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:

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:

Two Roads Development & Alpha Blue Ventures Launch The Arquitectonica-Designed Forté In West Palm Beach

A development partnership between Two Roads Development and Alpha Blue Ventures has launched Forté, a boutique luxury waterfront condo project, coming to West Palm Beach. Forté, which was approved in early March 2020, will be located at 1309 South Flagler Drive and Douglas Elliman Development Marketing will be the project’s exclusive sales and marketing brokerage.

Forté is designed by Bernardo Fort-Brescia of Arquitectonica and will rise 24-stories with only two residences on each residential floor. The expansive three- and four-bedroom residences will range from 4,200 SF to 8,400 SF with the option to combine residences for a full-floor home. Forté’s six-bedroom penthouse will span 8,900 SF of interior space and 2,000 SF of outdoor terrace space that includes a summer kitchen, a cabana bath and 360-degree views from a private pool. Every residence will provide unmatched views of the Intracoastal Waterway and Palm Beach island.

“Forté’s location in downtown West Palm Beach along the Intracoastal Waterway presents a rare opportunity for future residents to experience waterfront living in a vibrant and walkable downtown setting,” said Taylor Collins, managing partner at Two Roads Development. “Coinciding with the debut of our sales gallery, we look forward to the advent of construction and to making this project a reality.”

“We are excited to work with Two Roads Development and Alpha Blue Ventures on this groundbreaking project in South Florida,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida Brokerage. “Palm Beach County has seen a record-breaking year and with the market’s continued strength, we anticipate extremely strong interest in Forté and look forward to the project’s success.”

Two Roads Development, Alpha Blue Ventures and Douglas Elliman Development Marketing are currently completing a residential sales gallery which will soon open adjacent to the project site on South Flagler Drive. Pricing is expected to start at $4.9 million.

Images via Two Roads Development and Alpha Blue Ventures

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

Melo Group Launches Pre-Leasing For Miami Plaza Apartment Tower In Downtown Miami's Arts & Entertainment District

Melo Group, one of Downtown Miami’s preeminent real estate development firms, is getting ready to open their latest residential tower addressing two of the city’s most-pressing issues, housing affordability and traffic. Ahead of its May opening and following its construction top-off in late 2019, Melo is now launching pre-leasing for Miami Plaza, its newest transit-oriented rental building in Downtown Miami’s Arts & Entertainment District in Miami’s urban core. The 425-unit Miami Plaza tower, situated adjacent to the Miami-Dade Metromover School Board Station at 1500 Northeast Miami Place, will complete the final phase of Melo’s 5-year plan to activate and inject new life into Downtown’s previously-desolate Arts & Entertainment District with more than 2,300 attainably-priced multifamily apartments and over 8,000 SF of retail/restaurant space.

“Although our renters are diverse,” says Melo Group Principal Carlos Melo, “we’re seeing strongest demand coming from millennials who prefer 24-hour, live-work-play environments over long commutes. We look for sites within easy walking distance of public transportation as well as shopping and entertainment venues. All of our developments in the Arts & Entertainment District are just steps away from the Metromover, providing easy access into Downtown Miami’s CBD and Brickell Financial District.”

Miami Plaza rises 36-stories and caters to a growing influx of young professionals in Downtown Miami seeking walkable live-work-play lifestyles without the commute. Units at Miami Plaza range from one- to three-bedrooms measuring from approximately 700 to 1,400 SF in size, with competitive rental rates ranging between $1,680 and $2,800 per month. Apartments at Miami Plaza will feature spacious living rooms, formal dining rooms, expansive balconies with glass railings, floor-to-ceiling sliding doors, energy-efficient tinted glass, European-style kitchen and bathroom cabinetry, granite countertops, double door refrigerators, stainless steel appliances, imported ceramic tile and laminated wood flooring, and full-size washer and dryers. Amenities will include a large 70-foot swimming pool, a fully-equipped fitness center, a café social lounge, 24-hour concierge/security, and a multi-level secured garage with valet service.

Melo Group’s father-and-sons team, led by Jose Luis Melo and his two sons Carlos and Martin Melo, has been a driving force behind Miami’s real estate resurgence since 2001, with the firm recognized today as one of the region’s preeminent developers of high-end residential developments in Downtown Miami. Upon its completion, Miami Plaza will become Melo’s 16th residential building delivered in the Greater Downtown Miami area, bringing the firm’s portfolio to nearly 5,000 total condo and rental units completed with another 2,000+ units in the works. Melo Group’s previously completed developments in the area are all clustered around the Metromover station within a few blocks of each other. Completed projects in the Arts & Entertainment District include the 497-unit Melody Tower, which delivered in 2016; the 710-unit Square Station towers, which delivered in 2018; and most recently, the 667-unit Art Plaza towers, which delivered in 2019. Melo Group’s next residential project, Downtown 5th, is now under construction at 55 NE 5th Avenue in Downtown Miami’s Central Business District. With completion slated for 2021, the luxury apartment complex will include twin 51-story towers with 1,042 rental units and more than 5,000 SF of ground-floor retail/restaurant space.

“The Arts & Entertainment District’s concentration of attractions – from world-class cultural venues to dozens of dining and shopping choices – cater to every taste,” says Melo Group Principal Martin Melo, “as does the district’s proximity to other hot neighborhoods such as Wynwood, Miami Design District and Midtown Miami. Our newest buildings in the area have an exciting collection of newly-opened and upcoming restaurants and retail offerings to serve the everyday needs of our residents. Everything you need is within just a few blocks from your apartment.”

Melo Group is bringing life to the area with a total of more than 45,000 SF of new retail and restaurant space at the base of their apartment buildings to serve tenant’s everyday needs. Some of the community’s newest tenants include Bunbury, Bistro Café, Tapout Fitness, My Salon, Spot Barbershop, Shine Nail Salon, New York Roma Pizza and Testa Wines. Melo is also gearing up for the Summer 2020 debut of “Art Kitchen” – an indoor/outdoor dining promenade at the base of the firm’s Art Plaza towers that will feature ten different restaurant concepts with cuisines ranging from Indian, Peruvian, Mexican, Japanese, Italian and more.

Terra, New Valley, Great Eagle Holdings and Bizzi & Partners Pay Off $155 Million Construction Loan For Eighty Seven Park

The partners behind Eighty Seven Park, Pritzker Prize winning architect Renzo Piano’s first residential development in the United States, have paid off $155 million in construction financing for the newly-completed Miami Beach condominium tower. The loan, which was issued in 2017 by United Overseas Bank, helped fund the development of the 18-story, luxury tower located at 8701 Collins Avenue in the city’s North Beach neighborhood, which was delivered in November 2019. More than 90% of the development’s 66 residences have been sold, with unit sales representing over $400 million in total transaction value. Remaining residences are available from about $2 million to $10 million.

“Our ability to pay off our financing shortly after completion speaks to the strength of Eighty Seven Park’s development and design teams, and to the high-demand we’ve seen for this one-of-a kind iconic building,” said developer David Martin, President of Terra. “Renzo Piano and West 8 had such a powerful vision for this project, and we are thrilled by the response from our owners from across the U.S. and around the world.”

Since launching sales in 2016, Eighty Seven Park has attracted a diverse mix of residents including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among global buyers, U.S. buyers have accounted for approximately 50% of all unit sales to date.

Residences at Eighty Seven Park feature floor-to-ceiling windows and wrap-around terraces. Each unit offers breathtaking panoramic views of the ocean and lush greenery. Among the design team was internationally acclaimed Parisian architect, Rena Dumas (RDAI), who created the tower’s interior and exterior living spaces. Luxurious amenities include around-the-clock concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist who assist residents with their private balcony gardens. The residences feature large outdoor living spaces with summer kitchens, accounting for approximately 70% of each unit’s interior space. Additionally, owners and their guests have access to have a two-acre park.

Image by The Boundary