decreased by 0.5% to 6,393 units

Luxury Condo:

• Median sales price increased by 11.6% to $2,850,000

• Average price per square foot rose 4.8% to $1,231

• Number of sales fell 37.7% to 43

• Listing inventory slipped 3.0% to 1,095 units

Luxury Single Family: 

• Median sales price decreased by 22.6% to $7,200,000

• Average price per square foot jumped 17.2% to $1,388

• Number of sales had no change at 9 

• Listing inventory increased by 25.4% to 173 units

Miami Coastal Mainland

Overview:

• Condo listing inventory and number of sales declined, median sales price reached a new record

• Single-family median sales price rose to a new record as both sales and listing inventory fell sharply

• Luxury condo price trend indicators showed mixed results as the number of sales saw a significant decline 

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 4.4% to $355,000

• Average price per square foot increased by 5.1% to $289

• Number of sales dropped 20.1% to 2,672

• Listing inventory declined by 7.8% to 9,699 units 

Luxury Condo:

• Median sales price fell 14.0% to $805,000

• Average price per square foot dropped 0.6% to $489

• Number of sales declined by 33.5% to 115

• Listing inventory increased by 13.4% to 2,508 units

Luxury Single Family:

• Median sales price fell 11.9% to $1,410,000

• Average price per square foot rose 25.5% to $557

• Number of sales decreased by 6.1% to 153

• Listing inventory dropped 1.1% to 915 units

Fort Lauderdale

Overview:

• Condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually

• Single-family sales fell at the largest rate since 2007 as median sales price stabilized

• Luxury condo price trend indicators increased above year-ago levels at their most robust rate in six quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 6.0% to $1,282,330

• Average price per square foot increased by 5.2% to $587

• Number of sales slipped 27.5% to 37

• Listing inventory declined by 16.5% to 283 units

Luxury Single Family:

• Median sales price dropped 22.5% to $2,500,000

• Average price per square foot decreased by 23.9% to $596

• Number of sales fell 20.5% to 35 

• Listing inventory declined by 12.5% to 259 units

Boca Raton/Highland Beach

Overall:

• Condo sales declined year over year at its highest rate in 13 years as median sales price increased

• Single-family sales declined year over year at its highest rate in 13 years as median sales price surged

• Luxury condo median sales price declined while luxury single-family median sales price rose

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 23.0% to $885,000

• Average price per square foot slipped 13.0% to $461

• Number of sales declined by 21.2% to 52

• Listing inventory surged 11.2% to 328 

Luxury Single Family:

• Median sales price dropped 13.1% to $2,215,000

• Average price per square foot decreased by 12.6% to $382 

• Number of sales slipped 12.1% to 51

• Listing inventory declined by 0.3% to 304 units

Delray Beach 

Overview:

• Single-family sales declined at the largest year over year rate in over thirteen years as the market paused

• Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline

• Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a large gain

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price decreased by 6.7% to $810,500

• Average price per square foot rose 6.7% to $445

• Number of sales slipped 24.6% to 46

• Listing inventory surged 20.9% to 208 units

Luxury Single Family: 

• Median sales price dropped 0.6% to $2,087,500

• Average price per square foot fell 13.7% to $504

• Number of sales declined by 15.2% to 28

• Listing inventory increased by 5.7% to 130

Wellington

Overview:

• Condo sales declined sharply as median sales price increased year over year for the fifteenth straight quarter

• Single-family listing inventory and sales showed sharp declines from prior year levels

• Luxury listing inventory across both property types jumped from prior year

Key Trend Metrics (Year to Year)

Luxury Condo: 

• Median sales price fell 19.9% to $585,000

• Average price per square foot dropped 10.1% to $313

• Number of sales increased by 16.7% to 7

• Listing inventory rose 72.2% to 62 units

Luxury Single Family:

• Median sales price declined 24.3% to $1,135,000

• Average price per square foot slipped 34.9% to $426

• Number of sales jumped 15.0% to 23

• Listing inventory increased by 9.2% to 226 units

Palm Beach

Overview:

• Condo price trend indicators jumped as the largest average sales size in two years skewed them higher

• Single-family listing inventory fell by the largest rate in seven years of tracking

• Luxury listing inventory showed a substantial drop as price trend indicators surged year over year 

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family:

• Median sales price surged 33.1% to $14,000,000

• Average price per square foot rose 18.4% to $2,180

• Number of sales dropped 30.8% to 9

• Listing inventory declined by 65.6% to 22 units 

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family sales price trend indicators and sales continued to show substantial year over year growth

• Condo price trend indicators rose year over year for the fourth straight quarter

Palm Beach Gardens Overview:

• Single-family sales fell at their most significant rate in fourteen years

• Condo price trend indicators rose year over year for the third consecutive quarter

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

• Median sales price decreased by 19.9% to $733,000

• Average price per square foot dropped 10.6% to $404

• Number of sales fell 13.6% to 19

• Listing inventory increased by 16.7% to 63 units

Jupiter Luxury Single Family:

• Median sales price declined by 11.5% to $2,300,000

• Average price per square foot decreased by 2.9% to $647

• Number of sales fell 7.4% to 25

• Listing inventory dropped 15.3% to 111 units

Palm Beach Gardens Luxury Condo:

• Median sales price fell 26.7% to $440,000

• Average price per square foot dropped 24.1% to $239

• Number of sales declined by 19.0% to 17

• Listing inventory surged 67.4% to 72 units

Palm Beach Gardens Luxury Single Family:

• Median sales price jumped 21.2% to $2,347,500

• Average price per square foot rose 8.7% to $501

• Number of sales decreased by 23.1% to 20

• Listing inventory dropped 27.5% to 95 units

By Isabella Zimmermann 

TimeEquities Launches Leasing For Resort-Style Development CasaMara In West Palm Beach

Global real estate firm Time Equities, Inc. (TEI) has officially launched leasing at CasaMara, a mixed-use, resort-style development located in the heart of the El Cid neighborhood and the Antique Row District in West Palm Beach, Florida. The project features a total of six low-rise buildings made up of 300 class-A apartments, a 16,000-square-foot clubhouse, as well as an additional 16,000 square feet of retail shops called The Plaza at CasaMara, all of which will spread out over 10 acres of land.

Construction is well underway at 3111 South Dixie Highway and is slated to deliver completed homes in three phases. The first 100 units along with the clubhouse, which houses many of the amenities offered at CasaMara, will be completed by early fall 2020. The following two phases will be completed in winter 2020 and spring 2021, respectively.

MSA Architects are responsible for both the site planning and the distinct Spanish-Eclectic style architecture of the development. ID and Design International designed clean, stylish home interiors with modern finishes such as bright kitchens, large balconies, smart home features, and full-size washers and dryers. Kitchens have been furnished to have white quartz countertops, white subway tiles backsplashes, and stainless-steel Samsung appliances. Other home features include oversized showers and windows, elevators in buildings, access-controlled building systems, and best-in-class acoustics designed with noise reduction.

Units range from studios to three-bedrooms, with pricing starting at $1,726. Lincoln Property Company, the second-largest multifamily management company, is handling CasaMara’s leasing and marketing.

“We currently have over 700 prospective renters on our VIP list thus far, and we are very excited about the incredible interest we’re seeing in the project,” said Stefane Spano of Lincoln. “This development offers an unmatched amenities package for the marketplace and is located in an exceptional, convenient area that is minutes away from Downtown West Palm Beach.”

CasaMara’s amenities, also designed by ID and Design International, were created to give tenants a luxury lifestyle experience. These include a resort-style pool with private cabanas, a pool pavilion building with grilling stations and a 60-foot water wall, a Jacuzzi with therapeutic jets, a co-working lounge with private offices and complimentary WiFi, a state-of-the-art fitness center, a bark park, a game room with billiards and Wii Stations, a club room with art lounge and fireplace, dining facilities for private parties. There is also a full suite of children’s amenities including a kids pool, an air-conditioned playroom, and an outdoor playground.

“CasaMara presents an opportunity for residents to have everything at their fingertips – resort-style amenities, shops, and restaurants, all steps from their front door,” said Robert Singer, Director of Development at Time Equities. “We are offering an all-inclusive, unparalleled living experience in an area that continues to evolve with exciting cultural additions and modern retail and office complexes.”

The Plaza will provide an inviting environment for the community and shoppers alike with its on-street parking, wide sidewalks with shade trees, lush landscaping, outdoor seating, and a corner park with fountains. Avison Young will be handling the retail leasing and marketing for The Plaza, which is set to open in spring 2021.

CasaMara is conveniently located approximately 1.5 miles south of Downtown West Palm Beach and offers easy access to I-95, Palm Beach International Airport, and all the other splendors Palm Beach and Palm Beach County has to offer.

By Isabella Zimmermann

Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann

International Materials Signs 20K SF Lease In Delray Beach To Relocate HQ

International Materials, Inc. (IMI), an international trading and logistics provider, has signed a 20,052-square-foot lease with Samuels & Associates to relocate and expand its corporate headquarters from Boca Raton to the Offices at 4th & 5th Delray. Located in Delray Beach’s central business district, IMI’s new headquarters will settle into nearly two-thirds of the mixed-use building’s third-floor Class A office space at 25 SE 4th Ave.

The 144,733-square-foot, four-story mixed-use project, newly developed in a joint venture between Samuels & Associates and American Realty Advisors, sits in the heart of Delray Beach where there is both a high demand for office spaces and limited Class A office development. The relocation of IMI’s headquarters into the expansive office space will aid in the company’s accommodation of the existing HQ roster of 45 full-time professionals and doubling its team’s numbers by finding talent in line with its anticipated growth trajectory. 

“As a locally owned and managed business, we are thrilled to move back to downtown Delray Beach where many of us have been residents for years,” said Robert Walsh, President of IMI. “The prospect of locating our headquarters in this state-of-the-art building, steps away from Atlantic Avenue, is a dream scenario that will allow us to grow our business and make room for the future. We are grateful for the support we have received from the City and from Samuels & Associates.”

In the transaction, Samuels & Associates was represented by Keith O’Donnell and Gary Gottlieb of Avison Young, while IMI was represented by Ingrid Kennemer of Coastal Commercial Group.

“Samuels & Associates is delighted to welcome IMI to its new space in the Offices at 4th & 5th Delray,” said Peter Sougarides, Principal, Samuels & Associates. “As we continue to implement a thoughtful placemaking process in the dynamic downtown Delray Beach neighborhood, we look forward to welcoming companies and employees who will enliven the local downtown economy.”

Approximately 6,181 square feet of office space now remains on the third floor of the Offices at 4th & 5th Delray. It is only a few steps away from Delray Beach’s Atlantic Avenue, which is composed of 9,000 square feet of boutique retail, lively dining options, green space, and public beachfront. The project also features a dedicated entryway, a flexible floor plan, experiential office design which will allow for a variety of work settings, more than 8,600 square feet of spacious terraces that allow for views of downtown Delray Beach, a 326-space parking garage, an onsite iPic theater, and a restaurant, all of which IMI will have access to.

“This IMI corporate headquarters relocation to the Delray Beach central business district is a testament to the strength of our city and evidence that the investments in our public-private partnerships strategically located for economic development are beginning to pay off,” said Stephanie Immelman, President & CEO of the Greater Delray Beach Chamber of Commerce.

“There is no denying the staying power and increasing vibrancy of Delray Beach's downtown as a corporate destination. We were able to attract a corporate headquarters relocation during this COVID-19 pandemic,” said Mayor Shelly Petrolia. “We are excited to welcome IMI’s headquarters into the City of Delray Beach and look forward to helping IMI grow in our city.”

By Isabella Zimmermann

Alta Developers' Quadro At Design District Now Signing Contracts

Alta Developers, led by Raimundo Onetto, has announced that the two-tower, 198-unit residences at Quadro in Miami Design District, which officially launched sales in March, is now signing contracts and paying 25 percent of the total commission to outside brokers. Quadro at the Miami Design District is a distinct resort-style condominium. The 12-story boutique was built in 2019 and is the newest addition to the city’s trendsetting creative hub and is only a short walking distance to many premier attractions in the fashionable Design District.

Quadro’s residences, which start at $398,000 and are exclusively marketed and sold by Fortune Development Sales, are ready for immediate purchase and allow for buyer flexibility in purchasing units with tenants or placing units into a short-term rental program. The turn-key units range in size from 762 square foot large studios to 1,199 square foot two-bedroom residences with terraces. All units have their own spacious balcony and or terraces, while select units have oversized outdoor patios ranging from 86 square feet to 898 square feet.

“We are certainly seeing a major uptick in prospects inquiring about Quadro and making appointments to see this remarkable project. Prospective home buyers have been waiting to make a decision until they can see residences for themselves and now that we have opened, we are signing contracts,” said, Edgardo Defortuna, President, CEO and Founder of Fortune International Group.

The towers reopened its sales gallery on June 1st and have attracted interest from the local market which has been steadily growing with buyers now looking to sign contracts. Inquiries have been coming in from across Latin America, including Ecuador, Mexico, Argentina, and Peru. Fortune International Group expects prospective out-of-state buyers to head to Miami this summer to sign contracts.

“We are seeing that buyers, locally and internationally are eager to buy a home in South Florida now more than ever. We have warm weather, great outdoor spaces, several places to enjoy cultural attractions, and a myriad of dining venues. Buyers also want to ensure purchasing a home that presents attractive opportunities for the future and Quadro checks all the boxes,” adds Edgardo.

The resort-style complex has one-of-a-kind artworks integrated throughout which anchor a multifaceted series of experiential programs and walking tours tailored for residents and guests of the two luxury condominiums. Alta Developers and Art with DNA’s Francisco Del Rio, the lead architect and artist who embedded 542 site-specific pieces throughout the premises, have truly shaped the concept of contours of Quadro, all of which serve as an ode to South Florida’s seashore.

The project offers an expansive list of amenities, including a pool, a sprawling poolside club room, yoga and spinning rooms, and summer kitchens and cabanas with abundant space for outdoor recreation with panoramic views of the city and Biscayne Bay. Each residence has advanced home technology, including NEST smart home thermostats and a Bluetooth keyless entry system with cameras that homeowners can access through their mobile phones. Residents with electric cars can power their cars at charging stations, while those with pets can take them to a state-of-the-art pet washing facility on-site.

“Quadro is ideal for buyers looking to purchase and move-in now – it offers high-end turn-key residences with resort-style amenities at compelling price points in Miami’s Design District. Not to mention, these residences provide complete flexibility for permanent residents, the seasonal snowbird, and the vacationing short-term guests,” said Raimundo Onetto, Principal and CEO at Alta Developers.

By Isabella Zimmermann    

For more information about Quadro, private showings or purchasing/ leasing information please fill out the form below:

Douglas Elliman Releases May 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released its May 2020 New Signed Contracts Report, which reveals that the number of newly signed contracts across property types in Florida was at a high last month, despite there being lower levels of new listing inventory coming online. The Florida report includes the five counties of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough, focusing on the new contracts signed and new listings that entered the Florida Market during the entire month. The regions are broken up by two property types: single family and condo, as well as county, borough, or area. New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will be producing a monthly recurring report similar to this one during the first week of each month to cover the prior month’s number of new contracts signed and new listings to provide a data-driven picture of the rapidly changing market.

Palm Beach County

Overview:

• Despite lower levels of new listing inventory coming online, the number of new signed contracts across property types pressed higher

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts for homes jumped 27.7% to 3,444 contracts 

• Listing inventory dropped 37.9% to 1,381 units

• There was a 49.3% decline in the number of new listings for homes priced below $200K

Condo: 

• Number of new signed contracts for condos increased by 16.6% to 2,033 contracts

• Listing inventory declined 28.7% to 906 units

• 111 condos priced above $1M went into contract, a 40.5% increase from the number of condos that went into contract in May 2019

Broward County

Overview: 

• There was a larger rise in overall single family new signed contracts than for overall condo new signed contracts

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 33.4% to 3,499 contracts

• Listing inventory slipped 42.3% to 1,389 units

• Listing inventory dropped by 66.4% for homes priced below $200K to 48 units

Condo:

• Number of new signed contracts increased by 19.2% to 2,491 contracts

• Listing inventory dropped 35.1% to 1,108 units 

• 89 condos priced at or above $1M went into contract, a 50.8% increase from last year  

Miami-Dade County

Overview:

• Despite the significant drop in single family and condo new listings during the spring, a noticeable uptick began in May

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 36.2% to 3,284 contracts

• Listing inventory declined 40.7% to 1,232 units

• Listing inventory for homes priced below $200K saw a 60.6% decline

Condo:

• Number of new signed contracts edged up 4.1% to 3,058 contracts

• Listing inventory dropped 42.6% to 1,386 units

• There were 91 new listings for condos priced between $600K to $799K, a 52.4% drop from last year’s 191 new listings for similarly priced condos  

Pinellas County

Overview:

• Along with the atypical drop in new listings introduced to the market this spring, new contract signings surged for both single families and condos

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 45.3% to 2,519 contracts

• Listing inventory decreased by 33.4% to 974 units

• Homes priced at or above $1M saw a 100.0% surge in the number of new signed contracts for a total of 132

Condo:

• Number of new signed contracts rose 32.3% to 1,143 contracts

• Listing inventory fell 34.9% to 443 units

• 25 condos priced between $800K to $999K went into contract, a 108.3% increase from last year

Hillsborough County

Overview:

• There was a significant surge in new signed contracts for both single family and condo properties as listing inventory remained slow to enter the spring market

Key Metrics (Year to Year)

Single Family:

• Number of new signed contracts increased by 66.6% to 4,266 contracts

• Listing inventory slipped 37.5% to 1,594 units 

• 200 homes priced between $600K to $799K went into contract, a jump of 124.7% from last year 

Condo: 

• Number of new signed contracts rose 53.2% to 521 contracts

• Listing inventory fell 25.0% to 216 units

• There was a 425.0% rise in homes priced at or above $1M that went into contract

By Isabella Zimmermann

Two More Units At One Thousand Museum Sell For $6 Million And $11 Million

One Thousand Museum, the luxury residential condominium by the London-based Zaha Hadid Architects, sold two new units this past week. The 62-story, 84-floor unit tower opened in August 2019 and has since then attracted many buyers, among which are David and Victoria Beckham, who closed on a $19.8 million full-floor penthouse back in late March.

David Beckham will no longer be the only soccer player in the building. His new neighbor, Manchester United and French national team soccer player Paul Pogba, closed on a $6 million luxury condo in the tower this Thursday. 

The building has also the attention of New Yorkers interested in moving to South Florida. Friday marked the closing of its 11,544-square-foot penthouse unit 5301 for $11 million. The undisclosed New York buyer’s new unit will take up a whole floor with five bedrooms and six-and-a-half bathrooms. Prior to purchasing, they toured the penthouse twice: once before the pandemic, and again during it through a virtual tour.

The unit went under contract two weeks ago once the buyer offered to pay in cash for the originally $16 million penthouse. The price was later reduced by 31% before closing, selling low for only for $952 per square foot compared to a similar full-floor penthouse the Beckhams purchased for $1,810 per square foot.

Karen Elmir, CEO and founder of Cervera Real Estate’s Elmir Group, represented the buyer, whereas Harvey Daniels at One Sotheby’s International Realty represented the developer.

One Thousand Museum is fit with its own private rooftop helipad and offers many other luxe lifestyle amenities, including a Skye Lounge with curated seasonal menus, a spa with relaxation pods and private treatment rooms offering several services, the private Beach Club Museum Beach, a house car service, a 1KM wellness center, and an indoor lap pool located on the 61st floor.

Daniel De La Vega’s ONE Sotheby’s International Realty Development Division is the exclusive listing agency for One Thousand Museum.

By Isabella Zimmermann

Rieber Developments Breaks Ground on 12|12 Aventura in the Aventura Health District

Aventura-based Rieber Developments has announced the groundbreaking of 12|12 Aventura, a 10-story complex comprising of a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of offices, a 160-residence luxury senior residential component, and a structured parking garage, all with interiors designed by Interiors by Steven G.

The Arquitectonica-designed mixed-use project and its sister development Ivory 214, a medical and professional office building accompanied by a Tapestry Collection by Hilton™ hotel, will both serve as the epicenter of a planned ‘Aventura Health District.’

12|12 Aventura is nestled near a designated ‘medical office district’ which includes many of Aventura’s leading medical facilities. The $100 million project is also surrounded by 300 medical and professional practices and services, including Aventura Hospital, one of the only two facilities in Miami-Dade County with the designation of a Level II trauma center.

The centrally located development is also situated less than a mile away from Aventura Mall and from major thoroughfares including US 1, I-95, and the Florida Turnpike. With its own vibrant Chelsea Market-style food hall on the ground floor, 12|12 Aventura is uniquely positioned to serve the local community and guests alike a designation for shopping and dining.

“Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” said Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health, and wellness to benefit the area. We are extremely proud to move one step closer to delivering this project, and furthering the Aventura Health District.”

Cervera Real Estate is the exclusive brokerage for 12|12 Aventura’s office condos, forty percent of which are already sold and under contract. Construction is being led by Winmar Construction, an affiliate of Coastal Construction. The development is expected to be completed in 2022.

By Isabella Zimmermann

Meridiam Becomes Lead Investment Partner in Miami Beach Monorail Consortium’s Beach Corridor Plan

The Miami Beach Monorail Consortium has announced that the global infrastructure investment firm Meridiam has become the lead investment partner for the Consortium’s proposed mass transit monorail that would connect Downtown Miami and Miami Beach. The company, which has over $8 billion in assets under management across the globe, previously took over and completed the Port of Miami Tunnel project. The tunnel’s infrastructure required a workforce of 7,000 people, 83% of which came from the local community.

Over the past 30 years, studies have shown that the Interstate 395/MacArthur Causeway Beach Corridor is in need of a robust mass-transit solution that can benefit both visitors and regular commuters. The Miami Beach Monorail Consortium hopes to fulfill this public transit need for commuters and visitors alike with the County’s Strategic Miami Area Rapid Transit (SMART) Beach Corridor plan. The Corridor, which runs from the Design District and Downtown Miami to the Miami Beach Convention Center area, has been identified as one of the six SMART Plan Corridors by Miami-Dade County’s Transportation Planning Organization (TPO), which are priority areas that need public mass transit. 

The Consortium presents the monorail as an innovative and modern model that will enhance Miami-Dade County’s standing as a smart city and alleviate traffic congestion on the MacArthur Causeway. The monorail is expected to create more efficient methods of transportation for Miami residents, while also generating thousands of jobs for its construction.

A Parsons study commissioned by Miami-Dade County estimates ridership for the monorail at more than 9,000 passengers per day and suggested elevated rubber tire technology as the best option to use for the Beach Corridor plan. These findings were later approved by Miami-Dade County’s TPO in December 2019.

“We are excited with the possibility of delivering another cutting-edge infrastructure project in Miami that will serve the community for decades to come,” said Jamie Rubin, CEO of Meridiam Infrastructure North America Corp. Meridiam is a founding member of the United Nations Sustainable Development Investment Partnership. “We have submitted a proposal that we hope meets all Miami-Dade County’s requirements to bring a much-needed public transit solution that will connect two of Miami’s most important hubs for residents, tourists and businesses. After the Port of Miami, it will be another sustainable and impactful infrastructure for Miami, dedicated to improving the quality of people’s lives”

“The success of the Port of Miami Tunnel would not have been possible without a strong partnership with hundreds of Miami companies with local knowledge,” said Christopher Hodgkins, Chief Executive Officer for Port of Miami Tunnel. “Meridiam can now utilize the expertise gained through the Tunnel project to once again hire local workers and companies who will help deliver the monorail safely and efficiently.” 

Meridiam joins existing Consortium partners Genting and Aqualand Development, which submitted an unsolicited proposal in 2019 that became the source for a public Request for Proposals (RFP) that is currently being conducted by the County. The Consortium has submitted a proposal with further details on its approach in response to that RFP.

By Isabella Zimmermann

57 Ocean Condo Secures $58.5 Million Construction Loan from Bank OZK

Miami Beach’s 57 Ocean, a luxury seaside condominium located on Millionaire’s Row and developed by Multiplan Real Estate Asset Management, has announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support the finalization of the 18-story project, which is already 50% complete and has reached the 11th floor this week. The 70-unit building is scheduled for completion in September of 2021. 

MultiplanREAM, founded by Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project and has ensured that each benchmark has been efficiently met despite the current COVID-19 pandemic. MultiplanREAM and 57 Ocean’s exclusive residential brokerage, Fortune Development sales, have reported that in just 45 days, 11 units totaling $46 million have gone under contract (an average of 1.3 sales per week), and attribute the project’s success on its location, contemporary designs, and robust assemblage of amenities and services.

“57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers but also providing another reassurance for their real estate investment,” said Marcelo Kingston, Managing Partner of MultiplanREAM.  “We are extremely proud to work with Bank OZK, the nation’s preeminent construction lender of marquee properties.  We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.” 

The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright. The lending process began during the last week of March and lasted for 30 days, unlike the typical 90 that it normally takes.

“We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product,” said de Zárraga.  “This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.”

Designed by Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer, Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences starting at $1.5 million, with sizes ranging from 1,200 to upwards of 3,600 square feet. Of 57 Ocean’s 70 units—which more than half of have been sold—10 Sky Residences start at $6.5 million, while its full-floor penthouse is priced at $35 million. Units will feature expansive terraces that stretch up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. To date, more than half of the units have sold to buyers from high-income tax states, including New York and California, as well as high-net-worth individuals from Latin America.

57 Ocean offers amenities such as a holistic spa with treatments by One Ocean Beauty, a wellness pavilion with a thermal suite and a relaxation and mediation area, as well as poolside treatment with cabanas, a state-of-the-art fitness center with top-of-the-line Mylsle training equipment by MyEquilibria, and an indoor Technogym fitness center. In addition to this, there will be a children’s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, and direct access to the nearby Miami Beach Walk.

“The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide—a testament to MultiplanREAM’s tremendous vision and subsequent success,” said Edgardo Defortuna, CEO of Fortune Development Sales.  “We are now looking forward to the next big milestone—57 Ocean’s topping off later this summer.”

By Isabella Zimmermann | Images via DBOX

For more information about 57 Ocean, private showings or purchasing/ leasing information please fill out the form below: