Stuart Miller Steps Down As CEO Of Lennar, America's Largest Home Builder, To Become Executive Chairman

Lennar has undergone a major shake-up at the management level as longtime CEO Stuart Miller has stepped down as CEO, to be replaced by Rick Beckwitt, and will resume his role with the company as Executive Chairman. Lennar, a publicly traded company as LEN (NYSE), is the United State's largest home builder and is headquartered in Miami. The announcement was made Thursday April 12, 2018. In his new role as Executive Chairman Miller will continue to be involved in the company's strategic direction and operations. 

Other shake-ups include Jon Jaffe, current Chief Operating Officer, has been elected to be Lennar's new President and will continue to serve his role as COO. Chief Financial Officer Bruce Gross will assume a new role as CEO of Lennar Financial Services, and Treasurer Diane Bessette will transition to the role of CFO.

Lennar was co-founded by Miller's father, Leonard, in the 1950's. Miller, 60, has worked for Lennar for over 35 years and served as CEO for over 21 years.

Incoming CEO Rick Beckwitt has worked for Lennar for over 12 years and became President in 2011. He helped guide the company through the financial crisis which wiped out many in the real estate sector and has overseen major deals including the acquisition of CalAtlantic.

Lennar currently has over 250,000 homesites and 1,300 communities and is spread across 21 states and 49 different markets. In February 2018 Lennar acquired CalAtlantic in a $9.3 billion deal. 

Former Designer of Versace Mansion Lists Her Two Ft. Lauderdale Mansions For Nearly $60 Million

Katia Bates, the former Designer of Casa Casuarina, infamously known as the Versace Mansion in South Beach, and her husband Tom, a well-known developer, have listed their two Fort Lauderdale properties for nearly $60 million. The home builder and interior design husband and wife duo are the masterminds behind their company, Innovative Creations. Katia is a second-generation member of the interior design industry who hails from Venice, Italy, and often travels to Europe and around the world looking for the perfect and unique pieces that complement the highly detailed interior design of both homes as well as her other projects. The two homes are listed for $32 million (Bontona) and $27.5 million (Capri), listed by Douglas Elliman agents Christopher Wands, Pietro Belmonte and Chad Carroll. Check out the photo tours below:

524 Isla of Capri Drive

The recently renovated waterfront Fort Lauderdale residence incorporates a modern twist to the same classic Venetian styling that the Versace Mansion is known for. The residence features 5 bedrooms suites, 10.5 baths, and a lavish guest house, each room has its own personality and feel, with customized furnishings, antiques, and top-of-the-line fabrics carefully amassed over the past two decades from all over the world. Located on a Southeast point waterfront lot off the ultra-chic and upscale Las Olas Boulevard, this home’s updated take on classic design truly typifies the Venetian-born designer’s personal style. Surrounded by breathtaking views of the New River and the Intracoastal and featuring over 400 feet of waterfront space, the residence provides the atmosphere of being on a Venetian waterway. The home offers a cohesion of indoor outdoor living space with extensive terraces and patios connected to each other. The formal gardens are lined with dozens of elegant palm trees. For entertainment a large marble and stone gazebo imported from Italy, a pool, a Jacuzzi, a cabana bath in mosaic glass tiles and a deck of Jerusalem stone and travertine marble. 524 Isla of Capri Drive is asking $27.5 million.

529 Bontona Avenue

Bontona is currently being developed on the site of the former home of a Miami Dolphin’s owner who recently passed last month, Wayne Huizenga. The home offers a gorgeous stone sculpture of a Dolphin that was on the property and they kept it to keep the history of the house. The new construction, waterfront mansion offers a club room, dining room, kitchen and breakfast area, gym, laundry room, VIP suite, office, and library. Finshes include bookmatch slab marble floor, Brazilian marble, St. Moritz with bookmatch fireplace. Outdoors offers an expansive 25,000 SF or more of stone decks, pool, private docks and driveways including balconies and terraces in either marble or exotic stones. 529 Bontona Avenue is currently asking $32 million. 

Imagery by Daniel Petroni Photography 

PARAMOUNT Miami Worldcenter Rolls Out Rooftop Skyport in Anticipation of Urban Aviation

PARAMOUNT Miami Worldcenter will house some of the finest, most advanced and most numerous amenities of any residential tower in the United States. Developer Dan Kodsi recent took the offering to the next level as thew world prepares for urban aviation. Kodsi is building a Skyport, located on the roof of the 60-story condo tower in anticipation of flying cars. The Skyport cant help but drum up memories of the Jetsons, the family of the future. 

Kodsi made modifications to the rooftop design of the tower in order to accommodate a 5,000 SF Skyport. He is preparing his state-of-the-art future-forward residential tower, which will top off construction this August, with the ability to convert its rooftop into a Skyport for vertical takeoff and landing (VTOL) aircraft, also known as passenger drones, or what some may call “flying cars.”

“Imagine traveling from Miami to Palm Beach—a drive that takes the better part of two hours—in about 30 minutes. That stop-and-go traffic to the suburbs could become a burden of the past for PARAMOUNT residents,” said Kodsi.

Kodsi is not only a veteran developer, with a masters in urban planning and a 30-year career delivering more than 6,000 units, but he also has a background as a recreational pilot.

"The future of transportation is here within the next 10 to 15 years and urban aviation is closer to reality than you might expect. The flying vehicles will use airspace to alleviate transportation congestion and traffic on the ground for quicker daily commutes, and cleaner air around the world. These vehicles are more like a helicopter, but much quieter, run electronically and are environmentally friendly,” said developer Dan Kodsi. “PARAMOUNT Miami Worldcenter prides itself on its amenities and high-tech features. While the industry still has many regulatory hurdles to clear, we are excited to be at the forefront of urban aviation with what can one day be the first residential Skyport in Miami.”
 
Ever since UBER Elevate announced it would begin testing its urban air taxis in Dallas-Fort Worth, Los Angeles and Dubai in 2020, a galactic style race erupted from tech, aircraft manufacturers and automakers both domestic and international to develop flying cars. Including the German developers of Volocopter and Lillium, Airbus’s Vahana, the Chinese developers of Ehang 184 and Terrafugia, Google’s Kitty Hawk Flyer and Workhorse Surefly. 

Check out the video below;

Fisher Island Has Been Named The Highest Earning ZIP Code in The United States

The detrimental effects of continued and increasing state tax in high tax northern states such as New York and Connecticut is beginning to show its effects and fast. Connecticut and Manhattan were once home to numerous Wall Street big wigs and high income earners, yet residents have either fled to states such as Florida where the state is funded off of property tax and sales tax amongst others. While Greenwich, CT is still in the top 20, as is its Riverside neighborhood, Manhattan failed to crack the top 20 with any neighborhood.

Taking the cake, Miami’s ultra-luxe, hyper-private, ferry accessible Fisher Island 33109. Ask where the new residents are moving from and you will hear what you would expect, New York, Connecticut and New Jersey. Fisher Island has always attracted the rich and private, but in just a short timeframe they neighborhood has catapulted itself to a lead of over $1 million more of annual income per household at an astonishing $2.5 million per year.

Fishr Island has a fascinating history, named after South Florida pioneer and founder of Miami Beach Carl G. Fisher who purchased the island from Dana A. Dorsey, Florida’s first African American millionaire. Fisher later traded the island for William Vanderbilt’s yacht. The development that transformed the island into its current form began in the 1980’s and although there are now just over 220 properties on the island, by modern standards the island is just as exclusive only accessible by boat, ferry or helicopter.

Fisher Island’s 33109 is followed by Silicon Valley’s Atherton, CA (94027); Palm Beach, FL (33480); Palo Alto, CA (94301); Harrison, NY (10577); Gladwyne, PA (19035); Los Angeles, CA (90067); Kenilworth, IL (60043); Weston, MA (02493); San Francisco, CA (94111); Far Hills, NJ (07931); Boston, MA 02110); Portola Valley, CA (94028); Moose Wilson Road, WY (83014); Naples, FL (34102); Medina, WA (98039); Riverside, CT 06878); Old Westbury, NY (11568);  Glencoe, IL (60022), and in twentieth, Greenwich, CT (06831), according to a Bloomberg study of IRS data. 

The Team Behind Segafredo Set To Launch Esotico Miami, A New Craft Cocktail Bar In The Heart of Miami's Arts + Entertainment District

Graspa Group, the team behind the Miami mainstays Segafredo, Salumeria 104 and Spris brands, is teaming up with a celebrity bartender on a new concept at CANVAS in the heart of Miami's Arts + Entertainment District. 

Dubbed “Esotico Miami,” the concept will be located in the ground floor at CANVAS, located at 1630 NE 1st Avenue. Esotico Miami will offer modern tropical cuisine and hand-crafted, exotic cocktails by internationally celebrated bartender Daniele Dalla Pola. It will also provide a home base for local musical talent, a cornerstone of the Arts + Entertainment District mission, featuring live music several nights a week. Esotico Miami will serve dinner and late-night cocktails with seating approximately 100.

“We’re delighted that Graspa has chosen the Arts + Entertainment District for its next venture,” said Nir Shoshani of NR Investments, the developer behind CANVAS and Filling Station Lofts. “This is the team that has made Segafredo one of the most beloved neighborhood cafés in Miami, and we’re confident that Esotico Miami will be equally magical, and become the de facto ‘living room’ for the Arts + Entertainment community. Graspa’s focus on good food and good people, combined with Daniele’s thoroughly original approach to cocktails, is a winning recipe.”

Graziano Sbroggio, founder of Graspa Group, and Dalla Pola launched Segafredo together in the 1990s. Dalla Pola honed his craft in Miami before returning to Italy to launch a restaurant and two successful cocktail establishments. He owns his own rum brand, Alamea and was nominated best bartender in the rum category at the International Rum Conference in Madrid, and one of the best bartenders in the world by Tales of the Cocktail in New Orleans.

“Daniele is a true artist, and every great artist needs a good manager behind him,” said Sbroggio. “He was the first to suggest the location at CANVAS and it didn’t take long to convince me. We see a lot of people moving into the Arts + Entertainment District. It has great connectivity to Downtown, Wynwood and Miami Beach and has a really strong community of local artists and entrepreneurs. We see this as the next great neighborhood in Miami.”

Alex Acker and Frank Rodriguez Melo of Cedano Realty Advisors represented the parties in the transaction to lock up the 2,700 SF space on the ground floor southeast corner of CANVAS. Esotico Miami is expected to open this fall (2018).     

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:

Moishe Mana's Pedestrian Friendly Vision For Redeveloping Flagler Street Unveiled

Construction has been stopped on Downtown Miami's redevelopment of Flagler Street, a project which has seen over 7 years of planning, to discuss pivoting to a new plan proposed by Moishe Mana. Mana, one of Downtown Miami's major land holders, has proposed a new for the the transformation of Flagler Street. Mana is calling for a "curbless" street  with no raised sidewalks in addition to the removal of on-street parking. The changes would allow for a pedestrian friendly outdoor, high-street retail concept with outdoor restaurant seating and entertainment. The streets would also include lush landscaping and bollards for pedestrian safety. Changes to the original plan would cost Miami-Dade tax payers $6 million with funding coming from city, county, DDA and private investors but should the project get delayed county funding may be pulled. Construction is anticipated to take between 36-42 months. 

Hyatt Reveals Proposal For Three Kobi Karp Towers in On The Miami River in Downtown

Hyatt has proposed plans to demolish and redevelop their Downtown Miami hotel location and the adjacent James L. Knight Center. The proposal, which will go in front of Miami's Waterfront Advisory Board on April 10, calls for a waterfront podium of which three Kobi Karp designed towers would rise. All of the towers would be residential with one operating as a hotel and the other two as either condos or apartment rentals. Hyatt is also seeking an extension to their long-term leas on the city-owned land. 

McKENZIE + PROFILEmiami Happy Hour: Come Meet Javier Fernandez, Candidate for Florida House of Representatives District 114

Come join McKENZIE & PROFILEmiami for a special happy hour to meet our friend, Javier Fernandez, Democratic candidate for Florida House of Representatives District 114. Wednesday April 4 @ 6 PM at McKENZIE HQ - 2247 NW 17th Ave.

The Future Role of Virtual Reality in Real Estate

When most people think of virtual reality, they imagine a cool gadget synonymous with video games and sci-fi movies. But as virtual reality technology improves and develops, more industries are finding creative ways to incorporate it into their business. Traditionally, real estate has had a slow pace of tech adoption, but the potential of VR is quickly being realized.

Suffolk Construction, the innovative building contractor, has opened a Smart Lab in its downtown Miami office to “identify, test and scale new technologies intended to transform the construction experience and revolutionize the industry.” Just last year, they opened similar labs in Boston, New York City, and San Francisco, which are physical manifestations of Suffolk’s ‘build smart’ approach that enables its teams to leverage new tools and technologies in order to create more value for their clients. 

“The momentum from our ‘build smart’ approach is unmistakable as we redefine what it means to be a builder and, more importantly, provide significant value and a positive project experience for clients, architects and trade partners,” said Chris Mayer, executive vice president and chief innovation officer at Suffolk. 

One of these interactive technologies is a virtual reality CAVE (Computer Aided Virtual Environment) room, which immerses the user in a realistic 3D model of renderings using an HTC Vive headset. The concept allows teams to identify and address logistical challenges before construction begins by ‘stepping inside’ the building. “The basic concept behind the Smart Lab is that we can build it in pixels before we build it in brick and mortar,” said Joe Fernandez, vice president of operations for Suffolk Construction. “We take real-time decisions and put them in a 3D model so the client can immediately see the finished result. 

Only six percent of construction companies currently implement VR technology, according to a survey by Software Connect, but its benefits have already been recognized. Fortune International Realty Group collaborated with Suffolk in building Jade Signature luxury condo tower in Sunny Isles Beach, whose futuristic structure was designed by prize-winning Swiss architects Herzog & de Meuron. CEO and president of Fortune, Edgardo Defortuna, said “We knew Jade Signature would be an extraordinary undertaking and that a collaboration with Suffolk would be a cornerstone of the project’s development.” During preconstruction in 2016, his sales team shipped virtual reality goggles to prospective Jade buyers. “The result has exceeded every expectation.” 

For virtual reality to take off, it needs competitive pricing and increased computing power in order to run high-end VR simulations. These key variables are present, but the availability of headsets and computers makes distribution of the experience a challenge. As early enthusiasts give way to wider adoption and awareness, VR may become a key technology when it comes to the designing, building, buying and selling of real estate.

Article by Katya Demina