Terra Locks Down $43.5 Million Refinancing For 'Residences In The Grove' Coconut Grove Condo

Terra, in partnership with AB Asset Management, has secured a $43.2 million refinancing loan for Residences in the Grove, a 148-unit luxury condominium located at 2835 Tigertail Avenue in the heart of Miami’s Coconut Grove neighborhood. The financing, provided by City National Bank of Florida and KS Finance Corporation, will fund preliminary demolition and site-work in preparation for the project’s groundbreaking. Construction of Residences in the Grove is estimated to get underway later this year, with completion slated for 2025.

Designed by Arquitectonica, the five-story development will boast a beautiful design centered around a coral rock façade and sustainable features that will blend in seamlessly with Coconut Grove’s existing landscape and tree canopy. The project will also include approximately 22,000 square feet of wellness focused street-level retail space.

“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools, and some of Miami’s most exciting retail and dining destinations,” said David Martin, CEO of Terra. “Terra has been on the front lines in reinvigorating Coconut Grove dating back nearly a decade and we’re excited about continuing that tradition with this new development.”

“Coconut Grove is experiencing a surge of demand as people and businesses continue to move to South Florida. Terra was one of the first developers to recognize Coconut Grove’s potential as a mixed-use destination, and the firm has delivered several residential and commercial projects that are bringing the district to life,” said Gary Fitzgerald, Executive Vice President, Real Estate Banking Executive at City National Bank of Florida. “When you consider the neighborhood’s appeal, the strength of Miami’s residential market, the quality of this location, and Terra’s track record, the decision to finance this transaction made perfect sense.”

Terra’s portfolio of residential and commercial developments throughout Coconut Grove include the Bjarke Ingels-designed twisting towers of Grove at Grand Bay; the Rem Koolhas/OMA-designed Park Grove condominium towers; and the Touzet Studio-designed Mary Street class A office building. Terra is currently developing the two-tower Mr. C Residences luxury condominium, and Grove Central, a mixed use transit-oriented retail and residential development, both of which are slated for completion later this year.

Newgard Development Group To Bring Acclaimed NY Restaurant AVRA Estiatorio To LOFTY Brickell

Forward-thinking real estate developer Newgard Development Group has revealed that the acclaimed Greek restaurant AVRA Estiatorio will be opening in LOFTY Brickell, a 44-story waterfront luxury condominium high-rise under development on the Miami River in the heart of Miami’s financial district. A collaboration between co-founders Nick Tsoulos, Nick Pashalis and Marc Packer, AVRA is a destination that transports diners to the whitewashed islands of Greece with its decor and cuisine including incomparably fresh seafood, vegetables and hand-pressed extra-virgin olive oil.

LOFTY is already one of the Miami condo market’s most successfully sold buildings and the most elevated offering in Newgard Development’s flexible ownership concept. AVRA’s flagship New York location opened on East 48th Street in 2000; today the brand has two more Manhattan locales, another in Beverly Hills, and most recently opened a fifth location at The Estates at Acqualina™ in Sunny Isles Beach. LOFTY will be the restaurant’s second South Florida location.

“We were looking to curate the right restaurant partner that is aligned with the elevated lifestyle that defines our LOFTY brand,” said Newgard Development Group CEO Harvey Hernandez. “AVRA offers a wonderfully creative menu and truly unique dining experience that fully complements the vibe we aim to create for our owners and guests.”

With interiors designed by Rockwell Group, AVRA Brickell will occupy more than 10,000 square feet and have a 300-seat main dining room along with elegant outdoor seating overlooking the Miami River. Other design elements will include a spacious bar area, an expansive seafood display on ice similar to those found at traditional Greek markets, and a sleek aesthetic inspired by the Greek village of Nafpaktos, where Avra’s co-founder Nick Tsoulos was born and brought up.

AVRA’s cuisine is inspired by the seaside tavernas dotted all over Greece’s coast and more than 200 islands. The menu offers iterations of fresh fish with familiar favorites such as branzino, red snapper and wild Dover sole, as well as rarer Mediterranean gems like fagri and lithrini. Picking your seafood from the ice display that features in-season catch is a signature part of the AVRA experience.

The wine program is as impressive as the food with a list that includes more than 1,200 varieties and spans the globe. When it comes to spirits, AVRA’s options number in the hundreds and include 25 varieties. Greek spirits are part of the mix with ouzos and mastichas, and the cocktails are creative and a nod to Greece.

Michael Comras, Michael Silverman and Jeff Evans of the Comras Company of Florida facilitated the lease transaction.

“AVRA is a world-class restaurant that aligns nicely with the LOFTY brand and provides further activation along the Miami River,” said Comras. “We are pleased to be associated with this innovative residential project and look forward to curating other exciting lifestyle-brands for Newgard.”

Designed by Arquitectonica, the 362-unit LOFTY features 309 tower residences including studio, one- and two-bedroom units alongside 40,000 square feet of thoughtfully curated amenities, including a private marina, a members-only social club, resort pool deck and fitness center, indoor/outdoor cigar lounge, co-working lounge and meeting rooms.

LOFTY’s 53-unit Penthouse Collection offers spacious two, three and three-bedroom plus den residences that are curated and will be furnished by revered design firm Artefacto. Penthouse prices range from $1.95 million to over $3.5 million.

Located directly across from Brickell City Centre, LOFTY is the next evolution of condo ownership, conceived to bring a 5-star alternative for the owner and traveler that might prefer to stay and own differently – yet does not want to compromise on the services and amenities of a hotel. Each residence will be delivered fully finished and furnished and, with professional management, will permit short-term rentals.

Cervera Real Estate serves as the exclusive sales and marketing partner for LOFTY Brickell. LOFTY Brickell is located at 99 SW Seventh St., Miami, FL 33130.

Images via LOFTY Brickell and AVRA Estiatorio

Continuum Company Announces Cullen Mahoney As New Senior Development & Acquisitions Officer

Continuum Company, a New York City-based boutique real estate development firm focusing on ground-up developments that create value for both the consumer and investor, announced today that Cullen Mahoney is joining the company as the Senior Development & Acquisitions Officer for Florida.

“Continuum Company is thrilled to welcome Cullen to the team,” Alexandra Eichner, President of Continuum Company, said. “We believe he is the perfect addition as we begin to hone in on the South Florida real estate market.”

For the past two decades, Continuum has eyed South Florida as an up-and-coming real estate enclave. In 2000, Continuum launched its first South Florida-based high-rise project, now known as the Continuum, which boasts a 42-floor north tower and a 37-floor south tower for a total of 527 units. Continuum has recently emphasized further expanding its projects into the South Florida market. Spearheaded by Alexandra Eichner and Phil Gutman, President of PGutman, Continuum has commenced construction on La Baia South, which is 100% sold, and launched sales on La Baia North. Additionally, Continuum just announced that it acquired a 1.34-acre site in North Bay Village for a brand-new luxury condominium building.

Enter Mahoney – with over a decade of experience in real estate and development in South Florida, he will serve as a tremendous asset to Continuum as the firm continues to expand into the Florida market. Prior to joining Continuum, Mahoney worked as a Development Manager for Miami-based Related Group. In this role, he worked on several Miami-based development projects in both the luxury condominium division and the market-rate apartment division, most notably his involvement with Residences by Armani/Casa. His collective real estate projects portfolio is valued at over $1 billion.

Prior to joining Related Group Mahoney graduated from University of Miami School of Law with a Masters of Law in Real Property Development.

“Since the pandemic, South Florida has seen unprecedented growth. While inflation impacts construction costs and higher interest rates cool demand, we are continuing to see a steady wave of sophisticated buyers transacting in our market,” Mahoney said. “Continuum is carefully curating development sites and providing a high-quality product that continues to be prosperous regardless of market conditions. I am excited to join the team,” he adds.

Kith Opens Miami Design District Flagship Complete With Major Food Group's Sadelle's at Kith And Kith Treats

Kith has opened its second Miami location in Miami Design District, including Miami’s inaugural Sadelle’s at Kith restaurant with Major Food Group and a standalone Kith Treats store. This new store is two stories and will carry Kith’s in-house and multi-brand ready-to-wear, accessories and footwear offerings for men, women and kids. Established in 2011, Kith is both a multifunctional lifestyle brand as well as a progressive retail establishment. Kith offer an array of premium products, ranging from their own in-house label to a highly-curated luxury selection of multi-brand apparel and footwear.

The Kith Miami Design District concept mirrors that of Kith’s signature retail designs, transposed against details that embody modern elements the Miami neighborhood is known for. With this retail expansion Kith continues to offer its customers a unique shopping experience reflective of the location’s environment.

The brand’s quintessential neutral color palette is juxtaposed alongside vibrant shades of green, incorporated through the interior landscape design as a small nod to Miami’s natural beauty. Santa Margherita Rosa Perlino, Perlato Royal and Carrara marble floors and structures are woven alongside wavy fluted plaster, birch wood, brass and painted gypsum throughout both floors. The result is a sophisticated atmosphere that is light and expansive, as designed by Kith’s Founder and Creative Director Ronnie Fieg.

“Evolving and expanding our spaces with tact is as challenging as it is motivating. Each store must feel completely unique while retaining the red thread that runs through all of our flagships. Our new Miami Design District location feels like a true notch in our timeline. It marks our first standalone Kith Treats bar, as well as our first US Sadelle’s at Kith restaurant. After opening our first one in Paris with Jeff and Major Food Group a few years ago, I’m excited to bring our partnership to Miami.” - Ronnie Fieg, Founder and Creative Director, Kith.

Upon entering, a circular structure centers the space separating the menswear from the womenswear. A deep hallway of changing rooms with birch paneled walls and ceilings is located at the rear of the showroom. Floor to ceiling windows flood the staircase with natural light, providing strong visual contrast against the white floating steps that connect the main level to the second floor. Once upstairs, customers are met with ribbed fabric walls across the expansive circular shoe room, providing a moment of warmth against the otherwise minimal design.

Further into the second floor is Sadelle’s at Kith bringing Major Food Group’s renowned New York restaurant to the Miami Design District. Kith and Major first collaborated on Sadelle’s at Kith Paris before expanding the brand with the Miami opening. White washed ash walls with picture frame molding are met by a checkerboard floor, fluted ming green counter and fluted Carrara marble header, creating a space that is both polished and inviting. Sadelle’s at Kith Miami will offer the restaurant's signature menu items including its infamous brunch.

"Major Food Group and Kith's partnership developed naturally out of mutual respect and our shared New York DNA. Our first collaboration launched in Paris, and we couldn’t be more proud to bring our beloved Sadelle's to our new home in the Miami Design District.” Said Jeff Zalaznick, Major Food Group Co-Founder.

In addition, Kith introduces the brand's first permanent standalone Kith Treats outpost, located directly across the street from Kith’s retail location, at 84 NE 41st Street. A circular bar of Rosa Portugalo marble centralizes the 1,000 square foot space against Carrara marble barstools and stainless-steel accents, highlighted by Kith Treats’ discernible parlor-style cereal canister wall. The location will serve new exclusive Signature Specials created by friends and family of Kith, and for guests seated at the counter, an extended menu of original Belgian waffle offerings with custom Kith branding. The space will also stock the brand’s global inline apparel capsules.

Kith was founded by Ronnie Fieg, a prominent figure in the footwear industry, who has over twenty years of hands-on experience. Conceptualizing Kith as an extension of himself, Fieg seeks to shift the current landscape of fashion, while operating under a personal philosophy of giving the consumer more than what they pay for.

To celebrate the opening, Ronnie Fieg and ASICS reprise their long-standing partnership by introducing the GEL-LYTE III Remastered – Super Yellow. A return of the exact dimensions featured on the inaugural pair that Fieg introduced in 2007 when he began his partnership with the brand. The silhouette features original key GEL-LYTE III elements including a nubuck upper, split tongue and the classic form stripes that the brand is known for in a suede orange execution. The duo also brought back the original ASICS box and hang tags.

The Ronnie Fieg for ASICS GEL-LYTE III Remastered – Super Yellow will commemorate the opening of the Kith Miami Design District flagship. It will launch later at Kith’s international locations as well as Kith.com & EU.Kith.com.

Kith Miami Design District is located at 69 NE 41st Street Miami, Florida 33137.

Images via Kith and Miami Design District

University of Miami Real Estate Impact Conference 2023 The Largest Edition Yet As Real Estate Leaders Discuss The State of Miami Real Estate

On Friday, February 10th, the University of Miami Herbert Business School hosted the 2023 edition of its annual invitation-only Real Estate Impact Conference, which brought together board members, students, faculty, distinguished alumni and real estate professionals. Entrepreneurs and innovators met with leading commercial real estate investors to explore opportunities spurred by new technologies and the vibrant movement of people and capital to South Florida at the Real Estate Impact Conference, co-hosted by three University of Miami schools. The invitation-only conference was hosted at the newly completed Lowes Hotel Coral Gables with support from presenting sponsors Douglas Elliman Real Estate, Kislak Family Foundation, Witkoff and Ripco Real Estate.

More than 800 attendees, including University of Miami students and alumni, as well as many South Florida commercial real estate and finance professionals, joined 150 scholarship-supported students to discuss both threats and opportunities in the market at the multidisciplinary conference. Attendees included Dan Kodsi, Edgardo Defortuna, Allen Morris, Ronny Finvarb, Jay Masserman, Neil Fairman, David Luski, Matt Shore, Camilo Miguel Jr., Dev Motwani, Nitin Motwani, Scott Sherman, Jacques Bessoudo and Demetri Demascus. Speakers included Roy Hilton March, Armando Codina, Jonathan Tisch, John Buck and Ralph Rosenberg.

The 2023 University of Miami Real Estate Impact Conference brings together expert panels to bring insight on Miami’s ever evolving real estate market place and glimpse into the future from the city’s movers and shakers. Themed “Miami, In Motion,” the conference offered three panels—“Moving in Miami: A Transit-Oriented Initiative That Will Forever Change Downtown Miami;” “Why You Can Count on South Florida Real Estate;” and “Keys to Success for CRE (Commercial Real Estate) Investment and Financing.”

“The conference theme was geared to capture the energy of the county’s emphasis on transportation through its proposed downtown redevelopment plan and the fact that so many people and so much capital has been moving here, especially since COVID,” said Andrea Heuson, finance professor and academic-director of real estate programs at the Herbert Business School.

Heuson highlighted that nearly $2 billion in capital investment funds, much of it from Latin America, has moved into South Florida through the pandemic period.

The conference began with “Moving in Miami: A Transit-Oriented Initiative That Will Forever Change Downtown Miami” featuring John Buck, Chairman and CEO of The John Buck Company along with Miami-Dade County commissioners and agency specialists.

The county redevelopment panel focused on two key points for the proposed transformation of 178 acres in Miami’s downtown owned by the county: the requirement that new development must include improved transportation, accessing federal funds to expand Metrorail and the Metromover, and also that affordable housing be offered together with mixed market-rate housing.

It was followed by an exploration into “Why You Can Count on South Florida Real Estate” with Loews Hotel & Co. Executive Chairman Jonathan Tisch and legendary developer Armando Codina of Codina Partners. In the conversation, both shared from their personal histories.

“To learn how they went from nothing—Codina was sent here from Cuba (part of Operation Pedro Pan) and then lived in an orphanage and foster care—to become these iconic players in the real estate industry was so inspiring. And their advice to work hard, stay humble, and keep the right mindset and not develop a sense of entitlement was so important for me.” Said conference attendee Ismael Almanzar Ortiz, a University of Miami student who is midway through the Accelerated Real Estate MBA program at Miami Herbert Business School.

The conference was highlighted by the final panel, “Keys to Success for CRE Investment and Financing” featuring Global Head of Real Estate at KKR Ralph Rosenberg and Eastdil Secured CEO Roy Hilton March who gave insight onto how real estate markets are influenced by current inflationary and geopolitical factors in the global marketplace.

In addition to panel discussions and networking sessions, there were several special programs available to MRED+U, MBA, MSF and Law School students throughout the day. More than 100 current University students and alumni attended the morning ’Canes Connection gathering, offered for the first time. One of the benefits of membership on the University of Miami Real Estate Advisory Boards, which consist of over 100 prominent real estate professionals, is personal contact with the best and brightest students.

Heuson points out that scholarships and sponsor support make it possible for nearly all students to attend who want to. Additionally, she explained that the conference generates funds to support several University scholarships, such as Project Destined, geared to bring high achieving diverse students into the field, and also for the Accelerated Real Estate MBA, which includes a six-month paid internship component.

The 2023 University of Miami Impact Conference was hosted by Miami Herbert Business School which hosts it’s Accelerated MBA in Real Estate Program, The School of Architecture which hosts the MRED+U program and the School of Law which offers the LL.M. In Real Property Development.

Miami Herbert Business School’s 19-month Accelerated MBA in Real Estate, led by Dr. Andrea Heuson, offers students the opportunity to transform their careers with the 19-month MBA program which combines the leading business expertise of the Herbert Business School with the School of Architecture’s strengths in new urbanism. With Miami being a real estate powerhouse, the program offers students the invaluable opportunity to gain a general management perspective and hands-on commercial real estate experience through experiential learning, internships, and an interdisciplinary curriculum. For more information on the Accelerated MBA in Real Estate visit University of Miami’s Herbert Business School MBA in Real Estate Program here.

Related Group's Nick Pérez on Wynwood’s Transformation And The Future of Development in This Burgeoning Neighborhood

The Wynwood Arts District, famously known for its striking graffiti walls and vibrant arts and entertainment scenes, is now one of Miami’s most desirable places to live, work and play, with some of the biggest names in tech, dining, fashion and hospitality setting up shop in the neighborhood.

Leading this charge is real estate powerhouse, Related Group, the first developer to enter Wynwood in 2019 with the area’s first ground-up rental community, Wynwood 25, and the firm behind the premier Class-A office building, Wynwood Annex.

Now, Related is betting big on the future of Wynwood’s luxury residential market with NoMad Residences Wynwood, the first hospitality-infused condominium from the iconic brand, NoMad Hotels.

PROFILEmiami had the opportunity to speak with Related Group’s Senior Vice President, Nick Pérez, to learn more about this exciting new development and what the future holds for the area.

PROFILEmiami (PM): What initially attracted Related Group to Wynwood?

Nick Pérez (NP): JP Pérez, the President of the Related Group, initially convinced our father, Jorge Pérez, to enter the Wynwood neighborhood, which has been one of our most successful plays to date. When Related chose to build Wynwood 25, our first large-scale rental development in the neighborhood, we were impressed by the art district’s popularity with locals and tourists alike. We recognized that while millions of people were visiting Wynwood each year, there were no existing large-scale residential communities that catered to locals. It was this lack of quality housing supply that compelled us to deliver Wynwood 25, which opened four years ago, and has since ignited a wave of residential development that has transformed the area into one of the hottest rental markets in the county.

Thanks to JP’s visionary foresight, our bet paid off in a big way and today we are the single most active developer in Wynwood. Related alone has a total portfolio, including units completed and under development, of more than 1,250 luxury rental apartments in the neighborhood. Similar to our rental projects, we hope that the NoMad Residences Wynwood will set an example for other condominium developers to follow. Not only are we creating a high-quality building that our buyers will be proud to call home, but we are incorporating a wealth of food and beverage options that will be open to the public and contribute to Wynwood’s dynamic community.

We’re exceptionally proud of the progress we’ve made to date and look forward to the building’s groundbreaking later this year.

PM: Talk to us more about NoMad Residences Wynwood. How did the project come to be?

NP: As one of the pioneers behind the branded residences trend in Miami, we recognized the potential for a partnership with a reputable hospitality brand to envision a new type of condominium offering in Wynwood. The philosophy behind NoMad Hotels is grounded in the idea of the hotel as a great home, which spoke to us as residential developers. The brand’s expertise in creating and activating artfully-lived spaces made it the ideal partner for this project.

Furthermore, the NoMad New York was credited for transforming Manhattan’s North of Madison enclave into one of the city’s most in-demand neighborhoods, and we feel strongly that the NoMad Residences Wynwood will further contribute to Wynwood’s incredible evolution, leading it to become one of Miami’s most inspired and sought-after destinations.

We developed NoMad Residences Wynwood in partnership with New York-based Tricap and collaborated with our globally-renowned design partners, DesignAgency and Arquitectonica. In addition to a full suite of resort-style amenities, the nine-story building will include two signature food and beverage offerings that will be open to the public, including the rooftop restaurant and mixology bar, The NoMad Bar. On NoMad Wynwood’s ground floor, residents and the community can enjoy a Casa Tua Cucina, an expansive open-kitchen concept offering simple, yet expertly crafted Italian and Mediterranean fare.

PM: Wynwood is rapidly transforming into Miami’s tech epicenter. How have Related’s properties contributed to this growth?

NP: In the wake of the pandemic, Wynwood became a major hub for innovators within the tech and finance spaces, including Founders Fund, Atomic Venture Capital and Live Nation Entertainment, which opened offices at The Annex.

The range of forthcoming hospitality and residential offerings, including the Arlo Hotel, Moxy Hotel and the Related communities, will cater to the needs of this growing workforce, much of which is looking to put down roots in the neighborhood.

In fact, this growing tech population paired with the highly regarded NoMad brand has directly translated into robust sales activity at NoMad Residences Wynwood. More than 50% of the building’s 329 fully-furnished homes are already in contract, including one priced at roughly $2,000 per square foot, which shattered neighborhood price records.

PM: Why is the neighborhood attractive to companies wanting to open an office in Miami?

NP: South Florida has experienced tremendous population growth in recent years as many people relocated from New York City, Chicago, Atlanta and parts of Texas.

Wynwood is unique in that it offers a highly creative environment with proximity to the Miami Design District, Midtown and Miami Beach, making it an ideal location for companies looking to tap into the city's diverse business and cultural communities. The neighborhood is home to acclaimed art galleries, luxury boutiques and Michelin-star and five-star restaurants, all of which contribute to its appeal.

PM: What’s next for Related after NoMad?

NP: The Related team has worked to revitalize neighborhoods and improve communities since my father founded the company more than 40 years ago. We’re often among the first to recognize the signs of a promising market like Wynwood. One of our primary goals is to bring projects to life that complement and contribute to the desirability of the surrounding neighborhood — and NoMad Residences Wynwood will be a standout example of that. We can’t wait to show off the finished product.

Rilea Group Acquires Final Parcels To Complete Assemblage for Mohawk Wynwood

Rilea Group has closed on an expansion of its assemblage for its rental project Mohawk at Wynwood for $5.7 million, represented by Alfredo Riascos of Gridline Properties. The seller was represented by Alfonso Jaramillo of Fortune. The purchase brings Mohawk’s site to 78K square feet, which sits adjacent to its short-term luxury rental property, The Rider Wynwood. Rilea Group is now transforming 2.5 acres, nearly an entire block, at NW 29th St. and the Florida East Coast Railway line. Rilea Group is a multi-faceted real estate development and management company that has developed over 9,500,000 square feet in South Florida.

The expanded footprint will add 34 new units, including 20 New York style, two-story lofts at Mohawk, underscoring the company’s confidence in the market’s growth at the border of Midtown and Wynwood neighborhoods and demand for unique rental real estate.

Over the past 10 years, Wynwood has experienced significant growth, as have its property values. It continues to emerge as one of South Florida’s hottest, upcoming areas for new residential and office developments.

“Wynwood is on a meteoric rise and we’re thrilled to be a part of fomenting its growth,” said Diego Ojeda, president of Rilea Group. “We have put together a standalone team that through our unparalleled architecture and interior design, we will bring a unique concept which will be like nothing seen before in the neighborhood. Mohawk at Wynwood’s punk rock theme and our neighboring project, The Rider’s ‘easy-rider’ persona, will be sure to attract a great crowd to the market.”

Realty Mogul, an innovative crowdfunding platform for commercial real estate investment, is the largest fundraising partner for Mohawk at Wynwood. It is expected to launch a fresh raise of additional capital in the coming weeks for the project’s continued expansion and future construction, slated for later this year.

Mohawk at Wynwood will feature 260 residential units and 31K square feet of ground floor retail, 335 covered parking spaces with 25 percent dedicated to electric vehicles, 1,500 square feet of private offices for residents in a 12-story building covering a total of 78K square feet of land. Mohawk’s amenities will include a dazzling rooftop pool, game room, state-of-the art gym, outdoor and indoor yoga studios, owner’s lounge and bar, outdoor and indoor kid’s room, a large private park, dog park, two pickleball courts, and more.

The Rider at Wynwood will have 131 apartment-hotel luxury units for short-term rentals, 6,500 square feet of ground floor retail, a rooftop pool for residents and a speakeasy-concept rooftop bar in a 12-story building. The buildings’ architecture will feature Chicago-brick facades coupled with aged metal accents throughout.

Rilea Group’s acquisition of the initial assemblage began in June 2021 when Alfredo Riascos of Gridline Properties represented buyer Rilea Group / Alan & Diego Ojeda and seller David Lombardi in Rilea Group’s $22 million acquisition of the adjacent 65,700-square-foot site at 56 NE 29th St., Miami, FL 33137, also part of the Mohawk at Wynwood assemblage. In addition, in October 2021, Gridline Properties represented the Rilea Group / Alan & Diego Ojeda in its purchase of the adjacent 31,358-square-foot property at 100 NE 29th St., Miami, FL 33137 for $12.25 million, slated for The Rider at Wynwood site. The seller was Jeffrey Miller.

Clara Homes Closes On $26 Million Construction Loan For Clara Bay Harbor Luxury Rental Development

The Miami-based Clara Homes, led by James Curnin, has closed on a $26 million construction loan financed by Maxim Capital for Clara Bay Harbor. The three-building development, Miami’s most anticipated new ground-up luxury rental community, will feature 150 total residences with five-star service and a suite of thoughtful amenities. Clara Bay Harbor’s first building is slated to break ground this March, with completion anticipated for Spring/Summer 2024. The entire master plan is expected to complete by the end of 2025. Clara Homes is a Miami-based vertically integrated real estate firm specializing in residential and commercial development, custom single-family homes and operations oversight.

“We are committed to bringing buildings to market that elevate luxury rental living across South Florida,” says James Curnin, CEO and Founder of Clara Homes. “This construction loan reaffirms the vision and confidence we have in Clara Bay Harbor. The project will offer renters high quality residences, designed with the same sophistication and style as our custom homes.”

Nestled between the world-famous Bal Harbour Shops and Miami’s exclusive Indian Creek, Clara Bay Harbor will offer an enviable lifestyle and location in the heart of Bay Harbor. Situated just minutes from the Atlantic Ocean as well as the best shopping and dining in the city, Bay Harbor is one of the most desirable residential areas in Miami, celebrated for its small-town feel and focus on community. The waterfront neighborhood is now transforming into an exclusive luxury destination with the development of new high-profile projects such as Clara Bay Harbor. The three buildings of Clara Bay Harbor will set a new standard for rental living across South Florida.

“Clara Homes is an experienced South Florida builder and a longtime Maxim client,” said Adam Glick, principal and cofounder of Maxim Capital Group. “We’re looking forward to completing a luxury rental building in one of the fastest growing markets in the country with one of the best residential developers in the Miami area.”

Construction for Clara Bay Harbor will be completed in three phases. The first phase introduces the first of three six-story buildings. Located at 10281 W. Bay Harbor Drive, the first building will tout 28 luxury two-to-five bedroom rental residences, a parking garage, and an amenitized rooftop space encompassing a swimming pool, exercise area, and sundeck. The other two buildings located at 1147-1163 100th Street and 10200 East Bay Harbor Drive are scheduled to break ground later this year.

Clara Bay Harbor is Clara Homes’s first South Florida multifamily development, following the firm’s success developing, building and selling numerous Miami and Los Angeles luxury spec homes for above market rate prices. Curnin got his start in the industry working under the late legendary developer Jack Parker, his great-grandfather, in New York City on high-profile projects such as Parker Meridian Hotels, Parker Towers, Parker Plaza and Truffles Tribeca.

Leasing for Clara Bay Harbor will be exclusively handled by Douglas Elliman Development Marketing.

PMG, Lion Development Group and Marc Roberts Companies Launch West Eleventh Residences In Collaboration With AirBNB

National developer PMG, Michael Simkins’ Miami-based Lion Development Group, and Marc Roberts Companies have launched sales for West Eleventh Residences, their third luxury short-term rental tower in Downtown Miami’s hot Park West neighborhood now dubbed District 11. Located at 18 NW 11th Street, West Eleventh Residences will offer short-term rental flexibility and a first-time opportunity for owners to enjoy fully centralized management with the ability to host guests 365 days a year on Airbnb. Situated in Miami’s District 11, one of the city’s most notable entertainment destinations, the tower will rise 44 stories and offer 659 fully furnished, turn-key residences complete with vibrant amenities and a distinctive 30,000 square foot, tri-level experiential entertainment and food hall on the ground floor.

With this first-time collaboration, the rental potential for a short-term rental tower doubles from the traditional 189 to 365 days a year. Developers typically chose to max out short-term rental restrictions at 189 days, however PMG is leading the charge of year-round rentals in Miami.

“We are excited to announce the launch of West Eleventh Residences. The demand for short-term rental properties with onsite support for seamless hosting is high in South Florida, especially in Downtown Miami,” said Ryan Shear, Managing Partner at PMG. “Not only will West Eleventh Residences offer flexible living options and luxury condo ownership for buyers, but it will also provide impeccable residences and superb amenities for Airbnb guests and owners to enjoy.”

West Eleventh Residences will give owners the ability to host on Airbnb year-round with seamless centralized management, the first tower in Miami to offer this distinctive luxury. Each residence will be optimized for hosting on Airbnb, giving owners unparalleled autonomy and peace of mind through the convenience of hospitality-level service and oversight. The knowledgeable concierge staff will assist owners in the creation of personalized listings with services ranging from crafting the perfect listing description to offering professional photography resources.

Designed by internationally renowned architecture firm Sieger Suarez Architects, with residential interior concepts by ArX, West Eleventh Residences will offer the latest smart building technology, top-of-the-line appliances, and sweeping views of the Miami skyline, Biscayne Bay, and the Atlantic Ocean. Each of its fully finished and fully furnished studio and one-bedroom residences will also be equipped with PMG smart home technology, delivering seamless personalization with the touch of a button for integrated audio, video and lighting systems.

In addition to the in-residence features, residents at West Eleventh Residences will have access to over 20,000 square feet of elevated amenity space specially curated to extend owner comfort. Amenities include a resort-style pool, private lounge areas, state-of-the-art fitness and wellness centers, a signature on-site restaurant, and more.

“Miami is continuously proving itself as an evolving, world-class entertainment destination people want to call home,” said Michael Simkins, President and CEO of Lion Development Group. “Our collaboration with PMG and Marc Roberts Companies on West Eleventh Residences will once again underscore the area’s potential, solidifying Downtown Miami’s District 11 into a true live-work-play community for all. We are looking forward to delivering this transformative development to the neighborhood.”

West Eleventh Residences marks the fifth PMG property to launch in Downtown in the past 3 years, with a nearly $3 billion total sellout value of all developments. With luxury residential developments nationwide, PMG delivers impeccable attention to detail throughout each of its projects. The developer is notable for meticulously designed condominium developments such as 111 West 57th Street, Walker Tower, Stella Tower, 111 Leroy in New York City, Echo Aventura, Muse Residences Sunny Isles, Echo Brickell and Mei in South Florida, as well as Waldorf Astoria Hotel & Residences Miami, The Elser Hotel & Residences in Miami, and two other successful pre-construction towers in Miami’s District 11. Currently, PMG is developing more than five million square feet of new development that will deliver sophisticated design, high-end finishes and premium quality.

PMG Residential will exclusively represent sales for West Eleventh Residences.

Conceptual renderings via ArX Solutions

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

Terra Launches Leasing For The Arquitectonica-Designed 'The Offices At THE WELL' in Miami's Bay Harbor Islands

One of Miami’s most in-demand neighborhoods is getting a welcomed dose of modern office space. The Offices at THE WELL is part of a new mixed-use development set to rise in Miami’s exclusive Bay Harbor Islands neighborhood, becoming the first high-end office building to launch in the community in decades. Developed by Miami-based Terra, THE WELL Bay Harbor Islands development will include 98,420 square feet of class AA office space, 54 luxury residences, 11,000 square feet dedicated to an integrated wellness experience operated by New York-based wellness company, THE WELL, and a 6,500 square foot signature food and beverage outlet, complete with an expansive rooftop with amenities, garage parking and an elevated plaza. Construction is scheduled to begin in Q1 2023, with completion anticipated in late 2024.

Located at 1177 Kane Concourse, The Offices at THE WELL Bay Harbor Islands will meet growing demand for high-end boutique office space as residents and companies continue to gravitate to South Florida, while reinvigorating Bay Harbor’s iconic Kane Concourse main thoroughfare.

THE WELL New York opened in 2019 as a luxury health and wellness destination that offers clients a range of holistic healthcare services – from Eastern healing practices and Western medicine – including fitness classes, yoga and meditation, acupuncture, sound therapy, spa treatments, and access to the top practitioners in functional medicine and beyond. Since its New York City launch, the brand has expanded with additional locations in Connecticut with THE WELL at Mayflower Inn, and Costa Rica with THE WELL at Hacienda AltaGracia. THE WELL Bay Harbor Islands will become the company’s first Florida location.

“THE WELL Bay Harbor Islands will be a premier address for working, living and wellness just as Miami enjoys a surge of new residents and businesses,” said David Martin, CEO of Terra. “The Offices at THE WELL will be an ideal option for companies looking to incorporate wellness into the workplace, with tenants being able to access all of the exclusive benefits of THE WELL’s curated programming and wellness center.”

Designed by Arquitectonica, with interiors by Meyer Davis, the Offices at THE WELL will reimagine the traditional office lobby into a programmed social space for tenants featuring food and beverage service, unique gathering spaces, and the ability to book THE WELL micro treatments. The development will include four floors of office space complemented by a grand lobby and a rooftop amenity deck, with on-site amenities such as a social lobby and café with comfortable lounge areas, where coffees, juices, and culinary treats can be enjoyed and ordered via text for quick, convenient service. For an outdoor work experience, tenants will have access to greenhouse-style work pods as well as a rooftop level with outdoor meeting areas and community gardens. Office users will also benefit from additional outdoor experiences at an elevated landscaped Plaza, a controlled access parking garage, office valet, and state-of-the-art security.

Office tenants will receive a discounted membership to The Club at THE WELL Bay Harbor Islands, which will include a state-of-the-art fitness and wellness center, as well as full-service concierge services from THE WELL Team, dedicated private outdoor and indoor classes, access to annual health coaching sessions to guide tenants in creating individualized wellness plans, preferred pricing on treatments and services, and exclusive benefits across THE WELL locations globally.

Terra has enlisted a best-in-class team to represent The Offices at THE WELL Bay Harbor Islands, with the Blanca Commercial Real Estate team of Tere Blanca, Danet Linares, Christina Jolley, and Nicole Kaiser leasing the building’s office space.

“Today’s office users are placing emphasis on planning and building custom-designed space in areas that are walkable, accessible to shopping and housing, and which offer on-site outdoor recreation. The Offices at THE WELL Bay Harbor Islands checks all of these boxes – and more,” explains Tere Blanca, CEO of Blanca Commercial Real Estate. “The Offices at THE WELL’s superior technology systems, sustainability initiatives, private rooftop space, and exclusive on-site access to THE WELL and its network of health and wellness destinations globally are appealing to firms looking to establish their presence in one of Miami’s most sought-after neighborhoods.”

Bay Harbor Islands is an exclusive community made up of two islands connected by the Kane Concourse/Broad Causeway bridge, which also leads to Bal Harbour, Surfside and Miami. Other nearby neighborhoods of interest include Indian Creek and Sunny Isles on the Atlantic side, and Sans Souci and Miami Shores to the west. Bay Harbor Islands has its own elementary school, the Ruth K. Broad Bay Harbor K-8 Center, which is consistently rated among the top public schools in the county, along with three neighborhood parks, a tot-lot playground, outdoor fitness space, public tennis courts, a community center, and an assortment of independent shops, galleries, bistros, and professional offices.