Major Executive Shake Up At Compass As Both CTO & CFO Leave The Tech-Driven Brokerage Firm

Via PROFILEnyc - Two key executives have announced their departure from Compass in a statement released last Friday. The longtime chief technology office, Liming Zhao, and the chief financial officer, Craig Anderson, who had only been with the $2 billion startup for seven months, are both leaving. 

Anderson was hired last August and was formerly the COO and CFO of the cycling chain Flywheel. His hire replaced David Snider, whom the board chose to out after the company began scaling rapidly. Snider administered finance and operations, but later focused on securing venture funds for the firm before he left.   

Compass stated that the decision to part with Anderson was “mutually decided.” “Craig is a really talented person. I know he will go on to do great things,” CEO Robert Reffkin said. After securing an additional $550 million in funding from SoftBank and Fidelity last year, Compass is looking for a new executive whose skill set fits the company’s size. 

The former CTO, Zhao, who joined Compass in 2013, split because he decided to start a company of his own. CEO Reffkin said, “As a company of entrepreneurs… this is something we celebrate at Compass.”

Article by Katya Demina | Photos via Compass

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 

One Park Grove, The Third & Final Tower of The Exclusive Park Grove Community Breaks Ground in Coconut Grove

Terra Group and The Related Group celebrated the groundbreaking of One Park Grove, the third and final tower of the elite residential enclave designed by OMA/Rem Koolhaas. The development, architecture and sales teams, as well as elected officials, commemorated the milestone with a shovel-in-hand ground breaking ceremony where guests enjoyed champagne and light bites set amongst the backdrop of the the Coconut Grove Marina. 

One Park Grove will join the nearly completed Park Grove Residences and Club Residences and will round out the architectural vision of Shohei Shigematsu, a partner at OMA and the lead on the project. At the event, Shohei came together with Carlos Rosso of Related and David Martin of Terra to express their shared excitement for the last installment of Park Grove, which is slated to complete its first phase in the second quarter of 2018. Shohei spoke about his inspiration for the buildings’ curvaceous exterior and discussed how he translated Coconut Grove’s lush setting into the design. 

Both Terra President David Martin and Related Group CEO Jorge Perez are long-time Coconut Grove residents and have uniquely personal relationships with Park Grove. As a future resident of the tower, Jorge is committed to adding his personal touch on the project. David has taken the lead for the development of the neighborhood’s office space and is passionate about creating a residential experience that fits the vibe of Coconut Grove. Together, they’re building one of Miami’s most exciting properties that touts handpicked finishes, specially curated services and amenities and a world-class collection of artwork from this era’s leading talent.

Soffers Aim To Expand Fontainbleau Aviation & Turnberrry Airport Holdings at Opa-Locka Executive Airport

The Soffer family is seeking a $5 million bond from Miami-Dade County’s Economic Development and Tourism Committee for expansion of Turnberry Airport Holdings at Opa-Locka Executive Airport. The bond would be used for a $28 million project that would renovate public infrastructure, including a 30,000-square-foot hanger and 57,000-square-foot executive and maintenance office for Fontainebleau Aviation. According to the South Florida Business Journal, the billionaire family currently leases 41.4 acres on site. In order to benefit from the taxpayer incentives, Turnberry would need to meet certain job creation requirements. The project is currently estimated to create 120 jobs and would increase the company’s revenue to $26 million in 2020 if the expansion is completed. 

Article by Katya Demina | Images by Turnberry Media & Fontainbleau Aviation

Oleta Partners Announces Free Construction Training Program with CBT College

Despite the high demand for commercial construction in recent years, contractors are coming up short on skilled labor due to an ongoing shortage. The low cost of capital and re-emergence of the commercial mortgage-backed securities (CMBS) market have made lending easier and enabled liquidity, which has fueled the demand for sustainable developments.  

The lack of vocational training in high schools has led to a skills gap and a smaller number of younger students pursuing careers in construction. Project costs and availability of labor are the two most prominent concerns for builders according to members of the National Association of Home Builders. In anticipating an industry need, Oleta Partners announced its partnership with CBT College to offer free construction training to North Miami Senior High School seniors. Oleta Partners is currently developing the largest project in North Miami’s history, SoL Mia, a premier, master-planned community set on 183 acres of the last undeveloped land in South Florida east of Biscayne Boulevard. 

The program, which will be managed by SoL Mia’s Local Preference Office, officially kicked off on March 5th at an orientation with 20 participating students and their parents, CBT College faculty and staff members, Oleta Partners representatives and City officials. According to the Bureau of Labor Statistics, the U.S, added 210,000 new construction jobs in 2017. This program allows Oleta to support the local community and keep up with industry growth by providing a steady supply of labor and fostering the next generation of qualified construction workers. 

“The creation of workforce development programs allows us to positively impact this community long term,” said LeFrak’s Managing Director of Development & Acquisition, Michael Tillman. “This tailored program will equip students with the right skill sets to prepare them for a future career in construction.” "As an additional resource for students, Oleta Partners will also provide free transportation to and from CBT College."

The training will span seven months, beginning in March, during which time students will complete courses in Building Construction Technology and be introduced to different trades such as carpentry, masonry and plumbing. At least 50 percent of the learning will be hand-ons training geared towards providing real-world experience, taught by experienced faculty in the school’s laboratories. Throughout its five locations in Miami-Dade County, CBT College provides access to career training with a focus on technology and sciences. “We’re thrilled to be working with SoL Mia and supporting these students by giving them a leg up in the early stages of their careers,” said Luis Llerena, CBT College’s Miami Gardens Campus Director.

To reconcile the lack of vocational training and an unskilled workforce in the South Florida market, the private sector has taken the initiative upon itself to tackle this public issue. In order to address the gap on a macroeconomic scale, there would need to be a more balanced technical school curriculum, broader career guidance in schools, and a greater availability of training through apprenticeships. Introducing vocational training into the broader school curriculum and creating partnerships for apprenticeships would improve accessibility to training needed for certification, which is usually at least 2,000 hours. Albeit with good intention, parents and guidance counselors are pushing for academic prowess and college education, instead of adapting to rapidly changing technological changes. This leaves students with only two tiers of career options, while neglecting middle-class skilled jobs. College graduate employment rates are at an all time low, so a degree doesn’t guarantee a job anymore either. 

After successful completion of the construction training program, students would earn 21 college credits and would receive a diploma in Building Construction Technology. With their training and diploma, students will be better prepared for a potential future career in an industry that has potential for high wages, demand, and self-employment.

Article by Katya Demina

Fortune International Group Celebrates The Official Grand Opening of Jade Signature in Sunny Isles Beach

Fortune International Group celebrated another successful delivery as the Herzog & de Meuron-designed Jade Signature officially celebrated its grand opening yesterday. The lavish celebration offered a glimpse into the stunningly finished amenities, complete with a live symphony, drum show and fireworks show. The building received its TCO with closings and move-ins beginning in February. 

"Today is about Jade Signature. It is about this site that allowed us to dream. To dream of having the parking underneath us. The dream of having 3 full floors of amenities. To dream of 100% of the units face the ocean directly and 60% of them are flow through unit that look both ways. To be able to twist the building so the sun is on the pool and the beaches throughout most of the afternoon without sacrificing any of the views. That dream that eventually comes through is what makes us very very proud," said Edgardo Defortuna, President and CEO of Fortune International Group while speaking to the crowd at the grand opening celebration.

Jade Signature was developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, designed by the Pritzker-Prize winning architecture firm Herzog & de Meuron, in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles, and financing provided by HSBC. Sales and construction began in 2013. 95%+ of the 192 residences have been purchased by an array of buyers spanning the U.S., Latin America and Europe. 

Check Out The Newly Revealed Addison House-Designed Model Home At One Bay Residences in Miami Design District

One Bay Residences, the second residential multi-family development that will be delivering in Miami Design District following Eve, has revealed their luxuriously modern model home designed by Addison House. One Bay Residences features 38 luxury condominiums and was developed by G&L Real Estate Development with both exterior architecture and interior design by IDEA Architects. The development is located at 455 NE 39th Street with sales and marketing are being exclusively overseen by ONE Sotheby's International Realty. 

Homes at One Bay Residences range from 1 bedroom floor plans with 877 SF of living area to 3 bedroom 3 bathroom layouts with 1,475 SF of interior living space. Residences feature kitchens with European cabinetry and granite counter tops while master baths features marble countertops. A selection of 2 and 3 bedroom residences offer 3 floors of living space, private garage, laundry room, and a rooftop terrace. The model home features 3-bedrooms, a glass staircase and furnishings by Italian designers Pianca and Tonelli, priced at $1,379,000. Amenities include a rooftop pool with jacuzzi, cabanas, and summer kitchen.

One Bay Residences is expected to be delivered in Q2 2018. 

Photos via One Bay Residences

OKO Group Celebrates Launch of Una Residences in Style With Fireworks Show in Brickell

OKO Group, the Miami-based development company founded by real estate magnate and prolific international developer, Vladislav Doronin, recently celebrated the launch of its second project, Una, a monumental 47-story, waterfront condominium tower designed by Adrian Smith + Gordon Gill Architecture (AS+GG). The evening capped off with an electrifying fireworks show and musical entertainment by a Latin jazz ensemble group. The event was hosted in a stunningly appointed sales gallery located atop the existing 11-story building that took OKO Group over a year to assemble unit-by-unit. 

OKO Group COO, Oktay Cini, and CFO, Fran Scola; Edgardo Defortuna, president and CEO of Fortune International Group; and Miami-Dade County Commissioner and longtime Brickell resident, Xavier Suarez, joined the city’s top real estate brokers, local influencers and members of the media for a sunset toast amid a stunning Biscayne Bay backdrop.

It has also been reported that in the short amount of time that sales have been live 25 units have gone under contract. 

Una will offer 135 bay view residences ranging from two to five bedrooms that have flow-through floorplans. They offer private elevator entry, 10’8” ceilings, chef’s kitchens with Gaggenau appliances, master suites with his and hers wings, laundry rooms with washers and dryers, and expansive 180 degree terraces featuring seamless floor-to-ceiling doors with “effortless lift and glide” glass balcony doors, glass balcony railings, and panoramic views of Key Biscayne, Downtown, Miami Beach, and Coconut Grove.

Amenities include a private marina, three pools, a state-of-the-art fitness center with yoga and personal training areas, a spa featuring indoor and outdoor private massage treatment rooms, three levels of subterranean parking, a cinema, and 24-hour concierge. Una's location on a waterfront urban park setting will be further enhanced with a private bayside garden by Enzo Enea’s award-winning landscape architectural firm Enea Garden Design, Inc. Residents will also have access to the Grand Bay Club on Key Biscayne. 

Una is expected to be delivered by Q4 2020. 

Check-out PROFILEmiami's coverage of the official announcement of Una and renderings

Closed: South Coconut Grove House Breaks 2018 Non-Waterfront Record At $2.35 Million

The prestigious South Coconut Grove remains to be hot as 4131 Woodridge Road has just set a 2018 record for non-waterfront sales at $2.35 million. The property was listed for a mere 48 days before going under contract. At $565 SF the sale is both the highest in both sales price and price-per-square-foot for non-waterfront homes. The number is also 14.8% above 2017 pricing.

The sale was overseen by list agents Michael Light and Andrew K. Becerra, Jr., of the Miami Luxury Homes Group at Douglas Elliman Real Estate. Light was also the agent behind the sale of "Hammock House" located at 3503 Banyan Circle in Camp Biscayne, which set the all-time highest-price-per-square-foot record for a non-waterfront home in the history of Coconut Grove.

4131 Woodridge Road is 4 bedroom, 4.5 bathroom ‘smart home’ featuring a kitchen with breakfast bar, dining room, multiple living rooms, and an expansive covered patio that overlooks Merrie Christmas Park. The home is finished with modern, architectural ceilings and custom lighting. Outside offers a covered patio, stone pool deck and lush landscaping throughout the property.  

Photos via Douglas Elliman