PROFILE Exclusive: Developing In Miami's Ever Changing Urban Landscape With Raimundo Onetto of Alta Developers

With over 30 years of development experience and having developed more than 3,500 units in the South Florida market, Raimundo Onetto of Alta Developers has been a driving force in the region’s massive transformation. Onetto has been involved in some of the most impactful projects in Miami’s hottest neighborhoods such as One Paraiso, Le Parc at Brickell, 900 Biscayne, Quantum on the Bay, etc. Now, Onetto has turned his attention to the fast-growing hotspot Miami Design District, where he recently completed and launched sales of Quadro at the Miami Design District. The two-tower, 198-unit project is the newest addition to the city’s trendsetting creative hub and is only a short walking distance to many premier attractions in the fashionable Design District.

Despite the COVID-19 pandemic, Onetto has been able to keep the gas pedal down on sales at Quadro and was able to welcome us to the site for an exclusive tour of the newly completed project. When walking the building with Onetto, his hands-on approach to the design and development becomes evident from the building’s layout to the design and finishes of the units. After the tour we were able to catch-up with Onetto to find out more about how he got involved in development and where Miami real estate is heading:

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PROFILE: How did you get into real estate development? What is your background?

Raimundo Onetto: I’m an architect by trade. I actually began my career as the Founder & Partner of Archiplan, a global architecture, design & planning firm in Chile. I also founded a development company in Chile, called Exxacon, a Chilean-Spanish real estate development company that started with projects in Chile and Spain. In 2002, I came to Miami with my family, and partnered with Terra International to introduce Archiplan USA and we became Terra Group.

PROFILE: Did you have any mentors that helped shape your life or career?

RO: Not necessarily. I just know that since high school I dreamt about becoming an architect. In college/university I was even more drawn to architecture, creating spaces and becoming a professional architect. I made my dream come true and through the years I became intricately involved in the entire development and creation process. 

PROFILE: You mentioned that your background is as an architect, when and why did you take on the developer role? 

RO: I had been an architect but I was always deeply involved in the development process and worked closely with the different developers of Chile throughout all the phases of projects and since I was so close to these projects through all of their stages, the next natural fit for me was to become a developer myself. It was a seamless transition. 

PROFILE: As a developer where do you draw your inspiration from?

RO: Back in 1987 when I completed plans for my first building in Santiago, that only fueled my passion to do more and to plan for more projects and developments that would create impacts in cities. This project ultimately fueled my desire to go beyond planning and designing buildings in Chile.

PROFILE: When did you start building and investing in Miami? What was the attraction to the area? 

RO: In 2001, I began really studying the different markets and identifying where the opportunities existed in Miami. A year later, in 2002 we created Terra Archiplan with Pedro Martin and his son David. We analyzed different areas and carefully watched market demands and behavior of buyers. We began developing in the core areas of the city. Our first development together was located in the Dadeland area building out Metropolis, and then went to downtown Miami, and then west to Doral.

PROFILE: When did you acquire the land for Quadro? How did Miami Design District look at that time? 

RO: Alta Developers acquired the land where Quadro sits in the Miami Design District six years ago, in 2014. The Miami Design District at the time was just starting to take off. They had created pedestrian walkways, they brought in a new group of restaurants, luxury condominiums, and new retail stores with renowned brand names, including Tom Ford, Pucci, Berluti and Fendi.

PROFILE: Where did the concept for Quadro come from? Tell us about the design. 

RO: Designed by Behar Font & Partners, the two-tower 12-story, urban resort-style condominium building offers just 198 residences that are truly imaginative. While the entire premise is adorned with more than 542 site-specific works of contemporary art created by Francisco Del Rio of ART with DNA, Quadro offers fully- furnished, art-infused residences that are located at the cross sections of Miami's premier fashion districts, where names like Gucci, B&B Italia and the de la Cruz Collection can be found. Quadro, was also designed as a distinct condominium asset since it offers high-end turn-key residences with resort-style amenities at compelling price points in the Design District. These residences provide complete flexibility for permanent residents, the seasonal snowbird and the vacationing short-term guests. At Quadro, buyers also have the flexibility to purchase units with tenants or place units into a short-term rental program, all within a central location near Miami’s premier attractions.

PROFILE: Why did you guys wait until the building was completed to launch sales?

RO: Our mission is to build sustainable communities and integrate them into the destinations and districts they reside in. Our plan was to build Quadros’ residences as condominium homes and in 2019, the City of Miami modified code regulations offerings short-term rentals within the district and that was when we began looking at ways in which we could capitalize on market opportunities this modification presented for us as well as prospects. We identified the demands of the market were changing so that was when we permitted for condominiums documents, which some renters are currently benefitting from today.

PROFILE: How have sales been? Where are your buyers coming from? 

RO: We launched sales in late February and began accepting reservations. Shortly thereafter in March, Covid hit and we had to halt in-person tours as well as cancel the official sales launch event we had planned. Sales and interest continue coming. We are seeing that there is tremendous interest but serious foreign buyers want to wait until they can travel to Miami to sign contracts, which we expect to see soon. Currently, we are in the process of converting reservations into contracts. We are also seeing that several buyer inquiries that want to come to Miami have been coming in from across Central and Latin America, including Mexico, Brazil, Colombia, Ecuador, Chile, Argentina and Peru.  

PROFILE: What did you guys do during the COVID-19 shut down to keep sales moving forward? (Drive through closings, virtual tours, etc.)

RO: Like many, we had to adapt our efforts and shift the selling process to a virtual one. This resulted in a number of virtual presentations, live and recorded virtual tours via Zoom, FaceTime, or WhatsApp, and several webinars and live interviews, both with brokers and buyers. We now have most of our model residences available for 360 virtual tours, which can be viewed at any time through a link, where prospects virtually walk through a residence just as they would in a physical tour, with the added flexibility of them being self- guided and easily accessible. Additionally, when Stay Home orders were lifted, we did begin booking private appointments and tours with implemented social distancing and health practices in place. Earlier in July, we began setting appointments for those that made reservations to sign contracts. In some cases, we have had some contracts being signed through e-documents. 

PROFILE: Tell us about the short-term rental program? 

RO: The two-tower, resort-style condominium building with 198 residences also provides buyers the flexibility to purchase units with tenants or place units into a short-term rental program, which provides immediate long-term opportunities for buyers that cannot move upon purchase, or that simply want to have a home in Miami on a seasonal basis. We have seen some owners prefer to manage their own short term rentals, and others that choose to place units into the Nomada destination residences program.

The first benefit, is the immediate opportunities residences present with the rental program available to them. The other immediate benefit is that they are turn-key and move-in ready now. They also enjoy the amazingly styled spaces, unique amenities and a prime location, which is steps away from the Miami Design District, Wynwood, Downtown Miami, and only a short drive to Miami Beach and Miami’s International Airport. Quadro truly provides an exclusive lifestyle destination that is in walking distance to shop, dine or enjoy the outdoors.

PROFILE: When a buyer closes on their unit and you turn over the keys, what are some of the features that will stand out to them as an owner at Quadro?

RO: The boutique building boasts an expansive amenities deck with a pool, summer kitchen and cabanas, all of which provide ample space for outdoor recreation with breathtaking panoramic views of the city and Biscayne Bay in the Miami Design District. The sprawling poolside club room, yoga and spinning rooms create a private setting fit for relaxation or spending time with loved ones. Advanced home technology in each residence includes NEST smart home thermostats as well as a Latch Bluetooth keyless entry system with cameras that offer complete control through a homeowner’s mobile phone. Quadro also features electric car charging stations and a state-of-the-art pet washing facility. 

PROFILE: Where do you see the future of Miami development? What does Miami lack?

RO: I see most developments happening in areas that are already very concentrated like Downtown Miami, Dadeland, Coral Gables and I think we will continue to see those areas expand outward.

I think Miami lacks impactful projects like Brickell City Centre and that has a global appeal and that are synonymous with world-renowned names. I feel projects like that will make big impacts much like they do in big cities across the globe. Internationally recognized brands, make cities more appealing like the Miami Design District has done. 

PROFILE: Do you have anything else in the pipeline? 

RO: Yes, we have several projects in the pipeline throughout South Florida, including: 

• Phase 2 EON Flagler Village 

• 250 Bird Road

• Pinecrest Views 

• 6075 Sunset Drive

• Vesta at Neovita Doral

About Raimundo Onetto:

Onetto has 30 years of development experience, bringing more than 3,500 units to the South Florida market. Onetto has been involved in some of the most noteworthy additions to the South Florida real estate landscape, including One Paraiso, Le Parc at Brickell, 900 Biscayne, Quantum on the Bay, Metropolis at Dadeland, among others. Onetto and his innovative team at Alta Developers are the masterminds behind some of the South Florida’s most highly acclaimed projects including the recently completed Quadro at the Miami Design District, EON Flagler Village, Pacifica Boynton Beach and Neovita Doral. Onetto prides himself on being very hands on with all of Alta’s projects and their design stages, which gives their products a truly competitive edge.

About Alta Developers:

Alta Developers is a South-Florida based real estate development firm, whose Principal & CEO Raimundo Onetto has been involved in some of the most noteworthy additions to the South Florida real estate landscape, with current projects such as EON Flagler Village, Pacifica Boynton Beach, Quadro at the Miami Design District, Neovita Doral, Vesta at Neovita Doral, and past projects such as One Paraiso, Le Parc at Brickell, Quantum on the Bay, Metropolis at Dadeland, among others. These properties have been ahead of the curve from the start of each project often leading the way for future development in the areas and neighborhoods they occupy. Through advanced aesthetics and technology, Alta Developers develop with a commitment to environmental sustainability and cultural integrity, ensuring a continued stature as landmark properties in a particular destination. To date, this smart, thorough approach to development has lead the way to pursue future opportunities in emerging neighborhoods throughout Miami, Fort Lauderdale, Boynton Beach, and beyond. Alta is continuing to curate and design new developments in key markets, including, Pinecrest Views, Alta 9600, EON Flagler Village Phase II, and 250 Bird as well as 1400 Biscayne.

PROFILE Exclusive: Developing The Three Pillars Of Metropica With Joseph Kavana

Our first in-person interview and building tour since the COVID-19 shut-down was with Joseph Kavana, developer of $1.5 billion, 65-acre master-planned Metropica project which recently received TCO for its first residential offering, ONE Metropica Residences, design by YOO. Kavana’s vision for Metropica will transform Sunrise, FL with approximately four million square feet of development adjacent to Sawgrass Mills Mall, which is the 11th largest mall in the United States. Metropcia’s masterplan will consist of residential condominiums, apartments, boutique hotels, commercial office space, expansive green spaces and a burgeoning world-class culinary, retail, entertainment and lifestyle experience for residents and visitors to enjoy.

Despite the need for masks and social distancing, we were able to tour ONE Metropica Residences in person with Kavana to see the upscale finishes and attention to detail not-yet seen in Sunrise. While there we discussed the three pillars of Metropica, where Kavana draws his inspiration from as a developer and what is next for South Florida.  

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PROFILE: How did you get into real estate development? What is your background?

Joseph Kavana: I began developing in the 1980’s as a sideline to my Automotive business. We had a sizeable business working with major auto manufacturers and retailers, when I began investing in industrial properties and doing land development in South Florida. In the 1990’s, I participated in the purchase of thousands of rental apartments in Texas. I then moved into the international arena and developed in Punta del Este, Uruguay and Nordelta, Argentina.  I did not begin as a real estate developer, but that certainly became my passion.

PROFILE: When did you start developing in the United States? How is developing in the US different from other countries?

JK: As I mentioned, I began developing select projects in the 1980’s, but moved into the arena on a full-time basis starting in the 1990’s. As to what is different in the U.S. versus other countries, I would have to say that, in the U.S., the pace of development is much faster. There is simply no room for error from beginning to end. You need to have clear and concise planning, knowing that mid-flight adjustments are challenging -- and generally costly.  In other countries, you may have more time to plan and execute. There is more flexibility when it comes to changes and adjustments.

PROFILE: As a developer where do you draw your inspiration from?

JK: I would say it’s a combination of two things. First, you need to look at the land, see a need, and have a specific vision for the area. What is the best use? How do I make this happen? Once you decide, then the inspiration is what you want it to look like, what do you want it to be. It’s a very personal process for me. Once I’ve decided on the best use, I then look at what others have done that will help shape my inspiration. A visit to the ‘best of’ is what I would call it. That process -- part cerebral, part emotional -- is how I draw my inspiration. 

PROFILE: Did you have any mentors that helped shape your life or career?

JK: While I did not have any specific mentors in my industry, my overall mentor was definitely my father. He instilled in me that the way you conduct yourself in life is key. That your word is your bond, far better than any paper or contract you may sign.  He taught me that when you tell someone that you are going to do something, it must be done, no excuses. That has been my personal philosophy throughout my career. 

PROFILE: When did you start building and investing in Sunrise? What was the attraction to the area? 

JK: We originally purchased the land that would become Metropica in 1995.  A couple of years before that, in 1993, we developed a small shopping center on the land that is very close to where Metropica is now.  That was basically the beginning of Sunrise.  Sawgrass Mills opened in the late 1980’s, followed by the very first IKEA in Florida, and that is when we began to see the enormous potential of Sunrise. It evolved quickly, of course, including the construction of what is now the BB&T Center, followed by numerous, large corporate entities moving into the area -- such as AMEX, which has established a significant presence in the city.  Sunrise had land, access to major thoroughfares, and all within minutes of downtown Ft. Lauderdale and a short drive from Miami-Dade.  As the area evolved, what was missing also became clear, and that became the vision for Metropica. 

PROFILE: Where did the concept for the Metropica master plan come from?

JK: Once we realized what was missing in the area, we decided to build a multi-use community, which, in my mind, is different from a traditional mixed-use community.  We wanted to build something that would specifically fit the needs of the evolving area. The key was in the residential. We wanted tenants to be able to experience city-center life, but still maintain the benefits of a suburban experience. To us, it meant creating some separation between the residential, retail, and office space components – hence, multi-use versus traditional mixed-use. Everything was close by, but they were still separate components…no retail at the ground floor of residential, for example. Once we came to that conclusion, we then set out to see who had built in a similar manner.  What we found were developments around the country that had elements of what we wanted, so we took best-practices from that and melded the different pieces together.  And as life would have it, in an era of COVID, our masterplan offers a best-of-all-worlds scenario for our residents – key benefits of city-center living, coupled with access to larger spaces and nature that would not be possible in a true urban location.

PROFILE: What are the 3 pillars of Metropica and what are residents buying into?

JK: The three pillars are happiness, nature and wellness. The most important is happiness, with the other two playing into that concept. People want to be happy, which was already increasingly challenging, even before COVID.  The residential component is key. That is why we built the initial residential tower first. If we can help people be happy where they live, then we’ve accomplished a wonderful feat. We believe that everything built within Metropica should contribute to people’s happiness. The other two pillars support that. Access to nature is a key component of happiness. People crave that. That’s why the residential tower has wonderful view corridors of the Everglades and of the Central Park which will be part of our community. The third pillar, wellness, will be realized through our walking trails, bicycle paths, and all of the amenities that are part of Metropica, such as tennis courts, a spa, pool, and, eventually, an entire wellness center. Every Metropica buyer I have spoken with truly values our three pillars and appreciates the effort we have made to achieve those goals. 

PROFILE: Why did you elect to build ONE Metropica Residences first? What are some of the features that make the building unique?

JK: We began with the initial residential tower instead of any other component because we firmly believe that the lifestyle component we are looking to achieve begins with residential.  All other facets of Metropica will stem from residential. To that end, we went to Chad Oppenheim of Oppenheim Architecture + Design. Chad is globally recognized for socially and environmentally conscious architecture. He’s an incredibly selective individual, so we were very pleased with his ability to capture our vision for Metropica as a whole, and specifically for ONE Metropica, since that building was going to set the tone for the rest of the development. We coupled Oppenheim’s expertise with YOO Design Studio, and their combined skillsets allowed us to develop a building that is a true masterpiece. It has exceeded even our greatest expectations. The design and attention to detail is impeccable.  The building’s common areas are exemplary. From literally the ground-up, the building has set a standard for the area that will be revolutionizing high-rise living in the suburban market.

PROFILE: You mentioned that you have worked with Yoo Design Studio in the past, how did the relationship develop?

JK: This is actually our fourth project with YOO Design. Our first project with them was in Punta del Este in Uruguay and then Nordelta, adjacent to Buenos Aires, Argentina. We then worked with them in Atlanta and developed YOO at The Park, a high-end rental and now Metropica.   

PROFILE: How did you decide on Oppenheim for the architecture of ONE Metropica Residences? Will he be involved in the rest of the Metropica masterplan?

JK: As I mentioned, he has a well-established reputation, and we found a common vision for openness in the design. Oppenheim was involved with the master plan and the residential component of Metropica and of course, the first building. Once he saw the land and had an understanding for what was “missing” in the area, Metropica began to take on a life of its own. Chad’s (Oppenheim) vision was instrumental in the development of what is now one of the largest under-construction mixed-use communities in the nation.  

PROFILE: Where do you see the future of South Florida development? What does the South Florida metro-area lack?

JK: I am extremely bullish about the future of South Florida development. We are very fortunate to have one of the last large parcels of land (60+ acres), which is allowing us a truly unique vision. But I see a number of land assemblages where good developers are re-purposing outdated properties and bringing new life to an area.  When one looks at the many advantages of Florida, from weather to tax-friendliness, it is no surprise that our net-migration is almost 1,000 per day -- with a significant percentage to South Florida. There is no other place in the world I would rather live, and in spite of COVID, our future is extremely bright. 

PROFILE: Any last words?

JK: I think it is important to acknowledge the municipality of Sunrise and its leadership for the manner in which they have nurtured the area’s growth.  So many large companies now call Sunrise home. We used to call this area a ‘hidden gem,’ but it is no longer hidden. This is a special place.                

PROFILE Exclusive: New Age of Branded Residences With Gil Dezer, The Developer Behind Iconic Luxury Collaborations

Just before the COVID-19 shutdown, PROFILEmiami had the opportunity to meet Gil Dezer, CEO of Dezer Development, at the Residences by Armani/Casa grand opening party in Sunny Isles Beach. The building, which was developed in partnership with Related Group, was unveiled in full Miami-style with the grandeur you would expect from the two development firms: an Armani Summer Collection Fashion Show and a live concert by Mr. 305 himself, Pitbull.

The developers worked with fashion icon Giorgio Armani, architect Cesar Pelli and landscape architecture firm Enzo Enea to design the project. It is the first Armani-branded building in the U.S and joins the ranks of luxury fashion collaborations like Fendi Chateau. We were able to catch up with Gil during the shutdown to get inside the mind of the developer whose firm has a long history of building residences branded with leading luxury, automotive, and fashion brands. If the grand opening of Armani/Casa says anything about brand standards, then we can’t wait to see what Dezer has in store next for Miami.

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PROFILE: Where did the idea to do branded, luxury condo buildings come from? 

Gil Dezer: In 2001, we secured a licensing deal with the Trump Organization to build branded buildings with the Trump brand on it. That is when we realized putting a brand on a building is much more powerful than simply giving it a name.

PROFILE: Branded residences command anywhere from 20-35% of a premium against comparable non-branded product. What kind of premium did Porsche/Armani command during pre-sale and have they retained their value for re-sale? 

GD: Our goal when using a brand is not to try and maximize the value per square foot, but to enjoy a faster sellout in comparison to our competitors. Our closest competitor sold 100 less units than us in the same time period.

PROFILE: What are some of the differences between working with a car brand such as Porsche and a fashion brand such as Armani? 

GD: Each brand has their own motivation for building a branded tower, and each has a slightly different process. Porsche Design wanted the car to be “present” in the building, so we [used] a lot of leathers and woods and black chrome, as you would find in the automobiles. Meanwhile, Armani has a lifestyle aesthetic which is translated in the common areas as well as the furniture line that Armani/Casa manufactures.

PROFILE: What were some challenges during the design phase while working with a brand that has never lent its name to residential real estate?

GD: There was a lot of education from both sides. From the side of Armani, they taught us the history of the brand, design philosophy, reasons for certain aesthetics and the overall look. The two brands [Armani and Porsche] are completely distinctive in their styles, so it was great to be able to learn from each one.

PROFILE: Does using a brand help mitigate unforeseen risks such as seasonal/cyclical changes in the market?

GD: Absolutely. The main differentiator between having a brand on a building is the attention it receives in comparison to the neighboring properties. This proved to be true even during Covid-19. We still receive an extraordinary amount of attention to our buildings.

PROFILE: How are the last several units in Armani moving?  

GD: The market has slowed during COVID-19, but we are proud to report that there have been six new sales during this time. Four of them took place in the last month.

PROFILE: Cost control and specification analysis is also critical in a brand-forward environment, when design, service and security charges can be easily driven up. Are your design costs higher when collaborating with a high-end brand and how did you manage that process?

GD: Costs are absolutely higher. For starters, the construction specifications for these buildings are above and beyond. In Trump International Hotel, we have floor-to-ceiling glass, private elevators, expensive kitchens and baths with automatic toilets that make the units more expensive to build. But the real cost difference appears in the lobbies and common areas; Armani/Casa has almost 40,000-square-feet of common areas with high-end finishes and furnishings by Armani. That’s where the competitors beat me. They make more money because no one has even gone as crazy as we did on the finishes. However, the overall product blows away anything else on the market, and we are sure of that.  

PROFILE: Did lenders look at the project any more or less favorably taking into consideration the brand association? Will they in the future after you paid off your loan so quickly for Armani?  

GD: I have been doing branded buildings since my partnership with the Trump Organization in 2001. Some said I was the first developer to do this – I certainly was in South Florida. By the time we get lenders involved in the process, we have usually experienced a high volume of pre-sales which is what lenders are looking for, along with the strength of the developer.

PROFILE: What did you need to keep in mind when choosing the right operator to provide that high-touch level of service? 

GD: After many years in Miami, I noticed there was not a management company that offered lifestyle services at a hotel service level with food and beverage management. My company also owns and runs hotels, so we have experience in top quality management. We simply opened up a division of our hotel group to start managing condominiums. That allowed us to build restaurants in the buildings that are not open to the public.

PROFILE: What signature features will Armani Residences be remembered for like Porsche is for its car elevator? 

GD: This lobbies and common areas are simply amazing. Second to none.

PROFILE: Market differentiation is one advantage of using a well-established brand, especially if you are trying to hit new price records. What is the next goal or milestone you would like to set for Dezer Development?

GD: We have several waterfront lots and amazing sites around Miami. We have a lot of great things coming up – stay tuned.

By Katya Demina

Check out PROFILEmiami’s coverage of the Grand Opening of the Porsche Design Tower

Check out PROFILEmiami’s exclusive Tour of Porsche Design Tower

Check out PROFILEmiami’s coverage of Residences by Armani/Casa paying off their construction loan

Check out PROFILEmiami’s coverage of Andrea Bocelli’s Evening Under the Stars for the Children of Haiti at the Residences by Armani/Casa

Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?

Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims. The longer the standstill goes on, the worse the economic fallout will be. 

As May rents come due and unemployment rates continue to jump, providing assistance to households should be a top priority for policymakers. The prospect of a rent strike has been trending in the news and on social media, but a voluntary movement to skip rent payments could destabilize not only the housing market, but the American economy as well. How many months of working capital do small businesses have to stay afloat, in order for those furloughed and laid off employees to have jobs to return to after nationwide and state stay-at-home orders are eased and how will South Florida’s real estate market fare in the coming months? 

May Day: May 1st Is Here

Multifamily landlords were pleasantly surprised with April collections. In an exclusive webinar interview hosted by PROFILE last week, President of Tate Capital, James Tate, who has over $1B assets under management, told us “We’re 90% collected,” talking about his 10,000+ door multifamily portfolio. Now it’s May 1st and everyone is wondering what May rent collections will be. “May 1st will be a good deciding point to see how many people default,” added Allen Morris, Chairman and CEO of the Allen Morris Companies.  

Morris said his April multifamily rent collections were at 95%. He’s opening two new apartment buildings in Orlando this summer and is taking a proactive leasing approach. “People are signing leases, assuming the University of Central Florida is holding its fall semester. We’re giving tenants a guarantee in their lease. If they delay opening the university, we will delay rent until school opens.” Offering tenants flexibility gives them the security to sign leases now and is helping to forge a positive landlord-tenant relationship that will be dependent on open communication, should issues with payment arise in the future. 

Trending: Socialist Whispers

With talks of rent strikes sweeping the country, landlords have been portrayed as vultures preying on the pockets of financially insecure tenants, when they remain responsible for property taxes and other carrying costs that help pay for public improvements, education and other municipality benefits. Diligent landlords are communicating with their tenants and weeding out those who are taking advantage of the public health crisis, says Shahab Karmely, CEO of KAR Properties. Those who can, should pay rent to support the services their communities need. Those directing their frustrations toward landlords may have valid concerns: with the economy shut down by government-mandated order, how are people supposed to pay bills and keep businesses running?  

In New York, politicians pushing socialist rhetoric and big government reach such as Alexandria Ocasio Cortez have called for rent strikes and rent cancellations. Movements in New York City even claim to have “identified” landlords who can take a “shave”. Lack of payment means that owners will not be able to stay in business and manage the building to the tenant’s expectations, including paying for things like common area maintenance (think: how much does it cost for a cleaning crew to wipe down all public surfaces in a building multiple times a day). Landlords also pay property tax, insurance, debt service, management fees and capital expenditures for improvements. 

Most commercial real estate investments are made by an owner contributing an equity portion to a project, but a majority of the total costs are funded through debt that is usually collateralized by the asset (if it’s senior debt). Typical sources of debt include pension and life insurance funds, which could be the life savings of either a tenant or a landlord. When landlords are unable to meet their debt obligations, the cascading effects don’t stop at their coffers, but trickle down to all Americans. Not making rent payments could derail future opportunities for many, including someone’s retirement age. 

Karmely added “The real pandemic to hit New York City multifamily was the legislature that strangled the landlords in this business,” which will continue to make Florida’s real estate investment climate more attractive. Multifamily product in New York City has been trading between 3-5% cap rate, depending on the neighborhood. The low trading cap rates for core product has made some investors nervous about paying such a premium for an asset that the New York government has so much control over. 

Another risk for New York investors is that South Florida’s pricing for comparative rental and condo inventory is cheaper than it’s NYC counterpart, while providing higher quality-of-life with more space and building amenities. From an investment perspective, it is also easier to manage assets in Florida where there is no government-enforced rent control, rent stabilization, or near-impossible eviction procedures for delinquent tenants.

Opportunities on the Horizon

The cure to the virus is causing an economic calamity that is hitting everybody and everything, which means opportunities will be on the horizon three to four months from now when property owners' cash reserves run dry, especially for retail and restaurant real estate assets. 

Many have posited, is the cure worse than the virus? How long can residential and commercial tenants pay their rent amid an economic shutdown? Will we be able to produce our way out of a recession with unemployment in the double digits? Likely not - Uncle Sam will be waiting in the shadows with hand outstretched to collect his dues. As we all sit on the sidelines, awaiting our fates, the solution appears to be a function of time. 

“My biggest concern is that we were hit with an 11 magnitude earthquake, and we all got knocked down. Unfortunately, after a major earthquake in coastal areas there is a tsunami. My concern is how are these small businesses supposed to remain open and sustain themselves for the next six to eight months unless something material is done by the federal government? Who’s going to hire those 30 million unemployed people back? If you ask me why I can’t sleep at night, that’s what I’m really concerned about,” opined Tate to cheers of “Jimmy Tate for President!” 

-- Special reporting by the PROFILEmiami Team. Isabella Zimmermann, Katya Demina and Demetri Demascus contributed to this article.

Rewind: W. Allen Morris, Shahab Karmely And Jimmy Tate On Emerging From the COVID-19 Crisis

On April 30, 2020 PROFILEmiami hosted an interactive webinar discussion focusing on emerging from the COVID-19 pandemic and the resulting economic fallout’s impact on the South Florida real estate market. The panel featured South Florida real estate titans W. Allen Morris, Shahab Karmely and Jimmy Tate who explored topics such as: what effects will we see on South Florida’s real estate markets, how are South Florida’s leading real estate professionals reacting to the crisis, how do you think the workspace landscape will look after we “get back to normal,” where will the smart investments be made and how are they preparing for future opportunities.

Speakers:

• W. Allen Morris - Chairman, President & CEO, The Allen Morris Company

• Shahab Karmely - CEO, KAR Properties

• James D. Tate - President, Tate Capital

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

Watch:

Topics:

• What is your personal outlook on how this will ultimately affect the South Florida real estate markets? Will there be permanent changes to the market or the industry?

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

• If you have capital to deploy, what are principals telling their acquisitions teams right now?

• Where do you think we will see opportunity open up? Who is overleveraged? When will we begin to see properties fall into distress?

• Does a property need to fall into distress for COVID-19’s impact to create an opportunity? What non-distressed opportunities will we see?

• Will opportunity open up for different ways to add value to existing properties or will it change the way you think about developing new properties?

• Where and how will the smart investments be made?

• Who is willing to give you term sheets right now and what type of lenders pulled their term sheets?

• How are you preparing to get your offices back to work and how will the work landscape have changed when we get back to the “new normal.”

Partners:

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PEOPLE TO WATCH: Meet Our Panelist Joe Furst, Principal of Place Projects

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Joe Furst will be discussing his long-term value creation play in Wynwood and other neighborhoods, how he’s managed to cultivate the right partnership structure in his deals, and why he’s selective about projects that fit his skills, a hybrid between controlled placemaking, development and operations, including hospitality.

Joe Furst is the founder and managing principal of Place Projects, a Miami-based real estate investment firm, operating partner and placemaker focused on creating value in urban neighborhoods through thoughtful development, planning and content curation. Place Projects’ current real estate portfolio includes several residential, commercial and retail developments throughout Florida, including Wynwood, Doral, West Palm Beach and St. Petersburg. 

Prior to launching Place Projects, Joe spent over 10 years at Goldman Properties developing the Wynwood neighborhood of Miami and was responsible for all strategy, development, financing and leasing initiatives. Joe played an integral role in the transformation of Wynwood from a fragmented industrial district into an engaging destination and live-work-play neighborhood. 

Joe also founded and served as Chair of the Wynwood Business Improvement District (“WBID”), where he championed policy initiatives that ensured Wynwood’s thoughtful growth while preserving its unique character. Ultimately, the WBID, in cooperation with the City of Miami, created the Wynwood Revitalization District (“NRD”) zoning overlay which allowed Wynwood to develop into a diverse, mixed-use neighborhood.  The NRD won the 2016 American Planning Association Award for best planning and zoning policy for economic development.  

His involvement and deep commitment to the area gave him the runway for his own large-scale, ground-up development project: 545 Wyn, the first Class-A office space in Wynwood, whose amenities more closely resemble a hotel than a traditional office. As of today, the building has topped off and glass casing has been installed.

Joe and his development partner, Sterling Bay, acknowledge the risk in building a spec project, especially given the new supply of office space on the market, but their strategy is unwavering. They are confident that the introverted retail plaza, side-core design of the building and lifestyle amenities will attract the right tenants. Amenities will include an activated roof deck and full service fitness facilities, including yoga, spinning and gym.

The development includes 298,000 square feet of flexible office space on large floorplates, as well as 26,000 square feet of ground-floor retail and an 18,000-square-foot tenant amenity floor featuring indoor and outdoor collaborative workspaces, ultra-modern conference rooms and a state-of-the-art wellness center. 545 Wyn will afford its tenants the option of having private open-air balconies and direct access to an adjacent paseo park. Newmark Knight Frank is leading leasing efforts and they are hoping to attract creative tenants in high-growth industries like tech and media.

Sterling Bay announced that Gensler, a leading architecture, design and planning firm, has signed a long-term lease to be the first office tenant at 545 Wyn. Gensler is also the lead designer and architect for the project and will lease 13,456 square feet in 545 Wyn, which is anticipated to open in late 2020.

Joe was born and raised in Miami, Florida.  He graduated from Hamilton College and obtained a law degree from the University of Miami.  After practicing law, Joe returned to graduate school to obtain a Masters in Real Estate from the Warrington College of Business at the University of Florida.  

Hear from Joe on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miam

By Katya Demina

Video: 2000 Ocean by KAR Properties Construction Update

New York-based developer KAR Properties has shared their latest construction update and renderings for 2000 Ocean, a beachfront condo development in Hallandale Beach. It has been going vertical since June 28th, when Suffolk poured one of the largest concrete pours in the city in a decade. Today, the building is over 50% complete and hurricane glass has been installed up to the eighth floor.

Upon completion, the building will be positioned closer to the ocean than its neighboring buildings and will include luxury amenities like furnishings by the Italian design brand Minotti, a transformative art curation program spearheaded by curator Megan Kincaid, and wellness amenities found in some of the world’s most luxurious resorts.

KAR Properties expects to finish construction of 2000 Ocean in mid-2021.

By Katya Demina

PEOPLE TO WATCH: Meet Our Panelist Ryan Shear, Managing Partner of PMG

Join us on March 5th at X Miami for People to Watch: Leaders in South Florida Real Estate, where Ryan Shear will be discussing how PMG stays innovative with creative housing solutions, how declining ownership is affecting the multifamily market and how he plans to build projects that will withstand the tests of time.

The developer currently has more than 5,000 units in the pipeline, including their largest multi-family project to date with over 900 beds. In December, PMG announced their latest concept, Society, the natural evolution of X Social Communities, as a response to the insatiable demand for attainably-priced, downtown rental communities. The new brand will debut with downtown mega-projects Society Las Olas (formerly X Las Olas) in Fort Lauderdale, Society Biscayne (formerly 400 Biscayne Boulevard) and Society Wynwood in Miami. 

Society is aimed at a broader demographic, unlike X, which is geared towards millennial. Only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% - 40% in X buildings.

Co-living has been an enticing model for residents, investors and developers alike, as urban cores continue to become saturated and the demand for housing skyrockets. Following the success of X Miami, the fastest building in Downtown Miami to lease up, PMG took lessons they learned from X Social Communities and augmented them. Society will focus more on community inclusivity and expanding their finish and furnish options, while also adding to the immersive and experiential aspects of the building.

As a managing partner of PMG, Shear is responsible for general company operations, vision and growth. For nearly 15 years, Shear has played an instrumental role in the company’s success in Miami and beyond. He currently manages a growing portfolio of over $4 billion in real estate assets across the country. Completed condo projects spearheaded by Shear include Echo Aventura, Echo Brickell and Muse Residences in Sunny Isles. In 2018, Shear announced PMG will be bringing The Waldorf Astoria Residences to Miami in 2020.

The group recently opened X Miami, a 464-unit multifamily social community pioneering the “Rent By Bedroom” model for Class A luxury apartments in the urban core, which became the fastest building to lease in Downtown Miami. PMG will continue to expand this multifamily model nationally under Shear's direction. A native of Miami’s Coconut Grove and alumnus of Emory University's Goizueta School of Business, Shear lives in Brickell with his dog Larry and enjoys pico de gallo with every meal.

Hear from Ryan on March 5th at People to Watch: Leaders in South Florida Real Estate. Get your tickets below.

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

By Katya Demina

PROFILE Exclusive: Private Equity & Navigating A Changing Retail Landscape With Jacques Bessoudo of Galium Capital

Very few investors have been able to successfully navigate the changing retail and office market landscapes as well as Galium Capital’s Managing Partner, Jacques Bessoudo. Building his firm to over $350 million of commercial assets in just two short years, Galium Capital is poised to be one of the major private equity players over the next decade in South Florida real estate. We caught up with Jacques to get inside of his mind to find out how he started Galium Capital, what is his investment strategy, what his views are on the future of the market and his framework for continuing to grow Galium Capital:

Q: Give us some background on yourself? How did you first get involved with Real Estate?

A: I moved to the US from Mexico in 2010 to attend Business School at Harvard. Real estate has always been a passion of mine, and since I was in school I started taking some classes and focusing on learning the industry. After graduation we moved to Miami, and shortly after I found myself doing deals. In the beginning they were small and it was mainly friends and family that had trust in me. Fortunately, those initial ones were successful, and was able to be the base to transition into institutional-quality deals, always retaining our entrepreneurial mindset.

Q: When and why did you start Galium Capital?

A: Galium Capital was founded in 2018 by Iser Rabinovitz and myself. Being from Mexico and seeing so much instability throughout global markets, we noticed that there was an opportunity to help international investors make smart commercial real estate investments in U.S. markets. Commercial real estate assets in the U.S. provide cash flow and appreciation while matched with capital preservation for foreigners. We started with a small service center in Orlando, and Parq 170 at City Center, a 290-unit multifamily apartment building in the D.C. area.

Q: What is Galium Capital’s Investment Strategy?

A: We want to allow private investors to have access to the institutional real estate investment market, with all the efficiencies and formalities that it entails, including: low financing costs, professional management, optimal risk-return profile, institutional reporting, etc. At Galium Capital we approach each deal differently. Because we are not a “fund” it allows us to be flexible within our investment strategy to maximize the value of potential opportunities we present to our investors. We invest in commercial real estate assets in the sectors of multi-family, office and retail. We also pursue deals that have a value-add potential, whether from vacancies, below market rents or renovation. We have value-add deals, and core, stabilized deals for the yield-seeking investor.

Q: Galium Capital has been active retail buyers at a time when retail has been changing due to consumers shopping online, amongst other factors. What is the strategy to your success investing in retail? 

A: We have a very robust criteria when it comes to investing in retail which has helped us be successful in our investments. We pursue un-anchored, e-commerce proof retail assets in sound markets that we feel strongly about. Typically these assets are service-oriented neighborhood retail centers in high-traffic locations. While consumers may be turning to e-commerce for their shopping needs, there is a demand for a retail presence for service-oriented businesses such as accountants, insurance, real estate brokers, spas, gyms, restaurants, barbers, bars and lounges, etc. By avoiding retail centers with large anchor stores, we alleviate the risk of a single tenant bearing a large portion of the properties rentable square footage or revenue which could be detrimental upon vacating their space.  

Q: What types of properties and investments has Galium seen the most success in? 

A: As we operate deal by deal and invest our own money into each deal, we take it upon ourselves to be ultra-selective on the deals that we pursue. Due to this we have seen success in multiple commercial real estate sectors including retail, office and multi-family. Each deal has a different investment opportunity, some via rental income and CAP rate compression over the hold period for an additional appreciation gain at sale; others are high yield cashflow investments. 

Q: Galium has acquired property on a national scale, what markets do you see the most strength in right now? Is there anywhere you guys are looking to expand to or are avoiding? 

A: We focus on markets with high growth in population, employment, and wages. We also take market-level pricing into consideration, in comparison to historic levels, and comparable markets. We are pursing assets in states such as Florida, Washington, Virginia, Texas and the Carolinas    

Q: What is Galium Capital’s focus for 2020? What does the future hold?

A: We are in the end stage of an expansionary economic cycle, so we want to be extra selective in new acquisitions. We are probably going to execute on a few deals only, focusing on sustainable growth.We will continue to focus on increasing the yield produced by our current investments and optimizing their operations. We have some exciting new potential acquisitions in the pipeline and are looking to close on our newest property in early February 2020. We look forward to making smart real estate investments for successful results throughout 2020 for our investors.

About Jacques:

Jacques is actively involved in the asset management of over $200M of real estate properties and development. In addition, Jacques oversees the property management of over 200 single-family homes. Jacques’ prior experience includes eight years in The Boston Consulting Group, one of the top global strategy consulting firms. Jacques holds an MBA from Harvard Business School, and a BA in Finance from ITESM.

About Galium Capital:

Galium Capital is an Aventura-based Private Equity firm which owns and manages more than $350 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.

Visit Galium Capital at www.galiumcapital.com

PROFILE Exclusive: Inside The Art of Interiors & Designing Paraiso Bayviews With Style Icon Karim Rashid

PROFILEmiami had the exclusive opportunity to tour with Paraiso Bayviews with Karim Rashid, the newest Miami condo in Edgewater by the design and interior icon who has designed projects throughout the world. Karim’s mark on a project is evident throughout the property, morphing straight lines with contemporary shape, mixed with color to make his designs some of the most progressive with livability. Throughout the tour, Karim’s attention to detail was evident with everything from the high-design furniture from his collections, to the layout of the space to the execution of construction. Get inside scoop on what drives Karim’s style, inspiration and working with Related Group and Jorge Perez.

PM: Lets start with your background. How did you get started in design? What early project do you think helped shape your career and style to where you are today?

KR: My father encouraged me to explore the arts and be a pluralist! He was a creative renaissance man – I saw him create furniture, make dresses for my mother, paint canvases, design sets for television and film, etc. We were brought up in an extremely inspiring context that gave me great respect for all of the arts.

I was torn between studying architecture, interior design and fashion but ended up studying in Industrial Design at Carleton University in Ottawa Canada. After university I went to a one year graduate program in design in Italy studying with Gaetano Pesce and Ettore Sottsass. Then I did a one year internship in Milano and I also took night classes with Achille Castiglione at the Polytechnic and I interned with Rodolfo Bonetto over a year, designing TVs for Brionvega, task lamps for i-guzzini coffee machine for La Cimbali, dashboards for Fiat. These projects really helped me enter the world of design.

On my return to Canada I worked in the best design office in Toronto for Kuypers Adamson Norton. There I really learned my craft. I designed X-ray machinery, train interiors, electric tools, exhibitions, products and interiors.

Then I went into being a full-time Academic and stopped designing for 2 years because I was frustrated creatively with industrial design. I was part time teaching at University of Toronto furniture design and teaching interior design at OCAD then I loved to the USA to Rhode Island school of Design (RISD) to be a full time associate professor. Then I was going to quit the profession in 1992 when I was fired from RISD. I was told I was teaching ‘philosophy and theory’, not design.

Then in 1993 I found myself in New York City penniless and started drawing objects romanticizing about the beautiful world I always wanted to shape. When I started my office, after approaching about 100 companies from Lazy boy to Gillette, I only got one client. That was 25 years ago!

PM: What drives your inspiration?

KR: Beautifying the world. I always found myself having more ideas, than companies could ever produce. I perpetually observe and analysis and dissect everything around me in our built environments. I am most creative when I meet and talk to a client that is determined to do something new or original or inspiring. I'm contributing as much as I can while I am on this planet. Any work I do must have a least some nuance of originality in it. So I strive for that in a collaboration. It is important to me that the result of my work, and my collaboration with a client, manifest into something that will connect with the user, and sustain relationships with the consumer. By being my own consumer I can stay connected to that essence.

PM: How did you get started designing real estate? What were some of your first projects?

KR: The first realized interior I designed was for Morimoto the Iron Chef in 2001 (Philadelphia) which fortunately won many awards. Being a successful restaurant interior afforded me many more interior projects including the Semiramis hotel in Athens in 2002. I moved on to do many more hotels for NH Hotels, Prizeotel, Radisson, and retail and restaurants for MGM, Shops for Agatha Ruiz de la Prada, Fun Factory, Bosco di Ciliegi, and many more. My first condominium projects were with HAP investments in NYC. The projects were my philosophy about creating democratic affordable yet highly designed progressive habitats for contemporary living.

Twenty years later it’s still a challenge to be recognized as a designer that can create condominiums. I am perceived as an industrial designer and someone who has worked in hospitality design – but MyBrickell and my relationship with Related and HAP has been a breakthrough for me. Now I am designing a shopping mall in Saudi Arabia and a hospital in Israel , a condominium in Moscow as well as other global projects.

PM: How do you like designing in Miami as opposed to other American cities? What about on a global scale?

KR: The core of the Miami lifestyle is a positive sprit and energetic yet relaxing feeling. The city has such a beautiful color palate full of lightness, with amazing climate, and progressive clientele. There is such a sense of freedom in Miami. When I’m in that space I feel free. I love designing in Miami and in countries that love design, color, and contemporaneity

PM: You mentioned that you designed MyBrickell at the end of the past cycle. Tell us the story behind that job.

KR: I see MyBrickell as a statement for more democratic buildings with accessible price points for the mass, and yet super designed, energetic, and very positive, that afford great elevated experiences for domestic life. Design is for everybody, not just the elite and in that respect I believe MyBrickell was a first in North America.

Of course after the real estate bubble everyone was nervous about opening the first Miami tower in 7 years. I think the design and renderings that were launched at the opening party sold the building out in 22 days. After that the ground was broken 4 months later. The presale being so quick was a guarantee and Related then believed in me that my name, my work, and my passion could shape success together.

PM: How did you become involved at Paraiso Bayviews?

KR: After the success of Mybrickell Jorge Pérez asked me to design another condominium for Related. I was ecstatic. The collaboration with Architectonica is also a seamless one.

PM: I love the curves throughout the property from the lobby when you walk in to the spa, you even changed the shapes of the pools, what feel were you trying to evoke?

KR: Well thank you. I define my work as Fluid, Organic, Sensual, Human yet Essential. All objects and spaces have semantic language. They speak to us. Certain organic forms, line’s, colors, textures, functions, all touch and communicate to our senses and our daily experiences. I believe that it is important to not necessarily over-embellish- to keep a certain truth to a product or space, but I also believe that objects and spaces need to touch our sensual side, touch our emotions, they need to elevate a certain experience, and they need to be human.

PM: What do you want residents to experience as they use their condo and common areas?

KR: I hope they will experience the luxury of good democratic design, and by that I mean free time, seamless experiences, less hassle, less waiting. We must let go of old ideas of luxury and really create new aesthetics, new forms, new material, new languages that are more seamless and attune with the world we live in now. I believe that everything physical that is new should comment or reflect and embrace the Digital age in one way or another, be it a production method, a new material, or a Digital language, a new way of living. Our homes should embrace new beautiful forms, colors, and finishes, the latest technology, highest safety, the best comfort, the greatest efficiency, and a language and sensibility of the time in which I live.

The project is designed to embrace two major factors of our contemporary world; one is nature, and I am using its' inspiration in a fluid organic yet abstract way to ’shape’ the spaces and human experiences. Second is the 'digital age' where the individual is empowered creatively and politically. The digital age has created a new global democracy, increased and elevated our sensibilities, our aesthetics, and our experiences. The price points of edge water are super high designed luxury for democratic prices. I want the sense of the apartments in general to be elevated, at the same time I want people to feel inspired. It will be a sustainable and ecological project but still speaks about digital time in which we live. Related gave up the idea of building penthouses to create a space for everyone which is quite democratic with several pools and fantastic amenities. No matter where you live in building you have fantastic pool on roof and great facilities, hence a more elevated pleasurable domestic life.

PM: You are very meticulous down to even the TV's, what is the process you take when designing a project?

KR: I am very attentive to all details of a project. Maybe because I started designing at a human scale in industrial design so it taught me to worry about the human experience. Every project is different and usually the design process is different as well. It is my diversity that affords me the ability to cross-pollinate ideas, materials, behaviors, aesthetics and language from one typology to the other. I fill sketch books with my concepts and then I bring my designs back to the studio. It is imperative to start with the concept then develop a form around it. One can think sculpturally and conceptually of the idea. My team creates 3D renders of my ideas, as well as research materials, production processes and I never forget that the end result must be some improvement on the architype.

PM: What are your signature elements that you leave as the mark of a Karim Rashid design?

KR: I don’t think of trying to leave signature elements. I just see every project with similar aspirations. Firstly to create an elevated human experience, secondly to connect our digital age with the physical world, thirdly to trigger our emotions and make more seamless humanized spaces and objects, lastly to inspire people, to try and make life better, to improve our world and shape a better life. Hence it could be a hair dryer I am designing or a building or a pair of shoes or an airplane, the agenda is always the same. Shape a more interesting better world for humankind.

PM: What do you have in store for Miami in the future?

KR: Right now I do not have any projects in Miami to my regret. I would love to do a building in Miami, a hotel (maybe even a crazy progressive budget hotel) another condominium or an art piece to sit on the city or a retail shop, the list is endless. I am even contemplating opening up my office in Miami.

About Karim Rashid:

Karim Rashid is one of the most prolific designers of his generation over 3000 designs in production, over 300 awards and having worked in over 40 countries. His award winning designs include luxury goods for Christofle, Veuve Clicquot, and Alessi, democratic products for Umbra, Bobble, and 3M, furniture for Bonaldo and Vondom, lighting for Artemide and Fontana Arte, high tech products for Asus and Samsung, surface design for Marburg and Abet Laminati, brand identity for Citibank and Sony Ericsson and packaging for Method, Paris Baguette, Kenzo and Hugo Boss.

Karim’s has also designed interiors for projects such as such as the Morimoto restaurant, Philadelphia; Semiramis hotel, Athens; nhow hotel, Berlin; Universita Metro Station, Naples; Paraiso Bayviews, Miami; MyBrickell, Miami, Temptation Resort & Spa, Mexico; and Switch Abu Dhabi; amongst others.

Karim’s work is featured in 20 permanent collections and he exhibits art in galleries world wide. Karim is a perennial winner of the Red Dot award, Chicago Athenaeum Good Design award, I. D. Magazine Annual Design Review, IDSA Industrial Design Excellence award.