Jewelry Brand Ildico Buys Corner Retail Gem in Miami Design District for $35M
A prime retail property in the heart of the Miami Design District has changed hands in a major off-market transaction. The two-story commercial building located at 3800 NE 2nd Avenue sold for $35 million, reflecting the continued strength and desirability of Miami’s luxury retail corridor. The buyer, Beverly Hills-based jeweler Ildico, acquired the property through an entity tied to its CFO, Mikhail Cohen. The deal represents a significant expansion for the high-end jewelry brand as it plants deeper roots in the South Florida market.
Built in 1926, the building spans 9,445 square feet and is currently home to luxury retail tenants including Listone Giordano, L’Atellier Paris Haute Design, and CNCPTS Miami. The $35 million purchase price equates to approximately $3,701 per square foot, underscoring the premium investors are willing to pay for flagship-quality real estate in the Design District. The sellers—veteran Miami investors Sam Herzberg, David Herzberg, and Richard Do—originally purchased the building in 2015 for $11.4 million, making this transaction a 208% increase in value over a ten-year period.
This transaction further solidifies the Miami Design District’s status as one of the nation’s top-tier luxury retail destinations. Home to internationally renowned brands like Louis Vuitton, Gucci, Saint Laurent, and Hermès, the neighborhood has been strategically transformed by development firms such as Dacra, Brookfield, and L Catterton. As demand for retail space in the district continues to climb, so do prices—both in terms of lease rates and sale values.
The deal was brokered by Joe Fernandez, Tony Arellano, and Devlin Marinoff of DWNTWN Realty Advisors, who have facilitated more than 40 deals in the Design District over the past 15 years. Their deep understanding of the area’s market dynamics played a key role in bringing the off-market deal to fruition.
Located at the intersection of NE 2nd Avenue and NE 38th Street, the 3800 NE 2nd Avenue property sits just one block from Palm Court and within walking distance to the district’s most trafficked luxury boutiques and art installations. The building’s strategic corner location and historic character further elevate its value in a district known for architecturally significant properties and experiential retail environments.
This sale also comes amid a broader wave of investment activity in the area. Just blocks away, plans have been filed for a 20-story residential and retail tower, while nearby developments such as Cassi—a $125 million luxury apartment and retail project—signal ongoing momentum in the district’s evolution.
With this acquisition, Ildico joins a growing list of private and institutional investors targeting the Miami Design District for long-term positioning. As retail trends continue to favor experiential, luxury-driven environments, properties like 3800 NE 2nd Avenue are proving to be some of the most valuable and resilient assets in Miami’s commercial landscape.
Miami Tops Altrata’s 2025 Report as the Global Epicenter for Ultra-Wealthy Second Homes
According to Altrata’s newly released Residential Real Estate 2025 report, Miami has officially cemented its position as the top destination in the world for ultra-high-net-worth (UHNW) individuals seeking second homes. With over 13,200 UHNW individuals owning secondary residences in the Magic City, Miami now outranks all other U.S. cities—including New York and Los Angeles—in this category. Globally, it ranks #1 as the most popular second-home destination for the ultra wealthy, a testament to its rising global status and appeal among elite buyers.
Several factors continue to make Miami an irresistible draw for the ultra-wealthy. Florida’s tax-friendly policies—particularly the absence of a state income tax—have long made Miami a haven for wealth preservation and strategic investing. But beyond financial benefits, Miami offers a lifestyle that few global cities can match. Its year-round sunshine, vibrant arts and culture scene, thriving culinary destinations, and pristine beaches combine to create an ideal environment for both full-time living and seasonal retreats. Furthermore, Miami’s geographic location and international airport offer unmatched access to Latin America, Europe, and key financial hubs, making it a practical and prestigious base for international UHNW individuals.
The report also places Miami among the top five cities worldwide in total UHNW residential footprint, alongside global heavyweights like London, Hong Kong, New York, and Los Angeles. This reinforces a growing trend: the ultra wealthy are increasingly viewing Miami not just as a vacation destination but as a cornerstone in their global real estate portfolios. As the global UHNW population is projected to grow by more than 33% over the next five years, Altrata anticipates that demand for high-end residential real estate will follow suit—and Miami is poised to absorb a significant portion of that surge.
For Miami’s real estate professionals, developers, and investors, the data presents clear opportunities. Demand is expected to skyrocket for luxury condos, waterfront estates, and gated communities—particularly in neighborhoods like Miami Beach, Brickell, Coconut Grove, and Coral Gables. New development projects that prioritize privacy, design sophistication, top-tier amenities, and global branding will have a distinct edge in this new landscape. Additionally, marketing strategies must be tailored to UHNW sensibilities, highlighting security, exclusivity, and long-term asset value.
Looking ahead, Miami’s luxury real estate market is entering a new era of international significance. With the UHNW population projected to grow rapidly and Miami emerging as a clear favorite, we can expect a rise in upscale development, increased buyer competition, and a greater emphasis on properties that deliver both lifestyle and legacy value. For agents, investors, and developers, now is the time to double down on Miami’s unprecedented momentum.
The Residential Real Estate 2025 report from Altrata doesn’t just confirm what many in the industry already suspected—it quantifies it. Miami isn’t just hot. It’s global, it’s elite, and it’s leading the charge in the future of luxury residential real estate.
Donald Soffer, Visionary Developer of Aventura, Dies at 92
Donald Soffer, the visionary real estate developer who transformed a stretch of North Miami-Dade swamp into what is now the thriving city of Aventura, passed away on July 20, 2025, at the age of 92. Born in 1932 in Duquesne, Pennsylvania, Soffer attended Brandeis University on a football scholarship and began his career building shopping malls for his family’s company, Don Mark Realty. His early projects included South Hills Village, Pittsburgh’s first indoor mall, completed in 1965.
In 1967, Soffer made what would become a transformative investment: he and a group of investors purchased 785 acres of undeveloped land in South Florida for $6 million. Recognizing the potential for something extraordinary, Soffer set out to develop what would become Aventura—a name chosen because it means “adventure” in Spanish. Over the years, he oversaw the dredging, rezoning, and master planning of the area. By 1970, high-rise condo towers began to rise, and by 1977, the area boasted 4,000 residential units and a golf course designed by Robert Trent Jones.
Following a split with Arlen Realty in 1977, Soffer founded Turnberry Associates and expanded his vision. Among his signature projects was the development of Aventura Mall, one of the largest and most successful shopping centers in the country. His portfolio grew to include the Turnberry Isle Resort, JW Marriott Miami Turnberry Resort & Spa, and a variety of luxury condominium and hotel projects. Through his companies, Soffer helped redefine luxury living and shopping in South Florida.
Soffer’s legacy is also carried forward by his children. Jackie Soffer now leads Turnberry Associates, which retains ownership of Aventura Mall and several high-profile hotels, while Jeffrey Soffer runs Fontainebleau Development and is involved in major residential and resort developments. Donald Soffer was also a noted philanthropist, donating $15 million to Brandeis University in 2008—the largest gift in the school’s history at the time—and supporting numerous institutions including the University of Miami and local Jewish organizations. His name is immortalized in South Florida landmarks such as the Don Soffer Aventura Charter High School and the Don Soffer Clinical Research Center at the University of Miami.
Soffer’s vision and business acumen allowed him to buy land for as little as $5,000 an acre and sell it for millions, forever changing the landscape of Miami-Dade County. His work not only created a city but fostered a community that continues to thrive. On Monday, July 21, 2025, a memorial service celebrating Donald Soffer’s life and contributions will be held at 10:00 a.m. at the Aventura Turnberry Jewish Center—a fitting tribute to the man who built so much of what surrounds it.
Donald Soffer will be remembered not only for his developments, but for the community and legacy he leaves behind. His passing marks the end of an era for South Florida, but the skyline and neighborhoods he helped create will stand as a living testament to his enduring impact.
5 Supertall Skyscrapers Set to Reshape Miami’s Skyline by 2030
Miami’s skyline is reaching new heights—literally. Over the next several years, the Magic City is expected to welcome five supertall skyscrapers, each rising more than 1,000 feet into the sky. From luxury-branded residences and iconic hotels to corporate headquarters and ambitious mixed-use towers, these projects signal Miami’s emergence as a world-class vertical city.
Below, we spotlight five supertall skyscrapers set to transform the city’s skyline by 2030:
Height: 1,044 feet
Stories: 87
Location: 400 SE 2nd Ave, Downtown Miami
Estimated Completion: 2030
Part of the ambitious redevelopment of the James L. Knight Center and Hyatt Regency site, Miami Riverbridge Tower 3 will be the tallest of three towers in the mixed-use project. Designed by Arquitectonica and developed by Gencom and Hyatt, the project includes a new convention center, hotel, and over 1,500 residential units. Once complete, Tower 3 will rise to 1,044 feet, nearly hitting the FAA’s maximum height limit for downtown Miami.
Height: 1,049 feet
Stories: 93
Location: 100 S Biscayne Blvd, Downtown Miami
Estimated Completion: 2030
Originally approved over a decade ago, One Bayfront Plaza is Miami’s longest-standing supertall proposal. The tower will combine Class A office space, a luxury hotel, and residential units within a single, mixed-use structure. Designed by Kohn Pedersen Fox Associates (KPF), the tower is strategically located across from Bayfront Park and promises to be a game-changer for downtown.
Height: ~1,049 feet
Stories: 62
Location: 1201 Brickell Bay Dr, Brickell
Estimated Completion: 2030
Hedge fund billionaire Ken Griffin, founder of Citadel, announced plans to move his company’s headquarters from Chicago to Miami—and with it, construct a Foster + Partners–designed tower that will anchor Miami’s growing financial core. The tower is expected to exceed 1,000 feet in height, featuring Citadel’s HQ offices along with supporting retail and public space. The move marks a defining moment in Miami’s evolution into a global financial hub.
Height: 1,049 feet
Stories: 90
Location: 888 Brickell Avenue, Brickell
Estimated Completion: 2028
Developed by JDS Development Group, 888 Brickell will become one of Miami’s most iconic branded skyscrapers. Designed in partnership with Italian fashion house Dolce & Gabbana, the building will include 259 luxury residences and a five-star hotel. The design features a bold, stacked architectural form and interiors curated with opulent D&G flair. With FAA approval already in place for a 1,049-foot height, 888 Brickell is on track to be among the city’s tallest and most distinctive towers.
Height: 1,049 feet
Stories: 100
Location: 300 Biscayne Blvd, Downtown Miami
Estimated Completion: 2027
Currently under construction, the Waldorf Astoria Hotel & Residences Miami will be the first 100-story building in Florida. Designed by Sieger Suarez Architects in collaboration with Carlos Ott, the tower features a stacked glass-cube design that’s already become an icon in renderings. Upon completion, it will house 360 private residences and a 205-key Waldorf Astoria hotel, redefining luxury living in Miami.
Final Thoughts
As Miami continues to attract global investors, finance executives, and lifestyle-driven buyers, these five supertall towers exemplify the city’s meteoric rise—both figuratively and literally. With multiple towers already under construction or FAA-approved at 1,049 feet, Miami is solidifying its place among the world’s great vertical skylines.
Whether you’re an investor, architecture enthusiast, or future resident, these upcoming supertalls are worth watching.
Interested in buying a condo in one of Miami’s future landmark towers?
Contact us today or explore our database of preconstruction buildings on MiamiCondoInvestments.com
Plans Filed for Mama Hattie’s House, a Supportive Housing Project in Overtown Miami
A meaningful new housing project is moving forward in Miami’s historic Overtown neighborhood. Plans have officially been filed for Mama Hattie’s House, a seven-story, 88-unit affordable development proposed for 430 NW 9th Street. Designed to serve vulnerable young women—specifically those aging out of foster care or rescued from human trafficking—the project also includes 17,280 square feet of office and academic space for Girl Power Rocks, Inc., the nonprofit organization behind the initiative.
The development is planned for what is currently a vacant lot. Once complete, Mama Hattie’s House will offer more than just shelter—it will provide a stable, supportive environment with onsite services tailored to help its residents heal, grow, and thrive. Girl Power Rocks had set out to raise $25 million to bring the project to life, highlighting the community’s deep investment in this mission.
A Tribute to Mama Hattie
The building is named in honor of Hattie Williams—known lovingly as “Mama Hattie”—a longtime community leader in Overtown who dedicated her life to mentoring at-risk youth. She was a mother figure to many, offering guidance, love, and structure to girls navigating extremely difficult circumstances. This new project is a tribute to her legacy, continuing her life’s work in the neighborhood she called home.
Designed with Purpose
The project’s architectural design is being led by REPRTWÄR, a Miami-based firm known for its innovative, community-focused work. The design for Mama Hattie’s House incorporates housing alongside academic, administrative, and wellness spaces, creating a cohesive environment where young women can access the tools and support they need under one roof.
Girl Power Rocks, Inc. has long been a driving force for change in Miami, offering girls ages 11 to 17 programs focused on academic support, counseling, self-esteem, and leadership development. With Mama Hattie’s House as its future headquarters, the organization will be able to expand its impact and offer on-site services to girls in urgent need of both housing and healing.
Community and Context
Located at 430 NW 9th Street, the site sits in a highly accessible part of Overtown, close to public transit, the Health District, and Downtown Miami. Its central location ensures residents will have access to essential services while remaining rooted in a neighborhood with deep cultural and historical significance.
By filing for administrative site plan review, the team has taken the next step toward making this vision a reality. If approved, Mama Hattie’s House will become a vital resource in the community—one that not only provides housing, but helps rebuild lives, restore dignity, and honor a legacy that still inspires.
Miami Luxury Real Estate Nearly Doubled in Value Over the Past Five Years, Knight Frank Report Reveals
Knight Frank’s Wealth Report 2025 reveals that Miami has emerged as one of the top-performing luxury real estate markets globally, outpacing nearly every other major city outside Dubai. The report highlights that a $1 million investment in Miami’s prime residential market in January 2020 would have grown to $1.9 million by January 2025, reflecting a remarkable 90% increase in value.
This explosive growth underscores Miami’s evolution into a magnet for global wealth—driven by favorable tax policies, an influx of remote workers, and high-net-worth individuals seeking lifestyle, climate, and investment advantages. The report notes that Miami, along with Palm Beach and Aspen, has benefited from “super-charged growth” as global wealth becomes increasingly mobile.
Over the past five years, geopolitical upheaval, the COVID-19 pandemic, and shifting economic patterns have redefined global property markets. Yet, amid that uncertainty, Miami has thrived. The city’s robust performance aligns with broader global trends noted in the report: luxury real estate continues to be viewed as a cornerstone of both wealth preservation and growth, with 44% of global family offices planning to increase their real estate exposure over the next 18 months.
What’s driving Miami’s continued ascent? According to the Wealth Report, it’s a confluence of factors:
- Affluent migration from high-tax states like New York and California.
- Lifestyle shifts accelerated by remote work, making Miami an appealing primary residence.
- Limited supply of prime properties in coastal neighborhoods.
- Strong interest from international buyers, particularly from Latin America and Europe.
With Miami forecasted to continue its upward trajectory in 2025, the city remains a beacon for luxury property investment. Whether as a primary residence, second home, or long-term investment, Miami continues to prove its value to the world’s wealthiest investors.
$28.5M Sale of Office Depot Site Signals New Chapter for Sunset Harbour
In a deal that underscores the rising commercial value of Sunset Harbour, the Office Depot at 1771 West Avenue in Miami Beach sold last month for $28.5 million in an all-cash transaction. The buyer, EOS Wellness Real Estate Miami LLC, acquired the 19,672-square-foot building—situated on a 25,000-square-foot lot—for approximately $1,449 per square foot, a price that reflects the area’s strong demand and investment appeal.
More than just a high-priced sale, the transaction is being viewed as a bellwether for the next phase of development in Sunset Harbour. With Office Depot being the last remaining big-box retailer in the neighborhood, the acquisition opens the door for significant redevelopment opportunities, likely centered around wellness, luxury retail, or mixed-use concepts. While the new owner has remained tight-lipped about future plans, the all-cash nature of the deal suggests a strategic and well-capitalized intent for the site.
The sale was brokered by Avenue Real Estate Partners and Jordan Karp, who highlighted the transaction as evidence of investor confidence in both Sunset Harbour and the broader Miami Beach commercial market. This confidence is backed by recent momentum in the neighborhood, where new projects like Eighteen Sunset at 1759 Purdy Avenue, a new Whole Foods at 1901 Alton Road, and upcoming mixed-use developments at 1790 and 1920 Alton Road are transforming the area into a modern urban village.
Over the past decade, Sunset Harbour has evolved from a sleepy waterfront pocket into one of Miami Beach’s most vibrant destinations, known for its trendy restaurants, fitness studios, and luxury condominiums. The $28.5 million Office Depot sale signals that the neighborhood’s transformation is far from over—and that prime development sites are commanding top dollar.
For residents and visitors alike, the redevelopment of 1771 West Avenue will likely bring even more upscale retail, wellness offerings, and possibly residential or office space, further enhancing the live-work-play appeal of Sunset Harbour. And for investors, the deal affirms that this once-overlooked section of Miami Beach has fully emerged as a commercial hotspot with staying power.
Miami Dolphins Quarterback Tua Tagovailoa Sells Davie Home Amid Ongoing Uncertainty
Miami Dolphins quarterback Tua Tagovailoa has sold his home in Davie, Florida, signaling a potentially pivotal moment in his personal and professional life. The 5,076-square-foot property, located at 10972 Pine Lodge Trail, closed this week for $2.6 million. Tagovailoa originally purchased the five-bedroom, four-and-a-half-bathroom estate in 2020 for just under $1.7 million, shortly after being drafted fifth overall by the Dolphins. The home, situated in the exclusive gated community of Grove Creek Ranches, features a lakefront lot, expansive pool area, and high-end finishes—ideal for a young NFL star starting his career.
While the sale is confirmed, public records do not yet indicate whether Tagovailoa has purchased a new home. However, sources suggest that he plans to remain in South Florida, especially following his recent four-year, $212 million contract extension with the Dolphins. The timing of the sale, paired with his growing family—he and his wife Annah now have two children—has led many to believe the move is part of an upgrade rather than a sign of departure. Still, given his tumultuous on-field trajectory and history of injuries, the decision has sparked speculation among fans and media alike.
Tagovailoa’s NFL journey has been marked by moments of brilliance shadowed by health concerns. Over the past two seasons, he’s dealt with multiple concussions and hip issues, leading to missed games and growing worries about his long-term durability. Though the Dolphins committed to him financially in 2024, the structure of his deal includes limited guarantees beyond the 2026 season—effectively putting pressure on him to prove he can remain healthy and perform at an elite level. Retirement rumors have circulated in the past, especially following a string of concussions in 2022 and 2024, but Tua has publicly dismissed the idea, stating it has “never crossed his mind.”
The sale of his Davie home—coupled with no new home purchase publicly disclosed—has led to renewed speculation about his future with the franchise. Some fans wonder if a trade or early retirement might be on the table, while others see it as a strategic real estate decision typical of athletes entering their peak earning years. It’s worth noting that Tagovailoa listed the home earlier this year for $3 million and accepted a slightly reduced offer, still yielding a solid return on investment.
Regardless of the intent behind the move, this marks a transitional phase in Tagovailoa’s life and career. He enters the 2025 NFL season with high expectations, a massive contract to live up to, and a fan base eager to see if he can deliver consistency. For the Dolphins, his performance this year could determine not just the trajectory of the team but the direction of the franchise’s long-term plans at quarterback. As for Tua, whether he’s simply upgrading his living situation or signaling deeper change, one thing is clear: all eyes are on him both on and off the field.
Whole Foods to Open Second Miami Beach Location at 1901 Alton Road
Whole Foods Market is making waves in Sunset Harbour with bold plans for a four-story, roughly 40,000 square foot flagship store at 1901 Alton Road. This marks Miami Beach’s second Whole Foods—complementing the existing location just over a mile away—with a projected opening set for Fall 2026.
The site, which currently houses a Wells Fargo branch, was acquired by Crescent Heights/GFO Investments for approximately $15 million. It replaces the existing bank, yet continues to honor Wells Fargo’s presence through a new 4,000 square foot branch on-site. A major announcement—financing via a $54 million Ocean Bank construction loan—was made in June.
Designed by Studio MC+G with Oppenheim Architecture leading the façade, the development will feature 40,883 square feet of Whole Foods retail space, a new Wells Fargo branch, and a 271-space parking garage across the upper floors. Permitting is now underway, following design board approval in April 2024 for a similarly conceived project.
What shoppers can expect goes well beyond just groceries. Modeled on the recently opened Edgewater Whole Foods, the Sunset Harbour location will offer organic produce, local delicacies like Zak the Baker pastries, kombucha on tap, sushi, pizza bars, and a Cuban-style coffee station. The store will support over 130 Florida-based suppliers and stock more than 500 local products—all while maintaining Whole Foods’ high ingredient standards and Amazon One checkout conveniences.
Beyond groceries, this development strategically enhances Sunset Harbour’s evolving landscape. The added parking addresses longtime concerns in this dense urban corridor, while the mix of retail, dining, and banking services elevates pedestrian-friendly growth along Alton Road. Additionally, Whole Foods will extend community outreach through its “Nourishing Our Neighborhoods” program—donating to charities like The Caring Place, Urban Oasis Project, and Lotus House.
In summary, the new Whole Foods at 1901 Alton isn’t just another grocery store—it’s Miami Beach’s strategic investment in sustainable development and community enrichment. With construction on the horizon, this location is set to redefine shopping convenience, local food enthusiasm, and neighborhood vibrancy. Stay tuned as Sunset Harbour gets even greener.
