KAR Properties and Fortune International Group Buy Out Remaining Reach and Rise Residences at Brickell City Centre

KAR Properties and Fortune International Group have bought out the remaining 81 unit inventory at Reach and Rise Residences at Brickell City Centre, officially marking the sell out of the residential development. KAR Properties and Fortune International Group will be focusing on selling the recently purchased units with Fortune Development Sales leading these efforts. 

“As fellow developers in the downtown Brickell area, we have great respect for Swire. The company has played an integral role in the transformation of Brickell,” said Shahab Karmely, CEO and Founder of KAR Properties. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Viñoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.” 

KAR Properties and Fortune International Group believe the existing inventory in today’s market is attractive for the consumer looking to buy and live in Miami now. The continued investment Swire Properties placed into the development, the timing in today’s real estate market, the residences’ prime location and its elite quality are just a few of the reasons the two firms believed in this investment. 

“Brickell City Centre has enhanced Miami’s Brickell neighborhood, bringing high end retailers, global cuisine and entertainment to the community. As Miami’s global appeal and market demand rises, real estate continues to be a smart investment option,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Our firm has had long-term success in the industry with a strong grasp on what is happening in the South Florida market. It is clear Swire Properties has developed a landmark destination for the community.” 

The luxury condominium towers are an anchor for the mixed-use property of Brickell City Centre developed in 2014. This master plan destination stands out as a hallmark of Brickell’s live-work-play lifestyle, attracting both local and international residents and celebrities.

“Swire Properties is delighted to sell the remaining inventory of 81 units to respected investors KAR Properties and Fortune International Group, in a significant transaction that reflects their shared commitment to this outstanding product and belief in Brickell City Centre,” said Kieran Bowers, President of Swire Properties. “Swire Properties will continue to invest in Brickell over the coming years and attention will now turn to the development of the remaining phases and parcels surrounding Brickell City Centre.”

OKO Group and Cain International Complete $74 Million in Condo Sales Since the Start of the New Year at Miami’s Missoni Baia and Una Residences

Miami’s newest luxury condominium towers are tapping into a surge of domestic buyers fueled by the city’s desirable quality of life, lower business and living expenses, and Florida’s tax-friendly policies. At Missoni Baia and Una Residences, two new luxury towers under development by OKO Group and Cain International in Miami, approximately $74 million in sales have been completed in the last 60 days. The vast majority of units sold have been purchased by domestic buyers, reflecting the influx of new residents pouring into South Florida from cold weather and tax-burdened states.

This recent surge in sales from domestic buyers is the latest example of how business and wealth migration is fueling the South Florida condo market. The pandemic, coupled with people and companies looking to relocate from major U.S. cities – specifically in the Northeast and Midwest regions – to tax-friendly states with reduced business and living expenses, is enticing out-of-state residents to make the move to South Florida, with this trend expected to continue throughout 2021.

According to a recent report by brokerage ISG World, domestic buyers have taken over as the leading source of new condo purchases in Miami and Fort Lauderdale during the pandemic, with only 3.9 percent of recently completed units remaining unsold in December 2020. The latest statistics support that fierce competition and ballooning prices for single-family homes in South Florida are driving buyers toward condominiums instead.

“We’ve just had our best month of sales, and we’re seeing demand for condos intensify as the inventory of single-family homes continues to dwindle and Miami’s newest residents put emphasis on low maintenance, high-touch service and amenities that only a condo can offer,” said Vanessa Grout, CEO of OKO Real Estate, the sales and marketing arm of OKO Group. “Now that remote work has become so prolific and many people can work from wherever they choose, we’re seeing buyers from cities like New York, Chicago and San Francisco making the move to South Florida. They’re attracted by our lifestyle, our diverse culture and business community, and an overall quality of life.”

Now under construction, Missoni Baia and Una Residences are being developed by a partnership between OKO Group, one of South Florida’s most active and successful luxury development firms helmed by international real estate mogul Vladislav Doronin, and Cain International, a privately held investment firm with over $6.3 billion in real estate equity, debt and leisure business investments led by Jonathan Goldstein.

“This accelerated sales momentum reaffirms our strong belief in Miami's innovation, culture and lifestyle and its future as a global gateway city. We are extremely pleased with the progress across our Miami portfolio and look forward to delivering two world-class developments to the city’s residential market and welcoming their residents in the near future.” said Jonathan Goldstein, CEO of Cain International.

Designed by Hani Rashid of Asymptote Architecture, Missoni Baia is a 57-story luxury residential tower now rising on Biscayne Bay in Miami’s Edgewater neighborhood. As the Missoni brand’s first-ever residential project, the Italian fashion house is incorporating its trademark colorful design palette and Missoni Home furniture collection into the tower’s vibrant interiors, including all public spaces and amenity areas. The waterfront tower’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Units are priced from approximately $950,000 to upwards of $9 million. Construction of the 649-foot-tall tower is well underway and is expected to be completed in late 2021.

The 47-story Una Residences tower, designed by internationally renowned Adrian Smith + Gordon Gill Architecture (AS+GG), is situated on Miami’s waterfront in the city’s picturesque and private South Brickell neighborhood. Private elevators open up into the glass tower’s 135 spacious residences, which range from two- to five-bedrooms and measure between 1,100 to 4,786 square feet in size – with all units boasting unobstructed views of the Atlantic Ocean, Biscayne Bay and the Miami city skyline. Units are priced from $2.2 million to $7.4 million, with two ultra-exclusive penthouses with private pools priced up to $21.6 million. Construction of the 579-foot-tall tower is underway, with completion expected in 2023.

Additionally, OKO Group and Cain International are developing 830 Brickell, a class A-plus office tower also designed by Adrian Smith + Gordon Gill Architecture, currently under construction in the heart of Brickell’s Financial District. OKO Group’s plans to bring an Aman Hotel & Residences to Miami Beach were also recently approved by the City of Miami Beach. Construction of the ultra-luxury development is expected to start this year.

Cain International was recently appointed to lead the strategic reposition of the famed Delano hotel in Miami’s South Beach, adding to the firms growing hospitality footprint across global gateway cities. Cain’s additional US hospitality investment assets include the Waldorf Astoria Beverly Hills, the Beverly Hilton Hotel, and the Raffles Hotel and Residences Boston Back Bay. The firm has also partnered with OKO Group on the financing of the Aman Hotel & Residences in New York City’s historic Crown Building.

For more information about Una Residences or Missoni Baia, private showings or purchasing/ leasing information please fill out the form below:

First New Miami Building Breaks Ground in 2021

On Thursday, February 11th, Natiivo Miami - the first building purposefully designed, built and licensed for homesharing - officially broke ground in Downtown Miami. This event marked the first residential/hospitality groundbreaking post-pandemic and the first of 2021.  The building, in the heart of Downtown Miami, is slated to top off in August 2022 and completion is projected for Q3 of 2023.

Hospitality entrepreneurs Keith Menin and Marisa Galbut, developers of Natiivo Miami, spoke alongside Mayor Suarez to brokers, friends and family to mark this revolutionary development’s milestone of forging ahead with construction. Remarks were also made by Russell Galbut, Managing Principal of GFO Investments; and leaders from Natiivo’s exclusive sales team, Cervera Real Estate, including Alicia Cervera, Managing Partner;  Ali Paysse Cervera, Sales Director; and Jesse Ottley, President of Development.

Guests enjoyed live music by Brothers of Others, and coffee, pastries and light bites by Natiivo Miami’s culinary partners, Bodega and Dolce Italian. 

After coming to market in the summer of 2019, Natiivo™ Miami’s exclusive sales team, Cervera Real Estate, has successfully sold over 60 percent of the Natiivo™ Miami residences. The team has leveraged its knowledge of the Miami market and international experience, selling over 220 units in 2020, despite facing unprecedented circumstances.

Natiivo™ Miami is a vertically-integrated community that incorporates 448 condominium residences, 140 condominium hotel residences, a 100 unit hotel, a private social club called Natiivo™ Social, with 70,000 plus square feet of amenities, with a culinary experience curated by LDV Hospitality, and Creative HQ that includes 127 for-sale office condos, all under one roof. The development recently announced the addition of three coveted Miami brands, Dolce Mercato, also from LDV Hospitality, offering authentic Italian cuisine with the feel of a sophisticated food hall and the charm and service of a sit-down restaurant; Bodega Taqueria, South Florida’s iconic spot known for its authentic Mexican street food; and Gale Miami Hotel and Residences, the third Gale Hotel property in South Florida.

“With the migration to South Florida and the recent announcements of high-profile tech and finance companies relocating to and expressing interest in Miami, the continued growth of Downtown is imminent,” said Keith Menin. “We are confident that Natiivo™ Miami will play an integral role in this growth and are excited to forge ahead in construction. We’re optimistic for 2021 and hope to set the tone for the Downtown Miami market with the first groundbreaking of the year.”

Luxe Miami Four Seasons Penthouse To Be Auctioned At No Reserve

Penthouse 70BCD at the Four Seasons Private Residences in Miami’s Brickell neighborhood will be sold by Platinum Luxury Auctions at a Luxury Auction without reserve on January 29th at 7p.m. EST. The penthouse was previously listed at $15M. The custom home is approximately 5,800 sq.ft. and a combination of 3 units which was done during initial construction and occupies half the building’s top floor. Penthouse 70BCD features ample space for art lovers to display paintings and sculptures, two private balconies with floor-to-ceiling windows, ocean views, a media entertainment area, temperature-controlled wine refrigerators and a floating onyx wet bar with panoramic water views. More than $1M has also been invested in custom woodwork and wood window frames. The home also includes 6 nationwide Equinox memberships with a facility on the property.

Four Season’s Private Residences features a private entrance separate from the hotel. A residents elevator opens up directly into a private foyer with double doors that open into the Penthouse. Penthouse 70BCD is one of the highest penthouses in Miami and located in the second-tallest buildings in Florida. The auction will take place live with in-person bidding on-site along with remote bidding available. The listing brokerage of record is Brown Harris Stevens Miami and the listing agent of record is Techrin Hijazi. The Four Season Private Residences is located at 1425 Brickell Ave in Miami, Florida.

Douglas Elliman Enters Into Jacksonville With Top Producing Agents

Douglas Elliman expanded into Jacksonville’s Ponte Vedra Beach with the addition of the top producing agents of North East Florida, Kim Martin-Fisher and Jennifer Martin Faulkner. Jennifer and Kim has previously worked with Coldwell Banker and sold over $230 million with multiple record-breaking sales since 2019. Both are very knowledgeable of some of the most prestigious neighborhoods in St. Johns and Duval Counties. The agents will focus on these neighborhoods including Ponte Vedra Beach, Nocatee, Jacksonville Beach, Neptune Beach, Atlantic Beach, Vilano Beach and beyond. 

“Kim and Jennifer exemplify the exact qualities we strive to promote at Douglas Elliman, and we are honored to have them join the brokerage as we continue to expand our presence in key Florida markets,” said Jay Phillip Parker, Chief Executive Officer of Douglas Elliman Florida.

"Since 1996 I have experienced a rapid evolution of the Ponte Vedra Beach lifestyle, from fine dining to world class beaches coupled with some of the best real estate in North East Florida – Jacksonville has been attracting buyers from all over the globe,” said, Kim Martin-Fisher.

Kim and Jennifer have been ranked in the top one percent of Coldwell Banker Vanguard Realty’s top agents since 2013, and also have produced the top sales volume. Jacksonville Business Journal recently named Kim and Jennifer the number one sales team by sales volume for 2020, totaling $105.81 million in closed transactions. The team has over 45 years of combined real estate experience and bring 14 active listings to Elliman, totaling over $34 million throughout the Jacksonville area. 

“As a nationally recognized market, our decision to join Douglas Elliman was based on the strength of the brand on a global scale and the impressive platforms offered in order to effectively market properties around the world, which will ultimately bring greater awareness to the multiple luxury real estate markets we service throughout the North East,” added, Jennifer Martin Faulkner.  

Douglas Elliman is one of the largest independent residential real estate brokerages in the United States. Elliman plans to open an office in Ponte Vedra Beach in the near future to continue expansion across the state of Florida.  

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.

Avison Young’s Florida Capital Markets Group Oversees Sale Of Concept II Towers In Lake Worth

Avison Young’s Florida Capital Markets Group has overseen the sale of Concept II Towers in Lake Worth for $10.9 million to local real estate investor Allen Chelminsky. The 6.6-acre complex, located at 2290-2328 10th Ave., features a pair of office towers which were developed in 1985. The recently renovated complex offers a total of 96,674 square feet of office space overlooking Lake Worth. The seller, KAS Lakeworth, was represented Avison Young’s Florida Capital Markets Group lex by David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth. KAS Lakeworth acquired the property for $7.4 million in 2015.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.” 

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.” 

Newmark Group Rejects Takeover Offer From Cushman & Wakefield

Newmark Group Inc. has reportedly rejected a takeover offer from Cushman & Wakefield as commercial brokerages continue to explore consolidation within the industry. At the time of the takeover attempt Cushman & Wakefield had a market value of $2.6 billion and Newmark Group had a market value of $1.2 billion. Newmark Group was reportedly not interested in the $3.8 billion in debt that Cushman & Wakefield holds on its balance sheet.

The commercial brokerage industry has experienced a period of consolidation over the past decade as the firms have attempted to scale up to better service growing client demand. In 2015 the private equity group TPG Capital acquired Cushman & Wakefield for $2 billion and merged the firm with its competitor Cassidy Turley before undergoing an IPO in 2018, the same year Newmark Group was spun off of interdealer broker BGC Partners Inc. In 2019 Jones Lang LaSalle Inc. (JLL) acquired Holliday Fenoglio Fowler LP (HFF) for $2 billion in cash and stock.

The Corcoran Group To Take Over Sales Of DDG Development's 3550 South Ocean's Remaining Inventory

The Corcoran Group has been appointed to take over sales of the remaining inventory at 3550 South Ocean, a luxury condo project being developed by DDG, led by Joe McMillan. Sales will be led by Kerry Warwick who had previously oversaw pre-construction sales of the project with Douglas Elliman. The development is located at 3550 South Ocean Boulevard and was completed in 2019. 3550 South Ocean is just over 30% sold and there are currently 20 units remaining on the market priced from $1.8 million. Pricing initially started at $2.3 million when the project launched in 2016. Sales were previously overseen by Douglas Elliman Development Marketing.

3550 South Ocean features 30 units rising 7-stories, designed by the Palm Beach-based GarciaStromberg | GS4studios, Kobi Karp, and interiors by the NYC-based Champalimaud. Residences at 3550 South Ocean come in 2 and 3 bedroom layouts, range in size from 2,700 SF to 3,000 SF. There are three penthouse units available with private rooftop terraces.

Units will feature private elevator access with private entry foyers, views of the Atlantic Ocean and Intracoastal Waterway, floor-to-ceiling glass, expansive chef's kitchens, and will be delivered move-in ready. A collection of five penthouses will also feature rooftop terraces. Amenities include private beach access, a beachfront salt water swimming pool and sun terrace, a fitness studio with east facing natural light, on-site surf board and stand-up paddleboard storage, private gated access and private parking.

Andrew Kurnit of DWNTWN Realty Advisors Arranges $19 Million Construction Loan For Redwood National Properties Opa-Locka Project

Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site located at 1719 NW 143rd St.

The venture closed on the site acquisition concurrently with the construction financing on August 27th. Redwood is led by Brian A. Sidman of BAS Holdings Investments, LLC. Kurnit was engaged by BAS to provide financial analysis and capital advisory services for the project.

“Miami’s affordable housing crisis is extensively documented, and four-bedroom units are amongst the scarcest,” said Kurnit, head of DWNTWN’s capital advisory practice. “The project is unique for Miami as it contains enough acreage for townhome development, is both gated and lakefront and in close proximity to the region’s main employment and leisure drivers.”

The development will consist of 23 separate four and five-unit buildings and the developers intend to target Section 8 Housing Choice Voucher Holders in its leasing strategy. The community will be gated, lakefront and well-appointed, all rarities for affordable and workforce housing. Each unit will feature contemporary finishes, high-impact windows and lake views. Coastland Construction will be the builder. Redwood’s site is located within an existing 59-unit townhome development called The Mirage at Sailboat Cove, which was initially constructed in 2007.

The project is expected to begin delivering units in mid-2021, with full completion expected in early 2022.