Terra, New Valley, Great Eagle Holdings and Bizzi & Partners Secure $155 Million In Construction Financing for Eighty Seven Park, Prepare to Commence Vertical Construction

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.

Tour the Beachfront Townhouse in Surfside that Just Sold for $5.7 Million

Surfside continues to power itself as one of Miami's premier neighborhoods. A newly-constructed, five-story oceanfront townhouse at Ocean 7 just closed for $5.7 million at 9501 Collins Avenue. The home is layout out over 4 bedrooms and 5.5 bathrooms spread over 4,058 SF. The townhome features amazing ocean views, direct access to the beach, a rooftop terrace with plunge pool and a summer kitchen, 10 ft high ceilings, a glass elevator, marble flooring, top of the line appliances and designer finishes throughout the home. The Ocean 7 Townhouse 7 sale was overseen by Ivonn and Richard Goihman of the Goihman Group of Douglas Elliman.

Arte, The First Antonio Citterio Designed Building in the United States, Unveiled in Surfside

Arte, the first building designed by world-renowned Italian master architect Antonio Citterio has been unveiled in Surfside. The oceanfront development features 16 ultra-luxury residences over 170,000 total developed SF and spans an entire acre of beach front. Units at Arte feature expansive terraces, designed to be used as external rooms. Amenities including indoor and outdoor pools, spa, fitness room, tennis court and golf simulator, and a clubhouse with designated parking across the street. The lush landscaping around the property is by acclaimed landscape designer Enzo Enea, one of the world’s leading landscape architecture firms. The common gardens created by Enea are an extension of the spa facilities at beach level which blend together they create tranquil interior and exterior spaces. Sitting in front of the building’s site, is one of renowned American artist Robert Indiana’s iconic ART sculptures.The building was designed by Citterio’s firm Antonio Citterio Patricia Viel, known for designing iconic structures all over the world include the Bulgari Hotels in Dubai, London, Milan and Bali, and the Mandarin Oriental in Milan. Arte is currently under construction with expected completion in 2019. 

Sales Update: Renzo Piano's Eighty Seven Park Passes 60% Sold, To Break Ground Next Month

Terra's Eighty Seven Park in Surfside, designed by the legendary Renzo Piano, is reporting that pre-sales at the tower have passed the 60% mark and the developers are aiming to break ground next month (August 2017). Douglas Elliman Development Marketing is overseeing sales where reportedly among notable buyers is Million Dollar Listing New York's Fredrik Eklund. Eighty Seven Park is a joint venture headed up by Terra with Bizzi & Partners Development, New Valley and Pacific Eagles Holdings Corporation. 

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.

Saks Fifth Avenue is Considering Leaving Bal Harbour Shops Amid Approved Expansion Plan

Saks Fifth Avenue considering leaving Bal Harbour Shops after a recently approved expansion plan. The plan calls for $400 million of work including 430,387 SF of new retail space with a new flagship anchor location which is expected to become a Barneys New York. The existing Neiman Marcus location will also expand. The expansion plan is being designed by Zyscovich Architects and Whitman Family Development hopes to break ground by the end of 2017 with an expected completion in 2023. Saks Fifth Avenue's opposition to the plan comes amid the developer, Whitman Family Development's, lack of attention and possible expansion that was offered to the Saks location. Saks Fifth Avenue would also lose parking and be forced to rely on valet for customers.  Whitman Family Development also owns a minority stake in Brickell City Centre, where Saks Fifth Avenue also just opened up a flagship location. 

Tour the Four Seasons Hotel & Residences at The Surf Club in Surfside Where 3 Units Have Closed So Far

Since the grand opening earlier this month, 3 units have so far closed at the Four Seasons Residences at the Surf Club. The deals have ranged from $4.6 million to $9.3 million. Unit 521 in the development's North Tower just closed for $9.3 million. Unit 319, also in the North Tower, closed for $7.05 million and unit 811 closed for $4.6 million. At the grand opening the developer of the project, Fort Partners CEO Nadim Ashi, stated that the project produced over $1 billion in condo sales with an average price per square foot $2,400. Condo units range from $3.4 to $18 million and 1,400 SF to over 7,000 SF.  The Four Seasons Hotel & Residences at The Surf Club features 2, 12-story residential glass condo towers with 150 private residences and a 77-room Four Seasons Hotel in Surfside. Enjoy the photo tour of the stunning property below. 

Check-out coverage of the Four Seasons Hotel & Residences at The Surf Club Grand Opening. 

Four Seasons Surf Club Opens in Surfside

The Four Seasons Surf Club Condominium & Hotel Resort celebrated their grand opening last week of their iconic new beachfront property. The Surf Club has been an integral part of the cultural history of Miami Beach since its inception as a private social club in the 1930's. Since ground breaking in March 2014, The building features a 77 room hotel and 150 residences across 3 glass towers, 2 of which are residential and 1 hotel. The newly restored development also includes full five star amenities including oceanfront dinging at Le Sirenuse Miami and the Champagne Bar & Lounge and a soon to come Thomas Keller restaurant concept, spa, gym, shopping, private and hotel pools and beautifully landscaped gardens. Residences come in one-to-six bedroom plans ranging from 1,800 SF to 7,800 SF and 11-foot deep balconies. Tour the exquisite property below.

Le Sirenuse Miami and the Champagne Bar & Lounge

Thomas Keller, Founder & Chef of Manhattan's Per Se, to Open Concept in Surf Club Four Seasons

Thomas Keller, the award-winning chef who founded Per Se in Manhattan and French Laundry in California, amongst others, will open a new concept in Surfside's Surf Club Four Seasons. Keller has looked at Miami for over five years, finally deciding to open in Surf Club Four Seasons after learning of the project and sites former history and beautiful new construction that has become a stunning additon to the Surfside community. Keller maintains that while his Surf Club Four Seasons concept will be upscale, it will not be another very fine dining restaurant but a more accessible restaurant for all to enjoy. As he told the Miami Herald, “I don’t think I’ll ever open another fine dining restaurant in America. Trying to replicate that energy, I’m not going to do that, not at my age, the Surf Club will not be about my personality.”

Surf Club Four Seasons is a luxury hotel and residential condo project that spans 9 acres with 965 feet of beach frontage. The development includes a 77-room Four Seasons Hotel as well as two 12-story residential buildings with 150 condos. Amenities include four swimming pools, a spa and gym, and 40 beach cabanas. Condo prices range from $3.4 million to $18 million and the project is over 80 percent sold as reported by ISG Miami. Surf Club Four Seasons is expected to open in 2018.

Bijou Bay 60% Sold, To Break Ground in December

Colombian developer Juan Carlos Gonzalez's Acierto Inmobiliario new project Bijou Bay on Bay Harbour Island is closer to becoming a reality as they have announced that the building is now 60% sold and is expected to break ground on December 15, 2016.  Bijou Bay will be a 9-story building designed by Revuelta Architecture International with interiors by Adriana Hoyos. It will feature 41 modern luxury residences ranging from 900 SF to 2,000 SF and prices start at $530 per SF. Amenities will include a poolside lounge and bar, rooftop lounge, gym, outdoor entertainment area with fire pit and pool as well as bay access for boating and water sport. A groundbreaking ceremony will be held on November 30, 2016.

Tour the Bal Harbour Mansion Listed for $36 Million

Designed by award-winning architect Chad Oppenheim and located in one of the most exclusive, private and secure communities in Miami Beach, 252 Bal Bay Dr. is a true contemporary masterpiece. It features 8 bedrooms and 9 bathrooms over 20,198 SF. It also blends indoor/ outdoor living featuring museum style interior design and artwork throughout, urban tropical courtyards, a large outdoor entertainment area featuring an infinity pool and private dock. Boat access is a major feature of this property as it is merely 300 yards from Baker's Haulover Inlet. The property was developed by Oren & Shlomy Alexander, who purchased the property in 2012 for $5.55 million. Listing and photos via The Alexander Team at Douglas Elliman Real Estate.