The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

US Construction Launches Sales Of 1625 Ocean In Delray Beach

The New Jersey-based US Construction has launched sales at 1625 Ocean, an oceanfront boutique condo project planned at 1625 S Ocean Blvd. in Delray Beach. 1625 Ocean was designed by Randall Stofft and is located on 120' of beachfront. The building will rise three stories and offer 14 units which range in size from 3,500 to 5,000 square feet and pricing from $3.9 million to $7.5 million. Construction is expected to begin in Q3 2021 with delivery in late 2022.

Residences at 1625 are offered in three and four-bedroom floor plans and will feature oversized terraces with summer kitchens with semi-private elevator access. Amenities at 1625 Ocean include a pool and spa, lounge, fitness center, and a garden. Residents will have access to a private golf cart.

US Construction acquired the 1.17 acre property with an existing 15-unit apartment building, which will be demolished, for $12.3 million in 2020.

For more information about 1625 Ocean, private showings or purchasing information please fill out the form below:

Coworking Provider Industrious Coming To The Dorsey In Wynwood

Coworking provider Industrious has signed a lease for 41,000 square feet at The Dorsey in Wynwood which will be their third location in the Miami area and eighth in Florida. Industrious expects the Wynwood location to open in 2022. The Dorsey is currently under construction after breaking ground in December 2020 and is being developed by the Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital. The JV development partnership secured $87.45 million in construction financing from Bank OZK in January 2021.

The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces. Units will range in size between 500 and 700 square feet with some micro-units in the 400 square foot range. The project was designed by Arquitectonica and will be located along one of the planned Woonerfs as part of Wynwood’s new ArquitectonicaGEO-designed streetscape, which open up space for pedestrians while also allowing car access.

The Dorsey is being built at the site of the former Coca Cola plant and was previously owned by Thor Equities and Rockwood Capital who had proposed a Touzet Studio-designed project. The JV, which purchased the 2-acre site in late 2019 for $32 million, demolished existing buildings on the site, some of which were originally built in the late 1920’s including the former Coca Cola plant. The Dorsey is located at 280 NW 28th Street.

Related Group Planning Baccarat Hotel & Residences At 444 Brickell

Related Group is reportedly planning to develop Baccarat Hotel & Residences at 444 Brickell. The project would feature three Baccarat-branded, Arquitectonica-designed residential towers on the Miami River where Related Group had previously planned a project known as One Brickell. Related Group acquired the 4-acre property in 2013 for $104 million which currently has an office building and Capital Grille.

Related Group has approvals for three towers would rise 57-stories, 77-stores and 82-stories. The mixed-use residential towers would offer 1,400 residential units, 249 hotel rooms, 41,272 square feet of office space, 24,263 square feet of retail space and over 1900 parking spaces. Amenities will include a resort style pool, spa, fitness center, business center and lush landscaping by Enzo Enea. Related Group will also build a riverwalk as part of their commitment to the City of Miami.

Baccarat is a French manufacturer of fine crystal glassware which is majority-owned by Groupe du Louvre, a subsidiary of the United States company Starwood Capital Group, led by Barry Sternlicht. Baccarat currently has their Baccarat Boutique B Bar and Lounge in Miami Design District and The Baccarat Hotel & Residences in New York.

Osteria Morini Miami Beach Opens In Finvarb Group's Recently Opened Kimpton Palomar South Beach

Award-winning New York-based Altamarea Group, the global hospitality company behind Michelin star-rated Marea and Ai Fiori, as well as Osteria Morini and Nicoletta brands, has officially opened Osteria Morini Miami Beach. The restaurant is located within the Kimpton Palomar South Beach, with a separate, waterside entrance along the Collins Canal on Alton Road. Conveniently nestled between the Sunset Harbour and West Avenue neighborhoods, Morini aims to appeal to locals in the Miami Beach community. Morini Miami Beach joins locations in New York City, Long Island, New Jersey and Washington, D.C.

“After a long search, we found the right balance of neighborhood, community and Miami vibe in this location, and we’re thrilled to finally open the doors of Osteria Morini Miami Beach,” said Ahmass Fakahany, Altamarea Group founder and CEO. “Morini is your year-round neighborhood restaurant, and we were very selective about choosing a location that appeals to residents while still catering to visitors and hotel guests. Our clientele spans the globe, and recently, many have moved south or visit often. They know they can count on Morini, and we look forward to introducing our quality and vibrant style of dining to those we haven't met yet.”

Altamarea Group partnered with Finvarb Group, the owner and developer of the Kimpton Palomar South Beach, to bring Osteria Morini Miami Beach to fruition.

“We're confident that through Kimpton's collaboration with Altamarea Group, along with our collective expertise in the South Florida market, we'll be able to create an amazing experience for hotel guests and Miami locals alike,” said Ronny Finvarb, principal of Finvarb Group.

Led by Corporate Executive Chef Bill Dorrler, who has launched all Morini restaurants, and Altamarea veteran Chef de Cuisine Julio Cesar Ramos, the menu highlights the soulful cuisine and convivial spirit of Northern Italy's Emilia-Romagna region with authentic, high-quality dishes in a warm, inviting atmosphere.

"We’re bringing many of Morini’s trusted favorites to Miami, and we’re excited to adapt part of our menu to align with the local vibe and Miami lifestyle with some new, lighter options as well," said Altamarea Group Corporate Executive Chef Bill Dorrler. "This is my fifth Morini opening, and Chef Ramos and I are particularly looking forward to incorporating Miami flavors and products – think locally caught seafood and the freshest Florida produce – creating the perfect balance of cuisine and cocktails."

Designed by New York City-based nusla design, the 3,700 square-foot space has an intrinsically ‘Miami-meets-New York’ feel that combines the rustic design of an Italian farmhouse with clean lines and floor-to-ceiling windows spanning the yacht-shaped building. The buildout features modern elements with red brick and wood to clad the walls and ceiling, and Morini’s trademark floating Italian Murano glass-domed lights that dot the dining room, creating a soft amber glow. The dining room has seating for 100, bar seating for 15 and al fresco dining on the canal-front patio space for 45. Private dining with seating for up to 20 is also available.

Suntex Marina Investors Acquires Prime Marina Miami In Coconut Grove

The Dallas-based Suntex Marina Investors LLC has acquired Prime Marina Miami in Coconut Grove. Terms of the deal were not disclosed but it does include the transfer of a 70-year lease on 111 boat slips which was recently signed by Prime Marina Group. Suntex will change the property’s name back to its original name, Bayshore Landing.

Bayshore Landing features 111 boat slips which can accommodate boats up to 130’ as well as 15,000 square feet of restaurant space and 30,000 square feet of retail space. Current tenants include Monty’s Raw Bar, Sushi Maki and Starbucks. The property is 100% occupied. Bayshore Landing offers pump out and fuel services, 24/7 access, security patrol, lighted parking and a valet service.

"Suntex is actively growing and seeking acquisitions that align with our core objectives to be the premier marina operator in the U.S.," said David Filler, head of Suntex Investments, Florida. "Biscayne Bay and the surrounding neighborhoods like Coconut Grove represent one of the greatest boating communities in the world; we are pleased to add this property to our portfolio."

Suntex’s portfolio includes marinas across Florida including Bahia Mar Marina in Fort Lauderdale and Miami Beach Marina. Suntex also owns marinas in California, Georgia, Iowa, Kentucky, Maryland, New Jersey, Oklahoma, Texas, Tennessee and Virginia.

Brad Meltzer Named Chairman And CEO of Plaza Construction

Brad Meltzer has been named Chairman and CEO of the New York-based Plaza Construction as long time Chairman and CEO Richard Wood has officially retired. Meltzer is prompted from President and Christopher Mills has been promoted from COO to President. Plaza Construction is one of the largest construction companies and general contractors in Florida and the northeastern United States with over 500 employees spread across Florida, New York, California and Washington D.C. Plaza Construction is owned by China State Construction Engineering Corp's American entity, China Construction America, who acquired the firm in 2014 from New York-based real estate development firm Fisher Brothers. Meltzer will remain based in Miami and Mills in New York City. Both started with Plaza Construction in the New York City office in the 1990’s.

Plaza Construction has built some of the most iconic buildings in Miami such as One Thousand Museum, Biscayne Beach, W South Beach, One Ocean, Marea, Marquis and 1 Hotel & Homes. In New York Plaza Construction has built 99 Hudson Street, 125 Greenwich Street and Madison Square Park Tower, amongst others.

Terra And New Valley Break Ground On Natura Gardens Multifamily Development In Northwest Miami-Dade

Terra and New Valley have broken ground on Natura Gardens, a 27-acre multifamily development encompassing 460 garden-style rental apartments. The news comes approximately one year after the partnership finalized the purchase of a 72-acre development site in northwest Miami-Dade and as the joint venture also completes the sale of the parcel’s remaining 45 acres to Butters and Greystar for $53.5 million. Site work at Natura Gardens is currently underway, with vertical construction expected to take place in Spring 2021. Delivery is anticipated in early 2022.

“Northwest Miami-Dade is experiencing a surge of demand for new residential and commercial development, which is why we initially zeroed in on this parcel as a prime development site,” said Terra CEO David Martin. “Shortly after our JV announced plans for Natura Gardens, we were approached by several developers that shared our vision for bringing new housing options and infrastructure to this part of the County, and that opened the door to selling our originally planned second and third phases of the development site to Butters and Greystar. This is a good example of how forward-looking development that meets market demand can serve as a magnet for new investment in underserved areas.”

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located a short drive from several of South Florida’s largest employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

“We were excited to have worked with Terra to complete the vision for this magnificent site and create a balanced sustainable development that will benefit the residents as well as Miami Dade County,” commented Butters Construction & Development, President, Malcolm Butters.

Designed by Pascual, Perez, Kiliddjian Architecture (PPK), Natura Gardens will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Amenities will include a two-story clubhouse with a resort-style pool and spa; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a state-of-the-art fitness center with yoga, aerobics and spinning studios; co-working spaces and a coffee bar; and a residents-only dog park with site furnishings. Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

LA CLARA Locks Down $110 Million In Construction Financing In West Palm Beach

Great Gulf and Terrace Mountain Investors have obtained $110 million in construction financing from Bank OZK for LA CLARA, a 25-story, 83 unit condo tower under construction in West Palm Beach. Sales have reportedly eclipsed 50% and over $100 million including an $8.9 million penthouse. LA CLARA is located on a 2.4-acre site at 1515 S Flagler Drive on the Intracoastal waterway which the development partnership acquired for $24 million in 2016. John Moriarty & Associates are the general contractor on the project.

LA CLARA offers 83 residences comprised of one-, two- and three-bedroom units ranging from 1,500 SF to more than 4,000 SF. Pricing starts at $2 million with sales and marketing being exclusively overseen by Douglas Elliman Development Marketing. The building is designed by Hariri Pontarini Architects with Stantec as the architect of record.

The structure’s façade will feature a contemporary Florida Modernist style with a muted neutral palette consisting of stucco, Roman travertine, coral stone and granite with bronze accents. The luxury condominium is designed to achieve LEED Certification by the U.S. Green Building Council. Amenities will include a state-of-the-art fitness center with yoga studio, spa, outdoor garden, dog spa, club lounge, theater, conference room, business center, wine tasting room with storage and a resort style pool.

Sales are being led by Chris Leavitt, Alison Newton and Joey Columbo of Douglas Elliman Development Marketing. The deposit schedule is 10% down at contract, an additional 10% six months later and an additional 5% the following year. The building is expected to be delivered in 2021.

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

RFR Holding And Tricap Partnership Acquire 12 Units At W South Beach For $10.78 Million

A partnership between Aby Rosen and Michael Fuchs’ RFR Holding and David Edelstein’s Tricap, who also co-developed W South Beach, have closed on the purchase of 12 units at the iconic beachfront condo-hotel for $10.78 million. The acquisition was financed with a $6.9 million loan from Citibank and Deutsche Bank and brings the partnership’s holdings to 225 units at the condo-hotel and plans to roll the newly acquired units into the hotel program.

The seller was a group of entities tied to Ralph and Joseph Nakash who initially purchased the units in 2014/ 2015 for roughly $9.85 million. The Nakash family are the owners of Jordache Enterprises which owns the Versace Mansion and Setai Miami Beach Hotel.

The deal was in the spotlight in the summer of 2020 after the RFR and Tricap partnership nearly did not close on the units during the COVID-19 pandemic and sued for their deposit back. The dispute was reportedly solved amicably.

The 20-story, 408-key W South Beach was developed in 2009 and just underwent an eight-month, $30 million renovation. W South Beach is located at 2201 Collins Ave.