By Jeffrey Steele
The finalization of a construction loan is enabling vertical construction to begin on the Eighty Seven Park project in Miami Beach, Fla. The first U.S. residential project for Italian architect and engineer Renzo Piano, the 66-unit tower is located between the Atlantic Ocean and a 35-acre public park to the south.
The development partners, Terra, New Valley, Great Eagle Holdings and Bizzi & Partners, secured $155 million in construction financing from United Overseas Bank.
The loan was finalized as the development reached the 60-percent sold mark. Sales now represent more than $250 million in total transaction value. The start of vertical construction followed initial site work featuring installation of 300 foundation pilings.
“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,” Howard M. Lorber, chairman of Douglas Elliman Real Estate and CEO of Vector Group, the parent company of New Valley, told MHN. “Our project offers the amenities, exclusivity and sophisticated design that today’s most discerning buyers are looking for.”
“IRR Miami’s market forecasts indicate the only new projects that will get started over the next 24 months are those sponsored by the strongest developers,” said 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.”
For Eighty Seven Park, Terra and partners convened an internationally-renowned design team led by Pritzker Prize-winning architect Renzo Piano and his Renzo Piano Building Workshop firm. Piano will be joined in the endeavor by West 8, the firm designing the landscapes for the property. Those landscapes include a two-acre private park that will serve residents and their guests. Paris based Rena Dumas RDAI) is creating the tower’s interior and exterior living spaces.
“Local and international buyers are responding to Eighty Seven Park’s brand of intelligent luxury, with more than 60 percent of our 66 units now sold,” said 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.”
Eighty Seven Park will offer floorplans extending from one to five bedrooms, measuring from 1,400 to more than 7,000 square feet. The suite of amenities includes a 24-hour concierge and butler service, outdoor juice bar, full-service salon for residents, full-time botanist to assist owners with their private balcony-based gardens. Each unit will feature expansive outdoor living spaces with summer kitchens, comparable to approximately 70 percent of each unit’s interior space.