Related Group Secures 18,000 Square Foot Lot in Edgewater for Development
Leading developer Related Group has purchased an 18,000-square-foot land piece in Edgewater, Miami, consisting of three adjacent sites in collaboration with Alex Karakhanian of LNDMRK.
The homes, which are located at 519, 525, and 535 Northeast 29th Street, are in a prime location and provide breathtaking views of Biscayne Bay as well as easy access to the MacArthur Bridge, which connects Edgewater to Miami Beach, and the I-195, which offers a direct route to Fort Lauderdale and Palm Beach. The majority of the undeveloped plot cost $12 million to buy.
According to the President of Related, Nick Perez, “Related identified the growth potential of Edgewater years ago, when we delivered the transformational, four-tower Paraiso Bay community along with Edgewater’s first five-star waterfront restaurant, Amara at Paraiso.
Edgewater offers it all- prime waterfront views, world-class culinary offerings, and easy access to other key hubs, from the Design District to Miami Beach. This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot.”
The site’s particular development plans are still a secret. The land, according to public records, is designated T6-36-A, which allows for the building of up to 36 floors and 150 units per acre. About 60 units might be created within the permitted parameters without the need for further bonuses.
Joel Rodriguez and Alex Suarez of Global Investment Realty served as the deal’s brokers, and PPD Edgewater LLC, run by Esteban Koffsman, was the seller. A well-known real estate firm called LNDMRK Development focuses on finding, acquiring, and building commercial, residential, and mixed-use developments all across the Southeastern United States. Along with The Dorsey and Nomad Residences Wynwood, both of which are in Wynwood, Related and LNDMRK are actively looking for more joint venture options throughout South Florida.
Financing Secured for The Crosby Miami Worldcenter
The vertical construction of The Crosby Miami Worldcenter, which is positioned to provide further density to the existing buildings at Miami Worldcenter, has been successfully funded with a sizeable $94.2 million by The Related Group and Merrimac Ventures. According to building permits submitted to the FAA in January, the residential tower is planned to rise 33 floors high and is anticipated to reach its peak at about 377 feet above ground, or 390 feet above sea level.
The loan was given to DT G Block LLC, a joint venture organization connected to the developers, by the Arkansas-based Bank OZK. The project’s interior design and architectural design are being handled by AVRO|KO and Cohen Freedman Encinosa & Associates.
The Crosby Miami Worldcenter, which commenced work earlier this year, is planned to have 3,370 square feet of ground-floor retail space and 450 completely furnished, ready-to-rent condos.
The Crosby’s construction should advance more quickly now that the finance is secured. It will stand out for its remarkable architectural design, which embodies contemporary luxury. The tower’s sleek design, which is accentuated by modern finishes, is made to blend perfectly with Miami’s dynamic cityscape.
The Crosby is cleverly constructed to take full advantage of its location, with the lower floors laying out a sizable retail area that is open to the public. The amenities offered by the skyscraper are designed to fit a contemporary urban lifestyle. The Crosby residences’ allowance for completely furnished units to be posted for short-term rentals on websites like Airbnb represents an important trend in the Miami condo market and is a standout feature of the development.
Beauchamp Construction serves as the general contractor and according to the current schedule, The Crosby is expected to be complete in the first quarter of 2025.
If you or someone you know have an interest in purchasing at The Crosby Miami Worldcenter, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
Significant Archaeological Find In Miami From A 7,000-Year-Old Settlement at New Construction Site
For the last 18 months, archaeologists have been excavating at a new development site on the Miami River, where developer Related Group plans to build three residential towers.
Researchers claim to have discovered a significant archaeological discovery at the location, including 7,000-year-old relics and other proof that the area was once occupied by prehistoric people.
One of the towers will include Baccarat Residences Miami. Ancient artifacts and fossils found at the site are giving researchers a glimpse into a civilization that once thrived along the river. One of the earliest populations in the region is thought to have been the Tequesta people.
Will Pestle, a bioarchaeologist and University of Miami Professor stated “There is a very important ceramic phase of this site so there is pottery, broken pieces of pottery, there are stone tools, arrowheads, projectile points, abundant animal remains, deer and fish, but there are also remains of sharks. There are remains of giant sea turtles, remains of whales, remains of an extinct kind of seal, the West Indian monk seal.”
The Miami Professor also stated that the site could date back to as early as 7,000 years which he states is older than the pyramids in Egypt and Colosseum in Rome.
The site is significant and they believe it to be “potentially eligible for listing in the National Register of Historic Places based on criterion D, that it contains well-preserved cultural deposits that could contribute to our knowledge of prehistoric subsistence and settlement patterns,” according to a 2021 report submitted to the city by Archaeological and Historical Conservancy, Inc. Additionally, the location has human remains that fall under Chapter 872.05 of the Florida Statutes.
According to the group, archaeologists have “collected cultural material” that includes “tools and jewelry made of stone, shell, and bone. Ecofacts contain animal teeth and bones as well as shells that indicate food waste.
According to the paper, “Other elements of importance include wood, seeds, and charcoal. Historical artifacts include some items connected to European interaction, most likely Spanish artifacts from the seventeenth and eighteenth centuries. The objects connected to Miami’s American settlers from the nineteenth century are among the additional historical items.
Pestle also stated, “Let’s design the buildings in such a way that what is there can be preserved and seen by the public visiting, so when you walk into that Baccarat hotel, which is going to be on the parcel that is currently being excavated, you can see through a glass floor and you can see the ancient remnants of this city.”
On April 4th the Historic and Environmental Preservation Board is meeting to discuss the importance of the findings as well as the procedures that were followed in the excavation.
Financing Obtained for 3 Tower Development Near Miami River
Truist Bank, based in North Carolina, has given the Related Group, a $164 million construction loan for the first of three skyscrapers planned for a premium 3.9-acre development site along Brickell Avenue, south of the Miami River.
The 47-story building, also known as One Brickell Tower II, is expected to rise at 77 Southeast 5th Street to a height of about 478 feet and contain 506 units. The entire mixed-use development, which includes the anticipated 75-story Baccarat Residences Miami and an 82-story hotel and residential tower, is designed by Arquitectonica. The tower’s general contractor is John Moriarty & Associates, and work is anticipated to start next month.
The most recent rendering for One Brickell Tower II shows the structure from a ground-view angle as seen from Brickell Avenue with Icon Brickell visible in the background. The sign that reads “The One” atop a planted wall signals that this is the first time we have seen branding for this stage of the project.
A double-height lobby with a covered entry and exposed concrete support columns can be found at the tower’s base. These columns rise into what could be described as an undulating wall of balconies.
The balconies are enclosed by continuous horizontal bars of glass, and the exterior walls are covered in smooth stucco that has a grayish appearance. The site, which will feature a drop-off facility along Brickell Avenue, is surrounded by extensive landscaping. The three towers will be connected by a multistory pedestal. That connecting podium will accommodate an outdoor amenity level on its roof and include parking spots.
Plumbing, excavation, and site work permits were given last year. Due to unpaid permit fees, vertical construction permits are still pending. In 2020, FAA building permits were issued.
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.
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.
Plans for 3 Tower Project at College Station Garage Location Moves Forward
In 2021, an unsolicited plan for a 3 tower project at the College Station Garage in Downtown Miami was submitted to the Miami Parking Authority (MPA). The proposal that has been submitted to the MPA during that time is now moving forward as of June 2022.
The brains behind the project include a partnership between Miami-based builders Related Group (Related) and ROVR Development (ROVR), as well as Terra Group (Terra) and Apollo Global Management (Apollo).
As of January 19, 2022, the MPA has ranked the proposal from Related and ROVR as the top bid ahead of Terra and Apollo. Both partnerships are planning to create substantial mixed-use projects. The replacement of a 1,439-space garage, which was erected in 1973 and is 7 floors tall, will be subject to a 99-year land lease and development agreement, according to the MPA.
According to the developer, 15% of the residential units would be set aside as worker housing for people earning up to 140 percent of the area median income, and 20% of the apartments would be reserved as affordable housing for seniors earning up to 50% of the area median income. Units would range in size from 360 to 1,310 square feet, with an average unit size of 722 square feet. There would be 138 studios, 636 one-bedroom units, 354 two-bedroom units, and 72 three-bedroom units.
In addition to an urgent care facility and a nonprofit art center, the public area might function as a fire station. The lease is anticipated to be finalized by Related and ROVR in 2023, with construction taking place over a 60-month period. The developers would need to find other parking solutions for adjoining residential towers that have previously used the College Station Garage, assuming that this proposal is truly the winning bid. The MPA would retain control of the parking component.
Project Details
1,200 rental units
1,357 Miami Parking Authority parking spaces over 8 levels
Ground floor retail w/potential fire station, urgent care, and art center
The developers stated earlier this year that they anticipate starting construction in early 2023.
Related Group Proposes 15 Story Residential Development on Biscayne Bay in North Miami
The Related Group has officially submitted plans for a new development located in North Miami, Icon Residences. The development is projected to cost around $150-million and rise 15-story project sited on a one-acre tract of land at 2305 NE 123 Street. The site currently is occupied by the two-story White House Inn, which was built in 1969, closed in 2014, and vacant.
Icon Residences will feature 54 luxury residences, each costing an eye-popping $4.6 million, to be built right at the Shepard Broad Causeway’s entrance, with views across Biscayne Bay to the towers of Sunny Isles Beach to the northeast and due east across Bay Harbor Islands to Bal Harbour – as well as the yards and windows of the single-family homes of Keystone Point just north across the canal. The site would also allow for 184 feet of water frontage.
The Related Group is requesting that the city increase the building height limit on the land from 35 feet to 169 feet, which is the identical height of the Majorca Bay tower located at 11930 N Bayshore Dr., just a few blocks over. The entire height of Icon Residences would be 184 feet, including the 15-foot mechanical plant near the rooftop swimming pool.
Between the White House Inn site and Majorca Bay, related and other entities are considering or preparing a future skyline of structures of similar height. The White House Inn site is presently limited to 35 feet of construction under North Miami’s 2017 Comprehensive Plan, whereas the bayfront land to the south is permitted to 115 feet.
The Keystone Homeowners Association, which covers the area of more than 900 properties, held a full community meeting on May 19 in the recently opened Wildcat Center at 1600 NE 126th St. to discuss their frustrations with this project.
Pedro Gassant, a Holland & Knight partner representing the Related Group, made his best case, claiming that the Icon project would eliminate the vagrancy and illicit dealings currently plaguing the site and bring in $1.7 million in tax revenue in the first year and $45 million over 20 years for the cash-strapped city.
A 184-foot structure, according to Eric Riel, an urban planner who has lived within 500 feet of the projected skyscraper, is incompatible with the single-family dwellings shown immediately across the canal.
The new North Miami Planning Commission meeting is scheduled for June 28th at 7pm at North Miami City Hall.
St. Regis Residences Miami Launches Sales for 2nd Tower-The William Tower
The William Tower located in the heart of Brickell, is set to rise 48 stories tall and feature a limited collection of 183 residences which will include penthouses and sky villas. The collection itself will showcase 1 to 7-bedroom ‘Bayview’ units ranging from 1,400 to 8,000 sq. ft. floor plans.
Each of the luxury residences will feature unobstructed views of Biscayne Bay, the Atlantic Ocean, and the Miami Skyline. Each residence will come equipped with state of the art technology, custom flooring, custom cabinetry, and high-end appliances
The Residences
Private elevator and entry foyer to each residence
Double door entry in select residences
11-foot ceilings with integrated linear diffusers in living areas
Custom European marble flooring throughout
European solid wood doorways
All homes feature a powder room and laundry room
Integrated smart home technology
Kitchens
Gourmet kitchen with custom Italian cabinetry designed by Rockwell Group
Marble countertops and backsplashes
Fully integrated Sub-Zero and Wolf appliance packages, including:
Paneled refrigerator
Paneled freezer
Full-height wine refrigerator
Convection oven
Steam oven
Microwave
Dornbracht fixtures
Primary Suites and Bathrooms
Oversized walk-in closets
Midnight bar and butler’s pantry
Split marble top vanities with Dornbracht fixtures
Oversized marble showers and free-standing bathtubs
Private water closets with Toto toilets
St Regis Residences Miami Amenities
40,000 square feet of amenity space
On-premises ground floor, fine dining restaurant
Exclusive beach club access
Park-like grounds and lush terraces
State of the art media room
Business center with coffee bar and conference rooms
Children’s entertainment room
Teen video game lounge
Programmable golf simulator
Salon equipped for all beauty services
Pet spa, grooming, and dog walking services
Private, secure climate-controlled storage
Private marina
Fully equipped fitness center
Relaxation and juice bar
Indoor lap pool and cold plunge pool
Pilates and yoga studio
Salt spa room
Dual saunas and steam rooms
State of the art treatment room
Bayfront infinity pool and whirlpool with private cabanas
Poolside bar and cafe
Bayfront garden with seating area
St. Regis Butler service and in-room dining
St. Regis housekeeping services
St. Regis global membership privileges
31st Floor Sky Lounge
Double-height bar and lounge with water views
Signature St. Regis Cognac Room
Traditional St. Regis Tea Room
Billiards room
Catering Kitchen
Technologies
Keyless residential entry
Smart home climate and lighting control systems
State of the art fiber optic WI-FI service throughout residences and amenities
Easy to use St. Regis residents-only app
According to the email blast from the developers about the newest tower launch, each tower has its own personality and style, which shows in the newest renderings released. The developers for this project include the Related Group and Integra Investments with Robert A.M. Stern Architects as the leading architect.
If you or someone you know have an interest in purchasing at the St. Regis Residences Miami, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
