Flagstone Property Group Applies for Modifications to 2007 Approved Plans

Mehmet Bayraktar

Activists continue to press and challenge as Flagstone Property Group, developers of the Island Gardens project on Watson Island, have once again filed for modifications to the 2007 MUSP approved plans. Flagstone is aiming to replace the proposed seven-story parking garage with a two level garage with one level that is below grade. Updated plans were submitted for review on September 19. Island Gardens will feature a superyacht marina that can accommodate up to 550 feet, 2 luxury hotels, condos, and a retail and entertainment promenade with over 221,000 SF of retail and green space. The marina will be the first of its kind in North America and will be able to house of to 50 superyachts matched with full-service amenities for the marina including a clubhouse, on-site customs, etc. Some oppose Flagstone's right to their lease of the land, which was approved pending they would be able to complete the project but doubts have arisen as the property has sat virtually unchanged over the last decade aside from the launch of a sales center and The Deck at Island Gardens. Flagstone Property Group had initially intended to deliver Island Gardens in 2018. Read our initial profile on the Island Gardens project from July 2016.

Featured Listing: Fisher Island 4-Bedroom Asks $10.8 Million

A four-bedroom unit at Fisher Island's Palazzo Del Mare is is asking $10.8 million. The unique unit is 5,040 SF of indoor space and 4,000 SF of outdoor space and comes complete with a poolside cabana, three parking spots and two golf carts. Unit 7111 is a 4 bedroom with 5 full bathrooms and one half-bath. The unit also has a summer kitchen and private outdoor hot tub. It has luxurious contemporary finishes, natural stone, high ceilings, large master suite, library and sweeping views of South Beach and the Atlantic Ocean. Listing and photos by One Sotheby's International Realty. 

MDM Submits Revised Plans for Miami World Expo Center Marriott

MDM has submitted revised plans for Miami World Expo Center Marriott set for a mid-October review by the Urban Design Review Board. The developer will redesign the hotel tower from a single curved tower to two separate towers, reduce the tower's height from 54 stories (636' 4") to 53 stories (572' 1"), all together reducing the total hotel units from 1,800 to 1,700. They will also decrease parking from 1,250 spaces to 1,128 spaces. MDM has also proposed to complete the project in two phases starting the initial phase Q1 2017.

Miami-Dade Considering Workforce Housing Ordinance

Miami-Dade is considering a Workforce Housing Ordinance, a decision that would send shockwaves through the development community. The proposal would mandate workforce housing in future luxury developments in order to allow teachers and hotel employees to live near their jobs. Developers building more than 20 units would have to commit 10% of their units for people who fall within the workforce-housing income range which starts at $28,800 and runs through $67,200. These rules would effect apartments, condominiums and single-family homes. Developers are compensated with 15% to 25% density population bonus depending on the amount of Workforce housing units built. Similar models have worked in Maryland and Virginia. 

1 Bedroom at 1 Hotel and Homes Sells for $1.345 Million

The Miami condo market is not dead as a deal has been reported at 1 Hotel and Homes on Miami Beach. Unit #1008, a 959 SF one-bedroom unit has closed for $1.345 million or $1,403 SF. The unit features the 1 Hotel furniture package with light, natural color tones, wood floors and furnishings designed by Debora Aguiar. The unit was first listed for $1.695 million in 2015 with Jeff Miller of Brown Harris Stevens.

Aria on The Bay Construction Update

Aria on the Bay continues to rise on North Bayshore Drive in Edgewater. Aria is being developed by The Melo Group and is designed by Arquitectonica with a scheduled 2016 opening. Itwill be a 50 story tower with 647 residential units and 40,000 sq ft of retail, commercial and office space on the first few floors. Residences range in size from 815 sq ft to 2,365 sq ft with large outdoor balconies. Residences also have 9 foot glass floor to ceiling. Lines on the east side of the building will have private elevators. There will be breathtaking views of Biscayne Bay and Downtown Miami with easy access to Miami Beach via MaCarthur Causeway, Julia Tuttle Causeway, Venetian Causeway as well as close proximity to Wynwood, Downtown and Brickell. Pre-construction prices range from $380K to $1.5 million.

Featured Listing: 1835 Fairhaven Pl. Coconut Grove

A Coconut Grove modern waterfront built in 2014 at 1835 Fairhaven Pl. is currently listed for $3,850,000. The home is located right off S Bayshore Dr. with private water access that includes a 50' seawall with dock and ocean access. The home is 5,338 SF with 4 bedrooms 4 bathrooms and 1 half-bath. It also includes an outdoor entertainment area with summer kitchen and pool, a rooftop terrace with water views and a luxurious master suite with water views and a private terrace. Its modern, open design allows for light to flow through and water views throughout. Listing and photos by Riley Smith of EWM Realty International.

2nd Mignonette Location to Open in North Miami Beach

North Miami Beach will have a new hot spot on Biscayne Boulevard as Chef Danny Serfer's Downtown seafood staple Mignonette will open a second location at the old Gourmet Diner owned by Rockwell Holding Group. The Gourmet Diner location is a 2,300 SF restaurant space at 13951 Biscayne Blvd. While the terms of the deal will remain private the list price was about $192K per year or about $16K per month triple net. Rockwell Holding Group is owned by Brett David who also owns the nearby Prestige Imports exotic car dealership. They purchased the old Gourmet Diner for $1.6 million in 2012. Serfer opened Mignonette two years ago and aims to preserve much of the historical charm of the old Gourmet Diner in his new restaurant. 

Ernst & Young and Regus Sign Leases at Two MiamiCentral

Ernst & Young and Regus have been announced as the anchor tenants at Two MiamiCentral, the new 190,000 SF Office Building in Downtown Miami. Two MiamiCentral is part of Downtonwn's 11-acre MiamiCentral initiative which also includes MiamiCentral Station which is the future home of the Birghtline. 60% of the potential office space at Two MiamiCentral is now leased as Florida East Coast Industries and Moss & Associates will also occupy the building which was designed by Skidmore, Owings & Merrill and will open in 2017.  For Ernst & Young, the lease will be 108 months with two 60 month options. Along with an affiliate of All Aboard Florida, they have filed a Memorandum of Office Lease for 23,163 SF of the office space. Rail service will also commence in 2017. Learn more about MiamiCentral Station in our August Construction Update. 

Price Drop at Mansions at Acqualina 3802

There has been a price drop at The Mansions at Acqualina as Unit 3802 listed by Chad Carroll has been reduced from $8,205,000 to $7,995,000. The unit is located directly below the penthouse and is 4,609 SF with dramatic views of the Atlantic Ocean. The layout is a 4 bedroom, 6 bathroom with one half-bath along with a chef's kitchen, custom closets and Fendi Casa interiors. It also features oversized balconies complete with a summer kitchen and private jacuzzi. 

On site amenities include the Five-Diamond Acqualina Resort and Spa, a palatial Grand Room designed for entertainment, private cinema, gaming room and children’s center, virtual golf, and cigar lounge that will surpass your every expectation from the world’s finest residences. In addition to their extensive services, the Mansions at Acqualina also offer privileged access to Il Mulino New York, the oceanfront Costa Grill, and Acqualina Beach Club, Bar, and Hair Salon. You can read about the Mansions at Acqualina here. 14 units are currently listed on the MLS. 3802 is listed with Chad Carroll of Douglass Elliman Real Estate for 7,995,000 or rent at $43,000 per month. Photos by Douglass Elliman Real Estate.