Ness Realty Proposes The Gateway Mixed-Use Project In Aventura

An entity tied to Raphael Ammar and Ness Realty have proposed The Gateway, a mixed-use project that would feature office space, retail and a hotel. The developer has filed an Administrative Site Plan Review Application with Miami-Dade County for the 1.35-acre site located at 2630-2600 NE 203rd Street. The developer is seeking a zoning change to move the property entrance from NE 203rd Street to NE 26th Avenue. The property sits across Biscayne Boulevard (US-1) from Aventura Mall, adjacent to Beacon Tower, and is located within the Ojus Urban Area District. There is currently an older office and apartment buildings on the site.

The Gateway is designed by International Design Engineering Architecture (IDEA) and would be built in two phases. The current proposal calls for 100,800 square feet of office space, 7,200 square feet of retail, 21,760 square feet of convention space, 167 hotel rooms and 492 parking spaces. Phase 1 would include the construction of the 6-story office building and Phase 2 would include the 12-story hotel. The Gateway is expected to break ground in Q3 2021 pending approvals and obtaining building permits.

Miami, Palm Beach County and Fort Lauderdale recover about 28,000 jobs since the start of the COVID-19 pandemic

Almost 28,000 jobs have been recovered since the beginning of the COVID-19 pandemic in Miami, Palm Beach County and Fort Lauderdale.  Majority of these jobs fall into the government, hospitality and retail sectors.  The Bureau of Labor Statistics released data showing the Miami market has gained  over 16,000 jobs in August, Palm Beach has gained about 7,000 and Fort Lauderdale has gained over 5,000.  The largest growth in the job market over the last few months is coming from the government sector.  The majority of these jobs are temporary positions tied to the 2020 Census, but has helped the unemployment rate fall to single digits for the first time since COVID-19 hit.  

Hospitality and retail are industries that have suffered considerably from the COVID-19 pandemic across the Country.  Miami has lost about 70,000 jobs in hospitality and about 22,000 jobs in retail since March and April.  As stores and restaurants continue to open up operating at limited capacity, both industries combined have recovered an average of 55% of the jobs lost.  This has significantly boosted Miami’s total COVID-19 job recovery rate to about 45%. 

Palm Beach County’s hospitality and retail industries are slowly making a comeback but not at the same rapid pace as Miami.   At the beginning of the pandemic hospitality in Palm Beach County lost about 48,000 jobs and retail lost almost 10,000.  Since April, hospitality has recovered about 30% of jobs lost and retail has recovered about 45%.  Palm Beach County has regained about 35% of the 100,000 total jobs lost from the pandemic. 

Fort Lauderdale’s hospitality industry lost over 3,000 jobs and retail lost about 14,000 since March and April.  Hospitality has recovered about 44% of the jobs lost and retail has recovered about 60%.  Fort Lauderdale has a total recovery rate of about 36% of the 130,000 jobs lost from the pandemic.  Overall even though job loss from COVID-19 remains down, it is hopeful to see industries slowly coming back as customers begin to leave their houses and support local communities.   

Construction On Missoni Baia Passes Halfway Point Milestone In Edgewater, On Track For 2021 Delivery

Vertical construction on Missoni Baia, a 57-story waterfront glass tower now rising along Biscayne Bay at 777 NE 26th Terrace in Miami’s Edgewater neighborhood, has reached the milestone halfway mark. The building’s general contractor, Civic Construction, has completed the skyscraper’s 28th floor, with about one full level expected to be completed every week going forward until top-off in March 2021.

Missoni Baia is the vision of international real estate magnate Vladislav Doronin, Chairman and CEO of OKO Group, and Cain International. OKO Group and Cain International launched construction of the 649-foot-tall tower in 2017 and the project is slated for delivery in late 2021.

“Building Missoni Baia to its midpoint milestone is a remarkable moment for our team as we bring this elegantly designed, landmark project to life,” said developer Vladislav Doronin, Chairman and CEO of OKO Group. “As we accelerate towards completion later next year, Missoni Baia will be a retreat in the center of one of Miami’s most up-and-coming districts. Missoni Baia’s picturesque bayfront location, stunning uninterrupted views, world-class design and amenities worthy of a luxury resort will brand it an icon of Miami.”

“Miami is a dynamic gateway city and Missoni Baia represents the kind of luxury product that we strongly believe will continue to draw domestic and international interest,” said Jonathan Goldstein, CEO of Cain International. “This milestone is a testament to the team’s diligence and hard work despite the challenges presented by the current environment.”

Missoni Baia’s modern architectural design and sleek, minimalist art-inspired façade is being brought to life by architect Hani Rashid of Asymptote Architecture, with a richly layered landscape designed by Enzo Enea of Enea Garden Design.

As Missoni’s first-ever branded residential tower, the Italian design and fashion house is incorporating its trademark colorful design palette and Missoni Home furniture collection into the tower’s vibrant interiors, including all public spaces and amenity areas. New York designer Paris Forino, under the creative direction of Angela and Rosita Missoni, has envisioned the tower’s elegantly crafted residences, furnishings, and artworks.

Priced from about $600,000 to upwards of $9 million, Missoni Baia’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Every unit will also offer direct bay or city views, with panoramic vistas of Biscayne Bay, Downtown Miami, Miami Beach, and the Atlantic Ocean. Residences feature 10-foot ceilings, 8-10-foot-deep terraces, impact-resistant glass windows and sliding doors, floor-to-ceiling glazing, marble-encased bathrooms with European style lacquered cabinets and mosaic tile floors, and custom-designed kitchen cabinetry with top-of-the-line appliances.

Missoni Baia residents will have access to a comprehensive array of sporting and leisure amenities that will integrate the comfort of a luxury resort with the ambiance of a private residence, enjoying five separate pools including an Olympic-sized swimming pool, a cantilevered infinity pool with limitless views of Biscayne Bay, a lounge pool, whirlpool spa, and a children’s pool and splash pad area. The tower will also feature two poolside resident lounges, private cabanas, elevated tennis courts, one of the city’s largest and elegantly appointed spas with sauna/steam rooms, and private massage treatment rooms. Additional perks include a state-of-the-art gym with 180-degree bay views, dedicated yoga and Pilates studios, a kids’ club and indoor play area, a hair and nail salon, a pet spa, and a private screening room. Furthermore, residents will also receive exclusive membership access to the Grand Bay Club on the beachfront of Miami’s Key Biscayne.

Missoni Baia is OKO Group and Cain International’s latest residential tower in Miami. The team has another two developments under construction nearby, including Una Residences, a 47-story luxury condominium on the waterfront in the city’s South Brickell District, and 830 Brickell, a class A-plus office tower in the heart of Downtown’s Financial District, both designed by Adrian Smith + Gordon Gill. Additionally, OKO Group recently announced plans to bring an Aman Hotel & Residences to Miami Beach’s Faena District.

Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah

Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.

“We are very proud to secure construction financing with Principal Real Estate Investors for Pura Vida Hialeah as we step closer to delivering this compelling project to the area,” said Michael Wohl, principal of Coral Rock Development Group. “Pura Vida will undeniably introduce a new lifestyle for Hialeah creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood, and this is a momentous milestone in bringing this vision to fruition.”

Pura Vida Hialeah portends to transform the area’s aging residential and retail offerings with the first new sleek contemporary designed vertical towers. Boasting a vibrant mix of popular restaurants, shops and other conveniences, Pura Vida Hialeah will provide an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.

The visionary project will encompass three eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 square feet of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 square feet of commercial retail space. 

“Principal has worked with the Coral Rock Development team for almost two years to help make this project a reality. We believe not only in the Hialeah market, but especially in the team’s vision and experience. Pura Vida will truly be a game changing development in this community,” said Mary Scott, Senior Investment Director at Principal Real Estate Investors. 

The project is poised to become the new epicenter of Hialeah. Offering a wide array of floorplans ranging in size from 538 square feet to 1,099 square feet, the market-rate rental residences at Pura Vida Hialeah will include studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, biking center, and 24-hour security staff for the convenience of residents. 

General contractor KAST Construction will break ground on the residential portion of the project next month and will open for occupancy in the first quarter of 2022.  

The retail portion of the project broke ground in April 2019, recently completing the first building this summer with retail tenant Dollar Tree now open, and soon to be joined by InnovaCare Health. InnovaCare Health will occupy 20,000 square feet providing Pura Vida residents and the surrounding neighborhood with accessible healthcare services. 

Additional confirmed retail tenants include a Wawa convenience store and gas station – representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, and a Taco Bell restaurant, with more to be announced in the coming months.

Situated on a prime corner at 3051 W 16th Avenue, Pura Vida Hialeah boasts a central location just minutes from major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road, offering direct access to Greater Miami and the surrounding areas.

Elysee Reports $30 Million In Sales As Tower Nears Completion This Fall In Edgewater

Two Roads Development plans to deliver their Elysee condo tower in the next 60 days so that residents can enjoy their new home in time for winter as the COVID-19 pandemic and a fast-approaching winter season has sparked demand for South Florida property from northeast buyers. Buyers are now prioritizing space and privacy, with Elysee set to deliver in the next couple of months, the building has stood out among buyers who prefer the convenience of living in a boutique, fully-serviced condo over owning a home. 

The project’s sales team, Douglas Elliman Development Marketing, is also reporting that the tower is over 75% sold with over $30 million in new contracts since the 649-foot, 57-story tower topped off construction at the end of last year, with domestic and international buyers about equally represented. The boutique condo tower offers only 100 half-floor and full-floor units with remaining residences priced from about $1.9 million to approximately $10 million. The condominium is slated to become the tallest residential building in Miami’s Edgewater neighborhood upon its completion this fall.

“Now more than ever, buyers want space,” said developer Reid Boren, managing partner of Two Roads Development. “We’re seeing many prospects, especially those coming from dense cities in the northeast, who are attracted to Elysee’s boutique model, expansive floorplans and walkable location just a short bike ride away from Miami’s best waterfront parks and beaches. With the building’s completion on the horizon, we’re excited to be welcoming our residents home later this fall.”

Designed by Arquitectonica principal Bernardo Fort-Brescia, Elysee’s telescopic design and three-tiered façade ensures that all residents will enjoy 180-degree bay and city views. Located at 788 NE 23rd Street, fronting Biscayne Bay, the property enjoys one the area’s most coveted waterfront locations, and is destined to take its place among Downtown Miami’s most iconic buildings in the changing cityscape. Elysee’s interior common spaces are designed by Parisian designer Jean-Louis Deniot, acclaimed by ELLE Decor and Architectural Digest as one of the world’s preeminent talents in architecture and interior design.

“We are continuing to experience a strong demand in the Miami market from discerning buyers who want to take advantage of the year round weather and tax benefits,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Elysee has shown a tremendous amount of activity for buyers looking to luxury new construction that provides ample space, without the maintenance of a single family home. We look forward to the ongoing success as the building comes closer to completion.”

Residences at Elysee range in size from 2,200 and 6,600 square feet, with a choice of three- to six-bedroom layouts. All will feature private elevators and foyers, ceilings of 10-feet or higher, impact-resistant glass windows and sliding doors, and customized Waterworks® master bathroom fittings and fixtures. Gourmet kitchens sport ItalKraft® cabinetry, Wolf® gas ranges and professional grade Sub-Zero® appliances. Expansive east- and west-facing terraces frame unparalleled sunrise and sunset views.

Elysee residents will enjoy access to three full floors of amenities. At the Grand Lobby level, these will include an elegant marble lobby and living room area, bayfront lounge and waterfront sunrise pool. The building’s seventh-floor amenity level will offer a resort-size sunset pool; fitness center and yoga studio; blow-dry bar; children’s playroom; and a spa with private sauna, steam and massage rooms. The Sky Level, encompassing the building’s entire 30th floor, invites large-scale entertaining with a Grand Salon lounge and bar area, Grand Dining Room with seating for up to 24 guests, catering facility and chef’s table, library, private screening room, and media room.

Last summer, Two Roads Development announced the sale of the tower’s raw/unfinished 11,600 square foot, three-story penthouse, which sold for a record $12.8 million, marking it the highest price paid for a private residence in the city’s Edgewater enclave.

Renderings via Two Roads Development

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

Spec Home Hits Market In Bal Harbour Asking Highest Price Per Square Foot For a Dry Lot

A spec home at 161 Camden Drive has hit the market in Bal Harbour asking the highest price per square foot for a dry lot home in the ultra-wealthy village which sits just north of Miami Beach. The tropical modern residence is designed by One D+B Miami/ H2 Architecture and asking $6,930,000, which equates to $938 per square foot. The home is currently under construction and is expected to be completed in Q4 2020.

161 Camden Drive spans 7,387 square feet with 7 bedrooms and 8.5 bathrooms. The lavish spec home features high-end natural finishes, an entry water garden, two story waterfall, and salt water pool. The home sits on an oversized 15,207 square foot lot within an exclusive gated community.

161 Camden Drive is currently listed for $6,930,000 with Moshe Goldshtein of Harding Realty.

Fortune International Group Acquires Development Site On Pompano Beach Waterfront For $27.5 Million

Fortune International Group, led by Edgardo Defortuna, has acquired 4.61 acres of waterfront land in Pompano Beach, Fla., with plans to construct a pair of high-end condominiums on the site. The property is a combination of two adjacent parcels at 1380 South Ocean Blvd., a rarity for the area featuring 500 total feet of waterfrontage and coveted direct access to the beach as well as Biscayne Bay via the Intracoastal Waterway. Fortune International Group purchased the site from Lionheart Capital for $27.5 million. 

“The sheer fact that there are so few waterfront sites of this magnitude available anywhere along the South Florida coastline -- from South Beach to Palm Beach -- makes this an extremely appealing opportunity for homebuyers,” continued Defortuna.  “Furthermore, residents are going to have the best of both worlds: the ability to put their boat in the water, or enjoy a day on the beach.”

Plans for the project are expected to be unveiled in the first half of 2021.  A 30-story tower is approved for the site on the ocean and a 12-story building on the Intracoastal. The complex will be comprised of 239 residences and the property will feature a private marina and shared beachfront amenities.   

“On the heels of our success at Auberge, which is located just a few minutes south of this site, we plan on bringing a world-class project to Pompano Beach -- one that will offer a very unique lifestyle for the benefit of local residents as well as those who are relocating to South Florida, such as Northeast and Canadian buyers,” said Edgardo Defortuna, President and CEO of Fortune International Group. 

Tricera Capital and LNDMRK Development Acquire Walgreens-Leased Retail Building In Miami Shores

Miami-based real estate investment firm Tricera Capital, led by Scott Sherman and Ben Mandell, and Alex Karakhanian’s LNDMRK Development have teamed up to acquire a Walgreens-leased retail building in Miami Shores. The joint venture closed the off-market purchase of the 9020 Biscayne Blvd. property for $4 million on Sept. 30.

The venture obtained a $2.5 million loan from First National Bank of South Miami for the acquisition.

The acquisition is a desirable long-term investment with Walgreens is signed to a long-term single-tenant lease for the 14,850-square-foot building. Tricera and LNDMRK purchased the property at an attractive land basis, offering significant upside through future redevelopment or re-leasing the existing building. The property is adjacent to a Publix supermarket on a stretch of Biscayne Boulevard that generates substantial traffic.

“We are thrilled to partner with Alex and LNDMRK once again on this new investment,” said Tricera Co-Founders and Managing Principals Scott Sherman and Ben Mandell. “This acquisition underscores our firm’s unique ability to identify and execute on off-market opportunities in urban core neighborhoods.”

“It is exciting to expand on our successful partnership with Tricera,” Karakhanian said. “This new acquisition adds a strong asset with in-place cash flow and long-term upside to our growing portfolio.”

Miguel Pinto and Jamie Maniscalco of APEX Capital Realty represented both the buyer and seller in the off-market transaction.

In addition to the 9020 Biscayne acquisition, Tricera and LNDMRK are collaborating on several investments and developments including partnering with Related Group to develop The Dorsey, a 12-story apartment building with a parking garage and nearly 95,000 square feet of office and retail space in Wynwood. The joint venture acquired the project site, a former Coca Cola plant, in September 2019. Tricera and LNDMRK are also jointly developing a luxury retail project in Miami’s Design District.

Seven Valleys Acquires Wynwood Development Site From RedSky And JZ Capital For $26.06 Million

An entity affiliated with the New York-based RedSky Capital and London-based JZ Capital Partners has sold a 1.25 acre development site located at 2700 NW 2nd Avenue in Wynwood for $26.06 million. The buyer was the New York-based real estate investment and development firm Seven Valleys. The trade equates to $479 per square foot dirt value and there is currently a 2,576 square foot structure on the property. The joint venture initially acquired the property in 2016 from Goldman Properties for $30.75 million and had proposed the Forum, a 144,781 square foot mixed-use development with office and retail space designed by Enrique Norten of Ten Arquitectos.

Related Group Launches Sales At The Arquitectonica-Designed Solemar In Pompano Beach

The Related Group, one of the premier real estate developers in South Florida, has launched sales of Solemar, a luxury beachside condominium in Pompano Beach. The 105-residence building is the first-of-its-kind for the city of Pompano Beach, as it is currently the only on-the-sand luxury offering in this dynamic coastal enclave. Entry level units at Solemar are priced from $1.3 million, equating to approximately $800/psf. Groundbreaking is expected during the first half of 2021.

Solemar’s sales gallery is now open, set to give prospective buyers an in-depth preview of the magnificent property, which includes designs by the internationally recognized architecture firm of Arquitectonica and the celebrated NYC-based interior design firm Meyer Davis.

“Having experienced and contributed to the revitalization of countless South Florida neighborhoods, we are truly excited to see Pompano Beach as being in the earliest—and often most exciting—stages of a renaissance,” said Nicholas Pérez, Vice President at The Related Group. “We are thrilled to be offering this level of luxury, directly on the sand, to buyers who are looking for an accessible price point for an elevated lifestyle. While we’re launching Solemar within a completely different environment than expected, we are so pleased to see the pent-up desire and demand that’s evident from both the local South Florida market and the Northeast. That demand, coupled with a best-in-class approach to incorporating wellness and safety features throughout all public areas and within private residences, makes this gorgeous oceanfront property one that is not only unique, but cutting-edge as well.” 

“Related is no stranger to elevating the value of a neighborhood or community it enters, and Pompano Beach will be no different,” Pérez added.

The 20-story Solemar features an undulating façade designed by Arquitectonica to mirror the ocean’s rippling waves. Interiors by Meyer Davis embody relaxed sophistication, with an aesthetic that highlights soft muted tones and natural materials. No matter what the time of day, gorgeous views from the pools overlooking both the Atlantic Ocean and the Intracoastal Waterway await. 

Solemar offers residents a high-end, wellness-forward amenity package that lends to the overall elevated beach lifestyle of the property. Residents will enjoy a state-of-the-art fitness center overlooking the tropical poolside sanctuary, spa treatment rooms offering on-demand spa services, a theater room, wine salon and club room. Outdoors, amenity options include hammock lounges, firepits, barbeque grills, a poolside café and sunrise/sunset terrace, all set within 250 linear feet of pristine beachfront.

“We’re quite proud of both the indoor and outdoor amenities that are all part of the Solemar experience,” Pérez explained. “No matter how you look at it, this is a luxury property like no other in the area. And when it comes to our residents, we will be focused on catering to their every need, with premier level offerings such as personalized concierge services and exclusive home wellness packages.” 

Beyond these public areas, the open air, ocean breezes and vast lush landscape become part of every private residence as well, with open layouts designed to maximize views everywhere you look. Breathtaking vistas of the Atlantic Ocean and the Intracoastal Waterway are visible from nearly every room, and from each residence’s oversized terrace with continuous glass railings. Private elevators deliver homeowners directly to their residences and include floor plans spanning 2,000 to 2,600 square feet, as well as a limited collection of three penthouses of 4,600 square feet each. Each home is appointed luxury finishes such as kitchens with Italian cabinetry and Sub-Zero and Wolf appliances, sprawling master bathrooms with soaking tubs, the latest smarthome technologies and more.

In line with the building’s ethos to promote residents’ overall well-being, each home comes wired with DARWIN, a Home Wellness Intelligence Network developed by wellness real estate and technology company, Delos. Sourced and installed by automation company, HEDsouth, the technology seeks to turn your home into a catalyst for enhanced health and performance. Using proprietary software including algorithms and sensor technologies, DARWIN is designed to help enhance energy, sleep and overall well-being, and reduce indoor contaminants that negatively affect respiratory, cardiovascular, immune and cognitive health by monitoring and calibrating air, water and light quality. 

Additionally, residents will be among the first to gain access to the Related Living app, developed exclusively for owners and residents of Related Group developments. Related Living will allow for on-demand and completely contactless communication to utilize Solemar’s extensive resort-style services and amenities. Residents will be able to request their car from valet; chat with concierge; manage deliveries; reserve amenity rooms, beach chairs and BBQ areas; book spa appointments; connect with other residents and more.