Three Tower Development Proposed in North Miami Beach

Echad Holdings LLC. has officially proposed a three-tower development in North Miami Beach. Managed by Aviva and Chaim Druin, Echad Holdings LLC’s website states that they are a real estate investment and property management company.

The proposed site is located at 851 N.E. 167th Street intersecting with Gloden Glades Drive. On the current 2.1 acre lot sits a 45,728 square foot office building that will be demolished in the initial phases of construction, once approved. The office building was constructed in 1973.

Two of the towers are planned to be 15 stories and the 3rd story is planned for 10 stories. It will be a combined 464,807 square feet with 77,856 square feet allocated to office space and 12,258 square feet for retail. The plan includes 223 condo and hotels rooms, 3,866 square feet of restaurants, and 526 parking spaces.

The pool would be located at the 10-story tower on the 10th floor of the amenity deck. The plans refer to the condo units as ‘extended-stay’ rooms but will be sold as condos. These units will include 143 one-bedroom and 80 two-bedroom units, all with full kitchens.

Echad Holdings LLC acquired the property in 2015 for $5.6 million. More recently, the city rezoned the area for a mixed-use development. The Miami-based designer for this project is well-known Kobi Karp Architects who have designed Arte, Legacy Hotel & Residences, and 1300 Ponce.

North Miami Beach’s Planning and Zoning Board are scheduled to meet on September 20th to discuss the plans. If approved, the construction is scheduled to begin in 2022.

New Argentine Restaurant Opens its First US Location in North Miami Beach

La Birra Bar is a 20-year-old family-owned restaurant that has officially opened its doors in North Miami Beach. This Argentina restaurant has made a name for itself and has already challenged burger restaurants throughout Miami-Dade.

Known for being “The Best Burger in the World,” the challenge is clear: try and beat their world-class burgers. They don’t consider their burgers like any burgers. They call them creations and they have spent years concocting the perfect recipe. Ingredients like aioli, confit tomatoes, and Milanese mozzarella cheese make their burgers what they are; delicious.

Although they are known for their burgers (which there are 40 different ones to choose from), they also showcase wings, chicken tenders, and ribs. They were also home to the ‘Elite’ ice cream, which was just added to their menu.

Daniel, Roxana, and Renzo Cocchia are the owners and operators of La Birra Bar which originally started as a cafeteria but later became what it is today. Ice cream maker and pastry chef, Matías Dragun recently added the elite ice cream to the menu. His ice cream recently won third place in January at the Ice Cream World Cup in January 2021.

La Birra Bar currently has 12 locations Buenos Aires, Madrid, and now North Miami Beach.

Eighty Seven Park Goes Vertical In North Beach

Pritzker Prize-winning starchitect, Renzo Piano’s 87 Park will soon rise from the site just north of North Shore Park in Miami Beach. The developer, Terra Group, has finalized their construction loan and completed the 300 foundation pilings necessary to start bringing the 18 story project vertical.

Sales were launched in 2016, attracting the likes of Michael Huffington, the Conde Nast family and tennis star Novak Djokovic, all of whom are among the buyers in the 66 unit project that is now 60% sold. The boutique tower was named based upon it’s location, nestled between two parks at 87th Street and Collins.

The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 66 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.

Prices start at $1.7 million up to $45 million for the penthouse, which comes with a rooftop terrace and private pool overlooking the ocean.

Eighty Seven Park Surpasses The 50% Sold Mark

In the same month that they plan to formally break ground, Renzo Piano’s Eighty Seven Park has surpassed the 50% sales mark. The 18 story tower will have 70 total residences and famous neighbors such as Michael Huffington, the Conde Nast family and the latest announcement, tennis star Novak Djokovic. He has reportedly purchased a 3 bedroom, 3.5 bathroom residence with a wraparound terrace for between $5.9 million and $8.9 million (the exact sales figure has not been disclosed, but that is the cost of available units with the floor plan he purchased).

Not to digress from the star factor, the residences will be quite nice. We were able to go for a preview last month, and the boutique building is impressive for those who love parks and have money. The tower is secluded between two parks. The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 70 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.

According to a representative of the developer and against Miami trends, 55% of the buyers are from the United States. I imagine most of them are from New York, since New Yorkers are most comfortable paying $1.7 million for a 1 bedroom, even if it does have over 1,000 square feet. Prices go all the way to $45 million for the penthouse. 30% of the buyers are from Europe and 15% are from other international markets. Buyers from Turkey and Asian countries have been more active in our market over the last few months, while the Latin American market has cooled.

Site work on the build site has already commenced, and we expect groundbreaking this month or early next month.

North Miami Beach’s ‘The Harbour’ Reaches 79% in Sales

The Harbour, a set of condo towers which recently launched its sales center, has reached 79% in sales according to a project representative. The development has a variety of interesting amenities including close access to two large parks (Greynold’s and Oleta River), watersports, and land-based sports, etc.

A year ago, in a much healthier real estate market, the project had 80% of its units already reserved, allegedly. This means that in the intervening year almost all of those reservations would have converted to contracts, despite the cold market. Unfortunately there was no reply when we followed inquiring about the mix of units still available. Hopefully that’s not a bad sign.