Kushner Companies Unveils Plans for an Exclusive Luxury Development in Surfside Miami
Kushner Companies, a prominent New York-based investment firm, is poised to make a strategic expansion in the high-end real estate market with its latest acquisition: a 2.23-acre property in Surfside, purchased for $40 million.
The firm’s plan to develop a luxury housing complex at this prime location is an ambitious project. The proposed 140,637-square-foot apartment building, rising three stories above grade, will offer 87 high-end units. These units, ranging from 1,128 to 2,284 square feet, will provide a mix of one to three-bedroom floorplans, catering to a diverse range of upscale clients.
A key aspect of this development is the integration of a historic building into the modern design, adding a unique appeal to the property. The project will feature over 7,000 square feet of indoor amenities on the ground floor, a rooftop pool deck, and a bespoke 700-square-foot synagogue, enhancing its attractiveness to potential buyers.
Furthermore, the plan includes 194 underground parking spots, addressing a crucial need in the urban landscape. The architectural design, led by Jo Palma & Partners, promises a blend of luxury and functionality, with conceptual renderings showcasing a low-rise building with a swimming pool. The preservation of a 2,250-square-foot historic building, dating back to the 1940s, adds to the project’s exclusivity.
Located at 9300 Collins Avenue, Surfside, Florida, 33154, in Miami-Dade County, this project is not only in a sought-after location but also represents a turnaround story. Previously a distressed development under Eden Surfside LLC, with unfulfilled plans for a townhome and hotel development, Kushner Companies is now revitalizing the site, presenting a potentially high-return investment opportunity.
The Surfside’s Planning and Zoning Board’s upcoming consideration of the proposal on November 30 marks a critical juncture. This project offers a chance to invest in a property with a combination of luxury, historical significance, and strategic location, promising substantial returns in the upscale real estate market.
New Boutique Development Proposed at Champlain Tower South Site by DAMAC Properties
Plans for a beachfront luxury condo complex by Zaha Hadid Architects were submitted by the Dubai developer who purchased the Surfside site last summer.
After the collapse of Champlain Tower South in 2021, the property was listed for sale. Damac purchased the property for $120 million in 2022.
According to a corporate news release, Hussain Sajwani-led Damac Properties plans to erect a 2 tower (each with 12-stories) boutique buildings with 57 units on the 1.8-acre site at 8777 Collins Avenue. Renderings for the property show a 100 foot rooftop glass-bottomed pool that will connect the two towers.
Two significantly different building designs were produced by the late Pritzker Prize-winning architect’s company, reflecting two slightly different interpretations of the Surfside town code. According to renderings, one of the ideas is set back on the project’s south side. The second plan shows a structure without a stepped-back façade.
The statement mentions unit sizes ranging from 4,000 to 15,000 square feet. The amenities will feature a rooftop pool with an indoor exercise pool. It was initially intended to be a Cavalli-branded structure. Damac is currently seeking other brands to collaborate with on this new project.
Fort Partners Purchase Land in Surfside to Build 14-Story Condo
A subsidiary of Fort Partners, which constructed the opulent Four Seasons Residences at the Surf Club in Surfside, spent $41.5 million for an oceanfront plot of land in the community where a new condominium will be constructed.
9165 Surfside LLC, acting on behalf of Wexford Real Estate Investors of West Palm Beach, sold the 0.54-acre site at 9163 to 9165 Collins Ave. to Hillcrest Land LLC, acting on behalf of Fort Lauderdale of Fort Lauderdale. 9165 Collins Ave Lender 1 LLC provided the buyer with a $50 million mortgage.
The Hillcrest by the Sea co-op building, which was constructed in 1949, is still located on the land, which is close to the north of the Surf Club. A premium apartment will be built in the place of that 24-unit structure.
The land will be redeveloped with a 14-story condo in 10 levels and 32 spaces in an underground parking garage, according to plans approved by town officials in 2022. Condos would be very big, with 10,000 to 12,500 square feet of space.
The proposal was created by Hollywood firm ODP Architecture.
This continues the pattern of older co-op and condo buildings along South Florida’s coast being purchased and renovated into luxury condos to accommodate the inflow of affluent out-of-state residents.
Just south of Collins Avenue, Fort Partners plans to build another condominium.
New Renderings Revealed for Surf Row Residences in Surfside
In June 2022, Linéaire Group revealed plans for an 8-unit development known as Surf Row Residences. The collection located in the Surfside neighborhood of Miami aspires to usher in the next phase of urban beach life and is inspired by Surfside’s rich legacy and natural beauty.
Designed by award-winning firm Rene Gonzalez Architects (RGA), the development offers refined interiors, the utmost privacy, and unparalleled indoor-outdoor living adjacent to the beach. Only a few residences have been released and sales are currently by invitation only.
Through the careful use of skylights, layered glass, and double-height ceilings, each villa emphasizes the indoor-outdoor link. Three to five-bedroom residences with 3,500 to 5,600 square feet of internal space are available. Each residence will feature almost 2,000 square feet of private outdoor living space, including a rooftop with a plunge pool, a summer kitchen, and a large gazebo. Each property will also include a private garage and a front yard that is enclosed. Prices start at around $5.9 million for a luxury unit.
Residence Features
European kitchen with custom-designed wood cabinetry, imported marble countertops, and professional-grade appliances
Large format coral stone flooring with natural wood inlay designs
Floating staircases made with cantilevered solid wood slabs & glass panel railings
Spa-inspired master bathroom furnished with a luxurious rain shower, oversized freestanding tub, and finished with imported fluted marble walls
Skylights flood the interior with natural light via a central light shaft spanning all levels
Rooftop with summer kitchen and plunge pool
Two-car indoor garages, plus one open-air parking space
Latest smart home automation by Savant
Top-of-the-line security system with exterior surveillance cameras
Private elevator
Service/laundry room Upgrades
Kosher kitchen
Elevator lift for additional parking
Interior surveillance package
The 0.65-acre development property is located between Collins Avenue and Harding Avenue on 88th Street’s northern frontage. The property was purchased from the previous owner for $7.3 million by an associate of Lineaire Group in August 2021.
The project is slated to break ground in Q2 of 2023 with completion scheduled for Q4 of 2024. If you or someone you know have an interest in purchasing at Surf Row Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Plans for a 12 Story Tower in Surfside was Filed
This week, developer Multiplan of South Florida filed plans for a 12 story tower that will be located in Surfside.
The architect is listed as Arquitectonica with R Palace Surfside LLC as an additional development entity. The project is proposed to have 27 residential units with 71 parking spaces. There will also be a small number of 2 bedroom floor plans but will mostly consist of 4 bedroom layouts.
Proposed Amenities:
Rooftop pool
Steam room
Sauna
Fitness
R Palace Surfside LLC is managed by Vivian Diamond. Owner of Multiplan is José Isaac Peres who is responsible for 57 Ocean as well as multiple other projects in Rio de Janeiro.
On the current site at 9309 & 9317 Collins Avenue in Surfside is the Regent Palace condos. In June, the 34 unit condo building was deemed unsafe after a comprehensive engineering report that flagged the property as uninhabitable.
This building is 70 years old and required a number of updates as well as structural issues. The developer has already purchased 32 of the 34 units at the Regent Palace and terminated the land lease on the property.
Penthouse at Four Seasons Residences in Surfside Sold for 40% More Than the Last Sell Price
A penthouse at the Four Seasons Residences at The Surf Club recently sold for $29.4 million, nearly 40% more than it did just four years prior.
Keyla Holdings LLC sold the penthouse in the south tower at 9001 Collins Avenue in Surfside to EH 2022 LLC. Josh N. Bennett, a real estate lawyer in Fort Lauderdale, is in charge of running Keyla Holdings, while Ackerman, Pachman, Brown & Goldstein LLP, a law firm in East Hampton, is in charge of running EH 2022.
The buyers and sellers for this transaction are still unknown. According to documents, the buyer financed the off-market acquisition with a $20 million mortgage from JPMorgan Chase.
At about $29.4 million the unit equates to $5,180 price per square foot. The sale was mediated by Ximena Penuela of Fort Partners, a developer.
The five-bedroom, eight-bathroom, 5,675-square-foot penthouse was previously sold for $20.8 million in 2018.
After Fort Partners finished building the Surf Club neighborhood in 2017, it attracted a lot of notables including Frank Sinatra, Winston Churchill and many more. The development includes 150 residences, a 72-room Four Seasons hotel, and a restaurant owned by Thomas Keller, the founder of French Laundry.
Actress Lynda Carter, who played Wonder Woman, is one of the current owners after spending $15 million on apartment 903 in the south tower in 2016. Thala and Tommy Mottola, the “Queen of Latin Pop” and former CEO of Sony Music Entertainment, sold their Surf Club condo a few months ago for $10 million.
Pat Riley, a former Miami Heat player, and his wife Christine most recently sold their Surf Club apartment for $22.8 million, a considerable increase from the $8.1 million they initially paid for it in 2018.
If you or someone you know have an interest in purchasing at The Surf Club, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Today Marks One Year Since the Deadly Champlain South Tower Collapse
Photo credit: NPR Illinois
Today marks one official year since the deadly Champlain Tower South Surfside Collapse. Since that time, this tragic event has reached so many across Florida as well as the United States. Not only has it reached many families and friends, but it has caused a need for change within local governments, condo safety, and protocol.
On June 24, 2021, around 1 am, residents began noticing the Champlain Tower South shaking, and within just a few seconds, the building partially collapsed destroying 55 units as well as taking countless lives. During the first signs of the collapse, Rescue crews began racing to the scene to search for survivors.
*The deadly collapse resulted in 98 lives lost. As of May, it was announced that the payout to the survivors has resulted in a $1.02 billion split amongst the families.
In October 2021, the site was put up for sale to cover legal fees, expenses, and other fees associated with the collapse. The site was listed for $95.6 million. Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.
In May 2022, Sajwani (DAMAC Properties), announced his plans to build a luxury tower, Cavalli Tower. This tower will resemble the Cavalli Tower that DAMAC is currently building which will be completed in 2025. The units would begin at $4.5 million once complete.
During the same time in May, Legislation that prohibits associations from waiving reserve requirements mandates 30-year inspections of condo structures three floors or taller, or 25 years if within three miles of the shore, and mandates reserve studies including structural components were passed by Florida lawmakers. Associations will have to undergo another recertification procedure ten years after the initial inspections. Condominium boards and their members may also be held accountable under the law for non-compliance.
June 23, 2022-One of the last steps before the litigation due to the collapse is over the impending sale to DAMAC. Judge Michael Hanzman approved the $1.02 billion class-action settlement and the condominium termination in court on Thursday (a technical process required for Damac to close on the land). The year-long process to settle the lawsuit was discussed by the judge, the lawyers, the survivors, and those who lost loved ones.
You Can Now Buy Two Arte Surfside Condos for 560 Bitcoin
Bitcoin has become one of the ultimate currencies in Miami. Now more than ever, consumers are able to utilize crypto for food purchases, nightclubs, and real estate. Arte Surfside completely revolutionized the real estate market by being one of the first developments in Miami to begin accepting Bitcoin for their luxury condos.
The developers for Arte Surfside currently have two luxury units for sale for a combined price of $31 million or 560 bitcoin. According to the developers, Alex Sapir and Giovanni Fasciano have stated that offers can be made in either bitcoin or ethereum.
According to Sapir, “We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions for the condominiums at Arte. Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up.”
One of the crypto units at Arte is listed at $18.95 million and features 6,982 square feet of living space. The second unit is listed at $11.9 million and is around 3,500 square feet. These incredible units boast oceanfront views, wraparound terraces, large walk-in closets, and high-tech entry access.
Photo Credit: Dina Goldentayer
Building amenities include an indoor and outdoor swimming pool, full-size tennis court, state-of-the-art gym, yoga studio, sauna, catering kitchen, and white-glove butlers.
Arte Surfside Amenities:
A 75-foot indoor swimming pool
An outdoor swimming pool, sundeck, and poolside cabanas
Rooftop tennis court
State-of-the-art fitness center and yoga studio
Sauna and steam room
Tranquil meditation pond
Children’s playroom
Residents’ lounge with billiards and catering kitchen
Temperature-controlled parking spaces
Arte Residence Features:
Expansive terraces clad in travertine with ipe decking
Gracious kitchens featuring Poliform cabinetry, Italian marble countertops, and Gaggenau appliances
Sweeping views of the Atlantic Ocean
In June, a penthouse in Arte sold for a record-breaking $22.5 million in crypto. The type of cryptocurrency for this sale was not released. With more developers jumping on the crypto train, we can expect in the future that digital currency will eventually play a larger role in the real estate market and potentially affect how we make offers for our buyers and negotiate for our sellers.
Champlain Towers South Site Under Contract for $120 Million
After the devastating Champlain Towers South Condocollapse that occurred on June 24th and all search efforts ceased, demolition and clearing of the site began. As of August 30th, the site located at 8777 Collins Avenue, Surfside was cleared and listed for sale at $95.6 million.
Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.
The sale for the 2-acre waterfront property has been officially and is now under contract. Now that the property is under contract, Sajwani has to pay a $16 million deposit. Judge Michael Hanzman approved the agreement with timeline outlines for inspections and deadlines for other bidders. This would include the $16 million deposit as non-refundable following a 60-day inspection period.
With the sale of this site, there has been a lot of pushback among the survivors and the victim’s families. As part of a class-action lawsuit, the judge that is selling the property has tried to expedite the sale in order to get the families compensated.
Proceeds from the sale are still unknown. The attorney for this transaction stated that the appraised value of the property is $95.6 million. The total for the insurance coverage held by the condo association is $48 million. There is also $30 million in property damage and $18 million for personal injury. The decision is whether to award the families all of the $120 million and the $30 million property insurance payout or award the appraised value of $95.6 million.
Some families have also petitioned for a memorial to be built on the property rather than another tower. Families have sent letters to state and federal lawmakers asking to assist in purchasing the land for a memorial. The families have asked the Surfside Commission to add a referendum on the upcoming ballot for voters to approve a land-swap proposal to build the memorial and a community center. Press conferences have also played a role but with no such luck.
Sajwani has an extensive portfolio with establishments of his company DAMAC Properties in global cities like Dubai, Abu Dhabi, Amman, Baghdad, and London. Sajwani has heavily invested in luxury fashion, real estate, hospitality, and manufacturing.
Champlain Towers South Building Collapse- A Timeline of Events
Credit: MiamiCondoInvestments.com/1 OAK Studios
October 2018: Structural Engineering Report
In October 2018, a structural engineering report with Morabito Consultants notes in a nine-page report numerous problems and major structural damage at Champlain Towers. The report included that the structural concrete slab is flat instead of sloped, which causes water to pool (with the hope that the water evaporates) instead of draining off. The parking garage also showed significant cracking in concrete beams. The report states that failure to repair the damages could “cause the extent of the concrete deterioration to expand exponentially.”
November 2018: Champlain Towers Condo Association Board Meeting
After the initial engineering report was released, a Surfside official during a November 15, 2018 board meeting stated that the condo tower was in good condition. According to the minutes of this board meeting, “Structural engineer report was reviewed by Mr. Ross Prieto. It appears the building is in very good shape.” *Ross Prieto was an official for the town of Surfside but is no longer employed for the town.
Credit: MiamiCondoInvestments.com/1 OAK Studios
April 2021: A Letter to Residents
The President of the Condo Association board of directors sent out a letter to the residents of Champlain Towers South. The letter stated that the building had worsened since the original inspection in 2018, and that “the concrete deterioration is accelerating. Observable damage such as in the garage has gotten significantly worse since the initial inspection. When you can visually see the concrete spalling, that means that the rebar holding it together is rusting and deteriorating beneath the surface.” An estimate of $15 million special assessment was proposed to pay for the structural repairs.
June 24, 2021: The Collapse
Around 1:19 am, the condo tower starts to shake and partially collapses destroying around 55 units. Rescue crews immediately raced to the site to search for survivors. The same day, Florida Governor DeSantis declared a state of emergency for Miami-Dade County.
June 25, 2021: Emergency Declaration for Florida
President Biden approved an emergency declaration for Flordia that allowed FEMA (Federal Emergency Management Agency) to send federal resources to aid in the search and rescue efforts.
June 26, 2021: Residential Audits
Miami-Dade County Mayor Daniella Cava announced an audit on all properties that are 5+ stories high and at least 40 years old.
June 27, 2021: Search and Rescue
The search continues for those missing in the condo collapse. Miami Fire Search and Rescue are working around the clock to locate those missing. The process has been strategic because they have to assure the safety of the teams as well as limit any additional damage to the building that could cause further harm to survivors.
July 1, 2021: A Community in Mourning
As of today, the Surfside and Miami communities have been coming together with daily vigils to pray and mourn for those lost in the devastating condo collapse. Outside of the destruction, a fence with missing residents’ pictures hangs solemnly. Local restaurants have come together and are feeding the rescue and volunteer teams. Hotels are also housing residents of Champlain Towers. According to authorities, 18 people have died with 140 still missing. President Biden also visited the site to discuss the rescue efforts and to offer condolences to the community.
Future: A Change in Procedure
We do not know the exact cause of the condo collapse but we do know that an investigation into the destruction will take months to complete. With this collapse, we are already seeing a much-needed change in procedure, including the Mayor’s condominium audit memorandum now in place. It is also important that associations, engineers, and officials take the warnings more seriously in the future. And we’re hopeful that with new rules and regulations in place, a devastating event like this can be prevented in the future.
