Developer Sells Palm Island Mansion for $17 Million

Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.

Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.

The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.

The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.

This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.

The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.

Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.

Miami Dade County Breaks More Records for Home Sales in September 2021

Home sale records continue to be crushed month over month for Miami-Dade, marking its best September sales in history and setting the bar for the most condos sold in a year’s time. The previous annual record was 17,142 in 2013, while the current condo sales have equaled 17,942 with only 3 months to go!

According to the Multiple Listing Service (MLS), homes sales for Miami Dade have risen 20.2% at 3,031 transactions. This is up from the 2,521 transactions that occurred in 2020. Simultaneously, we saw a dip in single-family home sales at 3.6% at 1,241. This may be due to the lack of single-family home inventory. Condo sales have exponentially increased at 45.2% at 1,790 for September.

According to the Miami Chairman of the Board Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

Miami is also on track to have its best year ever for single-family home sales. For September, single-family home sales have increased by 35.3% at 3,031 total transactions.

Miami condos sales have increased by 45.2% in September with major increases in pricing for properties over $250,000.

Luxury sales have also been in the records spotlight with a 31.4% increase with 209 sales for September. For properties $1 million and up, sales have increased 96.5% at 167 transactions. Currently, there is a 3.9 month of supply for luxury single-family homes and a 9.4 month supply for luxury condos.

Single-family home pricing falls between $400,000 to $600,000 increasing by 27.4% higher than September 2020. Condo sales also saw a heavy rise at 161.1% with sale prices between $400,000 to $600,000.

Inventory has decreased for both single-family homes as well as condominiums. Inventory single-family homes decreased by 42.1% since 2019. Condominiums have decreased from 68.8% since 2019 as well.

Single-family home median prices have increased by 11.5% from $435,000 to $485,000. Condo median prices have increased by 24.5% from $265,000 to $330,000

Miami-Dade cash sales are up by 62.2% and represent 37.3% of Miami’s closed sales in September. According to statistics from the National Association of Realtors, almost 23% of all United States home sales are cash. Cash sales count for 45.9% of Miami condo sales with 24.9% for single-family sales.

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.

New Restaurant Opens at the Esmé Miami Beach

At the boutique Esmé Miami Beach hotel, a new bistro-style restaurant has opened. Replacing the former Latin Cafe 2000, located at 2501 Biscayne Blvd., Miami Beach, Mimi’s will serve breakfast, lunch, and dinner and will incorporate some of the most bizarre combinations yet tasty egg creations you will probably ever eat.

The former chef of Pao at the Faena House in Miami Beach, Benjamin Murray will be taking over as head chef at Mimi’s. According to Murray, “Miami has become a thriving foodie destination…and with Mimi’s relaxed-casual American classics will be the new spot.”

Mimi’s space was designed by CDK Design’s Cindy Kam, which includes an indoor and outdoor floorplan. The scene is set with a cafe bistro style mixed with industrial decor.

The egg creations include Osstera Caviar, which is considered the most prized and extensive caviar in the world. All of the food items will don some version of the Caviar. Benjamin Murray and Michael Kaplan, owners of Mimi’s, came up with the concept after their opening of Benh Mi, which is another restaurant that connects to the lobby of Esmé Miami Beach.

Breakfast and lunch will be self-service only and dinner, as well as happy hour, is full service. Fresh coffees and pastries are serviced daily at the bakery and a full breakfast menu is served until 8 am. The menu includes signature dishes like egg sandwiches, cured salmon on an everything bagel, burgers, and Binchotan-grilled steak and egg combos.

Signature Breakfast Menu

• FRIED CHICKEN & WAFFLES
  • Crispy hand-breaded chicken and two malted waffles with maple syrup.
• STEAK & EGGS
  • 28-day aged 10 oz. USDA Choice New York Strip. Housemade herb butter available upon request. Served with roasted potatoes and two eggs.
• FARMHOUSE BREAKFAST TACOS
  • Hickory-smoked bacon, sausage, scrambled eggs, roasted potatoes, cheddar cheese, jalapeño, tomato, onion and cilantro in flour tortillas. Served with salsa.
• BREAKFAST BURRITO
  • Flour tortilla stuffed with braised beef, melted jack and cheddar cheese, scrambled eggs, avocado, tomato, jalapeño, green onion and cilantro. Topped with spicy chipotle sauce and served with roasted potatoes.
• EGGS & BACON CROISSANT SANDWICH
  • Bacon, two fried eggs, sliced tomatoes, melted cheddar and mayonnaise on a flaky croissant. Served with sliced tomatoes.
• BROWN SUGAR OATMEAL
  • Rolled oats sprinkled with brown sugar and cranberries, served with milk.

Signature Entrees

• ROASTED HALF CHICKEN
  • Slow-roasted with housemade herb butter. Served with choice of two sides. (600 Cal)
• TUSCAN STYLE GRILLED CHICKEN
  • Grilled chicken, mashed potatoes, sautéed vegetables and artichoke hearts served in a savory sauce.
• SLOW-ROASTED TURKEY
  • Slow-roasted turkey with gravy, cornbread stuffing and orange-apple cranberry relish. Served with choice of two sides.
• CHICKEN POT PIE
  • Freshly baked with roasted chicken, peas, carrots, onions and potatoes folded into a creamy herb sauce. Topped with a flaky crust.
• FRENCH POT ROAST
  • Slowly braised and simmered with carrots, mushrooms and onions. Served on a bed of mashed potatoes.
• MIMI’S MEATLOAF
  • Our own traditional recipe topped with a red wine shallot sauce. Served with choice of two sides.
• RIBEYE STEAK
  • 28-day aged, 10 oz. USDA Choice ribeye steak. House-made herb butter available upon request, your choice blackened or grilled. Served with choice of two sides.
• POT ROAST DINNER
  • Slowly braised and simmered in red wine shallot gravy. Served with choice of two sides.
• NEW YORK STRIP STEAK
  • 10 oz. USDA Choice New York Strip dry-aged 28 days, blackened or grilled. Housemade herb butter available upon request. Served with choice of two sides.
• SWEET GLAZED SALMON
  • Grilled and topped with a sweet honey glaze. Served with sautéed vegetables and long grain rice. Blackened or grilled. Served with choice of two sides.
• BEER BATTERED FISH & CHIPS
  • Hand-battered cod fillets with french fries, coleslaw and tartar sauce.
• JAMBALAYA
  • Shrimp, chicken and andouille sausage, bell peppers and onions in a French Basque tomato sauce. Served over penne pasta or long grain rice, your choice.

Miami Real Estate Breaks Another Record for August 2021

The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!

There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.

Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.

All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.

Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.

Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.

Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.

Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.

Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.

Miami-Dade County Looking to Add a New City for the First Time in 16 Years

It has been 16 years since Miami-Dade added a new city but that could change for Biscayne Gardens. Following a public decision, county commissioners are deciding today to utilize 5 square miles that border 4 northeast cities.

The next step in the approval process is for local voters to vote in the special election on November 2, 2021. If voters decide on the new city, Miami-Dade will have a new 35th ‘parish.’ The last was Cutler Bay which was founded in January 2005.

The 5 square miles is located near North of Northwest 167th Street, East of Northeast 18th Avenue, South of Northwest 128th Street, and West of Northwest 17th Avenue. The current neighborhood is called Biscayne Gardens and the area would keep that name. About 3% of the land is undeveloped with a quarter of the area is dedicated to traffic, communication, and utility.

There is still much room for growth. Included in the plans to form the city are 3 apartment complexes with 861 units, mega-church, and additional apartment complexes.

Biscayne Gardens would also include 3 parks which would include a community center with costs of $1 million with 20,000 square feet.

The Biscayne Gardens Municipal Advisory Committee was formed in September 2003 to look at whether the area could turn into a city. The committee later broke apart in In April 2012.

The area of Biscayne Gardens now has 35,000 residents with over 50% being registered to vote. If the city is formed, the special election would cost $94,000. This price the county would pay up front then the city would reimburse once established.

Although a strong opposition on the vote, we will know more after today’s meeting.

Avalon Merrick Park Tower Under Construction in Miami

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

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.

New Argentine Restaurant Opens its First US Location in North Miami Beach

La Birra Bar is a 20-year-old family-owned restaurant that has officially opened its doors in North Miami Beach. This Argentina restaurant has made a name for itself and has already challenged burger restaurants throughout Miami-Dade.

Known for being “The Best Burger in the World,” the challenge is clear: try and beat their world-class burgers. They don’t consider their burgers like any burgers. They call them creations and they have spent years concocting the perfect recipe. Ingredients like aioli, confit tomatoes, and Milanese mozzarella cheese make their burgers what they are; delicious.

Although they are known for their burgers (which there are 40 different ones to choose from), they also showcase wings, chicken tenders, and ribs. They were also home to the ‘Elite’ ice cream, which was just added to their menu.

Daniel, Roxana, and Renzo Cocchia are the owners and operators of La Birra Bar which originally started as a cafeteria but later became what it is today. Ice cream maker and pastry chef, Matías Dragun recently added the elite ice cream to the menu. His ice cream recently won third place in January at the Ice Cream World Cup in January 2021.

La Birra Bar currently has 12 locations Buenos Aires, Madrid, and now North Miami Beach.