Mariners Bay Condo Set to Transform into a 20 Story Development
The Mariners Bay Condo, a familiar name for those who know the area, is set for a transformative makeover. Imagine a stunning 20-story building rising majestically, offering 267 units of luxurious living space. This unnamed development isn’t just a condo; it’s a lifestyle upgrade waiting to happen.
The proposed project will include 12 townhomes and a range of condos from one to three bedrooms. Development amenities include a fifth-floor swimming pool, a state-of-the-art fitness center, spa, children’s playroom and media room. The project also calls for 433 parking spaces.
Set to be located at 12000 N. Bayshore Drive, North Miami, Florida, 33181, this development promises an ideal balance of serene residential living and convenient access to Miami’s vibrant life. It’s a short drive from the beautiful Oleta State Park and just east of I-95.
Plans include revamping the 20-slip marina, adding yet another luxurious touch to this already promising development.
While the project awaits approval, it’s exciting to think about the potential transformation of the Mariners Bay Condo, a structure from the 1980s in need of significant repairs, into a modern haven.
PowerHouse Marina in North Miami Sold for $10.1 Million to Fontainebleau Development
PowerHouse Marina located in North Miami at 13255 Biscayne Blvd was purchased by Jeffrey Soffer’s Fontainebleau Development for $10.1 million.
The seller of the property is listed as David A. Marcus who originally purchased the property in 1995 for $912,500. The property originally opened in 1980 and sits on a canal alongside Biscayne Bay.
On the 1-acre site, there is a 10,000 square foot 2 story building along with 12 boat slips. The records show the property also has a boat repair yard as well as 12 boat slips that were completed in 1967.
The billionaire chairman and CEO of Fontainebleau, Soffer, and president Brett Mufson did not immediately return a call requesting information on whether the company intended to redevelop PowerHouse. According to the company’s website, Fontainebleau also owns and runs Turnberry Marina, a 68-slip facility in Aventura that can handle boats up to 160 feet in length.
The units in Tequesta, Florida’s Regency Condominium, a 53-year-old oceanfront condo structure, were all purchased by Fontainebleau last month for almost $100 million. For the purchase of a large number of condos, Motcomb Estates, an investment company owned by billionaire brothers Simon and David Reuben, granted a mortgage of $80.5 million.
According to published reports, Fontainebleau recently submitted plans to demolish the eight-story oceanfront Tequesta building with 40 units and replace it with a 10-story condominium with 34 luxurious units. The Reuben brothers have previously worked with Soffer and own a 25% stake in Fontainebleau’s JW Marriott branded hotel in Aventura.
Additionally last month, Fontainebleau used a Bank of China New York loan to refinance the JW Marriott Miami Turnberry Resort Hotel & Spa. According to statistics, the loan added $72.6 million while refinancing $339.5 million in debt.
In the three years since taking over the mortgage from Wells Fargo Bank in 2017, Bank of China has upped the amount three times.
Soffer’s second effort to purchase the Hollywood oceanfront Diplomat Beach Resort in February was unsuccessful. His business had intended to spend $850 million on Brookfield Property Partners to acquire the 1,000-room hotel. The resort is South Florida’s second-largest after Fontainebleau Miami Beach by Fontainebleau Development.
Fortune International Group and Blue Road Group Announces Nexo Residences in North Miami Beach
Nexo Residences, a 254-unit condo building with no short-term rental limitations in North Miami Beach, has been launched by Fortune International Group and Blue Road.
The proposed site is located at 13899 Biscayne Blvd., with Blue Road of Bay Harbor Islands and Fortune of Miami having a deal with Aventura-based Tomaja LLC for the 1.74-acre site. Currently on this site is a 36,661-square-foot office structure, built-in 1958, which would be removed.
Nexo Residences, according to the developers, will be the first condo in North Miami Beach to allow short-term rentals. Some investors choose short-term rentals as a method to supplement their revenue by offering properties on home-sharing services like Airbnb.
According to the President and CEO of Fortune, Edgardo Defortuna, “Nexo Residences will serve as the premier short-term rental offering in North Miami Beach, an area that has been underserved in the hotel and rental products; most projects of this kind concentrate in downtown Miami and Brickell.”
The Nexo’s 15-story units would vary from 525-square-foot studios to 2,190-square-foot townhouses pricing beginning in the $400,000s.
Residence Features:
Fully finished
Floor-to-ceiling windows
Porcelain flooring
Built-in bedroom closets
Dedicated lockable owners’ closets
Expansive balconies with glass railings
European style kitchens
Quartz counters
Matte black fixtures
Smart key access
Self-service package system
Amenities
Lounge
Tech hub with a café and coworking space
Playground
Clubroom
Fitness center with a yoga studio and virtual trainer
Rooftop observatory deck
Pool deck
2 Spa pools with loungers
Private event area
The project will be designed by Frankel Benayoun Architects with landscapes and interiors by Urban Robot. According to the press release, Fortune International Group and Blue Road hope to break ground by the end of 2022.
20 Story Tower Proposed in North Miami.
Seventh Ave Group LLC has recently proposed a new 20-story tower in North Miami located just west of I-95. This property expands 1.11 acres over 12041 and 12065 N.W. Seventh Ave. as well last 550 and 654 N.W. 121 St.
The proposed tower, Emblem tower will be reviewed by the city’s Planning Commission on April 5, 2022. According to the developer’s attorney, Steven Wernick, this project would be the first major development in North Miami’s new planned corridor district for the area.
Wernick also stated, “This area between Seventh Avenue and I-95 now has a hodgepodge of industrial and auto repair shops and they want to activate that area and bring in new tax revenue for the city. The city has been very positive to work with.”
The developer has owned the property since 2019 and originally purchased it for $3.23 million. There is an auto repair shop and an additional retail store currently on the site.
The estimated cost for the development is projected at $53 million. Units at Emblem Tower would range from 642 square feet to 1,010 square feet with studio to 2 bedroom floor plans.
Tower Features:
20 stories
139 apartments
27 studios
64 one-bedrooms
48 two bedrooms
9.989 square feet of commercial space
235 parking spaces (4 story parking garage)
Architect: Frankel Benayoun
Amenities:
Pool deck on top of the 4-story parking garage
Gym
Function room
Bocce ball court
Running track
Grilling areas
Playground
Seventh Ave Group LLC is listed as the developer but the company is an affiliate of Blue Road, a Miami-based development and investment company.
The Related Group Plans to Build on a Parcel of the North Miami Campus of Johnson & Wales University
On the former North Miami Campus of Johnson & Wales University, the Related Group is now under contract with a part of the land in an attempt to build a condo/apartment tower. The 3.12-acre lot is located at 1650 N.E. 124th Street of a block west of Biscayne Boulevard.
On March 8th, the City Council is scheduled to review the proposal for the tower now called, Manor Biscayne. The affiliate, RD Manor Biscayne LLC purchased the parking lot and a building for $12.25 million in July 2021.
Johnson & Wales University sold 25 acres of the campus to multiple buyers.
Manor Biscayne is set to rise 8 stories spanning over 372,559 square feet. The tower will feature 382 apartments, 9,335 square feet of retail, and 668 parking spaces with 13 electric charging stations.
Tower Amenities:
Pool
Courtyard
2nd recreational courtyard
Fitness center
clubhouse
The units themselves would range from 600 to 1,500 square feet with 27 studios, 139 one-bedroom apartments, 173 two-bedroom units, and 44 three-bedroom units. There will also be a small selection of 2-story townhouses available.
RLC Architects are responsible for the design of the project.
Notable Real Estate Developers Purchase the White House Inn Property in North Miami
Teddy Sagi and Jorge Pérez, Miami’s most notable real estate investors, have chosen their second South Florida property to invest in: the White House Inn at the gateway to North Miami. What once was a motel that opened its doors in 1969 later became a dilapidated building that saw many problems throughout the years, which later closed in 2014.
Along with BH Group, Pérez’s Related Group, and Sagi’s LabTech Investments Limited are teaming up to buy the waterfront property located at 2305 Northeast 123rd Street.
The 1-acre property is expected to be redeveloped into a luxury apartment complex that would cost around $85 million. Sagi and Pérez are expected to close on the $11 million sale next week.
The North Miami property was sold by a firm led by Mario Murgado, the owner of Murgado Automotive Group for $7.8 million in 2014. Murgado planned to demolish the White House Inn and replace it with a seven-story Ocean Cadillac dealership with a self-contained parking structure, top-floor showroom, and ground-floor restaurant.
Local residents were outspoken in their opposition to the dealership, fearing that it would bring a flood of traffic to the neighborhood. Later Murgado proposed an 11-story tower, Biscayne Harbour, that was approved by the city council but was never finished.
“One of those rare bayfront sites that’s gone underutilized for far too long,” and that the partnership plans to give North Miami “the entrance it deserves,” according to Pérez.
Not only is Pérez known for his work with the Related Group but he is a big player in the residential market as well. In July, he sold his Coconut Grovemansion for $33 million. Pérez also sold his Apogee Beach penthouse for $6 million.
Allure North Miami Tower Just Announced by Tate Capital
Plans for a mixed-use project in North Miami known as Allure North Miami has just been revealed. Tate Capital has brought forth plans for a conditional use permit to the city’s Planning Commission. The meeting was scheduled for November 2, 2021 and the current status of the conditional use permit has been released.
The site located at 1810 N.E. 146th Street features 2.11 acres. In an agreement with the city of North Miami, Tate Capital agreed to lease the property for 99 years at $100,000 annually. The developer has also requested a grant from the North Miami Community Redevelopment Agency for $15.2 million for infrastructure of Allure.
Jimmy Tate, a Tate Capital representative stated that they wanted something “unique and transformative” to showcase to residents that North Miami is the next city for urban development. Tate Capital wants to brand North Miami as a “new district” staring with Allure North Miami
Designed by Kobi Karp Architects, Allure will rise 20-stories and feature 360 apartments and 603 space parking garage. Around 8,429 square feet will be dedicated too retail with 36 apartments strictly for workforce housing.
Units will range from 608 to 1,411 square feet with studio to three bedroom floor plans. There will be around 30 studio apartments, 187-1 bedroom apartments, 132-2 bedroom apartments, and 11-3 bedroom apartments.
Amenities
Pool deck
Fitness center
Summer kitchen
Club room
Picnic areas
Package lockers
Elevated pedestrian bridge between tower and garage
If the project receives approval, the anticipated groundbreaking would take place in Spring of 2023 with a completion date of Winter 2024.
