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.
Cipriani Residences Miami Reveals New Interior Renderings
With the newest condominium project in Miami, Cipriani Residences Miami is adding to its illustrious portfolio once more with its exclusive first glimpse at the exquisite interiors of the highly anticipated development.
The renowned hospitality organization chose the internationally renowned studio 1508 London to design the interiors of Cipriani Residences Miami, which is the group’s first residential skyscraper built from the ground up. 397 homes with one to four bedrooms will be available in the building, all of which have views of Coconut Grove, Brickell, and Biscayne Bay.
The Cipriani Residences Miami exudes a stylish, contemporary ambiance, similar to the burgeoning Brickell district, but with a European flair. Consider furniture covered in Italian leather, chandeliers from Venice, and rooms with beautiful walnut finishes. The enormous curved glass high-rise by Arquitectonica blends seamlessly with the city’s financial district’s skyline.
The double-height foyer, which modernizes Venetian design, is one of the building’s most alluring aspects. The elegant area is layered with Italian terrazzo floors, oak accents, and an actual Murano glass chandelier. It was designed to transition from day to night. The color scheme combines distinctive Cipriani tones with warm camel and blue tones.
Each house, which ranges in size from 1,213 square feet to 3,495 square feet, includes floor-to-ceiling glass windows, large terraces, and lofty 10-foot ceilings as standard features. Among the opulent features you’ll discover inside are open eat-in chef kitchens, integrated Wolf Sub-Zero appliances, and light pendants with Art Deco influences, as well as Dornbracht fixtures in the main bathroom and, of course, handcrafted Italian cabinetry designed to reflect the Cipriani aesthetic.
CEO and Founder of Mast Capital stated, “The interior design of Cipriani Residences Miami demonstrates a fundamental richness that recalls the timeless elegance of four generations of the Cipriani family. 1508 London has envisioned an offering that captures both the inherent spirit of Cipriani and the sophisticated lifestyle of Miami.”
The developer is expecting a sellout of approximately $1 billion. The groundbreaking is anticipated for the end of 2022 with a top-off date in 2025 with a completion date in 2026. Reservations are expected to be converted to contracts next month which will coincide with the launch of their sales center.
If you or someone you know have an interest in purchasing at Cipriani Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Chicago Hedge Fund Citadel Establishes New Headquarters at 830 Brickell Tower
Less than two months after announcing that he was relocating the Citadel hedge fund from Chicago to Miami and planning to establish a new headquarters, billionaire Ken Griffin signed a significant lease for the company’s premises at 830 Brickell.
Citadel signed a long-term lease for about 95,000 square feet at the 55-story tower at 830 Brickell Plaza, according to people familiar with the arrangement. The skyscraper is being developed by Vlad Doronin’s OKO Group and Cain International, and the asking rates there have reached $125 to $150 per square foot.
Two leases at $130 per square foot are being negotiated, according to a second source, and recent full-service leases have been completed at $110 to $120 per square foot, making the Citadel’s deal ranging from $10.5 million to $11.4 million a year.
According to Justin Oates, SVP at Cain, OKO, and Cain anticipate finishing 830 Brickell within the next six months, with tenants moving in sometime next year.
Griffin revealed in June that Citadel and financial services company Citadel Securities would relocate their corporate headquarters from Chicago to Miami. The choice was made at a time when Miami has developed over the previous 15 months into a destination for the relocation and growth of out-of-state financial firms.
A 2.5-acre bayfront development site at 1201 Brickell Bay Drive has been purchased by Citadel, according to the information originally published by Bloomberg and confirmed by sources to TRD. In April, that transaction concluded for a record $363 million. Citadel may also be related to the $286.5 million acquisition in June of the 28-story office building at 1221 Brickell Avenue, which is across the street. The acquisitions have not been confirmed or disputed by Citadel.
Approximately 70% of the 640,000 square foot 830 Brickell building is already leased, a representative for the development team said.
Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.
Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.
Canadian asset manager CI Financial doubled its original lease signed last year to about 40,000 square feet in January.
Between late last year and this summer, other large tenants included the IT behemoth Microsoft, the insurance and financial services company A-CAP, and Marsh, the insurance division of Marsh & McLennan Companies.
New Renderings Revealed for Baccarat Residences Miami
The newest pre-construction tower in downtown Miami, Baccarat Residences Miami, will soon adorn the Miami skyline with its stunning glass facade, and now the developers have released some very impressive renderings that show what the Baccarat brand truly represents.
Rising 75 stories located at 444 Brickell Avenue, the collection includes 324 residences that will begin on the 15th level. The top 3 floors will feature 8 penthouses with immaculate ocean and skyline views. In addition, there will also be 28 riverfront flats and duplexes of your choosing.
Units will range from 1,330 square feet to over 7,000 square feet, with each unit featuring integrated purified air and water filters, impact-resistant floor-to-ceiling glass doors, 8-foot deep private terraces, and 10-foot high ceilings. Kitchens will be top-of-the-line with high-end appliances, granite counters, and custom cabinetry.
Interior Designed by Meyer Davis Studio, the building design incorporated a mixture of 18th-century French and 1930s Art Deco. The developer includes the Related Group with the landscape architecture designed by Enzo Enea.
The elevated waterfront amenities deck will include an infinity pool with killer views of Miami and Biscayne Bay. Enjoy fine dining at the 10,000-square-foot restaurant that will be announced once construction continues. Additional amenities include a state-of-the-art fitness center, spa, wine cellar, and tasting room.
DEVELOPMENT OVERVIEW
Privileged Brickell waterfront position, where the Miami River meets Biscayne Bay
A dazzling contemporary 75-story glass tower
Collection of 324 tower residences, 8 penthouses, and 28 riverfront flats and duplexes
Panoramic views of Biscayne Bay, the Miami River, and the Miami city lights and skyline from every residence
Artful service and amenities impeccably curated by Baccarat Hotels & Residences and expertly managed by SH Hotels & Resorts
Lushly landscaped waterfront promenade and private marina
Lushly landscaped secluded private entrance leading to the riverfront arrival court and elegant porte-cochere entrance
Exquisitely appointed entrance lobby with grand high ceilings leading directly to three banks of double private elevators to each residence
Permanent installation of curated museum-quality art collection throughout the building’s public spaces
Elevated 12th-level amenities resort deck loaded with a dramatic zero-entry heated saline swimming pool, outdoor spa, pool-side cabanas, summer kitchen area, and beautifully landscaped sun terrace
Glamorously designed Grand Salon, set as the ideal location for both intimate gatherings and grand celebrations
Luxurious Clubroom with bar and billiards, catering kitchen, and multimedia facilities
State-of-the-art fully equipped fitness center curated by Altitude
Fitness with cardio theater, spinning room, yoga, and meditation rooms, all overlooking the pool deck resort area
Hammam spa with men’s and women’s steam and sauna facilities, luxurious treatment rooms, and a spa shop
Private screening room with cutting-edge audiovisual equipment and theater-style seating
Game room with multimedia facilities and children’s playroom
Business Center with conference facilities and private workspaces
Gourmet market
Wine Cellar and Tasting Room
State-of-the-art Chef’s Kitchen and Private Dining room
Pet-friendly community with Pet Spa, Grooming, and Walk Service
Hair Salon & Barber Station
High-speed internet access in all public areas
Electric vehicle charging stations
Air-conditioned storage rooms
Bicycle storage spaces
BACCARAT GLOBAL MEMBER PRIVILEGES
Baccarat Owners Circle Services include private shopping, discounts on Baccarat crystal, discounted engraving and gilding, and priority status for custom production
Exclusive tour package to Baccarat France, available only to owners of Baccarat Residences
Invitations to Baccarat events worldwide
Preferred service and privileges at Maison’s Baccarat (Paris and Moscow), BBar (Tokyo), and Crystal Rooms worldwide
Hotel privileges in Baccarat Hotels and SH Hotels & Resorts worldwide
Baccarat Residences has an estimated completion date of 2026. If you or someone you know have an interest in purchasing one of the units at Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
New Renderings Revealed for Brickell Gateway Miami
Gazit Horizon in collaboration with Atlantic Pacific, has recently released new renderings for the 61 story tower, Brickell Gateway in Miami’s Brickell. The developers for Brickell Gateway tower are also waiting on the county planners for final clearance of the project.
Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
The final submission to Miami-Dade on July 22 states that Brickell Gateway will rise 747 feet above ground and comprise the following:
18,287 sq. ft. of retail space located on the first 2 floors
348 parking spaces
504 residential units
The developers are taking advantage of the property’s position in a rapid transit zone, which enables assessment by county planners, rather than going through the City of Miami planners.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021.
Demolition on the site has been completed and once approved, the groundbreaking will be scheduled for Winter 2022. Corwil is listed as the architect for this project.
24 Story Apartment Tower Proposed in Brickell
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.
A Second Soho House Revealed in Miami
A second Soho House, called Miami Pool House, will be launched in Miami in the fall/winter of 2022 by the Membership Collective Group Inc.
The Membership Collective Group (MCG) is a vibrant, and international membership platform that links members through physical and digital places.
The Miami Pool House will be located at 105-107 NE 25th St. at an old printing press called Windward Publishing, which was most recently a private residence. It will house the new Miami facility near the border between Wynwood and Edgewater.
There will be a pool, lounge areas, a restaurant on the terrace, a club area, and a cottage bar in the House. As a result, there will be a laid-back, laptop-friendly workspace where people can hang out during the day and enjoy some entertainment in the evening.
Miami Pool House will emphasize the local Miami artist community through committed relationships, programming, and its art collection.
According to the Area General Manager, Philip Spee, “Soho Beach House has been a part of Miami for nearly 12 years since we opened in 2010, and we’ve loved to help connect a diverse, vibrant, and creative set of members and guests over that time. The team and I are delighted to bring another location to our local and visiting members that will provide a platform for them to come together and connect socially and professionally.”
Exclusively for members and their guests, Miami Pool House will be accessible. Miami Pool House is open to Local House members. Those who belong to a House, however, have access to every Soho House in the world.
Nick Jones established Soho House in 1995. It serves as a space for our varied members to interact, develop, enjoy themselves, and create an effect.
Today, there are members and houses all over the world, along with eateries, spas, offices, and movie theaters. A location where people can exchange ideas and build connections in both physical and virtual environments, Soho House is a platform that supports all forms of creativity.
There are currently 30 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home, interiors and lifestyle retail brands, and digital outlets are all ways that members from all over the world interact with MCG. The larger portfolio of MCG also includes the LINE and Saguaro hotels in North America.
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.
Edgewater Tower Proposed by Aimco is Denied Approval
After a city of Miami board refused to recommend approval of Aimco’s plans for a luxury rental tower in Edgewater, the developer is determined to revaluate the development plans and come up with a solution to get these plans moving forward.
After identifying a number of “serious concerns” with the design, members of the Miami Urban Development Review Board voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower. Despite the board’s rejection, Aimco can still seek approval for the project.
The board was initially split on whether or not to recommend acceptance of the proposals with conditions, with three members voting in favor and three voting against. As a result, the developer can either withdraw its application and start the process all over again, or the board can vote to decline the recommendation, allowing the developer to submit amended plans to the planning director for final approval.
Aimco’s attorney, Tony Recio, a partner at Weiss Serota Helfman Cole + Bierman, said the developer is examining the board’s ideas and looks forward to “addressing their criticisms with the planning director” as the project moves further. Recio submitted the concept to the board of directors on Wednesday.
Though they praised the project’s overall design, board members expressed concerns about circulation on the ground level, including how residents and restaurant customers would access parking, apartments, and the restaurant, as well as loading and trash collection, landscaping, and an oversized mail room.
At 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, Aimco, a publicly traded multifamily real estate investment company located in Denver, has proposed a 60-story, 241-unit tower. On more than an acre of land, the construction would include a new parking structure and 4,700 square feet of commercial space for a restaurant on the bottom level facing the water.
Aimco has made a significant investment in Edgewater. It paid over $90 million for the Hamilton on the Bay rental complex, which is currently undergoing substantial renovations, nearly two years ago. A nearby vacant lot and a modest rental building were included in the purchase.
Following the cancellation of its tenants’ leases at the Hamilton last year, Aimco purchased premises across the street, where the new project would be built.
