Terra Group's Proposal To Develop Bjarke Ingels-Designed Tower At 300 Alton Road Denied By Voters

Just days after we reported on Terra Group proposed 385’ Bjarke Ingels-designed tower at 300 Alton Road in Miami Beach’s South of Fifth neighborhood, voters have denied the sale of a parcel of land and air rights necessary to develop the project. Terra Group had offered $55 million for .3 acres and the air rights at 300 Alton Road but local opposition held that the offer was too low and Miami Beach is already too dense. Despite this the Miami Beach Chamber of Commerce and Ocean Drive Improvement Association supported the proposal. The sale of the .3-acre site and air rights was voted down by a 51.1% to 48.9% margin; although voters approved the long term lease on the city owned marina and management to Suntex by a margin of 52.4% to 47.6%.

“The results of yesterday’s vote make it clear that Miami Beach voters support our vision for a revitalized Miami Beach Marina alongside a package of community benefits and resiliency improvements to develop a ‘world class’ marina. Our team will now work with the City to determine the path forward,” said David Martin, President of Terra Group.

The project, which would have been called Marina Park, would rise 30-stories and would feature 60 luxury residential units which would be sold as condos in addition to 45,000 square feet of commercial space. The project would have a total development size of 225,000 square feet and would be the first Bjarke Ingels-design in Miami Beach.

Fontainebleau Miami Beach Reveals New Renderings Of NBWW-Designed Addition

Jeffrey Soffer’s Fontainebleau Miami Beach has revealed its proposed Nichols Brosch Wurst Wolfe-designed expansion across the street at 4360 Collins Ave, which is currently a surface parking lot. The buildings would be connected via a 90’-long pedestrian sky bridge that would cross West 44th Street. The addition would rise 5-stories and would feature convention space including two levels of ballrooms, a rooftop deck and three floors of parking offering 500 parking spaces. The parking lot to be developed at 4360 Collins Ave. was acquired by Soffer in 2005 for $15 million, the same year his family acquired the Fontainebleau Miami Beach hotel.

The Fontainebleau Miami Beach opened in 1954 and was designed by architect Morris Lapidus. The property spans more than 15 acres with 11 pools, a 40,000 SF spa, and 12 different restaurants and bars including Hakkasan and LIV Nightclub. The hotel is made up of four towers including the Chateau and Versailles towers with 846 hotel rooms as well as the Tresor and Sorrento towers with 748 condo-hotel units. It was acquired by Turnberry Associates for $325 million in 2005 before undergoing a $650 million gut-renovation.

Crescent Heights Announces Lease Signed For National Organic Supermarket At Nema In Edgewater

Crescent Heights has announced that a national organic supermarket chain has signed a lease for the ground floor retail space of Nema, which is planned to be developed at 2900 Biscayne Blvd. The name of the grocer chain is yet to be revealed but the location will be its first in the Miami area. The supermarket will occupy 38,950 square feet of ground floor retail space in addition to an indoor and outdoor cafe on the mezzanine level. The recently approved Nema will rise 38-stories and will feature 588 apartment units in addition to a full floor of indoor and outdoor amenity space.

Eden Appoints RKW Residential To Manage Lazul In North Miami Beach

RKW Residential has expanded their South Florida portfolio by taking over management and leasing of Lazul, EDEN Multifamily’s luxury apartment community. Lazul, originally developed by EDEN, houses 349 apartments and is located in the heart of North Miami Beach. The 8-story building ranges in apartment size offering studios, one-to-three bedrooms and even two-story townhomes.

“We had the opportunity to tour Lazul when it first opened and were blown away by the quality of the building, individual units and amenities,” RKW President Marcie Williams said. “RKW is thrilled to have the chance to play a direct role in the successful operation of this exceptional community. Lazul fills a void for high-end apartment product catering to professionals and families in North Miami Beach and nearby cities, including Aventura.”

RKW Residential will bring their expertise in multifamily management to Lazul through their technology, marketing and customer experience platforms. They have already secured 33 leases in the first five weeks of managing the new apartment community.

“Lazul is a crown jewel of our portfolio of successful urban infill multifamily developments,” said Jay Jacobson, President and COO of EDEN. “It is also an important catalyst for the City of North Miami Beach and its revitalized Town Center district. With a top-tier management company like RKW at the helm, Lazul is in great hands.” 

Lazul offers residents many amenities including a heated pool, elevated sundeck, fire pit, fitness center and dog walk. The residential community is also a short drive to Aventura, Sunny Isles and the beach. Lazul is located at 2145 Northeast 164th Street.

Spec Home Developer Todd Michael Glaser Under Contract To Buy Jeffrey Epstein’s Former Palm Beach Mansion

Spec home developer Todd Michael Glaser is under contract to buy Jeffrey Epstein’s former Palm Beach waterfront mansion from his estate with plans to demolish the mansion and replace with a new home. Glaser’s undisclosed sum is rumored to be around $18 million, lower than the original listing in July for $21.995 million. The 6-bedroom waterfront mansion is a famous location for Epstein committing sex-trafficking crimes and luring underage girls. 

The Palm Beach mansion is located at 358 El Brillo Way and the listed exclusively with Kerry Warwick of the Corcoran Group. Glaser plans to knock down the existing home and build a 14,000 sq.ft. Art Moderne mansion. He expects the town of Palm Beach to be happy with his plans to demolish the existing home. 

Check Out The Bjarke Ingels-Designed Tower Terra Group Has Proposed For South of Fifth

Terra Group’s proposal to develop a 385’ Bjarke Ingels-designed tower at 300 Alton Road in Miami Beach’s South of Fifth neighborhood is headed to vote. The boutique tower would rise 30-stories and would feature 60 luxury residential units which would be sold as condos in addition to 45,000 square feet of commercial space. The project would have a total development size of 225,000 square feet and would be the first Bjarke Ingels-design in Miami Beach.

The project has been a hot-button topic over the past several months and the development team has been working with the community to present a design that would preserve view corridors and increase green space accessible by the public. The new proposal Led by David Martin, Terra Group is seeking to purchase air rights to the property from the City of Miami Beach for $55 million, in addition to the developer completing $22.5 million of public improvements including a one-acre public park and upgraded baywalk and $15 million for site residency and flood mitigation. The developer will also sign a long term lease for the city-owned Miami Beach Marina which will also see $35 million of improvements over 30 years and Suntex will be appointed as the new marina operator.

Macken Companies Announces Development Of Koya Bay Luxury Townhome In North Miami Beach

Macken Companies has announced plans to develop Koya Bay luxury townhome in North Miami Beach and scheduled to break ground Q2 2021. The development plans include 10 four-story luxury residences in the waterfront community of Eastern Shores. Each residence will feature a private elevator, rooftop terrace, dock, and two-car garage with optional car lift. 

“I have had my eyes on this site for a long time and we are excited to finally deliver a project designed to capture the opportunity this beautiful property presents,” stated Alan Macken, CEO Macken Companies. “Koya Bay is a boater’s delight with no fixed bridges and minutes away from the Haulover cut and sandbar. Once again, we have partnered with our award-winning team of design professionals, and the result is an exceptional boutique community of waterfront townhomes that we believe provides our buyers with a distinct opportunity.”  

Koya Bay will feature three, four and five bedroom floorplans ranging between 2,900-3,600 sq.ft with pricing starting at $1.9 million. Randall Stofft Architects and Witkin Hults Design Group have designed these waterfront townhomes in a modern but earthy style. Residents will enjoy the safely of the gated community with around the clock security along with amenities including beach and boat club memberships. 

Koya Bay is located in the neighborhood of Eastern Shores at 4098 NE 167 St. in North Miami Beach. It is located within a few minutes’ drive to the beach, Aventura Mall and Bal Harbour Shops. Macken Realty is the exclusive sales agent for Koya Bay.

Bell Partners Acquires Boca Raton Multifamily Communities For $94.25 Million

The Greensboro, NC-based Bell Partners has acquired two apartment communities in Boca Raton, The Lumin at Boca Raton and Cade Boca Raton, for $94.25 million. The Lumin at Boca Raton and Cade Boca Raton are located within the Park at Broken Sound, at 5500 Broken Sound Blvd. and 950 NW Broken South Parkway respectively. The acquisition was financed by a $58.8 million mortgage provided by GIM Commercial Mortgage Loan Fund. The properties will be renamed Bell at Broken Sound. Bell Partners now owns eight apartment communities in South Florida.

5500 Broken Sound Blvd. is a 180-unit apartment complex completed in 2018 on 9.1 acres. The property was developed and sold by a joint venture between Mainstreet Capital Partners and New Century Companies and sold for $56.5 million, roughly $314,000 per unit. 950 NW Broken Sound Parkway was also completed in 2018 and features 90 townhomes on 5-acres. The property was sold by an affiliate of Bluerock Real Estate and sold for $37.75 million, roughly $419,000 per unit.