Strategic Real Estate Moves by Qatar’s Royal Family in Miami’s Financial District
In a significant real estate transaction that has captured the attention of the global financial community, members of Qatar’s esteemed royal family, the Al Thanis, have divested their interests in the SLS Brickell hotel, located in the heart of Miami’s bustling financial district. The property, which stands as a testament to luxury and opulence, was acquired for a sum of $55 million by the Kastrati Group, a conglomerate with Albanian roots.
The SLS Brickell, an architectural marvel situated at 1300 South Miami Avenue, encompasses 124 rooms, translating to a valuation of approximately $444,000 per room. The transaction was facilitated by Miami’s renowned broker, Jordan Karp, who represented both the Al Thanis and the Kastrati Group. Stefano Santoro, a notable figure in the disruptive real estate sector, played a pivotal role in assisting Karp from the buyer’s side. However, the brokers have maintained discretion regarding the intricate details of the buyer’s identity.
This acquisition is particularly noteworthy as it marks the Kastrati Group’s inaugural venture into the U.S. real estate market. Under the leadership of Shefqet Kastrati, the conglomerate boasts a diverse portfolio, spanning sectors such as oil, insurance, construction, and infrastructure.
The SLS Brickell’s history is as intriguing as its architecture. In 2018, an affiliate of the Al Thanis procured the hotel for $43 million from its original developer, the Coconut Grove-based Related Group. The hotel, a 54-story mixed-use edifice, was conceived by the visionary French architect Philippe Starck in collaboration with Miami’s own Arquitectonica. Its offerings include a sprawling 58,000 square feet of event space, gourmet restaurants, upscale bars, a rooftop pool terrace, and grand ballrooms. The management of the hotel is under the aegis of Accor Hotels, a global leader in the hospitality sector.
The real estate landscape of Miami continues to evolve, with the Al Thanis recently divesting an SLS Brickell restaurant space, which was acquired by Robert Rivani’s Black Lion Investment Group for $10 million. Furthermore, the Related Group, in partnership with the Allen Morris Company, has also developed the nearby SLS Lux Brickell Hotel & Residences.
In a broader context, the Miami real estate market has witnessed several noteworthy transactions. Michigan-based hoteliers Malik Abdulnoor and Sahir Malki recently invested $21 million in the Hampton Inn Fort Lauderdale/Plantation. Additionally, the Nakash family from New York, in collaboration with Michael Palmer, acquired the Beacon South Beach Hotel in Miami Beach for $23.5 million.
For hedge fund managers and investors, these transactions underscore the vitality and potential of the Miami real estate market, offering lucrative opportunities for those with a keen eye for value and growth.
New Residential Tower Announced in Brickell
Chicago-based developer Focus has recently released renderings for a new 39-story residential tower in Brickell. The abandoned Starlite Motel land in Brickell is where the residential tower will be built. The Starlite Motel has already been demolished in preparation for construction.
On August 30, Miami-Dade County received the zoning and general plan applications. The project is being approved through the county’s Rapid Transit zoning procedure, which has grown to be a popular substitute for the City of Miami approval procedure. From a pre-application submission on August 4, renderings have been revised. Gensler is the architect.
Development Information:
517 residential units
8,282 sq. ft. of ground floor
indoor/outdoor and rooftop amenity space
506 parking spaces
According to a letter from the developer, the project also has cross-block connectivity on the ground floor via a driveway and walkway on the west side of the property, which will enhance both vehicular and pedestrian circulation inside and outside the development.
The Residences at 1428 Brickell Construction Update
The construction application was just submitted to Miami’s Planning Department for a site work permit for The Residences 1428 Brickell.
The application includes a building permit for site work in the category of excavation, piling, site work, and soil work was made to Miami’s Building Department. According to building department records, demolition permission for a 10-story office structure on the property is all but authorized and just needs proof that the electricity has been turned off.
The application for a second permission to build the new tower vertically was made in March and is still being reviewed. The contractor is listed as John Moriarty.
At 861 feet above the ground, the tower will rank among Miami’s highest structures. According to the developer, it will also be the first residential high-rise in the world with 500 photovoltaic-integrated windows that are partially powered by the sun.
With architecture by Arquitectonica, the building is being designed by ACPV Architects, under the direction of Antonio Citterio and Patricia Viel. Ytech is the developer.
If you or someone you know have an interest in purchasing at The Residences at 1428 Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
St. Regis Residences Miami Construction Update
Related Group and Integra Investments have just submitted an application for a total demolition permit at the location of the St. Regis Residences Miami located in Brickell and as well as new designs for the elevation of the tower.
According to the filing, a total of 211,121 square feet will be completely destroyed at an estimated cost of $1,127,000.
The demolition contractor is named The BG Group LLC. According to county records, a 17-story structure constructed in 1966 now stands on the location. The Urban Development Review Board is expected to meet next week to discuss the changes on June 21, 2023.
St. Regis Residences Miami is planned to rise 48 stories or 639 feet and will include 391 parking spaces as well as 152 residential units.
Robert A.M. Stern Architects is creating the project with a nautical concept. CFE is the architect of the records.
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
If you or someone you know have an interest in purchasing at the St. Regis Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Sales Launch for ORA By Casa Tua in Brickell
Sales have begun for ORA by Casa Tua, the newest development of short-term rentals in Brickell, located at 1210 Brickell. The 76-story mixed-use building being built by Edgardo Defortuna’s Fortune International Group will have 540 units with 25,000 square feet devoted to four new concept eateries. The restaurants include a Mediterranean restaurant-UVA, a dining experience Fuoco, a 24 hour bakery and market-Terra, and a rooftop bar and lounge.
The ORA’s design was created by the internationally renowned and award-winning architecture firm Arquitectonica. The company drew inspiration from today’s constantly changing culture to design numerous outdoor levels at ORA that connect to nature and the environment, with the goal of allowing visitors to enjoy and experience the city of Miami from a unique angle.
The interiors of the residential and amenity areas are being designed by m2atelier, a company founded by Marco Bonelli and Marijana Radovic and renowned for its personalized approach.
Amenities:
Private office spaces
Conference rooms
Content production rooms
Bar lounges
Outdoor seating
Second Pool with sun deck, loungers, cabanas, and a jacuzzi
Show kitchen
Private event space
Lush green vegetation
Three-story open sky garden
Two-floor fitness and wellness facility with a harman and couples treatment rooms
Entertainment bar
Residence Feature:
Floor-to-ceiling windows
10 foot ceilings
Italian-designed kitchen with premium appliances
Italian-designed bathrooms with imported fixtures
Smart home technology
Pre-wired for high-speed internet
Roomy walk-in closets
Washers and dryer
Views of Brickell, Biscayne Bay, and Coconut Grove
Residences at ORA will start at $800,000 and range from 500 square foot studio homes to 2,400 square foot, four bedroom fully furnished residences that will be ready for immediate listing as short-term, seasonal, or long-term rentals.
Edgardo Defortuna, the creator of Fortune International Group, is a pioneer in real estate development, financing, construction management, sales, and marketing. In addition to others, they are currently building the Nexo Residences in North Miami Beach, The Ritz-Carlton Residences in Pompano Beach, and the St. Regis Residences in Sunny Isles Beach. They most recently built The Ritz Carlton Residences Sunny Isles Beach and the renowned Jade Signature, designed by Herzog & de Mueron.
If you or someone you know have an interest in purchasing at ORA at Casa Tua, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Urban Network Capital Group Unveils the Luxury Condo Hotel-Visions at Brickell Station
‘Visions at Brickell Station,’ a luxury condo-hotel aimed at elevated luxury or business visitors searching for an enhanced experience, has been unveiled by Urban Network Capital Group (UNCG).
After the nearly sold-out Visions Orlando Spa & Resort, which is a 354-unit luxury vacation hotel community set to commence development soon, Visions at Brickell Station is the second Visions project for UNCG. Visions is a recently introduced brand by UNCG, with the company’s first such developments taking place in Orlando and now Miami.
The recently finished assemblage, which cost a total of $8,500,000 to purchase, comprises of three Miami-area parcels at 1120, 1130, and 1136 SW 3rd Avenue. Around 70 new properties in the single-family and multifamily markets have been developed by UNCG, with deals worth over $2 billion successfully completed.
Visions at Brickell Station is a boutique condo/hotel complex with 111 residences ranging from studios to one-bedroom units, with no rental limitations, and is situated in the center of the city at 1120 SW 3rd Avenue. Owners can engage in a professionally run Hotel Program or rent it out through a booking platform of their choice.
A wide range of people are drawn to the distinctive, modern architecture created by DTI Architects, and UNCG can choose from a variety of price points, starting at $299,448 for a 321-square-foot studio, $413,124 for a 451-square-foot junior suite, and $501,960 for a 539-square-foot one-bedroom unit.
The eight-story skyscraper will provide spectacular style, intimacy, exclusivity, and a wide range of wellness-focused amenities that meet residents’ every need once it is finished in 2025. A state-of-the-art gym with interactive gym equipment, rooftop Infinity pool and terrace, on-site restaurant with food and beverage service, front desk check-in, laundry services, and a bike-share program are just a few of the distinctive features that improve the experience of being an owner at Visions at Brickell Station.
Keyless electronic entry, floor-to-ceiling windows with panoramic views of Miami’s famous skyline, a ceramic tile floor that looks like wood, quartz countertops, custom Italian cabinetry, and 75″ Smart TVs are just a few of the luxurious amenities found in each tastefully furnished designer residence. Visions at Brickell Station were designed by UNCG with in-unit wellness-focused luxuries such as advanced HVAC systems offering purified air and probiotic eco-sanitizing diffusion, nontoxic wall coverings, filtered water, aromatherapeutic diffusers, Vitamin C diffusion therapy showers, and lighting to relax and balance the mind. UNCG specializes in building communities that are both eco-friendly and wellness-certified.
Together with other private investors, the project is backed by V&V Investments, a Peruvian company. With more than 25 years of experience, V&V is the top real estate development company. The group’s total projects, which total more than $1.5 billion, span eleven portfolio projects in Aventura, Coral Gables, Fort Lauderdale, Port Charlotte, Cocoa Village, and now Brickell. V&V entered the U.S. market in 2021.
North Development Launches Condo-Hotel Brand-Domus Brickell Park
North Development is launching a ground-breaking new condo-hotel that is poised to revolutionize the hospitality sector in Miami’s Brickell neighborhood, Domus Brickell Park. Ricardo Dunin, CEO of Oak Capital and Edifica are partnering on this project creating the North Development group.
With 171 fully equipped condo-hotel suites Domus will rise 12 stories tall and will be located in the vibrant Brickell neighborhood at 1611 SW 2nd Avenue. The superbly designed studio, one, and two-bedroom units, with sizes ranging from 330 to 979 square feet and costs ranging from $400,000 to $900,000, were created by Zyscovich Architects with interiors by Urban Robot.
Owners will pay far less in fees without sacrificing the integrity of the high-end hospitality concept by getting rid of the developer’s ownership of the common areas while still providing professional management for the individual units. The project’s prohibition against yearly occupancy for periods longer than six months and one day gives it another competitive edge. Although still enabling out-of-towners to enjoy their units while in Miami, this minimizes the natural friction between long-term residents and the transient rental market.
Before arriving, guests can check in online and get the entry code for their unit on their phone. By giving the building a chance to get acquainted with the visitors beforehand, this not only provides convenience but also boosts building security. Only owners and visitors can enter the units because the access key is needed to utilize the elevator. There will also be a visitor call center open around-the-clock.
The Peacock Room is located in the expansive lobby at the center of the structure. This area offers a full range of food and drink options throughout the day, including a market, fine wine, specialty brewed beer, and gourmet coffee. It has mellow music, high-speed internet, and co-working spaces that will draw both locals and visitors. Domus Brickell Park has a wellness area with modern fitness equipment, a steam room, and other amenities. Also, there is a rooftop pool deck with cabanas, a hot tub, a grilling area, and an entertainment space.
North Development has a long-term interest in utilizing the Domus brand in other areas, and the building is anticipated to open in late 2025. The sales center is located at 1200 Brickell Avenue, Miami.
If you or someone you know have an interest in purchasing at Domus Brickell Park, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Rothschild & Co. Financial Services Signs Lease at 830 Brickell
One of the biggest independent financial advice firms in the world, Rothschild & Co. will be opening up a location in the heart of Brickell’s newest construction commercial tower.
With many businesses choosing to occupy space at 830 Brickell, the deal signifies a continuation of South Florida’s flood of newly established businesses. Around 90% of the 640,000 square foot project is anticipated to be finished this year. It will be Brickell’s first brand-new independent office tower in more over ten years.
In addition to Microsoft,Citadel, the international law firms Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP, and Baker McKenzie, A-CAP Insurance based in New York, the private equity firm Thoma Bravo, the companies CI Financial, and Marsh Insurance have signed leases in the past few months.
About 830 Brickell
830 Brickell is a 55 story Class A office tower located in the Brickell Financial District. Developed by OKO Group and Cain International, the tower was designed by Adrian Smith + Gordon Gill. Interiors have been designed by the Italian architecture company, Iosa Ghini Association.
830 Brickell totals 650,000 square feet.
With floor-to-ceiling windows, column-free spans, cutting-edge digital infrastructure with Wired certification, and a LEED Silver certification due to its innovative environmental efficient design, 830 Brickell will offer breathtaking panoramic ocean and city views that are unique to Miami.
An upscale rooftop restaurant and bar, a sky lobby with a nearly 2,500 SF health and wellness center and a first-rate conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking, electric vehicle charging stations, cafés, and white-glove customer service, including a 24-hour concierge, are just a few of the cutting-edge, first-class amenities offered by the tower.
OKO Group and Cain International are also responsible for Una Residences and Missoni Baia, residential towers in Miami. Missoni Baia has already reached 90% sold. Una is currently scheduled for completion in 2023. 830 Brickell should be completed by the end of 2023.
Plans for 78-Story Tower in Brickell Goes to FAA for Height Permit
The 78-story mixed-use tower 18, also known as 18 At 8th, which was launched back in 2017, has big intentions that Karam Group and Claro Development have revived. This building would stand tall at 954 feet above mean sea level and replace an existing single-story strip mall at the southwest corner of South Miami Avenue and Southwest 8th Street in Brickell.
Recent filings of building permits with the Federal Aviation Administration (FAA) confirm the development toward making this lofty ambition a reality. The skyscraper will provide a total of 923,000 square feet of space, including 392 residential units, 66,618 square feet of retail space, and 464 parking spaces, thanks to Miami’s Urban Development Review Board’s prior approval. This tower is expected to be a landmark in Miami’s skyline thanks to the skilled architects of Nichols Architects, formerly NBWW Architects.
The property is owned by City Center Prop LLC, a company connected to Simon and Antoine Karam and their real estate investment group, the Karam Group. They have had possession of the property since January 2006.
The tower’s architectural renderings, which show a highly curved and constantly shifting framework, first surfaced towards the end of 2016 or the beginning of 2017. Standing only 30 feet short of meeting the supertall requirements, the skyscraper appears to be a stunning and exciting addition to the skyline.
The tower has a distinctive structure that begins with a firm foundation and spreads as it grows taller. The apartments get bigger and provide more magnificent views as the building gets taller. The balconies are positioned to emphasize the tower’s growth, create the appearance of a continuously expanding structure, and provide access to the surrounding landscape. As a result, the tower has a genuinely organic shape that seems to open and embrace the scenery as it soars to the sky.
The base of the tower has a slope snaking around the outside of it, giving the impression that the podium is collapsing beneath the weight of the tall building. Vertical fins create dramatic shadows on the glass facade of the base, which houses parking spaces and four floors of retail space, highlighting this alluring design aspect.
Cherit Group Announces 4 Tower New Development -The River District
The New York-based developer Chetrit Group has announced a groundbreaking new district that will transform over six acres of the Miami River’s waterfront into a premier destination for art, entertainment, music, and culture as Miami’s bustling Brickell neighborhood transforms into one of the country’s most desirable urban cores.
The River District, a Brickell megaproject, is being planned with a total of four skyscrapers containing residential units, offices, and rentals with the first residential tower already under construction.
The River District will have 4 million square feet of new construction overall and will be located directly south of the Miami River.
The River District Amenities:
Yacht harbor (60 ft vessel accommodations)
1,600 homes
Class A office space
2,000 covered parking spaces
Nightclubs
Restaurants
Partnering with David Grutman of Groot Hospitality to offer dining and entertainment options. Additionally being planned are a riverwalk and marina. Architecture by Kobi Karp will be a part of the new development.
According to David Grutman, “The River District is going to be a highlight in Miami city’s ongoing transformation. Paired with Chetrit Group’s overall vision, I’m incredibly excited to bring Groot Hospitality to this game-changing development. We plan to feature versions of our existing concepts as well as all new ideas, across residential, restaurant, and entertainment spaces.”
Chetrit Group hired the highly regarded architecture and design firm Rockwell Group of New York for the interiors. For award-winning projects worldwide, including restaurants, hotels, airport terminals, and hospitals as well as festivals, museum displays, and Broadway sets, Rockwell Group is renowned for developing distinctive narratives. Each of The River District’s four skyscrapers stands out for its distinctive interpretation of the Brazilian tropical modernist motif.
The luxury condominium’s groundbreaking, which is anticipated to happen in early 2023 and is expected to be finished in 2026, will mark the start of the following phase.
