Related Group and GTIS Partners Secure $328 Million Construction Loan From Bank OZK for 75-Story Baccarat Residences Miami in Brickell

Related Group and GTIS Partners have secured a $328 million construction loan to finance the development of Baccarat Residences Miami, an ultra-luxury condominium tower located at the gateway of Brickell Avenue. Bank OZK provided the floating-rate loan with a competitive interest rate. Berkadia South Florida arranged the nine-figure loan, with efforts led by Managing Director Scott Wadler and Vice President Michael Basinski, Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson.

The property, which launched in late 2021 and is now more than 95% sold, is currently under construction and is expected to complete in early 2028.

"From breaking ground last October, to now closing this loan, our vision for a skyline-defining property is quickly becoming a reality,” said Jon Paul Perez, President of Related Group. "We’d like to thank our lender, Bank OZK, and our various partners for sharing our optimism on the long-term potential of the South Florida market and our commitment to creating an iconic property the entire city can be proud of.”

The loan extends Brickell’s positive momentum, with the sub-market continuing to outperform other central business districts around the country while bucking macro headwinds.

“Brickell is an exceptional neighborhood that only continues to get stronger and more attractive,” said Robert Vahradian, Partner and Head of US investments for GTIS Partners. “With the entrance of marquee companies, like Citadel; and continued expansion of the area’s retail and cultural offerings and, of course, best-in-class residential product, Brickell continues to exhibit immense potential.”

“Despite a shifting capital markets environment, Related and GTIS continue to shape the skyline of this leading global city,” said Scott Wadler, Managing Director of Berkadia South Florida. “The tower’s strong pre-sale commitments underscoring Miami’s market fundamentals, coupled with the sponsors’ proven track record of success in the immediate submarket, created a compelling lending opportunity to capitalize Brickell’s most distinguished new address. The introduction of Baccarat Residences and its storied brand will further enhance the skyline and elevate Miami’s status as a region for ultra-luxury investment and development.”

The sister property to the record-breaking Baccarat Hotels & Residences NYC, the Brickell tower is made up of 355 residences, including just eight exclusive penthouses. Envisioned by internationally recognized architecture firm Arquitectónica, Baccarat Residences Miami honors the French crystal company's storied two-and-a-half century heritage, while simultaneously introducing a modern architectural marvel that pushes South Florida’s design ethos forward.

Residents will enjoy over 75,000 SF of luxurious five-star amenities throughout five levels of the tower — including exquisitely appointed social spaces, a state-of-the-art health and fitness center, La Mer spa facilities, a private marina with residents’ yacht and more — that will be cohesive in essence but unique in design elements and all expertly managed by SH Hotels & Resorts. The property will also feature a curated collection of museum-quality art.

Imagery via Related Group

Ella Miami Beach Hosts Spring Pickleball Slam With PROFILEmiami and Pura Vida

On Tuesday April 26 Ella Miami Beach, PROFILEmiami and Pura Vida Miami brought the heat with a Pickleball Spring Slam celebration for top brokers and friends of Ella Miami Beach, a 10-story boutique condo which will soon rise above Miami Beach. From thrilling matches to exciting giveaways such as tickets to the upcoming Miami Open, guests soaked up the fun on the courts and indulged in delectable bites and refreshing beverages courtesy of Pura Vida. Attendees got to enjoy a glimpse of a unique amenity coming to Ella Miami Beach, a rooftop pickleball court boasting breathtaking views of the Atlantic Ocean and the iconic Miami skyline.

Ella Miami Beach is being developed by Constellation Group, The Boschetti Group, and Vietmar. The 10-story boutique condominium is designed by Arquitectonica will be located at 6940 Abbott Avenue in Miami Beach. Ella Miami Beach will feature 95 residences exclusively marketed by ONE Sotheby’s International Realty including studios to two-bedroom floor plans ranging from 434 to 1,076 square feet. Prices start in the upper $600,000s, an attractive entry price for a new-build product in Miami Beach, where new construction pricing typically starts at approximately $1 million. The new construction building is expected to break ground in the first quarter of 2024 and is slated for completion in 2026.

Steven G. To Design Interiors at Forté Luxe Luxury Boutique Waterfront Community in Jupiter Florida

Interiors by Steven G. will serve as the interior designer for Forté Luxe, a luxury boutique waterfront community in Jupiter, Florida being developed by Forté Development. Forté Luxe will feature 15 multi-level residences on an exceptional and unique peninsula surrounded on three sides by beautiful Intracoastal Waterway views and direct water access. Pricing ranges from $4.35 million to $8 million. Forté Luxe is expected to be completed in Q2 2025 and is located at 12450 Crystal Cove Place, Jupiter, FL 33469.

Not only will Interiors by Steven G. provide stunning, contemporary design for the boutique community itself, but will also redesign Forté Luxe’s sales gallery. The sales gallery is anticipated for completion in April 2024. Interiors by Steven G. was inspired to create a modern coastal living ambiance with all that nature has to offer due to the beautiful blue waters off the inlet of Loxahatchee River, spilling into the Atlantic Ocean. Light wood tones, textured tree barks, shells stones and sand, infused with the cobalt blue and green tones, is what will separate this amazing project from others in the area.

“We are very pleased to work with Interiors by Steven G., one of South Florida’s most prominent interior design firms, on the beautiful, contemporary design for Forté Luxe,” said Fortelni. “Forté Luxe’s multi-level residences will offer the finest designer finishes, merged with the enviable Jupiter-Tequesta lifestyle.”

“Forté Luxe is a spectacular project that undoubtedly transcends residents into an oasis of retreat, fresh air, sunshine and the most beautiful sceneries,” said Steven Gurowitz, founder and president of Interiors by Steven G. “We are thrilled to work on this inspiring development and are excited to watch the modern coastal living come to life through our design.”

Residences will range from 3,550 to over 5,000 square feet of living area. Features will include expansive great room interiors showcasing captivating views through full-height glass doors and windows, private garage with grand entry, featuring unrestricted views of the beach line and water, private interior elevators, voluminous ceilings and full-height sliding glass windows and door, waterfront covered terrace with built-in outdoor gas grills for al fresco dining, spacious elevated balconies with spectacular Intracoastal views.

Forté Luxe will also offer 13 private boat slips for up to 60-foot vessels (residents can purchase dockage), and a private resort-style swimming pool and sun deck with entertainment areas.

Forté Luxe features architecture is by Alfonso Jurado, and KAST Construction is the general contractor for the project. Douglas Elliman Development Marketing is the exclusive sales team.

Renderings via WeAreVisuals

Okan Tower Set For Massive 1,200 Truck Concrete Foundation Pour Friday

Paving the way for a new landmark on the Downtown Miami skyline, a crew of 300 workers across three shifts with the help of 1,200 concrete trucks, will pour the foundation for Okan Tower, the highly-anticipated development set to be one of Downtown Miami’s next major mixed-use megaplex and will feature the Hilton Miami Bayfront Hotel. Rising 902 feet in the air, Okan Tower will be one of Miami’s tallest towers when it debuts in 2027, and its unique architecture is poised to be a defining element for the city.

On Friday, March 29 at 9:00 pm, general contractor Jacob Companies joint ventured with Okan Construction, will orchestrate the continuous pour staged over 36 hours at 555 North Miami Avenue.

"This marks a significant milestone for the Okan Tower team, and we are filled with pride and excitement as our vision for Miami's skyline transforms into a reality," says international property magnate and developer of Okan Tower, Bekir Okan, Chairman of Okan Group. “Okan Tower represents the vibrant and dynamic future that awaits Downtown and we look forward to this exciting next phase of the construction process as we go vertical.”

Located in the epicenter of Miami’s urban core, Okan Tower is situated on a prime downtown site at the crossroads of culture, entertainment, art, fine dining, Miami's waterfront and most celebrated cultural and entertainment landmarks. Okan Tower will be a monument of the future as Downtown Miami has been reinvigorated by the allure of an ultimate live-work-play destination.

The 70-story mixed-use project will feature 163 Sky Residences, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, and a Hilton Miami Bayfront Hotel along with 64,000 square feet of ‘Class A’ office space.

Approximately 12,000 cubic yards of concrete weighing 20,226,600 pounds will be poured into the massive, excavated hole for the foundation measuring 234 feet x 140 feet and 14 feet deep. Additionally, subcontractor Moore Group will place 2,300 tons (5,070,632 pounds) of high strength reinforcing steel in the foundation with Cemex supplying the concrete from several ready-mix plants located in Miami.

Uniting a diverse collection of mixed-use elements in one vertical destination, Okan Tower was designed by internationally renowned architecture firm Behar Font & Partners who’ve given it a striking curvature façade inspired by the Turkish national flower, the tulip. Sales and marketing are exclusively overseen by Fortune Development Sales.

Okan Tower marks the first U.S. development for Okan Group, but is just the latest masterpiece in their extensive portfolio of renowned mixed-use projects that has earned the firm a global and deep-rooted reputation in the construction, banking, textile, production and tourism industries, among others.

Renderings via Okan Tower

Experience the European Riviera in Miami: La Màrtola Restaurant Opens in Buena Vista

Debuting in the charming Buena Vista neighborhood, La Màrtola is bringing a taste of culinary treasures from the Italian, French, and Spanish Rivieras for a unique, alfresco dining experience. The concept was created by esteemed partners - hospitality impresario Paolo Domeneghetti and Martino de Rosa, founder of the internationally acclaimed La Filiale in Italy, made famous by Netflix’s Chef’s Table. Hailing from New York City and Italy, respectively, both partners have come together to bring the European philosophy of generous, warm hospitality to Buena Vista, starring pizza made with 36-hour Italian dough, fresh local fish, farm-raised meats, and a world-class gelato program curated by Italian master gelataio, Simone Bonini.

Meals are filled with aromas from the Stefano Ferrara wood-fired pizza oven and custom-made wood grill by Grillworks with a gently illuminated open-air setting reminiscent of the coast of Saint Tropez, Marbella, or Portofino. The intimate bar at La Màrtola showcases a carefully selected collection of spirits, classic cocktails, and a wine list brimming with personality.

“La Màrtola is the culmination of our passion for dining that is casually elegant, creatively simple, and uniquely familiar. We highlight the simplicity and quality of classics, blending tradition and innovation to create a space that inspires the art of savoring life,” says owner Paolo Domeneghetti.

Menu highlights include Farm-Fresh Oysters; Orata Crudo with Ciliegini tomatoes & Taggiasca olives; Bluefin Akami Tuna Tartare with Mediterranean gin, grapefruit & orange; and traditional plates like Lobster Salad, Paleta Ibérica con Chips, grilled Turbot and the Bistecca Fiorentina. Presented family-style, these dishes capture the aura of this oasis, alongside house specialties like Olive Ascolane, Fried Cremini, and Farm-Fresh Heirloom Tomatoes. 

La Filiale is at the helm of La Màrtola’s pizza program, presenting an array of Neapolitan-style pizzas, including our favorite - the Carbonara. Each pizza is a testament to the art of pizza making, featuring ingredients freshly imported from Naples and a secret, naturally fermented 'impasto' prepared in-house daily. 

The wine list features select categories: Champagne, Burgundy, Barolo, Rosé, and a "pocket list" showcasing special bottlings from winemaker "Friends of La Màrtola”. Cocktails include a variety of signature and classic drinks, as well as aromatic and herbal spritzes, using local and natural ingredients. La Màrtola is located at 4702 Northeast 2nd Avenue and will be open daily from lunch to dinner - 12 PM to 10:30 PM - with a seasonal menu alongside fresh and ever-changing daily specials. For more information, visit lamartolarestaurant.com.

Todd Michael Glaser's 10 Tarpon Island, Palm Beach's Only Private Island, Goes Under Contract

Palm Beach’s infamous 10 Tarpon Isle, the only opportunity to live on your own private island in Palm Beach, has gone under contract. The home was listed for $187.5 million after initially listing for $218 million following its completion last year. The once in a lifetime legacy estate was developed by one of South Florida’s leading ultra-luxury spec home developers Todd Michael Glaser with his partners and features 360 degrees of water views and privacy. 10 Tarpon Isle was listed with Suzanne Frisbie of The Corcoran Group and Chris Leavitt of Douglas Elliman while the buyer is represented by Margit Brandt of Premeir Estate Properties.

The original 1930’s estate was completely redeveloped and now spans 28,618 total square feet of living space situated on the 2.2+ acre private island. 10 Tarpon Isle features 11 bedrooms and, 15 full bathrooms bathrooms and 7 powder rooms with a 5 car garage and guest house.

10 Tarpon Isle features the ultimate in luxury including a newly reimagined indoor spa features a massage room, hair salon, steam room, and sauna. There is also a beautiful library with a bar, wine refrigerator and humidor cigar display; a wine room; and an Entertainment Room with fireplace, wine refrigerator, billiards table, and movie lounge. The home fitness club quality gym features a weight room, cardio room, wet bar and fireplace.

Outdoors the estate’s extensive ground feature lush landscaping and resort style amenities with 360 degree water views. 10 Tarpon Isle features rare lighted clay tennis court with a viewing pavilion, an east facing pool, a loggia with full outdoor kitchen and fireplace as well the main 98' south facing pool with spa with pool bar and cold plunge. The island also features two separate boat docks to accommodate an array of vessels and sea toys.

Images via Todd Michael Glaser, Chris Angle Real Estate and Douglas Elliman

Apple Store And Mixed-Use Tower Coming To Miami Worldcenter in Downtown Miami

The fast-growing 27-acre, $6 billion Miami Worldcenter continues to take form in Downtown Miami as it was recently revealed that an Apple Store is coming to the mega-project, in addition to a recently approved mixed-use tower. Apple has leased 15,000 SF of retail space at 725 NE 1st Ave where construction is already underway and renderings filed with the city in 2022 show an iconic stand-alone one-story structure right in the middle of World Square; a 20,000 SF outdoor public plaza and park at the heart of the Miami Worldcenter mixed-use mega-project. World Square is designed as a central gather place and will feature an abundance of open space, shade trees, and oversized, pedestrian-friendly sidewalks lined with dining, entertainment, and retail concepts. The Miami Worldcenter Apple Store will be the sixth Apple Store coming to Miami-Dade County and is expected to open in 2025.

Falcone Group, one of the main developers at Miami Worldcenter, also recently was granted approval for a new 53-story, 632’, Nichols Architects-designed mixed-use tower for Miami Worldcenter’s nearby Block C. The tower will feature a 280 room hotel, 351 condos ranging from studios to 3-bedrooms. Amenities include a fitness center, spa, bar and lounge, 25th floor pool deck. The tower will also feature 3,500 SF of retail space and an 8,000 SF restaurant.

Miami Worldcenter is one of the largest privately owned and developed urban real estate developments in Florida. The mega-project is currently coming alive in phases and features a diverse mix of residential, commercial and hospitality uses complemented by a total of 300,000 square feet of retail, restaurant, and entertainment space. Miami Worldcenter is being developed by Miami Worldcenter Associates, led by Falcone Group, Nitin Motwani of Merrimac Ventures and CIM Group.

More than 93% of the development’s retail space had been leased as of February 2024. Signed leases with concepts coming soon include Nick Jonas and John Varvatos’ Villa One Tequila Gardens, Serafina, Starbucks, Earls Kitchen + Bar, Sports & Social, Sixty Vines, Bowlero, The Container Store and Rihanna’s Savage X Fenty. Already open outlets include three new food and beverage options by Ariete Hospitality Group’s Michelin-star-rated Chef Michael Beltran, Brasserie Laurel, Chug’s Express, and El Vecino Cigar & Cocktail Bar; national retail brands lululemon, Sephora, and Ray-Ban; the affordable luxury citizenM Miami Worldcenter hotel; and a Lucid Motors luxury electric vehicle showroom and service center.

Miami Worldcenter is now home to three completed residential towers – PARAMOUNT Miami Worldcenter, Caoba, and Bezel Miami. Additionally, construction is nearing completion at Lalezarian’s 52-story Miami World Tower 1, which will comprise 550 apartment units; at 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; at the second phase of Caoba, which will encompass an adjacent 40-story tower with 420 apartments; and at The Crosby, a 450-unit turn-key condominium by Related Group and Merrimac Ventures.

Planned developments include three additional residential towers developed by Lalezarian with 2,000 multifamily units; 600 Miami Worldcenter, a 579-unit fully furnished condominium by Aria Development Group and Merrimac Ventures; JEM Private Residences, a 67-story mixed use luxury residential tower with 259 condos and about 500 apartment units by New York-based developer Naftali Group; a two-tower mixed-use residential and commercial development by Abbhi Capital; and a three-tower mixed-use residential project by The Witkoff Group.

Block C Mixed-Use Tower:

Renderings via Nichols Architects, City of Miami and Lifang

Inside PROFILEconnect: Workout With Kobi Karp & @BabyMommaFit

On March 13th PROFILEmiami hosted its first ever PROFILEconnect real estate networking fitness class at Kobi Karp's Wynwood headquarters with Kobi Karp and Nancy Karp. The high-intensity workout was led by celebrity fitness trainer Starr Hawkins, popularly known as @babymommafit, who energized guests to connect, get fit and unwind with their peers. Following getting the workout, guests got to network with Miami's elite real estate and business professionals while enjoying nutritious refreshments courtesy of Carrot Express, Zeroe Plant Based Caviar and energizing drinks from GORGIE and E11EVEN Vodka. Guests also took home a luxurious goodie bag featuring a 5-minute journal by Intelligent Change, a premium Taja Collection candle and kava drinks by Surenitea.

Part of PROFILEmiami’s highly-regarded PROFILEconnect bespoke networking event series, the event will bring together Miami’s top real estate industry and business professionals, influencers and fitness enthusiasts, for a fun wellness evening with industry leaders.

Check Out This One-Of-A-Kind West Palm Beach Designer Triplex Asking $12.95 Million

A one-of-a-kind designer triplex at The Plaza in West Palm Beach has hit the market for $12.95 million. The residence was completely transformed by renowned Joanne De Guardiola Design. Showcasing direct intracoastal views across all three levels and an impressive 47-foot flow-through on the main floor. The unique custom-built home spans 6,500 square-feet, featuring a striking 3-story 29’ high atrium with an architectural floating staircase made of leathered black granite slab and a private internal elevator.

Every detail is thoughtfully considered to maximize views and luxury throughout the space, featuring 5-beds, 6-baths, and 3 powder rooms and over 2,000 square feet of terraces that showcase panoramic views from east to west. Modern architecture and finishes include floor-to-ceiling frameless doors, recess shadow gap base, and custom cove ceilings for an added layer of sophistication.

The residence features the finest finishes including a sleek gourmet kitchen with top-of-the-line appliances including Gaggenau and Miele, a grill, coffee machine and 2 wine column refrigerators. A carefully crafted primary suite is home to dual onyx slab baths and custom closets fit for a designer boutique. Seamless smart home features include Lutron HomeWorks lighting, automated recessed shades, built-in sound system speakers, wired movie room and wired TV wall locations.

Conveniently located 2 minutes from Palm Beach Island, The Plaza offers white glove and resort-style amenities with first-class staff including 24-hour valet, concierge, security, impressive fitness center, sauna, tennis/pickleball courts, and two swimming pools.

529 S Flagler Drive #TH3E is listed for $12.95 Million by Samantha Curry with Douglas Elliman.

Images via Studio 910 Palm Beach/Samantha Curry

Private Florida Keys Resort Style Luxury Home Community SeaGlass Cove Passes $21 Million in Sales

Constellation Group, the Miami-based commercial real estate investment and development firm, and Ironwood Venture Group, a real estate development firm, have sold over $21 million combined of the residences at SeaGlass Cove, a new lush, private enclave consisting of just 14 single-family homes in Marathon, Fla., in the heart of the Florida Keys. Buyers have been a mix of end users intending to reside at the community, and investors seeking passive income through short term rentals. The first three homes of the oceanfront development, where residences start at in the low $3 million range, are slated for completion in March 2024.

"The extraordinary sales success is a testament to the rising demand for new construction oceanfront properties, especially those allowing weekly rentals, as well as SeaGlass Cove’s design and appealing architecture emphasizing, intimacy, exclusivity, and the laid-back luxury lifestyle that celebrates the best of the Florida Keys,” said Eduardo Otaola, Principal at Constellation Group. “It’s a highly unique blend of barefoot luxury meets carefree oceanfront living.”

Located at 59720 Overseas Highway in Grassy Key, SeaGlass Cove’s residences are nestled amongst colorful coves and turquoise waters in a private gated community. Comprised of approximately 5,000 square feet of living and entertainment space, each three-story residence offers stunning views of the Atlantic Ocean, as well as chef’s kitchens and spa baths that will be luxuriously appointed with designer finishes and appliances. Additional highlights include rare two-car garages, private covered cabanas, fire pits, and summer kitchens replete with beach access.

“New construction luxury oceanfront residences in the heart of the Florida Keys are a true rarity given the difficult entitlement landscape and the strict building codes that these homes have to adhere to,” said Everett Atwell, Managing Director of Ironwood Venture Group. “Our buyers understand the unprecedented appeal and value proposition this project offers, especially when considering the short-term rental component that allows for passive income.”

The oceanfront enclave features a myriad of resort-style amenities, including a pool overlooking the ocean, a private on-site pickleball court, and activities that include paddleboarding, swimming, fishing, snorkeling, biking, and much more from the property’s private beach. SeaGlass Cove is minutes from fine dining, shopping, spas, marinas, and much more.

The property is 20 minutes South of Islamorada, is close to Florida Keys/Marathon International Airport, and offers convenient access to Overseas Highway, which spans the entire chain of the Keys, and over the Atlantic Ocean, Florida Bay, and the Gulf of Mexico.