Location Ventures Breaks Ground on URBIN Coconut Grove

The Miami-based real estate developer Location Ventures has broken ground on URBIN Coconut Grove. The milestone signifies the launch of construction for the second location for URBIN, a mixed-use brand that unites design-forward residences for short- or long-term rental with flex workspaces, wellness amenities, social activations, and lifestyle-oriented retail, all in one address. The URBIN Coconut Grove groundbreaking follows Location Venture’s December 2022 groundbreaking on URBIN Miami Beach.

Location Ventures, development partners and city officials gathered on January 25 at the Coconut Grove project site, 3162 Commodore Plaza, for the official groundbreaking ceremony. Special guests included Miami Mayor Frances Suarez, former City of Miami Commissioner Ken Russell and Location Ventures CEO Rishi Kapoor, who shared remarks about the future development and coveted Coconut Grove locale – Miami’s oldest neighborhood.

The residential component of the property is 90% sold, with exclusive sales representation by ONE Sotheby’s International Realty, and has attracted a diverse buyer demographic, from Latin America and Europe. Plans are underway to further scale the URBIN brand in key cities throughout the U.S. Construction commencement in Coconut Grove comes on the heels of the Miami Beach location’s groundbreaking in the fourth quarter of 2022, following its sell-out.

“Demand for URBIN Coconut Grove has been steadfast due to its unique ownership opportunities and location in a thriving neighborhood. We are excited to begin the construction and bring this vision to life,” said Kapoor. “Living, working and wellness are the pillars of this coveted address, all integrated into a singular location.”

URBIN Coconut Grove is comprised of 54 residences ranging from studios at 331 square feet to six bedrooms at 2,352 square feet. Thoughtfully planned for convenient, easy living, residences combine modern luxury with efficient layouts and are delivered designer-finished and furnished for turnkey ownership. Arquitectonica and Paredes Architects are behind the architectural design, while residences will feature interiors by am studio, a boutique design collaborative committed to creating cohesive, resourceful, and oneiric spaces.

A variety of resort-inspired services, such as valet parking, concierge, housekeeping, and room service, will complement onsite amenities to create an environment to “live-work-well.” Residents and members of the adjacent URBIN Work will be complemented by a host of food and beverage options, as well as a wellness center with programming for mindfulness, movement, nourishment, and healing. URBIN Work, pre-leasing with Colliers, offers modern office space for businesses of the future looking to make Miami’s most dynamic neighborhood home. Both traditional office and flex workspaces provide modern amenities.

The property’s dedicated coworking component will bring an elevated level of service to the work experience. In addition to the physical space, coworking members will have access to necessary business support tools, including consulting, administrative and networking services.

The URBIN development is the latest addition to the vibrant Coconut Grove community, which has undergone a significant transformation in recent years. Embodying the laid-back waterfront lifestyle of the locale, it is an area brimming with world-class restaurants, neighborhood shops, lush parks and a hub of growing business enterprises. URBIN Coconut Grove is situated in the center of it all, two blocks from CocoWalk, and within walking distance to Dinner Key Marina, the bay, and Regatta and Peacock Park.

Terra and Turnberry Tap Balfour Beatty As GP For Grand Hyatt Miami Beach Convention Center Hotel

Two of South Florida’s premier real estate developments groups, Terra and Turnberry, have selected Balfour Beatty as the general contractor for the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District, steps away from the beachfront, hundreds of shops and restaurants along Lincoln Road, the New World Center, the Bass Museum, and the Fillmore Miami Beach. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025.

“A project of this magnitude and significance requires the best in-class team and we are thrilled to have Balfour Beatty onboard leading the construction efforts,” said developer David Martin, CEO of Terra, and Jackie Soffer, Chairman and CEO of Turnberry. “The firm’s extensive experience pioneering new technologies and transforming communities through smart infrastructure aligns with our goal to deliver a hotel that will transform the City’s convention center campus into one of the most desirable meeting and convention destinations in the world.”

Headquartered in Dallas with full-service offices throughout the U.S., Balfour Beatty is a leading commercial construction company with a portfolio of high-profile projects including terminal expansion projects at Jacksonville International Airport, Florida International University Student Academic Success Center, the W hotel in Fort Lauderdale, Loews Sapphire Falls Resort at Universal Orlando, Paseo de la Riviera in Coral Gables, and Greater Fort Lauderdale Broward County Convention Center among others.

“This is a beacon development for Miami Beach,” commented Scott Skidelsky, Balfour Beatty president in the Southeast. “Balfour Beatty’s national operations started its roots in South Florida and being a part of the community is a point of pride for our company. Being chosen to construct this icon project means the world to our project team who are some of the best builders in the industry and they are all so excited to work with our stakeholders to make this an incredibly successful build experience.”

Development of the Grand Hyatt comes as Miami Beach and South Florida solidify their position among the world’s most visited destinations. According to a recent report by the Greater Miami Convention & Visitors Bureau, 15.9 million overnight visitors and an additional 8.3-million-day visitors totaling 24.2 million came to the area in 2021, matching the total volume of tourists seen pre-pandemic in 2019. Furthermore, visitor spending rebounded, and tourists spent an estimated $19.2 billion, an increase of 8% over 2019. In 2022, Miami-Dade County hotel occupancy from January through October was up 10% over the previous year, a total of 72.2% occupancy – the sixth-highest occupancy in the country in major markets – with an average daily rate of $251, which is 18.8% higher than 2021.

“The Grand Hyatt Miami Beach will be a great addition to the local hotel landscape,” said Wendy Kallergis, President & CEO of the Greater Miami and the Beaches Hotel Association. “Miami Beach has a broad range of hotel options – from luxury brands, meetings, leisure, independent and boutiques – but there has long been a need for a conference hotel that maximizes the impact of the newly-renovated Convention Center. The Grand Hyatt’s 800 rooms will meet this demand, and it comes at a time when meeting planners around the world are looking at Miami Beach for their upcoming conferences, conventions, and trade shows.”

The 17-story Grand Hyatt Miami Beach will include 12 floors of guest rooms and 52 suites offering views of Miami Beach, four floors of meeting spaces and ballrooms that will complement the Convention Center, a resort-style pool deck with panoramic views, a signature restaurant, lobby lounge and bar, and limited retail space that will activate the district at street level. An elevated skybridge will enable event attendees to move freely between the hotel and Convention Center in a climate-controlled, art-filled corridor.

Grand Hyatt Miami Beach will be designed by internationally acclaimed architect Bernardo Fort-Brescia and his firm, Miami-based Arquitectonica. The team also includes Stonehill Taylor, a New York City based hospitality-focused architecture and interior design firm in charge of designing the hotel’s interior lobby and lounges, ballroom, meeting and hotel rooms, and all common areas; EoA, a local architecture, interior design and landscape firm tasked with designing the pool deck hospitality features of the hotel; and Arquitectonica GEO, who will lead the creation of the pedestrian promenades and landscapes.

As part of the improvements to the area, the nearby Fillmore Miami Beach at Jackie Gleason Theater is also receiving renovations to its back of house areas. The theater, which is owned by the City of Miami Beach and managed by Live Nation, was once home to “The Jackie Gleason Show” and remains one of the most beloved cultural venues in Miami Beach. These renovations will ensure the iconic institution will have the ability to continue to present music, theater and dance to the expanding community of the Convention Center district.

The Grand Hyatt Miami Beach project also includes landscaped pedestrian promenades on surrounding streets, bike sharing stations, connectivity with public transit routes, dedicated ridesharing pick-up and drop-off zones, and direct access between the Convention Center and Lincoln Road. The project’s resiliency and sustainability measures include storm water management and reuse, flood risk mitigation, and the use of solar power – all of which are designed to ensure operational continuity during weather events.

Brightline Tops Off Aventura Station With Placement of 131-Foot Long Pedestrian Skybridge

Brightline, the only provider of modern, eco-friendly, intercity rail in America, along with its contractor Lemartec, has topped off the Aventura Station. The topping off took place in the early morning hours of October 8 and consisted of putting into place a 131-foot long, 68-ton pedestrian skybridge on two 41-foot-high vertical transportation towers over a 90-minute period. Stretching across Harriet Tubman Highway (formally known as West Dixie Highway), the skybridge is the final piece of the Aventura station’s structure and connects the station to the platform. This topping off marks the completion of vertical construction.

“This topping off is a testament of our team’s dedication to bring the vision of connectivity to the Northeast Corridor,” said Patrick Goddard, president at Brightline. “Our partners at Miami-Dade County were an integral part of making this station a reality and bringing enhanced access to area residents.” 

Once completed, the 3.5-acre project consisting of the station and its surface parking lot will be Brightline’s fourth in the state, connecting travelers in Miami, Fort Lauderdale, Boca Raton and West Palm Beach, followed by Orlando in 2023. The site also features 240 parking spaces, a bus drop-off for Miami-Dade Transit passengers, and newly landscaped and hardscape areas. 

Located across from Aventura Mall, Brightline’s Aventura station, platform and vertical towers feature 34,000 square feet of space and an 860-foot center loaded platform located within the Florida East Coast Railway and Brightline right-of-way. The station will include its signature autonomous MRKT, SMART and PREMIUM lounges and Brightline+ services. After passing through security, Brightline passengers will be able to access the skybridge from the passenger lounge utilizing an elevator or escalators to the vertical transportation towers. 

“A tremendous amount of effort and energy went into what culminated in the lifting and setting of Aventura station’s pedestrian skybridge,” said Manny Garcia-Tunon, president at Lemartec. “With the help of Miami-Dade County and Florida East Coast Railway, Brightline and Lemartec were able to safely facilitate the coordination of this top off ensuring roads and railroads were clear.” 

“The topping off of the Aventura station brings us one step closer to increasing  mobility for northeast Miami Dade County,” said Mayor Daniella Levin Cava, Miami Dade County. “This station is an important component of my plan to enhance transportation options throughout the county, making it easier for our residents to go to work, school or leisure activities.”

“It is great to see the Aventura Brightline station closer to completion. This commuter stop in Aventura will not only help to alleviate road congestion but will connect a key community to four major downtown communities in South Florida and Orlando in 2023. The impact of this connectivity is vital for northeast Miami Dade County and its residents,” said Commissioner Sally A. Heyman, Miami-Dade County, District 4.

Brightline will provide frequent, express service from the Aventura station to downtown Miami during the peak morning commute period and return service during the evening rush hour period. Trip time between downtown Miami and Aventura is expected to take about 15 minutes.  Miami-Dade County will offer subsidized fares for a percentage of riders between Aventura and MiamiCentral. 

In October 2019, the Citizens’ Independent Transportation Trust (CITT) passed a resolution to approve the property acquisition and development agreement between the County and Brightline. It also approved the use of $76.7 million of surtax dollars for the development of this project, which will serve the Northeast Corridor – one of six corridors in the Strategic Miami Area Rapid Transit (SMART) Plan. The $76 million investment made by Miami-Dade County has created more than 400 jobs during construction and will continue to generate significant economic benefit, including $90.8 million annually in economic impact and $2.7 billion over a 30-year period.

Brightline is expected to launch service to Aventura before the end of the year. The station is located at 19796 West Dixie Highway, Miami, FL 33180.

SCAROFA Properties Breaks Ground On Luxury Residential Townhome Community In Pinecrest

SCAROFA Properties, a third-generation family business, has begun construction on Pine Park Villas, a luxury townhome enclave in the Village of Pinecrest featuring a limited collection of 18 residences. The private community is the unique vision of Stephane Rosarion, principal of Miami-based SCAROFA Properties, which is developing the $32 million project.

“We look forward to the completion of our first new luxury residential project in the Village of Pinecrest. Pine Park Villas represents the tranquility and exquisiteness of Pinecrest while at the same time setting a new standard for luxury townhome living,” said Stephane Rosarion of SCAROFA Properties. “When completed, Pine Park Villas will provide a sophisticated lifestyle that the most discerning residents will appreciate, including a private and enclosed community with direct access to renowned shopping districts like The Falls, and Dadeland Mall, as well as some of Miami’s best restaurants and entertainment venues.”

“This project is an excellent addition to our community which continues to be one of Florida’s most sought-after neighborhoods due to our top-rated schools, amenities, shopping venues and public parks,” said Joseph Corradino, Mayor of the Village of Pinecrest. “Like few other places, our city has been able to evolve while maintaining our character and enhancing our quality of life.”

The property encompasses more than two acres and will be marked by coastal contemporary architecture by MAS+ (Miami Architectural Studio). Slated for completion in 2023, Pine Park Villas, located at 7520 Southwest 100th St., is already proving to be a draw for well-heeled homebuyers who are singling out the property for its unparalleled location and sophisticated floor plans.

Berkshire Hathaway HomeServices (BHHS) EWM Realty, one of the nation’s leading luxury residential real estate companies, is the exclusive marketing and sales brokerage for Pine Park Villas. BHHS EWM top-producing team The Levy Group, oversees sales, with Adam Levy and Alexander Isaia leading the charge.

“Pine Park Villas is a rarity for the area, which has a limited collection of suburban multifamily residences,” said Patrick O’Connell, Senior Vice President of Business Development at Berkshire Hathaway HomeServices EWM Realty. “This will be the ultimate retreat for astute buyers looking to capture the best of both worlds.”

“The $10.4 million loan to SCAROFA Properties to build luxury townhomes in Pinecrest exemplifies what Ocean Bank is all about. We are a relationship driven bank and want to be part of our client’s story and journey to success,” said Ryan Welsh, vice president and manager of the Fort Lauderdale branch of Ocean Bank.

Starting at $1.67 million, all residences average over 3,500 square feet in size and will have four bedrooms, three baths, and two powder rooms, making them ideal alternatives to single-family homes. Comprising three stories with private elevators, each unit will be delivered turnkey, with buyers having the option to choose between three unique floor plans. Additional highlights include two-car garages, multi-level living spaces, ample bedrooms with walk-in closets, kitchens with Wolf and Sub-Zero appliances and designer, Italian cabinetry by Mia Cucina, and private rear yards. Pine Park Villas is conveniently located with access to downtown Miami, Coral Gables and Miami International Airport.

The general contractor for Pine Park Villas is JAXI Builders, Inc.; the architect is MAS+ (Miami Architectural Studio); interior design is by Michael Garcia-Carrillo from GC3 Group; and Ken Gardner from GSLA Design is the landscape architect. Ryan Welsh arranged construction financing for Pine Park Villas; Ocean Bank originated a $10.4 million loan. Roberto F. Fleitas III from Fleitas PLLC provided legal counsel.

Thomas P. Murphy, Jr. and the Murphy Family Receive Prestigious ULI Lifetime Achievement Award

In recognition for their decades of work building transformative, large-scale projects that have helped reshape the South Florida skyline, The Urban Land Institute Southeast Florida/Caribbean has presented Thomas P. Murphy, Jr. and the Murphy Family with the prestigious 2022 Lifetime Achievement Award.

The Lifetime Achievement Award honors the top leaders and visionaries whose lifetime of work has significantly shaped communities and changed the industry. The award ceremony will take place at ULI's annual Vision Awards, the organization’s signature event, on September 15th at the JW Marriot Marquis Hotel in Downtown Miami with over 700 confirmed real estate industry leaders in attendance.

Previous Lifetime Achievement Award recipients include: Craig Robins, Bernardo Fort Brescia & Laurinda Spear, Ricardo Glas & Luis Pulenta, Stephen Owens, The Legacy of Tony Goldman, The Whitman Family, The Graham Family, Armando Codina, and Jorge Perez among others.

“On behalf of the local District Council’s leadership, we are thrilled to present the 2022 Lifetime Achievement Award to The Murphy Family. The family’s work embodies our organization’s mission to shape the future of the built environment for transformative impact in communities,” Julie Medley, Executive Director, ULI SE Florida/Caribbean.

Award-winning Coastal Construction Group and the Murphy Family have been building projects throughout Florida for more than five decades making a profound impact on both the landscape and local economy, with a body of professional and civic work that has created thousands of jobs and opportunities for advancement for many in the land use industry.

Among the company’s distinguished portfolio are more than 60 hotels and resorts in Florida, including the Four Seasons Hotel and Residences at the Surf Club; St. Regis Resort & Residences Bal Harbor; Ritz Carlton Hotel South Beach; Faena Hotel and Residences; 1450 Brickell; Camillus House; Porsche Design Tower; Fendi Chateau; Oceana Condos; Residences by Armani/Casa; Aston Martin Residences; and The Plaza Coral Gables. In addition, the Company was the primary builder for Ocean Reef Club, Deering Bay Club, Miami Design District, Miami World Center and Water Street Tampa.

Coastal has built more than 50 million square feet of vertical projects spanning hospitality (62 hotels), all types of multi-family (over 18,000 units), education (over 50 schools, public and private), commercial and mixed-use projects. Today, Coastal has more than $3.5 billion in current work, and a 3‐year pipeline in excess of $12 billion with operations in Miami, Palm Beach, Naples, Orlando, Tampa, and the Florida Keys.

“My family and I are extremely proud to receive this recognition which would not have been made possible without the hard work, dedication and support of our entire team at Coastal Construction Group. On behalf of all us at Coastal Construction Group, I want to thank ULI for this tremendous honor,” said Thomas P. Murphy, Jr. Chairman and CEO Coastal Construction Group.

Murphy, Jr, began his career while attending the University of Miami, becoming the youngest person in Florida’s history to earn his contractor’s license at the age of 19. Soon thereafter, he dropped out of school and started his own company. Eventually, growing Seaboard Construction to more than 1,500 employees and before selling it to Turner Construction Company, the largest contractor in the U.S.

He later founded Coastal in 1989, and today, 54 years since his first project, the company has become one of the largest general contractors in Florida.

Today, his son’s Tom C. Murphy and Sean Murphy serve as Co‐Presidents, Patrick Erin Murphy, Executive Vice President and Mike Murphy, Vice President of QA/QC and there are 10 family members active in the company and hundreds of others who may not share the same surname, but share the same sense of pride and unabashed desire to build quality projects.

Black Salmon, Lineaire Group and Bridge Investment Group Top Off Wynwood Haus

Black Salmon, a national commercial real estate investment and development firm based in Miami; Lineaire Group, a Miami-based real estate investment and development firm focused on urban infill projects; and Bridge Investment Group, a leading, national real estate investment and property management firm, have topped off Wynwood Haus at 20 stories.

The construction milestone for the 224-unit multifamily project, located at 1765 N. Miami Ave., was marked by a celebratory event held onsite on August 12, 2022. In attendance were the development partnership and Wynwood Haus’ general contractor, Beauchamp Construction Company, as well as the Omni Community Redevelopment Agency (CRA).

"The topping off of Wynwood Haus is a significant achievement for our team and another positive step forward for the neighborhood of Wynwood, which is currently undergoing a renaissance as one of the city’s thriving areas,” said Camilo Lopez, managing partner and Co-CEO of Black Salmon. “We are grateful to our construction partners and look forward to the completion of a building that truly encapsulates the best of Wynwood.”

Designed by acclaimed architecture firm Corwil Architects, Wynwood Haus is situated at the entrance of Wynwood, Miami’s creative and cultural neighborhood. It will present the perfect balance between Miami’s fast-paced ambiance and a serene environment, with landscape curated by world renowned designer Enzo Enea. The project will complement the area’s new offices and tech-centric businesses, and expanding retail, dining and bustling art scenes, creating a central live-work-play lifestyle in proximity to Downtown, Miami Beach, and the Design District.

“Demand for multifamily is on the rise, particularly in Miami, which remains the most popular migration destination in the U.S.,” said Lineaire Group Partner Diego Bonet. “We are confident that Wynwood Haus will appeal to those seeking a sense of community – co-working spaces and connectivity to local businesses and transit within a curated, modern environment – all within one of Miami’s trendiest communities.”

“Wynwood Haus is an exceptional project which will serve as one of the main catalysts to growth in the area, the topping off marks an exciting achievement and we look forward to when the project opens next year,” said Bridge Investment Group’s CIO David Coelho.

The apartment’s floor plans will feature studios, one and two bedrooms ranging from 394 to 945 square feet. Modern details and finishes include floor-to-ceiling windows, oversized balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-foot ceilings, walk-in closets in most units, a rain shower, and secure keyless entry.

Interiors by Lineaire Designs will introduce intricate wood paneling and concrete accents throughout to elevate the modern aesthetic. For the urban dweller, living will be effortless with amenities that include a pool and sun deck with bay views, a fitness center and outdoor terrace. Private workspaces, a conference room and co-working area invite function for the contemporary work life. The ground floor will also feature a library, resident lounge, pet grooming, electric car charging stations, a smart locker package room and cold storage, as well as 5,500 square feet of retail space.

The project is a designated transit-oriented development (TOD) within walking distance of the School Board Metromover station. This furthers the economic growth of the area by increasing access to jobs and connectivity.

Wynwood Haus is scheduled for completion in Summer 2023.

RELATED, ROVR AND BH GROUP BEGIN VERTICAL CONSTRUCTION ON SOLD OUT DISTRICT 225 CONDOMINIUM

Real estate industry leaders Related Group, ROVR Development and BH Group have officially broken ground on the sold-out District 225. Located at 225 North Miami Avenue in Downtown Miami, the 343-unit property is a new luxury condominium tower offering residents the ability to host their condos on Airbnb for any stay length (subject to applicable laws and restrictions). Completion is slated for 2024.

“District 225 is a project of many firsts. Now, with financing in hand, we’re happy to share that the development is also the first of Related’s next-generation Miami-Dade condos to begin vertical construction,” said Jon Paul Perez, Related Group president. “We couldn’t be more pleased with the reception District 225 saw from buyers and the industry. Not only did the project sell out in record time, but it also gave birth to an all-new type of restriction-free development that’s already had many other projects follow in its footsteps.”

Responding to a sustained demand for flexible ownership and living options, District 225 delivers ready-to-rent, fully furnished residences purposely designed, built and licensed to be shared. The project proved to be a success in the Miami market with all units sold within two months of its sales launch. Unique from past condos in the development team’s respective portfolios, District 225 attracted predominantly domestic buyers, including young professionals and remote workers in the new work-from-home era.

“Downtown Miami is going through a rebirth,” says Oscar Rodriguez, founding partner of ROVR Development. “We’re excited to have identified and secured a site that is so central to this neighborhood’s transformation. District 225 is a catalyst for flexible living, offering luxury condominiums at attainable prices in one of the city’s most promising destinations, surrounded by parks, public transportation, entertainment and more.”

District 225 joins downtown Miami as the neighborhood’s burgeoning market experiences a resurgence of new residential high-rises. The increased demand for residential units in the area is a testament to its growth as a cosmopolitan destination that caters to a live, work, play lifestyle. Just a few blocks away, The Related Group also announced The Crosby, another short-term-rental ready development located within the Miami Worldcenter mixed-use development

Construction Powering Forward At Finvarb Group's Thompson Hotel South Beach

Construction is powering forward at Thompson Hotel South Beach which is being developed by Finvarb Group, led by Ronny Finvarb, and Chahine Investment Corp. The mixed-use project is designed by world-renowned French architect Rudy Ricciotti and is being developed on a .7 acre site at 1685 Washington Ave. When complete the building will feature a 150-room hotel which will be branded as a Thompson Hotel by Hyatt, with a rooftop restaurant and pool deck, as well as ground-floor retail.

In late May the project secured $44.6 million in construction financing. Since securing the financing construction teams have passed the 5th floor for the building which will rise 8-stories when complete. Ortega is the general contractor.

In addition to the Thompson and other projects in different stages, Finvarb Group owns 13 hotels and restaurants in Florida, Texas and Arizona, including the Kimpton Palomar South Beach and Osteria Morini, the Residence Inn by Marriott South Beach, and the Courtyard by Marriott South Beach, which they developed. In Miami, Finvarb Group also owns the Landon Bay Harbor boutique hotel, including The Palm restaurant, which they acquired for $10 million in November 2021.

Chahine Investment Corp. is a family office subsidiary managed by Agathe Chahine that focuses its investments on office buildings, luxury hotels with the historic Palacio Ludovice in Lisbon that just opened, private equity, and financial markets.

Location Ventures Completes Luxury Condominium 'Villa Valencia' In Coral Gables

Following record-breaking sales and its distinction as the first U.S. condominium development to integrate the revolutionary Delos’ DARWIN™ Home Wellness Intelligence network, Location Ventures has received its TCO for Villa Valencia. The now complete luxury condominium building in Downtown Coral Gables delivers a collection of 39 luxury condominiums which are currently 95% sold. The building was constructed by general contractor Winmar Construction. Closings are currently underway, and residents have begun to occupy their residences.

Villa Valencia has a limited amount of inventory remaining, including a $14.9 million upper penthouse which is also the most expensive listing in the submarket. Throughout its sales process, the building has set an unrivaled new standard for luxury condominium living in “The City Beautiful,” currently holding the record for the condo with the highest price-per-square-foot ever sold in the area at $1,100 per square foot.

Villa Valencia is centered on three pillars, nature, technology and wellness, to promote optimal living unlike any other. At its coveted address, 515 Valencia Avenue, the development has integrated Delos’ pioneering DARWIN Home Wellness Intelligence network within residences, as well as throughout common areas. This exclusive system is the world’s first platform aimed at enhancing human health, well-being, sleep and performance by monitoring and calibrating air, light and water quality. It aligns technology with nature’s intent by using innovation to bring the best of organic outdoor conditions, inside.

“Not only is this a pivotal moment for Location Ventures and Coral Gables, but also for wellness real estate,” said Rishi Kapoor, CEO of Location Ventures. “Villa Valencia showcases the ongoing demand for health-centric amenities and well-designed spaces that mirror those of nearby estates. Located in a desirable, growing Miami suburb, it is a testament that high quality and timeless elegance in a legacy offering is in great demand.”

With wellbeing as a centerpiece, Villa Valencia’s amenity program leaves no stone unturned. The building is complete with a hammam, steam room, his-and-her saunas, hydrotherapy plunge pools, as well as a state-of-the-art fitness facility with yoga, Pilates and weight training. For outdoor enjoyment, a 78-foot resort-style pool with a lap lane and waterfall is complemented by two summer kitchens, spacious sunbeds and resident-owned cabanas.

Most recently, Villa Valencia debuted Elevate Wellness, a bespoke wellness program that presents spa and wellness services tailored to residents’ needs. This includes closet organization, physician-led health evaluations, acupuncture for humans and canines, dietician-led consultations, and more. The project will also feature an adjoining 9,000-square-foot public park with lush landscaping, contributing to Coral Gables’ green spaces.

Villa Valencia’s architectural DNA is a fresh rendition of Coral Gables signature Mediterranean architecture style, paired with tropical modern interiors. Each residence features private elevator entry and superior finishes such as European flooring, exterior sliding doors, and finished custom closets. Kitchens are equipped with state-of-the-art Subzero and Wolf appliances, a wine cooler, custom cabinetry and quartz countertops. Expansive outdoor terraces accompany each living space.

“We are proud to be a part of Villa Valencia’s journey from conception to completion,” said Daniel de la Vega, President, ONE Sotheby’s International Realty. “Location Ventures set out to deliver one of the most iconic buildings in the city, and that is exactly what they did. Villa Valencia is a market maker in a category of its own. With over $100 million sold to date, this is an unprecedented moment for our teams and the incredible city of Coral Gables. We are truly privileged to have achieved this milestone together.”

Aztec Group Delivers $102 Million In Construction Financing For 352 Unit RIVR Lofts In Fort Lauderdale

Aztec Group, Florida’s leading real estate investment and merchant banking firm for over 40 years, announces that Peter Mekras has arranged $102,000,000 in construction financing for RIVR (River) Lofts in Ft. Lauderdale, Florida.

RIVR Lofts features a desirable location in Fort Lauderdale’s Central Business District in the emerging Tarpon River Entertainment & Design District (TREDD) south of New River. RIVR Lofts is a to-be-built mixed-use, luxury, high-rise rental apartment community with 352 residential units. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground floor retail, onsite parking, and a resident lounge and bar on the ground floor. The Property is ideally located at the corner of SW 5th Street and SW 3rd Avenue within walking distance to Publix, Wells Coffee, and Tarpon River Brewing.

RIVR Lofts development team is led by Doron Broman of Moderno Development Group. Broman assembled the 1-acre site in 2018 and obtained entitlements for RIVR Lofts in 2021. Moderno engaged Aztec Group on an exclusive basis to structure a venture and source construction financing for the project. Moderno is no stranger to the market as it has assembled and repositioned several development properties in the area and continue to control several acres of land in the area for future vertical development. The construction loan was sourced from Square Mile Capital. The RIVR Lofts project team includes Moss Construction and Robert Mathias of NCC Development. The project is designed by Cube 3 Architecture.

“RIVR Lofts will serve as the residential heartbeat of TREDD and this funding continues our efforts to bring vertical development to the area,” says Doron Broman, Manager Partner of Moderno Development. “Moderno Development is at the center of Tarpon River’s revitalization. We started by converting industrial buildings to retail and now we are laying the foundation for a true residential experience with the construction of RIVR Lofts.”

“Sourcing a construction loan for a high-rise is never a simple task. Closing a loan of this magnitude in the current market environment is a testament to the merit of RIVR Lofts and the sponsorship, the lender, and our investment banking process” said Aztec Group’s Peter Mekras.