Oko Group Obtains $128 Million Loan to Finish Construction on Una Residences

Una Residences Miami
Una Residences Miami

Oko Group and Cain International, developers for Una Residences, have just obtained a loan of $128 million to complete the construction. As of April 2021, $76 million in pre-sales have been recorded with a majority of domestic buyers. The tower is at 72% sold with 2 exclusive penthouse residences left for purchase in the tower.

UNA Residences Construction Overview

The loan was brokered by Walker & Dunlop with representing law firms Weil Gotshal & Manges and King & Spaulding.

According to the CEO of Oko Group, Vlad Doronin stated, “Miami’s increasing global appeal is drawing families to live and businesses to invest in high quality real estate, particularly rare and exclusive offerings such as Una Residences; one of the last opportunities to buy a waterfront property in one of Miami’s most desirable neighborhoods.”

UNA Residences-View from Biscayne Bay.

This tower will feature 47 stories of 135 units located at 175 S.E. 25th Road on 1.04 acres right up against Biscayne Bay.

BUILDING FEATURES

  • 135 luxury condominium residences
  • Iconic 45-story waterfront condominium
  • 2 to 5 bedroom residences ranging from 1,100 to 4,786 sq ft
  • Unobstructed views of the Atlantic Ocean, Biscayne Bay, and the city skyline
  • High-efficiency and noise-reducing floor-to-ceiling exterior glass
  • Three levels of underground parking

RESIDENCE FEATURES

  • Private elevator entries into each residence
  • Expansive terraces with effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings
  • 10’8″ ceiling heights, above Miami standard
  • Chef’s kitchens with Gaggenau ovens, electric induction cook tops, microwaves, dishwashers, and refrigerators/freezers
  • Master suites with separate his and hers closets and bathrooms
  • Utility rooms with full-sized washers and dryers
  • Flow-through residences with east-to-west ocean and city exposures on the top floors
  • Two penthouses, each with a private pool and 11’7″ to 12’4″ ceilings

AMENITIES

  • Bayfront pool
  • Outdoor lap pool
  • Family pool
  • Jacuzzi
  • Catering kitchen
  • Kids’ splash-pad area
  • Owners’ lounge
  • Private dining/party room
  • Movie theater
  • Kids’ playroom
  • Outdoor lounge
  • Baywalk access
  • State-of-the-art fitness center, with yoga and personal training areas, plus his and hers dressing rooms
  • Private marina
  • Spa with steam room and sauna, as well as indoor and outdoor private massage treatment rooms overlooking the bay
  • Dedicated beauty suite for private hair styling, manicure and pedicure appointments
  • Beautifully landscaped outdoor terraces
  • Dog-walk area
  • Private air-conditioned storage areas

SERVICES

  • 24-hour concierge service
  • Combination of valet service and self-parking
  • Package room

The ground breaking was in May 2020 and the 47-story tower is expected to be complete in 2023. For a construction update, click here.

Rilea Group Launches Campaign to Crowdfund Mohawk at Wynwood Project

Rilea Group plans to develop Mohawk at Wynwood
Mohawk at Wynwood

Miami-based developer, Rilea Group has launched a campaign to crowdfund a mixed-use project, called Mohawk at Wynwood, through an investor community known as RealtyMogul. This platform is comprised of 200,000 investors with a $2.8 billion portfolio that backs over 15,000 multi-family units.

The campaign was launched on April 5, 2021 and is expected to end June 4, 2021. The goal for Rilea Group is to raise $10 million through RealtyMogul with an overall price tag of $103.4 million.

Mohawk’s design brings the edginess of local artist’s murals and modern steel framing to create a master piece that targets young entrepreneurs.

Building Features:

  • 12-story building
  • 225 residences
  • 3,500 square feet of office space (for residents only)
  • 22,000 square feet of retail space
  • Designed by Deforma Studios
  • 1, 2, and 3 bedroom unit options

Building Amenities:

  • Rooftop pool
  • Bar
  • Lounge
  • Chef’s dining room
  • Children’s room
  • Game room
  • 2-story gym
  • Yoga room
  • Dog park
  • Outdoor greenway

Rilea group is currently under contract with 29th Street Warehouses LLC for the Mohawk lot located at 56 N.E. 29th Street on a 1.5 acre property.

Did Derek Jeter Purchase a $16.6 Million Lot in Coral Gables?

Derek Jeter moves to Coral Gables
Derek Jeter buys lot in Coral Gables

Baseball Hall of Famer and Miami Marlins CEO, Derek Jeter may have purchased a waterfront lot in Coral Gables, Florida.

According to a recent article published by the Florida Business Journal, a Detroit P.O. Box that Jeter has used in the past, was listed on the deed that purchased a 1.91 acre vacant lot at 625 Leucadendra Drive for $16.6 million.

The lot features 325 feet of waterfront with a dock and was last purchased at $13.95 million. According to the MLS, the property has the ability to build a 20,000 square foot residential home.

The P.O. Box that was used in the purchase was the same as the one that was listed when Jeter sold his mansion in Tampa in 2020. Jeter sold the 1.2 acre property at 59 Bahama Circle for a cool $29 million; which featured 22,000 square feet of living space, 7 bedrooms, 16 bathrooms, 6 car garage, and pool with spa.

Jeter moved to South Florida after purchasing the Marlins in 2017 for $1.2 billion. Jeter currently resides at the Ritz Carlton Residences in Miami Beach.

Florida Hits the Jackpot – Seminole Tribe and Governor DeSantis Signs Gaming and Betting Agreement

Mobile Sport Betting is Coming to Florida
Gambling and Casinos Are Coming to Florida

Governor Ron DeSantis is at it again! Back in March, DeSantis met with lawmakers to discuss possible options to bring betting and gaming to Florida, specifically Miami. Now, his plan seems to be falling into place.

A historic deal took place on Friday when Governor DeSantis signed a gaming compact with the Seminole Tribe of Florida that would bring ‘mobile sports betting’ as well as ‘Vegas-style’ casinos to tribal facilities in Florida. According to Marcellus Osceola Jr. on Friday, Chairman of the Seminole Tribe of Florida, stated “The agreement we are about to sign is going to be life changing for our tribe.”

Mobile Sport Betting is Coming to Florida

What the Agreement Will Look Like

  • Ages 21 and older (located within Florida) can use the app to place sports bets (sports teams would not be allowed to bet)
  • Bets would be routed through the Seminole Tribe for the next 30 years
  • The Seminole Tribe would agree to pay $500 million in annual payments to Florida (this amount could increase depending upon the market and profits)
  • The agreement would allow the transfer of slot machine licenses within Miami-Dade and Broward counties
  • An exclusive right to operate craps and roulette at all of the Tribe’s casinos and to build three more casinos on existing tribal property

Challenges Facing the Agreement

This agreement may come up against some legal challenges due to a constitutional amendment that was passed by voters in 2018 that requires a vote for all new games in Florida. Miami business leader, Armando Codina has hired a lawyer to fight the gambling agreement and if the agreement is approved, he stated that he plans to sue the State of Florida. According to the Miami Herald, there are others that plan on joining the fight if approved.

Final Notes

Before approval, this agreement must be ratified by the Florida Legislature as well as approved by the U.S. Department of Interior. Governor DeSantis and Senate leaders are due to meet on May 17th to discuss the issue and is expecting approval for the compact by August 2021. According to the Miami Herald, if this agreement is approved it will be the “most populous state in the nation to offer mobile sports betting!”

Melo Group Proposes Two-Story Tower in Wynwood Named Urban22

Rendering for Urban22
Rendering of the Urban22 Tower

The Melo Group is a well-known development group in the Miami area. After completing 6,000+ residential units in Miami over the years, they currently have 2,000 units under construction.

According to The Real Deal, the group met with Miami’s Urban Development Review Board on April 21st to propose a two-tower multi-use project called Urban22 in the Wynwood neighborhood.

Multiple parcels making up the 1.94 acre site stretch’s from Second Avenue, 22nd Street, to 23rd street. The Melo Group started purchasing these sites in 2011.

Each 15-story tower would total 708,119 square feet with an 8-story podium connecting between the two. The towers will feature a proposed 441 apartments, 7,168 sq. ft. of retail, 5,692 sq. ft. of office space, and 529 parking spaces. The garage will feature a pool deck on top

The apartments would range from 725 to 1,200 sq. ft. with studio to three bedroom options.

  • 4 studios
  • 243, one bedroom
  • 152, two bedrooms
  • 42, three bedrooms

There has been no update on what the Urban Development Review Board has concluded but we will continue to monitor this proposed project.

Brickell House Finally Finds Solution to Its Parking Garage Woes

Brickell House Aerial View
Brickell House Aerial View

All eyes on are on Brickell House condominium tower after years of fighting a parking garage battle! More than 6 years in the making, owners now see a solution to their parking concerns.

The Brickell House Association has contracted ParkPlus High Density Parking Systems to complete the parking replacement project. ParkPlus has 50+ years of history in parking automation and they offer a number of solutions for any need; including robotic parking solutions, self-park stacking, and manually operated stacking.

Brickell House Condos Miami

The parking replacement project is estimated to take up to 77 weeks once permits and approval from the city are in place. ParkPlus is estimating 411 parking places with 80 spaces for electric vehicle charges. With the new system in place, it is estimated that 95 vehicles can be parked per hour.

With the $72 million awarded from the previous parking systems lawsuit, the Association will be able to cover the transition to this parking project making a special assessment not necessary for unit owners. The Brickell House Association has stated that they have taken into account the cost of preventative maintenance for 15 years but may need to revaluate due to technology advances in the future.

Brickell House Balcony View

ParkPlus is bonded and insured, and the Association has additional insurances if the need arises. Initially there will be valet parking only, which will eventually transition into self-parking. Until the transition occurs, there will be personnel ready to assist in the parking and loading areas.

With this new parking replacement project in full swing, prices for Brickell House condos should rebound over the next few years as there is finally a light at the end of the tunnel!

Is Cryptocurrency Changing the Miami Real Estate Market?

Cryptocurrency
Cryptocurrency and Bitcoin

With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.

Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.

According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.

Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”

Cryptocurrency in Real Estate

There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.

One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.

Formula One Racing Comes to Miami – Scheduled for 2022

Miami Formula One Racing
Formula Racing Heads to Miami 2022

Formula One racing is heading to Florida! For those who are unfamiliar with Formula One, it is an international auto race for single-seater formula racing cars. It is considered one of the, “Premier forms of racing of the world since the inaugural season in 1950,” according to a spokesperson for Formula One.

The new Miami Grand Prix is scheduled for the the fall season of 2022. The exact day is still to be determined but the President of Formula 1 stated that it will be a 10 year deal for Miami. The Hard Rock Stadium in Miami Gardens (home of the Miami Dolphins) will be hosting the event.

Miami Formula One Racing

“The Hard Rock Stadium entertainment campus in Miami Gardens exists to host the biggest global events to benefit the entire greater Miami region and Formula 1 racing is as big as it gets,” stated the Vice-Chairman, President & CEO of Hard Rock Stadium.

According to the press release by Formula 1, the track will be 5.41 km (3.361 miles), 19 corners, 3 straightaways, and 3 DRS zones. The top speed is estimated at 320 km/h (198.83 mph).

This is an exciting and historical time because Miami will be the 11th location in the United States to host the Formula One Gran Prix Race since the Championship began in 1950. Other cities include, Las Vegas, Detroit, Dallas, and Phoenix.

The partnership hopes to provide a boost in tourism for the Miami area and discounted tickets will be available for Miami Gardens residents. Miami will also see a STEM education program provided by Formula 1, along with local business and community support programs.

This is definitely an exciting time to be living in Miami!

Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market

Continuum South Beach Pool View
Continuum South Beach Pool View

You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!

Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.

Continuum South Beach Penthouse Foyer

Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.

Continuum South Beach Miami Penthouse

Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.

Continuum Penthouse Kitchen

The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.

Continuum South Beach Penthouse

With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!

Continuum South Beach Rooftop View
Continuum South Beach City View
South Beach Aerial View

Miami Q1 Residential Condo and Single Family Home Numbers are In, and They Look Good!

Q1 Sales for Miami
Miami-Dade County Q1 Sales Report by Douglas Elliman

According to the quarterly Douglas Elliman’s report for Q1 in Miami-Dade County, residential sales continue to rise. With limited inventory of single-family residences and condominiums, prices and sales have increased drastically.

Single-family sales increased by 162 percent and new signed contracts for condo sales have increased by 338.9 percent.

What’s interesting for both condo and residential sales in Miami, the sales price of $5 million and higher have increased substantially. With condo sales over $5 million at a 492.2 percent increase and residential sales over $10 million at a 339.5 percent increase.

Miami-Dade County Q1 Residential Sales Report

The median condo sale price is at $300,000, with a 14 percent increase compared to this time last year. According to the report, “Condos showed much larger gains due to their earlier slowdown in activity early on in the pandemic.”

For Miami Beach, sales of condos and houses increased by 85% with 1,425 closings in Miami Beach. Nearly 10-month supply for single-family homes and condos remained. Condo sales in Miami Beach have increased by 75 percent to 1,192 sales. The median condo price at $510,000 rose 44 percent compared to this time last year.

Read the full report below: