The Fasano Residences + Hotel

HFZ Capital Group will begin work on the renovation of the historical Shore Club on Miami Beach, transforming it into the Fasano Residences + Hotel Miami Beach. The redesign will result in a hotel residence under the Brazilian, Fasano brand, with 67 luxury condo units and 85 hotel rooms. The renovations and redesign are being headed by Brazilian architect Isay Weinfeld and will preserve the Shore Club's original art deco facade and 22 story central tower, original hotel lobby and most of the south tower. Units will range from 800 SF to over 4,000 SF. Morgans Hotel Group will close the existing 300 hotel room Shore Club this fall and completion of the Fasano Residences + Hotel is slated for 2018. HFZ Capital Group purchased the Shore Club in December 2013 for $175.3 million. 

Renzo Piano's Eighty Seven Park Coming to North Beach

Terra Group and the famed designer and Pritzker Prize-winning architect Renzo Piano have teamed up to bring Collins Avenue in North Beach a new ultra-luxury condo building dubbed Eighty Seven Park. Located at 87th St. and Collins, which happens to be the northern-most parcel of land in Miami Beach, Eighty Seven Park will be an 18 story glass tower with expansive, unobstructed views of the Atlantic Ocean, Miami Beach and Biscayne Bay. The building will feature 68 residences that range from 1 to 5 bedroom layout and 1,400 SF to over 7,000 SF. Pricing ranges from $1.6 million to $15.2 million. There will also be a full-time concierge and butler service, smart home and building technology and five-star amenities including a salon, resort style pool with full-service bar, valet, security, library and on-site enoteca complete with on-site wine tasting. Completion is expected in 2018 and the project is now taking reservations. 

Foreclosures and Delinquencies Down in Miami-Dade in June 2016

The foreclosure rate in Miami has fallen yet again in Miami by 1.23% in June to 2.39% according to The Real Deal and CoreLogic. The number is still double the national average which is around 1.2%. Delinquencies were also reported to be down as only 6.36% of home mortgages in Miami-Dade were over 90 days past due in June, down from around 9% last year. This should single some stability in the market as opposed to past Miami real estate cycles. 

Mario Chalmer's Triplex in Marquis Residences Listed for $3,200,000

Photo via Fortune International Realty Brickell Inc.

Creativity can be everything in real estate. This massive nearly 5,500 SF triplex in Marquis Residences, unit 4906, is currently listed at $3,200,000. The custom built layout makes use of the two-story units to allow for double-height floor to ceiling windows with unparalleled views of Biscayne Bay, Miami Beach and the Atlantic Ocean. The unit is 5 bedrooms and 5 bathrooms complete with a billiards room, full sized cooks kitchen, media room and expansive master suite. Finished with marble flooring throughout and smart home technology. This is a rare gem in an amazing building that features the recently opened Me Miami Hotel and STK Miami steakhouse. It is linked to Mario Chalmers of the formerly of the Miami Heat. Listing and photos by Allan Kleer of Fortune International Realty Brickell Inc. 

Setai TH-A Relists for $14.9 Million

Photo via Zilbert

TH-A in the Setai Hotel has listed for $14.9 million, back on the market after dropping from $22 million 2013 and burning through several price breaks and listing agents. The oceanfront townhouse is 3,627 SF with 4 bedrooms, 4 bathrooms, 18 foot ceilings, and LED lighting system, a cantilevered glass staircase, 3 balconies and a private pool. The unique floor plan is the only oceanfront unit with double height ceilings, allowing for breathtaking beach and ocean views from the glass living room and two 800 SF oceanfront master suites. The unit is owned and redesigned by Doug Rogers and is listed with Jeff Miller of Brown Harris Stevens. Photos via Zilbert. 

Biscayne Beach Upper Penthouse Sets Edgewater Record, Sells for $8.6 Million

The 2-story upper penthouse at Biscayne Beach has sold for a record $8.6 million as the most expensive condo sale in Edgewater. The 6 bedroom, 8 bathroom with a "Sky Terrace" with private pool includes a wine cellar, 12 to 14 foot ceilings and is nearing completion. The Next Miami is reporting that the buyers are Turkish, with roughly about 5% off all pre-construction inventory being snatched up by real estate investors looking to move their assets from Turkey to the United States amid political and economic uncertainty back home. Biscayne Beach is a 52 story residential tower by Eastview Development & GTIS Partners with architecture by WHLC. Construction started in the first quarter 2014 and is steadily cruising along with an expected completion date of late 2016. Units had originally started at $445K to about $7 million, but the developers were able to beat their own expectations as the building races towards delivery. 

3900 Alton Update

Mast Capital plans to break ground on 3900 Alton by the end of 2016. Sales have been reported by ISG and The Next Miami at around 10% since reservations launched, but the developers are confident that they will be moving ahead with their plan to develop the Alton Road lot by the end of the year. Designed by Ricardo Bofill, 3900 Alton is an 8 floor residential building whose design is a timeless vision that strikes a delicate harmony between nature and art. Its 78 residences feature ten foot floor-to-ceiling windows that capture and mimic the beauty of living on Biscayne Bay, while bathing living areas in natural light. Each unit has an overview of the cascading pool and surrounding lounge seating, that is nestled amongst a landscape designed by the visionary behind Soho House and founder of Naturaficial, Andres Arcila. Pricing starts at $750,000 and units range in size from 927 SF to 2,182 SF.

3900 Alton has a personally curated collection of art, designed by Loris Cecchini and Fernando Mastrangelo, unique to each unit and also in the lobby. Equipped with 24 hour concierge, a state-of-the-art gym, business center, children’s playroom, and even a Tesla house car, this building is the epitome of easy, luxurious living. Located in the heart of historic Mid-Beach this sophisticated boutique residence offers a seamless transition between modern and organic living with its lush oasis and artful collaboration.

City Commission to Vote on Coral Gables City Center by End of Month

The Allen Morris Company and Related Group have teamed up again as they are set to propose their own bid on a new mixed-use project in the fast-growing downtown area of Coral Gables. The City of Coral Gables has tagged the 2 acre zone between 245 and 345 Andalusia Ave. as ready for development, and weighed 5 proposals from the areas' top developers before cutting the list down to two. Later this month, the city Commission will vote between The Allen Morris Company & Related Group's proposal against that of Terranova and Zom.

The Allen Morris Company/ Related Group proposal for Coral Gables City Center will be a $250 million, twin tower development that will bring more residential units, office space and retail to downtown Coral Gables. Spread out over 2 towers towers, the development is expected to feature over 270 residential units, 140,000 SF of office space, 28,749 SF of ground-floor retail and  1,560 parking spaces. The residential tower will be 17 floors while the office tower will be 16 floors. The proposal also includes the building of a public park on the site. The building will be designed by Zyscovich and will reflect the historical charm that makes Coral Gables such a clean, beautiful city.

Photo via South Florida Business Journal

The Terranova & Zom proposal includes expanding the footprint of the potential development site to include land that Terranova already owns at 220 Miracle Mile. The proposal includes twin, 16-story towers on Terranova's land in addition to 21,260 SF of commercial space expanding the existing garages. The towers would feature 335 residential units, 51,485 SF of retail space and 923 parking spaces. 

Colombia No. 1 Country with Interest in South Florida Real Estate June 2016

Colombia has once again been named the country showing the most interest in South Florida real estate according to the Miami Association of REALTORS. June marked the 7th consecutive month that Colombia led as interest has shifted from Brazil which had single handedly saved the Miami real estate market over the last 8 years. Colombia is closely followed by Venezuela, Brazil and Argentina, although unstable governments and currencies have somewhat stunted investment from those countries over the past few months. Brazil has though since recovered to the 3rd spot after dropping to 5th earlier this year. Brazil had previously been the country with the most interest for 17 months. Colombians accounted for 10% of all residential home sales in South Florida to foreign nationals in 2015 with an average price of $516,000, a number only eclipsed by Venezuela (13%) and Brazil (12%). There has also been a resurgence of Canadian buyers as developers have begun to market their preconstruciton projects to Canada. The data was gathered by analyzing foreign nationals internet searches for properties and ranked. 

Miami Association of REALTORS Top 10 Countries Interested in South Florida Real Estate June 2016

1. Colombia
2. Venezuela
3. Brazil
4. Argentina
5. Canada
6. Spain
7. India
8. France
9. United Kingdom
10. Philippines

300 Biscayne Boulevard Way Set for 70-Story Iconic Lighthouse Condo Tower

The last prime, undeveloped lot in Downtown Miami's river walk at 300 Biscayne Boulevard Way is set to get receive a 70-story, 817-foot residential tower complete with an iconic lighthouse on top. The lot is the former site of Epic East, and next to the current Epic Hotel. It is also known as Miami's most expensive acre which was purchased last year for $125 million for the 1.25 acre lot. Riverwalk East Development Group, LLC. along with Revuelta Architecture submitted the plan to the Miami River Commission's Urban Infill & Greenways Subcommittee in March 2016. The sail shaped tower will house 384 luxury residential units, spa and pool deck on floors 53 to 55, private elevators, 70th-floor lighthouse. To obtain approval Riverwalk East Development Group, LLC> must commit to several changes to the Riverwalk including widening the walking pathway, better connect One Miami to Epic and Biscayne Boulevard Way and use the $2 million public benefits fund for projects in the impacted Miami River District. Should these upgrades get completed Downtown Miami is in for another iconic shape up as it grows towards the city of the future.