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.
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.
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.”