Tag Archives: real estate

Cassia New Construction Coral Gables

Alta Developers Announces New Short-Term Rental-Friendly Condo Project in Coral Gables

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Cassia New Construction Coral Gables

Alta Developers, a prominent Miami-based real estate firm, has officially launched sales for its latest venture, a short-term rental-friendly condominium known as Cassia, located in the vibrant heart of Coral Gables. This announcement marks a significant shift from the company’s initial plans of developing an apartment complex at 4011 Salzedo Avenue.

Originally intended as a multifamily apartment building, the project’s direction shifted about six months to a year ago, amidst challenging market conditions. “The multifamily market is pretty tough today. With interest rates and costs, it’s very difficult to launch a multifamily project,” explained Raimundo Onetto, CEO of Alta Developers. He further noted the sustained demand in the condo market, which influenced the strategic redirection towards developing Cassia as a condo project suitable for short-term rentals.

Cassia is set to rise as a 12-story building offering 174 residential units, with sizes ranging from 662 to 1,439 square feet. The units, which will include options from one to three bedrooms, are priced starting in the $700,000s, stretching up to about $1.8 million. Each condo will be delivered fully finished and furnished, featuring elegant interiors by RH (formerly Restoration Hardware), ensuring a premium living experience.

The development is designed to attract a diverse group of buyers, including foreign investors and families with children attending the University of Miami, as well as medical professionals working at nearby hospitals. “People can use it when they’re here, and when they’re not here they can put it into a management program that allows them cash flow. … This is a great way to start your real estate portfolio,” said Jesse Ottley, President of Development Sales, highlighting the project’s flexibility.

Set to open a sales center this month at 4201 South LeJeune Road, Cassia is strategically located near top shopping destinations like the Shops at Merrick Park and luxury automotive dealer The Collection. The project promises a rich array of amenities including a café, gym, multiple pools, and a landscaped garden on the fifth floor, not to mention a striking $1 million tree sculpture within a serene paseo.

With plans to break ground by year-end, Alta Developers aims to secure construction financing by selling approximately 40% to 45% of the units—roughly 70 units in total. The anticipated loan amount is around $60 million, with construction expected to last about 18 to 20 months.

Alta Developers purchased the 1.5-acre site for $17.5 million in late 2020 from Baptist Health South Florida. The site’s history includes a previous development plan by Ugo Colombo and Masoud Shojaee, which was later sold to Baptist in the wake of a legal dispute.

Cassia represents a significant addition to Coral Gables and South Florida’s growing portfolio of short-term rental-friendly developments, joining other noteworthy projects like 600 Miami Worldcenter and Natiivo Fort Lauderdale. As Alta Developers embarks on this exciting project, Cassia is poised to become a cornerstone of flexible urban living in Coral Gables.

Cassia Coral Gables
Hakimian South Tower

Hakimian South Tower Proposed in Downtown Miami

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Hakimian South Tower

A 42-story residential tower with a central location in Downtown Miami has just had its plans submitted to the city’s Urban Development Review Board. Rising 42 floors or 467 feet tall, the Hakimian South Tower is planned to have the following features:

  • 631 residential units
  • 3,140 square feet of commercial space
  • 469 parking spaces on 8 levels

The submittal did not include any plans for the north tower. A property to the north of it is designated for potential development. A 30% parking reduction is among the seven coning waivers that are being asked for.

The architect is Corwil Architects with the developer listed as 16th Street Partners, LLC. The next hearing is scheduled for the Urban Development Review Board on July 19th.

Hakimian South Tower Aerial Rendering
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.

Terra Development Sells Grove at Grand Bay Penthouse

CEO of Terra Group Sells Grove at Grand Bay Penthouse for $17.9 Million

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Terra Development Sells Grove at Grand Bay Penthouse

CEO of Terra Group David Martin recently sold his penthouse at Grove at Grand Bay for $17.8 million.

The 9,541-square-foot, five-bedroom apartment at 2675 South Bayshore Drive was sold under the name GBPH Investments LLC.

Records show that a trust run by James Zubok and Leon Medzhibovsky purchased the penthouse. Medzhibovsky is a partner at DLA Piper and Zubok is a private equity investor.

David Martin’s penthouse had been advertised on and off for years, with a $28 million asking price at one point while the tower was still being built. Eloy Carmenate, Mick Duchon, John Gomes, and Fredrik Eklund brought it back to the market for $25 million in 2018 then for $19.8 million in late 2019. Summer of 2022, the unit was listed at $26 million.

The penthouse unit features 12-foot ceilings, floor-to-ceiling windows all around it, a rooftop pool, and 12-foot doors. Although Martin’s purchase price for the penthouse is unknown, developers frequently receive a sizable discount on their apartments. The price per square foot of the unit was roughly $1,900.

The Bjarke Ingels-designed project, a pair of 20-story twisted towers overlooking Biscayne Bay in Coconut Grove, was constructed by Martin’s Terra. The construction was finished in 2016. Billionaire Mike Fernandez, former baseball star and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin, have all purchased properties.

Since finishing Grove at Grand Bay, he has collaborated with Jorge Pérez’s Related Group to construct the three Park Grove towers in Coconut Grove and is currently constructing the Mr. C Residences condo towers close by. On the north side of U.S. 1 and 27th Avenue, a mixed-use apartment building with retail space called His Grove Central is also being built.

Outside of Coconut Grove, Terra is involved in a number of projects. The 15.5-acre land owned by Genting Group in downtown Miami is scheduled to be purchased for more than $1.2 billion by a group led by the company and Martin. The transaction, where Martin most likely intends to build a sizable mixed-use community, is anticipated to finalize later this year.

Vita Residences at Grove Isle in Coconut Grove

Vita Residences at Grove Isle Breaks Ground

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Vita Residences at Grove Isle in Coconut Grove

Ugo Colombo of the CMC Group, one of Miami’s most well-known luxury developers, has started construction on Vita Residences at Grove Isle. The opulent boutique condominium is situated on the gated 20-acre private island of Grove Isle, which is close to the city’s fashionable Coconut Grove neighborhood.

The 65 exquisitely designed houses in the seven-story building, which is being constructed on the island’s final remaining beachfront parcel, will showcase unhindered panoramic bay views, exquisite detailing, and the finest materials and craftsmanship. The project is now under construction, and completion is anticipated in 24 to 28 months.

The majority of Vita at Grove Isle’s customers are from America, and more than 40% of the units there have already been pre-sold. The homes will range in size from 2,500 to 6,500 square feet and feature three-, four-, and four-bedroom units with dens. A group of twelve upscale penthouse houses will have private rooftop terraces with full-size swimming pools, full bathrooms, and summer kitchens that are each 3,400 to 6,600 square feet in size. Penthouses start at $12 million, with units starting at $5.5 million.

In order to create one-of-a-kind interior and amenity spaces for Vita at Grove Isle, Ugo Colombo collaborated with international architecture and design firm CallisonRTKL, regional architectural firm S & E Architects, and Italian designers Carlo and Paolo Colombo of A++ Architecture. The three buildings—Mare, Luce, and Sole—are designed to exhibit a singular architectural design and will provide a boutique living environment surrounded by beautiful, local vegetation. The graceful, curving shape of the structure, which was inspired by the island’s natural contours and maximizes views of the glittering Biscayne Bay, is a reflection of its distinctive Grove Isle position.

The waterfront retreat will offer a wide range of carefully chosen interior and outdoor amenities, including a private bayfront pool for residents exclusively, a poolside bar and lounge, a cutting-edge fitness facility, spa, and kids’ play area. Residents of Vita will also be given a house membership to the “Vita at Grove Isle Club,” which has lighted tennis, padel, and pickleball courts in addition to a club pool and a bar nearby. Additionally, residents will have access to the island’s private marina as well as a gourmet restaurant and bar offering lunch, supper, and cocktails that will be open to the general public.

Only the attention to detail in its design matches the level of preparation put into Vita at Grove Isle’s location and facilities. Each home will have a private elevator, a private foyer, modern open concept kitchens with hidden top-of-the-line appliances, elegant bathrooms with hand-selected book matched marble, masterfully crafted Italian stonework, custom Italian cabinetry, and pre-installed smart home technology like lighting, climate control, and water/air filtration systems, as well as at least 10-foot-high ceilings.

In addition to 24/7 valet service, private, individually covered garages with EV charging stations, accessible bike storage, and the most cutting-edge technology and WiFi capabilities installed throughout the building, residents also enjoy additional amenities.

Residents will also profit from Vita at Grove Isle’s personal concierge service, which will be available to help with a variety of arrangements and services, including home provisioning, housekeeping, child and pet care, personal shopping, private events, private drivers and transportation, car detailing, mail collection and forwarding, package deliveries, and more. This service is in addition to Vita at Grove Isle’s restaurant.

Additionally, Vita at Grove Isle residents will have access to the ‘Vita Linc’ app, a digital concierge service, which will enable them to register visitors and give them electronic keys, get in touch with the building’s management, send each other private messages, check on pending and delivered packages, access appliance manuals and condo documents, and request vehicles from valet.

If you or someone you know have an interest in purchasing at Vita Residence at Grove Isle, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.

Shakira Moves to Miami

Shakira is On the Move to Miami

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Shakira Moves to Miami

Shakira has recently relocated to Miami with her children after leaving Barcelona, the hometown of her ex-boyfriend, Gerard Piqué.

The Colombian singer, who lived in Barcelona for eight years, explained in a farewell Instagram post that she was leaving following her breakup with Pique, 36, so she could begin “a new chapter.”

Shakira and Piqué first became acquainted while working on the music video for her song “Waka Waka (This Time for Africa),” which served as the FIFA World Cup 2010’s anthem. In March 2011, the pair announced their relationship for the first time. Last June, they made their breakup public.

Piqué, who was born in Barcelona, had a fruitful career with FC Barcelona, the illustrious team representing the city. Before the defender announced his retirement from the game in November 2022, his teams won eight La Liga championships and three Champions League trophies.

With the recent news of her departure, Shakira has been seen looking at homes across Miami and plans to spend up to $50 million for a mega-mansion.

Pictures of the glam pop diva and her brother visiting more than six potential properties in Florida’s wealthy neighborhoods were captured.

The 46-year-old is apparently renting a $15 million waterfront mansion while searching for a larger place to settle down with her kids Milan and Sasha, ages ten and eight.

Star Island in Miami Beach

Miami Beach’s Star Island is Now Ranked as the Nation’s Highest Priced Neighborhoods

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Star Island in Miami Beach

Miami Beach’s exclusive Star Island has taken the top spot among the most expensive areas in the country, surpassing Port Royal in Naples, FL, Beverly Hill’s Gateway, and Trousdale Estates in Beverly Hills. In 2022, the price of the typical home sold on the island was $40.2 million, an increase of $16.7 million and 71% from 2019 when it was $23.5 million.

Ken Griffin, the founder of Citadel and a heavyweight in the hedge fund industry, has spent a total of $170 million over the past few years buying a collection of five houses on the island. Griffin made a big impression when he paid $75 million for a 1993 demolition on 1.8 acres at 8 Star Island Drive. At the time, the sale broke a record for Miami-Dade County single-family home sales, but Griffin is no stranger to shattering records.

Griffin also bought the nearby 10 Star Island for $25 million, 11 and 12 Star Island Drive for about $37 million, and 13 Star Island for $32.5 million in an off-market purchase. Also, he was the owner of 14 Star Island, which he acquired for $24 million in 2020 and reportedly traded for 13 Star Island for $18.5 million with former New York Yankee and real estate mogul Alex Rodriguez.

Griffin is not the only well-known investor who has bought and sold on the Island. Stuart Miller, the executive chairman of Lennar, paid $33 million for the old 4 and 5 Star Island Drive owned by Thomas Kramer, which marked the beginning of a protracted series of deals on the renowned island. With Todd Michael Glaser, Stuart Miller created an extravagant model home at 22 Star Island that was designed by DOMO Design and sold for $49.5 million in an off-market transaction managed by David Solomon and David Miller.

The owner of the NBA’s Memphis Grizzlies, Robert Pera, purchased the 1.9-acre property next door from Miller in 2019 for $25 million. A contentious 28,000 SF seaside home with a basketball complex is being built by Pera. Marc Iacovelli sold the historic Carl Fisher estate at 46 Star Island Drive to Roger and Sloan Barnett for $39 million on the other side of 22 Star Island. On the island, Shay Kostiner recently sold his vacant lot at 44 Star Island for $10 million, while Anthony Hsieh, the founder and CEO of LoanDepot, just paid $30 million to purchase 34 Star Island Rive.

Just over the MacArthur Causeway from Fisher Island’s entrance and Miami Beach’s South of Fifth district, the gated Star Island has long been one of Miami’s most sought-after neighborhoods. The Army Corps of Engineers constructed the island in 1922 as part of a dredging project, and Carl Fisher turned it into an island for the affluent and well-known. Celebrities and billionaires like Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller, and Vladislav Doronin currently reside on the island.

Gisele Bündchen Buys Southwest Ranches Estate

Supermodel Gisele Bündchen Purchases Surfside Home for $1.25 Million

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Gisele Bündchen Buy Surfside Property

On February 28, supermodel Gisele Bündchen paid $1.25 million for a modest three-bedroom, three-bathroom home in Surfside, a community between Bal Harbour and Miami Beach.

Although Bündchen formally filed for divorce from her famous quarterback husband Tom Brady on October 28, she may have been preparing for the separation.

This residence appears to be smaller among those Bündchen formerly occupied with her soon-to-be ex-husband, at only 1,540 square feet. It is still unclear whether she plans to remodel the interior of the home.

The Art Deco-style cottage, which is only a few blocks from the beach, has white walls and hardwood flooring in all of its common areas. Stainless steel appliances, white cabinets, and a marble waterfall island are all featured in an open-concept kitchen that flows into the living room with ample space for entertainment and comfort.

Two large windows line the modest primary bedroom. The main bathroom has white brick walls and farmhouse-style hardware in a rich gold color, as well as a glass-enclosed stand-alone shower. The little backyard is home to a grassy lawn and a small tiered patio.

The Brazilian beauty and 23-year NFL veteran had been married for 13 years and had two kids together. Tom Brady also has a son from his past relationship with actress Bridget Moynahan.

The former power couple has owned several properties together, including a 14,000-square-foot Brentwood home and their latest mansion still in construction on the ultra-exclusive Indian Creek Island in Miami, which counts Enrique Iglesias and Jared and Ivanka Kushner as residents.

Society Residences in Downtown Miami

Sales Launch for Society Residences in Downtown Miami

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Society Residences in Downtown Miami

In the heart of downtown Miami, sits a new construction site of an up-and-coming tower developed by PMG. Society Biscayne was originally announced as an apartment tower but recently the developer decided to transition the apartment tower into residential units due to the lack of inventory in Miami. Now the property is officially Society Residences.

The construction for the 704 unit tower is currently underway at their site located at 398 NE 5th St in Miami. Rising 47 stories (571 feet) tall, units will be presented as fully finished and fully furnished with luxury amenities and outstanding water views.

Visionaries

  • Developers: Property Markets Group (PMG) and Greybrook Partners
  • Architect: Sieger Suarez Architects
  • Interior design: Cotofana Designs

Building Features

  • 47-story tower located in Downtown Miami
  • Designed by internationally renowned architecture firm Sieger Suarez Architects
  • 646 luxury residences- Atelier Collection (Floors 14 – 20)- Bohème Collection (Floors 21 – 36)- Haute Collection (Floors 37 – 46)- Penthouses (Floor 47)
  • Views of the Miami skyline, unobstructed views of Biscayne Bay and the Atlantic Ocean
  • Modern Residential Lobby with 24/7 Concierge
  • Electric Vehicle Charging Stations
  • Features the Latest Smart Building Technology
  • Destination Controlled Elevator Dispatch
  • Smart Package Lockers
  • Custom Society Residences app, linking residents to concierge services and building amenities- Digital Key- Guest Access- Payments- Package Deliveries- Messages from Management
  • Dry Cleaning & Laundry Service Lockers
  • Access-controlled entry points throughout
  • Valet Parking

Amenities

  • Lobby with Cocktail Bar and Restaurant by Jaguar Sun®
  • Over 19,000 square foot double-height amenity deck overlooking Downtown Miami and Biscayne Bay
  • Curated art and green walls throughout all common areas
  • 132-Foot Resort Style Pool with private lounge areas
  • 16 ft Poolside Screening LED Wall
  • Lawn with Theater
  • Sky Entertainment Lounge & Grilling Terrace featuring eight grills
  • Temperature Controlled Oversized Swim Spa
  • Owners Lounge with catering kitchen
  • Two-level Coworking Lab featuring 11 reservable conference rooms
  • Coffee Lounge by Cafe Domino®
  • Complimentary wifi in common areas

Residence Features

  • Fully-furnished studios, 1, 2, and 3-bedroom residences
  • 9’2” ceiling height with floor-to-ceiling windows
  • Balconies with stunning views of Biscayne Bay and the Miami city skyline
  • Porcelain wood-grain tile flooring throughout
  • Built-in full-size washer and dryer(in select residences)
  • Ecobee smart thermostat
  • Smart keyless entry
  • Pre-wired for high-speed communications, multiple telephone lines, and cable
  • Custom kitchen cabinetry by Italian design house Italkraft
  • Quartz kitchen counters
  • Frigidaire stainless-steel appliances including microwave, dishwasher, freestanding range oven, and refrigerator
  • Frameless glass-enclosed showers
  • Custom Italian vanities by Italkraft
  • Modern matte black kitchen and bathroom fixtures
  • Fully built-out California-style closet

Pricing:

  • Studios from $600K
  • One bedroom from $800K
  • Two bedrooms from $1.4M
  • Three bedrooms from $1.4M

The building is still under construction but the TCO is anticipated to be received by the end of June.

If you or someone you know have any interest in purchasing at Society Residences, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.

Society Residences in Downtown Miami

Wynwood Urby in the Design District

Mixed-Use Project with 289 Residential Units Coming to Wynwood

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Wynwood Urby in the Design District

Ironstate and Brookfield Developers are teaming up to build their first Miami mixed-use project in the Wynwood Arts District, Wynwood Urby. Wynwood Urby would be located at 26-60 N.E. 27th St. and 61 N.E. 26th St on a 1.29 acre site.

The site is the former home of the Art by God fossil and taxidermy store with over 13,000+ square foot building. Ironstate and Brookfield purchased the property in 2021 for $15.6 million.

Between the two developers, they have built over 3,000 condos using the ‘Urby’ name throughout New York, Connecticut, and New Jersey. If approved, this will be their first project in Florida.

The project is scheduled to be reviewed by the Wynwood Design Review Committee on April 12, 2022. Wynwood Urby would rise 8 stories tall and span over 371,632 square feet. There would be 289 residential unites, 17,000+ commercial space, and 197 parking spaces with spaces for electric parking. The units would range from 443 to 893 square feet of living space.

The amenities would include a fitness center located on the 3rd floor, rooftop amenity deck with a pool, outdoor kitchen, and garden room.

According to the plans, the commercial space would wrap around 27th street and expand to a pedestrian paseo where a cafe will be located as well. The project is to be designed by 5G Studio Collaborative in Dallas and Concrete in Amsterdam.

According to a representative of Brookfield developers, “This residential is geared toward a younger demographic who will utilize Wynwood as an amenity and be out and about in the neighborhood.”