Rosso Development and Standard International are Partnering to Bring a 228 Unit Condo Project to Midtown
In its very first partnership, Standard International along with Rosso Development are collaborating on a residential project that will bring a 12-story tower to the Midtown neighborhood of Miami, The Standard Residences Midtown Miami.
Sales are slated to begin on November 30. Arquitectonica and Urban Robot are collaborating on the project, which will be located on the southwest corner of Northeast First Avenue and Northeast 32nd Street across from a grocery store development that is currently under construction.
The Standard Midtown will feature 228 luxury condos ranging from 432 to 965 square feet of living space with studio to two-bedroom floor plan options. Prices will range from $329,000 to $829,000
Payment Structure:
Deposit 10% at reservation
Contract and Groundbreaking 20%
6 months after contract 10%
Top off 10%
Closing 50%
The units will feature cubby kitchens designed by Urban Robot, expansive terraces, and master baths with double showers. Unit owners will be able to rent their units for periods up to 30 days with exclusive benefits to friends and family.
Amenities:
35,000 square feet of amenities
10,000 square feet of retail space
Expansive lobby with lounge areas and a cafe
Rooftop restaurant
Bar
60-foot resort-style pool
Sweat room and fitness center
Indoor pickleball court
Yoga and stretch studios
Karaoke bar
Pet Spa
Party room
Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.
Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.
Construction is planned to begin next year and be finished by the middle of 2023. The site at 3100 Northeast First Avenue, as well as the air rights above the existing neighboring garage, are owned by Vadia’s Midtown Opportunities VIIIB LLC.
Notable Real Estate Developers Purchase the White House Inn Property in North Miami
Teddy Sagi and Jorge Pérez, Miami’s most notable real estate investors, have chosen their second South Florida property to invest in: the White House Inn at the gateway to North Miami. What once was a motel that opened its doors in 1969 later became a dilapidated building that saw many problems throughout the years, which later closed in 2014.
Along with BH Group, Pérez’s Related Group, and Sagi’s LabTech Investments Limited are teaming up to buy the waterfront property located at 2305 Northeast 123rd Street.
The 1-acre property is expected to be redeveloped into a luxury apartment complex that would cost around $85 million. Sagi and Pérez are expected to close on the $11 million sale next week.
The North Miami property was sold by a firm led by Mario Murgado, the owner of Murgado Automotive Group for $7.8 million in 2014. Murgado planned to demolish the White House Inn and replace it with a seven-story Ocean Cadillac dealership with a self-contained parking structure, top-floor showroom, and ground-floor restaurant.
Local residents were outspoken in their opposition to the dealership, fearing that it would bring a flood of traffic to the neighborhood. Later Murgado proposed an 11-story tower, Biscayne Harbour, that was approved by the city council but was never finished.
“One of those rare bayfront sites that’s gone underutilized for far too long,” and that the partnership plans to give North Miami “the entrance it deserves,” according to Pérez.
Not only is Pérez known for his work with the Related Group but he is a big player in the residential market as well. In July, he sold his Coconut Grovemansion for $33 million. Pérez also sold his Apogee Beach penthouse for $6 million.
Governor Ron DeSantis Announces $25 Million Renovations on the Freedom Tower
In a landmark event, Governor of Florida, Ron DeSantis stood behind a podium with the words *Patria Y Vida, meaning ‘Homeland and Life,’ while announcing plans to restore the Freedom Tower with a $25 million renovation. During the announcement, Miami natives came out to support the people of Cuba. While crowds were demonstrating, DeSantis announced this new renovation project for the tower that means so much to Cuban Americans.
The Freedom Tower was originally built in 1925 for the headquarters and printing facility for The Miami News newspaper. In the ’60s, the Federal Government used the tower to process and document refugees during the Cuban Revolution. This building assisted with providing medical and dental services to all refugees.
In 1972, the Federal Government sold the building to a private buyer and just a few years later the building was listed on the National Register of Historic Places.
Since then, the building was converted into a memorial to honor the Cuban refugees that were once given sanctuary there. There is currently a contemporary art museum as well as offices for some of the Miami Dade College faculty.
Developer, Terra Group purchased the property in 2005, and then announced plans for a 62-story residential tower named Freedom Square. The tower was never built. While Miami-Dade College owns the Freedom Tower, the property behind it where Freedom Square was originally proposed, is now owned by developer, Chateau Group.
The $25 million renovations for the Freedom Tower would include; parking garage shoring, architecture restoration, a new security system, and waterproofing. While lawmakers have yet to approve the request, DeSantis plans to place the renovation expenses in the budget for 2022. Renovations could take anywhere from 2 to 3 years.
*Patria Y Vida is a slogan and song associated with the July 2021 Cuban protests.
You Could Have Your Own Regalia Penthouse for $25.5 Million
Photo Credit: Jeffrey Miller
Located at the Regalia, this 15,000 square foot penthouse is an absolute dream and it could be yours for $25.5 million. In a time where luxury penthouses have been selling quickly and real estate records keep breaking, at this price point plus all of the features and amenities, this penthouse unit is a steal.
The location of the Regalia is unmatched, placing it centrally in Sunny Isles Beach with the ocean just steps from the luxury tower. Located at 19575 Collins Avenue #PH43, this unit has a bird’s eye view of the Atlantic Ocean and the Miami skyline. Featuring 6 bedrooms, 7 full baths, and 2 half baths, this full-floor unit is placed at the very top of the tower spreading over 3 floors.
Upon entering the luxury unit, you are greeted with soaring 20-foot ceilings, a custom rainfall chandelier, and floor-to-ceiling windows with endless ocean views. The Blanco Sevilla stone floors lead to the custom Poliform kitchen with Wolf and Sub-Zero appliances. The kitchen also features smoky quartz counters with Kreon lighting.
The floating staircase takes you to a separate floor where the expansive master is anything but ordinary. This suite is perfectly finished with remarkable ocean views from every corner and the grand bathroom with its Calacatta marble expanding over the floors and walls. According to the listing, there is over $1 million in imported Calacatta.
As you ascend from the pneumatic glass elevator to the private rooftop, an outdoor pool, summer kitchen, and custom bar awaits. The entire unit features Blanco Sevilla Stone and Nikzad flooring throughout, Kreon lighting, Crestron Smart home automation, and Lualdi Italian Interior doors.
This remarkable tower was designed by Bernardo Fort-Brescia of Arquitectonica and decorated by Charles Allem of CAD International, a world-renowned South African designer. The Regalia is the epitome of perfection and luxury. What’s so unique about this tower is the 39 full-floor residences. Each residence expands 5,515 square feet of living space with private elevator entries and 2,100 square feet of wrap-around terraces.
Regalia Amenities
Smart Building
Yoga/Meditation Room
Oceanfront Jacuzzi
5-Star International Concierge Services
Cold Plunge Pool
Private Poolside Cabanas
Finishes with the Finest Stone, Wood, Glass, and Wall Coverings
State-of-the-Art Fitness Center
Professionally Trained Spa Manager
Private Poolside Cabanas
Fountains, Privacy Landscaping, and 24-Hour Valet
This incredible listing is currently up for auction and will be sold to the highest bidder on December 16, 2021. If you or someone you know have an interest in purchasing at the Regalia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History
The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.
Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).
Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.
Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.
Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.
Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.
There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.
Cincinnati businessman, Josh Lehman recently sold his Miami Beach Mansion for $17.5 million. The waterfront mansion located on Hibiscus Island was sold 6 months after Lehman first purchased for a profit.
The buyer listed as Top Hibiscus LLC, an entity managed by Jose Carlos Pontes. Pontes is the head of Grupo Marquise a Brazilian-based construction company.
The mansion last sold for $15.5 million in May 2021 closing at a $2,850 per square foot. The current price closes close to $3,219 per square foot. The property was purchased with cash.
The property itself located at 160 S. Hibiscus Drive in Miami Beach features 5 bedrooms and 5.5 bathrooms totaling 5,427 square feet of living space. Upon entering, you immediately notice the tall ceilings, floating staircase, and the floor-to-ceiling sliding doors that lead to the exquisite back yard.
The waterfront mansion also features an Ornare custom kitchen, bar, spacious master suite with marble bath and Mia Cucina his/her closets. The exterior is complete with a rooftop deck, infinity edged pool with views of Biscayne Bay, outdoor bbq, and a 2 car garage.
The property was built earlier this year and the architect behind the modern design is Reinaldo Borges with interiors by Tara Nia Design. The home purchase also included a furniture package. The property also features a long dock for up to 38 foot boats.
Pontes, the purchaser of this property also sold another mansion that was located on Hibiscus Island in July 2021. That property located 150 S. Hibiscus was sold for $26.5 million.
Wynwood’s Hottest New Club Opens this Weekend-Mad Club
The newest luxury night club, Mad Club, brought to you by The Dirty Rabbit Group, will open their doors this weekend in Wynwood. Mad Club will one of the few night clubs in Wynwood that offer a luxury experience with bottle service.
The style of this new night club is like no other in Wynwood or Miami for that matter. As you enter, you’ll be greeted by a hostess in a white room with lined with crystal chandeliers, giraffe heads, and an expansive champagne bar.
Once out of the champagne bar, the hostess will lead you to your reserved area that resembles a large honeycomb. Upon looking out from your reserved area, the DJ booth looks exactly like a bee hive. There is nothing short of a bee and honey theme throughout the club.
“Become part of the honeycomb and see what the Queen has to surprise you every time” is what Mad Club’s website conveys and it does not disappoint.
Mad Club will feature two famous DJ’s, DJ Anastasia and DJ Walgee, and will spread out between Fridays and Saturdays. Those days are the only ones that Mad Club is currently open but depending on popularity, they may open additional days.
According to the owner, Andres San Martin, “It’s our mission to provide an experience that not only speaks to the lifestyle of Miami, by showcasing extravagant design and a vibe like no other.”
Not only will there be bottle service, there will also be complementary champagne. There will be a strict dress code for all. Reservations are required with general admission, hightop tables, and VIP tables.
Developer Relaunches Sales for Okan Tower in Downtown Miami
Originally launched in May 2018, Okan Tower was put on hold in early 2020 due to the pandemic. Now the developer, Okan Group, is relaunching plans for the development. This comes at a time where international travel has open to the U.S. and new developments are selling out in record time.
Sales have now officially started for the 70-story tower with 163 condos and 263 condo-hotel units. The site located at 555 North Miami Avenue in Downtown Miami will include luxury resort-style amenities, office spaces, entertainment areas, and a 316-key Hilton Hotel.
Prices for units at Okan Tower will begin at $387,000 for the condo-hotel units and $587,000 for the condos and will go up to $2 million. The hotel units will start on the 36th floor with studio to 2 bedroom floor plan options. These floor plans range from 445 to 1,250 square feet.
The condos will then begin on the 51st floor and will feature 1 to 3 bedroom floor plans. These units will have 695to 2,075 square feet of living space.
The tower will also feature 2 floor penthouse with 1,875 to 2,040 square feet of living space.
Okan will also include luxury resort-style amenities.
Amenities
70th floor rooftop pool
Sky deck with cabanas
12th floor lap pool
Club room and lounges
Health and fitness center
Spa
Children’s room
Theater
Wine cellar
Owner’s lounge
Amenity deck on floors 27-30
Cafe
Bars
Conference and meeting space
Ballroom
Spa with a marble Hamman
The developer stated that with the low inventory, now is the perfect time to begin sales and construction of Okan Tower. This will be the developer’s first real estate project ever.
Presales have already started with construction on Okan beginning in 2022. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Allure North Miami Tower Just Announced by Tate Capital
Plans for a mixed-use project in North Miami known as Allure North Miami has just been revealed. Tate Capital has brought forth plans for a conditional use permit to the city’s Planning Commission. The meeting was scheduled for November 2, 2021 and the current status of the conditional use permit has been released.
The site located at 1810 N.E. 146th Street features 2.11 acres. In an agreement with the city of North Miami, Tate Capital agreed to lease the property for 99 years at $100,000 annually. The developer has also requested a grant from the North Miami Community Redevelopment Agency for $15.2 million for infrastructure of Allure.
Jimmy Tate, a Tate Capital representative stated that they wanted something “unique and transformative” to showcase to residents that North Miami is the next city for urban development. Tate Capital wants to brand North Miami as a “new district” staring with Allure North Miami
Designed by Kobi Karp Architects, Allure will rise 20-stories and feature 360 apartments and 603 space parking garage. Around 8,429 square feet will be dedicated too retail with 36 apartments strictly for workforce housing.
Units will range from 608 to 1,411 square feet with studio to three bedroom floor plans. There will be around 30 studio apartments, 187-1 bedroom apartments, 132-2 bedroom apartments, and 11-3 bedroom apartments.
Amenities
Pool deck
Fitness center
Summer kitchen
Club room
Picnic areas
Package lockers
Elevated pedestrian bridge between tower and garage
If the project receives approval, the anticipated groundbreaking would take place in Spring of 2023 with a completion date of Winter 2024.
