Groundbreaking Announced for Waldorf Astoria Residences Miami
The Waldorf Astoria Residences Miami, which will be the highest residential structure south of New York City, is scheduled to break ground on October 27th, 2022.
The groundbreaking for the 100-story collection of 9 glass boxes in downtown Miami, is the result of an alliance between the New York and Miami-based developer PMG, the Toronto-based private equity firm Greybrook Realty Partners, and the international hospitality giant Hilton.
The 1,049-foot tower will rise at 300 Biscayne Boulevard, which will be located across from Bayfront Park at the northwest intersection of Biscayne Boulevard and Northeast Third Street.
360 individual homes will be included on the site, along with 205 bedrooms and suites in the five-star hotel.
The building will also contain 1,321 square feet of commercial and retail space, as well as parking for up to 694 cars and 350 bicycles.
The third cube, which is located towards the base of the tower, rotates in response to the pool deck, while the second cube, which is placed further to the east, forms an outdoor dining area for an expensive restaurant. The first cube rotates upward at street level to welcome locals and guests while supporting the entire tower.
Peacock Alley, a specialty restaurant, indoor/outdoor pre-function and event spaces, conference and boardrooms, a resort-style pool deck with private cabanas, a spa, and a fitness facility will all be considered signature areas.
Residences will feature the newest smart home technology with access to concierge services through a personalized mobile app. The app will have a comprehensive list of services, including the ability to make reservations for meals, 24-hour room service, spa and fitness services, house cars, access to valet service, package delivery, and dog walking.
Sales for the project began in March 2021 and sold 75% within the first 9 months. Now the project is sold out! The designer for the project is listed as BAMO.
The price of a residence begins at $1 million, and PMG Residential is in charge of sales and marketing.
Hilton Management Services will be in charge of running the Waldorf Astoria Residences Miami.
Demolition has already begun on the existing asphalt as well as field site borings being completed. Deep Soil Mix permit has been issued and work was started in July 2022.
The tower is expected to be finished in 2025.
If you or anyone you know has an interest in acquiring it, contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
New York Developer Acquires Belmar Condominium in Edgewater for a Potential New Development Site
Another potential development site in Miami’s Edgewater neighborhood has been acquired by a New York condo and multifamily developer.
According to public documents, a company managed by Joseph Stern, the principal of SB Development, paid $12 million for all 13 apartments of the Belmar Condominium at 419 Northeast 19th Street. The price per condo for the group purchase is $923,076. To pay for the transaction, the buyer got a $14 million loan from Rok Lending, a company based in Aventura.
Between the 1970s and the 1990s, several of the sellers who bought units made substantial profits on their purchases. In 1973, when Belmar was finished, Francesca, Monica, and David Vila paid $36,000 for a two-bedroom apartment, according to documents. Leopoldo Colon and Kenneth Merker, who are on the board of the Belmar condominium, paid $40,00 and $41,00 for their respective apartments in 1993 and 1994. After Stern’s company completed the bulk sale, the condo association was disbanded, according to records.
The five-story Belmar, which is tucked up against the Cité on the Bay Condominium, might be SB Development’s upcoming renovation endeavor in Edgewater. There are no plans on file with the city of Miami.
For $12.2 million, SB and its joint venture partner Hazelton Capital Group purchased a five-bedroom home at 480 Northeast 29th Street as well as two nearby vacant properties. The land is zoned for up to 38 floors, and the partnership aims to build a boutique apartment tower with a bayfront restaurant on the ground floor.
According to the company website, SB, which was founded in 2010, has more than 500,000 square feet of projects in various stages of development, from townhomes to high-rise buildings. For a construction site in Long Island City where the company intends to construct a $70 million, 24-story apartment tower, SB paid $15.2 million in 2019. SB also contributed to the development of Williamsburg’s Dime, a mixed-use housing and retail complex.
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.
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.
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.
70% Sold for Standard Residences
In November Rosso Development along with Standard International announced their collaboration on a development project in Midtown Miami, The Standard Residences. Now, the Standard has reached 70% sold in only 5 months.
Situated between the Design District and Wynwood, the Standard Residences will rise 12 stores and will feature 228 luxury hotel branded units curated by Urban Robot and Standard International. Arquitectonica is listed as the architect on the project.
The luxury units range from 432 to 965 square feet of living space with studio to two-bedroom floor plan options still available. Prices will range from $469,900 to $949,900
Price Breakdown
Studios starting at $469,900
1-bedroom starting at $699,900
1-Bedroom + Den starting at $809,900
2-bedrooms starting at $949,900
The units will feature cubby kitchens designed by Urban Robot, expansive 6′ deep terraces, and master baths with double showers. Unit owners will be able to rent their units for periods of up to 30 days with exclusive benefits to friends and family.
Amenities:
35,000 square feet of amenities
10,000 square feet of retail space
Expansive lobby with lounge areas and a cafe
Rooftop restaurant
Bar
60-foot resort-style pool
Sweat room and fitness center
Indoor pickleball court
Yoga and stretch studios
Karaoke bar
Pet Spa
Party room
Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.
Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.
The sales gallery is still under construction and is expected to be completed in June 2022. Construction on the actual tower has already started and the expected completion date is in 2023.
Triple Tower Development Proposed by Hyatt and Gencom on the Miami River
Hyatt and Gencom have recently formed a partnership with the goal to redevelop downtown Miami’s Hyatt Regency into a 3 tower development site located directly on the Miami River. This development is expected to enhance access in and out of the city, and revitalize a major section of Miami’s riverfront.
The proposal calls for a privately funded makeover that includes a reinvented Hyatt Regency hotel with over 1,500 residential apartments, meeting space, and open-air public space along the Miami River.
Three skyscrapers are planned for the site. 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of conference space, and 264 serviced apartments will be housed in Towers 1 and 2, which will rise 61 stories.
Tower three, which is expected to have 860 residential units, will be one of South Florida’s highest structures dubbing it a supertall tower. According to a spokesperson of the joint venture, the supertall tower would be 1,049 feet tall, which is the highest height allowed by Miami’s zoning standards.
The towers will be above a podium structure with 190,000 square feet of Class A conference space, which is a 50 percent increase over the James L. Knight Center’s current capacity.
Tower Proposal
1,806 apartments
20,000 sq. ft. of co-working space
615 rooms under the Hyatt Regency hotel brand
190,000 sq. ft. of meeting space
12,000 sq. ft. of food and beverage/retail space
Restaurant and lounge located in a skybridge linking the two shorter towers just 700 ft high
50,000+ sq. ft. of public space
1,100 parking spaces
Rebuilt riverwalk spanning 480 feet
Covered pedestrian bridge connection to Metromover’s Knight Center Station
Arquitectonica is listed as the architect. Construction on the Hyatt Regency Miami property is planned to begin in 2025 if voters approve the project in November 2022.
Calta Group Purchases Hollywood Development Site for $9.5 Million
A new apartment development could be in the works in downtown Hollywood. The Calta Group recently purchased the site located at 2215-2239 Hollywood Blvd for $9.5 million.
The 1.6-acre site was sold by Hollywood Construction & Development LLC which is managed by Joseph Horn of Miami. The same company purchased the site just late year in May 2021 for $7.7 million.
Several retail and office buildings currently occupy the site and would need to be demolished once the project is approved. The Calta Group, which is led by Ignazio, Gaetano Caltagirone, and Igor Blatnik plans to develop an 8-story apartment tower. The tower itself would feature 180 units and 1,800 square feet of ground-floor retail space.
The original design was proposed in 2019 by Borges Architects + Associates who would remain the lead for the project.
Amenities:
Pool deck
Business center
Gym
The groundbreaking will be scheduled for the 4th quarter of 2022 but the Calta Group still needs to select a general contractor for the project.
The Calta Group continues to make headway in Hollywood with their total construction projects reaching $1.5 billion.
