Aman Miami Beach Development Receives $242.4 Million Construction Loan
Bank OZK has approved a $242.4 million construction loan for the oceanfront Aman Miami Beach development. Doronin’s OKO Group and Blavatnik’s Access Industries are collaborating on the two-building luxury hotel and condo project at 3425 Collins Avenue.
Bank OZK’s latest round of financing supplements a $34.8 million loan it provided the developers in May 2020.
Doronin is the owner of Aman, a luxury hotel chain that is branding the project. Aman Miami Beach will include the restoration and renovation of the site’s 16-story historic Versailles tower, as well as the construction of a new 18-story ground-up condo building. The plan is for a 56-room hotel and 22 luxury condos.
The developer wants to make changes to the lobby of the Versailles, which was designed by Roy France and completed in 1941. The amendments will be voted on by the Miami Beach Historic Preservation Board next week.
The development of the surrounding Faena District, which includes Faena House, Faena Forum, and Faena Hotel, was supported by Blavatnik.
Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan for the Aman project, which is expected to be completed in 2024. The condo component has been fully pre-sold.
Financing Obtained for 3 Tower Development Near Miami River
Truist Bank, based in North Carolina, has given the Related Group, a $164 million construction loan for the first of three skyscrapers planned for a premium 3.9-acre development site along Brickell Avenue, south of the Miami River.
The 47-story building, also known as One Brickell Tower II, is expected to rise at 77 Southeast 5th Street to a height of about 478 feet and contain 506 units. The entire mixed-use development, which includes the anticipated 75-story Baccarat Residences Miami and an 82-story hotel and residential tower, is designed by Arquitectonica. The tower’s general contractor is John Moriarty & Associates, and work is anticipated to start next month.
The most recent rendering for One Brickell Tower II shows the structure from a ground-view angle as seen from Brickell Avenue with Icon Brickell visible in the background. The sign that reads “The One” atop a planted wall signals that this is the first time we have seen branding for this stage of the project.
A double-height lobby with a covered entry and exposed concrete support columns can be found at the tower’s base. These columns rise into what could be described as an undulating wall of balconies.
The balconies are enclosed by continuous horizontal bars of glass, and the exterior walls are covered in smooth stucco that has a grayish appearance. The site, which will feature a drop-off facility along Brickell Avenue, is surrounded by extensive landscaping. The three towers will be connected by a multistory pedestal. That connecting podium will accommodate an outdoor amenity level on its roof and include parking spots.
Plumbing, excavation, and site work permits were given last year. Due to unpaid permit fees, vertical construction permits are still pending. In 2020, FAA building permits were issued.
Construction Update on The Standard Residences in Midtown Miami
The Standard Residences, a 12-story mixed-use development slated for 3100 Northeast 1st Avenue in Midtown Miami, has new building permits on file.
Plans for the permit were originally filed on December 6 and were approved just eight days later. According to promotional brochures and prior news releases, the project’s official address is 3100 Northeast 1st Avenue, while the pending permit lists 90 Northeast 32nd Street as the location of the site.
The project, which was created by Rosso Development and Midtown Development and designed by Arquitectonica with interior design by Urban Robot Associates, includes 228 residential apartments, 34,000 square feet of amenities, and 11,000 square feet of ground-floor retail space.
While permitting flexible short-rental programs with 30-day minimum stays up to 12 times per year, homes will be delivered move-in ready. Parking will be made possible via the use of the nearby garage. The project’s general contractor is named Cavossa Management Inc. The designer of the landscape is Naturalficial.
The 28,477-square-foot site still has no address listed in the property records. Midtown Opportunities VIIIB LLC is listed as the owner of the property, which is typically situated along the west frontage of Northeast 1st Avenue between Northeast 31st and 32nd Streets.
According to the work items specified in the permit application, the construction of 224,000 square feet of space is expected to cost $40,000,000, or about $178 per square foot.
The size of the units will range from 432 square feet to 935 square feet, with studio through two-bedroom floor designs. All units will include premium wood-inspired flooring, custom bathrooms with double vanities and dual shower heads, high-efficiency washers and dryers, contemporary, open-concept kitchens with top-of-the-line equipment, 9-foot ceiling heights, floor-to-ceiling glass windows, and custom finishes. There will be private outdoor patios in some homes.
Owners and visitors will have access to a staffed lobby and concierge services, on-demand housekeeping, grocery provisioning, dry cleaning, shoe-shining, and tailoring, secured and air-conditioned storage rooms that are available to all residents for purchase, a climate-controlled package, and mail room, a 24-hour security system, high-speed elevators, and controlled property access.
The groundbreaking is anticipated for early 2023.
Fortune International Group Announces Casa Tau Branded Residential Tower-ORA
Fortune International Group, led by visionary founder Edgardo Defortuna, has announced a collaboration with hospitality brand Casa Tua to curate and program its newest high-rise, mixed-use development located at 1210 Brickell Avenue in Miami’s Brickell neighborhood.
ORA is the first branded residence for Casa Tua, the renowned, heartfelt brand and exclusive members’ only club that has gathered friends in their properties in Miami, Aspen, and Paris for over two decades and is set to launch in The Surrey, A Corinthia Hotel in Manhattan in 2023. Casa Tua has planned a full suite of amenities for the property, as well as short-term rental residences.
According to Defortuna, “ORA will serve as a unique residential development in a premier location, at the best corner in the Brickell neighborhood. We look forward to working alongside the Casa Tua brand to curate a sophisticated experience that will create a community for its residents and Brickell. ORA will become the city’s most exciting amenity.”
ORA by Casa Tua will feature, among other things, two new restaurant concepts by Casa Tua, a gourmet market by Casa Tua, a rooftop lounge – with resort-style offerings such as a pool, sky lounge, and bar; a show kitchen, private event space, and – curated by Casa Tua; an abundance of nature and lush landscaping infused into the building’s design, including full floors of floating gardens overlooking city views; an entertainment lounge, and fitness and wellness amenities.
Reservations for the short-term rental homes, which range in size from 500 square feet for studios to 2,400 square feet for four-bedroom homes, will open in January 2023. The price will begin at $800,000.
Terra Group Releases Renderings for $1 Billion Development-Upland Park
Upland Park, a $1 billion transit-oriented development planned close to Dolphin Mall, has unveiled renderings. According to the developer, Upland Park is being specifically constructed for connection with the projected east-west transit link.
Upland Park’s urban planner is Plusurbia Design, while the project’s design architect is Arquitectonica with the developer listed as the Terra Group.
According to the developer, the community would have quick access to key employment hubs like the Health District, Downtown, Brickell, and Miami International Airport.
The actual project location is the Dolphin rapid transit station.
Once within the community, people will experience a master-planned neighborhood that is walkable and has resiliency elements as well as built-in traffic solutions.
In order to appeal to “all ages and audiences,” including elders and students, the community will also offer a range of home sizes and price points.
Project Description:
1,700+ residences
140,000 sq. ft. of retail space
427,000 sq. ft. of commercial space
126 room hotel
charter school
After the developer acquired a lease for the property on December 1 and secured a $35 million site work loan, site construction is anticipated to start in early 2023.
Standard Residences Construction Update
Developer for The Standard Residences, Ross Development has officially applied for a construction update. The plans were originally filed on December 14.
Situated between the Design District and Wynwood, the Standard Residences will rise to 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 the 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 Standard Residences are already 70% sold with construction completion slated for 2024. If you or someone you know have an interest in purchasing at The Standard Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Casa Tua Announced in Brickell by Fortune International Group
In Miami’s Brickell district, Fortune International Group is developing Casa Tua, an opulent residential skyscraper that will allow short-term rentals.
According to Fortune CEO Edgardo Defortuna, Ora by Casa Tua, a 70-story development with roughly 460 residential units, is proposed for the 1210 Brickell Avenue site. Early in the next year, Fortune will start accepting reservations.
The skyscraper will be the company’s first residential development. According to insiders, Miky and Leti Grendene’s hospitality business has been in discussions with developers for a long time. The Food Hall on Saks Fifth Avenue in Brickell City Centre and the Casa Tua main location are both in Miami Beach. Additionally, a Casa Tua Cucina restaurant will open in Miami’s Wynwood’s planned Nomad Wynwood Residences development.
Two new restaurant concepts, a 24-hour market, entertainment lounge, fitness, and wellness center, a three-story sky garden, and a rooftop club with a pool, jacuzzi, cabanas, and a bar will all be included in the mixed-use Brickell tower. The hotel management and marketing will be handled by Casa Tua.
According to Defortuna, the condos will have sizes ranging from 600 square feet for studios to 2,400 square feet for four bedrooms, with prices between $800,000 and $2.5 million. Defortuna predicts that a sizeable fraction of owners will profit from the option for buyers to rent out the apartments on a short-term basis. The lowest two-thirds of the skyscraper will feature between eight and ten units per floor, while the upper third of the tower will have fewer, larger units with an average of six units on each level.
The building is geared toward a younger clientele and offers a wine-tasting bar, a 24-hour grocery and bakery, a restaurant near the pool, and an equipped lobby.
Depending on sales milestones, he said, construction may start in late 2023 or early 2024.
According to property records, the property is owned by Patagonian Investment Internacional LLC, which is run by Argentine investors Federico Carabetta and Vicente Luis Carabetta. Next year, Fortune will close the location and destroy the parking garage to make way for Ora by Casa Tua. The garage is close to the office building at 1200 Brickell Avenue, which still houses the Dirty French Steakhouse owned by Major Food Group.
Casa Tua has outlets outside of Miami in Aspen and Paris and will establish a restaurant and lounge in New York City in Surrey, a Reuben Brothers venture, the following year.
Taurus Investment Holdings and The Congress Group Switch Civica Development from Office to Residential
The focus of Civica’s plans is shifting from offices to residences in recently updated plans for the development. In the previous plans, the development was set to rise 22 stories tall with a height change to 27 stories or 310 feet.
The changes also include 342 residential units, luxury amenities, commercial and office space, and an 8-level garage with 590 parking spaces.
The property is located five minutes walk from the Civic Center Metrorail station. The land sits right behind the 836 Expressway, which is being reconstructed as part of the Signature Bridge project.
Currently on the site is a three-story shopping center with 74,463 square feet, as well as a 4,768 square-foot bank branch. While the tower is being constructed, both of those buildings would still be present, albeit their parking spaces would be moved to the new parking garage for the complex.
The Miami Urban Development Review Board is scheduled to examine the project at a hearing on December 21. The architect for the project is listed as Cube 3 and the developers include Boston-based, Taurus Investment Holdings, and The Congress Group. The developer purchased the site for a combined $30.5 million in 2020.
New Development Announced in Brickell-Westpine
Westpine, a 43-story residential tower, has just had its plans submitted in Brickell. Westpine will have a 474-foot high peak and will feature 328 residential units, 1,155 square feet of retail, and 357 spaces for parking.
A multifamily building with 24 units that was built in 1964 is currently on the 0.7-acre site.
Westpine Brickell LLC is listed as the developer and Behar Font Partners as the architect. Westpine Brickell LLC, an affiliate of Westpine partners originally purchased the site for $11.53 million.
Instead of being referred to the City of Miami for review under city zoning regulations, the project was submitted to the Miami-Dade County Planners for review under their Rapid Transit Zoning Metromover Subzone.
On December 9, a pre-application meeting with county planners was sought.
Brickell, also known as the Financial District of Miami, is home to a large number of international banks such as HSBC, Espirito Santo Bank, and Banco Santander.
These Brickell Miami banks are predominantly located along Brickell Avenue – the main thoroughfare running through Brickell Miami and extending north to south from the Brickell Avenue Bridge to the Rickenbacker Causeway.
Brickell Miami is considered to be one of South Florida’s most prestigious neighborhoods and is a perennial favorite place to live among affluent, young professionals.
