JDS Development Group Secures $137 Million In Construction Financing For The Jean Nouvel-Designed Monad Terrace

The New York-based JDS Development Group has secured $137 million in construction financing for the Jean Nouvel-designed Monad Terrace, their new luxury condo overlooking Biscayne Bay in South Beach. The New York-based Madison Realty Capital funded the $137 million construction loan. The financing indicates conviction in the development team, the high-design product by Pritzker Prize-winning architect Jean Nouvel and the South Beach market’s extremely limited new development inventory and viability. The financing will fully capitalize the project, which features 59 individually-designed waterfront residences. 

JDS was represented by Douglas B. Heitner, Erik Nygaard, and Albert J. Delgado of Kasowitz Benson Torres LLP. Madison Realty Capital was represented by Jerold C. Feuerstein of Kriss & Feuerstein LLP. The financing was placed by a JLL team led by Aaron Appel.

“This is a unique assemblage of land within a prime waterfront residential enclave in South Beach, Miami and we are excited to close another transaction with an esteemed developer like Michael Stern,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “In addition, there’s virtually no new development product coming out of the ground in South Beach right now, so we offered a customized financing solution for JDS’s needs given our knowledge of the market. It was a special opportunity to support an A-team in one of the most attractive markets for real estate.”

“Securing this loan demonstrates the strength of the project, the attractiveness of the Miami Beach market and the overall demand for luxury housing in Miami,” said Michael Stern, Founder and Managing Partner of JDS Development. “Monad Terrace serves as a landmark for thoughtful and innovative development that is also beautiful and has a strong architectural identity. This product is like nothing else in Miami Beach, which the MRC team recognized. It was a pleasure to work with them on this, they provided a swift and professional execution.”

“There is already sales momentum, and we expect this will continue on a steady upward trajectory until sell-out,” said Jay Phillip Parker, CEO of Douglas Elliman Florida.

Residences range from two- to five-bedrooms and 1,453SF to 5,350 SF of interior space. Features include private elevator access, custom kitchens and bathrooms by Jean Nouvel and sprawling outdoor terraces. The building offers a true indoor-outdoor living experience, featuring climbing gardens and reflecting pools that complement the property’s central lagoon and ocean views. 

Construction on Monad Terrace is already underway, with the foundation nearly complete. The project's design, which was designed in collaboration with the Miami based Kobi Karp fuses environmental responsibility with innovative climate resilience features into the architecture, starting by elevating the building 11.5', well over Miami Beach standards.The tower is expected to go vertical in Spring 2018 and estimated to be completed in Fall 2019. 

Sales at Monad Terrace are reportedly averaging almost $2,000 SF, and a penthouse unit is under contract for $2,700 SF, a record for the neighborhood. Sales and marketing for Monad Terrace is managed exclusively by Douglas Elliman Development Marketing. 

93 Palm, Al Capone's Former Palm Island Miami Beach Mansion Hits Market For $14.9 Million

 93 Palm, Al Capone's former Miami Beach estate located on the prestigious Palm Island has hit the market after undergoing recently completed restoration for $14.9 million. The sprawling estate of the legendary prohibition-era gangster was meticulously restored to much of its original splendor following an extensive restoration in 2015 by Miami-based wealth and investment management company MB America.

“The illustrious history and prime location of this residence cannot be overstated,” said list agent Nelson Gonzalez, Senior Vice President Nelson Gonzalez of EWM Realty International. “Nearly 100 years later, this home is truly a rare gem on the water.” 

According to public record, Al Capone bought the home in 1928 following a stint at Alcatraz. He reportedly went so far as to spend $200,000 (at that time) to install a gatehouse, seven-foot-high wall, search lights, a cabana and coral rock grotto. The home remained in his family until 1952 when it was sold by his wife, Mae Capone.

The colonial-style, 30,000 SF property, which was built in 1922, features 100' of waterfront on Biscayne Bay. The lush secluded property, dotted with century-old trees, is anchored by a four-bedroom, three and a half-bath main villa. Some of the original features include the black-and-gold Art Deco powder room, 1920’s ceiling lights, the fireplace in the living room, and the porch. French doors, hardwood floors, columns, open archways, and multi-pane, double-hung windows complete the timeless appearance of the interiors.  

Outside, a 30' by 60' pool sits adjacent to a stately two-story cabana, which comprises a water-facing terrace and a half-bath on the first level, and one bedroom and a full bath with a glittering tile mosaic on the second. The original gatehouse, located at the front of the property, has furthermore been converted into a two-bedroom, one-bath guesthouse.
 
“This is one of the most significant estates in South Florida, now on the market for the first time since its restoration,” said Gonzalez.  “The attention to detail by MB America has preserved the home’s unique 1920’s attributes, yet its slew of modern conveniences and top-of-the-line amenities make it a lucrative draw for well-heeled buyers.”

Tour The Hibiscus Island Contemporary Designed By Choeff Levy Fischman To Combat Sea-Level Rise

When it comes to designing for the future in Miami, architects and developers must take steps to protect against the elements, storms, etc. which can cause rigors to the property. Progressive architects like Miami-based Choeff Levy Fischman are using climate change and sea level rise as an opportunity to make a statement and create a solution for the future.
 
One of the globally-acclaimed architect's newly completed luxury waterfront homes on Miami Beach’s Hibiscus Island addresses two of the area’s major issues; sea-level rise and low, regularly flooded streets. They did this by incorporating elaborate grade changes to create a significantly steeper driveway and dramatic front entryway stairs all while making the residence accessible from the street and exceeding base flood elevation requirements. They also designed a system to filter storm water on-site, and retained additional site fill required to raise the residence to 10’ NGVD – the FEMA required base flood elevation. 

Choeff Levy Fischman also designed the home to include several green features to help protect the home against Miami’s various natural elements including a full, onsite rainwater retention system. The architects designed a combination of swales, subsoil, and underground exfiltration trenches where water is cleaned, filtered and maintained on the property. The storm water is then naturally filtered and redirected to the City storm sewer. They also incorporated insulated glazing utilizing low-e film to minimize solar heat gain and glare. This green method also reduces energy impact costs, and a high Albedo roof membrane was installed to minimize heat and cooling loads. Choeff Levy Fischman also designed the south facing waterfront home to withstand hurricane winds, storm surges, and ongoing rising sea levels. The residence’s sea wall stands at 7.26 NGVD – the code requirement at the time of the design was 4.8 NGVD. The home also sits 22' to 26' away from the seawall, allowing for additional storm barriers. Choeff Levy Fischman anticipates forecasted sea level rise, and believes being proactive while practicing what they so often preach are just some ways these homes can sustain the test of time.

The home itself is a two-story, five-bedroom, five and a half bath residence that spans just short of 6,000 SF. They incorporated limestone flooring and accenting Cumaru wood throughout different areas of the home. The kitchen boasts carefully crafted Italian millwork and a designated bar area made of stained Italian Oak that comes with two Sub-zero wine coolers, one for reds, one for whites. Calacatta marble was integrated into the kitchen’s backsplash and countertops, and the kitchen island to brighten up the area. One of the signature features of the home are the pocketing sliding glass doors which blend indoor and outdoor living. They open to reveal a shaded limestone patio and pool area perfect for avoiding South Florida’s heat. 

Upstairs was uniquely designed with a floating master bedroom suite offering bay views, Brazilian Oak wood floors, and walls of white stucco and warm Cumaru. The master bath includes a large soaking tub that sits across from the balcony facing the water and a large gray marble shower with glass swivel door. 

Outside is an entertainment paradise complete with a bayside pool situated beneath the floating master bedroom suite and includes a cascading water feature. The grounds off a lush tropical ambiance with foliage including a Bamboo garden.

Enjoy the photo and video tours below:

Own This Luxe Art-Deco Beachfront Bachelor Pad Designed by Foster + Partners in FAENA House For $2.495 Million

When in to ultra-luxury condo living in Miami Beach, little compares to that of FAENA House, which is home to one of Miami's priciest single-family residence sale ever recorded when Ken Griffen of Citadel purchased the penthouse for $60 million before relisting for $73 million. A mere 6 units remain on the market and for those that aren't looking for something quite as big unit 7D is a 1 bedroom currently listed for $2.495 million.

The residence's design by Foster + Partners pays homage to the first heyday of Miami Beach, dripping with luxurious art deco detail yet met with the finest in modern, ultra-luxury living. 7D features 1 bedroom and 2 bathrooms spread over 1,350 SF. The condo is situated to offer sunrise, sunset, ocean and bay views via the wraparound balcony. Finishes include white oak wood floors, Permastelissa bathrooms, eat-in art deco Molteni kitchen with Miele appliances, and a master suite with large walk-in dressing room and marble walled master-bathroom. The home also offers the finest in modern living including automated smart home system by Crestron controls all A/V, climate and electronic window treatments. Residents at FAENA house experience the most elite five star service and professional staff as well as access to all privileges and amenities of the Faena Hotel property.

FAENA House, 3315 Collins Ave, Unit #7D is currently listed for $2,495,000 with Dina Goldentayer with Douglas Elliman’s Sports & Entertainment Division.

Avra Jain, Founder of The Vagabond Group, Lists Venetian Islands Contemporary For $8.95 Million

Avra Jain, developer and founder of The Vagabond Group behind the infamous Vagabond Hotel in Mimo, has listed here Venetian Islands contemporary for $8.95 million. The home, located at 608 W Dilido Dr. is set to be completed this summer (2018) and was fully renovated by Nandez Design after being originally built in 2003. 

The waterfront retreat features 5 bedrooms, 5 bathrooms and 1 half-bath spread over 5,634 SF. Features include floor-to-ceiling glass wine cellar and smart home features including August Smart Lock, Nest smart thermostats and security cameras, a Lutron Caseta smart lighting system, and home automation system compatible with Amazon Alexa. The home also offers a chef’s kitchen with Italian cabinets by Scavolini and top-grade German appliances by Gaggenau, and elegant bathrooms with double sinks and showers in the master suite. Finishes include Italian porcelain tile on the main level and American white oak engineered wood flooring upstairs, Italian matte lacquered doors by BERTOLOTTO.

Outside offers a climate-controlled swimming pool, waterside patio and lawn for entertaining, designer landscapes and lighting, plus private dockage for your boat, with direct access to Biscayne Bay.
 
608 W Dilido Dr. is currently listed for $8,950,000 with Allen Davoudpour & Filippo Incorvaia of Douglas Elliman.

Photos via Douglas Elliman

Closed: LEED Certified Penthouse At 1 Hotel and Homes South Beach Sells for $5.6 Million

Penthouse 1617 at the 1 Hotel and Homes South Beach just sold for $5,600,000. Tracy Galya of Douglas Elliman acted as the developer/seller’s agent and the buyer, Westdale W LLC, was represented by Luis Gonell of ENGEL & VÖLKERS Miami. The unit is LEED certified and features floor to ceiling windows for unobstructed city views, custom kitchen by italkraft that has built-in counter illumination, an entertainment den, recessed lighting fixtures, and an advanced locking system by salto for security.  

The 1 Hotel and Homes is well-known for their “eco-glam” design, and this three-bedroom, three-and-a-half-bathroom residence is fully furnished by internationally renowned Brazilian designer Debora Aguiar. The brand’s ethos has the utmost respect for nature, incorporating sustainable and low impact materials throughout the living spaces, while making eco-friendly lifestyle and services readily available. 

This unique approach incorporates nature inspired aesthetic, living art installations, in-home natural care botanical services, eco-conscious housekeeping services, as well as personal shopping and delivery services including organic grocery and dry cleaning that aim to make sustainable living easy and seamless. 

Article by Katya Demina | Photos by 1 Hotel and Homes 

Jugofresh, The Cold-Pressed Juice Bar That Transformed The Sunset Harbour Neighborhood, Closes Its Doors After 6 Years

It is a sad day for Miami as Jugofresh, the cold-pressed juice bar that served as one of the catalysts that helped transform the Sunset Harbour neighborhood of Miami Beach, has closed its doors after 6 years and ended its partnership with Whole Foods; the announcement effective as of yesterday March 13, 208.

Founder Matthew Sherman referenced his "lack of experience and rapid expansion are what ultimately led us to close." Other factors included revenues of the Sunset Harbour location dropping from $3.2 million in 2013 to $870K in 2017, maintaining a clear brand image when working with a large company (Whole Foods), and "retail businesses are getting increasingly harder to maintain with rising rents and online stores." Increased competition from new juice bars also contributed to the closure. Sherman was also the founder of Paradigm Kitchen, also in Sunset Harbour, which closed in April 2017 after seven months of operation due to lack of income.  

Jugofresh was founded in 2013 after Matthew Sherman decided to take his fast growing "Miami Juice Club" to brick-and-mortar retail and opened Jugofresh's first location in Sunset Harbor. Sherman later went on to open additional locations in Wynwood, Coral Gables, and in all Whole Foods locations in Miami and Fort Lauderdale. Jugofresh had also launched their CPP retail cold-pressed juice line and

All may not be lost for Jugofresh though, Sherman is listed as one of the Miami Based chefs bringing both of his concepts, Jugofresh and Paradigm Kitchen, to Time Out Market Miami. Time Out Market Miami will be South Beach's first food hall concept expected to open later this year on Lincoln Road. With the abrupt closing of all Jugofresh locations and the removal of their website, comment has not been made on if Jugofresh will in-fact still be a vendor at Time Out Market Miami. 

Tour 5 Star Island, The Legendary Former Estate of South Beach Icon, Developer & Playboy Thomas Kramer, Now Listed For $40 Million

The infamous 5 Star Island sits on the globally recognized Star Island, one of the most prestigious private islands in Miami Beach with residents like Stuart Miller, Phillip and Patricia Frost, and Gloria and Emilio Estefan. The storied property, which is one of the largest real estate sites on Miami Beach, just listed for $40 million. Known as 5 Star, the eccentric estate is an elaborate party mansion that spans 17,000 SF of living area complete with 13 bedrooms, 12 full bathrooms over the entire 2 acre gated property which offers spectacular views of Biscayne Bay, PortMiami and Downtown Miami. 

The main house is a 3 bedroom 4 bathroom party manse filled with exotic and eccentric design throughout. The home was custom tailored complete with stripper poles on the dining room table, a 10,000 bottle wine cellar, movie theater, Crestron system, spa, gym, a lavish master-suite complete with a stone-lined master-bath, a balcony with an outdoor tub overlooking Biscayne Bay, a 14 car garage, and is rumored to have even have a missile silo built in. 

Outside features a large driveway and motor-court in the front while out back offers views of the Miami Skyline, a party ready pool, outdoor lounges with summer kitchen, and 200' of waterfront docking for a yacht. The property also features multiple guest houses and separate private office space.

4 and 5 Star Island is now listed for $40 million with Brett Harris of Douglas Elliman. The Lots can also be sold separately. In recent years 5 Star Island has been used for a number of business ventures including events and for rent offered by Douglas Elliman.

In August 2017 PROFILEmiami reported that Verena von Mitschke-Collande and Claudia Miller-Otto had won 4 and 5 Star Island from Thomas Kramer via court-ordered auction. Kramer played an integral role in the redevelopment of South Beach including Portofino Tower before he lost a $90 million settlement in Swiss Courts in 2003 in a legal battle that has continued to play out for decades. 

Photos via Douglas Elliman

Explore The Luxe Venetian Islands Waterfront Designed By Allen Saunders Which Just Closed For $8.2 Million

Anthony Criscito with The Criscito Team at Douglas Elliman represented the buyer of this modern eight-bedroom, eight-and-a-half-bathroom home that just closed on Wednesday, February 28th for $8.2 Million. The waterfront home was recently renovated with interior designs by Allen Saunders that feature clean, white finishes and beautiful hardwood floors. Most bedrooms feature en-suite bathrooms and the spacious master has his and her dressing rooms. There are large living and dining areas with an adjacent chef-inspired kitchen which has stainless steel appliances and custom tile backsplash. 

This home is the perfect outdoor entertaining venue with lush terraces, summer kitchen and bar, cabana bath, infinity edge pool, hot tub, and boat dock. The backyard is fully enclosed with lush landscaping and foliage to ensure privacy. Enjoy westerly views of the Miami skyline and Biscayne Bay. 

Photos via Douglas Elliman | Article by Katya Demina

Tour The Record Breaking Apogee South Beach Penthouse Which Just Sold For $14.8 Million

The ultra-luxury condo market is still alive and well in Miami Beach as the lower penthouse at Apogee South Beach has just closed for $14.8 million. The record breaking number is the highest dollar per SF for a Miami Beach condo since 2015 at $3,562 SF, which is also the highest for the building. Located at 800 S Pointe Drive Unit 2104, the penthouse features panoramic views of the Atlantic Ocean, Fisher Island, Governors Cut, Miami Beach and the ever growing Downtown Miami skyline. The unit offers wide-open floor plan and high ceilings throughout to allow for the optimal exposure of the views in every area of the residence. Features include, a chef's kitchen, raked granite and hand-plaster walls, concrete floors, surround-sound system, and split floor plan with a master on one side and 2 guest bedrooms on the other. Outside, the residence features an 11' wide wrap-around terrace totaling 2,441 SF of exterior, featuring private summer kitchen. Adding to the high-end feel of this condo are the private elevator and an air-conditioned 2.5-car garage. Apogee Condominium South Beach offers some of the strictest security in Miami Beach, in addition to top-of-the-line amenities including brand new pool areas and beach service. The penthouse was first listed for $19,975,250 before being reduced to $17,900,000 and finally closing for $14.8 million, listed with Nelson Gonzalez of EWM Realty. The South of Fifth Neighborhood is one of the most prestigious neighborhoods for luxury real estate in Miami Beach and is home to many high end condos including, Apogee South Beach, Continuum South and North, Murano at Portofino, Murano Grande, Glass, Marea, One Ocean Condo, etc. The neighborhood also offers walking distance access to Joe's Stone Crab, Prime 112, Stubborn Seed, Il Mulino, Milos, and Smith and Wollensky, amonst others.