A Major Retailer Just Vacated Thor Equities' 663 Lincoln Road

COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building. The vacancy is being marketed for a replacement tenant and the building is also listed for sale asking $17.5 million with Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.

Thor Equities is reportedly working towards relief after falling delinquent on payments for a $7.3 million CMBS loan which is backed by the building. In 2012 Thor Equities paid $15 million for the 5,000 SF Lincoln Road-fronting retail building which was built in 1935. Pizza Rustica leases 1,700 SF in the building at the 667 Lincoln Road address.

Thor Equities’ Miami portfolio also includes the ground-floor retail space at 605 Lincoln Road as well as several properties in Wynwood and Miami Design District.

Monaco Yacht Club & Residences Debuts Sales Gallery In Miami Beach

Monaco Yacht Club & Residences, which is being developed by Optimum Development USA, has revealed its newly opened sales gallery at 6897 Collins Avenue in Miami Beach. The nautically themed, boutique Bayfront condominium offers its own private marina and just thirty-nine luxurious waterfront residences delivered fully finished with curated interiors by world-renowned Italian interior designer Piero Lissoni.

“We are delighted to at last unveil the much anticipated Monaco Yacht Club & Residences sales gallery,” said Ricardo Tabet, CEO of Optimum Development USA. “The sophisticated design showcases the extraordinary talents of Piero Lissoni and Bernardo Fort-Brescia of Arquitectonica and is an overall reflection of the building’s program of luxury living, fun lifestyle, laid-back environment, and relaxed atmosphere.”

Lissoni is recognized as one of the masters of contemporary design and known for a stunning portfolio of international projects in the fields of architecture, landscape, interior, product and graphic design and corporate identity. Lissoni is also the art director for some of the most influential design companies for whom he designs an extensive range of products such as Boffi, Fantini and Salvatori, all of which are incorporated into the design of the new sales gallery.  

The sales gallery showcases Lissoni’s inspired designs with modern interiors in white warm tones, refined Italian-made fixtures and finishes, and Arrigoni wide plank wood flooring from Austria, where for each tree felled, four are planted. 

“It is a very proud moment for us to officially welcome prospects and the real estate community to experience the Côte d’Azur in the heart of Miami’s Mid-Beach,” said Rodolfo Misitano, CEO of Optimum Asset Management (parent company of Optimum Development USA). “The exquisitely designed sales gallery offers an up-close opportunity for our guests to experience what it’s like to live in one of our residences and the ultimate indoor/outdoor lifestyle that Monaco Yacht Club & Residences will offer.”

The bayfront Monaco Yacht Club & Residences will rise 12-stories and was designed by international architecture firm Arquitectonica, led by Bernardo Fort-Brescia. The building is slated for completion in the third quarter of 2021.  Monaco Yacht Club & Residences are drawing rave reviews for its exceptional combination of world-class style, intimacy and exclusivity located on one of the last remaining waterfront properties in the area.

Monaco Yacht Club & Residences will offer one to four bedroom residences, ranging in size from 918 SF to nearly 5,000 SF. A limited collection of two impressive penthouses will offer expansive living areas, including private terraces with summer kitchens, starting at 2,888 SF. Residences are primed for indoor/outdoor living and entertaining, the meticulously designed homes will feature expansive wraparound terraces, each with finished floors and ceilings and sweeping views of Biscayne Bay, the Atlantic Ocean and the Miami skyline.  Additional highlights within the residences will include stone countertops, 10’-11’ high ceilings throughout, large walk-in closets, pre-wired for Home Automation systems to accommodate the latest “Smart Building” technology, private elevator entrances, custom Boffi kitchens and premium bathroom interiors featuring imported Italian marble flooring, spacious tubs and frameless, glass-enclosed rainfall showers with designer faucets. 

Monaco Yacht Club & Residences will also feature a 12 slip marina available exclusively to residents, as well as a yachting concierge for maintenance needs, yacht charters or sailing, and fishing excursions for the day to the Bahamas, the Florida Keys or to enjoy the Atlantic Ocean and the best of South Florida’s coastal living. Other waterfront amenities include paddle boarding, kayaking and more. 

Additional resort-style amenities include a “Resident’s Lounge” featuring a library and breakfast bar for leisurely waterfront dining; a breathtaking rooftop terrace with panoramic views of the Miami skyline featuring a pool with poolside chaise lounge chairs, Jacuzzi and shaded lounge areas with a grill for entertaining; as well as a state-of-the-art fitness center overlooking Biscayne Bay.

Residences are priced from $1.1 million with sales and marketing handled exclusively by Fortune Development Sales.

Meridiam Becomes Lead Investment Partner in Miami Beach Monorail Consortium’s Beach Corridor Plan

The Miami Beach Monorail Consortium has announced that the global infrastructure investment firm Meridiam has become the lead investment partner for the Consortium’s proposed mass transit monorail that would connect Downtown Miami and Miami Beach. The company, which has over $8 billion in assets under management across the globe, previously took over and completed the Port of Miami Tunnel project. The tunnel’s infrastructure required a workforce of 7,000 people, 83% of which came from the local community.

Over the past 30 years, studies have shown that the Interstate 395/MacArthur Causeway Beach Corridor is in need of a robust mass-transit solution that can benefit both visitors and regular commuters. The Miami Beach Monorail Consortium hopes to fulfill this public transit need for commuters and visitors alike with the County’s Strategic Miami Area Rapid Transit (SMART) Beach Corridor plan. The Corridor, which runs from the Design District and Downtown Miami to the Miami Beach Convention Center area, has been identified as one of the six SMART Plan Corridors by Miami-Dade County’s Transportation Planning Organization (TPO), which are priority areas that need public mass transit. 

The Consortium presents the monorail as an innovative and modern model that will enhance Miami-Dade County’s standing as a smart city and alleviate traffic congestion on the MacArthur Causeway. The monorail is expected to create more efficient methods of transportation for Miami residents, while also generating thousands of jobs for its construction.

A Parsons study commissioned by Miami-Dade County estimates ridership for the monorail at more than 9,000 passengers per day and suggested elevated rubber tire technology as the best option to use for the Beach Corridor plan. These findings were later approved by Miami-Dade County’s TPO in December 2019.

“We are excited with the possibility of delivering another cutting-edge infrastructure project in Miami that will serve the community for decades to come,” said Jamie Rubin, CEO of Meridiam Infrastructure North America Corp. Meridiam is a founding member of the United Nations Sustainable Development Investment Partnership. “We have submitted a proposal that we hope meets all Miami-Dade County’s requirements to bring a much-needed public transit solution that will connect two of Miami’s most important hubs for residents, tourists and businesses. After the Port of Miami, it will be another sustainable and impactful infrastructure for Miami, dedicated to improving the quality of people’s lives”

“The success of the Port of Miami Tunnel would not have been possible without a strong partnership with hundreds of Miami companies with local knowledge,” said Christopher Hodgkins, Chief Executive Officer for Port of Miami Tunnel. “Meridiam can now utilize the expertise gained through the Tunnel project to once again hire local workers and companies who will help deliver the monorail safely and efficiently.” 

Meridiam joins existing Consortium partners Genting and Aqualand Development, which submitted an unsolicited proposal in 2019 that became the source for a public Request for Proposals (RFP) that is currently being conducted by the County. The Consortium has submitted a proposal with further details on its approach in response to that RFP.

By Isabella Zimmermann

57 Ocean Condo Secures $58.5 Million Construction Loan from Bank OZK

Miami Beach’s 57 Ocean, a luxury seaside condominium located on Millionaire’s Row and developed by Multiplan Real Estate Asset Management, has announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support the finalization of the 18-story project, which is already 50% complete and has reached the 11th floor this week. The 70-unit building is scheduled for completion in September of 2021. 

MultiplanREAM, founded by Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project and has ensured that each benchmark has been efficiently met despite the current COVID-19 pandemic. MultiplanREAM and 57 Ocean’s exclusive residential brokerage, Fortune Development sales, have reported that in just 45 days, 11 units totaling $46 million have gone under contract (an average of 1.3 sales per week), and attribute the project’s success on its location, contemporary designs, and robust assemblage of amenities and services.

“57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers but also providing another reassurance for their real estate investment,” said Marcelo Kingston, Managing Partner of MultiplanREAM.  “We are extremely proud to work with Bank OZK, the nation’s preeminent construction lender of marquee properties.  We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.” 

The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright. The lending process began during the last week of March and lasted for 30 days, unlike the typical 90 that it normally takes.

“We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product,” said de Zárraga.  “This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.”

Designed by Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer, Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences starting at $1.5 million, with sizes ranging from 1,200 to upwards of 3,600 square feet. Of 57 Ocean’s 70 units—which more than half of have been sold—10 Sky Residences start at $6.5 million, while its full-floor penthouse is priced at $35 million. Units will feature expansive terraces that stretch up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. To date, more than half of the units have sold to buyers from high-income tax states, including New York and California, as well as high-net-worth individuals from Latin America.

57 Ocean offers amenities such as a holistic spa with treatments by One Ocean Beauty, a wellness pavilion with a thermal suite and a relaxation and mediation area, as well as poolside treatment with cabanas, a state-of-the-art fitness center with top-of-the-line Mylsle training equipment by MyEquilibria, and an indoor Technogym fitness center. In addition to this, there will be a children’s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, and direct access to the nearby Miami Beach Walk.

“The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide—a testament to MultiplanREAM’s tremendous vision and subsequent success,” said Edgardo Defortuna, CEO of Fortune Development Sales.  “We are now looking forward to the next big milestone—57 Ocean’s topping off later this summer.”

By Isabella Zimmermann | Images via DBOX

For more information about 57 Ocean, private showings or purchasing/ leasing information please fill out the form below:

Gianluca Vacchi, Italian Millionaire Turned Instagram Sensation, Lists Sunset Harbour Penthouse In Miami Beach

Instagram dance celebrity Gianluca Vacchi has listed his Sunset Harbour penthouse in Miami Beach. From a successful multimillion dollar packaging and machinery company to an Instagram sensation with over 14 million followers going by the title of being a “Pop Artist of a Global Lifestyle,” Gianluca Vacchi has been named everything from “the most interesting man in the world,” “The Dos Equis guy” has been seen frolicking with some of the biggest celebrities and DJs in the world and staring on J Balvin’s music video showcasing his astonishing dance moves. Gianluca Vacchi has decided to list his Miami Beach eclectic penthouse for $10,900,000 with Dina Goldentayer of Douglas Elliman.

With a new found love for his life in Miami Beach, Vacchi has decided to move on and purchase a single family home with plans to spend a lot more time in Miami. All of his properties are personally designed by him and specifically with his Miami Beach penthouse he poured his passion into creating a sanctuary in the heart of Miami Beach’s Sunset Harbour. Calling his home S2S “Sunrise to Sunset” towering at 26 stories, interiors over 7,000 SF, 4 bedrooms + staff, 3 parking, 2 views and 111 linear feet on the Biscayne Bay, his completely reconstructed and renovated mansion in the sky showcases a minimalist and modern aesthetic.

Located at 1800 Sunset Harbour #TS2, upon arrival into the 2500 SF living salon there is a DJ booth where Vacchi spends much of his time entertaining and showcasing his professional dance moves. The expansive unit features a dramatic master suite with terrace facing the ocean, a private chef’s kitchen filled with sunlight, an open concept media room, and endless natural light from dual East/West exposures. Plus, a spectacular VIP master suite with fireplace and an office floating over the bay. The residence offers breathtaking views of the Downtown skyline from a private 1600 SF rooftop and is just steps away from the vast array of shops, fitness studios, spas, cafes and the top restaurants in Miami Beach’s Sunset Harbour neighborhood.

In his early teens, Vacchi was a professional skier, fast forward to when he began his business career in Italy by taking over his family’s business, IMA Group world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee. Today, IMA’s market cap is $3B euros and has been named as the 5th most top performing family owned company of the world. Vacchi also ventured into creating his first startup which was the plastic watches called “Toy Watch.” After deciding to take a back seat while still being involved in the packaging company, Vacchi began doing what made him happy which was experiencing the world, dancing to music and DJing now with the liking of over 14 million instagram followers Vacchi has become an international sensation and is hired to Dj all over the world at some of the biggest nightclubs.

For more information about purchasing and scheduling a showing for 1800 Sunset Harbour #TS2 please fill out the form below:

Check Out Kobi Karp's Newly Listed Waterfront Home On Allison Island Asking $7.999 Million

Kobi Karp and Nancy Karp, leaders of one of South Florida’s most prolific architecture firms, Kobi Karp Architecture & Interior Design, have listed their Allison Island home for $7,999,000 with Dina Goldentayer and Cyril Matz of Douglas Elliman.

Located at 6530 Allison Island, Karp’s property features lush landscaping and floor to ceiling glass along the back of the house, providing waterfront views amongst the feeling of a private oasis. The home offers 4 bedrooms and 4 baths, spanning nearly 5,000 SF on a 21,600 SF lot. The living areas give the sensation of open air and sea breeze, great for both enjoyment and entertaining. The property is west-facing offering sunshine by the pool all afternoon long as well as 100' of water frontage. Views of La Gorce and the Indian Creek Waterway allows for instant bay access, making this an ideal property for indulging in water-sports. There is room to grow and a lot of greenery to take in at this Private Pad on Allison Island. The home comes with designs by Mr. Karp himself if the buyer wants to build new construction, the renderings feature an ultra-modern, 10,000 SF, site-specific new home for the property. It features glass walls, several terraces and ample outdoor space surrounding the pool.

Kobi Karp, one of South Florida's most prolific architects who is founder and principal of Kobi Karp Architecture & Interior Design, has been providing unique, creative and innovative design solutions to renowned clients internationally and domestically in Hospitality, Retail and high-rise Residential developments. To date, Kobi Karp Architecture and Interior Design has designed over $36 billion in mixed-use Commercial, Residential and Multifamily properties worldwide from the Caribbean, to the Far East, to the Black Sea region, throughout the Gulf and the Middle East.

6530 Allison Island, Miami Beach is currently listed for $7,999,000 with Dina Goldentayer & Cyril Matz of Douglas Elliman.

Images via Douglas Elliman

For more information about 6530 Allison Island, private showings or purchasing information please fill out the form below:

Fontainebleau Miami Beach's $975 Million CMBS Loan Entered Special Servicing March 30

The $975 million commercial mortgage-backed security loan (CMBS) issued in November 2019 for the 846-room Fontainebleau Miami Beach, located at 4441 Collins Ave., entered special servicing on March 30. When issued the loan was the largest CMBS hotel loan in South Florida. Fontainebleau Development is reportedly in talks with its loan Master Servicer and Special Servicer to modify the loan terms and documents and was not behind on any payments. CMBS loans, which are secured by a mortgage on a commercial real estate property, are among the hardest to restructure as under the typical CMBS structure. A loan is transferred into a CMBS pool and a Master Servicer administers the loan. The Master Servicer is generally not permitted to enter into a loan modification or restructuring agreement and a Special Servicer is needed to potentially modify or restructure an individual loan in a CMBS pool. When loans are in special servicing the borrower cannot take out new debt or refinance their property.

South Florida’s hotels have bit hit with some of the hardest economic impact from COVID-19 where the industry must meet nearly $4.2 billion in CMBS payments. Miami Beach hotels, motels and short-term rentals were ordered shut on March 23 and have laid off thousands of employees. Fontainebleau Development also owns the JW Marriott Turnberry Miami, Turnberry Isle Marina, Turnberry Ocean Club and The Big Easy Casino in Hallandale Beach.

The Fontainebleau Miami Beach opened in 1954 and was designed by architect Morris Lapidus. The property spans more than 15 acres with 11 pools, a 40,000 SF spa, and 12 different restaurants and bars including Hakkasan and LIV Nightclub. The hotel is made up of four towers including the Chateau and Versailles towers with 846 hotel rooms as well as the Tresor and Sorrento towers with 748 condo-hotel units. It was first acquired by Turnberry Associates for $325 million in 2005.

Douglas Elliman Releases Q1 2020 South Florida Market Reports

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released their Q1 2020 Market Reports for South Florida. It reveals noticeably stronger results for listing inventory growth in the first two and a half months of the quarter until market awareness of COVID-19 occurred in mid-March, which slowed growth across South Florida in areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland. The report reflects pre-pandemic strengths in the South Florida market and even an increase in some areas’ average sales price and number of sales compared to the previous quarter, especially in Palm Beach, which saw a 46.7% rise in number of closed condo sales and had the most significant year over year increase in single-family sales in six years.

“The same fundamentals that have made Florida attractive, and have supported the relatively long-term stability in our markets over the past few years, all remained in place during the first quarter as much as they will once we get past this pandemic. Overall Q1 reflected the pre-pandemic strengths we have been enjoying, with most markets realizing steady sales volume and pricing. As we come out of this global crisis, I believe that the desirability for Florida’s lifestyle coupled with tax reform, and the maturation of our markets, will continue to support the trajectory the markets were on prior to COVID-19,” said Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage.

Miami Beach/Barrier Islands

Overview:

·      Overall listing inventory declined year over year for condos and single-family properties

·      Condo price trend indicators declined from the year-ago quarter

·      Single-family price trend indicators declined annually, partially skewed by the decline in average sales size

·      A sharp drop in average sales size for both luxury condos and luxury single-family properties skewed price trend indicators lower

Key Trend Metrics (Year to Year)

Overall:

·      Median sales price slipped 1.1% to $435,000

·      Average price per square foot decreased by 12.4% to $621

·      Number of sales slipped by 0.4% to 769

·      Listing inventory decreased by 4.5% to 6,425 

Luxury Condo:

·      Median sales price fell 20.8% to $2,553,000

·      Average price per square foot decreased by 9.5% to $1,175

·      Listing inventory rose 12.2% to 1,129 units

·      Average square footage declined 13.8% to 3,429

Luxury Single Family:

·      Median sales price fell 32.9% to $9,766,667

·      Average price per square foot decreased by 22.3% to $1,184

·      Listing inventory dropped 19.1% to 169 units

·      Average square footage declined 13.6% to 8,249

Miami Coastal Mainland

Overview: 

·      Overall listing inventory declined sharply on a year over year basis for both condos and single-family properties

·      Condo sales rose annually for the fourth straight quarter as price trend indicators pressed higher

·      Single-family price trend indicators rose annually, and sales extended its year over year growth streak to the fourth straight quarter

·      A significant decline in listing inventory on a year over year basis for both luxury condos and luxury single-family properties

Key Trend Metrics (Year to Year)

Overall: 

·      Median sales price rose 9% to $340,000

·      Average sales price increased by 7.6% to $458,287

·      Number of sales rose 7.7% to 3,343

·      Listing inventory fell 14.1% to 10,519 units

Luxury Condo

·      Median sales price increased by 20% to $1,195,545

·      Average price per square foot rose 5.1% to $492

·      Listing inventory declined 19.8% to 2,212 units

·      Average square footage increased by 12.9% to 2,430

Luxury Single Family

·      Median sales price rose 13.7% to $1,600,000

·      Average price per square foot edged up 1.1% to $444

·      Listing inventory fell 24.4% to 925 units

·      Average square footage slipped 3.3% to 4,037

Fort Lauderdale

Overview:

·      Condo price trend indicators pressed higher as sales slipped year over year

·      Single-family sales and price trend indicators posted large annual gains

·      Luxury condo price trend indicators showed mixed year over year results

·      Luxury single-family price trend indicators surged, skewed by large increase in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price slipped 1.3% to $1,210,000

·      Average price per square foot edged up 1.3% to $558

·      Listing inventory decreased by 2.6% to 339 units

·      Average square footage declined 3.6% to 2,604

Luxury Single Family:

·      Median sales price jumped 44% to $3,225,000

·      Average price per square foot rose 47.7% to $783

·      Listing inventory fell 25.3% to 296 units

·      Average square footage rose 17% to 5,778

Boca Raton/Highland Beach 

Overall:

·      Condo listing inventory fell year over year for sixth straight quarters with the most significant decline in the current quarter

·      Single-family listing inventory declined annually over the past four quarters at a rising rate

·      Luxury condo and luxury single-family inventory fell short of year-ago levels

Key Trend Metrics (Year to Year)

Luxury Condo: 

·      Median sales price slipped 0.3% to $900,000 

·      Average price per square foot decreased by 0.2% to $465

·      Listing inventory fell 15.6% to 260 units

·      Average square footage declined by 4.8% to 2,666

Luxury Single Family

·      Median sales price fell 10.3% to $1,895,000

·      Average price per square foot rose 1.2% to $407

·      Listing inventory fell 16.9% to 339 units

·      Average square footage declined 0.4% to 7,267

Delray Beach

Overview:

·      Single-family median sales price hasn’t shown a year over year decline in four quarters 

·      Condo listings fell annually for four straight quarters 

·      Luxury single-family price trend indicators showed mixed results

·      Luxury condo price trend indicators showed substantial annual gains, partially aided by the increase in sales size 

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price jumped 40.3% to $754,000

·      Average price per square foot rose 48.9% to $530

·      Listing inventory fell 36.3% to 163 units

·      Average square footage increased by 2.4% to 1,827

Luxury Single Family:

·      Median sales price fell 19.6% to $1,400,000

·      Average price per square foot rose 5.5% to $439

·      Listing inventory declined 7.1% to 91 units

·      Average square footage declined 1.8% to 4,781

Wellington 

Overview:

·      Condo price trend indicators and sales rose as listing inventory declined from the prior year

·      Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply

·      Luxury price trend indicators for both property types showed mixed results

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price rose 22% to $730,000

·      Average price per square foot decreased by 3.3% to $348

·      Listing inventory increased by 9.1% to 36 units

·      Average square footage declined 10.9% to 2,038

Luxury Single Family: 

·      Median sales price fell 45.5% to $1,500,000

·      Average price per square foot rose 18.1% to $654

·      Listing inventory declined 12.3% to 207 units

·      Average square footage declined 21.9% to 4,465

Palm Beach

Overview: 

·      Listing inventory for condos, single-family properties and luxury fell sharply from year-ago levels

·      All three condo price trend indicators rose year over year for the third straight quarter

·      The most significant year over year increase in single-family sales in six years

·      All three price trend indicators for the luxury market were skewed higher year over year by the surge in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family: 

·      Median sales price surged 48.1% to $10,517,500

·      Average price per square foot rose 12.2% to $1,841

·      Listing inventory dropped 49.6% to 64 units

·      Average square footage surged 49.4% to 7,344

Jupiter/Palm Beach Gardens

Jupiter Overview:

·      Single-family sales price trend indicators and sales showed substantial annual gains

·      Condo sales declined as price trend indicators press higher from year-ago levels

Palm Beach Gardens Overview:

·      Single-family sales price trend indicators were mixed as sales jumped year over year

·      Condo sales and price trend indicators showed robust annual increases

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

·      Median sales price slipped 5.4% to $915,000

·      Average price per square foot rose 2.7% to $452

·      Listing inventory rose 17.4% to 54 units

·      Average square footage edged up 0.3% to 2,378

Jupiter Luxury Single Family:

·      Median sales price rose 8.5% to $2,600,000

·      Average price per square foot increased by 9.2% to $666

·      Listing inventory rose 7.4% to 131 units

·      Average square footage increased by 17.1% to 5,699 

Palm Beach Gardens Luxury Condo:

·      Median sales price surged 39.5% to $600,000

·      Average price per square foot rose 46.5% to $315

·      Listing inventory fell 44.2% to 43 units

·      Average square footage increased by 18.6% to 2,588

Palm Beach Gardens Luxury Single Family:

·      Median sales price fell 22.6% to $1,937,500

·      Average price per square foot decreased by 1.5% to $461

·      Listing inventory declined 12.1% to 131 units

·      Average square footage declined 18.5% to 4,837

Article by Isabella Zimmermann

Shoma Group Closes On $17.6 Million Construction Loan For Ten30 South Beach

South Florida developer Shoma Group has announced that they have closed on a $17.6 million construction loan for Ten30 South Beach. The loan was provided by New York-based ACRES Capital Corp.

“We are very proud to secure construction financing with ACRES Capital for Ten30 South Beach as we step closer to delivering this compelling project to Miami Beach,” said Masoud Shojaee, CEO of Shoma Group. “Especially in today’s current climate, this closing is an endorsement of the market appeal of Ten30 as we continue our forward momentum bringing this attractive proposition to the Miami Beach market.”

Already under construction, Ten30 South Beach is a moderately priced, yet elegantly designed luxury retreat away from the high-rise condominium projects that have priced domestic buyers out of South Beach. Rising four stories, Ten30 South Beach will offer a curated collection of just 43 condominiums including studios, one- and two-bedroom units with expansive terraces and stylish interiors priced from the $400,000’s with low association fees of less than $400 per month.

“It has been a pleasure to work with Masoud and his team throughout the iterations of this project to bring this unique offering to Miami Beach,” said Michael Horowitz, of Cooper Horowitz, who arranged the financing on behalf of Shoma Group. “ACRES Capital immediately recognized the niche in the market that this product would serve and efficiently pursued and concluded the financing despite the current economic climate. It was a collaborative effort from start to finish, and we look forward to watching this project succeed.”

The significant project milestone comes on the heels of the project’s recent financing program announcement, which hopes to make luxury more attainable to domestic buyers by lowering the initial deposit requirement to 15%. Current financing programs also make it possible for qualified domestic buyers to attain up to 97% financing with the excess of the 15% deposit amount being used to cover closing costs, pre-paid items and possibly a portion of the original deposit being refunded to the buyer at closing. For domestic buyers looking to make the move to an exclusive yet sometimes elusive beach address, this could put Miami Beach living within reach.

“The Ten30 South Beach project was an attractive origination opportunity due in part to its targeted segment of the highly desirable South Beach market,” said Mark Fogel, ACRES President and Chief Executive Officer. “Its attainable price point and low common charges for each unit will accommodate a variety of residents, including local buyers looking to buy their first home, empty-nesters that are downsizing or those relocating from states with higher taxes. This wide appeal is augmented by strong, local sponsorship in Shoma Group, which will ensure that the property’s business plan is adeptly executed.”

Exclusively marketed and sold by Fortune Development Sales, Ten30 South Beach includes a myriad of upscale amenities including an expansive 6,000 SF rooftop deck with a rosé-colored pool, lounge, and outdoor kitchen area complete with barbecue and yoga space. Residences come with covered parking. With state-of-the-art technology and high-end finishes, each residence will offer sophisticated technology, including the Samsung Family Hub refrigerator, which allows residents to send messages, order Uber rides, play music or see inside their fridge and browse the internet for recipes using available ingredients. Italian-designed chef caliber kitchens, Bluetooth enabled keyless entry with cameras that offer complete control through a homeowner’s mobile phone, and spacious master bedrooms with a unique open bathroom concept complete Ten30’s array of amenities that tastefully create a sense of sanctuary expressed in lyrical terms.

Ten30 offers residents the style and prestige of an exclusive address surrounded by premier shopping, dining and dazzling attractions of Miami Beach. The famed Lincoln Road shopping district is just minutes away as well as top dining experiences at Sunset Harbor. Ten30 is also conveniently located steps from Flamingo Park, where residents can enjoy several activities including a state-of-the-art aquatic center, Bark Park, baseball and football stadiums, basketball and racquetball courts, soccer and softball fields in addition to a tennis center and children’s playground.

For more information about Ten30, private showings or purchasing/ leasing information please fill out the form below:

Tracking COVID-19 By The Numbers: Breaking News In South Florida

(Last Updated 6:14 AM 3/27/2020):

BREAKING: 

• City of Miami officials have announced a curfew for its residents that will begin Friday night. According to officials, all residents must be indoors from 10 p.m. until 5 a.m. (3/27/2020)

• Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business 9 PM Thursday. (3/20/2020)

• All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)

Continue to check back for updates to below as we continue to track COVID-19 across South Florida:  

Stats:

• Number of Cases in Florida: 830+ (3/23/2020)

• Fatalities in Florida: 13+ (3/23/2020)

• Number of Global Cases: 351,000+ (3/23/2020)

• Global Fatalities: 15,321+ (3/23/2020)

• Number of U.S. Cases: 35,075+ (3/23/2020)

• Fatalities in the U.S.: 458+ (3/23/2020)

Miami-Dade County:

• Miami-Dade County # Cases: 2900+ (3/27/2020)

• BREAKING: Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• BREAKING: Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business (3/20/2020)

• CONFIRMED CASES IN BRISTOL TOWER BRICKELL & SOHO BEACH HOUSE (3/19/2020)

• Officials have ordered the closure of all restaurants, bars, movie theaters, concert houses, auditoriums, playhouses, clubs, gyms, arcades, bowling alleys, etc. which will go into effect 11 PM Tuesday. All grocery stores, pharmacies, take-out and delivery services will remain open at this time (3/17/2020)

  • All bars and nightclubs will be closed for 30 days.

  • Restaurants will only be able to operate at half capacity.

  • Exceptions granted if they have a capacity of 10 people or less.

  • Mayor Carlos Jimenez signed the emergency order, but remains in self-quarantine after being exposed to a Brazilian government official who tested positive following a visit to South Florida.

• Miami-Dade Public Schools are now closed through at least April 15. (3/19/2020)

  • Miami-Dade Public Schools have closed this week and next. (3/16/2020)

• Key Biscayne and North Miami Beach have implemented curfew between 10 PM and 5 AM (3/19/2020)

• Officials have closed the beach from 5th to 15th Street, including Lummus Park.

• All city parking garages are closed to non-residents.

• In addition, all non-essential retail stores will be required to close at 10 p.m. daily. (3/16/2020)

  • Businesses excluded from this directive include: Pharmacies, grocery stores, convenience stores, private offices, banks, hotels, hospitals, medical service providers, medical supply stores, hardware stores, gasoline service stations and automotive supply and repair centers.

• An entertainment district curfew will go into effect at 11 p.m.

• All restaurants are asked to keep occupancy at 50% or less, and have under 250 people in each establishment at any given time.

• Ultra Music Festival has been cancelled.

• Miami Music Week has been cancelled.

• ArtScape Concert has been cancelled.

• The Miami Open Tennis Tournament has been cancelled. 

• University of Miami & FIU have moved classes online until the end of the spring semester. (3/20/2020)

• University of Miami Spring Commencement postponed until December. (3/20/2020)

• The Hardrock Seminole Hotel & Casino has suspended entertainment operations. 

• Calle Ocho Festival has been cancelled.

• Mayor Francis Suarez has confirmed that he has COVID-19.

Broward County:

• Broward County # Cases: 180+ (3/23/2020)

• Broward County Public Schools are now closed through at least April 15. (3/19/2020)

• Officials have closed the beach from Harbor Beach to Oakland Park Boulevard.

• Restaurants and bars must close by 10 p.m.

• Restaurants and bars are asked to operate at 50% capacity and have no more than 250 people at any time.

• The Tortuga Music Festival, which was set to run from April 17-19, has been postponed.

• The Wharf Fort Lauderdale is closed until further notice.

• The listed measures will remain in effect until April 12.

Palm Beach County:

• Palm Beach County # Cases: 59+ (3/23/2020)

• Town of Palm Beach implements curfew until further notice from 9 P.M. - 6 A.M. (3/18/2020)

• Palm Beach County Public Schools are now closed through at least April 15. (3/19/2020)

• Beaches will be closed on Tuesday 3/17/2020

• Nursing Homes and Assisted Living Facilities are closed to visitors.

• Drive-through testing underway at FoundCare (2330 S. Congress Ave, West Palm Beach - call 561-967-0365 to see if you qualify and for appointments)

National:

• BREAKING: The Federal Government has passed a $2.2 trillion stimulus package.

• United States of America # Cases: 35,075+ (3/23/2020)

• United States of America Fatalities: 458+ (3/23/2020)

• Income tax filing deadline moved to July 15 (3/20/2020)

• Foreclosures and HUD evictions have been halted for 60 days.

• CDC recommends ban on gatherings of 10+ people. 

• The Players Championship was cancelled & PGA Tour is suspended.

• NBA, NHL, MLB and MLS have suspended their seasons. 

• All ski resorts have closed.