Developers for Legacy Hotel & Residences Receives Third Largest Construction Loan Ever in Florida
Developer Dan Kodsi’s Royal Palm Companies recently received a $340 million construction loan for Legacy Hotel & Residences. New York-based real estate lending joint venture Silverstein Capital Partners, provided the loan for a condo-hotel construction tower that will be located in Downtown Miami at Miami Worldcenter.
According to a press release, the financing is the third-largest construction loan ever made in Florida, behind two others for projects in Miami-Dade. The other two loans were for the building of The Estates at Acqualina in Sunny Isles Beach ($558 million) and Five Park in Miami Beach ($345 million).
Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.
The luxury tower located at 942 Northeast First Avenue, will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.
Not only is this loan one of the largest construction loans in Florida but this is also Silverstein Capital Partner’s first South Florida loan. Larry Silverstein of Silverstein Properties is an affiliate of the financial group and also led the development of the World Trade Center after 9/11.
Kobi Karp Architects, Design Agency, and ID & Design International designed the structure.
The ground-breaking for Legacy Hotel & Residences occurred in August 2021 and is expected to reach top-off in 2024.
$30M+ Sold at One Thousand Museum During Art Basel Week; $90M Inventory Loan Paid Off
With buyers from all over the globe and the attendance for Art Basel reaching over 60,000, it is of no surprise that sales for One Thousand Museum would increase.
According to the co-developer of One Thousand Museum, Kevin Venger, “As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million.”
Another major milestone was the $90 million inventory loan that was secured in March 2021. According to the developers, that loan is officially paid off. Louis Birdman, another co-developer states, “Satisfying our $90M loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly.”
The late Pritzker-winning architect Zaha Hadid built One Thousand Museum, which was developed by Louis Birdman, Gregg Covin, Kevin Venger, and Regalia Group.
One Thousand Museum is South Florida’s first residential complex with its own rooftop helipad, allowing residents to quickly travel to adjacent islands, private and commercial airports, and private boats.
One Thousand Museum Amenities
A spacious fitness center with state-of-the-art strength and cardio training equipment
Spa with private treatment rooms, steam and sauna rooms, plunge pools, and relaxation lounge
Multimedia theater for private movie screenings, lectures, and presentations
Sun & Swim Terrace with pools, lounge chairs, cabanas, and poolside towel service
Aquatic Center with indoor, infinity-edge pool
Private dining room
Triple-height event space overlooking Biscayne Bay
Private rooftop helipad
Specialized security and valet personnel
Full-service concierge
Bank-quality vault with individual safe deposit box for every residence
One Thousand Museum Residence Features
Custom Italian cabinetry by Poliform
Fine quartz countertops by Silestone
Induction cooktop, oven, steam oven, microwave, dishwasher, and integrated coffee maker by Gaggenau
Refrigerator by Sub-Zero
Faucets and fixtures by Dornbracht, Duravit, and MTI
Interior doors by Lualdi Porte with door handles designed by Zaha Hadid
Custom-designed, Italian-made walk-in closets
Extensive state-of-the-art home automation by Crestron, allowing residents to control a range of in-residence applications including lighting, heating, air conditioning, audio, video, window treatments, and security
Oversized terraces
East-to-west flow-through floor plans
These one-of-a-kind and magnificent condos range in price from $4.95 million to $20 million, and due to the demand of the luxury condo market, availability is restricted.
There are currently 3 furnished developer models left. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Art Basel Miami Beach Attracts Over 60,000 Attendees
Art Basel returns to Miami Beach with its first ever in-person show in the United States since 2019. With robust sales and exceptional presentations, this show paves the way for years to come. Art Basel’s first show took place on December 2nd, closing on December 4th with reports of brisk sales across all market areas and throughout the course of the exhibition.
The event drew over 60,000 people in total throughout the course of its VIP and regular days with well-known art collectors from 72 countries throughout the United States, Europe, Africa, and Latin America as well as 253 international galleries from 36 countries. In 2019, the art exhibit drew in 81,000 but with the new digital programs, Art Basel could be experienced from the comfort of home.
Through a digital program that includes Online Viewing Rooms, virtual walkthroughs, livestreamed chats, and social media broadcasts that bring the energy and excitement of the show floor to the widest global audience possible. This digital program first tested at the Hong Kong and Basel show with a successful implementation.
According to an Art Basel press release, 44 galleries joined the event for the first time ever, which included Wilding Cran Gallery from Los Angeles, Curro from Guadalajara, Daniel Faria Gallery from Toronto and many more. There were also 4 additional galleries from Africa.
According the Global Director of Art Basel, Marc Spiegler, “This show marks the first truly international art fair to take place in the United States since the beginning of the pandemic. It has been incredible to witness again the energy in the halls and the enormous pent-up demand for seeing, buying, and selling art in person. We featured a much more diverse range of voices than ever before, making this show particularly vibrant and rich in new discoveries.”
Art Basel will be coming back to Miami Beach on December 1st-4th, 2022.
$150 Million Miami Multisport Facility Project Moves Forward
Plans for the $150 million multi-sport facility is moving forward and has officially named its general contractor as well as its architect for the project. Destination Sport Miami will be developed by OHLA Building, a New York-based contractor, and Andrus Architecture in Rockford, Michigan as the architect.
Destination Sport Miami will be located at 11850 N.W. 22nd Street in western Miami-Dade County. At just over 20 acres, Destination Sport Miami will be considered one of the largest indoor sports complexes in North America.
There is nothing like Destination Sport in North America, according to Andrus Architecture, which has developed several ice rinks and office buildings. Multiple sports in the same structure will present a unique architectural challenge.
According to the Executive VP of OHLA Building, “We are looking forward to being part of Destination Sport Miami, an iconic and unique project that will have a significant positive impact on the South Florida community.”
As of May 2021, the plans for the facility were approved with a $2.94 million incentive deal with promises to create 229 jobs over a period of time.
One of the unique things about this facility is the names associated with the build. OHLA Building CEO, Bryan Trottier is also a Hall of Fame center for hockey, U.S. Women’s National Team coach Jill Ellis for soccer, All-Star forward Glenn Rice for basketball, and All-Star pitcher Livan Hernandez for baseball.
Destination Sport Miami will feature:
• 2 NHL-regulation ice hockey rinks
• Turf field for football or soccer
• 18 NBA-regulation basketball courts
• 22,500-square-foot esports arena with daily programming
• 36 volleyballs courts
• 11 USTA-regulation tennis courts
• 15,000-square-foot fitness center
• 50-meter Olympic pool
• 25-yard warm-water therapy and teaching pool
• Indoor surfing simulator
• Several restaurants and cafes
Andrus is still working with county officials on the building’s design, which includes the significant energy and water/sewer demands. The developer is planning a glass façade that collects solar radiation for energy efficiency. Once plans are approved, construction should begin in 2022.
Midtown Miami Development Site Sold to ALMI Residential for Planned 389 Unit Tower
Midtown Miami has become a hotspot of late with the announcement of a new tower Standard Residences and now the newest tower to be announced Midtown 7.
Plans for Midtown 7 were originally presented to Miami’s Urban Development Review Board in 2016 but were denied due to limited information the Magellan Development Group (original developers) had proposed.
Megellan Development Group had originally partnered with the property owner, Midtown Development in 2016 and 2017. Those plans for the Midtown 7 tower included the development to rise 31 stories, feature 391 units, and 505 parking spaces.
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.
In addition to this approval, once the project is complete, ALMI Residential would transfer 28,000 square feet of retail space leasable to Midtown Development. ALMI Residential would have the first right of refusal if Midtown Development decides to sell the space.
Midtown 7 Amenities
Concierge
Private Pool
Covered Parking
Secure Entrance
24-Hour Security
Gym
Social area/ Entertainment room
Alex Vadia of Midtown Development stated, “We’re happy to welcome ALMI to the neighborhood once more. On the ground level, we’ll continue to line Midtown Boulevard with local retailers, lifted by the draw of select national favorites, like Trader Joe’s, which makes the Midtown neighborhood even more walkable and enjoyable for the public.”
Construction is expected to begin in 2022 with an anticipated completion date in 2024.
Another Record Breaking Quarter for Miami Dade Real Estate with the Second-Highest Quarterly Home Sales in History
The Miami-Dade County real estate market is still on fire and we have the numbers to prove it. According to the Miami Association of Realtor’s, Miami-Dade County real estate has yet again broke another record for second-highest quarterly Home sales in 2021 quarter three. After last quarter’s record-breaking sales, this is of no surprise.
Sales, once again home sales have surged with a 35.5% increase compared to this time in 2020. Real estate sales are currently at 9,962 for this quarter with last year at 7,351. Single-family real estate transactions rose 2.2% (3,923 transactions) from last year with condo sales increasing by 72% (6,039 transactions).
Total home sales also jumped 40.2% from quarter 3 of 2020 at 9,962 transactions. It’s a large win for luxury condo sales with a sales increase of 199.1% with 643 transactions. Luxury single-family home sales increased at 67.3% for quarter three.
Median home prices have also increased for single-family home by 19% from $420,000 to $500,000 and condo median prices increased at 26.9% from $264,000 to $335,000.
Cash sales increased for Miami by 67.4% higher compared to the national figure. For closed sales, cash represented around 38.5% of those sales. This was a large increase compared to 2020 at 27.3%. For Miami condo sales, cash sales represented 47.1% and 25.1% for single family transactions.
Lack of inventory has been a continued barrier in the current market with single-family homes representing about 2.2 months of inventory and 4.3 months for condominiums. These numbers represent a strong seller’s market. Single-family home inventory decreased by 26.8% while condo inventory decreased by 43.1% compared to quarter two.
There are many variables to the continued increase in real estate sales. That includes low interest rates, restrictions lifted from traveling overseas, and lower pandemic restrictions in Florida have all aided in the surge of the real estate market.
Alaska Airlines Announces Daily Flights from Miami to Seattle
Coming in June 16, 2022, Alaska Airlines will begin daily transcontinental flights from Miami to Seattle. This will be Alaska Airlines’ 100th nonstop destination.
As of March, Miami has joined Oneworld Alliance. Oneworld Alliance was founded in 1999 as an airline alliance featuring 14 airlines that have flight patterns all over the world.
Alaska Airlines currently partners with American and maintains the Miami hub for the Latin America and Caribbean sectors, so it’s no surprise with the recent announcement.
According to the Alaska press release, “Think Seattle to Miami, then onward to locations such as Rio de Janeiro, Buenos Aires, or the U.S. Virgin Islands.”
American is currently the only carrier that flies from Seattle to Miami. The return of the Alaska Airlines flight will be the first time in a decade. The last time the company serviced the area was in 2012 around the same time the company cut operations to Florida.
The company will be using a 737-900 plane and will be the longest continental U.S. flight by distance. The flight itself will take 6 hours from west to east and 6 hours and 30 minutes from west to east.
The airline also services Fort-Lauderdale International Airport with expansions into Lost Angeles, Cleveland, San Francisco, and San Diego.
Developer Sells Palm Island Mansion for $17 Million
Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.
Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.
The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.
The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.
This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.
The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.
Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.
Sold Less Than 1 Year Ago- Chris Bosh’s Previous Waterfront Mansion Lists at a 192% Increase
Retired Miami Heat player, Chris Bosh sold his waterfront mansion in January 2021 for $14.4 million. The property located in Miami Beach has now been relisted at $42 million in less than 9 months.
According to county records, the current owner of the property is AquaBlue Group, a building design company also located in Miami Beach. AquaBlue is led by Philippe Harari and mainly does business in Miami. AquaBlue currently owns 2 Palm Island properties, 1 Hibiscus Island property, 1 Venetian Islands property, and a bayfront resort-like retreat.
The Miami Beach property was originally purchased for $695,000 in 1991 and the current home that sits on the lot was developed in 2008. In 2010, Chris Bosh purchased the property for $12.3 million. Over the years, Bosh has tried to sell the property for $18 million and $15 million, later selling in January 2021 for $14.4 million.
The waterfront Miami Beach mansion located at 6396 North Bay Road features 7 bedrooms, 8 bathrooms with 11,709 square feet of living space. The lot itself sits on 0.55 acres of water frontage directly on Biscayne Bay. This modern waterfront was architecturally designed by Touzet Studio with double-height rooms.
The custom Italian kitchen features unique modern cabinets, high-end appliances, and an expansive island. The master suite features direct bay views and a wet bar. The outdoor area is a perfect entertaining space with an outdoor kitchen, cabana bathrooms, infinity pool, gym, guesthouse, and boat dock. Custom branded Italian furniture will be included in the purchase.
The market has been surging with waterfront property transactions, including those on North Bay Road. In June, Dwayne Wade and his wife’s Gabrielle Union sold their home on North Bay Road for $22 million. Phil Collins also sold his waterfront home in January for $39.2 million. Jennifer Lopez and Ben Affleck rented a waterfront estate just 2 doors down from Wade for $150,000 monthly.
