Demolition Clears The Way For OKO Group And Cain International's Una Residences To Break Ground

An 11-story former condo building at 175 SE 25th Road, which was built in 1971, has been demolished, clearing the way for the highly-anticipated condo tower Una Residences, which is being developed by OKO Group, led by Vladislav Doronin, and Cain International. Demotion was completed April 25 and construction commenced immediately after.

Doronin began to assemble the site in 2016 by buying out current residents at nearly double the expected market value, roughly $48 million, before terminating the condo.

The nautically-inspired Una Residences was approved by Miami’s Urban Development Review Board in September 2018. The building will rise 47-stories and will feature 135 waterfront condos starting at $942,000. Both of Una's exterior and interior design are being overseen by Adrian Smith + Gordon Gill Architecture (AS+GG), the internationally acclaimed architects known for designing extraordinary skyscrapers like Saudi Arabia’s Jeddah Tower. Residences will 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.

Sales for Una are being handled exclusively by Fortune International Realty. The project was initially expected to be completed by 2021.

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

Wellness Real Estate Is On The Rise. Inside Healthy Homes With Cyber-Wellness.

The world’s first home automation system was invented in 1966 by Jim Sutherland. ECHO IV, or Electronic Computing Home Operator, allowed users to control their home’s temperature, store recipes or shopping lists, and power appliances. However, ECHO was never commercially sold. 

It would only be until the 1970s when general-purpose home automation technology would be first introduced to the public. At first, the technology was only simple enough to make appliances and light fixtures in homes run more efficiently. Since then, home automation has evolved into smart-home technology and integrative systems for climate, entertainment, security, and more. One such system is the 2019 DARWIN Home Wellness Intelligence platform, the first of its kind ever.

DARWIN is a network designed to be integrated into the home and target respiratory, cardiovascular, and immune and cognitive health through methods including air purification, water filtration, circadian rhythm lighting, and comfort-focused technologies to simulate the outdoors. According to Delos, the company behind DARWIN, the system uses algorithms and sensor technology to help reduce stress, improve quality of sleep, and increase performance. 

Delos believes that our environment, or our homes, are the places that contribute the most to our health--up to 70%, they claim. 

Consumers are considering their health and the ways in which they can upgrade their homes with new technologies more than ever before, especially while many are self-quarantining due to the COVID-19 pandemic. One of the more popular and readily available automation devices is the Amazon Echo, which is a smart speaker that allows users to answer questions, play music, and control home devices. Amazon said in January of 2019 that more than 100 million “Alexa” devices had been sold, highlighting the demand that has risen towards these types of systems.

One Miami-based company that has been the catalyst that simplifies complex innovations in personalized solutions is the tech integration company HEDSouth, which has been installing wellness technology in homes and other spaces since 2018.

HEDSouth is now one of the first 50 accredited and approved dealers for DARWIN, and the only Miami installer for it. HEDSouth, which has expanded into Southern California, also carries electronics and luxury brands such as Lutron for lighting and custom motorized shades, Sonos for Music, Sony for premium video entertainment, and Crestron, Savant, and Josh.ai for complete and simple control.

Developers, real estate leaders, and design professionals alike are thinking ahead about the future of at-home wellness technology, with much of South Florida welcoming its first wellness residences. These include private single-family homes and Coral Gables’s Villa Valencia, the first U.S. condominium development to debut DARWIN. Projects by HEDSouth with wellness elements are underway in Boca Raton, Weston, Fort Lauderdale, and Miami. 

By Isabella Zimmermann

Midtown Miami's Most Amenitized Luxury Apartment Tower, Gio Midtown, Receives TCO

Gio Midtown has just received its Temporary Certificate of Occupancy (TCO) from Miami-Dade County. The 447-unit and 39-story tower, which was jointly developed by Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management, began to welcome its first residents on April 15. Bozzuto, which leads the project’s leasing and property management, launched leasing in January. Roughly 8% of the building has reportedly been leased so far.

Located in the heart of Midtown Miami, Gio Midtown offers close proximity to the neighborhood’s various restaurants and shops, as well as Miami’s Design District and Wynwood. Residents will also be given exclusive perks at local businesses, including Tap42 and Barry’s, and will be able to enjoy a plethora of amenities located inside the building.

The 5th floor offers a sprawling pool deck, along with a 25-yard lap pool, cabanas, grilling stations, and an outdoor whirlpool spa. Those wishing to workout can visit the outdoor CrossFit station and basketball court, or head indoors to the 4,471 square-foot fitness club to partake in group classes like yoga, Bootcamp, and Zumba. The spa, sauna, and steam rooms provide a calming space to unwind and relax, as does the Himalayan salt room with its salt floor and rocks which boast restorative properties to improve breathing and skin. 

Residents with pets will also be able to pamper their pets and host playdates in the Dog Lounge and at the spa with on-site groomers. Family-friendly amenity spaces include a designated indoor area ideal for kids’ parties, a private outdoor playground, a game room, and a family lounge. 

Gio Midtown’s floor plans include studios, one-, two-, and three-bedroom residences that range from 386 to 1,919 square feet. Studios start at about $1,58, one-bedroom at $1,775, two-bedroom at $2,775, and a three-bedroom at $3,790. Units’ luxury finishes include ceramic tile backsplashes, quartz countertops, keyless entry, and sprawling terraces.

Designed by bKL Architecture LLC, the project’s exterior features geometric and angled balconies serve as an ode to Italian modernist architecture and mid-century modern design. Fanny Haim & Associates created the property’s common areas with a soothing color palette, unique millwork, and pops of brushed gold.

“We understand that these are challenging times for all, and we hope that Gio Midtown will serve as a sanctuary for our first residents,” said Brian Gordon, executive vice president of Magellan Development Group. “There has been a tremendous amount of support and positivity amongst our team and we appreciate everyone who has played a pivotal role leading up to this milestone. We are optimistic that Gio Midtown will set a new standard for multifamily living in South Florida.” 

Gio Midtown was built and designed to LEED Silver sustainability standards and offers a bike workshop and wash station, as well as electric car chargers. It expects to receive its LEED certification in about a year. 

By Isabella Zimmermann

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:

Rewind: Edgardo Defortuna Jay Parker and Carlos Rosso on COVID-19 Impact on Residential Real Estate in South Florida

On April 22, 2020 PROFILEmiami hosted an interactive webinar discussion with over 500 viewers focusing on the impact that the COVID-19 pandemic will have on the residential real estate markets in South Florida. Condo titans Jay Parker, Edgardo Defortuna and Carlos Rosso explored topics such as how are South Florida’s leading real estate professionals are reacting to the crisis, how or will buyer behavior and demographics change, what future opportunities may present themselves and how will lifestyle changes due to the pandemic, quarantine and social distancing change how we think about and develop residential real estate.

Watch: https://youtu.be/xFQSR1naDoI

Panelists:

Speakers:

• Edgardo Defortuna - President & CEO, Fortune International

• Jay Parker - CEO, Douglas Elliman Florida

• Carlos Rosso - President Condominium Division, Related Group

• Moderator: Demetri Demascus - CEO & Co-Founder, PROFILEmiami

Topics:

• What is your personal outlook on how COVID-19 will ultimately affect the South Florida residential real estate markets? Will there be permanent changes to the market or the industry? Which markets will see the most change? 

• How are you handling projects currently under construction?

• What lessons did you learn from past recessions and how did they shape how you’re handling today’s crisis? Have you learned any lessons from the COVID-19 crisis?

• How will quarantine and social distancing change the way we think about residential real estate? 

  • How will it impact the design and development process? 

  • How will it impact the sales and marketing process?

  • How will it impact consumer lifestyle at home? Will consumers want more space, more land, more amenities in their home? How will this differ between condo and residential?

• How will the impact on the market differ between single family and condominium? Will we see a period of suburbanization? 

• What steps have you guys taken to position yourselves and your companies to emerge from the crisis when we can get back to work?

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Partners:

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WEBINAR SPONSORSHIP

Interested in sponsoring PROFILEmiami webinars? Generate exposure for your brand and connect directly with some of South Florida’s top real estate professionals. Contact us today to inquire about Sponsorship Opportunities.

PLEASE COMPLETE 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.

Eyzenberg & Co. Secures $21.3 Million Loan For Weiss Group of Companies Kobi Karp-Designed Towers at Blue Lagoon

Weiss Group of Companies has secured $21.3 million in bridge financing for the Kobi Karp-designed Towers at Blue Lagoon, which will replace a previous loan and fund predevelopment costs. Weiss Group has owned the 7-acre site located near Miami International Airport since the 1970s. In March 2019, their proposed rezoning to Miami city commissioners that would raise the development site’s maximum building height from eight stories to 12 stories was approved. Phase one of the mixed-use project will include a total of 829 multi-family units in two 184,000-square-foot buildings. Unit floor plans will include studio, one-, two-, and three- bedrooms. Future plans for the development include two 147-room hotels, parking spaces, affordable, market-rate and workforce housing, and improved roads and pedestrian walkways.

Weiss Group secured the loan from a Canadian private lender, according to the president of Eyzenberg & Co. Eyzenberg and Robert Ginsberg, managing director of Eyzenberg & Co., assisted in arranging the loan on behalf of Weiss Group.

By Isabella Zimmermann

JOIN US FOR A WEBINAR: COVID-19 IMPACT ON RESIDENTIAL REAL ESTATE IN SOUTH FLORIDA

Registration Link: https://us02web.zoom.us/webinar/register/WN_8CnLjRjVStabPaNH3ibChg

Join PROFILEmiami for an interactive webinar discussion focusing on the impact that the COVID-19 pandemic will have on the residential real estate markets in South Florida. We will explore topics such as how are South Florida’s leading real estate professionals reacting to the crisis, how will the markets be impacted, what future opportunities may present themselves and how will lifestyle changes due to the pandemic, quarantine and social distancing change how we think about and develop residential real estate. The webinar will be hosted on Zoom and will be open for anyone to join as a listener for free. If a listener cannot attend live, a recording will be sent after the webinar and it will also be uploaded to YouTube.

Where: Once you register, Zoom will send you a link to the webinar.

When: Tuesday, April 21, 2020 | 3-4 PM

Speakers:

• Edgardo Defortuna - President & CEO, Fortune International

• Jay Parker - CEO, Douglas Elliman Florida

• Carlos Rosso - President Condominium Division, Related Group

• Moderator: Demetri Demascus - CEO & Co-Founder, PROFILEmiami

Topics:

• What is your personal outlook on how COVID-19 will ultimately affect the South Florida residential real estate markets? Will there be permanent changes to the market or the industry? Which markets will see the most change? 

• How are you handling projects currently under construction?

• What lessons did you learn from past recessions and how did they shape how you’re handling today’s crisis? Have you learned any lessons from the COVID-19 crisis?

• How will quarantine and social distancing change the way we think about residential real estate? 

  • How will it impact the design and development process? 

  • How will it impact the sales and marketing process?

  • How will it impact consumer lifestyle at home? Will consumers want more space, more land, more amenities in their home? How will this differ between condo and residential?

• How will the impact on the market differ between single family and condominium? Will we see a period of suburbanization? 

• What steps have you guys taken to position yourselves and your companies to emerge from the crisis when we can get back to work?

Can’t tune in live? Sign up below now and we will share a recording after the webinar.

Registration Link: https://us02web.zoom.us/webinar/register/WN_8CnLjRjVStabPaNH3ibChg

Panelists:

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Partners:

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Register:

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EVENT SPONSORSHIP

Interested in sponsoring PROFILEmiami events? Generate exposure for your brand and connect directly with some of South Florida’s top real estate professionals. Contact us today to inquire about Sponsorship Opportunities.

PLEASE COMPLETE THE FORM BELOW

Ken Griffin Locks Down $49 Million Mortgage For $350 Million Palm Beach Assemblage

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has locked down a $49 million mortgage from Citibank at 60 Blossom Way in Palm Beach. The loan was arranged by Providencia Partners. Griffin originally purchased the 18,452 SF mansion, which was built in 2008 and sits on 3.6 acres, in September 2019 in cash for $99 million from real estate investor Frank McCourt.

Griffin first entered the Palm Beach market in 2012 when he purchased a four property, 6.5 acre Blossom Way assemblage for $130 million. In July 2015 he expanded his holdings with the $15.2 million purchase of 70 Blossom Way and in 2016 received approval from the town to build a 33,500 SF single story tropical beach house complete with a 22,300 SF service basement, 2 pools and 875’ of beachfront. The plans were scrapped and Griffin continued to expand his assemblage with the purchase of the 4.18 acre 1290 S. Ocean Blvd. in January 2017 for $85 million. Griffin would scrap construction again in early 2018 after contractors bids came in too high and the buying would continue with the purchase of 10 Blossom Way for $20.25 million adding yet another 2 acres to his assemblage. In September 2019, soon after the closing of 1925 S. Ocean Blvd, Griffin added 60 Blossom Way, 3.6 more acres for $99 million.

Residents at Icon Brickell Host Parties As David Guetta Plays "United At Home" Set On Pool Deck Despite COVID-19 Social Gathering LIMits

In what was supposed to be an evening of fundraising and hope, a backlash has now swept through the Miami community. On April 18 David Guetta teamed up with the Miami Downtown Development Authority to host a 2 hour “United at Home” fundraising concert on the pool deck of Icon Brickell. The event raised over $6 million with over 30,000 listeners on instagram and in many ways was a huge success. Unfortunately many residents hosted parties in violation of Miami-Dade’s 10 person social gathering limit, issued by County Mayor Carlos Gimenez to help stop the spread of COVID-19, the effects of which have wreaked havoc on Florida’s economy. In one example videos have emerged with the help of the popular instagram account @OnlyInDade of a Miami entrepreneur hosting a large party on his balcony with guests not practicing social distancing and most wearing no masks and no gloves. The backlash in the comments on the instagram post has continued to grow as Brickell and Downtown Miami residents are enraged that they are now exposed to the dangers of the virus continuing to spread in their community. In March, hotels, restaurants, bars and nightclubs were ordered shut down in an effort to stop Florida from growing into a hotbed of infection. Parties have been identified as one of the major ways that COVID-19 has spread rapidly across the United States, at least 2 deaths have been reported from attendees who contracted the virus at the Winter Party Festival in Miami Beach in March.

The State of Florida is working hard to open up the states economy and get residents back to work. On Friday April 17 governor Ron Desantis gave the green light for some beaches and parks to reopen including in Jacksonville, but not Miami-Dade, which is one of the most populated regions in the state. The beaches which have opened allow walking, biking, hiking, fishing, running, swimming and surfing. They are only open from 6 AM to 11 AM and 5 PM to 8 PM. with gatherings of 50 people still prohibited state wide and proper social distancing practiced. Florida has over 23,300+ diagnosed cases of COVID-19 including 7,459+ in Miami-Dade, 3,177+ in Broward County and 1,704+ in Palm Beach County.