Construction On Missoni Baia Passes Halfway Point Milestone In Edgewater, On Track For 2021 Delivery
Vertical construction on Missoni Baia, a 57-story waterfront glass tower now rising along Biscayne Bay at 777 NE 26th Terrace in Miami’s Edgewater neighborhood, has reached the milestone halfway mark. The building’s general contractor, Civic Construction, has completed the skyscraper’s 28th floor, with about one full level expected to be completed every week going forward until top-off in March 2021.
Vertical construction on Missoni Baia, a 57-story waterfront glass tower now rising along Biscayne Bay at 777 NE 26th Terrace in Miami’s Edgewater neighborhood, has reached the milestone halfway mark. The building’s general contractor, Civic Construction, has completed the skyscraper’s 28th floor, with about one full level expected to be completed every week going forward until top-off in March 2021.
Missoni Baia is the vision of international real estate magnate Vladislav Doronin, Chairman and CEO of OKO Group, and Cain International. OKO Group and Cain International launched construction of the 649-foot-tall tower in 2017 and the project is slated for delivery in late 2021.
“Building Missoni Baia to its midpoint milestone is a remarkable moment for our team as we bring this elegantly designed, landmark project to life,” said developer Vladislav Doronin, Chairman and CEO of OKO Group. “As we accelerate towards completion later next year, Missoni Baia will be a retreat in the center of one of Miami’s most up-and-coming districts. Missoni Baia’s picturesque bayfront location, stunning uninterrupted views, world-class design and amenities worthy of a luxury resort will brand it an icon of Miami.”
“Miami is a dynamic gateway city and Missoni Baia represents the kind of luxury product that we strongly believe will continue to draw domestic and international interest,” said Jonathan Goldstein, CEO of Cain International. “This milestone is a testament to the team’s diligence and hard work despite the challenges presented by the current environment.”
Missoni Baia’s modern architectural design and sleek, minimalist art-inspired façade is being brought to life by architect Hani Rashid of Asymptote Architecture, with a richly layered landscape designed by Enzo Enea of Enea Garden Design.
As Missoni’s first-ever branded residential tower, the Italian design and fashion house is incorporating its trademark colorful design palette and Missoni Home furniture collection into the tower’s vibrant interiors, including all public spaces and amenity areas. New York designer Paris Forino, under the creative direction of Angela and Rosita Missoni, has envisioned the tower’s elegantly crafted residences, furnishings, and artworks.
Priced from about $600,000 to upwards of $9 million, Missoni Baia’s 249 residences range from one- to five-bedroom layouts measuring between 776 and 3,788 square feet in size. Every unit will also offer direct bay or city views, with panoramic vistas of Biscayne Bay, Downtown Miami, Miami Beach, and the Atlantic Ocean. Residences feature 10-foot ceilings, 8-10-foot-deep terraces, impact-resistant glass windows and sliding doors, floor-to-ceiling glazing, marble-encased bathrooms with European style lacquered cabinets and mosaic tile floors, and custom-designed kitchen cabinetry with top-of-the-line appliances.
Missoni Baia residents will have access to a comprehensive array of sporting and leisure amenities that will integrate the comfort of a luxury resort with the ambiance of a private residence, enjoying five separate pools including an Olympic-sized swimming pool, a cantilevered infinity pool with limitless views of Biscayne Bay, a lounge pool, whirlpool spa, and a children’s pool and splash pad area. The tower will also feature two poolside resident lounges, private cabanas, elevated tennis courts, one of the city’s largest and elegantly appointed spas with sauna/steam rooms, and private massage treatment rooms. Additional perks include a state-of-the-art gym with 180-degree bay views, dedicated yoga and Pilates studios, a kids’ club and indoor play area, a hair and nail salon, a pet spa, and a private screening room. Furthermore, residents will also receive exclusive membership access to the Grand Bay Club on the beachfront of Miami’s Key Biscayne.
Missoni Baia is OKO Group and Cain International’s latest residential tower in Miami. The team has another two developments under construction nearby, including Una Residences, a 47-story luxury condominium on the waterfront in the city’s South Brickell District, and 830 Brickell, a class A-plus office tower in the heart of Downtown’s Financial District, both designed by Adrian Smith + Gordon Gill. Additionally, OKO Group recently announced plans to bring an Aman Hotel & Residences to Miami Beach’s Faena District.
Coral Rock Development Group Closes On $53.5 Million In Construction Financing For Pura Vida Hialeah
Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.
Miami-based Coral Rock Development Group has announced that they have closed on a $53.5 million participating construction, mini perm loan for the residential portion of Pura Vida Hialeah, a nine-acre mixed-use project that is transforming Hialeah and is set to be the first of its kind in the area in more than 20 years. Principal Real Estate Investors served as the lender.
“We are very proud to secure construction financing with Principal Real Estate Investors for Pura Vida Hialeah as we step closer to delivering this compelling project to the area,” said Michael Wohl, principal of Coral Rock Development Group. “Pura Vida will undeniably introduce a new lifestyle for Hialeah creating a contemporary and convenient new walkable hub for residents and the surrounding neighborhood, and this is a momentous milestone in bringing this vision to fruition.”
Pura Vida Hialeah portends to transform the area’s aging residential and retail offerings with the first new sleek contemporary designed vertical towers. Boasting a vibrant mix of popular restaurants, shops and other conveniences, Pura Vida Hialeah will provide an exceptional pedestrian-friendly lifestyle, adding a much-needed benefit to the densely populated community.
The visionary project will encompass three eight-story residential towers consisting of 260 apartment units, with one tower offering approximately 11,000 square feet of ground floor retail; as well as three separate outparcels consisting of approximately 40,000 square feet of commercial retail space.
“Principal has worked with the Coral Rock Development team for almost two years to help make this project a reality. We believe not only in the Hialeah market, but especially in the team’s vision and experience. Pura Vida will truly be a game changing development in this community,” said Mary Scott, Senior Investment Director at Principal Real Estate Investors.
The project is poised to become the new epicenter of Hialeah. Offering a wide array of floorplans ranging in size from 538 square feet to 1,099 square feet, the market-rate rental residences at Pura Vida Hialeah will include studios, one, two, and three-bedroom units. Featured amenities will include a resort-style pool, state-of-the-art gym, BBQ area, dog park, biking center, and 24-hour security staff for the convenience of residents.
General contractor KAST Construction will break ground on the residential portion of the project next month and will open for occupancy in the first quarter of 2022.
The retail portion of the project broke ground in April 2019, recently completing the first building this summer with retail tenant Dollar Tree now open, and soon to be joined by InnovaCare Health. InnovaCare Health will occupy 20,000 square feet providing Pura Vida residents and the surrounding neighborhood with accessible healthcare services.
Additional confirmed retail tenants include a Wawa convenience store and gas station – representing one of the first outposts in Miami-Dade County for the rapidly expanding chain, and a Taco Bell restaurant, with more to be announced in the coming months.
Situated on a prime corner at 3051 W 16th Avenue, Pura Vida Hialeah boasts a central location just minutes from major thoroughfares including I-75, the Palmetto Expressway, the Florida Turnpike and Okeechobee Road, offering direct access to Greater Miami and the surrounding areas.
Elysee Reports $30 Million In Sales As Tower Nears Completion This Fall In Edgewater
Two Roads Development plans to deliver their Elysee condo tower in the next 60 days so that residents can enjoy their new home in time for winter as the COVID-19 pandemic and a fast-approaching winter season has sparked demand for South Florida property from northeast buyers.
Two Roads Development plans to deliver their Elysee condo tower in the next 60 days so that residents can enjoy their new home in time for winter as the COVID-19 pandemic and a fast-approaching winter season has sparked demand for South Florida property from northeast buyers. Buyers are now prioritizing space and privacy, with Elysee set to deliver in the next couple of months, the building has stood out among buyers who prefer the convenience of living in a boutique, fully-serviced condo over owning a home.
The project’s sales team, Douglas Elliman Development Marketing, is also reporting that the tower is over 75% sold with over $30 million in new contracts since the 649-foot, 57-story tower topped off construction at the end of last year, with domestic and international buyers about equally represented. The boutique condo tower offers only 100 half-floor and full-floor units with remaining residences priced from about $1.9 million to approximately $10 million. The condominium is slated to become the tallest residential building in Miami’s Edgewater neighborhood upon its completion this fall.
“Now more than ever, buyers want space,” said developer Reid Boren, managing partner of Two Roads Development. “We’re seeing many prospects, especially those coming from dense cities in the northeast, who are attracted to Elysee’s boutique model, expansive floorplans and walkable location just a short bike ride away from Miami’s best waterfront parks and beaches. With the building’s completion on the horizon, we’re excited to be welcoming our residents home later this fall.”
Designed by Arquitectonica principal Bernardo Fort-Brescia, Elysee’s telescopic design and three-tiered façade ensures that all residents will enjoy 180-degree bay and city views. Located at 788 NE 23rd Street, fronting Biscayne Bay, the property enjoys one the area’s most coveted waterfront locations, and is destined to take its place among Downtown Miami’s most iconic buildings in the changing cityscape. Elysee’s interior common spaces are designed by Parisian designer Jean-Louis Deniot, acclaimed by ELLE Decor and Architectural Digest as one of the world’s preeminent talents in architecture and interior design.
“We are continuing to experience a strong demand in the Miami market from discerning buyers who want to take advantage of the year round weather and tax benefits,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Elysee has shown a tremendous amount of activity for buyers looking to luxury new construction that provides ample space, without the maintenance of a single family home. We look forward to the ongoing success as the building comes closer to completion.”
Residences at Elysee range in size from 2,200 and 6,600 square feet, with a choice of three- to six-bedroom layouts. All will feature private elevators and foyers, ceilings of 10-feet or higher, impact-resistant glass windows and sliding doors, and customized Waterworks® master bathroom fittings and fixtures. Gourmet kitchens sport ItalKraft® cabinetry, Wolf® gas ranges and professional grade Sub-Zero® appliances. Expansive east- and west-facing terraces frame unparalleled sunrise and sunset views.
Elysee residents will enjoy access to three full floors of amenities. At the Grand Lobby level, these will include an elegant marble lobby and living room area, bayfront lounge and waterfront sunrise pool. The building’s seventh-floor amenity level will offer a resort-size sunset pool; fitness center and yoga studio; blow-dry bar; children’s playroom; and a spa with private sauna, steam and massage rooms. The Sky Level, encompassing the building’s entire 30th floor, invites large-scale entertaining with a Grand Salon lounge and bar area, Grand Dining Room with seating for up to 24 guests, catering facility and chef’s table, library, private screening room, and media room.
Last summer, Two Roads Development announced the sale of the tower’s raw/unfinished 11,600 square foot, three-story penthouse, which sold for a record $12.8 million, marking it the highest price paid for a private residence in the city’s Edgewater enclave.
Renderings via Two Roads Development
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Spec Home Hits Market In Bal Harbour Asking Highest Price Per Square Foot For a Dry Lot
A spec home at 161 Camden Drive has hit the market in Bal Harbour asking the highest price per square foot for a dry lot home in the ultra-wealthy village which sits just north of Miami Beach. The tropical modern residence is designed by One D+B Miami/ H2 Architecture and asking $6,930,000, which equates to $938 per square foot.
A spec home at 161 Camden Drive has hit the market in Bal Harbour asking the highest price per square foot for a dry lot home in the ultra-wealthy village which sits just north of Miami Beach. The tropical modern residence is designed by One D+B Miami/ H2 Architecture and asking $6,930,000, which equates to $938 per square foot. The home is currently under construction and is expected to be completed in Q4 2020.
161 Camden Drive spans 7,387 square feet with 7 bedrooms and 8.5 bathrooms. The lavish spec home features high-end natural finishes, an entry water garden, two story waterfall, and salt water pool. The home sits on an oversized 15,207 square foot lot within an exclusive gated community.
161 Camden Drive is currently listed for $6,930,000 with Moshe Goldshtein of Harding Realty.
Related Group Launches Sales At The Arquitectonica-Designed Solemar In Pompano Beach
The Related Group, one of the premier real estate developers in South Florida, has launched sales of Solemar, a luxury beachside condominium in Pompano Beach. The 105-residence building is the first-of-its-kind for the city of Pompano Beach, as it is currently the only on-the-sand luxury offering in this dynamic coastal enclave.
The Related Group, one of the premier real estate developers in South Florida, has launched sales of Solemar, a luxury beachside condominium in Pompano Beach. The 105-residence building is the first-of-its-kind for the city of Pompano Beach, as it is currently the only on-the-sand luxury offering in this dynamic coastal enclave. Entry level units at Solemar are priced from $1.3 million, equating to approximately $800/psf. Groundbreaking is expected during the first half of 2021.
Solemar’s sales gallery is now open, set to give prospective buyers an in-depth preview of the magnificent property, which includes designs by the internationally recognized architecture firm of Arquitectonica and the celebrated NYC-based interior design firm Meyer Davis.
“Having experienced and contributed to the revitalization of countless South Florida neighborhoods, we are truly excited to see Pompano Beach as being in the earliest—and often most exciting—stages of a renaissance,” said Nicholas Pérez, Vice President at The Related Group. “We are thrilled to be offering this level of luxury, directly on the sand, to buyers who are looking for an accessible price point for an elevated lifestyle. While we’re launching Solemar within a completely different environment than expected, we are so pleased to see the pent-up desire and demand that’s evident from both the local South Florida market and the Northeast. That demand, coupled with a best-in-class approach to incorporating wellness and safety features throughout all public areas and within private residences, makes this gorgeous oceanfront property one that is not only unique, but cutting-edge as well.”
“Related is no stranger to elevating the value of a neighborhood or community it enters, and Pompano Beach will be no different,” Pérez added.
The 20-story Solemar features an undulating façade designed by Arquitectonica to mirror the ocean’s rippling waves. Interiors by Meyer Davis embody relaxed sophistication, with an aesthetic that highlights soft muted tones and natural materials. No matter what the time of day, gorgeous views from the pools overlooking both the Atlantic Ocean and the Intracoastal Waterway await.
Solemar offers residents a high-end, wellness-forward amenity package that lends to the overall elevated beach lifestyle of the property. Residents will enjoy a state-of-the-art fitness center overlooking the tropical poolside sanctuary, spa treatment rooms offering on-demand spa services, a theater room, wine salon and club room. Outdoors, amenity options include hammock lounges, firepits, barbeque grills, a poolside café and sunrise/sunset terrace, all set within 250 linear feet of pristine beachfront.
“We’re quite proud of both the indoor and outdoor amenities that are all part of the Solemar experience,” Pérez explained. “No matter how you look at it, this is a luxury property like no other in the area. And when it comes to our residents, we will be focused on catering to their every need, with premier level offerings such as personalized concierge services and exclusive home wellness packages.”
Beyond these public areas, the open air, ocean breezes and vast lush landscape become part of every private residence as well, with open layouts designed to maximize views everywhere you look. Breathtaking vistas of the Atlantic Ocean and the Intracoastal Waterway are visible from nearly every room, and from each residence’s oversized terrace with continuous glass railings. Private elevators deliver homeowners directly to their residences and include floor plans spanning 2,000 to 2,600 square feet, as well as a limited collection of three penthouses of 4,600 square feet each. Each home is appointed luxury finishes such as kitchens with Italian cabinetry and Sub-Zero and Wolf appliances, sprawling master bathrooms with soaking tubs, the latest smarthome technologies and more.
In line with the building’s ethos to promote residents’ overall well-being, each home comes wired with DARWIN, a Home Wellness Intelligence Network developed by wellness real estate and technology company, Delos. Sourced and installed by automation company, HEDsouth, the technology seeks to turn your home into a catalyst for enhanced health and performance. Using proprietary software including algorithms and sensor technologies, DARWIN is designed to help enhance energy, sleep and overall well-being, and reduce indoor contaminants that negatively affect respiratory, cardiovascular, immune and cognitive health by monitoring and calibrating air, water and light quality.
Additionally, residents will be among the first to gain access to the Related Living app, developed exclusively for owners and residents of Related Group developments. Related Living will allow for on-demand and completely contactless communication to utilize Solemar’s extensive resort-style services and amenities. Residents will be able to request their car from valet; chat with concierge; manage deliveries; reserve amenity rooms, beach chairs and BBQ areas; book spa appointments; connect with other residents and more.
Miami Heat Star Udonis Haslem And Magellan Housing Score Approval To Build Wynwood Works On City Owned Land
A partnership between Haslem Housing Ventures, led by Miami Heat star Udonis Haslem, and the Coral Gables-based Magellan Housing, have received approval from Miami’s Omni Community Redevelopment Agency (CRA) to build Wynwood Works, a 12-story mixed-use apartment project in Wynwood. Wynwood Works will be built on city owned land at 2035 North Miami Avenue.
A partnership between Haslem Housing Ventures, led by Miami Heat star Udonis Haslem, and the Coral Gables-based Magellan Housing, have received approval from Miami’s Omni Community Redevelopment Agency (CRA) to build Wynwood Works, a 12-story mixed-use apartment project in Wynwood. Wynwood Works will be built on city owned land at 2035 North Miami Avenue.
The development partnership will receive a land grant from the CRA valued at $6.5 million at no charge and a contribution of $9.9 million cash grant in exchange for 50 years of income restrictions on the apartments. The total project costs are estimated at $39.9 million and with the grands provided by the CRA the development partnership will not need to seek Low-Income Housing Tax Credits (LIHTC). In 2018 the Omni CRA committed $100 million to the development of affordable housing. The development partnership will restrict 10% of the units to those earning up to 30% of the area median income (AMI), an additional 10% of units to those earning up to 50% of AMI, another 10% to those earning up to 80% of AMI, 25% up to 120% of AMI and the remaining 45% for those earning up to 140% of AMI. The partnership will also share 45% of the annual rental income from the ground-floor retail.
Wynwood Works will rise 12-stories and will feature 104-units of mixed-income apartments on a 20,238 square foot site. The project is designed by MC+G Architecture and will feature a mural designed in partnership with the Miami Light Project and Bakehouse Art Complex. Wynwood Works will also feature 6,711 square feet of ground-floor retail, 102 parking spaces and a sixth-floor amenity deck which features a fitness room, co-working space, a community room and a garden. Apartments will range from 405 square foot studios to 1,150 square foot 3-bedroom layouts. The unit mix will be broken down by 42 studios, 43 one-bedroom units, 12 two-bedroom units and 7 three-bedroom units.
Step Inside The Gallery House, A Modern Art Collector's Masterpiece in Coconut Grove
Dubbed The Gallery House, 30 Bay Heights Drive in Coconut Grove is a modern art collectors dream. The modern masterpiece spans 5,114 SF and the walls are covered in art by famed artists such as Patrick Rubinstein, Charles Fazzino and more.
Dubbed The Gallery House, 30 Bay Heights Drive in Coconut Grove is a modern art collectors dream. The modern masterpiece spans 5,114 SF and the walls are covered in art by famed artists such as Patrick Rubinstein, Charles Fazzino and more.
Built in 2018, The Gallery House is built with some of the strongest construction structural systems used in South Florida. Concrete blocks, columns and tie beams make up the structure of this home to withstand some of the stormiest South Florida days. The floor and roof slabs are poured in place concrete over precast concrete joist. With a summer that lasts all year long, the outdoor area of The Gallery House caters to the South Florida lifestyle with a stunning pool and lounge area.
The artfully conceived home was finished and furnished during a three year process, to strategically combine rare aesthetics, design elements with natural palettes and beautiful grounds to ensure comfort and modern sophistication. The home was built to flawlessly showcase a collection of art through multiple focal points, the first floor is dressed in polished concrete including the breathtaking staircase with a steel finish. The two level, four bedroom and five bath layout also features a media room with an ensuite bath, interiors with dramatic ceiling heights and a rare Roche Bobois collectible sofa in the formal living area.
30 Bay Heights Drive is currently listed for $5,500,000 with Adriana Pinto Torres and Tracy Ferrer of Douglas Elliman. The home is also offered with the adjacent lot at 26 Bay Heights Drive for an additional $1,500,000, giving the future buyer endless possibilities for more privacy or to expand this dream estate into a larger compound.
The Corcoran Group To Take Over Sales Of DDG Development's 3550 South Ocean's Remaining Inventory
The Corcoran Group has been appointed to take over sales of the remaining inventory at 3550 South Ocean, a luxury condo project being developed by DDG, led by Joe McMillan. Sales will be led by Kerry Warwick who had previously oversaw pre-construction sales of the project with Douglas Elliman.
The Corcoran Group has been appointed to take over sales of the remaining inventory at 3550 South Ocean, a luxury condo project being developed by DDG, led by Joe McMillan. Sales will be led by Kerry Warwick who had previously oversaw pre-construction sales of the project with Douglas Elliman. The development is located at 3550 South Ocean Boulevard and was completed in 2019. 3550 South Ocean is just over 30% sold and there are currently 20 units remaining on the market priced from $1.8 million. Pricing initially started at $2.3 million when the project launched in 2016. Sales were previously overseen by Douglas Elliman Development Marketing.
3550 South Ocean features 30 units rising 7-stories, designed by the Palm Beach-based GarciaStromberg | GS4studios, Kobi Karp, and interiors by the NYC-based Champalimaud. Residences at 3550 South Ocean come in 2 and 3 bedroom layouts, range in size from 2,700 SF to 3,000 SF. There are three penthouse units available with private rooftop terraces.
Units will feature private elevator access with private entry foyers, views of the Atlantic Ocean and Intracoastal Waterway, floor-to-ceiling glass, expansive chef's kitchens, and will be delivered move-in ready. A collection of five penthouses will also feature rooftop terraces. Amenities include private beach access, a beachfront salt water swimming pool and sun terrace, a fitness studio with east facing natural light, on-site surf board and stand-up paddleboard storage, private gated access and private parking.
MiamiCentral Station Reveals Stantec Interiors for Park-Line Miami Residences By Brightline
MiamiCentral Station has revealed the new Stantec-designed interiors of the new two-tower, 816-unit Park-Line Miami Residences by Brightline. The globally-acclaimed architecture and design firm Stantec designed the lobby interiors of the north tower plus the amenity spaces, corridors, and unit finishes of both 30-story towers, located above Brightline’s MiamiCentral passenger rail station.
MiamiCentral Station has revealed the new Stantec-designed interiors of the new two-tower, 816-unit Park-Line Miami Residences by Brightline. The globally-acclaimed architecture and design firm Stantec designed the lobby interiors of the north tower plus the amenity spaces, corridors, and unit finishes of both 30-story towers, located above Brightline’s MiamiCentral passenger rail station.
“Our vision for the design concept was the refined tailored traveler that resides in the heart of the city and travels the world,” said Raed Alawadhi, senior designer at Stantec. “We incorporated dark colors found in tailored suits and the brown tones of antique leather luggage and travel bags along with warm woods, creamy neutral tones, and deep blues to create the timeless sophisticated interiors.”
The lobby interiors feature wood ceilings, herringbone stone tile flooring, and warm wood with metal accents. Open seating areas are anchored by custom leather wall panels and a dramatic chandelier with shimmering mesh metal fabric that illuminates the room. A green wall at the end of the entrance creates a focal point and brings a touch of nature to the space. The lobby lounge, which is decorated with natural hues and textures and complimented with luxury fabrics, leads into the valet waiting area, where TV screens let residents know when their car will arrive. Residents are also an elevator ride away from the train station, where they can access service to Fort Lauderdale and West Palm Beach, with service to Aventura and Boca expected in late 2021 and to Orlando in 2022.
In addition to the lobby, Stantec designed the interiors of the amenity decks located on the seventh floor of both towers. The interiors of the north tower feature stylish lounge areas, intimate lighting, and dark blue and green velvet and leather furnishings. A gaming area offers foosball, shuffleboard, and a pool table while the entertainment space has a dining area and wet bar. There’s also a private meeting room and co-working space available for residents.
The south tower’s amenity level includes a reception desk with a custom woven screen wall, a 3,500 square-foot gym, a fitness lounge with sofas, med spa and massage rooms, and a dog spa. The yoga room is surrounded by windows with views to the outside deck, known as SkyPark, which sits between the two towers.
Park-Line Miami has a total of 816 residences that include studios, one-, two-, and three-bedroom units. The units have floor-to-ceiling windows, walk-in closets, bathrooms with chrome fixtures, and kitchens with modern Italian cabinetry, quartz countertops, and subway tiling.
“Park-Line Miami’s thoughtful design and finishes combined with our multitude of modalities allow us to offer a living experience unlike anything Miami has ever seen,” said Najam Syed, head of asset management at Brightline Trains. “The almost two-acre private park-like setting with an outdoor track, a world-class fitness facility, and forward-thinking live, work, and play amenities make Park-Line Miami a truly unique asset. We are proud to have partnered with Stantec in bringing our vision of Transit Oriented Development to life.”
Stantec is ranked among the top 10 architecture firms by Architectural Record. The firm has designed numerous prominent projects throughout Florida, including Solitair Brickell; YotelPAD Miami; Luma at Miami Worldcenter; Yard 8 in Midtown Miami; 17 West in Miami Beach; Avalon Doral; and Wynwood Square. Stantec trades on the TSX and the NYSE under the symbol STN.
Cardone Capital Acquires Port Royale Apartments In Fort Lauderdale Via Crowdfunding Campaign
Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida.
Cardone Capital, led by the “10X Rule” author and founder of the 10X Movement Grant Cardone, has acquired the Port Royale Apartments in Fort Lauderdale in one of the largest crowdfunding real estate deals to ever close in South Florida. Port Royale Apartments features 533 units located on the Intracoastal Waterway at 3101 Port Royale Blvd. and 3201-3300 Port Royale Drive in Fort Lauderdale. The property spans over 36 acres with a private marina. The property also has development rights to build an additional 292 units.
The deal closed for roughly $130 million, although the closing price has not yet been made public. The acquisition was financed with a $79.24 million, 10-year interest only loan at 2.3% from CBRE Multifamily Capital. The transaction was completed by the transfer of the Delaware-registered Port Royale Propco LLC. from Waterton Residential LLC to Cardone Capital, avoiding the need to pay documentary stamp taxes. Cardone Capital led a successful crowdfunding campaign for the equity piece, reportedly raising a $50 million. The Chicago-based Waterton Residential was the seller who was represented by Robert Given of Cushman & Wakefield. Waterton Residential initially acquired the apartment complex for $94 million in 2015.
Port Royale Apartments was originally developed in 1991 and renovated in 2016. Units range from one-bedroom, one-bathroom 540 SF units asking $1,400 per month up to two-bedroom, two-bathroom 1,000 SF units asking $2,247. Units include wood plank-style floors, full equipped kitchens, ceramic tile flooring in kitchens and baths, Juliette balconies, in-unit washer/dryers and walk-in closets. Amenities include a car wash area, residents lounge, outdoor barbecue and dining area, gated entrance, storage units and walking paths.
Cardone Capital now has 8,275 residential units and 26 properties in its portfolio. The Aventura-based real estate investment firm as raised over $440 million through crowdfunding to-date. Cardone Capital plans to be aggressive in multifamily acquisitions over the next several months, expecting to close on another $350 million in transactions.
Bentley Residences Miami hosted the Torcal’s Florida debut, pairing Bentley’s first fully electric production vehicle with a tour of its model residence and private garage.