Co-founder of Luxury Brand Tory Burch Lists Waterfront Mansion in Miami Beach for $49 Million

Christopher Burch has offered his opulent mansion on Miami Beach’s famed North Bay Road for $49 million. He is the co-founder of the fashion label Tory Burch and the founder and CEO of Burch Creative Capital.

The property located at 5050 N. Bay Road features opulent living spaces, eight bedrooms, and eight full plus two partial bathrooms that perfectly capture South Florida living in the traditional post-modern style.

As you enter the main house, the wood paneling gives off a cozy, warm feeling. Each interior space features exquisite details, from the embroidered drapes and trims to the furniture and artwork. Look for a kitchen with a sizable dining room, a dedicated butler’s pantry with a rotisserie oven, a separate prep kitchen, and a breakfast nook.

The 1,500-square-foot guest house has two entrances and may be set up as four bedrooms, while it is now set up as two separate bedrooms with one living area each.

Beyond the fortifications, you’ll discover immaculately kept grounds next to expansive vistas of Biscayne Bay and 139 feet on the water with a large dock. A rear pool provides a gathering space with a covered grill and pizza oven. The pool next to the house features a hot tub, cold plunge, and steam rooms.

Japanese Restaurant, Makoto in Miami Beach Named Top 100 Restaurants in the Country

Makoto, a modern, upscale Japanese restaurant in Bal Harbour Shops, was the only restaurant from Miami-Dade County to make OpenTable’s annual Top 100 Restaurants list. Makoto Okuwa, the restaurant’s chef and partner, leads the restaurant, which opened in 2011, and serves sushi and robata dishes that is cuisine cooked on a fire grill.

Makoto relocated to the third floor of the luxury outdoor mall earlier this year and was updated by international designer India Mahdavi. The space now has indoor and outdoor seating for 244 people, as well as a new terrace and sushi counter. The restaurant’s ownership group’s Stephen Starr responded to the news by praising the Makoto staff.

According to Starr, “The team at Makoto has demonstrated excellence in hospitality from the beginning, and it’s great to have those efforts recognized by our patrons. To be named as one of the top 100 restaurants in the country is an exciting honor and a reflection of our incredible, dedicated staff members.”

With ten restaurants each, Florida and Nevada tied. Fort Lauderdale had two favorites on the list, Louie Bossi Ristorante and Takato, while Tampa had three. To compile the list, OpenTable analyzed more than 13 million verified reviews from 47 cities in 21 states. Only those who book through OpenTable and dine there can leave reviews.

MAKOTO is located at Bal Harbour Shops at 9700 Collins Ave. in Miami Beach.

Plans Submitted for a 2 Tower Fontainebleau Project

Fontainebleau Apartments II is a two-tower multifamily development of 10 and 19 stories that is planned to rise atop 4.03 acres of backfilled land in Fontainebleau, Florida. It was developed by the Miami Lakes-based real estate developer and general contracting firm LF Development through an affiliated entity referred to as Combo Group Holdings LLC.

The project, designed by Coral Gables-based Valle Valle & Partners, would include 600 residential units split between its two towers, 5,200 square feet of retail space, and 957 parking spaces, including 147 parking spaces for electric vehicles and 20 handicap spaces. The engineering team is made up of Solver Engineering, Zamora & Associates, and Fineline Engineers, Inc. The landscape architect is Witkin Hults + Partners.

The property itself spans 11.18 acres which is roughly 487,436 square feet with the property also backing to a lake. The lake/property is specifically located west of Northwest 87th Avenue, east of Northwest 97th Avenue, between State Route 836 Expressway to the north and West Flagler Street to the south. The developer is requesting to backfill 4.03 acres (175,480.00 square feet) of the lake/property to construct the multifamily project.

If approved, Fontainebleau Boulevard would front the recently filled in land and run directly between these neighboring thoroughfares. The developer is also requesting that the property’s designation be changed from Water to Medium-High Density Residential and that the zoning be altered from GU to RU-4.

These zonings and classifications surround the region, which is being used as leverage to support the zoning changes. The owner of the area where the buildings are planned to go up is indicated as Italo Campagna.

The site permits 50 dwelling units per acre, resulting in a total of about 560 dwellings. Additionally, the developer is including 36 workforce housing units (WHU) at a rate of 6 percent, allowing for a density increase of about 50 units.

Residential units would have floor patterns with one or two bedrooms. The combined floor area of the two buildings would be 691,497 square feet, and 75,480 square feet of the land would be used as private open space to surround the complex. Google Maps places the building at 9193 Fontainebleau Boulevard, almost exactly where the south tower’s entrance would be.

On July 28, plans for Fontainebleau Apartments II were submitted, although there was no mention of a requested application meeting time.

ECHO Penthouse Slashes Price by $1 Million

Echo Brickell is one of the most sought-after buildings in downtown Miami. Completed in 2017, it was designed by architect Carlos Ott and developed by PMG and JDS Development Group. Rising 57 stories with 180 condo residences, it is the epitome of Brickell living.

With all of Echo’s luxury features and gorgeous units, one heavy hitter penthouse is currently on the market and just had a massive price cut. The penthouse was previously listed at $42 million in 2018 and was relisted in 2021 for $39.5 million. Now, the property has had a significant price reduction of $1 million at $38.5 million.

Located at 1451 Brickell Ave #PH01, this 11,000 square foot ultra-luxe penthouse spans over 2 floors (56th and 57th) with 5 bedrooms and 7.5 bathrooms. It’s all in the details with 28 ft ceilings, 360-degree views of the Miami skyline and Biscayne Bay from the expansive terrace, and an indoor Sky Pool.

The sophistication continues with its signature staircase, marble and glass throughout, and the gorgeous Poliform kitchen that will truly amaze. The primary suite features a midnight bar, designer closets, and dual marble baths. With the 6 parking spaces, aquatic center, office, staff quarter, and a BBQ, do you really even have to leave this penthouse? The best thing about this penthouse is that it was personally designed by Carlos Ott.

Echo’s units come fully furnished with 1 to 4 bedroom floor plans ranging from 748 to 11,068 square feet. Each residence features panoramic views of the water and skyline, 9 to 14-foot ceilings with floor-to-ceiling windows, and 6 to 8 foot deep terraces with a bbq area. The interiors are inspired by yoo Studio with 7-foot high Italian entry doors, marble flooring, Italian custom cabinetry, and high-end stainless steel appliances.

Tower Amenities Include:

• Vanishing-edge pool and deck with panoramic views of Biscayne Bay, Downtown Miami, and Miami Beach
• 2,800 square foot, state-of-the-art fitness center and spa overlooking pool, bay, and city
• Resort-style poolside food and beverage service
• Two hot tubs with sunbathing deck overlooking the Brickell skyline
• Full-service concierge services
• Ground-floor retail tenants Rosetta Bakery and Joe & the Juice.

Below is a video of the Carlos Ott Penthouse at Echo Brickell: https://www.miamicondoinvestments.com/property/1451-brickell-av-ph1-miami-fl-33131-a10521016.

If you or someone you know have an interest in purchasing at Echo Brickell, or any information on this penthouse, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.

Another Fisher Island Condo Sold at $21 Million

After spending 5.5 years on significant renovations and imported furniture, Igor Olegovich Nesterenko, a businessman in the meatpacking industry from Moscow, sold his Fisher Island property for $21 million.

The unit located at the Palazzo Del Mare unit 7153, features 5 bedrooms, 5.5 bathrooms, a terrace, a playroom, and a conference room spanning over 7,025 square feet. It also has a private 2-car garage on the parking level of the building and a private cabana near the pool.

Nesterenko spent the 5.5 years refurbishing the condo because Fisher Island only allows for roughly half of a year’s time for construction due to noise restrictions.

Furthermore, much of the furniture was purchased from abroad and was rather large and proved difficult to ship overseas. The bathtub in the master bedroom was fashioned from a solid block of Greek White Thassos marble and was carried into the apartment using a crane. The majority of the furniture was also brought by crane since it was too large for the elevator.

The 7,025-square-foot Unit 7153 located at Palazzo Del Mare was sold to Fana Fisher Palazzo 7153 LLC, managed by a trust in Bellevue, Washington purchased the condo for $21 million equals $2,989 price per square foot.

The trust is under the umbrella of the Fana Group of Cos., a real estate corporation located in Bellevue led by Chairman and CEO Firoz Lalji.

The apartment was designed by Augusto Busnelli of Milan, according to Flikshteyn. The previous owner spent around $10 million on upgrades. The property was last sold in 2011 for $8.3 million.

The Palazzo Del Mare was built in 2007 and with an expansive amenity package including a 9-hole golf course, 18 tennis courts, a marina and yacht center, a gourmet market, 8 restaurants, and Spa Internazionale. A Fisher Island Day School and a mile and a half of pristine beaches.

Fisher Island, America’s wealthiest zip code, is a 216-acre barrier island located across Government Cut from Miami Beach. Fisher Island condominiums are in a class of their own when it comes to ultra-exclusive living in South Florida.

The island, which can only be reached by ferry, boat, helicopter, or seaplane, provides unrivaled protection. All visitors to the island must first be checked by security at the Fisher Island port.

Sell of Star Island Waterfront Mansion Sets New Miami Record

Star Island has seen many record sales in the past year but a new sale has just topped them all. A mansion on Miami Beach’s Star Island sold for $75 million, setting a new record for any single-family home in Miami-Dade.

The 16,619-square-foot mansion located at 8 Star Island Drive was sold by Dr. Lourdes R. Sanjenis, an internist in Miami. In 2013, Sanjenis inherited the home from Modesto M. Mora, who originally built the home in 1993.

Sitting on 1.84 acres, the home features 9 bedrooms, 8 full bathrooms, and 3 half bathroom. The mansion showcases over 20,000 square feet of luxury. Throughout the home, touches of Mediterranean and Caribbean architecture is evident.

Amenities include a beautiful pool overlooking the gorgeous manicured yard and an expansive dock with Port of Miami and Miami skyline views. The property also features an elevator and a commercial generator.

Star Island is a man-made island located in Miami Beach along Biscayne Bay. Made up of just a few dozen homes, Star Island is one of the most coveted and exclusive island in South Florida. Star Island is within close proximity to Hibiscus Island, the Venetian Islands, and Palm Island. Each waterfront lot offers at least 40,000 square feet of unobstructed water views and frontage.

Star Island can be accessed through one bridge with a guard house entrance. A large number of celebrities live or have owned on Star Island. Some notable include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.

The buyer for the Star Island mansion record sale has yet to be disclosed.

CEO of Kayak Breaks 2 New Condo Records all on the Same Day

Kayak co-founder and CEO Steve Hafner paid $40 million for a penthouse on Fisher Island–Palazzo Della Luna after selling his smaller unit at L’Atelier Miami Beach for $36 million in two straight record-breaking deals.

One of the records include Mr. Hafner’s duplex at L’Atelier Miami Beach, which was listed for $39.9 million in March and sold on Friday. Mr. Hafner purchased his 6-bedroom, 7.5 bathroom unit at L’Atelier Miami Beach for $21 million in 2017 while the project was still under construction. Mr. Hafner and his wife, Staci Hafner, worked with Bart Reines Luxury Home Builder to redesign the 8,000-square-foot unit.

A glass elevator, a private 40-foot infinity pool, and a summer kitchen and bar are all included in the penthouse. SMG Management and W Capital Group developed L’Atelier.

Mr. Hafner then smashed his own record by purchasing a nearly 10,000-square-foot condo at the Palazzo Della Luna on Fisher Island later that evening. The seven-bedroom mansion was first listed for $40 million in 2018 and then relisted for $48 million in April.

The new purchase sits on Fisher Island, a 216-acre private island south of Miami Beach, and is home to around 800 CEOs and business owners. According to the listing, Mr. Hafner’s new house at the Palazzo Della Luna is on the 10th level with various terraces and a rooftop patio with a pool.

According to the company’s website, Mr. Hafner co-founded Kayak Software Corporation, an online travel booking tool, in 2004. Booking Holdings bought the company for $1.8 billion in 2013. According to property records, Mr. Hafner, who also owns residences in Rowayton, Conn., and the Hamptons, sold his New York condominium for $23.5 million earlier this month.

Before these new records, the county’s highest-priced condo purchase of the year was a penthouse at Continuum that sold for $35 million in April. The highest-priced condo transaction ever was a $60 million double penthouse at Faena House in 2015.

According to the press release, Hafner hasn’t been to their NYC apartment since the pandemic first started and they didn’t see a way back. The seller’s were represented by Eloy Carmenate with The Corcoran Group. The buyer of the L’Atelier penthouse is currently unknown.

Rosso Development and Standard International are Partnering to Bring a 228 Unit Condo Project to Midtown

In its very first partnership, Standard International along with Rosso Development are collaborating on a residential project that will bring a 12-story tower to the Midtown neighborhood of Miami, the Standard Midtown.

Sales are slated to begin on November 30. Arquitectonica and Urban Robot are collaborating on the project, which will be located on the southwest corner of Northeast First Avenue and Northeast 32nd Street across from a grocery store development that is currently under construction.

The Standard Midtown will feature 228 luxury condos ranging from 432 to 965 square feet of living space with studio to two-bedroom floor plan options. Prices will range from $329,000 to $829,000

Payment Structure:

• Deposit 10% at reservation
• Contract and Groundbreaking 20%
• 6 months after contract 10%
• Top off 10%
• Closing 50%

The units will feature cubby kitchens designed by Urban Robot, expansive terraces, and master baths with double showers. Unit owners will be able to rent their units for periods 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.

Construction is planned to begin next year and be finished by the middle of 2023. The site at 3100 Northeast First Avenue, as well as the air rights above the existing neighboring garage, are owned by Vadia’s Midtown Opportunities VIIIB LLC.

U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?

Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.

In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.

With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.

According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.

Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.

According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.

ARod Backed-Grand Station Apartment Tower is Complete and 80% Leased

Construction on Miami’s Grand Station Apartment tower has been completed. Alex Rodriguez and his partner Ricardo Vadio, owners of Rovr Development are the investors behind the $70 million construction project that was built on top of the existing Courthouse Center Garage.

Not only has ARod backed the construction of the project but his company Monument Real Estate Services is also the property Manager of Grand Station Apartments.

In early March 2020, partners for Grand Station obtained a $53 million loan from Saperian Capital to assist with the construction. Since Grand Station received their temporary certificate of occupancy in August, they have reached over 80% leased for the tower.

The tower located at 240 North Miami Avenue rises 30 stories and feature 300 units right in the heart of downtown. The development is a part of a public/private partnership with the Miami Parking Authority, which has assisted in adding an additional 350 spaces for the building totaling 1,200.

The tower features studio to 2 bedroom apartments with a monthly rent that ranges from $1,800 to $2,500. All units boast Italian kitchen cabinets, quartz counters, stainless steel appliances, and an in-unit washer and dryer.

The luxury tower amenities include an indoor pool, rooftop terrace with pool, outdoor kitchen, hot tubs, fitness center, and club room.

Zyscovich Architects and Anillo, Toledo, Lopez LLC are responsible for the design of Grand Station.

Rovr along with the Related Group and Airbnb are the masterminds behind the new development, The District located at 225 North Miami Avenue.