First Penthouse At Cipriani Residences Miami Sells Just Weeks After Hitting Market For $16.2 Million

The first of six penthouses at Cipriani Residences Miami, the Cipriani brand’s first-ever ground-up residential tower in the nation which is being developed by Mast Capital, has sold just weeks after hitting the market for $16.2 million. Penthouse 1 is an impressive four-bedroom home with 9,221 square feet of combined indoor and outdoor space. Listed at $16.2 million, translating to a record-breaking $3,333 per square foot, the penthouse emulates the prestige of the Cipriani brand and its capacity to deliver a world-class product. Selling agents for The sale for Penthouse 1 was represented by Carol Cassis from Fortune International Realty, who is the exclusive sales and marketing firm for the project, and Juliana Savoia from Coldwell Banker Realty.

“Selling Penthouse 1 in a matter of weeks after the unveiling of the premier Canaletto Collection is a true testament to Cipriani Residences Miami’s caliber in the market,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “The meticulous attention to detail and design of this penthouse creates a new precedent for luxury in Brickell that is further bolstered by the unique services and exclusive privileges that owners within the collection will enjoy.”

Featuring four bedrooms and five and a half bathrooms, Penthouse 1 will offer 4,888 square feet of interior space as well as an expansive 4,333 square feet of outdoor terrace space. Combined with priority access to the tower’s speakeasy, the residence will provide an unparalleled lifestyle with a private infinity-edge swimming pool and fully operational outdoor summer kitchen as well as a suite of state-of-the-art appliances. In addition to these unique features, the Penthouse 1 buyer was enticed by the upgraded interior architecture package curated by internationally renowned design firm 1508 London that adds a distinctive touch to the home. Offered exclusively for the penthouses, this for-sale package includes special, rarefied details such as wall coverings, paneling and custom millwork that differentiate the listings in the market.

Thoughtful customization options, like the interior architecture package offered exclusively to penthouse owners, are a hallmark of the Canaletto Collection, an exclusive, limited assemblage of homes on the top 18 floors of the tower representing the highest level of luxury in Brickell. While the interior architecture package is exclusive to penthouse owners, 1508 London also created custom furniture and accessory packages to serve the rest of the Canaletto Collection buyers who are interested in enhancing their purchase. The firm envisioned two distinct options: ‘Tradizionale,’ designed in the signature Cipriani style, and ‘Contemporaneo,’ a more contemporary approach to interiors. These packages make adorning a Cipriani-branded home a seamless experience for residents and include a mix of custom and brand-name details that are consistent with the aesthetic and style of the Cipriani brand.

With 68 two- to five-bedroom residences and six marquee penthouses, the Canaletto Collection at Cipriani Residences Miami is also anticipated for its streamlined, complimentary upgrades, such as home automation systems and book-matched marble, as well as the special privileges it will afford owners. Residents will enjoy priority access to the building’s premium amenity collection, including a private resident-only Cipriani restaurant. Catering and in-residence dining by Cipriani will be offered around-the-clock, while dining services will extend to the elevated resort deck, where residents and their guests can enjoy a Bellini on the sun terrace or lounge in cabanas beside the swimming pools.

All residents at the 397-residence building will have access to a robust wellness offering which includes a fully equipped state-of-the-art fitness center, spinning room, a holistic spa, ice plunge, and sauna. Residents seeking sporting and competition can visit the golf simulator, pickleball court and screening room for game day. Those who prefer a more serene lifestyle can venture to the library or salon for a treatment. Cipriani Residences Miami also offers the convenience of an elevated private dog park, children’s playroom and à la carte services like plant care, away from-home maintenance, pet grooming and walking, luxury house limousine transport within a three-mile radius, in-residence spa treatments, personal training and more.

Cipriani Residences Miami, located at 1420 South Miami Avenue in the Brickell neighborhood, is expected to be completed in 2026. Pricing for the Canaletto Collection begins at $3.65 million, while penthouses start at $9.5 million.

Renderings via The Boundary

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

The Avenue Coral Gables Hotel & Residences Reaches 65% Sold

The Avenue Hotel & Residences Coral Gables, a Parisian-inspired neo-classically designed boutique tower and hotel on San Lorenzo Avenue in Coral Gables, has hit 65% percent in pre-construction sales. Located at 351 San Lorenzo Avenue, The Avenue Coral Gables Hotel & Residences is being developed by Roger Development Group, a Coral Gables-based family-owned, fully integrated real estate development and management company. Groundbreaking is slated for Fall 2023 with the hotel and residences anticipated to be completed in early 2025.

The Avenue Coral Gables Hotel & Residences is designed by Bermello Ajamil & Partners with fully-furnished interiors by celebrated interior designer Adriana Hoyos Design Studio, best known for world-class tropical luxury inspired interiors, The Avenue Coral Gables Hotel & Residences is an 8-story boutique building and condo hotel, with a collection of 48 residences with thoughtful and luxurious one- and two-bedroom layouts outfitted with contemporary Italian kitchens and baths by Italkraft and Subzero and Wolf appliances. The residences start from 598 to 1,200 square feet. In addition, the property is completed by 3,861 square feet of ground-floor luxury retail space.

Prices start from $730,000 to over $1.3M with sales being exclusively managed by Cervera Real Estate.

“We are delighted with this sales trajectory. It’s clear our buyers appreciate the unique quality of life that living in the Merrick Park district offers in a brand-new, state-of-the-art boutique building that is not only well-sited within walking distance to the upscale shops and fine dining restaurants of Merrick Park, but also affords the owners all of the benefits of condo hotel ownership allowing unit owners to use their property as little or as much as they’d like while having the ability to earn revenue on their investment when they are not in residence,” said Oscar Roger, President & CEO of Roger Development Group.

Amenities include a front desk reception, and a slate of hotel services to make daily life easier and more enjoyable. Valet parking, and newspaper and package delivery are a few of the dozens of services available to homeowners. Amenities include an outdoor hammock garden, and resort-style pool deck on Level 9, with a summer kitchen and family dining area, but most appealing is the address - across the street from the entrance to the upscale shopping center Merrick Park, which has more than 100 retailers and restaurants, including Neiman Marcus, Nordstrom, Gucci, Jimmy Choo and Tiffany & Co. Merrick Park also has Equinox Fitness, SoulCycle and Elemis spa.

“Buyers to date have been an eclectic mix of young professionals, young and older families as well as buyers both foreign and domestic, which accounts for over 65% percent of The Avenue Hotel & Residences Coral Gables purchases. Buyers have singled-out the project for its unparalleled location, fully-furnished contemporary designs by Adriana Hoyos Design Studio, its robust assemblage of amenities and services and exceptional ability to put their property in the hotel program,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate, the exclusive broker of The Avenue Hotel & Residences Coral Gables.

Operating in South Florida since 1955, Roger Development Group is led by President & CEO Oscar Roger, Sr. along with CFO, Oscar Jr. who joined the company in 2013 and is furthering the family tradition of development and real estate services within Florida and abroad.

Witkoff Group and Monroe Capital Close On Record-Breaking Loan For Shore Club Private Collection

Witkoff Group, a Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, have closed on a $430 million construction loan for Shore Club Private Collection, which is on track to be one of the fastest-selling luxury developments in Miami Beach’s history. Financed by J.P. Morgan, the loan is believed to be the largest for a residential construction project in South Florida. With two-thirds of inventory sold and sales already surpassing $550 million since its late January launch, Shore Club is readying to begin construction later this year for an expected completion in 2026.

“This record-breaking loan underscores the tremendous confidence the market has in Shore Club Private Collection,” said Alex Witkoff, Co-Chief Executive Officer of Witkoff Group. “The project has been leading luxury condominium sales in Miami since its launch, and we are setting a new standard in Miami Beach with prices per square foot consistently over $5,000 and the average home selling for more than $20 million. We’re thrilled to have reached these legendary milestones with such a prestigious investment partner as J.P. Morgan.”

Building on the rich history of Miami Beach’s Art Deco and modernism design style, while also fostering a seamless connection to its iconic location, Shore Club Private Collection will be home to 49 residences designed by award-winning New York-based firm, Robert A.M. Stern Architects. The architect is behind some of New York City’s most successful buildings, including 220 Central Park South and its predecessor, 15 Central Park West. Shore Club will be set on three oceanfront acres with lush botanical gardens curated by renowned landscape architect Nathan Browning of Island Planning Corporation.

The development is the first residential oceanfront project designed inside and out by Robert A.M. Stern and includes a ground-up new building, The Tower, a newly reimagined Art Deco building originally completed in 1939, The Cromwell House, and The Beach House, a signature single-family beach house. Each component relates architecturally yet is artistically distinctive, envisioned to maximize vistas and light with the curvature of each home to deliver a product that does not yet exist in the Miami market. The interiors further this vision, taking inspiration from yacht design and the patterns and movement of the ocean waves and sand on Miami’s coastline. RAMSA collaborated with Miami-based Kobi Karp Architecture & Interior Design on the architecture.

Rising 20 stories, the Tower features two- to six-bedroom residences ranging from 1,900 to more than 10,000 square feet with beautifully curved balconies, over 10-foot ceilings and floor-to-ceiling windows homes. Complete with private and semi-private elevators and private balconies, the Tower offers cinematic views of the Atlantic Ocean and sunsets. The eight-story historic Cromwell House will be preserved and reinvented as four premier residences, including three duplex residences and a penthouse. These homes will be four and five bedrooms featuring two-story great rooms with dramatic double-height ceilings, and the expansive full-floor penthouse. Finally, the Beach House will be the only private home on the oceanfront of Miami Beach and will span 6,000 square feet with three outdoor spaces totaling over 2,180 square feet.

The reinvention of the Shore Club Private Collection is a united vision in partnership with Auberge Resorts Collection. The residences will be serviced by Auberge but will offer privacy and seclusion within the five star resort. The collection of amenities and services exclusive to residents include a discreet porte cochere entrance, three separate swimming pools including a private residential pool, 75-foot lap pool and a leisure pool, state-of-the-art fitness center, library, lounge and other amenities. Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with numerous in-home offerings, as well as access to Auberge’s world-class spa, concierge services, housekeeping, beach club and culinary experiences, including in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more.

Pricing at Shore Club Private Collection starts at approximately $6 million. Sales and marketing efforts for the project exclusively handled by Douglas Elliman Development Marketing.

Honoring Tradition, Defining the Future: The St. Regis Residences, Miami

The St. Regis New York, founded by the visionary John Jacob Astor IV in 1904, played a pivotal role in the evolution of New York City’s Fifth Avenue. Rising as the tallest structure of its time, this architectural masterpiece not only reshaped Manhattan’s skyline, but also served as a pioneering model for innovation and excellence that revolutionized the hospitality industry.

Today, that timeless legacy is being carried forward by industry leaders Related Group (Related) and Integra Investments (Integra) with The St. Regis Residences, Miami (The Residences).

Nestled along Miami's prestigious Brickell Avenue, this once-in-a-generation tower stands as an emblem of grandeur, creating an awe-inspiring and instantly recognizable icon that marks the most exclusive development in the sought-after South Brickell neighborhood. The Residences’ boutique format features only 152 condominium homes spread across 50 stories.

Every inch of the tower is being painstakingly curated and manicured, designed by a visionary team, with architecture by the esteemed Robert A.M. Stern Architects (RAMSA) and interiors by the highly acclaimed Rockwell Group. As RAMSA’s first residential development in South Florida, the team leaned into their signature modern classicism style, drawing inspiration from elegant gold-age ocean liners at sea. The end-result is a stunning monolith with a sweeping bell-shaped footprint, evoking Miami's Art Deco heritage while embracing a modern aesthetic.

"At The Residences, the rich legacy of St. Regis Hotels & Resorts is embraced in its entirety. Beyond mere design and development, the brand's ethos manifests through access to iconic services and timeless traditions,” says Nick Pérez, President of Related Group’s Condominium Division. “Not only will residents be able to enjoy the hotel flag’s established services, including its afternoon teas and midnight suppers, they’ll also have access to a modern interpretation of the Gilded Age butler service offered at the flagship hotel in New York City.”

The interior spaces seamlessly blend leisure and refined elegance, capturing the essence of Miami's coastal lifestyle while honoring St. Regis’ commitment to excellence. Buyers can choose from a variety of floor plans, including lavish sky villas, top of the line penthouses and even two stand-alone homes. Ranging from 2,600 to an impressive 10,000 square feet, these homes are more akin to vertical mansions, complete with expansive outdoor terraces and spacious layouts.

Each condominium home, ranging from two to six bedrooms, is adorned with lavish finishes throughout. The grand floor plans include private elevators and entry foyers, double-door entry, European flooring throughout, integrated smart home technology, as well as oversized walk-in closets, spa-like bathrooms and more. The kitchens are perfect for entertaining, equipped with top-of-the-line Sub-Zero and Wolf appliances, custom Italian cabinetry designed by Rockwell Group, and imported natural stone countertops and backsplashes.

Residents will experience one of the most robust amenity packages on the market, with more than 50,000 square feet of indoor and outdoor spaces, including a professional-grade fitness center with a pilates and yoga studio; a full-size pickleball court; a private marina; a world-class spa and holistic wellness center; an indoor lap pool; and the iconic St. Regis Tea Room. Lush landscaping and park-like grounds, designed by the acclaimed Swiss design firm Enea Garden Design, further enhances the ambiance.

The tower also boasts some of the best dining options in Brickell, including the iconic St. Regis Tea Room and a residents-only, fine-dining restaurant by Michelin-starred chef Fabio Trabocchi. With an internationally acclaimed chef and restaurateur at the helm, St. Regis Residences brings an entirely new meaning to the phrase “dining in.”

“The St. Regis clientele know exactly what they want and we’re delivering just that,” adds Pérez. “No detail is too small. Everything from the doorknobs, to the light fixtures, to the on-site art collection is being selected, designed and constructed with intention.”

The Residences is over 50 percent reserved and is converting reservations to contracts. The sales gallery was recently unveiled in May, providing a glimpse into the elevated lifestyle that awaits residents of this prestigious address. ONE Sotheby’s International Realty is the exclusive sales and marketing partner for The Residences. For more information, please call (786) 713-3562 or visit miamisrr.com.

MG Developer Locks Down $67.5 Million Construction Loan For The Village at Coral Gables

MG Developer, led by Alirio Torrealba, announces it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

Exclusively sold by One Sotheby’s International Realty, The Village at Coral Gables, located at 535 Santander Avenue, is a 48-residence collection featuring: Townhomes, Lofts, Villas, and Flats. The assembly of the project will pay homage to the aesthetic beauty and lifestyle of Seville, Spain, and continue the legacy of the dreamer and founder of Coral Gables, George Merrick, and his vision for “The City Beautiful.” This new enclave is being created to honor the city’s past while building for discerning buyers looking for modern-day luxurious comforts.

“We are truly excited to now be entering the construction phase of The Village at Coral Gables”, said Alirio Torrealba, CEO of MG Developer. “It’s been a true labor of love, from the initial planning phase to now. I couldn’t be prouder to be partnering with Churchill to provide the financing for this highly anticipated community. We are looking forward to a fruitful and long-term relationship for more projects in the future that will continue to elevate the City of Coral Gables.”

The Village at Coral Gables will be set throughout 17 lots, bordered by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street. The townhomes, lofts, villas, and flats will vary in style and size, from the sophisticated flats of two bedrooms with a study room and a balcony to the charming four-bedroom townhomes that range from 1,750 square feet to 3,100 square feet. Inspired by Merrick’s seven villages, The Village at Coral Gables will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists, and integrate gardens, courtyards, and fountains inspired by the alcoves in the Plaza de España.

“We are thrilled to partner with MG Developer for the financing of The Village at Coral Gables,” added Jeff Rosenfeld who, along with Sean Robertson, Co-Heads Originations at Churchill Real Estate. “MG Developer has a strong track record of delivering exceptional projects, and we are excited about MG bringing this highly anticipated development to life. We are excited to support MG Developer in their commitment to elevating The City Beautiful and look forward to our continued partnership and future projects."

The classic yet modern village will also feature thoughtful recreational amenities that emanate a contemporary and tropical ambiance, and a color scheme that blends natural tones with lush green foliage, and hints of gold décor accents. Featuring a wellness clubhouse of nearly 4,000 square feet, an indoor and outdoor terrace lounge that is ideal for events and gatherings; a fitness wing; a luxurious plunge pool as well as a library and conference center; perfect for residents who enjoy working remotely and are looking for all the office amenities like high-speed wi-fi and a large monitor screen to host virtual meetings and more. The impeccably designed amenity spaces elevate the standard for modern living in historic Coral Gables.

The verdant canopy streets that surround The Village at Coral Gables evoke the serenity of quiet countryside and it feels like living in the suburbs, but residents will enjoy living within walking distance of Downtown Coral Gables. The development is close to the new Plaza, South Florida’s most sought-after golf courses, the new Lowe’s Hotel, the Biltmore Hotel, cultural attractions, and the best dining venues in Miami. With everything The Village at Coral Gables has to offer, combined with its stunning design and lifestyle, it is poised to become the most desired living destination in South Florida.

The stunning, state-of-the-art, showroom for The Village at Coral Gables provides a sneak preview into the curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. The showroom is open Monday through Friday from 10 a.m. to 5 p.m., Saturdays from 11:00 a.m. to 3:00 p.m., and Sundays from 12:00 to 4:00 p.m. Located at 2990 Ponce de Leon Boulevard, Suite 101. For more information, please visit www.mgdeveloper.com.

MG Developer, led by Alirio Torrealba, is one of South Florida’s most active residential developers having completed its newest project, Althea Row, which nearly sold out in less than 90 days. MG will soon wrap up its Biltmore Square community, as it completes Biltmore Row, the 10 exclusive townhomes featuring a total of 5,561 square feet each, with elaborate coralline-stoned entryways that trace back to the heritage of classical design elements found in Spanish colonial architecture.

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Renderings via MG Developer

Step Inside A Contemporary Waterfront Estate In Boca Raton's Prestigious 'The Sanctuary' Community Asking $16 Million

A newly constructed contemporary waterfront estate located in Boca Raton’s prestigious community, The Sanctuary, has listed for $16 million. The brand-new residence offers a bright and cheerful Southern Exposure, bathing the home in natural light, as well as captivating 30 ft ceilings at the entry, creating magnificent art walls, a blank canvas for any art enthusiast. The newly constructed 8,826-square-foot residence comprises six bedrooms and ten bathrooms and is a work of architectural brilliance with impeccable modern craftsmanship.

The home’s focal point, a suspended vapor fireplace hangs in the living room, provides a sense of coziness with a contemporary touch. The ultra-modern feature is complemented by glass-enclosed wine storage in the adjacent dining room.

The home also features a gourmet kitchen, equipped with top-of-the-line Sub Zero and Wolf appliances No detail has been overlooked, from the impact windows ensuring security and peace of mind to the convenience of an elevator for easy access to all levels. Stay fit and active in the private gym, and enjoy the modern convenience of a Crestron Smart Home System.

The highly amenitized club room bar seamlessly opens to the covered lanai featuring a BBQ area with a well equipped summer kitchen and a built-in grill, overlooks the infinity pool, spa, and tranquil waterway. Additional amenities include an outdoor shower, elevator, wet bar, and more.

The Sanctuary is a highly sought-after gated community nestled in East Boca, surrounded by lush landscaping and offering 24-hour armed security for peace of mind. Enjoy the convenience of being just moments away from Boca's beautiful beaches, parks, and an array of shopping, dining, and nightlife options.

650 Tern Point Circle is currently listed with Oren Alexander of The Alexander Team at OFFICIAL.

Images via The Alexander Team

Newgard Development Reveals Skydeck At LOFTY Brickell

Forward-thinking real estate developer Newgard Development Group continues to differentiate its LOFTY Brickell condominium project with unique features and innovative concepts. In the latest example, Newgard is unveiling its plan for the building’s skydeck- a versatile rooftop space that will be available as a venue for private events and will be an additional building amenity dedicated exclusively to LOFTY unit owners.

Located on LOFTY’s 44th floor, the approximately 10,000-square-foot area is designed to accommodate events ranging from small corporate gatherings to wedding receptions. The lush rooftop will feature modular furniture, portable bars, a catering kitchen and a private pool. Owners will have exclusive access to the space when events are not taking place.

“We have designed a plan that allows us to maximize LOFTY’s beautiful sky deck area,” said Newgard CEO Harvey Hernandez. “Owners can enjoy a glass of wine while soaking in the breathtaking cityscape views or hang out by the pool for a quiet day of relaxation.”

LOFTY is a 44-story waterfront luxury condominium high-rise under development on the Miami River in the heart of Miami’s financial district. It is the most elevated offering in Newgard’s flexible ownership concept. At over 92% sold, LOFTY is one of the Miami condo market’s most successful projects under development.

Designed by Arquitectonica, the 362-unit LOFTY features 309 tower residences including studio, one- and two-bedroom units that will be furnished by INC. They will have exclusive access to 40,000 square feet of thoughtfully curated amenities, including a private marina, a members-only social club, a resort pool deck and fitness center, an indoor cigar lounge, a co-working lounge, meeting rooms and the sky deck.

With tower units sold out, just a few residences in the LOFTY Signature Penthouse Collection remain available for purchase. The Signature Penthouse Collection offers spacious two, three, and three-bedroom plus den residences that will be curated and furnished by revered design firm Artefacto. Starting at $2.2 million, they represent the best value in penthouse homes in the Brickell submarket.

Located across from Brickell City Centre, LOFTY is the next evolution of condominium ownership. It brings a 5-star alternative for the owner and traveler who prefers to stay and own differently – yet does not want to compromise on hotel services and amenities. Each residence will be delivered fully finished and furnished and, with professional management, will permit short-term rentals.

The tower will feature the first-ever NFT art collection designed for condo owners, integrating digital art and technology into the DNA of the new residential building while transferring ownership of a custom NFT to each unit owner at closing.

INC is responsible for LOFTY’s 44 stories of swanky interiors and Urban Robot Associates is the landscape architect.

Cervera Real Estate serves as the exclusive sales and marketing partner for LOFTY Brickell.

LOFTY Brickell is located at 99 SW Seventh St., Miami, FL 33130. For more information and updates, visit www.LoftyBrickell.com.

Miami Ranks Seventh in Housing Shortage Report As Florida Sees Nations Highest Rent Increase Since 2020

New research has shown that Miami ranks seventh in housing shortage report as Florida has seen the highest rent increase in the nation since 2020. Prices have continued to push higher where rental rates a 2 bedroom rental on Miami Beach is up over 46% year-over-year as of June 2023. Developers have struggled to keep pace despite Miami-developers leading the nation with a record 28,000 units currently under development in the Miami metro-area according to a Costar report.

New research has revealed the top 10 metropolitan areas with the highest ratio of house shortages in accordance with job growth. Miami, FL, is facing a significant challenge in its housing market, as indicated by its job growth-to-building permits ratio of 20.2.

The other US metropolitan areas experiencing housing shortages include San Francisco, Springfield, Urban Honolulu, Syracuse, Boston, New York City, Chicago, New Haven, and Los Angeles.

Real estate site PortlandRealEstate.com analyzed data from the National Association of Realtors, US Census Bureau, and the Bureau of Labor Statistics, examining new job openings per one building permit to determine the housing shortages in metropolitan areas in 2022.

Job Growth-to-Building Permits Ratio: 1. New York City, NY (31.4); 2. San Francisco, CA (29.2); 3. Springfield, MA (26.6); 4. Urban Honolulu, HI (25.1); 5. Syracuse, NY (21.8); 6. Boston, MA (20.4); 7. Miami, FL (20.2); 8. Chicago, IL (19.5); 9. New Haven, CT (19.3); 10. Los Angeles, CA (18.3)

The job growth-to-building permits ratio represents the relationship between new job opportunities created and new building permits issued. Specifically, it indicates the number of new jobs generated for every building permit issued. For example, a ratio of 30 means that, on average, approximately 30 new jobs were created for each new building permit issued. For reference, the average job growth-to-building permits ratio for cities included in the study was 7.64.

Miami, FL, faces a housing shortage as reflected by its job growth-to-building permits ratio of 20.2. The ratio suggests that the job market in the area is experiencing growth, potentially outpacing the construction of new housing units. As a result, the limited housing supply leads to increased housing costs and affordability challenges for residents.

“Miami is seeing rapid job growth as companies and employers move to the city for its pro-business environment and high-quality of life. This has led to a higher housing shortage than most other metro-areas as developers have struggled to keep up, leading to high-prices and rapid rent growth. Units in Downtown Miami and Brickell that would have rented for $2,000 or $3,000 a few years ago are now renting for potentially $5,000+. The residents moving out have not yet found comparable replacements yet more people are moving to the city so developers are pushing to keep pace as pricing pushes higher on average.” Said Demetri Demascus, Co-Founder of PROFILEmiami, Managing Broker of ALTARA Properties and developer of Casa Azzura townhomes in Coconut Grove.

Due to the demand for business to move to the Sunshine State, Florida rent prices are up by 45.77% since 2020, the highest in the nation according to a study by Los Angeles-based luxury real estate experts Los Feliz. Florida and Colorado have seen rent prices increase by over 45% since 2020. With 34.2% of the U.S population renting their home, luxury real estate experts at Los Feliz analyzed the average rental price in each state in March 2020 and again in March 2023 to calculate the percentage increase by comparing average rental price in each state in March 2020 and again in March 2023 to calculate the percentage increase. 34.2% of the U.S population rents their home.

The findings show that Florida’s average rent has increased to $2,127.86 in 2023, an increase of 45.77% over the 2020 price. Florida has low taxes, a thriving job market and fast growing metropolitan cities. Florida is also known for its high percentage of retirees that are drawn to the state due to there being no retirement taxes and sunshine state is also a popular holiday destination which would affect rental prices.

According to Zumper, as of June 2023, the current median rent for a 2-bedroom apartment in Miami is $3,900, a 32% year-over-year change. Taverage rent for a 1-bedroom apartment in Miami, FL is $2,835. This is a 29% increase compared to the previous year. The current median rent for a 2-bedroom apartment in Miami Beach as of June 2023 is $4,500, an 46% year-over-year change. The current average rent for a 1-bedroom apartment in Miami Beach is $2,600, an 18% increase compared to the previous year.

This article contains information from the following sources and studies:

Study conducted by PortlandRealEstate.com, a real estate website that specializes in providing comprehensive information and analysis related to the Portland real estate market.

A study conducted by Los Feliz, a Los Angeles-based luxury real estate brokerage with Ruby Home using Zillow: https://www.rubyhome.com/los-angeles/los-feliz/

Zumper.com

Costar.com

Venetian Islands Waterfront Contemporary Spec Home 'Villa Marco' Hits Market For $23.9 Million

Villa Marco, a masterfully crafted waterfront residence developed by renowned local builder, Sabal Development, on Miami’s exclusive Venetian Islands has hit the market for $23.9 million. The property is a true testament to exquisite design capturing breathtaking bay views and natural light. Villa Marco is located on San Marco Island at 1369 North Venetian Way.

The 7,283 SF home is currently configured with 4 bedrooms but easily adaptable to 5 bedrooms and 5.5 baths to ensure convenience and comfort. The expansive formal and informal living spaces provide a harmonious balance between elegance and relaxation with floor to ceiling glass and views from every room. The home also features a gourmet kitchen, glass elevator and a garage with room for a lift.

The lushly landscaped outdoor areas are perfect for entertaining and enjoying the beautiful surroundings. Features include a panoramic rooftop terrace with hot tub and downstairs a summer kitchen, multiple seating areas, infinity pool and dock.

1369 North Venetian Way is currently listed for $23,900,000 with Mathieu Rochette of Compass.

Images via Compass