ARod Backed-Grand Station Apartment Tower is Complete and 80% Leased
Construction on Miami’s Grand Station Apartment tower has been completed. Alex Rodriguez and his partner Ricardo Vadio, owners of Rovr Development are the investors behind the $70 million construction project that was built on top of the existing Courthouse Center Garage.
Not only has ARod backed the construction of the project but his company Monument Real Estate Services is also the property Manager of Grand Station Apartments.
In early March 2020, partners for Grand Station obtained a $53 million loan from Saperian Capital to assist with the construction. Since Grand Station received their temporary certificate of occupancy in August, they have reached over 80% leased for the tower.
The tower located at 240 North Miami Avenue rises 30 stories and feature 300 units right in the heart of downtown. The development is a part of a public/private partnership with the Miami Parking Authority, which has assisted in adding an additional 350 spaces for the building totaling 1,200.
The tower features studio to 2 bedroom apartments with a monthly rent that ranges from $1,800 to $2,500. All units boast Italian kitchen cabinets, quartz counters, stainless steel appliances, and an in-unit washer and dryer.
The luxury tower amenities include an indoor pool, rooftop terrace with pool, outdoor kitchen, hot tubs, fitness center, and club room.
Zyscovich Architects and Anillo, Toledo, Lopez LLC are responsible for the design of Grand Station.
Rovr along with the Related Group and Airbnb are the masterminds behind the new development, The District located at 225 North Miami Avenue.
$12.3 Million Setai Sale Leads Miami Condo Weekly Sales
Sales for Miami-Dade once again surged this past week with the most expensive condo sale closing at Setai Miami Beach. According to the MLS, residential sales totaled $2.7 billion for all of July 2021, reaching 67 percent higher than the previous year.
Condo sales totaled a staggering $148 million compared to last week’s $131 million. The previous week’s volume rose from 208 to a total of 226. The average condo sales price also rose from $632,000 to $640,500.
The most expensive condo sale that occurred was a luxury condo at Setai, which sold for $12.3 million. After 39 days on the market, the unit sold for close to $3,391 per square foot. Our very own, Lucas Lechuga brought in the buyer for this property.
The second-highest and fewest days on the market condo sale occurred at One Thousand Museum for $5.6 million at $1,212 per square foot. This property was on the market for 1 day.
July Sales
Residential sales rose 58% in July with 3,632 closings, which consist of mostly condominium transactions. Single-family sales increased by 15% to 1,373 and condo sales increased by 104% to 2,259 sales.
The luxury market also experienced a leap in sales rising 110% for single-family homes compared to July 2020. For luxury condo sales, an increase of 323% compared to last July.
Avalon Merrick Park Tower Under Construction in Miami
Photo Credit: L & R Structural Corp., Inc.
Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.
When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.
The shell contractor is L&R Structural and the architect will include Arquitectonica.
Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.
Building Amenities
State-of-the-art fitness center with professional-grade cardio and strength equipment
Rooftop, resort-style pool and sundeck with BBQ area and seating
Pet-friendly living with WAG Pet Spa
Coworking space including workspace pods and reservable conference rooms
WiFi access available in common areas
Package lockers for 24/7 package acceptance
Smoke-free living
Controlled access garage parking
Bike storage
Easily accessible to retail and dining, including the Shops at Merrick Park
One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove
Residence Amenities
Studio, one, two, and three-bedroom floor plans
Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
Washer/Dryer in all homes
Walk-in closets
Air conditioning
Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.
Legacy Hotel & Residences Breaks Ground
Photo Credit: owpbrokers
The highly anticipated Legacy Hotel & Residences finally broke ground today at the development site located at 942 NE 1st Avenue in the heart of downtown Miami. In attendance was Ken Russell (City of Miami Commissioner), representatives of Royal Palm Companies, and Peggy Olin (Owp Property representative).
Also known as Legacy Miami Worldcenter, Legacy is one of the newest pre-construction residential towers located in Park West Miami. The luxury tower will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This tower sold out of all the units prior to the groundbreaking and is the first development to sell out prior to construction.
This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium with all of the luxury amenities a 5-star hotel could offer.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.
CONSTRUCTION INFORMATION
DEVELOPER: ROYAL PALM COMPANIES
ARCHITECT: KOBI KARP
DESIGNER: ID & DESIGN INTERNATIONAL
HOTEL AREAS (GROUND LEVEL AND PEDESTAL)
SPECTACULAR 40 FT. HIGH LOBBY WITH GLASS ELEVATORS
SIGNATURE INTERNATIONAL RESTAURANT
FULL-SERVICE CAFÉ WITH LOCALLY SOURCED BAKED GOODS
FIRST OF ITS KIND INTERNATIONAL BUSINESS LOUNGE
GRAND BALLROOM AND EVENT SPACES
SHUL WITH KOSHER KITCHEN
ONE ACRE POOL DECK (9TH FLOOR)
LARGEST DOWNTOWN HOTEL POOL DECK
MULTIPLE WATER FEATURES AND FULL-SERVICE POOL
SIGNATURE RESTAURANT SERVING ALL MEALS
BAR AND LOUNGE
LUXURIOUS DECK FURNITURE
LUSH LANDSCAPING
PLUSH CABANAS
ROOFTOP ATRIUM AND EVENT SPACE
DECADENT LOUNGE WITH SEATING AMIDST GARDENS
FULL-SERVICE BAR FOR INDOOR AND OUTDOOR SEATING
CANTILEVERED, INFINITY-EDGE, SINGAPORE INSPIRED POOL 500-FEET IN THE AIR
ROOFTOP SUNDECK WITH ENDLESS DOWNTOWN VIEWS
PLENTIFUL EVENT SPACE
CENTER FOR HEALTH & PERFORMANCE
50,000 SQ FT MEDICAL CLINIC WITH SUITES FOR HEALTH AND PERFORMANCE
DIAGNOSTICS AND TECHNOLOGY
VIP HEALTH CLUB WITH OPERATING ROOMS AND PRIVATE VIP ENTRANCE
ADVANCED PERFORMANCE TESTING CENTER
WELLNESS (SOME COSTS MAY APPLY BASED ON USAGE AND PROCEDURES)
MEDICAL FITNESS WITH PRESCRIPTION FOR HEALTH
VITALITY SPA
FITNESS STUDIOS
SPORTS MEDICINE/PHYSICAL THERAPY
EUROPEAN STYLED STEAM ROOM
RELAXING SAUNA
ALTITUDE TRAINING ROOM
CRYOTHERAPY CHAMBERS
JUICE/BEVERAGE BAR
IV NUTRITION THERAPY
All but 2 of the 312 units have sold for a combined value of $212 million. Average prices range between $350,000 to $2 million. Royal Palms closed on the construction loan in May 2021. Legacy Hotel & Residences is expected to be completed by 2024.
Natiivo Miami Tower Construction Update
With all the buzz happening over new construction in Miami, here is something else to get hyped about! Over the weekend, 1,400 tons of rebar was reinforced along with 4,400 cubic yards of concrete poured for Natiivo Miami. In the next few weeks, we should start seeing construction go vertical.
Natiivo will mix all of the amenities of a luxury hotel with the hospitality of a residential tower. Located in the heart of downtown Miami at 601 NE 1st AvenueNatiivo will rise 51 stories with incredible views of the Miami skyline as well as Biscayne Bay.
Designed and curated by Urban Robot, Natiivo is the first home-sharing condo/hotel residential tower that will utilize services to their owners with the ability to rent out their condos as short-term or long-term rentals. Owners have the ability to manage their own rentals or utilize Natiivo’s services.
Photo Credit: Skyalign
Natiivo will feature finished and fully furnished 448 residential units with 16 types of floor plans. Units range from studio to three-bedroom suites with 492 to 1,633 square foot options. 601 Miami will also feature 240 hotel rooms managed by Gale Miami Hotel. The building will also offer 3 floors of 70,000 square feet of amenities including offices, food, and beverage rental spaces.
Work Amenities:
Co-working spaces
Private offices
Flexible office arrangements
Video-capable conference rooms
Quiet rooms
Phone booths
Cutting-edge technology and connectivity
Office host
Coffee and juice bar
Amphitheater
Meeting/presentation rooms
Social Amenities:
Specialty restaurant and bar
Dining terrace
Social area with full-service cafe and cocktail bar
Drink and dine lounge areas
Media lounge
Live show and events lounge
The porch
Speakeasy
DJ and live performances
Programmed events
Splash Amenities:
Sun deck
Poolside beverage and food service
Native tropical landscaping
Cabana bar
Pool towel services
Fit Amenities:
Juice bar
Yoga and Pilates studio
Boxing ring with punching bags
Peloton equipment
Weight station
Cross-training/Crossfit
Spa/treatment rooms
Sauna/steam rooms
Locker rooms
Outdoor terrace/training
The Fit Boutique
Construction will continue for Natiivo with an anticipated completion date of 2023. If you or someone you know have an interest in purchasing at Natiivo, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Waldorf Astoria Hotel & Residences Receives Official Approval for Demolition
The Waldorf Astoria Hotel & Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” In June, the developers launched Waldorf Astoria’s official sales gallery located at 400 Biscayne Bay, right across from the construction site.
Waldorf Astoria has received official approval to begin clearing the site. According to the Miami Building Department, the demolition permit was submitted in early June 2021 and officially approved on August 4, 2021.
Clearing the actual 5,000 square foot site is estimated to cost around $30,000. The developer is working with The BG Group for demolition.
The developers include PMG with Sieger-Suarez Architects are the designers for the project. This tower will be truly one-of-a-kind with a unique design featuring 9 stacked glass cubes offsetting each other as they go vertical. Design interior created by BAMO design firm.
Waldorf Astoria Hotel & Residences will rise 1,049 feet tall and will feature 360 condos, 205 hotel rooms, and suites.
Tower Amenities:
Peacock Alley
True Waldorf Service and concierge
Unobstructed views of city and downtown skyline, Miami Beach and Atlantic Ocean
Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
Private Bar/ Wine Tasting Room
Signature Restaurant
All-Day Dining Brasserie
Pre-function and function spaces
Meeting and boardrooms
Waldorf Astoria Kids Club
24-hour valet parking
Signature spa
Leading-edge fitness center with private training studios
Residential Amenities:
24-hour doormen and lobby desk attendants
Private porte cochère with 24-hour valet service and private residential entry
24-hour concierge services in addition to dedicated on-site professionals
Live-in resident manager and 24-hour security
Front-door package and service delivery via signature Concierge Closet
Owners Lounge with high ceilings
Billiard and entertainment room with panoramic bay views
Designed for private functions and equipped with adjacent catering kitchen
Private residential pool deck with whirlpools with lounging areas
Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services
Property Markets Group, Greybrook, and Hilton are also partnering on the project. The groundbreaking is still planned for the beginning of 2022.
Waterfront Mansion in Coconut Grove Breaks Record at $65 Million
Photo Credit: Pacheco-Martinez & Associates
A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.
According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.
The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.
The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.
The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.
The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.
The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.
Four Seasons Miami Sold for $130 Million
Developer for the Four Seasons Surf Club in Surfside recently purchased the Four Seasons Miami in Brickell for $130 Million. With this purchase, Fort Partners (developer for Four Seasons) now have full control over all of the Four Season properties in South Florida.
The deal was financed through a New York company Madison Realty Capital for a $105 million loan. The full purchase price is unknown but according to the press release, the property traded for close to $130 million. This selling price equals $588,000 per room.
The hotel located at 1435 Brickell Avenue is a part of a 70-story tower that includes residential units, retail, parking, and a gym. The hotel was completed in 2003 and was considered then the tallest tower in Miami.
According to the Managing Principal and Co-found of Fort Partners, their plans are to renovate the hotel. They also want to ‘modernize’ the hotel rooms, lobby, and pool deck. They are also looking for additional food and beverage restaurants/bars to join the brand.
The sellers for the hotel include Westbrook Partner, a New York-based company. They purchased the property 10 years ago with a 3 part deal to eliminate debt on another Miami Property. They originally acquired the property for $40 million. Fort Partners was represented by JLL’s Jim Dockerty, Kevin Davis, and Mark Fisher.
Last year, the tourism industry stood at a pause as well as a dim future. Now, that states have opened up and are allowing travel, we are seeing more hotel transactions. In June, Pebblebrook Hotel purchased Margaritaville Hollywood Beach Resort for $270 million. Allen Morris Company, Stormont Hospitality, and Black Salmon teamed up to purchase a Miami Beach hotel for $25.5 million. TPG Real Estate Partners have also purchased 2 hotels in Edgewater for $61 million.
Photo Credit: resortpass.com
Construction Begins on Modera Skyler Phase II in Downtown Miami
Modera Skylar Phase II is a new development located in the River district of downtown Miami. Situated just north of the Miami River, this 21-story tower will feature 97 units with panoramic views of the city.
This project is being developed alongside the original Modera Skylar (which was recently remodeled), developed by Mill Creek Residential.
Located at 1444 NW 14TH Avenue, Miami FL 33125, Modera Skylar residents will have the option of 1 to 3 bedroom floorplans with den options. Floor plans range from 805-1,146 square foot options with pricing at $2,185 to $2,668 monthly.
Modera Skylar is conveniently located near restaurants and shopping with multiple commuter options available. Amenities of Phase II are similar to that of the original Modera but phase II will feature a 2-story amenity center with a resident loft. A dog park, controlled access parking, and dry-cleaning services will be the newest addition to Modera Skyler.
Modera Unit Amenities
Redesigned kitchens with stainless steel appliances, quartz counters, and tile backsplash
Vinyl plank flooring throughout the entire home
LED Light Fixtures
New sink and faucet features
Solar shades in every room
Private balcony
In-home washer and dryer
9-foot ceilings
Pantry
Ceramic tile flooring
Generous closet space
Glass top stove
Breakfast bars
Linen closet
Two full baths
Walk-in shower
Wrap-around balconies
Views of weekly fireworks show at Marlins Park
*Select homes
Modera Building Amenities
Redesigned rooftop pool and sundeck
Poolside lounge seating with cabanas and daybeds
Soothing rooftop hot tub
Reimagined outdoor entertainment area with grills and lounge seating
Outdoor lawn with lounge seating and cornhole
New GymRax outdoor fitness system
24-hour fitness center
Chic resident clubhouse with lounge seating and TVs
Entertainment kitchen in the clubroom
Coffee bar
WiFi lounge
Stunning sunset views from the rooftop
Unobstructed views of Downtown Miami and Marlins Stadium
Dog – and cat-friendly
Ample parking
Reserved covered parking
Online rent payments and service requests
Elevator access
Controlled access entry
Easy access to public transportation
Located in the Health District near the University of Miami School of Medicine
Convenient Downtown location
Minutes from Wynwood Arts District, great restaurants, shopping, and more
Construction for Modera Skyler Phase II is anticipated to be completed by September 2022.
49-Story Tower- Society Biscayne Tops off Construction in Downtown Miami
Credit: society_living
As of yesterday, PMG announced on their Instagram page that Society Biscayne has officially topped off construction. Located at 400 Biscayne Blvd, the 49-story multi-use tower started construction earlier this year with a construction loan of $162 million taken out in September 2020.
Developed by PMG and Greybrook Realty Partners, this project will feature 51,000 square feet of commercial offices, 704 rental apartments, and 17,801 square feet for a church. The First United Methodist Church originally sold the property to PMG in a deal to have a new facility built out for them upon completion of current construction. There will also be an additional 1,000+ square feet of retail space on the ground floor.
Sieger Suarez Architects is responsible for the design of Society Biscayne. The renderings for the 571-foot tower show the classic PMG style with floor-to-ceiling glass windows on every floor. The design for the first 10 floors appears to be dedicated to amenities, with a massive piece of art intricately positioned on the exterior walls facing Biscayne Bay, with a diamond-like design on the opposite side.
The units will feature studio to 3 bedroom floor plans with 534 to 1,382 square feet of living space. Each unit will feature an expansive balcony with views of the Miami skyline, downtown Miami, and/or Biscayne Bay.
Development Amenities:
Modern gym and fitness studio
Expansive pool deck
Coworking lab
Lobby restaurant and bar
Daily community events
This project is expected to be completed by the end of 2021 with an opening date of January 2022.
