Coral Gables’ 4225 Ponce Development, a Class A+ Commercial and Retail Opportunity
Constellation Group, a distinguished commercial real estate investment and development firm based in Miami, in collaboration with The Boschetti Group, has successfully secured a substantial $33 million construction loan from Miami’s Banesco USA and Abanca. This funding is a strategic investment in the development of a Class A+ boutique office and retail complex at 4225 Ponce de Leon Boulevard, located in the heart of Coral Gables, South Florida’s City Beautiful and Merrick Park district. Renowned for its upscale shopping and entertainment, this area is a hub for economic growth and opportunity.
Eduardo Otaola, the Managing Principal at Constellation Group, highlighted the significance of this partnership and the potential of 4225 Ponce to introduce a unique, boutique-style Class A office environment to Coral Gables. This development is strategically positioned in a market that is currently experiencing limited supply, making it an attractive investment opportunity.
The project involves an eight-story building, spanning approximately 85,000 square feet between 4225 and 4311 Ponce de Leon. This venture is distinguished by its innovative design from the internationally acclaimed architectural firm, Arquitectonica. The luxury boutique-style Class A Office will feature 5,900 square feet of ground floor retail space, extensive parking facilities, 70,000 square feet of premium office space, and a rooftop food and beverage venue of 7,000 square feet, offering panoramic city views.
Amelia Rodriguez, Senior Vice President of Banesco USA, expressed optimism about the sustained economic growth in South Florida and the role of 4225 Ponce in enriching Coral Gables’ status as a prime business and cultural hub. This project aligns with Banesco USA’s vision of investing in innovative and dynamic projects, indicating a strong future for similar endeavors.
Monica Vasquez, General Manager at Abanca, emphasized the transformative nature of this collaboration, aimed at enhancing the urban, cultural, and economic landscape of Coral Gables. This development is a testament to Abanca’s commitment to supporting visionary and impactful projects.
Set to break ground in Q4 2023 and slated for completion in 2025, this project signifies a major revitalization initiative around Coral Gables’ Merrick Park district. It aims to elevate the business and consumer landscape of the area. Interior Architects, Inc. and Naturalificial will play crucial roles in designing the interior and landscape, ensuring a harmonious blend of nature and modernity.
Investors should note the project’s unique features, including four stories of Class A+ office space, a rooftop restaurant with city views, outdoor terraces, ground-floor retail spaces, and a 1,500-square-foot lounge. The addition of a covered pedestrian plaza and paseo with valet parking service is expected to enhance the appeal and functionality of the development, making it a lucrative investment opportunity in a thriving economic zone.
The Crosby Miami Worldcenter Construction One Step Closer to Breaking Ground
The Crosby Miami Worldcenter, has applied to the Federal Aviation Administration for height approval. According to a filing with the agency on January 12, the tower will be 377 feet above ground, or 390 feet above sea level.
The construction permit that was filed in July 2022 states that The Crosby will include 450 condo units and 3,370 square feet of retail in a 33-story tower.
The Crosby Miami Worldcenter will sit on 0.55 acres in the Park West neighborhood of Miami. The units themselves will be fully furnished and finished from studios to two-bedroom floor plans. Square footage will range from 350 to 825 square feet and pricing will begin in the low $300,000. Interiors will be curated by AvroKo.
Residence Features Include:
9-foot-high ceilings with floor-to-ceiling glass windows
Balcony with every residence
Finished interior and exterior flooring
Gourmet kitchens featuring custom Italian cabinetry
Bosch appliances, including paneled refrigerator/freezer, dishwasher, built-in convection oven/microwave, and cooktop
Rain showers in primary bathrooms and custom Italian vanities
Full-size washer and dryer in unit
Fully built-out closets
Contemporary lighting packages, including recessed lighting, dimmers, and lighting control
Brilliant smart-home system offering seamless personalization with the touch of a button, including the ability to control audio, climate, window treatments, and lighting systems
Smart keyless entry system allowing you to unlock your door via smart app, door code, keycard, or Apple Watch
The Crosby will be designed by Cohen Freeman Encinosa (CFE) Architects. The design of the tower appears modern with floor-to-ceiling glass windows on every floor and expansive terraces throughout. The Crosby features over 22,000 square feet of luxury amenities from a rooftop pool to a ground-floor restaurant.
Tower Amenities Include:
Expansive rooftop resort-style pool with jacuzzi, cabanas, and grilling stations perfect for entertaining
Inviting fire pit lounge with breathtaking views of the Biscayne Bay skyline
State-of-the-art fitness center featuring saunas and plunge pools
Clubroom with private dining and stunning water views
Convenient juice and coffee bar
Spacious coworking center
Gaming lounge
Curated museum-quality art throughout all common areas
24/7 security services, high-speed elevators, and controlled property access
24/7 concierge services European porcelain flooring
The Crosby will have no rental restrictions and the buyers are able to rent out their units using any available platform for as many days as they would like. In the announcement, Related expects the buyers to be mostly investors due to there being no restrictions.
If you or someone you know have an interest in purchasing at The Crosby Miami Worldcenter, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Fortune International Group Announces Casa Tau Branded Residential Tower-ORA
Fortune International Group, led by visionary founder Edgardo Defortuna, has announced a collaboration with hospitality brand Casa Tua to curate and program its newest high-rise, mixed-use development located at 1210 Brickell Avenue in Miami’s Brickell neighborhood.
ORA is the first branded residence for Casa Tua, the renowned, heartfelt brand and exclusive members’ only club that has gathered friends in their properties in Miami, Aspen, and Paris for over two decades and is set to launch in The Surrey, A Corinthia Hotel in Manhattan in 2023. Casa Tua has planned a full suite of amenities for the property, as well as short-term rental residences.
According to Defortuna, “ORA will serve as a unique residential development in a premier location, at the best corner in the Brickell neighborhood. We look forward to working alongside the Casa Tua brand to curate a sophisticated experience that will create a community for its residents and Brickell. ORA will become the city’s most exciting amenity.”
ORA by Casa Tua will feature, among other things, two new restaurant concepts by Casa Tua, a gourmet market by Casa Tua, a rooftop lounge – with resort-style offerings such as a pool, sky lounge, and bar; a show kitchen, private event space, and – curated by Casa Tua; an abundance of nature and lush landscaping infused into the building’s design, including full floors of floating gardens overlooking city views; an entertainment lounge, and fitness and wellness amenities.
Reservations for the short-term rental homes, which range in size from 500 square feet for studios to 2,400 square feet for four-bedroom homes, will open in January 2023. The price will begin at $800,000.
First Look at Resident’s Only Members Club at Five Park
The newest luxury residential tower building in Miami Beach, Five Park by Terra and GFO Investment, has revealed plans for the first residents-only, fully-serviced social club inside a luxury apartment. A social amenity package centered on cultural activities, fitness, and fine dining is offered by The Canopy Club.
A specialized club-level concierge and extensive programming are characteristics of The Canopy Club. The Club enables residents to live, work, play, and entertain their guests in a range of venues suited to every mood, including white glove service, wellness, dynamic recreational areas, and the finest dining.
The Canopy Club’s Specialty Dining and Beverage Program, a seasonal dining experience designed by famous chefs and situated in the opulent jewel box bar and dining room, will be available to members only. The Club also features private training rooms, state-of-the-art wellness facilities, a branded spa, a personal trainer on staff, and breathtaking bay and ocean views.
Five Park introduces 50,000 square feet of indoor amenities and a three-acre park outside, creating a new standard for the Miami Beach lifestyle under the direction of a recognized team of visionaries. The 40,000 square feet of social spaces that make up the 26th-floor Canopy Club include a private dining room, a jewel box bar and lounge, living rooms, a library, a den, outdoor terraces, wellness, and workout sections.
Additionally, just a few blocks away at the Five Park private beach club, locals have access to their own section of the beach. The outdoor club, which is on South of Fifth, introduces a branded, exclusive area with lounge chairs, umbrellas, and food and beverage service.
According to the CEO of Terra Development, “Five Park’s Canopy Club represents a new standard of luxury and exclusivity in Miami Beach. We developed a selection of amenities that enhance quality of life, wellness, culture and connectivity. Five Park residents will make their homes within a building that embodies a complete living, breathing ecosystem, offering dynamic spaces and creative programming to their doorsteps.”
Developers for the New Miami Soccer Stadium Obtain $31 Million Construction Loan
Recently, an LLC associated with the Inter Miami CF major league soccer team got a $31 million mortgage from Miami-based City National Bank of Florida in order to begin construction on Inter Miami Soccer Stadium.
The mortgagee is identified as 0101 Miami Properties, LLC, in the care of M Sports LLC. The mortgage identifies nine acres of land that 0101 Miami Properties LLC spent $27.97 million constructing at 678 NW 7th St. in Miami’s Overtown neighborhood between 2016 and 2019.
Miami Beckham United LLC, Pablo Alvarez, vice president and general counsel of Inter Miami CF, Jorge and José Mas, the brother executives of Coral Gables-based MasTec (NYSE: MTZ), and Inter Miami CF’s primary shareholders, are among the management of 0101 Miami Properties.
At the time, the David Beckham-fronted team’s ownership was intent on building a soccer stadium at that site or keeping it as an alternative option if a deal to construct a soccer stadium at the City of Miami’s Melreese Country Club at 1400 N.W. 37th Ave. fell through.
This past April, the Miami City Commission approved a 99-year lease agreement with Inter Miami CF. On September 13, the Miami City Commission authorized zoning that would allow for the development of a 25,000-seat soccer stadium, a 750-room hotel, a 58-acre park, and a 1 million square foot commercial complex with retail, offices, and entertainment on 130 acres of land at Melreese Country Club.
Jose Mas stated he would want to see the land developed as workforce housing or something else that benefits the community.
In addition, according to media reports, Miami commissioners have explored utilizing stadium rent payments to create a trust fund for affordable housing.
Lululemon Buildout Begins at Miami Worldcenter
Construction on Block F West and World Square to the Right
The $4 billion and 300,000+ square foot multiple use development also known as Miami Worldcenter is ramping up construction. Miami Worldcenter is a vibrant location where you will soon be able to enjoy some of Miami’s finest foods, shopping, and entertainment! This new urban area is will be home to both national and local favorites as well as prestigious international companies.
One of the long-awaited retail locations is the glass cube known as Block F West, which is set to begin construction soon along with the World Square building. It is situated immediately west of Block F East also known as the “Jewelry Box”, which is now under construction and nearly completed.
Along with Sephora, Lucid Motors, and Bowlero, Lululemon is also expanding its retail chain to World Square with their space currently under construction.
These companies join other tenants that have already been revealed, such as Maple & Ash and Etta from Chicago which will both take up 2 stories of retail Space. According to Nitin Motwani, general partner of Miami Worldcenter Associates, these together with the most recent tenants have leased a total of around 90,000 square feet of retail space in the last 90 days.
According to Motwani, “On the heels of announcing an award-winning lineup of restaurant concepts slated to open at Miami Worldcenter, we are upping the ante with a trio of nationally and globally recognized lifestyle brands. These tenants exemplify the diversity we are offering throughout our residential, hospitality, and office developments across Miami, and bringing to life the retail components of Miami Worldcenter’s master plan is critical to transforming our 27-acre site into a thriving open-air destination.”
Lucid Motors is creating a multi-use building that will occupy almost 23,000 square feet. Bowlero will take up more than 31,000 square feet in the glass-enclosed “jewelry box” retail structure at Miami Worldcenter that looks out over the World Square plaza.
With the building permit issued in March 2022 for remodeling, Lululemon will occupy more than 6,000 square feet at the World Square plaza along Block H. The construction cost for Lululemon is an estimated $132,000 which will include remodeling and repairs.
Plans for a 12 Story Tower in Surfside was Filed
This week, developer Multiplan of South Florida filed plans for a 12 story tower that will be located in Surfside.
The architect is listed as Arquitectonica with R Palace Surfside LLC as an additional development entity. The project is proposed to have 27 residential units with 71 parking spaces. There will also be a small number of 2 bedroom floor plans but will mostly consist of 4 bedroom layouts.
Proposed Amenities:
Rooftop pool
Steam room
Sauna
Fitness
R Palace Surfside LLC is managed by Vivian Diamond. Owner of Multiplan is José Isaac Peres who is responsible for 57 Ocean as well as multiple other projects in Rio de Janeiro.
On the current site at 9309 & 9317 Collins Avenue in Surfside is the Regent Palace condos. In June, the 34 unit condo building was deemed unsafe after a comprehensive engineering report that flagged the property as uninhabitable.
This building is 70 years old and required a number of updates as well as structural issues. The developer has already purchased 32 of the 34 units at the Regent Palace and terminated the land lease on the property.
Renderings Revealed for Miami’s M Tower
In Downtown Miami, at 56 SW 1st St and 65 SW 2nd St, the 57-story M Tower is moving forward after construction plans were filed and renderings released by developers. The Miami Parking Authority and Downtown 1st Street LLC are collaborating on the creation of the M-Tower.
Last week, the developer filed the plans with the Urban Development Review board and those plans included some significant changes. The newly filed plans included a height increase from 49 stories to 57 stories.
The new plans also have an increase of 675 units, up from 404 apartments. There will also be 694 parking spaces in an 8-story podium connecting to a commercial space expanding 10,531 square feet.
Drive aisle, floor plans, and a parking reduction are among the zoning concessions that the developers are asking for.
Although an unlimited is permitted on the property, the Federal Aviation Administration would still have restrictions on the height.
Nichols Brosch Wurst Wolfe & Associates is listed as the architect. The next Urban Development Review Board meeting is scheduled for July 20th. If this new design is approved, construction would begin in Winter 2022.
Spinning Pan Am Globe Installed at Miami “World”center
Since the Miami Museum of Science closed its South Miami Avenue building in 2015, the enormous 1934 Pan Am globe of the world that once welcomed guests to the museum. The massive and vibrant sphere has since undergone substantial restoration, and it has been placed in its new, permanent outdoor location at the massive Miami Worldcenter complex in the Park West neighborhood.
In South Florida, the globe is a significant historical item. The former Pan American station on Dinner Key, which is now Miami City Hall, is where the 31-foot-5-inch, 6,500-pound globe was began.
Since moving it to the Frost Museum’s new facility would have been too difficult, the Miami Worldcenter will start spending $700,000 starting in 2020 to restore and weatherproof the globe with its original “approximately 1934” era lines.
A representative of the Miami Worldcenter stated “The Pan-Am globe depicts the world at a critical point in history – prior to World War II and when Miami was first realizing its position as a gateway for tourism and transportation.”
“It was important to the museum to find a partner that would care for this historic piece and ensure that the community can continue to enjoy this local icon,” stated the President and CEO of the Frost Museum.
Once complete, the Miami Worldcenter will feature 27-acres of retail, restaurants, shopping venues, and entertainment destinations. Retail will include 300,000 square feet of space and 40+ businesses.
Some notable retailers have already signed leases for the Miami Worldcenter which include Bowlero, Lucid Motors, and Sephora. Two luxurious restaurants are also named as the new lease holders, Maple & Ash and Laurel Brasserie. Maple & Ash is a famous Chicago restaurant that has now expanded to Arizona and now Miami. Laurel Brasserie is Miami Chef’s Michael Beltrans creation, with an anticipated opening date this summer.
Okan Group Officially Breaks Ground on 70 Story Okan Tower
On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.
This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.
The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.
The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.
Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking
Amenities:
24-hour reception and concierge
70th-floor rooftop pool and sky deck with private cabanas
12th-floor lap pool with clubroom and lounges
State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
Sauna, steam, and treatment rooms
Children’s sensory and playroom
Theater
Wine cellar
Owner’s lounge
The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
