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.

Demolition Permit Filed and Renderings Revealed for 710 Edge Tower

In October 2021, developers announced plans for a 55-story tower, 710 Edge that will be located in Edgewater. Months later the plans were approved by the Miami Review Board and now permits have been filed with new renderings attached.

The permit that was filed will allow total demolition of the site which would include several buildings that are currently on the property.

Two adjacent waterfront buildings were submitted on July 29th with one of the buildings as Harbor 29. A total of 16,000 square feet will be demolished costing the developers $151,000.

The second permit is for 530 NE 29th Street which totals 4,590 square feet estimating $25,250.

On both permits, Dade Wrecker Service is identified as the demolition contractor.

The projected height of 710 Edge is 55 stories, or 646 feet (649 feet) above sea level. 710 Edge will include 70 residential units, 193 parking spaces, 16,000+ sq. ft. of commercial and retail, a rooftop helipad, and a public baywalk.

Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum. Sales have not yet been announced.

Plans for 3 Tower Project at College Station Garage Location Moves Forward

In 2021, an unsolicited plan for a 3 tower project at the College Station Garage in Downtown Miami was submitted to the Miami Parking Authority (MPA). The proposal that has been submitted to the MPA during that time is now moving forward as of June 2022.

The brains behind the project include a partnership between Miami-based builders Related Group (Related) and ROVR Development (ROVR), as well as Terra Group (Terra) and Apollo Global Management (Apollo).

As of January 19, 2022, the MPA has ranked the proposal from Related and ROVR as the top bid ahead of Terra and Apollo. Both partnerships are planning to create substantial mixed-use projects. The replacement of a 1,439-space garage, which was erected in 1973 and is 7 floors tall, will be subject to a 99-year land lease and development agreement, according to the MPA.

According to the developer, 15% of the residential units would be set aside as worker housing for people earning up to 140 percent of the area median income, and 20% of the apartments would be reserved as affordable housing for seniors earning up to 50% of the area median income. Units would range in size from 360 to 1,310 square feet, with an average unit size of 722 square feet. There would be 138 studios, 636 one-bedroom units, 354 two-bedroom units, and 72 three-bedroom units.

In addition to an urgent care facility and a nonprofit art center, the public area might function as a fire station. The lease is anticipated to be finalized by Related and ROVR in 2023, with construction taking place over a 60-month period. The developers would need to find other parking solutions for adjoining residential towers that have previously used the College Station Garage, assuming that this proposal is truly the winning bid. The MPA would retain control of the parking component.

Project Details

• 1,200 rental units
• 1,357 Miami Parking Authority parking spaces over 8 levels
• Ground floor retail w/potential fire station, urgent care, and art center

The developers stated earlier this year that they anticipate starting construction in early 2023.

Oak Road Equities Announces Plans for a 40 Story Tower at 2600 Biscayne

Oak Row Equities recently revealed that it had closed on the purchase of a 2.1-acre site on one of the final vacant city blocks in Edgewater. For $35 million, the company purchased 2600 Biscayne Boulevard in order to build a mixed-use building designed by Arquitectonica.

One of Miami’s most rapidly expanding real estate development companies, Oak Row Equities, has ongoing projects in Wynwood, North Miami Beach, Edgewater, and the Design District.

The company’s most recent acquisition is 2600 Biscayne Boulevard. The 2.1-acre lot in the highly sought-after coastal community of Edgewater has just been closed by Oak Row Equities. A mixed-use development with 399 condo units, roughly 160,000 rentable SF of office space, and 6,500 rentable SF of retail space is what Oak Row Equities intends to construct.

Tower Information

• 40 stories tall
• 399 class A residential units
• 160,000 rentable sq. ft. of office space
• 6,500 rentable sq. ft. of retail space

The proposed Brightline commuter rail is one block away from the location. Arquitectonica, a renowned local architectural studio, will create 2600 Biscayne. A third of the offices at 2600 Biscayne have already been pre-leased by Oak Row Equities. The development team includes LNDMRK Development, owned by Alex Karakhanian.

The Fairholme Foundation, run by Bruce Berkowitz, had previously intended to turn the site into a museum. In 2013, Fairholme spent $6.79 million to purchase the home.

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.

Casa Bella by B&B Italia One Step Closer to Breaking Ground

One of the newest pre-construction projects that will soon be a part of the Miami skyline is Casa Bella Residences Miami. Progress on the project is moving forward, including permits being submitted and new renderings being released.

On June 23, the developers submitted the demolition permit for the development. The current 3-story structure features 249,978 square feet which would be completely demolished. This building was mostly used for office purposes. The estimated cost for this demolition would be approximately $800,000.

The demolition work is being done by The BG Group.

In coordination with the filing for demolition permits, developers have also started converting reservations into contracts with more than 60% of the units already reserved.

Casa Bella will feature 3 towers and 2 will rise 57 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.

Tower 1 at Casa Bella will feature 1 to 5-bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout. 

Unit Features

• 306 luxury condos including an exquisite penthouse collection of 24 penthouses
• Residences offer 1, 2, 3, and 4-bedroom layouts with 10’ ceilings
• Penthouses offer 2, 3 + Den, and 5-bedroom layouts with 11-12-foot ceilings
• Units range in size from 711 to 5,890 square feet
• All residences feature 2 private elevators and a foyer, which is unique in Miami
• Biometric access-controlled elevators
• Floor-to-ceiling impact-resistant windows
• Modern European-style kitchens and bathrooms designed by Piero Lissoni featuring Italian cabinetry by ItalKraft
• Premium black glass appliance packages with integrated 36” Sub-Zero refrigerators/freezers, integrated paneled dishwasher, built-in Wolf convection oven, and speed oven, and oversized stainless-steel radius sink with faucet drawer
• Master bathrooms, designed by Piero Lissoni, boast frameless glass-enclosed showers, oversized tubs, imported porcelain flooring/wet walls, backlit vanity mirrors, and separate water closets
• Two penthouses feature private rooftop terraces complete with private summer kitchens and spa tubs
• Select units offer powder rooms
• Spacious private terraces with spectacular water and city views
• Casa Bella offers an extraordinary opportunity to have your residence curated by B&B Italia, Italy’s leading furniture brand

Tower Amenities

• 2 full floors of private amenities
• State-of-the-art wellness and fitness center offering on-demand services
• Yoga room
• Spinning room
• Salon with manicure/pedicure stations
• Adult entertainment lounge
• Game room
• Kid’s playroom with smartboard and educational games
• Residents’ party room
• Wine room
• Movie theater
• Museum-quality curated art collection
• High-tech business center with conference room
• Co-workspace
• Pet spa
• Expansive pool deck situated on the 11th floor overlooking Biscayne Bay
• 78’ lap pool
• Outdoor spa
• Poolside bar and café
• Poolside cabanas and lounge areas
• Towel service
• Sun-care kiosk
• Open-air lawn perfect for yoga
• Lush gardens were designed by acclaimed landscape architect Enzo Enea
• Pickleball court
• BBQ with outdoor dining area
• Ground-level restaurant open to the public
• 56th-floor Sky Terrace boasts a rooftop pool and observatory (650 feet) with a high-tech telescope
• 24-hour valet parking
• 24-hour security
• 24-hour maintenance staff
• Multilingual team on site
• On-demand concierge services are available including housekeeping, grocery shopping, “while you’re away” butler services, dry cleaning, childcare, pet care, courier services, translation service, and more
• Residents enjoy a 1-year complimentary membership at the Grand Bay Beach Club in Key Biscayne

Construction for the development is estimated for winter 2023 with an anticipated completion date of 2025. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Related Group Proposes 15 Story Residential Development on Biscayne Bay in North Miami

The Related Group has officially submitted plans for a new development located in North Miami, Icon Residences. The development is projected to cost around $150-million and rise 15-story project sited on a one-acre tract of land at 2305 NE 123 Street. The site currently is occupied by the two-story White House Inn, which was built in 1969, closed in 2014, and vacant.

Icon Residences will feature 54 luxury residences, each costing an eye-popping $4.6 million, to be built right at the Shepard Broad Causeway’s entrance, with views across Biscayne Bay to the towers of Sunny Isles Beach to the northeast and due east across Bay Harbor Islands to Bal Harbour – as well as the yards and windows of the single-family homes of Keystone Point just north across the canal. The site would also allow for 184 feet of water frontage.

The Related Group is requesting that the city increase the building height limit on the land from 35 feet to 169 feet, which is the identical height of the Majorca Bay tower located at 11930 N Bayshore Dr., just a few blocks over. The entire height of Icon Residences would be 184 feet, including the 15-foot mechanical plant near the rooftop swimming pool.

Between the White House Inn site and Majorca Bay, related and other entities are considering or preparing a future skyline of structures of similar height. The White House Inn site is presently limited to 35 feet of construction under North Miami’s 2017 Comprehensive Plan, whereas the bayfront land to the south is permitted to 115 feet.

The Keystone Homeowners Association, which covers the area of more than 900 properties, held a full community meeting on May 19 in the recently opened Wildcat Center at 1600 NE 126th St. to discuss their frustrations with this project.

Pedro Gassant, a Holland & Knight partner representing the Related Group, made his best case, claiming that the Icon project would eliminate the vagrancy and illicit dealings currently plaguing the site and bring in $1.7 million in tax revenue in the first year and $45 million over 20 years for the cash-strapped city.

A 184-foot structure, according to Eric Riel, an urban planner who has lived within 500 feet of the projected skyscraper, is incompatible with the single-family dwellings shown immediately across the canal.

The new North Miami Planning Commission meeting is scheduled for June 28th at 7pm at North Miami City Hall.

540 Unit Tower Planned for Miami’s Art & Entertainment District

With plans for a 540-unit apartment skyscraper in Miami’s burgeoning Arts & Entertainment District, LCOR is making its South Florida development debut.

According to public documents, Pennsylvania-based, LCOR purchased 1.1 acres of land at 1775 Biscayne Boulevard from a corporation owned by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman. The location lies on the outskirts of Miami’s Edgewater district.

Webster Bank provided LCOR with a $33.4 million loan while Walker & Dunlop’s Keith Kurland and Michael Stepniewski represented them in the financing transaction.

According to the developer’s news release, LCOR has proposed a 40-story skyscraper with studios to two-bedroom apartments all equipped with stainless steel appliances, washers and dryers, and quartz countertops.

Amenities:

• 600 space garage
• WiFi throughout the building
• Gym
• Rooftop pool deck
• Outdoor patio
• Grilling space
• Tenant lounges
• Co-working spaces
• Conference spaces
• Package retrieval services
• 14,000 square feet of ground-floor shops

The Silvermans initially planned a 53-story mixed-use skyscraper on the site with 444 residential apartments, 200 hotel keys, 45,600 square feet of commercial space, 64,500 square feet of office space, and a 546-parking garage through their V Downtown subsidiary. A Miami board approved the necessary exemptions for the construction in 2017, but the project was never completed.

LCOR’s first ground-up project in South Florida, according to the statement, but the business has been investing in the region and other Southeast regions for more than a decade.

According to its website, LCOR is a real estate developer, manager, and investor with a $9.5 billion portfolio of finished, under construction, and pre-development projects. The California State Teachers Retirement System, Ares Management, and PGIM are among its partners. LCOR’s CEO is Anthony Barsanti, and its senior vice president is Anthony Tortora.

Construction is anticipated to begin in early 2024 with completion in 2026.