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.

Brazillian Billionaire Jose Isaac Peres Sees Backlash to His Proposal for 5775 Collins Ave

Brazillian billionaire Jose Isaac Peres has seen a backlash from neighbors over his proposal for 5775 Collins Ave in Miami Beach. Resident's complain of a "Condo Canyon" effect which is caused by newer building taking up the entire lots they are built on in terms of width. This would block partial views of the ocean as well as limit public access  to the beach. The building is being designed by Arquitectonica and would rise 17 stories and feature 89 units. The building would also feature 2 levels of semi-subterranean parking. The proposed tower is outfitted with white stucco-tipped slabs with a glazed glass skin on the units. The balconies appear to be finished with with a warm brown wood, with planks oriented and glass rails. The proposal will head to the Design Review Board in December. 

Featured Listing: Take a Look at the Trendy Townhome in Continuum Asking $2.8 Million

A rare townhome in South Beach's Continuum has hit the market for $2.8 million. The unit features 3 bedroom, 3.5 bathroom and is spread over 2,202 SF. The unit also features double-height ceilings and partial views of the Atlantic Ocean. Five star amenities include full-service beach club, 2 lagoon-style pools, 3 prohar-tru tennis courts, multilevel world class fitness center and spa, private patio restaurant bbq area, roof top terrace with stunning ocean and tropical views, 24/7 concierge & valet. 100 S Pointe Dr # TH-13 is currently listed for $2.8 million with Dina Goldentayer and Sladja Stantic of Douglas Elliman. 

Featured Listing: Peek Inside the La Gorce Contemporary Asking $3,499,999

Villa Yola 2, a new Eduardo Padro-Fernandez designed contemporary on La Gorce Golf Course is currently asking $3,499,999. The home is 3,250 SF and spread over 4 bedrooms, 4 bathrooms and 2 half-baths. Villa Yola 2 also features a 1,600 SF roofdeck complete with BBQ, high ceilings, pool with jacuzzi, firepit, and is outfit with the latest technology throughout. 5344 Lagorce Drive is currently listed for $3,499,999 with Cassis Burke Colection. 

Thomas Kramer Loses 5 Star Island in Court Ordered Auction for $40 Million

Verena von Mitschke-Collande and Claudia Miller-Otto have won 4 and 5 Star Island from Thomas Kramer via court-ordered auction. Kramer played an integral role in the redevelopment of South Beach including Portofino Tower before he lost a $90 million settlement in Swiss Courts in 2003 in a legal battle that has continued to play out for decades. 5 Star Island is an elaborate party mansion that spans 13 bedrooms, 12 full bathrooms over the entire 2 acre property. The main house is a 3 bedroom 4 bathroom party manse with stripper poles on the dining room table, 10,000 bottle wine cellar, exotic and eccentric design throughout, gym, 8 car garage, separate private office space, views of the Miami Skyline, party ready pool, 200' of waterfront docking for a yacht, and is rumored to have even have a missile silo built in. In recent years 5 Star Island has been used for a number of business ventures including events and for rent offered by Douglas Elliman. 

Photos via Douglas Elliman

Construction Update: Mast Capital's Rene Gonzalez Designed Louver House Officially Completes in South of Fifth

Mast Capital has completed their first luxury condo development, South-of-Fifth's Louver House. Designed by award-winning Miami-based architect Rene Gonzalez, the 4-story building features 12 residences which pay homage to the rich history of Meridian Avenue. Gonzalez started by preserving the memory of a historic Belvedere bungalow that was once on the Louver House site by creating a louvered bungalow that will be the focal point of the entrance. Mast Capital also brought on artist Michele Oka Doner to create artwork that will hang in the lobby area. The space will be draped with plants from landscape architect Savino & Miller. Only 4 residences remain for sale. Louver House will commence closings mid-August. Buyers, who are predominantly end-users, can now move in and start enjoying their large, landscaped terraces; proximity to the beach; the property’s beach concierge service as well as its neighboring shops and restaurants. Remaining residences start at $2.5 million to $3.1 million. Sales and marketing for the Louver House are exclusively handled by ONE Sotheby’s International Realty.

“We’re excited to finally present Louver House because it has all the key elements buyers are looking for in today’s luxury residential real estate market,” says Camilo Miguel Jr., CEO of Mast Capital. “To us, luxury is about amazing finishes, expansive spaces and the ability to enjoy a sense of privacy. This building offers a unique lifestyle that places residents in one of Miami Beach’s most exciting neighborhoods, but because of its small scale, also serves as an exclusive, family-friendly enclave.”

“The architectural design for Louver House has everything to do with the beauty of the building’s surroundings; we wanted to create a substantial and substantive piece of architecture that pays deference to its environment and urban condition,” says architect Rene Gonzalez.

Tour The Palm Island Contemporary Which is The First To Close on Palm Island in 2017

201 Palm Avenue closed today (8/24/27) for $3,400,000, represented by Douglas Elliman’s Devin Kay. The 4,500 SF home is spread over 6 bedrooms and 6 bathrooms. The residence features a mix of natural wood and stone, high end finishes such as Grohe fixtures, Wolf/Sub zero appliances, oak wood and Italian flooring, a sleek pool and a stunning rooftop entertainment deck offering 360 degree views. 

"This sale marks the first home sale on Palm Island in 2017, not including the recent sale of a vacant lot.  Activity on the Island has been very slow with the ongoing construction of the roads, but once completed, Palm Island will be absolutely incredible and the construction / roadwork will move to other neighborhoods of Miami Beach. 201 Palm was a very unique property because not only was it situated on a very desirable corner lot, but with the new building codes in Miami Beach, you can no longer build a house of this size on a lot like this, and you also can no longer replicate the private rooftop, which offers 360 degree views of the Bay, skyline and sunsets," said Devin Kay.

Featured Listing: Palm Island Contemporary Waterfront Lists for $10.8 Million

280 South Coconut Lane on Palm Island has hit the market for $10.8 million. The home features 6 bedrooms and 7.5 bathrooms spread over 6,139 SF. The contemporary home was built in 2015 and features luxurious finishes throughout including a grand foyer with 20 foot ceilings, a chef's kitchen, 90-bottle wine cooler, formal dining room, atrium, elevator and multiple terraces with views of PortMiami and Downtown Miami. Outside the property features an infinity pool and a dock with 50' of waterfront. 280 South Coconut Lane is listed with Gary Hennes and Evelyn Menin of Gary Hennes Realtors. 

Featured Listing: Oceanfront Condo Unit in South Beach's Il Villaggio Hits the Market for $3.999 Million

A stunning oceanfront condo unit in South Beach’s Il Villaggio has hit the market for $3.999 million. The The 3 bedroom, 3 bathroom open floor plan is spread over 1,781 SF and also boasts 324 SF of outdoor terrace space. The residence was fully renovated by Sojo Design and is completely turnkey featuring a custom chef's kitchen with Quartzite countertops and backsplashes, complimented by Wolf & Subzero appliances, new bathrooms and showers, private elevator, low maintenance Italian porcelain flooring throughout, custom cabinetry and fully built-out closets. The residence also provides full smart home integration allowing the owner to control the Lutron lights, security cameras, surround sound, electronic window treatments and thermostat from a tablet or phone. 1455 Ocean Drive #1506, Miami Beach is listed for $3.999 million with Devin Kay of Douglas Elliman.

"This stunning full renovation by Sojo Design offers a buyer the ultimate turnkey property located at one of the most prestigious addresses in Miami Beach. This is currently the only residence on the market at Il Villaggio offering a high-end renovated product with all of the modern day amenities, in which a buyer can just bring their clothes and move right in. The desirable flow-through layout offers both direct ocean views as well as the downtown city skyline and sunsets. The attention to detail is simply unmatched," said Devin Kay, Senior Director of Luxury Sales/The Carroll Group at Douglas Elliman.

Featured Listing: Tour the Contemporary Mansion on La Gorce Country Club's 14th Hole Asking $4.295 Million

A stunning, contemporary mansion on the 14th hole of Miami Beach’s La Gorce Country Club has hit the market for $4,295,000. The 5,300 SF home, developed by Mile Marker Investments is spread over 5 bedrooms and 5.5 bathrooms on a 10,017 SF plot of land. The home features amazing golf course views, a wine cabinet, butler’s pantry, media room, and a heated saltwater pool and spa. Design highlights include European oak flooring, kitchen cabinetry designed by Intirium, Miele appliances, Toto fixtures, and a Smart Home automation by Architronics & Lutron. 5334 La Gorce Drive is listed for $4,295,000 by Dina Goldentayer and Sladja Stantic of Douglas Elliman.