Three big projects, including 50-story Brickell office tower, breeze through Miami design board

Together they would add 207 hotel rooms, 252 rental units and nearly 500K sft of office space

Vlad Doronin and a rendering of 888 Brickell Plaza

Vlad Doronin and a rendering of 888 Brickell Plaza

A trio of major projects in the Arts & Entertainment District, Edgewater and Brickell had no problem sailing through Urban Development Review Board. On Thursday, board members voted 7-0 to approve Edgewater Hotel, 17th Street Tower and 888 Brickell Plaza with some minor design tweaks.

The Edgewater Hotel

Previously conceived as the Bentley Edgewater Hotel & Residences, the new Kobi Karp-designed project would be an eight-story hotel with 207 rooms, 139 valet-only parking spaces and a pool and amenity deck on the third floor.

Karp said the façade will be comprised of a mixture of glass and undulating aluminum louvers to cover the second-floor parking.

The review board authorized design waivers related to loading docks, parking and lot coverage. Located at 410 Northeast 35th Terrace, the project has reverted to developer Amaury Martinez. The Heafey Group is no longer involved.

888 Brickell Plaza

A proposed 50-story building with 940,000 square feet for primarily office use was granted waivers for upper level setback reductions, an increase in lot coverage and a minor reduction in the driveway width, among others. The applicant, Watson Brickell Development LLC, is an affiliate of Russian developer Vlad Doronin’s OKO Group.

Carlos Lago, an attorney for OKO Group, said the property, at 888 Southeast Brickell Plaza, near Brickell City Centre, will be the first major office building in the urban core during the last 10 years.

The tower, designed by Adrian Smith of Adrian Smith + Gordon Gill Architecture, would have about 15,000 square feet of retail space, 490,000 square feet of office space, and a restaurant on the 53rd floor.

17th Street Tower

Designed by Zyscovich Architects, 17th Street Tower is the latest residential project by NR Investments in the A&E District. The board approved waivers allowing micro units, one commercial loading berth instead of two residential berths, to extend the parking garage above the first floor and the primary frontage, and to reduce the number of required parking spaces by 30 percent.

The proposed 29-story building, at 90 Northeast 17th Street, would be the first NR Investments project with micro units, said Iris Escarra, a lawyer for NR Investments. The developer would also include more than 38,000 square feet of office space, 4,500 square feet of commercial space, and 224 parking spaces. The new building would rise on land rise immediately north of Canvas, a 37-story condominium tower recently completed by NR Investments, led by principals Ron Gottesmann and Nir Shoshani.

Manny Del Monte, an architect with Zyscovich, said the site poses several design challenges that required the waivers to the garage and for one loading berth.

Simon Property launches online platform to drive sales at outlet store…

New financial tools offer a boost to credit ratings

As it gears up for an IPO, WeWork faces competitive headwinds in Europ…

Home prices rise at slower pace despite falling mortgage rates: report

Crescent Heights plans major mixed-use project in Edgewater

Crescent Heights plans major mixed-use project in Edgewater

Replatting calls for grocery store, office, retail and residential on 5-acre site

A previous rendering of the proposed project and Russell Galbut

Crescent Heights is making moves in Edgewater.

The developer requested that the city replat the properties at 3000 and 3050 Biscayne Boulevard in Miami to build a major mixed-use project on more than 5 acres of land.

A replat submitted to the city of Miami reveals plans for up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot grocery store, parking and fitness space, according to the Next Miami.

The 10-story, 90,480 square-foot office building at 3050 Biscayne Boulevard, on the southwest corner of 31st Street and Biscayne Boulevard, will remain. The Real Deal South Florida is a tenant of the building.

Crescent Heights’ co-founder Russell Galbut could not immediately be reached for comment.

The development company, based in Miami, has offices in Chicago, New York, Los Angeles and San Francisco. Crescent Heights has assembled a number of properties on Biscayne, including its headquarters at 2200 Biscayne Boulevard.

Records show 3050 Biscayne Properties LLC paid $8 million in 2010 for the property at 3050 Biscayne Boulevard and the lot immediately north, and 3000 Property LLC acquired the office building next door in 2014 for $19.2 million. On Northeast 32nd Street and Biscayne, a Crescent Heights affiliate paid $3.6 million for 3180 Biscayne Boulevard in 2017.

If the company moves forward with development on the 3000-3180 Biscayne Boulevard site, the project could add hundreds of residential units to the area, including in the neighboring Midtown Miami area and on the opposite side of Biscayne Boulevard. Mill Creek Residential recently closed on the site on Northeast 21st Street, just east of the boulevard, for a mixed-use rental tower, the second project the apartment developer has within blocks of each other.

In October, Urbanica Management acquired the site at 3001 Biscayne Boulevard for a hotel with retail and restaurant space.

In Miami Beach, Crescent Heights recently secured approval to build a luxury residential tower at 500 Alton Road.

Vlad Doronin adds to Edgewater assemblage with $54M purchase

The Edgewater property and Vlad Doronin
Vladislav Doronin’s OKO Group just paid $54 million to buy a 2-acre parcel fronting Biscayne Bay, adding to the Russian billionaire developer’s assemblage in Miami’s Edgewater neighborhood.
The property, at 720 Northeast 27th Street, is north of OKO Group’s Missoni Baia, a 57-story, 146-unit luxury condominium planned for 777 Northeast 26th Terrace.
London and New York-based private investment firm Cain Hoy partnered with OKO on the purchase. An OKO spokesperson told The Real Deal that Cain Hoy is also a partner on Missoni Baia and all OKO’s other developments in Miami. 
OKO Group and its partner bought the Edgewater property from Jesuit Fathers of the Province of the Antilles, a Jesuit group that had used the site for educational purposes and a retreat, the OKO Group spokesman said.
The property, on a corner lot surrounded by water on two sides, has a total of 475 feet of water frontage, “providing a prime development opportunity,” according to a release. OKO declined to provide more information on its development plans.
Brokers from various firms were involved in the deal, including HFF, Fairchild Partners, Global Investments Realty, and Shelton & Stewart Realtors, according to attorney Steven Carlyle Cronig, a partner in the Coral Gables office of Hinshaw & Culbertson, who represented OKO Group.
Cronig said negotiations lasted more than two years. Security Benefit Life Insurance Company provided the financing. The deal closed on Monday and has not yet been recorded.
OKO Group’s 649-foot Missoni Baia will be the Italian fashion brand’s first residential project. The condo tower is designed by Asymptote Architecture and Revuelta Architecture, with landscaping by Swiss architect Enzo Enea and interiors by Paris Forino Design. Units range from two to four bedrooms and will each have private terraces overlooking Biscayne Bay and two parking spaces. Miami’s Urban Development Review Board approved zoning waivers for the project in September.
OKO is also planning to build a 48-story residential tower at 175 Southeast 25th Road to be designed by Adrian Smith + Gordon Gill Architecture, and a retail and residential tower at 830 Brickell Avenue. Doronin, chairman and CEO of OKO Group, is also the chairman of Aman, a luxury hotel brand.

Source: The Real Deal Miami

Infinity buys retail condo space at Paramount Bay on Biscayne Boulevard

2063 Biscayne Boulevard in Miami
New York-based Infinity Real Estate just paid $4.85 million for a retail condo space at Paramount Bay on Biscayne Boulevard, as it continues to expand its Miami portfolio, The Real Deal has learned.
In the off-market deal, Infinity bought a 6,794-square-foot ground-floor site at 2063 Biscayne Boulevard in Miami’s Edgewater neighborhood. The current tenant is Visionnaire, a home furnishings store. The price equates to $714 per square foot.
“We felt that the price per pound was very appealing,” Steve Kassin, managing partner of Infinity Real Estate told TRD. “We look at things based on existing cash flow and also on the prospective cash flow if we were to replace the user or upon maturation of  the lease.” 
Irma Figueroa, director of retail leasing and sales for the Comras Company brokered both sides of the transaction. She also handles leasing for the building and had signed the tenant.
The seller of the retail space is an entity led by Argentine investors, Figueroa said. The group paid $2.35 million for the space in 2013, Miami-Dade property records show.
Edgewater is exploding with new residential projects, including four Paraiso towers, Elysee Miami and Aria on the Bay. The developments, in turn, are boosting the area’s demand for retail space, Figueroa said.
“In Edgewater there are so many residential units going up it makes the retail more valuable, she told TRD.
Infinity, an owner, operator and developer, focuses on properties in East Coast urban markets, including Manhattan, Washington, D.C., Miami and Philadelphia, said David Berg, Infinity’s investment director.
The latest purchase marks Infinity’s second in Edgewater. The company is partnering with Greystone and Alta Developers to develop a new residential rental building at 2500 Biscayne, which is currently under construction. Infinity is currently partners in the overall project, and will eventually own the 13,000 square-foot retail space, Berg told TRD. 
Steve Kassin of Infinity Group and the Johnny Rockets building
Infinity also purchased the Johnny Rockets building on Ocean Drive in Miami Beach last year for $12.4 million.
In addition, Kassin told TRD that the firm has been involved in private lending for retail real estate owners and developers in Miami’s Wynwood and Midtown areas.
Infinity Real Estate, part of the Infinity Group co-founded by Kassin, is continuing to look for acquisitions in the Miami market, he said. “We’re looking at anything and everything that is retail, multifamily or hospitality-related, and our sweet spot is really the neighborhoods you see us in.”

Source: The Real Deal Miami

Missoni to brand OKO Group’s planned Edgewater tower

View from Missoni Baia and developer Vladislav Doronin
Italian fashion house Missoni will brand OKO Group’s latest venture, a 649-foot luxury condominium in Edgewater.
Missoni illustration by Olimpia Zagnoli (Click to enlarge)
Missoni Baia, at 700 Northeast 26th Terrace, will be the first residential development for the high-end fashion company. Missoni’s home collection and signature design palettes will be used throughout the building’s public spaces and amenities. Asymptote Architecture and Revuelta Architecture will design the 146-unit building along with landscaping by Swiss architect Enzo Enea and interiors by Paris Forino Design, a spokesperson for the developer told The Real Deal.
OKO is led by founder, chairman and CEO Vladislav Doronin.
Residences will have anywhere from two to four bedrooms, each with private terraces overlooking Biscayne Bay and two parking spaces. Amenities will include a flow-through deck with cabanas, an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool and tennis courts. Residents will also have access to an infinity-edge pool on the development’s bayfront terrace, a gym, saunas and spa treatment rooms.
Cervera Real Estate, the project’s exclusive sales and marketing firm, will launch sales this spring. Cervera has led sales for a number of Edgewater projects, including Elysee, Aria on the Bay and Biscayne Beach. Prices for the units at Missoni Baia have not yet been released, according to the spokesperson.
Property records show an OKO Group affiliate paid a combined $42 million in 2014 for the 2.8 acres of waterfront land with about 200 feet of bay frontage. At the time of the sale, the land included a 12-story apartment building built in 1982.
Enzo Enea will incorporate tropical plants and reflecting pools into the development’s landscaping.
OKO recently opened an office in Miami’s Design District. Back in October, a division of OKO paid nearly $48 million to buy out a condo building at the south end of Brickell with plans to build a 48-story luxury condo tower.
Doronin is chairman of the Russia-based Capital Group, as well as owner and chairman of Aman, a luxury resort brand. He is also active in New York City.

Source: The Real Deal Miami