David Martin of Terra Group Acquires Prime 15.5 Acre Previous Miami Herald Site in Downtown Miami for $1.225 Billion from the Genting Group
Terms have been agreed upon for the purchase of a 15.5-acre development property on Biscayne Bay in Downtown Miami by SmartCity Miami LLC, an investment company led by Miami-based Terra and its CEO, David Martin. Genting Group will sell the property to the organization for $1.225 billion (USD). The closing is scheduled for later this year.
The property, which is located at 1431 N Bayshore Drive in Miami, has 800 linear feet of direct Biscayne Bay frontage and highly aggressive zoning in one of the city’s most vibrant and connected neighborhoods. A notable mixed-use commercial, retail, residential, hospitality, and entertainment destination could be developed on the location.
The buyer of the property is a longtime Miami resident, Miamian David Martin, CEO of a Miami-based development firm, Terra Group.
According to Martin, “This is a prized piece of real estate in the heart of one of the world’s most dynamic and fastest-growing cities, and we are honored to have been selected as the property’s next owner. At Terra, we have a long history of enhancing communities and transforming neighborhoods through careful planning, beautiful design, and a focus on connectivity and resiliency. Our development on Biscayne Bay will continue this tradition. “
Martin continues, “The scale and location of this site offers the opportunity to do something spectacular, something that all Miamians can take pride in, and we will deliver nothing short of that. For now, our team is focused on understanding the full potential of the property and the surrounding area. Our vision will evolve as we learn more. Over time, we will arrive at a plan that elevates Downtown Miami, improves access to the waterfront, and is welcomed by our community.”
The rare riverfront location in the Omni District was valued at just about $1.5 billion. The 15.5-acre development site, known as BayCity Miami, now hosts ArtMiami’s Art Wynwood show in February as well as CONTEXT Art Miami every year during Miami Art Week. The Miami Herald’s main office had stood on the land and was destroyed in 2014.
The Resorts World operator Genting Group, which owns 10 acres of land west of Biscayne Boulevard, will continue to be involved in the Omni neighborhood. Genting Group is one of the biggest resort, entertainment, and gambling organizations in the world.
The property, which spans many lots and once housed the Miami Herald’s headquarters, is zoned RTZ for mixed-use in Miami-Dade and is in the Metromover subzone (Rapid Transit Zone). The land has limitless buildable square footage, no setbacks, a height limited only by the FAA standards (649 feet), and a potential density of more than 8,000 units according to South Florida’s most benevolent zoning designation. The RTZ zoning offers builders a sizable, incredibly flexible building envelope as well as the chance to create a unique waterfront development on the site.
By comparison, Miami Worldcenter is 27 acres.
Construction Date Announced for Vita at Grove Isle
Construction has officially been announced for Vita Residences at Grove Isle. Developer, Ugo Columbo recently announced that construction is set to begin at the end of April 2023.
Along with the construction announcement, we now have more insight into the 12 two-story rooftop penthouses that are planned. The upscale penthouses will feature over 3,400 square feet apiece and an outside area that is close to 4,000 square feet. Units cost $5 million to $20 million on average.
The length of the project is expected to range from 24 to 28 months once the construction has started with the top-off date in 2025. Vita at Grove Isle has at least 40% of its units reserved, with many of the new occupants hailing from other states.
About Vita at Grove Isle
The development will consist of 65 waterfront residences and will include 12 bi-level penthouses. The luxury residences themselves will feature 3 bedroom floor plans with 2,433 to 6,597 square foot options.
Each contemporary unit will include magnificent ocean views, 13-foot-deep balconies, towering ceilings, Boffi Italian cabinets, and other superb interior accents by Bernardi and Peschard. Air-conditioned private garages will also be available as an option for owners.
The bi-level penthouse collection will have 12 extravagant penthouse homes with private elevators, 3 bedrooms, 11-foot ceilings, expansive entertainment areas, and beautiful roof decks with private pools and outdoor kitchens.
High-end facilities will also be available, including a curated art lobby, a fully-attended waterfront pool, a 40-foot Fjord houseboat, a watersports pavilion with storage, an outdoor kids’ playground, and pet grooming services.
Residence Features
Unique, Resort Architecture by World-Renowned CallisonRTKL™
5-Story, Low-Rise with 65 Condo Residences plus 14 Bi-Level Penthouses
Up to 65 Feet of Linear Water Frontage
Lush Foliage and Dramatic, Tropical Landscaping By EDSA®
Elegant Porte-Cochère Entry with Breezeways Leading Directly to the Bay
Curated Art Lobbies
Expansive Bayfront Pool with Luxury Cabanas and Personal Attendants
Poolside and Residential Food / Beverage Services
Outdoor Children’s Playground
40-foot Fjord House Boat
Water Sports Pavilion featuring Paddle Boards and Kayaks
Cutting-Edge Fitness Center featuring Daily Tailored Exercise and Fitness Programs
Vita Residences’ “Virtual Links” featuring HD Golf Simulator and Bayfront Putting Green
On-Site Pet Services and Grooming
Business Center
Convenient Water Sports Equipment and Gear Storage
Secure Bicycle Storage
Dynamic Concierge Dedicated to Crafting Unique Experiences for Residents
On-Site Management Office
State-Of-The-Art Digital Security with Modern Surveillance Systems
Attended Package Room with Delivery Service
Private Elevators with Digital Security
Private Island, 85-Slip Deep-Water Marina with Dockmaster and Marina Concierge
Yacht Charter Services
24-Hour Valet Service
Membership to The Exclusive Grove Isle Club – Cliff Drysdale Tennis Center With 8 Clay Courts, A Pro Shop, Full Tennis Program, and Private Instruction, as well as Waterfront Resort Pool Deck, Full-Service Tiki Bar, Bay-View Restaurant, Supervised Children’s Activities and Club Bar Lounge
Tower Amenities
Curated art lobby
Business Center
Waterfront Residents’ Lounge
High-tech fitness center
Private waterfront pool and Jacuzzi featuring luxury cabanas, pool attendants, and food/beverage services
Watersports pavilion offering kayaks and paddleboards
40-foot Fjord Boat exclusively for resident-use
Multi-Purpose Bayfront Event Room with spacious outdoor areas
Outdoor kid’s playground
24-hour valet and concierge services
Pet services and grooming
Private storage rooms are available
Convenient watersports equipment and gear storage
Bicycle storage
Residents at Vita Grove Isle will have access to facilities that are only available on the grounds of the condo building, as well as membership in the exclusive Grove Isle Club. In addition to access to the Cliff Drysdale Tennis Center, which has 8 clay courts, a professional-grade Tennis Program, and a pro shop, the club has a state-of-the-art fitness center with specialized training programs.
Ugo Columbo is the developer for this exquisite tower and will be designed by the CallisonRTKL architecture group.
If you or someone you know have an interest in purchasing at Vita Residences at Isle Grove, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
13th Floor Investments and Key International Reach an Agreement with Presbyterian Church Site to Move Forward with Construction
At 609 Brickell Avenue in Miami, a new 80-story project, created by Sieger Suarez Architects, and developers 13th Floor Investments and Key International is moving forward.
The congregation and the Miami-based developers have a “transaction and development agreement,” according to a memo filed with the Miami-Dade Clerk of Court on March 2nd. The developer’s right to purchase the property, their duty to build the project there in accordance with the agreement, and their duty to transfer ownership of the new church improvements to the church after substantial completion are all included in the terms of the agreement. Only a memo verifying the existence of the arrangement was recorded. Other details of the agreement have not been released.
13K-BP Brickell Owner LLC is identified as the developing firm, while Arnaud Karsenti is mentioned as the developer’s authorized signatory on the letter. The project’s goal is to utilize the land that is currently used for parking and a religious school building at the back of the property while maintaining the main church structure.
The agreement provides a number of advantages for the congregation and might be worth $240 million to the church. As part of the arrangement, the church will be granted access to 148 parking spaces, 90,000 square feet of space in the new structure, and a small park. In exchange, the church will receive $48 million in cash, 15% of condo sales estimated to be $125 million, and a portion of revenue from the restaurant on the ground level.
The iconic 1949-built First Miami Presbyterian Church, was named a historical landmark in 2003, will continue to stand. The church had previously struggled with money, including a $7 million tax obligation in 2018 as a result of selling part of its lands.
The document submitted to Miami-Dade County does not specify the specific terms and conditions of the sale. It does, however, confirm “the Developer’s Obligation to Construct the Project on the Property in Compliance with the Agreement.”
Construction Update for West Eleventh Residences
The Federal Aviation Administration has received a request from developers, Property Markets Group, Lion Development Group, and Marc Roberts Companies to approve their most recent project, West Eleventh Residences.
The new development will rise 44 floors and feature 659 completely furnished, turn-key homes and a spectacular 30,000 square foot, tri-level immersive entertainment and culinary hall on the first floor.
The project located at 18 Northwest 11th Street in the Park West District, will be the first of its kind for a special emphasis on offering flexible short-term rental options and centralized management.
On March 6, 2023, the FAA received an application for the tower that would be 482 feet or 493 feet above sea level.
Records from the Miami Building Department show that the demolition permits for the West Eleventh Residential Property were submitted on February 22. 12,473 square feet of demolition are part of the project’s scope and are expected to cost $67,285. The general contractor is identified as Chin Diesel Corp.
Residents of West Eleventh will have access to more than 20,000 square feet of luxurious amenities that have been carefully selected to maximize owner comfort. A resort-style pool, exclusive lounge areas, cutting-edge fitness and wellness facilities, a renowned on-site restaurant, and more are available as amenities.
The beginning of sales for West Eleventh Residences was announced by the developers in February. Owners will have the exceptional option to welcome guests on Airbnb 365 days a year, with completely centralized management and hotel-level amenities, thanks to the development. The concierge staff will give resources for quality photos and help owners create tailored listings, including writing the ideal ad description.
West Eleventh Residences is a part of the ambitious District 11 development along Northwest 11th Street in Miami’s Park West neighborhood, which also includes three buildings. The 65-story towers E11EVEN Residences and E11EVEN Residences Beyond are being built in addition to West Eleventh Residences by the developers. The renowned Sieger Suarez Architects are responsible for the design of all three projects, displaying their prowess in building stunning skyscrapers that meet the demands of contemporary living.
Miami’s Review Board Approves New Construction Development in Overtown- Block 19
Miami’s Urban Development Review Board has given the green light to Overtown Block 19, a 25-story mixed-use development slated at 1159 Northwest 1st Court in Overtown.
The approximately 275-foot-tall building, which was designed by Nichols Architects with Witkin Hults + Partners serving as the landscape architect, is being developed by RNG Overtown LLC in Morganville, New Jersey. It will have 606,942 square feet of space divided between two towers connected by a podium, including 413 multifamily units, about 20,000 square feet of ground-floor retail, and 505 parking spaces.
The property is surrounded by Northwest 11th Terrace, Northwest 1st Court, NW 12th Street, and NW 1st Avenue and is part of Block 19 of the Alice Baldwin Subdivision. Within the Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA) section of the city, the site consists of unimproved land.
The land is a part of a 1.16-acre Transit Oriented Development District (TOD) that spans from 1129 to 1159 Northwest 1st Court and 105 to 113 Northwest 11th Terrace. It is located four blocks north of the Overtown/Lyric Theatre Metrorail Station and south of Interstate 395.
Aluminum and clear glass window walls, smooth off-white, green, and light blue painted stucco reinforced masonry walls, and cast-in-place concrete wall projections make up the outside facade of the structure. The building’s pedestal will have panels with wood patterns, aluminum and glass storefront systems, art murals, and horizontal aluminum louvers. The balcony slabs will have dark metal railing systems.
As it combines cultural arts, produces sustainable jobs, promotes the neighborhood as a destination for culture and entertainment, and enhances the quality of life for Overtown inhabitants, Overtown Block 19 complies with the Southeast Overtown/Park West CRA Redevelopment Plan.
Construction jobs, long-term jobs for on-site facility maintenance, and commercial use will all be created by the project, which also includes artwork by a local artist to activate the facade and raise cultural awareness in the neighborhood.
Construction Update for Namdar Towers in Downtown Miami
Namdar Towers are one step closer to breaking ground after receiving approval for a foundation permit on February 28. The permit will cover site and soil improvements, piles, and excavation with an estimated cost of $1.5 million. Permits that still require approval are for the tree and demolition permits.
In October, the Namdar Towers project was submitted to the UDRB. Miami’s Building Department is currently reviewing permits for development and demolition.
A 41-story structure with 680 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
This project is planned in 2 phases, the 41-story tower will be part of phase 1 while the 43-story tower will be part of phase 2.
Development Information:
1,394 units
Pools
Fitness center
Bowling rooms
Golf simulators
Co-working space
7,984 sq. ft. of commercial space
336 parking spaces in a five-level garage
1,395 bicycle racks
The architect is identified as Behar Font with John Moriarty listed as the contractor.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.
If you or someone you know have an interest in purchasing at Namdar, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Avra Estiatorio Opens Second South Florida Location at Lofty Brickell
Avra Estiatorio, a Greek eatery with a Manhattan origin, will open a second location in South Florida at the newest residential tower, Lofty Brickell.
Restaurateurs Nick Tsoulos, Nick Pashalis, and Marc Packer, the partners behind the upscale brand, have secured a lease for the bottom level of Brickell’s Lofty condo complex by Newgard Development Group.
The 15,000 square foot, 15-year contract, which has the possibility to be extended, can seat up to 300 patrons and a 3,000 square foot outdoor seating space with views of the Miami River. The triple net asking rent was $150 per square foot.
Once Lofty Brickell is complete, Ava Estiatorio will open. Only 1,500 square feet of retail space remain at the Lofty property after the Avra lease.
The first Avra Estiatorio restaurant debuted in New York’s East 48th Street in 2000. Now, the restaurant has three locations: two in Manhattan and one each in Beverly Hills.
Approval Pending for Construction on 10 Story Residential Tower in Miami Beach
An application has been submitted for design review approval to build a new 10-story mixed-use building at 6940 Abbott Avenue, the location of a former BellSouth office and parking lot that is no longer in use in the North Beach neighborhood of Miami Beach. The application was filed by 6940 North Beach LLC, a joint venture between entities controlled by Rainer Viete, Jose Boschetti, and Eduardo Otaola.
The 130-foot-tall structure will feature 134,573 square feet of space, including 96 multi-family units, 21 of which would be co-living units, 2,192 square feet of ground floor retail, and 90 parking spaces. It was designed by Arquitectonica with Biscayne Engineering serving as the land surveyor and civil engineer.
Unit floor plans include studio, one, and two bedrooms. The regular size units would be between 550 and 1,250 square feet, while studio units (co-living) will be between 403 and 437 square feet. A cafe, fitness facility, pickle-ball court, and a lap pool will all be on the rooftop.
The traffic engineer is David Plummer & Associates, while the landscape architect is Christopher Cawley Landscape Architecture. The interior of the building will be thoroughly illuminated by natural light thanks to the use of grey glass windows and a glass railing. Mixing these materials will produce a striking, modern appearance that blends nicely with the nearby North Beach neighborhood. A stunning concrete frame with spherical motifs grouped in a bond-like pattern wraps around all elevations of the residential component of the building, emphasizing its distinctive form.
The development organization has also offered hurricane-proof impact windows, passive cooling systems, resilient planting, a study of the elevation of the property and the elevation of neighboring properties, and a recycling or salvage strategy for partial or complete deconstruction. To integrate the loading and parking driveways, they also ask for a waiver. The granting of this waiver will enable the project to be better designed while still adhering to the TC-C district’s development restrictions and without the requirement for variances. The project’s anticipated construction cost is approximately $14,692,224.
Exclusive: Tom Brady and Gisele Bündchen’s Indian Creek Waterfront Mansion Construction Update
After 13 years of marriage, Tom Brady and Gisele Bündchen announced on Oct. 28 2022 that they officially divorced putting a pause on construction of their 5,000+ square foot teardown located on Indian Creek.
The Billionaire Bunker residence on Indian Creek Island was originally purchased by the couple in 2020, but their divorce was only finalized in late 2022. The estate, which sits atop a plot of land in the “world’s most exclusive municipality,” is arguably the most noteworthy of Tom Brady’s residences. It is one of just 34 properties with waterfront views of Biscayne Bay that are offered across 300 acres in South Florida’s Atlantic region.
The house was one of the nicest in the world, and Tom and Gisele were planning to live there forever with their kids, Benjamin Rein and Vivian Lake Brady. Although they are no longer together, the Tampa Bay Buccaneers quarterback has reportedly continued to develop and refurbish the property, according to The Daily Mail(opens in new tab).
Aerial images recently obtained by the British publication reveal that “production has advanced dramatically” since its initial inspection of the house in September 2022. To begin with, Tom and Gisele demolished a 5,772-square-foot house with the intention of building a contemporary, eco-friendly mansion on the property.
Gisele, a Goodwill Ambassador for the United Nations Environmental Program since 2009, knew she had to build an eco-friendly home.
Together with solar panels, an organic garden, a yoga deck, a cabana, and a sizable outdoor kitchen, the new estate will also contain these features.
Gisele Bündchen bought a lavish Florida home that is situated directly across the water from Tom’s mansion as he continues to develop. She also covertly paid $1.3 million for a cottage in Florida, which she began to remodel last year. Billionaires Bunker is close to her new residence (likely convenient for co-parenting with her former husband).
Ivanka Trump, Jared Kushner, and billionaire businessman Carl Icahn are some of the other noteworthy residents. Whenever building is finished, Tom Brady will live next to Icahn.
