Did Derek Jeter Purchase a $16.6 Million Lot in Coral Gables?
Baseball Hall of Famer and Miami Marlins CEO, Derek Jeter may have purchased a waterfront lot in Coral Gables, Florida.
According to a recent article published by the Florida Business Journal, a Detroit P.O. Box that Jeter has used in the past, was listed on the deed that purchased a 1.91 acre vacant lot at 625 Leucadendra Drive for $16.6 million.
The lot features 325 feet of waterfront with a dock and was last purchased at $13.95 million. According to the MLS, the property has the ability to build a 20,000 square foot residential home.
The P.O. Box that was used in the purchase was the same as the one that was listed when Jeter sold his mansion in Tampa in 2020. Jeter sold the 1.2 acre property at 59 Bahama Circle for a cool $29 million; which featured 22,000 square feet of living space, 7 bedrooms, 16 bathrooms, 6 car garage, and pool with spa.
Jeter moved to South Florida after purchasing the Marlins in 2017 for $1.2 billion. Jeter currently resides at the Ritz Carlton Residences in Miami Beach.
Florida Hits the Jackpot – Seminole Tribe and Governor DeSantis Signs Gaming and Betting Agreement
Governor Ron DeSantis is at it again! Back in March, DeSantis met with lawmakers to discuss possible options to bring betting and gaming to Florida, specifically Miami. Now, his plan seems to be falling into place.
A historic deal took place on Friday when Governor DeSantis signed a gaming compact with the Seminole Tribe of Florida that would bring ‘mobile sports betting’ as well as ‘Vegas-style’ casinos to tribal facilities in Florida. According to Marcellus Osceola Jr. on Friday, Chairman of the Seminole Tribe of Florida, stated “The agreement we are about to sign is going to be life changing for our tribe.”
What the Agreement Will Look Like
Ages 21 and older (located within Florida) can use the app to place sports bets (sports teams would not be allowed to bet)
Bets would be routed through the Seminole Tribe for the next 30 years
The Seminole Tribe would agree to pay $500 million in annual payments to Florida (this amount could increase depending upon the market and profits)
The agreement would allow the transfer of slot machine licenses within Miami-Dade and Broward counties
An exclusive right to operate craps and roulette at all of the Tribe’s casinos and to build three more casinos on existing tribal property
Challenges Facing the Agreement
This agreement may come up against some legal challenges due to a constitutional amendment that was passed by voters in 2018 that requires a vote for all new games in Florida. Miami business leader, Armando Codina has hired a lawyer to fight the gambling agreement and if the agreement is approved, he stated that he plans to sue the State of Florida. According to the Miami Herald, there are others that plan on joining the fight if approved.
Final Notes
Before approval, this agreement must be ratified by the Florida Legislature as well as approved by the U.S. Department of Interior. Governor DeSantis and Senate leaders are due to meet on May 17th to discuss the issue and is expecting approval for the compact by August 2021. According to the Miami Herald, if this agreement is approved it will be the “most populous state in the nation to offer mobile sports betting!”
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
City of Miami Approves New 37-Story Tower Called The District
The City of Miami has recently approved The Related Group and Parcel C LLC’s proposal for a 37-story residential tower in downtown Miami, named ‘The District.’ This project will include 343 residential condos, 2,297 square feet of retail space, and will have no parking (the developer is requesting a waiver to allow off-site parking). Siegar Suarez Architects prepared the design and plans.
The District is proposed to be 393 plus feet tall and will be located at 225 and 223 N. Miami Avenue. According to Miami Today, The District will have retail on the ground floor, and the apartments will be located above the retail space. The paperwork that was filed also includes the fact that some units may be transitioned into hotel rooms as well.
Amenities for The District include a gym, racquetball, basketball, lounges, pool deck, rooftop spa, and barbeque area.
Several waivers have been requested and approved for the Miami 21 zoning code:
Primary and secondary setbacks
Side and rear setbacks above the eighth story
Permit off-site parking within 1,000 feet
10% increase in the maximum lot coverage
Two residential loading berths substituted for one commercial loading berth
Reduction of the required ground-level setback on the property’s frontage
According to the Board member Robert Behar, who shared concerns about pedestrian safety with the limited amount of parking available.
According to The Related Group’s Attorney, Ms. Escarra, has stated, “The Project limits the interaction between vehicles and pedestrians by removing vehicular access to the Property. This will allow pedestrians to enter the Project with no vehicular conflict, as parking will be provided offsite, per the requested Waiver.”
The city’s Urban Development Review Board voted unanimously to recommend approval of the project on April 9, 2021. The construction permit has not been filed yet, and the groundbreaking is set to begin sometime this year.
UNA Residences will feature floor to ceiling glass surfaces on every floor ‘reflecting the Miami sunshine,’ 10′ 8″ foot ceilings in every residence, and the most spectacular views of Biscayne Bay and the Rickenbacker causeway. Prices for these remarkable units range from $942,000 to $6,643,000.
Construction is currently underway. Rebar is being brought in to construct the foundation and cranes are onsite beginning the dig-out of the 100,000 square feet car garage, which will be 50 feet deep and three stories below sea level. According to a construction update from the Florida Construction news, 800 holes will be drilled into the ground then filled with concrete creating interlocking pillars that will eventually construct a cement block for the garage. That block will then be hollowed out to create the deep garage.
BUILDING FEATURES
135 luxury condominium residences
Iconic 45-story waterfront condominium
2 to 5 bedroom residences ranging from 1,100 to 4,786 sq ft
Unobstructed views of the Atlantic Ocean, Biscayne Bay, and the city skyline
High-efficiency and noise-reducing floor-to-ceiling exterior glass
Three levels of underground parking
RESIDENCE FEATURES
Private elevator entries into each residence
Expansive terraces with effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings
10’8″ ceiling heights, above Miami standard
Chef’s kitchens with Gaggenau ovens, electric induction cook tops, microwaves, dishwashers, and refrigerators/freezers
Master suites with separate his and hers closets and bathrooms
Utility rooms with full-sized washers and dryers
Flow-through residences with east-to-west ocean and city exposures on the top floors
Two penthouses, each with a private pool and 11’7″ to 12’4″ ceilings
AMENITIES
Bayfront pool
Outdoor lap pool
Family pool
Jacuzzi
Catering kitchen
Kids’ splash-pad area
Owners’ lounge
Private dining/party room
Movie theater
Kids’ playroom
Outdoor lounge
Baywalk access
State-of-the-art fitness center, with yoga and personal training areas, plus his and hers dressing rooms
Private marina
Spa with steam room and sauna, as well as indoor and outdoor private massage treatment rooms overlooking the bay
Dedicated beauty suite for private hair styling, manicure and pedicure appointments
Beautifully landscaped outdoor terraces
Dog-walk area
Private air-conditioned storage areas
SERVICES
24-hour concierge service
Combination of valet service and self-parking
Package room
UNA Residences Miami is estimated to be completed summer of 2022. We will continue to update this article once construction has progressed.
Construction has Reached the 49th Floor of the Aston Martin Residences Miami
Aston Martin Residences is a condominium skyscraper currently under construction in Miami. Located at 300 Biscayne Bay Blvd in downtown Miami and situated along the Miami River and Biscayne Bay.
The original plans for this tower were a proposed 66 stories and 817 feet high. According to a source, this tower will now be 70 stories, making it just over 860 feet. These additional stories will include an owner’s lounge among other amenities that will be released to the public as construction continues.
The construction has reached the 49th floor and has almost reached the height of Epic Residences which is directly west of the tower. It has also cleared the Met 1 tower which is directly east of Aston Martin Residences.
Although the tower will be larger than proposed, it will still have its amazing features with 391 residences with studio to 4 bedroom unit options. Floor 56 and above are dedicated to the penthouse units with panoramic views and their own private pools. The building will also feature a full-service marina which will accommodate super yachts!
Although the building size has changed, there has been no official update on when the project will be completed. As it stands, construction is expected to be complete in 2022. We will update this article once we receive more information on this luxury condominium tower!
Elysee Receives TCO – Closings are set to begin in the Coming Days
No, it’s not an April Fool’s joke, Elysee has finally received its TCO! Two Roads Development, the developer of Elysee, has officially received its temporary certificate of occupancy after a five-month delay, which means that closings will begin in the upcoming days. According to our sources, Elysee is approaching 90% sold.
Elysee will be the tallest building in the Edgewater neighborhood standing 57 stories on the shore of Biscayne Bay. Elysee sets a new standard of luxury with its contemporary architecture, designed by Bernardo Fort-Brescia of Arquitectonia. The building was designed with three tiers of different sizes with the largest tier on the top creating a telescopic shape.
With only 100 units (no more than two per floor), this layout creates unobstructed Miami and Biscayne Bay for every unit.
Impact resistant floor-to-ceiling glass windows and sliding glass balcony doors
Two 8-10 foot terraces facing East & West (sunrise & sunset)
360-Degree Views
Savant wireless technology systems
ItalKraft® cabinetry in kitchens and baths
Sub-Zero® and Wolf® stainless steel appliances
Full size washer & dryer
Designer faucets and fixtures
50% of the residences have nanny/maid’s quarters
Two parking spaces per residence
Toto® Toilets
Service and staff elevator(s)
Over 50% of residences have nanny/maid’s quarters
Building Amenities
24-Hour door attendants
24-Hour security and video surveillance
White glove concierge service
On-site automobile concierge
Valet parking
Expansive 30ft wide motor court
Landscape and grounds crew
Robotic parking
Two guest suites available
Storage area
Bike storage
7th Floor Amenities
360-Degree views
75-Foot resort pool
Outdoor summer kitchen & BBQ terrace
Fitness center and Yoga studio
Dedicated men and women’s spa with sauna, steam shower & massage tables
Blow dry bar
Children’s room adjacent to fitness center
Teen room
Two guest suites
13th Floor Amenities
Great room with grand piano
South-facing grand dining room (Seats up to 30 Guests)
Library that converts to private theatre with high-definition projector
Full lounge bar
Chef’s kitchen
Chef’s table with indoor and outdoor seating
Business center
Resident wine storage
Game room
Pricing for Elysee
3 Bedrooms: $.68M – $2.3M with a North Eastern exposure
3 Bedrooms: $1.67M – $2.7M with a South Eastern exposure
4 Bedrooms: $3.2M – $3.8M with a North Eastern exposure
4 Bedrooms: $3.5M – $4.2M with South Eastern exposure
Although there are few units remaining, if you or someone you know has any interest in purchasing a remaining unit at Elysee, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
Closings Have Started for Monad Terrace Miami Beach
Monad Terrace is a new luxury condo tower in the heart of Miami Beach at 1300 Monad Terr, Miami Beach. This boutique waterfront condo development will feature 59 units with two to five bedroom options including four penthouses. According to the property records, seven condos have sold between $1.4 to $8 million.
The developer for the project is Michael Stern, a New York developer who is making his name known in South Florida. One of his other known Miami projects is the Echo Brickell tower. The project’s partners include Stern JDS (principal), New Valley, Ackerman Development and Mink Development. The designer is Ateliers Jean Nouvel along beside architect Kobi Karp.
According to the Real Deal, this tower has been in a planning stage since 2015. Stern and his partners financed the construction with a $137 million loan from a New York based real estate lender, Madison Realty Capital. The 14 parcel development was chosen in 2015 and cost $51 million plus.
In 2019, penthouse B went under contract for $8 million by Joshua Wander, managing partner for a Miami based private equity firm. Within the past 3 months, there has been an increase in sales with units totaling $70 million plus under contract including three of the four penthouses. The remaining units range from $2 million to $12.5 million.
Building Amenities:
Sundeck with swimming pool
Hot tub that overlooks Biscayne Bay
Cafe and Juice Bar
Wellness center
Dock
Bicycle and water sports storage room
Residence Amenities:
Seamless indoor-outdoor living space
Biscayne Bay views
Kitchens designed by Jean Nouvel
Cantilevered marble island
State-of-the-art appliances
Wood ceilings
Reflective Cabinetry
Custom bathrooms designed by Jean Nouvel
Spacious stone countertops
Stone tiled walls
Spacious soaking tubs
Stern will also have a hand in the development of the 62-story Brickell Treehouse tower project that will feature 1,000 apartments, 200 micro-units, hotel, and office space.
If you or someone you know has any interest in purchasing a unit at the Monad Terrace Tower, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
