Residences by Armani/Casa Pays Off $315 Million Construction Loan

Developers The Related Group and Dezer Development announced today the payoff of a $315 million construction loan to Wells Fargo for Residences by Armani/Casa. The 308-unit tower located on the sands of Sunny Isles Beach celebrates the legendary vision of interior design firm Armani/Casa, led by the famed Giorgio Armani; architecture firm Pelli Clarke Pelli, founded by the late César Pelli; and Swiss landscape architecture firm Enzo Enea. 

This milestone comes weeks after the tower received its temporary certificate of occupancy (TCO), signaling imminent move-ins for buyers. With $800 million in contracts expected to close quickly, the building is well on its way to a planned $1 billion sellout.  

“Paying off this loan so quickly is testament to the caliber of industry leaders this tower unites, from my partner on the project, Related, to the design icons who curated every inch of the building,” said Gil Dezer, President of Dezer Development. “Since TCO, we’ve seen multiple closings per day and could not be prouder to deliver a tower that exceeds all expectations.” 

“This building is a love letter to South Florida from Giorgio Armani and Cesar Pelli, and now stands as a landmark for design as striking as it is thoughtful,” Jon Paul Perez, Executive Vice President at The Related Group. “Alongside Dezer, we couldn’t be more thrilled to bring this tower to life, and it’s clear our excitement is mirrored by those who will call it home.”

The residences feature floor-to-ceiling windows framing the Atlantic Ocean, expansive terraces with glass railings and summer kitchens and kitchens with premium Armani Dada-designed cabinetry and Sub-Zero and Wolf appliances. The master suites feature Armani Dada designed midnight bar with marble countertop and sink, and in the master bath Armani Roca design sink, tub & plumbing fixtures. 

The common spaces are a representation of sophisticated living, through the lens of Giorgio Armani. With over 35,000 SF of amenities across two floors, all exquisitely designed and furnished by Armani/Casa. This is apparent upon arrival to the lobby level, which features a residents-only version Armani/Privé, the famed lounge club with flags in Milan and Dubai. Rich textiles, a palette of softly dramatic tones, and sensual textures creates an atmosphere of refined elegance that continues through the rest of the spaces including the private bar and restaurant adjacent to Armani/Privé, club-inspired game room with billiards, state-of-the-art fitness center with yoga and Pilates, two-story revitalization spa with indoor and outdoor treatment rooms, dedicated children’s room, old Hollywood-inspired movie theatre, private cigar room and temperature-controlled wine cellar. Outdoors, a landscaped terrace serves as the property’s backyard with benefits like an infinity-edge heated pool and hot tub, private oceanfront restaurant and bar offering in-residence deliveries and oceanfront cabanas set within 300-feet of private beachfront. 

Residences are available for immediate occupancy, ranging from 1,800 SF to 6,000 SF and priced from $2.9 to $17 million. This is inclusive of the crown jewel listings, a 5,968 SF north facing penthouse and 5,375 square foot south facing penthouse priced at $17 million and $14 million, respectively. Both feature five-bedrooms, six-and-a-half bathrooms and rooftop terrace space with a private pool.

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

Sterling Bay’s 545wyn Tops Off and Celebrates Retail Leasing Launch

545wyn, Wynwood’s first true Class-A office space, led by Chicago-based real estate investment and development firm Sterling Bay, recently celebrated its topping off and retail leasing launch. The 10-story, 325,000-square-foot mixed-use development broke ground in December 2018 and is expected to deliver in late 2020. It presents an exciting opportunity to future office and retail tenants, thanks to top-of-the-line amenities and thoughtful design elements, says Michael Lirtzman, Sterling Bay’s director of leasing. In addition to Sterling Bay, a leader in urban campus headquarters, the local team consists of Place Project’s Joe Furst and Gridline Property’s Alfredo Riascos.

The team has emphasized the importance of carefully curating the retail tenancy and their on-the-ground experience in the neighborhood. “Based on my deep commitment and development history in Wynwood, I want to bring the best possible solutions for its evolution and successful growth as a premier destination to live, work and play,” says Furst, who was previously the managing director of Goldman Properties. 

The development features a private, 4,700-square-foot interior wellness center complete with spinning and yoga and is also complemented by a 17,000-square-foot activated roof deck with full kitchen and bar services. Sterling Bay has also committed to reserving the west façade of the office tower as a canvas with plans to commission murals by local community artists to maintain respect for the neighborhood’s roots and character as a hub for creative expression. 

On the ground floor, 545wyn features 26,000 square feet of retail intended to house three marquee tenants with a heavy emphasis on food, beverage, entertainment and lifestyle services. A major highlight includes a paseo park linking 26th and 27th Streets, spilling into a courtyard that connects the property to neighboring buildings. In addition to retail, approximately 270,000 square feet of flexible, modern office space on highly sought-after large floor plates with floor-to-ceiling windows provides future office tenants with the ultimate modern office experience.

Written By: Stephanie Warren

Vertical Construction Underway At ROVR Development's Grand Station In Downtown Miami

Construction teams have passed the 6th floor of vertical construction at Grand Station Partners’ Grand Station apartment tower, located at 40 Northwest 3rd Street in Downtown Miami, also known as Parcel B. Grand Station Partners is a public-private development partnership led by ROVR Development and its principals Oscar Rodriguez and Ricardo Vadia. When complete Grand Station will rise 30-stories, 322’, and offer 300 rental units within walking distance of MiamiCentral Station, Virgin Trains (Brightline) and Metromover. Units will range in size from 463 SF to 957 SF and will come in studio, 1-bedroom and 2-bedroom floorplans. Grand Station will also offer 350 parking spaces and 5,000 SF of retail space. Amenities will include a pool deck with spa, fitness center, social area and rooftop deck. The building was designed by Zyscovich Architects and Ortega is the general contractor. The construction costs of the project are estimated to be roughly $50 million. Grand Station is expected to be completed in the Spring of 2021. ​​​​​​​

13th Floor Investments & Tricera Capital Go Vertical On The Boulevard In Mimo

13th Floor Investments and Tricera Capital have commenced vertical construction on The Boulevard. The apartment rental building will offer 283 apartment units, 35,855 SF of restaurant space, 13,485 SF of retail space and 517 parking spots. The Boulevard was designed by Corwil architects with Civic Construction as the general contractor. Rents are expected to average $2,200 per month. The development partnership got the green light to commence on the project in February 2018 and the developers locked down a $63.8 million construction loan in December 2019. The Boulevard is located at 5700 Biscayne Blvd., just north of Miami Design District in MiMo, adjacent to the local hotspot pizza place Andiamo. The lot had seen several projects proposed for the site yet were never built. The 2.2 acre vacant land changed ownership several times including 13th Floor Investments and Tricera Capital’s acquisition for $19.5 million in June 2017 from Unitas Development Group.

Triple Five Worldwide To Break Ground On American Dream Miami In 2021

Following the grand opening of American Dream Meadowlands in Fall 2019 in New Jersey, Triple Five Worldwide is planning to break ground on American Dream Miami in 2021. The mall, which has long been in the works, would be the biggest mall in the United States. American Dream Miami is expected to span over 5 million SF and will feature a retail component with an entertainment component consisting of a theme park, indoor ski complex, ice skating complex, aquarium and a submarine lake. The mall would cost between $4.5 billion to $5 billion with completion expected in 2025.

Triple Five Worldwide is now finalizing a design and will conduct an environmental study in Spring 2020 for a highway interchange between the Ronald Raegan Turnpike, I-75 and NW 170th St. in unincorporated northwest Miami-Dade County, just west of Miami Gardens and Miami Lakes. The Miami-Dade City Commission approved zoning changes in May 2018 required to make the project possible. American Dream Miami will also require a $15 million sewer extension. Triple Five Worldwide plans to submit a final design by the end of 2020.

Dave Grutman's Groot Hospitality Files Plans To Bring Restaurant To Edgewater At The Historic Miami Women's Club

Dave Grutman, the founder of LIV Nightclub at Fontainebleau Miami Beach and Groot Hospitality, the brand behind the swanky Komodo, Papi Steak and Swan restaurants, has filed plans to bring a new restaurant to Edgewater at the historic Miami Woman’s Club. The Miami Woman’s Club was first built in 1930 and is being restored with approvals from Miami’s Historic Preservation Board. Groot Hospitality pulled a construction permit which was filed in August to build out the 14,838 SF restaurant. The restaurant will make use of renovating 11,396 SF as well as a 3,442 SF addition via a $6.5 million mortgage issued by Firstbank Puerto Rico. The renovation will include a rooftop lounge and a waterfront dining deck on Biscayne Bay. No restaurant concept has been publicly announced as of yet.

The Max Strang-Designed Fairchild Coconut Grove Hits 80% Sold Out With Over $60 Million In Sales

ROVR Development has announced that the Fairchild Coconut Grove is now 80% sold with over $60 million in sales. Just 5 units remain of the 26 waterfront residences which range is size from 2-4 bedrooms and 2,600 SF to over 4,114 SF. The Fairchild Coconut Grove was designed by local architect Max Strang with the project as his fist condominium in south Florida. The Fairchild Coconut Grove topped off in early March 2019 and is slated for completion in the first quarter of 2020.

The tropical-modern sanctuary is the only luxury development directly on Biscayne Bay in Coconut Grove and the sales success speaks to the demand from discerning buyers for a thoughtfully designed, low density building that offers timeless beauty and distinctive, enriching amenities. Building amenities designed by Architectural Digest AD100 designer Rafael de Cardenas and include a Holistic wellness spa with Hammam, steam room, sauna, private fitness studio, rooftop pool with open water views, resident cabanas, sunset deck, outdoor cinema, and more. Sales are being overseen by ONE Sotheby’s International Realty.

For more information about The Fairchild Coconut Grove, private showings or purchasing/ leasing information please fill out the form below:

The Mixed-Use Block H Is Now Rising At Miami Worldcenter Bringing Retail & Restaurants To Downtown Miami

Construction is moving swiftly on Miami Worldcenter’s Block H, which now can be seen rising out of the ground adjacent to the also rising 43-story Luma residential tower and now under construction CitizenM Hotel. Block H will serve as one of the center pieces of the mega-project reinvigorating Downtown Miami including being the main point of drop off with Miami Worldcenter’s main public plaza located adjacent to the immediate north and being one of the developments 2 main parking garages. Block H will feature 48,000 SF of retail and restaurants split between floors 1, 2 and 12 with 922 parking spaces filling the rest of the development.

Miami Worldcenter is a $2 billion mixed-use mega-project coming to Downtown Miami led by Art Falcone, Nitin Motwani. The total retail component will features 360,000 SF of high-street retail which Miami Worldcenter Associates, Taubman Centers and The Forbes Company are currently leasing. Miami Worldcenter is being developed by Miami Worldcenter Associates, Taubman Centers, The Forbes Company, and MDM Group with the master plan designed by Elkus Manfredi Architects. The project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, in addition to a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.  

Dezer Development & Related Group Complete Residences by Armani/ Casa In Sunny Isles Beach

Dezer Properties and Related Group have completed the 56-story Residences by Armani/ Casa in Sunny Isles Beach and closings are now underway. The Residences by Armani/ Casa offers 308 luxury condo units with total sales valued at over $1 billion. The project first broke ground in January 2016 and received its TCO in late November/ early December 2019. Pre-sales hit the 87% mark with over $800 million in sales since launch. The Residences by Armani/ Casa was designed by the late César Pelli and marks his final project before his death in July 2019.

Units at The Residences by Armani/ Casa range from 1,350 SF to 4,700 SF, priced from $1.6 million to over $17 million. There is also a penthouse furnished by Giorgio Armani that includes a trip to Italy to meet the iconic designer himself. The Residences by Armani/Casa features over 35,000 SF of incomparable amenities including a fine dining restaurant, cigar room and wine cellar, heated swimming pool, ocean-facing fitness center, two-story revitalization spa with indoor and outdoor treatment rooms, movie theatre, and clubroom, all situated on 300' of private shoreline.

For more information about The Residences by Armani/ Casa, private showings or purchasing/ leasing information please fill out the form below:

CMC Group Pays Off $236 Million In Construction Loans For The Recently Completed Brickell Flatiron

Unit closings are underway and residents are moving in at Downtown Miami’s newly-completed Brickell Flatiron tower, with 50% of the 64-story tower’s contracts successfully closed over the last 30 days. The news comes as developer CMC Group retires $236 million in construction loans for the project. The loans, which were issued in 2017 by Bank OZK, Broad Street (Goldman Sachs) and RFR Realty, helped fund the development of the 527-unit tower located at 1000 Brickell Plaza. Brickell Flatiron was completed last month when it received its temporary certificate of occupancy (TCO) with more than 95% of the project’s units already sold and under hard contract,

“Our ability to retire these loans just four weeks after receiving our TCO underscores the sustained buyer demand we’re seeing at Brickell Flatiron and the strength of the Brickell brand, both internationally and domestically,” said developer Ugo Colombo, Founder of CMC Group. “We’re quickly approaching sell-out and contracts are closing as we see a steady stream of primary and secondary home buyers coming from key markets overseas and U.S. markets such as New York, Boston, Chicago and California. Our owners are extremely happy with the quality of the final product and we’re moving through the rest of our closings at a record pace.”

Remaining residences currently available for sale include a range of one- to four-bedroom condos priced from $790,000 to $3 million, and one upper duplex penthouse for $8 million.

Brickell Flatiron has attracted a diverse mix of residents since launching in 2015, including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among buyers from Mexico, Argentina, Italy, Venezuela and Colombia, U.S. buyers have accounted for more than half of all unit sales to date. Approximately 70% of the building’s buyers came from U.S. markets, evidence that Americans are increasingly drawn to Downtown Miami’s urban lifestyle, which comes at a fraction of the price of luxury living in other gateway cities.

“Bank OZK was delighted to finance Miami’s Brickell Flatiron Tower. This project embodies the high standards Bank OZK consistently seeks in its project financings – marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, managing director of originations for Bank OZK. “Ugo Columbo once again delivered a successful, high quality, landmark building making a bold mark on the downtown Miami skyline.”

Acclaimed Miami architect Luis Revuelta creates a one-of-a-kind architectural environment that combines the tower’s distinct flatiron shape with flowing, curvilinear forms. On the inside, Italian design architect Massimo Iosa Ghini uses inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior.

The tower’s 64th-floor rooftop amenities encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300 square foot state-of-the-art fitness center with Pilates, yoga and aerobics studios, and a juice bar. Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

In 2016, CMC Group completed the $22.5 million sale of Brickell Flatiron’s 24,800 SF ground-floor retail/restaurant space to Avi Dishi and Haim Yehezkel. Exciting tenants have already signed on to lease the space, including a popular London-based Japanese entertainment restaurant concept Sexy Fish.

Images via Golden Dusk Photography

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