Douglas Elliman Launches Sales at Ocean Glass Residences

Ocean Glass Residences, an exclusive community of 28 luxury townhomes, recently launched sales with Douglas Elliman Real Estate. Located at 10101 South Ocean Drive on Hutchinson Island, the development offers residents a unique combination of waterfront living and modern sustainability features. Designed by Wright Gardner and developed by EcoLogics Group, LLC, the homes feature cutting-edge Green Tech, including floor-to-ceiling impact glass panels and living spaces elevated 13 feet above sea level to enhance durability in the coastal environment.

The townhomes, ranging from 2,970 to 3,280 square feet, offer spacious three- to four-bedroom layouts with contemporary designs and a focus on open living spaces. Each home also includes a 500-square-foot rooftop terrace, providing expansive views of the surrounding nature preserve and the Intracoastal Waterway. Residents will benefit from private 3-plus-car garages, making the community ideal for those seeking both luxury and practicality.

Beyond the individual residences, Ocean Glass Residences boasts 14 private acres, 11 of which are preserved as untouched natural land. This commitment to conservation enhances the community’s peaceful ambiance and ensures long-term privacy. Additional amenities include a centralized clubhouse, complete with a pool and greenspace, as well as outdoor showers for residents to enjoy after beach visits. Notably, the community offers 11 private boat slips and direct beach access, a rare feature in the area.

Conveniently located just minutes from Historic Downtown Stuart, Ocean Glass Residences is close to the area’s best restaurants, galleries, and entertainment venues. With easy access to museums, live theatre, and boutique shops, the development is positioned to offer a blend of serene waterfront living with cultural experiences just a short drive away.

Dean Bloch and Kim Spears of Douglas Elliman are exclusively representing the sales of Ocean Glass Residences, with interest expected to grow as buyers seek out properties that provide a balance between modern luxury, environmental sustainability, and natural beauty.

BH Group, PEBB Enterprises and Related Group Acquired Mixed-Use Shopping Center Development Site For $48.5 Million In Fort Lauderdale

BH Group, PEBB Enterprises and Related Group have closed the $48.5 million acquisition of a waterfront mixed-use shopping center with fully entitled development rights in Fort Lauderdale. The joint venture plans a transformative mixed-use project with brand-new residences, retail and restaurant space. This strategic acquisition underscores the collaborative vision of the partners to enhance urban living and dining experiences in Fort Lauderdale. Amerant Bank provided acquisition financing. BH, PEBB and Related plan to unveil project details in the coming months which will aim to create a vibrant, multifunctional space that caters to both residential and commercial needs.

Located at 1515 SE 17th St. in the city’s Harbordale neighborhood, the 7-acre site is entitled for the development of 361 residential units and 12,000 square feet of retail and restaurants. The site is home to an existing 73,000-square-foot shopping center, The Quay, with the popular Boatyard restaurant, a variety of additional eateries and yachting tenants. It also includes a marina and two-story office building. The property will undergo significant improvements to align with the new development vision.

“Opportunities to acquire an infill waterfront site in a high-traffic area near downtown Fort Lauderdale do not come around often,” PEBB Chief Investment Officer Eric Hochman said. “Our partnership is well-positioned to maximize the site’s tremendous potential. This project will bring unique value to the local community, including new job opportunities and enhanced lifestyle amenities.”

Continuum Company Expands North Bay Village Assemblage With Acquisition of Waterfront Property and Marina

Continuum Company  has expanded their North Bay Village assemblage with the acquisition of Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina in North Bay Village. An acquisition and pre-construction development loan was secured for $67.5 million from  Longline Financial. The property is adjacent to the company’s latest waterfront development in North Bay Village, Continuum Club & Residences, expanding the firms North Bay Village waterfront footprint to 4.5 acres.  The on-site restaurant and hotel will continue to be open and fully operational.

"Securing Shuckers Waterfront Bar & Grill and Best Western On The Bay Inn & Marina demonstrates Continuum's confidence in the promising future of North Bay Village,” said Alexandra Eichner, president of Continuum Florida. "This premier acquisition marks a significant milestone in bringing that vision for North Bay Village’s exciting development to life.” 

“The vision for North Bay Village is exactly the same as the Continuum on South Beach 20 years ago.  We saw a substantially undervalued oceanfront development opportunity and then transformed the neighborhood into one of the most coveted places to live” said Ian Bruce Eichner, Chairman and CEO of Continuum Company. “And this waterfront island address is surrounded by the best of Miami; the Beaches, Bal Harbor Shops, Wynwood, Design District, Culture and Dining, Schools and Country Clubs.”

North Bay Village is primed for re-development following its 2020 rezoning, which is heralding a new era of luxury and elevating the waterfront enclave to  new heights.  Continuum Companies recently launched Continuum Club & Residences, the newest luxury bayfront condominium in Miami's exclusive North Bay Village which is adjacent to the Shuckers Waterfront Bar & Grill property and will rise 32 stories offering 198 residences. Other development projects in the neigborhood include Shoma Bay and Pagani Residences Miami.

Shoma Group Unveils New Mixed Use Project Shoma 88

Shoma Group, a prominent Miami-based developer, has introduced Shoma 88, a mixed-use development poised to redefine the living experience in Kendall. This project signals a significant stride for Shoma Group, highlighting their dedication to providing housing options that blend affordability with luxury living experiences.

Masoud Shojaee, CEO and Chairman of the Board at Shoma Group, expressed excitement for the project, stating, "Kendall holds a special place in our hearts. Shoma 88 represents an opportunity for us to showcase our growth and evolution while maintaining our commitment to quality and community. We're enthusiastic about reintroducing luxury living to Kendall, where our journey began."

Standing 28 stories tall, Shoma 88 boasts 405 rental units, each offering a generous 920 square feet of space. With inclusivity in mind, Shoma Group has designated at least 40 percent of the units for workforce housing, ensuring accessibility for Kendall's essential workforce.

Shoma 88 offers a holistic lifestyle experience by integrating residential living with essential services and amenities. The development encompasses dedicated office space, providing residents with convenient coworking options and fostering a dynamic live-work environment. Additionally, 105,000 square feet of medical office space and 8,000 square feet of retail space will cater to residents' needs for essential services and amenities.

Residents will have access to a wide range of state-of-the-art amenities, including a rooftop pool with barbecue areas, a fully equipped gym, a sauna, a business center, a dedicated kids’ playroom, and a clubhouse. Stephanie Shojaee, President of Shoma Group, underscored the project's inclusivity, stating, "Shoma 88 is more than just luxury living. We're creating a space that meets the diverse needs of the Kendall community, fostering a vibrant hub for residents, workers, and local businesses."

Groundbreaking for Shoma 88 is slated for the first quarter of 2025, with an estimated completion date within 30 months. Shoma MGMT, led by Stephanie Shojaee, will oversee leasing and management for the property, designed by the renowned PPK Architects.

Royal Palm Companies Secure $86 Million Financing for Tuscany Village

In a significant stride towards expanding quality residential options in Orlando, Royal Palm Companies led by Dan Kodsi and the Mattoni Group proudly announce the securing of an $86 million construction financing loan and the launch of Tuscany Village, a sprawling 420-unit multifamily complex set to enhance the Sanford area.

Strategically located at the southwest corner of State Road 46 and Upsala Road, Tuscany Village is poised to become a cornerstone community within Sanford, spanning 21 acres with seven four-story buildings. With construction slated to commence in the coming weeks and phased completion expected by 2026, the project is primed to transform the local residential landscape.

The acquisition of the development site at 4201 West First Street in June for $12.7 million laid the foundation for this ambitious venture. Financing for Tuscany Village has been secured through a partnership with City National Bank and Abanca USA, contributing $68 million in loans, and Origin Investments, providing $18 million in preferred equity. Notably, these financial arrangements feature floating interest rates without a rate cap, reflecting confidence in the project despite current economic uncertainties.

Royal Palm Companies, renowned for its innovative approach to real estate development since its inception in 1978, boasts a portfolio of $4.7 billion in developed, repositioned, and under-construction projects, including over 9,500 completed residential units. The collaboration with the Mattoni Group underscores the significance of Tuscany Village, leveraging their combined expertise to ensure the delivery of a top-tier residential community.

Despite challenges such as elevated interest rates, insurance premiums, and regional specifics like high concrete costs in South Florida, the decision to proceed with Tuscany Village reflects the unwavering commitment of Royal Palm and Mattoni Group to innovation, quality, and meeting the evolving needs of Florida's residents.

More than just a development project, Tuscany Village represents a future home for hundreds of families and individuals, meticulously designed to foster a vibrant and connected community. Royal Palm Companies and Mattoni Group are dedicated to bringing this vision to life, positively impacting the Sanford region and the broader Florida housing market.

Check Out This Private Island At Ocean Reef Club Asking $75 Million

Nestled amidst the waters of the Florida Keys sits a rare opportunity, a 26 acre Private Island plus an additional waterfront mainland home within Ocean Reef Club. The private island island features a pool home, 12 one-acre developable waterfront lots, a 20-slip marina capable of accommodating a mega-yacht, three separate apartments, dockmaster office, a white sand beach and two tennis courts which convert to a helipad for a 10 minute flight to Miami. Modern infrastructure including fiber optic cable, water, & electricity, ensures seamless connectivity and convenience. The mainland property within Ocean Reef Club is a four-minute boat ride away and features a 100 ft. dock. The illustrious Ocean Reef Club features a private airport, two championship golf courses, a world-class 175-slip marina, impressive tennis & lawn sports facilities, full-service fitness center, salon and spa, medical center, oceanfront inn, and an array of shopping and fine dining options.

Pumpkin Key, 10 Cannon Point, Key Largo is listed for $75,000,000 with Liz Hogan of Compass.

Images via Legendary Productions

Inside the PROFILE South Florida Capital Markets Summit at E11EVEN Residences Miami

On Wednesday February 7, 2024 PROFILEmiami hosted its inaugural, sold-out South Florida Capital Markets Summit at the E11EVEN Residences Beyond sales gallery in Downtown Miami’s fast growing District 11 and Miami Worldcenter. The luxurious event featured PROFILEmiami’s highly regarded Bespoke Networking powered by E11EVEN Vodka and an engaging panel exploring the current state and future of how real estate in Miami is valued, financed, and transacted with South Florida’s top real estate and finance executives. The exclusive panel featured industry leading developers Dan Kodsi of Royal Palm Companies, Juan Pedro San Martin of Merrimac Ventures and financiers Raul Llanes of City National Bank, Michael May of Silverstein Capital and Justin Oates of Cain International; moderated by Matt Einheber of TitleEQ.

Panelists had a comprehensive discussion about the current capital stack in commercial real estate deals and explored strategies that sponsors can employ to optimize their capital structure. The discussion also delved into the market's underwriting standards and loan-to-value ratios, uncovering their influence on loan approvals; as well as a spectrum of financing options, from debt and equity to mezzanine financing and EB-5, and grasp typical terms offered. The industry leading panelist also shared stories about their past experiences and how they navigated their careers to get to where they are today.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event brings together Miami’s real estate industry and business professionals to network and connect outside of a traditional business setting. Guests enjoyed E11EVEN Vodka and an open bar powered by Title EQ as well as Zeroe Plant Based Caviar.

Lion Development, PMG and LNDMRK Development Team Up To Purchase Overtown Development Site

Michael Simkins’ Lion Development, Property Markets Group (PMG) and Alex Karakhanian’s LNDMRK have partnered to purchase Overtown’s Block 19 located at 105 NW 11th Terrace for $16.5 million. The 1.5 acre development site will be a Transit Oriented Development (TOD) with a combination of market-rate and workforce housing apartments, along with parking for residents and visitors. City National Bank has provided an initial $8.25 million mortgage on the property.

As one of the largest property owners in Overtown, Lion Development Group has been a longtime catalyst for growth and vitalization in the area, working alongside the community and partner agencies such as the Southeast Overtown Community Redevelopment Agency (CRA) to reinvigorate the area with the goal of creating a dynamic and walkable urban core, promoting economic advancement and culture-building environments.

“We are proud to bring this new development to life by working alongside community leaders and organizations to enhance the Overtown neighborhood, as well as bolster the growth and economic impact of the area,” says Michael Simkins, CEO of Lion Development Group. “As local business owners committed to the neighborhood, it’s been incredible to see the growth and revitalization of Overtown over the past decade. We believe this development will further invigorate the area and provide additional opportunities for locals and guests alike to thrive through new investment that is dedicated to honoring this culturally significant neighborhood.”

"PMG is looking forward to partnering once again with Lion Development Group and LNDMRK in the collaborative effort to bring the Block 19 project to Overtown,” says Ryan Shear, Managing Partner of PMG. “Our longstanding partnership with Lion Development Group has consistently yielded transformational properties, and Block 19 will be no exception. This development aligns with our vision to develop impactful mixed-use residential projects in Miami and beyond.”

“LNDMRK is very excited to be part of this project alongside Lion Development and PMG,” says Alex Karakhanian of LNDMRK. “Our visions align and we are motivated to bring a project that not only fills a gap in the marketplace, but adds new elements of energy and transformation to the Overtown community. We look forward to moving onto the next phase of development and bringing the neighborhood a project that will set the tone for new buildings in the area.”

Overtown currently hosts a collection of culturally significant businesses and organizations that have thrived with the support provided by the Southeast Overtown Community Redevelopment Agency. The team has a unique vision for the future of Overtown that includes making the neighborhood more walkable and connected to the Downtown core, specifically through Miami-Dade County’s Transit Oriented Development (TOD) area requirements. By incorporating features such as improved walkways, bike lanes, and enhanced roads, among other elements, the initiative seeks to attract residents from neighboring areas while simultaneously enhancing the daily lives of those residing and working in Overtown.

Clara Homes Closes On $7.7 Million Residential Site in Miami's Wynwood Neighborhood And Reveals Kobi Karp Designed Renderings

Clara Homes, a Miami-based real estate development firm founded by James Curnin, has closed on a $7.7 million residential development site in Miami’s trendy Wynwood neighborhood. Located at 2601 NW 6th Avenue, the 17,000-square foot site is planned to become a 154-residence luxury rental building designed by architect Kobi Karp. The building will include at least 40% affordable workforce housing as part of the Live Local Act and will rise roughly 200 feet. Jordan Karp of Jordan Karp, LLC. represented Clara Homes in the deal, while the seller, men’s clothing wholesaler Austin Burke, was represented by Jeremy S. Larkin and Joseph R. Gallaher.

“Wynwood is one of the hottest Miami markets to invest in and only continues to increase in value as new cultural, dining and art institutions open in the neighborhood,” said James Curnin, CEO and Founder of Clara Homes. “When presented with the rare opportunity to acquire the land at such an attractive rate, we jumped at the chance to create a new rental experience in this rapidly growing part of town.”

The acquisition closed at $450 per square foot, approximately 40% below other Wynwood land sales, which typically average between $750 to $1,000 per square foot. The site was sold as a cap rate play instead of a redevelopment play, with attractive below-market seller financing at 5% and a sale leaseback for at least a year to a year and a half.

While plans are still in progress for the upcoming project, the luxury rental building is projected to offer a full suite of premium amenities and sophisticated touches, as well as 24-hour doormen, valet service, dedicated ground floor retail space and Miami’s first rooftop padel court, catering to the city’s heightening interest in the rapidly growing global racquet sport. Construction is expected to begin sometime within the next 12-15 months and will take about 18 months to complete.

Clara Homes is also in the process of developing its first multifamily development in South Florida, Clara Bay Harbor, following the firm’s success developing, building, and selling numerous luxury spec homes for above market rate prices. Clara Bay Harbor will be completed in three phases, having begun construction of the first building located at 10281 West Bay Harbor Drive.

Messi Mania: Construction Begins on Miami Freedom Park and Inter Miami CF Stadium

Inter Miami CF has begun construction began on Miami Freedom Park and The Inter Miami CF stadium, following the closing of one of Miami’s last remaining pubic golf courses, Melreese Country Club: Miami International Links. Construction is now underway on Miami Freedom Park, a 131-acre privately funded entertainment district development anchored by a new 25,000-seat fútbol specific stadium and 58-acre public park. Miami Freedom Park scheduled to open in 2025 and the official groundbreaking ceremony will take place later this year.

Crews and heavy equipment are now on site, performing earthwork and sitework that will move across the 131 acres concurrent with vertical construction. This multi-phase effort will see the stadium, public park, entertainment, hospitality, retail, and new infrastructure that make up Miami Freedom Park’s first phase all progress rapidly.

Miami Freedom Park will feature a full range of entertainment and commercial offerings including office space, hotel, shops, restaurants, the stadium and additional experiences and attractions. Recreational components of the project include a new 58-acre public park featuring soccer and youth athletic fields for the community.

"With Inter Miami my family set out to build something truly transformational. In just four years we have changed the perception worldwide of American soccer. As we commence construction of Miami Freedom Park that same vision guides us,” said Jorge Mas, Inter Miami CF Managing Owner. “In creating a multi-faceted space we will set a new standard of what sport complexes can be. We look forward to delivering a food and entertainment destination for families to enjoy year-round. I can’t wait to welcome our fans to our state-of-the-art stadium and hear the chants as Messi and your Inter Miami players take the pitch for the first time in 2025.”

Leasing and commercial partnership efforts are underway to attract best-in-class partners, tenants, and retailers, including established and emerging brands and companies that will enhance this iconic new destination for Miami.

Earlier this year, Inter Miami CF ownership brought on experienced megaproject and sports-anchored real estate investment and development veteran Devon McCorkle to lead the effort as President of Miami Freedom Park. Devon has further curated a team of best-in-class design, engineering, project management and construction firms to bring Miami Freedom Park to this milestone and move the project into the execution phase following completion of the planning and approvals phase.

“The level of attention and the influx of inquiries we are receiving have been incredible, a testament to the positive impact of Lionel Messi on Inter Miami CF and the City of Miami,” said Devon McCorkle, President of Miami Freedom Park. “Everyone wants to be part of what we’re creating, a new entertainment district that will be the centerpiece of family activities and experiences in Miami. We are in discussions with stadium sponsors, hotel brands, major attractions operators, restaurant groups, cultural institutions and many other exciting potential partners. We will deliver an incredible home for them at Miami Freedom Park.”

Miami Freedom Park’s design team team includes Miami-based architecture firm Arquitectonica, global arena and stadia design firm Manica, and industry-leading large-scale stadium project managers CAA Icon. Following delivery of the stadium and initial retail and entertainment offerings in 2025, Miami Freedom Park will deliver additional retail, hotel and commercial phases through 2030.

Miami hit Messi mania following the international soccer superstar and World Cup champion’s announcement he would join the American Major League Soccer team Inter Miami FC in a blockbuster mega-deal announced on July 15. Inter Miami CF, owned by David Beckham, Jorge Mas and Jose Mas, became one of the most-Googled soccer teams in the world surrounding Lionel Messi’s debut with the team this summer, garnering over 8.4 million searches in two months and searches for both Inter Miami CF jerseys and tickets up over 1,000%. Ticket prices jumped from below $50 on average to nearly $500 for the cheapest ticket to see Messi play live, similar ticket price spikes occurred for his first game with Inter Miami CF in Orlando as well as in New York. Following Messi’s announcement he would be joining Inter Miami CF the team’s Instagram account would jump from 175,000 followers to over 4.4 million.