The Perigon Miami Beach Reaches Major Sales Milestone and Secures $390M Construction Loan

The Perigon Miami Beach, one of the most highly anticipated ultra-luxury residential developments in South Florida, has reached a significant sales milestone while securing a massive construction loan. Developers Mast Capital and Starwood Capital Group have announced that over 75% of the residences have already been sold, marking strong demand for this premier oceanfront property.

Further solidifying its progress, the development has secured a $390 million construction loan from Eldridge Real Estate Credit, ensuring the project’s continued momentum.

Designed by renowned architecture firm OMA, led by Rem Koolhaas, The Perigon will bring 73 exclusive beachfront condominiums to Miami Beach. With its bold architectural design and curated luxury offerings, the development is set to redefine waterfront living in the city.

Groundbreaking for The Perigon took place in April 2024, and completion is expected in 2027. Once finished, the tower will offer residents an unparalleled lifestyle, with world-class amenities, breathtaking ocean views, and impeccable service.

With its prime location, cutting-edge design, and impressive sales momentum, The Perigon Miami Beach continues to solidify its place as one of the most sought-after addresses in Miami’s luxury real estate market.

City of Miami Beach Planning Board Approves Terra’s Redevelopment Plans for The Deauville Beach Resort

David Martin’s development firm Terra, in collaboration with the Meruelo family, has received a significant approval from the City of Miami Beach’s Planning Board to move forward with the redevelopment of the former Deauville Beach Resort. The unanimous decision allows the developers to proceed with their vision of transforming the site at 6701 Collins Avenue into an elegant mixed-use project featuring two condominium towers and a partially reconstructed Deauville Beach Resort.

The approved plan includes a branded 100-unit condominium tower and a 150-room hotel, designed by Foster + Partners, Shulman + Associates, and ODP. This reimagined development reflects a strategic reduction from the originally proposed 570 residential units, favoring a more community-oriented design while preserving the area’s character.

Unlike previous proposals, the new plan does not require a public referendum, expediting the potential approval process and paving the way for construction to commence in 2026.

The Deauville Beach Resort, originally built in 1957, was a beloved Miami Beach landmark known for its Mid-Century Modern design and for hosting legendary performances, including The Beatles’ iconic 1964 appearance. However, after years of neglect, the structure was deemed unsafe and ordered for demolition in 2022.

Several redevelopment attempts have failed in the past. Notably, billionaire Stephen Ross and his firm Related Companies proposed a $500 million Equinox-branded development designed by Frank Gehry, but the project was ultimately rejected by voters due to zoning concerns.

Now, with this latest approval, Terra and the Meruelo family’s vision for the reimagined Deauville Beach Resort is one step closer to reality, promising to revitalize North Beach and contribute to Miami Beach’s evolving architectural landscape.

With the City of Miami Beach’s Planning Board approval secured, Terra’s team will move forward with securing necessary permits and refining their design. If all goes according to plan, construction will break ground in 2026, setting the stage for a transformative addition to Miami Beach’s waterfront skyline.

Introducing The James Hotel & Residences Downtown Miami

Sonesta International Hotels Corporation has officially announced plans to bring an extraordinary new landmark to Downtown Miami—The James Hotel & Residences. This ambitious project, executed in partnership with Mint Developers and AD1 Hospitality, will reshape Miami’s skyline with an awe-inspiring 82-story supertall tower, boasting an estimated development cost of $850 million.

According to a press release from AD1 Hospitality, The James Hotel & Residences will claim the title of the tallest building in Miami, offering unparalleled views of the vibrant cityscape and the sparkling waters of Biscayne Bay. This architectural marvel will not only redefine Miami’s skyline but also set new standards in luxury living and hospitality.

The James Hotel & Residences will feature approximately 336 fully furnished and exquisitely decorated residences, reflecting the sophistication and energy synonymous with Miami. Sales for these premier units are slated to begin in Q2 2025, offering future residents a chance to secure their place in one of the city’s most prestigious addresses.

Designed to cater to the most discerning tastes, the development will include a four-story private club, an oasis of exclusivity and luxury. Among the standout amenities are innovative snow and rain rooms, providing unique, immersive wellness experiences rarely found in residential developments.

For culinary enthusiasts and socialites, The James will also be home to the highest elevation luxury bar and restaurant in the Americas, offering breathtaking panoramic views and an unparalleled dining atmosphere.

Groundbreaking for The James Hotel & Residences is scheduled for Q1 2026, with an anticipated grand opening in January 2028.

Daniel Berman of Mint Developers expressed his enthusiasm about the project, stating, “We are excited to collaborate with Sonesta on The James Hotel & Residences Downtown Miami, a development that embodies the vibrancy and sophistication of Miami.”

The Raleigh: A New Chapter in Miami Beach’s Luxury Real Estate

The Raleigh is poised to become one of Miami Beach’s most iconic developments, seamlessly merging historic preservation with modern luxury. SHVO has recently announced major progress, including the selection of a general contractor and the commencement of significant construction milestones. Located at 1775 Collins Avenue, this three-acre estate promises to elevate South Beach living with an unparalleled blend of art, design, and exclusivity.

The development’s centerpiece is a 17-story residential tower conceived by acclaimed designer Peter Marino. The design pays homage to Miami Beach’s Art Deco legacy while introducing a sleek, contemporary aesthetic. Adding to the allure, the historic Raleigh, Richmond, and South Seas buildings will be thoughtfully restored and incorporated into a 60-room Rosewood hotel.

SHVO has selected the Americaribe Moriarty Joint Venture (AMJV) as the general contractor for The Raleigh. This partnership, combining the expertise of Americaribe, LLC, and John Moriarty & Associates of Florida, has an impressive portfolio that includes the Perez Art Museum Miami and Brickell City Centre. Currently, excavation and piling work are underway, marking the transition from vision to reality.

Notably, The Raleigh is the first major project on Miami Beach’s “Billionaire’s Beach” to secure its full site building permit, setting the stage for a $1 billion development that is reshaping the luxury market.

With completion slated for 2027, The Raleigh will feature 40 ultra-luxurious residences ranging from two to five bedrooms. Each home is meticulously designed to maximize natural light and showcase panoramic views, with floor-to-ceiling windows and expansive terraces. Five penthouses will crown the property, offering residents unmatched exclusivity and elegance.

The amenities are equally impressive, with private residential lobbies, multiple pools, private cabanas, and access to the Rosewood Asaya Spa. Notably, the iconic fleur-de-lis-shaped pool and Martini Bar will be lovingly restored, preserving their historic charm.

The Raleigh’s dining offerings will set a new standard for culinary excellence in Miami Beach. The estate will debut Milan-based Langosteria’s first U.S. location, offering gourmet dining in the exclusive Beach Club. Guests and residents can also enjoy the restored Tiger Room restaurant and a signature Rosewood restaurant located within the historic South Seas building.

The Raleigh represents more than just a development; it’s a cultural landmark in the making. By combining thoughtful restoration, world-class design, and unmatched amenities, SHVO is setting a new benchmark for luxury in South Beach.

Mast Capital and Starwood Capital Group Secure $390 Million Construction Loan for The Perigon Miami Beach

In a monumental achievement for Miami Beach real estate, Mast Capital and Starwood Capital Group have successfully closed a $390 million construction loan for The Perigon Miami Beach. This milestone marks a critical step in the development of this ultra-luxury condominium, set to redefine refined beachfront living.

Construction for The Perigon Miami Beach began in April 2024, with completion anticipated in 2027. This iconic project is a collaboration between Miami-based real estate development group Mast Capital and a controlled affiliate of Starwood Capital Group, a globally renowned private investment firm led by Barry Sternlicht. General contractor Moss Construction is spearheading the project, ensuring the highest standards of craftsmanship and quality.

The Perigon is set to become a landmark of architectural excellence and sophistication, boasting world-class amenities, breathtaking design, and a prestigious beachfront location. With over 75% of residences already sold, it’s clear that this development has captured the market’s attention.

The $390 million construction loan is one of the largest secured in Miami Beach over the past year. Provided by Eldridge Real Estate Credit, a leading investor in real estate credit opportunities, the financing highlights the market confidence in The Perigon’s vision and appeal.

Designed by the internationally acclaimed architectural firm OMA, led by visionary architect Rem Koolhaas, The Perigon will be the first Miami Beach residential project from the firm. The striking diamond-shaped tower will feature 73 two- to four-bedroom residences ranging from 2,100 to 6,700 square feet, all offering sweeping beachfront views. Prices start at just over $10 million.

Renowned interior designer Tara Bernerd has meticulously crafted the residences with the finest finishes, including expansive 10-foot ceilings, 10- to 12-foot-deep wraparound balconies, and direct water views. Residents will also have access to eight private guest suites, adding an exclusive touch to their lifestyle.

The Perigon Miami Beach will offer approximately 40,000 square feet of thoughtfully curated indoor and outdoor amenities. Highlights include:

• A private oceanfront restaurant and speakeasy conceptualized by Michelin-starred chef Shaun Hergatt.
• An oceanfront swimming pool with cabanas, a serene spa with sauna and treatment rooms, and a private salon.
• A fully equipped fitness center with panoramic ocean views, a children’s playroom, and a screening room.
• Additional amenities such as a wine room, double-height lobby lounge, and a dedicated lifestyle concierge and residential butler service.

Residents will also enjoy 24-hour security, valet, house car service, pool and beach service, and in-residence dining, ensuring an unmatched level of luxury and convenience.

Located at 5333 Collins Avenue in Miami Beach’s exclusive Mid-Beach neighborhood, The Perigon is nestled along a tranquil stretch of sand between Indian Creek and the Atlantic Ocean. With expansive beachfront acreage and an emphasis on privacy, this development offers a lifestyle experience that is both rare and highly coveted.

The Perigon Miami Beach represents the pinnacle of modern luxury living. With its world-class design, exclusive amenities, and breathtaking location, this development is poised to become a defining icon in Miami Beach real estate.

Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort

Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.

The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.

Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.

Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.

This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.

The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.

Exploring the Future: Miami Beach’s Mixed-Use Project Proposal

Miami Beach, renowned for its vibrant culture and stunning beaches, is often a hub for innovative urban development. Recently, the city’s Planning Board has been abuzz with anticipation as they prepare to review a groundbreaking proposal: a five-story, mixed-use project set to transform a familiar landscape.

At the heart of this proposal lies a 30,000-square-foot site, currently serving as a parking lot for the adjacent CVS. However, if approved, this space will soon undergo a dramatic metamorphosis into a 60,000-square-foot marvel of modern architecture.

The project’s focal point will be the introduction of 38,805 square feet of office space, comprising a significant 64.7% of the total area. Complementing this commercial aspect will be 77 parking spots and 3,900 square feet dedicated to commercial use, promising a dynamic blend of work and leisure within the bustling cityscape.

The proposal also envisions a residential component, adding a touch of urban living to the mix. Eighteen townhomes, each spanning 1,980 square feet, will grace the landscape, accompanied by a charming 564-square-foot rooftop amenity deck. Positioned on the lower two floors, these residences will coexist harmoniously with the commercial spaces above, creating a vibrant community within the city’s fabric.

However, the project’s scope extends beyond mere construction – it seeks to honor the city’s rich history while embracing the future. 7410 LLC, the developer spearheading this endeavor, plans to breathe new life into the iconic CVS building, a relic from the 1950s. This revitalization effort will retain the building’s historical significance, preserving its original components for future generations to admire.

The CVS redevelopment is not just about aesthetics; it’s a testament to responsible urban planning. In addition to the 18 residences, the revamped building will offer 25 parking spots, over 8,300 square feet of retail space, and a rooftop pool, transforming it into a multifaceted destination for residents and visitors alike.

One of the most intriguing aspects of this proposal is its commitment to sustainability and preservation. By repurposing existing structures and incorporating green initiatives, the project aims to minimize its environmental footprint while maximizing its impact on the community.

Located at 7401 to 7425 Harding Ave in Miami Beach, FL, 33141, in Miami-Dade County, this ambitious venture represents a bold step towards the future of urban living. As the city’s Planning Board convenes to evaluate this proposal, all eyes are on Miami Beach, eager to witness the evolution of its iconic skyline.

Miami Beach’s mixed-use project proposal embodies the spirit of innovation and revitalization, promising to redefine urban living in the heart of this vibrant city. With its blend of commercial, residential, and historical elements, it stands as a testament to Miami Beach’s commitment to progress while honoring its rich heritage. As the project moves forward, it is poised to leave an indelible mark on the city’s landscape, shaping its future for generations to come.

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.

Strategic Real Estate Moves: Boucher Brothers Clinch Nikki Beach in a Tense Miami Beach Vote

In the high-stakes world of real estate, where every decision can ripple through the financial markets, the Boucher Brothers have made a significant play. On September 27th, 2023, amidst the towering skyscrapers and the azure backdrop of Miami Beach, the City Commission convened. The agenda? The future of the coveted oceanfront property at 1 Ocean Drive, Miami Beach, Florida.

The Boucher Brothers, no strangers to the Miami Beach landscape, were vying for the Nikki Beach site. Their ambition was met with intense scrutiny and debate, echoing the boardrooms of Wall Street. The decision was not an easy one. City Manager Alina Hudak had put forth a recommendation, and after what can only be described as a nail-biting session, it was approved in a 4-3 vote.

Lending their support to the Boucher Brothers were Mayor Dan Gelber and Commissioners Ricky Arriola, David Richardson, and Kristen Rosen Gonzalez. On the other side of the aisle, Alex Fernandez, Steven Meiner, and Laura Dominguez voiced their reservations. Their concerns? Primarily procedural, with some pointing to earlier discussions around a no-bid agreement and advocating for a delay in the vote to allow for more public consultation.

For the hedge fund managers reading this, the intricacies of the deal are where things get interesting. The Boucher Brothers’ proposal is a 10-year commitment, promising the city a yearly contribution of 10% of gross operating revenue. In tangible terms, that’s a minimum of $4 million annually, with a 3% increment each year. The property itself is set to undergo a transformation, with a proposed $26 million in renovations. The vision includes a state-of-the-art pool, a wellness center and spa, a dedicated area for children, and a beach concession zone. Culinary enthusiasts will be pleased to hear of a collaboration with Major Food Group, bringing a Sadelle’s restaurant to the location.

However, the road to this decision was far from smooth. Legal challenges and intense negotiations marked every step. Earlier in the year, the City Commission had considered a non-binding term sheet with Boucher, hinting at a potential no-bid agreement. But in the face of significant criticism, they pivoted, seeking alternative proposals for the land and its adjacent beach area.

For those in the financial world, this move by the Boucher Brothers is more than just a real estate acquisition; it’s a testament to strategic planning, negotiation, and the ability to navigate complex landscapes. As the ink dries on this deal, one can’t help but wonder what ripple effects this will have on the broader investment landscape.

Norman Foster’s Biophlic South Beach Office Building Project Approved by the Planning Board of Miami Beach

The proposed Alton Road office project in South Beach by developer Shvo was approved by the Planning Board of Miami Beach.

The project is being designed by Pritzker Prize winner Lord Norman Foster and the crew at Foster + Partners using a biophilic approach that was influenced by Florida’s climate and vegetation. Foster and Kobi Karp Architects are listed as the architects involved in the design.

‘The Alton’ and will rise 6 stories with 170,000 rentable square feet, 17,000 square feet of ground floor retail, and 4 luxury residential units.

The hearing before the Design Review Board will take place in October. The Alton’s construction is anticipated to start in early 2024, assuming it is permitted.

Shvo is working with Foster and architect Peter Marino on three Class-A office buildings in Miami Beach, including The Alton, that have a combined square footage of about 400,000. Together with Deutsche Finance America, the developer is committing nearly $2 billion to Miami Beach.