Plans for Twin Condo Towers at the Turnberry Yacht Club Proposed
Jeffrey Soffer, CEO of YCM Acquisition LLC, has submitted a site plan to build on a section of the 18.4-acre site located at 19500 and 19735 N.E. 36th Street in Aventura. The current site is comprised of 7.6 acres of buildable land and 10.8 acres of submerged land.
Currently on the site is a marina, a 50-room hotel, a clubhouse, a spa, and tennis courts. The two proposed condos would replace the hotel, eight tennis courts, and a portion of the parking lot that is currently on the site.
The twin towers would be labeled as towers north and south and would rise 24 stories tall. The north tower would equal 398,000 square feet in the first phase of the project, with 145 condominiums, 10 service apartments, and 320 parking spots.
The residential units would range from 1,730 square feet for the two-bedroom floor plan to 4,990 square feet for the three-bedroom floor plan.
The service apartments would be smaller and range from 367 to 638 square feet. These suites would only be for guests of owners and can be purchased by the owners.
Each condominium would have its own pool, exercise facility, and social areas. Two additional tennis courts would also be built in the south tower.
Soffer is making a name for himself in Aventura, first with the Turnberry Ocean Club and a building north in Tequesta and now with this new development.
No dates have been submitted for the review of the proposal. Arquitectonica is the architect for these twin towers.
Miami Real Estate Sales Soar for the 16th Consecutive Month
According to the MIAMI Association of Realtors and the Multiple Listing Service, Miami-Dade County real estate extended its record run of house sales with its best-ever January sales month, as existing condo transactions climbed for the 16th consecutive month.
The record-breaking 2021 included the greatest annual total dollar volume, all-time year total house sales, most single-family home sales, most condo transactions, and the highest number of cash transactions. Now, 2022 brings its best January sales month in history.
Homes sales rose 19.6% in January from 2,211 to 2,645. Single-family home transactions increased from 968 to 1,008 transactions at about 4.1%. Condo sales saw a higher increase at 31.7% from 1,243 to 1,637 transactions. This marks the 16th month of double-digit condo gains.
Compared to last January, home sales are up 42.4% from 1,857 to 2,645 with single-family homes at 13.6% and condos at 68.8%
Luxury condo sales also surged at 69.9% compared to last January at 192 transactions. Single-family luxury homes rose 20.4% at 201 sales.
Median-priced Single-family homes between $400-$600k rose 31.3% to 386 transactions for January. Condo sales in that same price range rose 98% with 303 sales in January.
Inventory decreased for both single-family homes and condos. Single-family homes decreased by 9.1% while condos decreased by 3.6%.
Median family homes sale prices increased 10.8% in January. Single-family home prices rose for the 122 consecutive months while condo prices increased for 124 consecutive months.
Total dollar volume hit $2.1 billion in January with single-family home volume increased 16.7% while condo volume increased 56.2% for January.
The sales percentage of Miami out preforms the Nation while in state, single-family home sales increased 1.4% in January 2022. Condo sales increased 6.7% in January 2020.
Single-family median sales percentages reached 98.1% for January 2022. The median sales percentage for condos increased by 3.2% compared to last year’s median sales percentage.
Cash sales in Miami make up 40.1% of real estate transactions, which is 48.5% more than the national average for January 2022. Cash sales made up of 49.4% of condo transactions while 25% of the single-family transactions were in cash.
According to the Miami Chairman of the Board, Fernando Arencibia Jr. stated, “The demand for Miami real estate has never been higher from both domestic and global homebuyers. Major U.S. companies opening HQs in Miami, surging domestic and global migration to South Florida, a larger percentage of Florida residents in their prime home-buying years, the expansion of remote work, low mortgage rates, Florida’s low taxes, relaxed Covid restrictions, South Florida’s healthy lifestyle and more have each played roles in Miami’s booming sales.”
Developer Sells Waterfront Estate to Cosmetic Company CEO
Photo Credit: Dora Puig
Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.
The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.
The interior of the home showcases 4,791 square feet of living space with high-end finishes.
Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.
The seller Pascal Nicolai is the owner of Nicolai’s Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.
Tuna’s company is not only a cosmetic company but it’s also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.
The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.
Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.
Mast Capital Unveils Plans for a 3 Tower Development in Brickell: Cipriani Residences Miami
Another development has just been announced and this one is massive. Coming in at 2.6 million square feet, plans for this 3 tower development in Brickell have been revealed: Cipriani Residences Miami. Developer, Mast Capital paid $103 million mark this transaction as one of the largest in Miami-Dade in 2021.
Mast Capital’s proposal for the site involves a master-planned development that will comprise of 400-unit condominium tower and two more high-rises totaling 850 premium apartment rentals, created in collaboration with Rockpoint Group.
The property located at 1420 S. Miami Ave, has been inactive for over 15 years following two failed development initiatives. This property is one of the last remaining raw pieces of land accessible in the vicinity to undertake a project of this magnitude.
Development Information:
One 80 story condo tower
Two multifamily towers (one at 50 stories and one at 60 stories)
1,250 residential units
400 condo units
850 rentals
1,650 parking spaces
Ground floor retail
For this specific project, Mast Capital has partnered with a private real estate equity firm, Rockpoint, which will be responsible for the multifamily component. Mast Capital will be utilizing MSD and CanAm for financing. Arquitectonica will be the architect for the proposed tower.
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025.
Sixty Sixty Condo Hotel Sold to Miami-Based Investment Group for $24 Million
In a previous foreclosure fight among owners and developers, the Sixty Sixty condo-hotel in Miami Beach has been sold for $23.5 million to a buyer who intends to repair as well as add to the waterfront development.
The 82-key condo-hotel is located at 6060 Indian Creek Drive along an inlet off of Biscayne Bay but also features views of the ocean. Integra Investments along with Sagar Desai’s Activate Hospitality sold the property to Bloom Hotels, under the umbrella of Bloom Ventures. The founder and CEO of Bloom is David Harari, who is located in Miami.
The CEO of Integra Victor Ballestas stated, “ripe market conditions created an opportunistic circumstance for the sale,” after stating he had no intention of selling the development.
The Schecher Group originally sold a majority of the units in 2020 to Integra and Activate for $15 million, then later bought the rest of the units in 2021. The company was then accused of a takeover although Schecher stated that the unit owners owed $9.4 million in homeowner association fees.
Bloom Hotels utilized Sheridan Capital to finance the property for a loan of $17.3 million. There have been talks of Bloom increasing the room count and bringing Canopy or Tapestry (Hilton brands) to assists with operations. Some plans include modernizing the property as well as adding a marina to the development.
The South Beach Jazz Festival is Back for Another Year
The South Beach Jazz Festival is back for another year and we can’t be more excited! Scheduled for this weekend you can find some of the top jazz performers at venues throughout Miami Beach.
The show is set for January 7-9, 2022, and was designed to showcase the musical abilities of people with disabilities. According to the new President of Power Access, the non-profit organization that hosts the festival, “It is in our mission to provide opportunities for musicians with disabilities and so at least one musician in each group does have a disability,” states R. David New.
New himself became blind, deaf, and partially paralyzed due to a rare disease but later regained his ability to hear and walk. With his personal experiences, this festival is very close to him and he is happy to be able to continue the tradition for 2022.
The pre-festival show will take place at the Faena Theater on Thursday, Jan. 6th. The performers will include pianist Gonzalo Rubalcaba and singer Aymee Nuviola. Their recent 2020 album was nominated for a Grammy Award in the “Best Latin Jazz” category. The album is a tribute to their mothers as well as their home, Havana.
The opening act on Friday, January 7th is Grammy Award-winning Blind Boys of Alabama. Also performing is New Orleans saxophonist Donald Harrison and drummer Art Blakey’s famed Jazz Messengers. Also in attendance will be the University of Miami Jazz Quintet with Kaleen Barton.
The opening pre-festival and the Friday shows will be a ticketed event while the other shows are free.
As for COVID protocols, all performances are expected to be outside except the pre-festival show. According to R. David New, “We are taking every precaution possible to make our event safe and enjoyable for the entire community.” Social distancing and masks will be encouraged. To see a full list of performers as well as their locations, click here.
Wynwood’s First Mixed-Use Project with Over 1M Square Feet
L&L Holding Co. and Carpe Real Estate Partners are partnering for one of the largest mixed-use projects to rise in Wynwood. Working with the City of Miami Planning Department, the approval process is officially in the final stages.
Dubbed the name, The Wynwood Plaza, formerly 29N, will be sited on 95 NW 29th Street in the heart of Wynwood. The plan was originally brought in from Miami’s Urban Development Review Board in October where it was recommended for denial. The development team didn’t take no for an answer and continued to work on the board’s concerns over the project.
The concerns of the project included massing along 30th Street and the cross-block passage car access along NW 29th Street. The one-way vehicle passage was refined with a small footprint. One of the mitigations included the midblock access point would be limited to visitor cars managed by the valet.
The project, designed by Gensler, would feature two towers, one 12 and one 8 stories with 509 apartments. There would also be 266,000 square feet of offices, 32,000 square feet of commercial/retail spaces, 688 parking spaces, and 954 bike spaces.
The design itself will incorporate indoor and outdoor spaces that will benefit not only the residents but also the surrounding neighborhood. This design will include 25,000 square feet of a public plaza on the ground floor.
The groundbreaking for the project is scheduled for early this year with an anticipated completion date in 2024.
The Real Wolf of Wall Street Now Calls Miami Home
We can’t stress enough how hot Miami is right now! And we aren’t talking about the temperature. Notables, celebrities, and execs are moving to Magic City daily and another one just joined the ranks. Recently announced that the real ‘Wolf of Wall Street,’ Jordan Belfort is Miami’s newest resident.
Recently, Belfort eloped in Las Vegas with model and now wife, Cristina Invernizzi. Invernizzi is originally from Argentina and is listed as Belfort’s third wife. Belfort and Invernizzi are moving from Las Vegas.
So who is Jordan Belfort? You may have seen the 2013 The Wolf of Wall Street movie starring Leonardo DiCaprio portraying Jordan Belfort. But to dive deeper, Belfort was a former stockbroker who pleaded guilty to multiple crimes related to stock market manipulation and the running of a long-term scam involving penny stocks sending him to prison.
Belfort grew up in Queens, New York where he began selling at a young age. His friend any him would sell Italian water ice desserts out of inexpensive styrofoam coolers at a beach during the summer months where they would earn around $20,000 every summer. Belfort later went to American University where he studied biology and later went to dental school for a short period. In the 1980s Belfort founded Stratton Oakmont, an over-the-counter brokerage house and financial firm that did remarkably well until he was later caught.
Since his sentencing and prison sentence, Belfort has profited off of 2 memoirs that discuss his life during the Stratton Oakmont era, as well as a self-help book on persuasion and influence.
More recently, Belfort has been participating and becoming fully engulfed in the Miami scene. During Art Basel week, he released his very first NFT. The NFT portrays Belfort partying on a yacht surrounded by models, helicopters, and helicopters flying overhead. One of the fascinating depictions includes the yacht being surrounded by FBI agents. David Yarrow is the photographer for the piece.
Another announcement includes Belfort’s announcement for his very own tequila coming to a shelf near you, Mezcel Santo Inferno. We can’t wait to see what else The Wolf has in store for Miami!
Top Tech Giants That Made the Move to Miami in 2021
A slew of new technology executives and investors have relocated or acquired houses in Miami during 2021. This is of no surprise with the growing tech industry, cryptocurrency evolution, and just better benefits/housing opportunities for companies/execs emerging in the Miami area.
Here are the top 10 big tech execs that have made their way to Miami in 2021:
Co-founder of Paypal, Peter Thiel recently purchased 2 Miami mansions for a total of $18 million in Miami Beach. Thiel is also the co-founder of Founders Fund who recently leased office space in Wynwood.
General partner for Bling Capital, Benjamin Ling purchased a mansion on Palm Island for $28 million.
CEO of Goody, Edward Lando purchased a $15.1 million mansion on the Venetian Islands. Not only did he purchase on the Venetian Islands but he did purchase a Miami Beach home in April for $3.3 million.
CEO of PKWARE, Spencer Kupferman purchased a waterfront mansion in Bay Harbor Islands for $12.75 million in September.
Former CEO of Paypal, Bill Harris relocated to Wynwood where he launched Nirvana Technology in 2021.
CEO of SeedInvest, Ryan Feit moved to Miami shortly after he opened an office for this company in Miami.
Co-Founder of Oracle, Larry Ellison bought a mansion in North Palm Beach after Oracle downsized and relocated to South Florida.
CEO of Teal, David Fano moved his corporate headquarters from New York to Miami in February 2021.
Co-Founder of Spectrum Labs, Justin Davis moved to South Florida after Spectrum’s headquarters moved from San Francisco to Miami even though they are still allowing their company’s employees to work remotely.
TechCrunch Founder, Jack Arrington purchased a home in Coral Gables for $16 million in the Old Cutler Bay neighborhood.
Miami is not only the ideal location for techies but for the Month of November, Miami was considered one of the most popular U.S. destinations to relocate to. This is the fourth month in a row that Miami is leading the nation and you can bet, that it will continue to be the go-to city.
