Lion Development, PMG and LNDMRK Development Team Up To Purchase Overtown Development Site

Michael Simkins’ Lion Development, Property Markets Group (PMG) and Alex Karakhanian’s LNDMRK have partnered to purchase Overtown’s Block 19 located at 105 NW 11th Terrace for $16.5 million. The 1.5 acre development site will be a Transit Oriented Development (TOD) with a combination of market-rate and workforce housing apartments, along with parking for residents and visitors. City National Bank has provided an initial $8.25 million mortgage on the property.

As one of the largest property owners in Overtown, Lion Development Group has been a longtime catalyst for growth and vitalization in the area, working alongside the community and partner agencies such as the Southeast Overtown Community Redevelopment Agency (CRA) to reinvigorate the area with the goal of creating a dynamic and walkable urban core, promoting economic advancement and culture-building environments.

“We are proud to bring this new development to life by working alongside community leaders and organizations to enhance the Overtown neighborhood, as well as bolster the growth and economic impact of the area,” says Michael Simkins, CEO of Lion Development Group. “As local business owners committed to the neighborhood, it’s been incredible to see the growth and revitalization of Overtown over the past decade. We believe this development will further invigorate the area and provide additional opportunities for locals and guests alike to thrive through new investment that is dedicated to honoring this culturally significant neighborhood.”

"PMG is looking forward to partnering once again with Lion Development Group and LNDMRK in the collaborative effort to bring the Block 19 project to Overtown,” says Ryan Shear, Managing Partner of PMG. “Our longstanding partnership with Lion Development Group has consistently yielded transformational properties, and Block 19 will be no exception. This development aligns with our vision to develop impactful mixed-use residential projects in Miami and beyond.”

“LNDMRK is very excited to be part of this project alongside Lion Development and PMG,” says Alex Karakhanian of LNDMRK. “Our visions align and we are motivated to bring a project that not only fills a gap in the marketplace, but adds new elements of energy and transformation to the Overtown community. We look forward to moving onto the next phase of development and bringing the neighborhood a project that will set the tone for new buildings in the area.”

Overtown currently hosts a collection of culturally significant businesses and organizations that have thrived with the support provided by the Southeast Overtown Community Redevelopment Agency. The team has a unique vision for the future of Overtown that includes making the neighborhood more walkable and connected to the Downtown core, specifically through Miami-Dade County’s Transit Oriented Development (TOD) area requirements. By incorporating features such as improved walkways, bike lanes, and enhanced roads, among other elements, the initiative seeks to attract residents from neighboring areas while simultaneously enhancing the daily lives of those residing and working in Overtown.

Meet the Panelists Speaking at The PROFILE South Florida Capital Markets Summit at E11EVEN Residences Miami

On Wednesday February 7, 2024, PROFILEmiami will host its inaugural Capital Markets Summit, bringing together some of the biggest movers and shakers in real estate development in Miami to explore the state of financing and capital markets in the real estate industry. Discover the intricacies of commercial real estate investment and financial markets where industry leaders will dissect the impact of changing interest rates, inflation, and global economic conditions on investment decisions. The exclusive panel is set to features industry leaders including developer Dan Kodsi of Royal Palm Companies, Dev Motwani of Merrimac Ventures, Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists will have a comprehensive discussion about the current capital stack in commercial real estate deals and explore strategies that sponsors can employ to optimize their capital structure. The discussion will also delve into the market's underwriting standards and loan-to-value ratios, uncovering their influence on loan approvals; as well as a spectrum of financing options, from debt and equity to mezzanine financing and EB-5, and grasp typical terms offered. The discussion serves to educate attendees to anticipate future challenges and opportunities in the commercial real estate financing landscape while acquiring best practices for managing and mitigating risks, particularly in times of economic uncertainty.

Meet our panelists and be ready for the interactive Q&A session to follow:

Dev Motwani, President & CEO, Merrimac Ventures

Dev Motwani serves as President and CEO of Merrimac Ventures, a Fort Lauderdale based real estate firm that focuses on value-add investment and development opportunities. Property types owned and operated include hotels, condos, retail, office and rental apartments primarily in South Florida but also throughout the United States.

Dev is also Founder and Managing Partner of Ramesh Properties, a distressed real estate investment fund focused on opportunistic investments in residential and commercial development sites throughout South Florida. He currently oversees nearly $750 million in development projects. Current projects include the Four Seasons Hotel and Private Residences, The Gale Boutique Hotel and Residences, as well as Las Olas Riverfront, all in the Fort Lauderdale area.

Dev is Founder and Managing Partner of Chieftain Residential, a yield-oriented distressed residential fund purchasing single-family homes, and residential land, primarily in the Southeast US and Texas. The fund aims to balance current income opportunities through the rental markets for its single-family home inventory, while also targeting capital appreciation in single family homes and land as the US Residential Market continues to rebound.

Prior to his current role, Dev worked at Credit Suisse in New York City, where he first structured OTC Equity Derivative trades for the firm’s largest corporate clients and then for the firm’s largest hedge fund clients. Before that, he worked in the White House and on the 2000 Gore/Lieberman Presidential Campaign.

Dev plays an active role in the South Florida Community, through his involvement with numerous charities and business organizations, currently serving on the board of the Broward Center for the Performing Arts Foundation, Fort Lauderdale’s Economic Development Advisory Board, and the Downtown Council. He was recently appointed to the Orange Bowl Host Committee.

He previously served on the boards of the Riverwalk Trust, Greater Fort Lauderdale Chamber of Commerce, and Broward County’s Small Business Advisory Board. Dev has served as Co-Chair for the Bonnet House’s Annual Impressions Fundraiser, the Ghost Light Society’s Annual Soiree, and the Jeb Bush Classic Beach Bash benefitting the Cystic Fibrosis Foundation. This year the Motwani family co-founded the Laughing Out Loud fundraiser benefitting the Scleroderma Foundation, which raised over $170,000 for the charity.

Dev graduated from Duke University with a Bachelors of Science degree in Economics and Public Policy and from Columbia University’s Masters of Science in Real Estate Development Program. He has also studied at the London School of Economics.

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Dan Kodsi, CEO, Royal Palm Companies

Since 1991, Mr. Daniel Kodsi has been CEO of Royal Palm Companies (RPC). Under Kodsi’s leadership, RPC has developed over $3B in completed projects to date with over $2B in the pipeline. During the last three decades, Kodsi has delivered over 6,000 units consisting of over 14 million square feet of mixed-use and master-planned communities, hotels, multi-family, and high-rise developments.
Kodsi is known for identifying underserved markets alongside of his ability to execute large-scale, mixed-use developments, and master-planned communities. In 2011, Kodsi founded Participant Capital as the capital arm of Royal Palm Companies and a vehicle to empower individual investors to participate in ground-up construction projects. Mr. Kodsi is the CEO/Managing Principal of Participant Capital and Chairman of the Investment Committee.
Throughout his career, Kodsi has been credited for changing skylines with his award-winning projects. Kodsi has created several branded residences including the Paramount brand that includes three distinct properties including the recently completed and internationally renowned, Paramount Miami Worldcenter, which is the second largest master-planned urban project in the United States.
RPC’s latest branded residence is the Legacy Hotel & Residences in the Miami Worldcenter. This mixed-use tower will overlook the heart of downtown. It offers both buyers and investors a unique blend of business models across hospitality, real estate, preventative healthcare, and wellness that work financially independently, but also creates an asset ecosystem that appeals to the new ‘disease conscious traveler’.
Kodsi has appeared as a guest on national television newscasts, major cable business networks such as CBS World News, NBC Universal, CNN, CNBC, FOX News, MSNBC, Bloomberg News and is a regular guest on FOX Business news. He has also been a frequent guest speaker and panel member for The Urban Land Institute, Real Deal, BizNow, the National Multifamily Housing Council, and the EB-5 Council.

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Michael May, President, Silverstein Capital Partners

Michael May is a founder and the President of Silverstein Capital Partners (“SCP”) and oversees all lending operations. SCP has committed over $1.6 billion on office, industrial, residential, retail, hospitality and mixed-use projects in urban markets. SCP provides senior loans, bridge loans, subordinate loans, and rescue capital to borrowers on shovel-ready ground-up construction, heavy value-add repositioning, lease-up projects, land, and inventory loans on completed condominium projects. SCP’s funds are capitalized by two global institutional investors and Silverstein Properties, Inc. SCP also has an active separate account business.

Previously, Mr. May was a founder and Chief Operating Officer of Cantor Commercial Real Estate (“CCRE”), where he led the origination of than $50+ billion of commercial real estate loans.  Mr. May was responsible for raising institutional and private capital, sourcing corporate financing, high-yield bond raises, loan origination, loan distribution, and securitization for the venture.  From its creation in 2010, CCRE closed 2,000+ financings on all property types in 50 US states, 3 US territories, Mexico, and the Caribbean.  Mr. May oversaw conduit, transitional, large-loan, small-balance, single borrower, Agency, and net-lease lending as well as a $58 billion servicing book.

Prior to CCRE, Mr. May was a Managing Director at Credit Suisse (“CS”) where he was a senior member of the Real Estate Finance Group.  Mr. May joined CS in 1997 and oversaw West Coast and Latin American operations including the origination and distribution of CMBS, whole loans, and subordinate debt.  Mr. May originated $20+ billion in financings and innovated numerous CMBS products including securitization structures for condominiums, construction, ski mountains, and casinos.

Before CS, Mr. May worked at General Electric Capital Corporation where he focused on the acquisition of subordinated CMBS and the structured distribution of whole loans, asset backed securities, and real estate equity.  Mr. May also spent seven years at Arthur Andersen LLP in the Real Estate Consulting Group, working in the US, Western Europe, Russia, and Latin America providing advice on project feasibility, loan valuations, securitization structuring, and workout strategies.

Mr. May holds a BS in Finance and a BA in Psychology from the University of Maryland at College Park.

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Raul Llanes, Managing Director, Head of Specialty Capital Markets, City National Bank

Raul has over 18+ years in Real Estate Investment Banking, Syndicated & Corporate Capital Markets, Structured Credit, Private Equity, and Commercial Real Estate lending. Currently, he is working for City National Bank as Head of Capital Markets leading the efforts of Loan Syndications, Placement, and Specialty Lending. City National Bank originated $3.47 billion of commercial mortgages in 2022, making it the third most active commercial lender in the state of Florida.

Raul graduated from Florida International University with a BS in International Business and Business Administration and holds an MBA in International Business from University of Miami.

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Justin Oates, SVP, Cain International

Justin oversees Cain’s Miami portfolio, which includes 830 Brickell, Missoni Baia and Una Residences, among other residential, office and hospitality projects and development sites. Throughout his career, Justin has worked on over $10 billion of real estate transactions. Justin joined Cain from Dreamscape Companies in New York City. Prior to that, Justin worked at Savanna and started his career at Eastdil Secured.

Cain International is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. The firm currently manages over $16 billion in assets through its real estate equity, real estate debt and private equity platforms. Cain is a partnership between its CEO, Jonathan Goldstein, and Eldridge.

Justin holds a Master of Commerce from the University of Virginia and a Bachelor of Science in economics from Boston College. Justin is actively involved in the Advisory Board for the Master of Real Estate Development + Urbanism program at University of Miami’s School of Architecture and is a member of PropTech Angels, a group of real estate professionals that invests in early-stage real estate tech companies.

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Matthew Einheber, Principal, Title EQ

Matt is a principal of and the driving force behind TitleEQ, a national settlement services agency serving clients nationwide, and TitleBox, the developer of technology designed to streamline risk management in the title industry.

His experience with real estate transactions began in the early 2000’s in real estate finance, which led to settlement services and ultimately his move to start his first title company in 2005.

Since then, Matt has played an integral role in forging industry-shaping technology and business processes for the settlement and closing operations of title companies, underwriters, real estate brokers and agents across the country. Matt’s current focus is TitleEQ and its family of companies; the result of years of technology development and learned execution to approach real estate settlements in a way that’s very unique.

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Buy Tickets

The PROFILE Capital Markets Summit is the next installment of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, which brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. PROFILEconnect is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects, designers and other service providers.

Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The night will feature an hour of networking with sounds by local DJs DAKAP, followed by the panel discussion and Q&A, and will finish off with more networking, supplemented by an open bar by Brugal 1888 and E11EVEN Vodka throughout the night and bites by Zeroe Plant Based Caviar.

Date: Wednesday, February 7, 2024

Where: E11EVEN Residences Beyond Sales Gallery, 1018 N Miami Avenue, Miami, FL 33136

Time: 6 PM - 9 PM

Music: DAKAP

Food & Drinks: Zeroe Plant Based Caviar, E11EVEN Vodka, Brugal 1888 Rum

Panelists:

• Dev Motwani, Merrimac Ventures

• Dan Kodsi, Royal Palm Companies

• Michael May, Silverstein Capital

• Raul Llanes, City National Bank

• Justin Oates, Cain International

• Moderator: Matthew Einheber, TitleEQ

Who Should Attend: Developers, Investors, Brokers, Lenders, Private Equity, Family Offices, Architects, Lawyers, Designers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Schedule:

• 6 PM - 7 PM: Cocktails & Networking w/ sound by DAKAP

• 7 PM - 8 PM: Capital Markets Panel

• 8 PM - 9 PM: Cocktails & Networking w/ sounds by DAKAP

Thank You To Our Sponsors:

Sawyer's Walk Overtown Mixed-Use Development Now 100% Leased, Set To Open This Summer

The transformative development Sawyer’s Walk comprising 1.5 million square feet is now fully committed and considered one of the largest mixed-use project set to deliver in decades in the historic community of Overtown in Miami, Florida. The project will add 175,000 square feet for credit retailers, 578 housing units for predominantly low-income seniors helping to meet the critical need for affordable housing in Miami-Dade County, and 130,000 square feet of office space acquired by MSC Group that will anchor MSC Cruises new North American headquarters.

SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, is constructing the 3.4-acre development located at 249 NW 6th St., which broke ground in June 2021. The successful public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment Agency (CRA), Miami-Dade County’s Department of Public Housing and Community Development (PHCD), and Commissioners Christine King and Keon Hardemon. The development was designed by Miami-based, award-winning architecture firm Arquitectonica and construction is led by Coastal Construction.

With completion estimated for this summer, Sawyer’s Walk will create a new mixed-use destination with a variety of highly demanded retailers such as Target, Aldi, Ross and Burlington, the largest affordable senior living community to deliver in the US in the last 10 years, and a 25,000-square-foot public plaza that will feature a pedestrian promenade with outdoor seating and children’s playground benefitting the Overtown community and Greater Downtown Miami.

“Since we broke ground on Sawyer’s Walk in 2021, we have experienced overwhelming demand for the mix of uses the development will bring to Miami’s Overtown community, including affordable housing for seniors, value-add retail offerings and quality office space, leading to our project reaching 100% leased before completion,” said Michael Swerdlow, Managing Partner of Swerdlow Group. “The anticipated delivery of our mixed-use development will serve as an economic catalyst for Overtown, with the creation of over one thousand quality jobs, the opening of a new full-service supermarket and mix of national retail stores that will serve the immediate community and surrounding neighborhoods.”

MSC Group, a privately owned international company that is a global leader in container shipping and has the world’s third largest cruise line, will bring together its South Florida cruise and cargo operations under one home within Sawyer’s Walk. The modern office space purchased by MSC Group will bring together over 250 current employees based in South Florida from MSC Cargo, MSC Cruises and Explora Journeys. With this move, the global organization is making a $100 million investment in Miami-Dade and is expected to generate over 600 direct and indirect jobs over the next three years, as MSC Cruises prepares to open North America’s largest cruise terminal in PortMiami later this year.

“The relocation of the MSC Cruises North American headquarters to Sawyer’s Walk will significantly contribute to the daytime population that the shops and restaurants will serve,” said Nick Swerdlow, Vice President of Swerdlow Group. “The opening of our Sawyer’s Walk development coincides with the continued growth Greater Downtown Miami is benefitting from as more new residents, businesses and visitors are attracted to Miami’s thriving urban core.”

The upper floors of Sawyer’s Walk will be home to 578 units designated for seniors earning at or below an average of 60 percent of the Area Median Income. The apartments will include studios, one-bedrooms, and two-bedrooms. Residents will enjoy resort-like amenities that exceed what is traditionally offered at affordable housing projects, including a roof-top swimming pool and sun deck complete with lush landscaping, outdoor seating and grilling stations, a modern fitness center, clubhouse, and more.

The retail component will include a 50,000-square-foot Target store, a 25,000-square-foot Aldi supermarket, and new locations for Ross Dress for Less, Five Below, Burlington and Tropical Smoothie Cafe. The public plaza will also feature art murals, an outdoor seating area and a dog park. The property will provide over 1,000 parking spaces and access to numerous public transit options such as the Metrorail, Metromover and Brightline.

Situated in the heart of Overtown, one of Miami’s most historic communities, Sawyer’s Walk is located alongside I-95, adjacent to Downtown Miami’s Central Business District and blocks from Brightline’s Miami Central station, the 27-acre destination Miami Worldcenter, the Historic Lyric Theatre, Government Center, and Miami Dade College’s Wolfson Campus.

The Cushman & Wakefield team of Alan Kleber, Tyler Reynolds, Scott Quick, Diego Rodino di Miglione, and Shannon O’Hare represented MSC Group in the transaction, while Greg Masin of Cushman & Wakefield advised SG Holdings.

Inside The PROFILE Design Summit at Eichholtz Miami

On Thursday February 1, 2024, PROFILEmiami hosted its inaugural and sold-out PROFILE Design Summit, featuring architecture and interior design icons Kobi Karp, Louis Birdman, Will Meyer and Ralph Choeff. The evening took place at Eichholtz Gallery in Miami Design District and was attended by Miami’s top investors, developers, architects and designers as well as guests from all over the design world who flew in to experience PROFILEmiami’s highly regarded bespoke networking.

The panelists shared their experiences working in design and architecture not only in Miami, but across a global portfolio of projects. Louis Birdman of One Thousand Group discussed his experience working with Zaha Hadid on One Thousand Museum and how the project meant so much to her after missing out on the opportunity to design the Perez Art Musuem. Their tower now overlooks the museum and serves as one of the most iconic parts of Miami’s skyline. Will Meyer and Kobi Karp gave attendees insight on how to move your career in the design world to the next level and their experiences working with Barry Sternlicht on 1 Hotel South Beach. Ralph Choeff discussed designing homes with $70 million price tags and working with extremely high-end clients on these architectural masterpieces. Attendees were welcomed into the discussion with an extended Q&A session.

Guests had the opportunity to network with the design industry’s best as well as experience Iberico Ham by Modern Stones, Spankopita and Aysrtico wine by AGB Stones, a selection of sandwiches and bites by Pura Vida and Zeroe Plant Based Caviar. Guest also enjoyed custom cocktails by Brugal Rum and E11EVEN Vodka. On view was a very special custom curated art collection by celebrity art dealer Avery Andon of ArtLife featuring works by Andy Warhol, Keith Haring, Jeff Koons and Alec Monopoly. The night featured an hour of networking with sounds by local DJs DAKAP, followed by the panel discussion and Q&A. Other sponsors who participated included Quartzology, Disruptive Real Estate, Cryptic Air.

Watch the full panel on YouTube:

Mast Capital Locks Down Florida's Largest Residential Single-Tower Loan At $600 Million For Cipriani Residences Miami

Miami-based developer Mast Capital has secured a construction loan of $600 million, setting a new record for the largest single-tower residential construction loan ever obtained in Florida for Cipriani Residences Miami. The loan comes from Mexico-based Banco Inbursa and Ascendant Capital Partners, contributing $350 million and $250 million, respectively. The site is one of the last remaining raw parcels of land in Brickell and will serve as the southern gateway to Miami’s financial district.

Situated on the southern edge of Brickell’s business district, Cipriani Residences Miami will be the brand’s first-ever ground-up residences in the Americas. The high-profile condominium development, which is redefining luxury within the Brickell neighborhood, encompasses an 80-story luxury condominium tower with 397 residences offering spectacular views of Biscayne Bay, the Brickell skyline, and Coconut Grove. The site benefits from being located close to all the destinations within Brickell while also offering better accessibility and less traffic given its proximity to the lower density areas of Brickell to the South.

“The unprecedented financing we have secured for this transformative development anchored in Brickell is a testament to the demand for an ultra-luxury condominium product in this neighborhood. We have assembled the highest caliber of architecture, and design to execute this project and further solidify the position of Miami’s Brickell Financial District as a business and residential community,” said Camilo Miguel, CEO of Mast Capital. “Cipriani Residences Miami will transform the neighborhood and appeal to a wide variety of domestic and international residents, especially at a time when Brickell continues to experience robust growth fueled by the steady pace of wealth and business migration.”

While the influx of new residents to Miami, particularly the highly desirable Brickell neighborhood, seeking a cosmopolitan lifestyle, warm weather, and favorable tax environment is not new, this trend has dramatically accelerated since mid-2020 and is expected to continue over the years to come.

Mast Capital purchased the 2.8-acre site located at 1420 S Miami Ave. for $103 million in December 2021, which at the time represented the acquisition of one of the last remaining raw parcels of land in Brickell available to build a large-scale, high-rise development. The condominium tower is a signature Bernardo Fort-Brescia design by architecture firm Arquitectonica and world-renowned interior design firm 1508 London.

Starting at $1.7 million, Cipriani Residences Miami offers one- to four-bedroom residences ranging from 1,123 to 3,495 square feet, in addition to penthouses with private pools, with completion slated for 2028. As the crowned jewel of Cipriani Residences Miami, the Canaletto Collection will offer a boutique experience to residents that includes priority access to the tower’s private speakeasy and dining spaces, exclusive global concierge services and custom finish and furniture packages available for purchase, designed by 1508 London. The Canaletto Collection, which comprises six penthouses, will also feature direct elevator entry and a limited number of residences per floor appealing to discrete residents who prioritize privacy. Pricing for the penthouses starts at $17 million. The condominium will offer all residents exclusive access to around-the-clock dining services by Cipriani available in the private restaurant, 24-hour in-home dining and catering services. Dining services will extend to the elevated resort deck featuring multiple swimming pools, lounge and cabanas.

Residents will also have access to a fully equipped state-of-the-art fitness center, as well as a holistic spa including an ice plunge and sauna. The condo tower’s robust amenity package will also include a golf simulator, a pickleball court, a screening room, as well as a library and salon for beauty services. Residents will also have the convenience of a private dog park, children’s playroom and à la carte services like plant care, away-from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training and more.

Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential, hospitality, and commercial properties throughout the State. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new-build up development of over 4,000 residential units in South Florida, as well as the Fort Myers and Tampa metro areas.

Newmark arranged the transaction with a Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly alongside Executive Managing Director Nick Scribani. Harry Silvera and Yehuda Auman of Gibson, Dunn & Crutcher LLP and Kimberly LeCompte and Eric Fisher of Greenberg Traurig P.A. served as legal counsel for the developer. Aron Zuckerman and Norian Watson of Cleary, Gottlieb, Steen & Hamilton LLP served as legal counsel for Banco Inbursa. Evan Kaufman and Andy Auerbach of Bryan Cave Leighton Paisner LLP served as legal counsel for Ascendant Capital Partners. Ilana Strickon of Holland & Knight served as legal counsel to both lenders. Sales and marketing for the condominium development is handled exclusively by Fortune Development Sales.

Renderings via Mast Capital

Over $100 Million In Sales at The Residences at Shell Bay Following Opening Of Ultra-Private Shell Bay Club

The Residences at Shell Bay, the world-class, 150-acre enclave in the Miami region, has seen over $100 million in sales at the Kobi Karp-designed 20-story, 108-residence condominium tower, following the opening of the ultra-private Shell Bay Club in October. The Shell Bay Club is South Florida's first and only new golf club in over 25 years, underscoring the market's thirst for living on an ultra-luxury golf resort.

Leading visionary real estate development firms Witkoff and PPG Development are developing the project in partnership with Auberge Resorts Collection, the highly awarded hospitality operator with an acclaimed portfolio of luxury boutique hotels, resorts, and residences. Sales for the residences are released in exclusive, limited phases led by Douglas Elliman, and are set to deliver in 2025.

Brought to life by Auberge Resorts Collection, The Residences at Shell Bay provide an enclave for those who want to live exceptionally featuring interiors by AvroKO. Part of a fully gated community with 24/7 monitoring, residences offer open-concept layouts with expansive living and entertainment areas, floor-to-ceiling windows, expansive ten-foot ceilings on typical floors, spa-inspired primary bathrooms, gracious wraparound terraces with vistas of the private golf course, and minibars serviced by the hotel. In addition, residences will have a dedicated Director of Residences to provide the highest level of personalized care and a la carte resort services including in-residence housekeeping and dining.

The Shell Bay Club represents the new frontier of elite clubs, bespoke residences, and elevated wellness and leisure, offering one of the most exclusive private members clubs in North America. The amenities and programming have been carefully designed with world-class athletes and experts to cater to both the ultimate luxurious lifestyle and peak-functioning performance. The Shell Bay Club includes a 7,250-yard championship golf course designed by Greg Norman, a 12-acre practice facility with a 9-hole par 3 course, a premier racquet center with four Grand Slam tennis surfaces, pickle ball courts, and padel courts, a 48-slip private yacht club, and a private Member’s Clubhouse with a spa and performance fitness center.

In addition to branded residences, Shell Bay will have a boutique resort managed by Auberge Resorts Collection. Auberge is a best-in-class luxury resort and residential operator known for one-of-a-kind experiences in extraordinary destinations, with hotels including Auberge Du Soleil in Napa Valley, Hotel Jerome in Aspen, Lodge at Blue Sky in Park City, Mayflower Inn and Spa in Connecticut, and the Grace Hotel in Santorini. The company was named by Travel + Leisure as one of the “Top Hotel Brands in the World,” while 12 of its 22 properties were awarded in Travel + Leisure’s 2022 World’s Best List, the highest percentage of any brand.

Auberge is also a seasoned residential manager with residential properties including Madeline Hotel and Residences in Telluride, Stanly Ranch in Napa Valley, and Chileno Bay Resort and Residences in Los Cabos.

Renderings via MARCH

Merrimac Ventures and Aria Development Group Lock Down $95 Million Construction Loan for Sold-Out 600 Miami Worldcenter

A joint venture between South Florida-based developers Merrimac Ventures and Aria Development Group is preparing to break ground on 600 Miami Worldcenter, a 32-story condominium tower set within Downtown Miami’s Miami Worldcenter 27-acre mixed use development, following locking down a $95 million construction loan from Banco Inbursa. Located at 600 NE 1st Ave., 600 Miami Worldcenter will deliver 606 fully furnished units with no restrictions on short-term rentals. Construction is expected to be completed in 2026.

Buyers are responding to 600 Miami Worldcenter’s short-term “turn-key” rental model, with all of the development’s units already pre-sold to residents hailing mostly from the U.S., Colombia, Turkey and Argentina. Residences will range from 407-square-foot studios to 830-square-foot two-bedroom units where prices started in the $400,000s.

OneWorld Properties, led by CEO Peggy Olin, is managing sales and marketing for 600 Miami Worldcenter. Newmark’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Daniel Matz and Holden Witkoff, along with the law firm of Bilzin Sumberg LLP’s Joseph Hernandez, Salomé Bascuñan, and Anthony De Yurre, represented the developers in the transaction.

“600 Miami Worldcenter has been one of our most anticipated and fastest-selling developments, which was appealing for our lenders at Banco Inbursa,” said Nitin Motwani, Managing Partner of Merrimac Ventures. “Heightened demand for the project’s ideal location and fully furnished turn-key residences are just some components that will make it a standout addition to our city-within-a-city at Miami Worldcenter.”

"600 Miami Worldcenter blends best practices from our most successful luxury residential developments with the excitement of Downtown Miami. We look forward to growing our relationship with Banco Inbursa through the construction of this beautiful project in our vibrant submarket," said David Arditi, Managing Partner of Aria Development Group.

600 Miami Worldcenter is the latest residential offering within Miami Worldcenter, the $6 billion mixed-use development transforming the heart of Downtown Miami. As the second largest urban development in the U.S. after Hudson Yards, the ‘city within a city’ features a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 square feet of retail, restaurant, and entertainment space.

Merrimac Ventures’ presence in Downtown Miami also includes the development of Miami Worldcenter, which is being developed by master developers Miami Worldcenter Associates, led by Managing Partners Nitin Motwani and Art Falcone, in partnership with CIM Group.

In addition to 600 Miami Worldcenter, Merrimac Ventures is also developing two more residential towers within Miami Worldcenter: The Crosby, a sold out 450-unit condominium with no rental restrictions in partnership with Related Group, and the second phase of Caoba, a 40-story tower with 420 apartments.

Aria Development Group’s Downtown Miami portfolio includes the nearby YOTEL Miami, a 31-story condominium and hotel, and 501 First, a 476-unit condominium in partnership with AQARAT – both of which have no rental restrictions and are completely sold out.

Residences at 600 Miami Worldcenter will be curated by the award-winning design company, The Design Agency, and are equipped with floor-to-ceiling glass windows with custom window treatments, expansive balconies, flooring and furnishings on all residential interiors. Kitchens and bathrooms will include custom Italian cabinetry and countertops, top-of-the-line appliances with speed ovens, integrated paneled refrigerators/freezers, dishwashers, in-unit washers and dryers, and fully built-out spacious closets.

Designed by Revuelta Architecture, 600 Miami Worldcenter will boast luxury amenities including a summer kitchen, rooftop swimming pool with resort seating, a state-of-the-art fitness center with an outdoor private training area by Homage Fitness. 600 Miami Worldcenter will also feature a covered porte-cochère, 24-hour attended lobby, dedicated co-working space, resident lounge, and entertaining space, air-conditioned resident storage, and bike storage.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; the Kaseya Center, the home of the Miami Heat; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which offers direct train service from Downtown Miami to Aventura, Fort Lauderdale, Boca Raton, West Palm Beach and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail – making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

PROFILEconnect: South Florida Capital Markets Summit at E11EVEN Residences Beyond on 2/7/24

On Wednesday February 7, 2024 PROFILEmiami will host its inaugural South Florida Capital Markets Summit, exploring the current state and future of how real estate in Miami is valued, financed, and transacted with South Florida’s top real estate and finance executives.

Discover the intricacies of commercial real estate investment and financial markets where industry leaders will dissect the impact of changing interest rates, inflation, and global economic conditions on investment decisions. The exclusive panel features industry leaders developer Dan Kodsi of Royal Palm Companies, Dev Motwani of Merrimac Ventures, Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists will have a comprehensive discussion about the current capital stack in commercial real estate deals and explore strategies that sponsors can employ to optimize their capital structure. The discussion will also delve into the market's underwriting standards and loan-to-value ratios, uncovering their influence on loan approvals; as well as a spectrum of financing options, from debt and equity to mezzanine financing and EB-5, and grasp typical terms offered. The discussion serves to educate attendees to anticipate future challenges and opportunities in the commercial real estate financing landscape while acquiring best practices for managing and mitigating risks, particularly in times of economic uncertainty.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders as they discuss the industry’s most pressing topics. The evening is hosted by Demetri Demetri Demascus and Katya Demina of PROFILEmiami.

Panelists:

• Dev Motwani, Merrimac Ventures

• Dan Kodsi, Royal Palm Companies

• Michael May, Silverstein Capital

• Raul Llanes, City National Bank

• Justin Oates, Cain International

• Moderator: Matthew Einheber, TitleEQ

Who Should Attend: Developers, Investors, Brokers, Lenders, Private Equity, Family Offices, Architects, Lawyers, Designers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Date: Wednesday, February 7, 2024

Where: E11EVEN Residences Beyond Sales Gallery, 1018 N Miami Avenue, Miami, FL 33136

Time: 6 PM - 9 PM

Music: DAKAP

Food & Drinks: Zeroe Plant Based Caviar, E11EVEN Vodka

Schedule:

• 6 PM - 7 PM: Cocktails & Networking w/ sound by DAKAP

• 7 PM - 8 PM: Architecture & Interior Design Panel

• 8 PM - 9 PM: Cocktails & Networking w/ sounds by DAKAP

Sponsors

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Sterling Bay Joins Key International As Co-Developer of 848 Brickell Office Tower

Key International, led by Diego and Inigo Ardid, has teamed up with Sterling Bay, a national real estate development firm known for its pioneering approach to developing award-winning creative offices, as the co-development partner of 848 Brickell, a Class-A creative office and retail tower proposed in Brickell. Sterling Bay joins Key International in developing plans for this project, which, pursuant to zoning approval by Miami-Dade County, will soar 51 stories in the heart of Miami's bustling Financial District.

"We strategically selected Sterling Bay as our co-development partner at 848 Brickell to bring their expertise in creating world-class offices to this exciting new project," said Diego Ardid, Co-President at Key International. "We're confident that their involvement will ensure 848 Brickell represents the next generation of modern workspaces in South Florida."

With a reputation for redefining the workplace experience through innovative design, amenities, and functionality, Sterling Bay consistently delivers creative offices for globally recognized tenants, including Google, McDonald's, Dyson, WPP, Boston Consulting Group, and Greenberg Traurig. The firm's impressive portfolio includes a pipeline of $20 billion in transformative urban campuses that have reimagined entire communities and reshaped how people perceive and engage with office spaces.

Sterling Bay has developed workplace environments for over twenty years, partnering with global architecture and design leaders to create spaces that foster productivity, collaboration, and employee well-being. In 2019, Sterling Bay completed its first Miami office development, 545wyn, which marked Wynwood's first-ever Class-A office building, sparking a boom in Wynwood’s commercial activity, and bringing major tenants to the submarket, including Sony Music, PwC, MIAX, Gensler, and Slalom.

"Miami is the nation's new epicenter for commercial growth, and Brickell sits at the center of the city's business activity - it's arguably the hottest submarket in the country right now for commercial office development, and we're poised to deliver a top-tier office product at a crucial inflection point for the area," said Andy Gloor, CEO at Sterling Bay. "848 Brickell will exceed everyone's expectations for fusing the Miami lifestyle with its workplace needs, and we look forward to working with Key International to deliver on this shared vision."

Once complete, 848 Brickell will offer future tenants an impressive 750,000+ square feet of Class-A office space, accompanied by a curated ground-floor retail space spanning 7,500 square feet and on-site parking facilities accommodating over 1,000 vehicles.

Designed by global architectural, urban planning, and engineering firm Skidmore, Owings, & Merrill (SOM) to cater to the evolving needs of modern businesses and professionals, 848 Brickell touts’ hospitality-inspired workplace amenities, including on-site, tech-enabled conference facilities, a luxury fitness center, and an expansive outdoor terrace, mixed with lifestyle amenities like padel tennis courts and private open-air lounges. This prime location offers tenants ocean and Brickell Avenue views and quick access to the neighborhood's top dining, retail, and entertainment destinations.

Renderings via Key International

PROFILEconnect: Design Summit Architecture & Interior Design at Eichholtz Gallery on 2/1/24

On Thursday February 1, 2024, PROFILEmiami will host its inaugural PROFILE Design Summit, exploring the state of the Architecture and Interior Design industries. The PROFILE Design Summit is the next installment of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, which brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. PROFILEconnect is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects, designers and other service providers.

Guests will have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The night will feature an hour of networking with sounds by local DJs DAKAP, followed by the panel discussion and Q&A, and will finish off with more networking, supplemented by an open bar throughout the night and experience Zeroe Plant Based Caviar. Also on view will be a custom curated art collection by celebrity art dealer Avery Andon of ArtLife featuring works by Andy Warhol, Keith Haring, Jeff Koons and Alec Monopoly.

Panelists:

• Kobi Karp, Kobi Karp Architecture & Interior Design

• Louis Birdman, One Thousand Group

• Ralph Choeff, Choeff Levy Fischman

• Will Meyer, Meyer Davis Studio

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Who Should Attend: Architects, Interior Designers, Design Vendors, Construction & GC’s, Developers, Investors, Brokers, Lenders, Architects, Lawyers, Wealth Managers, Financial Planners, CPAs and other Business Professionals.

Date: Thursday, February 1, 2024

Where: Eichholtz Miami, 3711 NE 2nd Ave, Miami, FL 33137, Miami Design District

Time: 6 PM - 9 PM

Schedule:

• 6 PM - 7 PM: Cocktails & Networking w/ sound by DAKAP

• 7 PM - 8 PM: Architecture & Interior Design Panel

• 8 PM - 9 PM: Cocktails & Networking w/ sounds by DAKAP

Music / DJ: DAKAP

Food & Drinks By: Pura Vida, Zeroe Plant Based Caviar, E11EVEN Vodka, Brugal Rum, Kopu Water

Sponsors

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