Faena Versailles Classic on Hold, Pending Opening of Faena Forum

Yet another condo project has been put on hold, this time Alan Faena's proposed Faena Versailles. Faena is discussing building another hotel on the site as opposed to the condo building as reported by The Real Deal. The Versailles site is just blocks from the new Rem Koolhaas' Arts and Cultural Venue, the Faena Forum, which is slated to draw demand to the immediate Faena neighborhood upon its opening November 27. Wanting to wait to see the demand to stay in the area created by the Faena Forum in addition to the condo market slowdown have been factors influencing Faena's decision. “Because of the market and success of Faena (Hotel) we’re not in a hurry to decide. We’re pulling the Versailles project to see how many rooms we will need and the reaction of the market.” he stated in an interview with The Real Deal. 

Faena Versailles was slated to be a two-tower condo project that would include the renovation of the 1940's classic Versailles Hotel. The two towers would be Faena Versailles Classic and Faena Versailles Contemporary. Classic would have consisted of 22 units in the old Versailles Hotel, which his currently standing and gutted waiting for the decision. Contemporary, will still be a 41-unit condo tower but will be named Faena Mar. The site is now clear and 11 units or so have sold. The goal was to bring new world luxury to old world art-deco style. In the Faena neighborhood their are currently 10 of 12 penthouses in the Faena Hotel availible for sale, 30 units at the pre-construction Faena Mar.  

1 Bedroom at 1 Hotel and Homes Sells for $1.345 Million

The Miami condo market is not dead as a deal has been reported at 1 Hotel and Homes on Miami Beach. Unit #1008, a 959 SF one-bedroom unit has closed for $1.345 million or $1,403 SF. The unit features the 1 Hotel furniture package with light, natural color tones, wood floors and furnishings designed by Debora Aguiar. The unit was first listed for $1.695 million in 2015 with Jeff Miller of Brown Harris Stevens.

Sunset Islands Contemporary by Todd Michael Glaser listed for $6.9 Million

A Todd Michael Glaser design is currently listed on Sunset Islands for $6.9 million. The home is located at 2300 Sunset Dr. and features 6 bedrooms and 7 full bathrooms, 1 half-bath over 5,900 SF. It was built in 2016 by famed Miami developer Todd Michael Glaser with architecture by DOMO. It also features a lushly landscaped outdoor entertainment area with pool, cabana and summer kitchen. Listing and photos by David Solomon of EWM Realty. 

Arjun Waney to Open New Latin-Asian Concept DÔA With Flagship Location in South Beach

Arjun Waney, owner of Zuma and Coya, is bringing a new concept to South Beach at 2000 Collins Ave. The London-based restauranteur will launch in new Latin-Asian Fusion concept dubbed DÔA in South Beach. DÔA will have both Asian and Peruvian roots and will be a casual and affordable concept with indoor and outdoor seating. The South Beach location is expected to be the flagship location for the new concept with future locations planned in Washington D.C., Atlanta, Boston and Chicago. It will occupy the 5,200 SF space that was formerly Barezzito and One Lounge across from the Setai. It will feature an open kitchen, central island bar, DJ booth, lounge area and sushi bar. 

Kimpton Hotels to Bring Hotel Palomar to Sunset Harbour

Kimpton Hotels is bringing a new luxury boutique hotel to one of Miami Beach's hottest neighborhoods, Sunset Harbour. Hotel Palomar South Beach will be a 96-unit luxury boutique hotel located at 1750 Alton Road. It will be Kimpton's 8th hotel in Florida and will be developed by The Finvarb Group and designed by architect Kobi Karp. The five-story hotel will feature a central atrium, canopy-inspired rooftop pool, restaurant, spa and fitness center. 

Allison Island Spec Home Lists for $24 Million

More noise in Indian Creek as 6480 Allison Road on Miami Beach as listed for $24 million. The home is a spec home designed by Ralph Choeff of CLF Architects. It was recently completed and is 10,632 SF featuring 7 bedrooms, 11 bathrooms and over 110 SF of waterfront. It features floor-to-ceiling glass windows, a contemporary kitchen with a modern island/ dinner table combo, home theater, 2,400 SF master suite, 2 twenty foot living walls, 3 car garage, wine cellar, a pond system and tranquil water features throughout the property helping to enhance the landscape and a saltwater infinity edge pool complete with pool house. It is all located on the extremely private, gated Allison Island on Miami Beach. The property last sold for $4.4 million in 2013. It is currently listed for $24 million with Jeri Jenkins of Caldwell Banker Residential Real Estate. 

Stantec Unveils Southgate Towers Redesign

Stantec has finally completed their Southgate Towers redesign at 900 West Ave on Miami Beach. The bay-front towers were originally built in 1960 before Stantec plowed $40 million into a multi-phase renovation that included renovating the lobby, amenities and units. Southgate Towers will be a rental only building. Leasing began this summer and it was announced that there is already over 90% rented, 495 out of 500 units. Updates include hurricane-proof windows, updated appliances and lighting and modern furnishings. Southgate Towers is located on West Avenue which itself has seen many updates and construction in recent years and allows walking distance access to Starbucks, Whole Foods and The Mondrian South Beach Hotel & Residences. 

Barry Sternlicht Flees Connecticut, Officially Becomes Florida Resident

The tax exodus from Connecticut continues as Hotelier and Financier Barry Sternlicht has officially become a Florida residant as of July 1 in order to save more in taxes. He made the announcement in a September CNBC Institutional Investor Delivering Alpha Conference as reported by Reuters. It appears he will build a home at a lot purchased by an entity controlled by Sternlicht last year at 2374 N Bay Road for $17 million. Kobi Karp has previously designed submitted approved designs for the property. Sternlicht joins other billionaire hedge funders David Tepper and Edward Lampert who have also sought to make South Florida their home and tax haven. Sternlicht is the chairman and CEO of Starwood Capital Group and the chairman of Starwood Property Trust, the largest commercial mortgage REIT in the U.S. He was previously founder and CEO of Starwood Hotels and Resorts Worldwide from 1995 to 2005.

FEATURED LISTING: 4730 N Bay Road

Built in 2015, 4730 N Bay Rd. is a 2-story Ne0-Classical estate on the luxurious N Bay Road currently listed for $29,950,000. The residence is an 11,622 SF mansion with 7 bedrooms, 8 full bathrooms and 3 half-baths. It features the finest designer finishes, limestone and oak floors, movie theater, guest house, wine cellar, and huge master suite. The home also features an outdoor entertainment area with a 55' pool and sweeping views of Downtown Miami and Biscayne Bay with over 130' of waterfront. It is currently listed with The Jills of Coldwell Banker. Photos by Coldwell Banker Real Estate. 

South Pointe Penthouse in Portofino Tower Lists for $13.95 Million

PH4003, the 3-story penthouse high above South Pointe's Portofino Tower, has been listed for $13.95 million. The condo is 4,300 SF with an additional 3,000 SF of outdoor space with a private rooftop terrace complete with a summer kitchen, bar and jacuzzi. It has 3 bedrooms and 3.5 bathrooms. 20 foot floor-to-ceiling windows provide panoramic views of Miami Beach, Atlantic Ocean, Coconut Grove, Biscayne Bay, Brickell and Downtown Miami throughout. The unit last sold in 2007 for $6.5 million. Listing and photos by Brown Harris Stevens.