LIVWRK Wynwood Proposed for Miami’s Wynwood Neighborhood
The Brooklyn-based developer LIVWrk has submitted its second set of construction plans for their recently acquired Wynwood site. The site itself is located at 2400-2418 N Miami Ave. and 29 NW 24th St. from East End Capital.
The proposal themselves is included to have 2 separate buildings covering 922,466 square feet of total area. Both buildings will have rooftop terraces, while amenities will be separated between the 2 towers.
Building Information
Architect: Morris Adjmi
420 residential units (located in building 1)
59,461 sq. ft. of office space (located in building 1)
122 apartment/hotel units (located in building 2)
29,057 sq. ft. of ground-floor commercial (located in building 1)
556 parking spaces and 798 bike rack spaces in a 3-story garage (located in building 1)
8,996 sq. ft. of ground-floor retail (located in building 2)
Building Amenities:
Fitness center (building 1)
Social club (building 1)
Bar and lounge (building 2)
The developer purchased the 2.45-acre development site for $38.86 million. through Thorofare Asset Based Lending REIT Fund V based in Los Angeles, with a mortgage of $28.44 million. Asher Abehsera, the firm’s founder, leads LivWrk.
This is LIVWrk’s first Miami development in South Florida. Most of their current project is in progress in New York but the developers are also working on a collection of historic buildings in Los Angeles.
On March 8, 2022, the Wynwood Design Review Committee is scheduled to review the development plan which will include the design renderings.
New York Developer Secures $108M Construction Loan for a 42 Story
New York developer has secured a $108 million construction loan to construct an apartment building at the 27-acre Miami Worldcenter development in downtown Miami. The site covers approximately 20,980 square feet and is located at 697 N. Miami Avenue.
The New York developer under the name Block G Phase 2 LLC, which is managed by Mark Lapidus received the mortgage from Los Angeles Cim Real Estate Credit. Lapidus is the former WeWork CEO.
This property will be part of the current tower at Caoba apartments and will be designated as the second phase of this current tower. The new tower will be connected to the amenity deck of Caoba, which was originally opened in 2019.
The tower was originally approved in 2018 and was reactivated again in September 2021.
Construction is already underway and this second phase will feature 420 units rising 42 stories. The square footage for this property includes a project of 473,330 square feet which will include 4,103 square feet of retail.
The renderings show that the tower will not a parking garage but will share the amenity pool deck. It will also be a bit smaller in height and width but should remain very similar to the current design of Caoba. The cost of the project is estimated to be $82,833,750.
Coastal Construction and AECOM Tishman, is listed as the general contractor. The project is projected to be completed in late 2022 or early 2023.
Top 5 Events at the Sobe Wine and Food Festival 2022
Today begins the long-awaited Food Network & Cooking Channel Sobe Wine & Food Festival. This national 4-day event, located in South Beach, showcases the world’s top culinary geniuses including chefs, wine connoisseurs, spirit producers, and notables taking you on a delicious tour of local and international cuisines.
This festival is a 21-year-old tradition that began as a small local event to showcase southern wines and spirits and now it has evolved into an event that brings 60,000+ people to Miami from all over the world. The Florida International University Chaplin School of Hospitality & Tourism Management hosts the event and brings in more than $31 million to cover scholarships, programs, and future events.
The festival itself features 70+ events and we have broken down the Top 5 Must-Visit shows for this year’s festival.
Coke Zero Sugar presents Diners, Drive-Ins and Dives LIVE with Guy Fieri
Thursday, February 24th, 7 pm-10 pmat North Venue Beachside at Delano– Diners, Drive-Ins, and Dives, your favorite Food Network show, is heading to the dunes of South Beach for a one-night-only appearance. Guy Fieri, the iconic chef, restaurateur, New York Times Best Selling book, Emmy Award-winning TV personality, and now 2022 Tribute Dinner recipient, will take you on a gastronomic journey that will leave your tastebuds screaming for more
All foodies are invited to sample Guy Fieri’s journeys around America in pursuit of some of the greatest “greasy spoon” eateries featured on his hit program. Fieri is no stranger to organizing the Festival’s most memorable festivities, and to commemorate the 21st year, he’ll be returning on the beach with some of America’s finest local food places to establish a collective of 25+ eateries to produce their mouth-watering concoctions on the sand.
Fontainebleau Miami Beach presents Wine Spectator’s Best of the Best Friday
Friday, February 25th, 7:30 pm-10:30 pm at Fontainebleau– Gathering 50+ of the nation’s greatest chefs to exhibit their most gourmet samplings to pair with over 60 wines. The Fontainebleau Miami Beach sets the perfect stage for this grand walk-around affair, which will feature a lineup of critically acclaimed chefs, James Beard Award nominees, and finalists, and Food & Wine Best New Chefs.
Only the founders and winemakers from each winery are asked to serve their finest varietals so you can learn how some of the world’s best vino is selected. There will also be a Wine Wall raffle entering you for a chance to take the Best of the Best experience home with you. Following its record-breaking success at last year’s event, the Wine Wall is returning to provide participants the opportunity to experience the appeal of Best of the Best for themselves at the Fontainebleau Miami Beach!
Foodventure at Citizens MiamiCentral Culinary Market hosted by Dwyane Wade
Saturday, February 26th, 4:00 PM – 6:00 PM at Citizen MiamiCentral Culinary Market – Downtown’s newest food hub awaits with a three-time NBA Champion and one of the most successful and legendary players in Miami Heat history, Dwyane Wade, during this walk-around eating experience. Citizens Miami, opened this winter by Sam Nazarian and his team at C3 by sbe, features a 26,000 square foot, 16-stall culinary market featuring C3’s popular culinary brands such as EllaMia, Umami Burger, Sam’s Crispy Chicken, and many more.
With delectable bites, trendy pop-ups, and wines from Wade Cellars, as well as delectable cocktails from the Southern Glazer’s Wine & Spirits portfolio, this early evening soirée will feature culinary creations perfectly executed by chefs from around the world, as well as local stars from South Florida. During the event, restaurants featured at Citizens Miami will exhibit new menus inspired by renowned chefs such as ‘Chef’s Table’ star Dario Cecchini, ‘Iron Chef’ Masaharu Morimoto, Umami Burger’s Chef Alvin Cailan, and Ella Mia’s pastry chef and babka king Shimi Aaron.
King St. Vodka presents Peace Love Yoga: A Soulful Yoga Experience at Nikki Beach with special guest Kate Hudson
Sunday, February 27th, 10 am-11:30 am at Nikki Beach – Practice self-care at this deeply nourishing yoga experience sponsored by celebrated actress and businesswoman Kate Hudson and King St. Vodka, an ultra-premium spirit inspired by her old home on King Street in New York City.
This DARLEE production is the brainchild of two of Miami’s most accomplished women (and yogis): philanthropist and marketing maven Arlene Chaplin, and the soulful Dawn B, who will lead the morning’s practice with her encouraging words and invigorating attitude. Nikki Beach will be transformed into a soothing pop-up yoga class, replete with a well-deserved post-session selection of healthy snacks, tunes by DJ Taz Rashid, King St. Vodka beverages, and Barton & Guestier wines that will respect both your practice and your palette.
Bacardi Carnival
Sunday, February 27, 2022, 6 pm-9 pm – Beachside at The Ritz-Carlton of South Beach – Join the celebration at The Ritz-Carlton of South Beach to wrap up the 21st anniversary of the Sobe Food and Wine Festival which will be hosted by James Beard Award-winning TV personality Andrew Zimmern, who also works as a chef, food writer, and teacher.
Zimmern is widely recognized as one of the food world’s most varied, knowledgeable, and “bizarre” characters, and he’s ready to add his vivacity and enthusiasm to this sand feast. The name of the game is free-flowing spirits, as BACARDI creates delightful cocktails with spirits from their extensive collection, including Bombay Sapphire, Tequila Cazadores, Dewar’s, D’ussé, Grey Goose, and Patrón.
The vibrant and colorful environment will be enhanced by live music, creating the perfect beach carnival to close up your Sunday Funday at the Festival!
Developer Ugo Columbo Launches VITA Residences at Grove Isle in Coconut Grove
Miami-based developer Ugo Columbo has officially launched Vita Residences at Grove Isle in Coconut Grove. Previously known as The Markers Grove Isle, this 5 story development will be located at 4 Grove Isle Drive alongside Biscayne Bay.
This contemporary sanctuary is being created on a private 21-acre island for personalized living, fine-tuned for an active lifestyle. Residents will share space with only a few individuals on the island in the final and most lavish chapter of Grove Isle’s history.
The development will consist of 65 waterfront residences and will include 12 bi-level penthouses. The luxury residences themselves will feature 3 bedroom floor plans with 2,433 to 6,597 square foot options.
Each contemporary unit will include magnificent ocean views, 13-foot-deep balconies, towering ceilings, Boffi Italian cabinets, and other superb interior accents by Bernardi and Peschard. Air-conditioned private garages will also be available as an option for owners.
The bi-level penthouse collection will have 12 extravagant penthouse homes with private elevators, 3 bedrooms, 11-foot ceilings, expansive entertainment areas, and beautiful roof decks with private pools and outdoor kitchens.
High-end facilities will also be available, including a curated art lobby, a fully-attended waterfront pool, a 40-foot Fjord houseboat, a watersports pavilion with storage, an outdoor kids’ playground, and pet grooming services.
Residence Features
Unique, Resort Architecture by World-Renowned CallisonRTKL™
5-Story, Low-Rise with 65 Condo Residences plus 14 Bi-Level Penthouses
Up to 65 Feet of Linear Water Frontage
Lush Foliage and Dramatic, Tropical Landscaping By EDSA®
Elegant Porte-Cochère Entry with Breezeways Leading Directly to the Bay
Curated Art Lobbies
Expansive Bayfront Pool with Luxury Cabanas and Personal Attendants
Poolside and Residential Food / Beverage Services
Outdoor Children’s Playground
40-foot Fjord House Boat
Water Sports Pavilion featuring Paddle Boards and Kayaks
Cutting-Edge Fitness Center featuring Daily Tailored Exercise and Fitness Programs
Vita Residences’ “Virtual Links” featuring HD Golf Simulator and Bayfront Putting Green
On-Site Pet Services and Grooming
Business Center
Convenient Water Sports Equipment and Gear Storage
Secure Bicycle Storage
Dynamic Concierge Dedicated to Crafting Unique Experiences for Residents
On-Site Management Office
State-Of-The-Art Digital Security with Modern Surveillance Systems
Attended Package Room with Delivery Service
Private Elevators with Digital Security
Private Island, 85-Slip Deep-Water Marina with Dockmaster and Marina Concierge
Yacht Charter Services
24-Hour Valet Service
Membership to The Exclusive Grove Isle Club – Cliff Drysdale Tennis Center With 8 Clay Courts, A Pro Shop, Full Tennis Program, and Private Instruction, as well as Waterfront Resort Pool Deck, Full-Service Tiki Bar, Bay-View Restaurant, Supervised Children’s Activities and Club Bar Lounge
Tower Amenities
Curated art lobby
Business Center
Waterfront Residents’ Lounge
High-tech fitness center
Private waterfront pool and Jacuzzi featuring luxury cabanas, pool attendants, and food/beverage services
Watersports pavilion offering kayaks and paddleboards
40-foot Fjord Boat exclusively for resident-use
Multi-Purpose Bayfront Event Room with spacious outdoor areas
Outdoor kid’s playground
24-hour valet and concierge services
Pet services and grooming
Private storage rooms are available
Convenient watersports equipment and gear storage
Bicycle storage
Residents at Vita Grove Isle will have access to facilities that are only available on the grounds of the condo building, as well as membership in the exclusive Grove Isle Club. In addition to access to the Cliff Drysdale Tennis Center, which has 8 clay courts, a professional-grade Tennis Program, and a pro shop, the club has a state-of-the-art fitness center with specialized training programs.
Ugo Columbo is the developer for this exquisite tower and will be designed by the CallisonRTKL architecture group. Residences will begin at $4 million with a groundbreaking date scheduled for August 2022 and a delivery date in 2024.
If you or someone you know have an interest in purchasing at Vita Residences at Isle Grove, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Miami Real Estate Sales Soar for the 16th Consecutive Month
According to the MIAMI Association of Realtors and the Multiple Listing Service, Miami-Dade County real estate extended its record run of house sales with its best-ever January sales month, as existing condo transactions climbed for the 16th consecutive month.
The record-breaking 2021 included the greatest annual total dollar volume, all-time year total house sales, most single-family home sales, most condo transactions, and the highest number of cash transactions. Now, 2022 brings its best January sales month in history.
Homes sales rose 19.6% in January from 2,211 to 2,645. Single-family home transactions increased from 968 to 1,008 transactions at about 4.1%. Condo sales saw a higher increase at 31.7% from 1,243 to 1,637 transactions. This marks the 16th month of double-digit condo gains.
Compared to last January, home sales are up 42.4% from 1,857 to 2,645 with single-family homes at 13.6% and condos at 68.8%
Luxury condo sales also surged at 69.9% compared to last January at 192 transactions. Single-family luxury homes rose 20.4% at 201 sales.
Median-priced Single-family homes between $400-$600k rose 31.3% to 386 transactions for January. Condo sales in that same price range rose 98% with 303 sales in January.
Inventory decreased for both single-family homes and condos. Single-family homes decreased by 9.1% while condos decreased by 3.6%.
Median family homes sale prices increased 10.8% in January. Single-family home prices rose for the 122 consecutive months while condo prices increased for 124 consecutive months.
Total dollar volume hit $2.1 billion in January with single-family home volume increased 16.7% while condo volume increased 56.2% for January.
The sales percentage of Miami out preforms the Nation while in state, single-family home sales increased 1.4% in January 2022. Condo sales increased 6.7% in January 2020.
Single-family median sales percentages reached 98.1% for January 2022. The median sales percentage for condos increased by 3.2% compared to last year’s median sales percentage.
Cash sales in Miami make up 40.1% of real estate transactions, which is 48.5% more than the national average for January 2022. Cash sales made up of 49.4% of condo transactions while 25% of the single-family transactions were in cash.
According to the Miami Chairman of the Board, Fernando Arencibia Jr. stated, “The demand for Miami real estate has never been higher from both domestic and global homebuyers. Major U.S. companies opening HQs in Miami, surging domestic and global migration to South Florida, a larger percentage of Florida residents in their prime home-buying years, the expansion of remote work, low mortgage rates, Florida’s low taxes, relaxed Covid restrictions, South Florida’s healthy lifestyle and more have each played roles in Miami’s booming sales.”
1.3 Million Square Foot Development is in the Works for Aventura
In Aventura, developer Dan Kodsi is planning to build a large mixed-use building featuring residences, offices, and high-end residential shopping. Kodsi’s company paid $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street that they plan on building this mixed-use property.
Not only is this site being used for this massive mixed-use project but other lots in the area are currently under contract. These lots include 10 acres surrounding the development site.
Kodsi hasn’t named partners in the project or for the additional sites but stated that the project would cost over $500 million. According to Kodsi, the total site now consists of land and tiny residential structures that Aventura-based Rieber Developments successfully rezoned to allow for 1.3 million square feet of mixed-use development.
Aventura commissioners approved the zoning amendment in June 2021, permitting a 693-unit high-rise residential building; a 120-key hotel; 67,743 square feet of workplaces; 161,270 square feet of retail; and a 120-bed assisted-living facility.
Kodsi has yet to determine whether he would adhere to these guidelines or revise the development plans. According to him, the basic concept is for multifamily, offices, some of which will be used for medical purposes, and high street retail, which will serve as an alternative to the neighboring Aventura Mall.
The retail side of this development will be similar to the Miami Worldcenter but not as large. Kodsi constructed the Paramount Miami Worldcenter and is now building the Legacy Hotel & Residences at Miami Worldcenter.
Developer Sells Waterfront Estate to Cosmetic Company CEO
Photo Credit: Dora Puig
Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.
The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.
The interior of the home showcases 4,791 square feet of living space with high-end finishes.
Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.
The seller Pascal Nicolai is the owner of Nicolai’s Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.
Tuna’s company is not only a cosmetic company but it’s also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.
The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.
Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.
Miami International Boat Show is Back for Presidents’ Day Weekend
The 2022 Discover Boating Miami International Boat Show has officially started and we have all of the details to plan for your weekend.
The Miami International Boat Show has merged with the Miami Yacht Show to form this new boat show which organizers claim is the “largest boat and yacht event in the world.” This event is anticipated to bring over 100,000 people to Miami and will create a $1.34 billion economic impact for the area.
The start of show started in Miami Beach with a ribbon-cutting by Congresswoman Frederica Wilson. Wilson was one of the main people involved in the new collaboration of this year’s boat show. Wilson stated that this year’s boat show is “our Super Bowl in boating.”
The water aspect of the show will take place at various Marinas including Sea Isle Marina, IGY Yacht Have Grade at Island Gardens, Museum Park Marina, and One Herald Plaza.
The land portion of the show will take place at the Miami Beach Convention Center and Pride Park. At each event, you will be able to experience superyachts to kayaks, and everything in between.
Plans Submitted for 48 Story Tower: Brickell Gateway
Israeli-developer, Gazit Horizons, is on track to bring a 48 story tower to Miami’s Brickell. Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021, was the date that the developers submitted plans for demolition. The tower is proposed to include 500 condo units.
The demolition approval is still pending. According to the plans, the site only permits plans for a building up to 48-stories and they are taking full advantage.
The demolition costs for the property would total $139,698 with an estimated cost for completion at $150 million. BG Group is listed as the demolition contractor for the project. Once approved, the developers are aiming for a completion date in quarter 2 of 2023.
The developers met with the City of Miami on February 15, 2022, for review. The current status of the project is still in redesign.
You may be familiar with the current site of the proposed tower. It is a black building with magnificent artwork portraying soccer-based graffiti. The soccer club, Club Internacional de Fútbol Miami, that houses the building has been renting the space since 2018. David Beckham is the Miami MLS Owner and President of Football Operations.
February Real Estate Stats Are in for Miami Dade County
In Miami-Dade County, condo sales and dollar volume increased in the first week of February. Volume for the week rose to $232 million which is up from $159.5 million from January 2022. Units sales increased from 210 to 259 units. The average condo price also rose from $759,000 to $896,000 in just one week.
The top sale for the first week of February was none other than a Palazzo Del Mare unit on Fisher Island. Sold at $21 million, which equals $2,874 per square foot. This property is considered the highest closing on Fisher Island this year.
The unit located at the Palazzo Del Mare unit 7153, features 5 bedrooms, 5.5 bathrooms, a terrace, a playroom, and a conference room spanning over 7,025 square feet. It also has a private 2-car garage on the parking level of the building and a private cabana near the pool.
Seller for the unit, Igor Olegovich Nesterenko, is a businessman in the meatpacking industry from Moscow. The buyer for this property is listed as Fana Fisher Palazzo 7153 LLC, which is managed by a trust in Bellevue, Washington.
For the second week in February, condo sales and volume fell slightly for Miami-Dade. Volume reached $148 million with sales totaling 206. The average condo price also fell to $719,000 from the $896,000 that was in the first week.
The top sale for this week included that of Oceana Bal Harbour. The unit located at 10201 Collins Avenue unit 2401 sold for $10.5 million equaling $2,630 per square foot. The sellers for this property include Tatiana Zorina and Kirill Stadnikov and the buyers are listed as Andrew and Jacqueline Africk.
This corner unit on the 24th floor of Oceana features gorgeous views of the ocean and the Miami skyline. The open-concept living areas flow effortlessly throughout with floor-to-ceiling glass windows. The 3 bedrooms showcase marble bathrooms and European cabinetry. This unit also features a private elevator foyer, powder room, 3 parking spaces, and storage space.
Miami-Dade County real estate has been steadily increasing month over month. In December 2021, we saw an 18.6% increase in condo sales with a 100% increase for luxury condo properties. We are excited to see what’s in store for Miami real estate.
