The Fifth Miami Beach Sets a New Standard in Luxury Commercial Real Estate

We are thrilled to share some groundbreaking news from the world of real estate development. Sumaida + Khurana and Bizzi + Bilgili, two of the most esteemed real estate development firms on the global stage, have recently announced a significant financial milestone. They have successfully secured $47.25 million in construction financing from Cain International for an exciting new project: The Fifth Miami Beach.

This state-of-the-art Class A+ office building, located at 950 5th Street, is making history as the first commercial edifice to be erected in Miami’s South of Fifth neighborhood in two decades. The design mastermind behind this architectural marvel is none other than Alberto Campo Baeza, a name synonymous with innovation and excellence in architecture. Baeza, recently crowned with Spain’s National Prize for Architecture, has chosen The Fifth Miami Beach as his maiden commercial office project in the United States.

The Fifth Miami Beach isn’t just another addition to the skyline. It’s a redefinition of the modern office experience, blending striking design with a strong emphasis on health and wellness. The project, which broke ground recently, is slated for completion in 2025. Impressively, it has already pre-leased nearly 20% of its space.

Amit Khurana, Founding Partner of Sumaida + Khurana, describes The Fifth Miami Beach as a blend of “timeless design, quality of craftsmanship, and curated amenities,” all aimed at setting a new benchmark in commercial development. Meanwhile, Alessandro Pallaoro of Bizzi & Partners highlights Miami’s growing status as a hub for influential companies and the significance of this project in reinforcing the city’s position in the business world.

Sumaida + Khurana and Bizzi+Bilgili are powerhouses in their own right. The former is steered by Saif Sumaida and Amit Khurana, while the latter represents a joint venture between Bizzi & Partners and Bilgili’s private equity real estate arm, BLG Capital.

Global commercial real estate titan, Cushman & Wakefield, is at the forefront of office leasing efforts for this project, with Avenue Real Estate Partners handling the retail leasing. The building’s strategic location at the entrance to Miami Beach, at the corner of Michigan and Fifth Street, positions it perfectly within the rapidly evolving South of Fifth neighborhood, a hotspot for upscale dining, hotels, and residences.

The design team for The Fifth Miami Beach reads like a who’s who of the architectural world. Alberto Campo Baeza, Gabellini Sheppard Associates, Cube 3, and Miami-based Urban Robot Associates come together to create a building that is a visual feast. The building’s design is a stunning jewel box shape, characterized by a façade of white marble, transparent glass, and architectural concrete. It boasts ceiling heights of 14 feet and incorporates biophilic design elements like landscaped outdoor terraces and a triple-height atrium.

The crowning glory is the rooftop space, offering panoramic views of the ocean and Miami Beach. The building is not just about aesthetics; it is also designed to meet LEED certification standards, emphasizing sustainability.

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.

Miami Heat Victor Oladipo Just Sold his Miami Beach Property for $7.8 Million

All-Star NBA player Victor Oladipo, recently sold his Miami Beach property. According to records, Oladipo sold the non-waterfront mansion at 65 South Hibiscus Drive for $9 million, two years after purchasing it for a then-record $7.8 million.

In 2021, Oladipo had just become a member of the Miami Heat and had just purchased the 6,500-square-foot house. According to records, the house was built in 2020 and has seven bedrooms, seven bathrooms, and one half-bathroom. It covers 0.3 acres, which according to Hogan is unusual for Hibiscus Island. According to Hogan, the house contains a pool, two master bedrooms, and a separate guest house.

Oladipo paid a sum that, at the time, set a Miami Beach non-waterfront home record, but that record was quickly broken when the area’s housing market experienced a price increase due to increasing demand. When a Sunset Islands home sold for $12.5 million in 2022, it set the record for the most money ever paid for a non-waterfront residence in Miami Beach.

According to Hogan, the most recent sale sets a Hibiscus Island price record for non-waterfront properties. According to Redfin, Oladipo listed the home in June for $10 million.

Throughout his 10-year NBA career, the two-time All-Star has sustained numerous injuries. He was transferred from the Heat to the Thunder in July, however, there is some talk that he might be moved again, according to Hogan. According to the Bleacher Report, Oladipo filed a lawsuit against his longtime manager, James Henderson, in June, accusing him of stealing $1.3 million from Oladipo and investing it in a condo and a nightclub.

Hogan stated that Oladipo wants to keep a “home base” in the Miami area and wants a bigger yard for his daughter even though his basketball future is uncertain. According to Hogan, they have been looking at homes in Pinecrest, a well-known inland hub for NBA players, as well as Weston, Davie, Southwest Ranches, and Pinecrest.

Earlier last month, Jason Richardson, a retired NBA star, paid $6.3 million for a house close to Olympia Heights. Jimmy Butler, a member of the Miami Heat, purchased a South Miami house for $7.4 million in February of last year.

Cher’s Former Miami Beach Mansion Hits the Market

What was once the iconic pop star, Cher’s, former Miami Beach residence, is now on the market at $42.5 million. Located at 46 La Gorce Circle, this waterfront mansion is currently owned by Canadian investor James Eaton and his wife, Cecily. Only three years ago, the couple paid $17 million for the house.

Cher originally bought the estate in 1993 for $1.5 million to use as her private residence, but she only lived there for three years before selling it to Calvin Klein co-founder Barry Schwartz for $4.4 million.

The estate offers 150 feet of Biscayne Bay frontage and sits on three-quarters of an acre. Built in 1953, the home offers six bedrooms, six full bathrooms, and an indoor courtyard expanding over 12,000 square feet. The exterior space includes a 50-foot-long pool, a pool house, a hot tub, a cold plunge, and an outdoor shower.

The 77-year-old pop sensation Cher is best known for her work on hit songs like “Believe” and “If I Could Turn Back Time,” as well as for her roles in films like “Moonstruck” and as one-half of the well-known combo Sonny & Cher. Although her activity in the entertainment industry has decreased, she just introduced a gelato line.

Cher is in the process of selling some of her other real estate investments. She recently put her Malibu home—which she has owned since before her stint at La Gorce Island—on the market for $85 million last year. She paid $3 million for the site in 1989 and then built the 13,000-square-foot mansion on it, slashing the price this year to $75 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.

Miami Beach’s Star Island is Now Ranked as the Nation’s Highest Priced Neighborhoods

Miami Beach’s exclusive Star Island has taken the top spot among the most expensive areas in the country, surpassing Port Royal in Naples, FL, Beverly Hill’s Gateway, and Trousdale Estates in Beverly Hills. In 2022, the price of the typical home sold on the island was $40.2 million, an increase of $16.7 million and 71% from 2019 when it was $23.5 million.

Ken Griffin, the founder of Citadel and a heavyweight in the hedge fund industry, has spent a total of $170 million over the past few years buying a collection of five houses on the island. Griffin made a big impression when he paid $75 million for a 1993 demolition on 1.8 acres at 8 Star Island Drive. At the time, the sale broke a record for Miami-Dade County single-family home sales, but Griffin is no stranger to shattering records.

Griffin also bought the nearby 10 Star Island for $25 million, 11 and 12 Star Island Drive for about $37 million, and 13 Star Island for $32.5 million in an off-market purchase. Also, he was the owner of 14 Star Island, which he acquired for $24 million in 2020 and reportedly traded for 13 Star Island for $18.5 million with former New York Yankee and real estate mogul Alex Rodriguez.

Griffin is not the only well-known investor who has bought and sold on the Island. Stuart Miller, the executive chairman of Lennar, paid $33 million for the old 4 and 5 Star Island Drive owned by Thomas Kramer, which marked the beginning of a protracted series of deals on the renowned island. With Todd Michael Glaser, Stuart Miller created an extravagant model home at 22 Star Island that was designed by DOMO Design and sold for $49.5 million in an off-market transaction managed by David Solomon and David Miller.

The owner of the NBA’s Memphis Grizzlies, Robert Pera, purchased the 1.9-acre property next door from Miller in 2019 for $25 million. A contentious 28,000 SF seaside home with a basketball complex is being built by Pera. Marc Iacovelli sold the historic Carl Fisher estate at 46 Star Island Drive to Roger and Sloan Barnett for $39 million on the other side of 22 Star Island. On the island, Shay Kostiner recently sold his vacant lot at 44 Star Island for $10 million, while Anthony Hsieh, the founder and CEO of LoanDepot, just paid $30 million to purchase 34 Star Island Rive.

Just over the MacArthur Causeway from Fisher Island’s entrance and Miami Beach’s South of Fifth district, the gated Star Island has long been one of Miami’s most sought-after neighborhoods. The Army Corps of Engineers constructed the island in 1922 as part of a dredging project, and Carl Fisher turned it into an island for the affluent and well-known. Celebrities and billionaires like Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller, and Vladislav Doronin currently reside on the island.

Tyler Herro of the Miami Heat has Purchased a $10.5 Million Mansion in Pinecrest

Miami Heat guard Tyler Herro just purchased a $10.5 million mansion in Pinecrest of Miami breaking a record for the highest home sold in the community.

The sale broke the Pinecrest record of $10.3 million set earlier this month by the sale of 6155 Southwest 106th Street.

Herro purchased the eight bedroom, eight and a half bathroom mansion located at Southwest 124th Street using a trust managed by Ronald Brown II, which was disclosed to belong to Herro.

Herro’s trust financed $7.4 million of the property from HSBC Bank.

The 9,500-square-foot home was built last year on a nearly 1-acre lot and was originally bought at $5.3 million for the property. According to the listing, the home has a gourmet kitchen, wine cellar, summer kitchen, cabana, pool, and media room. The original list price was at $11.9 million.

Herro recently agreed to terms with the Heat on a four-year, $120 million contract. After one year of college basketball at the University of Kentucky, the shooting guard was drafted by the franchise in 2019. Last season, he was named the NBA’s Sixth Man of the Year, an award given to the league’s best player who came off the bench as a substitute.

Pinecrest and the surrounding neighborhoods have been home to a number of Miami Heat players. A year after signing a four-year, $184 million contract extension with the Heat, all-star small forward Jimmy Butler paid $7.4 million for a home near South Miami in January. Butler sold his Pinecrest home for $7.1 million last year.

Former Miami Real Housewife Cristy Rice, the ex-wife of former Miami Heat player Glen Rice, paid $5.1 million for the home she shared with her ex-husband near Coral Gables and South Miami.

Further east on the ocean, Miami Heat President Pat Riley, dubbed “the Godfather” in the NBA, and his wife, Chris, sold their condo at the Four Seasons Residences at the Surf Club in Surfside for $22.8 million, or a South Florida record $5,775 per square foot.

Casa Tua Announced in Brickell by Fortune International Group

In Miami’s Brickell district, Fortune International Group is developing Casa Tua, an opulent residential skyscraper that will allow short-term rentals.

According to Fortune CEO Edgardo Defortuna, Ora by Casa Tua, a 70-story development with roughly 460 residential units, is proposed for the 1210 Brickell Avenue site. Early in the next year, Fortune will start accepting reservations.

The skyscraper will be the company’s first residential development. According to insiders, Miky and Leti Grendene’s hospitality business has been in discussions with developers for a long time. The Food Hall on Saks Fifth Avenue in Brickell City Centre and the Casa Tua main location are both in Miami Beach. Additionally, a Casa Tua Cucina restaurant will open in Miami’s Wynwood’s planned Nomad Wynwood Residences development.

Two new restaurant concepts, a 24-hour market, entertainment lounge, fitness, and wellness center, a three-story sky garden, and a rooftop club with a pool, jacuzzi, cabanas, and a bar will all be included in the mixed-use Brickell tower. The hotel management and marketing will be handled by Casa Tua.

According to Defortuna, the condos will have sizes ranging from 600 square feet for studios to 2,400 square feet for four bedrooms, with prices between $800,000 and $2.5 million. Defortuna predicts that a sizeable fraction of owners will profit from the option for buyers to rent out the apartments on a short-term basis. The lowest two-thirds of the skyscraper will feature between eight and ten units per floor, while the upper third of the tower will have fewer, larger units with an average of six units on each level.

The building is geared toward a younger clientele and offers a wine-tasting bar, a 24-hour grocery and bakery, a restaurant near the pool, and an equipped lobby.

Depending on sales milestones, he said, construction may start in late 2023 or early 2024.

According to property records, the property is owned by Patagonian Investment Internacional LLC, which is run by Argentine investors Federico Carabetta and Vicente Luis Carabetta. Next year, Fortune will close the location and destroy the parking garage to make way for Ora by Casa Tua. The garage is close to the office building at 1200 Brickell Avenue, which still houses the Dirty French Steakhouse owned by Major Food Group.

Casa Tua has outlets outside of Miami in Aspen and Paris and will establish a restaurant and lounge in New York City in Surrey, a Reuben Brothers venture, the following year.