Capitalizing on Luxury: The Perigon Miami Beach Sets a New Standard in Oceanfront Living
The Perigon, a paradigm of luxury real estate, is set to redefine the Miami Beach skyline. This exclusive 17-story condominium, a strategic collaboration between Mast Capital and Starwood Capital Group, is situated at a prime location on 5333 Collins Avenue. The Perigon represents just that with its OMA-designed architecture and Tara Bernerd’s sophisticated interior aesthetics. Each of the 73 residences, spanning 2,100 to 6,700 square feet, promises unparalleled opulence and privacy, further enhanced by eight private guest suites reserved for owners.
The groundbreaking for this elite property is anticipated in early 2024, with Moss Construction at the helm of the development. The current demolition of the former La Costa condominium is proceeding with precision, indicative of the meticulous planning and execution befitting such a high-caliber project. This careful dismantling is a precursor to the construction of a complex that will not only be a residence but a statement of luxury.
The Perigon’s allure extends beyond its architecture. It offers exclusivity with resident-only amenities, such as a waterfront restaurant led by Michelin-starred Chef Shaun Hergatt, and a private beach club. The units boast 10-foot ceilings, wraparound terraces with sweeping ocean views, and custom Italian kitchens with Sub-Zero Wolf appliances, embodying the very definition of luxury living.
The Perigon is targeting LEED Gold certification, showcasing a commitment to environmental excellence. Set to be completed in 2026 with starting prices of $4.25 million.
The Perigon offers a compelling opportunity for investment in one of Miami Beach’s most luxurious upcoming developments.
Shore Club Private Collection Secures $430 Million Construction Loan
Shore Club Private Collection, which is expected to be one of the fastest-selling luxury complexes in Miami Beach history, has closed on a $430 million construction financing from Witkoff Group, a Miami-based development and investment company, and Monroe Capital, a renowned asset management company.
The loan, which was provided by J.P. Morgan, is thought to be the biggest ever for a South Florida residential building project. Since its late January debut, sales have surpassed $550 million, and two-thirds of the inventory has been sold. As a result, Shore Club is prepared to start building later this year, with a 2026 completion date anticipated.
Shore Club Private Collection will house 49 houses created by the renowned New York-based firm Robert A.M. Stern Architects, building on the rich legacy of Miami Beach’s Art Deco and contemporary design style while also fostering a seamless link to its landmark site. Some of New York City’s most well-known structures were designed by this architect, including 15 Central Park West and 220 Central Park South. The three acres of coastal land where Shore Club will be located will have magnificent botanical gardens created by renowned landscape designer Nathan Browning of Island Planning Corporation.
The development, which features a brand-new structure from the ground up, The Tower, a recently renovated Art Deco structure that was first finished in 1939, The Cromwell House, and The Beach House, a distinctive single-family beach house, is Robert A.M. Stern’s first residential oceanfront project. In order to offer a product that is unique to the Miami market, each component was designed to maximize views and light in conjunction with the curve of each property. The interiors expand on this concept by drawing design cues from yachts as well as the patterns and motion of the waves and sand along Miami’s shoreline. On the architecture, RAMSA worked with Miami-based Kobi Karp Architecture & Interior Design.
The 20-story Tower offers two- to six-bedroom homes with floor-to-ceiling windows, artistically curving balconies, and sizes ranging from 1,900 to more than 10,000 square feet. The Tower offers breathtaking views of the Atlantic Ocean and sunsets, along with private and semi-private elevators and private terraces. The eight-story ancient Cromwell House will be renovated into four opulent homes, three of which will be duplexes, along with a penthouse. These four and five-bedroom residences will have a spacious full-floor penthouse as well as two-story great areas with spectacular double-height ceilings. The Beach House, which will measure 6,000 square feet with three outdoor spaces totaling more than 2,180 square feet, will be the sole private residence on Miami Beach’s oceanfront.
Together with Auberge Resorts Collection, we have a shared vision for reinventing the Shore Club Private Collection. Even though they are part of a five-star resort, the homes will offer solitude and seclusion while being maintained by Auberge. A discrete porte cochere entrance, three distinct swimming pools, including a private residential pool, a 75-foot lap pool, a leisure pool, a state-of-the-art fitness facility, a library, a lounge, and other amenities are among the unique services and amenities available to residents.
In addition to access to the world-class spa, concierge services, housekeeping, beach club, and culinary experiences, such as in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more, Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with a variety of in-home offerings.
The starting price for Shore Club Private Collection is $6 million.
10-Story Boutique Hotel in Miami Beach Launches Sales
Constellation Group, The Boschetti Group, and Vietmar; three Miami-based real estate development companies, have formally begun taking reservations for the 10-story boutique condominium Ella Miami Beach, located at 6940 Abbott Avenue in the center of Miami Beach.
The 95 units will include studios to two-bedroom floor plans and will range from 434 to 1,076 square feet in size. Prices will start in the upper $400,000s, which is an appealing entry price for a new-build property in Miami Beach, where new construction pricing generally begins at about $1 million.
Offering the best luxuries of Miami Beach living, Ella Miami Beach is replete with a sophisticated design and indulging amenities, and is situated within walking distance to the beach, popular restaurants, boutique shops, and a myriad of entertainment venues.
The award-winning international architectural firm Arquitectonica is creating the Ella Miami Beach, a building with sweeping rooftop views that stretch from the city on one side to the ocean on the other, with inspiration from Miami Beach’s Art Deco era.
Each unit has spacious terraces and is designed for seamless indoor/outdoor living and entertaining, with select residences giving breathtaking views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline. Each property will be delivered with roughly 9-foot-high ceilings throughout, modern ItalKraft kitchens with stone worktops and JennAir equipment, as well as designer closets with European influences. These features highlight the project’s flair and sophistication. Exclusive bespoke Interiors by Steven G packages are available to buy for a totally turn-key living experience.
A suite of amenities, such as a rooftop pool and fitness center with limitless views of Biscayne Bay and Miami, a paddle/pickleball court overlooking the Atlantic Ocean, a residents’ lounge, a summer kitchen with an outdoor dining area, and an observation deck and lounge, are among the many distinctive features that enhance the experience of being an owner at Ella Miami Beach. A cold plunge, sauna, and an outdoor yoga and meditation terrace are among its wellness features. Other amenities include coworking space, free beach chairs, bike and beach equipment storage, and more.
Ella Miami Beach’s Sales Gallery is located at 6897 Collins Avenue in Miami Beach. The new building is anticipated to begin construction in the first quarter of 2024 and be finished in 2026.
If you or someone you know have an interest in purchasing at Ella Miami Beach, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Plans Submitted for a 2 Tower Fontainebleau Project
Fontainebleau Apartments II is a two-tower multifamily development of 10 and 19 stories that is planned to rise atop 4.03 acres of backfilled land in Fontainebleau, Florida. It was developed by the Miami Lakes-based real estate developer and general contracting firm LF Development through an affiliated entity referred to as Combo Group Holdings LLC.
The project, designed by Coral Gables-based Valle Valle & Partners, would include 600 residential units split between its two towers, 5,200 square feet of retail space, and 957 parking spaces, including 147 parking spaces for electric vehicles and 20 handicap spaces. The engineering team is made up of Solver Engineering, Zamora & Associates, and Fineline Engineers, Inc. The landscape architect is Witkin Hults + Partners.
The property itself spans 11.18 acres which is roughly 487,436 square feet with the property also backing to a lake. The lake/property is specifically located west of Northwest 87th Avenue, east of Northwest 97th Avenue, between State Route 836 Expressway to the north and West Flagler Street to the south. The developer is requesting to backfill 4.03 acres (175,480.00 square feet) of the lake/property to construct the multifamily project.
If approved, Fontainebleau Boulevard would front the recently filled in land and run directly between these neighboring thoroughfares. The developer is also requesting that the property’s designation be changed from Water to Medium-High Density Residential and that the zoning be altered from GU to RU-4.
These zonings and classifications surround the region, which is being used as leverage to support the zoning changes. The owner of the area where the buildings are planned to go up is indicated as Italo Campagna.
The site permits 50 dwelling units per acre, resulting in a total of about 560 dwellings. Additionally, the developer is including 36 workforce housing units (WHU) at a rate of 6 percent, allowing for a density increase of about 50 units.
Residential units would have floor patterns with one or two bedrooms. The combined floor area of the two buildings would be 691,497 square feet, and 75,480 square feet of the land would be used as private open space to surround the complex. Google Maps places the building at 9193 Fontainebleau Boulevard, almost exactly where the south tower’s entrance would be.
On July 28, plans for Fontainebleau Apartments II were submitted, although there was no mention of a requested application meeting time.
Revealed: The Perigon Miami Beach
Mast Capital and Starwood Capital Group have officially launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach located at 5333 Collins Avenue.
After the City of Miami declared the existing La Costa Condo tower unsafe last summer, Mast Capital bought out the remaining units in an effort to move forward with The Perigon. The City of Miami’s declaration came shortly after the collapse of the Champlain Towers South in Surfside. Mast owns approximately 88.5% of the current tower leaving 14 unowned.
In June 2021, Mast filed the development plans for the property and the official approval came in December 2021. Rem Koolhaas is named as the architect for the project while Tara Bernerd is listed as the interior designer. The design resembles a series of towers merged together allowing the residents optimal views of Biscayne Bay, Miami skyline, and the Atlantic Ocean
The development will rise 17 stories and feature 83 total units, with 10 of those units labeled as ‘guest suites,’ which will only be available to purchase by unit owners.
Units will range from 2 to 4 bedroom floor plans with 2,100 to 6,700 square foot options. Units will start at $3 million and will feature a number of luxury amenities and residence features.
Services
Residential butler
Dedicated lifestyle concierge
24-hour security and valet service
House car
On-site general manager
In-residence dining and catering from a signature on-site restaurant
Home management services from cleaning and maintenance to floral and pantry stocking (available for additional costs)
Tower Amenities
Signature oceanfront restaurant by a celebrated chef exclusive to residents
Beachside swimming pool and outdoor spa with sunbeds and cabanas
Pool and beachside food and beverage service
Direct entry to the dedicated beach, equipped with lounge chairs, umbrellas, and service
Sprawling conservatory offering daily breakfast bar
Stylish cocktail lounge and speakeasy
Dramatic double-height lobby with open lounge area
Luxury guest suites for friends and family
Sunrise lounge with catering kitchen for entertaining and events
Private spa with sauna and treatment rooms
A state-of-the-art fitness center with a high-impact training room overlooking the Atlantic Ocean
Bespoke wine room
Private salon for personalized beauty services
Screening room
Imaginative children’s playroom
Intimate garden and meditation lounge areas overlooking the Atlantic
Bicycle storage
Residence Features
Direct, private elevator entry to each residence
Gracious 10-foot ceilings with floor-to-ceiling windows
Private 10- to 12-foot-deep terraces designed to provide direct views of the Atlantic from every residence
Expansive living, dining, and entertaining area accented with linear cove lighting
Custom Italian kitchens designed by Tara Bernerd & Partners featuring honed marble countertops, backsplash, and island
Sub-Zero Wolf Appliance Suite
Primary bathrooms feature natural stone flooring and walls, custom bathtub, bespoke mirrors, and light fixtures
Walk-in wardrobes in each bedroom
The building is expected to top off in 2024 with a completion date in 2025. If you or someone you know have an interest in purchasing at The Perigon Miami Beach, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Miami Real Estate Sales Soar for the 16th Consecutive Month
According to the MIAMI Association of Realtors and the Multiple Listing Service, Miami-Dade County real estate extended its record run of house sales with its best-ever January sales month, as existing condo transactions climbed for the 16th consecutive month.
The record-breaking 2021 included the greatest annual total dollar volume, all-time year total house sales, most single-family home sales, most condo transactions, and the highest number of cash transactions. Now, 2022 brings its best January sales month in history.
Homes sales rose 19.6% in January from 2,211 to 2,645. Single-family home transactions increased from 968 to 1,008 transactions at about 4.1%. Condo sales saw a higher increase at 31.7% from 1,243 to 1,637 transactions. This marks the 16th month of double-digit condo gains.
Compared to last January, home sales are up 42.4% from 1,857 to 2,645 with single-family homes at 13.6% and condos at 68.8%
Luxury condo sales also surged at 69.9% compared to last January at 192 transactions. Single-family luxury homes rose 20.4% at 201 sales.
Median-priced Single-family homes between $400-$600k rose 31.3% to 386 transactions for January. Condo sales in that same price range rose 98% with 303 sales in January.
Inventory decreased for both single-family homes and condos. Single-family homes decreased by 9.1% while condos decreased by 3.6%.
Median family homes sale prices increased 10.8% in January. Single-family home prices rose for the 122 consecutive months while condo prices increased for 124 consecutive months.
Total dollar volume hit $2.1 billion in January with single-family home volume increased 16.7% while condo volume increased 56.2% for January.
The sales percentage of Miami out preforms the Nation while in state, single-family home sales increased 1.4% in January 2022. Condo sales increased 6.7% in January 2020.
Single-family median sales percentages reached 98.1% for January 2022. The median sales percentage for condos increased by 3.2% compared to last year’s median sales percentage.
Cash sales in Miami make up 40.1% of real estate transactions, which is 48.5% more than the national average for January 2022. Cash sales made up of 49.4% of condo transactions while 25% of the single-family transactions were in cash.
According to the Miami Chairman of the Board, Fernando Arencibia Jr. stated, “The demand for Miami real estate has never been higher from both domestic and global homebuyers. Major U.S. companies opening HQs in Miami, surging domestic and global migration to South Florida, a larger percentage of Florida residents in their prime home-buying years, the expansion of remote work, low mortgage rates, Florida’s low taxes, relaxed Covid restrictions, South Florida’s healthy lifestyle and more have each played roles in Miami’s booming sales.”
Another Fisher Island Condo Sold at $21 Million
After spending 5.5 years on significant renovations and imported furniture, Igor Olegovich Nesterenko, a businessman in the meatpacking industry from Moscow, sold his Fisher Island property for $21 million.
The unit located at the Palazzo Del Mare unit 7153, features 5 bedrooms, 5.5 bathrooms, a terrace, a playroom, and a conference room spanning over 7,025 square feet. It also has a private 2-car garage on the parking level of the building and a private cabana near the pool.
Nesterenko spent the 5.5 years refurbishing the condo because Fisher Island only allows for roughly half of a year’s time for construction due to noise restrictions.
Furthermore, much of the furniture was purchased from abroad and was rather large and proved difficult to ship overseas. The bathtub in the master bedroom was fashioned from a solid block of Greek White Thassos marble and was carried into the apartment using a crane. The majority of the furniture was also brought by crane since it was too large for the elevator.
The 7,025-square-foot Unit 7153 located at Palazzo Del Mare was sold to Fana Fisher Palazzo 7153 LLC, managed by a trust in Bellevue, Washington purchased the condo for $21 million equals $2,989 price per square foot.
The trust is under the umbrella of the Fana Group of Cos., a real estate corporation located in Bellevue led by Chairman and CEO Firoz Lalji.
The apartment was designed by Augusto Busnelli of Milan, according to Flikshteyn. The previous owner spent around $10 million on upgrades. The property was last sold in 2011 for $8.3 million.
The Palazzo Del Mare was built in 2007 and with an expansive amenity package including a 9-hole golf course, 18 tennis courts, a marina and yacht center, a gourmet market, 8 restaurants, and Spa Internazionale. A Fisher Island Day School and a mile and a half of pristine beaches.
Fisher Island, America’s wealthiest zip code, is a 216-acre barrier island located across Government Cut from Miami Beach. Fisher Island condominiums are in a class of their own when it comes to ultra-exclusive living in South Florida.
The island, which can only be reached by ferry, boat, helicopter, or seaplane, provides unrivaled protection. All visitors to the island must first be checked by security at the Fisher Island port.
W South Beach Penthouse Sold to Entertainment Electronics Moguel
Jeff Walker, the President of Alliance Entertainment, an entertainment electronics company, recently purchased an upper Penthouse at the W South Beach for $9.25 million equating to nearly $4,000 per square foot.
Alliance Entertainment is located in Sunrise Florida and sells electronics (DVDs, Blu-rays, and video games) directly to retailers.
The property located at 2201 Collins Avenue, Unit 2006 in Miami Beach features 2,408 square feet of living space that spans over two levels with cascading glass balconies and two private rooftop terraces overlooking the Atlantic Ocean and Miami Skyline.
The unit also features 3 bedrooms, 3.5 bathrooms and is fully furnished. The kitchen boasts high-end stainless-steel appliances, quartz counters, and custom-made cabinetry. Just off one of the private terraces is the private plunge pool, grill, and lounge area.
According to county records, the seller was listed as SoBe W Estates and purchased the home in 2011 for $6.1 million.
The W South Beach is a 20-story condo-hotel development that was completed in 2009. The tower was developed by TriStar Capital, Related Urban Development, and Starwood Properties. The tower features 511 condo-hotel units that range from studio to four-bedroom floor plan options. There are also a few rare penthouses.
W South Beach offers luxury hotel amenities for all residents and guests including two pools with food and beverage services, private cabanas, and a full-service concierge. Other amenities include a 24-hour fitness center, tennis court, rooftop basketball court, business center, and much more!
Walker isn’t the first executive to live at W South Beach! This tower is known to house big-name developers, architects, and execs. During the construction of One Thousand Museum, Zaha Hadid purchased three combined units. The former Roadhouse Grill CEO also owned a penthouse in 2019 at the W South Beach.
$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.
