Tag Archives: miami beach real estate

The Fifth Miami Beach

The Fifth Miami Beach Sets a New Standard in Luxury Commercial Real Estate

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The Fifth Miami Beach

We are thrilled to share some groundbreaking news from the world of real estate development. Sumaida + Khurana and Bizzi + Bilgili, two of the most esteemed real estate development firms on the global stage, have recently announced a significant financial milestone. They have successfully secured $47.25 million in construction financing from Cain International for an exciting new project: The Fifth Miami Beach.

This state-of-the-art Class A+ office building, located at 950 5th Street, is making history as the first commercial edifice to be erected in Miami’s South of Fifth neighborhood in two decades. The design mastermind behind this architectural marvel is none other than Alberto Campo Baeza, a name synonymous with innovation and excellence in architecture. Baeza, recently crowned with Spain’s National Prize for Architecture, has chosen The Fifth Miami Beach as his maiden commercial office project in the United States.

The Fifth Miami Beach isn’t just another addition to the skyline. It’s a redefinition of the modern office experience, blending striking design with a strong emphasis on health and wellness. The project, which broke ground recently, is slated for completion in 2025. Impressively, it has already pre-leased nearly 20% of its space.

Amit Khurana, Founding Partner of Sumaida + Khurana, describes The Fifth Miami Beach as a blend of “timeless design, quality of craftsmanship, and curated amenities,” all aimed at setting a new benchmark in commercial development. Meanwhile, Alessandro Pallaoro of Bizzi & Partners highlights Miami’s growing status as a hub for influential companies and the significance of this project in reinforcing the city’s position in the business world.

Sumaida + Khurana and Bizzi+Bilgili are powerhouses in their own right. The former is steered by Saif Sumaida and Amit Khurana, while the latter represents a joint venture between Bizzi & Partners and Bilgili’s private equity real estate arm, BLG Capital.

Global commercial real estate titan, Cushman & Wakefield, is at the forefront of office leasing efforts for this project, with Avenue Real Estate Partners handling the retail leasing. The building’s strategic location at the entrance to Miami Beach, at the corner of Michigan and Fifth Street, positions it perfectly within the rapidly evolving South of Fifth neighborhood, a hotspot for upscale dining, hotels, and residences.

The design team for The Fifth Miami Beach reads like a who’s who of the architectural world. Alberto Campo Baeza, Gabellini Sheppard Associates, Cube 3, and Miami-based Urban Robot Associates come together to create a building that is a visual feast. The building’s design is a stunning jewel box shape, characterized by a façade of white marble, transparent glass, and architectural concrete. It boasts ceiling heights of 14 feet and incorporates biophilic design elements like landscaped outdoor terraces and a triple-height atrium.

The crowning glory is the rooftop space, offering panoramic views of the ocean and Miami Beach. The building is not just about aesthetics; it is also designed to meet LEED certification standards, emphasizing sustainability.

The Perigon Miami Beach Elevation

Capitalizing on Luxury: The Perigon Miami Beach Sets a New Standard in Oceanfront Living

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The Perigon Miami Beach Elevation from the Beach

The Perigon, a paradigm of luxury real estate, is set to redefine the Miami Beach skyline. This exclusive 17-story condominium, a strategic collaboration between Mast Capital and Starwood Capital Group, is situated at a prime location on 5333 Collins Avenue. The Perigon represents just that with its OMA-designed architecture and Tara Bernerd’s sophisticated interior aesthetics. Each of the 73 residences, spanning 2,100 to 6,700 square feet, promises unparalleled opulence and privacy, further enhanced by eight private guest suites reserved for owners.

The groundbreaking for this elite property is anticipated in early 2024, with Moss Construction at the helm of the development. The current demolition of the former La Costa condominium is proceeding with precision, indicative of the meticulous planning and execution befitting such a high-caliber project. This careful dismantling is a precursor to the construction of a complex that will not only be a residence but a statement of luxury.

The Perigon’s allure extends beyond its architecture. It offers exclusivity with resident-only amenities, such as a waterfront restaurant led by Michelin-starred Chef Shaun Hergatt, and a private beach club. The units boast 10-foot ceilings, wraparound terraces with sweeping ocean views, and custom Italian kitchens with Sub-Zero Wolf appliances, embodying the very definition of luxury living.

The Perigon is targeting LEED Gold certification, showcasing a commitment to environmental excellence. Set to be completed in 2026 with starting prices of $4.25 million.

The Perigon offers a compelling opportunity for investment in one of Miami Beach’s most luxurious upcoming developments.

Dwayne Wade and Victor Oladipo

Miami Heat Victor Oladipo Just Sold his Miami Beach Property for $7.8 Million

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Dwayne Wade and Victor Oladipo
Victor Oladipo Pictured with Dwayne Wade

All-Star NBA player Victor Oladipo, recently sold his Miami Beach property. According to records, Oladipo sold the non-waterfront mansion at 65 South Hibiscus Drive for $9 million, two years after purchasing it for a then-record $7.8 million.

In 2021, Oladipo had just become a member of the Miami Heat and had just purchased the 6,500-square-foot house. According to records, the house was built in 2020 and has seven bedrooms, seven bathrooms, and one half-bathroom. It covers 0.3 acres, which according to Hogan is unusual for Hibiscus Island. According to Hogan, the house contains a pool, two master bedrooms, and a separate guest house.

Oladipo paid a sum that, at the time, set a Miami Beach non-waterfront home record, but that record was quickly broken when the area’s housing market experienced a price increase due to increasing demand. When a Sunset Islands home sold for $12.5 million in 2022, it set the record for the most money ever paid for a non-waterfront residence in Miami Beach.

According to Hogan, the most recent sale sets a Hibiscus Island price record for non-waterfront properties. According to Redfin, Oladipo listed the home in June for $10 million.

Throughout his 10-year NBA career, the two-time All-Star has sustained numerous injuries. He was transferred from the Heat to the Thunder in July, however, there is some talk that he might be moved again, according to Hogan. According to the Bleacher Report, Oladipo filed a lawsuit against his longtime manager, James Henderson, in June, accusing him of stealing $1.3 million from Oladipo and investing it in a condo and a nightclub.

Hogan stated that Oladipo wants to keep a “home base” in the Miami area and wants a bigger yard for his daughter even though his basketball future is uncertain. According to Hogan, they have been looking at homes in Pinecrest, a well-known inland hub for NBA players, as well as Weston, Davie, Southwest Ranches, and Pinecrest.

Earlier last month, Jason Richardson, a retired NBA star, paid $6.3 million for a house close to Olympia Heights. Jimmy Butler, a member of the Miami Heat, purchased a South Miami house for $7.4 million in February of last year.

Cher's Former Miami Beach Residence Hits the Market

Cher’s Former Miami Beach Mansion Hits the Market

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Cher's Former Miami Beach Residence Hits the Market

What was once the iconic pop star, Cher’s, former Miami Beach residence, is now on the market at $42.5 million. Located at 46 La Gorce Circle, this waterfront mansion is currently owned by Canadian investor James Eaton and his wife, Cecily. Only three years ago, the couple paid $17 million for the house.

Cher originally bought the estate in 1993 for $1.5 million to use as her private residence, but she only lived there for three years before selling it to Calvin Klein co-founder Barry Schwartz for $4.4 million.

The estate offers 150 feet of Biscayne Bay frontage and sits on three-quarters of an acre. Built in 1953, the home offers six bedrooms, six full bathrooms, and an indoor courtyard expanding over 12,000 square feet. The exterior space includes a 50-foot-long pool, a pool house, a hot tub, a cold plunge, and an outdoor shower.

The 77-year-old pop sensation Cher is best known for her work on hit songs like “Believe” and “If I Could Turn Back Time,” as well as for her roles in films like “Moonstruck” and as one-half of the well-known combo Sonny & Cher. Although her activity in the entertainment industry has decreased, she just introduced a gelato line.

Cher is in the process of selling some of her other real estate investments. She recently put her Malibu home—which she has owned since before her stint at La Gorce Island—on the market for $85 million last year. She paid $3 million for the site in 1989 and then built the 13,000-square-foot mansion on it, slashing the price this year to $75 million.

Shore Club Private Collection South Beach

Shore Club Private Collection Secures $430 Million Construction Loan

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Shore Club Private Collection South Beach

Shore Club Private Collection, which is expected to be one of the fastest-selling luxury complexes in Miami Beach history, has closed on a $430 million construction financing from Witkoff Group, a Miami-based development and investment company, and Monroe Capital, a renowned asset management company.

The loan, which was provided by J.P. Morgan, is thought to be the biggest ever for a South Florida residential building project. Since its late January debut, sales have surpassed $550 million, and two-thirds of the inventory has been sold. As a result, Shore Club is prepared to start building later this year, with a 2026 completion date anticipated.

Shore Club Private Collection will house 49 houses created by the renowned New York-based firm Robert A.M. Stern Architects, building on the rich legacy of Miami Beach’s Art Deco and contemporary design style while also fostering a seamless link to its landmark site. Some of New York City’s most well-known structures were designed by this architect, including 15 Central Park West and 220 Central Park South. The three acres of coastal land where Shore Club will be located will have magnificent botanical gardens created by renowned landscape designer Nathan Browning of Island Planning Corporation.

The development, which features a brand-new structure from the ground up, The Tower, a recently renovated Art Deco structure that was first finished in 1939, The Cromwell House, and The Beach House, a distinctive single-family beach house, is Robert A.M. Stern’s first residential oceanfront project. In order to offer a product that is unique to the Miami market, each component was designed to maximize views and light in conjunction with the curve of each property. The interiors expand on this concept by drawing design cues from yachts as well as the patterns and motion of the waves and sand along Miami’s shoreline. On the architecture, RAMSA worked with Miami-based Kobi Karp Architecture & Interior Design.

The 20-story Tower offers two- to six-bedroom homes with floor-to-ceiling windows, artistically curving balconies, and sizes ranging from 1,900 to more than 10,000 square feet. The Tower offers breathtaking views of the Atlantic Ocean and sunsets, along with private and semi-private elevators and private terraces. The eight-story ancient Cromwell House will be renovated into four opulent homes, three of which will be duplexes, along with a penthouse. These four and five-bedroom residences will have a spacious full-floor penthouse as well as two-story great areas with spectacular double-height ceilings. The Beach House, which will measure 6,000 square feet with three outdoor spaces totaling more than 2,180 square feet, will be the sole private residence on Miami Beach’s oceanfront.

Together with Auberge Resorts Collection, we have a shared vision for reinventing the Shore Club Private Collection. Even though they are part of a five-star resort, the homes will offer solitude and seclusion while being maintained by Auberge. A discrete porte cochere entrance, three distinct swimming pools, including a private residential pool, a 75-foot lap pool, a leisure pool, a state-of-the-art fitness facility, a library, a lounge, and other amenities are among the unique services and amenities available to residents.

In addition to access to the world-class spa, concierge services, housekeeping, beach club, and culinary experiences, such as in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more, Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with a variety of in-home offerings.

The starting price for Shore Club Private Collection is $6 million.

Shore Club Private Collection Beach View
Rick Ross Buys Star Island Waterfront Mansion

Rick Ross is Moving to Star Island in Miami Beach

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Rick Ross Buys Star Island Waterfront Mansion

Rick Ross, the Grammy-nominated rapper and record executive is buying the 12,400-square-foot home located at 37 Star Island Drive, Miami Beach. For $37.5 million, the 0.9-acre property first appeared on the market in May 2023.

On his Instagram story, Ross made a post about the sale with Sean ‘P Diddy Combs who is a Star Island resident. Combs said that the Star Island homeowners group had just given Ross their approval. Combs also gifted Ross a golf cart stating, “You can walk around Star Island, but it’s better to drive.”

Ross, a resident of Miami Gardens whose real name is William Leonard Roberts II, established the music publishing company Maybach Music Group in 2009. He was raised in Carol City and went to Miami Carol City Senior High School.

37 Star Lane includes six bedrooms, eight full bathrooms, and one-half bathroom with a 40-foot dock, a wide covered patio, a pool, a summer kitchen, and a Japanese Zen garden in addition to 100 feet of Biscayne Bay waterfront. The home was constructed in 1992.

Star Island is located off the MacArthur Causeway, which connects the Miami mainland to Miami Beach, with roughly 30 residences. Several island owners have sold their homes in the last three years as the luxury market grew following the start of the pandemic.

The island itself is man-made located along Biscayne Bay. Star Island is one of the most coveted and exclusive islands in South Florida. Star Island is within close proximity to Hibiscus Island, the Venetian Islands, and Palm Island. Each waterfront lot offers at least 40,000 square feet of unobstructed water views and frontage.

Star Island can be accessed through one bridge with a guardhouse entrance. A large number of celebrities live or have owned on Star Island. Some notables include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.

42 Pine Miami Beach

42 Pine Tops Off Construction in Miami Beach

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42 Pine Miami Beach
42 Pine Lobby

42 Pine, the much-awaited boutique residential building at the intersection of famous Pine Tree Drive and 42nd Street, has reached a significant milestone on the road to completion, which is scheduled in the first quarter of 2024.

The eight-story structure will be a landmark for the neighborhood and exhibit classic sophistication. Last year, BridgeCity Capital provided the project with $35.5 million in finance, allowing construction to start. With prices ranging from $700,000 to $3,000,000, there are only a few houses left.

CEO of BridgeCity Capital Allan Lebovits, “The pace of construction is impressive, and we are proud to be involved in a project that brings a new level of luxury to the area. This is a unique opportunity in a highly coveted pocket of Miami Beach, and the sales velocity to date is a testament to the strong demand for new luxury residences.”

50 turnkey units with one to four bedrooms and eight penthouses are available at the first full-service boutique condominium in the neighborhood. Each residence has been painstakingly designed to offer a unique lifestyle based on convenience and community. Each tastefully presented home, ranging in size from 700 square feet to 2,700 square feet for combined units, is delivered fully furnished and ready to occupy. The interiors were designed by Arquitectonica to make the most of available space and foster a sense of connection with the outside. Private terraces with glass railings offer a seamless indoor/outdoor living experience, while expansive floor-to-ceiling windows and doors let in an abundance of natural light.

Amenities

  • Amenity deck
  • 52-foot pool
  • Relaxation spa
  • Cabanas
  • Poolside service
  • Yoga
  • Meditation lawn
  • State-of-the-art fitness center
  • Club
  • Game room
  • Media lounge
  • Large outdoor terrace
  • Children’s playroom

At 340 W. 42nd Street, in one of Miami Beach’s most coveted residential areas, residents may enjoy easy access to the ocean, top-rated schools, excellent restaurants, places of worship, and boutique shopping experiences.

If you or someone you know have an interest in purchasing at 42 Pine, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

42 Pine Kitchen Rendering
42 Pine Tops Off Construction
Star Island in Miami Beach

Miami Beach’s Star Island is Now Ranked as the Nation’s Highest Priced Neighborhoods

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Star Island in Miami Beach

Miami Beach’s exclusive Star Island has taken the top spot among the most expensive areas in the country, surpassing Port Royal in Naples, FL, Beverly Hill’s Gateway, and Trousdale Estates in Beverly Hills. In 2022, the price of the typical home sold on the island was $40.2 million, an increase of $16.7 million and 71% from 2019 when it was $23.5 million.

Ken Griffin, the founder of Citadel and a heavyweight in the hedge fund industry, has spent a total of $170 million over the past few years buying a collection of five houses on the island. Griffin made a big impression when he paid $75 million for a 1993 demolition on 1.8 acres at 8 Star Island Drive. At the time, the sale broke a record for Miami-Dade County single-family home sales, but Griffin is no stranger to shattering records.

Griffin also bought the nearby 10 Star Island for $25 million, 11 and 12 Star Island Drive for about $37 million, and 13 Star Island for $32.5 million in an off-market purchase. Also, he was the owner of 14 Star Island, which he acquired for $24 million in 2020 and reportedly traded for 13 Star Island for $18.5 million with former New York Yankee and real estate mogul Alex Rodriguez.

Griffin is not the only well-known investor who has bought and sold on the Island. Stuart Miller, the executive chairman of Lennar, paid $33 million for the old 4 and 5 Star Island Drive owned by Thomas Kramer, which marked the beginning of a protracted series of deals on the renowned island. With Todd Michael Glaser, Stuart Miller created an extravagant model home at 22 Star Island that was designed by DOMO Design and sold for $49.5 million in an off-market transaction managed by David Solomon and David Miller.

The owner of the NBA’s Memphis Grizzlies, Robert Pera, purchased the 1.9-acre property next door from Miller in 2019 for $25 million. A contentious 28,000 SF seaside home with a basketball complex is being built by Pera. Marc Iacovelli sold the historic Carl Fisher estate at 46 Star Island Drive to Roger and Sloan Barnett for $39 million on the other side of 22 Star Island. On the island, Shay Kostiner recently sold his vacant lot at 44 Star Island for $10 million, while Anthony Hsieh, the founder and CEO of LoanDepot, just paid $30 million to purchase 34 Star Island Rive.

Just over the MacArthur Causeway from Fisher Island’s entrance and Miami Beach’s South of Fifth district, the gated Star Island has long been one of Miami’s most sought-after neighborhoods. The Army Corps of Engineers constructed the island in 1922 as part of a dredging project, and Carl Fisher turned it into an island for the affluent and well-known. Celebrities and billionaires like Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller, and Vladislav Doronin currently reside on the island.

URBIN Miami Beach by Location Ventures

Location Ventures Breaks Ground on URBIN Miami Beach

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URBIN Miami Beach by Location Ventures

URBIN Miami Beach has officially broken ground. With developer Location Ventures, the achievement signifies the start of construction for the first-to-market mixed-use brand, which mixes design-forward residential units for short- or long-term rental with coworking spaces, wellness amenities, social activations, and lifestyle-oriented retail, all at one central address.

For the official groundbreaking event, which took place at the project site, 1260 Washington Ave., Location Ventures, development partners, and city representatives, Miami Beach Commissioner Alex Fernandez, Washington Avenue Business Development Executive Director Troy Wright, and Miami Beach Mayor Dan Gelber were among the distinguished visitors.

The URBIN brand portfolio’s initial property, URBIN Miami Beach, has a second location in Coconut Grove, with ambitions to expand to other U.S. cities. Once completed, URBIN Miami Beach will be a 69-unit tower with a number of wonderful amenities.

The development sold out quickly and drew a wide range of buyers from Latin America and Europe. 90% of the homes at URBIN Coconut Grove have already been sold, and construction is scheduled to begin at that location in 2023.

The fully furnished units at URBIN Miami Beach range in size from 275 square feet for studios to 1,334 square feet for four bedrooms with partial ocean views. Community, collaboration, and networking will be facilitated via shared spaces, such as a common kitchen, dining area, and living room. Exclusive access to a lease-back arrangement allowing up to 90 nights per year on the property will be available to unit owners only.

Tower Amenities

  • Valet parking
  • Concierge
  • Housekeeping
  • Room service
  • Rooftop bar and lounge with green spaces
  • Wellness center
  • Gourmet market
  • Cafe
  • Bar

Rishi Kapoor, CEO of Location Ventures, stated “Following enormous sales interest, we are pleased to commence the construction process for the first URBIN location at a ripe point in Miami Beach’s history.” The rapidly developing, storied Washington Avenue sector will benefit from this property’s integration of living, working, and wellness into one space.

Touzet Studio, headed by Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet, created URBIN Miami Beach. The building’s exterior will reflect the whimsical spirit of Miami Beach by incorporating geometric patterns and hues that are common to the area and paying homage to its Art Deco past.

The interiors of its communal areas and amenities were chosen by Meyer Davis, a renowned New York City design firm. The home is located in the largest Art Deco neighborhood in the world, two blocks from the ocean, and close to Ocean Drive and Lincoln Road.

Rapper Future Buys Miami Beach Home

Life is Good for Rapper Future Who Recently Purchased a Waterfront Miami Beach Mansion for $“16.3 Million

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Rapper Future Buys Miami Beach Home

Award-winning rapper, Future just purchased a stunning waterfront property on Allison Island for $16.3 million.

The singer-songwriter, whose real name is Nayvadius DeMun Wilburn, purchased the 7,250-square-foot, seven-bedroom residence at 6493 Allison Road in Miami Beach. The property was sold by Pascale and Laurent Ouazana. Laurent Ouazana was the CEO of Entoria, one of the biggest insurance brokers in France, and is currently a board member.

According to the listing, the Allison Island estate was originally listed at a $19.9 million asking price. The 2020-built property has a three-car garage, 75 feet of water frontage, staff quarters, a detached guest house, a pool, and cabanas.

This large house includes an elevator, a rooftop terrace, Ornare kitchen cabinetry, stunning dual closets, and a private courtyard entrance.

With more than 8,500 square feet, it includes a detached guest suite, media room, 3 car garage, and 6 bedrooms in addition to staff quarters. You can experience magnificent sunrises, ocean breezes, and close proximity to schools, country clubs, and in-demand Sunset Harbour & Bal Harbour businesses if you are located deep within this exclusive enclave of only 49 waterfront houses.

The property, which was a portion of a double lot, was purchased by the Ouazanas for $12.5 million in 2020. The pair paid $7.9 million for the other site at 6505 Allison Road, which was sold to developer Todd Michael Glaser and his associates Scott Robins and Jonathan Fryd. On the property, they intend to construct a 10,000-square-foot mid-century modern home.

Booba, a French rapper, paid $6.1 million to Komodo and Gekko investor Nick Smith in October for the mansion he owned in Miami Beach. Lil Wayne has recently listed his Allison Island home for $29.5 million.