• Sunny Isles for Billionaires

    Mon, June 19 2017

    What do a Mexican mogul, a medical billion CEO and a venture capitalist have in common? They’re all new condominium buyers at Sunny Isles Beach, a tiny barrier island town chock-full of branded condo concepts that is fast becoming one of Miami-Dade’s most expensive places to buy a home. The island was founded in 1920 by a private investor named Harvey Baker Graves, who envisioned Sunny Isles as America’s answer to Venice. Six years later, the “Great Miami” hurricane laid waste to Graves’ plans. Over the next six decades, developers came in and turned Sunny Isles into a sleepy tourist town. During the 1950s and 1960s, more than 30 motels opened along Collins Avenue, including the first two-story motel in the U.S., designed by famed architect Norman Giller. After residents voted to incorporate Sunny Isles in 1997, the small village became a magnet for residential developers, who gobbled up the old motel properties and cashed in on the real estate boom of the early 2000s. Among the builders to introduce luxury high-rises was Dezer Development, which signed licensing agreements with the Trump Organization to brand its towers under the Trump name. Signs of Change Dezer Development also ushered in a new wave of luxury development in 2012 when it signed a master licensing agreement with Porsche Design Group to build a 60-story tower geared high-end car nuts. The Porsche Design Tower, which was completed last year, features 132-penthouse style units, each with its own garage that transports automobiles to the ground floor via a bespoke car elevator. Porsche Design Tower urged developers to push the bar for luxury in the area. Turnberry Associates, for instance, hired architects Carlos Zapata and Robert Swedroe to design Turnberry Ocean Club. It stacked the project with amenities such as restaurants, a movie theater, a boardroom, a stock trading lounge, multiple swimming pools, two fitness centers, a dog walk, a salon and a full spa. “Sunny Isles is becoming the place to live on the ocean,” said Daniel Riordan, Turnberry’s president of residential development. “You can’t develop anywhere else to the scale we are developing in Sunny Isles.” Residential broker’s take Sales have been slow but steady, with about 200 luxury condos on the market, according to ISG World’s Craig Studnicky. He pointed out that the location was attractive to families. “These are people who don’t want the buzz of Miami Beach,” he said. “They want peace and quiet.” Most expensive residential sale $25 million: An 8,566-square-foot, four-bedroom, six-bathroom penthouse at Porsche Design Tower, 18555 Collins Avenue Commercial broker’s take Retail is mostly small mid-market clothing and restaurants geared to owners of older properties in the $300,000 to $500,000 range. “There is very little to no offerings for the high-end market, which is where we think the opportunity lies,” said Eduardo Bleiberg of Weichert Realtors Best Beach Real Estate. Transportation Sunny Isles Beach has a free community shuttle services that runs on two different routes seven days a week. One shuttle service runs from 8:00 a.m. to 7:35 p.m. and the other operates from 7:45 a.m. to 3:50 p.m. In addition, five Miami-Dade public bus routes pass through Sunny Isles Beach via Collins Avenue, the town’s main artery that also provides access to the 163rd Street Bridge and the William Lehman Causeway. Demographic changes: 2000-2015 Population: 20,832, up 35 percent from 2000 Median age: 50 Median income: $91,619, a 65 percent increase from 2000 Average household net worth: $433,892 Price trends Median sales price per square foot: $344, 43 percent higher than the rest of Miami-Dade County Increase in average monthly rent over the last year: 5.7 percent to $2,012 Most expensive unit on the market: $35 million, a 19,160 square-foot penthouse at Turnberry Ocean Club with six bedrooms and 9.5 bathrooms Cheapest unit on the market: $102,000, a 360-square-foot studio at Marco Polo Beach Resort Looking to the future Despite the slowdown in the luxury condo market, developers are still moving ahead on new projects. Russian developer Verzasca Group recently announced it will soon break ground on Aurora, a 61-unit tower on the west side of Collins Avenue where a Denny’s once stood. Last month, Aurora sales director John Warsing said the project is the first luxury condo development on that side of the street in more than a decade. In early January, construction crews topped off Muse Residences, a 68-unit, 49-story tower being developed by Property Markets Group and S2 Development. According to PMG principal Ryan Shear, Muse is more than 70 percent sold and is set to open next year. The Trump Group – which has no relation to President Trump – is set to begin construction on the south tower of the company’s Estates at Acqualina, a $1.5 billion project that also includes a north tower that was postponed amid the market slowdown. Estates will feature Karl Lagerfeld-designed lobbies.


  • Miami-Dade property values up 8.6 percent

    Thu, June 04 2015


    Property values surged 8.6 percent across Miami-Dade last year, priming local governments for a windfall in tax revenue in 2016 and offering another measure of a surging real estate market.

    New estimates from the county’s Property Appraiser detail the second housing boom under way along the coast, with waterfront cities posting some of the largest gains. Sunny Isles Beach took the top spot, with a 15.7 percent gain. No city saw more valuable new construction than Key Biscayne, which recorded an additional half-billion dollars’ worth of real estate when 2015 began.

    Suburban jurisdictions saw less explosive growth, and some Miami-Dade cities fell well below the average. And the countywide total is still about 7 percent below the peak set in 2009. But with property values countywide beating forecasts for 2015, Monday’s report details the fiscal breathing room that a seller’s market can provide.

    “We’re seeing a lot of new construction all over,” said Pedro Garcia, the county’s elected property appraiser. “It really was not a surprise. We saw it coming.”

    The higher values could put pressure on some elected leaders to roll back tax rates in order to keep actual tax bills from rising next fall. In Miami-Dade, budget officials had forecast a 5.5 percent in taxable value countywide for the 2016 budget year. Existing properties saw their taxable values increase 7.3 percent. An added $2.7 billion worth of new construction boosted the gain to 8.6 percent.




    Read more here: http://www.miamiherald.com/news/local/community/miami-dade/article22809420.html#storylink=cpy

  • Developer plans 1,000-foot bayfront tower in downtown Miami

    Wed, November 20 2013

    A prominent Miami developer is getting ready to unveil a proposal for a colossal bayfront observation tower and vertical — not to say vertigo-inducing — amusement center in downtown Miami that he believes will become the city’s analogue to the Eiffel Tower.

    The SkyRise Miami tower would thrust up 1,000 feet on a spit of land behind Bayside Marketplace, making it — at least for a time — the tallest structure in the city.

    Shaped like a hairpin, the sleek structure would be open on the sides to allow hurricane-force winds to flow through and would contain observation decks, an upscale restaurant and ballroom and a pair of attractions for high-altitude thrill-seekers: A bungee jump and a Tower of Terror-like ride that would drop some 50 stories along the shaft.

    The tower, designed by Arquitectonica’s Bernardo Fort-Brescia, would also contain a flight-simulation ride that would take visitors gliding amid the towers of downtown, over the Everglades and diving down beneath the sea to offshore reefs. The ride would be similar to Epcot’s immensely popular “Soarin’” and made by the same company responsible for Disney’s, said developer Jeff Berkowitz.

    Berkowitz and Fort-Brescia said they set out to create a tower that’s sharply distinct from its competitors, typically symmetrical towers containing an observation deck and restaurant topped by what the architect called “an unidentified flying object.’’

    The Miami tower’s profile instead resembles a jumping fish or a cresting wave that faces south to Latin America, “the continents that Miami reaches out to,’’ Fort-Brescia said. The open sides would provide views stretching from the Gulf Stream west to the Everglades from indoor and outdoor observation decks. The southern façade would be covered in a perforated metallic screen. At ground level, a massive south-facing canopy — the tip of the wave — would frame a dramatic entrance and outdoor amphitheater.

    Though long rumored, the plan remained largely under wraps even as it advanced beyond a wild concept to a detailed, engineered and wind-tunnel-tested design by some of the world’s top firms. Tishman Construction, builder of both the first and the new World Trade Center, would be the general contractor alongside Coastal Construction, Berkowitz said.

    The Federal Aviation Administration, which must approve building heights along flight paths to and from Miami International Airport, has signed off on the tower, he said.

    The tower project marks a departure for Berkowitz, who made his name and fortune pioneering stacked big-box malls like Dadeland Station and the Fifth and Alton shopping center in South Beach. Berkowitz, who plans to personally invest up to $50 million in the project, said he’s already spent millions developing it. He expects the total project cost to fall between $300 million and $400 million.

    “I view this as a legacy opportunity,’’ said Berkowitz, 65, who plans to publicly unwrap the plan on Dec. 2. “It will forever cement Miami on the list of great world cities.”

    Whether the tower gets built will depend in part on Berkowitz’s success in tapping into a U.S. visa program that grants residency to immigrants who invest a minimum of $550,000 in approved projects. Berkowitz, who hopes to raise $250 million through the program, is traveling to China to meet with interested immigrant investors. Though he acknowledged that competition for investment through the visa program is strong, Berkowitz added: “I think we will be the prettiest girl at the dance.”

    Read more here: http://www.miamiherald.com/2013/11/20/3767826/developer-plans-1000-foot-bayfront.html#storylink=cpy