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Armani-Dezer-Perez Trio Brings Luxury Residential Project to Sunny Isles Beach

18 Jul 2014, 5:27 pm

By Balazs Szekely, Associate Editor

The Armani Group announced Armani/Casa Interior Design Studio’s new joint venture with Gil Dezer’s Dezer Development and Jorge M. Pérez’s Related Group to develop a new high-end South Florida residential tower.

Armani/Casa Interior Design Studio provides complete interior design services to private individuals as well as property developers in 40 countries worldwide, all under the artistic direction of Giorgio Armani.  Since its inception in 2003, the company has opened a total of 53 outlets, comprising 31 mono brand stores and 22 shops-in-shops.

The exclusive partnership called upon Argentinean-born César Pelli’s expertise, the architect who has designs like the Petronas Towers in Malaysia and Miami‘s Adrienne Arsht Center in his portfolio. The 60-story oceanfront building and its 260 luxury residences will reflect Giorgio Armani’s trademark design characteristics also seen in the Burj Khalifa, the world’s tallest building located in Dubai.

Situated just north of Bal Harbour in Sunny Isles Beach, the site is close to some of Miami’s most popular attractions such as the Aventura Mall the Bal Harbour Shops, Ocean Drive and Lincoln Road in Miami Beach. The Armani Residences will offer buyers a choice of condo units ranging from 1,500 to 3,100 square feet. Floorplans will be available with up to four bedrooms with den and five and a half baths; the two, three and four bedroom units within the building having at least ten foot ceilings plus an east to west “flow through” floor plan design. A full service restaurant, a fitness facility and spa, a swimming pool near the Atlantic Ocean and private cabanas will almost certainly be among the common space features, but the ultimate list of amenities has yet to be finalized.

Prices are expected start from around $1.1 million and the highest class units will cost over $5.5 million.

Photo credits: Armani Residences Miami

Westrec Marinas Gets $10M Loan for Haulover Marine Center Development

11 Jul 2014, 7:02 pm

By Balazs Szekely, Associate Editor

Site work on a 508-rack marina storage has kicked off as developer Westrec Marinas acquired the necessary funds through Florida Community Bank. Holliday Fenoglio Fowler arranged the $10 million five-year, floating-rate construction loan on behalf of the borrower. The HFF team speaking for Westrec was led by managing director James Dockerty and senior real estate analyst Scott Wadler.

Founded in 1987, Westrec is a private owner-operator of marinas and marine-related businesses, providing management services to its properties, affiliates and clients throughout the world. The company manages marina facilities located both in fresh and salt-water environments, handling vessels ranging in size from personal watercrafts to large yachts.

The development is located on the Intercoastal Waterway north of Bal Harbour, in the 180-acre Haulover Park at 15000 Collins Avenue. Located across the street from Haulover Beach, the property is the closest marina to the Bakers-Haulover Inlet. Its 9-hole golf course, bicycle and kite rental opportunities, along with the picnic areas located on both the Atlantic and Intracoastal sides of the property, make it a suitable destination for the non-boating public as well. The enclosed dry storage facility will replace a an existing dry stack marina containing 260 open-rack dry storage units, a 3,200-square-foot building that includes a retail store and restaurant and a 16,000-square-foot boat repair unit.

The construction is due for completion in early 2016.

Photo credits: Westrec Marinas

Gateway Center Doral Broke Ground

4 Jul 2014, 5:42 pm

By Balazs Szekely, Associate Editor

A brand new mixed use development is coming to Doral soon. DBH Properties LTD broke ground on Gateway Center Doral in mid-June and the retail and high-end boutique office center will encompass 84,000-square feet in two buildings. The office component of the development totals around 43,000 square feet.

With experience in commercial development in South Florida as well as Latin America, DBH Properties retains the ownership of its developments and manages them long term. With Gateway Center Doral, DBH concentrated mainly on the shopping experience, incorporating special features like more than 500 generously sized parking spaces for clients, and even cooled trash disposal areas in order to avoid the odor characteristic to traditional dumpsters.

Sharon Dresser, Cofounder and International Business Director at High Street Retail USA, member of the Commercial Industrial Association of South Florida, is marketing the project on behalf of the developer. According to a written announcement released recently by the company, the project already has substantial interest from national retailers and the list of tenants will be announced in July.

Located at 2000 NW 87th Avenue, the construction site on the corner of NW 21 Terrace has excellent visibility along 87th Avenue. The center is within 1.5 miles of the Dolphin Expressway and the Palmetto Expressway,  right in the middle of restaurant row. The area accommodates some of the most successful restaurant chains in South Florida. Two million square feet of new office space and 1,500 residential units are also currently underway in the neighborhood.

The mixed use project is expected to open its gates next May.

Photo credits: High Street Retail USA

Jupiter Reserve Shopping Center Acquired by Elion Partners’ New Fund

30 Jun 2014, 3:23 am

By Balazs Szekely, Associate Editor

Jupiter Reserve has recently been acquired by Elion Real Estate Fund III LP. The 43,172-square-foot neighborhood shopping center is located at 901 West Indiantown Road, Palm Beach County, at the corner of Pennock Lane.

The buyer is the latest fund raised and advised by Elion Partners, a real estate investment firm acquiring and developing a wide range of properties in strategic locations and providing real estate equity for developers and operators throughout the United States. The company has interest in a variety of asset types including industrial, office, retail, multifamily and mixed-use properties alike.

The transaction was sourced off-market through Atlantic Retail Properties, who represented both parties in the transaction. Atlantic Retail Properties was also assigned to market the property in the future and the center will be managed by Transwestern Commercial Services. According to a written announcement recently released by Elion, this is the firm’s second acquisition in Jupiter as it has acquired the nearby Fisherman’s Wharf plaza, and also its third transaction through this new fund as it has closed on two investments earlier this year in Washington D.C. and Boston, MA. Juan DeAngulo, Managing Partner at Elion considers the facility a fit with the Fund’s strategy to acquire stabilized assets with significant cash flow while providing an opportunity for value enhancement.

“With significant barriers to entry due to the lack of developable land, Jupiter is an excellent market for these kinds of investment opportunities, and Elion allows our investors to take advantage of them quickly and efficiently,” he says.

Situated along the area’s major retail corridor, the four-acre property is around 2,5 miles east of Interstate 95. Jupiter Reserve is 93.6 percent leased with companies like Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America on its list of tenants.

Image courtesy of Elion Partners

Luxury Condos at The Edge on Brickell Hit the Market

20 Jun 2014, 5:00 pm

By Balazs Szekely, Associate Editor

The Edge on Brickell condominium has announced that it is launching sales. The project is the only new luxury residential development on the waterfront of Miami River.

The 58-story, 127-unit residential tower is being built by a partnership between two Mexican-born specialists, architect and developer Rafael Aragonés and developer Alberto Espinosa. Aragonés brings in over 30 years of experience and Espinosa also has more than 20 years of real estate development experience behind his back.

Built on 631 feet of river waterfront at 55 SW Miami Avenue Road, the property is adjacent to the Brickell area, within walking distance of numerous entertainment and retail venues. The selection of units includes two- and three-bedroom units as well as two-story penthouses with prices ranging from $648,000 to north of $4 million. With only three units per floor, each residence will feature floor to ceiling windows and terraces with panoramic views of the Miami River, Biscayne Bay, and the Miami skyline. Besides a ground floor signature restaurant, the building will offer common space amenities such as yacht slips, robotic parking elevators, pool deck, a children’s entertainment room, a media room and a fitness center with sauna and massage. A 600-foot exterior mural will constitute the condo tower’s main design characteristic.  According to Dutch artist Jan Hendrix’s concept, the 600-foot mural will be illuminated from the inside of the artwork itself.

Groundbreaking for the tower is set to commence early 2015 and the boutique sky residences are expected to be completed by the spring of 2017.

Photo credits: The Edge on Brickell

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