Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort

Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.

The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.

Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.

Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.

This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.

The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.

Foundation Pour Completed for Aria Reserve North Tower

Exciting progress is being made on the highly anticipated Aria Reserve development in Miami! The foundation pour for the 62-story Aria Reserve North Tower was successfully completed, according to a recent social media post by shell contractor L&R Structural Corp. This marks a significant milestone in the construction of one of Miami’s most luxurious and ambitious residential projects.

The foundation pour comes just a few weeks after the Miami Building Department issued the master construction permit for the North Tower on June 11. Construction cranes were promptly installed following the permit issuance, allowing the project to progress smoothly. The twin towers of Aria Reserve, each rising 62 stories or 649 feet, are set to redefine Miami’s skyline.

Aria Reserve is a twin-tower development, with each tower standing tall at 62 stories. The South Tower, which topped off in April, is a testament to the speed and efficiency with which this project is moving forward. Together, the two towers will offer approximately 743 luxury condos, providing residents with stunning views and top-tier amenities in the heart of Miami.

The Aria Reserve project is being developed by the esteemed Melo Group, a name synonymous with quality and luxury in Miami’s real estate scene. The architectural design is being crafted by the renowned firm Arquitectonica, known for their innovative and iconic designs that grace skylines around the world.

With the foundation pour now complete, the construction of the Aria Reserve North Tower will continue to rise, bringing this ambitious project closer to its final form. As the towers inch closer to completion, Miami residents and future condo owners alike are eagerly awaiting the day when Aria Reserve will open its doors, offering an unparalleled living experience in one of the most vibrant cities in the world.

Onda Residences: A New Landmark in Miami’s Bay Harbor Islands

Onda Residences, a stunning 8-story residential condominium designed by the renowned Arquitectonica, has reached a significant milestone with the completion of construction. Located at 1135 103rd Street in Miami’s Bay Harbor Islands, this boutique waterfront tower has officially received its Temporary Certificate of Occupancy (TCO). This achievement marks the beginning of a new chapter for Onda as owners move forward with unit closings and prepare to call this luxurious development home. The project was spearheaded by developers Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties, with Coastal Construction serving as the general contractor.

Onda has been a highly anticipated addition to Miami’s luxury condo market since its initial launch in 2021. Nearly all of the residences have been presold, reflecting strong demand for high-end properties in the area. Only three units remain available, with prices starting at approximately $5.1 million. The majority of Onda’s buyers are domestic, highlighting a trend of business and wealth migration fueling South Florida’s real estate market.

Onda Residences offers an array of luxurious living spaces, with residences ranging from two to four bedrooms plus den floorplans. The units vary in size from 1,809 to 3,535 square feet, with four penthouse residences reaching up to 5,073 square feet. Two of the penthouses include private rooftop pool decks. Each unit features high-end finishes, including private and semi-private high-speed elevators, floor-to-ceiling, impact-resistant sliding glass doors and windows, spacious tiled terraces with private gardens, open floor layouts with up to 9-foot-high ceilings, and fully-accessorized Snaidero kitchens with top-of-the-line Miele appliances. Bathrooms boast Italian marble and Milldue cabinetry, complemented by Italian flooring throughout. The residences also include energy-efficient air conditioning and heating systems, as well as advanced air and water filtration systems.

Designed by Bernardo Fort-Brescia of Arquitectonica, Onda reflects its name—meaning “wave” in Italian—through its architectural style and interior design. The interiors, crafted by Carlo and Paolo Colombo of A++ Human Sustainable Architecture, feature soothing, neutral tones inspired by the meeting of water and sand. Award-winning architect Enzo Enea of Enea Garden Design was responsible for the landscaping, adding to the serene and tropical ambiance of the property.

Onda’s prime location offers more than 300 linear feet of bay frontage with breathtaking views of Biscayne Bay and the Atlantic Ocean. The development includes a private marina with 15 boat slips and a water sports launch dock, providing residents with direct ocean access through Miami’s Haulover Inlet.

The building’s amenities are equally impressive, featuring a rooftop pool deck and lounge area, a state-of-the-art fitness center with Technogym equipment, a yoga studio, and a spa complete with massage treatment rooms, steam bath and sauna rooms. Residents will also enjoy personalized services, state-of-the-art security and technology, a front desk reception, a covered valet drop-off area, personal parking spaces, electric vehicle charging stations, bicycle storage, and residential storage space. An integrated digital concierge, WiFi throughout public spaces, and FTTH technology for voice, video, and high-speed internet are also provided.

Onda marks another successful collaboration between Colombo and Morabito, who previously partnered on the development of Beach House 8, a boutique waterfront condo on Collins Avenue in Miami Beach. Colombo’s CMC Group continues to make waves in the Miami real estate market, with projects like Vita at Grove Isle and the Four Seasons Private Residences Coconut Grove in partnership with Fort Partners.

With its prime location, luxurious features, and thoughtful design, Onda Residences is set to become a landmark in Miami’s Bay Harbor Islands, offering a unique and upscale living experience for its residents.

Aston Martin Residences Miami Update

In less than three months, over 100 deeds have been recorded at Aston Martin Residences, showcasing the rapid pace at which these exclusive units are being claimed. The developer, G&G Business Developments, held a ribbon-cutting ceremony for the new building on April 30, celebrating the completion of this architectural marvel.

The Aston Martin Residences tower boasts a total of 391 luxury condos, each designed to offer an unparalleled living experience. With sleek, modern designs and top-of-the-line amenities, these residences are tailored for those seeking the ultimate in luxury and comfort. The demand for these units was evident long before the building’s completion, with the developer reporting that 99% of the units were sold prior to the official opening. This pre-sale success highlights the desirability and prestige associated with the Aston Martin brand.

Interestingly, more than 50 of the new residents also own an Aston Martin car, further emphasizing the connection between the lifestyle offered by the residences and the luxury automotive brand. This unique synergy between high-end real estate and luxury automobiles sets Aston Martin Residences apart in the Miami market.

The swift sales and high demand for units at Aston Martin Residences reflect a broader trend in Miami’s real estate market, where luxury developments continue to attract affluent buyers from around the world. As more residents move in and begin to enjoy their new homes, the Aston Martin Residences tower stands as a testament to the enduring appeal of luxury living in one of the world’s most dynamic cities.

Breaking Ground: The HueHub Revolutionizing Miami-Dade’s Landscape

Miami-Dade County is on the brink of a transformative urban development, as plans for a groundbreaking project, The HueHub, have been submitted to local authorities. Named after its vibrant vision and its potential to become a central hub for the community, The HueHub, also known as Holland Park, promises to redefine the Miami skyline and enhance the local lifestyle experience.

The HueHub is set to be a sprawling urban oasis, seamlessly integrating residential, retail, and recreational spaces. With 3,233 residential units, 57,260 square feet of retail space, and a whopping 4,249 parking spaces, this project isn’t just large in scale; it’s a testament to the evolving needs and aspirations of Miami-Dade’s residents.

Designed by the renowned architectural firm Arquitectonica, The HueHub promises to be a striking addition to Miami’s architectural tapestry. Multiple towers will punctuate the skyline, with the tallest soaring an impressive 37 stories high. This ambitious design is set to breathe new life into the area, replacing existing one-story buildings with a dynamic, multi-dimensional urban landscape.

Behind The HueHub stands the 27th Ave Hollandpark Ecoresidences LLC, a developer with a bold vision for Miami’s future. Their commitment to innovation and sustainability is evident in the project’s name, highlighting their dedication to creating eco-friendly living spaces that seamlessly integrate with the surrounding environment.

One of the most exciting aspects of The HueHub is its strategic location within Miami-Dade County. With the North Corridor Metrorail extension along NW 27th Avenue in the pipeline, The HueHub is poised to become even more accessible to residents and visitors alike. A proposed station at 83rd Street, mere steps from the development site, will further enhance connectivity, making it easier than ever to explore everything Miami-Dade has to offer.

As plans for The HueHub continue to unfold, anticipation is building within the Miami-Dade community. This ambitious project has the potential to not only reshape the local skyline but also to create a vibrant, thriving community where residents can live, work, and play.

Miami Heat’s Tyler Herro Lists Pinecrest Mansion

Miami Heat guard Tyler Herro seems to be making headlines both on and off the court this offseason. With the recent listing of his luxurious 8-bedroom, 9-bathroom Pinecrest mansion for $12.2 million, trade rumors surrounding the young star have reached a fever pitch.

The luxurious mansion, spanning 9,505 square feet, showcases its grandeur and elegance to potential buyers. Initially listed for $13 million in late April, shortly after the Miami Heat’s disappointing loss to the Boston Celtics in Game 1 of the Eastern Conference first round, the price was later reduced to $12.2 million, possibly reflecting strategic considerations or market dynamics.

This lavish estate boasts an array of amenities, including an outdoor kitchen and a “resort-style” pool, creating an ideal setting for relaxation and entertainment. Additionally, the home features an elevator, wine cellar, state-of-the-art kitchen, media room, summer kitchen, and cabana, embodying luxury and sophistication at every turn. Tyler Herro acquired this modern mansion in December 2022 for $10.5 million, setting a record for the highest sale in Pinecrest at the time of purchase.

Interestingly, Herro’s decision to list his mansion comes on the heels of his four-year, $120 million contract extension with the Miami Heat, signed just two months prior. With an additional $10 million in incentives, Herro’s lucrative deal underscores his value and potential in the NBA, further accentuating the significance of his mansion listing in the context of ongoing trade discussions and personal considerations.

Sales Launch for Domus Brickell Park Miami

We are thrilled to announce the launch of sales for Domus Brickell Park, the latest milestone in luxury condominium development brought to you by North Development—a joint venture between Miami developer Ricardo Dunin’s Oak Capital and Peru’s Edifica. This exciting project marks the second condominium under the Domus brand and showcases the unique FLATS concept (Flexible Apartments for Temporary Stays), designed to revolutionize urban living.

Situated in the heart of Miami’s prestigious Brickell financial corridor, Domus Brickell Park will rise 35 stories high, featuring 579 meticulously designed units. This prime location at 1034 SW 2nd Avenue places residents at the epicenter of vibrant city life, surrounded by major banks, corporate headquarters, trendy restaurants, shopping centers, and recreational venues.

Domus Brickell Park promises an exceptional living experience with an array of world-class amenities:

• The Cypress Room: A luxurious 4,000-square-foot gathering space featuring a café, wine bar, and artisanal market with gourmet fare.
• High-Touch Services: 24-hour concierge, valet attendants, and a dedicated customer service line.
• Wellness and Recreation: A seventh-floor gym with an outdoor terrace, rooftop yoga deck, rooftop bar, pool, sky deck, cabanas with day beds, hot tub, and a lush garden lounge.
• Technology and Convenience: The Domus FLATS App for seamless check-ins, room and elevator access, and more.

The FLATS concept, coined by Ricardo Dunin, is garnering praise for its innovative approach to short-term rental-friendly offerings, rooted in high-end hospitality. Domus Management, a bespoke management company created by Dunin, ensures that each property adheres to top-tier brand standards, providing a comprehensive, customer-centric experience.

The design team for Domus Brickell Park includes Studio Mc+G Architecture, known for their work on the iconic Delano South Beach hotel, and Urban Robot Associates, specialists in urban design, interiors, and landscape architecture. The building is a wellness-focused ‘green’ structure featuring ultraviolet (UV) water purification, air filtration systems, and EV charging stations.

Residents of Domus Brickell Park will enjoy unparalleled access to transportation, with the Brickell Metromover station just one block away. This connection links to the Miami Metrorail and the Brightline high-speed train, making travel to Orlando a breeze. The building’s location also offers stunning high-floor views of the cityscape and Biscayne Bay, and proximity to Southside Park, multiple greenspaces, and The Underline—a 10-mile linear park with numerous amenities.

Starting from the low $500,000’s to $1.5 million, Domus Brickell Park offers studio, one-, and two-bedroom FLATS featuring nine-foot ceilings, private balconies, keyless entry smart lock systems, premium appliances, and in-unit washers and dryers. This competitively priced property is poised to be a standout in the Brickell market.

Domus Brickell Park is slated for completion at the end of 2027, promising to be a landmark of luxury and innovation in Miami.

MSC Cruises Unveils World’s Largest Cruise Terminal at PortMiami: A Game-Changer for Tourism and Sustainability

In the ever-evolving landscape of cruise tourism, PortMiami has consistently set benchmarks, but the latest development is setting a new standard. MSC Cruises is nearing the completion of what will be the world’s largest cruise terminal, a state-of-the-art facility with an impressive price tag of $450 million. This ambitious project is not just a testament to MSC Cruises’s commitment to enhancing Miami’s cruise sector but also a beacon of modernity and sustainability.

The new MSC Cruises terminal at PortMiami is poised to be a marvel of modern architecture and operational efficiency. Designed by the renowned firm Arquitectonica, the terminal sprawls over a significant footprint at the bustling port. Its completion is highly anticipated later this year, promising to elevate the passenger experience to unprecedented levels.

Key features of the terminal include:

• Capacity to Welcome Thousands: On a daily basis, the terminal will handle 36,000 guests across its three cruise berths. This capacity is not just impressive; it’s transformative, designed to streamline operations and enhance passenger comfort from arrival to embarkation.
• Ample Parking Facilities: With a parking garage that can accommodate 2,400 cars, visitors will find easy access and secure parking, making their travel experience smoother right from the start.
• Environmental Considerations: In a significant nod to sustainability, the terminal incorporates shore power connectivity. This feature allows docked ships to draw electrical power from the land, significantly reducing the emission of pollutants and underlining MSC’s commitment to environmental stewardship in its operations.

MSC Cruise’s investment in Miami extends beyond the colossal terminal. The company recently announced the construction of a new $100 million headquarters in Overtown, signaling its long-term commitment to the region and its economic health. This facility will not only create jobs but also stimulate local economic activity, fostering community growth and development.

Adding to the excitement, MSC Cruises has revealed plans for a grand naming ceremony for its newest flagship, the MSC Cruises World America, scheduled for April 9, 2025. This event, to be held at the new PortMiami facility, is expected to be a landmark occasion, attracting cruise enthusiasts and dignitaries alike.

As MSC Cruise’s new terminal moves closer to completion, it heralds a new era not just for PortMiami but for the entire cruise industry. This facility is set to become a central hub for international travelers and a model for future cruise terminal developments worldwide. With its blend of capacity, innovation, and sustainability, MSC Cruises new PortMiami terminal is not just a gateway to the seas but a doorway to the future of cruising.

Unveiling The Julia Residences in Miami

Miami’s skyline is a testament to its ever-evolving narrative, each tower a chapter in the city’s vibrant history. And now, a new landmark joins the ranks, marking not just another building but a new beginning for Allapattah. The Julia Residences, standing tall at 14 stories, has officially opened its doors, welcoming its first residents into a world of luxury and convenience.

Developed by Lissette Calderon’s visionary Neology Life Development Group, The Julia Residences represents a $100 million investment in the heart of Miami. With 323 meticulously crafted units and 13,000 square feet of street-level retail space, this towering marvel promises to redefine urban living in the Allapattah district.

Inspired by the legacy of Julia Tuttle, the city’s founding mother and businesswoman, every aspect of The Julia Residences pays homage to her vision and tenacity.

Day one saw 25 eager residents call The Julia home, marking the beginning of a vibrant community that promises too flourish with each passing day.

Behind every great building lies a team of dedicated professionals, and The Julia Residences is no exception. Spearheaded by JAXI Builders, Inc. as the general contractor, with Behar Font Architects lending their expertise in design, and designBAR crafting interiors that blend elegance with functionality. Meanwhile, Witkin Hultz Design has masterfully curated the outdoor spaces, creating lush green retreats amidst the urban landscape.

Strategically located within walking distance of a Metrorail Station and just blocks away from Jackson Memorial Hospital, The Julia Residences offers unparalleled connectivity and convenience. It’s not just a place to live; it’s a gateway to everything Miami has to offer.

But Neology Life Development Group’s vision extends far beyond The Julia. With the impending completion of Fourteen Allapattah Residences slated for Q3 of 2024, the developer is set to further redefine the district’s skyline. With a portfolio boasting over 1,000 apartments recently built or under construction in Miami’s urban core, and plans for an additional 1,600 units in the pipeline.