Construction at The Standard Residences Midtown Miami Reaches Topping-Off Milestone
The Standard Residences Midtown Miami, a 12-story residential tower, has officially topped off construction, marking a significant step forward in the construction process. In addition to this, window installation has progressed up to the eighth floor. The project, backed by $45.045 million in financing from Bank OZK, continues to generate excitement, particularly with the announcement of two major food and beverage establishments. Solana by Juvia Group will grace the rooftop, while Rosetta Bakery Café & Privato Speakeasy will add flair to the ground floor.
Carlos Rosso, Founder of Rosso Development, expressed his enthusiasm, stating, “This milestone highlights Midtown’s ongoing transformation into one of Miami’s most sought-after areas. The support and enthusiasm surrounding the project reflect the vibrant future we envision for Midtown as a hub for living, working, and leisure.” This project is an integral part of Midtown’s evolution, signaling its growing appeal as a vibrant urban center.
The Standard Residences boasts an impressive design pedigree. The internationally renowned architecture firm Arquitectonica has brought their expertise to the building’s overall structure, while Urban Robot, in collaboration with The Standard’s in-house design team, has taken the lead on interior design. Civic Construction is serving as the general contractor, and Naturalficial is behind the thoughtfully designed landscape.
Located at 3100 Northeast 1st Avenue, the development sits at the crossroads of Miami’s most dynamic neighborhoods: The Design District and Wynwood. This prime location offers residents a highly walkable lifestyle, a rare attribute in Miami. The development has already achieved a remarkable milestone of its own, with 95% of the 228 residences—ranging from studios to two-bedroom units—already pre-sold. The flexibility of these units is particularly appealing, as they are designed to accommodate short-term leases as brief as one month.
The amenities at The Standard Residences are designed to offer a truly elevated living experience. The rooftop will feature a 60-foot resort-style pool, a restaurant and bar, and wellness facilities, including a fitness center, infrared sauna, indoor pickleball court, and yoga studios. In addition, residents will have access to a social floor, which includes a karaoke bar, screening room, co-working spaces, Zoom rooms, and a private boardroom. A concierge will be on hand to assist with owner needs and facilitate community programming.
The Standard Residences Midtown Miami, is on track for completion in Q3 2025.
Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort
Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.
The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.
Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.
Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.
This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.
The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.
Luxury Living Redefined: The St. Regis Residences Unveil Exclusive Garden Villa in Miami’s Brickell
Miami’s skyline is set to be adorned with a new beacon of luxury living as Related Group and Integra Investments unveil the first of two exclusive garden villa residences at the prestigious St. Regis Residences in Brickell. Priced at a staggering $32 million, this four-floor villa epitomizes opulence, offering 7,617 square feet of indoor living space complemented by an additional 2,726 square feet of breathtaking outdoor areas, including a rooftop terrace with a captivating swimming pool overlooking the azure expanse of Biscayne Bay.
Dubbed as the neighborhood’s definitive luxury address, The Residences boast a visionary team behind its creation. With architecture by the esteemed Robert A.M. Stern Architects (RAMSA) and interiors meticulously crafted by the highly acclaimed Rockwell Group, this property represents a convergence of timeless elegance and contemporary allure. RAMSA’s design, inspired by the sophistication of golden-age ocean liners fused with modern skyscrapers, marks the firm’s debut in South Florida’s residential development landscape.
The 50-story tower will feature 152 condominium homes ranging from two to six bedrooms, including penthouses, sky villas, and the two standalone garden villas, promising a bespoke experience synonymous with the legendary St. Regis brand’s historic five-star services.
Nick Pérez, President of Related’s Condominium Division, emphasizes the unique proposition of the garden villas, stating, “Located in one of Brickell’s most sought-after enclaves, the garden villas at The St. Regis Residences, Miami, offer the experience of living in a single-family home alongside the personalized services and carefully curated amenities that are hallmarks of the St. Regis brand.”
Luxury pervades every corner of the garden villa, boasting five bedrooms, six bathrooms, and two powder rooms. The main level welcomes residents into a spacious great room seamlessly integrated with an outdoor terrace, chef’s kitchen, and dining room. The kitchen, adorned with modern appliances and handcrafted Italian millwork, exudes an elevated aesthetic marrying contemporary lines with traditional accents.
Ascending to the upper level, the primary bedroom offers serenity with direct access to a terrace, two walk-in closets, and a sumptuous midnight bar. The villa’s crowning glory, the rooftop deck, redefines indoor-outdoor living, offering panoramic views of Biscayne Bay. Residents can indulge in al fresco dining, lounging in landscaped areas, or taking a dip in the pool and spa overlooking the Brickell waterfront.
Beyond the villa’s confines, residents will revel in a plethora of amenities spanning over 50,000 square feet of indoor and outdoor spaces. A professional-grade fitness center, full-size pickleball court, private marina, world-class spa, and indoor lap pool beckon to cater to residents’ wellness and leisure needs. Signature butler services add a touch of refinement, ensuring a seamless living experience.
Moreover, dining at The Residences transcends the ordinary, with offerings including the iconic St. Regis Tea Room and a residents-only, fine-dining restaurant helmed by Michelin-starred chef Fabio Trabocchi, elevating gastronomic experiences to new heights.
Surrounded by park-like grounds landscaped by the acclaimed Swiss design firm, Enea Garden Design, The St. Regis Residences promise a lifestyle of unparalleled luxury, sophistication, and exclusivity, redefining the art of living in Miami’s vibrant Brickell neighborhood.
Construction Update for Cipriani Residences Miami
In a cityscape that’s constantly reaching for the sky, the 80-story Cipriani Residences Miami construction site in Brickell has its eyes set on new heights, quite literally. Recent filings with the Federal Aviation Administration (FAA) have lifted the veil on the ambitious plans for the tower cranes that will oversee this monumental project.
According to the filing submitted just last week, the dimensions of these cranes are nothing short of awe-inspiring. The first crane is slated to ascend to a staggering 1000 feet above ground, equivalent to 1003 feet above sea level. Not to be outdone, its counterpart will soar to 980 feet above ground, or 983 feet above sea level.
These towering cranes serve as beacons of progress, symbolizing the monumental task at hand as the Cipriani Residences project takes shape. The groundbreaking ceremony, held just last month, marked a historic moment for Brickell, as it heralded the commencement of construction on what will be the tallest tower ever to grace its skyline.
Once completed, Cipriani Residences is set to stand proudly at a permanent height of 940 feet above ground, or 950 feet above sea level. Prior to breaking ground, the developer secured a hefty $600 million construction loan, underscoring the confidence in the project’s success and its potential to redefine luxury living in Brickell.
Yet, Cipriani Residences is not a solitary endeavor. It’s part of a larger vision for the area. Alongside the main tower, two additional structures are slated to rise, standing 50 and 60 stories tall. Together, these buildings will offer a total of 856 units, adding a new dimension to Brickell’s residential landscape with their focus on rental apartments.
With such grand plans come meticulous timelines. Completion of Cipriani Residences is projected for the year 2028, promising a new era for Brickell and setting a high bar for future developments in the city.
Interior Renderings Revealed for ONE Park Tower
The interiors and amenities of ONE Park Tower, a 33-story residential structure proposed for 2411 Laguna Circle, tucked within the vast SoLé Mia master-planned neighborhood in North Miami, have been revealed in new drawings. The Turnberry-led development will include 299 luxury condominiums with breathtaking views of the seven-acre Crystal Lagoons amenity and the surrounding idyllic natural landscapes.
With generously proportioned one, two, and three-bedroom apartments, as well as a number of penthouses, these dwellings are intended to accommodate a variety of lifestyles. The expansive views of the stunning turquoise lagoon, the green Oleta River State Park, the glittering Biscayne Bay, the limitless Atlantic Ocean, and the fascinating Miami city skyline are all visible from every unit.
The development was designed by renowned architecture firm Arquitectonica, with interiors by the internationally acclaimed Meyer Davis and landscaping by Enea Garden Design. ONE Park Tower offers a lifestyle of unrivaled elegance and ocean views together with exclusive beach access and upscale facilities.
The interiors of the residences, which range in size from 900 to 2,100 square feet, are expertly planned to meld the site’s natural beauty with the vibrant vitality of the nearby metropolitan environment. Large wrap-around terraces with exquisite glass railings are made possible by expansive glass walls and high ceilings that seamlessly link the internal and outdoor areas. With porcelain floors, roomy master bedrooms, walk-in closets with optional improvements, and opulent master bathrooms with stunning wet rooms with showers and soaking tubs, each apartment will exude sophistication.
The focal point of the SoLé Mia neighborhood is a crystal-clear swimmable lagoon that is the equivalent of 21 Olympic-sized swimming pools. This magnificent amenity, which offers a dedicated lagoon-front beach furnished with inviting umbrellas and cozy beach chairs, will be a special treat for residents of ONE Park Tower by Turnberry. The property staff will go above and beyond to meet residents’ needs, providing the extraordinary service for which Turnberry is known. Residents can hire kayaks and stand-up paddle boards from a dedicated Beach Concierge, giving them the freedom to explore the calm waters at their own pace.
The 37 acres of vivid green space that makeup ONE Park Tower by Turnberry are dedicated to promoting a healthy and active lifestyle. Eight miles of bike and running paths, private swimming pools, and pickleball courts are available to residents as recreational opportunities to keep them active and interested.
Modern fitness facilities, spa services, and massage therapies are available at the state-of-the-art wellness center, which is a haven of renewal. For those looking for a productive setting, co-working spaces, a well-stocked library, and private event rooms for gatherings and special occasions are also available. The dedicated children’s playroom makes sure that young residents have a place to run around and play, while the climate-controlled wine lounge caters to wine enthusiasts. A gated entry and round-the-clock security ensure a safe and serene living environment. Security is of the utmost importance. Additionally, residents’ daily life is made more convenient by protected garage parking that includes EV charging stations.
Aman Miami Beach Development Receives $242.4 Million Construction Loan
Bank OZK has approved a $242.4 million construction loan for the oceanfront Aman Miami Beach development. Doronin’s OKO Group and Blavatnik’s Access Industries are collaborating on the two-building luxury hotel and condo project at 3425 Collins Avenue.
Bank OZK’s latest round of financing supplements a $34.8 million loan it provided the developers in May 2020.
Doronin is the owner of Aman, a luxury hotel chain that is branding the project. Aman Miami Beach will include the restoration and renovation of the site’s 16-story historic Versailles tower, as well as the construction of a new 18-story ground-up condo building. The plan is for a 56-room hotel and 22 luxury condos.
The developer wants to make changes to the lobby of the Versailles, which was designed by Roy France and completed in 1941. The amendments will be voted on by the Miami Beach Historic Preservation Board next week.
The development of the surrounding Faena District, which includes Faena House, Faena Forum, and Faena Hotel, was supported by Blavatnik.
Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan for the Aman project, which is expected to be completed in 2024. The condo component has been fully pre-sold.
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.
PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development
PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.
The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.
On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.
The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.
The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.
According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.
Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.
In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.
Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.
