57 Ocean Construction Complete and Condo Units are 100% Sold Out at $336 Million
Recently, we have seen a number of residential towers sell out prior to construction or during construction. Towers like Residences of Armani Casa and Aston Martin Residences have either sold out or are very close to selling out, so it is of no surprise to learn about 57 Ocean selling out, right as construction is complete.
The developer and Brazilian billionaire, Jose Isaac Peres’ recently sold out at 57 Ocean as well secured its temporary certificate of occupancy (TCO) for the tower. According to a managing partner, Marcelo Kingston, the sell-out includes a recent sale of a luxury penthouse for $36 million, originally listed at $38 million.
Sales previously launched in 2018 with price ranges from $1.5 million to $36 million. According to Kingston, closings will begin in October 2021. The tower sold out at $330 million.
According to the developer, about 60-70% of the buyers were domestic, and with the steady stream of sales, they were able to raise prices.
One of the lower penthouses that sold includes a $13.8 million unit purchased by Chuck Roberts, Stifel’s Managing Director of Investments.
57 Ocean located at 5775 Collins Avenue rises 18 stories and features 69 luxury condo units. Designed by Bernado For-Brescia of Arquitectonica and interiors by Patricia Anastassiadis.
57 Ocean Amenities
World-class spa
A state-of-the-art fitness center with a fully-stocked snack and juice bar
Thermal suite with steam room, aromatherapy saunas, experience showers, and ice fountain
Indoor and outdoor massage treatment suites
Library
Two expansive, infinity pools
Poolside cabanas
Poolside bar and lounge
Sunset terrace with a spa pool, wet deck, and lounge area
Meditation area
Yoga and Pilates area
Outdoor training area equipped with Myisle by Myequilibria
Clubroom with chef’s kitchen
Summer kitchen pavilion
Children’s playroom
Direct access to the beach and beach boardwalk
Services
Full-service concierge
24-hour valet parking service
24-hour security
Pool and beach attendants with food and beverage service
On-call fitness trainers, spa treatment specialists, and private chefs
Residence Features
Terraces, up to 12 feet deep
Wood-like ceiling accents
Glass balustrades
Modern Poliform cabinetry
State-of-the-art appliances
Solid marble waterfall island
Master bedrooms open to the terraces
His and her closets
Bathrooms lined in floor-to-ceiling stone
Floating tubs
Sliding glass doors and vanities by Poliform
Soft hidden lighting
According to Kingston, the project was completed on time. The developer is currently working on another boutique condo in Miami Beach called Ocean Park, which is anticipated to be complete in the summer of 2022
James Beard Award-Winning Chef Opens Caribbean Restaurant in Miami
Photo Credit: La Cañita
You may have heard of chef, Michelle Bernstein. If you haven’t, it’s time to get her on your radar. She is a Miami native who was awarded the James Beard Award, which recognizes culinary professionals in the United States.
Not only is she known for this outstanding achievement, but she is also an expert in Latin American cooking and is responsible for Café La Trova, and Sweet Liberty Drinks & Supply Company.
Just last week, Bernstein opened up a new restaurant located at the Bayside Marketplace called La Cañita. Bernstein partnered with her husband, David Martinez, as well as David Borgia and Orestes Pajon on this Latin American and Caribbean-infused restaurant.
She has incorporated cuisines from Tobago, Puerto Rico, Trinidad, Jamaica, and Cuba as well as other South American recipes. Her signatures include chicken fricassee, custom sandwiches, and empanadas. One of the most popular desserts is the 305 rum cake. La Cañita also offers an expansive rum-centered cocktail menu.
La Cañita plays on an indoor and outdoor design emphasizing the waterfront views. The tropical painted foliage, wood-grain tones throughout, and painted copper pipes create the perfect distillery vibe.
Although Bernstein isn’t the chef of La Cañita, she created the menu as well as trained the current staff. According to her husband, Martinez, “We are so fortunate to have this melting pot of cultural and culinary influences in this city, and we hope to put them front-and-center with our new concept-driven restaurant.”
Photo Credit: La Cañita
Developer for Ocean Terrace Project Seeks Expansion Approval
Photo Credit: Ocean Terrace Holdings
Plans that were originally approved in 2019 for the historic Ocean Terrace district are being revisited in hopes to expand the project located at 7409-49 Collins Avenue and 7400-50 Ocean Terrace.
The original approved plans included 78 hotel rooms that will be renovated through the historic Broadmoor and Ocean Surg hotels, 58 residential units, and 18,060 square feet of retail space.
The new plans, submitted by developer Ocean Terrace Holdings, would include 75 residential condo units that would range from 1,198 to 2,555 square feet options. In the revised plans, it includes 2 top-floor penthouses that range from 4,028 to 4,332 square feet of living space, each with a rooftop pool.
Photo Credit: Ocean Terrace Holdings
Hotel rooms would also increase to 127 with 55 of the units residing in the historic building. The rest of the units will reside in the new 11-story building that will feature a rooftop pool.
Photo Credit: Ocean Terrace Holdings
The retail space will include 3 pools and 17,474 square feet of space. The new construction will total 525,692 square feet including the parking garage. The original proposal was approved at 359,590.
Architect includes Revuelta Architecture Internation and RJ Heisenbottle Architects is in charge of the historic preservation design.
The Historic Preservation Board will be meeting on September 13 to consider these revised plans. These plans will also include an oceanfront public space. Once the plans are approved, the developer would like to begin construction immediately. The public space and condo tower construction would start in 2022.
Photo Credit: Ocean Terrace Holdings
The Next Steps: After the Champlain South Tower Collapse
In the wake of the condo collapse at Champlain Towers South, we are starting to see a shift in homeowner association infrastructure reporting as well as maintenance. Towns and local governments ordered immediate inspections and updated reports on older towers.
Miami/Dade County ordered inspections on towers older than 40 years of age. Miami Beach ordered an additional and immediate building inspection on all of their towers since the collapse.
Aventura, Florida is one of the only cities in Florida to pass an ordinance requiring condo associations to provide the officials with engineering and architectural reports within 24 hours, when requested. These reports will include concerns electrical, structural, or life safety concerns and on an annual basis.
According to the city press release, associations that do not comply with the new guidelines will be fined up to $500 a day and up to 60 days in prison.
This new ordinance was passed on Thursday and was sponsored by the Mayor of Aventura, Enid Weisman. The ordinance will become law once it receives a second approval.
Mayor Weisman stated, “There is nothing more important than ensuring the safety of the residents of Aventura. Requiring that reports indicating potential dangers to our residents are provided to the city will create transparency and help us to ensure the structural and electrical integrity of our residents’ homes.”
A second meeting is scheduled on August 10, 2021, to officially vote on the new ordinance.
We are encouraged by the actions of Aventura Florida and we hope to see the same ordinances and guidelines for all of Florida.
1 Million Square Foot Mixed-Use Project Proposed for Wynwood- 29N
L&L Holding Co. and Carper Real Estate Partners have recently purchased 3 acres located at 95 N.W. 29th Street in the Wynwood Arts District. Making up nine parcels, the New York-based companies plan on developing a multi-use project totaling 964,693 square feet.
Dubbed the name 29N, this planned project will rise on the former Rubell Family Art Museum Building and will feature multiple buildings 12 and 8 stories tall. There will be a ‘pedestrian paseo’ connecting the towers and lot will feature 313 feet of frontage along NW 29th Street, sharing a block with the Gateway at Wynwood.
Featuring 523 apartments, 200,618 square feet of office space, 26,372 square feet of retail, and 668 parking spaces, 29N will be considered one of the largest projects in Wynwood. Amenities for this project would be on floors seven through nine.
The residential units would range from studio to 2-bedroom apartments with 504 to 1,093 square feet floor plans. This project will be designed by Gensler, a San Francisco-based firm along with Fortis Design + Build.
The renderings for the building design feature a colorful aesthetic that showcases the culture of Miami as well as the Wynwood neighborhood. Art murals with reds, greens, and browns will be showcased on the ground floor level of the buildings.
Renderings and Site Plan Released for Downtown Miami’s Newest Tower The District
Renderings, floor plans, and site plans have recently been released for Miami newest 37-story condominium tower called The District. In April, The Related Group and Parcel C LLC’s proposed and received approval for the project.
This tower is in pre-construction and is proposed to include 347 residential condos with 2,297 square feet of retail space. This project will not have any parking but the developer is requesting an off-site parking waiver.
Rising 393 plus feet tall, The District will be located at 233 N Miami Avenue in downtown Miami. The floor plans will be fully finished and furnished ranging from 446 square feet to 874 square feet with studio to 2 bedroom options.
Includes integrated audio, video window treatment and lighting systems
All residences come equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
Fully built-out closets in all residences
Built in top-of-the-line in-unit washer and dryer
Flooring selections included with specifications recommended by Meshberg Design
Pre-wired for high-speed communications and data connection
Kitchens feature custom Italian cabinetry curated by Meshberg Design
Smeg appliance package includes integrated paneled microwave, dishwasher, built-in convection oven and refrigerator/ freezer
Building Amenities
Rooftop Amenity Deck : Expansive resort-style rooftop amenity deck with plunge swim spa, fire pit, summer kitchen, and gorgeous views of Downtown Miami and Biscayne Bay.
Basketball & Racquetball Courts :Full-height indoor basketball court and regulation-size racquetball court and Rock climbing wall.
Co-working Space :Co-working floor with multiple seating options, high-speed Internet, private meeting rooms, conference room and a full-service kitchen.
Fitness Center :State-of-the-art fully equipped fitness center including a private yoga/spinning room with virtual trainer and men’s/women’s sauna/ sauna and locker rooms.
Museum-quality Art :Double-height lobby featuring professionally curated museum-quality art.
Monitoring Services :24/7 security services and controlled property access.
The District App :Customized password-protected app for home/away smart-home management.
Parking :24/7 valet services and self parking.
Dining :On-site café servicing the residences and recreation areas.
Electric bikes with charging stations are available for residents on the go.
Housekeeping :On-demand full housekeeping services available at your convenience.
Climatized receiving and storage room
Resort Style pool deck with lounge and recreation room
Unit Distribution
Unit Type
Floors
Sq.Ft Range
Starting Prices
Studios
4th – 33rd
458 Sq.Ft – 469 Sq.Ft
From $352,900
1 BD / 1 BA
4th – 37th
558 Sq.Ft. – 615 Sq.Ft.
From $385,900
2 BD / 2 BA
4th – 37th
786 Sq.Ft. – 884 Sq.Ft.
From $573,900
Deposits
10% down with executed contract
10% 60 days after executed contract
10% at groundbreaking (scheduled end 2021)
10% at top off (schedule 3rd quarter of 2022)
60% at closing (scheduled 2nd quarter 2023)
Multiple waivers have been approved on April 9, 2021 but the construction permits have not been filed. Some of paperwork also includes transitioning some units in hotel room. The ground breaking is scheduled for the end of 2021 with estimated completion date of 2023.
MLB Hall of Famer Mike Piazza Sells Miami Beach Mansion for $15 Million
If you need anymore convincing of how hot the Miami real estate market is, another luxury mansion just sold! It gets better because the seller is Major League Baseball Hall of Famer Mike Piazza.
Piazza listed the Miami Beach mansion in December 2017 at $18.5 million. The property located at 1401 West 27th Street, Miami Beach was recently relisted for $14.7 million with a sold price of $15 million. This 8 bedroom, 9.5 bathroom mansion features 9,438 square feet of custom finishes including Jerusalem stone floors and an Italian-inspired kitchen. A private pool, dock, and boat lift elevates the remarkable 100 feet water frontage lot.
The buyers for this incredible residence is none other than the Major Food Group’s co-founder Jeffrey Zalaznick and wife. The couple has been renting the property since October 2020.
According to tax records, Piazza paid $10 million for the home in 2008. But don’t worry, they are not leaving Miami any time soon. They still own a unit at the Ritz-Carlton Residences Miami Beach that they purchased in 2019 for $5.6 million.
Florida Hits the Jackpot – Seminole Tribe and Governor DeSantis Signs Gaming and Betting Agreement
Governor Ron DeSantis is at it again! Back in March, DeSantis met with lawmakers to discuss possible options to bring betting and gaming to Florida, specifically Miami. Now, his plan seems to be falling into place.
A historic deal took place on Friday when Governor DeSantis signed a gaming compact with the Seminole Tribe of Florida that would bring ‘mobile sports betting’ as well as ‘Vegas-style’ casinos to tribal facilities in Florida. According to Marcellus Osceola Jr. on Friday, Chairman of the Seminole Tribe of Florida, stated “The agreement we are about to sign is going to be life changing for our tribe.”
What the Agreement Will Look Like
Ages 21 and older (located within Florida) can use the app to place sports bets (sports teams would not be allowed to bet)
Bets would be routed through the Seminole Tribe for the next 30 years
The Seminole Tribe would agree to pay $500 million in annual payments to Florida (this amount could increase depending upon the market and profits)
The agreement would allow the transfer of slot machine licenses within Miami-Dade and Broward counties
An exclusive right to operate craps and roulette at all of the Tribe’s casinos and to build three more casinos on existing tribal property
Challenges Facing the Agreement
This agreement may come up against some legal challenges due to a constitutional amendment that was passed by voters in 2018 that requires a vote for all new games in Florida. Miami business leader, Armando Codina has hired a lawyer to fight the gambling agreement and if the agreement is approved, he stated that he plans to sue the State of Florida. According to the Miami Herald, there are others that plan on joining the fight if approved.
Final Notes
Before approval, this agreement must be ratified by the Florida Legislature as well as approved by the U.S. Department of Interior. Governor DeSantis and Senate leaders are due to meet on May 17th to discuss the issue and is expecting approval for the compact by August 2021. According to the Miami Herald, if this agreement is approved it will be the “most populous state in the nation to offer mobile sports betting!”
South Florida Welcomes the 69th Miss Universe Pageant at the Seminole Hard Rock Hotel and Casino
The last time the Miss Universe Pageant was in South Florida was 2015 at the Florida International University. This year the pageant will be held at the Seminole Hard Rock Hotel & Casino Hollywood on May 16 and we can’t wait to see what this year’s pageant has in store!
Miss Universe was last held on December 8, 2019 at the Tyler Perry Studios in Atlanta and South Africa’s Zozibini Tunzi was crowned. Because of the pandemic, the 2020 pageant was cancelled.
The President of the Miss Universe Organization, Paula Schugart, stated that the event will follow CDC guidelines and that they have spent the past year working on ways to make the pageant as safe as possible including masks mandates, Plexiglass separating contestants and judges. Schugart also stated that “Our goal is to create a safe and engaging place for users to connect over interests and passions.”
It is unclear who the host will be for the 2021 pageant. The pageant will be available for viewing on the Telemundo Network. We will continuously update this article as we learn more information on the Miss Universe Pageant 2021.
