PMG and Partners Rebrand Society Residences as The Elser Hotel and Residences
In a bold move, PMG and their partners have recently changed the name of their new construction project Society Residences Miami to The Elser Hotel and Residences. According to their press release, “the new brand provides a more cohesive DNA and identity for both the residences and the hotel which reflects Downtown Miami’s transformative legacy.”
The Elser Hotel and Residences are located in the same lively area and have the same sparkling views of Biscayne Bay that Elser Pier did in the early 1900s. Elser Pier’s prime location in Miami’s thriving downtown area contributed to its status as the city’s top convention and entertainment hub. Tourists and locals alike were drawn to the pier’s variety of venues and waterfront views. The legacy and extraordinary success of Elser Pier altered the future outlook for the corridor and created the foundation for the bustling bayfront metropolis we know today.
The Elser Residences Miami is a development of carefully designed studio, one-, two-, and three-bedroom condos. Elser, located in Miami’s most alluring area, Downtown Miami, will provide a vibrant and rich community fuelled by culture, glitz, and wellness. Find a wealth of amenities for living, working, and playing. Units will be available this summer for move-in.
Facts and Features
49-story tower located in Downtown Miami
Developed by PMG and Greybrook Partners
Designed by internationally renowned architecture firm Sieger Suarez Architects
Approved for short-term rentals
On-site hospitality management
Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
Over 19,000 square foot double-height amenity deck overlooking Downtown Miami
and Biscayne Bay
132-Foot Resort Style Pool with private lounge areas
Two-Level Modern Gym & Fitness Studio
Co-working Lab
Valet Parking
Electric Vehicle Charging Stations
Latest Smart Building Technology
Only The Elser Hotel & Residences Miami would have a short-term rental program that was expertly run by a five-star operator among the current inventory in Miami. The structure would be open to unlimited day rentals. Delivery is anticipated to occur in August 2022.
Villa Valencia Condos in Coral Gables has Officially Completed Construction and Sells Out at 95%
Four years in the process, the Villa Valencia luxury condo development by Rishi Kapoor’s Location Ventures has officially completed construction.
With $100 million in closings so far, Villa Valencia, a 13-story, 39-unit project at 501 to 525 Valencia Avenue in Coral Gables, is 95% sold out. There are only three units available, one of which is under contract, a $14.9 million penthouse, and two others with an average price of $4 million each.
According to Kapoor, founder and CEO of Location Ventures, the project’s sales averaged $1,100 per square foot, setting a record for that neighborhood.
According to Kapoor, the majority of the buyers are locals from Miami Beach, Key Biscayne, and Coral Gables. In addition, 20% were from New York, 5% from California, and 4% from Illinois, with 2% from Latin America.
The plot was purchased by the developer for $16 million in 2018, and sales of Villa Valencia began the following year.
Kapoor recognized that labor shortages and delays on the project were made worse by the pandemic, but he claimed that setting building cost locks before the pandemic helped him keep costs under control.
Residences
Private foyer with elevator entry
10-foot ceilings in living spaces
10-foot exterior sliding doors
8-foot European wood interior doors with concealed hinges
Exquisite porcelain floors
Custom finished closets
Most residences have outdoor terraces with summer kitchens
Master bedroom suite with spacious bathroom and separate vanity area
Two assigned parking spaces per residence
EV-ready parking spaces available
Amenities
Entertainment space with billiards and golf simulator
Cucina featuring kitchen and full bar for entertaining that opens to the pool deck
Library with outdoor terrace overlooking the park
Grand building entrance with lobby lounge
Covered garden and valet waiting area
Tea room with kitchen and bar for entertaining
Executive room with video conferencing
10,000 SF onsite park and garden with shade trees
Dog park and dog run
High-Speed WIFI in all Common Areas
Bike Racks
Pool Deck featuring two summer kitchens, spacious sunbed relaxation areas
78-foot resort-style pool with lap lane and waterfall
State-of-the-art fitness facility with yoga, Pilates and weight training area
Spa and wellness center with treatment room, hammam / steam room, his-and-her sauna, and hydrotherapy plunge pools
The Coral Gables City Commission approved Location Ventures’ proposals earlier this week for a second, bigger condo development at 1505 Ponce de Leon Boulevard. The site will be sold by a Florida East Coast Realty subsidiary to Location Ventures, which has plans to construct a 16-story, 87-unit condo structure.
CP Group and DRA Purchase Miami Tower for $163 Million
The famous Miami Tower was just purchased by CP Group and DRA Advisors for $163 million.
Since its completion in 1987, the 47-story office skyscraper by the late Pritzker-winning architect I.M. Pei has served as a landmark in Downtown Miami, illuminating Miami’s skyline with light displays.
The 636,000-square-foot skyscraper has 37 levels of offices, 10 floors of parking, an on-site Metromover station, and street-level retail space. It is situated at 100 SE 2nd Street, a block from the Miami River.
Leading hedge fund Citadel and its sister company Citadel Securities, a market maker, recently announced plans to move from Chicago to Brickell, Miami’s financial area. The company’s creator, millionaire Ken Griffin, paid $287 million for the office building 1221 Brickell and $363 million for a beachfront property on Brickell Bay Drive where he plans to erect an office skyscraper.
Miami Tower traded with a loss, as opposed to 1221 Brickell, which reported an 85% gain from its most recent sale in 2017. According to public documents, Sumitomo Corporation of Americas, the seller, paid $220 million for the property in 2016.
Losing a significant tenant contributed to Miami Tower’s depreciation. Last year, the law firm Carton Fields moved into the MiamiCentral building, leasing around 95,000 square feet. Currently, Miami Tower is only about 65 percent occupied, down from almost 100 percent in 2016.
According to a source, the property’s renovation by the new owners will probably cost more than $20 million.
The agreement is CP and DRA’s second joint venture in South Florida. For $320 million, New York-based DRA acquired CP’s majority ownership of the Boca Raton Innovation Campus office development. It continues to be the largest office trade in South Florida in terms of gross volume.
Developers for Lofty Brickell Acquire $170 Million Construction Loan
Newgard Development Group, the Miami-based real estate company led by Harvey Hernandez recently acquired a $170 million construction loan for Lofty Brickell.
Lofty Brickell is a 44-story apartment tower that is a component of a three-building and marina project proposed by the Coconut Grove-based 3650 REIT. The 1.6-acre construction site located at 99 Southwest Seventh Street on the Miami River.
According to the press release, Lofty Brickell will contain a private marina, a members-only social club, and an NFT art collection for unit owners.
Similar to its sister tower, NATIIVO (which sold out less in less than a year) Lofty will feature 380 units of fully finished and furnished interiors that will be available for rent nightly, daily, and/or monthly. Residents will have the option of self-managing their units (VRBO or Airbnb) or using Lofty’s onsite management.
Rising 44 stories, Lofty will feature studio, 1, and 2 bedroom floor plans with 485 to 930 square feet options. Pricing starts at $493k for a studio. There will also be available penthouses but the information hasn’t been released as of now.
Designed by internationally acclaimed, Arquitectonica, interiors will be designed by a New York-based interior design company INC New York. Developer Harvey Hernandez is also responsible for Brickell House and Centro towers. Hernandez purchased Lofty lot for $50 million
Lofty will feature a number of wonderful amenities including a butler service, rooftop pool, car service, and a 5-star restaurant that hasn’t been disclosed. This tower will also include a private marina with available docks for boating.
Building Amenities
Exotic resort pool with pool-side cabanas
Bar and grill on pool deck 24/7
Co-working lounge Private meeting rooms
Event room with exclusive terrace
A fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
LOFTY Rooftop Experience
Residence Features
Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two-bedroom units
All residences are delivered fully finished and furnished specially curated by INC
Panoramic Miami River, and Miami skyline views
Private balconies for every residence
Corner units offer wrap-around balconies
High ceilings ranging from 9’ to 11’
Owner closets in every residence
Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
Advanced technology Smart Building wiring for HD TV,
Multiple telephone /data lines and ultra-high-speed internet access
Individually controlled energy-efficient central air conditioning and heating system
Kitchen
Imported European cabinets with premium hardware and drawer pulls
Top of the line appliance package including stainless steel refrigerator, oven, cook-top, microwave, dishwasher and sink disposal
Elegant imported stone countertops and backsplashes
Contemporary stainless steel under-mounted sink
High-arc gourmet faucet with integral sprayer
Master Bathroom
Imported European cabinets with premium hardware and drawer pulls
Elegant imported stone countertops and backsplashes
Eighty percent of the tower’s units are under contract and Newgard anticipates starting construction in the fourth quarter of this year. When Newgard paid $50.5 million for the Brickell-area property in September, 3650 REIT also gave the developer a $55 million acquisition loan. The new construction loan was obtained by Lotus Capital Partners under the direction of Faisal Ashraf.
If you or someone you know have an interest in purchasing at Lofty Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
830 Brickell Tops off Construction in Miami’s Financial District
As it nears completion later this year, Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be constructed in the urban core in more than ten years, at 55 floors (724 feet tall).
In addition, 830 Brickell is the only Class A office tower being constructed in Miami’s Financial District at a time when national and international businesses are relocating and developing there. It was developed by OKO Group and Cain International.
Microsoft, Blackstone, Thoma Bravo, A-CAP, CI Financial Corp., Marsh Insurance, AerCap, and WeWork are just a few of the prestigious tenants that have signed leases on the 640,000 square foot office skyscraper, which is already more than 60% leased. One of the biggest airplane leasing firms in the world, AerCap, obtained a 20,000 square foot lease in February and will be moving its new offices to the entire 50th floor.
An investment company from Canada called CI Financial stated a month earlier that it would quadruple the size of its lease at 830 Brickell, increasing it from the previous 20,000 square feet to around 40,000 square feet for its American headquarters.
To house its Latin American regional team, Microsoft inked a lease for 50,000 square feet in September. Private equity firm Thoma Bravo also negotiated a lease for 50,000 square feet, beginning in the spring of 2021.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In a prepared statement, Vlad Doronin, chairman and chief executive officer of OKO Group, stated that 830 Brickell is meeting the needs of prestigious users from all over the world who are drawn to the tower’s new quality of construction, technology, and design-led services.
The $300 million construction loan from MSD Capital, secured in 2019, was used to fund the project, which was created by Adrian Smith + Gordon Gill Architecture. Once the COVID-19 pandemic started in 2020, building plans were modified to include the most recent health standards for heating, ventilation, and air conditioning systems, as well as contactless entrance and exit technologies. Construction started that year.
The property, which will be near the intersection of Brickell Plaza and SE 9th Street, will feature sweeping views of both the city and Biscayne Bay. Iosa Ghini Associati, an Italian architecture and design firm, is creating the interiors of the tower.
Building Amenities:
Rooftop bar/lounge
Fine dinning restaurant
Health and wellness center
Conferencing facilities
Outdoor terrace
Cafes
Street level retail
The Metrorail and Metromover, the Brightline, walking and cycling trails, and bay access points are just a few of the close transportation alternatives. Design District, Wynwood, Edgewater, and Miami Beach are just a few of the best residential and lifestyle neighborhoods in Miami that are close by.
Location Ventures Proposes a 16 Story Condo Tower in Coral Gables
Coral Gables’ continued growth is being hinted at by Rishi Kapoor’s, Location Ventures’ proposal for a 16-story condominium. According to documents submitted to Coral Gables, Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.
According to the minutes of the June meeting of the Coral Gables Planning & Zoning Board, the developer has a contract with the seller, who is a partner of Tibor Hollo’s Florida East Coast Realty, to purchase the land.
At its meeting on Tuesday, the municipal commission is anticipated to vote on the request. In the event that the proposal is authorized, commissioners will vote on it a second time at the next meeting.
According to documents, Coral Gables-based Location Ventures intends for seven of the units to be live-work condos on the lower levels of the structure and the other 80 would be located on the upper levels. A 319-car garage, 10,500 square feet of retail space, 20,144 square feet of open space, and a public dog park would also be included in the project.
According to property records, the site is mostly empty save from a two-story, eight-unit apartment structure. According to the minutes of the planning & zoning board meeting, the historic structure, built in 1925, will be maintained and integrated into the project, maybe as retail space.
The finished 13-story, 39-unit Villa Valencia condominium at 515 Valencia Avenue is one of the company’s developments in Coral Gables. In 2018, Location Ventures had invested $16 million in the property.
The business spent $20 million buying a pair of commercial structures in Miami Beach at 1260 and 1234 Washington Avenue last year. Under Location Ventures’ Urban co-living brand, the 1260 Washington Avenue property will be refurbished, while the 1234 Washington Avenue building will be rehabilitated.
Casa Bella by B&B Italia One Step Closer to Breaking Ground
Casa Bella Residences by B&B Italia is a new construction luxury condo tower located in the Art & Entertainment District of Downtown Miami, Florida.
One of the newest pre-construction projects that will soon be a part of the Miami skyline is Casa Bella Residences Miami. Progress on the project is moving forward, including permits being submitted and new renderings being released.
On June 23, the developers submitted the demolition permit for the development. The current 3-story structure features 249,978 square feet which would be completely demolished. This building was mostly used for office purposes. The estimated cost for this demolition would be approximately $800,000.
The demolition work is being done by The BG Group.
In coordination with the filing for demolition permits, developers have also started converting reservations into contracts with more than 60% of the units already reserved.
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.
Tower 1 at Casa Bella 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.
Unit Features
306 luxury condos including an exquisite penthouse collection of 24 penthouses
Residences offer 1, 2, 3, and 4-bedroom layouts with 10’ ceilings
Penthouses offer 2, 3 + Den, and 5-bedroom layouts with 11-12-foot ceilings
Units range in size from 711 to 5,890 square feet
All residences feature 2 private elevators and a foyer, which is unique in Miami
Biometric access-controlled elevators
Floor-to-ceiling impact-resistant windows
Modern European-style kitchens and bathrooms designed by Piero Lissoni featuring Italian cabinetry by ItalKraft
Premium black glass appliance packages with integrated 36” Sub-Zero refrigerators/freezers, integrated paneled dishwasher, built-in Wolf convection oven, and speed oven, and oversized stainless-steel radius sink with faucet drawer
Master bathrooms, designed by Piero Lissoni, boast frameless glass-enclosed showers, oversized tubs, imported porcelain flooring/wet walls, backlit vanity mirrors, and separate water closets
Two penthouses feature private rooftop terraces complete with private summer kitchens and spa tubs
Select units offer powder rooms
Spacious private terraces with spectacular water and city views
Casa Bella offers an extraordinary opportunity to have your residence curated by B&B Italia, Italy’s leading furniture brand
Tower Amenities
2 full floors of private amenities
State-of-the-art wellness and fitness center offering on-demand services
Yoga room
Spinning room
Salon with manicure/pedicure stations
Adult entertainment lounge
Game room
Kid’s playroom with smartboard and educational games
Residents’ party room
Wine room
Movie theater
Museum-quality curated art collection
High-tech business center with conference room
Co-workspace
Pet spa
Expansive pool deck situated on the 11th floor overlooking Biscayne Bay
78’ lap pool
Outdoor spa
Poolside bar and café
Poolside cabanas and lounge areas
Towel service
Sun-care kiosk
Open-air lawn perfect for yoga
Lush gardens were designed by acclaimed landscape architect Enzo Enea
Pickleball court
BBQ with outdoor dining area
Ground-level restaurant open to the public
56th-floor Sky Terrace boasts a rooftop pool and observatory (650 feet) with a high-tech telescope
24-hour valet parking
24-hour security
24-hour maintenance staff
Multilingual team on site
On-demand concierge services are available including housekeeping, grocery shopping, “while you’re away” butler services, dry cleaning, childcare, pet care, courier services, translation service, and more
Residents enjoy a 1-year complimentary membership at the Grand Bay Beach Club in Key Biscayne
Construction for the development is estimated for winter 2023 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.
Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami
Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.
“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” states Griffin’s letter to his staff.
Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.
Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.
Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.
He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.
The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.
Okan Group Officially Breaks Ground on 70 Story Okan Tower
On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.
This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.
The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.
The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.
Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking
Amenities:
24-hour reception and concierge
70th-floor rooftop pool and sky deck with private cabanas
12th-floor lap pool with clubroom and lounges
State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
Sauna, steam, and treatment rooms
Children’s sensory and playroom
Theater
Wine cellar
Owner’s lounge
The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
