Nexo Residences Breaks Ground in North Miami Beach

In the heart of North Miami Beach, Fortune International Group, in partnership with Blue Road, has embarked on a groundbreaking venture: the Nexo Residences. This 15-story luxury condominium project, located at 13899 Biscayne Boulevard, is poised to redefine urban living with its innovative home-sharing capabilities.

The architectural brilliance of Frankel Benayoun Architects Inc., combined with insights from the globally acclaimed architect Carlos Ott, has shaped the design of Nexo Residences. Furthermore, the interiors, common areas, and landscaping have been meticulously crafted by Urban Robot. The development boasts 254 fully furnished residences, allowing homeowners unparalleled autonomy in their property’s utilization. These residences range from cozy studios to expansive four-bedroom townhomes, with sizes varying from 531 to 2,190 interior square feet. With prices commencing from the mid $600s, this project offers a diverse portfolio for potential investors.

Edgardo Defortuna, the CEO of Fortune International Group, expressed his enthusiasm, stating, “Nexo Residences has garnered significant attention from global buyers and investors. Its strategic location, coupled with top-tier amenities and the unique opportunity for homeowners to lease their units, aligns perfectly with Fortune’s vision of pioneering projects that consistently exceed expectations through innovation and meticulous attention to detail.”

The name “Nexo,” translating to “nexus” in Spanish, encapsulates the essence of this project. It serves as a pivotal junction, bridging crucial elements and making it an attractive proposition for short-term renters in this burgeoning submarket. The rental flexibility, complemented by a professional management team overseeing operations, enhances its appeal for potential investors.

Jorge Savloff, CEO of Blue Road, highlighted the strategic advantage of the location, emphasizing its proximity to iconic South Florida attractions like the Bal Harbour Shops, Aventura Mall, and a plethora of upscale dining and entertainment venues. He added, “Nexo Residences offers a more family-centric alternative to the bustling tourist hubs of Miami, ensuring a comprehensive and enriching experience for all.”

The amenities at Nexo Residences resonate with the South Florida vacation spirit, catering to both work and leisure. Features include a grand three-story arrival lobby, a state-of-the-art tech hub with coworking spaces, a lavish pool deck, fitness facilities, and a rooftop observatory deck offering panoramic southern vistas. Additionally, entertainment options abound with an outdoor cinema, a versatile clubroom, and a dedicated children’s play area.

An added allure for international investors is the property’s EB-5 designation. This provides a golden opportunity for foreign nationals to embark on the path to U.S. citizenship by investing a minimum of $800,000 in Nexo Residences and adhering to the stipulations set by the United States Citizenship and Immigration Services (USCIS).

Strategically positioned, Nexo Residences offers proximity to business and leisure hubs like Bal Harbour, Aventura, and Sunny Isles. Its location on Biscayne Boulevard, near the Intracoastal Waterway, and equidistant from major airports, further accentuates its appeal for global investors.

Nexo Residences presents a compelling investment narrative blending luxury, flexibility, and strategic location into a package that promises significant returns.

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.

Former NFL Player Proposes 15-Tower Mixed-Use Project in North Miami Beach

A company headed by former NFL player and Pro Bowler Elvis Dumervil, now a real estate developer, plans to transform a dilapidated apartment building in North Miami Beach into a 15-story mixed-use development.

The city’s Planning and Zoning Board will discuss proposals for Prestige Boardwalk on the 2.28-acre site at 16651 N.E. 18th Ave. in a town meeting today. The existing 94 flats on the property were constructed between 1957 and 1961.

In 2018, Prestige Boardwalk LLC, run by Dumervil of Prestige Estates in North Miami, paid $9.5 million for the property.

The current apartment building would be replaced with two buildings housing 409 units, 11,151 square feet of retail space, and a 642-space parking garage with 126 spots designated for electric vehicle charging. Additionally, there would be pedestrian bridges connecting the two buildings on the second and eighth levels, as well as a pool/amenity deck on the eighth floor. A boardwalk would run beside the Snake Creek Canal.

Between 578 to 1,316 square feet would be available in each unit. There would be 57 three-bedroom units, 34 studio apartments, 167 one-bedroom apartments, and 151 two-bedroom flats.

The Miami-based Zyscovich Architects firm created Prestige Boardwalk.

Dumervil founded Prestige Estates following a successful NFL career. He was a linebacker who participated in five Pro Bowls while playing for the San Francisco 49ers, Baltimore Ravens, and Denver Broncos. The North Miami neighborhood where Dumervil grew up has seen hundreds of flats purchased by Prestige Estates.

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.

Plans for a 30 Story Tower in North Miami Beach are Announced by BH Group

After purchasing land in North Miami Beach, developer BH Group is planning a 30-story residential structure located at 2261 N.E. 164th Street.

The 1.96-acre site was sold by CK Prive Group 164 LLC, controlled by Bruno Bloch in North Miami Beach, to the BH Group in Aventura for $11 million.  The property increased in value since it was last sold for $8.3 million in 2016.

Currently on the property is a 1969-built warehouse of 35,538 square feet. The warehouse will be destroyed, according to BH Group, and a skyscraper with 400 luxurious residential units will be built in its place.

CFE Architects of Miami Lakes will be the architect for the project.

After the city rezoned a significant portion of its east side to allow for higher density and mixed-use development, North Miami Beach has been experiencing an increase in commercial and residential developments.

BH Group has been purchasing sites all over South Florida. The business frequently collaborates with Miami-based Related Group including District 225 condo in downtown Miami, a condo on Fisher Island, a waterfront condo in North Miami, the Transit Village mixed-use project in West Palm Beach, and condos on Bay Harbor Islands.

Top 5 Events at the Sobe Wine and Food Festival 2022

Today begins the long-awaited Food Network & Cooking Channel Sobe Wine & Food Festival. This national 4-day event, located in South Beach, showcases the world’s top culinary geniuses including chefs, wine connoisseurs, spirit producers, and notables taking you on a delicious tour of local and international cuisines.

This festival is a 21-year-old tradition that began as a small local event to showcase southern wines and spirits and now it has evolved into an event that brings 60,000+ people to Miami from all over the world. The Florida International University Chaplin School of Hospitality & Tourism Management hosts the event and brings in more than $31 million to cover scholarships, programs, and future events.

The festival itself features 70+ events and we have broken down the Top 5 Must-Visit shows for this year’s festival.

Coke Zero Sugar presents Diners, Drive-Ins and Dives LIVE with Guy Fieri

Thursday, February 24th, 7 pm-10 pm at North Venue Beachside at Delano– Diners, Drive-Ins, and Dives, your favorite Food Network show, is heading to the dunes of South Beach for a one-night-only appearance. Guy Fieri, the iconic chef, restaurateur, New York Times Best Selling book, Emmy Award-winning TV personality, and now 2022 Tribute Dinner recipient, will take you on a gastronomic journey that will leave your tastebuds screaming for more

All foodies are invited to sample Guy Fieri’s journeys around America in pursuit of some of the greatest “greasy spoon” eateries featured on his hit program. Fieri is no stranger to organizing the Festival’s most memorable festivities, and to commemorate the 21st year, he’ll be returning on the beach with some of America’s finest local food places to establish a collective of 25+ eateries to produce their mouth-watering concoctions on the sand.

Fontainebleau Miami Beach presents Wine Spectator’s Best of the Best Friday

Friday, February 25th, 7:30 pm-10:30 pm at Fontainebleau– Gathering 50+ of the nation’s greatest chefs to exhibit their most gourmet samplings to pair with over 60 wines. The Fontainebleau Miami Beach sets the perfect stage for this grand walk-around affair, which will feature a lineup of critically acclaimed chefs, James Beard Award nominees, and finalists, and Food & Wine Best New Chefs.

Only the founders and winemakers from each winery are asked to serve their finest varietals so you can learn how some of the world’s best vino is selected. There will also be a Wine Wall raffle entering you for a chance to take the Best of the Best experience home with you. Following its record-breaking success at last year’s event, the Wine Wall is returning to provide participants the opportunity to experience the appeal of Best of the Best for themselves at the Fontainebleau Miami Beach!

Foodventure at Citizens MiamiCentral Culinary Market hosted by Dwyane Wade

Saturday, February 26th, 4:00 PM – 6:00 PM at Citizen MiamiCentral Culinary Market – Downtown’s newest food hub awaits with a three-time NBA Champion and one of the most successful and legendary players in Miami Heat history, Dwyane Wade, during this walk-around eating experience. Citizens Miami, opened this winter by Sam Nazarian and his team at C3 by sbe, features a 26,000 square foot, 16-stall culinary market featuring C3’s popular culinary brands such as EllaMia, Umami Burger, Sam’s Crispy Chicken, and many more.

With delectable bites, trendy pop-ups, and wines from Wade Cellars, as well as delectable cocktails from the Southern Glazer’s Wine & Spirits portfolio, this early evening soirée will feature culinary creations perfectly executed by chefs from around the world, as well as local stars from South Florida. During the event, restaurants featured at Citizens Miami will exhibit new menus inspired by renowned chefs such as ‘Chef’s Table’ star Dario Cecchini, ‘Iron Chef’ Masaharu Morimoto, Umami Burger’s Chef Alvin Cailan, and Ella Mia’s pastry chef and babka king Shimi Aaron.

King St. Vodka presents Peace Love Yoga: A Soulful Yoga Experience at Nikki Beach with special guest Kate Hudson

Sunday, February 27th, 10 am-11:30 am at Nikki Beach – Practice self-care at this deeply nourishing yoga experience sponsored by celebrated actress and businesswoman Kate Hudson and King St. Vodka, an ultra-premium spirit inspired by her old home on King Street in New York City.

This DARLEE production is the brainchild of two of Miami’s most accomplished women (and yogis): philanthropist and marketing maven Arlene Chaplin, and the soulful Dawn B, who will lead the morning’s practice with her encouraging words and invigorating attitude. Nikki Beach will be transformed into a soothing pop-up yoga class, replete with a well-deserved post-session selection of healthy snacks, tunes by DJ Taz Rashid, King St. Vodka beverages, and Barton & Guestier wines that will respect both your practice and your palette.

Bacardi Carnival

Sunday, February 27, 2022, 6 pm-9 pm – Beachside at The Ritz-Carlton of South Beach – Join the celebration at The Ritz-Carlton of South Beach to wrap up the 21st anniversary of the Sobe Food and Wine Festival which will be hosted by James Beard Award-winning TV personality Andrew Zimmern, who also works as a chef, food writer, and teacher.

Zimmern is widely recognized as one of the food world’s most varied, knowledgeable, and “bizarre” characters, and he’s ready to add his vivacity and enthusiasm to this sand feast. The name of the game is free-flowing spirits, as BACARDI creates delightful cocktails with spirits from their extensive collection, including Bombay Sapphire, Tequila Cazadores, Dewar’s, D’ussé, Grey Goose, and Patrón.

The vibrant and colorful environment will be enhanced by live music, creating the perfect beach carnival to close up your Sunday Funday at the Festival!

Visit Sobe Wine & Food Festival for information on tickets and other events.

Plans for a 23 Story Tower Proposed in North Miami Beach

Miami-based Humberto Ramirez Developers are currently under contract on a North Miami Beach office building with plans to a 23-story condo-hotel.

Officially scheduled for December 13, North Miami’s City Planning & Zoning Board will be presented the proposal for the tower located at 2040 N.E. 163rd Street. The 1.09-acre site currently holds a 3 story 26,766 square foot office building with a medical practice and a consulting firm as the current tenants. The property is currently owned by North Miami Beach company, 2040 Investments.

Designed by Bermello Ajamil & Partners, the proposed tower would feature 334 condo units, 30 hotel rooms, and a 410-space parking garage (13 electric car spaces) totaling 272,660 square feet. According to the proposed plans, 144 one-bedroom units, 162 two-bedroom units, and 28 three-bedroom units.

The property would also feature 7,328 square feet of retail space. The parking garage would rise 7 stories tall and the hotel rooms would line the front of the garage.

Amenities for this tower would feature a pool deck above the parking garage, game room, and fitness center.

North Miami Beach has adopted revised zoning for its eastern portion in recent years in order to stimulate construction and increased density. The city hopes to attract additional people as well as business development to the region

Another North Bay Road Mansion Sells for $13.6 Million

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.