Una Residences Given Green Light

OKO Group’s latest development, the nautically-inspired Una Residences, has now been approved by Miami’s Urban Development Review Board. This key step brings the 47-story condo building, proposed for 175 SE 25th Road, a little closer to inception at the crossroads of Coconut Grove and Brickell.

The building will feature 135 waterfront condos starting at $942,000, an underground parking garage, and public baywalk that connects to an adjoining park. The review board granted a request to allow ingress for vehicle entries at the loading docks and service area, which will pave the way for the demolition of the current structure.

This process of condo termination and redevelopment has been fueled by CEO of OKO Group, Vladislav Doronin’s confidence in the site, which he began to assemble back in 2016 by buying out current residents at nearly double the expected market value. “There has been no new construction here for the last 10 years,” says Doronin. “We were lucky to manage to purchase this site. And for the near-future, no one else is going to build here. We won’t have any competitors in South Brickell.”

This developer strategy of parcel identification and repurposing can be expected to continue in the upcoming real estate cycle as waterfront property becomes more scarce in Miami. Sales for Una, which are being handled exclusively by Fortune International Realty, went live back in March. Cash buyers have been the cornerstone to Una’s pre-sale success, most coming from overseas, since the building has not yet secured any form of traditional financing.

The project is expected to be completed by 2021.

Article by: Katya Demina 

GlassHaus Breaks Ground In Coconut Grove At Nearly 50% Sold

GD.8 and Element Development, LLC. have broken ground on GlassHaus, Coconut Grove's newest boutique condo project designed by Varabyeu Partners. The project is reportedly 50% sold. When complete the project will rise 5-stories and offer 23 luxury condominiums. Residences start at $595,000 and range up to $1.2 million, offered in 1, 2 and 3 bedroom layouts that range from 1,080 SF to 2,380 SF. Units will come complete with 11' ceilings with floor-to-ceiling glass windows, Italkraft cabinetry and stone countertops in the kitchen, and a buyer's choice of wood or porcelain floors. GlassHaus will also include a fitness center, electric bicycles, zen garden, resort-style rooftop including pool, summer kitchen and lounge and underground parking. Owners will also receive a membership to the Coconut Grove Sailing Club. Fortune International is in charge of sales and Glasshaus Coconut Grove is expected to be completed in 2019.

“I am very proud and excited that we are breaking ground on schedule,” said Javier Llurch, president of Element Development. “Glasshaus in the Grove is the first of many projects that we have planned along 27th Avenue - a bridge for the North and Center Grove neighborhoods.”