Award Winning and “America’s Favorite Chef” Thomas Keller is Opening a New Bistro in Coral Gables.
Bouchon Bistro, the acclaimed French restaurant owned by Chef Thomas Keller, will debut in Coral Gables in the early months of 2023, according to the chef and his staff. Along with his upscale American eatery the Surf Club Restaurant in Surfside, it will be his second restaurant in Miami.
The French Laundry, Per Se, and the freshly starred Surf Club Restaurant are all three-star Michelin restaurants owned by the renowned chef. Chef de cuisine Thomas Castellon, a former employee of Keller’s the Surf Club Restaurant and TAK Room, will take over the kitchen at Buchon’s Miami branch.
Similar to the menus at the Bouchon restaurants in Yountville and Las Vegas, the menu in Miami will feature seasonal French cuisine in addition to traditional selections like steak frites, roast chicken, mussels, and escargot.
Around 160 people will be able to dine at Bouchon Coral Gables, which also has 30 outside seats and a separate private dining area. Longtime Bouchon colleague Adam D. Tihany of Tihany Design in New York City, who created both Bouchon locations, will design the area.
The restaurant will open in the La Palma building, a historic Mediterranean-style structure constructed in 1924 and listed on the National Register of Historic Places, at 2101 Galiano Street in Coral Gables. The building was originally designed by architect H. George Fink.
According to Keller, “Since opening the Surf Club Restaurant four years ago, it has been a great privilege to re-establish relationships in South Florida. We were enamored with the rich history of the La Palma building and Coral Gables neighborhood and we look forward to introducing our classic French bistro to the community.”
Spinning Pan Am Globe Installed at Miami “World”center
Since the Miami Museum of Science closed its South Miami Avenue building in 2015, the enormous 1934 Pan Am globe of the world that once welcomed guests to the museum. The massive and vibrant sphere has since undergone substantial restoration, and it has been placed in its new, permanent outdoor location at the massive Miami Worldcenter complex in the Park West neighborhood.
In South Florida, the globe is a significant historical item. The former Pan American station on Dinner Key, which is now Miami City Hall, is where the 31-foot-5-inch, 6,500-pound globe was began.
Since moving it to the Frost Museum’s new facility would have been too difficult, the Miami Worldcenter will start spending $700,000 starting in 2020 to restore and weatherproof the globe with its original “approximately 1934” era lines.
A representative of the Miami Worldcenter stated “The Pan-Am globe depicts the world at a critical point in history – prior to World War II and when Miami was first realizing its position as a gateway for tourism and transportation.”
“It was important to the museum to find a partner that would care for this historic piece and ensure that the community can continue to enjoy this local icon,” stated the President and CEO of the Frost Museum.
Once complete, the Miami Worldcenter will feature 27-acres of retail, restaurants, shopping venues, and entertainment destinations. Retail will include 300,000 square feet of space and 40+ businesses.
Some notable retailers have already signed leases for the Miami Worldcenter which include Bowlero, Lucid Motors, and Sephora. Two luxurious restaurants are also named as the new lease holders, Maple & Ash and Laurel Brasserie. Maple & Ash is a famous Chicago restaurant that has now expanded to Arizona and now Miami. Laurel Brasserie is Miami Chef’s Michael Beltrans creation, with an anticipated opening date this summer.
Penthouse at Four Seasons Residences in Surfside Sold for 40% More Than the Last Sell Price
A penthouse at the Four Seasons Residences at The Surf Club recently sold for $29.4 million, nearly 40% more than it did just four years prior.
Keyla Holdings LLC sold the penthouse in the south tower at 9001 Collins Avenue in Surfside to EH 2022 LLC. Josh N. Bennett, a real estate lawyer in Fort Lauderdale, is in charge of running Keyla Holdings, while Ackerman, Pachman, Brown & Goldstein LLP, a law firm in East Hampton, is in charge of running EH 2022.
The buyers and sellers for this transaction are still unknown. According to documents, the buyer financed the off-market acquisition with a $20 million mortgage from JPMorgan Chase.
At about $29.4 million the unit equates to $5,180 price per square foot. The sale was mediated by Ximena Penuela of Fort Partners, a developer.
The five-bedroom, eight-bathroom, 5,675-square-foot penthouse was previously sold for $20.8 million in 2018.
After Fort Partners finished building the Surf Club neighborhood in 2017, it attracted a lot of notables including Frank Sinatra, Winston Churchill and many more. The development includes 150 residences, a 72-room Four Seasons hotel, and a restaurant owned by Thomas Keller, the founder of French Laundry.
Actress Lynda Carter, who played Wonder Woman, is one of the current owners after spending $15 million on apartment 903 in the south tower in 2016. Thala and Tommy Mottola, the “Queen of Latin Pop” and former CEO of Sony Music Entertainment, sold their Surf Club condo a few months ago for $10 million.
Pat Riley, a former Miami Heat player, and his wife Christine most recently sold their Surf Club apartment for $22.8 million, a considerable increase from the $8.1 million they initially paid for it in 2018.
If you or someone you know have an interest in purchasing at The Surf Club, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
24 Story Apartment Tower Proposed in Brickell
With plans for a 24-story tower in Brickell, a joint venture made up of two Mexican companies making their U.S. debut and a Miami-based partner is banking on Miami’s expanding apartment market.
Menesse International paid $23.5 million for the development site at 143 Southwest Ninth Street from a subsidiary of Miami-based Habitat Group.
According to property records, the current 5-story, 39-unit rental structure on the land was built in 1968 on 0.7 acres. According to a deed, Habitat Group paid $14.5 million for the location in 2018.
According to Andrew Rasken, managing director of Lucid Investment, the design calls for a Class A structure with 350 rental units, ranging from studios to two-bedroom apartments, perched above an eight-story podium with around 180 parking spaces and ground-floor stores. The project, which was designed by Behar Font & Partners, will have all the facilities.
Menesse International, which plans, constructs, and consolidates projects, has built communities in Argentina and the Riviera Maya region of Mexico. It now has a portfolio of 22 projects with more than 1,200 sold units.
It is the group’s first cooperative endeavor in the country. It is also the newest project planned for the Brickell Financial District, where office building is being stimulated by a surge in residential construction and an infusion of new businesses.
Construction is expected to begin next year with an anticipated completion date in 2025.
Plans for 3 Tower Project at College Station Garage Location Moves Forward
In 2021, an unsolicited plan for a 3 tower project at the College Station Garage in Downtown Miami was submitted to the Miami Parking Authority (MPA). The proposal that has been submitted to the MPA during that time is now moving forward as of June 2022.
The brains behind the project include a partnership between Miami-based builders Related Group (Related) and ROVR Development (ROVR), as well as Terra Group (Terra) and Apollo Global Management (Apollo).
As of January 19, 2022, the MPA has ranked the proposal from Related and ROVR as the top bid ahead of Terra and Apollo. Both partnerships are planning to create substantial mixed-use projects. The replacement of a 1,439-space garage, which was erected in 1973 and is 7 floors tall, will be subject to a 99-year land lease and development agreement, according to the MPA.
According to the developer, 15% of the residential units would be set aside as worker housing for people earning up to 140 percent of the area median income, and 20% of the apartments would be reserved as affordable housing for seniors earning up to 50% of the area median income. Units would range in size from 360 to 1,310 square feet, with an average unit size of 722 square feet. There would be 138 studios, 636 one-bedroom units, 354 two-bedroom units, and 72 three-bedroom units.
In addition to an urgent care facility and a nonprofit art center, the public area might function as a fire station. The lease is anticipated to be finalized by Related and ROVR in 2023, with construction taking place over a 60-month period. The developers would need to find other parking solutions for adjoining residential towers that have previously used the College Station Garage, assuming that this proposal is truly the winning bid. The MPA would retain control of the parking component.
Project Details
1,200 rental units
1,357 Miami Parking Authority parking spaces over 8 levels
Ground floor retail w/potential fire station, urgent care, and art center
The developers stated earlier this year that they anticipate starting construction in early 2023.
A Second Soho House Revealed in Miami
A second Soho House, called Miami Pool House, will be launched in Miami in the fall/winter of 2022 by the Membership Collective Group Inc.
The Membership Collective Group (MCG) is a vibrant, and international membership platform that links members through physical and digital places.
The Miami Pool House will be located at 105-107 NE 25th St. at an old printing press called Windward Publishing, which was most recently a private residence. It will house the new Miami facility near the border between Wynwood and Edgewater.
There will be a pool, lounge areas, a restaurant on the terrace, a club area, and a cottage bar in the House. As a result, there will be a laid-back, laptop-friendly workspace where people can hang out during the day and enjoy some entertainment in the evening.
Miami Pool House will emphasize the local Miami artist community through committed relationships, programming, and its art collection.
According to the Area General Manager, Philip Spee, “Soho Beach House has been a part of Miami for nearly 12 years since we opened in 2010, and we’ve loved to help connect a diverse, vibrant, and creative set of members and guests over that time. The team and I are delighted to bring another location to our local and visiting members that will provide a platform for them to come together and connect socially and professionally.”
Exclusively for members and their guests, Miami Pool House will be accessible. Miami Pool House is open to Local House members. Those who belong to a House, however, have access to every Soho House in the world.
Nick Jones established Soho House in 1995. It serves as a space for our varied members to interact, develop, enjoy themselves, and create an effect.
Today, there are members and houses all over the world, along with eateries, spas, offices, and movie theaters. A location where people can exchange ideas and build connections in both physical and virtual environments, Soho House is a platform that supports all forms of creativity.
There are currently 30 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home, interiors and lifestyle retail brands, and digital outlets are all ways that members from all over the world interact with MCG. The larger portfolio of MCG also includes the LINE and Saguaro hotels in North America.
Oak Road Equities Announces Plans for a 40 Story Tower at 2600 Biscayne
Oak Row Equities recently revealed that it had closed on the purchase of a 2.1-acre site on one of the final vacant city blocks in Edgewater. For $35 million, the company purchased 2600 Biscayne Boulevard in order to build a mixed-use building designed by Arquitectonica.
One of Miami’s most rapidly expanding real estate development companies, Oak Row Equities, has ongoing projects in Wynwood, North Miami Beach, Edgewater, and the Design District.
The company’s most recent acquisition is 2600 Biscayne Boulevard. The 2.1-acre lot in the highly sought-after coastal community of Edgewater has just been closed by Oak Row Equities. A mixed-use development with 399 condo units, roughly 160,000 rentable SF of office space, and 6,500 rentable SF of retail space is what Oak Row Equities intends to construct.
Tower Information
40 stories tall
399 class A residential units
160,000 rentable sq. ft. of office space
6,500 rentable sq. ft. of retail space
The proposed Brightline commuter rail is one block away from the location. Arquitectonica, a renowned local architectural studio, will create 2600 Biscayne. A third of the offices at 2600 Biscayne have already been pre-leased by Oak Row Equities. The development team includes LNDMRK Development, owned by Alex Karakhanian.
The Fairholme Foundation, run by Bruce Berkowitz, had previously intended to turn the site into a museum. In 2013, Fairholme spent $6.79 million to purchase the home.
PMG and Partners Rebrand Society Residences as The Elser Hotel and Residences
In a bold move, PMG and their partners have recently changed the name of their new construction project Society Residences Miami to The Elser Hotel and Residences. According to their press release, “the new brand provides a more cohesive DNA and identity for both the residences and the hotel which reflects Downtown Miami’s transformative legacy.”
The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.
The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.
Facts and Features
49-story tower located in Downtown Miami
Developed by PMG and Greybrook Partners
Designed by internationally renowned architecture firm Sieger Suarez Architects
Approved for short-term rentals
On-site hospitality management
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
and Biscayne Bay
132-Foot Resort Style Pool with private lounge areas
Two-Level Modern Gym & Fitness Studio
Co-working Lab
Valet Parking
Electric Vehicle Charging Stations
Latest Smart Building Technology
Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals. Delivery is anticipated to occur in August 2022.
Villa Valencia Condos in Coral Gables has Officially Completed Construction and Sells Out at 95%
Four years in the process, the Villa Valencia luxury condo development by Rishi Kapoor’s Location Ventures has officially completed construction.
With $100 million in closings so far, Villa Valencia, a 13-story, 39-unit project at 501 to 525 Valencia Avenue in Coral Gables, is 95% sold out. There are only three units available, one of which is under contract, a $14.9 million penthouse, and two others with an average price of $4 million each.
According to Kapoor, founder and CEO of Location Ventures, the project’s sales averaged $1,100 per square foot, setting a record for that neighborhood.
According to Kapoor, the majority of the buyers are locals from Miami Beach, Key Biscayne, and Coral Gables. In addition, 20% were from New York, 5% from California, and 4% from Illinois, with 2% from Latin America.
The plot was purchased by the developer for $16 million in 2018, and sales of Villa Valencia began the following year.
Kapoor recognized that labor shortages and delays on the project were made worse by the pandemic, but he claimed that setting building cost locks before the pandemic helped him keep costs under control.
Residences
Private foyer with elevator entry
10-foot ceilings in living spaces
10-foot exterior sliding doors
8-foot European wood interior doors with concealed hinges
Exquisite porcelain floors
Custom finished closets
Most residences have outdoor terraces with summer kitchens
Master bedroom suite with spacious bathroom and separate vanity area
Two assigned parking spaces per residence
EV-ready parking spaces available
Amenities
Entertainment space with billiards and golf simulator
Cucina featuring kitchen and full bar for entertaining that opens to the pool deck
Library with outdoor terrace overlooking the park
Grand building entrance with lobby lounge
Covered garden and valet waiting area
Tea room with kitchen and bar for entertaining
Executive room with video conferencing
10,000 SF onsite park and garden with shade trees
Dog park and dog run
High-Speed WIFI in all Common Areas
Bike Racks
Pool Deck featuring two summer kitchens, spacious sunbed relaxation areas
78-foot resort-style pool with lap lane and waterfall
State-of-the-art fitness facility with yoga, Pilates and weight training area
Spa and wellness center with treatment room, hammam / steam room, his-and-her sauna, and hydrotherapy plunge pools
The Coral Gables City Commission approved Location Ventures’ proposals earlier this week for a second, bigger condo development at 1505 Ponce de Leon Boulevard. The site will be sold by a Florida East Coast Realty subsidiary to Location Ventures, which has plans to construct a 16-story, 87-unit condo structure.
CP Group and DRA Purchase Miami Tower for $163 Million
The famous Miami Tower was just purchased by CP Group and DRA Advisors for $163 million.
Since its completion in 1987, the 47-story office skyscraper by the late Pritzker-winning architect I.M. Pei has served as a landmark in Downtown Miami, illuminating Miami’s skyline with light displays.
The 636,000-square-foot skyscraper has 37 levels of offices, 10 floors of parking, an on-site Metromover station, and street-level retail space. It is situated at 100 SE 2nd Street, a block from the Miami River.
Leading hedge fund Citadel and its sister company Citadel Securities, a market maker, recently announced plans to move from Chicago to Brickell, Miami’s financial area. The company’s creator, millionaire Ken Griffin, paid $287 million for the office building 1221 Brickell and $363 million for a beachfront property on Brickell Bay Drive where he plans to erect an office skyscraper.
Miami Tower traded with a loss, as opposed to 1221 Brickell, which reported an 85% gain from its most recent sale in 2017. According to public documents, Sumitomo Corporation of Americas, the seller, paid $220 million for the property in 2016.
Losing a significant tenant contributed to Miami Tower’s depreciation. Last year, the law firm Carton Fields moved into the MiamiCentral building, leasing around 95,000 square feet. Currently, Miami Tower is only about 65 percent occupied, down from almost 100 percent in 2016.
According to a source, the property’s renovation by the new owners will probably cost more than $20 million.
The agreement is CP and DRA’s second joint venture in South Florida. For $320 million, New York-based DRA acquired CP’s majority ownership of the Boca Raton Innovation Campus office development. It continues to be the largest office trade in South Florida in terms of gross volume.
