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.

Okan Group Officially Breaks Ground on 70 Story Okan Tower

On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.

This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.

The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.

The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.

Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking

Amenities:

• 24-hour reception and concierge
• 70th-floor rooftop pool and sky deck with private cabanas
• 12th-floor lap pool with clubroom and lounges
• State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
• Sauna, steam, and treatment rooms
• Children’s sensory and playroom
• Theater
• Wine cellar
• Owner’s lounge

The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

$110k Loss for Singer Trey Songz After Selling his Miami Condo

In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.

The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.

These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.

Amenities for Brickell Heights East

• Equinox Fitness Club & Spa with high-performance fitness programs
• 3,500 square foot SoulCycle studio
• 24-hour concierge
• 24-hour valet parking
• Rooftop pool
• 9th-floor pool terrace with swimming and lap pools
• Screening room
• Two beautifully designed entertainment rooms available for private events
• Kids’ playroom
• WiFi access in all amenity areas

Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.

Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.

540 Unit Tower Planned for Miami’s Art & Entertainment District

With plans for a 540-unit apartment skyscraper in Miami’s burgeoning Arts & Entertainment District, LCOR is making its South Florida development debut.

According to public documents, Pennsylvania-based, LCOR purchased 1.1 acres of land at 1775 Biscayne Boulevard from a corporation owned by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman. The location lies on the outskirts of Miami’s Edgewater district.

Webster Bank provided LCOR with a $33.4 million loan while Walker & Dunlop’s Keith Kurland and Michael Stepniewski represented them in the financing transaction.

According to the developer’s news release, LCOR has proposed a 40-story skyscraper with studios to two-bedroom apartments all equipped with stainless steel appliances, washers and dryers, and quartz countertops.

Amenities:

• 600 space garage
• WiFi throughout the building
• Gym
• Rooftop pool deck
• Outdoor patio
• Grilling space
• Tenant lounges
• Co-working spaces
• Conference spaces
• Package retrieval services
• 14,000 square feet of ground-floor shops

The Silvermans initially planned a 53-story mixed-use skyscraper on the site with 444 residential apartments, 200 hotel keys, 45,600 square feet of commercial space, 64,500 square feet of office space, and a 546-parking garage through their V Downtown subsidiary. A Miami board approved the necessary exemptions for the construction in 2017, but the project was never completed.

LCOR’s first ground-up project in South Florida, according to the statement, but the business has been investing in the region and other Southeast regions for more than a decade.

According to its website, LCOR is a real estate developer, manager, and investor with a $9.5 billion portfolio of finished, under construction, and pre-development projects. The California State Teachers Retirement System, Ares Management, and PGIM are among its partners. LCOR’s CEO is Anthony Barsanti, and its senior vice president is Anthony Tortora.

Construction is anticipated to begin in early 2024 with completion in 2026.

Casa Bella by B&B Italia Reaches 60% Sold

Casa Bella by B&B Italia located in Downtown Miami on Biscayne Boulevard has just reached 60% sold within the first 5 months of launching sales.

Casa Bella will feature 3 towers and 2 will rise 57 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.

The newest tower will feature 1 to 5-bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout. 

The location of this tower places residences near the Adrienne Arsht Center for the Performing Arts and the Miami International University of Art and Design. The Omni Station Bus Loop is also 1 block away.

With the reopening of borders and the lifting of the pandemic restrictions as of November 8, 2021, we will likely see an increase in international buyers, especially for the new construction towers. Currently, international buyers are representing around 50% of new construction developments while earlier in the year, they were only representing 20%.

Construction for the development is estimated for winter 2022 with an anticipated completion date of 2025. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Triple Tower Development Proposed by Hyatt and Gencom on the Miami River

Hyatt and Gencom have recently formed a partnership with the goal to redevelop downtown Miami’s Hyatt Regency into a 3 tower development site located directly on the Miami River. This development is expected to enhance access in and out of the city, and revitalize a major section of Miami’s riverfront.

The proposal calls for a privately funded makeover that includes a reinvented Hyatt Regency hotel with over 1,500 residential apartments, meeting space, and open-air public space along the Miami River.

Three skyscrapers are planned for the site. 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of conference space, and 264 serviced apartments will be housed in Towers 1 and 2, which will rise 61 stories.

Tower three, which is expected to have 860 residential units, will be one of South Florida’s highest structures dubbing it a supertall tower. According to a spokesperson of the joint venture, the supertall tower would be 1,049 feet tall, which is the highest height allowed by Miami’s zoning standards.

The towers will be above a podium structure with 190,000 square feet of Class A conference space, which is a 50 percent increase over the James L. Knight Center’s current capacity.

Tower Proposal

• 1,806 apartments
• 20,000 sq. ft. of co-working space
• 615 rooms under the Hyatt Regency hotel brand
• 190,000 sq. ft. of meeting space
• 12,000 sq. ft. of food and beverage/retail space
• Restaurant and lounge located in a skybridge linking the two shorter towers just 700 ft high
• 50,000+ sq. ft. of public space
• 1,100 parking spaces
• Rebuilt riverwalk spanning 480 feet
• Covered pedestrian bridge connection to Metromover’s Knight Center Station

Arquitectonica is listed as the architect. Construction on the Hyatt Regency Miami property is planned to begin in 2025 if voters approve the project in November 2022.

One Thousand Museum has Officially Sold Out

One Thousand Museum has hit so many milestones since its inception in 2014. Just in the first month of sales in 2016, the luxury tower reached $30 million sold which remember 2022 tower sales launches. Now, One Thousand Museum has officially sold, solidifying the legacy of the late Pritzker-winning architect Zaha Hadid.

One Thousand Museum, also known as the Scorpion Tower, is a monument to brilliance and creativity, Through the views and design of Dame Zaha Hadid, it is a powerful physical statement about the soul of Miami.

With views of Biscayne Bay, the Atlantic Ocean, and Miami Skyline; One Thousand Museum is only minutes from South Beach and the Brickell financial district. This contemporary tower rises 60 stories with 83 total units; 4 duplex townhouses, 70 half-floor units, 8 full floor penthouses and 1 double story/full floor penthouse.

Two lower level floors are dedicated to an indoor/outdoor wellness and spa, as well as the rooftop featuring the Aquatics Center and Sky Lounge.

Developed by Louis Birdman, Gregg Covin, Kevin Venger, and Regalia Group, One Thousand Museum is South Florida’s first residential complex with its own rooftop helipad, allowing residents to quickly travel to adjacent islands, private and commercial airports, and private boats.

One Thousand Museum Amenities

• A spacious fitness center with state-of-the-art strength and cardio training equipment
• Spa with private treatment rooms, steam and sauna rooms, plunge pools, and relaxation lounge
• Multimedia theater for private movie screenings, lectures, and presentations
• Sun & Swim Terrace with pools, lounge chairs, cabanas, and poolside towel service
• Aquatic Center with indoor, infinity-edge pool
• Private dining room
• Triple-height event space overlooking Biscayne Bay
• Private rooftop helipad
• Specialized security and valet personnel
• Full-service concierge
• Bank-quality vault with individual safe deposit box for every residence

One Thousand Museum Residence Features

• Custom Italian cabinetry by Poliform
• Fine quartz countertops by Silestone
• Induction cooktop, oven, steam oven, microwave, dishwasher, and integrated coffee maker by Gaggenau
• Refrigerator by Sub-Zero
• Faucets and fixtures by Dornbracht, Duravit, and MTI
• Interior doors by Lualdi Porte with door handles designed by Zaha Hadid
• Custom-designed, Italian-made walk-in closets
• Extensive state-of-the-art home automation by Crestron, allowing residents to control a range of in-residence applications including lighting, heating, air conditioning, audio, video, window treatments, and security
• Oversized terraces
• East-to-west flow-through floor plans

Demand for condominiums in Miami has increased within the past year. Residential home shortages, as well as an increase in relocations, are driving factors for this demand. According to Business Insider; bankers, fund managers, and executives are now moving to Miami from New York at an alarming rate. Luxury home sales tripled in December 2020 compared to the previous year and the future for this market looks even better!

Melo Group Tops Off on Downton 1st Tower

Downtown 1st, a 57-story mixed-use tower located in downtown Miami has officially topped off on construction just one year after its groundbreaking. Developed by the Melo Group, this tower is set to be the tallest that the developers have ever constructed.

According to Martin Melo, “After just a year from breaking ground, we are proud to top off. Downtown 1st is another project that showcases our compromise of enhancing Miami’s urban core and the continued activation of downtown Miami.”

Located at 30 SW 1st Street, Downtown 1st will spread over 743,073 square feet which will include 560 units (500,000 square of residential space), 12,930 square feet of office space, 2,925 square feet of ground floor retail and a 453 spot parking garage.

The units themselves will feature 1 to 3 bedroom layouts with penthouse options located on the top 2 floors of the tower. Units will range from 653 square feet to 1,200 square feet.

Amenities:

• 2 swimming pools
• Landscape deck
• Fitness center
• Study rooms
• Lounging areas
• Spa

Completion of the tower is expected to be complete by the 4th quarter of 2022.

Melo has amassed a portfolio of over 6,000 condominium and apartment rental properties in the greater downtown Miami area since 2001. All construction and architecture are handled in-house by the fully integrated real estate development organization.

Closings Begin at YotelPad Miami

YotelPad Miami is one of the newest condo-hotel developments in downtown Miami. Sales began in late 2020 and the entire tower sold out just 15 months after breaking ground. Now, closings are beginning for the 31-story tower.

Developed in a joint venture between Aria Development Group and AQARAT, YotelPad Miami is located at 227 NE Second Street in downtown Miami.

The tower features 231 residential condo units that range from 417 SF studios to 708 SF two-bedrooms. These units are located on floors 15 through 30. There are also 222 hotel units branded by the Yotel Britsh chain that occupy the lower levels of the tower.

Prices for the condo units range from 4300,000 to $499,000 and the developers have confirmed that more than half of the buyers are from China, Mexico, and Columbia.

Stantec is the architect behind Yotelpad. Each unit offers carefully cultivated floorplans with integrated living and dining areas.  The fully-finished interiors feature contemporary flooring with floor-to-ceiling glass windows with a European kitchen and baths showcase custom cabinetry with stone finishes as well as Smeg Designer Italian appliances.

The units will also feature high-end appliances including an Electrolux washer and dryer, Grohe and Toto bath fixtures, Smart thermostats, Smart Lock System, and custom furniture packages.

Tower Amenities:

• Elevated deck with pool, hot tub, and bar
• Full-service restaurant and bar with outdoor paseo
• Organic matcha bar
• State-of-the-art fitness center
• Private meeting rooms with co-working space
• Valet parking
• TransitScreen displays all your mobility options,
  in real-time
• Private residential lobby with destination dispatch elevators
• 24-hour security and concierge
• Secure storage unit for each residence
• Enclosed bicycle storage
• Skytop Lounge featuring a game area and chef’s kitchen
• Digital package concierge

According to the sales team, “YotelPad Miami brought the market what it demanded, and to be successful in sales we really had to embrace the local community.”

The hotel side of YotelPad is scheduled to open on June 1, 2022.

Okan Tower Reaches $39 Million in Sales in 1 Month-Groundbreaking Planned for June

Sales have not slowed down for many pre-construction towers in Miami and that list also includes Okan Tower Residences. In a recent press release, developers saw just over $39 million in sales for the month of March.

Originally launched in May 2018, Okan Tower was put on hold in early 2020 due to the pandemic. Now the developer, Okan Group, is moving full force ahead. Okan Tower is expected to rise 70 stories tall with 163 condos and 263 condo-hotel units.

The tower will be located at 555 North Miami Avenue in Downtown Miami and will include luxury resort-style amenities, office spaces, entertainment areas, and a 316-key Hilton Hotel.

Prices for units at Okan Tower will begin at $387,000 for the condo-hotel units and $587,000 for the condos and will go up to $2 million. The hotel units will start on the 36th floor with studio to 2 bedroom floor plan options. These floor plans range from 445 to 1,250 square feet.

The condos will then begin on the 51st floor and will feature 1 to 3 bedroom floor plans. These units will have 695to 2,075 square feet of living space.

The tower will also feature a 2-floor penthouse with 1,875 to 2,040 square feet of living space. Okan will also include luxury resort-style amenities.

Amenities

• 70th-floor rooftop pool
• Sky deck with cabanas
• 12th-floor lap pool
• Clubroom and lounges
• Health and fitness center
• Spa
• Children’s room
• Theater
• Wine cellar
• Owner’s lounge
• Amenity deck on floors 27-30
• Cafe
• Bars
• Conference and meeting space
• Ballroom
• Spa with a marble Hamman

The groundbreaking is scheduled for June 2022. This will be the developer’s first real estate project ever.

If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.