Tag Archives: construction loan

Baccarat Residences Miami Upper Penthouse Terrace

Redefining Luxury Living: Related Group and GTIS Partners Secure $328 Million for Baccarat Residences Miami in Brickell

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Baccarat Residences Miami Upper Penthouse Terrace

In a significant development for Miami’s real estate landscape, the Related Group and GTIS Partners have announced the securing of a $328 million construction loan. This financial backing is set to fuel the ambitious development of Baccarat Residences Miami, an opulent condominium tower poised to grace the iconic Brickell.

The financing, extended by Bank OZK at a competitive floating-rate, marks a pivotal step forward for the project. Berkadia South Florida played a crucial role in orchestrating this substantial loan, with key figures like Managing Director Scott Wadler and Vice President Michael Basinski leading the charge alongside Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson.

Baccarat Residences Miami, a property that embarked on its journey in late 2021 and has since soared to over 95% sold, is currently in the throes of construction. Anticipated to reach completion by early 2028, this architectural marvel promises to redefine luxury living in Miami.

Commenting on this milestone, Jon Paul Perez, President of Related Group, expressed gratitude towards the project’s partners and lenders, emphasizing their shared vision for a skyline-altering development. Perez’s sentiments echo the sentiment of determination and optimism that drives this venture forward.

The infusion of this significant capital into the Brickell area underscores the neighborhood’s thriving status. Despite broader economic challenges, Brickell continues to assert its dominance as a premier destination for businesses and residents alike.

Robert Vahradian, Partner and Head of US Investments for GTIS Partners, highlighted Brickell’s allure, citing its resilience and ongoing evolution as key factors in attracting investment. With notable additions like Citadel and a flourishing retail and cultural scene, Brickell stands as a beacon of growth and potential.

Baccarat Residences Miami, the sister property to the acclaimed Baccarat Hotels & Residences NYC, promises a lifestyle of unparalleled luxury. Boasting 355 residences, including eight exclusive penthouses, the tower is a testament to exquisite design and craftsmanship.

Designed by the renowned firm Arquitectónica, Baccarat Residences Miami pays homage to the storied legacy of the French crystal company while introducing a contemporary architectural masterpiece to South Florida.

Spanning over 75,000 square feet, the tower’s amenities epitomize five-star living, featuring state-of-the-art facilities, a luxurious spa, private marina access, and a curated art collection. Managed by SH Hotels & Resorts, these amenities promise an elevated living experience for residents.

As construction progresses and anticipation builds, Baccarat Residences Miami stands poised to redefine luxury living in Miami, embodying the essence of sophistication and exclusivity.

Bacarat Residences Miami Garden
Baccarat Residences Miami Bar and Lounge
1428 Brickell Residences

Skyward Bound: FAA Approves Towering Cranes for Miami’s 1428 Brickell Residential Marvel

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1428 Brickell Residences

Miami’s ever-evolving skyline is set to reach new heights as the Federal Aviation Administration (FAA) recently granted approval for the installation of two imposing construction cranes in the bustling neighborhood of Brickell. This monumental decision paves the way for the construction of the 71-story solar-powered 1428 Brickell residential tower, promising to redefine luxury living with its innovative design and sustainable features.

The FAA’s green light signifies a significant milestone in the development of the 1428 Brickell project. These towering cranes, standing at a height of 1,001 feet above ground level, or 1,010 feet above sea level, are poised to dominate the Miami skyline for the next 19 months. Their installation marks the commencement of a transformative journey that will ultimately culminate in the creation of one of Miami’s tallest residential skyscrapers.

What sets the 1428 Brickell tower apart is not only its remarkable height but also its commitment to sustainability. As the world’s first residential high-rise to be partially powered by the sun, this architectural marvel is poised to set new standards in eco-conscious living. With 500 photovoltaic-integrated windows harnessing the power of sunlight, the tower exemplifies the fusion of luxury and environmental responsibility.

The recent commencement of demolition work at the project site marks the beginning of an exciting chapter in Miami’s urban landscape. A 100,000 square foot office building has been vacated to make way for the development, signaling the city’s readiness for a new era of modernity. As construction permits navigate through Miami’s Building Department, including those for demolition, site work, and full vertical construction, anticipation mounts for the imminent issuance of a total demolition permit.

At the helm of this ambitious undertaking is John Moriarty, the esteemed contractor entrusted with bringing the 1428 Brickell vision to life. With a proven track record of delivering iconic structures, Moriarty’s expertise ensures that the project remains on schedule and adheres to the highest standards of quality and safety.

While the completion of the 1428 Brickell tower is slated for 2027, the impact of this architectural marvel will resonate for generations to come. As Miami continues to evolve as a global epicenter of innovation and design, projects like these serve as beacons of progress, pushing the boundaries of what’s possible in urban development.

With the FAA’s approval of towering cranes and the commencement of demolition work, the 1428 Brickell residential tower stands poised to redefine Miami’s skyline. As construction progresses and sustainability takes center stage, this monumental project promises not only to elevate the city’s architectural landscape but also to inspire a new era of eco-conscious living. As Miami looks towards the future, the 1428 Brickell tower serves as a testament to the city’s unwavering spirit of innovation and progress.

The Village of Coral Gables

Financing Secured and Ground Breaking Scheduled for the Village at Coral Gables

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The Village of Coral Gables

By the end of July, MG Developer is expected to break ground on the Village of Coral Gables, which will include a mix of for-sale villas, townhomes, lofts, and flats. MG Developer has also obtained a $67.5 million construction loan. The Miami-based developer, headed by CEO Alirio Torrealba, received the loan from Churchill Real Estate.

The Village at Coral Gables is situated at 535 Santander Avenue and spread across 17 lots, bounded by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street. 

The new images offer a sneak peek at a few of the excellent features that will honor the city’s legacy while providing for contemporary opulent conveniences. The large wellness clubhouse exudes a modern and tropical environment. It was created in the manner of the Mediterranean revival, and its color palette combines natural tones with lush green flora and subtle gold décor accents.

The exquisitely designed amenity spaces raise the bar for contemporary living in historic Coral Gables and were curated by MG Development in association with renowned architect De La Guardia Victoria Architects & Urbanists. Some amenities include like high-speed wi-fi and a large monitor screen to host virtual meetings and more. They also include a fitness wing, a luxurious plunge pool, a library, and a conference center.

The carefully chosen interiors draw inspiration from Seville, Spain’s visual appeal and way of life, MG Developer sought to carry on George Merrick’s legacy. The boutique 48-home private enclave will honor Merrick’s tradition and history in a timeless yet contemporary manner.

A full block of courtyards will be incorporated into The Village at Coral Gables, which will be surrounded by gardens with alcoves modeled after those in the Plaza de Espaa. Fifty percent of the site is anticipated to be covered with lush vegetation and hidden parking garages with decorative elements that go well with the Coral Gables neighborhood.

Townhomes, Lofts, Villas, and Flats are the four main groupings offered at The Village at Coral Gables. The style and size of the residences will vary, ranging from elegant flats with two bedrooms, a study, and a balcony to attractive townhomes with four bedrooms that are between 1,750 and 3,100 square feet in size.

Construction is expected to be completed by 2024. If you or someone you know have an interest in purchasing at the Village of Coral Gables, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Waldorf Astoria Residences Miami

Waldorf Astoria Hotel & Residences Construction Update

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Waldorf Astoria Miami Residences

The 100-story Waldorf Astoria Hotel & Residences in Miami is progressing significantly with the filing of tower crane licenses for 300 Biscayne Boulevard. This incredibly tall tower was created by Sieger Suarez Architects and Carlos Ott and is being built by a group of prestigious investors. These companies include international investment business Mohari Hospitality, S2 Development, national developer Property Markets Group, Canadian private equity firm Greybrook Realty Partners, global hospitality giant Hilton, and general contractor John Moriarty Associates.

Two tower cranes are planned to rise 1,255 feet above ground level, or 1,266 feet above sea level, according to the FAA file from May 31. The estimated work timeline for the cranes is from October 24, 2023, to August 23, 2027, demonstrating the precise planning and long-term dedication required for this enormous undertaking.

The Waldorf Astoria Miami, which is situated at 300 Biscayne Boulevard, will have nine spiraling, offset glass cubes that are evenly placed and covered in what is sometimes described as a “glass skin” to set it apart from other East Coast properties. In order to develop an iconic edifice in Downtown Miami that offers 360-degree views of Downtown Miami, Miami Beach, and the Atlantic Ocean, Sieger Suarez Architects and famous architect Carlos Ott collaborated.

Additionally, the developers collaborated with award-winning interior design company BAMO, which takes pride in designing enticing surroundings that flow, function, and inspire individuals to live and dream more completely. Along with guest rooms and suites inside the five-star hotel, the resort will have 360 private houses. Peacock Alley, a specialty restaurant, indoor/outdoor pre-function, and event spaces, conference and boardrooms, a resort-style pool deck with private cabanas, a spa, and a fitness facility will all be considered signature areas.

If you or someone you know have an interest in purchasing at Waldorf Astoria Hotel & Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

West E11EVEN Residences Miami Dining

Construction Update for West Eleventh Residences

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West Eleventh Residences Miami Lobby

The Federal Aviation Administration has received a request from developers, Property Markets Group, Lion Development Group, and Marc Roberts Companies to approve their most recent project, West Eleventh Residences.

The new development will rise 44 floors and feature 659 completely furnished, turn-key homes and a spectacular 30,000 square foot, tri-level immersive entertainment and culinary hall on the first floor.

The project located at 18 Northwest 11th Street in the Park West District, will be the first of its kind for a special emphasis on offering flexible short-term rental options and centralized management.

On March 6, 2023, the FAA received an application for the tower that would be 482 feet or 493 feet above sea level.

Records from the Miami Building Department show that the demolition permits for the West Eleventh Residential Property were submitted on February 22. 12,473 square feet of demolition are part of the project’s scope and are expected to cost $67,285. The general contractor is identified as Chin Diesel Corp.

Residents of West Eleventh will have access to more than 20,000 square feet of luxurious amenities that have been carefully selected to maximize owner comfort. A resort-style pool, exclusive lounge areas, cutting-edge fitness and wellness facilities, a renowned on-site restaurant, and more are available as amenities.

The beginning of sales for West Eleventh Residences was announced by the developers in February. Owners will have the exceptional option to welcome guests on Airbnb 365 days a year, with completely centralized management and hotel-level amenities, thanks to the development. The concierge staff will give resources for quality photos and help owners create tailored listings, including writing the ideal ad description.

West Eleventh Residences is a part of the ambitious District 11 development along Northwest 11th Street in Miami’s Park West neighborhood, which also includes three buildings. The 65-story towers E11EVEN Residences and E11EVEN Residences Beyond are being built in addition to West Eleventh Residences by the developers. The renowned Sieger Suarez Architects are responsible for the design of all three projects, displaying their prowess in building stunning skyscrapers that meet the demands of contemporary living.

Rivage Bal Harbour

Sales Launch for Rivage Bal Harbour

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Rivage Bal Harbour

In Bal Harbour, the Related Group, Two Roads Developers, and Rockpoint have started taking reservations for an opulent condo on the beach.

At 10245 Collins Ave., Rivage Bal Harbour will include 61 “sky villa” condos spread over 24 stories. By purchasing the Carlton Terrace condo building and ending its association, the developers, acting via Carlton Terrace Owner LLC, obtained the 2.55-acre site. The high-end skyscraper will take the place of the existing condo.

This is part of a pattern where developers are purchasing older condos along the ocean in South Florida since the property is now worth more than the older condo towers, which frequently need a lot of upkeep as they get older.

In the meantime, there is a significant demand for large condos on the ocean in Miami-Dade County due to an inflow of wealthy residents from high-tax areas.

The Rivage Bal Harbour will include apartments ranging in size from 3,300 square feet to 13,000 square feet for penthouses. Prices range from $8 million to $64 million for them.

In addition to a fitness pavilion, a hammam spa, and pickleball courts, the property will have more than 25,000 square feet of wellness-related activities. A pool, a cocktail lounge, a VR game simulator, and a kids’ playroom will all be available as extras.

CFE Architects in Miami Lakes and Skidmore, Owings & Merrill in New York collaborated to create Rivage Bal Harbour. The interior designer is Rottet Studio.

Before the end of 2023, the developer claimed they intended to start construction on the condo.

Namdar Towers Construction Update

Construction Update for Namdar Towers

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Namdar Towers Construction Update

There has just been a huge new utility agreement recorded that will add roughly 1,400 new apartments to downtown Miami. The agreement will enable Namdar Towers to start construction. The Building Department of Miami is already processing permits for the project.

The contract was signed by Ephraim Namdar on behalf of the development companies 50 North Miami LLC and 222 North Miami LLC, both of which have addresses in North Great Neck, New York. A $1,301,083.65 connection cost is anticipated.

According to a press statement from August, the project has secured a $195 million acquisition and construction loan.

In October, the Namdar Towers project was submitted to the UDRB. Miami’s Building Department is currently reviewing permits for development and demolition.

A 41-story structure with 680 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.

This project is planned in 2 phases, the 41-story tower will be part of phase 1 while the 43-story tower will be part of phase 2.

Development Information:

  • 1,394 units
  • Pools
  • Fitness center
  • Bowling rooms
  • Golf simulators
  • Co-working space
  • 7,984 sq. ft. of commercial space
  • 336 parking spaces in a five-level garage
  • 1,395 bicycle racks

The architect is identified as Behar Font. Permitting for construction and demolition is already in progress.

According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company’s founder and CEO, is in charge of running the LLC that bought the Miami property.

One River Point Miami Condos

One River Point Receives FAA Height Approval

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One River Point Miami Condos

The Federal Aviation Administration has given its certification for the One River Point towers in downtown Miami. The FAA allowed the towers to rise to a height of 788 feet above ground, or 797 feet above sea level, in a letter that was sent out on January 16.

The same property received FAA approval in 2014 for a construction height of 928 feet above ground (that approval expired in September 2018). The FAA then gave the towers additional certification in 2019.

Developers Edgardo Defortuna of Fortune International Group and Shahab Karmely of KAR Properties announced their collaboration to construct the buildings in November 2022.

The original developing company sold the property to the new partnership for $58.85 million.

According to records, Bank OZK gave the developers a $38 million loan for the 1.8-acre site at 24 Southwest Fourth Street in Miami. According to Defortuna, the loan is a line of credit to be utilized for the 386-unit luxury condominium’s development, sales, and marketing. After the unit plans are completed, sales should begin this year.

The developers will make a few changes while maintaining Rafael Violy’s original concept. An 85-foot waterfall, a three-story glass skybridge that floats in midair, and an exclusive members-only Adrian Zecha “Sky Club” on the 55th level with two restaurants, a cigar lounge, a wine cellar, and a screening room were all originally planned.

If you or someone you know have an interest in purchasing at One River Point, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

The Standard Midtown Residences

Standard Residences Construction Update

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The Standard Midtown Residences

Developer for The Standard Residences, Ross Development has officially applied for a construction update. The plans were originally filed on December 14.

Situated between the Design District and Wynwood, the Standard Residences will rise to 12 stores and will feature 228 luxury hotel branded units curated by Urban Robot and Standard International. Arquitectonica is listed as the architect on the project.

The luxury units range from 432 to 965 square feet of living space with the studio to two-bedroom floor plan options still available. Prices will range from $469,900 to $949,900

Price Breakdown

  • Studios starting at $469,900
  • 1-bedroom starting at $699,900
  • 1-Bedroom + Den starting at $809,900
  • 2-bedrooms starting at $949,900

The units will feature cubby kitchens designed by Urban Robot, expansive 6′ deep terraces, and master baths with double showers. Unit owners will be able to rent their units for periods of up to 30 days with exclusive benefits to friends and family.

Amenities:

  • 35,000 square feet of amenities
  • 10,000 square feet of retail space
  • Expansive lobby with lounge areas and a cafe
  • Rooftop restaurant
  • Bar
  • 60-foot resort-style pool
  • Sweat room and fitness center
  • Indoor pickleball court
  • Yoga and stretch studios
  • Karaoke bar
  • Pet Spa
  • Party room

Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.

Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa. 

The Standard Residences are already 70% sold with construction completion slated for 2024. If you or someone you know have an interest in purchasing at The Standard Residences, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Fortune International Group to Develop Casa Tua Tower

Casa Tua Announced in Brickell by Fortune International Group

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Fortune International Group to Develop Casa Tua Tower

In Miami’s Brickell district, Fortune International Group is developing Casa Tua, an opulent residential skyscraper that will allow short-term rentals.

According to Fortune CEO Edgardo Defortuna, Ora by Casa Tua, a 70-story development with roughly 460 residential units, is proposed for the 1210 Brickell Avenue site. Early in the next year, Fortune will start accepting reservations.

The skyscraper will be the company’s first residential development. According to insiders, Miky and Leti Grendene’s hospitality business has been in discussions with developers for a long time. The Food Hall on Saks Fifth Avenue in Brickell City Centre and the Casa Tua main location are both in Miami Beach. Additionally, a Casa Tua Cucina restaurant will open in Miami’s Wynwood’s planned Nomad Wynwood Residences development.

Two new restaurant concepts, a 24-hour market, entertainment lounge, fitness, and wellness center, a three-story sky garden, and a rooftop club with a pool, jacuzzi, cabanas, and a bar will all be included in the mixed-use Brickell tower. The hotel management and marketing will be handled by Casa Tua.

According to Defortuna, the condos will have sizes ranging from 600 square feet for studios to 2,400 square feet for four bedrooms, with prices between $800,000 and $2.5 million. Defortuna predicts that a sizeable fraction of owners will profit from the option for buyers to rent out the apartments on a short-term basis. The lowest two-thirds of the skyscraper will feature between eight and ten units per floor, while the upper third of the tower will have fewer, larger units with an average of six units on each level.

The building is geared toward a younger clientele and offers a wine-tasting bar, a 24-hour grocery and bakery, a restaurant near the pool, and an equipped lobby.

Depending on sales milestones, he said, construction may start in late 2023 or early 2024.

According to property records, the property is owned by Patagonian Investment Internacional LLC, which is run by Argentine investors Federico Carabetta and Vicente Luis Carabetta. Next year, Fortune will close the location and destroy the parking garage to make way for Ora by Casa Tua. The garage is close to the office building at 1200 Brickell Avenue, which still houses the Dirty French Steakhouse owned by Major Food Group.

Casa Tua has outlets outside of Miami in Aspen and Paris and will establish a restaurant and lounge in New York City in Surrey, a Reuben Brothers venture, the following year.