The YOTEL has gotten its final approvals to come to Downtown Miami from Miami's Planning & Zoning Department. The hotel will be built without parking as the 10 story parking structure was not approved, an increasingly popular aspect of new construction buildings in the Downtown area as Miami continues to grow into a more pedestrian city. The YOTEL will be a 29 story tower, which is being designed by Stantec, will include both 188 apartment rentals and 225 micro-sized hotel units. The YOTEL is being developed as a joint venture between Agarat, a Kuwaiti real estate company, and Aria Development Group.
Developer Robert Wennett Sells Iconic Mixed-Use Parking Garage, 1111 Lincoln Road
Bayerische Versorgungskammer (BVK), a German investment fund, has purchased the iconic, mixed-use parking garage from developer Robert Wennett. The deal was reached at $283 million and includes adjacent retail space at 1664 Lenox Avenue and 1666 Lenox Avenue. The total assemblage comes to around 146,327 SF, all roughly equating to around $1,932 SF on the sale. BKV financed the purchase with a $66.85 million mortgage from Universal-Investment-Gesellschaft mBh. Wennett originally purchased the properties for $23.5 million in 2005 before undergoing heavy development. 1111 Lincoln Road is an award-winning, mixed-use parking garage designed by Herzog & de Meuron in 2010, that has become an iconic part of Lincoln Road, Alton Road and South Beach. The 7 story, exposed concreted, mixed-use parking structure itself features 94,488 SF of office space, 51,839 SF of retail space, and a 300 parking spaces which can also be used as event space. Ground floor retail space has floor-to-ceiling glass storefronts with high ceilings along with another retail space located on level 5 that also features floor-to-ceiling glass to provide amazing views of the Miami skyline.
Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove
Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood. The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of 'adaptive reuse' infill development in Miami. Construction is expected to begin in early August 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida's most walkable and self-contained urban neighborhoods.
Mary Street's Touzet Studio design will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means. The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice Streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.
“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project's superior location, and the surge of interest we've received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra.
Penthouse at Auberge Beach Residences & Spa Fort Lauderdale Goes Under Contract for $9.5 Million
A penthouse unit at Auberge Beach Residences & Spa Fort Lauderdale has gone under contract for a Broward County condo sale record $9.5 million at $1,670 SF. The two level unit features 5 bedrooms and 6.5 bathrooms spread over 5,686 SF. The unit also features a private rooftop terrace with plunge pool. The record for most expensive condo sale in Broward County was previously help by Auberge Beach Residences & Spa as well, set with an $8.9 million penthouse sale last year (2016).
Auberge Beach Residences & Spa features 171 flow-through condominium residences spread over two towers designed by Nichols Brosch Wurst Wolfe & Associates with interiors by Meyer Davis Design Studio. Units feature private elevator access, sunrise and sunset terraces, and floor-to-ceiling glass for unobstructed ocean views. The project is being developed by PRH Fairwinds, a partnership between Related Group, Fairwinds Group and Fortune International. The building's amenities include 2 beachfront swimming pools, full-service spa, 2 restaurants, golf simulator and a state-of-the-art fitness center. Delivery is expected in the summer of 2018.
Tour the Newly Opened Sales Gallery at Aston Martin Residences
G and G Business Developments, the developers behind Aston Martin Residences, and Aston Martin, have unveiled the luxurious, three-level gallery style Sales Center located at 300 Biscayne Boulevard. The Sales Center showcases signature Aston Martin elements and materials that will be incorporated into the design of the building, along with a $2.5 million limited edition Aston Martin Vulcan, one of only 24 in the world will be on permanent display at the sales center’s entrance.
“In this, our first residential development, the interiors are inspired by Aston Martin, but take into consideration Miami’s tropical environment. Our design language is based on beauty and the honesty and authenticity of materials. It’s simple and pure and it has an elegance attached to beautiful proportions. We are incorporating AstonMartin’s DNA through subtle details and fine craftsmanship, with an emphasis on comfort,” said Aston Martin EVP and Chief Creative Officer Marek Reichman. Reichman designed the interior spaces including the two private lobbies, the 2 level fitness center with ocean views and the full-service spa amongst other amenity spaces in the development. These beautiful spaces will be encased in a bold sail-shaped building, an engineering masterpiece designed by Revuelta Architecture and Bodas Miani Anger, renowned for creating landmark properties that are aesthetically pleasing and yet grounded in performance and purpose.
The tower's interiors will feature lighting and handmade detail based on the car in addition to hand-adorned residence door numbers from the same jewelers that place the logo on the hood of Aston Martin cars. The building will features floor-to-ceiling glass with no visible concrete, including glass encased support beams. Units start at $500,000 and range up to $7,000,000 for the "River and Panoramic Residences" part of the building and $14,000,000 to $35,000,000 for the "Penthouses." The ultimate unit will be a triplex penthouse that comes complete with a private pool, helipad and Aston Martin Vulcan.
“We have been overwhelmed by the positive response from the market – pre-sales are extremely encouraging and I’m delighted that we are on schedule both in terms of the development and pre-sales. In Aston Martin, we found the perfect partner – one that resonates globally and is the definition of timeless luxury. Together with the Aston Martin design team, we are creating the ultimate tower that will contribute to redefine the new Miami skyline and support to the local economy and the wider community,” said German Coto, CEO of G and G Business Developments. Aston Martin Residences is expected to break ground this fall (Fall 2017) with expected delivery in 2021.
Check-out our latest coverage of Aston Martin Residences newest release of renderings from earlier this month (June 2017).
Verzasca Group's 2000 Biscayne Approved to Change to Apartment Rentals
The Miami Urban Development Review Board has approved Verzasca Group's 2000 Biscayne change from condominium to apartment rentals. The 36-story, 200,000 SF building is being designed by Dorsky + Yue International Architecture and features 393 residential units ranging from studio to 3 bedrooms. The project still needs to be approved by Miami's Planning & Zoning Department.
Miami Beach Sunset Island Home Listed by EWM Realty International Selected as Finalist in HGTV's Ultimate House Hunters
2821 Lucerne Ave., listed by EWM Realty International sales associate David Solomon represents a property selected as a finalist in the 2017 HGTV Ultimate House Hunt, a month-long online promotion being held on HGTV.com from June 13 through July 18. During the contest period, consumers vote for their favorite homes among 64 finalists in eight different categories. The listing was selected by editors of HGTV.com as a finalist in the Modern Masterpieces category, based on its extraordinary features and inspirational design, captured by striking photography.
“We have so many beautiful and unique homes across South Florida, and we are glad that one of our modern manses in Miami Beach was selected” said Ron Shuffield of EWM Realty International.
2821 Lucerne Avenue is located on Sunset Island #1. The turnkey home is 5,200 SF featuring 6 bedrooms and 7.5 bathrooms. The home has 5 guest suites, a large master bedroom, staff quarters, art walls for the art lover and a beautifully crafted chef’s kitchen. Lush landscaping throughout the residence offers a calm and tranquil vibe to the living spaces with a tropical lifestyle. Sliding floor-to-ceiling glass optimizes year round living and the ability to blend indoor/outdoor entertainment and living spaces. 2821 Lucerne Ave. is currently listed for $5,999,999 with David Solomon of EWM Realty International. Enjoy the photo tour below.
Tour the W South Beach Penthouse That Just Set The Bar For 2017 Condo Sales
A penthouse at W South Beach just sold for $10.2 million, setting the bar for 2017 condo sales as the highest sale per square foot this year (2017) at $3,502 SF. The residence is 3 bedrooms and 3 bathrooms spread over 2,912 SF with an additional 3,000 SF of outdoor space. The Yabu Pushelberg designed unit features quartz counters, marble bathrooms, Creston smark home system and Lutorn lighting. Outdoors the unit also features a private lap pool, hot tub and lounge area overlooking the beach. The unit was listed with Farid Moussallem and Miltiadis Kastanis of the Miami Lifestyle Team at Compass for $15 million and the buyer was represented by Luis Gonell of Engel & Voelkers. Enjoy the photo tour below.
Coconut Grove Townhome Complete with Private Dock Closes at Record Price Per Square Foot
A 2 bedroom, 3.5 bathroom residence that spans 1,870 SF and features sweeping views of Biscayne Bay has set a new record for closed sale townhomes in Coconut Grove. Located at 3570 W. Fairview Street. #A6, the 3-story waterfront villa closed for $1,625,000, or $869 SF, marking the sale as the highest price per square foot townhome ever sold in Coconut Grove. The prpoerty includes a stunning waterfall quartz custom island bar, high-tech home automation system, and a detailed design throughout including an array of Italian porcelain tile, Brazilian cherry wood floors, and forest salvaged tapped maple wood accents. The home also comes with its own boat slip for immediate access to deep waters without any bridges in the way. The property was listed with Douglas Elliman's Sari Libbin along with team members, Dan Hechtkopf and Diego Palomo of The Hechtkopf Group.
Real Madrid to Open First Real Madrid Café in United States in Met Square
Real Madrid will open their first Real Madrid Café in the United States in Met Square. The restaurant will cover 12,000 SF over two stories, a 4,000 SF ground level and an 8,000 SF second level. It will feature a restaurant, bar, Real Madrid merchandise store and a VIP lounge. Real Madrid Café is expected to open in early 2018. Met Square is the final phase of Metropolitan Miami which includes the residential towers Met 1, Met3 and Avant, along with the Wells Fargo Center known as Met 2, JW Marriott Marquis Miami and Hotel Beaux Arts Miami. Met Square will also feature Silverspot Cinema.
