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.” 

Vladislav Doronin and Len Blavatnik Receive Approval For Aman Hotel & Residences In Miami Beach's Faena District

Vladislav Doronin and Len Blavatnik have received approval from Miami Beach City Commissioners to build Aman Hotel & Residences in Miami Beach’s Faena District. The developers will build a new 250’ tall tower adjacent to the historic Versailles Hotel located at 3425 Collins Avenue, in addition to restoring the Versailles Hotel back to its former splendor. Aman Hotel & Residences Miami Beach will feature a 56-room hotel and 23 condominiums.

The approvals required a zoning change for height increase from the permitted 203’ to the proposed 250’. The height increase had been met with community opposition from several Historic Preservation Board members, including chairman Jack Finglass, as well as residents of the King David Condominium across the street. The final plans still must be submitted and approved by Miami Beach’s Historic Preservation Board.

Len Blavatnik is an American industrialist and philanthropist whose firm, Access Industries, owns a diverse portfolio of over 6 million square feet across iconic hotels and other commercial and residential properties in the United States, Europe, South America, and the Caribbean. Along with Alan Faena, Blavatnik developed the neighboring, ultra-luxury condo tower, Faena House.

Aman Hotel & Residences Miami Beach would be the first Aman Resort in South Florida. Vladislav Doronin is the chairman of Aman Resorts, in addition to being CEO of real estate development firm OKO Group. OKO Group’s Miami portfolio also includes luxury waterfront residential towers; Missoni Baia and Una Residences; and 830 Brickell, Miami’s first new office skyscraper in over a decade

Elevate Partners Locks Down $92 Million In Financing For The Newly Completed Four West Las Olas Apartment Tower

Elevate Partners, led by Scott Bodenweber and Tom Vogel, have locked down $92 million in 3-year bridge financing with optional extension for Four West Las Olas. The loan was provided by the New York-based Benefit Street Partners Realty Trust, who provided $76 million of senior debt, and the West Palm Beach-based Electra Capital who provided $16 million in mezzanine financing. Four West Las Olas was roughly 60% leased at the time of refinancing. The loan was brokered by Denny St. Romain of Cushman & Wakefield with Dan McCawley of Greenberg Traurig representing the developer. The new loan replaces an $80 million construction loan provided by Trez Forman Capital in 2018.

Four West Las Olas was completed in Q1 2020 and rises 25-stories. The tower offers 260-units which range from 588 square feet studio layouts to 1,376 square feet 3 bedroom residences. Pricing ranges from $1,724 /mo. to over $7,000 /mo. Four West Las Olas also features 12,000 square feet of retail and 407 parking spaces. Amenities include a rooftop pool, sky club room, fitness center, speakeasy style piano lounge, demonstration kitchen, residents’ lounge, coffee bar and business center.

Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes

Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Homes in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.

Avalon Trails broke ground in 2019 and is located on a 110 acre former golf course at 7472 N. Oriole Blvd. which 13th Floor Homes acquired for $5.4 million in 2018. The total site is approved for 521 homes for the senior 55+ community and 13th Floor Homes still owns a site approved for a 200 unit multifamily development which is yet to break ground.

Amenities at Avalon Trails include a clubhouse, multiple pools, fitness center, business center, billiards room, tennis courts, pickle ball, bocce ball and card rooms. The project will also feature 2.4-miles of trails for walking, running and biking.

JDS Development Group Reveals Plans For 1 Southside Park In Brickell

JDS Development Group, led by Michael Stern, has revealed plans for 1 Southside Park designed by SHoP Architects, ODP Architecture and Design as well as James Corner Field Operations. The mixed-use project is a redevelopment of an existing fire station at 1105-1133 SW 2nd Ave.

1 Southside Park will rise 64-stories and span 2.48 million square feet of total development. The project will feature 1,175 multifamily units, 200 hotel rooms, 6,000 square feet of event space, 200,000 square feet of office, 100,000 square feet of health and wellness, 11,000 square feet of restaurant space, 1,000 parking spaces and a 32,000 square foot fire station.

In order to make the project possible, JDS Development will purchase transfer of development rights from the City of Miami from Southside Park and First Miami High School. This will allow the developer to boost the density of the project and in return JDS Development will pay for improvements to the park as well as fire station.

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.

Ness Realty Proposes The Gateway Mixed-Use Project In Aventura

An entity tied to Raphael Ammar and Ness Realty have proposed The Gateway, a mixed-use project that would feature office space, retail and a hotel. The developer has filed an Administrative Site Plan Review Application with Miami-Dade County for the 1.35-acre site located at 2630-2600 NE 203rd Street. The developer is seeking a zoning change to move the property entrance from NE 203rd Street to NE 26th Avenue. The property sits across Biscayne Boulevard (US-1) from Aventura Mall, adjacent to Beacon Tower, and is located within the Ojus Urban Area District. There is currently an older office and apartment buildings on the site.

The Gateway is designed by International Design Engineering Architecture (IDEA) and would be built in two phases. The current proposal calls for 100,800 square feet of office space, 7,200 square feet of retail, 21,760 square feet of convention space, 167 hotel rooms and 492 parking spaces. Phase 1 would include the construction of the 6-story office building and Phase 2 would include the 12-story hotel. The Gateway is expected to break ground in Q3 2021 pending approvals and obtaining building permits.

Construction On Missoni Baia Passes Halfway Point Milestone In Edgewater, On Track For 2021 Delivery

Vertical construction on Missoni Baia, a 57-story waterfront glass tower now rising along Biscayne Bay at 777 NE 26th Terrace in Miami’s Edgewater neighborhood, has reached the milestone halfway mark. The building’s general contractor, Civic Construction, has completed the skyscraper’s 28th floor, with about one full level expected to be completed every week going forward until top-off in March 2021.

Missoni Baia is the vision of international real estate magnate Vladislav Doronin, Chairman and CEO of OKO Group, and Cain International. OKO Group and Cain International launched construction of the 649-foot-tall tower in 2017 and the project is slated for delivery in late 2021.

“Building Missoni Baia to its midpoint milestone is a remarkable moment for our team as we bring this elegantly designed, landmark project to life,” said developer Vladislav Doronin, Chairman and CEO of OKO Group. “As we accelerate towards completion later next year, Missoni Baia will be a retreat in the center of one of Miami’s most up-and-coming districts. Missoni Baia’s picturesque bayfront location, stunning uninterrupted views, world-class design and amenities worthy of a luxury resort will brand it an icon of Miami.”

“Miami is a dynamic gateway city and Missoni Baia represents the kind of luxury product that we strongly believe will continue to draw domestic and international interest,” said Jonathan Goldstein, CEO of Cain International. “This milestone is a testament to the team’s diligence and hard work despite the challenges presented by the current environment.”

Missoni Baia’s modern architectural design and sleek, minimalist art-inspired façade is being brought to life by architect Hani Rashid of Asymptote Architecture, with a richly layered landscape designed by Enzo Enea of Enea Garden Design.

As Missoni’s first-ever branded residential tower, the Italian design and 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. New York designer Paris Forino, under the creative direction of Angela and Rosita Missoni, has envisioned the tower’s elegantly crafted residences, furnishings, and artworks.

Priced from about $600,000 to upwards of $9 million, Missoni Baia’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Every unit will also offer direct bay or city views, with panoramic vistas of Biscayne Bay, Downtown Miami, Miami Beach, and the Atlantic Ocean. Residences feature 10-foot ceilings, 8-10-foot-deep terraces, impact-resistant glass windows and sliding doors, floor-to-ceiling glazing, marble-encased bathrooms with European style lacquered cabinets and mosaic tile floors, and custom-designed kitchen cabinetry with top-of-the-line appliances.

Missoni Baia residents will have access to a comprehensive array of sporting and leisure amenities that will integrate the comfort of a luxury resort with the ambiance of a private residence, enjoying five separate pools including an Olympic-sized swimming pool, a cantilevered infinity pool with limitless views of Biscayne Bay, a lounge pool, whirlpool spa, and a children’s pool and splash pad area. The tower will also feature two poolside resident lounges, private cabanas, elevated tennis courts, one of the city’s largest and elegantly appointed spas with sauna/steam rooms, and private massage treatment rooms. Additional perks include a state-of-the-art gym with 180-degree bay views, dedicated yoga and Pilates studios, a kids’ club and indoor play area, a hair and nail salon, a pet spa, and a private screening room. Furthermore, residents will also receive exclusive membership access to the Grand Bay Club on the beachfront of Miami’s Key Biscayne.

Missoni Baia is OKO Group and Cain International’s latest residential tower in Miami. The team has another two developments under construction nearby, including Una Residences, a 47-story luxury condominium on the waterfront in the city’s South Brickell District, and 830 Brickell, a class A-plus office tower in the heart of Downtown’s Financial District, both designed by Adrian Smith + Gordon Gill. Additionally, OKO Group recently announced plans to bring an Aman Hotel & Residences to Miami Beach’s Faena District.

Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah

Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.

“We are very proud to secure construction financing with Principal Real Estate Investors for Pura Vida Hialeah as we step closer to delivering this compelling project to the area,” said Michael Wohl, principal of Coral Rock Development Group. “Pura Vida will undeniably introduce a new lifestyle for Hialeah creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood, and this is a momentous milestone in bringing this vision to fruition.”

Pura Vida Hialeah portends to transform the area’s aging residential and retail offerings with the first new sleek contemporary designed vertical towers. Boasting a vibrant mix of popular restaurants, shops and other conveniences, Pura Vida Hialeah will provide an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.

The visionary project will encompass three eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 square feet of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 square feet of commercial retail space. 

“Principal has worked with the Coral Rock Development team for almost two years to help make this project a reality. We believe not only in the Hialeah market, but especially in the team’s vision and experience. Pura Vida will truly be a game changing development in this community,” said Mary Scott, Senior Investment Director at Principal Real Estate Investors. 

The project is poised to become the new epicenter of Hialeah. Offering a wide array of floorplans ranging in size from 538 square feet to 1,099 square feet, the market-rate rental residences at Pura Vida Hialeah will include studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, biking center, and 24-hour security staff for the convenience of residents. 

General contractor KAST Construction will break ground on the residential portion of the project next month and will open for occupancy in the first quarter of 2022.  

The retail portion of the project broke ground in April 2019, recently completing the first building this summer with retail tenant Dollar Tree now open, and soon to be joined by InnovaCare Health. InnovaCare Health will occupy 20,000 square feet providing Pura Vida residents and the surrounding neighborhood with accessible healthcare services. 

Additional confirmed retail tenants include a Wawa convenience store and gas station – representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, and a Taco Bell restaurant, with more to be announced in the coming months.

Situated on a prime corner at 3051 W 16th Avenue, Pura Vida Hialeah boasts a central location just minutes from major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road, offering direct access to Greater Miami and the surrounding areas.

Elysee Reports $30 Million In Sales As Tower Nears Completion This Fall In Edgewater

Two Roads Development plans to deliver their Elysee condo tower in the next 60 days so that residents can enjoy their new home in time for winter as the COVID-19 pandemic and a fast-approaching winter season has sparked demand for South Florida property from northeast buyers. Buyers are now prioritizing space and privacy, with Elysee set to deliver in the next couple of months, the building has stood out among buyers who prefer the convenience of living in a boutique, fully-serviced condo over owning a home. 

The project’s sales team, Douglas Elliman Development Marketing, is also reporting that the tower is over 75% sold with over $30 million in new contracts since the 649-foot, 57-story tower topped off construction at the end of last year, with domestic and international buyers about equally represented. The boutique condo tower offers only 100 half-floor and full-floor units with remaining residences priced from about $1.9 million to approximately $10 million. The condominium is slated to become the tallest residential building in Miami’s Edgewater neighborhood upon its completion this fall.

“Now more than ever, buyers want space,” said developer Reid Boren, managing partner of Two Roads Development. “We’re seeing many prospects, especially those coming from dense cities in the northeast, who are attracted to Elysee’s boutique model, expansive floorplans and walkable location just a short bike ride away from Miami’s best waterfront parks and beaches. With the building’s completion on the horizon, we’re excited to be welcoming our residents home later this fall.”

Designed by Arquitectonica principal Bernardo Fort-Brescia, Elysee’s telescopic design and three-tiered façade ensures that all residents will enjoy 180-degree bay and city views. Located at 788 NE 23rd Street, fronting Biscayne Bay, the property enjoys one the area’s most coveted waterfront locations, and is destined to take its place among Downtown Miami’s most iconic buildings in the changing cityscape. Elysee’s interior common spaces are designed by Parisian designer Jean-Louis Deniot, acclaimed by ELLE Decor and Architectural Digest as one of the world’s preeminent talents in architecture and interior design.

“We are continuing to experience a strong demand in the Miami market from discerning buyers who want to take advantage of the year round weather and tax benefits,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Elysee has shown a tremendous amount of activity for buyers looking to luxury new construction that provides ample space, without the maintenance of a single family home. We look forward to the ongoing success as the building comes closer to completion.”

Residences at Elysee range in size from 2,200 and 6,600 square feet, with a choice of three- to six-bedroom layouts. All will feature private elevators and foyers, ceilings of 10-feet or higher, impact-resistant glass windows and sliding doors, and customized Waterworks® master bathroom fittings and fixtures. Gourmet kitchens sport ItalKraft® cabinetry, Wolf® gas ranges and professional grade Sub-Zero® appliances. Expansive east- and west-facing terraces frame unparalleled sunrise and sunset views.

Elysee residents will enjoy access to three full floors of amenities. At the Grand Lobby level, these will include an elegant marble lobby and living room area, bayfront lounge and waterfront sunrise pool. The building’s seventh-floor amenity level will offer a resort-size sunset pool; fitness center and yoga studio; blow-dry bar; children’s playroom; and a spa with private sauna, steam and massage rooms. The Sky Level, encompassing the building’s entire 30th floor, invites large-scale entertaining with a Grand Salon lounge and bar area, Grand Dining Room with seating for up to 24 guests, catering facility and chef’s table, library, private screening room, and media room.

Last summer, Two Roads Development announced the sale of the tower’s raw/unfinished 11,600 square foot, three-story penthouse, which sold for a record $12.8 million, marking it the highest price paid for a private residence in the city’s Edgewater enclave.

Renderings via Two Roads Development

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