New York-Based Shvo Obtains Construction Loan for Miami Beach Hotel to Add Condo Tower to Development
New York-based Shvo recently secured a $190 million construction loan for The Raleigh Hotel in Miami Beach to add a condo development.
Currently, the site includes The Raleigh, the Richmond Hotel, and the South Seas Hotel. The three hotels were put together by the developers for $242.85 million in 2019. At the time, the property was secured by a $146.9 million loan from Acore Capital Management.
The developers might be able to remove equity from the project and move the work along if they take out a loan for a higher sum. According to the developer, the hotel contributed over $1 billion to the project, including over $300 million in stock.
The hotel is closed while work is being done on the premises. The Raleigh will have 60 suites under Rosewood Hotels & Resorts’ management when it reopens in 2026. The developer is also constructing a high-end restaurant with a private member’s club and a 17-story condo with 42 flats that bears the Rosewood brand.
The 1940s saw the development of the Raleigh. The curving pool, the Martini Bar, and the Tiger Room are just a few of the hotel’s distinctive characteristics that will be preserved by Shvo.
To design the project, Shvo hired New York-based architect Peter Marino and Miami-based Kobi Karp Architecture.
Former Raleigh project investor Bilgili Group, based in Turkey, has pulled out of the project.
Alta Developers Plan to Build 96 Unit Development in North Miami
In North Miami, Alta Developers plans to replace an outdated waterfront apartment complex with a 96-unit condo development.
According to an Alta application to Miami-Dade County, the Miami-based development company, directed by Raimundo Onetto, wants to construct an 18-story structure on the 0.8-acre plot where the demolished Mid Bay Club Apartments once stood at 11950 North Bayshore Drive. Records show that in April, Alta asked the county to permit a reduction of the necessary setback from the shoreline to 25 feet.
Buildings with curved balconies and floor-to-glass windows are seen in renderings. A rough estimate of 96 condos has been given for the project, which was designed by Revuelta Architecture International.
According to records, Alta spent $14 million purchasing the Mid Bay Club Apartments and an empty 0.2-acre land across the street last year.
The application for the North Miami project comes as Alta is planning a number of additional projects.
Alta plans to erect an 18-story, 223-unit apartment complex next to Dadeland Mall at 9600 South Dixie Highway. It would be the second 18-story multifamily building constructed by Alta there. It is anticipated that the first 296-unit tower will shortly acquire its certificate of occupancy.
In recent years, North Miami has attracted the attention of investors and developers. The enormous SoLé Mia at 15055 Biscayne Boulevard is being built by Turnberry Development and LeFrak, under the direction of Jackie Soffer. When finished, it will feature 4,000 residential apartments. A joint venture between Turnberry and developer Carlos Rosso is planning a 32-story, 303-unit condo structure in addition to three apartment towers.
Sales Officially Launch for 21-Story Tower Shoma Bay Condos in North Bay Village
At a North Bay Village property it purchased earlier this year, Shoma Group is changing its plans from apartments to residential condos.
Shoma Group, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is beginning sales of the Shoma Bay condos, with prices beginning in the $400,000s. ISG World, led by Craig Studnicky, was chosen by the Coral Gables-based developer to handle the units’ sales and marketing.
Shoma Bay will be a mixed-use development with 21 stories and 327 residences on a 2.8-acre plot of land.
In May, Shoma paid nearly $16 million for the property at 1850 79th Street Causeway with plans for a Publix-anchored residential and retail complex. The project, which includes a 36,000-square-foot Publix and around 6,300 square feet of retail space, including a rooftop lounge and a food hall called Shoma Bazaar, was approved by North Bay Village in March.
Condos are replacing rentals as South Florida’s rent growth finally starts to slow down. Similar adjustments have been made by other developers. A new rental skyscraper in downtown Miami was converted to a condo tower in July by Property Markets Group and Greybrook, and is currently known as The Elser Hotel & Residences.
The Shoma Bay will have apartments ranging in size from 360 square foot studios to roughly 1,500 square foot three bedroom condos. According to a spokeswoman, the average cost per square foot for all units is around $900.
Building completion could happen in the latter half of 2024, with construction set to start early next year. The interiors are being designed by Adriana Hoyos, with MSA Architects serving as the project architect.
There will include a lounge, bar, spa, gym, pool deck, library, and kids’ club among the amenities. A 2,600-square-foot co-working area and electric vehicle charging stations will also be included in the structure.
If you or someone you know have an interest in purchasing at Shoma Bay Condos, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
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.
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.
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.
Another North Bay Road Mansion Sells for $13.6 Million
Photo Credit: Robert Evangelista
North Bay Road mansions have been a hot commodity this year! In January Phill Collins sold his North Bay Road mansion for $39,250,000 and is set to be demolished by buyer Thomas Bravo. In June, Jennifer Lopez and Ben Affleck rented a waterfront mansion for $130,000 monthly. With so much activity, it’s of no surprise how quickly these Miami Beach multimillion-dollar homes sell.
Lawyer Stephen Zack and his wife, Marquerite, also sold their mansion located at 5310 North Bay Road. The couple sold the home for $13.6 million after they originally purchased the home just 3 years ago for $8.5 million. Since 2018, the home has been listed for sale with an original list amount of $21 million.
The buyer for this Miami Beach home is listed in the county records as North Bay Road Developments LLC, a company that is managed by Guillermo Osses, Francisco Perez, and Miguel Yoma.
According to public records, Osses is the Vice President of Atacama 2108 LLC and is also affiliated with 23 other companies. Yoma is the Manager for San Marino Developments. The partners financed the purchase through Terrabank for $6 million.
The magnificent waterfront estate features 8,148 square feet of living space with 6 bedrooms and 6 full and 2 half bathrooms. The Georgian-style home has been remodeled two times, remarkable mansion features a 5,000 bottle wine cellar, pool. jacuzzi, and expansive home theater.
Stephan Zack is a trial attorney and partner at Bois Schiller Flexner LLP. He was also the lead attorney for former Vice President Al Gore in the Florida recount litigation that took place in 2000. During that time, he was an expert witness for voting accuracy. He is also a past president of the Florida Bar Association as well as the American Bar Association.
The Zacks also have a luxury unit located on the 54th floor of the Four Seasons Residences, which they purchased in July for $8.1 million.
Photo Credit: Robert EvangelistaPhoto Credit: Robert EvangelistaPhoto Credit: Robert Evangelista
