Jimmy Resnick sells Alton Road retail building for $9M

955 Alton Road (Credit: Google Maps)

955 Alton Road (Credit: Google Maps)

Miami Beach investor Jimmy Resnick sold a retail building on Alton Road for $9.25 million.

Hibiscus Alton Inc. sold the 16,441-square-foot building at 955 Alton Road in South Beach to 955 Alton Road MIA LLC, property records show. The building was previously home to Coco Bambu, a Brazilian seafood restaurant that closed more than a year ago.

Resnick bought the property for $420,000 in 1992, records show. Built in 1950, the building was designed by architect Norman Giller, and was once the headquarters of Miami Ad School and the long-time home of the Hibiscus Masonic Lodge.

The latest buyer is a Delaware company that lists insurance brokerage Lockton Companies’ address at the 777 Tower in Downtown Los Angeles.

The building was available for lease with Avenue Real Estate, and includes an 8,348-square-foot ground floor and an 8,093-square-foot second floor, according to the listing. A tenant could subdivide both floors. The property also includes 18 parking spaces and outdoor dining.

About a year ago, investors Jefferson Brackin and Michael Bird paid $5.35 million for the building at 740 Alton Road.

Nearby, Russell Galbut’s Crescent Heights and its partner Terra are planning to build the Park on Fifth, a 44-story luxury residential tower at 500 Alton Road.

Russell Galbut’s Crescent Heights wants a rooftop movie theater at 1212 Lincoln project

Rendering of Rooftop Cinema Club at 1212 Lincoln and Russell Galbut

Rendering of Rooftop Cinema Club at 1212 Lincoln and Russell Galbut

Russell Galbut’s Crescent Heights wants to open an outdoor rooftop movie theater at its 1212 Lincoln Road project on Alton Road in Miami Beach.

Miami Beach’s Land Use and Sustainability Committee on Wednesday moved to have the Miami Beach City Commission vote on a proposal next Wednesday that would allow rooftop movie theaters along Alton Road’s commercial corridor between 14th Street and the Collins Canal. The committee did not offer a recommendation.

The zoning rule, if approved, would allow outdoor movie venues with a capacity of 250 to operate from 5 p.m. to midnight on weekdays and 5 p.m. to 1 a.m. on weekends.

Gerry Cottle Jr., founder of the Rooftop Cinema Club, says his company is interested in making its Florida debut at 1212 Lincoln, on the 1600 block of Alton Road. The five-story mixed-use project is expected to include a citizenM hotel.

Rooftop Cinema already has three venues in London, three in California, one in New York and one in Houston. It’s premise is to show classic movies in an outdoor setting within an urban environment. Customers are given headphones and watch movies on a large screen. They are also served cocktails and food, Cottle told commissioners.

Cottle said the operation is adaptable to the social distancing required during the Covid-19 pandemic. “Thinking creatively, this is the kind of outdoor activity, with social distancing, that will be able to move forward,” he said.

However, the proposal met with opposition from residents. Eight West Avenue area activists called into the committee’s virtual meeting to oppose the item, saying they feared that the alcohol-serving venue will cause late night noise, light pollution, and could evolve into an outdoor party venue.

Commissioner Ricky Arriola endorsed the concept, adding that rejecting it could send a negative message to any businesses and developers wishing to invest in Miami Beach.

“I don’t think we want to send a signal to the business community that they will have a [tough time] if a few people object,” Arriola said. “This is something that benefits the entire city. We’re in great jeopardy of losing Regal Cinema [on Lincoln Road]. A lot of movie chains filed for bankruptcy. This might be the only place to see a movie.”

Nearby residents also complained that too many variances were already granted to Crescent Heights’ 1212 Lincoln project.

“The building has already encroached on us. We already have…. issues with lights at [1212 Lincoln’s] garage. The air conditioning faces the residential area,” said Mark Lacerda, a resident of the 1615 West Avenue condo building. “We are already suffering…. We don’t want any additional variances being added.”

Indeed, the mixed-use hotel, retail, and parking garage building is already allowed to have “entertainment venues” on the ground floor and alcohol-serving restaurants on the rooftop.

Galbut’s daughter, Marisa Galbut, said she’s more than willing to “work with city staff” to create a better ordinance, but insisted that stopping this project will harm the local business community. “The community is already hurt and will be hurt even more [if this is rejected],” Galbut said, stressing that the proposed ordinance still has to be heard by the Miami Beach Planning Board.

Commissioner Mark Samuelian said the item “still has a long way to go before being a final ordinance.” And commissioner Michael Gongora agreed. “What is [being proposed] right now will not have my vote,” he said.

Music exec, Goldman Sachs director snag condos at Eighty Seven Park

Daniel Glass and Eighty Seven Park (Credit: Charley Gallay/Getty Images for Citi)

Daniel Glass and Eighty Seven Park (Credit: Charley Gallay/Getty Images for Citi)

A music industry executive and a managing director of Goldman Sachs bought units at the newly completed Eighty Seven Park condo tower in Miami Beach for a combined $18.3 million.

Daniel and Deborah Glass bought unit 1405 at Eighty Seven Park at 8701 Collins Avenue for $6.6 million, records show. Daniel Glass founded the record label Glassnote Entertainment Group and has worked with famous musicians such as Huey Lewis and the News, and Billy Idol, according to the Hollywood Reporter.

This week, Goldman Sachs managing director Douglas Sacks and Patricia Sacks also bought a unit at Eighty Seven Park. The couple paid $11.7 million for unit 1602, records show.

The 18-story, luxury tower is architect Renzo Piano’s first residential building in the Western Hemisphere. It was developed by Terra, Bizzi & Partners, New Valley and Pacific Eagle. More than 90 percent of the development’s 66 units have been presold, according to a release.

Terra and its partners recently paid off their $155 million construction loan for the luxury condominium tower.

Douglas Elliman is handling sales and marketing of Eighty Seven Park.

The building was developed on the site of the former Howard Johnson Dezerland Hotel, originally known as the Biltmore Terrace.

Buyers at Eighty Seven Park include tennis pro Novak Djokovic, who paid $5.77 million for his unit; Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as Pierre Pomerleau, president and CEO of Pomerleau, one of Canada’s largest construction companies.

Judge’s panel rules over Beach Towing and Deco Capital Group’s fight over Sunset Harbour project

Bradley Colmer, a Sunset Park rendering and 1349 Dade Boulevard (Credit: Domo Architecture and Design and Google Maps)

Bradley Colmer, a Sunset Park rendering and 1349 Dade Boulevard (Credit: Domo Architecture and Design and Google Maps)

As Deco Capital Group and Beach Towing battle over the development of a retail and residential project in Miami Beach’s Sunset Harbour neighborhood, a panel of judges has issued new rulings.

In the latest move, the panel of three Miami-Dade Circuit Court judges last week rejected a petition to overturn decisions by Miami Beach officials allowing automobile and truck storage on Beach Towing’s property at 1349 Dade Boulevard. The petition was filed by Sunset Land Associates and SH Owner, two development entities managed by Deco Capital.

Two other orders in recent months sided with the development firm managed by Bradley Colmer and Marc Rowan, a New York City-based billionaire builder. The panel tossed petitions filed by Beach Towing challenging decisions by the Miami Beach planning board and design review board approving Deco Capital’s Sunset Park, a planned 67,000-square-foot mixed-use project at 1733-1769 Purdy Avenue and 1730 Bay Road, allowing the project to move forward.

The development site is across the street from Beach Towing. Beach Towing has sought to stop the project, while Deco Capital Group has attempted to shut down the towing company’s tow yard.

The battle between Deco Capital and Beach Towing dates back to 2015, when the towing company opposed a height increase for the proposed development site. A year later, the developer sued Beach Towing and the Lofts at South Beach Condominium, which also opposed the height increase. Deco Capital also sent a legal memo to Miami Beach officials that asserted the tow yard was a violation of Miami Beach zoning regulations for Sunset Harbour.

The latest court stand-off was the result of a Miami Beach Board of Adjustment vote last March denying Deco Capital Group’s appeal arguing the city’s zoning director Thomas Mooney wrongly determined Beach Towing is allowed to store automobiles and trucks on its property. In an August 2018 memo, Mooney noted that a 1989 revision to the city code no longer allows tow services in Sunset Harbour, where Beach Towing and the proposed development are located.

However, Mooney also concluded Beach Towing has been grandfathered in since the company had been at its current location since 1986 and has provided towing services for more than three decades.

Deco Capital Group sued the city to overturn the adjustment board’s 6-0 vote. The three-judge panel determined “Beach Towing’s storage facility fits within the defined permitted use” and found “no error in the city’s determination,” last week’s order states.

“We fail to see how storage of cars and trucks on paved land surrounded by a six-foot wall can be fairly characterized as vacant land,” the judges wrote.

On Jan. 16, the panel denied Beach Towing’s petitions after determining the planning board and the design review board votes were “supported by competent, substantial evidence.” In August of last year, the Third District of Appeals also rejected Beach Towing’s appeal of a lawsuit it lost against Sunset Land Associates.

Ralph Andrade, Beach Towing’s attorney, said the Feb. 26 denial last week of Deco Capital’s petition was a “victory of the little guy.”

“The court’s well-reasoned ruling puts an end to the developer’s antics and tantrums to put us out of business,” Andrade said. “We stood up to a greedy bully developer and won.”

Jeffrey Bass, the attorney representing the Deco Capital entities, noted his client won three out of the four recent court cases. “Last time I checked, 25 percent is a failing grade,” Bass said. “We forcibly dispatched their very specious challenge to our wonderful project.”

Heinz Brasil board member sells waterfront North Bay Road home for $14M

Chad Carroll, Mariana Trentini, and Fabio Lopes, with 5050 North Bay Road

The founder of a Brazilian food company sold his waterfront mansion on North Bay Road.

Property records show SPN Florida LLC, led by Salvador Paoletti Neto, sold the 10-bedroom, 7,746-square-foot house at 5050 North Bay Road for $14.2 million, a loss from the previous sale about six years ago. The buyer is unknown.

Paoletti Neto founded Quero Alimentos, which he later sold to Heinz Brasil, and is vice president of Heinz Brasil’s board of directors, according to published reports. In 2011, Heinz purchased an 80 percent interest in Quero Alimentos, which makes tomato sauces, condiments, spices and more.

5050 North Bay Road

5050 North Bay Road

The North Bay Road property includes a three-car garage, a guest house, summer kitchen, pool and oversized dock, according to the listing. It also has 10 bedrooms, 11 bathrooms and two half-bathrooms. The house was on the market with Chad Carroll and Mariana Trentini of Douglas Elliman. Fabio Lopes of Coldwell Banker brought the buyer. Lopes could not immediately be reached for comment, and Elliman declined to comment.

The house, which sits on a 32,085-square-foot lot, hit the market in 2015 for $33 million, and was later relisted, most recently for $16.5 million.

Records show the property last sold in 2014 for nearly $18 million.

Last year, retired Miami Heat player Dwyane Wade listed his home nearby at 5980 North Bay Road for $32.5 million.

In January, a waterfront lot at 4424 North Bay Road sold to Jennifer Taplin Sazant and Neil Sazant for $7 million.

In August, a California buyer purchased the waterfront spec mansion at 6360 North Bay Road for $23.85 million and a lot next door at 6342 North Bay Road for $11.55 million. The combined price marked a record for the year in Miami Beach.

Furniture exec moves into condo at Eighty Seven Park for $7M

Franco Bianchi and Eighty Seven Park  

Franco Bianchi and Eighty Seven Park

One thing is certain: This buyer shouldn’t have any trouble furnishing his condo at Eighty Seven Park.

Franco Bianchi, CEO of the Holland, Michigan-based furniture manufacturer Haworth, and his wife, Alessandra, purchased unit 504 at the condo tower in North Beach for $6.8 million, records show.

Haworth primarily focuses on commercial office interiors and has over $1.8 billion in global sales, according to its website.

Eighty Seven Park, a 66-unit, 18-story oceanfront tower at 8701 Collins Avenue in Miami Beach, was completed in November. The luxury condo building was designed by architect Renzo Piano and developed by Terra, Bizzi & Partners, New Valley and Pacific Eagle.

Last week, Robin van Meeuwen, the CEO of Technological Innovations Group, a Belgian-based IT company, also bought a unit for $6.12 million.

The first buyers at the condo development include Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as Pierre Pomerleau, president and CEO of Pomerleau, one of Canada’s largest construction companies. In December, tennis star Novak Djokovic closed on a unit at Eighty Seven Park for $5.77 million.

Douglas Elliman is handling sales and marketing of Eighty Seven Park.

The building features an underground parking garage, a gym and spa, wine bar, and two pools. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture also worked on the project’s design.

It was developed on the site of the former Howard Johnson Dezerland Hotel, originally known as the Biltmore Terrace.

Waterfront lot on North Bay Road sells for $7M

4424 North Bay Road, Karen Stauber (right) and Neil and Jennifer Sazant (Credit: Getty Images)

4424 North Bay Road, Karen Stauber (right) and Neil and Jennifer Sazant (Credit: Getty Images)

A waterfront property on North Bay Road, once owned by former Formula One race car driver Eddie Irvine, sold for $7 million after being tied up in litigation for more than a decade.

Jennifer Taplin Sazant and Neil Sazant bought the vacant lot at 4424 North Bay Road in Miami Beach, said Karen Stauber of the Jills Zeder Group of Coldwell Banker, who represented the buyers in the deal. They plan to build a home to live in, designed by architect Kobi Karp, Stauber said. Taplin Sazant is the daughter of the late Marty Taplin, who owned the Sagamore Hotel South Beach.

The 15,800-square-foot lot sold for $443 per square foot. The seller was JP Morgan Chase Bank, records show. Lindsay McMinn of Berkshire Hathaway HomeServices EWM Realty represented the seller. The property had been listed for nearly $7.5 million.

The bank took over the property through foreclosure in 2017. Gabriel Martin, a former Miami lawyer, and former property owner Jason Zabaleta, were allegedly involved in mortgage fraud on the former home. Martin had been hired as the closing agent for the buyer in Irvine’s sale of the house in 2005, according to published reports. The foreclosure litigation began in 2009. The previous home was torn down last year, McMinn said.

North Bay Road has attracted some of the priciest sales in Miami Beach. In August, a California buyer purchased a waterfront spec mansion at 6360 North Bay Road for $23.85 million and a lot next door at 6342 North Bay Road for $11.55 million. The combined $35.4 million sale marked a record for the year in Miami Beach.

Among other sales on North Bay Road, Yext founder and CEO Howard Lerman paid $17 million for a spec mansion at 6010 North Bay Road in February. In July, Karp and his wife Nancy paid $8.5 million for the home at 4750 North Bay Road.

Other high-profile homeowners on North Bay Road include Starwood Property Trust’s Barry Sternlicht, JDS Development’s Michael Stern, singer-songwriter Phil Collins, and basketball stars Chris Bosh and Dwyane Wade.

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan Real Estate Management, the developer of 57 Ocean in Miami Beach, is now betting on a boutique luxury condo project on Ocean Drive in the South-of-Fifth neighborhood.

José Isaac Peres

José Isaac Peres

The Brazilian real estate developer, led by José Isaac Peres, is launching sales of Ocean Park South Beach at 304-312 Ocean Drive in South Beach, The Real Deal has learned.

The four-story building will have 10 units, including two duplex penthouses. Prices range from $1.5 million to $6.8 million, said Marcelo Kingston, managing principal of Multiplan Real Estate Asset Management.

Eloy Carmenate and Mick Duchon

Mick Duchon and Eloy Carmenate

Douglas Elliman’s Eloy Carmenate and Mick Duchon are handling sales.

The project marks the first to launch in the luxury market so far this year. And despite the condo market slowdown, Kingston said Ocean Park South Beach’s location, across the street from the ocean and Marjory Stoneman Douglas Park and close to shops and restaurants, with little competition in new luxury projects, will give it an advantage. He said 20 percent of the units, or two condos, have been reserved by friends and family buyers from Miami and Brazil.

“In our view, it’s good timing, a unique location, singular product and hard to replicate,” Kingston said.

Two- and three-bedroom units will range from 1,117 square feet to 1,715 square feet, with terraces ranging from 267 square feet to 1,194 square feet. Features will include private elevators, 10-foot ceilings, floor-to-ceiling windows, light solid oak wood and natural stone flooring, Wolf and Sub-Zero appliances, and kitchens by Poliform with Matte Touch cabinets.

The four-bedroom penthouses will each have 2,393 square feet with 1,564 square feet of terraces. The penthouses will include 12-foot ceilings, an upgraded appliance package with a tower wine cooler and double-refrigerator unit, and a rooftop deck with a private spa pool, summer kitchen and powder room.

Ocean Park South Beach will also have a second-floor amenity deck with a 36-foot pool, spa, Jacuzzi, poolside summer kitchen and outdoor dining area and lounge.

The project is designed by Revuelta Architecture International, with interiors by Marcela Lombana and landscaping by Gardner Semler Landscape Architecture.

Rio de Janeiro-based Multiplan is one of the biggest shopping mall owners in Latin America, and has also built a number of mixed-use projects connected to retail developments. In Miami Beach, Multiplan built Il Villaggio, a luxury condo and retail development at 1455 Ocean Drive. Forbes currently pegs Peres’ net worth at $1.7 billion.

The company is self-funding the Ocean Drive development, Kingston said. That allows the developer to “push the development schedule, not relying on banks, and takes away the lack of confidence buyers have not knowing the schedule.”

Construction is expected to begin in the fourth quarter, with completion in December 2021, he said.

Multiplan is also developing 57 Ocean, an 18-story, 70-unit luxury oceanfront condo project at 5775 Collins Avenue. Kingston said sales are approaching 50 percent. The project is starting to go vertical, and is expected to be completed in September 2021, Kingston said. Fortune Development Sales is handling sales.

The Ocean Drive project has been in the works for about a year, since Multiplan purchased the two adjacent empty lots for $10 million in December 2018. It’s within the Ocean Beach Historic District, and received approval from the historic preservation board last year.

Carmenate and Duchon have handled sales at other new Ocean Drive developments such as 1500 Ocean Drive, Il Villaggio and Glass. They said they will be targeting local buyers, including empty nesters from the surrounding areas who are looking for boutique buildings, as well as buyers from the Northeast.

“We find the South-of-Fifth area to be very active,” Duchon said.

“It’s priced right for the neighborhood,” added Carmenate. “You can’t get a three-bedroom for $2.65 million in new construction in South-of-Fifth.”

Sterling Building on Lincoln Road scores hotel approval

Rendering of hotel addition at Sterling Building (Credit: Kobi Karp Architecture & Interior Design)

Rendering of hotel addition at Sterling Building (Credit: Kobi Karp Architecture & Interior Design)

Sam Herzberg’s proposal to add a hotel to the 91-year-old Sterling Building on Lincoln Road cleared another hurdle.

The Miami Beach Planning Board last week approved the 144-room project by a 6-1 vote. The hotel is one of two currently in the planning stages for the popular pedestrian mall. City leaders and Lincoln Road business owners say the hotels will attract more visitors and supplement the new convention center hotel that will be built couple of blocks north of the Sterling Building.

Herzberg — along with Mel Schlesser, president of Jameck Development, which is proposing the other hotel — have been working with the city’s planning and zoning department for about a year on new regulations that would allow hotel uses on Lincoln Road. On Oct. 16, the city commission adopted an ordinance that eliminated parking requirements, increased the maximum height from 50 to 75 feet and reduced room sizes to 200 square feet for hotels proposed on Lincoln Road. In exchange, developers are being required to provide certain amenities such as ground-floor public spaces.

Under Herzberg’s proposal, a hotel would be built on top of the Sterling Building near the back of the property facing Lincoln Lane. The Sterling’s ground floor retail is home to Books & Books and a Penguin clothing store, and features a courtyard the bookstore uses as an outdoor seating area.

“We are taking the floor area ratio to its most logical location, which is closer to the existing garage located immediately north of the alley,” said project architect Kobi Karp. “We felt it was important to take the FAR and put it further away from Lincoln Road.”

Schlesser’s company owns the circa-1935 Lincoln Center complex at 690 Lincoln Road that entails a two-story retail building, a courtyard and a three-story office building. He’s proposing to add two stories to the office building and convert the entire structure into a hotel that will also have rooms as small as 200 square feet.

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

Secretary of Housing and Urban Development Ben Carson talks Opportunity Zones and… ants. Carson spoke at The Real Deal’s annual Showcase & Forum in Miami’s Mana Wynwood. HUD will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. [TRD]

South Florida developers riff on shift from condos to rentals at TRD Miami showcase. New York developer Michael Shvo, who is making a push in Miami Beach, said he would not follow the trend, arguing that with the right site and project, the general market’s performance is irrelevant. [TRD]

Compass refutes WeWork comparison. Both companies, backed by SoftBank, were boosted by impressive valuations despite questions about profitability, and have seen a slew of executive departures. However, in hours of interviews with The Real Deal, six of Compass’ C-suite executives sought to distance the brokerage from the narrative of the troubled coworking giant. [TRD]

Scott Wadler is now managing director at Berkadia. Wadler spent over a decade at HFF, most recently as senior director of the firm’s Miami office. He handles construction financing, hospitality and residential deals throughout the Southeast. [TRD]

South Florida Q3 resi sales a mixed bag, with inventory falling. In Miami, Miami Beach and surrounding cities, sales generally rose in the third quarter, according to the newly released Elliman Reports, authored by Jonathan Miller of Miller Samuel Inc. But elsewhere in the tri-county region, sales dropped or remained stagnant. [TRD]

County Commissioner warns Miami Beach about roadblocks for Baylink transit project. The mayor of Miami Beach’s ordinance to increase the city’s control over transit projects would harm plans to build the Baylink project connecting Miami Beach to downtown Miami, Miami-Dade Commissioner Eileen Higgins warned Miami Beach officials Wednesday. [Miami Herald]

Home foreclosures are dropping

Home foreclosures are dropping

Home foreclosures dropped nearly 20% in Q3, report shows. Overall, 143,105 U.S. properties had foreclosure filings from July through September. U.S. home foreclosures dropped sharply in the third quarter, with New York City, South Florida and Los Angeles all registering declines. [TRD]

West Palm Beach’s Rosemary Square and its lender are going to court. Rosemary Square in West Palm Beach and its lender Wells Fargo are heading to a federal trial on Oct. 23. The two are in a dispute over an appraisal needed for the refinancing of a $150 million loan at the entertainment center in the heart of West Palm Beach. [Palm Beach Post]