Artefacto Begins Construction on New DOMO-Designed U.S. Flagship In Coral Gables

Brazilian furnishings brand Artefacto has celebrated the groundbreaking of their new US flagship in Coral Gables located on the highly-trafficked US-1. The 45,000 SF bi-level structure will feature an eye-catching modernist design by the renowned DOMO Architecture + Design, with interiors by Patricia Anastassiadis. The showroom is set to open mid-2021, and marks the brand’s 28th location worldwide.

Headed by CEO Paulo Bacchi, Artefacto entered the U.S. in 2002 as an anchor tenant to Coral Gables’ Merrick Park. Bacchi continues to make his mark on Coral Gables with the sleek new showroom at 101 South Dixie Highway, along one of Miami’s major transportation arteries.

“I’m very proud of our continued growth in Miami, and our showroom expresses the remarkable warmth and luxuries found in Artefacto home environments,” says Bacchi. “Now we will capture eyes in all directions with an innovative aesthetic that anchors US1 with incredible style.”

Exteriors will showcase dramatic street-level window displays of Artefacto’s exclusive collaborations with such notable talents as Alejandro Estrada, Piegatto, Sergio Matos and Patricia Anatassiadis. In-line with the brand’s commitment to embracing sustainable practices, the showroom’s exterior concept features lush, green walls with the highest level of quality natural, raw materials.

Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green

Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank. Wynwood Green will be located on a 1.26 acre site which was the former site of the popular food-truck and bar station at Wynwood Yard, 48, 56, 64, 70, 82, 90 and 98 NW 29th St. and 63 NW 28th street. Initial designs are by architecture firm Dorsky + Yue International. The site of Wynwood Green was sold to Lennar by David Lombardi of Lombardi Properties, who was one of the pioneers in the emergence of Wynwood.

The Miami-based publicly traded Lennar Corporation (LEN) is known as one of the largest homebuilders in the United States, but also retains ownership interests in 53 apartment communities. Wynwood Green would also be their first multifamily project within the city of Miami. Lennar Corporation is run by Executive Chairman Stuart Miller, whose father Leonard Miller was one of the founders in 1956. In 2019 Lennar was ranked 154th on the Fortune 500 and the company operates in 21 states.

Developers of The Ritz-Carlton Residences Sunny Isles Beach Pay Off $212 Million Construction Loan

Fortune International Group and Château Group, joint developers of The Ritz-Carlton Residences, Sunny Isles Beach, have paid off a $212 million construction loan on the newly opened condominium tower. The developers received the loan from Bank OZK in September 2016. The news comes on the heels of a string of triumphs for the property, which is managed by The Ritz-Carlton and is one of the brand’s only standalone oceanfront condominium high-rises worldwide. The 52-story building at 15701 Collins Avenue, which was designed by award-winning architect Bernardo Fort-Brescia of Arquitectonica and features interiors by acclaimed Florentine architect Michele Bönan, was completed on Feb. 24 when it received its temporary certificate of occupancy (TCO). The tower is already more than 80% sold. Since the building broke ground, each milestone associated with its rise has been monumental, including the pre-construction sell-out of all four penthouses, a record feat for the area. Now, in the midst of the COVID-19 pandemic, the developers have seamlessly completed 100 closings, with a great number of them conducted virtually. They have additionally finalized new sales totaling more than $30 million.

“Paying off this loan so quickly after opening the tower, and in the midst of these extremely challenging times, further confirms the support for our project and the excitement it has generated among buyers across the globe,” said Manuel Grosskopf, CEO of Château Group.

“Our residents have been praising the end-result of the thoughtful and detailed work that has gone into creating and delivering this dream of ours,” said Edgardo Defortuna, President and CEO of Fortune International Group. “The project’s longstanding sales success, as well as these most recent triumphs, have been a testament to the buyers’ recognition of a high-quality project paired with a high-level of service.”

“The most high-profile buyers in the world have been purchasing homes in this condominium, knowing that the services by The Ritz-Carlton, amenities, architecture, and designs will exceed every expectation,” added Grosskopf.

“The Ritz-Carlton Residences, Sunny Isles Beach are a new crown jewel for Miami’s ultra-luxury oceanfront property market,” continued Defortuna.

The Residences, which have no hotel on the premises, resides on a prime coastal location with 250’ of beachfront. The tower is comprised of 209 residences with a private club level on the 33rd floor including private suites for resident guests, beach restaurant and bar, two pool decks, a kids club, full-service spa, fitness center and wellness center, among other top-line amenities. Each of the homes, all of which are smart-technology-ready, include private entrances, both living and master bedrooms with direct oceanfront views, walk-in closets, and pre-wiring for high-speed internet access and Wi-Fi. Remaining residences start at $2.6 million and sales are overseen by Fortune International.

For more information about The Ritz Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

Demolition Clears The Way For OKO Group And Cain International's Una Residences To Break Ground

An 11-story former condo building at 175 SE 25th Road, which was built in 1971, has been demolished, clearing the way for the highly-anticipated condo tower Una Residences, which is being developed by OKO Group, led by Vladislav Doronin, and Cain International. Demotion was completed April 25 and construction commenced immediately after.

Doronin began to assemble the site in 2016 by buying out current residents at nearly double the expected market value, roughly $48 million, before terminating the condo.

The nautically-inspired Una Residences was approved by Miami’s Urban Development Review Board in September 2018. The building will rise 47-stories and will feature 135 waterfront condos starting at $942,000. Both of Una's exterior and interior design are being overseen by Adrian Smith + Gordon Gill Architecture (AS+GG), the internationally acclaimed architects known for designing extraordinary skyscrapers like Saudi Arabia’s Jeddah Tower. Residences will offer private elevator entry, 10’8” ceilings, chef’s kitchens with Gaggenau appliances, master suites with his and hers wings, laundry rooms with washers and dryers, and expansive 180 degree terraces featuring seamless floor-to-ceiling doors with “effortless lift and glide” glass balcony doors, glass balcony railings, and panoramic views of Key Biscayne, Downtown, Miami Beach, and Coconut Grove.

Amenities include a private marina, three pools, a state-of-the-art fitness center with yoga and personal training areas, a spa featuring indoor and outdoor private massage treatment rooms, three levels of subterranean parking, a cinema, and 24-hour concierge. Una's location on a waterfront urban park setting will be further enhanced with a private bayside garden by Enzo Enea’s award-winning landscape architectural firm Enea Garden Design, Inc. Residents will also have access to the Grand Bay Club on Key Biscayne.

Sales for Una are being handled exclusively by Fortune International Realty. The project was initially expected to be completed by 2021.

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

Midtown Miami's Most Amenitized Luxury Apartment Tower, Gio Midtown, Receives TCO

Gio Midtown has just received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. The 447-unit and 39-story tower, which was jointly developed by Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management, began to welcome its first residents on April 15. Bozzuto, which leads the project’s leasing and property management, launched leasing in January. Roughly 8% of the building has reportedly been leased so far.

Located in the heart of Midtown Miami, Gio Midtown offers close proximity to the neighborhood’s various restaurants and shops, as well as Miami’s Design District and Wynwood. Residents will also be given exclusive perks at local businesses, including Tap42 and Barry’s, and will be able to enjoy a plethora of amenities located inside the building.

The 5th floor offers a sprawling pool deck, along with a 25-yard lap pool, cabanas, grilling stations, and an outdoor whirlpool spa. Those wishing to workout can visit the outdoor CrossFit station and basketball court, or head indoors to the 4,471 square-foot fitness club to partake in group classes like yoga, Bootcamp, and Zumba. The spa, sauna, and steam rooms provide a calming space to unwind and relax, as does the Himalayan salt room with its salt floor and rocks which boast restorative properties to improve breathing and skin. 

Residents with pets will also be able to pamper their pets and host playdates in the Dog Lounge and at the spa with on-site groomers. Family-friendly amenity spaces include a designated indoor area ideal for kids’ parties, a private outdoor playground, a game room, and a family lounge. 

Gio Midtown’s floor plans include studios, one-, two-, and three-bedroom residences that range from 386 to 1,919 square feet. Studios start at about $1,58, one-bedroom at $1,775, two-bedroom at $2,775, and a three-bedroom at $3,790. Units’ luxury finishes include ceramic tile backsplashes, quartz countertops, keyless entry, and sprawling terraces.

Designed by bKL Architecture LLC, the project’s exterior features geometric and angled balconies serve as an ode to Italian modernist architecture and mid-century modern design. Fanny Haim & Associates created the property’s common areas with a soothing color palette, unique millwork, and pops of brushed gold.

“We understand that these are challenging times for all, and we hope that Gio Midtown will serve as a sanctuary for our first residents,” said Brian Gordon, executive vice president of Magellan Development Group. “There has been a tremendous amount of support and positivity amongst our team and we appreciate everyone who has played a pivotal role leading up to this milestone. We are optimistic that Gio Midtown will set a new standard for multifamily living in South Florida.” 

Gio Midtown was built and designed to LEED Silver sustainability standards and offers a bike workshop and wash station, as well as electric car chargers. It expects to receive its LEED certification in about a year. 

By Isabella Zimmermann

Rewind: Michael T. Fay Tom Wood and Jacques Bessoudo Discuss COVID-19 Impact On Commercial Real Estate in South Florida Webinar

On April 3, 2020, PROFILEmiami hosted a webinar conversation with over 350 viewers on the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. If you missed us live, or just want to revisit some of the insight our panelists had to offer, we have now posted the full webinar for you to sit back and rewind! Hear from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.

Speakers:

• Michael T. Fay, Principal and Managing Director, Avison Young

• Jacques Bessoudo, Managing Partner, Galium Capital

• Thomas D. Wood, President, Thomas D. Wood & Company

• Moderator: Demetri Demascus, Co-Founder & CEO, PROFILEmiami

Topics:

• What effects have we seen on valuations, leasing and sales velocity, construction, availability of capital, and tenants in the South Florida real estate market so far?

• As a landlord, how are you managing your tenants right now?

• In the face of negativity there is always opportunity. Where do you think we will see opportunity open up?

• What is the current state of financing - are deals falling out of contract? Bank vs. non-bank sources of capital - who’s willing to lend?

• How are you working with your teams remotely? 

• How is the current economic crisis due to COVID-19 different from that of 2008?

• How will different types of lenders and loan products give different flexibility to the borrowers?

• What advise do you have for those that currently have financing on their properties?

• What is loan forbearance and how is it handled?

Link: https://youtu.be/OofUMQIa8EU

Join Us For a Webinar: COVID-19 Impact On Commercial Real Estate in South Florida

Webinar Link: https://us04web.zoom.us/webinar/register/6215856217249/WN_obbwfc2LROmhcaJkQMedVg

PROFILEmiami presents a conversation around the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. Hear first hand from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.

Where: Once you register, Zoom will send you a link to the webinar.

When: Friday, April 3, 2020 | 3-4 PM

Speakers:

• Michael T. Fay, Principal and Managing Director, Avison Young

• Jacques Bessoudo, Managing Partner, Galium Capital

• Thomas D. Wood, President, Thomas D. Wood & Company

Topics:

• What effects have we seen on valuations, leasing and sales velocity, construction, availability of capital, and tenants in the South Florida real estate market so far?

• As a landlord, how are you managing your tenants right now?

• In the face of negativity there is always opportunity. Where do you think we will see opportunity open up?

• What is the current state of financing - are deals falling out of contract? Bank vs. non-bank sources of capital - who’s willing to lend?

• How are you working with your teams remotely? 

Can’t tune in live? Sign up below now and we will share a recording after the webinar.

Webinar Link: https://us04web.zoom.us/webinar/register/6215856217249/WN_obbwfc2LROmhcaJkQMedVg

Shoma Group Closes On $17.6 Million Construction Loan For Ten30 South Beach

South Florida developer Shoma Group has announced that they have closed on a $17.6 million construction loan for Ten30 South Beach. The loan was provided by New York-based ACRES Capital Corp.

“We are very proud to secure construction financing with ACRES Capital for Ten30 South Beach as we step closer to delivering this compelling project to Miami Beach,” said Masoud Shojaee, CEO of Shoma Group. “Especially in today’s current climate, this closing is an endorsement of the market appeal of Ten30 as we continue our forward momentum bringing this attractive proposition to the Miami Beach market.”

Already under construction, Ten30 South Beach is a moderately priced, yet elegantly designed luxury retreat away from the high-rise condominium projects that have priced domestic buyers out of South Beach. Rising four stories, Ten30 South Beach will offer a curated collection of just 43 condominiums including studios, one- and two-bedroom units with expansive terraces and stylish interiors priced from the $400,000’s with low association fees of less than $400 per month.

“It has been a pleasure to work with Masoud and his team throughout the iterations of this project to bring this unique offering to Miami Beach,” said Michael Horowitz, of Cooper Horowitz, who arranged the financing on behalf of Shoma Group. “ACRES Capital immediately recognized the niche in the market that this product would serve and efficiently pursued and concluded the financing despite the current economic climate. It was a collaborative effort from start to finish, and we look forward to watching this project succeed.”

The significant project milestone comes on the heels of the project’s recent financing program announcement, which hopes to make luxury more attainable to domestic buyers by lowering the initial deposit requirement to 15%. Current financing programs also make it possible for qualified domestic buyers to attain up to 97% financing with the excess of the 15% deposit amount being used to cover closing costs, pre-paid items and possibly a portion of the original deposit being refunded to the buyer at closing. For domestic buyers looking to make the move to an exclusive yet sometimes elusive beach address, this could put Miami Beach living within reach.

“The Ten30 South Beach project was an attractive origination opportunity due in part to its targeted segment of the highly desirable South Beach market,” said Mark Fogel, ACRES President and Chief Executive Officer. “Its attainable price point and low common charges for each unit will accommodate a variety of residents, including local buyers looking to buy their first home, empty-nesters that are downsizing or those relocating from states with higher taxes. This wide appeal is augmented by strong, local sponsorship in Shoma Group, which will ensure that the property’s business plan is adeptly executed.”

Exclusively marketed and sold by Fortune Development Sales, Ten30 South Beach includes a myriad of upscale amenities including an expansive 6,000 SF rooftop deck with a rosé-colored pool, lounge, and outdoor kitchen area complete with barbecue and yoga space. Residences come with covered parking. With state-of-the-art technology and high-end finishes, each residence will offer sophisticated technology, including the Samsung Family Hub refrigerator, which allows residents to send messages, order Uber rides, play music or see inside their fridge and browse the internet for recipes using available ingredients. Italian-designed chef caliber kitchens, Bluetooth enabled keyless entry with cameras that offer complete control through a homeowner’s mobile phone, and spacious master bedrooms with a unique open bathroom concept complete Ten30’s array of amenities that tastefully create a sense of sanctuary expressed in lyrical terms.

Ten30 offers residents the style and prestige of an exclusive address surrounded by premier shopping, dining and dazzling attractions of Miami Beach. The famed Lincoln Road shopping district is just minutes away as well as top dining experiences at Sunset Harbor. Ten30 is also conveniently located steps from Flamingo Park, where residents can enjoy several activities including a state-of-the-art aquatic center, Bark Park, baseball and football stadiums, basketball and racquetball courts, soccer and softball fields in addition to a tennis center and children’s playground.

For more information about Ten30, private showings or purchasing/ leasing information please fill out the form below:

Tracking COVID-19 By The Numbers: Breaking News In South Florida

(Last Updated 6:14 AM 3/27/2020):

BREAKING: 

• City of Miami officials have announced a curfew for its residents that will begin Friday night. According to officials, all residents must be indoors from 10 p.m. until 5 a.m. (3/27/2020)

• Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business 9 PM Thursday. (3/20/2020)

• All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)

Continue to check back for updates to below as we continue to track COVID-19 across South Florida:  

Stats:

• Number of Cases in Florida: 830+ (3/23/2020)

• Fatalities in Florida: 13+ (3/23/2020)

• Number of Global Cases: 351,000+ (3/23/2020)

• Global Fatalities: 15,321+ (3/23/2020)

• Number of U.S. Cases: 35,075+ (3/23/2020)

• Fatalities in the U.S.: 458+ (3/23/2020)

Miami-Dade County:

• Miami-Dade County # Cases: 2900+ (3/27/2020)

• BREAKING: Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• BREAKING: Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business (3/20/2020)

• CONFIRMED CASES IN BRISTOL TOWER BRICKELL & SOHO BEACH HOUSE (3/19/2020)

• Officials have ordered the closure of all restaurants, bars, movie theaters, concert houses, auditoriums, playhouses, clubs, gyms, arcades, bowling alleys, etc. which will go into effect 11 PM Tuesday. All grocery stores, pharmacies, take-out and delivery services will remain open at this time (3/17/2020)

  • All bars and nightclubs will be closed for 30 days.

  • Restaurants will only be able to operate at half capacity.

  • Exceptions granted if they have a capacity of 10 people or less.

  • Mayor Carlos Jimenez signed the emergency order, but remains in self-quarantine after being exposed to a Brazilian government official who tested positive following a visit to South Florida.

• Miami-Dade Public Schools are now closed through at least April 15. (3/19/2020)

  • Miami-Dade Public Schools have closed this week and next. (3/16/2020)

• Key Biscayne and North Miami Beach have implemented curfew between 10 PM and 5 AM (3/19/2020)

• Officials have closed the beach from 5th to 15th Street, including Lummus Park.

• All city parking garages are closed to non-residents.

• In addition, all non-essential retail stores will be required to close at 10 p.m. daily. (3/16/2020)

  • Businesses excluded from this directive include: Pharmacies, grocery stores, convenience stores, private offices, banks, hotels, hospitals, medical service providers, medical supply stores, hardware stores, gasoline service stations and automotive supply and repair centers.

• An entertainment district curfew will go into effect at 11 p.m.

• All restaurants are asked to keep occupancy at 50% or less, and have under 250 people in each establishment at any given time.

• Ultra Music Festival has been cancelled.

• Miami Music Week has been cancelled.

• ArtScape Concert has been cancelled.

• The Miami Open Tennis Tournament has been cancelled. 

• University of Miami & FIU have moved classes online until the end of the spring semester. (3/20/2020)

• University of Miami Spring Commencement postponed until December. (3/20/2020)

• The Hardrock Seminole Hotel & Casino has suspended entertainment operations. 

• Calle Ocho Festival has been cancelled.

• Mayor Francis Suarez has confirmed that he has COVID-19.

Broward County:

• Broward County # Cases: 180+ (3/23/2020)

• Broward County Public Schools are now closed through at least April 15. (3/19/2020)

• Officials have closed the beach from Harbor Beach to Oakland Park Boulevard.

• Restaurants and bars must close by 10 p.m.

• Restaurants and bars are asked to operate at 50% capacity and have no more than 250 people at any time.

• The Tortuga Music Festival, which was set to run from April 17-19, has been postponed.

• The Wharf Fort Lauderdale is closed until further notice.

• The listed measures will remain in effect until April 12.

Palm Beach County:

• Palm Beach County # Cases: 59+ (3/23/2020)

• Town of Palm Beach implements curfew until further notice from 9 P.M. - 6 A.M. (3/18/2020)

• Palm Beach County Public Schools are now closed through at least April 15. (3/19/2020)

• Beaches will be closed on Tuesday 3/17/2020

• Nursing Homes and Assisted Living Facilities are closed to visitors.

• Drive-through testing underway at FoundCare (2330 S. Congress Ave, West Palm Beach - call 561-967-0365 to see if you qualify and for appointments)

National:

• BREAKING: The Federal Government has passed a $2.2 trillion stimulus package.

• United States of America # Cases: 35,075+ (3/23/2020)

• United States of America Fatalities: 458+ (3/23/2020)

• Income tax filing deadline moved to July 15 (3/20/2020)

• Foreclosures and HUD evictions have been halted for 60 days.

• CDC recommends ban on gatherings of 10+ people. 

• The Players Championship was cancelled & PGA Tour is suspended.

• NBA, NHL, MLB and MLS have suspended their seasons. 

• All ski resorts have closed.

Alta Developers Launches Sales At The Recently Completed Quadro At The Miami Design District

Alta Developers, a South Florida-based real estate development firm, has announced the completion and launch of sales at Quadro at the Miami Design District. Quadro at the Miami Design District is a resort-style condominium with 198 turn-key residences where art is integrated throughout the entire development. Designed by Behar Font & Partners, international homebuyers and art lovers from across the globe can now enjoy art, designer finishes, sweeping city and bay views just across from the Miami Design District.

Quadro at Miami Design District also offers short-term rental flexibility as short-term rentals are fully permitted, residents and guests alike can wake up in the Miami Design District to enjoy the trendy lifestyle destination and shop, dine or play only a few steps away. Quadro provides owners a unique benefit of placing units into a short-term rental program especially designed for this development. The management company can arrange lodging and homestays for visitors.

“As the residential luxury market evolves in South Florida, buyers have created a demand for sensational high-end turn-key residences that provide exhilarating environments and resort-style amenities at compelling pricing points,” said Raimundo Onetto, Principal & CEO at Alta Developers. “Quadro gives buyers solid opportunities where they can list their designer residences into a short-term rental program while they are traveling. Quadro is truly redefining modern day living in Miami’s chic Design District.”

Introducing a more creative feel to resort-style living, Quadro incorporates more than 542 one-of-a-kind art pieces and installations by Art with DNA. Taking inspiration from Miami’s sparkling ocean, vibrant colors and shapes, Quadro is an ode to South Florida’s nautical environment creating a tranquil space for creativity and collaboration.

Residences at Quadro are turn-key and ready for immediate occupancy. Units range in size from large studios, to 973 SF one-bedroom residences and up to 1,280 SF two-bedroom residences with terraces. All residences are designed with hand selected color palettes for the interior walls, doors and trims, stainless steel appliances, private balconies with spectacular views, 9’ – 13’ high-ceilings with floor-to-ceiling windows, Italian porcelain tile throughout, modern-white roller shades and open concept kitchen and living room. Designer furniture packages are also available. Each residence is technology enhanced including NEST smart home thermostats as well as a bluetooth keyless entry system with cameras that offer complete control through a homeowner’s mobile phone.

“Quadro is truly distinct in many ways and it presents great opportunities for residents and buyers. The product is approved to accommodate short term rentals plus it is ready for occupancy now, providing the buyer immediate use or rental income from day one. This, coupled with its prime location in the Miami Design District and compelling price points, positions Quadro as one of the best value propositions in the city,” continued Onetto.

The 12-story boutique building offers a variety of amenities that coalesce with the urban environment of the Miami Design District and its close proximity to the bay. An expansive amenities deck with a pool, summer kitchen and cabanas provides plenty of spaces for outdoor recreation with panoramic views of Biscayne Bay, while the expansive poolside club room, yoga and spinning rooms create a private setting fit for relaxation or spending time with friends and family. Quadro also features electric car charging stations and state-of-the art pet washing facility.

Residences are exclusively marketed and sold by Fortune Development Sales and start at $399,000.

For more information about Quadro at the Miami Design District, private showings or purchasing/ leasing information please fill out the form below: