Plans and a new rendering have been released of the 40-story proposed Courtyard by Marriott Hotel in Downtown Miami. The Allan Shulman designed hotel tower is expected to rise 580 feet and will feature 270 hotel rooms along with a rooftop bar, office space and retail space. The design will feature a unique curtain wall system of colored glass. The 11,700 SF lot, which Mandala Holdings purchased for $8 million in 2016, is across adjacent to Genting's property for Resorts World Miami as well as the Metromover. The Courtyard by Marriott project is expected for completion in 2020.
Sales Update: Renzo Piano's Eighty Seven Park Passes 60% Sold, To Break Ground Next Month
Terra's Eighty Seven Park in Surfside, designed by the legendary Renzo Piano, is reporting that pre-sales at the tower have passed the 60% mark and the developers are aiming to break ground next month (August 2017). Douglas Elliman Development Marketing is overseeing sales where reportedly among notable buyers is Million Dollar Listing New York's Fredrik Eklund. Eighty Seven Park is a joint venture headed up by Terra with Bizzi & Partners Development, New Valley and Pacific Eagles Holdings Corporation.
Eighty Seven Park is located on Collins Avenue in North Beach at 87th St. and Collins, which is 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 was designed by famed designer and Pritzker Prize-winning architect Renzo Piano Building Workshop in collaboration with RDAI, West 8 designed the landscape architecture and Ruben and Isabel Toledo will handle branding and marketing material. Eighty Seven Park 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. Eighty Seven Park is expected to be completed in 2018.
Construction Update: Three MiamiCentral, MiamiCentral's First Office Building, to Open by End of Summer
Three MiamiCentral, the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami, is expected to open by the end of the summer (2017). The second office building, Two MiamiCentral, is expected to open in the fall (2017). Three MiamiCentral features 90,000 SF of rentable Class A Office Space, 35,000 SF of rentable ground level retail space and is adjacent to the MiamiCentral transit station. Two MiamiCentral will feature 190,000 SF of Class A Office Space with tenants including Ernst & Young, Cisneros, Moss & Associates, Venevision International Enterprises, Fortress Investment Group, Florida EAst Coast Industries and Regus. Rental rates at Two MiamiCentral are around $33 to $35 SF triple net; and $29 per square foot at Three MiamiCentral. MiamiCentral will feature All Aboard Florida's Brightline station for rail service connecting Fort Lauderdale, Palm Beach and Orlando.
South Miami Becomes First City in Florida to Mandate Solar Panels on New Homes
South Miami has become the first city in Florida to mandate solar panels on new homes, joining 3 cities in California including San Francisco as the only cities in the U.S. to implement the legislation. The mandate also applies to those seeing to increase the square footage of their home by 75% or more. The legislation states that there must be 2.75 kW for every 1,000 SF of roof space.
“This is about my children and my grandchildren and your children and grandchildren. We are running out of time. It benefits everybody except auto companies and the utilities,” said South Miami Mayor Phillip Stoddard.
The mandate has been met with opposition from residents, developers and city officials alike, as some feel that it is another case of government overreach. Others argue that the new mandates push the cost of living higher, hurting affordable housing and development in the city.
“All over South Miami, houses are being torn down,”said South Miami City Commissioner Josh Liebman. “This is government bureaucracy on the most micro-level. We must protect freedom of choice.”
Stoddard has advocated for implementing renewable energy solutions and reducing carbon emissions to help combat environmental factors such as global warming and rising sea levels. The final vote is on July 18, 2017 and is expected to pass after city commissioners approved the legislation 4-1 in early July 2017. Tesla's sister company, Solarcity, headed by Elon Musk has made major inroads bringing renewable energy to consumers offering solar panels, an integrated "Solar Roof" that is blended into the roof shingles, and a Powerwall that acts as a generator. Images via Solarcity.
Celebrating 1 Year of PROFILEmiami
How fast time can pass, PROFILEmiami is already turning 1! We would like to thank all of our dedicated readers who have joined us over the past year into our exploration and immersion into Miami real estate. What a journey it has been from launching our leading Miami real estate news platform in July 2016, to our exclusive behind-the-scenes tours of Miami's coolest new construction buildings and hottest homes, to our PROFILE Exclusive Interviews with industry leaders including David Martin (Terra), Ralph Choeff (Choeff Levy Fischman), Carlos and Martin Melo (The Melo Group), and Dan Kodsi (PARAMOUNT Miami Worldcenter), amongst others.; to launching our newest platform, PROFILEnyc. Stay tuned through 2017 for more exclusive, behind-the-scenes content and up-to-date coverage on the hottest new developments, market trends, coolest homes and Miami's ever-changing real estate landscape.
To recap our first year, here are some of our favorite articles from the past 12 months as picked by our editors!
Featured
Inside Edgewater's Missoni Baia, The First Residential Development From the Legendary Fashion House
From Vladislav Doronin OKO Group and Missoni comes Missoni Baia, an exclusive collection residences that celebrate the timeless appeal of waterfront living on Biscayne Bay in Edgewater. Missoni Baia will rise 57 stories and feature 229 condo residences along with over 200 feet of frontage on Biscayne Bay. Missoni Baia is the first residential development from the internationally renowned luxury fashion and design house and is being developed by OKO Group, the Miami-based real estate firm founded by International real estate billionaire, Vladislav Doronin.
Prices start in the $500,000's for a 1 bedroom residence and range up to $2,897,226 for a 4 bedroom + family + utility room residence. Missoni Bia was designed by Hani Rashid of Asymptote Architecture, who are pioneers in the convergence of art and technology in architectural design. The firm is best known for its eye-catching international projects including the Yas Viceroy Abu Dhabi Hotel. Missoni Baia will feature minimalist modern design and architecture to maximize natural light with exterior sculptural, structural columns wrapped in aluminum framing the building.
Residence interiors are designed by Paris Forino, a rising star in interior design who was named one of the top design firms in New York City by the New York Post in 2015. Missoni Baia will incorporate Missoni’s trademark colorful design palette and Missoni Home collection in the public spaces and amenities. Lush tropical landscaping throughout the property is designed by renowned Swiss landscape architect Enzo Ena, weaves together the indoor and outdoor spaces. The building includes 4 levels of amenities including a flow-through deck with cabanas, hot and cold plunge pools, lap pool, children's pool, tennis courts, gym, spa, yoga room, pet spa, hair and nail salon, an Infinity Edge pool and access to the city's bay walk initiative.
Fort Lauderdale Approves FATCity in FATVillage
Fort Lauderdale city commissioners unanimously approved FATCity, Flager Arts and Technology City in FATVillage. The mixed-use project is being developed by Triana Cos will total 1.35 million SF within 2, 30 story towers designed by Adache Group Architects. FATcity will feature retail, 270,000 SF of office space, hospitality, 612 residential units and 1,300 parking spaces. FATCity is expected to break ground around the end of 2018.
Mast Capital + Angelo, Gordon & Co. Purchase Conrad Miami for $72 Million
Mast Capital, a Miami-based investment and development firm, and Angelo, Gordon & Co. have purchased the Conrad Miami from Holborn LC for $72 million. They will operate the hotel as a joint venture and have agreed with HEI Hotels & Resorts to enter the first Conrad Hotels & Resorts franchise agreement within the United States. The flagship Conrad Miami is located with the iconic Brickell Arch Tower. The interest purchased includes 203 hotel keys, a rooftop amenity deck, and a condo-hotel rental program, which currently has 41 out of 116 residential units participating. The Brickell Arch Tower contains 267,000 SF of rentable Class A office, 203 hotel keys, and 116 luxury residential units.
“This property was extremely compelling because of its prominent location on Brickell Avenue and world class architectural design,” said Camilo Miguel Jr., CEO of Mast Capital. “It is exciting to have the opportunity to fully realize the potential of the property. We are confident that the Conrad brand’s concept of smart luxury will be favored by guests and residents for years to come.”
The transaction was facilitated by Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels. Mast Capital was represented by Kimberly LeCompte (acquisition), Joel Maser (corporate), Iris Escarra (zoning), Nancy Lash (loan), Nelson Migdal (hospitality) Andrew Sharpe (acquisition) and Brian Dombrowski (zoning) from Greenberg Traurig’s Miami, Washington D.C. and Fort Lauderdale offices. Lauren Giovannone and Michael Bradford from Paul Hastings’ Los Angeles office acted as co-counsel with Greenberg Traurig. The seller was represented by Suzanne Amaducci-Adams and Alexander Roitman (disposition) from Bilzin Sumberg Baena Price & Axelrod LLP’s Miami office.
1 Hotel & Homes Reports Strong First Half of 2017 With $23 Million in Sales
1 Hotel & Homes is reporting a strong first half of 2017 with over $23 million in sales. While many projects have had to readjust their pricing, South Beach has seen some strong closings including a 3 bedroom unit in the Setai which recently closed for $5.5 million and a 3 bedroom penthouse at W South Beach which recently closed for $10.2 million. Notable sales from 1 Hotel & Homes over the period include the closing of Penthouse 1717, a 4 bedroom, 3.5 bathroom residence spread over 3,278 SF of interior living space and 1,907 SF of outdoor space. The unit closed for $6.975 million just five days after hitting the market. Additionally, Penthouse 1706, a 2,552 SF, 3 bedroom and 3.5 bathroom penthouse closed for $5.45 million in June; as well as Penthouse 1604, a 1,907 SF, 3 bedroom and 3.5 bathroom penthouse, which sold for $3.4 million.
1 Hotel & Homes is located on 600' of pristine beachfront and an entire city block of Collins Avenue. 1 Hotel & Homes South Beach features 155 private residences atop a 425-key luxury resort. 1 Hotel & Homes South Beach is a unique, eco-friendly, LEED-Certified oceanfront property inspired by nature and crafted from sustainable materials. Residences feature interior design by award-winning Brazilian architect Debora Aguiar, and the penthouses at 1 Homes feature top-of-the-line Artefacto furnishings. The interiors boast custom Italkraft kitchens with imported Italian silver travertine, white quartz countertops, Wolf appliances, Dornbracht faucets and trash, composting and recycling bins. Owners at 1 Hotel & Homes South Beach can enjoy an array of 5-star amenities including 4 oceanfront swimming pools, private residence entrance staffed with 24-hour concierge services and valet parking, beach club, a Tesla house car service; pre-arrival kitchen and pantry stocking with a local, organic option; in-home natural care botanical service and eco-conscious housekeeping and linen service, access to three restaurants and bars from award-winning chef Tom Colicchio, including Beachcraft, and a rooftop pool and restaurant-bar with panoramic views of the Atlantic Ocean and Miami skyline. Remaining inventory ranges in size from 1,694 square feet to 4,207 square feet and is priced from $3.8 million with exclusive sales and marketing by Douglas Elliman Development Marketing.
“Discerning buyers from across the globe continue to be attracted to the eco-conscious healthy lifestyle one can only find here,” said Richard LeFrak, LeFrak Chairman & CEO. “1 Hotel & Homes combines stunning fully-designed, turn-key residences with five-star resort amenities that include the Bamford Haybarn Spa, the Spartan gym, exquisite dining, aqua-blue beaches and the most beautiful panoramic views of the city and the Atlantic Ocean. 1 Hotel & Homes rewards the discriminating buyer.”
Tour the Newly Unveiled Penthouse 1612 of 1 Hotel & Homes Designed by Artefacto
Tour the South-of-Fifth Condo in Murano Grande With Spectacular Views That Just Closed for $3.8 Million
A spectacular 3 bedrooms spread in Murano Grande at 400 Alton Road has closed for $3.8 million. Unit 3203 spans 3,058 SF spread over 3 bedrooms and 3.5 bathrooms. The flow-through unit features breathtaking views throughout of Biscayne Bay, the Atlantic Ocean, Miami Beach skyline, Downtown Miami and Brickell Skylines, Fisher Island and Key Biscayne, amongst others. The unit also features private elevator access, granite counters, wood floors, expansive open kitchen, and large, oversized, sunrise and sunset terraces on both sides. Unit 3203, which closed for $1,243 SF, represents the highest sold price per square foot for that line in the building in over 3 years. Murano Grande 3203 was listed with Adriano Pinto-Torres, Tracy Ferrer and Mariela Stochetti of Douglas Elliman’s APT Team.
