Affiliate of RPC, Participant Capital Advisors, Launches $250 Million Multifamily Fund

An affiliate of Royal Palm Companies, ‘RPC’, Participant Capital Advisors, a real estate investment firm that manages private equity real estate vehicles, announced the launch of its latest fund: the Participant Capital Sun Belt Multifamily Development Fund 1 (the "Fund"). The Fund has a fundraising target of $250 million in commitments to allocate to multifamily development projects in the booming Sun Belt region. The Fund is a closed-end private equity real estate vehicle with an 8-year projected term. Apex Group Ltd. has been appointed as the Administrator for the Fund. Participant Capital Advisors is affiliated with leading Miami-based development firm Royal Palm Companies, RPC, and is led by Dan Kodsi and Bernie Wasserman.

The Fund will be particularly focused on the state of Florida where it is targeting low-rise multifamily projects in the rapidly growing suburbs of Orlando and Tampa, and mid/high-rise projects in Miami and other major urban centers in South Florida.

"U.S. demographics, migration, work from home trends, and rising residential costs strongly favor multifamily development in Florida," said Participant Capital President Bernie Wasserman. "Florida's stable migration is the backdrop to its major cities experiencing some of the highest rent, job and economic growth in the country. Our latest fund will provide accredited investors with access to this growth story via investments in institutional quality multifamily development projects."

Participant Capital is a real estate investment management firm that empowers wealth managers with the ability to invest their clients' capital in Class A real estate development projects alongside institutional investors. Participant Capital principals have a 30+ year track record in development. Through its affiliation with Royal Palm Companies (RPC), Participant Capital is able to capitalize on a rich development history and experience that spans over 50 real estate projects, 9,500 units, 18 million square feet, and over $4.7 billion of value creation. Participant Capital invests alongside best-in-class institutions in branded real estate including RPC's proprietary development brands: PARAMOUNT®; Legacy Hotel & Residences®; Elevate; and Grand Reserve®.

Touzet Studio-Designed Entertainment Development 'The Vessel' Hits The Market For Lease in Wynwood

Leasing is now underway at ‘The Vessel’, a high-end multi-space commercial development located at 101 NW 26th St. in Wynwood. The ultra-modern property was designed by Touzet Studio, who also designed Miami' Beach’s Apple and Nike flagship stores on Lincoln Road. ‘The Vessel’ spans 20,000 SF of leasable retail space and features multiple F&B entertainment suites complete with outdoor terraces and a rooftop with spectacular views of the vibrant Wynwood neighborhood. ‘The Vessel’ is currently under development with delivery expected in early 2025.

Wynwood has been one of the fastest growing neighborhoods in recent years and ‘The Vessel’ is drawing interest from some of the most renowned restaurant groups in the world. Other hot restaurants in Wynwood include Hiden, Hiyakawa, Bakan, Kyu, Doma, Uchi, Omakai and Astra.

Currently for lease include 8,200 SF on the ground floor, a 2,700 SF indoor retail space with a 1,900 SF outdoor terrace on the second floor as well as a 3,800 SF retail space with a 4,200 SF outdoor rooftop terrace. Jonathan Carter and Ryan Brodsky of Collier’s have the listings for the retail spaces and are searching for only the best and highest performing restaurant groups to lease in the building. For more information on leasing contact the team at Collier’s here.

CYMBAL DLT Companies Locks Down $95 Million Loan For Newly Built Oasis Pointe Residences In Dania Beach

Miami-based real estate development and construction firm Cymbal DLT Companies has secured a $95 million loan from Kookmin Bank and Related Fund Management for Oasis Pointe Residences, a multifamily complex in Dania Beach that they recently developed and will now continue to be part of the Cymbal DLT Collection of communities in South Florida.

Within 29 months of groundbreaking, Cymbal DLT paid off its $60.3 million construction loan to 3650 REIT and distributed to their equity investors over a 130% return, a return that will continue to grow with ongoing cash flow. The loan will allow Cymbal DLT and their investors to keep the newly built 301-unit community as part of their growing multifamily portfolio. Cymbal DLT has a development and construction pipeline of over $2 billion in South Florida.

“We are grateful to our investors and lenders for the confidence that they have placed in us,” said Asi Cymbal, Chairman of Cymbal DLT. “We are proud of the fact that we have rewarded our investors with unmatched returns and have always paid our lenders in full.”

“Cymbal DLT’s focus on best in class has allowed us to mitigate risk and thrive during these turbulent times,” added Hector Torres, CEO of Cymbal DLT.

Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank, and Asi Cymbal, Hector Torres, Jacob Nunez, and Jake Fleischer from Cymbal DLT worked to close this deal. Cymbal DLT’s private financier Christian Uriarte and Gautham Atreya of Cymbal DLT brokered the loan. John Hotte of Krinzman Huss Lubetsky Feldman & Hotte was legal counsel for Cymbal DLT.

The 2.4-acre waterfront complex opened 8 months ago and is 97% leased. It serves as the area’s first waterfront apartment building with 301 units, thoughtfully designed details, and exceptional indoor and outdoor amenities to create fresh-air havens of relaxation and retreat. The living spaces of the building feature a mix of studios, one, two, and three-bedroom luxury apartments with open floor plans and modern features.

The residential design of the luxury indoor and outdoor living spaces respond to the timely demands for better natural ventilation, lighting, and fresh air quality while the amenities seek to enhance the mental and physical well-being of residents.

Inspired by the surrounding water and nature, key amenities and features of the eight-story building include: a meditation garden; a waterfront boardwalk with a 19-slip marina; a Zoom lounge with private office suites and workstations; an outdoor lap pool; a fire pit with outdoor BBQ and picnic areas; state-of-the-art, open-air fitness facility and yoga studio; an indoor lounge and game room; and a dog park.

Located at 150 South Bryan Road in Dania Beach with easy access to I-95 and I-595, Oasis Pointe is in close proximity to the Fort Lauderdale-Hollywood International Airport, Port Everglades Cruise Port and the corporate headquarters of Spirit Airlines and Chewy. It is adjacent to Dania Pointe, a mixed-use development that features premier shopping and dining options, commercial spaces, and a dual-branded hotel.

The Ritz-Carlton Residences, Estero Bay Hits $240 Million In Sales

The Ritz-Carlton Residences, Estero Bay sales velocity has continued to propel through the month of April, achieving $240 million in sales to date, as it sails toward the next benchmark of beginning construction this summer. The property, led by visionary London Bay Development Group, will feature 224 distinguished residences within two elegant 22-story towers on nearly a mile of waterfront. With purchases now under contract, this surge of activity is the result of interest from buyers drawn to the property’s unrivaled offerings and the rare opportunity to live among nature, on the shore of the thriving Estero Bay aquatic preserve.

"The overwhelming demand for these residences attests to the long-term value and unparalleled lifestyle of The Ritz-Carlton Residences, Estero Bay and the tremendous appeal of living in the brand new coastal village of Saltleaf on Estero Bay. Here, residents will have at their doorstep a world-class marina with a five-star waterfront restaurant, an 18-hole championship golf course designed by Raymond Floyd, a nine-hole short course for all ages and levels, and hundreds of acres of natural beauty,” said Mark Wilson, CEO of London Bay Development Group. “There is truly nothing else like this in Southwest Florida and our Owners recognize that."

The 5,000-square-foot sales gallery, located at 5000 Coconut Road in Bonita Springs, features an immersive setting features a 3D scale model of the 30-acre property, along with a full-size residence kitchen, wet bar with wine storage, master bathroom and master closet made from custom millwork, featuring all finishes and appliances. There is also a technology-driven conference room, presentation areas, an on-site selection studio and virtual reality experiences.

Priced from $3 million, The Ritz-Carlton Residences, Estero Bay range from 2,628 to 3,885 square feet and include two, three- and four-bedrooms with a den. Dedicated private elevator entry, unobstructed sunset views of the bay and spacious balconies up to 2,200 square feet enhance enjoyment of daily life. Storage will be abundant, with generous bedroom closets and a personal private storage unit located on the resident’s floor. Owners will have a choice of three finish packages assembled by Meyer Davis, the award-winning New York design studio behind the property’s stunning interiors and impressive shared spaces.

Nestled beside the natural beauty of the state’s oldest aquatic preserve of Estero Bay, the residences present a rare opportunity for the legendary brand in a sheltered oasis. Imagined by globally acclaimed design firm Arquitectonica, the cascading façades of the buildings are inspired by the tranquil waterfront setting, integrating harmoniously into the surrounding topography. Allowing for maximized vistas, each condominium frames the sky to capture natural light, from sunrise to sunset.

Legendary Ritz-Carlton service and personal connections will be apparent in all facets of ownership through The Experience Studio, whether seeking a private training session or spa treatment. A rich program of amenities spans five acres, with 36,000 square feet of indoor offerings. This includes a Wellness Center with garden views offering fitness, a yoga and Pilates studio, a private training section, and locker rooms with steam and sauna. A centrally located, 8,000-square-foot space will present a Sunset Lounge, private dining room, Sports & News Café, Wine & Whiskey room, card room, and demonstration and catering kitchen.

The property’s outdoor oasis stimulates wellness, surrounded by enchanting gardens by landscape architect EDSA. Residents can enjoy three pools and floating-like pavilions at an expansive lagoon water feature. Bocce courts, multiple fire pits and barbeque stations also promote group gatherings.

The Ritz-Carlton Residences, Estero Bay is set within the new coastal village of Saltleaf on Estero Bay, a reimagined, master-planned community that connects residents to over 500 acres of nature preserve. A short walk leads to the 72-slip Saltleaf Marina, which recently broke ground, and Saltleaf Golf Preserve, a reimagined 18-hole championship course with a brand new nine-hole short course, currently underway and opening for play later this year.

Minutes away is the friendly town of Bonita Springs, home to dining, boutiques, and galleries, and Barefoot Beach, named one of the top 10 beaches in the U.S. Getting to The Ritz-Carlton Residences, Estero Bay is easy, only 20 minutes from Southwest Florida International Airport.

Swire Properties and Related Companies Commence Demolition On Future Site of One Brickell City Centre Supertall Office Tower

Swire Properties Inc., the U.S. subsidiary of global developer Swire Properties Limited, and Related Companies, one of the most prominent privately-owned real estate firm in the United States, have officially commenced demolition on the site of the future One Brickell City Centre, an approximately 1,000-foot supertall tower that will be the tallest commercial building in Florida. Miami Mayor Francis X. Suarez, Henry Bott, the President of Swire Properties and Stephen M. Ross, the Chairman and Founder of Related Companies, were in attendance at the event today to celebrate moving forward with this premier office development that validates the tremendous strength of the Miami office market. As part of the program, one of the buildings currently on the site was partially demolished through a stunning display where multiple floors of glass and concrete were carved out of the structure.

One Brickell City Centre will feature 1.4 million total square feet of office space and the largest floorplates ever approved for a commercial office building by the City of Miami. Located in the heart of Miami’s financial district, at the corner of Brickell Avenue and SE 8th Street, it will overlook the Miami skyline offering 360-degree views of Biscayne Bay, Miami River, and Downtown Miami. One Brickell City Centre is the second phase of Brickell City Centre, a $1.05-billion, 4.9-million-square-foot, mixed‐use development that opened in 2016 and was developed by Swire Properties.

“This will be an iconic building that will reshape the Miami skyline, the third-largest skyline in America. It will attract the world’s best talent to Miami. Thank you to Related and Swire, who have doubled down with confidence in the future of our city,” said Miami Mayor Francis X. Suarez.

“One Brickell City Centre is a transformative development that sets the standard for the future of office buildings and showcases to the world’s leading companies that Miami is the new destination to call home. Swire Properties and Related Companies take great pride in collaborating on a truly innovative office development that features thoughtful design, cutting-edge technology and amenities and features that aren't available elsewhere in Miami’s office market,” said Henry Bott, President of Swire Properties Inc.

“Today marks an inflection point in the Miami office market as the workplace of yesterday is torn down to make way for future,” said Stephen M. Ross, Chairman and Founder of Related Companies. “One Brickell City Center combines the best-practices of luxury hospitality and wellness projects with the latest workplace insights to create the flexible, amenity-driven, lifestyle workspace that leading companies, many of them already Related tenants in other markets, are increasingly looking for to fuel collaboration, engagement and retention of top talent.”

Internationally renowned architecture firm Arquitectonica designed the building with the office of the future in mind, with features and amenities ideal for tenants in Miami’s fastest growing sectors including financial services and technology. One Brickell City Centre features thoughtfully envisioned and spacious floor plans, outdoor terraces on nearly every floor, column free interiors, numerous indoor/outdoor spaces for meetings and gatherings, and state-of-the-art technology features to meet the needs of the most discerning office tenants.

One Brickell City Centre marks the first time Swire Properties has collaborated with Related Companies. Both companies share a vision for creating vibrant neighborhoods that change the urban landscape with innovative developments that positively impact communities for generations to come.

Related Companies has extensive experience in Florida and has redeveloped Downtown West Palm into one of the nation’s fastest growing commercial, retail, culinary, art and tourism destinations. Related Southeast leads the market in Class AA office with 360 Rosemary, CityPlace Tower, Esperanté, Phillips Point and the forthcoming 1 Flagler, as well as the celebrated destinations of Rosemary Square, Hilton West Palm Beach, and RH West Palm. Swire Properties has spearheaded the transformation of Miami as well as Brickell’s history and skyline by instilling its core values of quality, integrity, originality and long-term focus to each of its developments, which include Brickell City Centre, the Mandarin Oriental Hotel, EAST Miami hotel and restaurants, as well as the entire island community of Brickell Key.

One Brickell City Centre is situated at the entrance to Brickell City Centre, which is LEED Gold Certified and includes: 500,000 square feet of shopping, culinary and entertainment offerings; the 352 key EAST Miami hotel; the condominium towers Reach & Rise; two additional office towers providing 260,000 square feet of space; the $30 million Climate Ribbon, which promotes sustainability through water conservation and energy efficiency; and a 2,600-space underground parking garage. It can be accessed directly from the I-95 at SW 8th and is in close proximity to many city transit options.

Other supertalls coming to Miami include Waldorf Astoria Hotel & Residences Miami which was recently issued the first vertical construction permit for a supertall in Florida. The tower is nearly sold-out and is being developed by PMG and Grey brook Realty Partners, Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT). Another is 888 Brickell, a luxury condo tower at 888 Brickell Avenue being developed by JDS Development which was previously branded as MAJOR in partnership with Major Food Group. Most recently billionaire hedge fund magnate Ken Griffin and his firm Citadel are planning a supertall bayfront mixed use office tower at 1201 Brickell Bay. Related Companies has also been quite active in the Palm Beach office market.

The Ritz-Carlton Residences, Naples Reaches 50% Pre-Construction Sell-Out With $250 Million in Sales in 90 Days

The Ritz-Carlton Residences, Naples, one of the most widely-anticipated signature enclave to be unveiled along Florida’s Gulf Coast, is now 50% sold with half of the project’s residences now under contract, realized in about three months since the official January 2023 launch. The Ritz-Carlton Residences, Naples is being developed by Naples-based STOCK Residences, the luxury condominium division of STOCK Development.

In total, the development comprises just 128 homes and penthouses, spread throughout five boutique buildings, giving the lush, six-acre property an inimitable abundance of privacy, space, and exclusivity. The initial release consisted of 108 dwellings within the project’s Bay and Tower properties.

Pre-construction sales at The Residences, which currently exceed $250 million, have outpaced the surrounding area’s ultra-luxury condominium market. The nationally recognized, award-winning STOCK attributes the unprecedented demand to the boutique-style community’s idyllic waterfront setting and adjacency to Vanderbilt Beach, bespoke concierge services and 50,000+ square feet of state-of-the-art amenities managed by The Ritz-Carlton, private full-service marina and amenity-rich park, and generously sized designer homes.

“To reach the 50% sold milestone in a matter of three months speaks volumes about this development and the confidence our Owners have in our product and the matchless excellence of The Ritz-Carlton,” said Brian Stock, CEO of STOCK Development. “This is brand-new construction in one of Naples’ most sought-after waterfront locations -- a neighborhood where there is virtually no opportunity to buy new or even build new. In addition to these estate-like homes and high-end amenities, which are hallmarks of STOCK’s 20+ years of industry success, our buyers, who span the globe, know that a myriad of high-touch comforts and conveniences will be at their beck-and-call.”

Well-sited at the intersection of Vanderbilt Beach Road and Gulf Shore Drive, The Residences are flanked by Vanderbilt Beach and the Gulf of Mexico to the west and Vanderbilt Lagoon to the north, offering Owners direct access to unparalleled waterfront amenities and services. Highlights in each of the homes and penthouses, which currently start at $3.7 million, include expansive terraces, contemporary European-style kitchens and baths, Cambria quartz countertops, 10 to 12-foot ceilings, Wolf and Sub-Zero appliances, porcelain and wood floors, and private elevator entrances.

The Residences’ architecture and designs have been uniquely inspired by the unspoiled beauty that surrounds them.  Under STOCK’s direction, a trio of visionaries has crafted the haven-like retreat: Curts Gaines Hall Jones (CGHJ) Architects, internationally renowned interior designer Cristian Pinedo of SUSURRUS, and landscape architectural firm Booth Design Group. 

In addition to an exclusive concierge, a 22-slip marina, and verdant park with walking trails, a putting green, and covered pavilions, amenities at The Residences will include The Vanderbilt Club -- a 28,000-square-foot club with a Grand Owner’s atrium and lobby lounge, private restaurant, business center and coffee lounge, state-of-the-art fitness center, and a full-service spa -- a kids’ room, a teen room with a Formula 1 simulator, and a club lounge with a golf simulator and private theater, among other features.   The project will also have 22,000 square feet of outdoor amenities, including a resort-style pool, lap pool, cabana suites, and fire pits. The Residences are furthermore located directly between Naples’ two existing Ritz-Carlton hotels -- both of which are approximately three miles apart.

“No one knows luxury lifestyle amenities better than STOCK, so our collaboration with this exceptional brand could not be a better pairing,” added Claudine Leger-Wetzel, Vice President of Sales and Marketing for STOCK Development. “Our team has spent years painstakingly developing this project, ensuring that it is the premier homestead for those seeking extraordinary, resort-style living in a private coastal setting.”

Suffolk Construction is the general contractor, while engineering is being overseen by J.R. Evans Engineering. The pre-construction phase of the community is already underway at the site, with delivery anticipated for 2026.    

The Residences’ lavish sales gallery is located at 2355 Vanderbilt Beach Rd., Suite 106.

Newgard Development Group Partners With YUPIX To Bring Immersive Meta-Reality Tours to LOFTY Brickell

Forward-thinking real estate developer Newgard Development Group continues to innovate and enhance the luxury residential preconstruction experience. In the latest example, Newgard is partnering with immersive technology platform YUPIX to offer meta-reality tours of its LOFTY Brickell.

LOFTY is a 44-story waterfront luxury condominium high-rise under development on the Miami River in the heart of Miami’s financial district. The most elevated offering in Newgard’s flexible ownership concept, LOFTY is already one of the Miami condo market’s most successfully sold buildings. This new collaboration with YUPIX promises to take interest in LOFTY to even greater heights.

Through the partnership, a representative from Cervera Real Estate – the exclusive sales and marketing partner for LOFTY – will be on-site at YUPIX’s Wynwood facility to guide real estate agents and prospective buyers through the surreal multisensory experience.

“The term gamechanger is overused, but YUPIX is truly changing the game when it comes to preconstruction sales,” said Cervera Real Estate Managing Partner Alicia Cervera Lamadrid. “Buyers are increasingly more discerning when considering where to purchase in Miami. Having the ability to take someone inside a luxury building long before its completion is a major competitive advantage for a project like LOFTY.”

YUPIX’s disruptive technology gives participants a palpable feeling of walking through LOFTY’s penthouses and luxurious amenity areas, while taking in the building’s incredible views from different vantage points.

“We always strive to push boundaries and redefine what is possible through our developments,” said Newgard Development Group CEO Harvey Hernandez. “Partnering with YUPIX accomplishes that and showcases LOFTY in a new and innovative way. The LOFTY team cannot wait to welcome our buyers to the LOFTY metaverse.”

To schedule a meta-reality tour of LOFTY, call (786) 461-9221 or email info@LOFTYBrickell.com.

Designed by Arquitectonica, the 362-unit LOFTY features 309 tower residences including studio, one- and two-bedroom units alongside 40,000 square feet of thoughtfully curated amenities, including a private marina, a members-only social club, resort pool deck and fitness center, indoor/outdoor cigar lounge, co-working lounge and meeting rooms.

LOFTY’s 53-unit Penthouse Collection offers spacious two, three and three-bedroom plus den residences that are curated and will be furnished by revered design firm Artefacto. Penthouse prices range from $1.95 million to over $3.5 million.

Located directly across from Brickell City Centre, LOFTY is the next evolution of condo ownership, conceived to bring a 5-star alternative for the owner and traveler that might prefer to stay and own differently – yet does not want to compromise on the services and amenities of a hotel. Each residence will be delivered fully finished and furnished and, with professional management, will permit short-term rentals.

The tower will feature the first-ever NFT art collection 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 at closing.

INC, the multi-disciplinary INC Studio responsible for LOFTY’s 44 stories of swanky interiors. Urban Robot Associates is the landscape architect.

LOFTY Brickell is located at 99 SW Seventh St., Miami, FL 33130. You can visit LOFTY Brickell’s website here.

Tibor Hollo and Family Celebrate Grand Opening Of 'Tibor and Sheila Hollo Park" in Brickell

Tibor and Sheila Hollo have celebrated the opening of the coveted 35,500 square foot park that so many urban Miamians have grown to love and enjoy with their families. Located at 1814 Brickell Avenue, the heavily landscaped park includes enhanced playground equipment, shade structures, beautiful views, decorative fencing, modern lighting, meditation benches, and a dog park. The park also features a memorial created from one of the last remaining steel beams unearthed from the ruins of the World Trade Center.

A ceremony took place on Monday, May 1st at 11 a.m., including the Hollo family, friends, and team members. Dignitaries from the City of Miami and Miami-Dade County officially honored Tibor and Sheila Hollo as another example of the vast amount of time and resources that they have invested in the redevelopment of the Brickell corridor. Representative Carlos Gimenez recognized Mr. and Mrs. Hollo with a key to the city and a proclamation, stating that May 1st is now “Tibor and Sheila Hollo Day” in Brickell.

“We love the vibrant Brickell area and the hustle-bustle of its live-work-play environment, but there is always room for a restful, quiet greenspace for the public to enjoy,” said Sheila Hollo, philanthropist, community leader, mother, and grandmother.

In 2014, the Tibor and Sheila Hollo Charitable Foundation donated the funds necessary to acquire the land and pay for park improvements. Former City of Miami Commissioner Marc Sarnoff pushed to get the park redesigned and constructed for the Brickell community at the time.

The Hollo family, founders of Florida East Coast Realty (FECR), were early visionaries of the redevelopment of Brickell, Downtown Miami, and the Omni District. Founded over 60 years ago by Tibor Hollo, Florida East Coast Realty (FECR) has built more than 60 million square feet of construction, consisting of landmark residential and commercial high-rises, single-family homes, government buildings, marinas, high-end retail centers, warehouse complexes, and telecommunications centers. The company has developed, owned, and managed a wide array of properties, with sustained growth in multiple real estate sectors. With new ideas and ambitious projects on the drawing board, the Hollo family and the entire FECR team are eager and ready to continue innovating, pushing boundaries, and reshaping the Miami skyline for many years to come.

The Perigon Reveals Exclusive $37 Million Ultra-Lavish Penthouse West In Miami Beach

Miami Beach’s most anticipated oceanfront condominium towers, The Perigon, designed by OMA, has revealed its crowned jewel Penthouse West, an exceptional new listing priced at $37 million offering panoramic views of the Miami skyline, Biscayne Bay and the Atlantic Ocean. The two-story Penthouse West, featuring a dynamic composition of gracious interiors offering uninterrupted ocean views as well as sweeping outdoor spaces, represents Miami Beach’s highest level of luxury coastal living.

The ultra-lavish Penthouse West fulfills the demand for a modern residence, teeming with the rarest touches of finishes and materiality. As one of the only new developments with a prized location directly on the sand, rising 17 stories tall, The Perigon exclusively offers a premium amenity suite, Michelin-starred chef curations and dining services, cutting-edge architecture and the ultimate luxury of privacy and exclusivity.

“Catering to the most discerning buyers, we curated every detail of The Perigon with their lifestyle in mind, from architectural design, to interiors, to the food and beverage programs, always offering a refined yet approachable style of luxury,” said Camilo Miguel Jr., CEO of Mast Capital. “Penthouse West is the epitome of this offering, appealing to those seeking sophisticated design, seclusion and privacy, unparalleled views of the ocean and Biscayne Bay, and the pinnacle of indoor-outdoor luxury living.”

Situated at 5333 Collins Avenue between Indian Creek and the Atlantic Ocean, The Perigon’s Penthouse West will invite its residents to enjoy an enriched lifestyle atop Miami Beach’s most celebrated architectural marvel. Residents will enter their residence through their private elevator landing, leading directly to the grandiose abode spanning two stories, four bedrooms, five bathrooms and a powder room. Its expansive 5,685 square feet of interior living space complements the 6,487 square feet of exterior space spread over multiple outdoor terraces and a private landscaped rooftop. This private, wraparound oasis with sweeping ocean and Miami-city views includes a 30-foot, infinity edge swimming pool, sundeck, lounge area, full outdoor summer kitchen, complete with a grill for outdoor dining.

Enviable interiors and high-end finishes integrated throughout the open-concept floor plan by designer Tara Bernerd, best known for her hotel and private yacht properties, distinguishes the Penthouse from any other offering in the market. A double-height great room with soaring 22-foot ceilings leaves a lasting impression and is accentuated by a wraparound terrace. The unique combination of hand selected organic fabrics, refined materiality and tailored weaves creates dimension throughout the space with the juxtaposition of stone, glass, and wood, as seen with the dramatic yet modern floating staircase.

Envisioning the penthouse with the essence of a five-star resort, Bernerd selected materials that subtly nod to the city’s iconic beach. Thus, color palette choices for the home include a warmer Italian Walnut or a lighter, European White Oak, a material also found in the dual primary bathroom’s vanities. The design of the bathroom captures the serenity of a spa featuring 10-inch thick, honed white marble countertops, dual rain showers, two enclosed water closets, and a white marble soaking tub with bronze accents opening to private outdoor terrace space. These bronze fixtures appear again in the Chef’s kitchen alongside custom Italian cabinetry, stone face drawers, honed marble countertops and backsplash, custom fluted marble island with a gas cooktop, walk-in pantry, and integrated Sub Zero and Wolf appliances that include a full-height wine refrigerator and double oven.

Perfectly equipped for dining and entertaining, the kitchen at Penthouse West opens onto a private breakfast terrace offering magnificent water and city views. The primary bedroom includes two oversized dressing rooms, a midnight bar, and a private outdoor living room to retire at the end of the day and take in stunning views of the sunset over the coast. The three guest suites feature their own walk-in closets and private terraces, and the staff quarters include a separate ensuite bathroom. Through its attentiveness to detail and emphasis of space and privacy throughout its floorplan, the resulting design language for Penthouse West upholds Miami’s nautical and cultural traditions, appealing to the well-traveled and design-conscious resident wanting to experience all the city has to offer.

“As the global elite consider adding a Miami residence to their collection, it became clear that the market needed a new oceanfront trophy residence that would impress an eclectic clientele. Penthouse West is a home that will quickly capture the attention of a worldly, sensible buyer that appreciates space, privacy and refined design,” said Jay Parker, CEO of Douglas Elliman.

As the first residential building designed by OMA New York on Miami Beach, The Perigon is the city’s premier destination for luxury coastal living with its bold architecture, impeccable design, and sophisticated, elegant interiors. The tower was inspired by the rivieras of Europe to combine the intimacy of a single-family home with the allure of high-rise living for an elevated waterfront living concept. The light-filled open floor plans include 10-foot ceilings complemented by 10- to 12-foot-deep wraparound terraces, custom Italian kitchen cabinetry in the grand kitchens, primary bathrooms adorned in marble with dark bronze fittings, and dramatic soaking tubs overlooking the shoreline and Miami skyline in select residences.

The Perigon is also the only building to offer more than 20,000 square feet of amenities providing both exclusivity and an idyllic Miami Beach setting for connection and socializing. Honoring its balmy environment, the building invites its residents to embrace the true indoor-outdoor living experience it so thoughtfully crafted. The plentiful hybrid, indoor-outdoor spaces create a seamless connection to nature, and lush gardens and serene water features envisioned by Gustafson Porter + Bowman, the landscape architecture firm that designed the green space at the Eiffel Tower, further elevates this South Floridian oasis. From a breakfast and sunset lounge and oceanfront, residents-only, private restaurant and speakeasy led by world-renowned, Michelin-starred Chef Shaun Hergatt to an oceanfront swimming pool with cabanas, terraced fitness center with water views, children’s playroom, private salon, screening room, and billiards room, The Perigon’s full suite of unparalleled amenities will entice its residents to enjoy life to the fullest.

The Perigon, a joint venture between Mast Capital, one of South Florida’s most active real estate development and investment firms, and Starwood Capital Group, a leading global private investment firm, is currently in the process of demolishing the existing structure on the site and slated to complete construction in 2026. Pricing starts at $4.14 million, with sales and marketing exclusively handled by Douglas Elliman Development Marketing.

Merrimac Ventures and BH3 Management Join Forces For New Development on Watson Island

BH3 Management and Merrimac Ventures, two of South Florida’s leading development firms, have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will draw upon their deep local roots and collective expertise to bring to life 10.7 acres of land on the island, which is one of the most vital properties in South Florida, situated along Biscayne Bay midway between Downtown Miami and Miami Beach.

The BH3 Management and Merrimac Ventures JV acquired the lease from Mehmet Bayraktar’s Flagstone Property Group who first acquired the rights to develop the land via Miami voters in a city-owned land referendum in 2001. Flagstone Property Group was able to complete the Island Gardens Mega-Yacht Marina but failed to complete the proposed mixed-use development which is set to include hotels and retail. The lease then went through a series of dramas including the City Commission voting to end the lease with Flagstone Property Group who used the city and ultimately the city entered an agreement to pay the developer $20 million.

The transaction between the BH3 Management and Merrimac Ventures JV with Flagstone Property Group was brokered by Alex Zylberglait on behalf of Marcus & Millichap and does not include the Island Gardens Mega-Yacht Marina. The Joint Venture now holds the 75-year lease paying $2 million in annual rent to the City of Miami.

Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to BH3 Management and Merrimac Ventures. In the coming months, the development team will be evaluating how this portion of Watson Island can be designed, curated and programmed to deliver public benefits while aligning with today’s market.

Benefiting from a long track record of bringing signature developments to life, the joint venture has deep experience undertaking transformative projects and creating regional destinations. BH3 Management, led by principals Daniel Lebensohn and Gregory Freedman, has developed more than 4 million square feet of commercial real estate including Privé at Island Estates in Aventura, and has deployed in excess of $2 billion of capital since its inception.

“Watson Island is one of the City of Miami’s most important and well-situated properties, yet it’s also one of its most underutilized assets,” said Greg Freedman, Principal at BH3 Management. “For two decades, Miami residents have been anticipating the creation of a mixed-use development at this site, and now that vision will come together. Our plans for Watson Island will deliver an amenity for nearby residents, as well as a destination for visitors from across South Florida and around the world.”

Merrimac Ventures, led by brothers Nitin and Dev Motwani, is currently developing assets valued above $3 billion and its principals have led some of the largest real estate developments in South Florida, including the $4 billion, 27-acre Miami Worldcenter in Downtown Miami; the Four Seasons Fort Lauderdale Hotel and Residences; Paramount-branded condominiums in Miami and Fort Lauderdale; and the Las Olas Riverfront.

“The development of Watson Island is an opportunity to rethink the way people can access this beautiful site, which offers unobstructed vantage points featuring the Downtown Miami skyline, Biscayne Bay, Museum Park, and the cruise ships at PortMiami,” said Nitin Motwani, Principal at Merrimac Ventures. “Miami is synonymous with the water, and yet there are surprisingly few places where residents and visitors can access the waterfront. Our plans for Watson Island will be centered around public space and the site’s bayfront setting, offering some of the best views in all of Miami.”

Miami voters initially approved plans for the privately-funded development of City-owned land on Watson Island back in 2001, and the lease on the property was most recently modified in 2019. A site plan is already approved, combining hotel, retail, and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters previously approved, ushering in investments in quality-of-life, resiliency, and infrastructure improvements – without putting a burden on taxpayers.