Vladislav Doronin and Len Blavatnik Receive Approval For Aman Hotel & Residences In Miami Beach's Faena District

Vladislav Doronin and Len Blavatnik have received approval from Miami Beach City Commissioners to build Aman Hotel & Residences in Miami Beach’s Faena District. The developers will build a new 250’ tall tower adjacent to the historic Versailles Hotel located at 3425 Collins Avenue, in addition to restoring the Versailles Hotel back to its former splendor. Aman Hotel & Residences Miami Beach will feature a 56-room hotel and 23 condominiums.

The approvals required a zoning change for height increase from the permitted 203’ to the proposed 250’. The height increase had been met with community opposition from several Historic Preservation Board members, including chairman Jack Finglass, as well as residents of the King David Condominium across the street. The final plans still must be submitted and approved by Miami Beach’s Historic Preservation Board.

Len Blavatnik is an American industrialist and philanthropist whose firm, Access Industries, owns a diverse portfolio of over 6 million square feet across iconic hotels and other commercial and residential properties in the United States, Europe, South America, and the Caribbean. Along with Alan Faena, Blavatnik developed the neighboring, ultra-luxury condo tower, Faena House.

Aman Hotel & Residences Miami Beach would be the first Aman Resort in South Florida. Vladislav Doronin is the chairman of Aman Resorts, in addition to being CEO of real estate development firm OKO Group. OKO Group’s Miami portfolio also includes luxury waterfront residential towers; Missoni Baia and Una Residences; and 830 Brickell, Miami’s first new office skyscraper in over a decade

Lennar Acquires 209 Home Lots In Delray Beach's Avalon Trails Community From 13th Floor Homes

Lennar Corp. (NYSE: LEN) has acquired 209 home lots from an entity tied to 13th Floor Homes in the Avalon's Trails community in Delray Beach for $27.64 million. The price pans out to roughly $132,000 per lot and the seller may be eligible to participate in the success of the project where homes are priced from the mid-$300,000’s.

Avalon Trails broke ground in 2019 and is located on a 110 acre former golf course at 7472 N. Oriole Blvd. which 13th Floor Homes acquired for $5.4 million in 2018. The total site is approved for 521 homes for the senior 55+ community and 13th Floor Homes still owns a site approved for a 200 unit multifamily development which is yet to break ground.

Amenities at Avalon Trails include a clubhouse, multiple pools, fitness center, business center, billiards room, tennis courts, pickle ball, bocce ball and card rooms. The project will also feature 2.4-miles of trails for walking, running and biking.

Fortune International Group Acquires Development Site On Pompano Beach Waterfront For $27.5 Million

Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway. Fortune International Group purchased the site from Lionheart Capital for $27.5 million. 

“The sheer fact that there are so few waterfront sites of this magnitude available anywhere along the South Florida coastline -- from South Beach to Palm Beach -- makes this an extremely appealing opportunity for homebuyers,” continued Defortuna.  “Furthermore, residents are going to have the best of both worlds: the ability to put their boat in the water, or enjoy a day on the beach.”

Plans for the project are expected to be unveiled in the first half of 2021.  A 30-story tower is approved for the site on the ocean and a 12-story building on the Intracoastal. The complex will be comprised of 239 residences and the property will feature a private marina and shared beachfront amenities.   

“On the heels of our success at Auberge, which is located just a few minutes south of this site, we plan on bringing a world-class project to Pompano Beach -- one that will offer a very unique lifestyle for the benefit of local residents as well as those who are relocating to South Florida, such as Northeast and Canadian buyers,” said Edgardo Defortuna, President and CEO of Fortune International Group. 

Seven Valleys Acquires Wynwood Development Site From RedSky And JZ Capital For $26.06 Million

An entity affiliated with the New York-based RedSky Capital and London-based JZ Capital Partners has sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million. The buyer was the New York-based real estate investment and development firm Seven Valleys. The trade equates to $479 per square foot dirt value and there is currently a 2,576 square foot structure on the property. The joint venture initially acquired the property in 2016 from Goldman Properties for $30.75 million and had proposed the Forum, a 144,781 square foot mixed-use development with office and retail space designed by Enrique Norten of Ten Arquitectos.

Miami Heat Star Udonis Haslem And Magellan Housing Score Approval To Build Wynwood Works On City Owned Land

A partnership between Haslem Housing Ventures, led by Miami Heat star Udonis Haslem, and the Coral Gables-based Magellan Housing, have received approval from Miami’s Omni Community Redevelopment Agency (CRA) to build Wynwood Works, a 12-story mixed-use apartment project in Wynwood. Wynwood Works will be built on city owned land at 2035 North Miami Avenue.

The development partnership will receive a land grant from the CRA valued at $6.5 million at no charge and a contribution of $9.9 million cash grant in exchange for 50 years of income restrictions on the apartments. The total project costs are estimated at $39.9 million and with the grands provided by the CRA the development partnership will not need to seek Low-Income Housing Tax Credits (LIHTC). In 2018 the Omni CRA committed $100 million to the development of affordable housing. The development partnership will restrict 10% of the units to those earning up to 30% of the area median income (AMI), an additional 10% of units to those earning up to 50% of AMI, another 10% to those earning up to 80% of AMI, 25% up to 120% of AMI and the remaining 45% for those earning up to 140% of AMI. The partnership will also share 45% of the annual rental income from the ground-floor retail.

Wynwood Works will rise 12-stories and will feature 104-units of mixed-income apartments on a 20,238 square foot site. The project is designed by MC+G Architecture and will feature a mural designed in partnership with the Miami Light Project and Bakehouse Art Complex. Wynwood Works will also feature 6,711 square feet of ground-floor retail, 102 parking spaces and a sixth-floor amenity deck which features a fitness room, co-working space, a community room and a garden. Apartments will range from 405 square foot studios to 1,150 square foot 3-bedroom layouts. The unit mix will be broken down by 42 studios, 43 one-bedroom units, 12 two-bedroom units and 7 three-bedroom units.

The Estate Companies Secures $36M Construction Loan For Luxury Rentals in Miami's Health District

The Estate Companies, a leading developer of luxury multi-family developments throughout South Florida, has secured a $36 million construction loan from Bank OZK for Soleste Spring Gardens, an eight-story Class A, 240-unit luxury rental community at 1033 Spring Garden Rd. within the Miami’s historically designated Spring Garden district and Health District. The closing took place September 9th. 

Soleste Spring Gardens will offer studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens will be a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features, including a resort-style pool with spacious sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations. 

“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” stated Jeffrey Ardizon, principal, The Estate Companies. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan. The entire team worked tirelessly to get this project financed in record time.” 

Ardizon added, “The Miami Health District is home to the nation’s premier medical and research programs and a growing hub for the biotech industry. We look forward to delivering a Class A community to this quaint yet burgeoning area.” 

Soleste Spring Gardens offers a bevy of conveniences for working professionals who will value its central location and access to public transportation. The site is just two blocks from the Culmer Metrorail Station, which provides a six-minute ride to the Brightline rail stop, and abuts on one of Miami’s main arteries, the Dolphin Expressway. Soleste Spring Gardens is also less than three miles from Brickell and the Downtown Miami office market, which represents the largest office market in South Florida, and is in close proximity to Downtown Miami’s Arts & Entertainment District, Midtown Miami, the Miami Design District and Wynwood.

Miami’s Health District is the second-largest medical district in the U.S. after Houston with approximately 30,000 employees and home to world-famous Jackson Memorial Hospital and the University of Miami Hospital. 

The Estate Companies is also developing Miami’s second large-scale opportunity zone development, Soleste Grand Central in Downtown Miami, and recently acquired of a five-acre site occupied by a former Ramada Hotel in Hialeah with plans for redevelopment. In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach. 

SHVO Wins Approval To Move Forward With The Development of The Raleigh Hotel Masterplan In South Beach

Real estate owner and developer Michael Shvo, chairman and CEO of the NYC-based real estate investment and development firm SHVO, has won approval from the Historic Preservation Board (HPB) of the City of Miami Beach to move forward with the three-acre master plan development of The Raleigh Hotel. The three-acre site includes the neighboring South Seas and the Richmond, located on Collins Avenue and 18th Street in Miami Beach.

"The Raleigh Hotel is the crown jewel of Miami Beach,” said Shvo. “This approval marks a new milestone in the partnership between SHVO, South Beach and the surrounding community. SHVO will continue to honor Miami's rich history and culture. We vow to play a significant role in the city’s continued growth and transformation.”

The board approved The Raleigh Master Plan to fully restore the three properties and to unify them as one site in order to operate them as a luxury hotel and condominium building, as presented by developer Michael Shvo and his partners. The approved plan includes construction of a new 175-foot oceanfront residential tower designed by Kobi Karp behind the Richmond and South Seas.

The plans, which were submitted to the board in April, will restore The Raleigh Hotel and its iconic pool, and the historic frontage of the Richmond and South Seas Hotels to their original 1941 grandeur, conceived by legendary architect L. Murray Dixon.

Shvo and his team worked diligently over the past 18 months with the HPB and held over 100 meetings with Miami Beach stakeholders to ensure that the proposed plans would maintain the building’s original façades, effectually restoring the streetscape. Shvo describes the redevelopment will restore the existing façades “exactly the way it was when it was originally built.” This includes the removal of the penthouse floor that was added to The Raleigh in 1961, the restoration of the original façades of the South Seas and the Richmond hotels. 

SHVO purchased The Raleigh Hotel from Tommy Hilfiger in February 2019 for $103 million and later purchased the Richmond and South Seas for a combined $140 million in August 2019.

Given The Raleigh’s storied history, SHVO is committed to returning it as a cultural beacon for the greater Miami community. Last year, SHVO installed The Raleigh Gardens, an immersive and free temporary installation on the grounds of the hotel, featuring extraordinary sculpture from Les Lalanne.

Second Largest Lot On Allison Island To Hit Market Seeking Record $12.9 Million

A double lot on Miami Beach’s Allison Island will soon hit the market seeking a record $12.9 million. The assemblage is the second largest on the island, only behind Louis Vuitton CEO Michael Burke. The luxury home development site spans 37,800 square feet and features 175’ of water frontage. The $12.9 million asking price is a record price per square foot for land on the island which has seen consistently rising prices over the years. The most recent sale recorded in the MLS is 6431 Allison Road which closed for $7.25 million in January 2019.

The double lot assemblage opportunity is a combination of 6505 Allison Road, which is listed for $6.7 million, for the 21,600 square foot lot; and 6525 Allison Road, a 16,200 square foot lot listed at $6.2 million. Both properties are listed by Ida Schwartz and Minette Schwartz of The Schwartz Team with Compass.

Allison Island is located in the La Gorce neighborhood in the North Beach section of Miami Beach on the Indian Creek Waterway. The island is divided by 63rd St. into a north section with waterfront homes and estates, as well as the southern section where the luxury condo community Aqua is located. Access to the home community is gated 24 hours a day and connects to North Miami Beach by a bridge. Every single-family home on the Island features direct water access to Biscayne Bay.

Allison Island was built by Carl Fisher in 1912 in honor of his business partner, Jim Allison. Allison began developing the island in 1926 when he opened a state-of-the-art hospital to provide service to residents of Miami Beach. In 2003 developer Craig Robins, who would later go on to develop Miami Design District, completed a major transformation of the island when he delivered the Aqua condo community project.

For more information about 6505-6525 Allison Road, private showings or purchasing/ leasing information please fill out the form below:

One Of The Last Development Sites On Downtown Fort Lauderdale's Federal Highway Corridor Is Asking $12.5 Million

One of the last development sites on downtown Fort Lauderdale’s Federal Highway corridor has hit the market asking $12.5 million. Located at 150 N. Federal Hwy., the property is being marketed for sale by Native Realty, the Fort Lauderdale-based commercial brokerage led by founder and CEO Jaime Sturgis.

The 0.78-acre site is walking distance to many of the city’s most popular bars and restaurants on Las Olas Boulevard and in Flagler Village. It is just down the street from Virgin Trains USA’s Fort Lauderdale station. Existing zoning potentially allows for hotel with up to 212 rooms, residential with up to 109 units or a 12-story mixed-use development.

“You could not ask for a more well-positioned development site at the gateway to downtown Fort Lauderdale,” Sturgis said. “We anticipate substantial interest in this offering given the scarcity of such properties in the city’s urban core.”

Sturgis and Native Realty’s Dan Ross are also exclusively marketing one of the last available land assemblages in Flagler Village. The 600, 614 and 618 NE Third Ave. and 313 NE Sixth St. assemblage is priced at $7.7 million and has zoning that allows for a wide variety of development up to 150 feet.

For more information about 150 N. Federal Hwy., private showings or purchasing/ leasing information please fill out the form below:

Amazon To Build Largest Distribution Center in South Florida After Scoring Approval From Miami-Dade County

Miami-Dade commissioners have voted unanimously to sell a vacant lot located at 13200 Southwest 272nd Street near the Homestead Air Reserve Base in South Miami-Dade County to Amazon for $22,056,853, clearing the way for Amazon to build a new distribution center to service South Florida. Amazon will invest $80 million into the property to build out the distribution center which will be a minimum of 1 million square feet and could become the largest in the region. The distribution center would be used to distribute products including food, produce and groceries. The facility is expected to create at lease 325 permanent full-time jobs with an annual salary of $32,000. 25% of the funds paid by Amazon to acquire the site will be dedicated to the Miami-Dade Affordable Housing Trust and the remaining funds will be allocated to the Homestead Air Reserve Base Fund. The South Miami-Dade facility would be the 4th distribution center used by Amazon in the South Florida region.