Melo Group Proposes Two-Story Tower in Wynwood Named Urban22
The Melo Group is a well-known development group in the Miami area. After completing 6,000+ residential units in Miami over the years, they currently have 2,000 units under construction.
According to The Real Deal, the group met with Miami’s Urban Development Review Board on April 21st to propose a two-tower multi-use project called Urban22 in the Wynwood neighborhood.
Multiple parcels making up the 1.94 acre site stretch’s from Second Avenue, 22nd Street, to 23rd street. The Melo Group started purchasing these sites in 2011.
Each 15-story tower would total 708,119 square feet with an 8-story podium connecting between the two. The towers will feature a proposed 441 apartments, 7,168 sq. ft. of retail, 5,692 sq. ft. of office space, and 529 parking spaces. The garage will feature a pool deck on top
The apartments would range from 725 to 1,200 sq. ft. with studio to three bedroom options.
4 studios
243, one bedroom
152, two bedrooms
42, three bedrooms
There has been no update on what the Urban Development Review Board has concluded but we will continue to monitor this proposed project.
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
Pharrell Williams and David Grutman Debut the 7-Story Goodtime Hotel in Miami Beach
The 7-story Goodtime Hotel is located at 601 Washington Avenue in Miami Beach and will feature 266 rooms spanning a full block with 100,000 square feet of indoor space. This Deco-style hotel features a pool deck, restaurant, private lounge, and main floor retail.
Grutman and Williams also partnered with New-York based real estate development firm, Imperial Cos. for this project. They have previously collaborated on a Miami Design District restaurant, Swan & Bar Bevy which has been a huge success. Ken Fulk who assisted with the interior design for the Swan Bevy restaurant was also the lead designer for this hotel project.
Grutman stated, “I always wanted to be a hotel [owner] to try to complete my ecosystem in hospitality.”
The hotel restaurant, Strawberry Moon, is a 30,000 square foot Mediterranean restaurant which will also flow into a bar and pool deck, all located on the third floor. The ground-floor retailers have not been released.
According to The South Florida Business Journal, The Goodtime Hotel is expected to be the largest hotel in Miami Beach by rooms.
Property records also show that Imperial Cos. purchased the property for $5.75 million in June 2015.
Since people are wanting to spend more time outdoors due to the pandemic, Miami is now seen as the “go-to” destination. Imperial Cos. owner stated “If there is a net winner coming out of this pandemic, Miami is top of that list.”
AmericanAirlines Arena Seeks to Change name to a Cryptocurrency Exchange – FTX Arena
Cryptocurrency is heading our way! In a recent announcement, AmericanAirlines Arena will be changing its name to FTX Arena. FTX is a startup cryptocurrency exchange that started in Hong Kong in 2018 and as of 2020, it has been operating in the United States.
In 2019, AmericanAirlines stated that they would no longer have the naming rights to the arena leaving room for Miami-Dade County to negotiate the naming rights.
According to a Miami Herald report, during a county commission meeting on Friday, a tentative $135 million with a 19 year contract has been agreed to with FTX. This also means that the current name residents will no longer be in contract. This pending approval will be the crypto industry’s first leg in arena sponsorships. Also in the agreement, Mayor Daniella Cava received approval for a $90 million share to be allocated towards addressing income equality and gun violence.
The next step for FTX is approval from the NBA for the company’s branding to appear on networks, signage, stadium exteriors, etc. If the logo is not approved, FTX has the ability to withdraw their request at any time.
According to the South Florida Business Journal, there was a few who voted against the proposal; including Commissioner René Garcia concluding that the public did not get an advance notice about the proposal. A county resident also came forward stating, “cryptocurrencies tend to evade regulation and abet money laundering.”
FTX CEO Sam Bankman stated “the entire FTX family is thrilled to launch this partnership with Miami-Dade County and the Heat. Through this partnership, FTX isn’t just putting our name on an iconic building. We are committed to providing value to the growing and diverse community in Miami-Dade over the next two decades.”
MiamiRealEstate.TV is the Newest Addition to Miami Condo Investments
We would like to officially announce our newest project, the MiamiRealEstate.TV website. Since 2014, I had a vision of creating a space for all things real estate in Miami. In that same year, I purchased the domain at auction and have been researching ideas/creating a plan since the beginning. During that time, I knew that technology and real estate would collide and I’m so thrilled that this vision has become a reality!
The biggest difference between this project and what others have done is that these videos aren’t just about myself and my listings. I want to showcase the best Realtors in the area, luxury listings, real-estate developers, city-transforming developments, and other industry-leading game changers.
There are currently five videos available featuring Philip Freedman, the Executive Sales Director of The Ritz-Carlton Residences Miami Beach, and Adriana Brito giving a tour of the Upper Penthouse at Brickell Flatiron. Dora Puig was also interviewed giving a tour of her listing for $38 million penthouse at Icon South Beach (please see above video).
Our hope with the launch of MiamiRealEstate.TV is to bring expertise to Miami Real Estate viewers.
We are so excited for this new adventure and we look forward to growing with you! Be sure to follow @miamirealestate.tv on Instagram and visit MiamiRealEstate.Tv to stay updated with everything real estate in Miami.
One Thousand Museum Secures Loan 3 Weeks after Foreclosure Announcement
The future is looking bright for the developers of One Thousand Museum Residences. Just three weeks ago, the Reuban Brothers filed a foreclosure lawsuit against the developers for $82.7 million with interest. As of March 3, 2021, which is the date of the filing, 15 developer units were still available in the tower.
Within three weeks of the foreclosure announcement; Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, have secured and closed on a $90 million condo inventory loan from Cirrus Real Estate Partners. This new loan closed on Monday and will pay off the loan balance that was originally provided by Fortress Investment Group in 2016. It will also give the developers time to sell the additional units.
The mortgage broker for this transaction was Jim Fried, President of Sandstone Realty Advisers. A former Fortress executive, who is now the Managing partner at Cirrus Real Estate Partners, Tony Tufariello, expects the developers to sell the units with the next couple of years. Tufariello stated that they were “attracted to the buildings larger floor plans and amenities, and encouraged by the recent uptick in sales.”
The developers stated that they were planning to pay off the original construction loan but it was “pushed due to travel restrictions that hindered lenders from walking the final project.”
This luxury tower features a private rooftop helipad, valet services, and well spa. One-Thousand Museum is also home to David and Victoria Beckham.
Building Amenities:
Double height aquatic center with indoor pool
The Sky Lounge provides a dramatic venue for private events for residents
Private rooftop helipad. The helipad will make nearby islands, private and commercial airports, and private yachts easily accessible
Multiple recreation areas for swimming, sunning, socializing, and fitness
24/7 specialized security and valet personnel, other on-site staff including concierge, professional management, and other specialized personnel
Custom scenting by 12.29 in all interior amenity spaces including the lobby, wellness & spa level, aquatic center, and sky lounge (can be available in residences upon request)
Bank-quality vault with individual safe deposit box for every residence, offering residents the convenience and security of storing their valuables onsite
Residence Features:
Private residences are accessed from the lobby via secure, high-speed elevators that feature destination-entry smart technology
East-to-west flow-through floor plans that capture the mesmerizing panorama of Biscayne Bay and Atlantic Ocean views as well as the Miami skyline
Oversized terraces
Custom Italian kitchens with quartz countertops
Induction cook tops, in wall ovens, steam ovens, microwaves, dishwashers and integrated coffee makers by Gaggenau
Refrigerators by Sub-Zero
Faucets by Dornbracht and other quality manufactures
Custom-designed Italian made walk-in closets
Interior doors throughout the residences are by Lualdi Porte. All doors have been customized with Valli & Valli’s Duemila Cinque series handles designed by Zaha Hadid
European Interior Illumination products by Apure Architectural Lighting and other premium manufacturers customized by German designer, Uli Petzold.
State-of-the-art home automation infrastructure by Crestron
These unique and luxurious units range from $4.95 million to $20 million and with the popularity of the luxury condo market, the inventory has become limited. If you or someone you know have an interest in purchasing one of the One Thousand Museum Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.
Michelin-Starred Restaurant Carbone – Makes Debut in South Beach – Plans to Open Additional Eateries in Miami
One of the hottest spots in Miami right now is the Michelin-starred Carbone restaurant. With its remarkable menu, retro-style French décor, and its iconic location; Carbone has become a staple in the South Beach neighborhood in such a short time.
This Michelin-Starred restaurant is the first of many restaurants that Major Food Group plans to open. This hospitality company is ran by Mario Carbone, Rich Torrisi, and Jeff Zalaznick; whom also opened the original Carbone in New York in 2012. They are also in the process of working on restaurants in Miami’s Design District and the Brickell Neighborhood.
Located at 49 Collins Avenue, this luxurious and Ken Fulk design is truly awe-inspiring. Captains fitted in Zac Posen tuxedos guide customers through menu options and salads are prepared tableside for the full Carbone experience. The menu includes raw-bar platters featuring stone crab claws, crab knuckle sandwiches, spicy rigatoni, or veal parmigiana.
Carbone is the first piece of the expansion and the Major Food Group plans to open a private member’s club with Japanese food this spring as well as a French-style Steakhouse in Brickell in September.
Carbone remembers his first trip to South Beach for the Wine & Food Festival in 2012, “I remember vividly one of the first trips we took here together. We had an absolute blast. If you told those kids who were drunk at La Sandwicherie back then that they would be opening on First and Collins, that would have been their dream come true. That’s as good as it gets.”
The Major Group isn’t going anywhere anytime soon. Zalaznick states that “I’ve been here for the last 10 months. As I spent more and more time here, I really realized that this city is an incredible place to live and work in a full-time capacity.”
Introducing Onda in Bay Harbor – an 8-Story Tower to Begin Construction This Year
‘Onda’, the Italian word for ‘wave,’ will be the newest luxury 8-story condominium tower on the shore of Bay Harbor Islands. Designed by award-wining architect Bernardo Fort-Brescia, Onda will be harnessing Italian-styled finish by Valerio Morabito and Ugo Colombo.
Featuring 41 units throughout 8 floors with private and semi-private elevators, this boutique building is located on a small island next to Bal Harbor with exceptional views of Sunny Isle.
BUILDER AND ARCHITECT INFORMATION
Developers: Ugo Colombo and Valerio Mortabito
Interior Design: Carlo y Paolo Colombo
Architect: Bernardo Fort-Brescia
CONDOMINIUM CHARACTERISTICS
2 Bedroom + den (1,809 square feet) to 4 bedroom + den (3,523 square feet)
4 penthouse options
Spacious terraces available
BUILDING FEATURES:
Private Marina with 12 boat slips
PRICING
Price ranges from $1.7 million to $8 million
HOA is $1.29/sf
Deposit Breakdown:
10% with Reservation
10% at Contract
10% at Ground Breaking
10% at Top Off (summer 2022) /
60% at Closing
The groundbreaking for this project is expected to begin in Q4 of 2021 and the construction is estimated to be complete Q1 of 2023.
