Award Winning and “America’s Favorite Chef” Thomas Keller is Opening a New Bistro in Coral Gables.
Bouchon Bistro, the acclaimed French restaurant owned by Chef Thomas Keller, will debut in Coral Gables in the early months of 2023, according to the chef and his staff. Along with his upscale American eatery the Surf Club Restaurant in Surfside, it will be his second restaurant in Miami.
The French Laundry, Per Se, and the freshly starred Surf Club Restaurant are all three-star Michelin restaurants owned by the renowned chef. Chef de cuisine Thomas Castellon, a former employee of Keller’s the Surf Club Restaurant and TAK Room, will take over the kitchen at Buchon’s Miami branch.
Similar to the menus at the Bouchon restaurants in Yountville and Las Vegas, the menu in Miami will feature seasonal French cuisine in addition to traditional selections like steak frites, roast chicken, mussels, and escargot.
Around 160 people will be able to dine at Bouchon Coral Gables, which also has 30 outside seats and a separate private dining area. Longtime Bouchon colleague Adam D. Tihany of Tihany Design in New York City, who created both Bouchon locations, will design the area.
The restaurant will open in the La Palma building, a historic Mediterranean-style structure constructed in 1924 and listed on the National Register of Historic Places, at 2101 Galiano Street in Coral Gables. The building was originally designed by architect H. George Fink.
According to Keller, “Since opening the Surf Club Restaurant four years ago, it has been a great privilege to re-establish relationships in South Florida. We were enamored with the rich history of the La Palma building and Coral Gables neighborhood and we look forward to introducing our classic French bistro to the community.”
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.
With plans for a 24-story tower in Brickell, a joint venture made up of two Mexican companies making their U.S. debut and a Miami-based partner is banking on Miami’s expanding apartment market.
Menesse International paid $23.5 million for the development site at 143 Southwest Ninth Street from a subsidiary of Miami-based Habitat Group.
According to property records, the current 5-story, 39-unit rental structure on the land was built in 1968 on 0.7 acres. According to a deed, Habitat Group paid $14.5 million for the location in 2018.
According to Andrew Rasken, managing director of Lucid Investment, the design calls for a Class A structure with 350 rental units, ranging from studios to two-bedroom apartments, perched above an eight-story podium with around 180 parking spaces and ground-floor stores. The project, which was designed by Behar Font & Partners, will have all the facilities.
Menesse International, which plans, constructs, and consolidates projects, has built communities in Argentina and the Riviera Maya region of Mexico. It now has a portfolio of 22 projects with more than 1,200 sold units.
It is the group’s first cooperative endeavor in the country. It is also the newest project planned for the Brickell Financial District, where office building is being stimulated by a surge in residential construction and an infusion of new businesses.
Construction is expected to begin next year with an anticipated completion date in 2025.
Villa Valencia Condos in Coral Gables has Officially Completed Construction and Sells Out at 95%
Four years in the process, the Villa Valencia luxury condo development by Rishi Kapoor’s Location Ventures has officially completed construction.
With $100 million in closings so far, Villa Valencia, a 13-story, 39-unit project at 501 to 525 Valencia Avenue in Coral Gables, is 95% sold out. There are only three units available, one of which is under contract, a $14.9 million penthouse, and two others with an average price of $4 million each.
According to Kapoor, founder and CEO of Location Ventures, the project’s sales averaged $1,100 per square foot, setting a record for that neighborhood.
According to Kapoor, the majority of the buyers are locals from Miami Beach, Key Biscayne, and Coral Gables. In addition, 20% were from New York, 5% from California, and 4% from Illinois, with 2% from Latin America.
The plot was purchased by the developer for $16 million in 2018, and sales of Villa Valencia began the following year.
Kapoor recognized that labor shortages and delays on the project were made worse by the pandemic, but he claimed that setting building cost locks before the pandemic helped him keep costs under control.
Residences
Private foyer with elevator entry
10-foot ceilings in living spaces
10-foot exterior sliding doors
8-foot European wood interior doors with concealed hinges
Exquisite porcelain floors
Custom finished closets
Most residences have outdoor terraces with summer kitchens
Master bedroom suite with spacious bathroom and separate vanity area
Two assigned parking spaces per residence
EV-ready parking spaces available
Amenities
Entertainment space with billiards and golf simulator
Cucina featuring kitchen and full bar for entertaining that opens to the pool deck
Library with outdoor terrace overlooking the park
Grand building entrance with lobby lounge
Covered garden and valet waiting area
Tea room with kitchen and bar for entertaining
Executive room with video conferencing
10,000 SF onsite park and garden with shade trees
Dog park and dog run
High-Speed WIFI in all Common Areas
Bike Racks
Pool Deck featuring two summer kitchens, spacious sunbed relaxation areas
78-foot resort-style pool with lap lane and waterfall
State-of-the-art fitness facility with yoga, Pilates and weight training area
Spa and wellness center with treatment room, hammam / steam room, his-and-her sauna, and hydrotherapy plunge pools
The Coral Gables City Commission approved Location Ventures’ proposals earlier this week for a second, bigger condo development at 1505 Ponce de Leon Boulevard. The site will be sold by a Florida East Coast Realty subsidiary to Location Ventures, which has plans to construct a 16-story, 87-unit condo structure.
CP Group and DRA Purchase Miami Tower for $163 Million
The famous Miami Tower was just purchased by CP Group and DRA Advisors for $163 million.
Since its completion in 1987, the 47-story office skyscraper by the late Pritzker-winning architect I.M. Pei has served as a landmark in Downtown Miami, illuminating Miami’s skyline with light displays.
The 636,000-square-foot skyscraper has 37 levels of offices, 10 floors of parking, an on-site Metromover station, and street-level retail space. It is situated at 100 SE 2nd Street, a block from the Miami River.
Leading hedge fund Citadel and its sister company Citadel Securities, a market maker, recently announced plans to move from Chicago to Brickell, Miami’s financial area. The company’s creator, millionaire Ken Griffin, paid $287 million for the office building 1221 Brickell and $363 million for a beachfront property on Brickell Bay Drive where he plans to erect an office skyscraper.
Miami Tower traded with a loss, as opposed to 1221 Brickell, which reported an 85% gain from its most recent sale in 2017. According to public documents, Sumitomo Corporation of Americas, the seller, paid $220 million for the property in 2016.
Losing a significant tenant contributed to Miami Tower’s depreciation. Last year, the law firm Carton Fields moved into the MiamiCentral building, leasing around 95,000 square feet. Currently, Miami Tower is only about 65 percent occupied, down from almost 100 percent in 2016.
According to a source, the property’s renovation by the new owners will probably cost more than $20 million.
The agreement is CP and DRA’s second joint venture in South Florida. For $320 million, New York-based DRA acquired CP’s majority ownership of the Boca Raton Innovation Campus office development. It continues to be the largest office trade in South Florida in terms of gross volume.
830 Brickell Tops off Construction in Miami’s Financial District
As it nears completion later this year, Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be constructed in the urban core in more than ten years, at 55 floors (724 feet tall).
In addition, 830 Brickell is the only Class A office tower being constructed in Miami’s Financial District at a time when national and international businesses are relocating and developing there. It was developed by OKO Group and Cain International.
Microsoft, Blackstone, Thoma Bravo, A-CAP, CI Financial Corp., Marsh Insurance, AerCap, and WeWork are just a few of the prestigious tenants that have signed leases on the 640,000 square foot office skyscraper, which is already more than 60% leased. One of the biggest airplane leasing firms in the world, AerCap, obtained a 20,000 square foot lease in February and will be moving its new offices to the entire 50th floor.
An investment company from Canada called CI Financial stated a month earlier that it would quadruple the size of its lease at 830 Brickell, increasing it from the previous 20,000 square feet to around 40,000 square feet for its American headquarters.
To house its Latin American regional team, Microsoft inked a lease for 50,000 square feet in September. Private equity firm Thoma Bravo also negotiated a lease for 50,000 square feet, beginning in the spring of 2021.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In a prepared statement, Vlad Doronin, chairman and chief executive officer of OKO Group, stated that 830 Brickell is meeting the needs of prestigious users from all over the world who are drawn to the tower’s new quality of construction, technology, and design-led services.
The $300 million construction loan from MSD Capital, secured in 2019, was used to fund the project, which was created by Adrian Smith + Gordon Gill Architecture. Once the COVID-19 pandemic started in 2020, building plans were modified to include the most recent health standards for heating, ventilation, and air conditioning systems, as well as contactless entrance and exit technologies. Construction started that year.
The property, which will be near the intersection of Brickell Plaza and SE 9th Street, will feature sweeping views of both the city and Biscayne Bay. Iosa Ghini Associati, an Italian architecture and design firm, is creating the interiors of the tower.
Building Amenities:
Rooftop bar/lounge
Fine dinning restaurant
Health and wellness center
Conferencing facilities
Outdoor terrace
Cafes
Street level retail
The Metrorail and Metromover, the Brightline, walking and cycling trails, and bay access points are just a few of the close transportation alternatives. Design District, Wynwood, Edgewater, and Miami Beach are just a few of the best residential and lifestyle neighborhoods in Miami that are close by.
Location Ventures Proposes a 16 Story Condo Tower in Coral Gables
Coral Gables’ continued growth is being hinted at by Rishi Kapoor’s, Location Ventures’ proposal for a 16-story condominium. According to documents submitted to Coral Gables, Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.
According to the minutes of the June meeting of the Coral Gables Planning & Zoning Board, the developer has a contract with the seller, who is a partner of Tibor Hollo’s Florida East Coast Realty, to purchase the land.
At its meeting on Tuesday, the municipal commission is anticipated to vote on the request. In the event that the proposal is authorized, commissioners will vote on it a second time at the next meeting.
According to documents, Coral Gables-based Location Ventures intends for seven of the units to be live-work condos on the lower levels of the structure and the other 80 would be located on the upper levels. A 319-car garage, 10,500 square feet of retail space, 20,144 square feet of open space, and a public dog park would also be included in the project.
According to property records, the site is mostly empty save from a two-story, eight-unit apartment structure. According to the minutes of the planning & zoning board meeting, the historic structure, built in 1925, will be maintained and integrated into the project, maybe as retail space.
The finished 13-story, 39-unit Villa Valencia condominium at 515 Valencia Avenue is one of the company’s developments in Coral Gables. In 2018, Location Ventures had invested $16 million in the property.
The business spent $20 million buying a pair of commercial structures in Miami Beach at 1260 and 1234 Washington Avenue last year. Under Location Ventures’ Urban co-living brand, the 1260 Washington Avenue property will be refurbished, while the 1234 Washington Avenue building will be rehabilitated.
Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami
Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.
“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” states Griffin’s letter to his staff.
Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.
Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.
Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.
He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.
The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.
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.
