PMG, Greybrook Realty Partners & S2 Development Lock Down $33 Million Pre-Construction Loan For Waldorf Astoria Hotel & Residences

Property Markets Group, Greybrook Realty Partners and S2 Development have locked down a $33 million pre-construction loan which will be financed by the Miami-based BridgeInvest. The financing will be used to obtain final permits and approvals as well as market the property and launch sales of the residential luxury condominium component. The developers are currently building out the on-site sales center at 300 Biscayne. PMG had initially put sales on hold pending the Miami condo market stabilizing but now is gearing up introduce the luxury condos to the market.

When complete the Waldorf Astoria Hotel & Residences will be Miami’s tallest tower, rising 1,049’. The tower is being designed by Sieger Suarez and is expected to have a sell-out over $1 billion. The Waldorf Astoria Hotel & Residences will feature 140 hotel rooms and 400 condos. The project will be the first in Miami to feature the Waldorf Astoria brand which is owned by Hilton Worldwide Holdings, Inc. Downtown Miami has seen a surge in luxury condos in the past few years with a selection of high-end offerings since the completion of Ten Museum Park in 2007, which the first of its kind in the neighborhood which now includes One Thousand Museum, Aston Martin Residences, Marquis Residences, Epic Hotel & Residences, amongst others.

For more information about The Waldorf Astoria Hotel & Residences, private showings or purchasing/ leasing information please fill out the form below:

Asian & Japanese-Inspired Cocktail Lounge Kaido Opens In Miami Design District

Kaido, an Asian and Japanese-inspired cocktail lounge, is now open in Miami Design District’s Paradis Plaza. Kiado is a collaboration between Miami-star Chef Brad Kilgore and Mixologist Nico de Soto, where they have transformed the second-floor lounge into an intimate Tokyo-inspired bar with indoor and outdoor terrace lounges overlooking Paradise Plaza. Kaido will offer a tasting menu in a non-traditional dining setting offering guests a different experience each visit. Nico de Soto personally created the unique cocktail menu that seamlessly and playfully incorporates the restaurant’s Asian creative inspiration. Kaido’s build-out was designed by Mark Alan Diaz of MAD Designs who brought an edgy, Tokyo-style vibe to the 12-seat bar including deep colors with gold accents and a custom made 1,200 Butterfly knife chandelier. Kaido is now open at 151 NE 41st Street, Suite 217.

Ellish Builders Launches Little Harbor Estates Collection of Luxe-Waterfront Homes In Deerfield Beach

Ellish Builders has launched sales at Little Harbor Estates in Deerfield Beach, a collection of six luxury waterfront single-family homes. Tinka Ellington of Douglas Elliman is heading sales for custom homes which range from $2.9 million to about $3.5 million. Homes at Little Harbor Estates range from 4,900 SF to 5,700 SF and have between 90’ and 100’ of deepwater frontage. The six lots are located at 28, 30, 58, 60, 62 and 64 Little Harbor Way, with the exception of the first home which is scheduled for completion in October, the rest of the homes will be custom built as they are sold and designed by the buyer. Buyers will put down a $10,000 deposit for architectural drawings in addition to a $25,000 deposit for the land. The community is centrally locates between the Hillsboro and boca Inlet and right across from Royal palm yacht and golf club. The land has never before been developed, was acquired by Ellish Builders for $4 million in 2017, and is inside an exclusive, private neighborhood.

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Avison Young's Florida Capital Markets Group Oversees FPL In $33 Million Sale Of ±71-Acre Development Site In East Miami-Dade

Avison Young’s Florida Capital Markets Group has negotiated the $33 million sale of a ±71-acre trophy development site on behalf of Florida Power & Light (FPL) at 6525 SW 152 St., positioned at the 67 Ave. and 148 St. intersection, in Miami-Dade County’s Palmetto Bay, Florida. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth; Senior Vice President Jay A. Ziv; and Senior Associate Brian de la Fé completed the disposition of the property to developer Oscar Barbara, CEO and Chairman of LUXCOM.

“The 71-acre land parcel is the largest most recently on the market east of US-1 and is as close to a developmental anomaly ever presented in Miami-Dade County,” said Fay. “The site is ideally positioned adjacent to Deering Bay Yacht and Country Club in the foremost area of Palmetto Bay’s residential section and is the last major waterfront property with direct access to the ocean with no bridges and a marina basin in the entire county. Interest was brisk from local, national, and international investors. Ultimately, we successfully secured a mutually beneficial deal with a local buyer.”

1920's Actor Rudolph Valentino's Former Coconut Grove Winter Retreat Sells For $4.5 Million

One of the most historic estates in Coconut Grove and the former winter retreat of 1920’s actor Rudolph Valentino, has sold off market for $4,500,000. The Moorish Compound, which is located on a rock bluff overlooking the prestigious South Bayshore Drive, was originally built in 1910 and is made up of a main house with three separate cottages on a 25,000 SF lot. The estate, which is located at 1855 S Bayshore Drive, features 12 bedrooms, 7 full-baths and 2 powder rooms spread over 8,155 SF of living space. The split between the other cottages include a 3 bedroom with 1 bath, a 2 bedroom with 1 bath and a pool loft with bath. Over the years the compound’s architecture has not been touched and represents the true glam embodying the community of Coconut Grove. The buyer intends to upgrade the living areas but will retain the original architecture of the home. Both sides of the sale were represented by Joan Andre of Douglas Elliman.

Rudolph Valentino, who spent his winters at the compound, starred in several well-known silent films including The Four Horsemen of the Apocalypse, The Sheik, Blood and Sand, The Eagle, and The Son of the Sheik.

South Florida Real Estate Titans Fortune International Group and The Related Group Partner On Vaster Capital

Vaster Capital, a Miami-based direct, private lender specializing in customizing bridge loan products for domestic and foreign real estate investors, has announced a new partnership with national real estate development firm The Related Group, led by Jorge Perez.

Vaster Capital was formed in 2017 by Fortune International Group, led by Edgardo Defortuna, and Rialto Capital Management, who has since been acquired by Stone Point Capital. Vaster Capital has closed more than $150,000,000 of loans on residential properties in South Florida since inception. To form the new partnership Related Group has acquired Rialto’s ownership stake. With Rialto out Vaster Capital plans to roll-out new loan programs which include lending on commercial properties as well as expanding out of South Florida markets. The partnership will also allow Vaster Capital to offer both domestic and foreign investors sophisticated hassle-free mortgage financing. Vaster is offering loans with rates as low as 7.59% and no pre-payment penalties, as well as the ability to fix rates for its borrowers for periods of up to three years. Additionally, Vaster is now lending on commercial properties and land for development. With a highly experienced team and a cutting-edge technology driven operational approach, Vaster can underwrite and close loans faster and with more efficiency. Both brokers and borrowers can easily obtain a quote, apply, and close loans in a seamless and a hassle-free manner.

“We see this new venture as a strong way to give our domestic and international buyers additional flexibility. There are no other players with our track record or level of experience and we’re confident this will not only give borrowers much-needed peace of mind, but also allow us to expand to geographic markets beyond South Florida,” said Matt Allen, Related’s Chief Operating Officer and Executive Vice President.

“Although Fortune has provided real estate services to the South Florida real estate investor for more than 30 years, Vaster Capital provides a new solution for the real estate investor, broker or developer, while filling a void in the marketplace by providing fast and accessible liquidity in closing transactions with a reliable lender who understands real estate. We look forward to continuing to evolve our business platform to become the lender of choice in the local market as well as the new markets we are lending in,” said Edgardo Defortuna, President and CEO of Fortune International Group.

PARAMOUNT Miami Worldcenter Reveals Urban Villas Starting At $3.5 Million

PARAMOUNT Miami Worldcenter has revealed their exclusive collection of four, two-story urban villas, the most unique residences offered at the massive 27-acre complex, which has been compared to New York’s Hudson Yards as one of the country’s most visionary and largest mixed-use developments. The standalone residences span 2,576 SF of interior space with 2,038 SF of outdoor space and feature three bedrooms, a den and four bathrooms, a rooftop for entertaining as well as private sky pools. The urban villas, which are priced ranging from $3.5 to $4.5 million, are located steps from the spa on the pool level amenity deck and will offer direct access to the parking garage for added convenience. They will also be just an elevator ride away to the buildings Skyport should the future of flying cars become reality, and regulatory hurdles are met.

“We’re thrilled to introduce our ultra-luxury, limited villa collection, which offers the best of both worlds – a single-family home in the sky in an urban setting,” said developer Dan Kodsi. “We’ve saved the best for last. These villas will appeal to a very special buyer, who appreciates the world at their fingertips.”

“The debut of these exceptional villas adds yet another dimension to the unrivaled offerings at PARAMOUNT Miami Worldcenter,” said Peggy Fucci, CEO of OneWorld Properties, the exclusive sales brokerage for the project. “It is simply elevated living at its best.”

PARAMOUNT Miami Worldcenter is currently the only residential tower for sale within the mixed-use Miami Worldcenter site. It will be the most amenitized building in the country, features a massive amenity deck, Upper Deck, which will also be the largest amenity deck in the U.S., spanning 90’ above downtown Miami and featuring the country’s first outdoor soccer field to be featured in a high-rise residential development; two tennis courts; a resort-style pool; and multiple bungalows, among others.

PARAMOUNT Miami Worldcenter is 85% sold with $400 million of the 500+ city- and bay-view condo residences with buyers representing over 50 nationalities. Tower residences range in size from 1,180 to 2,350 SF, with prices starting at $750 per square foot. Construction crews from CoastalTishman celebrated the building’s top off in August 2018 and it is on course for building completion this spring. The tower is constructed atop Miami Worldcenter’s high street retail component, a pedestrian-oriented shopping streetscape that is being developed in collaboration with The Forbes Company and Taubman. Miami Worldcenter’s retail plan reflects downtown Miami’s emergence as one of the country’s fastest-growing urban centers, where the population that has doubled in size since 2000, with a streetscape that has become more pedestrian-friendly in recent years.

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Douglas Elliman Continues South Florida Expansion With Announcement Of First Coral Gables Office

Douglas Elliman, the third largest residential real estate company nationwide, has continued their expansion across South Florida with the opening of its first Coral Gables office location. The 4,040 SF office will be located on the first floor at Facundo Bacardi’s 1515 Sunset Drive, designed by Leo A. Daly, and will house approximately 75 agents and will be led by Managing Broker Maggie Buck. With the addition of Coral Gables, Douglas Elliman now has 20 offices across Florida, including Boca Raton, Fort Lauderdale, Miami, Miami Beach, Palm Beach, Aventura, Bay Harbor Island, Jupiter, Wellington and Delray Beach.

“Coral Gables is a strong market for luxury buyers and with our existing foothold in the area, we always believed this particular region was a critical market to tap into as we continue our expansion across Florida,” said Jay Phillip Parker, Chief Executive Officer of Douglas Elliman’s Florida brokerage. “As purveyors of luxury real estate, Douglas Elliman caters to the interest of our global clientele and with Coral Gables being an international destination for real estate buyers we look forward to offering our world-class services in one of South Florida’s most coveted neighborhood.”

The new Coral Gables location has been designed with the same charming character and architectural design seen throughout “The City Beautiful” including terrazzo flooring accentuating the Coral Gables aesthetic of a historical yet modernized neighborhood. The new office setting offers an array of private offices and two conference rooms featuring dHive glass, known for creating professional private environments that offer seamless accessibility to open work spaces where professionals can collaborate in a communal setting.

In June of 2018, Douglas Elliman made a significant mark on Coral Gables when the firm closed on the $19 million sale of Hilda Bacardi’s estate, Casa Costanera, which marked the highest price ever paid for a single-family home in the exclusive gated community Cocoplum. The listing was represented by Hilda Jacobson of Douglas Elliman’s Sports & Entertainment Division, who will now join the Coral Gables office.

Maggie Buck, who previously served as Douglas Elliman’s Managing Broker for the firm’s Miami Beach offices, will now oversee daily operations in Coral Gables. Buck is deeply connected to the South Florida community and active in her industry, brining more than 25 years of luxury real estate experience to her new role in addition to a strong expertise in the local Coral Gables market.

“The Coral Gables community is known to attract buyers from around the world looking for the South Florida lifestyle with direct access to waterways and celebrated architecture,” said Maggie Buck, Managing Broker of Douglas Elliman’s Coral Gables office. “As our brand continues to grow in South Florida, I am thrilled to return to the community of Coral Gables, I look forward to growing our newest office and implementing my expertise in the area to build a team of strong real estate professionals.”

The $159 Million Playa Vista Isle Sells At Auction To Teavana Co-Founder Andrew Mack For $42.5 Million

Teavana co-founder Andrew Mack has purchased Playa Vista Isle for a massively discounted $42.5 million. The Versailles-inspired estate in Hillsboro Beach made headlines when it hit auction in November after being listed for $139 million in 2014 and raising to $159 million in 205 before being delisted in 2016. Playa Vista Isle is a Neoclassical work of art that is spread out on five acres on one of the highest points of Florida's "Millionaires Mile," and was one of the most expensive real estate listings in the country. The estate was auctioned without reserve at a live auction on November 15, 2019 via Concierge Auctions in cooperation with ONE Sotheby's International Realty and the $42.5 million does not include the buyer’s premium. The auction received attention from 11 bidders before Andrew and Nancy Mack won with the highest bid which is the most expensive residential sale ever to close in Broward County as well as the most expensive to close in 2018. Playa Vista Isle was developed by Robert Pereira, previously called Le Palais Royal, with construction costs in excess of $100 million.

Sean Murphy of Coastal Construction has previously stated, “Our client not only wanted a house with world-class finishes, he wanted a house built to last generations. At every stage of construction, no expense was spared. A house this size with the same spare-no-expense approach, ultra-high-end finishes, and over-the-top unique features like an IMAX theater, could easily have construction costs in excess of $100 million for the building itself.”

The estate was completed in 2018 and ideally located in Hillsboro Beach, which is midway between the metropolitan areas of Miami and Palm Beach, Playa Vista Isle is the only Ocean-to-lntracoastal Waterway estate on the entire Gold Coast to offer both 500± feet of private oceanfront beach as well as two deep-water docks. Play Vista Isles spans 58,000 SF with 11 bedrooms and 22 bathrooms matched with world class amenities including the world's first private 3D-IMAX© in-home theater, a 20-car garage with secure tunnel access, 3,000± bottle wine cellar with individually-controlled temperature and humidity secured by biometric access with an adjacent tasting room, 4,500-square-foot heated infinity edge pool, a Jacuzzi perched 40 feet above the ocean featuring unobstructed panoramic views of the horizon, 13 water features including six waterfalls, and a putting green. The property was carefully constructed using hand-selected finishes from around the globe highlighted with 22-karat gold leaf gilding.

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Melo Group Launches Pre-Leasing For Art Plaza Apartments In Downtown Miami

The Melo Group, one of Miami’s most prolific residential developers who have quickly transformed Downtown Miami and its Arts & Entertainment District, have launched pre-leasing for Art Plaza, a transit oriented, community minded 667-unit apartment complex walking distance from the School Board Metro Mover Station. Located in the burgeoning downtown Miami Arts & Entertainment District, the 34-story, two-tower Art Plaza will offer one- and two-bedroom apartments which range in size from 760 SF to more than 1,300 SF, with monthly rents starting at $1,600. Art Plaza has topped off construction and is slated to deliver to market in mid-2019. Building amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fully-equipped fitness center, valet service, available covered garage parking, security control remote access and a social room for residents – plus on-site services provided by another 15,000 square feet of ground-floor retail and restaurants. The opening will cap off phase three of a four phase plan that will deliver more than 2,300 market-rate apartments in Miami’s urban core.

“Although our renters are diverse,” says Melo Group principal Carlos Melo, “we’re seeing strongest demand coming from millennials who prefer 24-hour, live-work-play environments over long commutes. We look for sites within easy walking distance of public transportation as well as shopping and entertainment venues. Both projects, for example, are just steps away from the Metromover, providing easy access into Downtown Miami’s CBD and Brickell Financial District.”

As a community-minded real estate developer, Melo Group has made a concerted effort to build for local and regional market demand, bringing nearly 5,000 market-rate rental and luxury condominium residences to market over the past decade. Next-door to Art Plaza, Melo’s Square Station apartment tower, which opened May 2018, has seen is 710 units approach full occupancy. A fourth development, the 425-apartment Miami Plaza, is planned nearby, bringing the total number of market rate apartments that the development firm has brought to downtown Miami’s Arts & Entertainment District to nearly 2,300. Melo kicked off development in the district in 2016 when it delivered the 497-unit Melody apartment tower. In addition to market rate apartments, the three developments are also bringing more than 40,000 square feet of street-level retail space that will be populated with restaurants, shops and services catering to nearby residents.

“The Arts & Entertainment District’s concentration of attractions – from world-class cultural venues to dozens of dining and shopping choices – cater to every taste,” says Melo Group principal Martin Melo, “as does the district’s proximity to other hot neighborhoods such as Wynwood, Miami Design District and Midtown Miami. We also have an exciting collection of ground-floor retail at Square Station, including Bunbury, a popular bar and lounge that is relocating here; The Spot, a high-end barber shop; Testa Rossa Deli; a sports bar and Cucinova.”