Tag Archives: Miami Beach

The Perigon Miami Beach Elevation from the Beach

The Perigon Miami Beach Reaches Major Sales Milestone and Secures $390M Construction Loan

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Rendering of Perigon Miami Beach Entrance

The Perigon Miami Beach, one of the most highly anticipated ultra-luxury residential developments in South Florida, has reached a significant sales milestone while securing a massive construction loan. Developers Mast Capital and Starwood Capital Group have announced that over 75% of the residences have already been sold, marking strong demand for this premier oceanfront property.

Further solidifying its progress, the development has secured a $390 million construction loan from Eldridge Real Estate Credit, ensuring the project’s continued momentum.

Designed by renowned architecture firm OMA, led by Rem Koolhaas, The Perigon will bring 73 exclusive beachfront condominiums to Miami Beach. With its bold architectural design and curated luxury offerings, the development is set to redefine waterfront living in the city.

Groundbreaking for The Perigon took place in April 2024, and completion is expected in 2027. Once finished, the tower will offer residents an unparalleled lifestyle, with world-class amenities, breathtaking ocean views, and impeccable service.

With its prime location, cutting-edge design, and impressive sales momentum, The Perigon Miami Beach continues to solidify its place as one of the most sought-after addresses in Miami’s luxury real estate market.

The Perigon Pool Restaurant and Pool Cabana

Ella Miami Beach Condo

Ella Miami Beach Breaks Ground, Marking a New Era for North Beach

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Ella Miami Beach CondoElla Miami Beach has officially commenced construction, according to an announcement on the development’s social media account. This milestone marks a significant step forward for the highly anticipated residential project set to redefine luxury living in North Beach.

The boutique development will feature 103 residential units, offering short-term rental flexibility to cater to modern buyers seeking both investment opportunities and a sophisticated coastal lifestyle. Rising 10 stories, Ella Miami Beach is designed by the renowned architecture firm Arquitectonica, known for their visionary approach to contemporary urban design.

Previously, the developer described Ella’s architectural concept as a seamless blend of classic Art Deco curves with sleek, modern 21st-century lines. This unique aesthetic is expected to pay homage to Miami Beach’s iconic heritage while infusing the neighborhood with a fresh, cutting-edge design.

Located in North Beach, a vibrant and rapidly evolving district, Ella Miami Beach is set to contribute to the area’s resurgence as a sought-after destination. With its groundbreaking now complete, anticipation continues to build as the project progresses toward completion.

 

The Perigon Miami Beach Balcony

Mast Capital and Starwood Capital Group Secure $390 Million Construction Loan for The Perigon Miami Beach

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Rendering of Perigon Miami Beach EntranceIn a monumental achievement for Miami Beach real estate, Mast Capital and Starwood Capital Group have successfully closed a $390 million construction loan for The Perigon Miami Beach. This milestone marks a critical step in the development of this ultra-luxury condominium, set to redefine refined beachfront living.

Construction for The Perigon Miami Beach began in April 2024, with completion anticipated in 2027. This iconic project is a collaboration between Miami-based real estate development group Mast Capital and a controlled affiliate of Starwood Capital Group, a globally renowned private investment firm led by Barry Sternlicht. General contractor Moss Construction is spearheading the project, ensuring the highest standards of craftsmanship and quality.

The Perigon is set to become a landmark of architectural excellence and sophistication, boasting world-class amenities, breathtaking design, and a prestigious beachfront location. With over 75% of residences already sold, it’s clear that this development has captured the market’s attention.

The $390 million construction loan is one of the largest secured in Miami Beach over the past year. Provided by Eldridge Real Estate Credit, a leading investor in real estate credit opportunities, the financing highlights the market confidence in The Perigon’s vision and appeal.

Designed by the internationally acclaimed architectural firm OMA, led by visionary architect Rem Koolhaas, The Perigon will be the first Miami Beach residential project from the firm. The striking diamond-shaped tower will feature 73 two- to four-bedroom residences ranging from 2,100 to 6,700 square feet, all offering sweeping beachfront views. Prices start at just over $10 million.

Renowned interior designer Tara Bernerd has meticulously crafted the residences with the finest finishes, including expansive 10-foot ceilings, 10- to 12-foot-deep wraparound balconies, and direct water views. Residents will also have access to eight private guest suites, adding an exclusive touch to their lifestyle.

The Perigon Miami Beach will offer approximately 40,000 square feet of thoughtfully curated indoor and outdoor amenities. Highlights include:

  • A private oceanfront restaurant and speakeasy conceptualized by Michelin-starred chef Shaun Hergatt.
  • An oceanfront swimming pool with cabanas, a serene spa with sauna and treatment rooms, and a private salon.
  • A fully equipped fitness center with panoramic ocean views, a children’s playroom, and a screening room.
  • Additional amenities such as a wine room, double-height lobby lounge, and a dedicated lifestyle concierge and residential butler service.

Residents will also enjoy 24-hour security, valet, house car service, pool and beach service, and in-residence dining, ensuring an unmatched level of luxury and convenience.

Located at 5333 Collins Avenue in Miami Beach’s exclusive Mid-Beach neighborhood, The Perigon is nestled along a tranquil stretch of sand between Indian Creek and the Atlantic Ocean. With expansive beachfront acreage and an emphasis on privacy, this development offers a lifestyle experience that is both rare and highly coveted.

The Perigon Miami Beach represents the pinnacle of modern luxury living. With its world-class design, exclusive amenities, and breathtaking location, this development is poised to become a defining icon in Miami Beach real estate.

 

Delano Miami Beach

A Sneak Peek at the New Delano Miami Beach: Redefining Luxury for 2025

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Cain International and Ennismore have unveiled an exclusive first look at the highly anticipated renovation of the iconic Delano Miami Beach. Known for its rich Art Deco history and transformative impact on luxury hospitality, the Delano is set to make a grand comeback in late 2025. This partnership between the privately held investment firm and the lifestyle and hospitality company promises to honor the property’s storied heritage while infusing it with a fresh, modern allure.

The Delano Miami Beach has long been celebrated as a beacon of style and sophistication, and its revival is nothing short of extraordinary. The newly renovated property will feature:

  • 171 Guestrooms and Suites: Combining timeless elegance with contemporary design to provide an unparalleled guest experience.
  • Reimagined Rose Bar: A luxurious reinterpretation of one of Miami’s most iconic spots.
  • Curated Retail Spaces: Thoughtfully designed to offer unique shopping experiences.
  • New Beachfront Amenity Deck: Perfect for soaking up the Miami sun in style.
  • Fourth-Floor Pool: Adding an elevated retreat with stunning views.
  • Cutting-Edge Wellness Facilities: Designed to provide ultimate relaxation and rejuvenation.
  • Restored Historic Details: Including terrazzo flooring and the signature hexagonal columns that pay homage to the property’s Art Deco roots.

This renovation not only redefines luxury in Miami Beach but also signifies a key moment in Delano’s global growth. Following the success of Delano Dubai, the Miami Beach reopening strengthens the collaboration between Cain International and Ennismore, setting the stage for future international projects.

The revival of the Delano Miami Beach is a testament to the enduring legacy of the property and its influence on luxury hospitality. As the countdown to the grand reopening continues, excitement is building among enthusiasts of design, history, and exceptional service. The partnership’s vision ensures that the Delano will once again become a must-visit destination, blending Miami’s vibrant culture with world-class luxury.

Delano Miami Beach Lobby

Photo by Binyan Studios @BinyanStudios

Delano Miami Beach Primaru Suite

Photo by Binyan Studios @BinyanStudios

Delano Miami Beach Pool Deck

Photo by Binyan Studios @BinyanStudios

Miami Beach

Loews Corporation Secures $305 Million Refinancing for Miami Beach Resort

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Miami Beach

Loews Corporation is poised to receive a $305 million refinancing package for its premier oceanfront Miami Beach resort. The financing, which backs the 5-acre, 790-key hotel located at 1601 Collins Avenue, is being originated by Wells Fargo, National Association, and JPMorgan Chase Bank, as reported by Fitch Ratings. The transaction is expected to close on September 10th.

The 10-year, fixed-rate, interest-only loan will serve to refinance the existing $300 million debt and cover approximately $5 million in closing costs. Despite multiple inquiries, a spokesperson for Loews has not provided any comments on the matter.

Loews, which is led by the billionaire Tisch family, has a long-standing history with the property, having acquired it in 1998. The resort encompasses two towers, including the historic St. Moritz building and a 17-story tower. The property boasts approximately 46,000 square feet of meeting space, six food and beverage outlets, retail spaces, a pool, and cabanas. Among its dining options is the renowned Rao’s restaurant, which has become a key attraction for guests.

Fitch Ratings has valued the property at just over $400 million, translating to about $507,000 per key. With a loan-to-value ratio of 74 percent, the new financing will strengthen the resort’s financial foundation while ensuring its continued operation as a luxury destination in Miami Beach.

This refinancing follows a similar move earlier this month by BDT & MSD, a merchant bank created through the merger of Trott’s BDT & Company and MSD Partners, the private investment arm of Dell Technologies founder Michael Dell. The firm secured a $1 billion refinancing for the Boca Raton Resort & Club, a 1,047-key luxury hotel located at 501 East Camino Real in Boca Raton. Citi Real Estate Funding provided the two-year, floating-rate interest-only loan for that transaction.

The Miami Beach resort refinancing marks yet another significant investment in South Florida’s luxury hotel market, reflecting the region’s robust real estate and hospitality sectors. As Loews continues to enhance its premier properties, the future looks bright for this iconic oceanfront destination.

The Fifth Miami Beach

The Fifth Miami Beach Sets a New Standard in Luxury Commercial Real Estate

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The Fifth Miami Beach

We are thrilled to share some groundbreaking news from the world of real estate development. Sumaida + Khurana and Bizzi + Bilgili, two of the most esteemed real estate development firms on the global stage, have recently announced a significant financial milestone. They have successfully secured $47.25 million in construction financing from Cain International for an exciting new project: The Fifth Miami Beach.

This state-of-the-art Class A+ office building, located at 950 5th Street, is making history as the first commercial edifice to be erected in Miami’s South of Fifth neighborhood in two decades. The design mastermind behind this architectural marvel is none other than Alberto Campo Baeza, a name synonymous with innovation and excellence in architecture. Baeza, recently crowned with Spain’s National Prize for Architecture, has chosen The Fifth Miami Beach as his maiden commercial office project in the United States.

The Fifth Miami Beach isn’t just another addition to the skyline. It’s a redefinition of the modern office experience, blending striking design with a strong emphasis on health and wellness. The project, which broke ground recently, is slated for completion in 2025. Impressively, it has already pre-leased nearly 20% of its space.

Amit Khurana, Founding Partner of Sumaida + Khurana, describes The Fifth Miami Beach as a blend of “timeless design, quality of craftsmanship, and curated amenities,” all aimed at setting a new benchmark in commercial development. Meanwhile, Alessandro Pallaoro of Bizzi & Partners highlights Miami’s growing status as a hub for influential companies and the significance of this project in reinforcing the city’s position in the business world.

Sumaida + Khurana and Bizzi+Bilgili are powerhouses in their own right. The former is steered by Saif Sumaida and Amit Khurana, while the latter represents a joint venture between Bizzi & Partners and Bilgili’s private equity real estate arm, BLG Capital.

Global commercial real estate titan, Cushman & Wakefield, is at the forefront of office leasing efforts for this project, with Avenue Real Estate Partners handling the retail leasing. The building’s strategic location at the entrance to Miami Beach, at the corner of Michigan and Fifth Street, positions it perfectly within the rapidly evolving South of Fifth neighborhood, a hotspot for upscale dining, hotels, and residences.

The design team for The Fifth Miami Beach reads like a who’s who of the architectural world. Alberto Campo Baeza, Gabellini Sheppard Associates, Cube 3, and Miami-based Urban Robot Associates come together to create a building that is a visual feast. The building’s design is a stunning jewel box shape, characterized by a façade of white marble, transparent glass, and architectural concrete. It boasts ceiling heights of 14 feet and incorporates biophilic design elements like landscaped outdoor terraces and a triple-height atrium.

The crowning glory is the rooftop space, offering panoramic views of the ocean and Miami Beach. The building is not just about aesthetics; it is also designed to meet LEED certification standards, emphasizing sustainability.

Art Basel 2024

Art Basel Miami Beach 2023: A Kaleidoscope of Contemporary Creativity

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Art Basel 2023

As Fall begins to draw to a close in Miami, the art world turns its gaze to the annual spectacle that is Art Basel Miami Beach. In 2023, this illustrious event continues to be a beacon for art enthusiasts, collectors, and cultural connoisseurs from around the globe. Art Basel Miami Beach is not just an art fair; it’s a cultural phenomenon that transforms the city into a canvas of modern imagination and a stage for avant-garde expression.

Art Basel, which originated in Basel, Switzerland, has become synonymous with the contemporary art scene. Its expansion to Miami Beach has created a unique fusion of artistic innovation and Miami’s eclectic energy. The fair typically takes place at the Miami Beach Convention Center, but its presence is felt throughout the city with satellite shows, pop-up galleries, and exclusive events that make the entire week an immersive experience.

What to Expect in 2023

The 2023 edition of Art Basel Miami Beach promises an array of experiences that cater to the diverse tastes of its international audience. Here’s what attendees can anticipate:

  1. Global Galleries: With over 250 leading galleries from North America, Latin America, Europe, Asia, and Africa showcasing significant works from masters of modern and contemporary art, as well as a new generation of emerging stars, the variety is unparalleled. Paintings, sculptures, installations, photographs, films, and editioned works of the highest quality are on display, offering a comprehensive look at the art of today and tomorrow.
  2. Sectors: The fair is divided into sectors, each offering a different perspective. ‘Galleries’ is the main sector, featuring established galleries’ most important works. ‘Positions’ allows curators, critics, and collectors to discover new talents, with each gallery presenting a major project by a single artist. ‘Nova’ is where new cutting-edge works are presented, created within the last three years. ‘Edition’ features leading publishers of editioned works and prints, and ‘Kabinett’ is a curated exhibition space within the galleries’ booths.
  3. Conversations and Salon: Art Basel’s Conversations and Salon series provide a platform for dialogues and discussions on a range of topics, from the role of art in contemporary society to the dynamics of the art market. These sessions are led by prominent members of the art world: artists, curators, critics, and collectors.
  4. Film: A sector dedicated to films by and about artists. Screenings take place inside the convention center and in the beautiful outdoor setting of SoundScape Park, where a monumental 7,000-square-foot projection wall brings the works to life.
  5. Public Art: ‘Public’ brings sculptures and installations to the picturesque Collins Park, with works by leading and emerging international artists. It’s a chance to see how contemporary art interacts with the urban landscape.
  6. Miami’s Local Art Scene: Beyond the convention center, Miami’s dynamic galleries, private collections, and museums join in with special exhibitions and events. The Design District, Wynwood, and the Museum Park are just a few of the areas where the spirit of Art Basel is echoed.

The Impact Beyond Art

Art Basel Miami Beach is more than an art fair; it’s a cultural event that spills into the streets, beaches, and businesses of Miami. Fashion shows, exclusive parties, and celebrity sightings add to the fair’s glamour, while discussions on sustainability, diversity, and cultural policy reflect its depth and relevance.

Art Basel Miami Beach 2023 is set to be a testament to the power of art to connect, challenge, and celebrate the human experience. It’s a place where the art community comes together to honor the past, present, and future of creative expression. Whether you’re a seasoned collector or a curious onlooker, the fair offers something to inspire and engage everyone who steps into its world of wonder.

As the event approaches, the anticipation builds for what is sure to be another unforgettable chapter in the history of Art Basel Miami Beach. Prepare to be dazzled by the art, the people, and the city, all coming together for a celebration of creativity that knows no bounds.

Dwayne Wade and Victor Oladipo

Miami Heat Victor Oladipo Just Sold his Miami Beach Property for $7.8 Million

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Dwayne Wade and Victor Oladipo
Victor Oladipo Pictured with Dwayne Wade

All-Star NBA player Victor Oladipo, recently sold his Miami Beach property. According to records, Oladipo sold the non-waterfront mansion at 65 South Hibiscus Drive for $9 million, two years after purchasing it for a then-record $7.8 million.

In 2021, Oladipo had just become a member of the Miami Heat and had just purchased the 6,500-square-foot house. According to records, the house was built in 2020 and has seven bedrooms, seven bathrooms, and one half-bathroom. It covers 0.3 acres, which according to Hogan is unusual for Hibiscus Island. According to Hogan, the house contains a pool, two master bedrooms, and a separate guest house.

Oladipo paid a sum that, at the time, set a Miami Beach non-waterfront home record, but that record was quickly broken when the area’s housing market experienced a price increase due to increasing demand. When a Sunset Islands home sold for $12.5 million in 2022, it set the record for the most money ever paid for a non-waterfront residence in Miami Beach.

According to Hogan, the most recent sale sets a Hibiscus Island price record for non-waterfront properties. According to Redfin, Oladipo listed the home in June for $10 million.

Throughout his 10-year NBA career, the two-time All-Star has sustained numerous injuries. He was transferred from the Heat to the Thunder in July, however, there is some talk that he might be moved again, according to Hogan. According to the Bleacher Report, Oladipo filed a lawsuit against his longtime manager, James Henderson, in June, accusing him of stealing $1.3 million from Oladipo and investing it in a condo and a nightclub.

Hogan stated that Oladipo wants to keep a “home base” in the Miami area and wants a bigger yard for his daughter even though his basketball future is uncertain. According to Hogan, they have been looking at homes in Pinecrest, a well-known inland hub for NBA players, as well as Weston, Davie, Southwest Ranches, and Pinecrest.

Earlier last month, Jason Richardson, a retired NBA star, paid $6.3 million for a house close to Olympia Heights. Jimmy Butler, a member of the Miami Heat, purchased a South Miami house for $7.4 million in February of last year.

Cher's Former Miami Beach Residence Hits the Market

Cher’s Former Miami Beach Mansion Hits the Market

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Cher's Former Miami Beach Residence Hits the Market

What was once the iconic pop star, Cher’s, former Miami Beach residence, is now on the market at $42.5 million. Located at 46 La Gorce Circle, this waterfront mansion is currently owned by Canadian investor James Eaton and his wife, Cecily. Only three years ago, the couple paid $17 million for the house.

Cher originally bought the estate in 1993 for $1.5 million to use as her private residence, but she only lived there for three years before selling it to Calvin Klein co-founder Barry Schwartz for $4.4 million.

The estate offers 150 feet of Biscayne Bay frontage and sits on three-quarters of an acre. Built in 1953, the home offers six bedrooms, six full bathrooms, and an indoor courtyard expanding over 12,000 square feet. The exterior space includes a 50-foot-long pool, a pool house, a hot tub, a cold plunge, and an outdoor shower.

The 77-year-old pop sensation Cher is best known for her work on hit songs like “Believe” and “If I Could Turn Back Time,” as well as for her roles in films like “Moonstruck” and as one-half of the well-known combo Sonny & Cher. Although her activity in the entertainment industry has decreased, she just introduced a gelato line.

Cher is in the process of selling some of her other real estate investments. She recently put her Malibu home—which she has owned since before her stint at La Gorce Island—on the market for $85 million last year. She paid $3 million for the site in 1989 and then built the 13,000-square-foot mansion on it, slashing the price this year to $75 million.

Rick Ross Buys Star Island Waterfront Mansion

Rick Ross is Moving to Star Island in Miami Beach

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Rick Ross Buys Star Island Waterfront Mansion

Rick Ross, the Grammy-nominated rapper and record executive is buying the 12,400-square-foot home located at 37 Star Island Drive, Miami Beach. For $37.5 million, the 0.9-acre property first appeared on the market in May 2023.

On his Instagram story, Ross made a post about the sale with Sean ‘P Diddy Combs who is a Star Island resident. Combs said that the Star Island homeowners group had just given Ross their approval. Combs also gifted Ross a golf cart stating, “You can walk around Star Island, but it’s better to drive.”

Ross, a resident of Miami Gardens whose real name is William Leonard Roberts II, established the music publishing company Maybach Music Group in 2009. He was raised in Carol City and went to Miami Carol City Senior High School.

37 Star Lane includes six bedrooms, eight full bathrooms, and one-half bathroom with a 40-foot dock, a wide covered patio, a pool, a summer kitchen, and a Japanese Zen garden in addition to 100 feet of Biscayne Bay waterfront. The home was constructed in 1992.

Star Island is located off the MacArthur Causeway, which connects the Miami mainland to Miami Beach, with roughly 30 residences. Several island owners have sold their homes in the last three years as the luxury market grew following the start of the pandemic.

The island itself is man-made located along Biscayne Bay. Star Island is one of the most coveted and exclusive islands 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 guardhouse entrance. A large number of celebrities live or have owned on Star Island. Some notables include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.