Florida East Coast Realty Asks Courts to Overturn Approval of Aimco's Yacht Club Brickell

While some of the world's finest condos are going up all over Miami, each raising the bar over the previous tower, some of Miami's biggest rental developers are beginning to become at odds with each other in Brickell. Florida East Coast Realty has filed a court action to reverse the approval of the NYSE-listed Aimco's approved 61-story Yacht Club at Brickell. Florida East Coast Realty had previously filed an appeal with the city but it was denied by Miami's Planning, Zoning, and Appeals Board. Now, TWJ 1101 LLC, an entity of Florida East Coast Realty, has filed a Petition of Writ of Certiorari. Florida East Coast Realty is upset that the proposed Yacht Club at Brickell could block views from their Panorama Tower. Yacht Club at Brickell would allow Aimco to redevelop the existing 32-story apartment building on the property as well as build an additional 61-story apartment building also on the plot. The 4 waivers given to Aimco including parking reduction, floor plate and setback waivers, are all being challenged by the case. Yacht Club at Brickell will ultimately result in a new 61-story, 690-foot residential rental apartment building as well as the renovation of the 32-story which will feature a hotel, retail as well as residential rental apartments. There will be 750 rental apartment units in the development matched with 250 hotel rooms and 961 parking spaces. Aimco has also applied for a potential of no hotel and 897 rental units. Stantec will be the architect on record. Florida East Coast Realty's Panorama Tower topped over earlier this year and pre-leasing is currently underway. 

HFZ Cancels Fasano Residences Miami Beach At The Shore Club Hotel

HFZ Capital Group has canceled the Fasano Residences Miami Beach, a 67-unit luxury condo project planned for the Shore Club Hotel property, which is currently managed by Morgans Hotel Group and owned by HFZ Capital Group. HFZ is currently in the process of returning deposits to buyers and began alerting their clients on Friday (10/2717) of the news. The project had sold 35-30 units, roughly 40%-45% of the project. The delayed closure of the Shore Club Hotel, which continued to take reservations into 2018, had caused confusion amongst buyers as had the rumored withdrawal of the Fasano brand, the luxurious Brazilian hospitality moniker. No construction permits had been filed and the developer reported that the market for construction financing on Miami Beach had dried out. HFZ Capital Group via the entity Shore Club Property Owner LLC purchased the Shore Club for $175.3 million in 2013 and planned to convert the 309-key hotel into a 85-key hotel with 67-condos under the watchful eye of Brazilian Architect Isay Weinfeld. The project would have been the first Fasano branded project in the United States, which has 4 hotels and 15 restaurants under management. 

300 Biscayne Officially Launches Website, Reveals More Renderings of Skyline Changing Tower

Earlier this week PROFILEmiami reported that Property Markets Group (PMG) had released the first rendering of 300 Biscayne, their new, secretive, supertall residential tower in Downtown Miami. The renderings and information continues to flow in as PMG has now officially launched the teaser website for the tower and has released new renderings showing a futuristic design. 300 Biscayne will rise 1,041' and when completed will be Miami's tallest tower and the tallest residential tower south of Manhattan. As PMG states, 300 Biscayne will be “Redefining Miami’s Skyline Soon.” The tower will feature a five star hotel and branded condominium residences. Amenities will include the "wellness-focused" spa designed by Dr. Deepak Chopra which is rumored to be the second of its kind with a focus on "healthy living." Dr. Deepak Chopra also worked with PMG to finish 7 units at their luxury residential tower in Sunny Isles, Muse. A 20,000 SF, high-tech "experience center" (sales center) is currently under construction on the site which will include a pop-up restaurant. Sales of 300 Biscayne are expected to launch in 2018. PMG has been careful to keep most information around this project under wraps and PROFILEmiami will bring you the latest updates as they are released. 

MG Developers Receives TCO And 100% Sell-Out At 444 Valencia, Nears Completion On Biltmore Parc

MG Developer, a Coral Gables-based niche luxury boutique developer, has announced that 444 Valencia is the first of a number of their Coral Gables-based projects to secure TCO and is 100% sold out. The townhouse community is located at 444 Valencia Avenue, Coral Gables, and distinguishes itself through striking design elements in each residence. 444 Valencia was designed by Nelson de Leon at Locus Architecture, a well-recognized Coral Gables-based architecture firm. The project features 3- and 4-bedroom, three-story units that are approximately 4,500 SF, and priced from $1.8 to $2.2 million. Each unit includes a four-car garage, a feature that has proven very appealing to individuals with multiple, or ‘trophy,’ vehicles that must be garaged, among numerous other amenities.

Closely behind is Biltmore Parc, a 32-residence luxury condominium community located at 718 Valencia Avenue. Biltmore Parc has completed construction and is in the process of securing TCO. It is almost 50 percent sold. Biltmore Parc features 2- and 3-bedroom condominiums with dens, and large expansive terraces featuring Nanawall folding glass. It also offers owners a Premier Membership at the historic Biltmore Hotel’s club. T.A. Builder, a top general contractor based in Coral Gables, leads the high-level construction for Biltmore Parc, while Bellin & Pratt Architects, also based in Coral Gables, were the visionaries behind the architectural design. Artefacto provided the finishing touches and design for the development’s stunning lobby. Biltmore Parc is being marketed exclusively by Fortune International Realty.

“Reaching these important milestones, both for the remaining units at 444 Valencia and Biltmore Parc, reflects the demand for newer luxury niche products in Coral Gables,” said Alirio Torrealba, Chief Executive Officer of MG Developer. “We look forward to continuing the sales process with the now-completed Biltmore Parc. The decision to finalize construction before finalizing sales is an approach that we have embraced, and one that reflects our confidence in Coral Gables.”

“The suite of niche properties offered by MG Developer has something for every discerning buyer looking for a boutique-style luxury residence in the heart of the Gables, be it condominium or townhouse,” adds Jenny Ducret, Chief Operating Officer of MG Developer.  “All of our developments are within walking distance to many of the city’s historic attractions, as well as the main shopping and dining districts of Coral Gables.  We are confident that each of these developments meets the needs of those buyers looking for a home that provides ultimate luxury, comfort, and convenience in a beautiful city.”

PMG Reveals 300 Biscayne Which Is Set To Become Miami's Tallest Tower

Property Markets Group (PMG) has unveiled 300 Biscayne, which is set to become Miami's tallest tower. 300 Biscayne will rise 1,041' and will feature both an ultra-luxury hotel and branded luxury condominium residences. The developer will build a 20,000 SF, high-tech "experience center" that promises an "unforgettable experience," according to PMG Principal Ryan Shear. The sales center will feature visual and tactile features unique to the sales center to set the project apart from others including a pop-up restaurant. 

“Miami has an abundance of impressive sales centers, making it increasingly difficult to create something unique. So we decided to do something different. We hired a group who works with progressive companies like Apple and Disney on the design experience and tech side, put them in a room with world-renowned designers and architects and directed them to create something new,” said Ryan Shear, Principal of PMG. 

Douglas Elliman Releases Q3 2017 Market Report, South Florida Markets Show Slight Stall After Hurricane Irma

Douglas Elliman has released their Q3 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q3 2017 reflects the continued strong growth of South Florida real estate as price trends indicators continue to push higher despite a decline in sales due to disruptions in closings in the aftermath of Hurricane Irma. 

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price rose 4.2% to $400,000
- Average sales price was unchanged at $868,404
- Number of sales declined 11.8% to 690
- Days on market was 139, up from 120
- Listing discount was 8.9%, unchanged
- Listing inventory increased 1.4% to 5,895

LUXURY CONDO
- Median sales price increased 15.5% to $2,425,000
- Days on market was 196, up from 126
- Listing discount was 8.8%, down from 8.9%
- Listing inventory fell 8.5% to 1,130 units
- Entry threshold began at $1,590,000

LUXURY SINGLE FAMILY
- Median sales price shifted down 39.3% to $5,100,000
- Days on market was 265, up from 141
- Listing discount was 12.7%, down from 12.9%
- Listing inventory rose 33.9% to 217 units
- Entry threshold began at $4,350,000

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MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 5.4% to $300,500
- Average sales price rose 4.2% to $408,405
- Number of sales fell 11.8% to 3,482
- Days on market was 76 down from 103
- Listing discount was 5.4%, up from 5.2%
- Listing inventory rose 12.4% to 12,194 units

LUXURY CONDO
- Median sales price fell 5.4% to $691,500
- Days on market was 176 days, down from 187
- Listing discount was 7.5%, down from 7.9%
- Listing inventory rose 25.6% to 3,115
- Entry threshold began at $472,000

LUXURY SINGLE FAMILY
- Median sales price jumped 13.6% to $1,325,000
- Days on market was 174 days up from 213
- Listing discount was 7.7%, up from 7.6%
- Listing inventory declined 20.9% to 987 units
- Entry threshold began at $877,000

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FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price was unchanged at $1,100,000
- Days on market was 46, up from 31
- Listing discount was 6.5%, up from 6.3%
- Listing inventory increased 8.7% to 350
- Entry threshold began at $765,000

LUXURY SINGLE FAMILY
- Median sales price slipped 2.4% to $2,000,000
- Days on market was 205, down from 273
- Listing discount was 9.8%, down from 12.9%
- Listing inventory increased 0.6% to 347 units
- Entry threshold began at $1,200,000

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BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price rose 12.5% to $900,000
- Days on market was 139 days, up from 98 days
- Listing discount was 10.7%, up from 8.9%
- Listing inventory fell 9.6% to 292
- Entry threshold began at $550,000

LUXURY SINGLE FAMILY
- Median sales price declined 11% to $1,380,000
- Days on market was 164 days, up from 153
- Listing discount was 7.8%, down from 11.3%
- Listing inventory rose 7.1% to 470
- Entry threshold began at $935,000

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DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price rose 15.6% to $1,775,000
- Days on market was 124, up from 103
- Listing discount was 18%, up from 8.8%
- Entry threshold began at $1,188,000

LUXURY CONDO
- Median sales price slipped 4.5% to $563,500
- Days on market was 123, up from 118
- Listing discount was 6%, up from 4.1%
- Entry threshold began at $355,000

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WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 38% to $829,000
- Average sales square footage dropped 26.4% to 3,940
- Days on market was 110, down from 295
- Listing discount was 8.2%, down from 10.1%
- Listing inventory rose 29.7% to 275
- Entry threshold began at $640,000

LUXURY CONDO
- Median sales price jumped 65.6% to $525,000
- Days on market was 211, up from 128
- Listing discount was 7.6%, up from 3.4%
- Listing inventory declined 45.5% to 30
- Entry threshold began at $400,000

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PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price declined 21.2% to $7,700,000
- Days on market was 252, down from 254
- Listing discount was 13.4%, down from 15.2%
- Listing inventory rose 4.4% to 95
- Entry threshold began at $4,865,000

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JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price increased 10.4% to $510,000
- Days on market was 68, up from 64
- Listing discount was 6.8%, up from 5.7%
- Listing inventory declined 12.9% to 392

JUPITER CONDO
- Median sales price increased 3.6% to $285,000
- Days on market was 59, up from 53
- Listing discount was 5.2%, up from 4.4%
- Listing inventory surged 71.3% to 257

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 11.4% to $479,000
- Days on market was 77, down from 86
- Listing discount was 6.7%, up from 6.3%

PALM BEACH GARDENS CONDO
- Median sales price rose 7.9% to $232,000
- Days on market was 55, down from 56
- Listing discount was 3.8%, down from 4.3%

The Penthouse at The Holly Hunt-Designed L'Atelier Residences Sells For $21 Million

The penthouse at L’Atelier Residences on Miami Beach as sold for $21 million. The buyer is KAYAK cofounder Steve Hafner who was able to lock down the spread that was originally asking $33 million off-market and later $25 million when first publicly listed. The sale price equates to $1,721 SF. The penthouse features 7,945 SF of interior space and 8,521 SF of outdoor space spread over 6 bedrooms and 6.5 bathrooms on the 17th and 18th floors. The unit also features a private rooftop with 40' pool and summer kitchen, a floating staircase, private elevator, 22' ceilings, and 360-degree views of the Atlantic Ocean, Biscayne Bay, Intracoastal Waterway, Miami Beach Skyline and Downtown Miami. Anna Sherrill and Daniela Bonetti of ONE Sotheby's International Real Estate were the list agents.

L'Atelier Residences is being developed by SMG Management, Shamrock Holdings and W Capital Group. The 18-story residential tower replaces the Golden Sands Hotel, but will still preserve the hotels historical 3-story facade and incorporate it as part of the new building's design. The building will feature 22 residences in 3 and 4 bedroom formats and will range from 2,300 SF to 4,600 SF. The building will feature amenities by HOLLY HUNT and Enzo Enea including a private beach area with attendants, infinity swimming pool, upper deck lap pool, 24 hour valet, Spa and state-of-the-art gym. This exciting building is sure to shake up the aging area between lower Miami Beach and Bal Harbor. 

Kelly Slater Wave Co. Receives Approval For Surf Park In Palm Beach County

Kelly Slater’s proposed Surf Ranch by Kelly Slater Wave Company in Palm Beach has been approved by Palm Beach County as the surf legend and billionaire Dirk Ziff aim to bring their concept that is already proven in Lenmoore, California to Slater's native Florida. The Surf Ranch will be located on 80 acres at the Palm Beach Park of Commerce and construction is expected to begin in 2018. The Surf Ranch is essentially a man-made surfing lake that relies on solar paneled KSWC technology for wave generation to create an artificial wave. The facility would feature a 16.6 acre lagoon, 31,915 SF of interior usable space including a 10,121 SF learning center, 5,392 SF training center, a 3,566 SF clubhouse and 160 parking spots. The zoning proposal states that the facility would be used for pro surfers to train and to host events and contests. Slater's goal is to make a professional tour stop in Palm Beach County a possibility as inconsistent surf limits the state's ability to produce a top level venue in which the world's best surfers can compete. Slater is an 11-time world champion and Ziff is a Palm Beach local who is also co-owner of the World Surf League. The Surf Ranch is expected to open in 2019.

“Well...it’s official... we have a building permit in Palm Beach County for #SurfRanchFlorida. I’m beyond proud and stoked to see the first of our developments at @kswaveco going to my home state of #Florida. Thank you to Mayor Burdick and the city commissioners for your approval and support of the project. Also thank you to #JupiterFarms for your comments and support. Looking forward to being neighbors. I keep joking about it but it might be true that now I can move back home now and surf as much as I want! Cannot wait to see a bunch more stoked people riding waves. This is gonna be fun," said Slater on Instagram. 

Construction Update: PARAMOUNT Fort Lauderdale Completed, 56 Units Already Closed

PARAMOUNT Fort Lauderdale has been completed and closings have already begun. 56 units have closed so far in the building which is set to sell out for $210 million. PARAMOUNT Fort Lauderdale is being developed by Dan Kodsi, Art Falcone and Nitin Motwani who launched sales in 2014. The 18-story luxury condo tower features 95 units, of which 3 units remain, including two penthouses asking $9 million and a unit on the amenity level asking $2.8 million. Residences are priced form $1 million to over $9 million for penthouse units and they range from 1,910 SF to 3,500 SF. Penthouse units feature private pools and over 6,000 SF of outdoor space. Amenities include a lounge, club room, massage and steam room, oceanside restaurant, poolside bar and cabanas, gym and outdoor summer kitchen areas. PARAMOUNT Fort Lauderdale was designed by Revuelta Architecture with interiors by ID & Design International. Bank of the Ozarks financed the project with a $63.6 million construction loan. PARAMOUNT Fort Lauderdale is located at 701 South Atlantic Boulevard on Fort Lauderdale Beach. 

Park Grove Hosts Panel Discussion On The Future of Coconut Grove With Terra and Related Group

Park Grove, led by Miami-based mega-developers Related Group and Terra, hosted a panel discussion on the new developments and future of one of Miami's oldest neighborhoods, Coconut Grove. The Lunch and Learn panel highlighted the evolution of Coconut Grove and new happenings in the retail, culinary, commercial, design and architecture sectors. Discussion explored how the neighborhood’s renaissance brought about by exciting new projects and featured the thought leaders who are taking the village to new heights. Notable Guests and panelists included David Martin, President of Terra; Carlos Rosso, President of Condo Development for The Related Group; Ina Cordle, Managing Editor of The Real Deal; Michael Schwartz, Award-winning chef and restauranteur; Michael Comras, CEO of Comras Company; Chris Dekker, Commercial Real Estate Broker for Mayfair Real Estate Advisors; Robert Lloyd, Architect at Perkins+Will; Maurizio Farinelli, Owner of Strada and Farinelli 1937; H.H. Bredemeier, Owner of H&H Jewels; Carlos Prio-Touzet, Owner of Touzet Studio Design + Architecture and more.The conversation engaged the audience in topics like the latest in development; the redesign of CocoWalk and new Mary Street Class-A office and prime retail that is reinvigorating the area’s live-work-play lifestyle; the public visioning workshop lead by Plusurbia and Perkins+Will; the new and established culinary offerings and much more. Each panelist spoke to the overarching theme of the neighborhood’s continuous growth and its commitment to maintain its historic charm and tree-lined ambiance revered by residents and guests. The panel was held at the Park Grove sales gallery where guests were treated to amazing cuisine catered by James Beard Award-winning Chef Michael Schwartz.