Berkadia Secures $73M Construction Loan for Nexo Residences in North Miami Beach
In a significant milestone for one of North Miami Beach’s most exciting developments, Berkadia has successfully secured a $73.27 million construction loan on behalf of Fortune International Group and Blue Road for the completion of Nexo Residences, a 16-story short-term rental-friendly condominium.
The financing, arranged by Berkadia’s South Florida team — including Managing Director Scott Wadler, Director Michael Basinski, Vice President Bobby Dockerty, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins — was provided by Bank Hapoalim (BHI). The loan follows Nexo’s recent construction topping off, which had previously been funded by a combination of EB-5 investor capital and presale deposits.
With 90% of units sold and completion on track for 2027, Nexo Residences is quickly emerging as a standout project in a fast-transforming corridor next to SoLé Mia and minutes from Aventura.
“Fortune International and its partner Blue Road are delivering an exceptional building in a rapidly transforming area adjacent to Aventura and next to SoLé Mia,” said Scott Wadler. “A trifecta of experienced Sponsorship, high-quality product, and great location generated significant interest from lenders.”
The tower — designed for modern global buyers — allows for short-term rentals, an increasingly in-demand feature. The fully furnished residences range from studios to three-bedroom units, with prices starting from the $599,000s, and include a limited selection of three- and four-bedroom townhomes.
Notable architecture and design collaborators include Carlos Ott, Frankel Benayoun Architects Inc., and Urban Robot. Residences offer floor-to-ceiling windows, Italian cabinetry, porcelain flooring, custom closets, lockable owner storage, and dedicated parking for each unit.
Nexo also raises the bar on lifestyle with standout amenities, including:
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A three-story lobby and café lounge
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Two-story coworking and tech hub
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Resort-style pool with Jacuzzi
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Rooftop observatory deck
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Summer kitchens and outdoor movie theater
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Yoga studio, clubroom, event space, and playground
Located at 13899 Biscayne Boulevard, Nexo Residences is just minutes from the Intracoastal Waterway, Oleta River State Park, Florida International University, Bal Harbour, Sunny Isles, and Hollywood Beach. The property’s accessibility is bolstered by its proximity to Miami and Fort Lauderdale International Airports and the Brightline Aventura station.
“The lifestyle offered at Nexo — combining elevated design, robust amenities, and rental flexibility — has driven strong sales momentum with buyers from over 25 countries,” said Edgardo Defortuna, CEO of Fortune International Group. “Securing this financing reaffirms the market’s confidence in both the product and the North Miami Beach submarket.”
With sales and marketing exclusively managed by Fortune Development Sales, Nexo Residences continues to attract a global audience eager for turnkey living and investment-ready opportunities in one of South Florida’s fastest-growing neighborhoods.
Citadel’s Brickell Supertall Tower Gains FAA Approval, Set to Soar to 1,049 Feet
The Federal Aviation Administration (FAA) has officially cleared the way for what could soon become one of Miami’s most iconic skyscrapers. Citadel’s planned supertall headquarters tower in Brickell has received FAA approval, allowing it to rise to a height of 1,046 feet above ground—or 1,049 feet above sea level—the maximum elevation permitted under current aviation regulations in the region.
The approval, issued on July 3, marks a major milestone for the high-profile project, which has been under FAA review since October 24, 2024. The approved height qualifies the tower as a “supertall,” a designation for buildings rising over 984 feet, and places it among the tallest structures ever planned for South Florida. It joins a short list of Miami supertalls, including the under-construction Waldorf Astoria Hotel & Residences, which is also approved for 1,049 feet.
Designed by renowned architecture firm Foster + Partners, the Citadel tower is poised to reshape the Miami skyline with a striking 62-story design that will include approximately 1.49 million square feet of Class A office space. In addition, the tower will feature 212 hotel rooms, accessory spaces, and 50 underground parking spots—an ambitious feat considering the city’s high water table.
The vision for the tower reflects the ambition of Citadel founder Ken Griffin, who has described the forthcoming building as “one of the greatest office buildings built in the world.” The development underscores Miami’s growing status as a global business and financial hub and is expected to play a central role in Brickell’s continued transformation into an international center of commerce, luxury, and innovation.
With FAA approval secured, the project is now poised to move forward, bringing Citadel one step closer to establishing its world-class headquarters in the heart of Miami.
Foreclosure Hits Legacy Miami Worldcenter Amid Developer-Lender Showdown
The long-anticipated Legacy Miami Worldcenter has become the center of a legal and financial storm. The 50-story mixed-use tower, part of the ambitious Miami Worldcenter development, is now in foreclosure proceedings following a lawsuit filed by its lender, Legacy Lender Holdings LLC — an affiliate of Monarch Alternative Capital.
On July 2, 2025, Monarch filed a foreclosure action in Miami-Dade Circuit Court, claiming developer Royal Palm Companies, led by Dan Kodsi, owes $31.9 million in unpaid principal, interest, fees, and property taxes. The lawsuit comes after more than a year of construction delays and funding issues that halted work at the site in March 2024.
Legacy Miami Worldcenter was originally designed as a one-of-a-kind wellness-focused tower combining residences, hotel accommodations, and a state-of-the-art medical center. Despite breaking ground in 2021 with a projected 2024 completion date, the project stalled mid-rise due to structural redesigns and unresolved financing gaps.
In response to the foreclosure suit, Royal Palm Companies fired back with a countersuit accusing Monarch of “financial sabotage” and engaging in predatory lending tactics. The developer alleges fraud, breach of contract, and intentional interference, claiming Monarch never intended to fully fund the project and instead sought to force a default to gain control of the asset.
The legal tug-of-war raises significant questions about the future of the high-profile development and its place in the broader Miami Worldcenter master plan — a massive 27-acre, multi-billion-dollar district in the heart of Downtown Miami.
For current investors and prospective buyers, the uncertainty surrounding Legacy may cause hesitation, though it also opens the door for new capital partners or a potential sale of the project’s debt.
What’s Next?
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The court will weigh both the foreclosure claim and the countersuit.
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Monarch could pursue appointment of a receiver or auction the property’s debt.
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Royal Palm may seek a financial lifeline to refinance or restructure.
Legacy’s fate remains uncertain, but one thing is clear: this legal battle could reshape more than just the Miami skyline — it could serve as a cautionary tale for developer-lender relationships in today’s high-stakes real estate environment.
Ella Miami Beach Begins Vertical Construction as Sales Top 65% in North Beach
Momentum is building in North Beach as Ella Miami Beach, a new boutique condominium development, officially begins vertical construction. The development—now 65% pre-sold—is making steady progress, with sheet piling work completed and piling work currently in progress. Developed by Miami-based Constellation Group in partnership with Vietmar and The Boschetti Group, Ella broke ground in February and is scheduled for completion in early 2027.
Located at 6940 Abbott Avenue, just a few blocks from the Atlantic Ocean and Biscayne Bay, Ella pays homage to the Art Deco spirit of Miami Beach and is named after the legendary jazz icon Ella Fitzgerald. Designed by Arquitectonica, with interiors by Steven G., Ella offers 103 curated residences and brings a contemporary twist to the area’s rich architectural history.
Residences at Ella range from studios to two-bedroom units, offering between 429 to 1,756 square feet of indoor and outdoor space. With prices starting at $600,000, the project presents a rare opportunity for buyers to own new construction in Miami Beach at an approachable price—particularly compelling in a market where most new developments start at $1 million and above.
Ella also appeals to investors and second-home buyers thanks to a strategic partnership with Nomada Residences, a leading short-term and seasonal rental management firm. This relationship allows homeowners to effortlessly monetize their property while maintaining long-term value.
Further boosting North Beach’s rising status, the City of Miami Beach approved plans earlier this year to redevelop the historic Deauville Beach Resort into a new 100-unit branded condominium and 150-room hotel—marking a new era for the neighborhood.
Inside, Ella’s residences are designed to impress, with 9-foot ceilings, ItalKraft kitchens with stone countertops and JennAir appliances, European-style closets, and sweeping views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline from select units.
Residents will also enjoy an elevated amenity collection, including:
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A rooftop pool and fitness center with skyline and bay views
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Pickleball court overlooking the Atlantic Ocean
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Residents’ lounge, summer kitchen, and outdoor dining areas
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Observation deck, yoga/meditation terrace, cold plunge, and sauna
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Private beach club access via The Boucher Brothers
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Coworking area, complimentary beach cruisers, bike and beach toy storage, onsite parking, and ground-floor retail
The Ella Miami Beach Sales Gallery is now open at 6897 Collins Avenue. With construction rising and interest growing, the project continues to attract a dynamic mix of buyers eager to be part of North Beach’s new chapter.
Three-Phase Affordable Housing and Industrial Development Planned for Miami’s 7200 NW 22nd Avenue
A transformative new development is taking shape in Miami-Dade County as the Miami-Dade Housing Committee prepares to review a bold proposal for a large-scale, mixed-use project that combines affordable housing with industrial and retail infrastructure. SG Poinciana Ventures LLC, a partnership between Michael Swerdlow, Stephen Garchik of SJM Partners, and Alben Duffie, has submitted plans for a three-phase project at 7200 NW 22nd Avenue in the Gladeview area. Mediterranean Shipping Co. (MSC) is also partnering on the industrial aspect of the development.
The first phase of the $295 million project would introduce 155 affordable housing units targeted specifically for seniors earning up to 60% of the area median income (AMI), which, according to current Miami-Dade County figures, equates to $52,320 for a one-person household. Complementing the residential portion is a significant industrial component—over 250,000 square feet of warehouse space—aimed at boosting job creation and economic activity in the area.
Phase two will expand the workforce housing component with 175 units reserved for tenants earning between 60% and 120% of AMI, or up to $104,160 for an individual. This phase would also include an additional 110,000 square feet of industrial space.
The third and final phase is set to be the largest and most comprehensive, delivering 479 mixed-income residential units for households earning between 40% and 120% of AMI. This final stage will also include 110,000 square feet of industrial space, 4,000 square feet of neighborhood-serving retail, and a 15,000-square-foot hospitality training center—designed to provide job skills and career development in one of Miami’s most vital industries.
In total, the proposed project would span roughly 37 acres—23.8 acres dedicated to the residential portion and 13.88 acres reserved for industrial use. The site’s scale and mix of uses aim to not only address Miami-Dade’s pressing need for affordable housing but also to stimulate economic growth in an underserved community.
The Miami-Dade Housing Committee is expected to review the proposal next week. If approved, the development would mark a major milestone in the county’s broader effort to deliver more equitable housing solutions while investing in long-term workforce development.
Terra’s Deauville Redevelopment Secures Final City Approval
The future of Miami Beach’s iconic Deauville Hotel site is officially underway. On Friday, June 27th, the Miami Beach City Commission granted final approval for Terra’s long-anticipated redevelopment of the historic North Beach property. This milestone clears the way for a comprehensive revitalization, marking the culmination of a years-long effort to restore and reimagine one of Miami Beach’s most storied landmarks.
With full zoning, land use, building height, and public-benefit agreements now in place, the development can move forward to the next critical step—a design and preservation review by the Historic Preservation Board later this year.
Terra’s redevelopment plan honors the Deauville’s rich legacy while embracing the future. The project includes a partial reconstruction of the hotel’s historic features, a new luxury residential tower by world-renowned architectural firm Foster + Partners, and substantial infrastructure and cultural investments throughout North Beach. A centerpiece of the plan is a $7.5 million contribution to revitalize the Byron Carlyle Cultural Center, reinforcing Terra’s commitment to the community’s cultural and civic life.
“This approval marks a major step forward in restoring the site’s historic and cultural significance,” said Terra CEO David Martin. “With this green light, Terra is now fully committed to delivering a world-class development that reflects the community’s values, prioritizing architectural excellence, environmental responsibility, and meaningful public benefit.”
Originally built in 1957, the Deauville Hotel was a beacon of mid-century glamour and pop culture, famously hosting the Beatles’ first televised U.S. performance in 1964. In recent years, however, the building suffered from neglect and structural decline, eventually leading to its demolition. Terra’s vision is to honor that cultural heritage while catalyzing a new era of thoughtful development in North Beach.
Public benefits included in the approved plan reflect a holistic approach to neighborhood enhancement. These include:
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Two new pedestrian access points connecting the site to the beachwalk
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150 new public parking spaces
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Enhanced stormwater infrastructure to mitigate flooding
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Traffic improvements designed to minimize congestion
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A commitment to reduced density to ease environmental and infrastructure strain
The development is also projected to generate over $16 million annually for the North Beach Community Redevelopment Agency—resources that will help fund future public improvements and community initiatives.
“We look forward to working closely with the City and local stakeholders as we move into the next phase of bringing the reimagined Deauville to life,” Martin said.
As Terra embarks on this transformative project, Miami Beach residents and visitors can look forward to a future that pays tribute to the past while shaping a sustainable and vibrant vision for North Beach.
Amazónico to Open Miami Location Fall 2025
Amazónico—often styled as Amazonica—is primed to bring its lush, Amazon‑inspired ambience and Latin‑American–fusion culinary flair to Miami’s vibrant dining scene this fall. With iconic outposts in Madrid, London, Dubai, and Monte Carlo—and currently hiring for its new location at 800 Brickell Ave—this marks the brand’s boldest move yet.
Nestled in a former bank building in Brickell, the new location promises multi‑level dining including:
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A stunning ground‑floor restaurant space
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A lively lounge with DJ sets and live performers
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A rooftop venue blending post‑work vibes with nightlife pulse
With seating capacity for over 1,300 nightly covers, Miami’s spot will be the brand’s largest to date.
Miami’s version will preserve Amazónico’s trademark “elec‑tropical” DNA—infusing Cuban rhythms, tropical flair, and electric atmosphere throughout. Expect a full sensory journey: music, design, service and culinary vibrancy.
Amazónico’s menu celebrates shared dishes rich in South American flavors—Peruvian ceviche, Argentinian grilled meats, Venezuelan bites, Japanese‑style raw fish—and a playful tropical drinks program. The Miami offering will echo this formula, perfectly suited for communal dining, Instagrammable moments, and a splash of nightlife fun intertwined with fine‑dining quality .
Thomas Lecoq, general manager of London’s Amazónico, is overseeing the Miami project. After orchestrating openings in London, Dubai, and Monaco, he’s relocating stateside to ensure the brand’s signature flair lands just right in Miami. With over 320 staff being hired already, it’s clearly more than a restaurant opening—it’s a strategic cultural expansion.
For Miami foodies and nightlife lovers, Amazónico’s arrival is a breath of fresh, jungle‑charged air—and an invitation to something grand, global, and unapologetically tropical. Mark your calendars for fall 2025, and keep your eyes peeled for taste tests, previews, and grand‑opening happenings. Amazonica Miami is not just a restaurant—it’s an experience.