Developer for Ocean Terrace Project Seeks Expansion Approval
Photo Credit: Ocean Terrace Holdings
Plans that were originally approved in 2019 for the historic Ocean Terrace district are being revisited in hopes to expand the project located at 7409-49 Collins Avenue and 7400-50 Ocean Terrace.
The original approved plans included 78 hotel rooms that will be renovated through the historic Broadmoor and Ocean Surg hotels, 58 residential units, and 18,060 square feet of retail space.
The new plans, submitted by developer Ocean Terrace Holdings, would include 75 residential condo units that would range from 1,198 to 2,555 square feet options. In the revised plans, it includes 2 top-floor penthouses that range from 4,028 to 4,332 square feet of living space, each with a rooftop pool.
Photo Credit: Ocean Terrace Holdings
Hotel rooms would also increase to 127 with 55 of the units residing in the historic building. The rest of the units will reside in the new 11-story building that will feature a rooftop pool.
Photo Credit: Ocean Terrace Holdings
The retail space will include 3 pools and 17,474 square feet of space. The new construction will total 525,692 square feet including the parking garage. The original proposal was approved at 359,590.
Architect includes Revuelta Architecture Internation and RJ Heisenbottle Architects is in charge of the historic preservation design.
The Historic Preservation Board will be meeting on September 13 to consider these revised plans. These plans will also include an oceanfront public space. Once the plans are approved, the developer would like to begin construction immediately. The public space and condo tower construction would start in 2022.
Photo Credit: Ocean Terrace Holdings
Construction on Miami World Center ‘Jewel Box’ Begins
Photo Credit: Miami Worldcenter Associates
Miami Worldcenter is a 27-acre urban destination development that will bring new businesses, real estate opportunities, and most of all a new energy to downtown Miami. This site will be a unique blend of commercial and residential towers including Paramount Miami Worldcenter, Miami Worldtower, and Legacy Tower.
Construction for the signature “Jewel Box” in the middle of Miami Worldcenter will feature a retail building that will be located at 150 N.E. Eighth Street. The 2-story tower will boast 78,000 square feet of retail space with a rooftop terrace and public gathering space.
Photo Credit: Miami Worldcenter Associates
Developed by Miami-based Miami Worldcenter Associated and Los Angeles-based CIM Group. The Jewel Box will be designed by Coral Gables-based Nichols Brosch Wurst Wolfe & Associates.
Managing partner of Miami Worldcenter Associates stated, “The final elements of this world-class retail development plan are coming together, and the design and concept for the signature ‘Jewel Box’ element reflects the strong feedback we’ve received from brands from around the world and across South Florida.”
The jewel box will feature floor-to-ceiling glass that will reflect the outside elements that will create a jewel-like effect. Mixing the designs of a boutique retail space and diverse entertainment, the jewel box will be the “go-to” place for all Miami residences.
Construction for the jewel box is currently underway and the anticipated completion date is scheduled for the summer of 2022. Once the full Miami Worldcenter project is complete, the developers are estimating that the cost of the project is $4 billion.
The jewel box is a part of the 130,000 square feet of retail that is already under construction at the Miami Worldcenter with another 150,000 square feet already completed.
Russian Buyer Purchases MarinaBlue Condo with Cryptocurrency
Cryptocurrency has made headway this past year within the real estate market. To compete with multiple offers or to make offers more appealing, buyers have been utilizing different types of the digital currency.
The digital asset is not only being accepted for real estate transactions but for the purchase of goods and services as well. Miami nightclubs, retail shops, and airlines are starting to accept this form of payment. Other large chain retail stores including Overstock.com, Microsoft, and Home Depot are also on the crypto train.
Within the real estate market, many developers are beginning to accept crypto on their new construction towers. PMG was one of the first developers to begin accepting crypto on their new construction tower, E11EVEN Hotel & Residences. A penthouse at Arte Surfside was also recognized for being one of the largest cryptocurrency transactions ever.
Lucas Lechuga recently closed on a MarinaBlue unit #4803 to a buyer from Russia for $465,000. The buyer purchased the unit using cryptocurrency. The unit itself features 1 bedroom + den, 1.5 bathrooms that offered views of the ocean, downtown Miami, and Biscayne Bay. This unit boasts 10-foot ceilings with floor-to-ceiling glass windows and marble flooring throughout.
This unit is considered the second-highest price sale for a 1 bedroom ever at MarinaBlue.
Floor-to-ceiling Impact-resistant Sliding Glass Doors and Windows
9-foot Ceilings in Most Condos; 10-foot Ceilings starting on the 44th Floor; Lofts with 18-foot Ceilings
Penthouse Units with 20-foot ceilings
Full-size Stackable Washer and Dryers by Frigidaire
European-style Cabinetry and Stainless Steel Sink in Kitchen
Stainless Steel Refrigerator/Freezer, Microwave and Oven/Stove by Whirlpool
Master Bath Features Marble Floors and Double Vanity
Spacious Walk-in Closets
If you or someone you know have an interest in purchasing one of the units at MarinaBlue, or any information on the cryptocurrency process, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
$12.3 Million Setai Sale Leads Miami Condo Weekly Sales
Sales for Miami-Dade once again surged this past week with the most expensive condo sale closing at Setai Miami Beach. According to the MLS, residential sales totaled $2.7 billion for all of July 2021, reaching 67 percent higher than the previous year.
Condo sales totaled a staggering $148 million compared to last week’s $131 million. The previous week’s volume rose from 208 to a total of 226. The average condo sales price also rose from $632,000 to $640,500.
The most expensive condo sale that occurred was a luxury condo at Setai, which sold for $12.3 million. After 39 days on the market, the unit sold for close to $3,391 per square foot. Our very own, Lucas Lechuga brought in the buyer for this property.
The second-highest and fewest days on the market condo sale occurred at One Thousand Museum for $5.6 million at $1,212 per square foot. This property was on the market for 1 day.
July Sales
Residential sales rose 58% in July with 3,632 closings, which consist of mostly condominium transactions. Single-family sales increased by 15% to 1,373 and condo sales increased by 104% to 2,259 sales.
The luxury market also experienced a leap in sales rising 110% for single-family homes compared to July 2020. For luxury condo sales, an increase of 323% compared to last July.
Avalon Merrick Park Tower Under Construction in Miami
Photo Credit: L & R Structural Corp., Inc.
Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.
When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.
The shell contractor is L&R Structural and the architect will include Arquitectonica.
Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.
Building Amenities
State-of-the-art fitness center with professional-grade cardio and strength equipment
Rooftop, resort-style pool and sundeck with BBQ area and seating
Pet-friendly living with WAG Pet Spa
Coworking space including workspace pods and reservable conference rooms
WiFi access available in common areas
Package lockers for 24/7 package acceptance
Smoke-free living
Controlled access garage parking
Bike storage
Easily accessible to retail and dining, including the Shops at Merrick Park
One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove
Residence Amenities
Studio, one, two, and three-bedroom floor plans
Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
Washer/Dryer in all homes
Walk-in closets
Air conditioning
Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.
Luxury Travel Magazine Names Miami Beach One of the Best Beaches in the U.S.
According to Condé Nast Traveler, a luxury and lifestyle travel magazine, dubbed Miami Beach as one of the best beaches in the United States. Miami Beach stands next to three other beaches in Florida including; Grayton Beach State Park, Dunedin, and Sanibel Island.
The magazine stated, “The siren song of Miami’s South Beach is undeniable…beautiful people, flashy cars, Art Deco architecture: It’s all here.” Condé Nast Traveler highlights that Miami Beach is one of the popular and liveliest areas for tourists in Miami.
The magazine also states that the most touristy areas run parallel to Ocean Drive and locals tend to hang around the South of Fifth neighborhood. “But we say those famous white sands are worth bumping elbows with a few fellows,” according to Condé Nast Traveler.
About Miami Beach
It is no debate that Miami Beach does offer some of the most beautiful properties and beaches in the world. Situated on a barrier island, the coastal city is between the Atlantic Ocean and Biscayne Bay.
The Bass Museum of Art and the New World Symphony are both located in Miami Beach. Other options to visit include a cultural center called the Faena Forum. This cultural center hosts an array of events including; lectures, performances, and large-scale events. Miami Beach is also home to the largest art fair along the east coast.
Miami Beach also has some of the most luxurious condo developments in Miami. Faena House is a 47-unit ultra-luxury condominium tower located at 2901 Collins Avenue. The condos at Faena House are some of the most prized pieces of real estate in South Florida.
Ritz-Carlton Residences Miami Beach located at 4701 N. Merdian Avenue features 15 stand-alone villas comprised of 8 waterfront villas with private boat docks and 7 landside villas surrounded by lush, tropical landscaping. Each of the villas has its own private pool and an air-conditioned two-car garage. Ritz-Carlton Residences features 125 total units.
The lifestyle of Miami Beach is like no other. With its fabulous art and cultural options, luxury condominium buildings, and its vibrant nightlife, there are so many options for every visitor as well as a potential buyer.
Rockstar Energy Drink Founder Purchased Two Waterfront Properties for $35 Million
Photo Credit: BHHS EWM Realty
Founder of Rockstar Energy Drink, Russel Weiner recently purchased 2 waterfront properties in Miami Beach. Located on Pine Tree Drive, the properties were purchased for a combined $35.1 million.
The homes sold include 5011 and 5111 Pine Tree Drive. According to property records, the homes sold for $17 million and $18.1 million. The two properties were sold to a Las Vegas entity that is managed by Russel Weiner’s trust.
Weiner has made significant headway in the South Florida real estate market. In October 2020, Weiner purchased and flipped to homes in North Palm Beach for $48 million from the Swedish model, Elin Nordegren. He also purchased a mansion in 2016 for $20 million. He still owns this home.
According to Forbes, Weiner sold Rockstar Energy to Pepsi for $3.9 billion in 2020. It is estimated that Weiner is worth $4.1 billion.
The sellers, David and Leila Centner, are also the owners of the Centner Academy that is located in the Mami Design District. Earlier this year, the Centner’s received approval from the Miami Beach Design Review Board for an addition on 5011 Pine Tree Drive.
This specific property was built in 1920 by one of the city’s founding families and was designed by architect Russell Pancoast. The approval itself was for a two-story home, relocating the current residence, and relocating the boathouse.
The properties total 3.5 acres each with 150+ water frontage on Indian Creek. The property located at 5111 Pine Tree Drive features 9 bedrooms and 8 bathrooms, with over 20,000 square feet of living space. This property features ‘old world’ charm with hand-crafted hardwood floors, vaulted ceilings, and a Mediterranean design throughout.
The second property located at 5011 Pine Tree Drive is just one property over from 5111. The estate features a 3-story main house, guest house, and 560 square feet of water frontage. This property features a large dock for mega-yachts and multiple vessels. This property previously sold in 2018 for $14.5 million.
Legacy Hotel & Residences Breaks Ground
Photo Credit: owpbrokers
The highly anticipated Legacy Hotel & Residences finally broke ground today at the development site located at 942 NE 1st Avenue in the heart of downtown Miami. In attendance was Ken Russell (City of Miami Commissioner), representatives of Royal Palm Companies, and Peggy Olin (Owp Property representative).
Also known as Legacy Miami Worldcenter, Legacy is one of the newest pre-construction residential towers located in Park West Miami. The luxury tower will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This tower sold out of all the units prior to the groundbreaking and is the first development to sell out prior to construction.
This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium with all of the luxury amenities a 5-star hotel could offer.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.
CONSTRUCTION INFORMATION
DEVELOPER: ROYAL PALM COMPANIES
ARCHITECT: KOBI KARP
DESIGNER: ID & DESIGN INTERNATIONAL
HOTEL AREAS (GROUND LEVEL AND PEDESTAL)
SPECTACULAR 40 FT. HIGH LOBBY WITH GLASS ELEVATORS
SIGNATURE INTERNATIONAL RESTAURANT
FULL-SERVICE CAFÉ WITH LOCALLY SOURCED BAKED GOODS
FIRST OF ITS KIND INTERNATIONAL BUSINESS LOUNGE
GRAND BALLROOM AND EVENT SPACES
SHUL WITH KOSHER KITCHEN
ONE ACRE POOL DECK (9TH FLOOR)
LARGEST DOWNTOWN HOTEL POOL DECK
MULTIPLE WATER FEATURES AND FULL-SERVICE POOL
SIGNATURE RESTAURANT SERVING ALL MEALS
BAR AND LOUNGE
LUXURIOUS DECK FURNITURE
LUSH LANDSCAPING
PLUSH CABANAS
ROOFTOP ATRIUM AND EVENT SPACE
DECADENT LOUNGE WITH SEATING AMIDST GARDENS
FULL-SERVICE BAR FOR INDOOR AND OUTDOOR SEATING
CANTILEVERED, INFINITY-EDGE, SINGAPORE INSPIRED POOL 500-FEET IN THE AIR
ROOFTOP SUNDECK WITH ENDLESS DOWNTOWN VIEWS
PLENTIFUL EVENT SPACE
CENTER FOR HEALTH & PERFORMANCE
50,000 SQ FT MEDICAL CLINIC WITH SUITES FOR HEALTH AND PERFORMANCE
DIAGNOSTICS AND TECHNOLOGY
VIP HEALTH CLUB WITH OPERATING ROOMS AND PRIVATE VIP ENTRANCE
ADVANCED PERFORMANCE TESTING CENTER
WELLNESS (SOME COSTS MAY APPLY BASED ON USAGE AND PROCEDURES)
MEDICAL FITNESS WITH PRESCRIPTION FOR HEALTH
VITALITY SPA
FITNESS STUDIOS
SPORTS MEDICINE/PHYSICAL THERAPY
EUROPEAN STYLED STEAM ROOM
RELAXING SAUNA
ALTITUDE TRAINING ROOM
CRYOTHERAPY CHAMBERS
JUICE/BEVERAGE BAR
IV NUTRITION THERAPY
All but 2 of the 312 units have sold for a combined value of $212 million. Average prices range between $350,000 to $2 million. Royal Palms closed on the construction loan in May 2021. Legacy Hotel & Residences is expected to be completed by 2024.
Phil Collins’ Former Miami Beach Mansion set to be Demolished
Orlando Bravo, managing partner at Chicago-based private equity, Thomas Bravo purchased Phil Collin’s waterfront mansion in January 2021 for $40 million. Since then Bravo has been working with the City of Miami Beach Design Review Board on plans to submit blueprints for a new construction home.
The existing property located at 5800 North Bay Road features 12,153 square feet of living space including 7 bedrooms, 8 full baths, and 3 half-baths. The property also features a pool overlooking the water, a koi pond, and an expansive jacuzzi.
The 200 feet of Biscayne Bay frontage makes this location ideal with a large boat dock. The home was built in 1929 and was expanded in 1986 as well as 1987. The main house was again altered in 1991 and 2006 with kitchen and bathroom updates. The property sits on 1.2 acres of unobstructed Biscayne Bay views.
Bravo plans to replace the home with a more modern-style mansion with a tropical garden surrounding it. The new residence’s main house would include 5 bedrooms, 5 bathrooms, a formal living room, a family room, a dining room, a movie room, and a wet bar. The residence’s 2 car detached garage would host the staff’s quarters, 2 separate suites as well as 2 home offices. The property will keep the current dock and pool but there will be an outdoor kitchen/barbecue area, spa, and gym.
Not only did Phil Collins own the property but Jennifer sold it in 2005 for $13.9 million. According to the Wall Street Journal, the property is being demolished due to the home having issues with flooding.
New Argentine Restaurant Opens its First US Location in North Miami Beach
Photo Credit: La Birra Bar
La Birra Bar is a 20-year-old family-owned restaurant that has officially opened its doors in North Miami Beach. This Argentina restaurant has made a name for itself and has already challenged burger restaurants throughout Miami-Dade.
Known for being “The Best Burger in the World,” the challenge is clear: try and beat their world-class burgers. They don’t consider their burgers like any burgers. They call them creations and they have spent years concocting the perfect recipe. Ingredients like aioli, confit tomatoes, and Milanese mozzarella cheese make their burgers what they are; delicious.
Although they are known for their burgers (which there are 40 different ones to choose from), they also showcase wings, chicken tenders, and ribs. They were also home to the ‘Elite’ ice cream, which was just added to their menu.
Daniel, Roxana, and Renzo Cocchia are the owners and operators of La Birra Bar which originally started as a cafeteria but later became what it is today. Ice cream maker and pastry chef, Matías Dragun recently added the elite ice cream to the menu. His ice cream recently won third place in January at the Ice Cream World Cup in January 2021.
La Birra Bar currently has 12 locations Buenos Aires, Madrid, and now North Miami Beach.
