Sales Officially Launch for 21-Story Tower Shoma Bay Condos in North Bay Village
At a North Bay Village property it purchased earlier this year, Shoma Group is changing its plans from apartments to residential condos.
Shoma Group, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is beginning sales of the Shoma Bay condos, with prices beginning in the $400,000s. ISG World, led by Craig Studnicky, was chosen by the Coral Gables-based developer to handle the units’ sales and marketing.
Shoma Bay will be a mixed-use development with 21 stories and 327 residences on a 2.8-acre plot of land.
In May, Shoma paid nearly $16 million for the property at 1850 79th Street Causeway with plans for a Publix-anchored residential and retail complex. The project, which includes a 36,000-square-foot Publix and around 6,300 square feet of retail space, including a rooftop lounge and a food hall called Shoma Bazaar, was approved by North Bay Village in March.
Condos are replacing rentals as South Florida’s rent growth finally starts to slow down. Similar adjustments have been made by other developers. A new rental skyscraper in downtown Miami was converted to a condo tower in July by Property Markets Group and Greybrook, and is currently known as The Elser Hotel & Residences.
The Shoma Bay will have apartments ranging in size from 360 square foot studios to roughly 1,500 square foot three bedroom condos. According to a spokeswoman, the average cost per square foot for all units is around $900.
Building completion could happen in the latter half of 2024, with construction set to start early next year. The interiors are being designed by Adriana Hoyos, with MSA Architects serving as the project architect.
There will include a lounge, bar, spa, gym, pool deck, library, and kids’ club among the amenities. A 2,600-square-foot co-working area and electric vehicle charging stations will also be included in the structure.
If you or someone you know have an interest in purchasing at Shoma Bay Condos, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Eco-Friendly Mixed-Use Building Proposed in Coral Gables
Along the well-known Miracle Mile district of Coral Gables, Terranova Corp. intends to construct what might be the first mixed-use carbon-neutral structure in South Florida.
The office and retail building will generate all of the energy required to run it on-site, according to the Miami Beach-based developer. Using photovoltaic glass to capture solar energy, battery systems to store it, and energy-efficient AC and elevator systems might be done.
The total square footage of the four-story structure at 93 Miracle Mile would be 36,482. The building would feature 26,167 square feet of area for shops and restaurants and the rest for offices. A rooftop terrace would also be present.
According to Chairman of Terranova, Stephen Bittel, “93 Miracle Mile will be a revolutionary project, not only as a platform to champion Coral Gable’s dignitaries as forward-thinking leaders in sustainable development but also a blueprint for other developers and city planners as we face a climate crisis around the world. The modern proposed structure respects the scale of Miracle Mile, and uses traditional stone materials on the exterior, while also incorporating the best environmental options for the future.”
The developer paid $6.8 million for the 10,164-square-foot site in 2021 through an associate. The 9,097 square foot retail facility that it currently has would be torn down.
The project’s design was created by Miami-based Arqutiectonica and is awaiting local permission. Onyx Solar, based in Spain, was chosen to supply the solar glass. The solar glass will help with insulating the building as well as generating solar energy. The rooftop design will create a trellis that helps support the suspended orchid garden.
New Luxury Bayfront Development Revealed in Edgewater-Vida Residences
A new condo development has recently been revealed for Edgewater, Vida Residences. Vida Residences will encompass a Euro design that embodies luxury through every detail including its interior with beige tones, floating chandeliers, and all the amenities a luxury condominium has to offer.
Rising 9 stories tall, Vida Residences Edgewater will feature 121 fully finished and furnished units. One of the more enticing features includes the allowance of short-term rentals. There will no rental restrictions and residents will be allowed to rent on a short-term basis through hosting platforms such as AirBnb and VRBO.
The building will feature over 22,000 square feet of amenities.
Building Amenities:
Expansive rooftop tranquility pool with jacuzzi
Cabanas
Grilling stations
Private rooftop restaurant/bar
Breathtaking vistas of Biscayne Bay
State-of-the-art fitness center Convenient juice and coffee bar
HiTech co-working center 24/7 security services
Controlled property access with 24/7 concierge services
The developer for this project is listed as Urbana with Kobi Karl as the architect and interiors by Euro Design Group. The Groundbreaking is scheduled for the spring of 2023 and completion in 2024. Units start at $300,000.
Empira Group Purchases Building Site for an 85 Unit Residential Project-CoralGrove Brickell
Empira Group, a Swiss company, has recently invested $9 million in a multifamily building site in Miami’s The Roads neighborhood as part of its introduction into South Florida’s real estate market.
According to a news release from the developer, Empira plans to erect the eight-story CoralGrove Brickell project on a half-acre plot of land adjacent to Coral Way, between 3025 and 3051 Southwest Third Avenue.
The property currently consists of a two-story and a one-story apartment structure, both of which are vacant and scheduled for demolition this year.
CoralGrove will contain 85 units, ranging from one-bedroom to three-bedroom homes, and 900 square feet of ground-floor retail space.
According to Rafael Aregger, Empira’s head of investments in the U.S., the previously approved 79-unit proposal for the site is being modified by Empira to add more units and relocate a pool that was originally planned for a mezzanine level to the rooftop.
According to Aregger, Empira, which has its headquarters in the town of Zug, manages investments on behalf of German organizations like pension funds, insurance companies, and banks. Empira, led by CEO Marcus Bartenstein, manages $7 billion in assets.
The company entered the United States two years ago, but its primary area of interest is real estate in German-speaking regions of Europe. Together with its joint venture partner Zidan Management Group, it has since built up a 2,100-unit apartment portfolio in the Midwest. The company’s American headquarters are in Empira’s Miami location. Additionally, it maintains offices in Stockholm, Dubai, and London.
According to Empira, the business is considering future development in Sun Belt states including Arizona, Texas, and Florida.
Construction on CoralGrove Brickell is anticipated to begin in 2023 with a completion date in 2025.
New York Developers Purchase Site to Build a Two Tower Residential Project for $40.5 Million
The Namdar Group recently purchased a development site for $40.5 million with plans to construct a two-tower residential and apartment project in downtown Miami.
According to county records, the New York-based company purchased 1.3 acres in two agreements at 50 and 60 Northeast Third Street and at 222 and 234 Northeast First Avenue.
Namdar additionally obtained a $195 million loan for the purchase and development of the skyscrapers. Scale Lending, a subsidiary of Slate Property Group, supplied the funding.
A 41-story structure with 640 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
According to records, entities led by Daniel Stone paid $30.5 million for the parking lot and land at 50, 60, and 222 Northeast First Avenue as well as the parking lot at 50 and 60 Northeast Third Street.
The retail building at 234 Northeast First Avenue was sold for $10 million by a partner of Jaime and Esther Waserstein, who founded the ShoeGallery company in Miami. There is a ShoeGallery store on the premises.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.
Igal Namdar’s commercial real estate investment company, Namdar Realty Group, which buys bankrupt retail centers, also has a New York address that is shared by Namdar.
The Journal Square district of Jersey City has seen activity from the corporation. According to the real estate website Jersey Digs, Namdar completed the tops of two mixed-use towers with a total of 27 stories and 667 residences in July.
Namdar Towers would be the newest development in downtown Miami, which has attracted the attention of multifamily developers.
A 48-story tower with 1,200 flats is what Jorge and Jon Paul Pérez’s Related Group and ROVR Development hope to erect at the site of the College Station Garage at 190 Northeast Third Street. The Namdar Towers location is direct across the street from this one.
The 57-story, 675-unit M Tower is what Lions Group NYC and Fortis Design + Build hope to erect at 56, 70, and 65 Southwest Second Street.
Hyatt and Gencom plan to transform the James L. Knight Center and adjoining Hyatt Regency Miami hotel into a three-tower complex called Miami Riverbridge as part of another downtown redevelopment. 1,500 apartments, a new Hyatt hotel with 615 rooms and 264 service-branded flats, as well as a 190,000-square-foot conference center are all part of the plans.
A referendum on the plan will be held in November.
Related Group Requesting Permission to Develop Mixed Use Project on Miami River
The Related Group’s affordable housing division, Related Urban Development Group, is requesting permission to develop a mixed-income housing development on Miami-Dade County property close to the Miami River.
The ground lease and development agreement with the Miami-based developer for the 1.05-acre site at 395 N.W. 1st St. and 25 N.W. River Drive will be up for consideration by the County Commission on September 1. There is a two-story county office building there right now.
The site is close to Interstate 95 to the west, Flagler Street Bridge to the north, and Lummus Park to the south.
In January 2021, the county released a request for proposals (RFP) to find a developer for the land, and Related Group was selected as the successful bidder.
The developer would lease the land from the county under the proposal for 75 years in exchange for a $1.54 million down payment and annual fee equal to 16.5% of the project’s revenue flow. Over the course of the lease’s 75-year term, the county calculated that the payments would total $238.8 million.
The Gallery at Lummus Parc was a project that Related Group predicted would cost $151.7 million to complete.
It would include 439 apartments in two 30-story towers, as well as 5,400 square feet of retail space, a 478-place parking garage, and a cultural installation showcasing Lummus Park’s heritage. An overpass over Northwest First Street would connect the towers.
On the eleventh floor, there would be an amenities deck with a pool, a club room, a workout facility, Zoom rooms, a game room, and a lounge.
Some of the apartments would have cheaper rents and be income-restricted. According to the agreement, 20% of the flats would be reserved for residents earning up to 50% of the area median income and another 20% for residents earning up to 140%. There would be no constraints on income for the remaining flats.
Miami’s average household income is $44,268. The Gallery at Lummus Parc is anticipated to fill some of that demand as local workers have found it more and more difficult to afford residences in the city due to recent double-digit rent increases.
The sizes of the flats would be between 495 and 1,220 square feet. There would be 28 three-bedroom homes, 99 studios, 177 one-bedroom units, and 135 two-bedroom units.
The Related Group representatives declined to comment. According to the proposal, a federal opportunity zone investment fund, Charlotte, North Carolina-based Grandbridge Real Estate Capital, and low-income tax credit equity from JPMorgan Chase and Raymond James would all contribute to the project’s partial funding.
The concept was created by Miami-based CFE Architects. The developer is represented in the application by Miami attorneys Terry M. Lovell and Al Dotson Jr.
Highest Penthouse at Paramount Miami Worldcenter is Now For Sale at $10.71 Million
At the current price of $10.71 million, the tallest penthouse in RPC’s Paramount Miami Worldcenter is now for sale.
With sweeping views of Miami from the 57th and 58th floors of the tower, Penthouse 5700 has 5,225 square feet spanning throughout four bedrooms, five and a half bathrooms, and a den that can be utilized as either a home office or a library in the unit. An open-style chef’s kitchen, floor-to-ceiling windows, double-height ceilings, and plenty of space for entertaining are included in the amenities of the property.
Penthouse 5700 will have access to the building’s 46 amenity spaces, which are the most residential amenities in the world and include the nation’s first outdoor soccer field in a high-rise residential building, resort-style swimming pools, tennis courts, a Tai Chi deck, and a boxing studio.
The purchaser will be residing among celebrities thanks to Paramount’s comprehensive array of sporting amenities, which has drawn a wide range of professional athletes.
Located in Miami Worldcenter, an entire city within a city and the second largest master-planned urban project in the country, Paramount offers walkable access to the best restaurants, cultural and entertainment venues in town.
The 58-story Paramount Miami Worldcenter, which was completed in August 2019, has 569 condo homes with studio, one, two, and three-bedroom floor layouts, as well as penthouses.
The Paramount Miami Worldcenter’s ordinary tower residences have interior square footage of 1,294 to 2,376 plus balconies, whilst its penthouse residences have interior square footage of 3,509 to 6,000 plus balconies.
The typical condo homes at Paramount Miami Worldcenter have either 11-foot- or 14-foot-deep terraces, private elevators, and 10-foot high ceilings with floor-to-ceiling glass windows.
Eight magnificent bi-level penthouses at Paramount Miami Worldcenter include 20-foot high ceilings, floor to ceiling glass windows, and panoramic views of the city and lagoon.
Elkus Manfredi Architects created Paramount Miami Worldcenter, which was created by Paramount Ventures. ID & Design International created the lobby and common areas.
Cipriani Residences Miami Reveals New Interior Renderings
With the newest condominium project in Miami, Cipriani Residences Miami is adding to its illustrious portfolio once more with its exclusive first glimpse at the exquisite interiors of the highly anticipated development.
The renowned hospitality organization chose the internationally renowned studio 1508 London to design the interiors of Cipriani Residences Miami, which is the group’s first residential skyscraper built from the ground up. 397 homes with one to four bedrooms will be available in the building, all of which have views of Coconut Grove, Brickell, and Biscayne Bay.
The Cipriani Residences Miami exudes a stylish, contemporary ambiance, similar to the burgeoning Brickell district, but with a European flair. Consider furniture covered in Italian leather, chandeliers from Venice, and rooms with beautiful walnut finishes. The enormous curved glass high-rise by Arquitectonica blends seamlessly with the city’s financial district’s skyline.
The double-height foyer, which modernizes Venetian design, is one of the building’s most alluring aspects. The elegant area is layered with Italian terrazzo floors, oak accents, and an actual Murano glass chandelier. It was designed to transition from day to night. The color scheme combines distinctive Cipriani tones with warm camel and blue tones.
Each house, which ranges in size from 1,213 square feet to 3,495 square feet, includes floor-to-ceiling glass windows, large terraces, and lofty 10-foot ceilings as standard features. Among the opulent features you’ll discover inside are open eat-in chef kitchens, integrated Wolf Sub-Zero appliances, and light pendants with Art Deco influences, as well as Dornbracht fixtures in the main bathroom and, of course, handcrafted Italian cabinetry designed to reflect the Cipriani aesthetic.
CEO and Founder of Mast Capital stated, “The interior design of Cipriani Residences Miami demonstrates a fundamental richness that recalls the timeless elegance of four generations of the Cipriani family. 1508 London has envisioned an offering that captures both the inherent spirit of Cipriani and the sophisticated lifestyle of Miami.”
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025 with a completion date in 2026. Reservations are expected to be converted to contracts next month which will coincide with the launch of their sales center.
If you or someone you know have an interest in purchasing at Cipriani Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Plans for a 30 Story Tower in North Miami Beach are Announced by BH Group
After purchasing land in North Miami Beach, developer BH Group is planning a 30-story residential structure located at 2261 N.E. 164th Street.
The 1.96-acre site was sold by CK Prive Group 164 LLC, controlled by Bruno Bloch in North Miami Beach, to the BH Group in Aventura for $11 million. The property increased in value since it was last sold for $8.3 million in 2016.
Currently on the property is a 1969-built warehouse of 35,538 square feet. The warehouse will be destroyed, according to BH Group, and a skyscraper with 400 luxurious residential units will be built in its place.
CFE Architects of Miami Lakes will be the architect for the project.
After the city rezoned a significant portion of its east side to allow for higher density and mixed-use development, North Miami Beach has been experiencing an increase in commercial and residential developments.
BH Group has been purchasing sites all over South Florida. The business frequently collaborates with Miami-based Related Group including District 225 condo in downtown Miami, a condo on Fisher Island, a waterfront condo in North Miami, the Transit Village mixed-use project in West Palm Beach, and condos on Bay Harbor Islands.
