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.
Location Ventures Breaks Ground on URBIN Miami Beach
URBIN Miami Beach has officially broken ground. With developer Location Ventures, the achievement signifies the start of construction for the first-to-market mixed-use brand, which mixes design-forward residential units for short- or long-term rental with coworking spaces, wellness amenities, social activations, and lifestyle-oriented retail, all at one central address.
For the official groundbreaking event, which took place at the project site, 1260 Washington Ave., Location Ventures, development partners, and city representatives, Miami Beach Commissioner Alex Fernandez, Washington Avenue Business Development Executive Director Troy Wright, and Miami Beach Mayor Dan Gelber were among the distinguished visitors.
The URBIN brand portfolio’s initial property, URBIN Miami Beach, has a second location in Coconut Grove, with ambitions to expand to other U.S. cities. Once completed, URBIN Miami Beach will be a 69-unit tower with a number of wonderful amenities.
The development sold out quickly and drew a wide range of buyers from Latin America and Europe. 90% of the homes at URBIN Coconut Grove have already been sold, and construction is scheduled to begin at that location in 2023.
The fully furnished units at URBIN Miami Beach range in size from 275 square feet for studios to 1,334 square feet for four bedrooms with partial ocean views. Community, collaboration, and networking will be facilitated via shared spaces, such as a common kitchen, dining area, and living room. Exclusive access to a lease-back arrangement allowing up to 90 nights per year on the property will be available to unit owners only.
Tower Amenities
Valet parking
Concierge
Housekeeping
Room service
Rooftop bar and lounge with green spaces
Wellness center
Gourmet market
Cafe
Bar
Rishi Kapoor, CEO of Location Ventures, stated “Following enormous sales interest, we are pleased to commence the construction process for the first URBIN location at a ripe point in Miami Beach’s history.” The rapidly developing, storied Washington Avenue sector will benefit from this property’s integration of living, working, and wellness into one space.
Touzet Studio, headed by Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet, created URBIN Miami Beach. The building’s exterior will reflect the whimsical spirit of Miami Beach by incorporating geometric patterns and hues that are common to the area and paying homage to its Art Deco past.
The interiors of its communal areas and amenities were chosen by Meyer Davis, a renowned New York City design firm. The home is located in the largest Art Deco neighborhood in the world, two blocks from the ocean, and close to Ocean Drive and Lincoln Road.
Best Art Basel 2022 Events and Parties
This year’s Art Basel will be the biggest showcase yet while celebrating its 20-year anniversary! This event will feature contemporary art from 283 galleries in 38 different countries and will include some of the hottest events and parties. Here is your list of must-attend events!
“Art of the Party” Ocean Drive’s Annual Celebration
Thursday, December 1st
To throw their annual “Art of the Party” party on December 1, Ocean Drive will take over the Fontainebleau Miami Beach poolscape. Evan Mock, star of “Gossip Girl,” will be on the cover of this year’s December Art Issue, which will be released at the celebration. The cover of the issue, which was produced by GRIF and his team at HUMXN, will be the magazine’s first-ever digitally made design.
Maddox Gallery Art Show
Now through Sunday, December 4th
For the seventh consecutive year, Maddox Gallery will participate in Art Miami, where it will have a booth at AM220 and exhibit pieces by well-known artists like Banksy, David Yarrow, George Condo, KAWS, The Connor Brothers, Andy Warhol, Cooper, Kusama, and more.
A $4 million Bansky sculpture was notably purchased by Maddox Gallery the previous year on the first day of Art Miami’s VIP preview. This time, Yarrow’s works, including the well-known “Summer of ’75” photograph of supermodel Cindy Crawford, will be on display at Maddox Gallery.
Casa Del Sol’s Miami Art Week Yacht Installation
Now through Sunday, December 4th
In order to showcase a floating installation on a super yacht, Eva Longoria’s Casa Del Sol Tequila is collaborating with the collectible design gallery Ago Projects in Mexico City. Throughout the week, the vessel will hold exclusive events for Vogue, the artist Daniel Valero, Purist magazine, and companies including FarFetch, Rebecca Minkoff, and Cult Gaia.
Art Week at LIV
Now through Sunday, December 4th
The celebration of Art Week will include multiple events at the nightclub LIV, starting with a kick-off party sponsored by Alesso. The Chainsmokers, Martin Garrix, and Black Coffee will then perform there.
Story Nightclub: Basel Edition
Saturday, Dec. 3 – Sunday, December 4th
A fantastic array of performers will be at Story Nightclub to celebrate the yearly art expo. On Saturday, December 5, Cardi B will perform after the DJ set by The Martinez Brothers and Caleb Calloway. The following evening, music producer and DJ Deadmau5 will wrap out Art Week.
Fabel Miami VIP Grand Opening Party
Thursday, December 1st
A legendary VIP grand opening celebration will be held at the new open-air rooftop restaurant and lounge Fabel Miami, owned by award-winning architect Matthew Rosenberg and his business, M-Rad.
During the party, there will be unique DJ sets, Mediterranean food samples from Fabel, flowing wine and cocktails, and an exclusive first peek at the venue’s rooftop restaurant and bar.
Joia Beach Presents: Art Hearts Fashion Pop Up
Saturday, December 3rd
In honor of Art Basel, Joia Beach and Art Hearts Fashion are hosting a party with live art performances, a silent auction, and music by DJ Deroos.
Resy and American Express Design District Pop-Up
Now through Sunday, December 4th
Resy and American Express are working together to spotlight modern artist Phillip K. Smith III while celebrating Art Basel Miami with a number of activations throughout the week.
Massimo Bottura, Missy Robbins, and Mashama Bailey will host a dinner series for Amex and the reservations app, and a panel discussion on the state of black art and artists will be part of the “Savor & Soul” brunch. Throughout the week, they will also be doing events at Joe’s Stone Crab, COTE Miami, and Mandolin Aegean Bistro.
Moxy South Beach
Thursday, December 1st
During Miami Art Week, Moxy South Beach will host The Tracy Piper and Voss Gallery for a special live painting session and artist conversation.
NYLON House Miami Art Week party
Friday, December 2nd
The annual Miami Art Week celebration featuring music, art, culture, and beauty is hosted by NYLON House in collaboration with David Grutman and BMW. A global deejay lineup will perform at the event, which will take place at Strawberry Moon at the Goodtime Hotel and bring a symphony of light, sound, and installations to Miami’s art community.
Saint Laurent Rive Droite Sex By Madonna Exhibition
Now through Sunday, December 4th
To honor the re-edition of Madonna’s book “Sex” by Rive Droite, Saint Laurent will attend Miami Art Week with an installation that was organized by Madonna and Anthony Vaccarello. Anyone above the age of 18 is welcome to view the timeless images in a temporary seaside box erected particularly for the event.
Soho Beach House Art Week
Now through Sunday, December 4th
For Miami Art Week, Soho Beach House scheduled various VIP occasions. Wyclef Jean will play at a private dinner given by Core Response and featuring Sean Penn. Members will also get to listen to Armand de Brignac moderate a discussion with artist Derrick Adams.
Rick Ross will sing at a celebration celebrating Chris Labroy’s appointment on November 29 at Soho House and Porsche. James Blake will be among the DJs performing at Soho Beach House on December 2, and ANDREW and BornxRaised will perform there on December 3. The next day, Leon Bridges and Dash will perform at a party at Soho House to round up the week.
Sexy Fish: Dine and Dance
Now through Saturday, December 3rd
Renowned restaurant Sexy Fish As Art Basel takes over the city, Miami will host many events. A program for “After Dark” will include performances by WhoMadeWho, Themba, Kemikal Ali, and more artists.
The National Hotel Official Miami Art Week Party
Thursday, December 1st
The National Hotel Miami Beach is hosting an evening of sustainability and conservation in the art world as part of the “Official Miami Art Week Party20th “‘s anniversary celebrations. The sensory experience includes lavish served hors d’oeuvres for the first hour made by Mareva 1939 and complementary welcome beverages.
Michelob ULTRA Basel Debut
Thursday, December 1st
Making its Art Basel debut, Michelob Ultra will introduce its 2022–23 campaign. Through a special digital art pop-up event that included a performance from 21 Savage and visits by NBA icons Alonzo Mourning and Gary Payton, Michelob ULTRA NBA Team Cans were promoted.
Freehold Hospitality Art Basel Programming
Now through Sunday, December 4th
Over the course of the weekend, Ape Drums of Major Lazer, Perreo Intenso, Perreito 305, Spencer Ludwig, Tyla Yaweh, and SK8 Maloley will play at FREEHOLD Miami as special guests.
Fuel Venture Capital’s VIP Yacht Soirée
Saturday, December 3rd
During Art Week, Fuel Venture Capital is hosting a cocktail party on the Sealyon superyacht, which will be hosted by renowned photographer Tony Kelly. The TK Latin Jazz Trio will play live music at the invitation-only event.
Artists & NatGeo Photographer Presents ‘Evolve’ at the Eden Roc
Thursday, December 1st
During Miami Art Week 2022, renowned painters Paul Nicklen and Cristina Mittermeier will debut “Evolve,” their most recent exhibition, at the Eden Roc Miami Beach in association with Hilton Asmus Contemporary. The uncommon public exhibition, which is free and accessible to the public, takes a retrospective look at photography to examine the unusual and unexpected beauty of the world.
Tribeca Music Lounge
Friday, December 2nd
Chance the Rapper is getting ready to release his new album “Star Line Gallery” later this year and will be giving a presentation at Tribeca’s pop-up Music Lounge in Miami. He will discuss rethinking the idea of “album art” while recognizing Black artists in a conversation with artists Yannis Davy Guibinga and Nikko Washington. OKX is the event’s sponsor.
Maestro Dobel’s panel discussion
Friday, December 1st
As a partner of Design Miami, Maestro Dobel will moderate a panel discussion on “elevating the next generation of creatives” with Jennifer Olshin and Patrick Charpenel as panelists. The discussion will examine the role that patrons and cultural institutions play in fostering the next generation of creatives.
Cardi B at Sapphire Lounge
Friday, December 2nd
As a partner of Design Miami, Maestro Dobel will moderate a panel discussion on “elevating the next generation of creatives” with Jennifer Olshin and Patrick Charpenel as panelists. The discussion will examine the role that patrons and cultural institutions play in fostering the next generation of creatives.
First Look at Resident’s Only Members Club at Five Park
The newest luxury residential tower building in Miami Beach, Five Park by Terra and GFO Investment, has revealed plans for the first residents-only, fully-serviced social club inside a luxury apartment. A social amenity package centered on cultural activities, fitness, and fine dining is offered by The Canopy Club.
A specialized club-level concierge and extensive programming are characteristics of The Canopy Club. The Club enables residents to live, work, play, and entertain their guests in a range of venues suited to every mood, including white glove service, wellness, dynamic recreational areas, and the finest dining.
The Canopy Club’s Specialty Dining and Beverage Program, a seasonal dining experience designed by famous chefs and situated in the opulent jewel box bar and dining room, will be available to members only. The Club also features private training rooms, state-of-the-art wellness facilities, a branded spa, a personal trainer on staff, and breathtaking bay and ocean views.
Five Park introduces 50,000 square feet of indoor amenities and a three-acre park outside, creating a new standard for the Miami Beach lifestyle under the direction of a recognized team of visionaries. The 40,000 square feet of social spaces that make up the 26th-floor Canopy Club include a private dining room, a jewel box bar and lounge, living rooms, a library, a den, outdoor terraces, wellness, and workout sections.
Additionally, just a few blocks away at the Five Park private beach club, locals have access to their own section of the beach. The outdoor club, which is on South of Fifth, introduces a branded, exclusive area with lounge chairs, umbrellas, and food and beverage service.
According to the CEO of Terra Development, “Five Park’s Canopy Club represents a new standard of luxury and exclusivity in Miami Beach. We developed a selection of amenities that enhance quality of life, wellness, culture and connectivity. Five Park residents will make their homes within a building that embodies a complete living, breathing ecosystem, offering dynamic spaces and creative programming to their doorsteps.”
Life is Good for Rapper Future Who Recently Purchased a Waterfront Miami Beach Mansion for $“16.3 Million
Award-winning rapper, Future just purchased a stunning waterfront property on Allison Island for $16.3 million.
The singer-songwriter, whose real name is Nayvadius DeMun Wilburn, purchased the 7,250-square-foot, seven-bedroom residence at 6493 Allison Road in Miami Beach. The property was sold by Pascale and Laurent Ouazana. Laurent Ouazana was the CEO of Entoria, one of the biggest insurance brokers in France, and is currently a board member.
According to the listing, the Allison Island estate was originally listed at a $19.9 million asking price. The 2020-built property has a three-car garage, 75 feet of water frontage, staff quarters, a detached guest house, a pool, and cabanas.
This large house includes an elevator, a rooftop terrace, Ornare kitchen cabinetry, stunning dual closets, and a private courtyard entrance.
With more than 8,500 square feet, it includes a detached guest suite, media room, 3 car garage, and 6 bedrooms in addition to staff quarters. You can experience magnificent sunrises, ocean breezes, and close proximity to schools, country clubs, and in-demand Sunset Harbour & Bal Harbour businesses if you are located deep within this exclusive enclave of only 49 waterfront houses.
The property, which was a portion of a double lot, was purchased by the Ouazanas for $12.5 million in 2020. The pair paid $7.9 million for the other site at 6505 Allison Road, which was sold to developer Todd Michael Glaser and his associates Scott Robins and Jonathan Fryd. On the property, they intend to construct a 10,000-square-foot mid-century modern home.
Booba, a French rapper, paid $6.1 million to Komodo and Gekko investor Nick Smith in October for the mansion he owned in Miami Beach. Lil Wayne has recently listed his Allison Island home for $29.5 million.
Penthouse Unit at Beach House 8 Sells for $16.66 Million
For $16.66 million, a penthouse at Miami Beach’s beachfront Beach House 8 condo sold to an LLC managed by Greg Raiff of Fort Lauderdale.
The 4,642-square-foot Unit PH at 3651 Collins Ave. was sold by Beach House 8 BH3 LLC, run by Ricardo Ribeiro Da Silva Junior in Miami, to ULA House 8 LLC, ran by Raiff. Private Jet Services Group’s owner, Elevate Aviation Group, based in Boston, is led by Raiff.
In 2016, the same year that the tower was completed, the unit sold for $14 million. For the sell price of $16.66 million, it equates to $3,589 per square foot.
This magnificent 2 full-floor penthouse overlooks the ocean expanding 5,000 square feet with an additional 5,000 square feet of outdoor space with 5 bedrooms and 5 bathrooms. The outdoor rooftop features a private pool with 360 degrees of ocean and Miami Beach views. Yacht-like attention to detail can be seen in the joinery in the staircase and the woodwork in the main hall.
The modern kitchen with quartz counters and high-end stainless steel appliances flow effortlessly to the living room with an abundance of natural light and high-impact floor to ceilings windows.
The master bedroom suite, which takes up an entire floor, has its own spectacular outdoor spaces as well as an opulent bathtub. A staffed beach, a residents’ pool with cabanas, indoor and outdoor lounges, an underground garage, and a fitness center are among the amenities located downstairs.
The tower was created by the renowned architectural firm Arquitectonica and features interior design by Michele Bonan from Italy. One of Miami Beach’s most upscale condos on the water, Beach House 8 features just eight units.
New Research Shows Miami is on the Way to Being the Next Silicon Valley
According to recent research from Moody’s Analytics, a division of New York-based Moody’s Corporation, the expansion of Miami-Dade County’s finance and technology sectors significantly boosted the region’s office market throughout the pandemic leaving the potential for Miami to replace Silicon Valley.
Miami has the potential to develop into a prosperous tech center, according to Lu Chen, a senior economist at Moody’s and co-author of “The Growing Power of Tech on Miami’s Commercial Real Estate Market.”
Fintech companies have found The Magic City to be the most alluring. According to the survey, businesses from New York are increasingly choosing to relocate to Miami due to high taxes, building/office costs, as well as housing.
For instance, the report stated that the fintech business FundKite moved its headquarters from New York to Miami “because it has become a solid hub for the financial industry and has a lot of good expertise and manpower accessible.”
This continued pattern has allowed the office landlords in Miami-Dade County to raise rent demands faster than the national average, including in San Francisco, California.
According to the survey, incomes for STEM (science, technology, engineering, and math) workers in South Florida have not increased as much as asking rents in Miami-Dade.
The average salary for STEM workers nationwide increased by 6.8% in 2021 compared to the previous year. San Francisco saw a 1.9% increase in STEM earnings. Their increase in South Florida was only 0.9%.
As of August 13, the typical STEM job nationwide paid $53,428 per year. STEM jobs in Florida typically pay $40,081 a year. In California, STEM salaries pay an average of $48,899 annually.
In contrast to the San Francisco Bay area and other well-established technology centers, South Florida has a very small proportion of the total number of tech jobs.
According to Chen, only 3% of jobs in South Florida are in the high-tech sector, compared to 23.5% in the San Francisco area.
Other challenges for Miami’s expanding technology sector, according to Moody’s, include the impact of climate change, South Florida’s transportation infrastructure, the underrepresentation of minorities in higher-level positions, and concerns about educational standards.
The San Francisco Bay area has significantly more prestigious universities that develop technology talent, according to the study on education. The report states that “Miami must attract more students interested in tech.”
However, the survey noted that there is cause for hope because there are regional initiatives like Computer Equity Miami that seek to increase accessibility to tech education for all of its citizens. Miami’s advantages also include a high concentration of banks and businesspeople.
South Florida ranks sixth in the nation for the proportion of all U.S. entrepreneurs. Moody’s attributed this ranking to the region’s 150 banks and 500,000 accredited investors, which offer a variety of choices for raising financing.
Miami is attracting a lot of interest from bitcoin businesses as a result of Miami Mayor Francis Suarez and other local leaders placing significant bets on the technology.
Suarez’s efforts to establish Miami as a crypto hub, according to David Caputo, a commercial real estate data quality analyst for Moody’s, have aided in luring crypto businesses to that city, including Blockchain.com, which has reportedly facilitated more than $1 trillion in crypto transactions since its establishment in 2011.
According to Moody’s research, the future of cryptocurrencies may very well determine Miami’s status as a global tech hub. Although the value of cryptocurrencies has fallen recently, the report’s co-author Caputo claimed there isn’t much of a negative for Miami.
Casa Bella by B&B Italia Reaches 60% Sold
Casa Bella by B&B Italia located in Downtown Miami on Biscayne Boulevard has just reached 60% sold within the first 5 months of launching sales.
Casa Bella will feature 3 towers and 2 will rise 57 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.
The newest tower will feature 1 to 5-bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout.
The location of this tower places residences near the Adrienne Arsht Center for the Performing Arts and the Miami International University of Art and Design. The Omni Station Bus Loop is also 1 block away.
With the reopening of borders and the lifting of the pandemic restrictions as of November 8, 2021, we will likely see an increase in international buyers, especially for the new construction towers. Currently, international buyers are representing around 50% of new construction developments while earlier in the year, they were only representing 20%.
Construction for the development is estimated for winter 2022 with an anticipated completion date of 2025. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
