JMH Development to Build 7 Story Luxury Tower in Miami Beach
The long-awaited Miami Beach condo project by JMH Development can finally move forward after the lawsuit against the developer was dismissed. The lawsuit included the actual condo site where the plans for this new tower would be constructed.
The project has been put on hold for 5 years due to a dispute between the original partnership of Jason Halpern (Managing Partner for JMH Development) and companies owned by Dhruv Piplani. In 2017, Piplani filed suit again Halpren and accused them of selling the property without permission of the co-investors.
When originally purchased, the property was purchased for $7.75 million by 29 ICD LLC, managed by Gerard Longo, who is noted as a longtime business partner of Halpren.
To add fuel to the fire, in 2020, Halpern filed for a $5.25 million mortgage foreclosure against the property. The original case was dismissed due to a breach of contract because PSB Indian Creek failed to make the $800,000 contribution toward the project in 2016.
According to Halpren, “In addition to Justice Masley’s ruling in favor of JMH Development across the board, the court awarded our client attorneys’ fees. This is a big win for our client, and demonstrates the egregious nature of the claims made against them.”
The project itself will be located at 2901 and 2911 Indian Creek Drive in Miami Beach. It is approved to rise up to 7 stories with 22 luxury condo units. The property itself will have to stay under 17,150 square feet and will also feature a rooftop pool, as well as a parking garage for 22 cars.
As More Companies Migrate to South Florida-Miami Commercial Real Estate Booms
As more companies migrate to south Florida, we are seeing more office spaces renting out, new mixed-use construction and now more than ever, new mixed-use projects. More recently, RAL Tricap Wynwood LLC has proposed a mixed-use twin tower project in the Wynwood Arts District.
Located at Northwest Fifth Avenue and 27th Street, these two 8 story buildings are proposed to have over 250,000 square feet of office and retail space. Dubbed the names, Wyn on 5th North and WYN on 5th South, this twin developments was review by the city in March 2022 and the developers are just waiting on final approvals.
Wyn on 5th North will feature 106,414 square feet of office plus 6,961 square feet of retail and 268 parking space with available bike spaces. Wyn on 5th South will showcase 139,254 square feet of offices, 16,000 square feet of retail, and 377 parking spaces. Each garage will be enclosed and will feature a roof deck.
The project was envisioned to encompass work and play into one creative space. The developer is looking to advertise to local and national companies who wish to be at the beginning stages of the Miami’s financial and tech scene.
According to the attorney, Steve Wernick, “Together, the buildings create a landmark arrival and visual gateway into the Wynwood Arts District from NW 5th Avenue, and significant public realm improvements that will enhance the connectivity and pedestrian experience of Wynwood – extending 24/7 activity to the Fifth Avenue corridor.”
The project itself will be designed Arquitectónica. Although the board recommended approval they still had some commend concerning the design, which were called “two decorated boxes.” They wish to see buildings that resembled more of what the Wynwood Design District is and what the area is all about. Another recommendation included the artwork on the exterior of the building to encompass the vibe of Wynwood.
Can the Metaverse Change the Miami Real Estate Market?
“Metaverse” is a massive buzzword in the realms of technology, business, and finance right now, and like all buzzwords, its definition is hazy, debated, and molded by the objectives of those who use it. Now, the Metaverse is being debated whether it can be a real estate game-changer.
One Miami commercial group is trying to make their listings more attractive by utilizing the Metaverse. Currently, Inhouse Commercial is partnering with the Metaverse Group to create a virtual copy of the two buildings that they have for sale in Miami Beach.
The properties are located at 930 and 960 Alton Road, and whoever purchases the properties, will receive the digital copies of the buildings in the Metaverse. The total asking price for the package is $25 million.
The property is owned by the former Miami Beach Mayor, Phillip Levine. It has been on the market since early 2021. Although the property has received multiple offers, the company stated that they believe they could lure in a big tech company with the Metaverse addition.
Metaverse Group, a significant virtual real estate owner and developer, has so far only created representations of the virtual property. According to Matt Zanardo, the firm’s consulting head, it will wait until Inhouse finds a buyer to completely build it out and choose the metaverse where it will reside.
According to Inhouse’s owner, “Companies and brands in our line of business were entering the metaverse, and we saw there was probably going to be a need for a connection to the real world.”
Recently, a number of organizations and brands have entered the metaverse recent months, and the feasibility of the virtual real estate industry has yet to be shown.
If the company succeeds with this deal, this will be the first-ever commercial/metaverse purchase and will forever change how commercial properties are presented to developers as well as other potential buyers.
Aston Martin Residences Miami Exceeds 90% in Sales Breaking Records in January and February 2022
Developers for Aston Martin Residences Miami recently announced that sales continue to climb and there seems to be no stopping the upward direction of unit prices. Sales for this new tower have surpassed 90%, beating its own records for both January and February 2022.
According to Alejandro Aljanati, CMO of G&G Business Developments, the business behind the project in partnership with premium brand Aston Martin, January and February 2022 combined completed over $100 million in sales. There are more under contract leaving less than 40 units available for much anticipated luxury tower.
According to Aljanati with the tower 90% sold, “This is called scarcity and rarity. There’s no inventory. The whole building is increasing prices. So even if you bought an apartment six months ago, you will make a very good profit.”
The tower’s penthouse, which is the only triplex penthouse in an Aston Martin structure, has boosted its asking price from $50 million to $59 million as a result of the increasing demand. The purchase still includes the extremely rare Aston Martin Vulcan.
Units range from studio to 4 bedroom floor plans with square footage beginning at 698. River and Panoramic units start at $750,000 and rise to $8+ million depending on the floor plan and unit location. As for the Sky and Penthouse residences, units begin at $14 million reaching well over $50 million.
Development Information
Developer: G&G Business Developments
General Construction: Coastal Construction
Architect and Design Team: Luis Revuelta of Miami and Bodas-Miani-Anger of Argentina
Residence Features
Private service entrance at basement level for all move-ins and personnel
Bulthaup custom cabinetry in kitchens
White marble floors throughout the entire unit and porcelain in all balconies
Quartz countertops in the kitchen. Piatra Grey (Ceasarstone) or similar
Gagganeau appliances in all residences: (sizes depends on units)
Duravit wall-mounted toilets in all units throughout the building and bidets in select units
All bathrooms feature marble floorings and walls (Thassos or similar
Hansgrohe faucets in secondary bathrooms and exclusive Axor model in master and powder bathrooms
Italian Bertolotto doors with AGB hardware in all units
Wood-paneled front doors to residence with programmable smartphone technologies such as NFC and Bluetooth
Floor soundproofing system installed throughout all units including all bathrooms
Walls dividing units with corridors will be 10″ wide with layers of Quiet Rock improving soundproofing
German Schuco hardware on sliding glass doors
ThyssenKrupp “Destination Dispatch” elevator system from main lobbies getting passengers to their destination in the shortest travel time and enabling access only to their own floor for enhanced security
High-speed elevators going up to 1200 feet per minute
High-speed internet and Wi-Fi hotspots in all common areas
Cast iron pipes and risers avoiding Waterflow noises
Amenities
Full-service building with concierge and hospitality-inspired services
Super Yacht Marina facilities
“The Aston Martin Club” membership
Rooftop infinity pool located on 55th floor
Fitness Spa and Fitness Center with Meditation Room and Treatments Suites
Private Steam, Sauna, and Locker Facilities
Pet-friendly building
Building designed with a helipad on the rooftop
24-hour valet and covered garage self-parking
Valet charging stations for electric cars
Valet Butler
Additional bicycle and private storage spaces
10 destination controlled super hi-speed elevators and separate dedicated service elevators
Digital connection to concierge and all building amenities from every residence
State-of-the-art Business Center and Conference Rooms
Art Gallery and Art Lobby on 53rd floor
Private Residence Movie Theatre, Event Space, Kids Playroom, Teen Center, and Game Rooms
Virtual Golf
Beauty Salon with blow-dry station, pedicure chair, manicure table, and wash stations
Construction for Aston Martin Residences Miami is expected to be completed by the end of 2022. If you or someone you know have any interest in purchasing at Aston Martin Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Miami Real Estate Sales Soar for the 17th Consecutive Month
According to the Multiple Listing Service (MLS), Miami-Dade County real estate achieved its best-ever February sales month as existing condo transactions climbed by double digits for the 17th consecutive month, following the historic January 2022 and 2021 year sales.
Total house sales in Miami-Dade County increased 13.2% in February 2022, from 2,485 to 2,814. Due to low availability, Miami single-family home transactions fell 7.9%, from 1,093 to 1,007 units. Existing condo sales surged jumping up 29.8%, from 1,392 to 1,807, marking the 17th consecutive month of double-digit year-over-year condo gains.
Home sales were much higher in February 2022 compared to February 2020 with total house sales up 51.1% compared to February 2020, from 1,862 to 2,814. Miami single-family house sales are up 13.9% while condo purchases are up 84.8% from January 2020.
Miami luxury condo sales are up 45.4%, with mid-market transactions ranging from $400,000 to $600,000 on the rise. In addition, Miami’s existing condo luxury ($1 million and more) sales increased 45.4% year on year to 237 deals.
Miami single-family houses valued between $400K and $600K climbed 24.7 percent year over year in February 2022, with 389 sales. Miami’s existing condo sales in the $400K-$600K price range surged 101.8 percent year over year to 345 deals in February 2022.
Single-family home inventory fell 29.3 percent year on year in February 2022, from 3,128 active listings the previous year to 2,212 this month. Condominium inventory fell 55.1 percent year on year to 5,272 from 11,735 during the same time in 2021.
Months’ supply of inventory for single-family homes has been decreasing since July 2019, suggesting high demand. Months of inventory for single-family homes fell 39.3 percent to 1.7 months, indicating a seller’s market. Existing condominium inventory fell 74.5 percent to 2.6 months, indicating a seller’s market. A balanced market between buyers and sellers provides six to nine months of supply.
The total number of active listings at the end of February 2022 fell 49.6 percent year on year, from 14,863 to 7,484.
In February 2022, Miami-Dade County single-family median prices grew 19.1 percent year over year, rising from $450,000 to $536,000. The median price of a single-family home in Miami has climbed for 123 straight months (10.25 years), the longest unbroken stretch on record.
Year over year, the median price of existing condos grew by 26.7 percent, from $300,000 to $380,000. The median price of a condo has risen in 125 of the previous 129 months.
Mortgage rates have typically been low, making house purchases more accessible. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.76 percent in February, up from 3.45 percent in January, according to Freddie Mac. The overall commitment rate for 2021 was 2.96 percent.
Miami real estate is attracting several bids, with buyers willing to pay above the asking price. In February 2022, the median percent of the initial list price obtained for single-family houses was 98.7 percent, up 1.5 percent from 97.2 percent the previous year. For existing condominiums, the median percent of the original list price obtained was 97.8 percent, up 3.7 percent from 94.3 percent last year.
Miami cash sales accounted for 75.6 percent of all sales in February 2022, which is much higher than the national average. In February 2022, cash transactions accounted for 43.9 percent of Miami closed sales, up from 35.8 percent in February 2021. According to the most recent NAR figures, cash accounts for around 25% of all house sales in the United States.
Cash sales made up 53% of all existing condo sales in Miami and 27.5 percent of single-family purchases.
Official Plans Submitted for Riverside Wharf
In December 2021, it was announced that a Miami Developer along with Driftwood Capital announced plans the rebuild The Wharf alongside the Miami River. Now, those plans have officially been submitted to Miami’s Urban Development Review Board.
The plans for this project include a hotel and an entertainment complex with retail, food, and beverage. The cost for the project is estimated at $185 million. The plans submitted include 174 hotel units operated by Dream Hotels and 91,733 square feet of commercial space.
A 16,000-square-foot restaurant, a 12,000-square-foot event hall, a 30,000-square-foot nightclub/rooftop day club, and 600 feet of river frontage are all planned for the 200,000-square-foot project. Garcia’s Fish Market may also set up shop on the property as a pop-up market. Its commercial fishing activity used to be located on the property.
The zoning requirements for this type of proposal would include 417 parking spaces but the developers are requesting a 50% reduction in parking by the entertainment and hotel spaces sharing parking. Once approved, the parking spaces will be offsite.
A part of the proposed development includes public used land, which will require a special election. That election is currently scheduled for August 23 and it will involve a potential lease of the public property to the developer.
The 1.5-acre Miami River property at 114 Southwest North River Drive will be developed by MV Real Estate Holdings and its partner, Coral Gables-based Driftwood Capital. Nitin Motwani, the managing partner of Merrimac Ventures and the developer of the Miami Worldcenter, is also a general partner in the project, according to Mantecon.
The Miami Urban Development Review Board is scheduled to review the development proposal on March 16, 2022.
Sixty Sixty Condo Hotel Sold to Miami-Based Investment Group for $24 Million
In a previous foreclosure fight among owners and developers, the Sixty Sixty condo-hotel in Miami Beach has been sold for $23.5 million to a buyer who intends to repair as well as add to the waterfront development.
The 82-key condo-hotel is located at 6060 Indian Creek Drive along an inlet off of Biscayne Bay but also features views of the ocean. Integra Investments along with Sagar Desai’s Activate Hospitality sold the property to Bloom Hotels, under the umbrella of Bloom Ventures. The founder and CEO of Bloom is David Harari, who is located in Miami.
The CEO of Integra Victor Ballestas stated, “ripe market conditions created an opportunistic circumstance for the sale,” after stating he had no intention of selling the development.
The Schecher Group originally sold a majority of the units in 2020 to Integra and Activate for $15 million, then later bought the rest of the units in 2021. The company was then accused of a takeover although Schecher stated that the unit owners owed $9.4 million in homeowner association fees.
Bloom Hotels utilized Sheridan Capital to finance the property for a loan of $17.3 million. There have been talks of Bloom increasing the room count and bringing Canopy or Tapestry (Hilton brands) to assists with operations. Some plans include modernizing the property as well as adding a marina to the development.
Sell of Star Island Waterfront Mansion Sets New Miami Record
Star Island has seen many record sales in the past year but a new sale has just topped them all. A mansion on Miami Beach’s Star Island sold for $75 million, setting a new record for any single-family home in Miami-Dade.
The 16,619-square-foot mansion located at 8 Star Island Drive was sold by Dr. Lourdes R. Sanjenis, an internist in Miami. In 2013, Sanjenis inherited the home from Modesto M. Mora, who originally built the home in 1993.
Sitting on 1.84 acres, the home features 9 bedrooms, 8 full bathrooms, and 3 half bathroom. The mansion showcases over 20,000 square feet of luxury. Throughout the home, touches of Mediterranean and Caribbean architecture is evident.
Amenities include a beautiful pool overlooking the gorgeous manicured yard and an expansive dock with Port of Miami and Miami skyline views. The property also features an elevator and a commercial generator.
Star Island is a man-made island located in Miami Beach along Biscayne Bay. Made up of just a few dozen homes, Star Island is one of the most coveted and exclusive island in South Florida. Star Island is within close proximity to Hibiscus Island, the Venetian Islands, and Palm Island. Each waterfront lot offers at least 40,000 square feet of unobstructed water views and frontage.
Star Island can be accessed through one bridge with a guard house entrance. A large number of celebrities live or have owned on Star Island. Some notable include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.
The buyer for the Star Island mansion record sale has yet to be disclosed.
You Could Have Your Own Regalia Penthouse for $25.5 Million
Photo Credit: Jeffrey Miller
Located at the Regalia, this 15,000 square foot penthouse is an absolute dream and it could be yours for $25.5 million. In a time where luxury penthouses have been selling quickly and real estate records keep breaking, at this price point plus all of the features and amenities, this penthouse unit is a steal.
The location of the Regalia is unmatched, placing it centrally in Sunny Isles Beach with the ocean just steps from the luxury tower. Located at 19575 Collins Avenue #PH43, this unit has a bird’s eye view of the Atlantic Ocean and the Miami skyline. Featuring 6 bedrooms, 7 full baths, and 2 half baths, this full-floor unit is placed at the very top of the tower spreading over 3 floors.
Upon entering the luxury unit, you are greeted with soaring 20-foot ceilings, a custom rainfall chandelier, and floor-to-ceiling windows with endless ocean views. The Blanco Sevilla stone floors lead to the custom Poliform kitchen with Wolf and Sub-Zero appliances. The kitchen also features smoky quartz counters with Kreon lighting.
The floating staircase takes you to a separate floor where the expansive master is anything but ordinary. This suite is perfectly finished with remarkable ocean views from every corner and the grand bathroom with its Calacatta marble expanding over the floors and walls. According to the listing, there is over $1 million in imported Calacatta.
As you ascend from the pneumatic glass elevator to the private rooftop, an outdoor pool, summer kitchen, and custom bar awaits. The entire unit features Blanco Sevilla Stone and Nikzad flooring throughout, Kreon lighting, Crestron Smart home automation, and Lualdi Italian Interior doors.
This remarkable tower was designed by Bernardo Fort-Brescia of Arquitectonica and decorated by Charles Allem of CAD International, a world-renowned South African designer. The Regalia is the epitome of perfection and luxury. What’s so unique about this tower is the 39 full-floor residences. Each residence expands 5,515 square feet of living space with private elevator entries and 2,100 square feet of wrap-around terraces.
Regalia Amenities
Smart Building
Yoga/Meditation Room
Oceanfront Jacuzzi
5-Star International Concierge Services
Cold Plunge Pool
Private Poolside Cabanas
Finishes with the Finest Stone, Wood, Glass, and Wall Coverings
State-of-the-Art Fitness Center
Professionally Trained Spa Manager
Private Poolside Cabanas
Fountains, Privacy Landscaping, and 24-Hour Valet
This incredible listing is currently up for auction and will be sold to the highest bidder on December 16, 2021. If you or someone you know have an interest in purchasing at the Regalia, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
