Aimco Partners with Camillus House and Provides $1 Million Contribution to Advance Workforce Development

Apartment Investment and Management Company (“Aimco”), a diversified real estate investment company, has pledged $1,000,000 to Miami-based Camillus House to support expanded workforce development programs. 

In discussions with Miami’s civic and community leaders it became clear that despite a strong job market, many of Miami’s residents don’t possess the necessary skills or experience to obtain better-paying jobs and are, therefore, unable to benefit from Miami’s rapidly growing economy.  As a major investor in South Florida, it is important to Aimco that those at all levels of the economic spectrum have the opportunity to excel and in turn, contribute to the broader community. 

Since its founding in 1960, Camillus House has been a pillar of the Miami community. Created to provide meals and spiritual comfort to homeless Cuban exiles and other poor and hungry Miamians, Camillus House has grown steadily into one of the largest providers of services to the most vulnerable population in the community. Camillus House houses more than 1,700 people nightly through its 11 residential facilities and scattered-site apartments across Miami-Dade County. Some of its programs include Day Center services, Specialized Street Outreach programs, Homeless Prevention initiatives, and comprehensive workforce development and life skills programming. 

“Many people experiencing homelessness want to work, but without the necessary training and skills it’s extremely difficult for them to earn enough income to move forward,” explained Hilda M. Fernandez, Camillus House CEO.  “Thanks to this critical and very generous multiyear grant from Aimco, we can now expand our workforce development program to provide the guidance, support, and vocational training that can help prevent homelessness and change the lives of the great many men and women we serve throughout Miami-Dade County.” 

In partnership with Aimco, the Camillus House Workforce Development Initiative will provide opportunities to Camillus House residents such as participation in construction trade programs operated by Florida International University and funded by Southeast Overtown/Park West Community Redevelopment Agency, an eight-week culinary certificate through the Miami-Dade College Culinary Arts Program, and employment opportunities with the Downtown Enhancement Team through the City of Miami’s Downtown Development Authority and Omni Community Redevelopment Agency.

In addition, through its Aimco Cares program, Aimco will sponsor scholarships to individuals in the Camillus House program designed to remove barriers to employment for those looking to obtain or maintain a job. The scholarships will cover job-related costs, such as bus passes, licensing fees, uniforms, classes, and similarly required ancillary costs crucial to succeed in gainful employment opportunities.

“Aimco Cares’ mission is to empower the most vulnerable by giving them the tools required to improve their quality of life,” said Jennifer Johnson, Aimco’s Executive Vice President and Chief Administrative Officer. “Being able to obtain and maintain higher-paying jobs is the building block for a long-term and sustainable solution for many Miami residents. As a real estate developer, it is our responsibility to give back to the communities in which we are active and passionate. Aimco is thrilled to be part of the Miami community and looks forward to future investments in the City and its residents.” 

Miami Developer Gregg Covin Announces Plans For Fairmont Hotel Branded Residences

Fairmont Hotels & Resorts, part of world leading hospitality group Accor, in partnership with Gregg Covin, notable Miami real estate developer, announced the signing of definitive agreements for the development and management of the first luxury branded residential offering in the Blue Ridge Mountain region of North Carolina - Fairmont Heritage Place - The Cedars, Hendersonville. Set to debut in 2025, the residences will build upon The Cedars’ legacy as a significant landmark while ushering in a new era of contemporary design, outstanding amenities and engaging service infused with local culture and premier hospitality.

Fairmont Heritage Place - The Cedars, Hendersonville will join an exclusive collection of extraordinary Fairmont-branded residences worldwide, offering private ownership with the option to participate in a rental program. Owners will enjoy all the benefits of owning a home with singular access to luxurious amenities and world-class services at Fairmont’s legendary hotels and resorts.

“We are pleased to announce the addition of Fairmont Heritage Place - The Cedars, Hendersonville, the first Fairmont-branded residences in North Carolina. For over a century, Fairmont has been intrinsically tied to the communities the brand calls home and committed to the stewardship of landmark hotels, restoring and preserving historic buildings with great care,” said Heather McCrory, CEO, Accor North & Central America. “A rare opportunity to own a piece of one of the Blue Ridge Mountain region’s most celebrated national buildings, The Cedars will be the most luxurious branded residential offering in the state. We are proud to add The Cedars iconic landmark to our rapidly growing luxury portfolio and continue its legacy for years to come.”

Fairmont Heritage Place – The Cedars, Hendersonville, a 127-unit luxury residential community, is set to transform the mountain city that has become the preferred second-home destination for generations of South Floridians and Northeasterners, due to its central East Coast setting and friendly outdoor culture. The 3.55-acre development includes a magnificent restoration of the original Antebellum grand hotel, which sits on the National Register of Historic Places, as the focal point. Two new six-story, mid-rise buildings will be comprised of studios, 1-, 2-, and 3-bedroom units and stunning penthouses, all with sprawling terraces and impressive mountain views. Prices are expected to range from USD $400,000 to USD $3.8 million.

The Cedars hotel was originally built in 1914 in Neo-Classical Revival style for Jeannie Bailey, whose husband, railroad tycoon J.W. Bailey, headed Southern Railway at the time. Just a few years prior, Theresa Fair Oelrichs and her sister, Virginia Fair Vanderbilt, debuted the first Fairmont hotel in San Francisco in honor of Nevada Senator and mining magnate, James Graham Fair. The historic similarities made for a harmonious union between The Cedars and Fairmont brand.

In 1976, the property was acquired by Clifton Shipman, great grandfather of Gregg Covin’s children. Covin began exploring the property’s potential in 2018 and has since partnered with the Shipman family and Brian M. Gaines to make his vision a reality.

“My family grew up at The Cedars and there is no better time to welcome the next generation to discover and feel at home in Hendersonville. Fairmont brings decades of experience restoring historic properties to their former grandeur and will deliver a level of sophistication the market has been waiting for while complementing the region’s inviting culture,” said Gregg Covin, Developer. “Fairmont Heritage Place - The Cedars responds to increasing desires for second-home ownership in Western North Carolina. Market studies show less than two months’ supply of available housing inventory, with demand outnumbering supply”.

The property will bring a new level of luxury, unforgettable experiences and outstanding service to the Blue Ridge Mountain region known for its beautiful scenery, rich culture and history, and welcoming community. Situated two blocks from the historic Main Street, the residences will be the new home to many of the area’s five-star amenities, offering an exceptional cuisine and beverage program appealing to owners, guests and locals, including a signature restaurant, a lobby bar and a specialty café. Additional property features will include flexible meeting and events space; an expansive wellness center with spa, multiple swimming pools and fitness center; a cooking school; a multifunctional family room; and retail space. Residents and guests have access to nearby private club with Tom Fazio-designed Champion Hills Golf Club. All of the area’s popular destinations are located within a 30 minute radius of Hendersonville, including Downtown Asheville, The Biltmore Mansion, the Asheville Regional Airport, the Blue Ridge Parkway and both Pisgah National and Dupont State Forests.

In addition to onsite privileges, Fairmont-branded residence owners are invited to join the Accor Ownership Benefits Program, presenting them with an invitation to join Diamond status in ALL-Accor Live Limitless, with access to a VIP reservation desk, and special residence owner rates at more than 5,000 Accor hotels and resorts worldwide.

Established in 1907, Fairmont Hotels & Resorts has built beacons of hospitality, magnificent architecture and service in extraordinary destinations; playing a significant role in shaping the social fabric of each location. Renowned for creating unforgettable grand hotels and residences in the heart of each destination, Fairmont was a natural match to continue the next era in The Cedars’ longstanding history. With more than 80 locations around the globe, and several under development, the Fairmont brand boasts some of the most renowned hotel and residential addresses in the world, such as The Plaza, a Fairmont Managed Hotel in New York City, The Savoy in London, Fairmont San Francisco, Fairmont Banff Springs in Canada, Fairmont Heritage Place Mayakoba in Mexico, and the recently reimagined Fairmont Century Plaza in Los Angeles, among others.

Fairmont is part of Accor, the second-largest operator of luxury hotels in North America and a leading hospitality group worldwide. Fairmont Heritage Place - The Cedars, Hendersonville joins an expanding list of highly anticipated openings in Accor North & Central America’s growing portfolio, including Sofitel Legend Casco Viejo Panama in 2022, Raffles Boston Back Bay Hotel & Residences in 2023, Fairmont La Paz Puerta Cortés Resort and Residences in 2023, Mayaliah Tulum Hotel & Residences – MGallery Hotel Collection in 2024, Fairmont Orlando and Fairmont Phoenix in 2025, among others.

PMG and Greybrook Launch The Elser Hotel & Residences In Downtown Miami

National investment and development firm PMG (Property Markets Group), alongside Toronto-based real estate private equity firm Greybrook, have launched The Elser Hotel & Residences, a 49-story new construction luxury condominium located at 398 NE 5th St. The newly completed tower offers 646 fully furnished residences, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space. PMG Residential is the exclusive sales team for the property, with residences priced from the $600Ks or the equivalent cryptocurrency exchange rate.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstone and Thoma Bravo, among others.

Offering sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully-furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO of Greybrook Realty Partners. “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

For more information about The Elser Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Boynton Beach City Commission Approves Public-Private Partnership Project, The Pierce, In Partnership With Affiliated Development

Boynton Beach City Commission has voted unanimously to approve all agreements between the City, the Boynton Beach CRA and Affiliated Development in order to advance highly anticipated $80+ million mixed-use, mixed-income workforce housing project, The Pierce.

Located in west of Federal Highway between Ocean Avenue and Boynton Beach Boulevard, The Pierce will offer 16,800 square feet of restaurant and commercial space, a minimum of 236 apartment units and a parking garage that will include 150 public parking spaces. Affiliated Development was the only proposer that had an agreement with longtime Boynton Beach restaurant, Hurricane Alley, which secured the business’ future in Boynton Beach.

Fort Lauderdale-based Affiliated Development outbid 4 other firms that responded to a RFP in Decemeber 2021 issued by the Boynton Beach CRA, including Related Group. Negotiations have been ongoing since that time and all agreements have been finalized and approved by the CRA Board and City Commission.

“We are community builders and have a track record of working alongside our City and CRA partners to create a transformative projects that increase the quality of life for the city’s residents,” says Jeff Burns, CEO of Affiliated Development. “We have had our eye on Boynton Beach for a while and strongly believe that Boynton Beach is poised to reach its full potential.”

With housing affordability at unprecedented levels, The Pierce will offer 50% of the project’s units at varying workforce housing levels in order to accommodate the overwhelming demand for Class A living at attainable rents. The Pierce’s 8-story apartment building will offer luxury finishes, features and amenities including a resort style pool with private cabanas, state of the art fitness facility, co-work collective and keyless Bluetooth door entry. The Pierce will be built and certified to national green building standards.

Boynton Beach leaders have been setting the stage for this moment for many years. The CRA had assembled over 2 acres of property and received many unsolicited suiters over the years. Instead of moving forward with those proposals, the CRA underwent a competitive process that not only vetted the merits of the project, but the strength of the developer. Affiliated Development specializes in public-private-partnership development and has several completed projects in Broward and Palm Beach Counties.

Affiliated Development’s next step is to begin the land use entitlement process. “If all goes smoothly, we anticipate getting underway during the mid 2023,” says Burns.

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.”

Forest Development Closes On $269 Million Construction Loan For Palm Beach County Condo

Forest Development has locked down a $269 million construction loan for Nautilus 220, a 330-unit luxury condominium project that is the first of its kind in Palm Beach County’s Town of Lake Park. Nautilus 220 will be 24-story twin condo towers on the water with a restaurant from renowned chef David Burke and many amenities in the once-overlooked town just across the Intracoastal Waterway from Singer Island. Nautilus 220 is already 60% pre-sold. Prices range from the $800,000s to more than $3 million.

The loan was arranged by Concord Summit Capital, LLC (“Concord Summit”) and provided by Fortress Investment Group to the Peter Baytarian-led Forest, which recently brought on Daniel Kodsi of Royal Palm Companies as a co-general partner in Nautilus 220. Concord Summit Director Justin Morrow and Managing Director Kevin O’Grady, both of Concord Summit’s Miami office, sourced the financing on behalf of the borrowers. Construction is underway, with an estimated completion in the second quarter of 2024. The project’s floating sales center is located on a barge in the Lake Park marina.

“This was an exciting transaction to work on, given the unique nature of this project,” Morrow said. “The borrowers are visionary developers who are bringing a resort-style waterfront living experience to Lake Park. Nautilus 220 truly has no counterpart in the market.”

“It has been a pleasure working with Concord Summit Capital over the past two years as they guided us through more than 13 financing opportunities for our Nautilus 220 mixed-use development in Lake Park,” said Baytarian, Managing Partner, Forest Development.” “The team saw the value of this project at the outset, and with their professional and invaluable expertise, as well as relationships in the industry, secured the perfect lender for us and this project.”

“We successfully leveraged our strong relationship with the team at Fortress to complete the transaction,” O’Grady said. “It was a pleasure to have the opportunity to work with them again. Nautilus 220 should continue to experience brisk sales activity, as the one-of-a-kind project fills a void for brand-new waterfront condos in northern Palm Beach County.”

Nautilus 220’s residences include a mix of one-to-four-bedroom condos ranging from 1,100 to 3,400 square feet, with a variety of floor plans offering unobstructed water views. Penthouses come with 2,000-square-foot private rooftop terraces, plunge pools, summer kitchens and 12-foot ceilings. The project includes a one-acre outdoor amenity deck and additional amenities including mini-bowling, billiards and card tables, a multipurpose soundproof studio for music and podcasts, golf simulator, theater lounge, club room and more.

The towers are being constructed alongside an active marina with 100 slips accommodating boats up to 100 feet. The development also has easy inlet access for water sport recreation from snorkeling and scuba diving to jet skiing, kayaking and paddle boarding.

Burke, the acclaimed restaurateur, selected Nautilus 220 as the location for his first Florida restaurant. The two-level, 7,500-square-foot waterfront restaurant with indoor and outdoor seating will feature modern American cuisine.

Kast Construction is the project’s general contractor. Interiors by Steven G. is the project’s interior designer.

Omega Real Estate Locks Down $100 Million Construction Loan For North Miami Multifamily

Omega Real Estate has locked down $100 million in construction financing to develop The Gardens Residence, a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, Fla. The financing was provided by Churchill Real Estate and was arranged by Berkadia. Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residence is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called “The Gardens District.”

The project, which will break ground on July 11, was supported by the North Miami CRA which provided $15 million in subsidies. The project is expected to create an estimated 828 jobs, and 10 percent (38) of the units are set aside for families earning at or below 80 percent of area median income (AMI).

Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Robert Ludice of Berkadia Miami secured financing on behalf of Miami-based Omega Real Estate Management, a collection of seasoned real estate investors whose principals include Sebastien Scemla (CEO), Juan Carlos Lago (COO), Shawn Chemtov (Director of Finance), John Carlos Lago Jr. (CFO), and Anthony Hodes (Director of Risk).

Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, provided the two-year, floating-rate loan, with two one-year extension options, interest only for the full loan term including extensions.

“The principals of Omega each have extensive experience as early investors in some of Miami’s most sought-after neighborhoods, and we came together as a result of a shared vision and belief that downtown North Miami represents Miami’s greatest future opportunity for growth,” said Omega’s CEO Sebastien Scemla. “Over the last several years, our team has quietly assembled several contiguous parcels of land in the heart of the neighborhood that will enable us to develop a true live-work-play community we’re calling ‘The Gardens District,’ anchored by this new Class A apartment community. We’re deeply grateful to the City of North Miami, including the Mayor, the Commissioners and the North Miami CRA for their ongoing support of our vision.”

“The Gardens Residences will offer the best Class A multifamily product in North Miami-Dade County, in a submarket that is currently underserved,” said Foschini. “The project will be a transformational anchor to North Miami and serve as a catalyst to the Garden’s community that will develop around it. The team’s extraordinary vision in creating The Gardens district will bring new life into one of Miami’s oldest communities.”

Added Jeff Rosenfeld, Co-Head of Originations at Churchill Real Estate, “This is precisely the kind of project Churchill is doubling down on in today’s capricious investment climate. The quality of the sponsorship team, coupled with the strength of the project, produced a compelling narrative, and we are excited to collaborate with Omega on this transformative development.”

Located on a four-acre site at 1155 Northeast 126th Street, The Gardens Residence will be a nine-story property offering studio, one-, two- and three-bedroom apartments averaging 511 square feet to 1,270 square feet. Individual apartments will feature stone countertops, luxury kitchen cabinetry, stainless steel appliances, floor-to-ceiling windows, SPC wood floors in the bedrooms and ceramic tile in the wet areas and living room spaces. Community amenities will include a ground-floor café with outdoor terrace seating and public sculpture art, a rooftop pool with rentable poolside cabanas, a gym, yoga studio, bike lockers and workshop stations, and structured parking with 528 stalls. As previously mentioned, 10 percent of units will be set aside for families earning at or below 80 percent of AMI.

Situated in North Miami, the proverbial “hole in the doughnut” in Miami-Dade County, The Gardens Residences is located halfway between downtown Miami and Aventura, and has immediate access to the beaches via 123rd Street, along with on-ramp access to I-95, 826 and the Florida Turnpike just four miles away. It is just three blocks away from a planned Brightline commuter rail on Northeast 123rd Street that will connect Miami with Fort Lauderdale, West Palm Beach and Orlando.

Recent zoning changes have made North Miami an incredibly attractive redevelopment area with attractive land basis. The property is close to Aventura Mall, the Florida International University Biscayne Bay Campus, Gulfstream Park, Oleta River State Park, the Jackson North Medical Center and Barry University. There are two Publix supermarkets and a Whole Foods within one mile of the property.

Omega also owns adjacent sites at 1075,1111 and1125 Northeast 125th Street that it will transform into a Class A, 28,000-square-foot office building called The Gardens Corporate Center, an 8,000-square-foot-office building called “The Creative Center”, and a new 12,000-square-F&B focused center called “The Hall” that will feature four restaurants and a gourmet grocery. The entire community, which spans seven acres, will be called The Gardens District.

Newgard Development Group Locks Down $170 Million Construction Loan For LOFTY Brickell Home-Sharing Tower

Newgard Development Group has locked down a $170 million loan from 3650 REIT for its newest residential property, LOFTY Brickell. The closing follows an impressive sales launch, with 80% of the tower’s inventory under contract and groundbreaking set to commence Q4. This is the second loan from 3650 REIT for LOFTY - the first being last fall tied to the land acquisition. Cervera Real Estate is the exclusive sales and marketing for the tower.

“LOFTY is the most elevated offering in short-term rental ownership,” says Developer Harvey Hernandez. “Coupled with its waterfront location and next-level amenities, we’ve assembled a dream team of collaborations with artists and designers for limited-edition experiences and lifestyles for global buyers.”

“3650’s strategy of financing well-located multifamily properties with sophisticated sponsors who employ highly targeted, value-add business plans at unique locations dovetails well with the LOFTY project,” says 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “We believe that the property’s unique business plan to accommodate short-term rental ownership will make it a ‘change winner’ in the post-pandemic South Florida market as more residents seek flexibility and convenience in their living arrangements, and we expect to see sustained long-term demand for these types of units. LOFTY’s prime location adjacent to Brickell City Centre and walkability score of 100 will also provide residents with convenient proximity to best-in-class retail, dining, office and hotel options. It was a pleasure to work with the Newgard team once more, resulting in a smooth transaction despite a difficult market environment. We look forward to working with the Newgard team to execute this exciting opportunity which will transform the Miami skyline.”

LOFTY will deliver fully finished and furnished turn-key residences purposefully designed and licensed to be shared. The 44-story tower features studio, one- and two-bedroom units alongside 40,000 square feet of thoughtfully curated amenities, including a private marina, waterfront dining, members-only social club, resort pool deck and fitness center, indoor/outdoor cigar lounge, coworking lounge and meeting rooms. Interiors are designed by NY-based INC, architecture by Arquitectonica, and landscaping by Urban Robot Associates.

The tower features the first-ever NFT art collective designed for condo owners, integrating digital art into the DNA of the new residential building, while transferring ownership of a custom NFT to each unit owner. In addition to the art collective, which launched with renowned Miami-based artist Carlos Betancourt, a group of branded residences known as LOFTY PH Collection recently unveiled in partnership with Artefacto, a global furnishings brand, and INC, the multi-disciplinary NYC studio responsible for the project’s interiors.

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

Todd Michael Glaser And Partners Buy Palm Beach Penthouse Atop Tiffany & Co. On Worth Avenue For $15.5 Million

Spec home developer Todd Michael Glaser and his partners have closed on the penthouse on top of the Worth Avenue Tiffany & Co. building in Palm Beach for $15.5 million. The residence was delivered as an unfinished shell and the investors plan to complete the residence and list it at potentially $40 million. The penthouse occupies the buildings second floor and rooftop and spans 13,000+/- SF. The sellers were a JV between Fortress Investment Group, Hyde Retail Partners and Kean Development.

The original design called to offer five bedrooms, seven and a half baths, master suite, maid's quarters, three fireplaces, state of the art technology, elevator and a private rooftop overlooking panoramic views of Worth Ave. The rooftop’s distinctive exterior spa will boast an infinity edge swimming pool, sunbathing areas, putting green, outdoor bar, dining area and fire pit for the ultimate outdoor entertaining space.

The Tiffany & Co. building is located at 259 Worth Avenue and was purchased in late 2018 by the Fortress Investment Group, Hyde Retail Partners and Kean Development Joint Venture for $20 million before selling for $26.4 million in January 2021 to the London-based real estate investment firm Motcomb Estates.

W.A. Spencer Morris Named President of the Allen Morris Company

The Allen Morris Company (AMCO) one of the largest diversified real estate firms in the southeast, has named W.A. Spencer Morris, President. Morris was most recently Chief Investment Officer (CIO) for the organization. W. Allen Morris will retain title as Chairman & CEO.

Morris has been an integral part in furthering AMCO’s investment management division, along with its development business, and opening new lines of business such as AMS Hospitality.  

In his new role, he will oversee AMCO’s investment portfolio, now surpassing $1.5 billion, projects under construction and $2.5 billion in new pipeline development opportunities. Morris will continue to serve on the Board of Directors of AMCO and AMS Hospitality.

“Spencer (Morris) has proven that he can successfully engage with every division of our enterprise,” said W. Allen Morris, Chairman & CEO of the Allen Morris Company. “We are in a significant stage of growth at AMCO, and I am very much looking forward to working with Spencer in his new role.”

The multi-faceted Allen Morris Company has several projects throughout Atlanta, Central Florida and South Florida, and is currently looking at new opportunities throughout the Southeast. 

“Having grown up watching my grandfather and father run the Allen Morris Company – it is with great pride that I will serve in this role,” said W.A. Spencer Morris. “During my leadership, I look forward to building on the Company’s rich tradition of many ‘firsts’ over its 64 years while continuing to evolve the business to meet today’s marketplace needs.” 

Morris was previously with The Related Group, where he served as Development Associate of the 58-story, 1.3 million square foot SLS LUX-Brickell hotel and condominium as well as other projects.

Morris received his Bachelor of Science degree in Liberal Arts from Boston University. 

Allen Morris Company is one of the largest real estate firms in the Southeast U.S., completing their 85th development project and specializing in office buildings, multi-family residential, hotels, mixed-use developments, leasing and brokerage, and property management. With offices in Miami and Atlanta, the Allen Morris Company has served its business and investment clients for 64 years. For more information, please visit www.allenmorris.com, or follow AMCO on Instagram at @allenmorrisco.