Midtown Miami Development Site Sold to ALMI Residential for Planned 389 Unit Tower
Midtown Miami has become a hotspot of late with the announcement of a new tower Standard Residences and now the newest tower to be announced Midtown 7.
Plans for Midtown 7 were originally presented to Miami’s Urban Development Review Board in 2016 but were denied due to limited information the Magellan Development Group (original developers) had proposed.
Megellan Development Group had originally partnered with the property owner, Midtown Development in 2016 and 2017. Those plans for the Midtown 7 tower included the development to rise 31 stories, feature 391 units, and 505 parking spaces.
AMLI Residential purchased the 1.85-acre site located at 3001 N.E. First Ave, Miami for $30.5 million. The site is approved for 389 residential units totaling 451,469 square feet. ALMI Residential is considered one of the largest apartment developers in the United States.
In addition to this approval, once the project is complete, ALMI Residential would transfer 28,000 square feet of retail space leasable to Midtown Development. ALMI Residential would have the first right of refusal if Midtown Development decides to sell the space.
Midtown 7 Amenities
Concierge
Private Pool
Covered Parking
Secure Entrance
24-Hour Security
Gym
Social area/ Entertainment room
Alex Vadia of Midtown Development stated, “We’re happy to welcome ALMI to the neighborhood once more. On the ground level, we’ll continue to line Midtown Boulevard with local retailers, lifted by the draw of select national favorites, like Trader Joe’s, which makes the Midtown neighborhood even more walkable and enjoyable for the public.”
Construction is expected to begin in 2022 with an anticipated completion date in 2024.
You Could Have Your Own Regalia Penthouse for $25.5 Million
Photo Credit: Jeffrey Miller
Located at the Regalia, this 15,000 square foot penthouse is an absolute dream and it could be yours for $25.5 million. In a time where luxury penthouses have been selling quickly and real estate records keep breaking, at this price point plus all of the features and amenities, this penthouse unit is a steal.
The location of the Regalia is unmatched, placing it centrally in Sunny Isles Beach with the ocean just steps from the luxury tower. Located at 19575 Collins Avenue #PH43, this unit has a bird’s eye view of the Atlantic Ocean and the Miami skyline. Featuring 6 bedrooms, 7 full baths, and 2 half baths, this full-floor unit is placed at the very top of the tower spreading over 3 floors.
Upon entering the luxury unit, you are greeted with soaring 20-foot ceilings, a custom rainfall chandelier, and floor-to-ceiling windows with endless ocean views. The Blanco Sevilla stone floors lead to the custom Poliform kitchen with Wolf and Sub-Zero appliances. The kitchen also features smoky quartz counters with Kreon lighting.
The floating staircase takes you to a separate floor where the expansive master is anything but ordinary. This suite is perfectly finished with remarkable ocean views from every corner and the grand bathroom with its Calacatta marble expanding over the floors and walls. According to the listing, there is over $1 million in imported Calacatta.
As you ascend from the pneumatic glass elevator to the private rooftop, an outdoor pool, summer kitchen, and custom bar awaits. The entire unit features Blanco Sevilla Stone and Nikzad flooring throughout, Kreon lighting, Crestron Smart home automation, and Lualdi Italian Interior doors.
This remarkable tower was designed by Bernardo Fort-Brescia of Arquitectonica and decorated by Charles Allem of CAD International, a world-renowned South African designer. The Regalia is the epitome of perfection and luxury. What’s so unique about this tower is the 39 full-floor residences. Each residence expands 5,515 square feet of living space with private elevator entries and 2,100 square feet of wrap-around terraces.
Regalia Amenities
Smart Building
Yoga/Meditation Room
Oceanfront Jacuzzi
5-Star International Concierge Services
Cold Plunge Pool
Private Poolside Cabanas
Finishes with the Finest Stone, Wood, Glass, and Wall Coverings
State-of-the-Art Fitness Center
Professionally Trained Spa Manager
Private Poolside Cabanas
Fountains, Privacy Landscaping, and 24-Hour Valet
This incredible listing is currently up for auction and will be sold to the highest bidder on December 16, 2021. If you or someone you know have an interest in purchasing at the Regalia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
New 18-Story Residential Tower Proposed in Coral Gables
The brains behind the development, Armando Codina, said the concept behind this newly proposed tower came to him because he has been wanting to downsize while continuing to live in a high-end luxury apartment without a homeowner’s association.
Codina, Chairman for Codina Partners states that this new development will provide all of the comforts and high-end amenities as the big house he grew up in with his family.
He now seeks approval for this new development concept for the tower Regency Residences. Once complete, he plans on living in the penthouse.
The proposed site for Regency Residences is a 1.75-acre site located at 2601 Salzedo Street in Coral Gables. The property was involved in a land swap with an automotive dealership in April. According to the records, the property was acquired by an affiliate of Codina Partners in Coral Gables, C/LeJeune LLC.
The proposed tower is projected to rise 18 stories tall with 329,197 interior square feet. Included in the square feet is a 4,050 square foot restaurant, 389 parking spaces, and `176 residential units. According to Codina, the residential units may be more or less, depending on demand and floor plans. These units will be referred to as “sky homes.”
Codina originally planned for three condos on the four floors under his penthouse. His most recent statement included Codina possibly leasing each of the floors separately, which equates to 10,000 to 12,000 square feet.
Smaller units will feature 1,500 to 3,000 square feet with 2 to 4 bedroom options. Smaller apartments will be available for building staff.
According to Condina, there will be no short-term leases. Larger apartments will be leased annually or on a multi-annual basis. Long-term tenants who secure a unit early will have input in the design of the units.
Coral Gables Development Review Committee will meet on October 5th to review and consider plans for Regency Tower. Once approved, the start date for the project is expected to begin in early 2022.
Another North Bay Road Mansion Sells for $13.6 Million
Photo Credit: Robert Evangelista
North Bay Road mansions have been a hot commodity this year! In January Phill Collins sold his North Bay Road mansion for $39,250,000 and is set to be demolished by buyer Thomas Bravo. In June, Jennifer Lopez and Ben Affleck rented a waterfront mansion for $130,000 monthly. With so much activity, it’s of no surprise how quickly these Miami Beach multimillion-dollar homes sell.
Lawyer Stephen Zack and his wife, Marquerite, also sold their mansion located at 5310 North Bay Road. The couple sold the home for $13.6 million after they originally purchased the home just 3 years ago for $8.5 million. Since 2018, the home has been listed for sale with an original list amount of $21 million.
The buyer for this Miami Beach home is listed in the county records as North Bay Road Developments LLC, a company that is managed by Guillermo Osses, Francisco Perez, and Miguel Yoma.
According to public records, Osses is the Vice President of Atacama 2108 LLC and is also affiliated with 23 other companies. Yoma is the Manager for San Marino Developments. The partners financed the purchase through Terrabank for $6 million.
The magnificent waterfront estate features 8,148 square feet of living space with 6 bedrooms and 6 full and 2 half bathrooms. The Georgian-style home has been remodeled two times, remarkable mansion features a 5,000 bottle wine cellar, pool. jacuzzi, and expansive home theater.
Stephan Zack is a trial attorney and partner at Bois Schiller Flexner LLP. He was also the lead attorney for former Vice President Al Gore in the Florida recount litigation that took place in 2000. During that time, he was an expert witness for voting accuracy. He is also a past president of the Florida Bar Association as well as the American Bar Association.
The Zacks also have a luxury unit located on the 54th floor of the Four Seasons Residences, which they purchased in July for $8.1 million.
Photo Credit: Robert EvangelistaPhoto Credit: Robert EvangelistaPhoto Credit: Robert Evangelista
$12.3 Million Setai Sale Leads Miami Condo Weekly Sales
Sales for Miami-Dade once again surged this past week with the most expensive condo sale closing at Setai Miami Beach. According to the MLS, residential sales totaled $2.7 billion for all of July 2021, reaching 67 percent higher than the previous year.
Condo sales totaled a staggering $148 million compared to last week’s $131 million. The previous week’s volume rose from 208 to a total of 226. The average condo sales price also rose from $632,000 to $640,500.
The most expensive condo sale that occurred was a luxury condo at Setai, which sold for $12.3 million. After 39 days on the market, the unit sold for close to $3,391 per square foot. Our very own, Lucas Lechuga brought in the buyer for this property.
The second-highest and fewest days on the market condo sale occurred at One Thousand Museum for $5.6 million at $1,212 per square foot. This property was on the market for 1 day.
July Sales
Residential sales rose 58% in July with 3,632 closings, which consist of mostly condominium transactions. Single-family sales increased by 15% to 1,373 and condo sales increased by 104% to 2,259 sales.
The luxury market also experienced a leap in sales rising 110% for single-family homes compared to July 2020. For luxury condo sales, an increase of 323% compared to last July.
Avalon Merrick Park Tower Under Construction in Miami
Photo Credit: L & R Structural Corp., Inc.
Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.
When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.
The shell contractor is L&R Structural and the architect will include Arquitectonica.
Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.
Building Amenities
State-of-the-art fitness center with professional-grade cardio and strength equipment
Rooftop, resort-style pool and sundeck with BBQ area and seating
Pet-friendly living with WAG Pet Spa
Coworking space including workspace pods and reservable conference rooms
WiFi access available in common areas
Package lockers for 24/7 package acceptance
Smoke-free living
Controlled access garage parking
Bike storage
Easily accessible to retail and dining, including the Shops at Merrick Park
One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove
Residence Amenities
Studio, one, two, and three-bedroom floor plans
Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
Washer/Dryer in all homes
Walk-in closets
Air conditioning
Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.
Developer Looking to Acquire 80% of Brickell Harbour
In the past couple of years, Brickell Harbour condominium owners have received multiple offer letters to purchase their units. More recently, one of our long-time clients has received a purchase letter for double the value of their unit. This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown but it is evident of the developer wanting to buy out the tower.
The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company as well as Fortune International Group is located at 1300 Brickell Avenue in Miami. Their portfolio consists of the development, designing, and financing of Miami condominiums. They also offer brokerage services.
According to the letter (below), Brickell Bayfront Acquisition, plan on obtaining at least 80% of the units at Brickell Harbour. The letter also states that the company has spoken to the condominium owners association about purchasing units but it was concluded that it is up to each individual owner to make the decision to sell. Some of the highlights of the purchase agreement include:
The purchase price being offered is a significant premium above the market value of the unit and considers each unit’s particular size, view, floor, line, and improvements;
Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;
There is no finance contingency;
Closing in 90 days after the expiration of the due diligence period;
The owner pays NO brokerage commissions (typically 6%);
The buyer pays off the recent special assessment for structural repairs; and
The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.
Brickell Harbour is an 18-story condo tower located at 200 SE 15th Road in Brickell’s Financial District. The tower was built in 1974 and received major renovations in 2019. Residences comprise of 1 to 3 bedroom floorplans ranging from 602 to 1,641 square feet of living space. Tall ceilings, floor-to-ceiling glass windows, wide balconies, and gorgeous views are just a few of the residential amenities these units have to offer.
It is unclear what Brickell Bayfront Acquisitions plans on doing with the tower once they receive purchase contracts but we will update this article as more information is available.
Waldorf Astoria Hotel & Residences Receives Official Approval for Demolition
The Waldorf Astoria Hotel & Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” In June, the developers launched Waldorf Astoria’s official sales gallery located at 400 Biscayne Bay, right across from the construction site.
Waldorf Astoria has received official approval to begin clearing the site. According to the Miami Building Department, the demolition permit was submitted in early June 2021 and officially approved on August 4, 2021.
Clearing the actual 5,000 square foot site is estimated to cost around $30,000. The developer is working with The BG Group for demolition.
The developers include PMG with Sieger-Suarez Architects are the designers for the project. This tower will be truly one-of-a-kind with a unique design featuring 9 stacked glass cubes offsetting each other as they go vertical. Design interior created by BAMO design firm.
Waldorf Astoria Hotel & Residences will rise 1,049 feet tall and will feature 360 condos, 205 hotel rooms, and suites.
Tower Amenities:
Peacock Alley
True Waldorf Service and concierge
Unobstructed views of city and downtown skyline, Miami Beach and Atlantic Ocean
Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
Private Bar/ Wine Tasting Room
Signature Restaurant
All-Day Dining Brasserie
Pre-function and function spaces
Meeting and boardrooms
Waldorf Astoria Kids Club
24-hour valet parking
Signature spa
Leading-edge fitness center with private training studios
Residential Amenities:
24-hour doormen and lobby desk attendants
Private porte cochère with 24-hour valet service and private residential entry
24-hour concierge services in addition to dedicated on-site professionals
Live-in resident manager and 24-hour security
Front-door package and service delivery via signature Concierge Closet
Owners Lounge with high ceilings
Billiard and entertainment room with panoramic bay views
Designed for private functions and equipped with adjacent catering kitchen
Private residential pool deck with whirlpools with lounging areas
Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services
Property Markets Group, Greybrook, and Hilton are also partnering on the project. The groundbreaking is still planned for the beginning of 2022.
Waterfront Mansion in Coconut Grove Breaks Record at $65 Million
Photo Credit: Pacheco-Martinez & Associates
A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.
According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.
The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.
The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.
The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.
The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.
The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.
District 225- Formerly Named The District-Have Officially Launched Sales
District 225 is an innovative pre-construction development that will soon grace the Miami skyline. What makes this project unique is its home-sharing capabilities as well as its resort-style amenities.
Located at 225 and 233 N. Miami Avenue in downtown Miami, this 37-story tower will feature 343 fully furnished units that cater to short-term renters. The site is near Miami-Dade College and the Federal courthouse. Just two blocks east is the Government Center transit station. There is currently a 15,000 square foot retail building located on the property but once demolished the construction will begin.
The Related Group, Rovr, and BH group are working together on District 225. Siegler Suarez Architects partnered with Meshberg Group will be responsible for the design.
Along with 343 units, District 225 will not have a parking garage. To alleviate some consumer hesitancy, residents will have close access to public transportation as well as nearby city garages where residents can rent spaces.
District 225 will total 288,400 square feet with studios to 2 bedroom floor plans. Studio pricing will begin around $350,000 up to $700,000 for the 2 bedroom floor-plans. There will also be 2,297 square feet of commercial space located on the main floor.
District 225 Amenities
Rooftop pool
Fitness center
Indoor/outdoor basketball court
Racquetball court
Rock-climbing wall
Yoga/spinning studio
Coworking spaces
Lounge with billiard tables
Summer kitchen
Residence Amenities
Views of Biscayne Bay and Miami skyline
Fully finished and furnished studios, one-, and two-bedroom residences
9.8-foot-high ceilings
Smart-home technology experience for seamless personalization with the touch of a button
Interiors designed by award-winning interior design firm Meshberg Design
Fully built-out closets in all residences curated by Meshberg Design
Includes integrated audio, video, window treatment, and lighting systems
Equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
Built-in, top-of-the-line washer and dryer
Flooring selections included with specifications recommended by Meshberg Design
Pre-wired for high-speed communications and data connection
Kitchens featuring custom Italian cabinetry curated by Meshberg Design
Smeg appliance package including an integrated, paneled microwave; dishwasher; built-in convection oven; and refrigerator/freezer
Master baths featuring rainfall showerhead and custom Italian vanities
Dornbracht and Duravit bathroom fixtures, features, and accessories
If you or someone you know have an interest in purchasing at District 225, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
