The Elser Hotel & Residences Miami Closes On $80 Million In Sales In Less Than 60 Days

The Elser Hotel & Residences Miami, a 49-story new construction luxury condominium located at 398 NE 5th St., has successfully closed on $80 million in sales in less than 60 days. This immense sales volume marks the pivotal return of Latin American investment in South Florida, with 75% of sales coming primarily from Colombia, Mexico, and Chile, as well as the continued fervent demand for turnkey, new construction residences in the heart of Downtown Miami. The Elser Hotel & Residences Miami was developed by National development and investment firm PMG and Canadian-based private equity firm Greybrook. The team has successfully completed closings with premier financial institutions such as City National Bank, Prime Equity and several others. PMG Residential is the exclusive sales team for The Elser Hotel & Residences.

“Miami’s status as an international business hub and world-class metropolitan destination has positioned the city as one of the world’s most desired real estate markets,” said Sergio Pintos, Principal of PMG Residential. “The ability to now explore the best culinary, entertainment, and retail offerings all within footsteps of one’s home is extremely attractive to buyers. With so much available at one’s fingertips, it is no wonder that The Elser Hotel & Residences has experienced such a high volume of sales and successful closings in such a short time.”

Offering unobstructed views of Biscayne Bay and sweeping views of 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.

“When The Elser Hotel & Residences was created, we wanted to invest in the area’s potential for new development and flexible living options,” said Ryan Shear, managing partner of PMG. “It is beyond exciting to see how receptive today’s buyers are to the concept and everything it has to offer, from short-term rental options to a high-caliber level of downtown living. We are honored to work with our partner Greybrook as The Elser Hotel & Residences continues to make its mark on Miami.”

"The Elser Hotel and Residences is a truly unique property benefiting from an abundance of exceptional amenities and situated in a prime location with convenient access to everything the Downtown Miami core has to offer," said Sami Mouaket, Director of U.S. Investments & Development at Greybrook. "This marks another successfully completed development in our growing portfolio of projects with our partner PMG who has significant experience in the Miami market and continuously demonstrates seamless execution in development management and construction.”

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.

Related Group, Two Roads Development and Rockpoint Reveal Rivage, Bal Harbour's First New Condo In Over A Decade

Industry leaders Related Group (Related), Two Roads Development and Rockpoint have revealed Rivage Bal Harbour (Rivage), a rare condominium property located in one of South Florida’s most exclusive enclaves. Made up of only 61 sky villas, the oceanfront development boasts an all-star design team, with Skidmore, Owings & Merrill (SOM) and Rottet Studio leading architecture and interior designs, respectively. Douglas Elliman Development Marketing (DEDM) is the property’s exclusive sales partner; Pablo Alfaro will serve as sales director with Ruthie and Ethan Assouline.

“Bal Harbour is one of South Florida’s most special neighborhoods and an area we’ve wanted to build in for many years,” says Jon Paul Pérez, Related’s President. “Everything is in place to make this a truly once-in-a-generation project, from the site, to the team, to the general scarcity of newly constructed high-end supply in this neighborhood. Together with our partners, we look forward to delivering a property that honors Bal Harbour’s glamorous history while helping shape its future.”

Nestled between the glistening waters of the intracoastal waterway and 200 feet of uninterrupted oceanfront, Rivage immerses residents in South Florida’s breathtaking natural beauty. Employing a Tropical Modern aesthetic, SOM forgoes rigid lines in favor of flowing, natural shapes and seamless indoor-outdoor spaces. The property’s main 275-foot tower is itself a love letter to the sea and sky, with its three interconnecting glass ovals evoking a crystalline coral reef while allowing for maximum water views.

The tower’s amenity package is equally thoughtful, offering services and activities on-par with even the most elevated resorts. A focus on wellness connects the more than 25,000 square feet of on-site offerings, with highlights including a state-of-the-art fitness pavilion with panoramic views, a hammam spa, complete with hot/cold plunge pools, and private treatment rooms, pickle and paddle ball courts surrounded by lush landscapes designed by Swiss design firm Enea Garden Design. Residents and guests will also enjoy more laid-back options, including a private, chef-driven food and beverage services and cocktail lounge, VR game simulator and kids’ playroom. Resort-style services, including a 24/7 residential butler and dedicated lifestyle concierge, round out the package and ensure all residents’ whims are met.

The organic influences are clearly evident across Rivage’s 61 homes, with the flowing, open-concept plans carefully tuned to accentuate the awe-inspiring vistas. Designed to provide a single-family home experience, the residences range from 3,300 to nearly 13,000 square feet and offer in-unit elevator access and a private parking garage with each unit. Residents will also enjoy custom kitchens with Sub-Zero and Wolf appliances, as well as bathrooms and closets designed by Rottet Studio with imported Italian finishes. The mansion-in-the-sky feel is furthered by the sprawling living rooms opening up to oversized terraces with direct views of the sea and nearby Biscayne Bay.

“Every single one of our decisions is geared towards providing a marquee experience,” says Taylor Collins, Managing Partner at Two Roads. “While our buyers can certainly purchase just about anywhere in the world, we are confident they will only want to buy at Rivage. We are raising Bal Harbour’s already lofty pedigree and, in the process, establishing a new standard for condominium living.”

The neighborhood of Bal Harbour has been an enclave for the elite since its establishment in 1929. Located between iconic South Beach and Sunny Isles, Bal Harbour has long been a snowbird favorite, offering easy access to the world-famous Bal Harbour Shops as well as the very best South Florida has to offer.

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.

The Ritz-Carlton Residences, Palm Beach Gardens Launches Sales of the Estate Residences

The Ritz-Carlton Residences Palm Beach Gardens with local-based development, construction, and management firm Catalfumo Companies, has officially launched sales. Coined The Estate Residences, the property is located on an 11-acre site along the Intracoastal Waterway in Palm Beach and will deliver 106 ultra-luxury condominiums housed within three six-story buildings. Douglas Elliman Development Marketing is the exclusive sales and marketing team for The Ritz-Carlton Residences Palm Beach Gardens, which ranges from $4 million to $8 million.

The Ritz-Carlton Residences, Palm Beach Gardens deliver a new level of coastal leisure, transforming eleven acres of Intracoastal waterfront into an intimate enclave of estate residences and private marina. The Ritz-Carlton Residences Palm Beach Gardens will offer spacious three-, four- and five-bedroom residences with a 29-slip private marina and 850 feet of waterfront with boat slips available for vessels up to 75 feet in length, with select slips equipped with electric boat lifts. The development will come with full-service, resort-style options and amenities to buyers.

The Residences offer private elevators with controlled access, a full suite of professional grade Wolf and Sub-Zero kitchen appliances, floor-to-ceiling, triple panel, impact-resistant glass doors and windows, double walk-in closets, free-standing soaking tubs, glass-enclosed showers and European double vanities.

Continuously raising the bar on waterfront living, The Ritz-Carlton Residences Palm Beach Gardens will create endless leisure and entertainment possibilities for their buyers, including a multi-level waterfront clubhouse with an event kitchen; lounge seating; game areas; a library; a coffee bar; and open-air fire pits; a pickleball court; a putting mezzanine; a resort-style pool deck with a 100-foot infinity edge pool with sweeping waterfront views, full-service cabanas and more. The Ritz-Carlton Residences Palm Beach Gardens will also offer a Resident’s Spa with private treatment rooms; steam rooms; showers and sauna rooms; a fitness center with state-of-the-art weight training and cardio equipment; and a dedicated yoga studio.

Casa Bella by B&B Italia Debuts Penthouse Collection In Downtown Miami

Casa Bella Residences by B&B Italia, which aims to bring the best of Italian design and lifestyle to Downtown Miami, has unveiled plans for the tower's dramatic penthouse collection that includes a pair of 54th-floor triplex residences with expansive rooftop terraces and Biscayne Bay views. Developed by Related Group in partnership with Alta Developers, the 56-story condominium tower offers 317 luxury residences and represents the first residential partnership for the famed Italian design house B&B Italia, known around the world for its high-end collaborations with legacy brands such as Rolex, Hermès, and Rolls-Royce.

The penthouse collection includes a total of 10 upscale residences, the crown jewels of which are the aforementioned triplex homes with private rooftop terraces, each featuring spa pools and indoor/outdoor summer kitchens overlooking Biscayne Bay. These two extraordinary homes range in size from 5,432 to 5,900 square feet and are priced between $12 million - $13 million.

The 54th-floor is also home to two remarkable duplex penthouses that span 4,100 and 4,560 square feet. The duplex penthouses are priced between $8 million and $10 million. All four of the Upper Penthouse residences feature stunning living areas with double-height ceilings (23-foot) and floor-to-ceiling windows that showcase jaw-dropping views of Biscayne Bay.

The 52nd and 53rd floors include six penthouses with just three homes per floor. These residences range in size from 2,982 to 3,772 square feet with prices from $4.8 million to $6 million.

Casa Bella by B&B Italia features architecture by Arquitectonica and interiors by renowned designer Piero Lissoni — who also serves as creative director for B&B Italia — and the B&B Italia team, every aspect of the building is envisioned as an oasis, offering a refined Miami aesthetic rooted in contemporary Italian design.

Throughout the Penthouse Collection, ceiling heights reach 12 feet with windows that frame cinematic views of Biscayne Bay and the Miami cityscape. Pierro Lissoni’s modern and refined aesthetic is showcased with an exquisite selection of European fixtures and finishes that imbue the homes with B&B Italia’s unique brand of Mediterranean-inspired luxury. Penthouse units have additional distinct flooring options including natural stones.

Gourmet kitchens feature integrated espresso machines and double-door SubZero refrigerators, and a selection of kitchen cabinet colors exclusive to Penthouse units. Select homes offer eat-in kitchens. The graciously-sized primary bedrooms include dual walk-in closets. Many of the penthouse residences offer baths with freestanding soaking tubs and large showers with Bay views.

For added ease, residents will have the opportunity to work directly with B&B Italia’s celebrated designers to outfit their units. B&B Italia will offer move-in-ready packages with furnishings and décor for each unit type. There is also the opportunity for buyers and designers to personalize their units using pieces from B&B Italia collections.

Casa Bella by B&B Italia offers two full floors of amenities, complete with dedicated entertainment spaces overlooking Biscayne Bay. These spaces range from a spacious party room to a wine vault and tasting lounge, as well as a top-of-the-line private theatre and co-working spaces. A world-class Wellness Center caters to fitness-minded residents, featuring professional-level equipment, as well as dedicated yoga and spin rooms, while the spa facilities offer an array of on-demand services including massages, facials, blowouts and manicure/pedicures.

Outdoors, landscape architect Enzo Enea envisioned a pool deck with lush Italian-inspired gardens to create an oasis within Downtown Miami. The 80-foot lap pool is surrounded by private cabanas and shaded lounge areas, as well as an open-air lawn for yoga and meditation. A poolside bar and Mediterranean café will have light bites and refreshments on offer. On the 56th floor, residents can access the tower’s rooftop pool and terrace, which is complete with a state-of-the-art observatory.

A personal concierge is available to assist residents on or offsite. Services include housekeeping, grocery shopping and delivery, dry cleaning and laundry, nanny and childcare, overnight shoe-shining, pet care services and personal tech support. Additional benefits include preferred tickets to performances and local events and a complimentary one-year membership to the Grand Bay Beach Club in Key Biscayne.

Located at 1400 Biscayne, Casa Bella offers a prime location in the Arts and Cultural District, which is coming into its own as the heart of Miami’s “New Downtown.” The property offers buyers ease of access to nearby hotspots such as the Pérez Art Museum Miami, Frost Museum of Science, the Adrienne Arsht Center for the Performing Arts and Miami-Dade Arena.

Renderings via Related Group

Brightline Reveals New Renderings Giving First Look Inside Its Future Orlando Station

Brightline, the only provider of modern, eco-friendly, intercity rail in America, is pulling back the curtain on Central Florida’s latest attraction, Brightline’s Orlando Station. Brightline has released a video and renderings of the future station, located at Orlando International Airport, that will connect millions and regionalize the state. The station spans three-stories, featuring groundbreaking design and a unique synthesis of luxury amenities that meet the demand of today’s modern traveler. Opening this year, Brightline’s Orlando Station will revolutionize train travel in America and continue Brightline’s vision of offering a guest-first travel experience.

The guest journey begins at the main entrance, located off the airport’s expansive two-story glass atrium. Once inside the station, passengers can purchase tickets from guest services or one of several self-service kiosks, and check luggage before proceeding through touchless turnstiles into the security screening area. Brightline is currently the only rail system in America that screens all passengers and bags prior to boarding.

“This world class train station continues our mission of transforming train travel in America,” said Patrick Goddard, president at Brightline. “We have carefully thought through each detail of this station to ensure that it exceeds the expectations of the modern traveler.”

The station takes the luxury amenities Brightline is known for to new heights featuring an upscale retail experience with convenient in-station shopping and its Mary Mary Bar, serving hand-crafted cocktails and lite bites. The signature sit-down bar is positioned at the far end of the station with a stunning panoramic view overlooking the train platform where guests can leisurely watch as trains arrive and depart the platform.

Located above the Mary Mary bar is an iconic, flip-flap message board that can rotate alphanumeric text and/or graphics to form a message. A nostalgic nod to historic train stations, the flip-flap will provide updated train schedules, boarding times, news of the day and other announcements complete with the flip-flap sound reminiscent of the first passenger train stations in America.

Passengers will access trains by escalator or elevators to the first level platform and board from one of two new track platforms. These platforms are 1,000 feet long and will accommodate a train with four coaches and two locomotives that will transport guests on the Orlando to Miami route in just over three hours.

Brightline offers two classes of service, SMART and PREMIUM. Brightline’s PREMIUM service, will provide complimentary drinks and snacks in a dedicated lounge and train coach. Throughout the station, all guests will have access to free high-speed Wi-Fi, charging stations at every seat, 87 big screen televisions and a children’s play area located in the SMART lounge.

The 37,350 square foot station is located in the heart of Orlando International Airport’s new 80,000 sq. ft. Terminal C and connects directly to the airport’s parking deck C, which will have more than 350 parking spaces reserved for Brightline guests. An automated people mover connects the terminal to the rest of the airport facilities including Terminal A and B in under five minutes.

Brightline’s Orlando station is designed by Bigtime Design Studios, an architecture firm based out of Miami, Florida, that also designed the newly opened Brightline stations in Boca Raton and Aventura, alongside the architect of record Sonny Fornoles of Borrelli + Partner. The buildout of the station is led by Orlando-based contractor Gomez Construction Co., a minority owned business whose headquarters are based in Orlando, Florida, and employs more than 100 workers on this project.

New York-Based Hospitality Concepts Add a New Level of Sophistication to Wynwood’s Culinary Scene

As the Wynwood Arts District continues to evolve into a vibrant enclave marked by world-class restaurants, stylish cocktail bars and eclectic cafes, some of the most notable names in New York City hospitality are now making a play for the neighborhood.

Offering a diverse mix of dining options, designer boutiques and a thriving arts scene, including more than 70 art galleries, Wynwood inspired many Silicon Valley companies such as Founders Fund and Atomic to relocate in recent years. New restaurant and hospitality concepts — several with New York origins — soon followed, adding to Wynwood’s dining and nightlife.

“Wynwood is swiftly becoming the SoHo of South Florida,” said Nick Pérez, Senior Vice President for Related Group, the developer behind the forthcoming NoMad Residences Wynwood and the single most active developer in the neighborhood. “The culinary transformation is pretty incredible, especially when you consider that seven of the restaurants listed in Miami’s Michelin guide are located in Wynwood, alongside many five-star restaurants. The impact that’s having on the neighborhood’s appeal cannot be understated.”

Among the many world-class culinary offerings now calling Wynwood home is Pastis, which will open its doors at New York-based developer Tricap’s 380 Northwest 26th Street in 2023. Driven by two James Beard Award-winning restaurateurs, Keith McNally and Stephen Starr, the Wynwood restaurant signifies Pastis’ first South Florida location, and will feature the classic bistro fare for which the Manhattan institution is known.

Other New York transplants include the Brooklyn import, Freehold, a unique hospitality concept that offers a hotel-like experience without hotel rooms. Encompassing more than 10,000 square feet, Freehold Miami includes a cafe, two bars, a coffee shop and ample co-working space. Wynwood residents can now also snag a slice of New York-style pizza, thanks to the arrival of Shelter, a popular Brooklyn shop, along with iconic eateries Joe’s Pizza and Prince Street Pizza.

The most highly anticipated New York arrival is the NoMad Residences Wynwood, the first hospitality-infused residential concept from global hospitality icon, NoMad Hotels. Developed by Related Group in partnership with Tricap and co-created with the acclaimed hospitality firm Sydell Group, NoMad Residences Wynwood will soon set the standard for the area’s food and beverage experiences.

“Similar to how NoMad New York is credited for transforming Manhattan’s North of Madison enclave into one of the city’s most in-demand neighborhoods, we feel strongly that the NoMad Residences Wynwood will contribute to Wynwood’s explosive growth, leading it to become a top destination within Miami,” said Pérez.

At the heart of this promise is the property’s best-in-class food and beverage offerings, which will be open to the public and include a signature rooftop restaurant and mixology bar concept, The NoMad Bar. The restaurant will be helmed by James Beard Award Winner Leo Robitschek, Vice President, Food & Beverage at Sydell Group and the former Bar Director for New York City’s three-Michelin Star restaurant Eleven Madison Park. On NoMad Wynwood’s ground floor, residents and the community can enjoy a Casa Tua Cucina, an expansive open-kitchen concept offering simple, yet expertly crafted Italian and Mediterranean fare. 

The popularity of the NoMad brand has directly translated into robust sales activity at NoMad Residences Wynwood. Related reports having signed contracts on more than 50% of the building’s condominium homes, including a unit at roughly $2,000 per square foot, which shattered neighborhood price records.

“We know that buyers appreciate the luxury and exclusivity that comes with living in a hotel-branded residential property, especially one that is associated with an established flag such as NoMad,” adds Pérez. “We are confident that the NoMad Residences Wynwood will exceed their expectations for a hospitality-centric living experience.”

Designed in collaboration with globally-renowned partners DesignAgency and Arquitectonica, the nine-story building offers 329 turnkey homes. Layouts range from studios to two bedrooms, each featuring floor-to-ceiling windows and private balconies. All units will come fully furnished, with packages thoughtfully curated by DesignAgency. 

Uniquely developed with no rental restrictions, buyers will have the option to rent their homes to guests for any period of time. A skilled in-house property management team will efficiently manage check-in and check-out processes. 

Adding to the hospitality-focused experience, residents and their guests can take advantage of a full-suite of resort-style amenities, including an expansive rooftop lounge with panoramic views of downtown Miami, a fully serviced pool and sun deck, private cabanas, and a state-of-the-art indoor and outdoor fitness lounge. 

Additional on-site highlights include a card room and private dining room. For art enthusiasts, many of the walls throughout the building will feature museum-quality works from the Jorge M. Pérez Collection, with sections of the building commissioned to artists in ode to Wynwood.

Pricing for NoMad Wynwood’s available units begins at $600,000. For more information or to arrange a private tour of the sales gallery, please visit nomadwynwood.com or call (786) 437-3355.

Global Investment Management Firm Pretium Signs Lease At Eighteen Sunset In Miami Beach's Sunset Harbour

Specialized investment management firm Pretium plans to open an office at Deco Capital Group’s Eighteen Sunset, a Class A office building being constructed at 1769 Purdy Avenue in Miami Beach. Pretium has leased 11,591 square feet on the fourth floor of the project, which together with other completed leases represents approximately 80% of all available office space at Eighteen Sunset. About 9,500 square feet in the building is still available. The project is currently rising after securing a $60 million construction loan last year.

“Miami Beach is excited to welcome Pretium to our community where our business assistance programs and incentives ease the ability of doing business, and our culture and lifestyle benefit business leaders, create jobs, and attract and retain talent,” shared Miami Beach Mayor Dan Gelber.

With more than 4,500 employees, Pretium has over $50 billion in assets under management across U.S. residential real estate, residential credit and corporate credit. Pretium’s Miami Beach office will span more than half of the fourth floor in the five-story building. The company will join a multibillion-dollar, publicly traded Toronto firm that signed a 20,000 square foot lease earlier this year. On the ground floor, Uchiko, a restaurant concept by award-winning Hai Hospitality group, will occupy approximately 6,000 square feet of space. Stephen Rutchik, executive managing director of Colliers International Florida, and Neil King, vice chairman of CBRE New York, represented Deco Capital Group in the transaction, and Daniel Posy, executive managing director of JLL New York, represented Pretium.

“Pretium is excited to be expanding its office presence to Miami, a region with a growing financial services community,” said Laura Cappiello, Pretium’s Chief Human Resources Officer. “Having an office in Miami will enable Pretium to attract and retain premium talent and broaden the pool of diverse candidates we seek to recruit.”

“Miami Beach has seen a significant increase in inbound investment, and the most fundamental change to the city’s economy has been the drive to develop Class A, best-in-class office space capable of accommodating the needs of preeminent global companies,” said Bradley Colmer, founder of Deco Capital Group. “Pretium operates from exemplary offices in international financial hubs and is proud to be one of the trailblazing companies relocating or expanding and establishing a more substantial presence in South Florida. Pretium is drawn to Eighteen Sunset for its quality design, prime waterfront location in the Sunset Harbour neighborhood and market-leading amenities and views.”

The City of Miami Beach has assisted a number of technology and financial services companies in expanding or relocating their operations after launching meaningful business incentive programs and business concierge services in 2021. Pretium participated in the city’s Expedited Plan Review and Permitting Program which offers an accelerated permitting review process of 10 business days. The city’s Job Creation Incentive Program offers an incentive of up to $60,000 per year for up to four years for businesses in targeted industries that create or relocate a minimum of 10 new, full-time jobs with average annual wages that meet or exceed 125% of Miami-Dade County or Florida average wages.

“It is really encouraging to see great companies, like Pretium and others, take advantage of Miami Beach’s programs and services,” affirmed Miami Beach City Manager Alina Hudak. “These programs were created to diversify the Miami Beach economy for the benefit of the entire community.”

Renderings via Eighteen Sunset

Inside PROFILEconnect: The Evolution of Downtown Miami Into a Global Cultural And Business Hub

On Tuesday, November 15th, PROFILEmiami teamed up with PARAMOUNT Miami Worldcenter, Royal Palm Companies, PMG and E11EVEN Partners to host PROFILEconnect: The Evolution of Downtown Miami into a Global Cultural and Business Hub. PROFILEconnect is PROFILEmiami’s high-end bespoke networking event series, bringing together Miami’s real estate and business leaders for an evening soirée of networking and cocktails, while hearing from the top developers transforming Downtown Miami into a global cultural and business hub. Guests enjoyed cocktails by E11EVEN Vodka as well as juice and bites by Pura Vida while they heard from a panel including Michael Simkins of E11EVEN Partners, RPC CEO Dan Kodsi, PMG Managing Partner Dan Kaplan and moderated by legendary architect Kobi Karp. The evening was hosted by PROFILEmiami Co-Founders Demetri Demascus and Katya Demina, CEO of RPC Dan Kodsi and Michael Simkins of E11EVEN Partners.

The evening was attended by an exclusive group of top real estate industry leaders and executives including Michael Simkins, Dan Kodsi, Kobi Karp, Nancy Karp, Dan Kaplan, Patrick Lee, Scott Sherman, David Eyzenberg and Eva Garzon, amongst others. Guests had the opportunity to network and share their experiences developing and building in South Florida through thoughtful discourse, while forging new relationships with senior executives.

The event was sponsored by Eyzenberg & Co., Shorecrest Construction, KOPU Water, Artefacto, ALTARA Properties, University of Miami Herbert Business School, Torose Equities, Master Brokers Forum, Galium Capital, Lionheart Strategic Management, Finvarb Group and The Allen Morris Company.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting and is attended by Miami’s top investors, developers, business professionals, brokers, financiers, architects and designers. Guests had the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders. The third edition of PROFILEconnect is being organized for Q1 2022.

Brightline Opens New Stations In Aventura and Boca Raton

Brightline, the only provider of modern, eco-friendly, intercity rail in America, along with its partners in Boca Raton, Aventura and Miami-Dade County, celebrated the ribbon cutting of its Aventura and Boca Raton train stations. Congressman Carlos Gimenez and Mayors Daniella Levine Cava, Scott Singer and Howard Weinburg were joined by officials from the City of Boca, the City of Aventura, Miami-Dade County and Brightline executives to officially launch the highly-anticipated opening of the two new stations. The first day of service for Boca Raton and Aventura is December 21, 2022.

The ceremony commenced at the entrance of the Boca Raton station at 9 a.m. where city officials and media were welcomed with remarks by Brightline’s President Patrick Goddard, City of Boca Raton Mayor Scott Singer, Florida State Senator Tina Polsky and Milton Segarra of Discover The Palm Beaches. The ceremony proceeded with a tour of the completed station and the inaugural ride from Boca Raton to Aventura.

The ceremony at Aventura began at noon with remarks by Brightline President Patrick Goddard, Congressman Carlos Gimenez, Miami-Dade County Mayor Daniella Levine Cava, City of Aventura Mayor Howard Weinburg, former Miami-Dade County Commissioner Sally Heyman and Citizens’ Independent Transportation Trust (CITT) Second Vice Chair Robert Wolfarth. The ribbon cutting ceremony was followed by a tour of the Aventura station and the inaugural ride from Aventura to MiamiCentral.

With the station openings of Aventura and Boca Raton, Brightline now has five stations in South Florida and will connect travelers to existing stations in Miami, Fort Lauderdale and West Palm Beach. Both stations feature Brightline’s signature autonomous MRKT, SMART and PREMIUM lounges in addition to touchless turnstiles and free high-speed WiFi throughout the station and onboard the train.

Brightline Aventura Station

Brightline’s Aventura station is located at 19796 West Dixie Highway, Miami FL 33180. The Aventura station will allow guests congestion-free travel between all of Brightline’s stations with an estimated travel time to MiamiCentral of about 20 minutes. The station will also offer express service between Miami during the peak morning and evening hour commute periods, saving time and stress for commuters.

As part of the agreement with Miami-Dade Transit, Brightline guests will have access to discounted rides between Aventura and MiamiCentral through the Brightline website and app. Monthly commuter passes for travel between Aventura and MiamiCentral can be purchased at a discount at the Aventura station guest services desk. Starting in January 2023, discounted commuter passes will be available online or through the app. Brightline will reserve capacity on commuter trains for rides between Aventura and MiamiCentral up until 48 hours of train departures.

The 34,000 square foot station features 240 parking spaces, a bus drop-off for Miami-Dade Transit passengers, newly landscaped and hardscape areas and a pedestrian skybridge that transports guests from the vertical transportation towers to the train platform. Brightline is currently designing a new pedestrian bridge which will connect the platform to the Aventura Mall. Upon the station’s opening, Brightline will provide a complimentary bi-directional Brightline+ shuttle to Aventura Mall for guests. The shuttle will be available 14 hours of the day.

The Aventura station has been designed to LEED (Leadership in Energy & Environmental Design) Silver criteria as part of Brightline’s goals to reduce contribution to global climate change, enhance individual human health and protect water resources. These LEED Silver station design features include a solar canopy and installation of electric charging vehicles to reduce emissions and encourage clean transportation, a careful selection of materials to increase healthy indoor spaces and smart technology to reduce water use.

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) Program.

“As Mayor of Miami-Dade County, I spearheaded efforts to alleviate traffic, expand connectivity, and provide more transportation options to our residents. The opening of the new Brightline Aventura station will allow our residents to shorten their commute time and travel comfortably in world-class trains. I look forward to continuing fighting in Congress to deliver much-needed traffic relief for my constituents.” Said Congressman Carlos Gimenez (FL-26)

“This station is an important piece of our plan to bring commuter rail service to the Northeast of our county. Miami-Dade's investment in this station finally brings a new, fast, and convenient connection that is our first important step in providing relief from traffic while slashing our carbon footprint from our transportation system – the largest contributor to climate change in Miami-Dade.” Said Miami-Dade County Mayor Daniella Levine Cava.

Brightline Boca Raton Station

Brightline’s Boca Raton station is located on a 1.8-acre site adjacent to the downtown library and across from Mizner Park and at 101 NW 4th St, Boca Raton, FL 33432. The 22,000 square foot station features a 455-space parking garage which will service Brightline’s guests and visitors to the library, who will have dedicated, covered, and complimentary spaces on the first floor. The station will also provide two complimentary, on-demand Brightline+ EV carts to destinations within downtown Boca Raton. Travel between Boca and MiamiCentral will be approximately 60 minutes.

“Boca Raton is thrilled to welcome Brightline to our community. This train station is a game changer for how our residents and businesses connect throughout South Florida and ultimately Orlando. It’s already spurring additional growth and economic opportunities. It’s a great day for the City of Boca Raton.” Said Mayor Scott Singer, City of Boca Raton

Partners in this project include the City of Boca Raton and Federal Railroad Administration that awarded Brightline and Boca $16.4 million for construction of the station.

“Multi-city inner-state travel just became much more attainable for locals and visitors to southeast Florida. With visitation forecasted to reach new heights this season, Brightline’s enhanced connectivity couldn’t come at a more fitting time. Brightline’s unique transportation offering, presents travelers ease of access into Palm Beach County’s two largest cities’ business/cultural downtown areas, and we can’t wait for new and returning visitors to try it out.” Said Jorge Pesquera, president and CEO for Discover The Palm Beaches- the official destination marketing organization for Palm Beach County

Station Travel Times, Parking + Passes (both stations)

Brightline’s initial schedules for Aventura and Boca are designed to optimize commuter patterns and will focus on peak morning and evening weekday service. During non-peak hours and weekends, Brightline will provide service approximately every other hour. Regular hourly service will continue in West Palm Beach, Fort Lauderdale and MiamiCentral. You can view a full schedule for Boca and Aventura here.

Parking options will be available at both stations upon opening with rates for Brightline guests starting at $7 and walk-up parking rates starting at $6 for up to an hour. Guests traveling from Aventura and Boca Raton stations will also have access to Brightline+ shuttle services offered to South Florida’s biggest games and events.

For guests looking to save on fares, a commuter SMART pass will be available for $229 per month. Passes for SHORT (2-leg) and LONG (4-leg) bookings will also be available for both SMART and PREMIUM. Miami-Aventura passes can be purchased in-person at the Aventura station and will become available for purchase online in early 2023 for $170 per month.