Developers for Legacy Hotel & Residences Receives Third Largest Construction Loan Ever in Florida

Developer Dan Kodsi’s Royal Palm Companies recently received a $340 million construction loan for Legacy Hotel & Residences. New York-based real estate lending joint venture Silverstein Capital Partners, provided the loan for a condo-hotel construction tower that will be located in Downtown Miami at Miami Worldcenter.

According to a press release, the financing is the third-largest construction loan ever made in Florida, behind two others for projects in Miami-Dade. The other two loans were for the building of The Estates at Acqualina in Sunny Isles Beach ($558 million) and Five Park in Miami Beach ($345 million).

Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.

The luxury tower located at 942 Northeast First Avenue, will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium.

The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.

Not only is this loan one of the largest construction loans in Florida but this is also Silverstein Capital Partner’s first South Florida loan. Larry Silverstein of Silverstein Properties is an affiliate of the financial group and also led the development of the World Trade Center after 9/11.

Kobi Karp Architects, Design Agency, and ID & Design International designed the structure.

The ground-breaking for Legacy Hotel & Residences occurred in August 2021 and is expected to reach top-off in 2024.

Midtown Miami Development Site Sold to ALMI Residential for Planned 389 Unit Tower

Midtown Miami has become a hotspot of late with the announcement of a new tower Standard Residences and now the newest tower to be announced Midtown 7.

Plans for Midtown 7 were originally presented to Miami’s Urban Development Review Board in 2016 but were denied due to limited information the Magellan Development Group (original developers) had proposed.

Megellan Development Group had originally partnered with the property owner, Midtown Development in 2016 and 2017. Those plans for the Midtown 7 tower included the development to rise 31 stories, feature 391 units, and 505 parking spaces.

AMLI Residential purchased the 1.85-acre site located at 3001 N.E. First Ave, Miami for $30.5 million. The site is approved for 389 residential units totaling 451,469 square feet. ALMI Residential is considered one of the largest apartment developers in the United States.

In addition to this approval, once the project is complete, ALMI Residential would transfer 28,000 square feet of retail space leasable to Midtown Development. ALMI Residential would have the first right of refusal if Midtown Development decides to sell the space.

Midtown 7 Amenities

• Concierge
• Private Pool
• Covered Parking
• Secure Entrance
• 24-Hour Security
• Gym
• Social area/ Entertainment room

Alex Vadia of Midtown Development stated, “We’re happy to welcome ALMI to the neighborhood once more. On the ground level, we’ll continue to line Midtown Boulevard with local retailers, lifted by the draw of select national favorites, like Trader Joe’s, which makes the Midtown neighborhood even more walkable and enjoyable for the public.”

Construction is expected to begin in 2022 with an anticipated completion date in 2024.

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.

Avalon Merrick Park Tower Under Construction in Miami

Avalon Merrick Park is a new construction apartment tower located at 3811 Shipping Avenue in Miami. The 20-story tower will be located near the Douglas Road Metrorail Station.

When it was originally proposed by the developer, Mast Capital, it was named Shipping Avenue Apartments. After AvalonBay Communities purchased the properties for $12.9 million, AvalonBay entered into a joint venture on the project after Mast Capital took it through the approval process. Mast will remain a partner and is the co-developer for this project.

The shell contractor is L&R Structural and the architect will include Arquitectonica.

Avalon Merrick Park will feature 254 residential units with a studio to 3 bedroom floor plan options. The tower will also include 10,000 + square feet of amenities with the main floor housing 825 square feet of retail space. An 8-story attached garage will feature 319 parking spaces.

Building Amenities

• State-of-the-art fitness center with professional-grade cardio and strength equipment
• Rooftop, resort-style pool and sundeck with BBQ area and seating
• Pet-friendly living with WAG Pet Spa
• Coworking space including workspace pods and reservable conference rooms
• WiFi access available in common areas
• Package lockers for 24/7 package acceptance
• Smoke-free living
• Controlled access garage parking
• Bike storage
• Easily accessible to retail and dining, including the Shops at Merrick Park
• One mile to Coral Gables and convenient to Downtown Miami, Brickell, and Coconut Grove

Residence Amenities

• Studio, one, two, and three-bedroom floor plans
• Modern kitchens with quartz countertops, tile backsplash, stainless steel appliances, LED lighting, and hard surface flooring
• Washer/Dryer in all homes
• Walk-in closets
• Air conditioning

Avalon Merrick Park is centrally located near retail, shopping, and dining. Located 1 mile from Coral Gables and 5 miles from downtown Miami. Leasing begins in 2023 with construction completion in early 2024.

Aria Reserve-Tallest Waterfront Twin Towers in the United States are Coming to Miami

I am sure you have heard of the Aria Reserve Towers Miami, and if you haven’t, keep reading. It will truly be the most unique and luxurious towers to grace the Miami coastline. With its modern yet sultry design set directly on Biscayne Bay, it will truly feel like you are living on a resort!

Located at 711 Northeast 23rd Terrace, Miami’s most coveted area in the Edgewater neighborhood, Aria residents will be able to enjoy Miami’s pristine beaches, Miami Beach nightlife, and the Design District’s shopping. This project is being developed by the Melo Group and designed by Bernardo Fort-Brescia of Arquitectonica with interiors designed by MORADA.

Aria Reserve will be the tallest waterfront twin residential towers in the United States rising 62 stories high. Sited on a 5.2-acre development with 547 linear feet of water frontage, it will offer unparalleled amenities. Melo Group also plans to build a public park from Aria connecting to the Miami Baywalk. The development site was previously known as Island Bay.

The Melo Group has recently launched sales for 321 units in the south tower of Aria. With roughly 800 units between the two towers, pricing for Aria Reserve’s first building will start at $750,000. There are 15 penthouses available starting at $12 million. Units will feature 1 to 4 bedroom floor plans with 1,100 square feet to 2,600 square feet of living space. The penthouses will range from 3,500 square feet to 9,000+ square feet, each including a 3-car garage. Sales for the second tower will be launched based on market demand.

Tower Amenities:

• 2-acre recreation deck
• Lap pool and spa
• Gaming center
• Playground
• Tennis courts
• Basketball courts
• Paddle courts
• Miniature golf course
• Wellness center
• Gym
• Meditation Garden

Residence Features

• Unobstructed views of Biscayne Bay and Ocean
• Finished residences with two flooring options
• All residences include 2 high-speed elevators
• All residences include an office/media room
• All residences are sunrise-sunset flow-through from East to West
• 3-month seasonal rentals allowed up to 4 times per year

Construction of Aria Reserve south tower should begin in the spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.

Construction Permits Filed for NEMA Miami

In the wake of Miami’s construction boom, it is of no surprise that another tower will be underway soon. Plans for NEMA Miami were originally announced in February 2020 with plans to break ground earlier this year. The permits for this tower were finally filed this week with an anticipated groundbreaking mid to late August 2021.

Located at 2900 Biscayne Boulevard, NEMA Miami will rise 39 stories high at 428 feet high with plans of 588 apartments. There will be an additional 56,000+ square feet of retail space with a potential organic grocery store occupying a portion of the space. Located at the edge of Wynwood and Edgewater, NEMA will be centrally located close to the Design District as well as Brickell.

NEMA Miami will be Designed by Arquitectonia and the Rockwell Group, and developers include Crescent Heights. Crescent Heights have been responsible for all of NEMA towers.

The design appears to be a more modern style with a glass exterior reflecting the Miami sky. According to their website, “no two NEMA’s are alike,” and that their designs represent the culture of the neighborhood that they are located.

Tower amenities for NEMA include club benefits when traveling, guest suites, NEMA events, a full-service fitness center, a sky deck pool, and much more!

Residence Amenities:

• Expansive floor-to-ceiling windows
• 9-foot-high ceilings
• 6-inch-wide plank floors
• Acoustic solid wood core doors
• Lutron Caseta lighting and ecobee3 thermostats
• 30-foot-long recessed balconies*
• Extra den or office space*
• Blackout and sheer thermal shades*
• Custom-designed David Rockwell kitchen pendant
• Kitchen island*
• Chicago-sourced custom cabinetry featuring soft closures and dimmable lighting
• Caesarstone countertops and seamless backsplashes
• Blomberg stainless steel gas range and paneled dishwasher
• Baths with polished chrome Hansgrohe fixtures and Duravit sinks
• Dual vanity bathrooms*
• Full-size washer & dryer in every apartment
• Walk-in closets*
• Customizable Elfa closet organization
• Keyless entry via NEMA fob card or mobile app *Select residences.

The estimated construction costs for this project is $165 million.

Developers for Residences by Armani Casa Report $1 Billion Sellout

Residences by Armani/Casa has set a new record for condo sales in Sunny Isles Beach. With nearly $1 billion in sales, Residences by Armani/Casa has nearly sold out of the luxury condos, which is significantly more than any other new construction tower in Sunny Isles Beach.

Located at 18975 Collins Avenue in Sunny Isles Beach, this 60-story project was completed in late 2019 just before the COVID pandemic shut down travel and events, which also delayed some of the sales/closings for the new development.

According to the President of Dezer Development (Developer for Residences by Armani/Casa), the building was 85% sold when they first started sales in February 2020 but sales got stagnant and the development was selling around 1 unit a month during the pandemic. The sales began to increase once Florida started to open up.

More recently, two penthouses sold in this tower with one at $7 million and the other at $9 million. Among the buyers include Radamel Falcao (Colombian professional soccer player).

About the Residences of Armani/Casa

The Related Group and Dezer Development are responsible for the creation of Residences by Armani/Casa. The project was completed in 2019 and the property was originally purchased in 2016 for a $305 million construction loan from Wells Fargo, which was reported to already be paid off.

This development features 308 luxury condo units with 2,716 to 3,748 square feet of living space. Pricing starts at $1million with 3 to 4 bedroom floor plan options. Residence amenities include Wolf kitchen appliances, Armani-designed sinks, 10 feet deep private balconies, and much more!

Residence Features

• Armani Dada designed and fabricated cabinetry
• Sub-Zero refrigerator/freezer and wine cooler
• Elegant imported stone countertops and glass backsplashes
• Wolf kitchen appliances
• Armani Roca designed sinks and faucets
• His and her bathrooms in select residences
• Spa-inspired shower with Armani Roca wall-mounted handheld spray and large rainshower in most residences
• Marble stone floors, walls, and full stone cladding vanity and stone countertops
• High-performance Toto Neorest toilet with integrated bidet technology in the master bath only
• Private high-speed elevator access to most residences
• Breathtaking views of the Atlantic Ocean and city through floor-to-ceiling glass windows
• 10-foot deep private balconies with glass railings in all residences
• 8-foot-high double-door entry to a spacious foyer in select units
• Summer kitchen with an under-counter Sub-Zero refrigerator in all residences
• Digital thermostat featuring intelligent climate control
• Recessed lighting in select corridors and bathrooms
• Large capacity full-size washer/dryer in all residences
• All residences pre-wired for audio speakers as well as motorized shades and programmed lighting controls in select locations
• Smart building technology provides seamless access to select building amenities

Tower Amenities

• Oceanfront terrace with heated swimming pool, hot tub, and poolside food and beverage service
• State-of-the-art fitness center overlooking the Atlantic Ocean
• Men’s and women’s dressing rooms with lockers and showers
• Private oceanfront restaurant and bar with outdoor seating and in-residence delivery
• Exclusive beach amenities, including food and beverage services, chaise lounges, umbrellas, and beach attendants
• Two-story Spa with indoor and outdoor treatment rooms
• Ocean-view yoga studio with Pilates equipment
• Cigar room
• Temperature- and humidity-controlled wine cellar
• Bar area
• Game room with pool table
• Children’s playroom
• Armani Prive lounge at the lobby level
• 24-hour multilingual concierge service
• 24-hour valet parking service
• 24-hour security
• Professionally curated collection of museum-quality art, including monumental sculptures by Sandro Chia and Sinisa Kukec

There are just a few units left at Residences by Armani/Casa. If you or someone you know have an interest in purchasing one of the units, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.

Missoni Baia Tops off Construction

The long-awaited 649-foot waterfront tower, Missoni Baia is now topping off construction at 57 stories. Located in the Edgewater neighborhood of Biscayne Bay at 777 NE 26th Terrace. Missoni Baia is the first Missoni branded condominium tower in the world.

Developers for this project include OKO Group and Cain International who are responsible for creations such as UNA Residences and 830 Brickell. The building is being designed by architect Hani Rashid of Asymptote Architecture and landscape design by Enzo Enea.

This luxury tower features 249 units with 1 to 5 bedroom floor plans measuring between 776 and 3,788 square feet. Pricing for the units fall between $650,000 to $9 million. This bayfront tower also features 200 feet of linear Bayfront access.

According to Vanessa Grout, the CEO of the OKO Group, domestic buyers surged once single-family home prices escalated. “As a result, luxury condominiums like Missoni Baia are proving much more attractive, promising less maintenance costs and an abundance of resort-style amenities,” says Grout.

Interior unit features include 10-foot ceilings, expansive terraces, impact-resistant glass windows, and custom kitchens with high-end appliances. Residents of Missoni Baia will have access to ultra-luxurious amenities including a private spa with sauna, steam room, multiple pools with poolside lounges, a bay-terrace lounge, resident game room, kid’s pool and play area, and a pet spa.

As of June, a majority of the units at Missoni Baia have sold, and closed sales have reached approximately $100 million. This gorgeous tower is set to complete at the end of 2021. If you or someone you know have an interest in purchasing one of the units at Missoni Baia, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.

Volume for Condo Sales Rose more than $60 Million for June

According to the Miami-Dade MLS (Multiple Listing Service), condo sales for Miami rose more than $60 million, while the number of units remained steady. As of last week, 273 units sold, which is very similar to the previous week with a dollar amount totaling just over $210 million, with the previous week at $149.3 million.

The average sell price for condos from June 13 to June 19 is up to $770,000 with the previous week at $541,000. The most expensive sale for this week included a penthouse at Miami Beach’s Faena House for $11.2 million equaling $2,628 per square foot. The unit was on the market for 267 days.

Faena House condominium is located at 3315 Collins Avenue in Miami Beach. It is an ultra-luxury tower with 47 units rising 18 stories tall. This building offers 1 to 4 bedroom floor plans with 1,307 to 8,273 interior square feet of living space. Residence features include; Miele appliances, Dornbracht bathroom finishes, marble flooring, and Crestron Automated Systems. Residents enjoy exclusive amenities including a 24-hour doorman, valet, spa, fitness center, beach club, and direct ocean views.

The second most expensive sale was at the Surf Club Four Seasons in Surfside selling for $6 million at $3,409 per square foot. This property was on the market for 126 days.

Surf Club Four Seasons located at 9001 Collins Avenue and 9111 Collins Avenue in Surfside was designed by architect Richard Meier who brilliantly blinded the historical Surf Club and the new 12-story development. The Surf Club Four Season features 150 residences and 77 hotel rooms. The residences feature 1 to 5 bedroom units with staff quarters ranging from 1,411 to 7,500 square feet of living space with floor-to-ceiling glass walls, expansive balconies, and unobstructed views of the Atlantic Ocean and Biscayne Bay.

President of a Wealth Management Firm Buys Waterfront Mansion in Coral Gables for $14.6 Million

Miguel Duenas, President and Chief Investment Officer for Dimension Capital Management (Coral Gables based wealth management firm), just purchased a waterfront mansion in the Old Cutler Bay community for $14.6 million.

Miguel and his wife purchased the home located at 9385 Balada Street, Coral Gables from Jose I. and Elizabeth J. Garcia. The Garcias originally purchased the estate in 2018 for $7 million.

The home was built in 2007, featuring 6 bedrooms, 7.5 bathrooms with 8,245 square feet of living space. The lovely estate sits on 0.7 acres with 364 feet of water frontage. The home is equipped with everything you could possibly need and want in a luxury home; full-gym, elevator, infinity pool and boat dock.

The gorgeous home is completely refined with custom cabinetry, granite countertops, and high-end stainless steel appliances. Multiple covered terraces grace the exterior overlooking the unobstructed bay. One of the best features of this property is that there are no bridges to hinder direct access to Biscayne Bay.

This subdivision located in Coral Gables is known for its privacy and architecturally designed waterfront estates. Upon entering the gated-community, you are greeting with gorgeous tree-lined streets leading to the immaculate and custom estates. You will truly have a neighborhood feel in the middle of a big city.

Neighborhood Amenities:

• 5+ miles of walking and biking trails
• 24 hour guard gate with security
• 24 hour roving patrol security
• Direct access to the Atlantic Ocean
• Wide canals for boating

Old Cutler Bay is located one block south of Kendal Drive and just a few minutes from Matheson Hammock Park & Marina and Fairchild Tropical Gardens. This neighborhood also places you 30 minutes away from Miami International Airport as well as downtown Miami.

Recent sales in Old Cutler Bay include the founder of TechCrunch, who purchased a waterfront mansion for $16 million in May.