Penthouse 1406 at the Miami Beach EDITION has sold for $5.4 million. The unit features 2 bedrooms and 3 bathrooms over 2,255 SF and 2-stories. It also features breathtaking ocean and bay views, whitewashed teak floors, Smart Home technology, a European Bulthaup kitchen, as well as a private rooftop deck with plunge pool and outdoor kitchen. Both sides of the transaction were overseen by Douglas Elliman, with Eloy Carmenate and Mick Duchon of Douglas Elliman’s Carmenate + Duchon Residential group representing the buyer and Bill Hernandez and Bryan Sereny acting as the list agents. Continue below for a photo tour of the immaculate penthouse.
More New Renderings Released of Aston Martin Residences, Sales Center to Open Tonight (6/22/17)
New renderings of Aston Martin Residences have been released just as they prepare to open their brand new, luxurious, three-level gallery style Sales Center. The Sales Center will showcase the signature Aston Martin elements and materials that will be incorporated into the design of the building, along with a $2.5 million limited edition Aston Martin Vulcan, one of only 24 in the world will be on permanent display at the sales center’s entrance. The tower's interiors will feature lighting and handmade detail based on the car in addition to hand-adorned residence door numbers from the same jewelers that place the logo on the hood of Aston Martin cars. The building will features floor-to-ceiling glass with no visible concrete, including glass encased support beams. Units start at $500,000 and range up to $7,000,000 for the "River and Panoramic Residences" part of the building and $14,000,000 to $35,000,000 for the "Penthouses." The ultimate unit will be a triplex penthouse that comes complete with a private pool, helipad and Aston Martin Vulcan.
Ellipsis in Edgewater Approved by Miami's Planning and Zoning, Ready to Break Ground
Ellipsis is coming to Edgewater and is now ready to break ground after gaining approval from Miami's Planning & Zoning Department. The 13-story project is designed by Kobi Karp and will feature 34 units. Ellipsis is under development by One World Properties. Units will range from 756 SF for a 1-bedroom unit to 1,368 SF or a 2-bedroom unit. Check-out our December coverage of Ellipsis' initial application for review by Miami's Urban Development Review Board.
Featured Listing: Contemporary Coral Gables Spec Home Lists for $14 Million
A stunning new spec home at 445 Solano Prado in Coral Gables has hit the market for a cool $14 million. The home is 7,398 SF spread over 7 bedrooms and 8 bathrooms. The contemporary new construction estate features a floating master bedroom, walls covered in natural stone sourced from Spain, interior design by Porcelanosa Corporation and Italian Calacatta marble countertops in the kitchen. Outdoors the home features a rooftop terrace, infinity pool, and 171 feet of water front. The home was built as a collaboration between Condores Capital, a Chilean luxury home developer, and The Jills of Coldwell Banker. 445 Solano Prado is currently listed for $14 million by Danny Hertzberg of The Jills at Coldwell Banker Real Estate.
New Renderings Released of Related Group's Icon Las Olas' Amenities & Common Spaces
Icon Las Olas, Fort Lauderdale’s tallest building which topped off at 455 feet, has released new renderings of their amenity and common spaces. The tower will be a rental tower featuring luxury apartments in Downtown Fort Lauderdale and is expected to open Fall 2017, leasing started this month (June 2017). From Related Group and designed by Sieger Suarez Architects with interiors by Steven G., Icon Las Olas will be among the most expensive buildings in Fort Lauderdale with rents between $2,500 and $7,000. The property was co-developed by The Related Group with Rabina Properties and Perella Weinberg Partners and features 272-apartment units.
CentralFare Food Hall at MiamiCentral Expected To Open Fall 2017
CentralFare, the food hall and gourmet market at MiamiCentral, is expected to open in Fall 2017. The project includes over 50,000 SF of restaurant space featuring over 20 vendors including Monger by the Voltaggio Brothers, which will be CentralFare’s signature sit-down restaurant, 800 Degrees Italian concept, Miami Smokers, Parliament Coffee, Romanico’s Chocolate and Rosetta Bakery. CentralFare will also bring in big-name chef's from both a local and national level as they aim to create a new culinary experience in Downtown Miami. MiamiCentral is an 11-acre mixed-use, live, work, play style develompment that will also feature All Aboard Florida express trains connecting Miami to Orlando.
Check-out our December coverage of new tenant announcements for CentralFare and MiamiCentral.
Developers Taylor Collins (Two Roads Development), Robert Rediker (GTIS Partners) & Reid Boren (Two Roads Development) shown left to right.
PROFILE Exclusive: Delivering the Miami Beach "Beachfront" Lifestyle to Edgewater with Two Roads Development & GTIS Partners of Biscayne Beach
PROFILEmiami had the exclusive opportunity to sit down with the masterminds behind Biscayne Beach, Edgewater's newest waterfront, luxury high-rise. Biscayne Beach was developed as a joint venture between the South-Florida based Two Roads Development and the New York Based GTIS Partners. The 52-story tower features 391 units priced between $400K through $9 million and opened last week (June 2017). We were able to catch-up with Reid Boren and Taylor Collins, partner's at Two Roads Development as well as Robert Rediker, the managing director of GTIS Partners to find out how they delivered the "beachfront" lifestyle to Edgewater.
RR - Robert Rediker (GTIS Partners, Managing Director)
RB - Reid Boren (Two Roads Development, Partner)
TC - Taylor Collins (Two Roads Development, Partner)
PM: The lot that Biscayne Beach now stands on was such a prime lot but in an area/ corridor that was yet to undergo much development, how did you guys get access to such a great lot/ opportunity?
TC: We started looking in Miami in 2012, we were doing some workout work for some other developers down here. We met with a land holding company called the Fifteen Group and we approached them and asked them if they had any assets that they bought during the last cycle in the downturn. They mentioned this piece of property, which was basically 5 abandoned apartment buildings. We drove down to look at the property, literally turned around, went and put a contract and put up money. After that we went out to the markets to find a strategic partner to help us develop it.
PM: How did the concept for Biscayne Beach come about? What was your main goal with the project?
RB: We were very cognizant of the great developers that have been here in Miami. We wanted to make sure that as new to the market we were, GTIS and Two Roads were going to deliver something of amazing quality. We had to bring in the best of brands but I also think that we had a different sensibility and that the market could use something that was different then some of the other buildings we had seen. There was a move towards a minimalist, starck, but clean, beautiful design and we thought that bringing in Thom Filicia could add a little more warmth and bridge the gap between the north and the south. I think what we got is a really chic, but livable beachy atmosphere that still speaks to luxury.
PM: A lot of New York and Miami has been in a crossover market. Everything people have up north is now down here. Do you see that the New Yorkers feel more comfortable living here full time as opposed to five, ten years ago?
RB: I think they are coming sooner rather than later. I think that the New Yorkers, and also New Englanders, have to deal with the cold winter weather for a good portion of the year, higher taxes and a cost of living that’s almost three times as much as compared to Miami. A very basic unit in New York is 2,500 - 3,500 SF and that is not prime, on the water perfect location like we have at Biscayne Beach. To be in the $600, $700 per foot range and be on the water and close to everything, you will see more people moving down here. As the world gets smaller and technology drives these business more and it's not as common to walk next door to see your lawyer or your banker, there are many good reasons to be in Florida as opposed to the northeast.
PM: Do you guys find the commercial development and industry to be lagging behind the residential development?
RR: The service sectors are already here, you have accounting, law, financial services. They are very strong in Miami. You are seeing more family offices open up as more Latin Americans are beginning to spend more time in Miami in their homes. I believe they are going to be moving more of their assets to the U.S. and becoming larger institutions and that will grow over time.
PM: What do you think of the recent new developments in Edgewater and the new energy they have brought to the area?
TC: Edgewater is new to the development scene. Downtown Miami itself is kind of new. Downtown’s residential market really started growing in 2007 when you saw Ten Museum Park and 900 Biscayne go up in the last cycle, and then things really took off. The commercial market was ahead of it which you typically don’t see because Miami had gained this traction with the art and the culture scene – and with that, you had the Design District basically become the Rodeo Drive of Miami, you had Midtown pop-up with great restaurants and shops, and you had Wynwood come alive as a haven for artists and creatives. Edgewater was a natural next step – it’s location on the water in the middle of Miami’s thriving urban core with access to all of these surrounding amenities and trendy neighborhoods made it a no-brainer on the investment side. This is what people come to Miami for. In ten years Edgewater is going to be the most popular neighborhood in this entire area because this is where you are going to have the newest, highest-end buildings that are located directly on the water.
PM: Edgewater has seen some great towers be built in recent years. What sets Biscayne Beach apart from these other developments? What makes it so unique?
RR: I think Thom Filicia’s aesthetic and what we have done with our amenities really makes us stand out. It drives a unique element to the property. Some of our neighbors are projects on the larger side with very large shared amenity spaces. I think this building will live in a smaller, more comfortable way. What we tried to accomplish was the idea of bringing the beach element to the city side of Miami and I think that that won’t be replicated. I think you will see, as our residents start living here, people tanning on the beach and enjoying their days as if they were on Miami Beach.
RB: In terms of location, Miami Beach and Brickell are just a few miles away. Broward and Palm Beach Counties are just a hop away. I think that the city is generally moving itself here. What is interesting is that the prices still do not reflect that. On the beach you see $1,500 - $2,000 SF, in Brickell it is getting close to $1,000 SF. Edgewater is still in the high $600’s for new construction. I think that there is a great value proposition. When I grew up in New York and you were on the Upper East Side you didn’t go south of Midtown. Now, nobody wants to live uptown. I think so goes Miami. It started where it was just the beach and there were the tourists. Now, if you walk in Brickell at any time midday you will think you are in Madrid, or New York or Paris where everyone is in suits and elegant and going to nice lunches. It is a very vibrant urban core.
PM: Do you think Biscayne Bay will end up being to Miami real estate what Central Park is to New York.
RB: There is a story that we get from our brokers all the time, and we hear it especially from the people who have been here since the ‘50’s and ‘60’s, “the bay is part of everyone’s lives.” Everyone talks about swimming in the bay. On that island there are tents and jet skis and boats. If you are in Florida you want to be on the water. It is crowded out there and I think it is already similar in to a park. If you look at New York, they (GTIS) are doing a beautiful building that overlooks the park on 78th street; that’s prime real estate in New York and this is prime real estate in Miami.
PM: What is the best feature that residents will enjoy?
RR: The double level of amenities and the ability to sink your feet into the sand without leaving the property. You can only get that in Miami Beach.
RB: I think when people thought about it they may have thought it was gimmicky, but now that it is built, it is very usable. It really is like a beach. They will be pleasantly surprised when they come see how well done the amenities were done.
PM: What will Biscayne Beach mean to Edgewater in the short & long term?
RB: We have very good competitors that we highly respect, like the Melo Group, Related Group, etc. Our team at Two Roads is also working on developing our second East Edgewater project, Elysee Miami, which will be located right down the street from here also along Biscayne Bay. We’re all bringing very different projects to the market but the thing they all have in common is that they are all high-quality, well-built buildings that are going to collectively continue to make Edgewater one of the greatest neighborhoods to live in Miami. I think like any big city you should have choices and different aesthetics. The more we see these other developers working on new buildings the better it is for the neighborhood and Miami. In the long term Miami is going to be on par with New York and Paris, it’s just a younger city. At the end of the day Edgewater will be at the center of it all.
About GTIS Partners:
GTIS Partners is a global real estate investment firm headquartered in New York with offices in Los Angeles, San Francisco, Atlanta, São Paulo, Brazil, Paris, France and Munich, Germany. GTIS Partners was founded in 2005 and is managed by President Tom Shapiro and Senior Managing Directors Josh Pristaw, Rob Vahradian, Tom Feldstein and Joao Teixeira. GTIS Partners currently has approximately $3.6 billion of assets under management. The firm pursues opportunistic real estate investments through direct equity investment and non-traditional lending activities. To date, the firm has committed capital to residential, retail, industrial, office, hotel and mixed-use projects in the U.S. and Brazil, and is among the largest real estate private equity companies in Brazil.
About Two Roads Development:
As one of the emerging leaders in the development of residential communities, Two Roads Real Estate Group has quickly established itself as a premier developer of multi-family and residential communities. Two Roads Real Estate Group has set the standard in luxury housing by developing, building and managing residential properties with the best location, architecture, amenities and services in the industry. Two Roads Real Estate Group is a leader in developing, constructing, and managing successful and innovative retail, office, residential and mixed-use communities. Two Roads Real Estate Group is about performance, imagination and experience from a broad service real estate development team. Their portfolio includes Biscayne Beach and Elysee, which is soon to break ground in Edgewater.
Construction Update: Related Group's One Paraiso Tops Off in Edgewater
Related Group continues to reach milestones as One Paraiso is now topped off in Edgewater. One Paraiso is the third, most premier tower in the Paraiso District and features spectacular views of Biscayne Bay and Miami Beach. One Paraiso rises 53 floors and features 276 luxury condominium units and penthouses. The tower was designed by Arquitectonica with interior design by world renowned, Italian based designer Piero Lissoni. One Paraiso is the most private of the 4 towers and has only six residences per floor. The tower also features 2 full floors of amenities on the 9th and 8th floors including a restaurant by award winning chef Michael Schwartz, 2 outdoor pools, Beach Club, cigar room, business center, library, wine tasting salon, theater, spa, state-of-the-art fitness center, plus a marina with private slips.
The 4-towers that make up the 11-acre Paraiso District include One Paraiso, Paraiso Bay, Gran Paraiso and Paraiso Bayviews. The buildings were designed by Arquitectonica with interiors by Piero Lissoni and landscaping by Enzo Enea. All of the buildings and the overall Paraiso community include some of the most luxurious amenities include tennis courts, screening rooms, residents' lounges, fitness center(s), bowling alley, spa, yoga room and multiple pools including a 100 ft diameter lagoon pool with "beach" entry. The property will be decorated with works of art and sculptures by Pablo Atchugarry. Paraiso will also feature the Paraiso Beach Club, which will be the home of Michael Schwartz’s new restaurant as well as plans to dedicate a half-acre of land onsite along Biscayne Bay’s for a public park.
Carlos Rosso, President of Related Group's Condo Division
Carlos Rosso and Sonia Figueroa of Related Group
Carlos Rosso of The Related Group
Sales Update: Two Penthouse Residences at The Fairchild Coconut Grove Sell for a Total $8.5 Million
The Fairchild Coconut Grove, a boutique luxury residential enclave set to rise as Coconut Grove’s only current waterfront condominium, has announced that it has sold two penthouse residences, totaling $8.5 million. The two penthouses each feature 13 foot ceilings and encompass more than 3,200 and 4,100 SF of interior living space over 3 and 4 bedroom layouts respectively. Each feature panoramic views of Biscayne Bay, and unparalleled direct water frontage, the architecturally elegant residences boast private outdoor living areas, natural stone flooring, outdoor showers and chef-inspired kitchens complete with wet bars. The penthouses will also include private elevator access and full wraparound terraces.
“These sales mark yet another extraordinary milestone for The Fairchild Coconut Grove. With only one of our penthouses remaining, these residences offer buyers a truly sophisticated living experience with thoughtfully designed layouts and refined finishes that will go above and beyond expectations,” said Oscar Rodriquez, Principal of ROVR Development. “The demand for these units has been remarkable, which is a clear testament to our niche product. Prospective buyers are recognizing that this is a unique type of luxury development and we have been fortunate to be well-positioned and distinguished from a large slate of new offerings.”
Check out photos of The Fairchild Coconut Grove Sales Gallery.
Check out our PROFILE Exclusive Interview with developer Oscar Rodriguez of ROVR Development.
New Information Released on 110 Tenth, Worldcenter's Pickard Chilton Designed Office Tower
Miami Worldcenter recently announced that a new, 45-story, futuristic office tower would be built as part of their development initiative. The tower is currently known as 110 Tenth and new details reveal that the 45-story tower would be built above the 12-story podium of PARAMOUNT Worldcenter residential condo tower. The podium houses parking along with their amenity deck and high-street retail space. Pickard Chilton has designed the office tower, although Stantec is the Architect on record, which will feature a futuristic "diagrid" design in addition to 600,000 SF of Class A office space and 944,000 gross SF. Construction is expected to begin in the Q2 of 2018, with occupancy expected in late 2020.
Check-out our original coverage of the futuristic office tower by Pickard Chilton.
