North Bay Village Approves 7.3 Million Square Foot Development Project Featuring 1,936 Residential Units
Sunbeam Properties, the proprietor of WSVN Channel 7, has a 7.3 million square foot redevelopment plan that has officially been approved by the North Bay Village Council. The special area plan for a 12.9-acre site covering 1400, 1401, 1415, 1600, and 1601 79th Street Causeway, as well as 155 and 1624 North Bay Causeway, was approved by the Village Council on a 3-2 vote early on Wednesday.
A 300-room hotel, 1,936 residential units, 200,000 square feet of office space, 670,000 square feet of retail space, 117 units of workforce housing, and around 5,000 parking spots are all included in the development plan. Additionally, there would be 84,366 square feet of public space, including a half-mile pedestrian walkway known as the “island walk” that would be surrounded by restaurants and stores. A marina would also be a part of the project.
The project’s highest structure would be 650 feet tall. To lessen the number of shadows cast upon the smaller dwellings, the structures closer to single-family homes would be smaller. Buildings north of the project would be taller and would rise 240 feet in height south of the causeway.
The offices and studios of WSVN will eventually be relocated as part of the construction. WSVN and Sunbeam Properties are owned by the multibillionaire Ansin family.
The project’s first phase, according to Ansin, would be built south of the causeway and will have 500 to 600 apartments spread across two buildings, along with a restaurant, grocery store, and other retail space that may house an urgent care facility or a daycare. Sunbeam Properties must apply for building permits for the first phase within two years in accordance with its development agreement with the village. The first renters, according to Ansin, should move in within five years.
As the Ansin family celebrates the 60th anniversary of running WSVN in North Bay Village, CEO Andy Ansin admitted that this was an emotionally charged decision for him. He has visited that studio ever since he was a youngster.
Although Ansin said the initial concept wasn’t for redevelopment, Sunbeam Properties over time purchased surrounding lands. According to Ansin, the first purchase was made to stop a strip club from being built next door. It bought a nearby office complex so the TV station would have more parking.
Ansin discovered North Bay Village had potential after having experts from the University of Miami School of Architecture do research on future renovation. However, it necessitated moving the TV studio.
Ansin stated that he is still looking for a new studio for WSVN. He emphasized that it would require plenty of parking, hurricane-resistant construction, and backup power generation.
PlusUrbana, a firm based in Miami, is the project’s architect. Attorney Ian DeMello, who is headquartered in Miami, is the developer’s representative.
Related Group and Two Roads Propose New 24 Story Tower-The Residences of Bal Harbour
The Related Group and Two Roads Development are partnering to create a new condominium project in Bal Harbour, The Residences of Bal Harbour.
The developers paid $135.2 million for an existing 88-unit condo tower and land located at 10245 Collins Avenue.
The proposed tower is expected to rise 24 stories tall featuring 61 luxury residences and 160 parking spaces which will be located in the basement of the tower.
Residence Features:
Waterviews from each residence
Wraparound balconies of each residence
3 to 5 bedroom floor plan options
3,258 to 4,754 square feet
High-impact floor-to-ceiling glass windows and sliding glass doors
Tower Features:
Separate ground floor, state-of-the-art fitness center
Ground-floor restaurant
Rooftop pool
Rooftop bar
Groundfloor pool
Private beach access
CFE is listed as the architect for the project with Skidmore, Owings & Merrill as the designer.
The Architectural Review Board is scheduled for October 6 to review an updated proposal for The Residences of Bal Harbour.
Invite Only New Construction Luxury 50 Unit Condominium to Break Ground on Fisher Island Miami
The Related Group is making waves in South Florida with their newest condominium project on the exclusive Fisher Island. The invitation only condo tower would include 50 luxury residences with a select number of penthouses.
The wealthy have long made Fisher Island, which is located at the confluence of Biscayne Bay and the Atlantic Ocean and is a seven-minute ferry trip from Miami Beach.
Oprah, Julia Roberts, and Mel Brooks are all known to have lived on Fisher Island in the past. The enclave has also received some accolades: Bloomberg found in April 2018 that Fisher Island, with an average income of $2.5 million in 2015, was America’s wealthiest ZIP code.
According to Jon Paul Perez, Related’s President stated, “We are currently working with our sales teams to develop our list of VIPs. People can live their entire lives on the island and, as such, develop close relationships with neighbors and fellow residents. That’s the feeling we want to create at our job. We want our buyers to get to know one another, and forge close friendships that elevate this beyond just another one of their homes.”
The proposed condo site, which is the last developable parcel on the 216-acre island, was just purchased for $122.6 million by Related Group, billionaire tycoon Teddy Sagi, BH Group, and Wanxiang America RE Group.
When the unnamed property is finished, units will cost about $30 million, while penthouses will cost more than $60 million.
Project Details:
3 to 5 bedroom residences
Membership to Fisher Island Club
Golf course
Tennis facilities
Marinas
The project’s architect is listed as Kobi Karl with interiors by Tara Bernerd and Partners.
Sales are expected to begin at the end of 2022 with construction anticipated in quarter 4 of 2023.
Electra America and BH Group are Partnering for a $1 Billion Renovation Project at Southland Mall in Cutler Bay
More than 4,000 units will be included in a $1 billion makeover plan for the Southland Mall in Cutler Bay, which was unveiled by Lake Park-based Electra America and Miami-based BH Group.
The 80-acre site will have mixed-use additions from Miami-based real estate company BH Group, its multifamily partner American Landmark in Tampa, and Electra. According to a press statement, they will contain a 150-key hotel, 60,000 square feet of medical office space, 150,000 square feet of retail out lots, and a public amphitheater.
The present mall building won’t be demolished, though, according to the developers. Instead, while the original mall is being rebuilt, the development would take place in the parking lot.
A new grand entry on U.S. 1, a pedestrian bridge to the brand-new BRT stop, trolley stops, and an amphitheater with a bandshell are all additional attractions.
The partnership purchased the indoor shopping center at 20505 South Dixie Highway in May for $100.3 million. Southplace City Center is the name of the new endeavor.
According to a press statement, Electra America, headed by managing partner Joe Lubeck, and its partners want to start construction on the first residential building in 2023, with a completion date of early 2025. Starting rent will be $2,500 per month.
MSA Architects is developing the master plan for Southplace City Center.
In the first five years, according to the project’s creator, 2,700 employment would be generated.
The redevelopment site is located in an Opportunity Zone, a region that has been set aside by the government with the goal of promoting growth and job creation in low-income areas. As a result, the partnership might draw in investors looking for tax advantages from project investment.
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.
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.
Groundbreaking Officially Scheduled for The Standard Residences in Midtown Miami
Carlos Rosso, the company’s creator and the owner of Rosso Development, said that the groundbreaking is scheduled for the end of this year.
According to Rosso, condos at The Standard continue to sell at a fast pace. The project has already reached 70% sold as of May 2022.
Situated between the Design District and Wynwood, the Standard Residences will rise to 12 stores and will feature 228 luxury hotel branded units curated by Urban Robot and Standard International. Arquitectonica is listed as the architect on the project.
The luxury units range from 432 to 965 square feet of living space with the studio to two-bedroom floor plan options still available. Prices will range from $469,900 to $949,900
Price Breakdown
Studios starting at $469,900
1-bedroom starting at $699,900
1-Bedroom + Den starting at $809,900
2-bedrooms starting at $949,900
The units will feature cubby kitchens designed by Urban Robot, expansive 6′ deep terraces, and master baths with double showers. Unit owners will be able to rent their units for periods of up to 30 days with exclusive benefits to friends and family.
Amenities:
35,000 square feet of amenities
10,000 square feet of retail space
Expansive lobby with lounge areas and a cafe
Rooftop restaurant
Bar
60-foot resort-style pool
Sweat room and fitness center
Indoor pickleball court
Yoga and stretch studios
Karaoke bar
Pet Spa
Party room
Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.
Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.
The sales gallery is still under construction and is expected to be completed in October 2022. Construction on the actual tower has already started and the expected completion date is in 2024.
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.
