Terra, New Valley, Great Eagle Holdings and Bizzi & Partners, the partners behind Eighty Seven Park, Renzo Piano’s first residential project in the U.S., have finalized a construction loan that will open the door to vertical construction. The loan is for $155 million in construction financing from United Overseas Bank. Terra has reported that the building is now over 60% sold with a sales volume of over $250 million. The start of vertical construction follows initial site work that involved placing 300 foundation pilings into the ground.
“Local and international buyers are responding to Eighty Seven Park’s brand of intelligent luxury, with more than sixty percent of our sixty-six units now sold,” says Terra president and co-founder David Martin. “Eighty Seven Park’s singular location, combined with Renzo Piano’s sophisticated design and the equity we’ve built through pre-construction sales, have created a powerful combination that put us in position to secure construction financing.”
“Buyers seeking oceanfront living in Miami Beach have many options, and Eighty Seven Park is the most desirable among them as evidenced by our sales success,” says Howard M. Lorber, chairman of Douglas Elliman Real Estate and CEO of Vector Group, the parent company of New Valley. “Our project offers the amenities, exclusivity and sophisticated design that today’s most discerning buyers are looking for.”
“IRR Miami’s market forecasts indicate that the only new projects that will get started over the next 24 months are those sponsored by the strongest developers,” explains Anthony Graziano, chairman of Integra Realty Resources and senior managing director for IRR-Miami/Palm Beach. “The strength of Eighty Seven Park lies in its location, design, and the experience of the development team that Terra has assembled. This is another example of Terra’s ability to deliver bold projects in irreplaceable locations.”
Eighty Seven Park is located on Collins Avenue in North Beach at 87th St. and Collins, which is the northern-most parcel of land in Miami Beach. Eighty Seven Park will be an 18 story glass tower with expansive, unobstructed views of the Atlantic Ocean, Miami Beach and Biscayne Bay. The building was designed by famed designer and Pritzker Prize-winning architect Renzo Piano Building Workshop in collaboration with RDAI, West 8 designed the landscape architecture and Ruben and Isabel Toledo will handle branding and marketing material. Eighty Seven Park will feature 68 residences that range from 1 to 5 bedroom layout and 1,400 SF to over 7,000 SF. Pricing ranges from $1.6 million to $15.2 million. There will also be a full-time concierge and butler service, smart home and building technology and five-star amenities including a salon, resort style pool with full-service bar, valet, security, library and on-site enoteca complete with on-site wine tasting. Eighty Seven Park is expected to be completed in 2018.