Robert Rivani’s Black Lion Buys Retail Space at One Thousand Museum
Los Angeles-based investor Robert Rivani’s Black Lion paid $6.4 million for the ground-floor 6,500 square foot retail space inside the One Thousand Museum in Downtown Miami.
This week, the all-cash deal was completed. Black Lion intends to lease the area to a reputable hospitality company, but talks have not yet started, according to a firm representative.
Rivani stated, “One Thousand Museum is one of the most iconic and architecturally significant buildings in all of Miami. I knew we had to have a piece of it.”
The most recent purchase represents the investor’s tenth in South Florida during the previous two years, which also included a number of prestigious retail buildings.
Black Lion paid $13.5 million for the ground-floor retail space of the SLS LUX Brickell condo project last year. This space is now occupied by the popular Gekko steakhouse, a Bad Bunny and Grutman collaboration.
Additionally, the real estate investor spent $11.5 million and $19 million for retail condos in Miami Beach’s South of Fifth district. The company also owns the space that the popular upscale restaurant The Amara at Paraiso leases in Edgewater.
The 84-unit condominium was finished in 2019 by the developers of One Thousand Museum, a partnership made up of Louis Birdman, Gilberto Bomeny, Kevin Venger, Gregg Covin, and Todd Michael Glaser. They also sold the retail space to Black Lion.
Major Food Group’s Mario Carbone Buys Palm Island Estate
Major Food Group’s co-founder, Mario Carbone and girlfriend Cait Bailey, have recently bought on Palm Island in Miami Beach.
The 3,422-square-foot refurbished home cost Carbone roughly $4.3 million. According to the listing, George Fink, an architect, created the two-story house in 1925. It was listed at the end of June for $4.2 million and closed at the end of August 2022.
The estate located at 275 Palm Avenue in Miami Beach features 5 bedrooms, 3.5 bathrooms with a 2 car attached garage. The Mediterranean style home boasts high-impact windows, high-end stainless steel appliances, renovated bathrooms, and a spacious courtyard. There are guest quarters located over the garage.
The sellers are listed as Gregory Rumpel who is the senior director of JLL’s Hotels & Hospitality Group and his wife, Jacqueline. They originally purchased the home in 2013 for $1.3 million.
Since landing in Miami in late 2020, the New York-based Major Food Group, led by Carbone, Rich Torrisi, and Jeff Zalaznick, have experienced rapid growth in South Florida. Last year, Zalaznick and his wife Alison spent $15 million on a property on Miami Beach’s Sunset Islands. Mike Piazza, a member of the Baseball Hall of Fame, and his wife, Alicia, sold the land to the Zalaznicks.
A gourmet market will be a part of the 10,000 square feet Sadelle’s Restaurant and Market Place that the company hopes to open at 1212 Lincoln Road in Miami Beach.
Palm Island is an 82-acre man-made island just south of Hibiscus Island in Biscayne Bay, and only accessible by land via the MacArthur Causeway. It is known for its gorgeous landscaping, luxurious homes, breathtaking bay views, and exclusivity, making it a premier location for the Miami Beach elite.
Electra America and BH Group are Partnering for a $1 Billion Renovation Project at Southland Mall in Cutler Bay
More than 4,000 units will be included in a $1 billion makeover plan for the Southland Mall in Cutler Bay, which was unveiled by Lake Park-based Electra America and Miami-based BH Group.
The 80-acre site will have mixed-use additions from Miami-based real estate company BH Group, its multifamily partner American Landmark in Tampa, and Electra. According to a press statement, they will contain a 150-key hotel, 60,000 square feet of medical office space, 150,000 square feet of retail out lots, and a public amphitheater.
The present mall building won’t be demolished, though, according to the developers. Instead, while the original mall is being rebuilt, the development would take place in the parking lot.
A new grand entry on U.S. 1, a pedestrian bridge to the brand-new BRT stop, trolley stops, and an amphitheater with a bandshell are all additional attractions.
The partnership purchased the indoor shopping center at 20505 South Dixie Highway in May for $100.3 million. Southplace City Center is the name of the new endeavor.
According to a press statement, Electra America, headed by managing partner Joe Lubeck, and its partners want to start construction on the first residential building in 2023, with a completion date of early 2025. Starting rent will be $2,500 per month.
MSA Architects is developing the master plan for Southplace City Center.
In the first five years, according to the project’s creator, 2,700 employment would be generated.
The redevelopment site is located in an Opportunity Zone, a region that has been set aside by the government with the goal of promoting growth and job creation in low-income areas. As a result, the partnership might draw in investors looking for tax advantages from project investment.
Almi Reveals Plans and Renderings for Midtown Miami-Midtown 7 Residential Tower
In November 2021, Almi Developers announced plans for a residential tower in Midtown Miami, Midtown 7. The project is now moving forward with new construction plans filed as well as new renderings released.
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.
The recently submitted designs call for Midtown 7 to include 389 residential units, 28,000 square feet of ground-floor retail space, and 501 parking spaces. It will rise 31 stories tall, or 350 feet and the zoning for Miami 21 requires 452 spaces but does allow reductions.
There will be four levels of the podium and three levels of parking. Although attractive garage screening is envisioned, the parking will not be concealed by the residential lining.
Midtown 7 Amenities
Concierge
Private Pool
Covered Parking
Secure Entrance
24-Hour Security
Gym
Social area/ Entertainment room
The architect creating the revised plans is Arquitectonica. On September 21, there will be a hearing before the Urban Development Review Board.
Sales Officially Launch for 21-Story Tower Shoma Bay Condos in North Bay Village
At a North Bay Village property it purchased earlier this year, Shoma Group is changing its plans from apartments to residential condos.
Shoma Group, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is beginning sales of the Shoma Bay condos, with prices beginning in the $400,000s. ISG World, led by Craig Studnicky, was chosen by the Coral Gables-based developer to handle the units’ sales and marketing.
Shoma Bay will be a mixed-use development with 21 stories and 327 residences on a 2.8-acre plot of land.
In May, Shoma paid nearly $16 million for the property at 1850 79th Street Causeway with plans for a Publix-anchored residential and retail complex. The project, which includes a 36,000-square-foot Publix and around 6,300 square feet of retail space, including a rooftop lounge and a food hall called Shoma Bazaar, was approved by North Bay Village in March.
Condos are replacing rentals as South Florida’s rent growth finally starts to slow down. Similar adjustments have been made by other developers. A new rental skyscraper in downtown Miami was converted to a condo tower in July by Property Markets Group and Greybrook, and is currently known as The Elser Hotel & Residences.
The Shoma Bay will have apartments ranging in size from 360 square foot studios to roughly 1,500 square foot three bedroom condos. According to a spokeswoman, the average cost per square foot for all units is around $900.
Building completion could happen in the latter half of 2024, with construction set to start early next year. The interiors are being designed by Adriana Hoyos, with MSA Architects serving as the project architect.
There will include a lounge, bar, spa, gym, pool deck, library, and kids’ club among the amenities. A 2,600-square-foot co-working area and electric vehicle charging stations will also be included in the structure.
If you or someone you know have an interest in purchasing at Shoma Bay Condos, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
St. Regis Residences Sunny Isles Beach Reaches $700 Million in Sales in 6 Months
The St. Regis Residences, Sunny Isles Beach, Miami’s developers are pleased to report that sales of the exquisite property have exceeded $700 million in just six months, reflecting the overwhelmingly positive response it has received from buyers worldwide.
The St. Regis Residences, Sunny Isles Beach, envisioned as a private residential resort with a vast array of health, culinary, and entertainment services totalling over 70,000 square feet, is poised to be the tallest residential structure on the ocean in South Florida.
In a magnificent location, where skyline-defining architecture, avant-garde design, impeccable craftsmanship, and hallmark St. Regis service and rituals combine to offer a singular experience of seamless luxury.
The two towers will be referred to as the north and south towers. The south tower will have 194 units that range from 2 to 4 bedroom floor plans including a selection of penthouses. The North tower is planned to feature 180 residences but sales will launch at a later date.
Residence Features:
Spacious floor plans boasting unobstructed ocean, city, and Intracoastal views
Ceiling heights clearing 10ft in regular units and 12ft in penthouses
Fully finished with flooring and closets
Private elevator and entry foyer in all residences
Service elevators
Italian designed kitchens with Quartz countertops
Miele appliances including wine cooler
Walk-in closets in all primary bedrooms
Laundry rooms with full-size washer and dryer
Smart home technology ready
Service quarters in select residences
Full floor residences with spacious floor plans
East and West terraces with pool on the east
Spacious terraces with luxurious private pool and jacuzzi
Summer Kitchen
Custom-designed Italian cabinetry
Graciously appointed primary suits and separate service quarters with separate entrance
Stunning, 360-degree views of the Atlantic Ocean and Intracoastal Waterway
Indoor BBQ
Indoor/Outdoor living space
Tower Amenities:
Managed by the St Regis Hotel Company, without hotel premises.
Grand entry driveway and 2-story porte-cochere
Impressive two-story lobby
10 Guest Suites per Tower
Concierge Services
Pet-friendly and much more
Private beach facilities
Oceanfront and sunset pools
A signature restaurant
Wellness center
Spa
Athletic club
The construction plans show 1,000 parking spots available for residents and the starting price for units begins at $3.5 million. The project is expected to begin in 2023 and be delivered in 2026.
If you or someone you know have an interest in purchasing at St. Regis Residences Sunny Isles Beach, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development
PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.
The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.
On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.
The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.
The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.
According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.
Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.
In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.
Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.
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.
Highest Penthouse at Paramount Miami Worldcenter is Now For Sale at $10.71 Million
At the current price of $10.71 million, the tallest penthouse in RPC’s Paramount Miami Worldcenter is now for sale.
With sweeping views of Miami from the 57th and 58th floors of the tower, Penthouse 5700 has 5,225 square feet spanning throughout four bedrooms, five and a half bathrooms, and a den that can be utilized as either a home office or a library in the unit. An open-style chef’s kitchen, floor-to-ceiling windows, double-height ceilings, and plenty of space for entertaining are included in the amenities of the property.
Penthouse 5700 will have access to the building’s 46 amenity spaces, which are the most residential amenities in the world and include the nation’s first outdoor soccer field in a high-rise residential building, resort-style swimming pools, tennis courts, a Tai Chi deck, and a boxing studio.
The purchaser will be residing among celebrities thanks to Paramount’s comprehensive array of sporting amenities, which has drawn a wide range of professional athletes.
Located in Miami Worldcenter, an entire city within a city and the second largest master-planned urban project in the country, Paramount offers walkable access to the best restaurants, cultural and entertainment venues in town.
The 58-story Paramount Miami Worldcenter, which was completed in August 2019, has 569 condo homes with studio, one, two, and three-bedroom floor layouts, as well as penthouses.
The Paramount Miami Worldcenter’s ordinary tower residences have interior square footage of 1,294 to 2,376 plus balconies, whilst its penthouse residences have interior square footage of 3,509 to 6,000 plus balconies.
The typical condo homes at Paramount Miami Worldcenter have either 11-foot- or 14-foot-deep terraces, private elevators, and 10-foot high ceilings with floor-to-ceiling glass windows.
Eight magnificent bi-level penthouses at Paramount Miami Worldcenter include 20-foot high ceilings, floor to ceiling glass windows, and panoramic views of the city and lagoon.
Elkus Manfredi Architects created Paramount Miami Worldcenter, which was created by Paramount Ventures. ID & Design International created the lobby and common areas.
