In the same month that they plan to formally break ground, Renzo Piano’s Eighty Seven Park has surpassed the 50% sales mark. The 18 story tower will have 70 total residences and famous neighbors such as Michael Huffington, the Conde Nast family and the latest announcement, tennis star Novak Djokovic. He has reportedly purchased a 3 bedroom, 3.5 bathroom residence with a wraparound terrace for between $5.9 million and $8.9 million (the exact sales figure has not been disclosed, but that is the cost of available units with the floor plan he purchased).
Not to digress from the star factor, the residences will be quite nice. We were able to go for a preview last month, and the boutique building is impressive for those who love parks and have money. The tower is secluded between two parks. The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 70 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.
According to a representative of the developer and against Miami trends, 55% of the buyers are from the United States. I imagine most of them are from New York, since New Yorkers are most comfortable paying $1.7 million for a 1 bedroom, even if it does have over 1,000 square feet. Prices go all the way to $45 million for the penthouse. 30% of the buyers are from Europe and 15% are from other international markets. Buyers from Turkey and Asian countries have been more active in our market over the last few months, while the Latin American market has cooled.
Site work on the build site has already commenced, and we expect groundbreaking this month or early next month.
Renzo Piano’s Eighty Seven Park Prepares To Break Ground; Is Contributing To North Shore Park Upgrades
Situated on the northernmost oceanfront lot in Miami Beach, Eighty Seven Park is preparing for its groundbreaking in April. The project will have just 70 residences and 18 stories and will incorporate an upgraded North Shore Park into its amenity list.
In 2013, Terra bought the lot at 8701 Collins Avenue from Dezer Development for $65 million. They also paid the City of Miami Beach an additional $10 million in return for the rights to close 87th Court just to the north of the lot. These funds have been earmarked for a redevelopment project in North Shore Park, which is open to the public. While we do not yet know the specifics of the redesign, it has been mentioned that the goal is to incorporate the look and feel of the ultra-luxury development throughout the park so as to feel as though the park is an additional amenity. In addition to the public park, residents of Eighty Seven Park will also have a private park that is gated. The development will distribute keys to the owners, similar to the famous keys to Gramercy Park in New York.
The building is designed by Renzo Piano, and Italian architect and engineer who has also won the coveted Pritzker Prize. He is also the architect behind the famed Shard in London. The idea behind Eighty Seven Park is to experience the beauty of the park throughout the entire building. The residences have large sliding glass doors and floor to ceiling windows so that the owners can experience the indoor/outdoor feeling. An on-staff botanist will care for the lush landscaping throughout the lobby and curate an ever-changing botanical exhibition.
The layouts of the units is expansive as well, even the one bedroom plans are over 1,000 square feet. The two bedroom plans are between 1,600 square feet and almost 1,850 square feet, three bedrooms range from 2,500 square feet to 3,500 square feet and the four and five bedroom layouts go all the way to 4,000 square feet. There are two penthouses, the eastern penthouse is a 7,500 square foot 5 bedroom and the western penthouse is a 4,200 square foot 3 bedroom. Both penthouses have rooftop terraces with private plunge pools. Prices range from $1.7 million for a north view 1 bedroom up to $7.25 million for the 3 bedroom with a south view overlooking the park. All units will also have an ocean view.
Some notable buyers in the project include Michael Huffington and the Conde Nast family.
Starchitect Renzo Piano To Introduce Eighty Seven Park In Miami Beach
Miami Beach is getting another starchitect-designed condo building, this time by Pritzker Prize winning Renzo Piano. Eighty Seven Park will be the first project in South Florida to be designed by the famed architect and is located at 87th and Collins on the last piece of land north of North Shore Park at the limit of the city of Miami Beach. The 18-story glass tower will feature oblong floors and wraparound balconies with ocean views. In total, the building will offer 68 residences varying in size from 1,400 to 7,000 square feet.
“The idea behind the site is to enhance the presence of the green spaces in the park by extending trees to the northern limit of the city of Miami Beach,” said a statement from Renzo Piano Building Workshop. The building will be surrounded by a reflection pool and private gardens. Between the residences and the beach will be two swimming pools surrounded by sundecks and a walking path to the shoreline.
Interiors are being designed by Rena Dumas Architecture Interieure from Paris and will feature American oak and Italian stone fittings with orchids, Bonsai trees and cacti. An in-house botanist will maintain the year-round floral display, extending the serene natural feeling from the gardens indoors.
Renzo Piano will join Rem Koolhaas, Zaha Hadid, and Bjarke Ingels with their starchitect-designed projects over the upcoming years. In addition to being the first project for Mr. Piano in South Florida, Eighty Seven Park will also be his first residential building in the United States. Previously, the firm has completed the 95 story Shard, the tallest building in the European Union that is often referred to as London Bridge Tower as well as the 52 story New York Times Building in Midtown Manhattan.
