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.
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.
The Historic Deauville Beach Resort Miami Beach Set to be Demolished
The Deauville Beach Resort located in Miami Beach, will be finally be demolished after years of neglect and decay, the mayor of Miami Beach announced this week.
The order for demolition was delivered in a letter to the Miami Beach City Commission on Wednesday, after a report by the building’s owners concluding that the structure is hazardous to the public. An assessment was completed after the letter by the city that confirmed the results to the demolition order.
The hotel forced to close in 2017 due to an electrical fire, and it has been closed ever since.
The hotel was purchased in 2004 for only $4 million by Deauville Associates LLC, a business managed by Belinda and Richard Meruelo. For years, the 540-room hotel at 6701 Collins Avenue has been the subject of lawsuits and other disputes between the city and its owners.
According to a Miami Beach Historic Preservation Board meeting last week in which the board considered options for moving forward, the North Beach hotel has piled up fines totaling roughly $1.8 million since last year.
According to the Miami Beach’s deputy city manager, Eric Carpenter, said that the demolition process may take one to two months to complete once the permit is issued. Approval will come after the Miami-Dade County’s Department of Environmental Resources Management Department determines that the site is safe for demolition, which will include the process of asbestos removal.
Some locals have stated that the property was purposely left unattended and that there was no maintenance ever completed on the hotel.
There are currently no plans for the 3.8 acre site after the hotel is demolished but the property will no longer be considered an historic site once the hotel is removed.
The Deauville features many historic components from 1957, including a large swimming pool, hairdresser, ice skating rink, ballroom and radio station.
This historic hotel housed some of the most iconic performances ever made. The Beatles’ in 1964 on “The Ed Sullivan Show,” and Frank Sinatra. The hotel was also a spot for big names like Joan Rivers and President John F. Kennedy.
Governor Ron DeSantis Announces $25 Million Renovations on the Freedom Tower
In a landmark event, Governor of Florida, Ron DeSantis stood behind a podium with the words *Patria Y Vida, meaning ‘Homeland and Life,’ while announcing plans to restore the Freedom Tower with a $25 million renovation. During the announcement, Miami natives came out to support the people of Cuba. While crowds were demonstrating, DeSantis announced this new renovation project for the tower that means so much to Cuban Americans.
The Freedom Tower was originally built in 1925 for the headquarters and printing facility for The Miami News newspaper. In the ’60s, the Federal Government used the tower to process and document refugees during the Cuban Revolution. This building assisted with providing medical and dental services to all refugees.
In 1972, the Federal Government sold the building to a private buyer and just a few years later the building was listed on the National Register of Historic Places.
Since then, the building was converted into a memorial to honor the Cuban refugees that were once given sanctuary there. There is currently a contemporary art museum as well as offices for some of the Miami Dade College faculty.
Developer, Terra Group purchased the property in 2005, and then announced plans for a 62-story residential tower named Freedom Square. The tower was never built. While Miami-Dade College owns the Freedom Tower, the property behind it where Freedom Square was originally proposed, is now owned by developer, Chateau Group.
The $25 million renovations for the Freedom Tower would include; parking garage shoring, architecture restoration, a new security system, and waterproofing. While lawmakers have yet to approve the request, DeSantis plans to place the renovation expenses in the budget for 2022. Renovations could take anywhere from 2 to 3 years.
*Patria Y Vida is a slogan and song associated with the July 2021 Cuban protests.
$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.
Public Meetings Will Shape the Future of Miami Beach’s Convention Center Hotel and 6th Street Corridor
Two intriguing public meetings are coming up in Miami Beach for citizens, neighbors, NIMBYs, YIMBYs, activists, and amateur (or not so amateur) architects and urban planners. On Monday, Miami Beach City Government is holding a public forum in the city hall commission chamber requesting residents’ input on the planned Convention Center Hotel. An earlier version of the hotel, planned for a location adjacent to the new convention center, was defeated in a voter referendum, so it’s back to the drawing board, and this time with hopefully better results.
On July 21, a community meeting will look at ways to improve the semi-desolate, messy, and well, sometimes downright dumpy 6th Street, in South Beach. Just north of the main thoroughfare of 5th Street, 6th is a transition between slightly higher density commercial buildings to the low-scale, leafy, garden apartment blocks of the Flamingo Park neighborhood. It’s being organized by city activist Michael DeFillipi, at Plant Theory.
