CONSTELLATION GROUP BEGINS CONSTRUCTION ON UPSCALE OFFICE AND RETAIL DEVELOPMENT IN CORAL GABLES

Constellation Group, a Miami-based commercial real estate investment and development firm, along with The Boschetti Group, have broken ground on their Class A+ boutique office and retail project at 4225 Ponce de Leon Blvd in South Florida's renowned “City Beautiful.” This transformative development is poised to elevate the heart of Coral Gables' Merrick Park district, the region’s premier shopping and entertainment destination. The project is slated for completion in 2025 and recently locked down a $33 million construction loan from Miami-based Banesco USA and Abanca.

A groundbreaking ceremony was attended by members of the Constellation and Boschetti Group teams; Coral Gables Mayor Vince Lago; representatives from Banesco USA and Abanca, who provided the financing for the development; Arquitectonica; and Burke Construction.

“This is a very proud moment for us as we come one step closer to developing a best-in-class office destination that embodies the true essence of Coral Gables' elegance and sophistication," said Eduardo Otaola, Managing Principal at Constellation Group. "This development will provide a boutique-style building with modern office spaces and enticing amenities within a highly coveted location."

The eight-story property, strategically located in Coral Gables' shopping district, will span 85,000 square feet and is situated between 4225 and 4311 Ponce de Leon Blvd. Renowned for its innovative designs, architectural firm Arquitectonica has crafted a luxury boutique-style Class A+ Office with 5,500 square feet of ground floor retail space, premier office space, parking, and a 6,000 square foot rooftop venue, which will offer stunning panoramic views of the city and accommodate a food and beverage venue. A pedestrian plaza and paseo on the ground floor offering valet service will enhance the overall experience for tenants and visitors alike.

The interiors are designed by Interior Architects, Inc. while Naturalificial, a leading landscape architecture firm, will design outdoor spaces that harmoniously blend nature and modernity.

Meet Our Iconic Supercar Industry Panelists for PROFILE Collectors Club 'The Evolution of Collector Hypercars'

On Thursday January 25, 2024 PROFILEmiami will host ‘PROFILE Collectors Club: The Evolution of Collector Hypercars’ at leading hypercar dealership Prestige Imports. Where passion and opulence intersect, PROFILE Collectors Club is an ultra-luxury bespoke experience bringing together today's hottest brands and rarest collector's items with Miami's most active real estate and business professionals to connect and learn about their passions outside of a business setting. The lavish bespoke networking soirée will feature a panel discussion featuring automotive industry icons Prestige Imports CEO Brett David, CURATED founder John Temerian, real estate developer Gil Dezer of Bentley Residences and Porsche Design Tower, and celebrity art dealer and supercar collector Avery Andon of Art Life, who will share insights into hypercar evolution, the art of collecting, the preferences of the new generation of collectors, and the potential influence on vintage, modern, hybrid, and electric supercar values.

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Brett David, CEO, Prestige Imports

Brett David, one of the leading minds in the business of automotive, serves as the dynamic CEO of Prestige Imports, a globally renowned luxury automotive dealership specializing in rare and exotic vehicles. As the second-generation leader of this iconic family-owned business, Brett has successfully guided the company to unprecedented heights, solidifying its position as a premier destination in the bespoke automotive industry.

Prestige Imports, home to one of North America's leading Lamborghini dealerships, proudly showcases phenomenal models such as the Aventador, Huracán, and Urus. The dealership's expansive showroom is also a haven for enthusiasts, featuring a diverse collection of exotics and supercars of all kinds. Renowned brands like Pagani of Miami, Gunther Werks of Miami, Lotus of Miami, Czinger of Miami, and many others grace Prestige Imports' showroom, offering a remarkable array of automotive excellence.

Prestige Imports caters to all forms of transportation that transcend the boundaries of land, sea, and air. The Prestige Marine division showcases popular watercraft brands including Pardo, Iguana, Midnight Express, Van Dutch, and Tecnomar. Additionally, Prestige Aviation extends the company’s impressive offerings to private aircraft.

Notably, Brett David and the Prestige Imports team regularly give back to the community with the establishment of Ride2Revive, a non-profit organization. This annual event, orchestrated by Prestige Imports, unites exotic car owners for a noble cause and exemplifies Brett David's commitment to giving back and providing exceptional automotive experiences to those experiencing difficult circumstances.

Brett David's unwavering commitment to meeting each client’s specific needs has made Prestige Imports the foremost choice for luxury transportation enthusiasts in and around South Florida.

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Gil Dezer, Dezer Development (Porsche Design Tower & Bentley Residences)

One of the youngest developers of luxury high-rise residential and condo-hotel properties in the United States, Gil Dezer has been instrumental in changing the face and value of South Florida real estate. He has earned wide recognition as a key developer at the forefront of the luxury brand partnership real estate trend and continues to actively partner with major brands to further spotlight South Florida to buyers globally.

Most recently, Gil announced his partnership with Bentley Motors to construct the first ever Bentley Residences, 200-plus oceanfront residences which will launch sales later this year. Standing at 749 feet and over 60 stories high, the property will be the tallest residential tower on a U.S. beachfront.

Other Dezer Development oceanfront projects include the first-ever Residences by Armani/Casa tower in partnership with the iconic fashion and furnishings designer, Giorgio Armani. Developed in partnership with the Related Group, the project recently achieved its $1 billion sellout. Gil also partnered with Porsche Design Group to deliver Porsche Tower, a 60-story ultra-luxury tower showcasing a one-of-a-kind Patented robotic parking system known as the “Dezervator,” which allows owners to park their vehicles in ‘sky garages’ directly next to their units. Gil also led the Trump Organization’s first foray into the South Florida real estate market through the successful development of Trump Grande Ocean Resort and Residences and Trump Towers.

Notable future projects include the Intracoastal Mall, which will bring 2,000 residences, 375,000 square feet of retail, 200,000 square feet of office, a hotel, harbor and park to the Miami waterfront site, transforming the nearly 30-acre property.

Gil holds a Florida real estate license and is the past president and Chairman Emeritus of the Developers & Builders Alliance (DBA), one of the world’s largest development and construction organizations. He is a past recipient of the Greater Miami Chamber of Commerce’s R.E.A.L. Award for Residential Real Estate – Condominiums, and has taken home the Platinum Personal Achievement Award for Sales Director of the Year for Trump Grande Ocean Resort & Residences for three years in a row at the annual Florida’s BEST Awards.

Active in the community, Gil holds several positions including co-founder of the Mount Sinai Medical Center Foundation; Young President of the Miami Heart Institute; and member of Florida Friends of Israeli Defense Forces (FFIDF); Project Cradle in Miami; WIZO Florida; and One Family Fund Organization.

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John Temerian, CURATED

John Temerian, the co-founder of CURATED, is a notable car aficionado and a driving force behind the company's unique approach to vintage supercars. Established in 2015 with business partner Jordi Ricart, CURATED distinguishes itself by functioning not as a conventional dealership or restoration facility, but as a team of historians dedicated to preserving the legacies of rare automotive gems. Specializing in Vintage Blue Chip European Automobiles, particularly those from the 1970s to the early 2000s, Temerian's passion for these iconic vehicles is evident in CURATED's commitment to meticulous restoration and documentation.

Temerian's leadership, alongside co-founders Ricart, Alan Lazowski, and Jim Goetz, has propelled CURATED to international acclaim. Believing in the automobile as a viable investment asset class, they strategically focus on low-production cars, betting on the iconic supercars of the 1980s and 1990s. This vision has positioned CURATED as a renowned brand, celebrated for its pursuit of unique Analog Supercars. Temerian's partnership with Jordi Ricart is a testament to the synergy born from their seemingly disparate backgrounds – a passionate car aficionado and an experienced corporate executive. Their shared commitment to integrity, entrepreneurship, and stewarding the next generation of collectors defines CURATED's success.

The genesis of CURATED arose from Temerian's inherent love for vintage European blue-chip supercars and Jordi's entrepreneurial mindset. Their partnership, supported by Alan Lazowski and Jim Goetz, has not only shaped the company but also garnered the trust of clients and investors alike. With an unwavering vision and relentless pursuit of excellence, John Temerian has played a pivotal role in making CURATED a respected authority within the niche, recognized for pairing the world's best supercars with the world's best collectors.

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Avery Andon, ArtLife

Avery Andon is a Veteran Art Dealer and Philanthropist, most notably as the manager to world renowned Street Artist, Alec Monopoly and Founder / CEO of ArtLife Gallery. Under Avery’s guidance, Alec has grown into one of the most profitable street artists in the world, with 8-figure annual revenue, sold out exhibitions from New York to Morocco, and lucrative endorsement deals. Avery founded www.artlife.com in 2014, a successful e-commerce art platform considered one of the first Online-Only Blue Chip Art Galleries. ArtLife has achieved 8-Figure annual sales using an innovative business model Avery conceptualized coined “Click & Mortar” - combining online and social media “click” driven sales with strategically planned brick and “mortar” physical pop ups. He has been featured in New York Times, Forbes, Vanity Fair, New York Post, and HypeBeast along with advising a range of celebrities and companies on their Art Investments. As an active philanthropist, Avery has served as the Co-Chair for UCLA Mattel Children’s Hospital, Goldie Hawn’s Mind Up Charity, along with co-founding City Seats to benefit The Boys & Girls Club of America. Avery currently serves on the Committee of anti- poaching non-profit WildAid, and Amazon conversation charity ACT. Since moving to Miami, Avery has supported Miami Police’s Do The Right Thing Initiative, and Amigos for Kids to help provide meals for underprivileged South Florida families.

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Buy Tickets

Date: January 25, 2024

Location: Prestige Imports, 15050 Biscayne Blvd, North Miami Beach

Event Time: 7 PM – 10 PM

DJ/ Music: DAKAP

Fireside Chat Speakers:

• Brett David, Prestige Imports

• Gil Dezer, Dezer Development 

• John Temerian, CURATED

• Avery Andon, Art Life

Immerse yourself in Prestige Imports' one-of-a-kind Miami Showroom for an ultra-luxury experience featuring:

• ON VIEW: A custom curated collection of coveted vintage and modern hypercars from brands such as Bugatti, Pagani, Ferrari, McClaren and Lamborghini, guided by supercar icon Brett David, vintage supercar dealer John Temerian of CURATED, and renowned collector Gil Dezer, developer of Bentley Residences Miami and Porsche Design Tower.

• ON VIEW: Custom curated collection of over 60+ rare timepieces including Patek Philippe, Audemars Piguet, Richard Mille, Rolex, etc. by Timepiece Trading.

• ON VIEW: Custom curated art collection by celebrity art dealer Avery Andon of Art | Life featuring works by Andy Warhol, Keith Haring, Jeff Koons and Alec Monopoly.

• A panel discussion with exploring "The Evolution of Collector Hypercars” featuring esteemed panelists, including Prestige Imports CEO Brett David, CURATED founder John Temerian, real estate developer Gil Dezer of Bentley Residences and Porsche Design Tower, and celebrity art dealer Avery Andon of Art Life.

• Pop-Ups by Miami-based shoe and lifestyle brand Blu Scarpa and diamond jeweler Susan Blake.

• A luxury DJ-led cocktail soiree surrounded by rare hypercars. Food & Drinks by Pura Vida, Zeroe Plant Based Caviar, E11EVEN Vodka, VIP Seltzer and Brugal Rum.

• Music by local Miami-based DJ DAKAP

Thank You To Our Sponsors:

Ytech Begins Demolition of Site For The Residences at 1428 Brickell

Miami-based real estate development firm Ytech has commenced demolition of the existing structure at 1428 Brickell Avenue, the future location of luxury high-rise condominium The Residences at 1428 Brickell. Ytech has owned the now-vacant property since January 2017, which previously housed 100,000 square feet of office space. John Moriarty & Associates (JMA) is the construction team conducting the demolition. This demolition marks a pivotal step in delivering The Residences at 1428 Brickell and continues to build momentum for Ytech’s real estate development portfolio, following the approval for 75 Broadway by the Planning & Zoning department in Miami.

“When we acquired the property at 1428 Brickell Avenue, we did so with the firm intent of delivering a level of design, craftsmanship, and meaningful innovation never before seen in Miami,” said Yamal Yidios, CEO of Ytech. “As demolition commences, we will ensure that even the earliest stages of The Residences at 1428 Brickell’s construction echo our commitment to delivering a truly superior product for our buyers.”

The Residences at 1428 Brickell is a limited collection of residences, priced from $2 million to $7 million, that will be fully finished with two- to four-bedroom plus den homes ranging from 1,800 to 4,000 square feet. These residences showcase stunning water views and have been thoughtfully created with a true flow-through configuration to maximize light. A significant portion of residences within the property are two-story, creating the feeling of a single-family home in the sky. The tower’s crown jewel is its $60 million penthouse with extraordinary 30-foot ceilings, 7 bedrooms, 9 bathrooms, and two east-facing balconies with unparalleled views of Biscayne Bay. The tower also includes lower penthouses which start from $8 million and range in size from 4,000 to 10,000 square feet.

Over 80,000 square feet of amenities will also adorn The Residences at 1428 Brickell. Located 860 feet in the sky, Ytech dedicated the three levels within the top of the tower to house curated private and shared spaces showcasing stunning, panoramic water and city views. Amenities include an expansive 10,000 square foot gym with weight room, HIIT room, and an indoor/outdoor yoga room, a rooftop pool and atrium, a hot spa and daybed lounging area, a two-story wine and fine art lounge, state-of-the-art office suites, a private dining room with a one-of-a-kind Vaselli kitchen, a juice and wellness bar, an immersive spa, an aquatic therapy area, a children’s recreation and learning center, fully furnished private guest suites, and more. Additional highly personalized services include reception, valet and porter, bellman and doorman services, a pet facility with grooming area, and in-unit package delivery.

“Ytech has a demanding and meticulous attention to detail on every phase of development – from initial concept all the way through to construction of the tower. Our standards demand only the best, so for demolition we’ve tapped experts within high-density urban cores such as New York City to oversee and advise on this process and look forward to delivering premier luxury residences of a never-before-seen caliber to Brickell,” said John Breistol, COO of Ytech.

“With the achievement of this milestone and the extraordinary success we have seen in sales, there is enormous confidence in Ytech and this project. Ytech is cementing their well-deserved reputation as the premier ultra-luxury developer in Brickell, and the quality and thoughtful design of The Residences at 1428 Brickell resonates with domestic and international buyers,” said Alicia Cervera Lamadrid, managing partner of Cervera Real Estate.

The Residences at 1428 Brickell is slated for completion in 2027, with Cervera Real Estate serving as the sales team representing the property.

Images via The Boundary for Ytech

GENCOM RETAKES MAJORITY OWNERSHIP IN RITZ-CARLTON KEY BISCAYNE RESORT IN MIAMI

Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, has retaken majority ownership in the 291-key Ritz-Carlton Key Biscayne. The transaction was financed by Citigroup and affiliates of KSL Capital Partners, LLC for an undisclosed amount.

Situated at 455 Grand Bay Drive, the 275,000-square-foot Ritz-Carlton resort rises over 13 stories on Miami’s barrier island of Key Biscayne. The upscale resort features 1,000 feet of beachfront access, along with several swimming pools, a Cliff Drysdale Tennis Center, Caribbean-inspired spa and fitness center, The Club Lounge, six restaurants, bars and cafes, as well as 37,000 square feet of meeting and event space. The property also boasts a luxury residential component with 188 condo-hotel units.

“The Ritz-Carlton Key Biscayne has become a hospitality anchor for Miami’s Village of Key Biscayne since Gencom co-developed the property in 2000 and we are excited to retake control of the asset for a long-term hold. We look forward to achieving the property’s full potential by embarking on a renovation to ensure it remains a top luxury resort as Miami’s international epicenter continues to expand,” said Karim Alibhai, founder of Gencom.

After developing the 17-acre property in 2000, Gencom sold its majority interest to a private REIT in a three property, $750 million transaction.

“KSL is very excited to lock arms with Gencom, who has an exceptional track record in this market and on resort assets like the Ritz-Carlton Key Biscayne," said Dan Rohan, Partner and Head of Tactical Opportunities at KSL. "This investment is another example of KSL's long-term commitment to its core thesis within the hospitality sector, but also our more recent expansion into structured partnerships with like-minded firms like Gencom through our Tactical Opportunities vehicle."

Gencom is planning a comprehensive $100 million renovation of the resort, slated to start in 2025, which will include major upgrades to the guestrooms, food & beverage offerings, public spaces and guest amenities.

The Ritz-Carlton Key Biscayne is part of Gencom’s illustrious branded hotel portfolio, which includes other Marriott Hotels brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui, a Ritz-Carlton Reserve, in addition to other five-star flags such as Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

THE CONCOURS CLUB TOPS OUT EVENT CAMPUS AT THE MEMBER-ONLY LUXURY MOTORSPORT RESORT

The Concours Club, the exclusive, members-only motorsport and luxury lifestyle resort within the Miami-Opa Locka Executive Airport, and Coastal Construction, have topped out the highly anticipated Event Campus at The Concours Club with stone and tile installations by Modern Stones. The Event Campus adds another venue to the Club’s array of existing settings and is ideal for private events, corporate team-building, vehicle unveilings, product showcases, testing and performances of all kinds, and much more. 

A traditional topping-out ceremony, celebrating the hard work and dedication of all those involved, was held on Tuesday, November 28, 2023. Attendees included Tom C. Murphy, Co-President of Coastal Construction, Trilogy Real Estate Group project team leaders Albert Acevedo, Senior Project Manager, and Mike Hammon, Executive Vice President of Development.

The event marked a significant milestone in the construction of the stunning 2-story structure located within Miami’s world-class driving circuit and resort. The Concours Club also features a luxurious members lounge & restaurant, private Auto Loft garages, world-class dining experiences, unparalleled events & hospitality, and numerous other amenities. Construction of the 16,792 SF Event Campus began in 2022 and is slated for completion in 2024.

The Event Campus at The Concours Club will be the first and only motorsport-based event campus located within minutes of a major metro area. Conceived by the legendary Italian design house, Pininfarina, the Event Campus will be bifurcated from The Concours Club’s exclusive member-only areas and feature its own separate entrance, paddock, and pit lane.

"Coastal Construction Group and the Murphy Family are honored to have been entrusted with the construction of this highly anticipated project for motorsports enthusiasts," said Tom C Murphy, Co-President of Coastal Construction Group. "We are thrilled to reach this major milestone and take immense pride in being a part of the team that is bringing this vision to life."

Clara Homes Closes On $7.7 Million Residential Site in Miami's Wynwood Neighborhood And Reveals Kobi Karp Designed Renderings

Clara Homes, a Miami-based real estate development firm founded by James Curnin, has closed on a $7.7 million residential development site in Miami’s trendy Wynwood neighborhood. Located at 2601 NW 6th Avenue, the 17,000-square foot site is planned to become a 154-residence luxury rental building designed by architect Kobi Karp. The building will include at least 40% affordable workforce housing as part of the Live Local Act and will rise roughly 200 feet. Jordan Karp of Jordan Karp, LLC. represented Clara Homes in the deal, while the seller, men’s clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher.

“Wynwood is one of the hottest Miami markets to invest in and only continues to increase in value as new cultural, dining and art institutions open in the neighborhood,” said James Curnin, CEO and Founder of Clara Homes. “When presented with the rare opportunity to acquire the land at such an attractive rate, we jumped at the chance to create a new rental experience in this rapidly growing part of town.”

The acquisition closed at $450 per square foot, approximately 40% below other Wynwood land sales, which typically average between $750 to $1,000 per square foot. The site was sold as a cap rate play instead of a redevelopment play, with attractive below-market seller financing at 5% and a sale leaseback for at least a year to a year and a half.

While plans are still in progress for the upcoming project, the luxury rental building is projected to offer a full suite of premium amenities and sophisticated touches, as well as 24-hour doormen, valet service, dedicated ground floor retail space and Miami’s first rooftop padel court, catering to the city’s heightening interest in the rapidly growing global racquet sport. Construction is expected to begin sometime within the next 12-15 months and will take about 18 months to complete.

Clara Homes is also in the process of developing its first multifamily development in South Florida, Clara Bay Harbor, following the firm’s success developing, building, and selling numerous luxury spec homes for above market rate prices. Clara Bay Harbor will be completed in three phases, having begun construction of the first building located at 10281 West Bay Harbor Drive.

MG Developer Locks Down $11.5 Million Land Acquisition Loan And Reveals Plans For "The George" Luxury Townhomes

MG Developer, a leading real estate development firm led by Alirio Torrealba, has successfully closed a $11.5 million loan for the acquisition of prime land in Coral Gables. This strategic move is a testament to the visionary work of MG Developer which marks a significant milestone, as it sets the stage for the development of 13 more exclusive ultra-luxury townhomes. Named after George Merrick, “The George” will truly be a work of art and will become the crown jewel of the master-planned “Biltmore Square” community. Designed by De La Guardia, whose award-winning designs have received recognition throughout the world, including for MG Developer’s renowned Beatrice Row, also located in the Biltmore Square enclave in 2021.

"We are thrilled to embark on this journey to create 'The George,' a collection of ultra-luxury townhomes that will set a new standard for opulent living in Coral Gables. The support from our financial partners and the Coral Gables community continue to be instrumental in making this vision a reality." Said Alirio Torrealba, CEO of MG Developer.

The 13-townhome enclave will be known as "The George," and is poised to redefine luxury living in Coral Gables. With meticulous attention to detail and a commitment to exceptional design, MG Developer envisions "The George" as a testament to the epitome of sophistication and comfort.

Nestled within the prestigious Biltmore Square community, "The George" is located at 717 Valencia Avenue, and complements and completes the vision of an impeccably planned, upscale residential neighborhood by MG Developer, that is in walking distance to Miracle Mile, Downtown Coral Gables, the Biltmore Hotel, and hundreds of upscale restaurants and boutiques.

Each townhome will feature a sleek aesthetic with top-of-the-line features and finishes, offering residents an unparalleled living experience. Spacious layouts, high-end appliances, and curated interiors are just a glimpse of the lavish lifestyle "The George" will provide.

Anticipated to break ground in the third quarter of 2024, "The George" pays homage to the visionary real estate developer George Merrick. Renowned as the planner and builder of the city of Coral Gables, Florida in the 1920s, George Merrick is celebrated for creating one of the first major planned communities in the United States. MG Developer's decision to name these 13 ultra-luxury townhomes after George Merrick reflects a commitment to honoring his rich history and legacy he left for Coral Gables.

Whitman Family Development Reveals Mixed-Use Luxury / Workforce Housing Development Within Bal Harbour Shops Complex

Whitman Family Development, the family-owned company that pioneered the concept of an open-air retail destination with the creation of Bal Harbour Shops, has submitted plans for a mixed-use development that will further enhance the 18-acre property with the addition of attainable and market-rate residences and a boutique hotel in the heart of the commercial district of the Village of Bal Harbour, Florida.

Serving as the Village’s commercial centerpiece, the premier upscale shopping destination Bal Harbour Shops comprises over 100 shops, restaurants and entertainment serving locals and visitors. Plans for the mixed-use development encompass 600 high-end residential units, 40% of which are slated for workforce housing and 60% of which are to be luxury housing, a 70-room upscale hotel and 45,700 square feet of additional retail space.

The new development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build more density and reach building heights within the scale of the surrounding area, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial through an administrative review process, allowing developers to accelerate their timelines. In exchange, property owners must commit to designating at least 40 percent of all residential units as attainable or affordable housing for at least 30 years.

“South Florida’s economic future relies on creating more sustainable housing options. As a firm with deep Miami roots that span generations, Whitman Family Development is addressing this reality by making a significant investment in the greatest area of need in our community: access to attainable housing,” said Matthew Whitman Lazenby, President and Chief Executive Officer of Whitman Family Development. “By adding workforce and market-rate housing catering to service and hospitality workers, teachers, first responders, and other workers who are the backbone and lifeblood of our community and who are currently priced out of the market, Bal Harbour Shops will diversify the area’s housing market so that people who work in this Village can actually live here.”

Whitman Family Development has already filed plans for the mixed-use development with the Village of Bal Harbour. Once building permits are issued, the multi-phase project will begin with the development of an attainable housing tower on the property’s southwest corner, followed by luxury residential units, and the boutique hotel. The residential components, which will reflect the premium design, finishes and features that characterize the luxury brand, will feature lifestyle-driven amenities including elevated swimming pool decks, resident lounges and entertainment areas, modern fitness centers, outdoor recreational areas, and more.

The development’s planned residential component will help meet growing demand for quality and more accessible housing in the region. Today, half of Miami-Dade’s 936,351 households spend more than 30% of their income on housing costs, according to the 2023 Housing Needs Assessment report by the University of Florida and Miami Homes for All. This, while real estate experts recommend that renters and homeowners spend 30% or below on their housing expenses. Bal Harbour’s premium housing market, where the average home is valued at $1.7 million, currently prices out the community’s workforce as the median price for rental listings is about $7,000 a month, according to Realtor.com.

“The addition of a residential component at Bal Harbour Shops will enable a cross-section of residents to reside closer to their place of work,” Mr. Whitman Lazenby added. “The infill development will reduce commute times and gridlock, while improving quality of life for hundreds of people currently commuting into the Village of Bal Harbour and nearby enclaves each day.”

Under Bal Harbour Shops’ development plans, the new towers will rise to approximately 275 feet, consistent with immediately adjacent buildings in the Village, including the St. Regis Bal Harbour Resort directly across the street. The design prioritizes pedestrian access and street-level activations, with new entry points that will foster connectivity within the development and the surrounding neighborhood. New tax revenue generated by this development will help the Village of Bal Harbour enhance public safety and prioritize infrastructure improvements, alleviating a cost burden that would otherwise be placed on residents.

Whitman Family Development has been a mainstay in South Florida’s real estate landscape for the past 60 years. The fourth generation, family-owned firm unveiled the Bal Harbour Shops in 1965 and has continually invested in the property with an eye toward the future of the Village of Bal Harbour, one of the region’s most desirable places to live and visit. The open-air, luxury retail center, which is home to renowned brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The retail expansion will accommodate the addition of 35 new upscale stores and restaurants, which will solidify Bal Harbour Shops position as one of the world’s most popular destinations for luxury shopping, hospitality, and dining.

Terra and Grass River Property Complete Grove Central Transit Oriented Mixed-Use At Gateway to Coconut Grove

Terra and Grass River Property, two of the deepest-rooted development firms in Miami’s Coconut Grove neighborhood, have completed construction of a new mixed-use multimodal complex that exemplifies smart development in South Florida. Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail. Retail anchors include Target, Sprouts Farmers Market, Total Wine & More, Five Below and Club Studio. The transit-oriented development connects to the adjacent Coconut Grove Metrorail Station and integrates directly with The Underline linear park, Miami-Dade’s bus system, and the City of Miami’s popular trolley network.

Grove Central has been designed to create a transit-oriented hub offering a seamless pedestrian experience that encourages Metrorail ridership and urban living. The project was developed as part of a Miami-Dade County initiative aimed at improving connectivity between residential living, commercial development, and mass transit through private development on County-owned land.

The development, which marks the second successful public-private partnership project to deliver under Miami-Dade County Mayor Daniella Levine Cava’s tenure, represents a significant economic impact for the community generating more than 1,600 construction jobs, nearly 500 permanent full-time and part-time positions, tens of millions of dollars in lease revenue to the County, and the collection of property tax revenues for the first time in the site’s history.

“Grove Central is an exciting milestone and a shining example of a what mixed use transit-oriented development can do for a growing community like Miami-Dade,” said Miami-Dade County Mayor Daniella Levine Cava. “Projects like this are the future of Miami-Dade, and a key part of making our community more livable and walkable.”

The development’s retail component is opening in phases, with an exciting roster of tenants including anchors Target, Sprouts Farmers Market, Club Studio, Total Wine & More, and Five Below. Additional retailers expected to open over the next year include Black Sheep Coffee, Mattress Firm, Chipotle, T-Mobile, Panda Express, Woof Gang Bakery and Pacific Dental.

Meanwhile, Grove Central’s residential tower is now open for occupancy as leasing gets underway and renters officially begin to move into the building. The development’s 402 multifamily apartments range from 400-square-foot studios to expansive five-bedroom apartments measuring up to 2,170 square feet in size. Rental rates range from approximately $2,000 to $3,350 per month.

“Grove Central is a premier location for a transit-oriented community, and a model for the future of smart development and mobility across South Florida,” said David Martin, CEO of Terra. “The development’s carefully curated list of retailers complements the needs of residents and the surrounding community, as well as the neighborhoods along the Metrorail from Downtown Miami to Coral Gables and beyond.”

“Grove Central is a preeminent example of a multimodal transit-oriented development that combines daily-service retail space and Class A attainable housing product that amenitizes the Metrorail and Underline while promoting ridership and alternative modes of transportation for residents and locals,” said Peter LaPointe, President of Grass River Property. “We are grateful to have partnered with Miami-Dade County on this transformative development, which serves as a model for what is possible when the public and private sectors come together.”

Grove Central was designed by Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet, in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture (LOLA). The focal point of the development is a tree-lined public plaza connecting the project and improving pedestrian flow to and from the revamped Metrorail station and the adjacent Underline, a 13-mile linear park running from South Miami-Dade to Downtown Miami. Water resilient plantings designed as rain gardens are used to absorb storm water, and a large cistern captures roof runoff for reuse. With Florida Green Building Certification, Grove Central also embraces and exceeds the City of Miami’s sustainability, efficiency, and green building requirements.

Apartments at Grove Central boast plank flooring, contemporary finishes and fixtures, modern Italian kitchen cabinetry, smart energy efficient stainless-steel appliances, full-size washers and dryers, in-unit high-speed WiFi technology, spacious living and dining rooms, walk-in closets, en-suite bathrooms, and floor-to-ceiling windows and balconies with views of Coconut Grove, Biscayne Bay, and the Downtown Miami skyline.

Extensive building amenities include a resort-style rooftop pool deck, a grilling terrace overlooking Biscayne Bay, a party room with a karaoke lounge, a double level fitness center with a dedicated yoga studio, a resident herb garden, and a co-working center with private conference facilities. Additionally, residents can enjoy a pub room with billiards table and ice box pantries, a coffee bar, an arcade and game room, a golf simulator, and a theater room with plush tiered seating. A dedicated residents-only entrance leads to a private double-height lobby and staffed reception desk, with 24-hour security. Technology features include smart-lock entry points with mobile app functionality, electric vehicle charging stations, and high-speed mesh networked WiFi.

Located at the entrance to one of Miami’s most popular neighborhoods, Coconut Grove has long been known for its enviable waterfront along Biscayne Bay and the lush tree canopy. In addition to the building’s many on-site amenities, Grove Central residents are an easy bike-ride or walk from dozens of parks, art galleries, trendy shops, restaurants, bars and nightlife options in and around Coconut Grove.

Images via Terra

CMC Group Locks Down $239 Million Construction Loan for Vita at Grove Isle in Coconut Grove

CMG Group, led by Ugo Colombo, has locked down a $239 million construction loan for Vita at Grove Isle, an ultra-luxe boutique condominium under construction on the exclusive private island of Grove Isle situated just offshore of Miami’s Coconut Grove neighborhood. The financing was provided by Bank OZK to fund the ongoing development of the seven-story condominium, which will encompass 65 waterfront residences showcasing unobstructed panoramic bay views, exquisite detailing, and the highest quality materials and craftsmanship. Following its groundbreaking in April 2023, vertical construction of Vita at Grove Isle is already well underway, with completion on track for late 2025.

Buyers are responding to Vita at Grove Isle’s brand of intelligent and quiet luxury, with more than 70% of the development’s residences already pre-sold to residents hailing primarily from the United States. Vita’s prime private-island waterfront location in one of Miami’s most desirable neighborhoods, combined with CMC Group’s stellar track-record of delivering sold-out high-quality construction, neighborhood defining condominium communities, created a powerful combination that put the developer in position to secure favorable financing.

Vita at Grove Isle will include three-, four-, and four-plus-den-bedroom condominiums, with a collection of twelve exclusive penthouses boasting private rooftop pools measuring up to 6,600 square feet in size. Residences start at $5.7 million, with penthouses priced from $19.5 million.

“Over the years, our team at CMC Group has made a habit of developing at our own pace – one or two buildings at a time – a strategy that is very much by design. We are globally recognized for the painstaking level of planning and quality execution that goes into each of our developments, and we are continuing that tradition with Vita at Grove Isle, where no detail has been overlooked,” said developer Ugo Colombo, Founder of CMC Group. “We’ve been pleased with our long-standing relationship with Bank OZK and look forward to working with them again in our future development endeavors.”

Ugo Colombo’s commitment to timeless style, breathtaking luxury and meticulous detail has been a constant in the sea of change that has come to define Miami real estate over the past three decades. In 1993, the Italian developer’s CMC Group began building Bristol Tower, the condo that ignited the luxury residential boom in Miami. Bristol Tower’s success was followed by the launch of Santa Maria in 1996, the 52-story tower whose ‘mansions in the sky’ reshaped the Brickell skyline and put the district on the map as one of the world’s top-tier luxury markets.

Since then, the firm has focused on developing only a handful of condominium developments – Porto Vita, Grovenor House, EPIC Hotel & Residences and Brickell Flatiron – all of which enhanced their respective communities and retained value by competing with pricing of new product on the market today. The firm is currently building another luxury boutique condominium in partnership with Morabito Properties, Onda Residences in Miami’s Bay Harbor Islands, which is expected to be completed in early 2024.

For the design of Vita at Grove Isle, Ugo Colombo has partnered with global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian designers Carlo and Paolo Colombo of A++ Architecture to create one-of-a-kind interior and amenity spaces. Composed to showcase a single architectural structure, the three buildings – Mare, Luce, and Sole – will offer a boutique living experience enveloped by lush, native landscaping. The building’s design mirrors its unique Grove Isle location, inspired by the natural contours of the island in its elegant, curved shape while maximizing views of the sparkling Biscayne Bay.

Resident amenities at Vita at Grove Isle will include a private bayfront pool, poolside bar and lounge, a state-of-the-art fitness center and spa, a children’s playground, and a membership to the “Vita at Grove Isle Club,” which offers a Club pool and adjacent bar, and additional amenities including night-lit tennis, padel ball and pickleball courts. Residents and their guests will also have access to a gourmet restaurant and bar serving lunch, dinner, and cocktails, which will also be open to the public, as well as access to the island’s private marina.

The level of planning that has gone into Vita at Grove Isle’s location and amenities is matched only by the detail paid to its design. Every residence will include private elevators with a private foyer; contemporary Italian-designed open concept kitchens with concealed top-of-the-line appliances; elegant bathrooms with custom Italian cabinetry, European designer fixtures, hand-selected book matched marble, and masterfully crafted Italian stonework; at least 10-foot-high ceilings; pre-installed smart home technology including lighting, climate control and water/air filtration systems; high-performance interior wall soundproofing for ultimate relaxation and privacy; and large 13-foot-deep waterfront terraces – and up to 6,000 square feet of private rooftop space in penthouses – allowing for year-round outdoor dining, lounging and entertaining.

Grove Isle is one of the most exclusive residential locations in Miami. Spanning 20-acres, the gated private island in Coconut Grove is just minutes away from mainland Miami via the scenic Grove Isle Drive bridge. The secluded community is highly prized by residents as a peaceful haven with panoramic bay views. The island is in close proximity to Miami’s best shopping, most elite schools, chef-driven restaurants, and entertainment destinations in areas such as Brickell, Miami Beach, and Coral Gables and has been described as one of the most affluent neighborhoods in the United States.

Images via CMC Group