Naftali Group Acquires Miami Worldcenter Development Site For $41 Million, Plans Two Supertall Residential Towers

The New York-based developer Naftali Group has acquired a development site at 1016 NE 2nd Ave. in Downtown Miami’s Miami Worldcenter for $41 million and is planning two supertall residential towers. The site was acquired in partnership with Cara Real Estate Management. The seller was the Chicago-based Akara Partners who acquired the site for $18.8 million in July 2020. The off-market transaction was overseen by Mika Mattingly of Colliers Urban Core Division. The site previously served as the sales center for PARAMOUNT Miami Worldcenter.

Naftali Group, led by Chairman and CEO Miki Naftali, is now planning two supertall residential towers which they aim to begin pre-sales for by the end of 2022. The project would be their first in South Florida. Akara Partners had previously planned Kenect Miami at the site, a Perkins + Will and Stantec-designed mixed-use residential two tower development. A project of up to 1.3 million square feet can be developed on the 44,500 square foot site.

Miami Worldcenter occupies ten city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Sabal Development Sells 10-Acre Parcel To Lennar Homes For $24.5 Million In Off-Market Transaction

Sabal Development, a Miami-based builder and developer who specializes in luxury custom homes led by Pascal Nicolai, has sold a 433,422 SF, 10.17-acre, parcel located at 8290 SW 120th Street in Miami, Florida for $24.5 million to Lennar Homes. The off-market transaction closed on March 23, 2022 with no listing agents involved.

Sabal Development purchased the parcel for $6.3 million on January 26, 2015. Sabal originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following the new Comprehensive Development Master Plan (CDMP), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Nicolai.

Sabal Development and Sabal Luxury Builder achieved over $130 million sales in custom-built home sales in 2021.

Rendering via Sabal Development

Forte Capital Management Flips Wynwood Industrial Property For $11.2 Million In Off-Market Transaction

Forte Capital, led by Chaim Cahane, and Sheridan Capital have flipped 2830 NW Fifth Ave. in Wynwood for $11.2 million just months after acquiring the industrial property for $6.35 million in December 2021 from Alex Karakhanian’s LNDMRK Development. The buyers are developing an ultra-luxury spec home designed by Kobi Karp on Miami Beach’s Sunset Islands. The off-market cash transaction was brokered by Jordan Karp.

The 14,000 SF property was originally built in 1950 and is currently vacant in raw condition. It features three retail suites spanning, 4,620 SF 3,500 SF and 5,743 SF, the last two of which are combinable. 2830 NW Fifth Ave. sits on 17,160 SF, .39 acre, lot and features private gated parking, high ceilings and quick access to highways. It is walking distance to some of Wynwood’s most notable projects and landmarks, including 545wyn, the Wynwood Building, Love Life Café, Morgan’s and the Wynwood Garage.

Wynwood has been a hot market recently as more than 400 businesses have moved into the neighborhood in including Blockchain.com, OpenStore, WeWork, Founders Fund, Spotify, Live Nation, Atomic VC, GAC Financial, Ramp Financial, Schonfeld and others. Currently, more than 3,500 new residential units, 400 hotel rooms and 1 million square feet of office space are in the pipeline. Wynwood’s 50-block district also has one of the most dynamic culinary scenes in the United States with a variety of highly rated restaurants including doma, Omakai, Hiden, Hiyakawa, Momosan, Uchi, Mister 01, Kyu, Bakan, Beaker & Gray and Pastis.

Recent notable transactions include Related Group and East End Capital selling Wynwood Annex in February for $49 million. Also in February UOVO Storage Deluxe acquired of a core Wynwood development site at 330 NW 29th Street for $11.5 million from Red Group Estate. In August 2021 the Brooklyn-based developer LivWrk acquired a 2.45 acre assemblage for $38.86 million and David Edelstein’s TriStar Capital and RAL Development acquired the final 13,250 SF piece of their 72,000 SF Wynwood assemblage where an office campus is planned for $13 million.

Miami Worldcenter Completes Major Milestones Including 50K SF of Retail And 43-Story Bezel Tower

Miami Worldcenter has announced the completion of Block H, adding to the retail and parking components at the 27-acre project as active vertical development continues on the $4 billion mixed-use development in the heart of Downtown Miami. Block H is composed of 50,000 square feet of prime street-level and rooftop retail space, and a 922-space public parking garage fronting Northeast 7th Street, between Northeast 1st and 2nd Avenues. A portion of the structure’s rooftop is also home to a resort-style amenity deck serving Bezel Miami, a newly delivered 43-story luxury rental tower developed next door by ZOM Living.

As the largest private, urban development underway in Florida, Miami Worldcenter will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. The project is being developed by master developers Miami Worldcenter Associates, led by Principal Art Falcone and Managing Partner Nitin Motwani, in partnership with CIM Group.

“When we envisioned Miami Worldcenter more than a decade ago, we pictured a Downtown Miami where people could walk, ride a bike, push a stroller, get on public transportation or drive a car, and as more of our developments continue to deliver, we’re seeing that vision come to life,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “Miami Worldcenter is at the confluence of arts, culture, entertainment, transportation and education, and I believe this is just the beginning of Downtown’s evolution into a fully integrated community.”

Approximately 176,000 square feet of retail space has now been completed at Miami Worldcenter, with another 124,000 square feet remaining under construction and slated to deliver by the end of the year. The development’s enticing lineup of recently announced tenants includes Chicago’s Maple & Ash and etta restaurants, Miami chef Michael Beltran’s Brasserie Laurel and El Vecino, Bowlero, Sephora, and Lucid Motors.

“Each development milestone is an important achievement for Miami Worldcenter and our development team. This is a dynamic, multifaceted project that benefits visually from a variety of architectural styles, interwoven streets, plazas and gathering spaces; creates a connected community and an engaging experience for all,” said Shaul Kuba, Co-Founder and Principal, CIM Group.

Bezel Miami becomes the latest residential development to be completed at Miami Worldcenter, joining other completed towers including the 60-story Paramount Miami Worldcenter, and the 43-story Caoba luxury apartment building. Coming up, a 351-room citizenM hotel is expected to open at Miami Worldcenter in the Spring. Additionally, construction is now underway at New York-based developer Lalezarian’s 52-story Miami World Tower, which will comprise 550 multifamily apartment units; at Royal Palm Companies’ Legacy Hotel & Residences, a 50-story mixed-use tower with 310 branded residences atop a hotel and 50,000 square feet of medical office space; and at the second phase of Caoba, which will encompass a 40-story tower with 420 multifamily apartments.

Planned residential developments include Kenect, a hospitality-oriented apartment tower with 450 multifamily units by Chicago-based Akara Partners; and The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures. The Witkoff Group is also planning a three-tower mixed-use project at Miami Worldcenter, which will include up to 2,000 residential units, 550,000 square feet of office space and 50,000 square feet of retail.

Complementing Miami Worldcenter’s open-air retail will be World Square, a 20,000-square-foot public plaza and park. Designed as a central gathering place and outdoor event space, World Square will serve as the heartbeat of the city-within-a-city featuring an abundance of shade trees, works of art by local and international artists, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts.

Miami Worldcenter occupies ten city blocks within walking distance of Museum Park, home to Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Wolfson Campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach, and Orlando, together with access to Tri-Rail, the Metromover, and the Metrorail, making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

Master Brokers Forum Listing: Check Out This Trendy Tri-Level Penthouse Overlooking Biscayne Bay In Ten Museum Park

Master Brokers Forum member Scott Klein presents this exquisite tri-level, custom-built lower penthouse with breathtaking picturesque bay, city and ocean views, and the finest details throughout. This 4 bedroom/5.5 bath residence has 4,879 square feet (per condo docs)), 1,749 square feet exterior, with soaring 20-foot ceilings and expansive walls of glass. Architecture/design by EcoTek (Jan Stanbury), Opustone white porcelain floors with 3 x 3 tiles, La Finestra metal and glass doors, Moduhome Italian closets, summer kitchen with private pool and patio on the third floor. This fabulous home in the sky is located in Ten Museum Park; a boutique building with a world-renowned spa and 5-star service, 24-hour concierge, valet, and full-service gym with wave pool, yoga, cycling, steam room/spa with massage available. 

Ten Museum Park 1040 Biscayne Blvd. LPH 4403 Miami, FL 33132 currently listed for $4,250,000 with Scott Klein of Insignia International Properties, who can be reached at 305-302-3179  and/or scott@scottkleinrealtor.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

This article was produced in partnership with Master Brokers Forum

Images via Master Brokers Forum

FENDI Caffe Is Back For Spring 2022 At OTL In Miami Design District

The iconic FENDI Caffe is back at OTL in the vibrant Miami Design District for Spring 2022 from March 17th through May 1st, 2022. The FENDI Caffe at OTL is located across from the FENDI Boutique in Miami Design District, following the great success of the FF Vertigo-inspired iteration in the Summer 2021. The new creative concept for the FENDI CAFFE draws creative cues from the FENDI Women’s Spring/Summer 2022 Collection, and its inspiration from the figurative drawings of visionary fashion illustrator Antonio Lopez.

The FENDI CAFFE menu includes a fusion of local and Italian favorite breakfast and lunch items, as well as beverages including a signature FF logo cappuccino served in porcelain cups decorated with FENDI’s signature Pequin striped motif. An evening Aperitivo menu will also be offered. Sweet and savory bites will include special FF logo toast and paninis, as well as a variety of pastries and baked goods in special FENDI packaging.

In collaboration with The Estate and Archive of Antonio Lopez and Juan Ramos, the artist’s work has been freshly revived for the FENDI Women’s Spring/Summer 2022 Collection, bringing a modern perspective on disco-age glamour, and a spotlight on the diverse and powerful femininity that underscores the FENDI name. With a bold sunset graphic in hues of red, orange, and yellow, the FENDI CAFFE takes over the outdoor corridors of the restaurant and FENDI Boutique. The concept comes to life with illustrations of ‘Lopez Girls’ – focusing on Lopez’s innovative vision on femininity, diversity, inclusivity, and unconventional beauty, emblazoned across the outside of the space.

Upon entering the cafe, guests will immediately discover the space transformed into a world of FENDI and Antonio Lopez. The space will be adorned with rainbow graphics, and the sketches of ‘Lopez Girls’ come to life in 3D billboard sculptures. The FENDI CAFFE tables embrace the 70’s aesthetic, with the colorful sunset graphics topping each surface. The theme is continued throughout with custom FENDI table settings and takeaway elements, as well as decorative details for the menu’s food and beverage. The hand-sketched version of the FENDI logo inspired by Lopez’s original work for the brand appears throughout elements of the café.

FENDI Caffe is located at 160 NE 40th St. in Miami Design District.

Images via World Red Eye

Billionaire Entrepreneur Buys $23.5 Million Penthouse Through Social Media at Jade Signature

Billionaire entrepreneur Adam Weitsman, who made his fortune in scrap metal recycling and crypto, has purchased the penthouse at Jade Signature in Sunny Isles Beach for $23.5 million. Weitsman saw the unit and completed the deal fully through social media. Weitsman was represented by Chad Carroll with Compass, who he connected with on Instagram, and ultimately made the offer sight unseen and closed the deal virtually. Weitsman is the owner and CEO of Upstate Shredding, Weitsman Recycling and founder of Viridium.

“This sale is a testament to the power of social media in real estate,” said Carroll. “My social pages have become an invaluable tool to connect with buyers and sellers from around the world and I am seeing more deals than ever before directly converting from my strong online presence.”

The sale set a record price for the building which developed by Fortune International Group and designed by Herzog & de Meuron. There are now only two sky villas remaining, which are the last developer units available. Sandra Chartouni with Fortune International Realty repped the seller.

“We believe the buyer has acquired one of the best penthouse properties in all of Miami at Jade Signature,” said Edgardo Defortuna, CEO & President of Fortune International Group. “Not only is the home over 11,000 square feet of space but it encompasses a full-floor with a continuous balcony and stunning 360-degree oceanfront views.”

The residence is a one-of-a-kind, two-story penthouse with 7 bedrooms and 9.5 baths, spanning 11,661 sq ft and over 7,500 sq ft of wrap-around balconies with an oversized jacuzzi overlooking the ocean. This two story residence has a double master suite with a private elevator to the second floor entertainment lounge. The first level is the main master bedroom with double sitting areas, master study, midnight bar, his and hers bathrooms and his and hers dressing areas. The second floor master wing includes an entertainment lounge, midnight bar, full bathroom, sauna and steam room.

Mast Capital and Starwood Capital Group Launch The Perigon, Currently Miami-Beach's Only Beachfront Pre-Construction Condo

A joint venture between Mast Capital and an affiliate of Starwood Capital Group led by Barry Sternlicht has announced the launch of reservations at The Perigon, Miami Beach’s only pre-construction, ultra-luxury condominium directly on Miami Beach’s oceanfront. Designed by a team of the world’s most respected design luminaries, The Perigon will become one of the most recognizable buildings in the Mid Beach neighborhood, and will be the area’s first residential project designed by OMA New York, the internationally acclaimed firm founded by Rem Koolhaas.

Situated at 5333 Collins Avenue along the tranquil stretch of sand between Indian Creek and the Atlantic Ocean, The Perigon was conceived as Miami Beach’s premier destination for oceanfront living. Its bold, terraced design rises 17 stories above the shoreline, and features elegant interiors by Tara Bernerd, the inimitable interior architect known for her hotel and private yacht projects. The tower also offers a seamless connection to nature, via lush gardens and serene water features envisioned by Gustafson Porter+Bowman, the landscape architecture firm responsible for redesigning the green space at the Eiffel Tower and delivering the powerful Princess Diana Memorial Fountain in London’s Hyde Park.

Featuring 82 residences, The Perigon offers spacious two- to four-bedroom residences designed by Tara Bernerd, with light-filled open floor plans ranging in size from 2,100 to 6,700 square feet. The estates in the sky include the highest quality finishes, direct water views, 10-foot ceiling heights, 10- to 12-foot deep wraparound terraces and custom Italian kitchen cabinetry designed by Tara Bernerd. They will blend the intimacy of a single-family villa with the vistas of a high-rise tower, taking advantage of the building location’s unique potential for dual-waterfront living.

The architecture at The Perigon is another key component to the condominium’s high-end lifestyle. OMA designed the building as a series of “towers,” rotated to orient and enhance views from all residences toward the Atlantic Ocean, while also optimizing views of Biscayne Bay and the Miami skyline overlooking Miami Beach. The towers are merged and lifted into a singular form that responds to the panoramic views and frees the ground-plane below, creating the appearance that the building is only gently touching the ground. The resulting reduced footprint maximizes space for the gardens below. The design for the interlocking towers will obtain LEED Gold certification when completed.

The Perigon will feature world-class service and unrivaled amenity spaces that embrace its tranquil setting on the water. An oceanfront restaurant, speakeasy-style bar and a conservatory with a daily breakfast bar will be exclusively available to residents, and a sunrise lounge and terrace will be accessible for events and entertaining. Residents can enjoy a beachfront swimming pool and hot tub, and a fully landscaped deck complete with cabanas and sunbeds. Other amenities include a spa with sauna and treatment rooms, ocean view fitness center, children’s playroom, private salon, screening room, wine room, guest suites and a dramatic double-height lobby lounge. The spaces will be activated by a dedicated lifestyle concierge and residential butler. Residents can also take advantage of 24-hour security, valet, house car, pool and beach service, in-residence dining and more.

Situated in the Mid Beach neighborhood, residents at The Perigon will be at the center of the city and its most exciting offerings. Perfectly balancing relaxation and exploration, the quiet enclave adjacent to the famous La Gorce Country Club offers the luxury of privacy, as well as close proximity to major art and cultural institutions like the Bass Museum and famous shopping destinations like Bal Harbour Shops. Residents enjoy the city’s iconic Art Deco architecture, annual events like Art Basel Miami Beach that attracts thousands of visitors to the city and some of the best new restaurants in the area.

Pricing will start at $3 million, with construction expected to complete in 2025. Sales and marketing for The Perigon is exclusively handled by Douglas Elliman Development Marketing.

Images via Binyan Studios

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

Inside Miami's Hottest Power Lunch Destination, Miami Design District

Miami Design District is known as the premier destination for all things luxury retail, art & culture, hospitality, and is now one of the city’s hottest power lunch destinations. Home to some of Miami’s top power players in the hospitality scene from Major Food Group’s ZZ’s Club, COTE, all-day-cafe Pura Vida, to Le Jardinier, the neighborhood's newly renovated Michael’s Genuine and more, the Miami Design District has established itself as the most dynamic lunch destination in Miami.

ZZ’s Club

Now introducing lunch at ZZ’s Club. The highly anticipated lunch menu has finally arrived and includes ZZ’s classics such as the Wagyu Sando, Yellowtail & Jalapeño Tartare Crispy Rice, Salmon, Tuna and Beef Carpaccios, Sushi Rolls, Caviar & Avocado and much more. Major Food Group has partnered with two well-known sushi and Japanese cuisine pros, Masa Ito and Kevin Kim, who created a cult following before relocating from New York City to run the new Miami restaurant. ZZ’s Club remakes the space into a high-end Japanese restaurant with a private 16-seat omakase chef’s choice sushi bar with ingredients flown in from Tokyo. An adjacent dining room serves modern Japanese cuisine with an a la carte menu, from raw dishes to cooked plates of premium Japanese beef on custom-built charcoal grills, perfect for a midday bite.

Address: 151 NE 41st St Suite 117, Miami, FL 33137

Lunch Hours: Tuesday-Saturday: 12PM-3PM

Pura Vida

A wellness-driven hotspot beloved by locals, Pura Vida, is South Florida’s go-to wellness eatery and all-day café, offering a balance of nutritious and delectable dishes, sourced using all local and organic ingredients whenever available. Pura Vida’s menu features an array of fresh juices and superfood smoothies, canned kombucha, artisanal coffees, avocado toast dishes, free-range egg sandwiches, fresh bagels, wraps, and bowls, raw organic Açaí Bowls, crisp and refreshing salads topped with wild ahi tuna, chicken, salmon, or vegan-lentil based adashah - perfect for your lunch break.

Address: 3818 NE 1st Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 8AM-8PM

Mandolin Aegean Bistro

Mandolin Aegean Bistro makes you feel like being transported to the tavernas along Aegean coastal towns where the Greek Islands meet the Turkish coast. Founded by husband-and-wife team Ahmet Erkaya and Anastasia Koutsioukis, Mandolin Aegean Bistro opened in Miami in 2009, bringing traditional Greek and coastal Turkish cuisine to the Miami Design District. The menu offers seasonal ingredients, freshly caught fish of the day as well as vegetarian options. The garden terrace is the place to see-and-be-seen and a perfect spot to spend an afternoon lingering over an expansive Mediterranean meal.

Address: 4312 NE 2nd Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 12PM-3PM

Michael’s Genuine

Michael’s Genuine Food & Drink is back and now open fo lunch after undergoing a major overhaul renovation and expansion. Michael's Genuine boasts a delectable lunch menu for district-goers all in one beautifully renovated space. Favorites such as the MGFD Pastrami Sandwich, the Housemade Salumi Pizza, Pan Roasted Poulet Rouge ½ Chicken and Housemade Rigatoni are the perfect dishes to spice up your daily lunch break.

Address: 130 NE 40th St, Miami, FL 33137

Lunch Hours: Monday-Saturday: 11:30AM-3PM

COTE Miami

Adding to the district’s wide array of lunch hotspots, the 5,892-square-foot restaurant emulates COTE’s flagship, high-energy New York City-based locale synonymous with marrying the fun and fire of Korean Barbeque with the hallmarks of a classic, regal American Steakhouse. The result is a unique and convivial atmosphere infusing a fine dining experience with world-class ingredients and service complemented with a show-stopping beverage program. COTE’s lunch standouts include a $38pp all inclusive Butcher’s Luncheon, a $52 Caviar Service, and an “Optimus Prime” Sandwich including a 8oz, thinly sliced Prime Rib on a Sullivan Street Bakery Baguette, and more.

Address: 3900 NE 2nd Ave, Miami, FL 33137

Lunch Hours: Monday-Sunday: 12PM-3PM

Le Jardinier

The French word for "gardener," Le Jardinier's cuisine and setting evoke a modern greenhouse in the heart of the Miami Design District. Le Jardinier’s menu focuses on the use of the highest quality local vegetables, seasonal ingredients, and fresh herbs—some of which will be harvested from an on-site garden—complemented by wild and sustainable fish, meat and poultry. The restaurant features a large outdoor dining area, and innovative cocktail program in harmony with Chef Verzeroli’s menu.

Address: 151 NE 41st St Suite 135, Miami, FL 33137

Lunch Hours: Tuesday-Saturday: 12PM-2:30PM | Sunday: 11:30AM-3:30PM

OTL

Not to be mistaken with your average coffee shop, OTL offers the right atmosphere with coffee, breakfast, drinks, sandwiches, pastries, and more in an airy, Instagram-worthy location. Located right in the heart of the Miami Design District, OTL is a lunch hotspot, attracting district goers looking for a quick bite to eat while indulging in delicious menu items. The nut butter toast is obsession-worthy and the matcha lattes and rotating kombuchas are a welcome coffee alternative. Plus, there are plenty of vegan and gluten-free dishes offered.

Address: 160 NE 40th St, Miami, FL 33137

Lunch Hours: Monday-Thursday: 12PM-6PM | Friday-Sunday: 9AM-7PM

Miami Design District is one of the hottest neighborhoods in the world, home to a number of luxury fashion houses, art galleries, fine dining experiences, and cafés. The open-air, pedestrian-friendly neighborhood, known for its many distinct and artistic façades, notably boasts a highly energy-efficient infrastructure and became the first neighborhood in the world to achieve the Gold level (LEED ND: Built v4 Gold). The Miami Design District is owned and operated by Miami Design District Associates, a partnership between Dacra, founded and owned by visionary entrepreneur and developer Craig Robins, and L Catterton Real Estate, a global real estate development and investment fund specializing in investing in luxury shopping destinations. The neighborhood was inspired by the worlds leading shopping districts including Fifth Avenue and Rodeo Drive and visitors can enjoy mature canopy-covered streets and walkways, sculptural specimen trees, and extensive rooftop gardens.

At The Heart Of It All. Downtown Miami's Metamorphosis Into Global Hub Accelerates

Today, Miami’s Downtown neighborhood may be one of the world’s great cosmopolitan centers, but even just a few years ago, the area was a ghost town by nightfall. According to Sonia Figueroa, Senior VP for development powerhouse Related Group, “Offices would close, and a mass exodus would begin, with thousands commuting to residential areas like Coral Gables or Brickell. By 5 o’clock the streets would be totally deserted. It’s incredible to see how things have changed.” 

This transformation has been years in the making, requiring significant investments across countless sectors. “There wasn’t a single catalyst,” adds Figueroa. “It was many different things coming together that really drove the change. The opening of the Brightline’s MiamiCentral Station, the progress on Miami Worldcenter and, of course, the huge influx of corporations and new residents from across the country, all became a kind of perfect storm.” 

The data backs up the idea of a seemingly overnight transformation, with a recent report from Miami DDA showing a 40 percent surge in population in the downtown area since 2010 – and a 56 percent increase since 2000. 

Often the best-attuned to neighborhood trends, Miami’s developers were among the first to recognize just how quickly the area was changing. And the residential demand that would soon come.  

According to Figueroa, “Downtown Miami always had incredible potential. It’s right by the bay, it’s seconds from our best museums, our stadium, transportation options – everything. The only thing missing was residential product that could live up to those kinds of surroundings.” 

Where old, dilapidated buildings once stood, now live dozens of sleek condominiums, trendy restaurants and bars and an ample selection of retail boutiques. In fact, rental inventory in Downtown Miami has more than doubled since 2012. More than 5,900 apartments have been completed in the last two years, and another 5,900 units are under construction. 

Developers like Related Group are betting big on the future of the so-called “New Downtown.” In 2021 alone, the company announced plans for three luxury condo towers in the neighborhood, including District 225 and The Crosby – two short-term-rental-ready projects – and Casa Bella Residences by B&B Italia, a project Related believes will speak to Miami’s growing numbers of high-design aficionados. 

Built in partnership with Alta Developers, the 55-story condo looks to take a significantly more upscale approach than its neighbors, especially when it comes to its interior and exterior designs. The property is the first residential partnership for famed Italian design house B&B Italia, known around the world for its high-end collaborations with brands like Rolex, Hermès, and Rolls-Royce.  

The project’s approach to amenities is another indicator of its high-end focus. “We wanted to offer something for every lifestyle,” says Figueroa, lead developer on the project. “Entertainers will have many indoor and outdoor lounges at their disposal. Fitness and wellness enthusiasts will be able to enjoy a world-class fitness center and spa. As for those residents who love to soak up the sun, the renowned landscape designer Enzo Enea created a breathtaking pool deck complete with private cabanas and a poolside bar.”  

During the project’s launch in late 2021, Related President Jon Paul Pérez said, "We are in the middle of one of the most robust markets in Related’s history, a trend we expect will pick up further with the launch of Casa Bella.” And indeed, it did. Just weeks after launch, Casa Bella has already accumulated over $100 million in reservations. 

While still early on in its reimagining, the overwhelming demand for residential units in Downtown Miami has made one thing clear: the neighborhood is ready for its moment in the sun. 

Units at Casa Bella by B&B Italia range from $650,000 to $3.7 million for non-penthouse floorplans. For more information or to arrange a tour of the sales gallery, please visit CasaBellaResidences.com or call 305-290-1008.

This article was produced in partnership with Related Group