Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?

Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims. The longer the standstill goes on, the worse the economic fallout will be. 

As May rents come due and unemployment rates continue to jump, providing assistance to households should be a top priority for policymakers. The prospect of a rent strike has been trending in the news and on social media, but a voluntary movement to skip rent payments could destabilize not only the housing market, but the American economy as well. How many months of working capital do small businesses have to stay afloat, in order for those furloughed and laid off employees to have jobs to return to after nationwide and state stay-at-home orders are eased and how will South Florida’s real estate market fare in the coming months? 

May Day: May 1st Is Here

Multifamily landlords were pleasantly surprised with April collections. In an exclusive webinar interview hosted by PROFILE last week, President of Tate Capital, James Tate, who has over $1B assets under management, told us “We’re 90% collected,” talking about his 10,000+ door multifamily portfolio. Now it’s May 1st and everyone is wondering what May rent collections will be. “May 1st will be a good deciding point to see how many people default,” added Allen Morris, Chairman and CEO of the Allen Morris Companies.  

Morris said his April multifamily rent collections were at 95%. He’s opening two new apartment buildings in Orlando this summer and is taking a proactive leasing approach. “People are signing leases, assuming the University of Central Florida is holding its fall semester. We’re giving tenants a guarantee in their lease. If they delay opening the university, we will delay rent until school opens.” Offering tenants flexibility gives them the security to sign leases now and is helping to forge a positive landlord-tenant relationship that will be dependent on open communication, should issues with payment arise in the future. 

Trending: Socialist Whispers

With talks of rent strikes sweeping the country, landlords have been portrayed as vultures preying on the pockets of financially insecure tenants, when they remain responsible for property taxes and other carrying costs that help pay for public improvements, education and other municipality benefits. Diligent landlords are communicating with their tenants and weeding out those who are taking advantage of the public health crisis, says Shahab Karmely, CEO of KAR Properties. Those who can, should pay rent to support the services their communities need. Those directing their frustrations toward landlords may have valid concerns: with the economy shut down by government-mandated order, how are people supposed to pay bills and keep businesses running?  

In New York, politicians pushing socialist rhetoric and big government reach such as Alexandria Ocasio Cortez have called for rent strikes and rent cancellations. Movements in New York City even claim to have “identified” landlords who can take a “shave”. Lack of payment means that owners will not be able to stay in business and manage the building to the tenant’s expectations, including paying for things like common area maintenance (think: how much does it cost for a cleaning crew to wipe down all public surfaces in a building multiple times a day). Landlords also pay property tax, insurance, debt service, management fees and capital expenditures for improvements. 

Most commercial real estate investments are made by an owner contributing an equity portion to a project, but a majority of the total costs are funded through debt that is usually collateralized by the asset (if it’s senior debt). Typical sources of debt include pension and life insurance funds, which could be the life savings of either a tenant or a landlord. When landlords are unable to meet their debt obligations, the cascading effects don’t stop at their coffers, but trickle down to all Americans. Not making rent payments could derail future opportunities for many, including someone’s retirement age. 

Karmely added “The real pandemic to hit New York City multifamily was the legislature that strangled the landlords in this business,” which will continue to make Florida’s real estate investment climate more attractive. Multifamily product in New York City has been trading between 3-5% cap rate, depending on the neighborhood. The low trading cap rates for core product has made some investors nervous about paying such a premium for an asset that the New York government has so much control over. 

Another risk for New York investors is that South Florida’s pricing for comparative rental and condo inventory is cheaper than it’s NYC counterpart, while providing higher quality-of-life with more space and building amenities. From an investment perspective, it is also easier to manage assets in Florida where there is no government-enforced rent control, rent stabilization, or near-impossible eviction procedures for delinquent tenants.

Opportunities on the Horizon

The cure to the virus is causing an economic calamity that is hitting everybody and everything, which means opportunities will be on the horizon three to four months from now when property owners' cash reserves run dry, especially for retail and restaurant real estate assets. 

Many have posited, is the cure worse than the virus? How long can residential and commercial tenants pay their rent amid an economic shutdown? Will we be able to produce our way out of a recession with unemployment in the double digits? Likely not - Uncle Sam will be waiting in the shadows with hand outstretched to collect his dues. As we all sit on the sidelines, awaiting our fates, the solution appears to be a function of time. 

“My biggest concern is that we were hit with an 11 magnitude earthquake, and we all got knocked down. Unfortunately, after a major earthquake in coastal areas there is a tsunami. My concern is how are these small businesses supposed to remain open and sustain themselves for the next six to eight months unless something material is done by the federal government? Who’s going to hire those 30 million unemployed people back? If you ask me why I can’t sleep at night, that’s what I’m really concerned about,” opined Tate to cheers of “Jimmy Tate for President!” 

-- Special reporting by the PROFILEmiami Team. Isabella Zimmermann, Katya Demina and Demetri Demascus contributed to this article.

UNIVERSITY OF MIAMI HOSTS ITS NINTH ANNUAL REAL ESTATE IMPACT CONFERENCE

On Friday, February 28th, the University of Miami School of Architecture hosted its ninth annual Real Estate Impact Conference, which brought together board members, students, faculty, distinguished alumni and real estate professionals. The invitation-only conference was hosted at the Four Seasons Hotel in Brickell with support from presenting sponsors Douglas Elliman Real Estate, Kislak, and Witkoff. 

More than 650 University of Miami students and alumni, including many South Florida commercial real estate and finance professionals, discussed both threats and opportunities in the market at the multidisciplinary conference.

“Bringing together faculty and students from our schools of architecture, business and law is an important step in tackling today’s complex problems,” said University of Miami President Julio Frenk. “This conference is an excellent example, because real estate is essential to Miami’s economy with an impact around the world.”

In addition to panel discussions and networking sessions, there were several special programs available to MRED+U, MBA, MSF and Law School students throughout the day. One of the benefits of membership on the University of Miami Real Estate Advisory Boards, which consist of over 100 prominent real estate professionals, is personal contact with the best and brightest students. Advice With Impact was an intimate, morning networking session which was attended by students and sponsors such as IBERIABANK, Plaza Construction, CBRE and Whitman Family Development. 

University of Miami students were also invited to apply for the premier networking opportunity of the school year: the Swire Scholar Luncheon. Scholars received complimentary registration ($300 value) to attend the conference and participated in a private luncheon with advisory board members from the Architecture, Business and Law schools. David Martin, vice president of retail at Swire Properties, welcomed UM’s Swire Scholar students to the opening luncheon, where they had an opportunity to discuss their studies and career plans with UM’s Real Estate Advisory Board members.

For MBA student Jack Shelgren, the Swire Scholars luncheon provided valuable learning and networking opportunities. “As an intern, I did research and financial analysis, learning about multifamily, office and retail asset types,” he said. “Now, I’m an associate at Freeman Property Group, gaining an entrepreneurial perspective, while working on acquisitions for our clients.”

In the afternoon, top executives from JP Morgan Chase, Ventas and Hines took the stage and provided valuable insight on today’s real estate market. They commented that hospitality services are playing an increasingly important role throughout the commercial real estate market, as employers seek to recruit and retain talented workers. Another emerging trend is the growing demand for medical office properties and senior housing driven by the aging of the U.S. population. Without question, the global spread of the novel coronavirus COVID-19 poses a threat to global real estate markets, according to Matthew Cherwin, treasurer and chief investment officer of JP Morgan Chase. 

The school also highlighted its Research Initiative, which was introduced in 2018 by Dr. Charles Bohl, Director of the Master in Real Estate Development + Urbanism (MRED+U) Program. “Both the University of Miami and our Real Estate Advisory Boards have made Resiliency a top research priority of immense relevance to South Florida and coastal communities around the world. It is through joint research initiatives like this that our students, faculty and researchers can help us address the big, challenging issues of our day, including the adaptation and development of more resilient buildings, infrastructure and communities,” said Bohl. Professor Mark Troen and students from the MRED+U program presented this year’s findings on stage. 

The 2020 Impact Conference Organizing Committee consists of Andrea Heuson, Charles Bohl, Manuel de Zarraga, Nitin Motwani, Alfonso Munk and Steve Witkoff. Nitin Motwani, Managing Principal of Miami Worldcenter and Chair of the MRED+U Advisory Board, closed the standing-room-only conference by reminding participants that, “The University of Miami Real Estate Impact Conference supports all real estate education at the University, which has become an interdisciplinary powerhouse that blends real estate programs in finance, development, and law with construction management, architecture and engineering.” 

Aston Martin Residences Demonstrates Gaggenau Kitchens With Acclaimed British Chef Justin Brown

G&G Business Developments announced the addition of its luxury kitchen amenities available to owners and their guests at the Aston Martin Residences in Miami on Tuesday, February 18th, with a royal and retrospective celebration of British cuisine in collaboration with one of today’s leading and award-winning British chefs. To commemorate the enduring heritage of English gastronomy and to kick-off the annual week of Wine & Food festivities, the coveted luxury development showcased the new Aston Martin Residences Kitchen and the historic excellence of Britain’s classic dishes enjoyed by members of the royal household over several decades, as part of a unique collaboration with the acclaimed British Chef Justin Brown.

Chef Brown made a highly anticipated debut appearance in Miami to unveil this culinary alliance, with a special cooking demonstration in front of invited guests at the Aston Martin Residences sales centre in downtown Miami. The preview event paid homage to traditional English cuisine with a tribute to the celebrated British legacy Aston Martin is globally renowned for.

“The Aston Martin Residences Kitchen further harnesses the expression of Aston Martin’s design DNA and architectural excellence,” says German Coto, CEO of G&G Business Developments. “Gastronomy will play an important part of the family living experience at Aston Martin Residences, whereby the kitchen often forms the soul of the home for loved ones and friends who come together socially and culturally to share their passion for food. A shrouding of radiance, purity and warmth ensures the kitchen environment is both intimate and inviting for both casual cooks and the most seasoned gourmand, who can enjoy today’s top-of-the-line appliances and amenities with relaxing confidence. The Aston Martin Residences Kitchen pays homage to the Art of Living and our commitment to its indelible imprint of impeccable design.”

Invited guests of Aston Martin Residences experienced a taste of classic and contemporary British cuisine especially curated by Chef Brown, featuring a number of plates historically served to the royal family, including Fresh Salmon Confit with Garden Herb Salad (the appetizer at Prince William’s wedding); 10 Hour Slow Roasted Pork Belly (the main course at Prince Harry’s wedding) and Sticky Toffee Pudding with Clotted Cream (a favorite of Her Majesty The Queen), The event was set against the picturesque waterfront backdrop of downtown Miami, while showcasing the world’s finest in kitchen design at Aston Martin Residences, featuring Gaggenau appliances and Bulthaup cabinets.

Award-winning Chef Justin Brown has relocated to Miami after spending more than 15 years at the helm of some of the leading restaurants in the UK and Europe, working alongside today’s most iconic personalities of the culinary world including Jamie Oliver and Robert Clayton. Chef Brown realized how South Florida’s burgeoning gastronomic scene was an opportunity to infuse his own style of contemporary and upscale English cooking into a region that is historically unfamiliar with modern British cuisine.

“I’m delighted to mark my debut in Miami by this most unique collaboration with Aston Martin Residences,” says Chef Justin Brown. “I chose a series of classic British meat and fish dishes that have been served and enjoyed as favorites of the royal family for generations. I pride myself on engaging the audience with a traditional culinary experience by cooking with authentic ingredients used in recipes taken from England’s southern counties, Victorian London and the Cotswolds region in particular, where the heritage of Britain’s royal family belongs. I also wanted to demonstrate the true character and essence of English culture and how you can really feel at home with your own comfortable style of cooking in the brilliance of an Aston Martin Residences Kitchen.”

The design vision for the Aston Martin Residences Kitchen by Marek Reichman, EVP and Chief Creative Officer at Aston Martin, was based upon the ability to bring balance and harmony between the outdoor tropical climate and the warmth of the indoor kitchen space. The 66-story building of curvilinear glass and steel will be a diamond-like centerpiece towering high above downtown Miami’s waterfront and therefore it was considered essential for the kitchen to alleviate the monumental grandiose of the property in order to install a sense of intimate luxury while cooking at home.

Images via World Red Eye

For more information about Aston Martin Residences, private showings or purchasing/ leasing information please fill out the form below:

PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

GRAND OPENING OF THE MR. C RESIDENCES COCONUT GROVE SALES GALLERY

David Martin’s Terra and Ignazio Cipriani’s Mr. C hosted the Mr. C Residences Coconut Grove sales gallery grand opening event on February 5. Guests enjoyed live music, hors d’oeuvre and cocktails in the Mr. C Residences Coconut Grove sales gallery adjacent to Fresh Market. The new development marks the first residential project for the Mr. C brand and is set to deliver a next-generation residential experience rooted in service, design, cuisine and lifestyle. 

Residence interiors and amenity spaces are being designed by Meyer Davis, who worked closely with Ignazio Cipriani and the Mr. C team to create an on-brand experience synonymous with old-world European sophistication, cuisine and nautical inspirations. 

At the event, long-time friends David Martin and Mayor Francis Suarez took the stage alongside project leaders, to give thanks and create excitement around the future of Coconut Grove, home to other projects by both Terra and Mr. C. 

Images via World Red Eye.

By Stephanie Warren

PEOPLE TO WATCH: Meet Our Panelist Ryan Shear, Managing Partner of PMG

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.

The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami. 

Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.

Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.

As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.

The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.

Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

By Katya Demina

Event Announcement: People to Watch Leaders in South Florida Real Estate

PROFILEmiami, South Florida’s leading real estate news and events platform, is pleased to present People To Watch: Leaders in South Florida Real Estate for a night of networking, drinks and panel discussions with South Florida’s up-and-coming generation of real estate luminaries.

Commercial real estate is demanding, determined by a variety of external factors, and is a relationship-oriented business, so join us to learn firsthand from South Florida’s real estate leaders about how they are shaping the industry, what innovative strategies they’re employing and how they got to where they are today. We hope to engage, inspire and connect the next generation of real estate leaders. Lock in early bird pricing and get your tickets today!

Panelists:

Ryan Shear, Managing Partner, PMG

Peggy Olin, CEO, One World Properties

Joe Furst, Principal, Place Projects

Moderator: Philip C. Rosen, Shareholder, Becker

We will be exploring topics such as:

• What new projects are emerging real estate leaders working on? ( Exclusive Special Announcement from one of our Panelists)

• How did they get to where they are and what was their first significant project?

• What industry trends or concerns are top of mind today?

• How will the South Florida CRE landscape change over the next cycle?

• What is the best way to position yourself for success?

• Plus time for Q&A from the audience

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

Date: Thursday, March 5th | 7-9:30pm

Location: X Miami, common area upstairs

About PROFILEmiami:

PROFILEmiami, a subsidiary of PROFILEmedia, was launched in 2016 to be your one stop destination for South Florida real estate news, events and content. We provide original coverage of the residential, commercial, development, construction, design and brokerage worlds, with a focus on the latest new developments, market trends, local happenings and events, and luxury homes.

In addition to the online publication, PROFILEmiami also hosts industry events, bringing together the top real estate professionals in South Florida to engage, connect and educate our readers. We curate an all-star lineup of panelists, in addition to providing turn-key event production and execution, concept development and vendor securement for our partners. At PROFILEmiami we collaborate with some of the most influential players in the South Florida real estate industry to keep you on the market’s cutting edge.

PROFILEmiamire.com

@profilemiami

The Developers of The Ritz-Carlton Residences, Sunny Isles Beach Unveil Striking Pablo Atchugarry Sculpture For Miami Art Week

Marking the culmination of one of the most exciting weeks of the year in Miami, dozens of art world influentials, local luminaries and friends joined leaders with Fortune International Group, Château Group and internationally renowned artist Pablo Atchugarry for the unveiling of “Dreaming the Future,” Atchugarry’s latest sculpture.

The stunning piece, intricately carved from Carrara marble and stretching 11.5’ in height, was commissioned by joint developers Fortune International Group and Château Group for The Ritz-Carlton Residences, Sunny Isles Beach. Revealed during an exclusive on-site ceremony during Miami Art Week, “Dreaming the Future” is now seated at the base of the tower’s entrance, serving as an enduring landmark for the both the condominium and the surrounding community.

“It is an honor and a privilege to share this masterpiece with the City of Sunny Isles Beach and, by that token, all who visit South Florida’s coastline,” said Manuel Grosskopf, CEO of Château Group. “For the last two years, we have worked hand-in-hand with Pablo Atchugarry and the City to create a spectacular work of art that is truly timeless -- one sure to be admired far and wide by generations to come.”

“The synergies between fine art and luxury real estate cannot be overstated -- with The Residences being no exception,” said Edgardo Defortuna, President and CEO of Fortune International Group. “This sculpture is another jewel in the crown of our beautiful building and a tribute to the artistry, architecture and designs that define it.”

“The inspiration behind ‘Dreaming the Future’ is the promise of a bright tomorrow…one full of possibilities. I hope it will continue to inspire all who see it -- encouraging everyone to keep dreaming and be forever guided by their values and principles,” added Atchugarry.

Gathering at the 52-story project for an elegant, late-morning commemoration, guests of the Dec. 6 event included the Mayor of Sunny Isles Beach, George “Bud” Scholl; Commissioners Dana Goldman and Alex Lama; Fortune International Group President & CEO Edgardo Defortuna and Executive Vice President Ana Cristina Defortuna; Château Group father-and-son co-founders Sergio Grosskopf and Manuel Grosskopf; G.M. of The Ritz-Carlton Residences Sunny Isles Beach, Nathalie Rader; and Sales Director Isabella Holguin.

Born in Montevideo, Uruguay, Atchugarry has been widely regarded for his sculptures, which are part of public and private collections worldwide. In addition to having had works of art be sold at auctions by Christie’s and Sotheby’s in London, New York and Paris, his sculptures are currently featured in a myriad of revered galleries across the globe. Atchugarry additionally opened his own family gallery in Miami last December where his collaboration with The Residences was first announced. “Dreaming the Future,” which measures 11-and-a-half feet by four feet by two-and-a-half feet, was crafted in both Italy and Uruguay before being transported to the South Florida high-rise.

As the first building north of Bal Harbour, The Ritz-Carlton Residences, Sunny Isles Beach boasts a prime location with 250 feet of pristine beachfront. The building’s designs have been crafted by award-winning architect Bernardo Fort-Brescia of Arquitectonica with interiors by acclaimed Florentine architect Michele Bönan. Comprising 212 residences and managed by The Ritz-Carlton, the tower will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, full-service spa, fitness center and wellness center, among other top-line amenities. Residences start at $2.6 million, with the full-floor penthouse offered at $32 million.

Further highlights in each of the homes, all of which are smart-technology-ready, will include walk-in closets, laundry rooms with full-size washers and dryers, and pre-wiring for high-speed internet access and Wi-Fi. Penthouses will feature lush garden terraces spanning 2,000 SF – 4,000 SF, private pools and summer kitchens, custom-designed Italian cabinetry, service quarters, and well-appointed master suites. The sales gallery is located at 15800 Collins Avenue in Sunny Isles Beach.

For more information about The Ritz-Carlton Residences, Sunny Isles Beach, private showings or purchasing/ leasing information please fill out the form below:

PARAMOUNT Miami Worldcenter Reveals Contemporary Art Collection For Art Basel With Flying Car

The art of innovation will be on display during Miami Art Week as PARAMOUNT Miami Worldcenter has revealed a prototype of the world’s first flying car along with its contemporary art collection at a special preview exhibit to kick off Art Basel. PARAMOUNT, the world’s most amenitized tower known for its innovative flying car Skyport, will host the exhibit entitled: “Miami 2020 and Beyond” featuring the PAL-V (Personal Air Landing Vehicle) Pioneer flying car and an impressive contemporary art collection including “Red World” by renowned artist Steven Manolis, and “Miami Vice” and “Moons Over Miami” by Miami’s hometown museum-class graffiti artist Ahol Sniffs Glue.

The outer-worldly Dutch-made PAL-V Pioneer, already in production and selling for $599,000 with 70 flying cars already sold, is equipped with retractable overhead and rear propellers and tail wings, and can cruise at an altitude as high as 12,500’. Using automobile gasoline instead of jet fuel, it reaches speeds of 200 miles per hour in the air and 100 miles per hour on the ground.

Miami is regarded as the “City of the Future” and PARAMOUNT prides itself on being light years ahead of all other projects in South Florida. Its 58th floor Skydeck is designed so it can be modified in the future as a Skyport with a hydraulic floor capable of transforming its rooftop pool into a take-off and landing pad for flying cars.

The exhibit unveils works in PARAMOUNT’s permanent collection including a painting by Steven Manolis as well as canvases by acclaimed street artist Ahol Sniffs Glue (also known as David Anasagasti). His murals depicting “drowsy eyes” have gained notoriety with a recent showing at the Norton Museum in Palm Beach and Wynwood’s newly debuted Museum of Graffiti. Two canvases, measuring 12 feet x 14 feet and 12 feet by 15 feet, feature his trademark “eyes” in spray paints combining silvers, grays and whites in step with the tones of the PARAMOUNT lobby and the building’s sophisticated urban design. Other works include dreamy, floating sculptures by Tatiana Blanco, paintings by Janos, photographs by Rafael Balcazar, and Gonzalo Fuenmayor, and many other acclaimed artists.

“We are delighted to support, promote and celebrate innovation as well as prominent local and international artists at PARAMOUNT Miami Worldcenter,” said developer Dan Kodsi. “Miami is the city of the future and an international art world capital. We are pleased to celebrate Miami Art Week by unveiling our Contemporary Collection.”

PARAMOUNT, located inside the massive Miami Worldcenter project in the heart of downtown Miami, is 90% sold with more than $400 million in sales of their 500+ city- and bay-view residences. Tower residences range in size from 1,180 SF to 2,350 SF, with prices starting at $750 per square foot. It has more than 57 nationalities represented among its buyer pool.

The only residential tower currently for sale within the massive 27-acre mixed-use Miami Worldcenter site, PARAMOUNT has made international headlines with its Upper Deck. It is the largest amenity deck in the U.S., spanning four acres, positioned 90’ above downtown Miami. It features an extraordinary array of action-packed luxury amenities that include the country’s first outdoor soccer field to be featured in a high-rise residential development; two tennis courts; multiple resort-style pools; lush parks and spa baths, among others.

Preview What's New At The Fort Lauderdale International Boat Show Which Is Celebrating Its 60th Anniversary

The Fort Lauderdale International Boat Show (FLIBS), the largest in-water boat show in the world, with its ever expanding fleet of superyachts, sport fishing vessels, go-fast boats, submersibles, and everything in between, is set to take place Oct. 30 through Nov. 3. Sailing into its 60th anniversary, FLIBS will feature unique activations, remarkable experiences and new show stopping megayachts hailing from all corners of the world.

Recognized as the pinnacle of all nautical exhibitions, FLIBS showcases more world and U.S. product debuts than any other boat show in the U.S. More than 110,000 boating enthusiasts from around the world are expected to embark to the “Yachting Capital of the World” for this international boating spectacular featuring more than 1,500 boats and 1,200 exhibitors, spanning three million square feet of exhibition space and six miles of floating docks across seven locations. Generating a substantial annual statewide economic impact of $857 million, FLIBS features nearly $4 billion in product with show sales exceeding $508 million.

Here’s what’s new at the 2019 Fort Lauderdale International Boat Show:

•  New Debuts & Superyacht Show Stoppers - Poised to make a splash onto the U.S. boating scene, this year’s show will feature some of the year’s most luxurious, globally-recognized new yachts, including the world debut of Lürssen’s 311-foot Madsummer, the show’s largest megayacht; Heesen Yacht’s Vida, a 180-foot yacht; and Lexus’s Marquis Lexus 650, a 65-foot yacht crafted with a similar design as the automobile brand’s premium cars. Expanding its international portfolio, which includes exhibitors from 52 countries, FLIBS will also debut yachts from Dubai and Turkey for the first time in its 60 year history.

•  Superyacht Village - Among the show’s most eye-catching newcomers is Superyacht Village, a destination for yachts up to 400 feet, superyacht owners, aficionados, and those who aspire to the superyacht lifestyle featuring exhibits by renowned shipyards, yacht “toys” like helicopters (Airbus), personal submarines, exotic and collectible automobiles led by Ferrari, Maserati and Alfa Romeo.

• FLIBS 4 Bahamas Initiative (#FLIBS4Bahamas) - FLIBS and the Marine Industries Association of South Florida are joining forces to support the Bahamas hurricane relief efforts in the Abacos and Grand Bahama through multiple initiatives, including a boat raffle of a pioneer sportfish 180, donated by Palm City Yachts. Proceeds from the raffle will benefit Mission of Hope, a relief mission to aid in the rebuilding of temporary housing and providing medical care in the Caribbean. Additionally, all net proceeds from the Sunset Soiree & 2nd Annual Yacht Chef Competition will benefit Mission of Hope as well as ONE Bahamas fund, supporting immediate recovery needs and long-term rebuilding initiatives in the country.

•  Windward VIP Club – presented by Delta Private Jets (the Official Private Jet Carrier of FLIBS), in partnership with Ulysse Nardin (the Official Timekeeper of FLIBS), Whispering Angel (the Official Rosé of FLIBS), Bradford Marine, and Douglas Elliman – will have a spectacular new in-water location anchored in the heart of the show on the face dock at Bahia Mar. Providing a unique waterfront setting, the new VIP experience will feature a luxury premium open bar and gourmet food offerings, a Cigar Lounge presented by Delta Private Jets, a variety of wine and fine spirits’ tastings, and a collection of signature timepieces by Ulysse Nardin including a new limited edition Diver to benefit One More Wave – an organization whose objective is to help wounded or disabled veterans with surf therapy and to get them back in the water by providing customized surfing equipment and assistance.

•  Mansion Yacht, the first yacht made entirely of stainless steel with spectacular indoor and outdoor decks that soar high above the entire show, will be docked behind the Windward VIP Club. Measuring 84 feet in length and 40 feet across, the Mansion Yacht is not only unique in sight, but also in build; it has four 18-foot hydraulic legs with a lifting capacity of a million pounds each, allowing the yacht to stand up in the water. Tours and events at the Mansion Yacht are by invitation only.

•  Sunset Soiree, Second Annual Best Yacht Chef Competition will take place on Friday, Nov. 1 at 7:30pm. The yacht chef showdown, held in the new Superyacht Village, will be sizzling with excitement. Competing for the Best Yacht Chef title, four of the world’s leading yacht chefs will battle it out in this gastronomic competition.