Redefining Luxury Living: Related Group and GTIS Partners Secure $328 Million for Baccarat Residences Miami in Brickell
In a significant development for Miami’s real estate landscape, the Related Group and GTIS Partners have announced the securing of a $328 million construction loan. This financial backing is set to fuel the ambitious development of Baccarat Residences Miami, an opulent condominium tower poised to grace the iconic Brickell.
The financing, extended by Bank OZK at a competitive floating-rate, marks a pivotal step forward for the project. Berkadia South Florida played a crucial role in orchestrating this substantial loan, with key figures like Managing Director Scott Wadler and Vice President Michael Basinski leading the charge alongside Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson.
Baccarat Residences Miami, a property that embarked on its journey in late 2021 and has since soared to over 95% sold, is currently in the throes of construction. Anticipated to reach completion by early 2028, this architectural marvel promises to redefine luxury living in Miami.
Commenting on this milestone, Jon Paul Perez, President of Related Group, expressed gratitude towards the project’s partners and lenders, emphasizing their shared vision for a skyline-altering development. Perez’s sentiments echo the sentiment of determination and optimism that drives this venture forward.
The infusion of this significant capital into the Brickell area underscores the neighborhood’s thriving status. Despite broader economic challenges, Brickell continues to assert its dominance as a premier destination for businesses and residents alike.
Robert Vahradian, Partner and Head of US Investments for GTIS Partners, highlighted Brickell’s allure, citing its resilience and ongoing evolution as key factors in attracting investment. With notable additions like Citadel and a flourishing retail and cultural scene, Brickell stands as a beacon of growth and potential.
Baccarat Residences Miami, the sister property to the acclaimed Baccarat Hotels & Residences NYC, promises a lifestyle of unparalleled luxury. Boasting 355 residences, including eight exclusive penthouses, the tower is a testament to exquisite design and craftsmanship.
Designed by the renowned firm Arquitectónica, Baccarat Residences Miami pays homage to the storied legacy of the French crystal company while introducing a contemporary architectural masterpiece to South Florida.
Spanning over 75,000 square feet, the tower’s amenities epitomize five-star living, featuring state-of-the-art facilities, a luxurious spa, private marina access, and a curated art collection. Managed by SH Hotels & Resorts, these amenities promise an elevated living experience for residents.
As construction progresses and anticipation builds, Baccarat Residences Miami stands poised to redefine luxury living in Miami, embodying the essence of sophistication and exclusivity.
Architectural Brilliance Unveiled: Sumaida + Khurana’s Landmark Project with Eduardo Souta de Moura
In a cityscape renowned for its vibrant energy and architectural innovation, Miami Beach is set to welcome a groundbreaking addition that promises to redefine its skyline. Sumaida + Khurana, the internationally acclaimed real estate development firm, has set its sights on crafting yet another masterpiece, this time in collaboration with the esteemed architect Eduardo Souta de Moura.
The buzz is palpable as Sumaida + Khurana announces its partnership with Pritzker Prize-winning architect Eduardo Souta de Moura for the design of a new Class A+ office building. Nestled at the corner of Fifth Street and Alton Road, this architectural marvel marks Souta de Moura’s inaugural venture in both North and South America, promising a fusion of global expertise and local flair.
Joining forces with property owners Roslyn and Norton Nesis, as well as Robert and Miriam Weiss of Weiss Properties, Sumaida + Khurana spearheads this visionary project in Miami Beach’s coveted South of Fifth neighborhood. The strategic collaboration, structured by Aaron Butler of Avenue Real Estate Partners, underscores a shared commitment to excellence and innovation in urban development.
At the heart of this ambitious endeavor lies a vision to create a landmark structure that transcends mere functionality, embodying the spirit of Miami Beach’s evolving landscape. Saif Sumaida, Founding Partner at Sumaida + Khurana, underscores the significance of this endeavor: “The location of our project at Fifth & Alton presented us with a truly significant and monumental opportunity to develop a gateway building, a structure one first sees when entering a city.”
Amit Khurana, Founding Partner at Sumaida + Khurana, echoes this sentiment, emphasizing the timeless allure of the South of Fifth enclave: “Miami Beach and the South of Fifth enclave has emerged as one of the most sophisticated neighborhoods in the world. We felt that it was imperative to create a timeless building that reflects the evolution of the City.”
The design ethos of Eduardo Souta de Moura, characterized by poetic forms and meticulous detailing, takes center stage in this architectural symphony. The 5-story building, adorned with double-height voids and refined mirror details, exudes a sense of depth and reflection, inviting residents and visitors into a world of sublime elegance.
Crafted from authentic materials such as concrete, glass, and pink coral stone, the building’s structure embodies a harmonious blend of strength and grace. Each floor showcases a gradual reduction in size, culminating in a knife-edge slab at the roof—a testament to Souta de Moura’s mastery of form and proportion.
As plans for this visionary project unfold, anticipation mounts within the Miami Beach community. Set to be presented to the Miami Beach Planning Board on April 25, the development promises to set a new standard for architectural excellence in the region.
In the meantime, Sumaida + Khurana continues to make waves with its ongoing project, The Fifth Miami Beach—a testament to the firm’s unwavering commitment to redefining urban landscapes. With Cain International’s recent infusion of a $47.25 million construction loan and 25% of the building already pre-leased, the future shines bright for Sumaida + Khurana’s ventures in Miami Beach.
As the sun sets over Miami Beach’s iconic skyline, the promise of a new architectural gem beckons. With Eduardo Souta de Moura at the helm and Sumaida + Khurana leading the charge, the stage is set for a landmark collaboration—one that will leave an indelible mark on the city’s rich tapestry of innovation and design. Stay tuned as Fifth Street and Alton Road prepare to welcome a new icon into their midst.
Ytech Secures $104 Million Financing for The Residences at 1428 Brickell
Miami’s real estate landscape is about to receive another jewel in its crown as Ytech, a prominent developer, announces securing a staggering $104 million in financing for The Residences at 1428 Brickell. Nestled in the heart of Miami’s Brickell Financial District, this 70-story residential masterpiece promises to redefine luxury living in one of the city’s most coveted locations.
Designed by the renowned firm Arquitectonica, with interiors crafted by ACPV Architects and landscaping envisioned by Arquitectonica GEO, The Residences at 1428 Brickell stand tall at 861 feet. Boasting an impressive 40% in sales within a year, this project has already captured the attention of luxury buyers, signaling a promising future ahead.
The recent financial infusion, orchestrated by Linkvest Capital and Banesco, with $78 million in refinancing and an additional $26 million in first mortgages, propels this development into its subsequent phases with unwavering momentum. Spearheaded by John Moriarty & Associates as the general contractor, the project is set to undergo demolition and construction, marking a significant milestone in its journey towards completion.
“We continue to successfully hit our targets in sales, finance, and construction for this project, surpassing 40% in sales within a year, securing $104 million in financing, and commencing the demolition process,” said Yamal Yidios, CEO of Ytech. “As we approach groundbreaking, we are determined to deliver the highest-quality project in Brickell.”
The Residences at 1428 Brickell will offer 189 meticulously crafted residences, ranging from two to four bedrooms plus a den, priced from $2 million to $7 million. Each unit, spanning between 1,800 to 4,000 square feet, is designed to maximize light and space, embracing a true flow-through configuration to enhance the living experience.
One of the crown jewels of this development is the $60 million penthouse, boasting 30-foot ceilings and offering unparalleled views of Biscayne Bay. Lower penthouses, starting from $8 million, further accentuate the allure of this luxurious offering.
In addition to the lavish residences, The Residences at 1428 Brickell will feature over 80,000 square feet of amenities, meticulously curated to elevate the lifestyle of its residents. From a sprawling 10,000-square-foot gym to a rooftop pool and a hot spa, every amenity promises to offer an oasis of relaxation amidst the vibrant cityscape. A two-story wine and fine art lounge, showcasing panoramic water and city views, further adds to the allure of this development.
Miami’s ever-evolving skyline is set to reach new heights as the Federal Aviation Administration (FAA) recently granted approval for the installation of two imposing construction cranes in the bustling neighborhood of Brickell. This monumental decision paves the way for the construction of the 71-story solar-powered 1428 Brickell residential tower, promising to redefine luxury living with its innovative design and sustainable features.
The FAA’s green light signifies a significant milestone in the development of the 1428 Brickell project. These towering cranes, standing at a height of 1,001 feet above ground level, or 1,010 feet above sea level, are poised to dominate the Miami skyline for the next 19 months. Their installation marks the commencement of a transformative journey that will ultimately culminate in the creation of one of Miami’s tallest residential skyscrapers.
What sets the 1428 Brickell tower apart is not only its remarkable height but also its commitment to sustainability. As the world’s first residential high-rise to be partially powered by the sun, this architectural marvel is poised to set new standards in eco-conscious living. With 500 photovoltaic-integrated windows harnessing the power of sunlight, the tower exemplifies the fusion of luxury and environmental responsibility.
The recent commencement of demolition work at the project site marks the beginning of an exciting chapter in Miami’s urban landscape. A 100,000 square foot office building has been vacated to make way for the development, signaling the city’s readiness for a new era of modernity. As construction permits navigate through Miami’s Building Department, including those for demolition, site work, and full vertical construction, anticipation mounts for the imminent issuance of a total demolition permit.
At the helm of this ambitious undertaking is John Moriarty, the esteemed contractor entrusted with bringing the 1428 Brickell vision to life. With a proven track record of delivering iconic structures, Moriarty’s expertise ensures that the project remains on schedule and adheres to the highest standards of quality and safety.
While the completion of the 1428 Brickell tower is slated for 2027, the impact of this architectural marvel will resonate for generations to come. As Miami continues to evolve as a global epicenter of innovation and design, projects like these serve as beacons of progress, pushing the boundaries of what’s possible in urban development.
With the FAA’s approval of towering cranes and the commencement of demolition work, the 1428 Brickell residential tower stands poised to redefine Miami’s skyline. As construction progresses and sustainability takes center stage, this monumental project promises not only to elevate the city’s architectural landscape but also to inspire a new era of eco-conscious living. As Miami looks towards the future, the 1428 Brickell tower serves as a testament to the city’s unwavering spirit of innovation and progress.
A Glimpse into Miami’s Future: The Merric Parc Project
Miami, a city known for its vibrant culture, stunning architecture, and dynamic real estate market, is on the brink of welcoming a groundbreaking development that promises to redefine urban living near the historic Coconut Grove. MG Developer and Baron Property Group from New York have unveiled plans for an ambitious project that could significantly impact the local community and the city’s skyline. Dubbed Merric Parc, this development is poised to introduce a new standard of living and architectural excellence.
Merric Parc is envisioned as a dual-tower residential haven, stretching skyward with two 31-story buildings that aim to blend seamlessly into the urban fabric of the area. Strategically located on a full city block bordered by Shipping Avenue, Orange Street, Southwest 38th Court, and 39th Avenue, the project finds itself near the Douglas Road Metrorail station, offering unparalleled access to the broader Miami area.
The development is not just about adding to the city’s residential capacity; it’s about creating a community. With plans for 806 residential units, Merric Parc is set to become a bustling hub for hundreds of families and individuals. The project’s design, crafted by the renowned architectural firm Behar Font & Partners, includes 17,000 square feet of ground-floor commercial space, promising a vibrant mix of retail and dining options that will enhance the neighborhood’s appeal.
Moreover, the inclusion of an 865-space garage addresses the practical needs of residents and visitors, while over 60,000 square feet of open space is dedicated to fostering a sense of community and connection to the natural environment. This thoughtful integration of green spaces is a testament to the developers’ commitment to sustainable and livable urban development.
The collaboration between MG Developer and Baron Property Group is a strategic alliance that leverages the strengths of both firms. Their joint venture is a bold step towards transforming a significant portion of Miami’s urban landscape. The development site was assembled in 2022, with MG initially purchasing a lot at 3898 Shipping Avenue for $19.5 million. Subsequently, in a show of confidence and commitment to the project, MG and Baron acquired additional lots, paving the way for Merric Parc’s expansive vision.
This project marks a significant escalation from the firms’ initial proposal, which featured a two-tower project with 450 units. The revised plan nearly doubles the scale of development, underscoring the developers’ ambition and belief in Miami’s growth potential.
As MG Developer and Baron Property Group await a pre-application meeting with Miami-Dade County, the anticipation for Merric Parc continues to build. This project represents more than just a development; it’s a vision for the future of Miami living, blending modernity with community, sustainability, and architectural beauty.
Exciting New Condo-Hotel Development Set to Transform Miami’s Edgewater Area
Miami is no stranger to stunning developments, and a new project is about to make its mark on the city’s skyline. Urban Network Capital Group (UNCG) and Vertical Development are making waves with their upcoming condo-hotel development, set to be reviewed by the city’s Urban Development Review Board on January 17. This strategic project is located between the vibrant Miami Design District and the bustling Edgewater neighborhood, promising to redefine luxury living in the heart of Miami.
The project spans an impressive 19,292-square-foot site at 445 and 455 Northeast 36th Street, extending to 3618 and 3630 Northeast Fifth Ave. This location is currently home to four small apartment buildings and is conveniently situated south of Interstate 195 along the exit ramp. In September, Residences at 5th Avenue LLC, an affiliate of UNCG and Vertical Development, acquired the property for $13.5 million.
The proposed plan envisions a striking 27-story structure designed by the renowned Miami-based firm Kobi Karp Architecture & Interior Design. KEITH is on board as the civil engineer and landscape architect, ensuring that this development will not only be luxurious but also environmentally conscious. The project will span an impressive 175,557 square feet, offering 180 hotel rooms, 7,290 square feet of retail space, and 121 parking spaces, including vehicle lifts and 24 electric vehicle charging stations.
To achieve the desired density for this remarkable project, the development strategy involves acquiring two transfers of development rights from other city property owners. This strategic move will allow the creation of a fifth-floor lobby and a rooftop pool deck, providing breathtaking panoramic views of Biscayne Bay and Miami Beach.
The building’s design emphasizes contemporary architecture, with meticulous attention to detail to harmonize with and enhance the evolving aesthetic of the Edgewater area. The structure boasts habitable, visually engaging, and practical spaces, featuring aesthetically pleasing architectural screening. This approach effectively integrates the loading area into the overall design while maintaining a sleek appearance.
One of the project’s main goals is to prioritize pedestrian engagement and urban vibrancy. By thoughtfully placing spaces that encourage foot traffic and interaction, the development enhances the street-level experience for both residents and visitors. This approach contributes to the lively urban fabric of the neighborhood.
The hotel’s accommodations will cater to a diverse range of guests, with room sizes ranging from 393 to 2,127 square feet. The layout includes 17 studios, 85 junior suites, 51 one-bedroom suites, 20 two-bedroom suites, three three-bedroom suites, and four four-bedroom suites, with the larger units located on the upper floors.
The proposed development includes several waiver requests to align with the project’s unique architectural and functional requirements while adhering to city zoning regulations. These waivers aim to maximize parking space, incorporate attractive screening along major streets, and improve internal circulation within the parking structure.
Ben Fernandez, a local zoning attorney, represents the developers in their application. This condo-hotel development is the second major project for UNCG and Vertical Development in Miami, following the recent construction loan acquisition for the Visions at Brickell Station condo-hotel. Vertical Development also operates in Argentina, reflecting their commitment to creating exceptional spaces in both local and international markets.
Luxury Redefined: St. Regis Residences Miami Unveils $45 Million Penthouse
The first of two upper penthouse residences at St. Regis Residences Miami, has recently been listed for a staggering $45 million. This duplex penthouse boasts over 10,000 square feet of sumptuous living space, augmented by a 2,842-square-foot indoor/outdoor private roof deck. The deck is nothing short of an oasis, featuring a pool, spa, and a summer kitchen, all set against the backdrop of Biscayne Bay and Brickell’s breathtaking views.
The visionary developers, Related Group and Integra Investments, have entrusted the architectural design to Robert A.M. Stern Architects (RAMSA) and the interiors to the acclaimed Rockwell Group. This collaboration promises an unparalleled standard in luxury living.
RAMSA, taking their first plunge into South Florida’s residential market, drew inspiration from the majestic ocean liners of the golden age, seamlessly blending it with the contemporary elegance of skyscrapers. The result is a 50-story tower that will house 152 condominium homes, ranging from two to six bedrooms. This includes the penthouses, sky villas, and two exclusive garden villas, each offering a unique living experience synonymous with the St. Regis brand’s historic five-star services.
Nick Pérez, President of Related’s Condominium Division, emphasizes the unparalleled exclusivity and service associated with the St. Regis name. He notes that the penthouse’s debut at the St. Regis Residences, Miami, is a landmark moment for both the development and the Brickell neighborhood, raising the bar for luxury living.
The penthouse units, occupying floors 48-50, feature five bedrooms and seven baths. Each level is graced with outdoor terraces, and the pièce de résistance is the dramatic private rooftop. The Rockwell Group’s interior design marries the grandeur of the Brickell and Astor families with Miami’s relaxed coastal ambiance, creating an extraordinary living environment. The primary bedroom suite is a study in opulence, with features like a midnight bar, dual bathrooms, split stone top vanities, oversized stone showers, and a freestanding bathtub.
Residents of these penthouses will enjoy an exclusive lifestyle with amenities like a private internal elevator, entry foyer on the penthouse levels, soaring 11’6” ceilings in living areas, and custom European stone flooring.
The St. Regis brand’s commitment to excellence extends to its amenities. Residents will have access to over 50,000 square feet of indoor and outdoor spaces, including a professional-grade fitness center, pilates and yoga studio, pickleball court, private marina, world-class spa and wellness center, and an indoor lap pool. The signature butler services enhance the living experience with offerings like deliveries to residences, house car, shoeshine service, and more. The building is nestled within park-like grounds designed by Enea Garden Design, providing a serene environment.
For dining, residents will have access to the iconic St. Regis Tea Room and a private fine-dining restaurant helmed by Michelin-starred chef Fabio Trabocchi. This adds a new dimension to the phrase “dining in,” promising an exceptional culinary experience.
The St. Regis Residences Miami, is not just a development; it’s a testament to luxury living, combining architectural brilliance, exquisite design, and the unparalleled service of the St. Regis brand. It’s where exclusivity meets the zenith of opulence.
4241 Aurora Ushers in New Era of Upscale Living in Coral Gables
The recent approval of 4241 Aurora, a new project by Miami’s renowned real estate developers Constellation Group and The Boschetti Group, presents a unique investment opportunity. This Mediterranean-style mixed-use development, masterfully designed by the globally acclaimed Arquitectonica, is strategically positioned at 4241 Aurora Street in Coral Gables’ innovative Design and Innovation District. This development not only signifies a successful navigation through a stringent approval process but also introduces an upscale, mixed-use residential and commercial hub in the thriving heart of Merrick Park, Coral Gables’ prime shopping and entertainment zone.
Eduardo Otaola, Managing Principal of Constellation Group, emphasizes that 4241 Aurora is set to become a vital asset in Merrick Park, enhancing the district’s growing allure as a global destination with high-end amenities including premier restaurants, educational institutions, parks, and international business hubs.
Jose Boschetti from The Boschetti Group highlights the project’s commitment to creating a dynamic environment that fuses luxury living with substantial business and community growth opportunities. This development is poised to be a significant addition to Coral Gables, contributing to the city’s legacy of excellence.
4241 Aurora offers an enticing composition of eight floors of luxury residential condos, coupled with three levels dedicated to parking, retail, and office spaces. The development, standing at 137.5 feet, will feature a 5,000 square-foot park with verdant landscaping, public art, and ground-floor retail overlooking Merrick Park.
The residential segment provides a range of condominiums from two-bedroom units of 1,016 sq. ft. to larger three-bedroom residences with dens of 1,860 sq. ft. Exclusive amenities include a grand lobby, a rooftop lounge for residents, a state-of-the-art fitness center, a swimming pool, a pickleball court, commercial retail spaces, and outdoor dining areas with grilling stations.
Projected to break ground in the second quarter of 2024, 4241 Aurora is a prominent addition to Constellation Group’s portfolio in South Florida. The firm’s current projects include a luxury boutique office building in Merrick Park, Ella Miami Beach – a 10-story boutique condominium in North Beach, and SeaGlass Cove – a luxury private enclave of 14 oceanfront single-family homes in the Florida Keys. These developments represent substantial investment opportunities in some of South Florida’s most desirable locations.
Villa Miami Reveals New Amenity Renderings
Nestled in the heart of Edgewater Miami, a new era of luxury living is on the horizon with the pre-construction project, Villa Miami. This bayfront development isn’t just another high-rise—it’s a collaboration of world-class minds and talents. Spearheaded by Terra Development, One Thousand Group, and Major Food Group, and graced with the architectural genius of Pritzker-Prize laureates like Bjarke Ingels, Rem Koolhaas, and Arquitectonica, Villa Miami is poised to redefine luxury living.
Imagine living in a 58-story crystalline tower, soaring 650 feet into the Miami skyline. The copper-colored, exoskeletal design of Villa Miami isn’t just striking; it’s exclusive. This architectural masterpiece is a sanctuary for just 50 families, offering unprecedented levels of privacy and luxury.
Each residence in Villa Miami is a testament to opulence and state-of-the-art living. From expansive full-floor and half-floor units to magnificent 2-story penthouses, every home offers breathtaking 360-degree views of Biscayne Bay and the Miami skyline. The residences boast spacious floor plans, stainless steel appliances, smart home technology, minimalist kitchens, and complete control over in-residence applications.
The amenities at Villa Miami are equally impressive. Residents will enjoy an elegant lobby, a luxurious pool, a state-of-the-art fitness center, high-speed elevators, round-the-clock concierge service, ample parking with 193 spaces, and over 16,000 square feet of commercial and retail space. A rooftop helipad and a public baywalk add to the allure of this exceptional development.
Location is everything, and Villa Miami doesn’t disappoint. Situated at 710 NE 29th Street in Miami’s vibrant Edgewater neighborhood, it’s within walking distance of cultural hotspots like Margaret Pace Park, the Adrienne Arsht Center for the Performing Arts, and Midtown Miami. Whether it’s shopping in the Miami Design District, exploring the artistic Wynwood Miami, or a quick drive to Brickell, South Beach, or the Miami International Airport, Villa Miami is at the center of it all.
Villa Miami is not just a residence; it’s a lifestyle choice for those who seek the extraordinary. With its blend of visionary design, exclusive living, and a prime location, it’s set to become one of the most coveted addresses in the world. As construction progresses, Villa Miami is not just building homes; it’s crafting a legacy.
Construction Update for Namdar Towers
The recent approval of a phased vertical construction permit for Namdar Towers marks a significant development in the Miami real estate. This permit, green-lit on October 12 and issued the following day, sets in motion the construction of a prominent apartment tower in downtown Miami, a project initially proposed in October 2022.
This development is not just a construction project but a strategic investment opportunity. The first phase of construction includes a tower encompassing 680 multi-family rental units, complemented by 5,356 square feet of retail space and a substantial five-floor parking structure. While the main construction permit is still under review, the progress made indicates a strong potential for significant returns on investment.
Looking at the broader scope of the project, hedge fund managers should note the planned expansion to two 43-story towers, as per the UDRB filing. This expansion will further enhance the property’s value, offering a total of 1,394 apartments, 7,984 square feet of retail space, and 336 parking spaces. Such a large-scale development in a prime location like downtown Miami represents a lucrative opportunity for portfolio diversification and growth.
John Moriarty, a name associated with quality and reliability in construction, is the contractor on record for this permit. This association further underscores the project’s potential as a sound investment. For hedge fund managers seeking to expand their real estate holdings, this project offers a blend of scale, location, and quality, making it a noteworthy consideration for portfolio enhancement.
