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Miami’s very own Flatiron takes shape

April 11, 2018
For years there has been talk of Miami becoming a “Mini-Manhattan,” but now this idea is actually coming to life. International and home to super-tall skyscrapers, stylish hotels and trendy restaurants, Downtown Miami’s Brickell Financial District is the face of the new Miami. And now Brickell’s very own version of NYC’s famous Flatiron Building is taking shape.

Designed by Revuelta Architecture International, vertical construction of CMC Group’s Brickell Flatiron, a 64-story luxury condominium tower now rising in Downtown Miami’s Brickell neighborhood, has reached the halfway mark as builders finish construction of the skyscraper’s 32nd floor. With about one full-level expected to be completed every week going forward until top-off later this year, the 736-foot-tall high-rise is slated to become one of the tallest residential towers in the U.S. upon its delivery in summer 2019. Approximately 75% of Brickell Flatiron’s 549 units have been sold and are currently under hard contract, with about 8 out of 10 condo sales within the last 30 days coming from buyers within the northeastern U.S.

To give his vision life, Brickell Flatiron’s developer, Milan-born Ugo Colombo, partnered with master Italian design architect Massimo Iosa Ghini to create a one-of-a-kind environment that combines the tower’s distinct flatiron shape with flowing, curvilinear forms. On the inside, Iosa Ghini uses inspiration from Brickell Flatiron’s curved façade, which was designed by acclaimed Miami architect Luis Revuelta, to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior.

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Only Halfway Complete, Brickell Flatiron Is 75% Sold

April 10, 2018
MIAMI–Construction on Miami’s Brickell district’s own version of New York City’s famous Flatiron Building is coming along. CMC Group has announced that vertical construction of the 64-story luxury condo tower has reached the halfway mark, with workers just having finished the skyscraper’s 32nd floor.

As CMC Group makes progress on the building, it is also reporting that approximately 75% of Brickell Flatiron’s 549 units have been sold and are currently under hard contract, with about 8 out of 10 condo sales within the last 30 days coming from buyers within the northeastern US.

Top-off is expected later this year at a pace of about one full level expected to be completed every week going forward. When it delivers in the summer of 2019, the 736-foot-tall high-rise is slated to become one of the tallest residential towers in the US.

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The Latest In Luxury Living: Combining New Condo Units Into Massive Homes In The Sky

April 9, 2018

For decades, the appeal of suburban living has had two major advantages over downtown dwelling: space and shopping. Most downtown real estate is compact by comparison, and many retailers and restaurants moved their operations years ago from urban cores to suburbia’s shopping plazas and malls. But as a legion of luxury condos has risen from Miami’s sand and limestone, a new trend in the high-end market has shifted attention back to South Florida’s cities. Downtown Miami and Fort Lauderdale again boast thriving arts, entertainment, dining and cultural destinations.

The only missing link — space — has now been accounted for thanks to the creative thinking of architects and condominium owners. Purchasing multiple condo units and combining them into one unit gives residents everything they’re looking for in swanky downtown living: plenty of breathing room, access to everything the city has to offer and, of course, stunning views. 

“Our city is becoming more vertical, and now people are preferring condos in the urban core versus the commute into the suburbs,” said Alicia Cervera Lamadrid, managing partner and principal of Cervera Real Estate. “Plus, downtown is a beautiful place to live, so it’s a win-win. There aren’t a lot of immediate choices for larger units, so combining units is a good alternative.”

Here are six new and under-construction buildings where some owners have combined condo units, bringing a solution to cramped city living with mansions in the sky.

Palazzo Del Sol

Located on exclusive Fisher Island, Palazzo Del Sol is undoubtedly one of Miami’s most desirable addresses. As continuous requests came in from buyers to combine units, developers took note and merged Palazzo Del Sol’s two floor-plan options into a 10,000-square-foot dream home, priced at $17.4 million.

Taking the level of luxury one step higher, Artefacto transformed the five-bedroom condo into a contemporary space with sleek grays and silvers and elegant finishes. Sitting in the huge living room, surrounded by whitewashed hardwood floors and substantial art, you could almost picture yourself in a suburban manse — until the sprawling views of the city and ocean remind you where you are. 7000 Fisher Island Drive, Miami Beach; 305-535-6071; palazzodelsol.com.

The Ritz-Carlton Residences, Miami Beach

The Ritz-Carlton Residences, Miami Beach, has fashioned a combined penthouse of epic proportions. The two-story mansion is a mash-up of two penthouse floor plans, creating a $40-million residence with 25,589 square feet of indoor and outdoor space.

Featuring seven bedrooms, 10 bathrooms, a private hammam spa, butler kitchen, library, wine room, screening room and game suite, the unit also has soaring ceilings and views of the city or ocean from almost every room. Swimming is simplified with sunrise and sunset pools, each with hot tubs, plus two additional private plunge pools adjacent to the two master suites.

Designed by Italian architect Piero Lissoni, the property offers a tropical living experience with the service standards and amenities of The Ritz-Carlton brand. Here, that includes a 36-slip marina and floating helipad. 4701 Meridian Avenue, Miami Beach; 305-602-2929; theresidencesmiamibeach.com.

Echo Brickell

This boutique building in the heart of Brickell has taken personalization to another level. To suit their specific needs, each owner was given the opportunity to alter finishes, design elements and even floor plans. Eight chose to purchase multiple units and combine them.

Designed by renowned architect Carlos Ott, no two homes in Echo are exactly the same. Units have been combined vertically and horizontally, from $3.8 million to the $42 million Ott-designed penthouse. That 13,518-square-foot, two-story combined unit has four bedrooms, seven baths, his and her walk-in closets, private spa and gym, home theater, office, ceilings up to 23 feet, and its pièce de résistance: a 27-foot indoor pool. 1451 Brickell Avenue, Miami; 786-360-1904; echobrickell.com.

Aria on the Bay

Elevating condo life, Aria on the Bay’s gorgeous sky homes are the perfect alternative to suburban living. Their most exclusive floor plan — the A line — has been sought after by celebrities and socialites. Rapper Timbaland recently bought two units and is working on combining them.

These luxurious A-line condos start at $3.1 million. Combining two gives owners 4,724 or more of square footage to play with.

Additionally, the residences come fully finished and equipped with beautiful Italian cabinetry, Brizo faucets, Bosch appliances and a private elevator. Towering windows lead to wraparound terraces with unobstructed views of Biscayne Bay. 1770 North Bayshore Drive, Miami; 305-573-0666; ariaonthebay.com.

Four Seasons Private Residences, Fort Lauderdale

Four Seasons extends its brand of first-class living to Fort Lauderdale. The property, set to open in 2019, will have 90 exclusive residences with several combined-unit options. Penthouse residences can be merged to make a $25-million, one-of-a-kind home with more than 12,000 square feet of interior space and 10,000 square feet of exterior space, including a private rooftop and 360-degree wraparound terrace.

Owners also can combine two-story Skyhomes 1701 and 1702, which come with 20-foot ceilings and private elevator access. Price upon request. 525 North Fort Lauderdale Beach Boulevard, Fort Lauderdale; 954-324-2498; fort525residences.com.

Auberge Beach Residences & Spa

Known for its five-star hotels, Auberge is bringing something unique to Fort Lauderdale beach with its private residences, which cost up to $9.5 million.

Noticing that several owners were purchasing multiple units, Auberge created a two-story penthouse with nearly 5,000 square feet of indoor living space and 3,500 square feet of outdoor terraces, complete with a private rooftop plunge pool.

A dramatic spiral staircase punctuates the floor plan, which includes nearly 10-foot ceilings and massive windows overlooking the ocean, city and Intracoastal. And a private elevator to whisk you up and down every day. 2200 North Ocean Boulevard, Fort Lauderdale; 844-352-3224; aubergebeach.com.

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That Brickell View at Una Residences

April 2018
As the skyline fills out, vistas become more precious. No one knows that better than Vladislav Doronin, who nabbed the ultimate waterfront plot for his new Una tower.

Read the full feature here.

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The Ultimate Golf Fantasy Home

April 4, 2018
These luxury homes aim to lure golf lovers with a host of amenities

$5.435 million
Fort Lauderdale, Fla.

Four bedrooms, five full bathrooms, one half-bath

This 4,700-square-foot, 16th-story condo in the Auberge Beach Residences and Spa has ocean and intracoastal views. The golf simulator in the community’s amenities center, endorsed by the PGA Tour, uses a three-track camera with advanced swing video analysis and 73 simulated courses.

Agent: Wendy Marks Pine, Auberge Beach Residences and Spa

$11.75 million
Indian Wells, Calif.

Five bedrooms, five full bathrooms, two half-baths

This 10,792-square-foot home has a golf simulator in the house and a 21-hole golf course in the community. The 1-acre lot in the gated Reserve Club community includes a three-bedroom, three-bath guesthouse with a kitchen and laundry room. The main home has an exercise room, pool and views of Coachella Valley.

Agent: Deirdre Coit, Berkshire Hathaway Home Services

$32 million
New York City

Four bedrooms, six full bathrooms, one-half bath

This 5,161-square-foot penthouse, with 26-foot ceilings and floor-to-ceiling windows, is in the Hudson Yards neighborhood of Manhattan. The building has 40,000 square feet of amenities, including a pool, spa and golf simulator—the Pro Series with 84 courses. The property has a rooftop entertaining space.

Agent: Sherry Tobak, Related Companies

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UNA, su diseño y arquitectura lo dicen todo

April 3, 2018
Una, definirá aún más a Miami como uno de los principales destinos del mundo con un estilo vida elegante y sofisticado.

El equipo OKO Group crea su segundo proyecto inmobiliario en Miami posterior al inicio de la construcción de Missoni Baia, ésta empresa constructora fundada por el magnate de bienes raíces Vladislav Doronin, crea la monumental torre diseñada por Adrian Smith + Gordon Gill Architecture (AS + GG) aclamados arquitectos constructores de la Torre Jeddah en Arabia Saudita.

La lujosa torre cuenta con 47 pisos y terrazas panorámicas de 180 grados, Key Biscayne hacia el este, Miami Beach hacia el norte, Coconut Grove hacia el sur y Coral Gables hacia el oeste.

Su diseño interior está inspirado en los detalles del yate Riva con materiales naturales como el cuero, madera y piedra que contrastarán con los tonos fríos del acero inoxidable para crear un ambiente atemporal y clásico. Sus jardines privados ubicados en la bahía, estarán diseñados por la firma de arquitectura paisajística Enzo Enea que dará un toque único al entorno del parque.

Para quien desea un estilo de vida superior frente al mar, Uno cuenta con una marina privada alejada del ruido y la congestión de la ciudad, con todas las comodidades y un vibrante estilo de vida en Miami; atractivo para familias jóvenes, parejas sin hijos, solteros y personas que viven en espacios amplios en busca de un tamaño más adecuado, así como compradores e inversionistas internacionales que buscan seguridad y tranquilidad a un paso del distrito financiero de Miami.

Una, tendrá 135 residencias, todas con vista a la bahía, inicia de dos a cinco habitaciones. Cada residencia contará con ascensor privado, alturas de 10’8 “, cocinas equipadas profesionalmente con electrodomésticos Gaggenau, su alcoba principal cuenta con armarios y baños separados para él y ella, cuartos de servicio con lavadoras y grandes secadoras.

La torre también incluirá residencias con vista al océano y la ciudad de Este a Oeste en sus pisos superiores y dos penthouses con piscinas privadas. Los precios comienzan en $900,000 dólares.

Las ventas son exclusivas por Fortune Development Sales.

Entre los muchos elementos distintivos que resaltan la experiencia de ser propietario de Una, se encuentran su marina deportiva privada especial, tres piscinas, un gimnasio con lo último en aparatos con áreas de entrenamiento y de yoga; gracias a la relación de Vladislav Doronin con la marca de hoteles Aman, el complejo contará con un spa diseñado bajo la estética de Aman, que ofrece salas privadas de tratamientos tanto en el interior como al aire libre con vista a la bahía. Incluye un salón de belleza privado, un salón para cenas o eventos, otro al aire libre, cine, área de juegos para niños, sala de juegos para adultos y conserje las 24 horas.

Los residentes de UNA se beneficiarán con los accesos a las principales carreteras y arterias de Miami.

La torre ofrecerá un estilo de vida único, intimidad total, exclusividad y una gama de servicios de lujo de primera clase que son una muestra de la excepcional forma de vivir en Miami.

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Pfizer CEO revealed as buyer of $13M condo in Sunny Isles Beach

April 2, 2018
Pfizer CEO Ian C. Read was behind the $13 million acquisition of a “sky villa” condo in the Jade Signature in Sunny Isles Beach, according to recently obtained records.

Read adds to the list of corporate titans with homes in South Florida. He’s been CEO of Pfizer (NYSE: PFE), one of the world’s largest pharmaceutical firms, since 2010. He pulled down $27.9 million in compensation in 2017 — so a $13 million condo wasn’t even half of that.

As previously reported, Sunny Isles Beach Associates, an affiliate of Miami-based developer Fortune International Group, sold Unit 5101 in the condo at 16901 Collins Ave. to IJ LLC, a Delaware-registered company with an address listed at 296 Stanwich Road in Greenwich, Connecticut. According to an official with the Town of Greenwich, that home is owned by 296 Stanwich Road LLC. Connecticut state records identify Read as the managing member of this LLC.

The two-story condo has 6,735 square feet of interior space and 1,161 square feet of outdoor living space. The sky villa features five bedrooms, six bathrooms, two half-bathrooms, a double-sized dining room, a gym and an entertainment lounge. It has a 22-foot ceiling height and a 180-degree view of the ocean.

Read isn’t the only high-profile corporate executive to buy in Jade Signature. Former Chubb Corp. Chairman recently paid $7.8 million for a condo there.

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Agent Snapshot: Carolina Rainer, Director of Sales, Fortune International Group

April 2, 2018
Name: Carolina Rainer.

Job Title: Director of Sales at Brickell Flatiron.

Company name and office location: Fortune International Group – Brickell.

What was your first job in the realty industry? The Bentley Beach in South Beach developed by Riccardo Olivieri.

Where did you grow up? Buenos Aires.

Growing up, what did you want to be? Psychologist and musician.

What do you do to relax when you’re stressed? Run or play electric guitar.

If you could have lunch with a well-known figure (living or not), who would it be and why? I would enjoy having lunch with anyone that made a difference in the world in a positive way, a person who can inspire me like Madre Maria Teresa.

Where is your favorite place to hang out? Brickell is the only urban neighborhood in Miami — there are many new chic and elegant restaurants and trendy bars to hang out, all concentrated within 10 blocks.

What do you love most about the industry? I love to help people buy their dream home; I also enjoy directing development sales. When I choose to represent a developer, I invest all my time and energy focusing on one project, so it has to be the best developer, development, location, and sales and marketing team.

How do you distinguish yourself from the crowd of agents? Someone I truly respect in the industry told me once that I was a “rainmaker” — I create opportunities and make sure the parties reach an agreement. With more than 15 years of experience in the Miami real estate industry, I consider myself an expert in the field.

What is the most difficult aspect of your job? Dealing with difficult people makes things complicated.

Where do you go to network and meet new clients? My new clients and brokers come mostly from referrals of successful past sales. I find myself networking everywhere I go, but If I had to think of events to find buyers, I would attend charity events, art exhibitions and film festivals.

What has been your greatest accomplishment? Giving water birth to my children has been by far my greatest accomplishment. In business, it was when I was named co-sales director at Mei Condominium and together with my sister we hit $136 million pre-sales within six months of opening a temporary trailer that was our “sales office.” Back in 2005, we didn’t have the technology we have today, so it was basically selling with preliminary floor plans.

What was the last good movie you saw or book you read? “Coco,” a great movie with a deep message.

What is your favorite restaurant? Cipriani in downtown Miami.

Architecturally speaking, what is your favorite building in Miami? Brickell Flatiron by Miami architect Luis Revuelta.

What kind of car do you drive? Mercedes Benz.

Smartphone or paper? Both.

What is your favorite city after Miami? London.

In 10 words or less, what is your advice for someone new to the industry? Give priority to your buyer/seller relationship instead of the commission.

What’s your favorite real estate iPhone/Android app? DocuSign, a digital hero.

Who are your favorite people to follow on Twitter? Tony Robbins, Adam Grant.

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Could virtual reality change Miami’s real estate industry?

March 30, 2018
To most people, virtual reality is synonymous with a cool but unessential toy — the domain of video games, sci-fi movies and pop entertainments such as “Ready Player One.”

But as virtual reality matures and improves, a growing number of industries is finding creative uses for the technology. According to Entrepreneur, Walmart uses VR to train its salespeople. A 12-month study by Duke University found VR can help paraplegics with chronic spinal cord injury to restore locomotion. According to Endgadget, long lines of people waited to test drive new cars by Chevrolet, Ford and Honda at the 2018 North American International Auto Show using VR headseats. Royal Caribbean Cruises has designed some of their ships entirely on virtual reality.

Now the real estate industry is joining the VR craze. The national building contractor Suffolk Construction has opened a Smart Lab in its downtown Miami office, following other labs in New York, Los Angeles, Boston, San Francisco and Tampa. All opened over the last year.

The lab uses technology such as a CAVE (Computer Aided Virtual Environment) room, in which clients don an HTC Vive headset to walk through a photorealistic 3D model of a future project that has been created from architectural blueprints and drawings. The CAVE also allows a group of people to explore a virtual environment together while wearing WorldViz VR 3D glasses.

The effect is astonishing. You can walk through a work site to make sure the hallways are wide enough for construction materials and equipment; ride elevators from the ground floor to the roof of a project or step into a posh hotel room and change the color of the wallpaper or countertops with the click of a handheld controller.

“The basic concept behind the Smart Lab is that we can build it in pixels before we build it in brick and mortar,” said Joe Fernandez, vice president of operations for Suffolk Construction. “We take real-time decisions and put them in a 3D model so the client can immediately see the finished result. Instead of saying, ‘I hope it’s going to look this way,’ now it’s, ‘Here’s what it’s going to look like.’ This is game-changing technology.”

Other features of the Smart Lab include a Data Wall, comprised of nine large smart-board touchscreens, that provides predictive analytics and other information that can be used for ongoing and completed projects. The lab also offers clients live streaming feeds of their job sites; side-by-side comparisons of the construction phase at various stages; and aHuddlewall, a giant display surface for Lean pull planning meetings, which allow players from every aspect of the construction process — plumbers, electricians, painters — to compare notes and collaborate on their current project in real time.

A pioneer in the field

The software used by Suffolk in its Smart Labs isn’t proprietary. Earlier this year, for example, Plantation-based e-Builder was sold to a national firm, Trimble, for $500 million. But the labs are the culmination of the company’s trademark incorporation of technology into the construction process. According to a recent survey by Software Connect, only 6 percent of construction companies currently implement VR technology, although that number is expected to grow to 15 percent by 2020.

Fernandez declined to say how much each Smart Lab has cost to make, but he said Suffolk Construction reported revenue of just over $3 billion in 2017, and currently employs 2,000 people. The company was founded in Boston in 1982. The Miami office opened in 1994.

Recent projects that have employed Suffolk’s technological services include the upcoming 638-room Seminole Hard Rock Hotel and Casino near Hollywood, which is due in summer 2019, and the mammoth new Royal Caribbean Cruises terminal at PortMiami, which is expected to be completed in October.

“There have been a lot of technology advancements in the last 10 years, but there hasn’t been a lot of drive to get those advancements into construction,” said Lance Dengerud, director of the Miami Suffolk Smart Lab. “Some developers have been a little skeptical about making the connection from a digital model into the physical world, but word-of-mouth from our clients is helping. The conversation is going from ‘What is this? It’s scary!’ to ‘This is what I want.’ 

One of the true believers in Suffolk’s high-tech approach to construction is Edgardo Defortuna, president and CEO of Fortune International Group. His company collaborated with Suffolk in the design and building of the Jade Signature luxury condo tower in Sunny Isles Beach, which broke ground in 2013 and opened its doors on March 16. The futuristic structure, designed by Pritzker Prize-winning Swiss architects Herzog & de Meuron, presented some unique construction challenges, including an underground parking garage 40 feet below sea level. The tower is also built at an angle, to maximize its exposure to sunlight.

“We knew Jade Signature would be an extraordinary undertaking and that a collaboration with Suffolk would be a cornerstone of the project’s development,” said Defortuna, whose sales team shipped virtual reality goggles to prospective Jade buyers during the preconstruction phase in 2016. “The result has exceeded every expectation.”

Although the real estate industry has been slow to embrace technological advances beyond what smartphones and the internet provide, observers expect that to change soon. According to Inc.com, virtual reality will be the second biggest real estate trend in 2018, second only to blockchain technology, which powers Bitcoin and other forms of cryptocurrency.

Beth Butler, president and general manager for Compass Properties Florida, said virtual reality could soon spill over to the real-estate-agent arena, allowing brokers to walk their clients through homes and condos without either of them leaving their house.

“The technology is still a little expensive right now, but it will become more mainstream,” Butler said. “Instead of having to fly someone down from New York to show them a property, they can see it from their home. It beefs up the viewing experience and makes you feel like you’re actually there. I’m seeing a lot of investment in this technology.”

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Miami Area Gets Newest Crop of Condos

March 29, 2018
After a rocky 2017 that was filled with uncertainty, the Miami real estate market seems poised for a stronger 2018.

“The market is definitely rebounding,” said Daniel de la Vega, president of One Sotheby’s International Realty. “Consumer confidence is extremely high and the stock market continues to rally. Hedge funds have recovered after a couple of bad years.”

Two very high-end Sotheby’s offerings—the 62-story One Thousand Museum by Zaha Hadid Architects and the 54-story Turnberry Ocean Club in Sunny Isles Beach—have performed particularly well, he said.

Miami luxury condo sales have risen in three out of the last four months (January, December and October), according to the report. Single-family luxury home sales in January rose 7.1%, from 56 to 60 year-over-year, and they, too, have risen for the same three out of the last four months.

From an inquiry perspective, “we’re seeing a little more time between inquiry and closing,” Mr. Parker said.

He attributes that to more buyers looking at Miami as a primary residence rather than as a second home market. “Buying a primary residence involves a longer thought process—you want to look longer, think longer,” he said.

“We’ve had a huge domestic surge from the Northeast, from Illinois, Massachusetts, New Jersey, New York of course, and Connecticut,” Mr. Parker said, which may have something to do with the fact that there’s no state income tax in Florida, unlike the high-tax states in the Northeast. He has also seen greater interest from Canadians, he said.

In the international market, “Brazil and Argentina are both coming back,” Mr. De la Vega added. “They have always been a strong market for us. Whenever we see Latin America coming back, we’re excited.”

There is also a lot of activity in the rest of the South Florida market, Mr. Parker said. He described the Fort Lauderdale market as “explosive.” “All of our developments there are seeing tremendous activity,” he said.

In Miami, “downtown has experienced a surge of completion of new development product, and a lot of people are concerned about that,” Mr. Parker said. But he remains generally optimistic about downtown and its ability to absorb the inventory.

“There is a lot of capital in that market, and the rental market has been strong,” he said.

In general, developers can be somewhat more patient now than they were in 2017, Mr. De La Vega said. “Developers who are under construction or topping off don’t have to give away the house. There’s not this rush to sell.”

Developers who have launched sales without breaking ground, however, are having a tougher time, he said. “If you haven’t broken ground right now, I think it will be tough to get off the ground.”

Here’s a look at some new projects beginning to take shape in Miami and South Florida this spring:

Palazzo Della Luna, 6800 Fisher Island Drive, Fisher Island

Sales launched earlier this month at Palazzo Della Luna, the second ultra-luxury boutique condominium and final building in a two-phase “velvet rope reserve” residential development underway on the legendary Fisher Island in Miami. The property features interiors by New York-based Champalimaud Design, the firm’s first new residential development commission in Miami. Led by namesake Alexandra Champalimaud and partner Winston Kong, their portfolio includes the Beverly Hills Hotel, the Dorchester in London, The Waldorf Astoria New York, the Four Seasons Jakarta, the St. Regis Beijing and The Peak Mount Nicholson in Hong Kong. (Champalimaud will join designers Sam Robin and Augusto Busnelli in curating two of the four turnkey model residences to be completed immediately upon Palazzo Della Luna’s 2019 delivery.)

Led by PDS Development LLC and veteran developer Heinrich von Hanau, the 10-story Palazzo Della Luna will feature 50 three- to seven-bedroom waterfront residences, with a variety of modern floor-through layouts and panoramic views of the ocean, bay, South Beach, Downtown Miami and the storied private Fisher Island and golf course. The residences will feature private elevator entry and open floor plans with wide-plank European oak wood flooring throughout and deep terraces with panoramic vistas. Interior appointments include Lualdi doors, BOFFI kitchens with Miele appliances and Sub-Zero refrigeration, BOFFI master bathrooms with custom soaking tubs, and Dornbracht and Duravit plumbing controls and fixtures.

Palazzo Della Luna is located on Fisher Island’s last remaining prime waterfront parcel, situated on Government Cut precisely where Biscayne Bay meets the Atlantic Ocean. The building is currently under construction and slated for completion in summer 2019.

Accessible only via the island’s own auto-ferry system or by private yacht, Fisher Island has 216 private acres of tropical living, located within minutes of Downtown Miami and Miami Beach. The premier Fisher Island Club recently completed a $60 million renovation to its amenities, including the oceanfront Beach Club, Vanderbilt Mansion, par-35 championship nine-hole golf course designed by P.B. Dye, state-of-the-art tennis center with 18 lighted courts and two private deep-water marinas.

Number of units: 50
Price range: $6.5 million to $40 million
Developer/Architect/Interior designer: PDS Development, LLC/Kobi Karp/Champalimaud
Apartment sizes: The three- to seven-bedroom waterfront residences range in size from 3,724 square feet to 10,194 square feetAmenities: Concierge, valet parking, waterfront lounge with butler-serviced aperitivo bar and intimate reading lounge, beauty salon, private treatment and massage suites, media room, business center, fitness center by The Wright Fit, infinity-edge pools, a pool bar with towel and refreshment service, his-and-hers spa cabana with sauna, steam and shower, pool terraces with lush landscaping, and nine poolside cabanas available for purchase. A Kidville-designed children’s playroom is being created in collaboration with fifth- and sixth-grade students at Fisher Island Day school.
Website: palazzodellaluna.com

Una, 175 SE 25th Road, Miami

On the heels of its groundbreaking of Missoni Baia late last year, OKO Group is announcing the launch of Una, its second Miami project. The Miami-based development company founded by real estate magnate Vladislav Doronin will again partner with the international real estate investment firm Cain International to develop Una.

The 47-story condo tower will be in the waterfront neighborhood of South Brickell, near the crossroads of Coconut Grove’s Main Highway and Brickell Avenue. It offers easy access to the city’s financial district as well as high-end restaurants, retailers and yacht clubs.

Mr. Doronin, a prolific developer whose global portfolio includes 71 international projects and 75 million square feet of property, spent more than a year searching for a parcel that would offer a superior waterfront lifestyle with a marina in a pedestrian friendly neighborhood.

Una is being designed by the international architectural firm of Adrian Smith + Gordon Gill Architecture (AS+GG), best known for designing some of the world’s most extraordinary supertall skyscrapers, such as the Jeddah Tower in Jeddah, Saudi Arabia.

The Una tower will have a striking facade with clear modern lines and ribbon-like curves inspired by the sinuous teak decking on the iconic Riva yacht.

Expansive terraces will take advantage of the rare waterfront site, the first available on the market in decades, offering 180-degree sweeping vistas of Key Biscayne to the east, downtown Miami and Miami Beach to the north, Coconut Grove to the south, and Coral Gables and beyond to the west.

Ensuring a cohesive exterior and interior aesthetic, AS+GG will also spearhead the building’s interior design. A private bayside garden by the landscape architectural firm of Enzo Enea will further enhance the urban park setting.

Each of the 135 residences will feature private elevator entry, 10-foot-8-inch ceiling heights, chef’s kitchens with Gaggenau appliances, master suites with separate his-and-hers closets and bathrooms, and utility rooms with full-sized washers and dryers. The 10-foot-deep terraces will feature effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings to take advantage of the stunning views.

The Una tower will also include flow-through residences with east-to-west ocean and city exposures on the top floors and two penthouses with private pools.

Sales are set to commence this month and will be exclusively handled by Fortune Development Sales.

Number of units: 135
Price range: Prices from $900,000 to more than $5 million
Developer/Architect and designer: OKO Group led by real estate magnate Vladislav Doronin, along with partner international real estate investment firm Cain International led by Jonathan Goldstein/Adrian Smith + Gordon Gill Architecture.
Apartment sizes: Two- to five-bedroom units and two penthouses, ranging in size from 1,100 to 4,786 square feet
Amenities: A residents’ private marina for bayside excursions, three pools, a state-of-the-art fitness center with yoga and personal training areas, a spa influenced by the Aman aesthetic with indoor and outdoor private massage rooms overlooking the bay, a dedicated beauty suite for private services, private residents’ dining/party room, cinema, children’s splash pad area and playroom, owner’s lounge and outdoor lounge, and 24-hour concierge.
Website: Unaresidences.com (coming soon)

100 Las Olas, 100 East Las Olas Blvd., Fort Lauderdale

Located on East Las Olas Boulevard and SE 1st Avenue, this condo project by The Kolter Group will feature four distinct floor plans ranging from 1,501 to 2,964 square feet. There is also 8,500 square feet of retail space, fine dining and a Hyatt Centric hotel with 238 guest rooms, elevated private residential amenities and a ground level restaurant/bar with indoor and outdoor seating.

SB Architects designed the sleek steel and glass tower with curved geometric shapes. The interior design firm of Simeone Deary and Palm Beach interior designer Bob Martin designed the interiors. The condominiums will occupy levels 16 to 46.

The energy-efficient, fully finished residences feature contemporary open great rooms, gourmet kitchens and spa-like master retreats with expansive terraces. Owners will be able to choose kitchen and bath finishes from Nolte cabinets and quartz countertops, Jenn-Air Euro stainless steel built-in appliances, and Grohe and Kohler plumbing fixtures. The main living areas have premium large-format porcelain flooring and floor-to-ceiling windows as well as sliding glass doors and terraces with glass railings offering city skyline views.

OneWorld Properties is the exclusive sales and marketing firm for 100 Las Olas. Phase 2 sales launch this spring, with an expected opening in 2020.

Number of units: 121
Price range: $800,000 to more than $2 million, plus higher priced penthouses
Developer/Architect/Designer: Kolter Urban/SB Architects/Bob Martin of The Decorators Unlimited and Simeone Deary
Apartment sizes: Four floor plans ranging from 1,501 to 2,964 square feet; Two- to three-bedroom residences with dens.
Amenities: Resort-style pool, day cabanas, state-of-the-art fitness center, news lounge with daily beverage service, and club room with catering kitchen, bar, formal seating areas, custom audio system and expansive outdoor plaza.
Website: onehundredlasolas.com

OPUS Bay Harbor, 10301 East Bay Harbor Drive, Bay Harbor Islands

Located on the northern tip of Bay Harbor Islands, which are in Biscayne Bay just north of downtown Miami, OPUS Bay Harbor is a boutique eight-story condominium with full-floor residences. All of the units have four bedrooms plus a den, four full bathrooms and one partial bath, with interior square footage ranging from 4,225 to 5,279.

All of the units have wrap-around terraces with an additional terrace off the master bedroom. The apartments will have great sunrise views over the Atlantic Ocean and Biscayne Bay, and sunset views of downtown Miami.

Sales were to launch the first part of this month, with construction to commence during the summer of 2018, and completion by early 2020.

Number of units: 7
Price range: $4.436 million to $6.351 million
Developer/Architect: Congress Group/Bermello Ajamil and Partners Apartment sizes: From 4,225 to 5,279 square feet
Amenities: Private gym, rooftop garden and pool, concierge-attended private lobby, two-car parking inside a secure garage, and docks for residents’ boats.
Website: opusbayharbor.com

La Clara, 1515 South Flagler Drive, Palm Beach

Canadian builder and developer Great Gulf is introducing La Clara, its inaugural residential project in South Florida. Located on Flagler Drive in Palm Beach, this luxury tower will offer 84 residences that range in size from 1,460 square feet to more than 3,000 square feet.

The 25-story tower, with architecture and interiors by Hariri Pontarini Architects, will feature Intracoastal waterway and Atlantic Ocean views.

All of the residences feature deep private balconies facing southeast toward the water.

The soft launch for La Clara sales will begin in the Northeast, and by appointment in Palm Beach between April and September 2018.

Number of units: 84
Price range: $1.2 million to $3.8 million
Developer/Architect and interior designer: Great Gulf/Hariri Pontarini Architects
Apartment sizes: 1,400 square feet to more than 3,000 square feet
Amenities: 24/7 concierge and security desk, valet service, lobby lounge, outdoor swimming pool (ground level), outdoor lounge and dining area (adjacent to swimming pool), resident lounge and party room (with outdoor terrace), private dining room and kitchen, entertainment room/theater, fitness center, yoga studio, outdoor gardens.
Website: laclarapalmbeach.com

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Former Chubb insurance chief nabs condo at Jade Signature in Sunny Isles

March 28, 2018
Former Chubb insurance chief John Finnegan plunked down $7.8 million for a condo at Fortune International Group’s recently completed Jade Signature in Sunny Isles Beach.

Property records show Finnegan bought unit 4701 at the 57-story, 192-unit condo tower at 16901 Collins Avenue.

Finnegan, who lives in Wyckoff, New Jersey, was the chairman of the property and casualty insurer Chubb Corp. until it was acquired by ACE Limited in 2016 for $29.5 billion. Before joining Chubb in 2002, Finnegan was executive vice president of General Motors.

Jade Signature, designed by Herzog & de Meuron, began recording closings earlier this year. Fortune launched sales and construction of the oceanfront development in 2013 and the tower is now nearly sold out. It’s grand opening was held earlier this month.

Buyers include the CEO of UnitedHealth Group in Brazil and Brazilian soccer pro Douglas Costa. Remaining units include two-story sky villas and penthouses asking between $14.2 million to $32.9 million, plus units starting at $4.8 million.

The building also features a beachfront deck with two pools and cabanas; a fitness center, library, wine and reading lounges, and a full-service spa.

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Check Out The Stunning Drone Images Of The Newly Delivered, Herzog & De Meuron-Designed Jade Signature In Sunny Isles Beach

March 23, 2018
Following the grand opening of the iconic, Herzog & de Meuron-designed Jade Signature, Fortune International Group has released new imagery of the revolutionary, eco-conscious tower. Following years of anticipation since its 2013 groundbreaking, Jade Signature’s 192 residences are more than 95% sold and move-ins have begun.

The beauty of the newly completed Jade Signature reflects the top talents of a trio of the industry’s greatest collaborators including world-renowned Swiss architects Herzog & de Meuron, the visionaries behind the Tate Modern in London, 1111 Lincoln Road, and the Peréz Art Museum Miami; celebrated Miami landscape architectural firm Raymond Jungles Inc.; and Parisian interior design firm PYR, led by Pierre Yves-Rochon, who has gained international prestige for elegant interiors in top luxury residences, spas and hotels, including the Four Seasons George V in Paris, and The Savoy in London.

“Ana Cristina and I are thrilled to deliver this monumental building to our buyers, many of whom have eagerly followed the progression of the Jade brand, showing confidence in our vision by purchasing during the pre-construction phase,” said Edgardo Defortuna, President and CEO of Fortune International Group. “When you have this level of support behind you – from the creative team to the brokers and buyers – anything is possible.”

“Now that Jade Signature is complete, it gives us tremendous pride to be able to present the final product to our new homeowners from around the world,” added Ana Cristina Defortuna, Executive Vice President of Fortune International Group. “Jade Signature was a dream – and the result is breathtaking.”

Jade Signature has achieved a new standard of design by utilizing the natural environment in an eco-conscious manner. The tower’s expansive units are marked by flow-through-style floor plans, not only ensuring optimum ventilation, but enabling owners to cool their residences naturally year-round. An influx of sunlight is maximized across the grounds due to the building’s slightly angled position along the beach. A three-story underground parking garage eliminates the need for an unsightly pedestal and subsequently creates a seamless connection between the ground floor and the pool, as well as the deck, gardens, beach and ocean beyond. This unique structural design additionally allows for more landscaping and vegetation around the base of the property.

Resort-style amenities include a stunning beachfront deck with an organic, zero entry free-form swimming pool, secluded cabanas, a heated spa surrounded by nature, and a 25-meter lap pool. Private beach amenities include chaise lounges, umbrellas and an oceanfront restaurant with towel and beach service. Jade Signature also has a full-service spa for residents and guests, complete with a sauna, steam room, hammam, relaxation zone, and treatment rooms. Additional property amenities and services include a state-of-the-art fitness center, library and reading lounge, wine bar, clubroom, entertainment and game lounge, business center, playroom and tech lounge for children and teens, full-service concierge, private elevator entrances, and smart technology throughout.

Although nearly sold out, Jade Signature has a limited assemblage of residences remaining among the tower’s most luxurious units. Known as “The Collection,” the portfolio is a compilation of two-story Sky Villas and penthouses, ranging from $14.2 million to $32.9 million.

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Sky villa in new Sunny Isles Beach condo sells for $13M

March 27, 2018
A “sky villa” condo in the recently completed Jade Signature in Sunny Isles Beach sold for $13.3 million.

Sunny Isles Beach Associates, an affiliate of Miami-based developer Fortune International Group, sold Unit 5101 in the condo at 16901 Collins Ave. to IJ LLC, a Delaware-registered company with an address listed in Greenwich, Connecticut. According to the sales team, the two-story condo has 6,735 square feet of interior space and 1,161 square feet of outdoor living space.

The price for the interior space equated to $1,975 per square foot.

The sky villa features five bedrooms, six bathrooms, two half-bathrooms, a double-sized dining room, a gym, and an entertainment lounge. It has a 22-foot ceiling height and a 180-degree view of the ocean.

Designed by architect Herzog & De Meuron with interiors by Pierre Yves Rochon, Jade Signature has 192 units in 57 stories – tied for the tallest building in Sunny Isles Beach. Amenities at Jade Signature include a pool deck along the beach, a demonstration kitchen, a business center/conference room, a library, a health and wellness center with a sauna and steam room, a cold-pressed juice bar, massage rooms, a yoga deck, a fitness center, and spin and pilates studios.

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Fortune celebrates Jade Signature’s opening in Sunny Isles Beach

March 27, 2018
Fortune International Group celebrated the grand opening of Jade Signature with lavish hors d’oeuvres and dinner bars, a Japanese drum show, fireworks and a performance by Yoli Mayor of “America’s Got Talent.”

Edgardo and Ana Cristina Defortuna hosted more than 500 guests earlier this month at the luxury condo tower in Sunny Isles Beach. The Defortunas were joined by interior designer Pierre-Yves Rochon, Herzog & de Meuron partner Jason Frantzen, landscape architect Raymond Jungles, Carlos Mattos and others at the event on Friday, March 16.

The beachfront development, at 16901 Collins Avenue, began recording closings earlier this year. The 57-story, 192-unit tower was designed by Herzog & de Meuron with interiors by Rochon. Fortune launched sales and construction in 2013 and the tower is now nearly sold out. Buyers include the CEO of UnitedHealth Group in Brazil and Brazilian soccer pro Douglas Costa.

Remaining units include two-story sky villas and penthouses asking between $14.2 million to $32.9 million, plus units starting at $4.8 million.

The building also features a beachfront deck with two pools and cabanas; a fitness center, library, wine and reading lounges, and a full-service spa.

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Missoni Baia Kicks Off Miami Open With Exclusive Talk With Tennis Star Monica Puig

March 26, 2018
As part of its ongoing Missoni Baia panel series featuring insightful lectures and guest speakers, OKO Group kicked off the Miami Open with an exclusive discussion at the Missoni Baia sales gallery with Puerto Rican professional tennis player and reigning Olympic champion Monica Puig. The talk was moderated by Robert Gomez, a longtime junior’s tennis coach and director at Biltmore and Salvadore Park Tennis Centers, and focused on the benefits of living in Miami for those seeking a healthy and active lifestyle.

Local influencers, members of the media and real estate brokers alike enjoyed a cocktail reception amid a stunning Biscayne Bay backdrop, as they received personal insight from Puig on her rigorous training regimen. At the end of the evening, Puig surprised the crowd by revealing her gold medal, won for Puerto Rico at the 2016 Rio Olympics.

Well-received by athletes for promoting a healthy and active lifestyle, Missoni Baia recently announced an athlete buyer, World Cup soccer professional Miguel Borja. Borja who plays forward for the Brazilian club Sociedade Esportiva Palmeiras and is the fourth highest paid soccer player in Brazil, was crowned South America’s “Footballer of the Year” in 2016. In June, he will play for the Colombian national team at the upcoming FIFA World Cup in Russia.

When completed, Missoni Baia will feature an elevated tennis court and a wide range of health and wellness-focused amenities, including a 1,700-square-foot gym with 180 degrees Bay views, private training and yoga rooms, and Olympic-length lap pool.

Fortune Development Sales is the sales and marketing agent for Missoni Baia. For additional information on availability or to schedule an appointment, please contact the sales office at +1 305 800 7000 or visit missonibaia.com

ABOUT OKO GROUP

OKO Group is an international real estate development firm established by Chairman and CEO, Vladislav Doronin. OKO Group builds on the formidable expertise of Mr. Doronin, one of the most successful and respected international developers, and his peerless track record in constructing more than 75 million square feet of world-class commercial, retail and luxury residential space over a total of 71 buildings as Founder of Capital Group.

OKO Group brings not only considerable financial strength to the U.S. market, but also a passion for working with the very best architects and designers in the world, including Pritzker Prize–winning architect Zaha Hadid, the preeminent architecture firm Skidmore, Owings & Merrill, known for designing some of the world’s tallest towers, visionary Hani Rashid of Asymptote Architecture, acclaimed interior designer Iosa Ghini Associati, and the legendary designer Jacques Grange. OKO Group’s current U.S. portfolio includes prime properties and development projects in Miami and New York City. As owner and Chairman of Aman, one of the most admired hospitality brands in the world, Mr. Doronin’s global business portfolio spans across Europe, Asia and the U.S. More information about OKO Group is available at okogroup.com

ABOUT EDGEWATER MIAMI

Edgewater is a residential enclave nestled between Downtown Miami and the dynamic Design District and Wynwood Arts District. Edgewater offers close proximity to the artisanal shops and restaurants of Midtown Miami, the Adrienne Arsht Center for the Performing Arts, American Airlines Arena and Downtown Miami’s architectural landmarks, including the celebrated Pe?rez Art Museum Miami. It also offers easy access to Miami International Airport, which recently completed a $3 billion expansion. Missoni Baia’s advanced design will bring a new level of sophistication to one of Miami’s most increasingly desirable waterfront neighborhoods.

ABOUT MISSONI

Missoni is one of the leading and most distinctive fashion houses in the world. The Missoni style has evolved out of a long-standing collaboration between the husband and wife team of Ottavio and Rosita Missoni. Ottavio Missoni came to London in 1948 for the London Olympics, where he qualified for the final 400m hurdle race. While in London he met Rosita Jelmini, the granddaughter of a family of manufacturers from Golasecca, in Northern Italy. After marrying in 1953 they began making items of knitwear in a small workshop in the basement of their first home in Gallarate. Ottavio and Rosita’s path has been followed by their children and grandchildren, who today continue to keep alive the spirit of the Missoni style all over the world. Angela Missoni has been the creative director of the company since 1997 and is committed to infusing the family’s brand with new energy, confidently communicating trends and ideas. Under her direction, Missoni’s runway shows and communication continually make an authoritative, international statement. Luca Missoni, brother of Angela, is the Artistic Director of the Missoni Archive which he is developing into a project to promote and valorize the Company’s artistic and fashion heritage. More information about Missoni is available at missoni.com.

ABOUT ASYMPTOTE ARCHITECTURE

Asymptote Architecture, a partnership between Hani Rashid and Lise Anne Couture, has in recent years embarked on a number of ambitious and challenging projects around the globe. In each case the focus has been on creating exciting and compelling architectural works with an attention to advances in both the thinking and conceptualizing of new spatial, formal and technological possibilities. Recent works include two new projects for Moscow, a new Hermitage Museum for contemporary and modern art, and a new 150m tower being built on the ZIL property in central Moscow. Alongside these projects other notable works by Rashid and Couture include the Yas Marina Hotel on Abu Dhabi and the ARC Multimedia Museum in Daegu South Korea. Asymptote Architecture has offices in New York City and Vienna Austria.

Hani Rashid was endorsed by Mr. Doronin’s friend, the Pritzker Prize–winning architect Dame Zaha Hadid, when OKO Group was looking for an architect to work with for Missoni Baia.

More information about Asymptote Architecture is available at www.asymptote.net.

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La tenista Monica Puig invitada especial de Missoni Baia

March 26, 2018
El pasado 15 de Marzo, Missoni Baia invitó a Monica Puig para hablar de Miami, una próspera ciudad que ofrece un estilo de vida activo y saludable.

En un ambiente sereno y relajado, Monica se presentó amable y sonriente en la casa de ventas de Missoni Baia para hablar de sus entrenamientos y de su alimentación para el torneo Miami Open 2018.

En ésta ocasión el Moderador fue Robert Gómez entrenador de tenis del hotel Biltmore en Coral Gables y director de Salvadore Park Tennis Centers, quien ha dedicado gran parte de su carrera a promover el desarrollo y entrenamiento de jóvenes tenistas en el estado de Florida, entre ellos, Monica Puig quien fue su alumna desde los 14 años.

Monica, nació en Puerto Rico en 1993, comenzó a jugar tenis a la edad de 6 años, convirtiéndose en profesional en 2011 a los 18 años. A finales de 2017 obtuvo el rango final en el WTA Tour con el número 58.

Uno de sus mayores logros fue ganar medalla de oro en los Juegos Olímpicos del 2016 en Río de Janeiro. Monica asistió orgullosa al panel para mostrar su medalla y hablar de su histórica victoria donde se ganó los corazones de millones en todo el mundo. Su victoria en Río también la convirtió en la primer jugadora ganadora de la medalla de oro siendo la más jóven en el tenis femenino en la historia de los Juegos Olímpicos. Otro logro importante fue obtener la medalla de oro en los juegos centramericanos 2010 y 2014, la medalla de plata en los juegos panamericanos de 2011, y la medalla de bronce en los juegos panamericanos 2015 en Toronto.

También hablo de su fundación para ayudar a sus compatriotas en Puerto Rico. Después del huracán Irma comenzó su sitio “youCaring”,  el 100% de las donaciones se destinan a la reconstrucción de Puerto Rico. www.youcaring.com

Monica vive en Miami, Florida con su perro, Rio.

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Tim Arnold Appointed General Manager of Soon-to-Open Auberge Beach Residences & Spa Fort Lauderdale

March 25, 2018
Auberge Resorts Collection, owner and operator of award-winning small luxury resorts, residences and clubs,  has named Tim Arnold as General Manager of Auberge Beach Residences & Spa Fort Lauderdale. Drawing on more than a decade of experience in hospitality operations, Arnold will apply his expertise to deliver a full suite of lifestyle enhancing amenities and services to the new ultra-luxury beachfront condominium development. Anticipated to be the most refined high-rise and only on-the-sand luxury residential offering in Fort Lauderdale, Auberge Beach Residences & Spa will be home to 171 residences across two light-filled glass towers with a resort-like ambience and an unmatched level of casual sophistication.

“Tim’s exemplary background in hospitality management will prove invaluable to the unprecedented level of service that Auberge Beach Residences and Spa will provide its residents,” said Craig Reid, President and Chief Executive Officer of Auberge Resorts Collection. “Auberge Beach Residences will elevate the destination with its first-in-class extraordinary residential offerings and preeminent location, redefining the luxury real estate market in Fort Lauderdale.”

Committed to providing a customized, five-star experience, Arnold will lead all operations, including launching and maintaining the bespoke suite of amenities on property. Auberge Beach Residences & Spa will offer residents unique dining experiences created by highly skilled chefs, poolside cabanas and chaise lounges on the sand with stylish service, holistic treatments and signature therapies that utilize custom-blended Auberge products, a wine tasting salon featuring Auberge’s best Napa Valley selections, the first aboutGolf simulator of its kind in the State of Florida, along with a cigar lounge, state-of-the-art fitness center, club room, entertainment room, library and private business center.

Having worked in cosmopolitan cities such as New York, Miami and Chicago, Arnold excels in providing luxurious lifestyle experiences for residents. “Not only does Auberge Beach Residences and Spa bring the ultimate in luxury living to Fort Lauderdale’s most extraordinary beachfront property, but its exquisite service and modern amenities offer unique and memorable experiences to residents and guests,” said Arnold. “I look forward to representing Auberge Resorts Collection’s commitment to excellence and am thrilled to be part of the Auberge family.”

Arnold joins Auberge Beach Residences from El San Juan Hotel, a landmark hotel in the Isla Verde district of Puerto Rico, where he served as the Managing Director of Food & Beverage. Previously, Arnold managed all aspects of food and beverage operations at the American Airlines Arena in Miami. Earlier in his career, he served as Regional Director of Operations at China Grill Management, where he was responsible for all China Grill and Mondrian Hotel operations. He also served as Hotel Director at Canyon Ranch and Vice President at HEI Resorts and Hotels.

Developed by Related Group, Fortune International and Fairwinds Group, Auberge Beach Residences & Spa is setting a new standard for luxury living in Fort Lauderdale. In 2017, Auberge Beach Residences continued to set new price records in Broward County with a $9.5 million sale of the final residence within the penthouse collection. Currently, the property is 97% sold in the North Tower and 70% sold in the South Tower. Pricing ranges from $1,900,000 to $8,000,000.  The building is expected to welcome its first residents in Spring 2018.

For more information, visit: www.aubergebeach.com.

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Monica Puig at Missoni Baia event

March 23, 2018
Puerto Rican professional tennis player and reigning Olympic champion Monica Puig was at the Missoni Baia sales gallery recently, a new residential development in Miami featuring an array of health and wellness-focused amenities. She was giving an exclusive talk last week to guests on the benefits of living in Miami for those seeking a healthy and active lifestyle. At the end of the evening, Puig surprised the crowd by revealing the gold medal she won for Puerto Rico at the 2016 Rio Olympics.

View the full gallery here.

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Jade Signature Makes Its Debut With A Grand Opening Party In Sunny Isles Beach

March 23, 2018
Sunny Isles Beach‘s newest luxe resident—Jade Signature—has officially opened its doors, with an extravagant grand opening party to commemorate the monumental event. Over 500 guests enjoyed the evening, which included a performance by Yoli Mayor, a taiko drum show, a 25-person orchestra and an electrifying fireworks display, cascading over the Atlantic Ocean.

Three of the industry’s biggest players collaborated on this exquisite project, along with Fortune International Group, led by Edgardo and Ana Cristina Defortuna: Herzon & de Meuron—the Swiss architects who are globally recognized for the Tate Modern in London, 1111 Lincoln Road and the Perez Art Museum Miami (PAMM); Raymond Jungles Inc.—a landscape architectural firm based in Miami; and PYR—a Paris-based, interior design firm led by Pierre Yves-Rochon, responsible for world-renowned projects including the Savoy in London, the Four Seasons George V in Paris and the current renovation of the Waldorf Astoria in New York.

Several significant figures were in attendance for the event, including Edgardo and Ana Cristina Defortuna; Pierre-Yves Rochon from Paris; Jason Franzen—a partner of Herzog & de Meuronfrom Basel; Raymond Jungles; Vice Mayor of City of Sunny Isles Beach Dana Goldman; Sunny Isles Beach Commissioners Larisa Svechin and Jeanette Gatto; Chief Financial Officer of OKO Group, Fran Scola; President and CEO of the Fairwinds Group Andy Mitchell; Managing Director of Multiplan Real Estate Asset Management Marcelo Kingston; and business executive Carlos Mattos.

“Ana Cristina and I are thrilled to deliver this monumental building to our buyers, many of whom have eagerly followed the progression of the Jade brand, showing confidence in our vision by purchasing during the pre-construction phase,” began Edgardo Defortuna, President and CEO of Fortune International Group. “When you have this level of support behind you – from the creative team to the brokers and buyers – anything is possible.”

Jade Signature has masterfully married the highest standard of excellence, in terms of innovation and design, with the gorgeous, natural environment that Sunny Isles Beach provides, in an eco-conscious fashion. For instance, each of its units has a “flow-through-style floor plan” to ensure the best ventilation and allowing residents to reach an optimum, cool temperature naturally—without the use of an air conditioning unit— throughout the year. The building’s angular position and structural design also maximizes the amount of natural sunlight that beams through its grounds and allows for gorgeous landscaping and vegetation, while an underground parking garage with three stories—some 40 feet below sea level—is both discreet and functional.

Almost all of Jade Signature’s 192 residences are sold (95%, to be exact), which is not only a testament to its gorgeous architectural design, but also to the Defortunas, who are responsible for building some of Miami’s most iconic residential buildings over the past 30 years. The units that remain include three-to-five-bedroom residences, beginning at around 3,300 square feet and $4.8 million, as well as some of the building’s most luxurious offerings as part of “The Collection,” which includes two-story Sky Villas and penthouses, ranging from $14.2 to $32.9 million.

“Now that Jade Signature is complete, it gives us tremendous pride to be able to present the final product to our new homeowners from around the world,” noted Ana Cristina Defortuna, Executive Vice President of Fortune International Group. “Jade Signature was a dream – and the result is breathtaking.”

The high-end, resort-style building amenities include a beachfront deck, “an organic, zero entry free-form swimming pool, secluded cabanas, a heated spa surrounded by nature…a 25-meter lap pool,” a full-service spa (both for residents and guests) with a sauna, steam room, hammam, relaxation zone and treatment rooms, as well as a fitness center, library, reading lounge, wine bar, clubroom, entertainment and game lounge, business center, playroom, tech lounge, full-service concierge, smart technology and private elevator entrances. Residents also have private beach access, with amenities such as chaise lounge chairs, umbrellas, an oceanfront restaurant and towel service.

For more information, please visit the Jade Signature website.

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52-Story Ritz Carlton Residences Sunny Isles Passes Halfway Mark, Selling One Unit Per Week

March 22, 2018
Construction progress at The Ritz-Carlton Residences, Sunny Isles Beach has passed the halfway mark, with level 28 of 52 now poured.

In total, seven units worth $24 million were sold in a recent 45 day span, an average of one unit per week.

THE RITZ-CARLTON RESIDENCES, SUNNY ISLES BEACH IS MORE THAN HALFWAY COMPLETE AFTER SURPASSING PIVOTAL BENCHMARK

Construction of the landmark luxury project has extended past the 28th floor,

with the tower’s completion anticipated for 2019

SUNNY ISLES BEACH, FL – The skyline of Sunny Isles Beach continues to transform with the ongoing rise of The Ritz-Carlton Residences, Sunny Isles Beach. Construction of the ultra-high-end oceanfront tower has surpassed the midway milestone point, signifying that the building is on-schedule for next year’s projected delivery date.

The tower, which is the first building north of Bal Harbour, is now up to 28 of 52 full stories, with a majority of glass cladding securely in place. Adding to the momentum, the property’s joint developers, Fortune International Group and Château Group, have reported a recent string of back-to-back sales: Seven units totaling $24 million went under contract over the course of a 45-day period — an average of roughly one sale per week.

Featuring 250 feet of pristine beachfront with no hotel on the premises, The Residences is considered to be one of the most highly anticipated projects to enter South Florida’s prime property market, and a transformative addition to the immediate area’s flourishing luxury sector.

In conjunction with announcing news about the tower’s rise and subsequent success, the developers unveiled fresh aerial footage of the building, illustrating its ascent past the halfway mark. The signature curvilinear silhouette of The Ritz-Carlton Residences, Sunny Isles Beach, crafted by Arquitectonica, has clearly taken shape – a design inspired by the tower’s prime location overlooking the Atlantic Ocean and Intracoastal Waterway, as well as the rolling dunes of the adjacent beach. Airy and sunlit interiors by acclaimed Florentine architect Michele Bönan will complement the unique exterior, blending the spirit of modern day Miami with its rich architectural past.

“This is a celebratory moment for our team,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We are just steps closer toward delivering this spectacular offering to our buyers worldwide who are excited to call these stunning oceanfront residences their home.”

“We expect that this tower will elevate the standard for luxury real estate,” said Manuel Grosskopf, CEO of Château Group. “We have utilized the most innovative technology and craftsman-style techniques to create a product that is truly distinct – one that will ultimately be an icon on the coastline.”

Comprising 212 residences, The Ritz-Carlton Residences, Sunny Isles Beach will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Residences start at $2.6 million, with penthouses offered upwards of $25 million. Additional highlights in each residence will include walk-in closets, laundry rooms with full-size washers and dryers, smart home technology and pre-wiring for high-speed internet access and Wi-Fi. Penthouses will feature lush garden terraces spanning 2,000 sq. ft. – 4,000 sq. ft., private pools and summer kitchens, custom-designed Italian cabinetry and well-appointed master suites with separate service quarters.

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Exterior Of Newly Complete 649-Foot Jade Signature In Sunny Isles Beach

March 22, 2018
The 57-story Jade Signature in Sunny Isles Beach took nearly five years to build (groundbreaking took place in July 2013).

Here is a first look at the exterior of the building, designed by Pritzker Prize-winning architect Herzog & de Meuron.

Click here to view the gallery on The Next Miami.

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The Ritz-Carlton Residences, Sunny Isles Beach Passes Halfway Point With Expected Completion 2019

March 22, 2018
Construction of The Ritz-Carlton Residences, Sunny Isles Beach is flying right along as construction teams have passed the halfway point, 28th floor of 52 stories. The ultra-high-end oceanfront tower is on-schedule for next year’s projected delivery date (2019). Co-developers Fortune International Group and Château Group have reported a recent string of sales of  seven units totaling $24 million going under contract over the course of a 45-day period, an average of roughly one sale per week.

“This is a celebratory moment for our team,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We are just steps closer toward delivering this spectacular offering to our buyers worldwide who are excited to call these stunning oceanfront residences their home.”

“We expect that this tower will elevate the standard for luxury real estate,” said Manuel Grosskopf, CEO of Château Group. “We have utilized the most innovative technology and craftsman-style techniques to create a product that is truly distinct – one that will ultimately be an icon on the coastline.”

The Ritz-Carlton Residences, Sunny Isles Beach will rise 52-stories and feature 212 residential condo units. The tower, with its signature curvilinear silhouette, is designed by Arquitectonica, while interiors, inspired by South Beach’s 1960s heyday, have been crafted by acclaimed Florentine architect Michele Bönan. Residences range from $2.6 million to $5.2 million, with penthouses offered upwards of $25 million. Amenities include a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Construction has completed their foundation pour and has begun vertical rise. The building is slated for delivery in 2019.

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Ritz-Carlton Residences Sunny Isles Beach, La Próxima Insignia Arquitectónica De Miami

March 22, 2018
Ubicada en el corazón de la magnífica Sunny Isles Beach, The Ritz-Carlton Residences, Sunny Isles Beach, se elevará entre el prestigioso Bal Harbor Shops y el fabuloso Aventura Mall, en una imponente torre de 52 pisos dispuesta directamente frente a la playa. Un lugar donde el lujo sin precedentes, y un espléndido diseño y arquitectura, se complementarán con un escenario que acercará a sus propietarios a toda la emoción, la cultura y la belleza del Sur de la Florida.

El proyecto llega de la mano de Château Group y Fortune International Group, grandes líderes en el desarrollo de bienes raíces de lujo en la región. Una vez terminada su construcción en el 2019, The Ritz-Carlton Hotel Co. administrará la propiedad, brindándole a los residentes el servicio, la calidad y el toque personal ya legendarios y sinónimos de esta célebre marca.

“Este proyecto marcará un hito en la construcción en Sunny Isles Beach. Estamos hablando de una magnífica torre de 649 pies (197.8 metros) construida directamente en un frente de playa de 250 pies (76 m), en una propiedad de 2.2 acres”, comenta Edgardo Defortuna, presidente y fundador de Fortune International Group. “Contamos con un diseño espectacular, con exuberantes jardines diseñados por Arquitectonica GEO. Tan sólo el impresionante lobby de doble altura con un panel de cristal de cuatro pisos, con vista a la piscina y a la playa, es en sí una obra de arte”.

Ritz-Carlton Residences, Sunny Isles Beach, contará con 212 residencias desde los 1,605 pies2 a 3,640 pies2 (149 m2 -338 m2), y penthouses de hasta 6,320 pies2 (587 m2), con interiores creación del reconocido diseñador Michele Bönan. Los espaciosos pisos con envidiables vistas al océano, la ciudad y la autopista Intracoastal, tendrán techos de 10 pies de altura (3.5 metros), que en los penthouses ascenderán a más de 13 pies (4.6 metros). Las cocinas diseñadas poseen gabinetes italianos, mesadas de piedra, electrodomésticos europeos, cava de vinos y cafetera gourmet para capuchino, entre otros elementos. Todos los apartamentos tienen acceso a Wi-Fi de alta velocidad y poseen amplísimas terrazas, con piscinas privadas en residencias selectas.

Además de comodidades como el acceso directo a la playa, con sombrillas y camastros, restaurante con servicio a la piscina y a la playa, club para niños con instalaciones de juegos bajo techo y al aire libre y un moderno gimnasio frente al océano, también nos destacamos por nuestro Club Privado”, comenta Manuel Grosskopf, presidente de Château Group. “El club ubicado en el piso 33, goza de interminables vistas en todas las direcciones, además de sala de medios, lounge, dos áreas de bar, área de comida privada con cocina de alimentos preparados, centro de negocios y biblioteca”.

Entre los servicios de primera que podrán aprovechar los residentes de esta lujosa propiedad, a cargo de The Ritz-Carlton Hotel Co., habrá valet parking, conserjería y lobby atendido las 24 horas los 7 días de la semana; servicios de limpieza y lavandería; limusina y chofer; cocinero personal; paseo de perros; alquiler de botes y yates; mensajería; niñera y cuidado de niños; servicio de entrenamiento físico personal; compra de alimentos; programa para propietarios ausentes; reservas en líneas aéreas y aviones privados; reservas en restaurantes y centros de diversión nocturna; reservas en spas y salones de belleza, reservas en teatros y centros de diversión; reservas de campos de golf; pedidos de arreglos florales; mantenimiento de plantas; servicio de entrega al día siguiente; entrega de periódicos, entrega y envío de paquetes por correo; servicios secretariales y de notario público; gestiones para la celebración de actividades; información para hacer compras; reservas de hoteles; servicios de despertador; preparaciones y compras previas a la llegada; planificación de funciones y eventos; gestiones para el alquiler de equipos; lavandería y tintorería; servicios de costura y retoques de prendas de vestir; servicios técnicos; y comidas y catering en las residencias.

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Inside Jade Signature’s Grand Opening Soirée

March 22, 2018
More than 500 attendees from across the globe, notable in real estate, design, architecture, the arts, etc., converged in Sunny Isles Beach to commemorate the highly-anticipated opening of Miami’s most architecturally extraordinary oceanfront address: Jade Signature. Developed by Fortune International Group and created by Herzog & de Meuron, hundreds were in attendance to celebrate the official opening of the tower, which has been a hot-spot for luxury buyers worldwide

The celebration, which took place Friday, March 16, treated guest to an array of festivities, including a performance by Yoli Mayor of “America’s Got Talent” fame, 25-person orchestra, booming taiko drummers, and a heart-pounding fireworks show over the Atlantic Ocean.

VIPs in attendance included developers Edgardo and Ana Cristina Defortuna; interior designer Pierre-Yves Rochon from Paris, France; Jason Frantzen, partner with Herzog & de Meuron from Basel, Switzerland; Miami-based landscape architect Raymond Jungles; City of Sunny Isles Beach Vice Mayor Dana Goldman; Sunny Isles Beach Commissioner Larisa Svechin; Sunny Isles Beach Commissioner Jeanette Gatto; business executive Carlos Mattos; Fran Scola, Chief Financial Officer of OKO Group; Andy Mitchell, President and CEO of The Fairwinds Group; and Marcelo Kingston, Managing Director of Multiplan Real Estate Asset Management.

“Being surrounded by our collaborators, colleagues, clients, family and friends for this long-awaited celebration was an amazing honor,” said Edgardo Defortuna.  “We have worked tirelessly to bring this property to the market.  Seeing Jade Signature completed — along with the tremendous praise by our buyers — gives me an enormous sense of pride.”

Jade Signature was developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, designed by the Pritzker-Prize winning architecture firm Herzog & de Meuron, in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles, and financing provided by HSBC. Sales and construction began in 2013. 95%+ of the 192 residences have been purchased by an array of buyers spanning the U.S., Latin America and Europe.

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Panorama Tower Soars Over Miami as Florida’s Tallest Building

March 22, 2018
Miami’s new Panorama Tower developed by Florida East Coast Realty is shaping up to be the tallest structure in Florida and the tallest residential building south of New York.

The building, which is 868 feet and 85 stories tall, houses 821 luxury rental apartments, a Hyatt Centric boutique hotel, retail tenants and office spaces. Jerry Hollo, executive vice president of Florida East Coast Realty, says the tower was designed to house an assortment of amenities so residents would have access to everything they need inside the building.

“We like to say we want to make the project addictive to the people who live there, meaning we want them to want to be there as much as possible,” says Hollo. “If they want to have an office downstairs, they can have an office downstairs and be able to go right back up to their apartment. If they want to go down and have something to eat, we have restaurants and cafés there.”

Amenities available to Panorama Tower residents include a children’s playroom, soundproof music studio, pet spa and hotel, social lounges, private dining, wine rooms and a high tech distribution antenna system meant to boost cellular signals. Residents also have access to three cinemas—two are traditionally built with stadium seating while one is casually designed. Hollo says the casual cinema includes a bar, making it ideal for hosting parties, watching games and screening television premieres.

He adds that the building features fitness and spa amenities, as well as breakout rooms for yoga, Pilates and other classes. Fitness classes will be available during peak hours, but residents can utilize on-demand video classes during off-hours.

The residence also boasts three pools: An active swim area, a passive pool and a children’s splash area. Casual dining and bar service will be available on the pool deck, but residents don’t have to travel to the deck to enjoy sweeping views of Biscayne Bay.

“We were trying to design something that took the most benefit of its location and the views,” Hollo notes. “Because of the way the shoreline just south of us sort of turns to the west, we think about 80 to 85% of our units will have some water views, with most of them having direct water views.”

In addition to its proximity to Biscayne Bay, Panorama Tower is also located close to the new Brickell City Centre. Hollo says the neighborhood puts residents within walking distance of a variety of restaurants and shopping opportunities, and public transportation is easily accessible for destinations located further away. For residents who want to dine closer to home, there are restaurants located on the building’s ground floor and an upscale restaurant boasting city views on the tower’s 52 floor.

“It’s a very dynamic area to live in,” Hollo says. “It affords people the ability to access cultural, sporting, restaurant and retail opportunities without having to jump in a car. And we believe that you wouldn’t even have to leave our project because we offer all the amenities and all the abilities to live, work and play within our development.”

In addition to the accessibility, Hollo adds that the spacious living units and the overall condominium experience make this rental development unique.

“We feel that people want to live in a more spacious unit, and we’ve created that for those people,” he says. “We’ve designed these units to be more like a condominium. We have very spacious bedrooms [and] very spacious living areas.”

The building is slated to open April 2.

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Mónica Puig: “Quiero conquistar el oro en los Centroamericanos”

March 20, 2018
La tenista puertorriqueña, campeona de los Juegos Olímpicos de Río de Janeiro 2016, habla en Deportes W sobre las olimpiadas, el Miami Open y sus metas para el 2018.

Haga clic aquí para escuchar la entrevista.

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New projects adorn Biscayne Bay at Edgewater

March 20, 2018
New projects adorn Biscayne Bay at Edgewater. As six developments take a step toward completion, some locals wonder when more goods and services will also follow the real estate boom into the area.

Jaret Turkell understands the growing appeal with the area. Mr. Turkell, the managing director at Holliday Fenoglio Fowler, said, “Location-wise it’s closest to some of the hottest neighborhoods in Miami. Point two is the sweeping wide bay views.”

Current developments include:

νThe recently completed 2500 Biscayne, by 2500 Biscayne Property LLC, offers 166 units for rent. The building features 19 floors, 271 parking spaces, and a preserved ground floor retail component constructed during the 1920s. The retail portion once connected to the Wolpert Apartments. Iris Escarra, shareholder and co-chair of the Land Development Group of Greenberg Traurig, said, “It’s in the process right now of filling in. They got their certificate of occupancy so they’re now moving in the tenants.”

νAria on the Bay at 1770 N Bayshore Dr. is to begin closings in the next 30 to 45 days. Nicolás Bárbara, the sales director for the condo at Cervera Real Estate, says 90% of the 648 units are sold, including four commercial spaces. Regular units range from 813 to 2,362 square feet. Developer Melo Group hopes to sell the remaining 70 units this year. Price tags dip as low as $400,000 for one bedrooms and rise to $1.8 million for three bedrooms.

νLuxury condo Elysee at 788 NE 23rd St. offers 100 units, 50 of which are sold. Two Roads Development plans to complete the project in 2019. The three- to five-bedroom units spread across 57 floors, start at $1.5 million.

νMill Creek Residential expects to complete its market-rate rental building by December. Ryan Bailine, shareholder at Greenberg Traurig, said, “Mill Creek and their partners saw the opportunity to get in at the ground level in one of the many emerging neighborhoods in Miami and Edgewater provided an attractive opportunity.”

νModera Edgewater 25, currently undergoing construction at 455 NE 24th St., offers 297 units spread across eight stories accompanied by a 417-vehicle garage.

νDevelopers for Missoni Baia at 777 NE 26th Terr. expect to complete construction by fall 2020. Developers OKO Group LLC, OB Group, and Cain International plan to include 249 units of one to four bedrooms at prices ranging from $550,000 to $3.5 million. Condo units vary from 1,100 to over 3,000 square feet at $650 per square foot. Workers broke ground in October and now the project moves skyward. Edgardo Defortuna, president and CEO of Fortune International Group, said: “We’ve very happy with the sales process and construction progress.”

νParaiso District features several luxury condo buildings, Paraiso Bayviews, Paraiso Bay, One Paraiso and Gran Paraiso, and Paraiso Bay Homes, eight townhomes at 600 NE 31st St. Paraiso Bayviews offers 345 units, 13 of which are still on the market. Paraiso Bay consists of 317 units, all sold. One Paraiso sold the remaining 276 units within the past 45 days. Gran Paraiso offers 317 units with fewer than 30 remaining. Listing prices range from $600,000 for a one-bedroom with a den to a unit with four bedrooms at $1.6 million.

One of the eight townhomes of Paraiso Bay Homes remains available. The homes face the water, Michael Schwartz’s Amara restaurant, and a soon-to-debut public park. The park will replace the current sales office on site.

Carlos Rosso, president of the condo division at Related Group, said, “It gives that sort of neighborhood scale.”

Chef and owner of Amara Mr. Schwartz sees reservations climbing and remaining steady. At one point, his restaurant seated 400 per night, spacing out reservations every 15 to 20 minutes so as to not overwhelm his staff. He said, “Business has been great. As the word starts to get out that this exists and when residents move in, we expect it to just be busier and busier.”

Newly completed projects experience continued interest. Karen Elmir, CEO of Elmir Group with Cervera Real Estate, sees such attention at Biscayne Beach Residences. The condo building sits at 2900 NE Seventh Ave. All the resale units range from $400,000 for a one-bedroom to $2.5 million for four bedrooms; the two penthouses, providing two floors, a private elevator and a pool, sell for $9.4 million and $10.5 million for over 10,000 square feet.

She says one big draw is the location central to the trendier neighborhoods and the access to the MacArthur Causeway.

Despite an injection of new real estate projects, neighborhood attention often shifts to the lack of goods and services.

One proposed addition includes a bayfront walkway. Mr. Rosso continues to push for such a vision with the Biscayne Line project, spanning Northeast 36th Street to Museum Park.

Mr. Rosso said, “There’s a misconception that private access to the water makes it more valuable. But when you go to places like Central Park or Ipanema in Rio de Janeiro what makes it more valuable is that people are walking in front of the buildings, look back, and say, ‘Wow, I wish I could live here.’”

Commissioner Ken Russell supports the plan. In a statement, Mr. Russell wrote: “I sponsored an ordinance that would allow the city to obtain an easement and construct the Baywalk in advance of any redevelopment on these properties, and to obtain a reimbursement from the property owner when the land is redeveloped in the future.” The city commission didn’t approve his offering, but Mr. Russell said he hopes to propose more legislation on the matter.

Besides a Baywalk, Madeleine Romanello, broker associate at Compass, says the area also needs large workspaces, another supermarket and a public school that can sustain the area’s current growth.

President of Biscayne Neighborhoods Association Andres Althabe agrees that a public school is critical to maintaining the influx of growth. “We have been in conversation with the school board trying to open other options for public schools that are not just charter,” he said. Some money is promised for a new site, he said, but the process is not moving fast enough. “I know people who are moving to other neighborhoods like Coral Gables because of schools. To keep this real estate cycle going, we have to give them school options.”

One small step might make a difference. Alicia Cervera, managing partner at Cervera Real Estate, said, “The east Edgewater neighborhood is transforming hugely from what was a single-family home neighborhood to a high-rise vertical community with very high-end residences. That has to be supported by good zoning guidelines and enforcement of ordinances that allow for clean, healthy living.”

Maintaining the area’s large population of ducks may be one place to start, Ms. Cervera said. “This is a neighborhood filled with ducks, which can be turned into something positive. As Coconut Grove has the peacocks, maybe there needs to be a duck patrol.”

Other needs and services are waiting to be met, such as a local library. Director of the Miami-Dade Public Library system Ray Baker said, “I wouldn’t say we have the budget to have a library in every growing neighborhood of the entire county. Any opportunities where a developer or someone is offering very low-cost space or even free space is something that would help us along in terms of being able to start planning a new service point.”

Taylor Collins, managing partner at Two Roads Development, remains hopeful. “What’s funny about real estate development is commercial always follows residential,” he said. “If you want new commercial, the residential has to go in, then the restaurants and stuff like that.”

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Plotting the future of Miami’s skyline

March 20, 2018

With more than four years’ supply of luxury condos for sale, it’s plain to most people in the real estate community that the market does not need any more condo projects. Developers have no choice but to hope their existing projects inch closer to selling out while they toil away on plans designed for a better market in the future. Many are now plotting the next batch of supertall towers to grace Miami’s skyline by hiring top architects and attorneys, surveying industry leaders on their plans and assembling their sales and marketing teams, insiders told The Real Deal. They just have to wait out the cycle’s end before they launch.

In one example, Carlos Ott — a Uruguayan architect who worked on Echo Brickell, Jade Beach and Jade Ocean — has been hired along with Miami-based Sieger Suarez Architects to design a luxury condo tower at 300 Biscayne Boulevard, Property Markets Group (PMG) principal Ryan Shear said.

The skyscraper, designed as a stack of glass cubes, would be the tallest in Miami at 1,049 feet, renderings show. Plans for the property, which the company acquired for $80 million in 2014, include a 94-story condominium with 640 units and a luxury hotel with a wellness-focused spa. 

The project could be ready to launch in as little as two months, according to Shear — but that’s not happening. “We need a good cycle to launch projects like that. The worst thing in my opinion you could do is try to swim upstream,” Shear said, adding that he expects developers to start launching new developments again by 2019 or 2020.

The development is one of many scattered throughout Miami that won’t make it in this real estate cycle, but is poised to change the city’s landscape during the next one.

Another such project is The Towers by Foster + Partners, a pair of connected high rises planned for 1201 Brickell Bay Drive, about a mile south of 300 Biscayne, just over the Brickell Bridge. The developers — Florida East Coast Realty, Corigin Real Estate Group and McCourt Global Properties — met with top brokers last year seeking feedback on the plans, which now call for 660 residential units.

Sources say the waterfront development will be built as condos, but a launch date hasn’t been determined.

The Related Group, too, is expected to relaunch at least two large-scale condo projects in Miami during the next cycle: 444 Brickell Avenue and 1400 Biscayne Boulevard. Both are luxury condos that will be built in three phases. The only certainty regarding a launch date for either project is that now is not the time.

“We are looking for signs. Right now it’s not the right time to launch,” Carlos Rosso, president of the condominium division, said.

Slow sales led the developer to cancel its Auberge Residences & Spa Miami project planned for the site at 1400 Biscayne — shutting down the 290-unit tower’s sales center and returning buyers’ deposits by early 2017 — less than a year after launching. That cancellation in particular was a key indicator that the market had reached a critical point in the cycle, insiders said.

Devil-may-care developers

While some are waiting to start projects two to three years in the future, there are a handful of others fearlessly forging ahead today — though it should be noted that in those cases, ample coffers certainly helped. In March, two new projects launched sales. OKO Group, led by Vlad Doronin, began sales for Una, a 47-story, 135-unit luxury condo tower at 175 Southeast 25th Road, with an architect and sales team in place. The developer, who has the financial backing to move forward, is planning to complete the building by 2021. That’s when some say the next cycle will begin.

Over on Fisher Island, developer Heinrich von Hanau just launched sales for a project he already started building. Palazzo Della Luna, a 10-story, 50-unit building, is expected to open next summer. 

Some of the most high-profile projects where sales and construction are underway may continue to sell and build into the next cycle — a costly move that could pay off if their completions are timed correctly. They include One River Point along the Miami River and the Estates at Acqualina in Sunny Isles Beach.

KAR Properties’ Shahab Karmely launched One River Point, a twin-tower, 60-story, 386-unit luxury condo development connected by a “Sky Club,” in 2015 — at the same time that the Estates at Acqualina launched. Sales have been slow at One River Point, which also faces challenges by having a not-so-concrete timeline. “Our sales are chugging along,” Karmely said. But “they’re not as strong as I would like them to be.”

Jay Parker, CEO of Douglas Elliman Florida, acknowledged that the lack of a timeline is “a very significant concern” among buyers. “People want to know how long it’s going to take. That’s why you see a lot of developers taking a lot of risk,” he added.

Site work at One River Point is now underway, and the developer expects to pour the foundation by the end of 2018. Despite launching later in the cycle, Karmely, too, has deep pockets he can rely on. His silent partner is Daniel Loeb, the billionaire investor who runs Third Point, one of the world’s most prominent activist hedge funds.

“You can only wait so long before you say, ‘Oh, shit. I waited too long.’ In life, you’ve got to jump in and swim,” Karmely said.

Others are making conservative moves aimed at mitigating any potential losses.

“The best approach a developer could take is [to] look back at history,” said Peter Zalewski, founder of CraneSpotters and Condo Vultures Realty, databases that track the preconstruction condo market and distressed opportunities, respectively. He pointed to the St. Regis Bal Harbour as an example of a profitable slow-and-steady approach. “They built very slowly and were able to deliver right as the market was returning.”

At Brickell City Centre, Swire Properties still has about 150 unsold condos at Reach and Rise and won’t launch sales for phase two until those units are sold.

Nevertheless, Swire is preparing for the second phase, which is slated to be a vertically stacked equivalent of phase one. The development firm also recently announced a partnership with Colombian businessman Carlos Mattos to build a residential project on a site immediately north and west of Brickell City Centre. Development marketers are eager to bid on the new business.

Securing new sites

As a cycle is ending, developers typically focus on looking for land they can develop in the next cycle while getting approvals for plans on the sites they already own. But, given the specifics of today’s market, there are a few flaws in that plan.

Inigo Ardid, co-president of Key International, said land prices are still too high for such moves. “The value of land is how much you can build on it. If the market’s not there, it should get a corresponding discount,” he said. “Right now, it’s not.”

Ardid — whose company recently delivered the 389-unit 1010 Brickell and will soon complete The Harbour, a 425-unit project in North Miami Beach — is looking to buy land, “but it’s going to take a little bit of time for the market to come back. People have to price land correctly,” he said.

PMG recently closed on a site at 400 Biscayne Boulevard, where the developer will build apartments and condos. That deal, a $55 million purchase, was about two years in the making. “Pricing is tough right now,” PMG’s Shear said, adding that there’s a big gap between sellers’ perceptions and the reality of today’s market.

Shear points to a 26,600-square-foot development site at 200 Southwest Eighth Street in Brickell as an example. The corner property recently hit the market for about $19.4 million. It could be built into a 122-unit residential tower or a 244-key hotel, plus retail, according to Alfonso Jaramillo of Fortune International Realty, who is marketing the property. PMG looked at the site, but Shear said it was too expensive.

Prospecting continues nonetheless. Related has a couple of sites it’s eyeing for development, Rosso said, declining to identify where they’re located. Louis Birdman of One Thousand Museum said he and his partners own a site in Broward County that they’re considering for a project, but he did not disclose more information. 

“If I were developing in Miami, I would think long and hard about launching now,” said Elliman’s Parker.

A cloudy ending to the cycle

The end of the cycle isn’t such a terrible place to be today  compared to the crash-and-burn ending in 2008. Some hard-earned lessons from that time ensured that today, fewer buyers have walked away from their units — the 50 percent deposit structure is largely responsible for that — and fewer projects have been canceled.

Shear believes the cycle ended a year ago, when sales slowed dramatically in South Florida. But now, he said, “we’re in a gap period, closer to the next cycle than we are to the end of this cycle.”

He’ll begin closings at Muse Residences in April with more than 80 percent sold. The luxury condo tower in Sunny Isles Beach has about 12 remaining units from a total of 64, he said. But last year, PMG sold only eight units at Muse. Most sold in 2015, when pre-construction condo sales in Miami peaked.

Pricing hit a high in 2016, which certainly didn’t help with sales, brokers said. While developers are hoping 2017 was the worst of it, that’s probably not the case. Once construction is for the most part over, developers will be stuck with unsold inventory and the carrying costs that come with those units. Buyers (including a number of investors) will also try to flip their units, flooding the market with even more inventory, Zalewski said.

“When the last crane comes down, that’s when the game is on because the clock is ticking,” he added. 

Related, which took the number one spot in TRD’s 2017 ranking of top South Florida condo developers, is delivering nine condo buildings this year and another four next year. Most, including Hyde Midtown, SLS Lux and the Paraiso complex in Edgewater, are nearly sold out, the company said.

Timing the market

If developers are getting their next-cycle plans together now, the question is, when should they pounce?

Before a new cycle begins, a few things have to happen. Rents will fall thanks to an oversupply of condos on the rental market. Resale inventory needs to decline — quickly — so that demand and prices will rise. 

“This is a hard market to predict. I don’t think anyone in their right mind thought the market was going to come back as strong as it did as long as it did,” Ardid said.

International Sales Group tracks pre-construction sales of projects east of I-95 in Miami-Dade and Broward counties, and found that of all the new inventory put on the market since 2012, 83 percent has been sold or pre-sold. ISG principal Craig Studnicky is especially optimistic, predicting that most of the remaining inventory will be absorbed this year, giving birth to the next cycle.

However, his prediction seems extremely unlikely, if not impossible — a recent report found that Miami-Dade has four years of existing luxury condo inventory. And a CraneSpotters analysis of new condo sales finds that there’s more than six years’ of supply in downtown Miami. In the county, nearly 2,800 units asking at least $1 million are on the market, according to Condo Vultures Realty. In 2017, 681 luxury units sold in the county, meaning an absorption rate of about 57 units a month, according to the Condo Vultures report. That’s not including the pipeline of new development.

“This is really like what 2011 was. It was pretty obvious we were nearing the end of selling the remaining inventory from the financial crisis of 2008, 2009,” Studnicky said.

KAR Properties’ Karmely doesn’t believe the market will come back as strong as it did at the start of this cycle. “Do I think it’s going to take longer for projects launched in the last two years to sell out? Yes, of course,” he said.

Once the demand is back and developers determine that they can sell new construction at a roughly 35 percent premium, they’ll launch new projects, he said.

Zalewski, who recently joined a private equity firm, Brickell Ventures, which is focused on buying bulk condo deals at discounts, expects the next cycle won’t begin until late 2021 or 2022. 

Everyone — developers, brokers and agents — are still optimistic, hoping the market will turn around, he added.

At the same time, they’re getting their approvals and teams in place to be in the right position “once we get out of the correction,” Zalewski said, referring to projects like Magic City and Design Place in Little Haiti. “They’re in early for the next cycle but way too late for this cycle.”

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Fortune International Group Celebrates Grand Opening of Jade Signature

March 19, 2018
Sunny Isles Beach, FL – March 16, 2018 – More than 500 luminaries many from across the globe were in attendance to commemorate the highly-anticipated opening of Miami’s most architecturally extraordinary oceanfront address: Jade Signature in Sunny Isles Beach. Event-goers of the Friday night bash were treated to an electrifying evening of festivities, including a performance by Yoli Mayor of “America’s Got Talent” fame, a 25-person orchestra, and a heart-pounding fireworks show over the Atlantic Ocean. Developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, the beauty of Jade Signature reflects the top talents of a trio of the industry’s greatest collaborators: world-renowned Swiss architects Herzog & de Meuron, visionaries behind the Tate Modern in London, 1111 Lincoln Road, and the Peréz Art Museum Miami; Parisian interior design firm PYR, led by Pierre Yves-Rochon, who has gained international prestige for elegant interiors in top luxury residences, spas and hotels, including the Four Seasons George V in Paris, The Savoy in London, and the in-progress renovation of the Waldorf Astoria in New York; and celebrated Miami landscape architectural firm Raymond Jungles Inc.

To view the full gallery, click here.

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Conoce el nuevo hogar del futbolista Miguel Ángel Borja en Miami

March 18, 2018
Miguel Ángel Borja, joven futbolista colombiano y estrella del Palmeiras de Brasil, ha escogido Missoni Baia, la lujosa torre de condominios de 57 pisos ubicada en Edgewater, uno de los vecindarios de mayor crecimiento en Miami, como su lugar de residencia. Este futbolista fue elegido como el Mejor Jugador de América en el 2016 por la encuesta del diario El País de Uruguay y asimismo ha tenido distintos reconocimientos que lo han llevado a ser una de las estrellas del fútbol colombiano actualmente.

Missoni Baia representa el primero de cuatro proyectos de OKO Group, la firma de desarrollos inmobiliarios fundada por el magnate de los bienes raíces y prolífico desarrollador internacional, Vladislav Doronin, en Miami, así como las primeras residencias bajo la marca Missoni, la legendaria casa de moda y diseño italiana.

“Lo que me atrajo de Missoni Baia es el hecho de que no tengo que salir de mi hogar si quiero disfrutar de un día con mis hijos en la piscina, entrenar en el gimnasio o relajarme en el spa”, comentó Borja.

Para ver la galería, haga clic aquí.

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Herzog & de Meuron completed the skyscraper in Miami

March 13, 2018
57 floors, 192 suites, each of which boasts a spacious terrace, underground parking, a restaurant and a private spa with a pool – nothing unusual when it comes to premium accommodation in Florida. However, the architects took care of the inhabitants of the city, the main attraction point of which, of course, is the beach. The concrete tower is gradually tapering to the top, and this not only gives its outlines ease, but also allows you to make a shadow from a skyscraper falling on the coast, quite small.

Jade Signature is not the first work of Herzog & de Meuron in Miami. The famous parking lot 1111 Lincoln Road and the Peréz Museum of Art, which have become local attractions, are also the work of a well-known architect.

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For High-End Branded Buildings, Miami Reigns

March 11, 2018
Real estate developers, increasingly faced with a bevy of competition, are choosing well-known luxury lifestyle brands to entice buyers with more than just bricks and mortar. With five luxury brand-affiliated buildings set to open in South Florida by 2021, the sunny region has seemingly become the unofficial home of the branded building, helped in large part by its international buying demographic.

The trend is not quite so en vogue in long-established luxury markets. In London and New York City, for example, branding partnerships lean soundly toward hotels as opposed to luxury fashion and automobile brands. But London’s first fashion-brand partnership, a collaboration between Versace Home and the AYKON London One tower in the city’s Nine Elms regeneration zone, is headed to the capital in 2020.

Meanwhile, newer markets like Dubai and Beijing have long been the targets for luxury-branded developments. Dubai’s Armani hotel opened in 2010; last year, Armani’s eco-friendly complex with Smart Hero Group in Beijing was completed. The fashion house is also working on the interiors at Century Spire in Manila, Philippines, set to be completed this year. Meanwhile, Fendi partnered with DAMAC Properties for the interiors of Dubai’s DAMAC Residenze, which opened in 2017.

Miami Likes the Flash

The popularity of the branded-building in the Sunshine State though, boils down to one simple thing, according to one developer.

“Miami is more of a flashier type of city, than other areas like New York or Chicago that are a little more conservative,”  said Jon Paul Perez, vice president of Related Group, one of the developers behind Residences by Armani/Casa, set to open in the city in 2019.

The Porsche Design Tower may be one of the most well-known projects to emerge onto the Florida market. The building on Sunny Isles Beach, a barrier island north of Miami, is a collaboration between Dezer Development and Porsche Design Group.

The 60-story building—designed by Sieger Suarez Architects—was completed last year and comes with a high-powered automobile elevator that transports drivers and their cars from street level to parking at their apartments. Only six of the tower’s 132 residences remain unsold, according to Gil Dezer, president of Dezer Development. Sales launched in 2012.

The automobile collaborations don’t end there. In downtown Miami, British luxury vehicle company Aston Martin has partnered with Argentinian developer G&G Business Developments for their own tower. The 66-story building, set for completion in 2021, will be topped with a triplex penthouse and have amenities like a fitness center and spa, a pool deck and a marina.

But it’s the fashion-conscious buyer that’s really being catered to in the sunshine state.

Italian fashion house Fendi paired with developers Château Group for the Fendi Château Residences, the inaugural Fendi-branded residential project. The 12-story building in Surfside was completed in 2016 and houses 58 units, including three penthouses with private rooftop sundecks and swimming pools.

Armani is set to hit the South Florida residential scene in summer 2019 with their Residences by Armani/Casa project. Roughly five blocks away from the Porsche Design Tower in Sunny Isles Beach, the 56-story building is over 75% sold. It’s expected to be finished in the summer of 2019 and the tower will have over 35,000-square-feet of amenities, including a wine cellar and cigar room.

Missoni Baia, in Miami’s Edgewater neighborhood, is a partnership between the fashion house known for its colorful style and developer OKO Group. Designed by Hani Rashid of Asymptote Architecture, the 57-story building is slated for completion in the fall of 2020. It will have 229 residences, ranging in size from 776 to 3,788 square feet.

Why South Florida?

A branded building in South Florida “is a sign of distinction,” said Edgardo Defortuna, the president and CEO of Fortune International Group, the exclusive broker of Missoni Baia.

With so many high-end new buildings from which to choose, being able to distinguish a building is important for developers.

And in Miami, where many developers don’t even begin construction until they’ve hit 50% in pre-sales to secure funding and guarantee interest, branding becomes even more important, according to Mr. Defortuna.

In New York City, “you build and then you sell. In Miami, we sell before [the building] becomes a reality,” Mr. Defortuna said. “To be able to ‘sell the dream,’ so to speak, it’s important to have something to point to.”

Those well-known—and well-respected—brands can theoretically get those buildings built more quickly.

Recipe for Success

Partnership conditions vary from deal to deal, but typically the developer will pay the brand a percentage of sales, typically 2% to 5%, which is paid at the closing of each unit in the building, according to Mr. Defortuna.

“For that fee, the developer has the right to use the name—subject to brand standards—and the brand provides either design or management services, according to the agreement worked out between the parties,” Mr. Defortuna said.

But for a brand to make a successful foray into real estate, it has to be one “that people associate with not only luxury but a certain type of lifestyle that people can relate and aspire to,” Mr. Perez said.

At the same time, “it has to be a brand the developer can work with,” Mr. Perez added. “The brand and designer can have amazing ideas but you have to be able to build those and make them a reality.”

Not only does a partnership have to be chosen with care, but the brand must translate clearly and recognizably into the project.

In the Aston Martin Residences “It’s not as if the place is emblazoned with wings,” said Marek Reichman, Aston Martin’s chief creative officer and the lead designer on the Aston Martin Residences project, referring to the sports car’s logo. “It’s much more subtle than that.”

Signature materials from the brand’s cars are found in the tower’s interiors, common areas and amenity spaces, like the hand-stitched leather door tabs—sourced from a Scottish village—and  the carbon fiber lobby furniture. “Obviously there’s a design aesthetic,” Mr. Reichman said.

The units remain more neutral. “If a customer comes along and is buying, they can make a choice to create their own environment or talk to us and we can advise them or create for them,” Mr. Reichman said. “However much of Aston Martin you want, you can have.”

Not only does the aesthetic matter for the brand itself, but it’s crucial to brand loyalists too, who inevitably become an important section of buyers.

“There’s a real sense of connection with the brand and for our traditionalists that’s brilliant,” Mr. Reichman said, adding that buyers so far have been a 50/50 split between customers that know the brand and those who have just come to the showroom regardless of the connection.

The real estate venture allows Aston Martin to secure “those new and different customers that we haven’t looked to talk to before because they haven’t come from the traditional automotive channels,” Mr. Reichman said.

Who’s Buying?

Foreign buyers purchased $7.1 billion of South Florida residential properties last year, up from $6.2 billion a year ago, according to a recent report by the Miami Association of Realtors. In Miami alone, foreign buyers accounted for 35% of closed sales and purchased 15,400 properties last year, a 41.3% surge from the year before (10,900).

Argentinian buyers led the way, accounting for 15% of South Florida foreign purchases, followed by Venezuela (11%), Canada and Colombia (9% each).

It’s for this reason that internationally recognized brands are key.

“Your buyers a lot of the time are from out of the country and associate a lot with these brands,” Mr. Perez said. “They know Armani, even from just going to the stores, they can feel how that is going to transition into the building they’re buying in.”

Of the sales to date at Residences by Armani/Casa, Mr. Perez said 80% have been from international buyers.

Robert Thorne, CEO and founder of Miami-based The Wellness Habitat Co., is one of the other 20%.

He bought a two-bedroom unit on the 25th floor at Residences by Armani/Casa about two years ago for $1.4 million, as soon as sales launched at the building. The apartment will be Mr. Thorne’s Miami base, he told Mansion Global, now that he primarily lives in Mexico City.

An important factor in his purchase was the developer, he said, “but the brand was the main thing. We had seen the Armani building in Dubai and were convinced by the style.”

“I’m not 100% Armani, but I follow the brand, we have stuff at home from Armani, I wear Armani suits,” Mr. Thorne said, “Just knowing that the brand is behind it, it makes sure that everything else is going to be of quality.”

He said, “We knew our investment was going to be secure.”

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UNA Residences, Una Torre De Súper Lujo En Miami

March 11, 2018
El constructor y empresario ruso Vladislav Doronin, presidente de la firma OKO Group, se las arregló para comprar un viejo edificio de 11 pisos, situado en un tranquilo callejón sin salida con la gran cualidad de estar frente por frente a la Bahía de Biscayne, para levantar una torre de súper lujo de 47 plantas. UNA Residences es su nombre.

UNA Residences Es Un Proyecto De Súper Lujo

En la noche del jueves fue presentado al público UNA Residences. Este es un proyecto de súper lujo diseñado por los estudios de arquitectura Adrian Smith + Gordon Gill Architecture. Albergará 135 propiedades de alto standing, cada una con ascensor privado. Los  tamaños irán desde 1.100 hasta 4.786 pies cuadrados. Y los precios comenzarán en $900.000 hasta los $5 millones la unidad.

En la concurrida velada estuvieron presentes representantes de los principales grupos inmobiliarios de Miami y algunas figuras políticas locales como el comisionado del condado Miami-Dade, Xavier Suárez.

La Torre UNA Residences Terminará Su Construcción En 2021

La moderna torre UNA Residences, que se terminará de construir en 2021, muestra la calidad de sus unidades en un piso piloto ubicado en el mismo punto de ventas en 175 SE 25ht Rd. Los apartamentos combinarán elementos de madera, piedra y cuero. Las ventanas serán amplias desde el techo hasta el suelo para dar la impresión de encontrarse sobre el agua de la bahía.

La Ubicación De La Torre Es Única En Miami

La ubicación de la torre UNA Residences es única en Miami. Según las propias palabras de Doronin en esa zona no ha habido ninguna construcción en los últimos 10 años. “Tuvimos la suerte de lograr comprar este sitio y en un futuro cercano no creemos que nadie más puede construir aquí”.

Para llegar al momento actual hubo un largo proceso que comenzó en 2015 por la identificación de la zona, el estudio de los códigos de zonificación, la compra de cada uno de los 61 apartamentos del viejo edificio, y gran análisis de riesgos y gastos para así proyectar una inversión de tal magnitud.

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Creating Condo Demand From Short Supply Of Waterfront Property

March 9, 2018
Real estate in Miami-Dade County has ebbed and flowed according to the waters bordering it – the tenet of location, location, location.

The tide has since turned, though. The city is looking upward, building condos that tower above the ocean.

But the supply of waterfront property is eroding. This has led some real estate developers to buy condo buildings, tear them down and replace them with something bigger and newer.

The process is called condo termination. Not all South Floridians are onboard.

La-Shanda West would rather see eco-friendly condos with solar panels. Joel Eriksson in Fort Lauderdale already thinks tearing down and building up are a problem in his neighborhood.

“All these plans for new condos going up are only going to add more and more problems,” he says. “I see it firsthand every single day.”

Sonya Arias, 26, has been looking for apartments for months. She says if an old condo is knocked down and replaced, new affordable housing should go up in its place.

“If anything needs to go up, it’s apartments for us, so maybe I can leave the nest,” Arias says.

Real estate reporters Brian Bandell, with The South Florida Business Journal, and Rene Rodriguez, with the Miami Herald, join WLRN’s Nadege Green and Tom Hudson to explain how the process works.

NADEGE GREEN: Brian, why is this happening?

BANDELL: There’s been a run on land values in South Florida – a huge increase in development – and it just so happens that some of the best sites for development have older condos on them. Buildings from the ’50s and ’60s that happened to be on the waterfront in Brickell or on Miami Beach. And if a developer is able to buy out enough of those units, they can then terminate the condo association, knock the building down, and build something in place that is much more valuable.

NG: Rene, can you talk more about terminating a condo building? How do you sell an entire building with dozens of individual owners? Surely, there’s some pushback.

RODRIGUEZ: There can be. The first thing you have to do is you have to identify a lot of land, like an acre of land, where the value of the land is worth more than the building that’s sitting on it. These tend to be older buildings that were built in the ’50s and ’60s, or even in the ’70s, that haven’t been built to current hurricane codes. So it would cost the owners of those condos more money to renovate their buildings and put in new windows, put in new roofs, than it would to just sell the unit outright.

TOM HUDSON: Rene, these buildings are ancient in terms of South Florida standards, right? The ’30s, ’40s, ’50s, ’60s and ’70s. So it’s the best land, right? I mean it was the land that was first built upon.

But how did the developers then match what’s there now with modern zoning? I mean you got to be able to put a big enough building there in order to reap big enough profits to just buy out all the condominiums don’t you? 

RODRIGUEZ: That’s correct. The zoning laws have to be in place so you can build out a much bigger structure than what’s there now. The particular example that we wrote about at 175 SE 25 Road, that area is zoned for a building of up to 48 stories. The condo building that developers bought was 11 stories, so you can see how you could maximize the potential value of that land. You can triple or quadruple it by building a new structure.

BANDELL: And the same in Sunny Isles Beach. You see all the huge skyscrapers there. There’s still a bunch of old hotels and condos there. So if you can buy a 10-story condo from the ’60s, knock it down, build a 50 to 60-story building, that’s an easy way to make a lot of profit for a developer

NG: Brian, what would replace the buildings that are going to be torn down? What happens when you take an older building that might be more affordable now, then tear it down?

BANDELL: I’ve seen a couple different things. And with the OKO group, they’re getting a condo called Una where you know you’re having units start at $900,000 for just one bedroom. So that’s a high-end, luxury-type building.

On Miami Beach there are some condo buildings that are being converted into hotels. It really depends on what is the best use of the land. And unfortunately, you’re not going to see anything more affordable. They’re doing this in order to maximize the value, which means high-end in some capacity.

TH: You’re really reshaping neighborhoods, and some of these older neighborhoods with these older buildings, right, Rene? If you’re taking a building that you wrote about there on the south end of Brickell that’s under 12 stories, replacing it with a 47-story building with an entry price of $900,000 for a one-bedroom apartment, that is significantly changing the character of that neighborhood.

RODRIGUEZ: Absolutely. This street is a cul-de-sac. There’s no through traffic in it, so there’s not a lot of cars. And you have these amazing views of the bay.

One interesting thing about this particular project is they also tried to buy an addition to the building that they bough. They tried to buy a smaller building that was just adjacent to it. And they were unable to buy that one because once people in that building got word of the fact that the developers were interested, they started jacking up their prices. So, it didn’t make good business sense for them to buy the other building.

The bad news for those people is that now they’re going to be living next door to a construction site for two years. And their view of the bay is going to be blocked by this giant 47-story tower. But it does absolutely change the tenor of a neighborhood but it could also conceivably bring up the value of those properties.

Albert Gomez from Coconut Grove: I would want to see buildings built to new standards. I would want them to consider density and the type of neighborhood that it was prior to the purchase.

Carolyn McCrossin from Margate: I’d like to see attraction, multistory condos or rental buildings, with stores on the first floor—not tourist traps, but actual neighborhood stores. Think NYC.

Kelly Cox from Coral Terrace: As older condos get developed, we’d like to see something more sustainable and resilient take their place. Structures that plan for sea level rise and storm surge through techniques like living shorelines are essential.

Camila Prada from North Miami: I would NOT want to see buildings. We need more green out here, trees, maybe a park with benches to enjoy the outdoors.

Victor Tejera from Coconut Grove: I would love to see equal opportunity housing. Doubtful Miami and its developers actually care about providing all factors of our community (poor and not) with waterfront residence opportunities. The average middle class Miamian needs help for secure housing.

Read More

Creating Condo Demand From Short Supply Of Waterfront Property

March 9, 2018
Real estate in Miami-Dade County has ebbed and flowed according to the waters bordering it – the tenet of location, location, location.

The tide has since turned, though. The city is looking upward, building condos that tower above the ocean.

But the supply of waterfront property is eroding. This has led some real estate developers to buy condo buildings, tear them down and replace them with something bigger and newer.

The process is called condo termination. Not all South Floridians are onboard.

La-Shanda West would rather see eco-friendly condos with solar panels. Joel Eriksson in Fort Lauderdale already thinks tearing down and building up are a problem in his neighborhood.

“All these plans for new condos going up are only going to add more and more problems,” he says. “I see it firsthand every single day.”

Sonya Arias, 26, has been looking for apartments for months. She says if an old condo is knocked down and replaced, new affordable housing should go up in its place.

“If anything needs to go up, it’s apartments for us, so maybe I can leave the nest,” Arias says.

Real estate reporters Brian Bandell, with The South Florida Business Journal, and Rene Rodriguez, with the Miami Herald, join WLRN’s Nadege Green and Tom Hudson to explain how the process works.

NADEGE GREEN: Brian, why is this happening?

BANDELL: There’s been a run on land values in South Florida – a huge increase in development – and it just so happens that some of the best sites for development have older condos on them. Buildings from the ’50s and ’60s that happened to be on the waterfront in Brickell or on Miami Beach. And if a developer is able to buy out enough of those units, they can then terminate the condo association, knock the building down, and build something in place that is much more valuable.

NG: Rene, can you talk more about terminating a condo building? How do you sell an entire building with dozens of individual owners? Surely, there’s some pushback.

RODRIGUEZ: There can be. The first thing you have to do is you have to identify a lot of land, like an acre of land, where the value of the land is worth more than the building that’s sitting on it. These tend to be older buildings that were built in the ’50s and ’60s, or even in the ’70s, that haven’t been built to current hurricane codes. So it would cost the owners of those condos more money to renovate their buildings and put in new windows, put in new roofs, than it would to just sell the unit outright.

TOM HUDSON: Rene, these buildings are ancient in terms of South Florida standards, right? The ’30s, ’40s, ’50s, ’60s and ’70s. So it’s the best land, right? I mean it was the land that was first built upon.

But how did the developers then match what’s there now with modern zoning? I mean you got to be able to put a big enough building there in order to reap big enough profits to just buy out all the condominiums don’t you? 

RODRIGUEZ: That’s correct. The zoning laws have to be in place so you can build out a much bigger structure than what’s there now. The particular example that we wrote about at 175 SE 25 Road, that area is zoned for a building of up to 48 stories. The condo building that developers bought was 11 stories, so you can see how you could maximize the potential value of that land. You can triple or quadruple it by building a new structure.

BANDELL: And the same in Sunny Isles Beach. You see all the huge skyscrapers there. There’s still a bunch of old hotels and condos there. So if you can buy a 10-story condo from the ’60s, knock it down, build a 50 to 60-story building, that’s an easy way to make a lot of profit for a developer.

NG: Brian, what would replace the buildings that are going to be torn down? What happens when you take an older building that might be more affordable now, then tear it down?

BANDELL: I’ve seen a couple different things. And with the OKO group, they’re getting a condo called Una where you know you’re having units start at $900,000 for just one bedroom. So that’s a high-end, luxury-type building.

On Miami Beach there are some condo buildings that are being converted into hotels. It really depends on what is the best use of the land. And unfortunately, you’re not going to see anything more affordable. They’re doing this in order to maximize the value, which means high-end in some capacity.

TH: You’re really reshaping neighborhoods, and some of these older neighborhoods with these older buildings, right, Rene? If you’re taking a building that you wrote about there on the south end of Brickell that’s under 12 stories, replacing it with a 47-story building with an entry price of $900,000 for a one-bedroom apartment, that is significantly changing the character of that neighborhood.

RODRIGUEZ: Absolutely. This street is a cul-de-sac. There’s no through traffic in it, so there’s not a lot of cars. And you have these amazing views of the bay.

One interesting thing about this particular project is they also tried to buy an addition to the building that they bough. They tried to buy a smaller building that was just adjacent to it. And they were unable to buy that one because once people in that building got word of the fact that the developers were interested, they started jacking up their prices. So, it didn’t make good business sense for them to buy the other building.

The bad news for those people is that now they’re going to be living next door to a construction site for two years. And their view of the bay is going to be blocked by this giant 47-story tower. But it does absolutely change the tenor of a neighborhood but it could also conceivably bring up the value of those properties.

WLRN: With developers buying out condo buildings to build something new, What would you want to see in place of an old condo building? 

Albert Gomez from Coconut Grove: I would want to see buildings built to new standards. I would want them to consider density and the type of neighborhood that it was prior to the purchase.

Carolyn McCrossin from Margate: I’d like to see attraction, multistory condos or rental buildings, with stores on the first floor—not tourist traps, but actual neighborhood stores. Think NYC.

Kelly Cox from Coral Terrace: As older condos get developed, we’d like to see something more sustainable and resilient take their place. Structures that plan for sea level rise and storm surge through techniques like living shorelines are essential.

Camila Prada from North Miami: I would NOT want to see buildings. We need more green out here, trees, maybe a park with benches to enjoy the outdoors.

Victor Tejera from Coconut Grove: I would love to see equal opportunity housing. Doubtful Miami and its developers actually care about providing all factors of our community (poor and not) with waterfront residence opportunities. The average middle class Miamian needs help for secure housing.

Read More

Real estate developers ran out of waterfront property. Now they might want to buy yours.

March 6, 2018
When Jesus Urdaneta paid $500,000 for a three-bedroom, two-bath unit in a modest condo building in Brickell, he thought he had found the perfect place for him and his wife to raise their three kids: A quiet cul-de-sac with little traffic, close proximity to Interstate 95 and Coconut Grove, and beautiful views of Biscayne Bay and the Rickenbacker Causeway.

But six months later, just as the family had settled into their new digs at 175 SE 25th Rd., Urdaneta got an offer he couldn’t refuse: The Russian developer and businessman Vladislav Doronin, chairman and CEO of the real estate firm OKO Group, wanted to buy Urdaneta’s 1,800-square-foot condo — for a whopping $1.1. million.

“My first reaction was ‘Oh my God, we won the lotto!’” Urdaneta said about the offer. “We called it the Russian lottery. It was impossible to say no. We couldn’t believe it.”

OKO Group spent a year negotiating individual sales of all of the 61 units on the property, paying a total of $48 million to buy the 11-story building outright in 2016.

Soon, they will tear it down.

With vacant waterfront property in short supply throughout Miami-Dade County, real estate developers are increasingly targeting older, existing condo buildings and buying out the owners at premium prices. Then the old building comes down, replaced by a bigger, state-of-the-art luxury tower.

The process, known as condo termination, is complicated and has many moving parts. But when it works, it can lead to the birth of a formidable new property — and leave the owners of aging condos with an unexpected windfall.

OKO Group, in partnership with the investment company Cain International, will turn the 25th Road site into the home of Una, a swooping 47-story luxury tower, with exteriors and interiors designed by the international architectural firm Adrian Smith + Gordon Gill Architecture.

The tower will hold 135 residences, each with a private elevator entry, ranging in size from 1,100 to 4,786 square feet. Prices will go from $900,000 to more than $5 million. Potential buyers can see what the final units will look like — lots of wood, stone and leather, warm tones and floor-to-ceiling windows — by visiting a new sales center now open at the site. Construction is targeted to be completed by 2021.

Risky business?

Launching a new luxury condo tower at a time when the market is glutted with unsold inventory might seem like risky business.

According to the most recent home sales report by the Miami Association of Realtors, sales of luxury condos in January surged 58.1 percent year over year. Cash buyers — critical for projects such as Una, which has no traditional bank financing in place — comprised 42.4 percent of all sales transactions in January. That is nearly double the national average of 22 percent.

The year-to-year bump in sales has made a dent in the overstocked luxury condo market, but supply still far exceeds demand. According to the 2018 EWM Realty International Annual Market report due to be released this week, the current inventory of available luxury condos ($1 million and above) in Miami-Dade in January was at 40.8 months. That’s down from 61.7 months over the same period last year, but still way above the three-to-six-month sweet spot that reflects a healthy real estate market.

The higher the price, the larger the inventory, too: In the $3 million-plus price range, the current inventory of luxury condos is at 73.7 months, according to EWM. The report uses data from the Southeast Florida Regional Multiple Listing Service.

But the developers of Una argue that their tower is so unique, it can’t be lumped in with the existing luxury condo towers struggling to close sales. By using private equity instead of relying on traditional bank financing and presales, these developers can launch their new project while other developers are taking a wait-and-see attitude.

“If you have confidence in a market — and we have a lot of confidence in Miami — you have to back it with your own equity,” said Jonathan Goldstein, CEO of Cain International, a London-based funding and investment firm. “You’re going against the grain a little bit. You’ve got to have the confidence of your convictions. It’s during the times when other [developers] can’t access the marketplace when you can hopefully do the best. But we would not be averse to third-party financing if it becomes available at the right time.”

Doronin and Goldstein believe the Una’s unique location combined with timing — no other luxury tower is currently slated to break ground south of Brickell — will allow the project to stand out from the pack and buck market forces.

“This is a very established neighborhood, very private and quiet,” Doronin said. “There has been no new construction here for the last 10 years. We were lucky to manage to purchase this site. And for the near-future, no one else is going to build here. We won’t have any competitors in South Brickell.”

Doronin also points out that international buyers pay special attention to high-profile projects, such as OKO’s $350 million Missoni Baia tower in Edgewater and the Aston Martin Residences project from the Argentine supermarket magnate German Coto under construction at the mouth of the Miami River.

While Latin Americans still make up the overwhelming majority of foreign real estate buyers in Miami, Mansion Global reports that interest from territories such as Israel, Russia and Europe continues to grow. Miami is already ranked as one of the top six international home-buying markets for the super-wealthy (defined as having assets of $30 million or more), coming in third after London and New York and ahead of Monaco, Los Angeles and San Francisco.

The recent federal tax reform bill, which caps deductions for property and sales taxes, could also help lure more high-worth U.S. buyers to Florida, where there is no state tax.

“The first 60 days of this year has been one of the most active sales periods we’d seen in a while,” said Ken Krasnow, executive managing director for Colliers International South Florida, a commercial real estate brokerage that helps companies relocate. “The interest in Miami has always been global. But the impact the new tax laws are having on New York and other high-tax states are only going to make that interest stronger.”

How they did it

The process of identifying an older building and buying out its tenants for redevelopment is lengthy and involved. Gerard Yetming, a former broker at CBRE South Florida now working with Colliers, said the first step is to look at existing properties in desirable locations and figure out what the value of the land would be if it was vacant.

You also need to make sure the zoning codes at the location allow enough development to make the investment profitable. The building at 175 SE 25th Rd. was built in 1971 at a height of 11 stories. But according to the Miami 21 Zoning Code, the land is entitled for construction of a building with a height of up to 48 stories.

Once the potential worth of the land is calculated, the brokers figure out the price of improvements needed to bring the older structure to present-day building codes (stronger windows, new roofs, refurbished elevators).

If the difference between cost of repairs and the value of the land is large enough, the property becomes lucrative to a developer, as long as a majority (90 percent) of the condo owners in the building are willing to sell.

Yetming said he met with the condo association and its members in April 2015 to see if they were amenable to a deal. They made specific offers to each of the 61 owners based on the size and location of their individual condos (units with bay views or higher floors, for example, got more).

“You have to put yourself in the owners’ shoes,” said Yetming, who is now an executive vice president at Colliers International. “The way they sell their condo should remind them of the way they bought it. You take everything into consideration from corner units to bay views in your offer, so the owners feel they are an active participant in the sale.”

Four months after the initial presentation, Yetming said 100 percent of the owners in the building had agreed to sell, for a total price of $48 million.

“There’s more supply than demand in the market at the moment, so if you live in an older building and you’re trying to sell, it’s going to be harder to compete with newer units,” Yetming said. “If you can sell your condo for more than it’s worth, that’s a great deal for anyone.”

Hurricane Irma’s close call in September was a reality check for many waterfront property owners, who were braced for a worst-case disaster scenario and worried their buildings might not even be left standing after the monster storm.

“When Irma came through, a number of waterfront communities suffered damage and are still dealing with repairs and deciding how they’re going to proceed,” said Steven Wernick, a land use attorney and partner at Akerman LLP and past chair of the city of Miami’s Waterfront Advisory Board. “Some of these older properties, especially buildings from the 1970s, often don’t conform to recent building codes and are not well prepared for sea level rise. They’re in flood zones.

“Irma has spurred some condo associations and owners to assess whether they want to spend the time and money to make upgrades to aging structures. In some situations, it might be in the best interest of current owners to just sell the property.”

Una is the latest luxury tower to be built on the former location of an outdated building, but it’s far from the first. Edgardo Defortuna, president and CEO of Fortune International Group, said his company is currently developing a new project on the former site of the Playa de Varadero condo at 18801 Collins Ave., which was built in 1965.

Other examples include the Residences by Casa/Armani in Sunny Isles Beach and the upcoming 17-story luxury condo at 5775 Collins Ave., which will be built on the site of the Marlborough House condo by Brazilian billionaire José Isaac Peres.

While Defortuna won’t go as far as to call it a trend, he said you can expect to see more of this kind of strategy used in the industry as Miami’s next real estate cycle gears up in the coming years.

“This kind of development is a thing of the future: It’s actually here now,” Defortuna said. “Real estate in Miami is almost a new game now, because it’s very very difficult to find a site that is readily available. Developers have to be creative and figure out a way to solve that issue. And this way of developing is a win-win, because the old condo owners are making a nice profit on their property.”

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Related’s Beachfront Fort Lauderdale Condos Highlight Construction Challenges For Florida Builders

February 14, 2017
When a crane crashed down mid-construction on the Auberge Beach Residences & Spa Fort Lauderdale during Hurricane Irma last fall, developer Related Group Vice President Patrick Campbell watched it happen. A downward thrust of wind, called a microburst, hit, and the crane began weather-vaning faster than usual.

“It collapsed on itself, and went through the sales center,” Campbell said.

Although it took about two and half weeks to get the crane out — per regulations, the Occupational Safety and Health Administration had to do an inspection and clear the job site — and the hurricane ultimately delayed the project about 60 days, Campbell said that there was no lasting damage.

Construction of the Auberge highlights how Florida builders are adjusting to current challenges: a tight labor market and the looming threat of climate change.

The north tower, which is nearing completion, has only two units left for sale and the second tower, which topped off in late January, is about 70% sold, Campbell said. Two penthouses sold for $8.9M and $9.5M, respectively, record prices in Broward County.

The beachfront project, which has 171 units ranging from one to five bedrooms, is marketed as a “luxury development sitting directly on the sand.”

Campbell said the project is built on a resilient site. Compared to South Beach, where the base flood elevation is 6 feet above sea level, the Auberge site sits at 12 feet. Ground-floor slabs are elevated so that the building starts at about 15 feet above sea level. The road, beachfront highway A1A, comparatively, is at 9 feet. Campbell said Related follows federal regulations for building in coastal zones.

Moss Construction Vice President Alex Smith, who oversees construction on Auberge, said that on top of federal requirements, the state of Florida, to protect natural features like sand dunes, imposes certain rules for projects built within Coastal Construction Control Lines.

Construction crews built a seawall and incorporated some breakable construction materials, like breakaway walls, on the perimeter that are designed to detach in high winds, rather than compromise the whole structure. Local building departments are requiring that foundation systems be waterproofed. Smith Aerial Photos / Courtesy of Moss Construction The Auberge Fort Lauderdale has a north tower and a south tower.

“I’ve seen that on the last three projects [I’ve done],” Smith said.

Auberge has a 120K SF underground basement that sits 15 to 20 feet below sea level. The foundation has a drainage system built into it, with a fully waterproof perimeter. These, along with the dunes providing a buffer from the ocean, protected the Auberge when Hurricane Irma hit, so that nothing got into the basement except regular rainwater, Campbell said.

In choosing its general contractors, Related does not ask for requests for proposals, Campbell said. The development team makes a shortlist internally and chose for the Auberge Moss, which had handled construction on other Related projects, including the SLS Lux in Brickell and Hyde Midtown.

“With construction costs going up, we couldn’t buy the job for what we bought it for now,” Campbell said.

Smith said the burden for making up the difference fell not on Moss but on its subcontractors. As the construction manager, Moss has about 20 employees on the Auberge site and uses various subcontractors for each specialized part of the job.

“The labor market is tough,” Smith said. “What we saw with Hurricane Irma is that 20 to 30% of the workforce left. We really didn’t get a lot of those individuals back. A lot of them went to Houston, where [following Hurricane Harvey], they could make $5, $6, $10 more an hour working. It really hasn’t recovered.”

Smith said Moss already had contracts issued with the subcontractors.

“They had to honor the contract values that they had. The subcontractors were obligated. If they need to pay an extra $5 or $10 to keep their personnel — I think that happened to a handful of them,” he said. “There are not a lot of people on the sidelines not working. The workforce is thin for qualified personnel.”

A more frustrating problem, he said, was the cost of getting materials to the job site. Windows came from Colombia, but those were delayed two or three weeks until ports could get back on schedule, in turn affecting the workflow on site. His focus turned to expediting materials.

“That’s what keeps me up at night,” he said. “How can I get things done faster? How can I get things done better and more efficiently?”

For the first time, he used a total station robotic layout system — a combination hardware/software system.

“You load up the construction documents into it, and it helps lay out floors to one-sixteenth of an inch,” Smith said.

That proved helpful in executing Auberge’s unique design, with curved towers  —one of which is like a semicircular staircase.

“We’re building on a radius, with each floor stepping back as it goes up the building. Each wall is really on a radial point,” Smith said. “Not all walls are square; they’re pie-shaped. You can’t just go and use a tape measure.”

A certificate of occupancy for the north tower is expected in April. The south tower should be delivered in September. As for the broken crane, it is still undergoing forensic testing in an Orlando warehouse, and it remains to be seen whether the builder’s risk insurance policy or the crane company’s insurance policy will cover losses.

“The insurance companies are battling it out,” Campbell said.

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Here’s Your Chance to Buy a $15.5 Million Penthouse in Miami’s Brickell Flatiron Residential Tower

February 12, 2018

The penthouse is part of a collection designed by Italian architect Massimo Iosa Ghini.

Italian architect Massimo Iosa Ghini—who has designed everything from showrooms for Ferrari to furniture for the late David Bowie—brought his clean, streamlined aesthetic to Brickell Flatiron, a 64-story building that will be one of the tallest residential towers in the United States when it is completed in downtown Miami next year. In addition to designing the building’s amenity spaces, the revered architect created a limited collection of penthouses that were released to the market last year by developer Ugo Colombo. Stationed on floors 50 through 64, the single-story, duplex, and triplex units will span up to 6,500 square feet and showcase 10- to 11-foot ceilings and stunning views of Biscayne Bay and the cityscape.

“Brickell Flatiron’s penthouse collection will embody the elegance and sophistication of Italian design,” said developer Ugo Colombo, founder of CMC Group. “We are sparing no detail and no expense to deliver a memorable product offering our residents the highest caliber of quality and design that will withstand the test of time.”

Motorized cabinets from Snaidero, Miele wine coolers, and state-of-the-art appliances populate the kitchens, while energy-efficient, impact-resistant walls of glass throughout the units can withstand hurricane-force winds. The sky-high spaces also have high-tech security systems that include smart-lock capabilities and private wireless networks.

Though one of the two triplex penthouses have already been sold, UPH-01—which has 6,487 square feet of interior space and 2,499 square feet of exterior space—is currently on the market for $15.5 million. The five-bedroom residence has a standalone four-car garage, a rooftop swimming pool and outdoor kitchen, and a private elevator that transports residents to all three levels. Double-height ceilings and floor-to-ceiling glass windows give the residence an airy aesthetic.

Penthouse owners will have access to the rooftop amenities, which include a spa, swimming pool, and gym with 360-degree views. Residents can also take advantage of the 24-hour concierge and parking valet, electric car-charging stations, and on-site car-washing and detailing services.

The single-story penthouses are priced from around $1 million to $2.5 million, with the upper duplex and triplex penthouses asking from $6 million to $15.5 million.

 

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Italian fashion house lends name to Miami luxury project

February 12, 2018
Legendary Italian fashion house Missoni is known for colorful clothing that is considered high-end, unique and chic.

The same words can be used to describe its namesake, Missoni Baia, a 57-story luxury condominium tower soon to rise in the fast-growing Edgewater neighborhood of Miami. These will be the first-ever branded residences from Missoni.

“There are a lot of great buildings in Miami, and every one has its own story and its own positioning,” said Jim Cohen, senior vice president of development sales for Fortune International Group, which handles the sales and marketing for the project. “But we have a lot of things that really set us apart, and the biggest one is the Missoni brand itself.”

Missoni Baia is being developed by OKO Group, the Miami-based development company founded by international developer Vladislav Doronin. OKO broke ground on the project, at 777 NE 26th Terrace, in October. Completion of the 649-foot-tall waterfront tower is expected in the fall of 2020. This is the first of OKO Group’s four planned Miami projects.

Missoni Baia will include 249 units ranging from one to five bedrooms and from 776 square feet to 3,788 square feet. There are larger units as well, including three duplex townhouses and a $25 million penthouse unit with 9,000 square feet of interior space plus a 4,000-square-foot terrace with lap pool. That unit can also be divided to create two penthouses.

The interior design of the building incorporates Missoni’s colorful fabrics, furnishings and artwork, as well as the Missoni Home furniture collection, in public spaces and amenities.

Building amenities include a bayfront lounge complete with a pool overlooking the water, a media room, beauty salon, children’s playroom, pet spa, gym overlooking the bay and a spa. There’s also a lap pool, plunge pools, children’s water features and a tennis court.

“It’s a city within a building,” Cohen said. He would not disclose the exact percentage of units that have sold, but noted, “We have enough sales and enough momentum that the developer proceeded with construction.”

Buyers hail from the northeastern United States, Europe and South America. Prices for remaining units range from $550,000 to more than $3.5 million.

But Missoni is just one design firm making its mark on Miami. Other designers that have branded luxury condominium projects in the area include Aston Martin, Fendi, Porsche and Armani.

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Brickell Flatiron’s $15.5M penthouse is still available

February 12, 2018

Checking in on the progress of the Massimo Iosa Ghini-designed building

“Moving on up at a one floor per week rate,” is how Brickell Flatiron’s Facebook page put it last month to describe the 64-tower’s climb in the Miami skyline. While the tower goes up, Robb Report checks in on Brickell Flatiron’s incredibly luxurious $15.5 million penthouse, which is currently on the market.

That price tag gets its buyer a three level, five-bedroom home with four-car garage, rooftop swimming pool, and private elevator with marble walls silhouetting floor-to-ceiling views. The building is designed by Italian architect Massimo Iosa Ghini, who created showrooms for Ferrari.

One of the two triplex penthouses at Brickell Flatiron’s already been sold, according to Robb Report.

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Herzog & De Meuron-Created Jade Signature Receives TCO, Begins Closings

February 6, 2018
With the finishing touches of a giant kapok tree  now firmly planted at its entrance, and a new public work of art installed along its shoreline,  Jade Signature — Miami’s most architecturally extraordinary oceanfront address – has received its temporary certificate of occupancy (TCO), signaling the start of closings for the ocean-facing luxury tower.  Residents are now slated to begin moving in within the next few weeks.

Developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, and created by the Pritzker-Prize winning architecture firm Herzog & de Meuron — in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles — sales and construction began in 2013. To date, 95% of the 192 residences have been purchased by an array of buyers spanning the U.S., Latin America and Europe. Financing for the 57-story tower, which is located at 16901 Collins Avenue in Sunny Isles, was provided by HSBC. With this initial TCO achieved, the development team expects that the building will be fully completed for its official opening at the end of the first quarter.

Nearly sold out, Jade Signature has a limited assemblage of residences remaining among the tower’s most luxurious units.  Known as “The Collection,” the portfolio is a compilation of two-story Sky Villas and penthouses, ranging from $14.2 million to $32.9 million. The Sky Villas offer stunning features, such as flow-through views, expansive terraces, private elevators, smart technology, service quarters and PYR-designed bathroom cabinetry. The two, full-floor penthouses boast all of these world-class features as well as a private pool, gym and 360-degree views of the Atlantic Ocean, Intracoastal Water and the Miami skyline. Additional offerings include three- to five-bedroom residences, with sizes starting at 3,312 square feet and prices starting at $4.8 million.

The roots of Jade and the journey of its brand trace back to 2004 and Miami’s Financial District, where Jade on Brickell Bay was developed by Fortune International Group.  The project’s prominence and accolades eventually paved the way for the creation of Jade Ocean and Jade Beach in Sunny Isles — and now, Jade Signature.  Coinciding with Jade Signature’s final stages of completion, the company celebrated an additional milestone in November: the commemoration of nearly 35 years in the luxury residential real estate industry…a benchmark that will be celebrated when Jade Signature officially opens in the weeks ahead.

“We are so proud to be of delivering this masterpiece to the world,” said Edgardo Defortuna, President and CEO of Fortune International Group.  “Our buyers have long recognized our vision and strength, knowing full-well what the final result will be when a group of industry leaders set out to create something extraordinary.”

“Like the kapok tree’s symbolism of strength and resiliency, and the jewel-adorned, snowman-shaped ‘Bonhomme Universe’ sculpture’s embodiment of Miami’s unique diversity, Jade Signature, as a whole, is a testament to rare artistry and singular design,” Defortuna continued. “This particular project is the pinnacle of the Jade brand’s journey, representing the growth of a legacy and its future admiration by generations to come.”

For more information, contact (305) 907-7493, or visit www.jadesignature.com

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My Second Home

February 2, 2018
This airy penthouse fills the 56th and part of the 57th floor of the Herzog & de Meuron-designed Jade Signature in Sunny Isles Beach.

Read the full feature here.

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Edgardo Defortuna: El Mogul Que Cambió El Skyline De Miami Para Siempre

February 1, 2018
Sagaz, visionario y carismático, son palabras que sin duda definen a Edgardo Defortuna, quien ha dejado su huella en la historia del Real Estate en Miami y alrededor del mundo. Defortuna, originario de Córdoba, Argentina es el hombre de negocios cuya acertada visión le llevó a descubrir Miami como la capital de las Américas, creando y manejando muchas de las majestuosas obras arquitectónicas que definen hoy en día el skyline de la ciudad. Sus grandes desarrollos cambiaron Miami, trayendo el estilo de vida de lujo por el que hoy es conocida internacionalmente.

Es el hombre más influyente en el crecimiento del mercado de propiedades de lujo, involucrado en más de 100 desarrollos inmobiliarios, respaldados por su exitosa compañía Fortune International Group, líder por más de 30 años en la industria inmobiliaria.
Tuve el gran honor de entrevistar a este magnate del Real Estate que está a punto de inaugurar su última joya de arquitectura en Sunny Isles Beach: Jade Signature.

Edgardo, fuiste el primer argentino que tomó el riesgo en descubrir Miami como la capital de América Latina, donde todo el mundo desea invertir. Hoy inauguras “Jade Signature“ en Sunny Isles Beach. ¿Qué te inspiró a desarrollar esta magnífica obra?

Nosotros desarrollamos para los compradores más exigentes del mundo, que buscan una arquitectura exquisita combinada con un lujoso estilo de vida en su propio edificio. Seleccionamos el mejor equipo para crear un producto de primer nivel, los arquitectos Herzog & de Meuron galardonados con el premio Pritzker, y diseño de interiores por la firma parisina PYR, de Pierre Yves Rochon (Four Seasons de Paris, Florencia y Londres), alguien que realmente entiende el lujo sin ser ostentoso.

Jade Signature busca la conectividad entre la playa, la piscina y las áreas comunes. El estacionamiento es subterráneo, una obra de ingeniería increíble que tardó más de un año en ser construida y a un costo muy significativo si se compara con parkings tradicionales, que hace que permita esa conectividad que mencioné anteriormente. Su diseño arquitectónico logra que a pesar de su altura (57 pisos), su propia sombra no impacte el área de piscina y playa, permitiendo más horas para disfrutar del sol.

Cuéntanos sobre los servicios y amenidades que tiene Jade Signature.

Jade Signature fue pensado para satisfacer los altos estándares del comprador internacional. Creamos tres plantas completas con todas las amenidades necesarias para que los propietarios no se tengan que mover del edificio para nada.

El edificio cuenta con un restaurante, servicio de playa, un spa con servicio completo, con cabañas para masaje, saunas y jacuzzis con vista al océano, todo lo que el cliente necesita para sentirse en un spa europeo.

También cuenta con acceso a chef privado para fiestas o eventos en grupo y mucho más.

Jade Signature tiene unos Penthouses maravillosos para los compradores más selectos, cuéntanos de ellos…

Creamos estos Penthouses para un comprador que desea lo más sofisticado y novedoso. Los dos últimos niveles del edificio son unidades de pisos completos, con más de 1,000 metros cuadrados de superficie interior y 700 de terraza. Tienen unos ventanales de piso a techo con vistas impresionantes de 360 grados a South Beach, Downtown Miami y obviamente el mar y toda el área de Sunny Isles.

Han tenido una gran aceptación porque este tipo de comprador realmente busca lujo, exclusividad y tener todos los servicios de un hotel cinco estrellas en su propia casa. Todo esto hace que desde el punto de vista de precios, calidad de construcción y valor del producto los Penthouses sean también una muy buena oportunidad de inversión.

¿Cómo te sientes cuando pasas por los edificios y tus hijos te dicen “papá este lo hiciste tú”?

Es un gusto que los chicos realmente puedan decir algo sobre nuestras creaciones porque te dedicas tanto a un proyecto en específico que pasan a ser un poco tus segundos hijos.

Para mí es motivo de orgullo ser parte de la gran transformación que ha tenido Miami, de ser el desarrollador o comercializador de la mayoría de los proyectos que hoy hacen que el skyline de Miami se vea completamente diferente, y obviamente espero que mis hijos puedan continuar este trabajo.

A ellos les fascina. Ana Cristina y yo les infundimos ese amor por lo que hacemos y tratamos de hacerlos partícipes de nuestros proyectos. Estamos en una ciudad mágica, en la que se han producido muchos cambios y está en continuo crecimiento. Miami llegará a ser una de las capitales más importantes del mundo. Quiero que ellos se sientan parte de ella… Es la adrenalina que te hace ver y pensar lo qué vamos a hacer próximamente, porque siempre uno trata de superarse y de lograr lo mejor. Ver que nuestros hijos son parte de eso es muy gratificante, realmente un sentimiento muy lindo.

¿Cuántos edificios has construido hasta ahora en todo el mundo?

Son más de 100 seguramente. La verdad es que tuvimos la suerte de estar en el lugar apropiado en el momento preciso y crecer con esta ciudad; tratar de hacer las cosas bien para continuar creciendo.

Para tus hijos ¿qué es más importante? ¿Qué le dejes fortuna o un legado?

Nosotros siempre hemos pensado en dejarles las armas para poder tener éxito en la vida, que es lo más importante. La realidad es que si mantienen el esfuerzo y el trabajo, junto a su capacidad y perseverancia, van a ser exitosos en lo que quieran hacer. Siempre les decimos que lo más importante en la vida es hacer lo que les apasione.

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Edgardo Defortuna: The Mogul That Changed Miami’s Skyline Forever

Sagacious, visionary and charismatic, are words that undoubtedly define Edgardo Defortuna, who has left his mark on the history of Real Estate in Miami and around the world. Defortuna, originally from Córdoba, Argentina is the businessman whose vision led him to discover Miami as the capital of the Americas, creating and managing many of the majestic architectural works that define the skyline of the city today. Its great developments changed Miami, bringing the luxury lifestyle for which it is now internationally renowned.

He is the most influential man in the growth of the luxury Real Estate market, involved in more than 100 real estate developments, backed by his successful company, Fortune International Group, a leader for more than 30 years in the real estate industry.

I had the great honor of interviewing this Real Estate mogul who is about to inaugurate his latest architecture jewel in Sunny Isles Beach: “Jade Signature.”

Edgardo, you were the first Argentine who took the risk of discovering Miami as the capital of Latin America, where everyone wants to invest. Today, “Jade Signature” opens in Sunny Isles Beach. What inspired you to develop this magnificent construction project?

-We develop properties for the most demanding buyers in the world, who seek exquisite architecture combined with a luxurious lifestyle. We selected the best team to create a first-class product, the Herzog & de Meuron architects awarded the Pritzker Prize, and interior design by the Parisian firm PYR, by Pierre Yves Rochon (Four Seasons de Paris, Florence and London), someone who really understands luxury without being ostentatious.

-Jade Signature seeks connectivity between the beach, the pool and the common areas. The parking lot is underground, an incredible engineering job that took more than a year to be built and at a very significant cost compared to traditional car parks, which allows for the connectivity that I mentioned earlier. Its architectural design achieves that, despite its height (57 floors); its own shadow does not impact the pool and beach area, allowing more hours to enjoy the sun.

Tell us about the services and amenities that Jade Signature offers.

-Jade Signature was designed to meet the high standards of the international buyer. We created three complete floors with all the necessary amenities so that the owners do not have to leave the building at all.

-The building has a restaurant, beach service, a full service spa, with cabins for massage, saunas and jacuzzis overlooking the ocean, everything the client needs to feel at a European spa.

-It also has access to a private chef for parties or group events and much more.

Jade Signature has wonderful Penthouses for the most select buyers, tell us about them …

-We create these Penthouses for a buyer who wants the most sophisticated and innovative homes. The last two levels of the building are complete floor units, with more than 1,000 square meters of interior surface and 700 of terrace space. They have floor to ceiling windows with stunning 360 degree views of South Beach, Downtown Miami and obviously the ocean and the entire Sunny Isles area.

They have had a great acceptance because this type of buyer really looks for luxury, exclusivity and having all the services of a five-star hotel in his own home. All this, from the point of view of prices, quality of construction and product value, results in Penthouses being a very good investment opportunity.

How do you feel when you drive by the buildings and your children tell you “dad did you do this”?

-It’s a pleasure that my kids can really say something about our creations because we dedicate so much time and effort to projects that they actually become our children.

-I feel very proud to be part of the great transformation that Miami has had, of being the developer or marketer of most construction projects that today make Miami’s skyline look completely different, and obviously I hope that my children can continue this effort.

-They love them. Ana Cristina and I instill that love for what we do and try to make them participants in our projects. We are in a magical city, where many changes have taken place and it is constantly growing. Miami will become one of the most important capitals in the world. I want them to feel part of it … It’s the adrenaline that makes you see and think about what we’re going to do next because you always try to improve yourself and achieve the best. Seeing that our children are part of that is very rewarding, it’s really a very nice feeling.

How many buildings have you built so far in the whole world?

-They are more than 100 surely. The truth is that we were lucky to be in the right place at the right time and grow with this city and we do things well in order to continue growing.

For your children, what is more important? That you leave fortune or a legacy?

We have always thought about leaving them tools to be successful in life, which is the most important thing. The reality is that if they put in the work, along with their capacity and perseverance, they will be successful in whatever they do. We always tell them that the most important thing in life is doing what they are passionate about.

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Seeing Jade

February 1, 2018
There are few South Florida developers as ubiquitous as Edgardo Defortuna. Founder, president and CEO of Miami based Fortune International Group, Defortuna has more than 30 years of experience and is considered a visionary in South Florida real estate. His projects include 1200 Brickell, Artech, Auberge Beach Residences & Spa Fort Lauderdale, Hyde Resort & Residences Hollywood and The Ritz-Carlton Residences, Sunny Isles Beach. Defortuna and his wife, Ana Cristina, are also the driving forces behind the Jade brand: Jade at Brickell Bay, Jade Beach, Jade Ocean and, now under development, the couple’s crowning achievement: the Herzog & de Meuron-designed, 192-unit Jade Signature in Sunny Isles Beach, which opened in December.

Read the full interview here.

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Constructor de un Imperio

February 1, 2018

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Traits Of A Successful Real Estate Investor

January 31, 2018
The traits of successful real estate investor often surface early in life then evolve to play a fundamental role in a career. Here’s three investors/developers who have stayed in the game with big wins.

Edgardo Defortuna

Edgardo Defortuna’s Fortune International Group  is recognized as a leader in high-end luxury real estate throughout South Florida, Latin America and Europe. Defortuna came to Miami in 1983 from Argentina with a degree in electrical and mechanical engineering starting his company that year. Today, Fortune International Group is noted for shaping Miami’s dynamic skyline with luxury projects. Its portfolio of developments includes Jade Residences at Brickell Bay, Jade Beach, Jade Ocean, Auberge Beach Residences & Spa Fort Lauderdale, The Ritz-Carlton Sunny Isles Beach and Jade Signature.

For Defortuna, determination is what counts. “When I want to get something done, I am very determined.” He points to the project, Jade Residences at Brickell Bay. “I decided it was the building that would position us as top of line Miami luxury developers, then 9/11 happened. Rather than lying down seeing what would happen economically we built a sales center so buyers who had reservations could see were moving ahead and sign sales contracts,” Defortuna said. “We took some risk and it paid off.”

Listen to Paul Habibi, Continuing lecturer of Finance and Real estate at UCLA Anderson Graduate School of Management. “Successful investors and developers must always use good judgement. You can’t be driven by ego,” says Habibi an investor himself for the past 22 years. “If you let your ambition get ahead of yourself, you will take risks that may grow your investments in the upcycle but will take you out in the down times.”

Art Falcone

As Founder and Managing Principal of Miami Worldcenter, one of the largest master-planned urban environments in the United States, Art Falcone knows about controversy while maintaining and executing a vision. Miami Worldcenter encompasses more than 30 acres across nine blocks in the heart of downtown Miami. Upon completion, the entitled project allows for more than 15 million square feet of mixed-use multi-billion-dollar development, including retail, restaurant and entertainment, hotel, residential, and office. “With Miami Worldcenter, I had the vision 14 years ago of what I thought would work. It started with an auction property next to the Miami arena.”

Falcone’s career began in the food service industry. At 22, he became the youngest operator of a McDonald’s franchise ultimately growing that to more than 100 McDonald’s, Wendy’s and other family-style restaurants throughout New York, Florida and California. “Growing up in Queens, I was very sports orientated which gave me a big leg up in being competitive and wanting to win,” Falcone said.

Win he did indeed. In 2005, Falcone sold his homebuilding and land development company Transeastern Properties, Inc for $1.6 billion. “When you come from nothing you have to work a lot harder to get ahead. Starting from zero you are always the underdog which led me to define the traits for my real estate business.”

Shahab Karmely

In 1978, at age 16, Shahab Karmely born in Tehran, immigrated to the United States with his family. Political circumstances forced Karmely’s family to exile to Europe for several years, they then returned to the United States.

Today, Karmely, through his New York-based real estate investment and development firm, KAR Properties  has acquired a significant real estate portfolio. Assets, in KAR projects in New York, Miami and Los Angeles total over 5 million square feet. In Miami development of two luxury condominium projects, One River Point and 2000 Ocean demonstrate Karmely’s confidence in Miami’s future.

In 1985, Karmely negotiated his first deal which he calls, “probably the best deal I ever made” He purchased an upper east side townhouse for $1 million on a handshake. “I was standing on the sidewalk in the pouring rain and negotiating. The tenants were gone and there were structural issues. I only had $100,000 for a deposit. The deal was I would I get the financing and move forward without even an engineer looking at the property,” Karmely recalls.

“I was naive but believed in the building and the block. I was totally open to taking risks which I probably wouldn’t do now. Today, I would over analyze it,” he concludes. Today the building is home to a number of art dealers.

On the flip side perseverance when a deal goes sideways then moving forward with lessons learned, Karmely believes is key to his success.

No surprise persistence and determination are mandatory to have staying power in an industry where many make millions only then to lose their fortune.

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The Herzog & de Meuron’s Jade Signature Receives TCO, Begins Closings In Sunny Isles Beach

January 30, 2018
After a grand countdown to completion that featured the installation of a giant 65,000-pound, 38-year-old kapok tree at the tower’s base and the unveiling of “Bonhomme Universe,” the tower’s new gemstone snowman by Daniel Knorr, Jade Signature has officially received its temporary certificate of occupancy (TCO) in Sunny Isles Beach. Closings have begun and residents are now slated to begin moving in within the next few weeks (January 30, 2018). Jade Signature was developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, designed by the Pritzker-Prize winning architecture firm Herzog & de Meuron, in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles, and financing provided by HSBC. Sales and construction began in 2013. 95% of the 192 residences have been purchased by an array of buyers spanning the U.S., Latin America and Europe. With this initial TCO achieved, the development team expects that the building will be fully completed for its official opening at the end of the first quarter.

“We are so proud to be of delivering this masterpiece to the world,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Our buyers have long recognized our vision and strength, knowing full-well what the final result will be when a group of industry leaders set out to create something extraordinary.”

“Like the kapok tree’s symbolism of strength and resiliency, and the jewel-adorned, snowman-shaped ‘Bonhomme Universe’ sculpture’s embodiment of Miami’s unique diversity, Jade Signature, as a whole, is a testament to rare artistry and singular design,” Defortuna continued. “This particular project is the pinnacle of the Jade brand’s journey, representing the growth of a legacy and its future admiration by generations to come.”

While the tower is nearly sold out, Jade Signature has a limited selection of residences remaining among the tower’s most luxurious units. Known as “The Collection,” the portfolio is a compilation of two-story Sky Villas and penthouses, ranging from $14.2 million to $32.9 million. The Sky Villas feature flow-through views, expansive terraces, private elevators, smart technology, service quarters and PYR-designed bathroom cabinetry. There are also two, full-floor penthouses with all the features of the sky villa as well as a private pool, gym and 360-degree views of the Atlantic Ocean, Intracoastal Water and the Miami skyline. Additional availability includes 3- to 5-bedroom residences, with sizes starting at 3,312 square feet and prices starting at $4.8 million.

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Fort Lauderdale’s Auberge Beach Residences & Spa Tops Off Both Towers, Set For Completion In The Spring

January 30, 2018
The highly anticipated opening of Auberge Beach Residences & Spa is one day closer—the Fort Lauderdale luxury development recently topped off its two towers.

Located directly on the beach, the 171-unit project is one of the highest-selling condos in the city, with $8.9 million and $9.5 million record-breaking penthouse sales.

Auberge Beach Residences & Spa offers 450 linear feet of frontage to the Atlantic Ocean with resort-style amenities and services. These include a spa, a signature restaurant, a Napa Valley Wine Cellar, 24/7 valet and concierge services, a fitness center overlooking the pool deck, an aboutGolf golf simulator and more.

The residential towers boast one- to five-bedroom condos, all having spacious floor plans with oceanfront terraces and kitchens with Italian cabinetry and stone countertops.

The north tower is 97 percent sold and is expected to be completed in the spring. The south tower is 70 percent sold and has a projected completion date for this summer. For more information, visit aubergebeach.com.

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Auberge Beach Residences & Spa Reaches Final Height in Fort Lauderdale

January 30, 2018
Two curving additions to Fort Lauderdale’s beachfront have reached their final height. Developers The Related Group, Fortune International Group and The Fairwinds Group joined builder Moss to celebrate the topping off of Auberge Beach Residences & Spa Fort Lauderdale, which now stands 23 and 17 storeys above the Atlantic Ocean shoreline.

The two-tower development made waves during its marketing cycle for a pair of record-breaking penthouse sales, which went for $9.5 million and $8.9 million apiece. The 171-unit project designed by Nichols Brosch Wurst Wolfe & Associates features floor plans designed for multigenerational living, which are replete with gourmet kitchens and oceanfront terraces. Residences begin on the second floor of each tower and range from one to five bedrooms and 1,500 to 5,000 square feet.

The development at 2200 N. Ocean Boulevard fronts 450 linear feet of the ocean coastline and contains a number of resort-style amenities and services, including a spa and restaurant, state-of-the-art fitness centre, a golf simulator, and multiple multimedia and gaming facilities.

A bird’s-eye view of the site provided by Moss and Smith Aerial Photos showcases the meandering massing of the two towers as cladding continues to seal the structure. The shorter north tower, which is 97 percent sold, is expected to complete first, in the spring. The 70-percent-sold south tower has an anticipated delivery date of summer 2018.

Additional images and information can be found in the Database file linked below. Want to get involved in the discussion or share your photos? Check out the associated Forum thread or leave a comment in the field provided at the bottom of this page.

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Herzog & De Meuron-Created Jade Signature Receives TCO, Begins Closings

January 29, 2018
With the finishing touches of a giant kapok tree now firmly planted at its entrance, and a new public work of art installed along its shoreline,Jade Signature — Miami’s most architecturally extraordinary oceanfront address – has received its temporary certificate of occupancy (TCO), signaling the start of closings for the ocean-facing luxury tower. Residents are now slated to begin moving in within the next few weeks.

Developed under the leadership of husband-and-wife team Edgardo and Ana Cristina Defortuna of Fortune International Group, and created by the Pritzker-Prize winning architecture firm Herzog & de Meuron — in collaboration with Parisian interior designer Pierre-Yves Rochon (PYR) and landscape architect Raymond Jungles — sales and construction began in 2013. To date, 95% of the 192 residences have been purchased by an array of buyers spanning the U.S., Latin America and Europe. Financing for the 57-story tower, which is located at 16901 Collins Avenue in Sunny Isles, was provided by HSBC. With this initial TCO achieved, the development team expects that the building will be fully completed for its official opening at the end of the first quarter.

Nearly sold out, Jade Signature has a limited assemblage of residences remaining among the tower’s most luxurious units. Known as “ The Collection,” the portfolio is a compilation of two-story Sky Villas and penthouses, ranging from $14.2 million to $32.9 million. The Sky Villas offer stunning features, such as flow-through views, expansive terraces, private elevators, smart technology, service quarters and PYR-designed bathroom cabinetry. The two, full-floor penthouses boast all of these world-class features as well as a private pool, gym and 360-degree views of the Atlantic Ocean, Intracoastal Water and the Miami skyline. Additional offerings include three- to five-bedroom residences, with sizes starting at 3,312 square feet and prices starting at $4.8 million.

The roots of Jade and the journey of its brand trace back to 2004 and Miami’s Financial District, where Jade on Brickell Bay was developed by Fortune International Group. The project’s prominence and accolades eventually paved the way for the creation of Jade Ocean and Jade Beach in Sunny Isles — and now, Jade Signature. Coinciding with Jade Signature’s final stages of completion, the company celebrated an additional milestone in November: the commemoration of nearly 35 years in the luxury residential real estate industry…a benchmark that will be celebrated when Jade Signature officially opens in the weeks ahead.

“We are so proud to be of delivering this masterpiece to the world,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Our buyers have long recognized our vision and strength, knowing full-well what the final result will be when a group of industry leaders set out to create something extraordinary.”

“Like the kapok tree’s symbolism of strength and resiliency, and the jewel-adorned, snowman-shaped ‘Bonhomme Universe’ sculpture’s embodiment of Miami’s unique diversity, Jade Signature, as a whole, is a testament to rare artistry and singular design,” Defortuna continued. “This particular project is the pinnacle of the Jade brand’s journey, representing the growth of a legacy and its future admiration by generations to come.”

For more information, contact (305) 907-7493, or visit www.jadesignature.com.

Fortune International Group

Synonymous with excellence, quality, customer service and unwavering commitment to the highest standards of luxury, Fortune International Group has been a recognized leader in development, sales and marketing since 1983. The company’s prestigious development portfolio includes many of the most prominent residential in South Florida including Jade Signature, The Ritz-Carlton Sunny Isles, Auberge Beach Residences and Spa Fort Lauderdale and Hyde Resort & Residences Hollywood. In addition, Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having represented some of South Florida’s most successful projects with thousands of sales to date. Led by visionary founder Edgardo Defortuna, Fortune International Group has 18 offices around the world with nearly 1,000 associates. Fortune’s international broker network reaches legions of prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris. www.fortuneintlgroup.com.

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Joya arquitectonica en el corazon de Miami, Brickell Flatiron

January 2018

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This week in Miami Real Estate:  Auberge Beach Residences & Spa Fort Lauderdale officially topped off

January 26, 2018
A recent study from Abodo found that South Florida is rife with real estate jobs. In fact, the Fort Lauderdale area, which includes Pompano Beach and Deerfield Beach, has the largest concentration of sales and real estate jobs in the country, with 142.4 jobs of every 1,000 are in those fields. Miami/Miami Beach/Kendall isn’t far behind at 132.2.

Elsewhere in Miami real estate news this week:

  • The most recent Swanepoel Power 200 list of real estate professionals featured a number from Southeast, including Teresa King Kinney, CEO of the Miami Association of Realtors. Check out the entire list to see which movers and shakers made the cut.
  • The two-tower Auberge Beach Residences & Spa Fort Lauderdale was officially topped off this week. The south tower just reached its full height of 23 stories, while the 17-story north tower was completed in recent months. The north tower is 97 percent sold and expected to be completed by spring, while the south tower is 70 percent sold and expected to be completed by summer. Auberge’s development and construction team includes The Related Group, Fortune International Group, The Fairwinds Group and Moss.
  • Before Arquitectonica was a household name in Miami, it cut its teeth in 1982 with Babylon Apartments in Brickell, instantly recognizable with its bright red color and unique shape that earned it protected architectural landmark status. However, Miami commissioners recently voted to overturn that status, leaving the building’s fate to hang in the balance, the Miami Herald reported. The building’s owner requested the change in hopes of redeveloping the land on Brickell Bay Drive.
  • The Florida Housing Finance Corporation recently announced Ray Dubuque and Ron Liberman as its board of directors’ new chair and vice chair, respectively. The two say they’re eager to focus on Florida’s need for more affordable housing for everyone from homeless schoolchildren to veterans and seniors.
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Construction Of Auberge Beach Residences & Spa Reaches Full Height

January 26, 2018
Things are moving at a fast pace in Fort Lauderdale at one of its most luxurious properties. The Related GroupFortune International GroupThe Fairwinds Group and Moss gathered to celebrate Auberge Beach Residences & Spa Fort Lauderdale, the two-tower luxury development sitting directly on the sand. Construction of the property’s 23-story south tower just reached full height and swiftly follows the top off of the 17-story north tower by only a few months.

“We are excited to deliver the most attractive and only on-the-sand luxury residential project in all of Fort Lauderdale,” said Patrick Campbell, Vice President at The Related Group. “Auberge has set a new standard of luxury living with its coastal elegant design, unrivaled list of amenities, luxury services and enviable beachfront access.”

This construction milestone speaks of Auberge’s quick ascent in Fort Lauderdale. Located at 2200 N. Ocean Boulevard, the property offers 450 linear feet of frontage to the Atlantic Ocean and boasts five-star resort-style amenities and services including the brand’s world-class spa and restaurant, a Napa Valley wine cellar, 24/7 valet and concierge, a state-of-the-art fitness center overlooking the pool deck, the world’s best aboutGolf golf simulator, family-friendly children’s playroom as well as a club room with multimedia facilities, billiards and gaming tables.

“Our family is delighted to bring to Fort Lauderdale a project of unprecedented elegance casual sophistication. We look forward to welcoming the community back to our restaurants and signature spa in late fall,” said Andy Mitchell, CEO and President of The Fairwinds Group.

Designed by Nichols Brosch Wurst Wolfe & Associates, the residential towers will have spacious floorplans designed for multigenerational living, expansive oceanfront terraces, gourmet kitchens with Italian cabinetry and stone countertops. Starting on the second floor of each tower, residences range from one to 5 bedrooms and 1,500 to 5,000 square feet.

“We are thrilled to be a part of this project, which exemplifies modern beachfront luxury,” said Scott Desharnais, Executive Vice President of Moss. “We are proud that The Related Group, Fortune International Group and The Fairwinds Group have trusted the quality of our work to bring this concept to life.”

The North Tower, which is 97 percent sold, is expected to complete in Spring 2018, while The South Tower, which is 70 percent sold, has a projected completion date in Summer 2018.

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Auberge Beach Residences & Spa Officially Tops Off in Fort Lauderdale

January 26, 2018
The Related Group, Fortune International Group, The Fairwinds Group and Moss celebrated the topping out of Auberge Beach Residences & Spa Fort Lauderdale, the two-tower luxury development which is one of the highest-selling condos in Fort Lauderdale with 2 record breaking penthouse sales at $8.9 million and $9.5 million. Construction of the property’s 23-story South Tower just reached full height, following the top off of the 17-story North Tower in July 2017.

“We are excited to deliver the most attractive and only on-the-sand luxury residential project in all of Fort Lauderdale,” said Patrick Campbell, Vice President at The Related Group. “Auberge has set a new standard of luxury living with its coastal elegant design, unrivaled list of amenities, luxury services and enviable beachfront access.”

“Our family is delighted to bring to Fort Lauderdale a project of unprecedented elegance casual sophistication. We look forward to welcoming the community back to our restaurants and signature spa in late fall” said Andy Mitchell, CEO and President of The Fairwinds Group.

“We are thrilled to be a part of this project, which exemplifies modern beachfront luxury,” said Scott Desharnais, executive vice president of Moss. “We are proud that The Related Group, Fortune International Group and The Fairwinds Group have trusted the quality of our work to bring this concept to life.”

Auberge Beach Residences & Spa features 171 flow-through condominium residences spread over two towers designed by Nichols Brosch Wurst Wolfe & Associates with interiors by Meyer Davis Design Studio. Located at 2200 N. Ocean Boulevard, the development sits directly on the sand with over 450 linear feet of oceanfront. Units range from 1,500 SF one-bedroom to 5,000 SF five bedroom floor plans designed for multigenerational living which all feature private elevator access, gourmet kitchens with stone countertops, sunrise and sunset terraces, and floor-to-ceiling glass for unobstructed ocean views. Amenities include five-star, resort style staff and services; 2 beachfront swimming pools, full-service spa, 2 restaurants, multimedia facilities, resident’s lounge club room, billiards, golf simulator and a state-of-the-art fitness center.

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Bitcoin is booming in Miami. But can you buy a house with it?

January 26, 2018
They gathered in downtown Miami — an estimated 4,350 Bitcoin believers — to trade pitches for apps and start-ups. They discussed and debated trends in cryptocurrency. They speculated about the volatility of Bitcoin, which shot up in value from $900 to $19,000 over the course of 2017 and is currently hovering around the $10,000 mark.

But despite the national stir created last fall when a $544,500 Edgewater condo was listed for sale in “Bitcoin only,” none of the panels or presentations at Miami’s sixth annual North American Bitcoin Conference focused on real estate. Although Bitcoin is the oldest and best-known of the nearly 1,500 kinds of cryptocurrencies currently available, real estate developers, brokers and analysts are cool on its use in an industry that is literally defined by physical assets.

In other words, if you’re hunting for a home, don’t worry that you’ll get outbid by a buyer offering cryptocurrency. At least not yet.

“I think it’s fine to buy Bitcoin, because high risks lead to high returns, and I believe in capitalism,” said Nela Richardson, chief economist for Redfin, a national real estate brokerage. “But when you come to buy my house, I’m going to need a currency that I can use to buy milk at the grocery store. I wouldn’t accept junk bonds or a lottery ticket as a payment. Any currency that drops 45 percent in value within three months, like Bitcoin has done, is not a currency that is stable enough for large transactions.”

According to Redfin, only 134 out of the site’s total 568,000 listings in December 2017 — a minuscule .03 percent — included a Bitcoin mention.

Created in 2009, Bitcoin is digital currency tracked on decentralized ledgers — called blockchains — that keep a real-time, immutable record of every transaction made around the world. Buyer and seller interact directly. Bitcoins can be purchased through a digital currency exchange or broker and are kept in a “wallet” that protects the user’s anonymity. And because the blockchain system is not centralized, security is considered to be significantly safer than current e-transaction software.

For now, at least, Bitcoin is not regulated by any bank, state or nation.

General awareness of Bitcoin and blockchains exploded in 2017 as the cryptocurrency’s value skyrocketed. Earlier this month, the stock price of Eastman-Kodak shot up 89 percent, to $10.70 a share, just a day after the company announced an Initial Coin Offering (ICO) to develop a blockchain system for photographers to secure the digital rights of their work.

Miami is one of the nation’s staunchest and most enthusiastic cryptocurrency hubs, and proponents of Bitcoin argue that cryptocurrency is a perfect fit for real estate. On Dec. 22, the first-ever Bitcoin-only real estate deal in Miami closed, with a buyer paying 17.741 bitcoin — the market equivalent of $275,000 — for a two-bedroom condo at 777 NE 62nd St. in the Upper East Side.

But some experts believe a lot of the hype around Bitcoin is just that — hype. The currency’s value fluctuates so much that the value of a Bitcoin transaction could either gain or lose thousands of dollars in value within a week’s time. In an interview with CNBC on Jan. 10, billionaire investor Warren Buffett warned that the cryptocurrency craze is destined to end badly, costing a lot of people a lot of money.

“We’re in an area of hysteria right now involving Bitcoin,” said Andrew Ittleman, a partner at the Miami law firm of Fuerst, Ittleman, David & Joseph. “There are a lot of people making claims about Bitcoin that they can’t substantiate and for the most part are not meant to be substantiated. I do see a lot of uses for cryptocurrency in real estate, but I don’t see the disruptive effect some people are promising.”

Waning favor?

Andrew Hinkes, a partner at the law firm of Berger Singerman who specializes in technology-related issues, said cryptocurrency is nearing the end of its initial wave of interest from Wall Street and investment by new ventures. Bitcoin still has a long way to go before it is widely embraced by the real estate industry.

“Nothing has really changed insofar as how virtual currencies are impacting real estate,” he said. “A lot of people saw tremendous gains in the values of their holdings in 2017. But now that the IRS has made clear how they want to treat the gains on crypto like Bitcoin, there’s uncertainty in the market as to how you sell them and find value. In South Florida, that’s traditionally in the ground. But if you want title insurance, or if there are any liens or taxes that are owed, those will have to be payed with fiat currency.”

Although the Internal Revenue Service taxes Bitcoin capital gains — if you cash out for a profit, the IRS gets a cut — there’s no procedure in place that forces people to report those transactions. (In November, the IRS ordered Coinbase, a platform for buying and selling Bitcoin, to turn over information on accounts from 2013-2015 that were worth at least $20,000.)

The current lack of regulations is one of Bitcoin’s biggest draws for its users. And despite suspicion that Miami’s real estate market is prey to money launderers, it can be a deal-breaker for real estate. For example, South Korea, the third biggest cryptocurrency market in the world (after Japan and the U.S.), has banned anonymous cryptocurrency transactions, fearful of the potential for shady business.

That uncertainty and lack of transparency, combined with cryptocurrency’s volatility, is making real estate developers and investors wary.

“Bitcoin is too new of a form of currency,” said Daniel de la Vega, president of One Sotheby’s International Realty. “Anything that operates in a gray area is not something I would want to associate with. I do believe in the future of cryptocurrency. I’m just not bullish on it short term.”

The Miami Association of Realtors reports that sales of luxury ($1 million and above) condos and single-family homes in Miami-Dade County surged 47 percent and 16 percent respectively year-over-year in December. But the market is still glutted by too much supply, which caused the average luxury sales price to fall 6.3 percent in 2017, according to Mansion Global.

Still, the need to sell expensive properties is not enough to make developers rally behind Bitcoin — at least for now. Gil Dezer, president of Dezer Development, said if a buyer made a Bitcoin offer right now on one of the multimillion dollar condos at the Porsche Design Tower in Sunny Isles Beach, he would turn them down.

“If Bitcoin is so easily transferable to cash, why do they need to pay with that?” Dezer said. “Why can’t they transfer it into cash first and pay with that? The transverse effect of that is the seller receiving the money. If he wants Bitcoin, he can take the cash and buy Bitcoin. Why would you use Bitcoin in the actual transaction?”

Peggy Fucci, CEO of One World Properties, said she has yet to come across a buyer or seller interested in using Bitcoin as a form of payment, but she understands Bitcoin’s buzzy appeal.

“I think the general consensus from the developers I work with and represent is that the whole deal with Bitcoin and real estate is a marketing thing — a way to get exposure for your property,” she said. “I don’t see it as a real thing yet. Most people don’t even know about Bitcoin and cryptocurrencies in general. Eventually, it is something that will be inevitable. But right now, it’s too early. We don’t use it. Instead, people are riding the wave of a phenomenal stock market.”

Realtors wary

Some Realtors who have had first-hand experience with Bitcoin agree that cryptocurrency isn’t yet ready for prime time in the real estate field.

Edgardo Defortuna, president and CEO of the real estate firm Fortune International Group, said his company has been involved in two listings where Bitcoin was in play: A $4.6 million home on Sunset Island where the seller accepted Bitcoin (the house eventually sold for $3.8 million via conventional loan) and a Key Biscayne condo currently on the market for $1.5 million (the seller received and turned down an offer for $1 million in Bitcoin).

“Bitcoin was talked about a lot last year because of the appreciation, but it has scared a lot of people away in the last month or two,” Defortuna said. “Cryptocurrency could be a player [in real estate transactions] in the future, but I’m not sure this Bitcoin craziness is the way to go yet.”

But Charles Penan, executive vice president of the real estate investment and merchant banking firm Aztec Group Inc., takes a more flexible approach. He currently has a property for sale at 4141 N. Miami Ave. in Miami’s Design District — a three-story, nearly 16,000 square-foot building — for $14.5 million. The seller, Remy Jacobson of J Cube Development, is accepting cryptocurrency as payment.

“Crypto is a very viable alternative to traditional financing — for the right buyer and right seller,” said Penan. “They have to be more entrepreneurial. Bitcoin does not work for institutions, because they are more transactional and want instant gratification. They don’t want to assume any risk of fluctuation.”

Others are already doing due diligence, preparing themselves for what they believe to be an inevitable and radical change in traditional real estate transactions. Beth Butler, general manager of Compass Florida, a technology-focused real estate firm, said her company isn’t accepting Bitcoin yet. But she’s currently researching the field, tapping experts to figure out the problems that need to be solved before cryptocurrency can be readily used.

“So far, people are very open to it,” Butler said. “The appeal is that blockchain could make real estate transactions more secure. You wouldn’t have the wire fraud or hacking fraud that has been plaguing our industry in the last few years. But there’s a lot more that needs to be defined on a large scale first. The concept of blockchain suggests to me that state law and regulators will have to adopt some kind of policy to accept it.”

An optimistic gathering

Bitcoin believers, however, remain undaunted. German Montoya, chief strategy officer for the Miami-based venture-building company Rokk3r Labs, said the volume and enthusiasm of attendants at the North American Bitcoin Conference — far bigger than the roughly 100 people who turned out for the inaugural edition in 2012 — is evidence that cryptocurrency is destined to take hold.

“For a long time, the only thing you could do with Bitcoin was buy and sell it,” Montoya said. “There are only a few coffee shops in the world that take Bitcoin, for example. The more Bitcoin is used for real things, the more this coin will become a real alternative to others.”

At the conference, the main exhibition hall was crammed with start-ups hoping to use blockchain technology for everything from Bitcoin ATMs to virtual reality. Dr. Gor Van Ek, a respected figure in the blockchain field, flew in from Australia to promote his latest endeavor, Bitcar, a platform that will allow users to purchase an interest in exotic, rare and classic cars — a way of investment that has been traditionally exclusive to the wealthy.

“This is the third or fourth year that I’ve gone to that conference, and I had never seen this sheer scale and number of people who attended,” said Hinkes, the attorney. “That signals a certain threshold of consumers have been reached. Bitcoin is starting to make an impact and insinuate itself into the mainstream.”

Many of the panels at the conference delved into upcoming regulation that would stabilize Bitcoin and other cryptocurrencies for both consumers and government entities. That kind of regulation, if successful, could presumably offset Bitcoin’s volatility and make it a more viable and dependable medium for large-value transactions.

“Once there are enough things to spend Bitcoin on directly, the real estate market could never be a reason to go back to the dollar,” Montoya said. “You could have a whole economy where you use Bitcoin to buy and sell and spend.”

The questions, for now, are how long that wait will be and whether Bitcoin’s seesawing value can stabilize. Six weeks after all the hubbub, that Bitcoin-only condo in Edgewater still hasn’t sold. On Jan. 24, the price on the listing was quietly raised to 37 Bitcoin.

Despite the apparent increase, though, the adjustment actually brought the value of the condo down in dollars — from $525,000 to $410,000.

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Auberge Beach Fort Lauderdale tops off both its towers

January 25, 2018
Auberge Beach Residences & Spa Fort Lauderdale just hit a construction milestone. The two-tower luxury development’s 23-story South Tower just reached full height, which is happening a few months after the 17-story North Tower topped off.

The North Tower, which is 97 percent sold, is expected to be completed this spring and the South Tower, which is 70 percent sold, is anticipated to be completed this summer.

Amenities for the 171-unit development includes 450 linear feet of frontage to the Atlantic Ocean, a wine cellar, fitness center and spa, aboutGolf golf simulator, and a children’s playroom. Units will offer oceanfront terraces and kitchens with Italian cabinetry and stone countertops.

Notable buyers include Miami Dolphins legend Dan Marino, NHL player Jacob Trouba, and The Related Group CEO Jorge Pérez. Meanwhile, its penthouse sales broke records last year.

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Some impacts of new tax law on local real estate are clear. Some aren’t.

January 18, 2018
Even though the sweeping tax reform bill was signed into law on Dec. 22, the massive document is so dense that even seasoned real estate professionals aren’t entirely sure what it will mean for Miami.

While some of the bill’s real estate provisions are clearly delineated, other portions are “riddled with errors,” said Dustin Stamper, director of the Grant Thornton Washington National Tax Office.

Those, and “handwritten notes on the margins,” are indications that the bill was written in a rush, Stamper told attendees at a Wednesday breakfast hosted by the real estate committee of the Greater Miami Chamber of Commerce. As a result, he expects the law will undergo technical corrections and other tweaks in the weeks to come.

“It’s going to be the wild west in the tax world,” Stamper said.

These impacts are clear:

▪ The limit for the mortgage interest deduction will be lower. Previously, homeowners with loans of up to $1 million could write off the interest of their mortgages. Now, the amount has been lowered to $750,000. (The change will only affect new loans; existing loans will be grandfathered in). The deduction also applies to second homes. (Industry pros think this could impact the sales of homes between $750,000 to $1 million. But they differ in how important that market is.)

▪ Deductions for income, sales and property taxes, which were previously unlimited, are now capped at $10,000. But the new cap could lead more residents of states with high property values and state income tax to South Florida. That boost could help to offset an expected slowdown of new sales of homes priced within the $750,000 to $1 million range, whose interest can no longer be deducted.

Vanessa Grout, president of CMC Real Estate, developers of the 64-story Brickell Flatiron luxury condo currently under construction in downtown Miami, said she has already seen the inbound website traffic from New York buyers triple in volume within the past month. Three penthouses in the building, ranging in price from $1.5 million to $3 million, were bought by New Yorkers in the first two weeks of January alone, she said.

Some of the issues pondered during the hour-long conference: How the bill will impact estate taxes (probably not much, speculated real estate pros); whether corporations will be encouraged to stop holding their investments overseas (yes); and the disconnect between what the bill will deliver and what taxpayers expect. (Stamper said nearly every income bracket will receive a tax cut, despite the caps on deductions.)

Wednesday’s pow-wow between real estate professionals is just one of many more to come, said Arthur “AJ” Meyer, chair of the Greater Miami Chamber of Commerce and vice president of business development at the ANF Group construction/development firm.

“This is a complicated bill, and it’s going to take a while for everyone to get a good grasp on all its parts — including professionals,” said Meyer, who organized Wednesday’s conference.

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Tallest Residential Building South Of Manhattan Opening March 2018

January 17, 2018
Panorama Tower, the tallest residential building south of Manhattan, will open to residents beginning in March.

Other new details:

  • Rental prices average about $3 per square foot
  • Leasing broker Edgardo Defortuna thinks the building could eventually be converted to condos, according to The Real Deal
  • The Hyatt Centric Brickell hotel in the tower will actually open sooner, in February (the Hyatt website is not yet accepting reservations until May)

Square Footage and Pricing:

  • One, two and three bedrooms available
  • One bedrooms range from 1,134 to 1,153 square feet. Prices starting from $2,525.
  • Two bedrooms range from 1,125 to 1,630 square feet. Prices starting from $2,758.
  • Three bedrooms range from 2,175 to 2,191 square feet. Prices starting from $6,736.
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Developer of Miami’s tallest tower taps Fortune Development Sales to handle apartment leasing

January 16, 2018
UPDATED Jan. 26, 1:10 p.m.: Renters will be able to move into Miami’s tallest tower starting in March.

Tibor Hollo’s Florida East Coast Realty just tapped Fortune Development Sales to take over leasing efforts at Panorama Tower. Rents at the luxury mixed-use building will start at $2,525 for an 1,134-square-foot one-bedroom to $6,736 for a three-bedroom, 2,175-square-foot apartment, a spokesperson said. Two-bedroom apartments will range from 1,125 square feet to 1,630 square feet and start at $2,758.

The 85-story development at 1100 Brickell Bay Drive will open in two phases, starting with the 208-room Hyatt Centric hotel in February. Residents will be able to move into the building’s 821 units the following month. Once Panorama is completed, the 868-foot tower will be the highest in Florida and the tallest residential tower south of Manhattan.

Fortune’s Lorenzo Rodriguez will handle leasing with a team of five agents. Fortune president and CEO Edgardo Defortuna, who has sold thousands of condo units in the neighborhood, called the leasing assignment “perfect timing in the market” since condo sales have slowed significantly.

“Even though I know there were other [firms] being considered … Tibor [Hollo] and his team were very supportive of us being the ones to handle this project,” Defortuna said.

Panorama’s apartments are geared toward young professionals and will feature a music room, three private movie theaters, a yoga/pilates studio and a pet spa. Additionally, the hotel will share its amenities with residents, including a full-service spa, fitness center and pool. The building will also have about 100,000 square feet of office space and 50,000 square feet of retail space.

While rents will be reduced for residents who don’t need a parking space or for those with electric cars, the developer is not planning on offering incentives, Defortuna said.

FECR could also eventually convert the rentals to condos, like it did with Opera Tower and others in Miami’s urban core. Once the condo market strengthens, Defortuna said he could see the developer converting the luxury units to condos in the long term.

The developer financed construction of the roughly $800 million project with a $340 million construction loan from Wells Fargo in March 2015, the second biggest loan to close that year in South Florida.

Last year, Tutor Perini Building Corp., the former contractor on the Panorama project, filed a lawsuit in Miami-Dade Circuit Court against FECR alleging it failed to turn in project designs on time and revised project plans as recently as October without giving a deadline extension — allegedly resulting in millions of dollars in unpaid work.

An earlier version of this story listed an incorrect address and unit sizes.

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Three South Florida Cities To End 2018 With New Tallest Buildings

January 8, 2018
South Florida’s development boom will produce three new tallest buildings in the cities of Miami, Sunny Isles Beach and Fort Lauderdale, and residents of these landmark projects will overlook kilometres of the Atlantic Ocean from hundreds of metres in the sky. Panorama Tower and Muse Residences have already eclipsed the competition in their respective cities and ushered in a new age of highrise luxury living, while 100 Las Olas is poised to do the same in the coming months.

Florida East Coast Realty is gearing up to welcome residents to the 85-storey, 265-metre-tall Panorama Tower, which boasts 821 luxury rental apartments, 208 hotel rooms, 50,000 square feet of retail space, and 100,000 square feet of medically oriented office space. An towering stamp on the skyline, the mixed-use development contains an entire floor dedicated to amenities. The 45,000-square-foot facility includes three private theatres, a sports lounge, a fitness centre, multiple social lounges, and private dining and wine tasting rooms. An additional space on the 22nd floor completes the experience with two heated pools and an adjoining sundeck and restaurant overlooking the skyline and Biscayne Bay.

The 198-metre Muse Residences is also approaching completion in Sunny Isles Beach, where Property Markets Group and S2 Development have executed the city’s tallest building. Designed by Carlos Ott and architect of record Sieger Suarez, the project’s twisting form donates space to fully furnished residences that divide each floor in the middle, creating two units that bear balconies running the entire width of the tower. It too comes packed with amenities, including a residents’ lounge, vanishing edge pool, fitness centre, and an automated parking system.

Like Panorama Tower, Fort Lauderdale’s 100 Las Olas will be occupied by a mix of programs, including residential, hotel and retail space. The SB Architects-designed development launched by developer Kolter Group features 121 residences, 238 Hyatt Centric hotel rooms, and 8,500 square feet of commercial retail space across 46 storeys. Scheduled to deliver in fall 2019, floor plans range in size from 1,501 to 2,964 square feet, and include two- to three-bedroom residences with floor-to-ceiling windows. Another expansive amenities package takes advantage of South Florida’s subtropical climate, with an elevated resort-style private pool, day cabanas and multiple lounging areas available.

Additional images and information can be found in the Database files linked below. Want to get involved in the discussion or share your photos? Check out the associated Forum threads or leave a comment in the field provided at the bottom of this page.

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Check Out the First Renderings of The Auberge Spa at Auberge Beach Residences

January 8, 2018
Good things come to those who wait, so it looks like we’ll have to wait a little bit longer to see the new Auberge Beach Residences & Spa Fort Lauderdale. Originally slated to open in January 2018, the new luxury locale has decided to delay its grand opening to ensure every last detail will be perfect for guests. The new Auberge property is now expected to open to the public in June or July 2018.

The 10,000-square foot spa will include a full-service salon, four massage rooms, two skincare rooms, a specialty massage room with a sand bath table, a body treatment room, a couples suite with soaking tub, a plunge pool, and sound lounge area. Outdoors, guests will find two outdoor treatment cabanas, a garden, and swimming pools with cabanas that offer food and beverage options, all of which overlook the Atlantic Ocean. Also providing an ocean view is the resort’s 6,000-square foot state of the art fitness center.

The Auberge Spa at Auberge Beach Residences is centered on the concept of casual elegance. To embody a relaxed sense of luxury, the design team incorporated a number of outdoor elements into interior spaces to keep an open flow between all areas. Spa designer Tracy Lee has curated the treatments and treatment program for The Spa at Auberge. Lee was inspired by the sun, sand, and surf available just outside the residences while curating the new spa menu, so much so that she infuses both sand and salt into the treatment menu, which is designed to both relax and invigorate clients.

Sample treatments include the Himalayan Salt Stone Massage; Sound & Sand Massage; Magnetic Sand Therapy; Sea Drift Couples Ritual; Targeted Massages; Coconut Cardamom Polish & Mango Butter Massage; Himalayan Salt Detox Exfoliation & Body Wrap; Hair & Scalp Treatments; Alchemy Facials; and more.

While the final details like staff and which product lines will be used are still being ironed out, the renderings of the property prove that this south-Floridian getaway will be worth the wait.

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The Related Group, Fortune International Group and The Fairwinds Group teamed up to offer a luxurious evening of philanthropy

January 8, 2018
The holiday season may be over, but Auberge Beach Residences & Spa Fort Lauderdale is still in the spirit of giving. Those who were able to attend this lovely event were in for a surprise. The Related Group, Fortune International Group and The Fairwinds Group teamed up to offer a luxurious evening of philanthropy and fun as they partnered with Joe DiMaggio Children’s Hospital Foundation.

Auberge and David Yurman held an intimate wine tasting event hosting buyers and brokers. The 40 Guests were also able to participate in an exclusive shopping experience with pieces from David Yurman‘s latest collection as they sampled an incredible selection of August Wines.

The event ended up raising a total of $4,116.50 for the Joe DiMaggio Children’s Hospital Foundation. Established in 1994, Joe DiMaggio Children’s Hospital Foundation ensures the availability of safe, quality, cost-effective care, regardless of one’s ability to pay.

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2018 Preview: 10 Most Anticipated Miami/South Florida Venues for Meetings and Events

January 2, 2018
Looking for a new venue for your next event? Here are the most anticipated Miami/South Florida restaurants, corporate event venues, hotels, conference centers, and party rooms slated to open in 2018. These new and renovated Miami/South Florida venues will accommodate groups large or small for private and corporate events, conferences, meetings, weddings, business dinners, teambuilding activities, cocktail parties, and more.

1. Miami Beach Convention Center is finishing a $515 million renovation and expansion, which is slated to debut in September 2018. The venue will grow to 1.4 million square feet and include a 60,000-square-foot ballroom. A new public park across the street will have lawn space available for events. The project will seek a silver LEED certification and includes design provisions to address sea-level rise.

2. In October, Royal Caribbean plans to unveil a new terminal at PortMiami as home to two cruise ships, Allure of the Seas and its newest ship, the 5,494-passenger Symphony of the Seas, which sets sail from Barcelona in the spring and is expected to sail from Miami beginning in the fall. Terminal A is intended to be LEED certified and will house check-in, security, and a light-filled Grand Hall. The terminal is expected to see 1.8 million travelers a year, more than double the current total of 750,000 passengers a year.

3. Lauded chef Thomas Keller is planning to open his first restaurant in South Florida at the Four Seasons Hotel at the Surf Club in early 2018. The chef behind French Laundry in Northern California and Per Se in New York has yet to announce the name of the concept or when it will open in 2018, although the resort said it will be designed by Martin Brudnizki. It joins the Italian restaurant Le Sirenuse at the property, which opened in 2017.

4. With flashy amenities such as a glass-bottom rooftop pool, the Celino South Beach hotel is planning an opening in the summer. The 132-room boutique hotel, located on Ocean Drive, will have 6,000 square feet of indoor and outdoor meeting space; overall it can hold reception-style events of as many as 105 guests or banquets of as many as 70. Other spaces include two restaurants: one focusing on Mediterranean cuisine and the other Spanish tapas. The property describes its style as Floridita: “a fusion of 1940s Miami Beach glamour with undertones of simple, classic Floridian accents.”

5. The 10,000-square-foot Auberge Spa is scheduled to open this spring within the Auberge Spa at Auberge Beach Residences & Spa Fort Lauderdale. The spa will offer two outdoor treatment cabanas, a full-service salon, four massage rooms, two skincare rooms, and a specialty massage room with a sand bath table.

6. Coming to Fort Lauderdale Beach in early January is Lona, an upscale Mexican restaurant from chef Pablo Salas. Lona—which translates to “canvas,” an apt name for a chef who loves tattoos—is located at the Westin Fort Lauderdale Beach Resort. With beach views and an indoor/outdoor bar, the space is suited for entertaining and will have multiple private dining rooms as well as a tequila tasting room and private tequila lockers for devotees of the spirit. The menu will offer small plates such as crab-infused guacamole, larger dishes such as 48-hour wagyu brisket, and an extensive cocktail menu with margaritas, sangrias, Micheladas, and more. Its sister restaurant, the 100-seat Tinta, will serve breakfast and is available for private events for 100 seated guests. Other private dining rooms seat 12 and 25 guests, respectively. Overall, Lona will seat 107 inside and 127 on the patio.

7. Restaurateur Stephen Starr announced plans to open El Vez, a Mexican concept that originally debuted in Philadelphia, at the W Fort Lauderdale hotel, which is already home to Starr’s Steak 954. Meyer Davis, which oversaw the hotel’s recent redesign, is also designing the restaurant. It’s slated to open in February.

8. Drive Shack, a golf entertainment complex, plans to open a 60,000-square-foot location in West Palm Beach in late 2018. The three-level space plans to offer 2,500 square feet of meeting and event space, along with its golf and entertainment options: 96 climate-controlled hitting bays that each holds six players; a sports bar and restaurant; a lounge with table and arcade games; and a rooftop terrace.

9. A second location of contemporary Japanese Robatayaki concept Etaru will open in early 2018 at the Related Group’s luxury residential tower Icon Las Olas in Fort Lauderdale. The first U.S. location of Etaru—which comes from the creator of Zuma and Roka London restaurants—debuted in August in in Hallandale Beach.

10. The 111-room Circ Hotel has planned an early 2018 opening in downtown Hollywood. The property will have 3,000 square feet of meeting space as well as a 12th floor rooftop with a pool and bar. Olivia, the hotel’s Italian restaurant from restaurateur Piero Filpi, will have a private dining room called the Cellar with a wine wall comprising more than 800 bottles.

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Missoni Baia Releases New Drone Video Showing Construction Teams Powering Through Phase 1

January 1, 2018
Vladislav Doronin’s OKO Group has released a new drone video showing construction teams powering through the first phase of construction. Since breaking ground in October 2017, 190 piles totaling over 12,000 linear feet have been installed along with 150 tons of steel reinforcing bar, and over 1,000 cubic yards of grout and concrete. Construction crews are gearing up to begin pile cap installation. Missoni Baia will feature 249 condo residences situated along 200′ of frontage on Biscayne Bay at 777 Northeast 26th Terrace. Prices start in the $500,000’s for a 1 bedroom residence. Units range from 1 to 5 bedrooms, and 776 SF to 3,788 SF. Missoni Baia will rise 57-stories, 649′, and was designed by Hani Rashid of Asymptote Architecture, who are pioneers in the convergence of art and technology in architectural design. The interior design of the building incorporates Missoni’s trademark colorful design palette and Missoni Home furniture collection in inventive ways, including in all public spaces and amenities. Amenities were designed in collaboration with Missoni and offer the comforts of a luxurious resort in a private residential setting. Features include a flow-through deck designed for all-day sunbathing with well-appointed cabanas, 5 swimming pools including an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool, and an infinity-edge pool on the Bayfront Terrace, elevated tennis court and an expansive fitness center and spa overlooking the bay. Missoni Baia is over 30% sold and completion is expected in Fall 2020. The drone construction video can be found here.

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Miami sigue innovando en real estate

Diciembre 27, 2017
Con dos nuevas propuestas, este destino deja en claro que siempre puede ir por más. Con el lujo y la elegancia del The Ritz Carlton Residences Suny Isles Beach y la apuesta al arte de Canvas Condominiums, la ciudad sigue creciendo.

Cuando a mitad de año los huracanes parecían no darle tregua a Miami, muchos se preguntaban que pasaría con el mercado inmobiliario de dicho destino, uno de los preferidos por los argentinos a la hora de salir a concretar inversiones en ladrillos fuera del país. Lo cierto es que los desarrolladores no han visto grandes impactos de la crisis climática, y mientras los nuevos edificios ya se están terminando, los empresarios aseguran que el ritmo de ventas no ha decrecido. Y como prueba de esto, basta con mencionar los ejemplos de The Ritz Carlton Residences Suny Isles Beach y Canvas Condominiums, dos nuevos proyectos que ya prometen engrandecer el destino.

Canvas Condominiums, rodeado de arte

Ubicado en el Arts and Entertainment District de Miami, junto al Wynwood District, el barrio está completamente en auge en este momento por su gran apuesta a la cultura y al arte. Así, es frecuente ver en su agenda óperas, distintas obras de teatro, múltiples instalaciones artísticas y hasta filmaciones de exteriores de películas y series. Todo esto llamó la atención de Nir Shoshani, su fundador y urbanizador.

El próximo año se estarán entregando las primeras unidades de este desarrollo que posee beneficios como dos piscinas, amenities como solarium, racket ball, yoga, tratamientos de relax y estéticos, jam room (habitación acústica, ideal para músicos) y hasta una calle verde para pasear con las mascotas. Todo esto se enmarca dentro de la categoría Affordable luxury. Un high light de esta torre es el Miami Film Festival que proyectará películas aclamadas en el último piso.

A la hora de salir de compras y dejarse llevar por los placeres, Canvas Condominiums ofrece 110 metros de locales, una wine cellar y un restaurant increíble en el rooftop.

Dos estilos, un mismo objetivo: una vida de comodidades donde el diseño está al servicio de las personas.

La marca del Ritz Carlton

La magnífica Sunny Isles Beach cumple 2 décadas y lo celebra con una torre de lujo de 52 pisos dispuesta directamente frente a la playa. Se trata de The Ritz-Carlton Residences Sunny Isles Beach, uno de los proyectos más esperados por los amantes del lujo en el Sur de la Florida.

El proyecto es una obra de Château Group y Fortune International Group, dirigidas por los exitosos argentinos Manuel Grosskopf y Edgardo Defortuna, ambas compañías líderes en el desarrollo de bienes raíces de lujo en la región. El diseño está a cargo de la prestigiosa Arquitectonica y contará con exuberantes jardines diseñados por Arquitectonica GEO. Para entender su impronta, bastará con dejarse impresionar por el lobby de dos pisos de altura con un panel de cristal de cuatro pisos de altura, con vista a la piscina y a la playa.

The Ritz-Carlton Residences Sunny Isles Beach contará con 212 residencias desde 149 m2 a 338 m2, y penthouses de hasta 587 metros cuadrados, con interiores creación del reconocido diseñador Michele Bönan.

“Además de comodidades como el acceso directo a la playa, con sombrillas y camastros, restaurante con servicio a la piscina y a la playa, club para niños con instalaciones de juegos bajo techo y al aire libre y un moderno gimnasio frente al océano, también contaremos con un exclusivo Club Privado en el piso 33, con infinitas vistas en todas las direcciones, además de sala de medios, lounge, dos áreas de bar, área de comida privada con cocina de alimentos preparados, centro de negocios y biblioteca”, comentó Manuel Grosskopf, presidente de Château Group.

La torre se terminará de construir en 2018, en ese momento The Ritz-Carlton Hotel Co. administrará la propiedad, brindándole a los residentes el servicio, la calidad y el toque personal ya legendarios y sinónimos de esta célebre marca.

DATOS
La Florida centraliza el 22% de la inversión extranjera en real estate, siendo Miami el principal destino.
Miami es el estado del país que más capital internacional recibe.

Actualmente, una torre de lujo en Brickell/Downtown puede costar desde US$ 3500/m2.

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Edgewater’s Missoni Baia launches first phase of construction

Dec. 27, 2017
Miami’s Missoni Baia, a high-end condo project rising in Edgewater, announced the first phase of construction has begun for the 649-foot tower after breaking ground a couple of months ago.

A spokesperson for OKO Group says 190 piles totaling over 12,000 linear feet have been installed along with 150 tons of steel reinforcing bar, and over 1,000 cubic yards of grout and concrete. Next, construction crews will begin pile cap installation.

Located at a waterfront site at 777 Northeast 26th Terrace, the 57-story tower is the first branded residential development from Italian fashion and design house Missoni. There are 249 units in all, ranging from 776 to 3,788 square feet. They are priced from $500,000 and the project was about 30 percent sold in August.

Amenities include five swimming pools, an elevated tennis court and fitness center, a spa overlooking the bay, a media room, a beauty salon, a children’s playroom, and a pet spa.

Completion is expected in Fall 2020.

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Daniel Knorr at Jade Signature, Miami Art Week 2017

Earlier this month, Romanian artist Daniel Knorr unveiled one of his emblematic Bonhomme Universe sculptures during the opening of the Herzog de Meuron-designed Jade Signature residential complex. Perched in front of the new Fortune International Group developed tower, the geometric yet textured work incorporates an eclectic array of precious stones from around the world – green quartz, red jasper, moonstone and many more – highlighting the multicultural nature of the real estate project and Miami itself.

Installed on the sun-drenched beaches of Sunny Isles, just up the coast from the main city, the work stems out of a two decade long series that explores how snowman could exist without snow. The chosen material reflect a site specific exploration. Also during Miami Art Week, the artist revealed his Navel of the World at the Bass Museum; mounted as part of Art Basel’s public sector showcase.

Bonhomme Universe is part of a curatorial programme accentuating Jade Signature’s unique vision.

Developed by the Swiss architects Herzog de Meuron, the angled structure features 192 units, all with unobstructed view of the ocean and maximum sun exposure. With interiors designed by Paris firm PYR – led Pierre Yves Rochon, the residential tower includes landscaping by Raymound Jungles. Careful consideration went into ensuring that the pool level flank the beach. Maintaining such a fluid connection is rare along the Florida coastline. This was made possible by burying four car park levels underground. Natural elements run throughout the building, adding to the concept of spatial flow.

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Is Fort Lauderdale the Next Miami Beach?

December 12, 2017
Talk about setting the bar high. The dramatic Auberge Beach Residences & Spa Fort Lauderdale will elevate Fort Lauderdale’s luxury living with two spectacular towers: The North Tower with 57 residences is set to debut in this spring (and is already 97-percent sold) while the larger South Tower, featuring 114 residences, will open later in 2018. Located on 5 beachfront acres on the north end of Fort Lauderdale Beach, the development will feature coastal mid-century interiors by Meyer Davis Studio (whose other hospitality accolades include the 1 Hotel South Beach and New York City’s Nolitan) and resort amenities such as a signature spa, a restaurant, a cigar lounge, a wine cellar, and a state-of-the-art gym. While Auberge will not feature a hotel component, it’s state-of-the-art spa—sure to become one of the best in Fort Lauderdale—will be open to the public.

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Miami, un mercado estable: ventas sólidas y datos concretos lo demuestran

La creciente demanda de vida urbana en el Downtown de Miami está impulsando las ventas constantes de condominios y un aumento en el volumen de alquileres.

La creciente demanda de vida urbana en el Downtown de Miami está impulsando las ventas constantes de condominios y un aumento en el volumen de alquileres, de acuerdo con el Informe de Mercado publicado a mediados del 2017 por la Autoridad de Desarrollo del Downtown de Miami (DDA, por sus siglas en inglés).

Los precios en las rentas permanecen estables, los desarrollos están siendo balanceados con la demanda y las instituciones financieras han aumentado sus condiciones para dar préstamos —todos indicadores de que el Downtown de la ciudad se mantiene en un equilibrio estable a largo plazo.

La reciente culminación de tres nuevas torres de condominios (Brickell Heights East and West y Biscayne Beach), ha traído un total de 1.089 nuevas unidades al mercado, llevando el actual ciclo de desarrollo de condominios más allá de su punto medio de entrega a medida que disminuye el flujo de nuevos proyectos residenciales, y las tasas de absorción para productos en pre-construcción exceden el 70%.

Por primera vez desde que los bienes raíces del Downtown comenzaron su ascenso actual en el 2012, hay más unidades terminadas de condominios (5.180) que en construcción (5.078). Esto significa que, a diferencia del último boom, los desarrolladores se han resistido a la urgencia de construir más de la cuenta o los bancos fueron más estrictos con la financiación.

Un total de 3.365 unidades son esperadas para ser terminadas a finales del 2017, y otros 652 condominios entrarán en el mercado en el 2018, y 1.061 en el 2019, dice el reporte.

Según Anthony Graziano, director de Integra Realty Resources, autor del informe, más del 80% de las 5.000 y más unidades terminadas han sido vendidas, y un 70% de las que están en construcción han sido pre-vendidas.

Graziano comenta que no solo se ha alcanzado un punto en el que hay más unidades terminadas, sino que el inventario que queda para ser vendido está menguando. Esto, según el citado experto, es muy importante, ya que demuestra que no se sigue construyendo más allá de lo que el mercado puede absorber.

Los precios de condominios para reventa bajaron un 6% comparados con el mismo periodo del mes anterior, a $403 por pie cuadrado. Pero, según Graziano, esta baja en el valor de reventa es un reflejo de la voluntad de los vendedores de bajar los precios para estimular las ventas del exceso de inventario del boom anterior, cuando fueron terminadas casi 17.000 unidades, entre el 2006 y el 2008. Mayo del 2017 fue el mejor mes para volumen en reventas de los últimos dos años, con 142 cierres y 160 pendientes.

El mercado de arriendos también se encuentra estable. 969 nuevos apartamentos Clase A han sido entregados en el Downtown de Miami desde el 2012, llevando el número total de unidades multifamiliares en construcción justo por debajo de las 3.600. Los apartamentos de edificios Clase A están logrando arriendos 25% a 35% más altos que los de mayor antigüedad.

Los precios se mantienen estables, la calidad de los productos continúa mejorando y los desarrolladores están actuando responsablemente en el ritmo de entregas. El mercado global de bienes raíces de Miami ha comprobado no inmutarse con la fortaleza del dólar, los recientes huracanes y temores sobre la volatibilidad de la economía.

En definitiva, la profundidad y diversificación de los canales de inversión mundiales es más resistente y menos volátil que en los ciclos anteriores.

Aspectos a resaltar del informa del DDA:

1) El informe cubre las áreas de: Brickell, Downtown, Edgewater, Overtown, Midtown, el Distrito Central de Negocios, y el Distrito de las Artes y Entretenimiento.

2) Superado el punto medio en el ciclo de entregas: El actual ciclo de bienes raíces ha pasado la mitad del ciclo de entregas, con 5.180 nuevos condominios entregados desde el 2012 y 5.078 en construcción.

3) La absorción se mantiene estable: el 70% de los condominios restantes en construcción ya están pre-vendidos.

4) Los desarrolladores han sido moderados: Solo dos torres (Missoni Baia y Aston Martin Residences) son esperadas para iniciar construcción este año, resaltando la moderación exhibida por los desarrolladores, mientras los proyectos son pospuestos y/o reposicionados.

5) El mercado de arriendos se mantiene estable: 969 nuevos apartamentos Clase A han sido entregados desde el 2012, llevando el número total de residencias multifamiliares en construcción solo a menos de 3.600.

6) La demanda por el estilo de vida urbano sube las tasas convencionales de renta: Los edificios de apartamentos Clase A están logrando arriendos entre un 25% y un 35% más altos que los productos de mayor antigüedad.

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Sculpture by Daniel Knorr Unveiled at Jade Signature

An impressive group of art world influentials and friends joined Edgardo Defortuna, Fortune International Group President & CEO, and artist Daniel Knorr for the unveiling of Bonhomme Universe, Knorr’s new public sculpture. Defortuna commissioned the piece for Jade Signature in Sunny Isles Beach, a new, soon-to-open luxury condominium. Bonhomme Universe sits between the ocean and the residential tower, a luxury 57-story building offering a resort-like lifestyle. Gathering under a canopy for the oceanside luncheon, guests included co-host Sarah Harreslon, founder of CULTURED magazine; Jason Frantzen, partner of Herzog and de Meuron; Raymond Jungles, founder of Raymond Jungles Inc.; Vice Mayor Dana Goldman of the City of Sunny Isles Beach; and former U.S. Treasurer Rosie Rios.

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Q&A: Architect Hani Rashid Shares His Inspiration for Missoni’s First Branded Residences

For more than 60 years, Italian fashion house Missoni has created colorful patterns and artsy designs that make a statement both on and off the runway. So when architect Hani Rashid (who cofounded Asymptote Architecture with Lise Ann Couture) worked on the design for the brand’s first-ever residences, he took cues from the minimalist and kinetic works of American sculptors such as Sol Lewitt and Donald Judd to bridge the gap between fashion and art.

“These artists celebrated purity, musicality, and the eloquence of perfect form, and from that DNA this tower was conceived, as a nod to an elegant and new Miami,” Rashid says. “The whole building has an artistry to it. When you enter the building, you feel like you’re stepping inside a sculpture.”

Missoni Baia, the 249-unit project being developed by OKO Group, broke ground last month along Biscayne Bay. Current prices range from $500,000 for a one-bedroom unit to $3.5 million for a six-bedroom penthouse. The building is on track to be completed in 2020.

Robb Report spoke with Rashid to discuss why he decided to become an architect and how his firm created an artsy building befitting the iconic brand.

What inspired you to become an architect?

I became an architect as a result of an early interest in film, photography, and art. Having grown up with a father who was an accomplished abstract painter and sculptor, it was second nature for me to detour from being an artist to becoming an architect. It occurred to me that all these pursuits were effectively spatial. For me, architecture held the most potential as a means to build spatiality and ideas into form and substance. Our practice today is heavily involved with contemporary art, both as a core interest and in projects such as the Hermitage Modern Museum we are building in Moscow. Also, our work speaks to an architectural practice that sees art, form, innovation, and beauty as a constant preoccupation.

What was your vision for Missoni Baia?

We drew upon the important minimalist paintings and sculptural practices of primarily the American schools of thinking in the mid- to late 20th century, such as the works of Sol LeWitt, Donald Judd, and Josef Albers, as well as the refined mathematical experiments of the Venezuelan sculptor Jesús Soto and others. The architecture is clean and refined, containing what I see as stacked glass villas organized vertically into the sky—delineated by a powerful minimal sculpted frame that binds them together architecturally.

You’ve previously talked about how stepping into the building feels like stepping into a sculpture. How do you see the building as an extension of art?

Minimal sculpture, painting, music, and even film all adhere to one important criteria: that the work through its seemingly quiet gestures and nuances resonates with light and space and is mathematically pure above all else. The same can be said of our architecture. This building is not minimalist in the sense that it uses few gestures to evoke a whole, but rather it celebrates the physical surroundings, the Miami skyline, Biscayne Bay, and its reflections off the water—and, in so doing, resonates its presence as optic and spatial phenomena, reconciling the city’s fascinating cultural “noise.” In this way, the building’s design is as much an artistic gesture as it is a work drawn from art genres and motives that speak to Miami as a 21st-century city in a state of constant growth and evolution.

What materials will be used for the project?

The most innovative material is a glass-reinforced-fiberglass concrete to enclose the mega fins. There are other interesting materials used throughout the building’s interiors as chosen by Paris Forino in consultation and collaboration with the Missoni family. On the architectural side, we have sought out clean, optically compelling materials to enhance a sense of elegance and luxury. The Missoni Baia tower design celebrates musical, minimal forms as a way of stabilizing and harmonizing the new evolving skyline of Edgewater in the ever-changing city of Miami.

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The Good Soul Of The Snowman By Daniel Knorr.

At this year’s edition of Art Basel Miami 2017, Trump’s face cannot be missed. Whether in the work of Peter Saul or Manuel Ocampo, grotesque caricatures of the U.S. President are everywhere. They use his face as a way to protest Trump administration’s policy on immigration, gun control and inequality. But this was expected which was why happening upon Daniel Knorr’s new sulpture to christen Jade Signature, the new luxury condominium tower in Sunny Isles Beach, was a literal breath of fresh air.

In it’s own way the sculpture too shined a light on Trump’s divisive policies but in a way that sparks hope. You see, Daniel Knorr built a snowman.

As Daniel explained to us “the figure of the snowman – the good man – the good soul represents the human being. It is decorated with stones from all over the world representative of the people from so many nations that make up the city of Miami. This new construction alone people are coming from 25 nations. I used the heritage, or the prominence of the people, with the prominence of the stones and put them together to fill the snowman in with content. I decorated the good soul with the stones of the people that come from all over.”

Daniel Knorr gets it. He understands what makes the United States of America so special.

Before Daniel spoke he was introduced as a man who helped make the impossible possible. “We have over 25 different nationalities in the building, and (thanks to Daniel) every one of those residents have a piece of stone that comes from their nationality.”

Daniel was moved by the introduction. “I have become a part of the dream. The snowman will be a part of the building as a joyful addition.”

Before the ceremony three girls were standing in front of the snowman taking pictures. And I realized he’d created something very special there in Miami Beach.

There for all to enjoy.

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Jade Signature Continues To Power Towards Completion, Reveals Permanent Snowman Installation “Bonhomme Universe”

Just days after the installation of a massive 65,000-pound, 38-year-old kapok tree at the base of Jade Signature in Sunny Isles Beach, the tower and Fortune International Group celebrated the unveiling of “Bonhomme Universe,” their new gemstone snowman, a whimsical piece is by Romania-born artist Daniel Knorr which was commissioned by Fortune International Group President and CEO Edgardo Defortuna. The sculpture will be accessible to the public, a potential future social media icon for Sunny Isles Beach. The unveiling was celebrated with a fashionable beachfront luncheon, guests included Edgardo Defortuna, and his wife, Ana Cristina; the artist himself Daniel Knorr, co-host Sarah Harreslon, founder of CULTURED magazine; Jason Frantzen, partner of Herzog and de Meuron; Raymond Jungles, founder of Raymond Jungles Inc.; Vice Mayor Dana Goldman of the City of Sunny Isles Beach; and former U.S. Treasurer Rosie Rios. Defortuna spoke about his passion for art and the ability of sculpture to enliven and embellish outdoor spaces (December 8, 2017).

“We are thrilled to be able to share this unique sculpture with the world – one that celebrates Miami’s diversity, its beauty, soul, and welcoming atmosphere,” said Defortuna.

Daniel Knorr added, “This fantastic building that challenges architectural standards, like three stories of parking under the beach, inspired me to the idea of the snowman and his impossibility to melt under the strong Miami sun. Like the house that hosts inhabitants of 25 countries, the snowman is decorated with gemstones coming from various places in the world. It shows the good soul of mankind and its close connection to nature.”

Knorr first began creating these sculptures when he became fascinated by the conceptual possibility of a snowman existing without snow. In Bonhomme Universe, he re-locates this cold-climate object to a sub-tropical environment, releasing it from the material it was once reliant on. Bonhomme Universe stands 10.5′ tall and 5.57′ wide at the base. The “snowman” crafted around a metal grid of stainless steel, topped with concrete which is adorned with 28 different types of precious and semi-precious stones that have been polished and treated for durability, including green quartz, red jasper and moonstone. The vibrant gemstones chosen are inspired by the colors of the Miami landscape yet sourced from around the world. These natural materials reflect the diverse mesh of buyers at Jade Signature, a testament to Miami’s unique cultural identity. Instead of the typical broom for an arm, this snowman has a palm tree, fashioned from stainless steel. This extended arm serves as a friendly wave to passersby, but also has the deeper visual reference, with the palm tree an ancient symbol of peace, victory, and eternal life that originated in Near East and Mediterranean culture.

Jade Signature is located at 16901 Collins Ave. and was designed by Herzog & de Meuron, interiors by Parisian interior design firm PYR, led by Pierre-Yves Rochon, and landscape architecture by Raymond Jungles. The tower feature 192 flow-through units with pricing ranging from $3.9 million and 1,581 SF for a 1 bedroom + den with 2 baths to $33 million for a 5 bedroom, 6,407 SF penthouse. Jade Signature will also features lush, landscaped grounds with beach access, a beach grill, resort style amenities including a lagoon style pool, fitness center and spa, wine cellar, library, teens lounge, 24 hour concierge and valet along with more five-star amenities that buyers demand in such a high-end, luxury building. Jade Signature features views of the Atlantic Ocean as well as the Intracoastal Waterway.

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Design Miami 2017: Art Meets Architecture at the Jade Signature, the Bass Museum, and ‘Form and Space’

Herzog & de Meuron established themselves in Miami Beach with 1111 Lincoln Road a fabulous parking garage that just sold for $283 million (the owner’s top-floor condo is being marketed separately). They went on to design the beloved Pérez Art Museum Miami, also in exposed concrete.

Their latest building, called Jade Signature, is a handsome, 650-foot condo tower with more than 1.2 million gross square feet. Partner Jason Frantzen described orienting the 192-unit building at an angle, to maximize sunlight reaching the beach in the afternoons, and eliminating the garage-in-a-plinth that makes so many large condo buildings unapproachable from the street. (Parking is underground.) “We always look for ways to connect people to nature,” said Frantzen.

There are many Herzog & de Meuron flourishes in the concrete structure, including hourglass-shaped columns and concave projecting walls, though it’s all painted white, for both aesthetic and commercial reasons. The building (with interiors by the Paris designer Pierre-Yves Rochon) is lovely, but it’s still a very big condo building on the beach.

One of best exhibitions I saw was located, somewhat incongruously, in another big condo building on the beach. Called “Space and Form,” it concerns the relationship between art and architecture in a very specific case: the more than 50-year friendship between Richard Meier and the artist Frank Stella, who once shared a studio in lower Manhattan (Meier used the space at night while Stella was out drinking). Former MoMA curator Terence Riley organized the show, which includes work by both men in a variety of media; although Meier (usually) avoids color and Stella (usually) embraces it, the formal overlaps and intersections are striking. Among the gems in the show (which is housed on the ground floor of a new tower by Meier at 9001 Collins Ave. and runs through March 4) are Stella’s designs for the Stations of the Cross at Meier’s Jubilee Church in Rome. They were never realized.

But lots of good work isn’t unrealized. If Greg Goldin and Sam Lubell, authors of Never Built Los Angeles and Never Built New York, pursue a Miami sequel, they’ll have plenty of material. Entries would include the plan for a new Miami Beach convention center by Rem Koolhaas and OMA, selected in 2014, then scrapped for a less ambitious plan by Arquitectonica (now under construction). Also: Arata Isozaki’s original, competition-winning scheme for enlarging the 1930s Bass Museum, on Collins Avenue. Only parts of Isozaki’s plan were carried out, making the 2001 version of the museum somewhat dysfunctional. So the Bass returned to Isozaki and his protégé, New York architect David Gauld, to plan a second renovation. The results, which included enclosing an underutilized courtyard and eliminating an oversized ramp, have made the museum more useful, and more beautiful, in time for this week’s opening.

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Get your smartphone ready: The weekend is crammed with Instagrammable art

The visual feast that is Art Week is full of must-see exhibits and Instagrammable moments. We’ve chosen a handful of our ephemeral favorites. See them while you can — most will be gone after Sunday.

A Dangerous Game: The 1960s Cold War threat that sent a generation ducking beneath their school desks (who really thought that was going to save you from a nuclear attack?) has re-emerged as the Twitter contest between President Donald Trump and North Korean leader Kim Jong Un has heated up. That threat is the subject of a 27-foot sculpture “A Dangerous Game” at Northwest 22nd Street and Northwest Fifth Avenue, across the street from Mana Wynwood, in which a fiberglass hand clutches a 19-foot resin-and-steel missile. The artist is Italian Lorenzo Quinn, whose previous work on the threat of climate change was shown at the Venice Biennale. He’s the son of the late actor Anthony Quinn. FREE.

Apex Predator: Outrage over the 2008 financial debacle and the uberwealthy, uberpowerful bankers who caused it but escaped unscathed led London-based artists Dominick Young and Mariana Fantich to create the sleek shoes, perfumes and other stylish consumables of the Darwinian Vodoo brand. Look closer, and grotesqueries become clear: That pair of red child’s Mary Jane shoes are lined with teeth; the exquisite clothing worn by the predator couple and their offspring are made of human hair. The initial jab at the financial lords has been expanded to include the military establishment; some items also include military ribbons associated with wars in Iraq and Afghanistan. The point of this sly, sophisticated and cynical display is the cost of exteme competitiveness, when the ultimate — or apex — predators go for the jugular in a winner-takes-all contest where the trophies are human lives. The exhibit presented by Barrett Barrera Projects at 219 NW 23rd St. in Wynwood is free; all items are for sale, from $1,200 to $45,000. BEWARE: Northwest Second Avenue in Wynwood is closed to cars this weekend. Open noon-7 p.m. through Saturday, noon-4 p.m. Sunday. FREE.

NADA (New Art Dealers Alliance Fair): Though some of the art at this popular fair of fresh artworks has become pricey, one of the best aspects is free: swinging in the hammocks in the yard at the Ice Palace, corner of North Miami Avenue and North 14th Street. Fair tickets cost $20, $10 for seniors and students. newartdealers.org.

Flagler Street, downtown Miami: Two Flagler Street spaces near Northeast Second Street — owned by Mana — have been transformed into art week exhibits. The 777 International Mall building, on the north side of Flagler opposite the Olympia Theater, features exhibits by Puerto Rican artists displaced by Hurricane Maria who are being hosted in residencies by Mana; both their stories and their artworks are compelling. (Don’t miss the “shop” that looks like it sells baby carriages; it’s really an interactive installation by Andria Morales.) Upstairs, the much-expanded Prizm Fair features videos, paintings and sculptures, some with the artists on hand. Across the street, on the southeast corner of Flagler and Northeast Second Avenue, Nike and Juxtapoz Magazine have created their own mini-fair featuring ultracontemporary works including a newsstand (complete with free papers) by Shepard Fairey, murals, T-shirts and giant sculptures (some best seen from upstairs). Prizm has a small entry fee; most other exhibits FREE.

Go virtual: It sounds hokey: Vegas leaves Vegas for Miami. Turns out the virtual reality exhibit is a knockout. Inside the Zadok Gallery, 2534 N. Miami Ave., visitors move through five different rooms, each equipped with VR headsets that showcase the artistic vision of a Vegas visit from five different international artists. One is the ultimate drive on the Strip, another is like being flung into Oz, and yet another is like falling into a kaleidoscope. The whole thing is a ploy to get us to go to the real Vegas, hosted by the city’s marketing arm. It runs 1 p.m.-9 p.m., only through Saturday. FREE.

Art Miami / CONTEXT: Art Miami is more accessible than ever, thanks to its new waterfront location at the former Miami Herald site, Northeast 14th Street and Biscayne Bay. There’s plenty inside the fair worth your time (car lovers will be in for a treat; art lovers will find works by Marc Chagall, Edward Hopper and Keith Haring, among others.) But the most picturesque moment may be outside the fair on the waterfront terrace, where you can see all the way to, well, Miami Beach. Word to the wise: Take public transportation. If you insist on driving, avoid the fair entrance and go straight to the nearby Omni parking lot at Biscayne Boulevard and 15th Street.

Abstract / Not Abstract: For the third year, mega art dealer Larry Gagosian and powerhouse Jeffrey Deitch have teamed up to offer a free show of first-rate works in the Design District. This year the focus is on new abstract paintings, including works by Tauba Auerbach, Urs Fischer, Elizabeth Neel, Sterling Ruby and Richard Prince. The exhibit is a great way to get a handle on the genre. It’s also located inside the Moore Building (191 NE 40th St., Miami Design District), whose airy space dominated by a Zaha Hadid sculpture is always a treat. Open 10-8 p.m., 10-6 p.m. Sunday. FREE.

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Brickell Flatiron lanza colección exclusiva de penthouses

El estilo de vida de lujo en Miami está a punto de alcanzar nuevas cimas. En lo más alto del condominio Brickell Flatiron, la nueva torre de lujo en construcción de 64 pisos de CMC Group, el veterano desarrollador Ugo Colombo ha lanzado a la venta una colección limitada de penthouses. Ubicada del piso 50 al 64, esta colección incluye residencias de un solo piso, así como dúplex y tríplex en los penthouses más altos. Con planos que alcanzan casi más de 600 m², las residencias incluirán alturas de piso a techo de poco más de 3 metros; acabados y accesorios premium; además de vistas panorámicas del skyline de Miami y la bahía de Biscayne. Dos penthouses tríplex presentarán terrazas privadas con piscinas, cocinas de verano y vestidores, así como ascensores privados en cada residencia con acceso a los tres niveles.

“La colección de penthouses de Brickell Flatiron personificará la elegancia y sofisticación del diseño italiano”, comentó el desarrollador Ugo Colombo, fundador de CMC Group. “No estamos dejando a un lado un solo detalle ni gasto para entregar un producto memorable, que ofrezca a sus residentes el más alto grado de calidad y un diseño que superará la prueba del tiempo”.

Además de ofrecer acabados y comodidades con una calidad sin par, las residencias de la colección de penthouses están diseñadas para una máxima funcionalidad. Incluyen cocinas mejoradas con gabinetes motorizados Snaidero, enfriadores de vino Miele y electrodomésticos de sistema integrado. Asimismo, los electrodomésticos Bosch del cuarto de lavado tienen incorporados tecnología antivibración y de supresión de ruido. Resistentes a impactos, los ventanales y puertas de vidrio están diseñadas para soportar vientos con fuerza de huracán. Cada penthouse está completamente equipado con lo último en sistemas de tecnología, incluyendo una red privada inalámbrica y sistema de seguridad “smart-lock”.

Por su parte, el aclamado arquitecto, Luis Revuelta, ha creado un ambiente arquitectónico que combina la distintiva forma de plancha de la torre con fluidas formas curvilíneas. Por dentro, el diseñador y arquitecto italiano Massimo Iosa Ghini se inspira en la fachada curva de Brickell Flatiron para subrayar los pulcros espacios, creando una casi imperceptible transición entre el exterior y el interior.

Coronando los pisos de penthouses, el piso 64 es un paraíso de comodidades que abarcará un Sky Spa, Sky Pool y Sky Gym, con vistas panorámicas de 360º de la bahía y el brillante paisaje del downtown de Miami. Los residentes tendrán acceso a servicios como baño de vapor y sauna, así como un centro de entrenamiento físico de casi 600 m² que incluye pilates, yoga y estudio de aeróbicos. Además, la torre presenta una piscina tipo resort y una para niños en el piso 18, sala de cine privada con asientos tipo estadio, billar y sala de fumadores, cava de vinos, conserjería 24 horas, valet parking, lavado de vehículos y estaciones eléctricas para cargar carros.

La ubicación privilegiada de Brickell Flatiron en el 1001 South Miami Avenue, a sólo una cuadra de la vibrante Brickell Avenue, provee a los residentes una ubicación central en uno de los distritos urbanos más dinámicos. Docenas de hoteles de lujo, restaurantes, cafés, bares y tiendas de lujo, se encuentran a pasos de distancia, incluyendo The Shops at Mary Brickell Village y Brickell City Centre. También, a poca distancia caminando, se encuentran múltiples opciones de transporte público como el Metromover y el Downtown Trolley, que conectan Brickell Flatiron con las principales atracciones de Miami, como el American Airlines Arena, el Adrienne Arsht Center for the Performing Arts, el Perez Art Museum Miami y el Patricia and Phillip Frost Museum of Science.

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Jade Signature Installs Towering, 65,000 LBS Kapok Tree Kicking Off The Tower’s Countdown To Completion

Winter is upon us, but Fortune International Group’s Jade Signature tower in Sunny Isles Beach is just beginning to “blossom.” At the beginning of December 2017, a giant kapok tree was installed at the entrance of the condominium tower under the watchful eye of landscape architect Raymond Jungles, signaling the building’s countdown to completion, a return to Sunny Isles’ roots, and the culmination of a developer’s obsession for perfection. On an even grander scale, the planting is part of an effort by the developers to reintroduce native and naturalized species to the surrounding environment. From 11:59 p.m. Saturday evening (December 2, 2017) into the early hours of Sunday morning, the massive, 65,000-pound, 38-year-old kapok tree was planted at the base of the tower. The tree is symbolic of the singular vision behind Jade Signature, an innovative collaboration between Raymond Jungles and a trio of industry titans: luxury real estate leader Fortune International Group, Pritzker Prize-winning architecture firm Herzog & de Meuron, world-renowned, award-winning Parisian interior design firm PYR, led by Pierre-Yves Rochon.

“We turned to Raymond Jungles and his team to create a landscape that would work well with the surrounding waterfront setting,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Naturally, Jungles is a mastermind in conceptualizing designs that are sustainable and unique. The kapok tree, which thrives in the tropics, will be the finishing touch of this beachside oasis and a local landmark in and of itself.”

The kapok tree (Ceiba pentandra) is a species that was sacred in ancient Mayan culture, revered as a source of strength and resiliency. Known for living for hundreds of years and capable of reaching extreme elevations (some have been recorded at heights of 250 feet), the tree’s unmistakable silhouette is defined by an umbrella-shaped crown made of numerous branches and arranged in horizontal tiers. As conveyed by Raymond Jungles, the implementation of grown trees, such as the kapok in this case, has immediate benefits, including erosion control, drainage improvements and an enhancement of native ecosystems. Because of the way the architects have positioned and oriented Jade Signature, the building will be bathed in an abundance of sunlight – a welcomed change from surrounding buildings that have large zones of shade. In addition, the developers hired French engineering firm Bouygues Construction (the same team behind the excavation of the Port of Miami tunnel) to dig 50′ underground for the implementation of a concealed, 400-space parking garage, a first in Sunny Isles. This innovative design has thereby allowed the team to plant more vegetation at the surface of Jade Signature and offer a seamless connection from Collins Avenue to the beach.

“In the case of Jade Signature, it was pretty easy to conceptualize and implement a landscape design because of so many of the wonderful spaces the architects created,” added landscape architect Raymond Jungles. “The tower is going to offer, what I believe, will be one of the best amenity packages I’ve ever seen…and certainly one of the most dramatic and well-designed. I think Jade Signature is really going to be a trendsetter.”

Jade Signature is located at 16901 Collins Ave. and was designed by Herzog & de Meuron. The tower feature 192 flow-through units with pricing ranging from $3.9 million and 1,581 SF for a 1 bedroom + den with 2 baths to $33 million for a 5 bedroom, 6,407 SF penthouse. Jade Signature will also features lush, landscaped grounds with beach access, a beach grill, resort style amenities including a lagoon style pool, fitness center and spa, wine cellar, library, teens lounge, 24 hour concierge and valet along with more five-star amenities that buyers demand in such a high-end, luxury building. Jade Signature features views of the Atlantic Ocean as well as the Intracoastal Waterway.

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How Art Won’t Be the Only Luxury Changing Hands at This Year’s Art Basel

It’s become a place where art, fashion and real estate can be mutual benefactors when selling high-end products.

Acclaimed artists and art dealers are gearing up for the world’s wealthy to step off their private jets and yachts this week and decamp to the Sunshine City for Art Basel Miami — but they won’t be the only people looking to capitalize on the five-day art fest.

That’s because since the sister festival of Switzerland’s eponymous event began in Miami in 2002, other industries have been quick to piggyback onto the annual gathering of the wealthy. After all, it is the one time of the year when serious art collectors, investors and high-net-worth individuals all converge at once in Miami, with more than 70,000 people expected to attend this year.

While famous designers will no doubt be spotted hobnobbing with the rest of the New York fashion set and enjoying the endlessly flowing Champagne at the plethora of parties, Miami’s nightlife won’t be the only thing on their minds. They’ll also be networking with some of their biggest clients, who collect fashion as well as art.

“I have an art collector who is the largest purchaser of Brunello Cucinelli in the United States. Cucinelli invites him to his place in Umbria,” Emily Santangelo, a New York-based art consultant, told WWD. “I can tell you that the world’s biggest fashion designers are quietly descending on places like Miami and meeting up with their collectors in both the art world sense and the fashion sense.”

And that’s not all. Many of the big fashion houses have jumped on the art installation bandwagon. Gucci, for example, has teamed with Artsy on a multiartist installation called Artsy Projects Miami, while the Loewe Foundation’s third “Chance Encounters” installation will be featured at its store in Miami’s Design District — and naturally many of these events will be kicked off with packed parties.

According to Robert Burke, the chairman and chief executive officer of retail consultancy Robert Burke Associates, as well as being a clever marketing tool, these installations give brands a chance to feel out the market and the appetite of connecting with an artist without launching into a major collaboration globally.

“I think brands are always looking at how to collaborate with art and artists. We’ve seen many good collaborations lately, such as Gucci, and the art world is a natural connection to the fashion world, so it makes sense,” he said. “There is money to be made, but primarily this is about elevating the brand and distinguishing it from another.”

It’s not just the fashion world at play. Real estate agents and developers also use the decadent art fair as an occasion to showcase their opulent homes for sale in Miami and other cities, with many sponsoring events or partnering with organizations at their dinners or gatherings in order to connect their condominiums and mansions to the art world and catch the eyes of the rich and famous. Often events are held at the listings themselves.

“The person that has spent $100 million on a Da Vinci is certainly a prospect for high-end luxury real estate,” added Santangelo, when explaining the real estate industry’s interest in Art Basel Miami.

“You have to realize that there’s something very important that real estate offers art collectors and that’s walls. It’s what really goes with building the collection, especially for those people who are truly passionate and want to live with the artwork.”

All the stops are pulled out, with some brokers and developers chartering helicopters to show off the city’s new towers emerging out of the ground, while others host dinners on yachts docked outside the mansions they’re trying to flog. Then there’s the celebrity factor, with others hiring famous faces to attend their events at their listings to ensure they draw in a well-heeled crowd.

“Brokers sometimes hire a celebrity DJ or musician to perform at a private setting for a really exclusive small group of people,” according to Kipton Cronkite, an art curator and adviser. “You usually hear about those surprise performances after the fact.”

This year seems to be no exception on the party front. The 1 Hotel and Homes South Beach is hosting the New York Post Page Six Art Basel party on Thursday, which is expected to draw a crowd of celebrities and influencers.

The party will serve as an exclusive preview of the 1 Homes penthouse, which will soon hit the market for an undisclosed multimillion-dollar price, while Douglas Elliman Real Estate will be showing off its luxury projects such as Madison Square Park Tower in Manhattan, Monad Terrace in Miami Beach and London’s Chelsea Barracks when it takes over the Delano South Beach Hotel for its Elliman Magazine party on Friday.

Then there are the occasions when real estate and fashion work together on some of the wave of super-luxury residential buildings that are springing up across the city, the interiors of which will be decked out by major fashion designers.

Setting the trend is the Estates at Acqualina, a pair of 50-story luxury towers with 245 units that are currently being built in Sunny Isles Beach and whose lobbies are being designed by Karl Lagerfeld. It has invited a core group of Brazilian influencers such as Alice Ferraz and Lala Noleto to stay at their neighboring hotel during Art Basel and visit the model apartment in the sales gallery.

“Our developers are art collectors and so are our buyers. Art Basel provides a perfect opportunity to entertain guests at the Estates Sales Gallery and in Penthouse 45 at the Mansions at Acqualina which is a mini gallery in and of itself,” said Alexandra Wensley, vice president of communications at the Estates at Acqualina, whose prices range from between $4 million and $9 million.

“Brazil is an important market for us. Hence, we will be entertaining several Brazilian fashion and lifestyle influencers during Art Basel. It provides an ideal fit especially with our partnership with international designer Karl Lagerfeld.”

Missoni Baia, meanwhile, a 57-story, 249-unit building that is being developed by the namesake Italian fashion family and Oko Group in the up-and-coming Edgewater neighborhood, is offering its VIP guests and brokers exclusive tours of Design Miami (a design fair that always runs parallel to Art Basel Miami) with its interior designer Paris Forino.

This, however, is nowhere near as large-scale as their event to coincide with last year’s Art Basel when Vladislav Doronin, chief executive officer of OKO Group, held a party for 200 guests at his mansion on the exclusive Star Island, where speeches were given my Doronin and Ottavio Missoni Jr. from the Missoni family, while guests were serenaded by pianist Elew.

“Art Basel is one of the few times in the Miami calendar where all of these individuals come together in one place,” said Edgardo Defortuna, president and ceo of Fortune International Group, which is handling the building’s sales (prices range from $500,000 to $3.5 million). “By offering experiences such as the Design Miami tour with Paris, these individuals can experience the building in a new and interesting way that wouldn’t be available to them at other times of year.”

The impending arrival of the world’s wealthy will no doubt come as a relief to much of Miami’s luxury real estate community as the sales market has slowed against a backdrop of political and economic uncertainty, as well as currency fluctuations. Combined, these trends have made competition tougher and Miami developers more determined than ever to make their projects stand out.

“While Art Basel Miami has always been important, it’s constantly growing in popularity so in the last couple of years as the market has softened its relevance and importance is higher than ever before,” Jonathan Miller, ceo of appraisal firm Miller Samuel, told WWD. “It’s a draw for the affluent and the affluent are the consumers that buy luxury properties.”

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Marcas de luxo investem no mercado imobiliário de Miami, Missoni Baia

December 2, 2017
RIO – Não basta ter uma bolsa, um vestido ou um carro de luxo. A nova onda, pelo menos em Miami, é viver numa casa grifada. Armani, Fendi, Missoni, Aston Martin e Porsche são algumas das marcas que já construíram ou que ainda vão erguer empreendimentos imobiliários na cidade. Em abril, foram entregues as chaves da Porsche Design Tower, uma torre de 60 andares. O destaque do prédio são os três elevadores de US$ 40 milhões que levam os carros aos apartamentos e os deixam nas salas de estar dos moradores, se assim eles quiserem. Os imóveis, que variam de 443 m² a 880 m², além de coberturas com 1.350 m², custam entre US$ 5,5 milhões e US$ 33 milhões. A cantora Alicia Keys fez um show exclusivo para os moradores na inauguração do empreendimento.

Duas piscinas rodeadas por jardins tropicais com camas para relaxamento e aromaterapia, spa com piscina térmica coberta e lounge com cozinha gourmet são apenas algumas das amenidades oferecidas pelo Fendi Château Residences. Há ainda restaurante exclusivo para os moradores e seus convidados, um business center, uma equipadíssima academia de ginástica e até uma sala de cinema. O estilo da grife está impresso nos apartamentos, que contam com mármore italiano nos banheiros, armários Fendi Casa e equipamentos alemães Gaggenau na cozinha.

A área de Sunny Isles, que fica ao norte de Miami Beach, é uma das preferidas da turma que pode pagar pelo que há de mais exclusivo, moradores que querem chegar ao último degrau do luxo e design. É por lá que está sendo construído um edifício de 60 andares, cujo design arrojado é assinado pelo estilista italiano Giorgio Armani. Serão 308 unidades, com preços que começam em US$ 3,5 milhões. Os móveis da cozinha e do banheiro entram no pacote e serão projetados pela Armani Casa. Mas o apartamento pode ser todo decorado pela grife, com um custo adicional não divulgado. A previsão de entrega é 2019.

Famosa pelos carros esportivos de alto desempenho, a Aston Martin começou a construir em março um prédio de 66 andares que se destacará na paisagem de Miami pela sua forma de veleiro. O edifício da marca favorita do agente 007 deve estar pronto em 2022 e contará com uma marina, onde os moradores poderão atracar seus iates. Cerca de 20% das unidades já foram vendidas. Desse total, 40% para brasileiros, segundo Matias Alem, fundador da BRG International, responsável pela comercialização do empreendimento. É bom correr se a sua intenção for comprar a cobertura. O imóvel, que é um tríplex e tem 1.770 m² de área, ainda está à venda por US$ 50 milhões. De brinde, o proprietário ganhará da Aston Martin um Vulcan para estacionar na garagem. Só o carro custa US$ 2,3 milhões.

Matias diz que, em 2016, canadenses, venezuelanos e brasileiros, nesta ordem, dominaram as compras de apartamentos de luxo em Miami. Quem disse que estávamos fora do páreo?

As duas torres de 50 andares do condomínio The Estates at Acqualina, em Sunny Isles, não terão a assinatura de uma grife, mas seus lobbies e áreas comuns foram projetados por ninguém menos que o estilista Karl Lagerfeld. Para o designer, o lobby é essencial, porque é o local onde as pessoas socializam umas com as outras: “É como uma sala de estar compartilhada. É a primeira impressão que temos quando visitamos as pessoas”. Lagerfeld criou uma área com cascata de cristais em ambiente em tons de azul-celeste, prata, cinza e pitadas de rosa. Quase um vestido.

Alexandra Wensley, vice-presidente de comunicação do empreendimento, diz que o negócio foi idealizado pelo The Trump Group e avaliado em US$ 1,5 bilhão. O The Estates terá uma área comum, a Circus Maximus, repleta de atrações, como uma pista de patinação no gelo, simuladores de Fórmula 1 e golfe, pistas de boliche e um cinema. A lista de conveniências inclui ainda restaurante, spa e academia, além do clube noturno Speakeasy.

— A expectativa de conclusão é 2020. Serão 245 unidades, com de três a sete quartos. Os preços variam de US$ 4,2 milhões a US$ 9 milhões. As coberturas custarão US$ 40 milhões. Closets elaborados pelo próprio Lagerfeld serão um luxo a mais — diz Alexandra.

Também está em construção o Missoni Baia, na Baía Biscayne, em East Edgewater. Rosita Missoni, matriarca da grife italiana, acompanhou de perto o projeto. Tudo para que cada detalhe do design da obra tenha o zigue-zague característico da marca e se destaque no projeto da torre de 60 andares.

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Glasshaus Coconut Grove is expecting to begin construction in January

Glasshaus, a luxury boutique condo project that launched last May in Coconut Grove, is expecting to begin construction in the first quarter of next year while targeting a completion date at the end of 2018, a spokesperson for Fortune International Group tells Curbed.

The five-story development is 30 percent sold, meaning seven of its 23 residences are currently under contract. The site is located at 3161 Center Street, which is a couple of blocks away from CocoWalk.

Residences range from one to three bedrooms (and from 1,080 to 2,380 square feet), featuring 11-foot ceiling; kitchens equipped with Italkraft cabinetry and stone countertops; and a choice of porcelain, wood or tile flooring. Amenities include a glass-walled fitness center, a private garden, and a rooftop pool deck with 360-degree views and a summer kitchen.

Pricing starts in the high $500,000s.

Varabyeu Partners designed the project and the development team is comprised of GD.8 and Element Development LLC

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El branding de edificios suma adeptos

Porsche, Aston Martin, Armani y Fendi son algunas de las marcas elegidas por los desarrolladores; los especialistas aseguran que las asociaciones con “el lujo” revaloriza a los proyectos

MIAMI.- Hasta hace poco tiempo atrás, las marcas de lujo se asociaban a infinidad de productos: ropa, automóviles, relojes, carteras, hoteles. Pero nunca, hasta ahora, a edificios de viviendas.

En Sunny Isles, la ciudad moderna que reúne los rascacielos más lujosos sobre la playa, la torre Porsche se alza imponente. Negra, vidriada, circular, con un ascensor único en su tipo capaz de subir al propietario en su auto hasta el piso 60. Muy cerca está el edificio Fendi, también para residentes con millones en sus cuentas bancarias. Y así siguen entre grúas o planos, marcas de lujo que se proyectan tentando con estilos de vida: Residences by Armani Casa, The Ritz Carlton Residences, Missoni, y Aston Martin.

Gil Dezer, presidente de Dezer Development, tal vez el developer más joven en el rubro de propiedades de alta gama en los Estados Unidos, es uno de los artífices de esta tendencia. Después de hacer realidad la torre Porsche Design, que define como “el éxito más grande de Miami”, con el penthouse vendido al precio más caro de la playa por US$ 25 millones, asegura que vinieron muchas otras compañías a buscarlo. “Tengo a todas las marcas corriendo por mí”, dice en un español con acento.

La historia podría remontarse a 2001, cuando Dezer se asoció con el entonces empresario Donald Trump, hoy presidente, para hacer edificios con la marca Trump. “Tuvimos muchísimo éxito poniendo un nombre a un proyecto porque todo el mundo se enteró inmediatamente. Ese nivel de marketing y publicidad no se puede comprar. Ahí nos dimos cuenta que apuntar a una marca ayuda a hacer ruido muy rápido, y arroja una buena ecuación costo beneficio”, explica a la nacion. Después de hacer seis edificios con Trump, empezó a buscar otras marcas, y escuchó que Porsche estaba buscando una posibilidad similar. Para un fanático de los autos como Dezer, el proyecto tuvo luz verde. Y fue el puntapié para que marcas y developers formaran parejas en el mundo del real estate.

“Porsche Design recibió mucha publicidad, que no podría haberla comprado si hubiera querido”, define Dezer. En efecto salió a la plaza como el edificio más caro de los Estados Unidos, con la unidad más barata arrancando en US$ 5 millones. Incluso en New York, en Central Park, los edificios tienen sus departamentos chicos empezando en US$ 3 millones. Con valores lejos de ser una ganga, sacó 132 unidades al mercado, de los cuales quedan sólo seis por vender.

La tendencia no tardó en expandirse. Fortune, por ejemplo, está llevando adelante The Ritz-Carlton Residences en Sunny Isles, y también se asoció con la marca de moda italiana Missoni para construir un edificio en Edgewater, al Norte del downtown de Miami.

“Con un mercado tornándose muy competitivo, los desarrolladores inmobiliarios, sobre todo los de productos de lujo, comenzaron a tratar de diferenciar sus propuestas”, relata Edgardo Defortuna, fundador de Fortune International Group.

Dezer Development y The Related Group, otro artífice de los rascacielos de la ciudad, se asociaron con Giorgio Armani para lanzar su primera torre residencial, Residences by Armani/Casa.

La famosa marca de autos Aston Martin también anunció su desembarco en el rubro inmobiliario. Asociado con G&G Business Developments, firma basada en Miami propiedad del empresario argentino Germán Coto y su madre Gloria, crearán residencias lujosas en el downtown sobre un terreno que fue noticia en 2014, al venderse en precio récord.

Fendi construyó en Miami el primer condominio de su historia, de 58 unidades, y casualmente de la mano de otro argentino. Fendi Château Residences, ubicado sobre la playa en Bal Harbour, es producto de Manuel Grosskopf, CEO de Château Group, desarrollador de shoppings como Alto Palermo y los condominios de lujo Château Libertador y Château Puerto Madero.

“No es solo un acuerdo, tiene que haber sustancia. Nos llevó mucho tiempo convencer a Georgio Armani para poder ponerle su nombre a nuestro edificio. El diseñador está en todos los detalles: desde la manija de la puerta del dormitorio hasta la cocina, baños, áreas comunes, etc”, explica Carlos Rosso, presidente de The Related Group.

La tendencia llegó para quedarse. Sin dar nombres, Dezer asegura que está por recibir “tres de las mejores marcas del mundo” para sus próximos tres edificios, aprovechando las bondades de esta modalidad. “La marca tiene mucho riesgo si el constructor no termina el edificio, o termina mal, o hay juicio con los compradores. Es un daño enorme a su imagen”, agrega.

A su vez, no cualquier compañía de renombre es sinónimo de ventas. ¿Es posible pensar, por ejemplo, vivir en la torre Apple?, preguntó la nacion. “Para mí no tiene valor porque no corresponde con lujo, y nosotros hacemos viviendas lujosas. Pero si alguien está construyendo un edificio de alquiler para jóvenes, o universitarios, o recién graduados, puede ser que Apple tenga un valor”, explica Dezer.

En alianzas con firmas de automotores o de indumentaria, se tienen en cuenta otros detalles y requerimientos que son acordados entre ambas partes para que el proyecto lleve su nombre.

Aunque depende de la marca, el acuerdo comercial es típicamente un porcentaje sobre las ventas y oscila entre un 2 y un 10 por ciento del valor del producto. Esto se traduce en que si las ventas totales del proyecto son de 200 millones y la cantidad acordada es del 5 por ciento, la marca recibiría entonces 10 millones.

Read More

El branding de edificios suma adeptos

Porsche, Aston Martin, Armani y Fendi son algunas de las marcas elegidas por los desarrolladores; los especialistas aseguran que las asociaciones con “el lujo” revaloriza a los proyectos

MIAMI.- Hasta hace poco tiempo atrás, las marcas de lujo se asociaban a infinidad de productos: ropa, automóviles, relojes, carteras, hoteles. Pero nunca, hasta ahora, a edificios de viviendas.

En Sunny Isles, la ciudad moderna que reúne los rascacielos más lujosos sobre la playa, la torre Porsche se alza imponente. Negra, vidriada, circular, con un ascensor único en su tipo capaz de subir al propietario en su auto hasta el piso 60. Muy cerca está el edificio Fendi, también para residentes con millones en sus cuentas bancarias. Y así siguen entre grúas o planos, marcas de lujo que se proyectan tentando con estilos de vida: Residences by Armani Casa, The Ritz Carlton Residences, Missoni, y Aston Martin.

Gil Dezer, presidente de Dezer Development, tal vez el developer más joven en el rubro de propiedades de alta gama en los Estados Unidos, es uno de los artífices de esta tendencia. Después de hacer realidad la torre Porsche Design, que define como “el éxito más grande de Miami”, con el penthouse vendido al precio más caro de la playa por US$ 25 millones, asegura que vinieron muchas otras compañías a buscarlo. “Tengo a todas las marcas corriendo por mí”, dice en un español con acento.

La historia podría remontarse a 2001, cuando Dezer se asoció con el entonces empresario Donald Trump, hoy presidente, para hacer edificios con la marca Trump. “Tuvimos muchísimo éxito poniendo un nombre a un proyecto porque todo el mundo se enteró inmediatamente. Ese nivel de marketing y publicidad no se puede comprar. Ahí nos dimos cuenta que apuntar a una marca ayuda a hacer ruido muy rápido, y arroja una buena ecuación costo beneficio”, explica a la nacion. Después de hacer seis edificios con Trump, empezó a buscar otras marcas, y escuchó que Porsche estaba buscando una posibilidad similar. Para un fanático de los autos como Dezer, el proyecto tuvo luz verde. Y fue el puntapié para que marcas y developers formaran parejas en el mundo del real estate.

“Porsche Design recibió mucha publicidad, que no podría haberla comprado si hubiera querido”, define Dezer. En efecto salió a la plaza como el edificio más caro de los Estados Unidos, con la unidad más barata arrancando en US$ 5 millones. Incluso en New York, en Central Park, los edificios tienen sus departamentos chicos empezando en US$ 3 millones. Con valores lejos de ser una ganga, sacó 132 unidades al mercado, de los cuales quedan sólo seis por vender.

La tendencia no tardó en expandirse. Fortune, por ejemplo, está llevando adelante The Ritz-Carlton Residences en Sunny Isles, y también se asoció con la marca de moda italiana Missoni para construir un edificio en Edgewater, al Norte del downtown de Miami.

“Con un mercado tornándose muy competitivo, los desarrolladores inmobiliarios, sobre todo los de productos de lujo, comenzaron a tratar de diferenciar sus propuestas”, relata Edgardo Defortuna, fundador de Fortune International Group.

Dezer Development y The Related Group, otro artífice de los rascacielos de la ciudad, se asociaron con Giorgio Armani para lanzar su primera torre residencial, Residences by Armani/Casa.

La famosa marca de autos Aston Martin también anunció su desembarco en el rubro inmobiliario. Asociado con G&G Business Developments, firma basada en Miami propiedad del empresario argentino Germán Coto y su madre Gloria, crearán residencias lujosas en el downtown sobre un terreno que fue noticia en 2014, al venderse en precio récord.

Fendi construyó en Miami el primer condominio de su historia, de 58 unidades, y casualmente de la mano de otro argentino. Fendi Château Residences, ubicado sobre la playa en Bal Harbour, es producto de Manuel Grosskopf, CEO de Château Group, desarrollador de shoppings como Alto Palermo y los condominios de lujo Château Libertador y Château Puerto Madero.

“No es solo un acuerdo, tiene que haber sustancia. Nos llevó mucho tiempo convencer a Georgio Armani para poder ponerle su nombre a nuestro edificio. El diseñador está en todos los detalles: desde la manija de la puerta del dormitorio hasta la cocina, baños, áreas comunes, etc”, explica Carlos Rosso, presidente de The Related Group.

La tendencia llegó para quedarse. Sin dar nombres, Dezer asegura que está por recibir “tres de las mejores marcas del mundo” para sus próximos tres edificios, aprovechando las bondades de esta modalidad. “La marca tiene mucho riesgo si el constructor no termina el edificio, o termina mal, o hay juicio con los compradores. Es un daño enorme a su imagen”, agrega.

A su vez, no cualquier compañía de renombre es sinónimo de ventas. ¿Es posible pensar, por ejemplo, vivir en la torre Apple?, preguntó la nacion. “Para mí no tiene valor porque no corresponde con lujo, y nosotros hacemos viviendas lujosas. Pero si alguien está construyendo un edificio de alquiler para jóvenes, o universitarios, o recién graduados, puede ser que Apple tenga un valor”, explica Dezer.

En alianzas con firmas de automotores o de indumentaria, se tienen en cuenta otros detalles y requerimientos que son acordados entre ambas partes para que el proyecto lleve su nombre.

Aunque depende de la marca, el acuerdo comercial es típicamente un porcentaje sobre las ventas y oscila entre un 2 y un 10 por ciento del valor del producto. Esto se traduce en que si las ventas totales del proyecto son de 200 millones y la cantidad acordada es del 5 por ciento, la marca recibiría entonces 10 millones.

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Entrevista de la semana / Fortune International Group – Miami

En el marco del Congreso de Desarrollo e Inversiones Inmobiliarias del Perú 2017, Expo Real State Perú, llegó a nuestro país el Presidente y CEO de Fortune International Group, Edgardo Defortuna, junto a Ana Cristina Defortuna, Vicepresidente of Sales de Fortune International Group, para presentar uno de los proyectos más importantes como es el Missoni Baia, la lujosa torre de condominios de 57 pisos ubicada en Edgewater, uno de los vecindarios de más rápido crecimiento en Miami. Business Empresarial conversó con ambos representantes de la firma quienes dieron a conocer su interés de ingresar en un futuro al mercado peruano por el gran potencial de inversionistas que buscan satisfacer la demanda de proyectos de lujo en otros países y en el Perú.

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Lanzamiento de Aquaterra Realty , entrevista con Edgardo Defortuna Presidente /CEO de Fortune International Group

Evento de lanzamiento de la firma contó con la presencia de su director Nicolás Belfiore y destacadas personalidades del mundo empresarial. Aquaterra es una importante inmobiliaria internacional que proyecta consolidarse a mediano plazo en Perú, Chile, Ecuador y Bolivia.

La firma internacional Aquaterra Realty dio inicio a sus operaciones en Perú con un cóctel de lanzamiento el pasado jueves 2 de noviembre en sus oficinas de San Isidro. Esta importante firma inmobiliaria con sede en EE.UU., ingresa al mercado peruano con oficinas en Lima y Arequipa, y próximas aperturas en Lima Norte, Lima Sur y el norte del país.

Nicolás Belfiore, director de Aquaterra para Perú, agradeció a los asistentes y anunció que se están introduciendo importantes productos inmobiliarios al mercado peruano bajo una innovadora propuesta de asesoría 360, que garantiza una inversión inteligente. “Contamos con un equipo de especialistas que acompañan a nuestros clientes en el proceso de compra de un inmueble, con asesoría administrativa, contable, legal y financiera, una experiencia inmobiliaria inteligente”, comentó Belfiore.

Al evento asistieron diversas personalidades del mundo empresarial y se destacó la presencia del empresario argentino Edgardo Defortuna, CEO de Fortune International Group, que expresó lo siguiente: “El Perú ha tenido un gran crecimiento económico, quizá el mejor de la región hace varios años ya, y existen oportunidades inmobiliarias que ya han sabido captar. Aquaterra está representando muchos de los proyectos que tenemos en Miami y está diversificando la inversión para el comprador peruano”.

Aquaterra Realty también cuenta con presencia en Ecuador, teniendo actualmente una oficina en Quito con proyección a abrir más oficinas en Guayaquil y Cuenca.

Similar estrategia vienen diseñando para el ingreso al mercado boliviano y el chileno.

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The Amenitized Appliance at Auberge Beach Residences

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Real Estate, Missoni Baia

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Sun, sea and city chic, all year round

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Resort Report, Auberge Fort Lauderdale

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Missoni Baia, la lujosa torre de condominios ubicada en uno de los vecindarios de más rápido crecimiento en Miami, estará en Expo Real Estate Perú

La torre de 57 pisos representa el primero de cuatro proyectos de OKO Group en Miami

Business Empresarial.- Missoni Baia, la lujosa torre de condominios de 57 pisos ubicada en Edgewater, uno de los vecindarios de más rápido crecimiento en Miami, estará en la Expo Real Estate Perú que se llevará a cabo del 2 al 3 de noviembre. Un proyecto de OKO Group, la firma de desarrollos inmobiliarios fundada por el magnate de los bienes raíces y prolífico desarrollador internacional, Vladislav Doronin, será el primer proyecto residencial que llevará la marca de la legendaria casa de moda italiana.

Los mundos de la moda y el diseño sellaron su fusión cuando el equipo de diseño de OKO Group, incluyendo a los internacionalmente aclamados Hani Rashid y Lise Anne Couture, de Asymptote Architecture, y la diseñadora de Nueva York, Paris Forino, se unieron el pasado septiembre,para celebrar el inicio de obra de esta torre sin precedentes frente a la Bahía de Biscayne.

“Missoni Baia está marcando la pauta del mercado residencial de lujo en Edgewater”, comentó Vladislav Doronin, CEO de OKO Group. “Estamos muy orgullosos de unir a talentos tan creativos y particulares como la visión arquitectónica experta de Hani Rashid, la dirección creativa de Angela y Rosita Missoni, la habilidad para el diseño de interiores de Paris Forino y el paisajismo sensible de Enzo Enea, para colaborar en este proyecto residencial, que definirá el lujo en este floreciente vecindario”.

Missoni Baia representa el primero de cuatro proyectos de OKO Group en Miami, así como las primeras residencias que llevan la marca Missoni, la legendaria casa de moda y diseño italiana. Una torre de 649 pies de altura, con 249 residencias elegantemente elaboradas, cada una de entre una y cinco alcobas, y de 72 a 352 metros cuadrados.

Los residentes tendrán acceso a un conjunto completo de lujosas comodidades, ofreciendo el confort de un lujoso resort en un ambiente residencial privado. Entre las características se incluirá una cubierta diseñada para tomar el sol con cabañas bien equipadas, una piscina olímpica, piscinas pequeñas de agua caliente y fría, piscina para niños, y piscina de borde infinito en la terraza frente a la bahía, así como cancha de tenis elevada y una espacioso gimnasio y spa.

La arquitectura contemporánea de Missoni es la visión de Asymptote Architecture, una firma con sede en Nueva York liderada por Hani Rashid y Lise Anne Couture, pioneros en la convergencia entre tecnología y arte, en arquitectura. La firma es mejor conocida por sus proyectos internacionales que incluyen al hotel Yas Viceroy Abu Dhabi y el próximo a abrirse Hermitage Modern Contemporary Museum, en Moscú.

Edgardo Defortuna, presidente de Fortune International Realty, una de las firmas desarrolladores de finca raíz más prestigiosas y reconocidas de Miami, estará dando entrevistas acerca de esta excelente oportunidad para los inversionistas de Perú, en uno de los distritos de mayor proyección en Miami.

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Panthers Partner with Auberge Beach Residences & Spa Fort Lauderdale

SUNRISE, Fla – The Florida Panthers announced today their partnership with Auberge Beach Residences & Spa Fort Lauderdale.

“Both the Florida Panthers and Auberge Beach Residences & Spa ownership have strong commitments to Broward County and specifically to our veterans,” said Andy Mitchell, President and CEO of The Fairwinds Group, who is developing Auberge alongside The Related Group and Fortune International Group. “We are delighted that these two world-class organizations have aligned in this partnership, working closely together throughout the 2017-2018 season to bring the best in hockey and residential development to Broward County residents. Join us on Nov. 2 as we salute the military and give thanks to our national treasures.”

Auberge will also be the presenting sponsor of the ‘Three Stars of the Game’ feature. The Florida Panthers player who is determined to be the ‘Auberge Star of the Month’ each month will receive a signature Auberge VIP Experience, which will nod to the brand’s Napa Valley roots.

In conjunction with Auberge, the Panthers will host Military Appreciation Night on Thursday, Nov. 2, vs. the Columbus Blue Jackets at 7:30 p.m.

“Veteran’s issues are a pillar of the Florida Panthers Foundation and a cause very near to the hearts of the employees, ownership and leadership of the Florida Panthers,” said Panthers President & CEO Matthew Caldwell. “We’re honored to work with Auberge to present the upcoming Military Appreciation Night.”

Veterans and Active Military Personnel with valid identification can receive a complimentary ticket on Nov. 2 courtesy of the Florida Panthers Foundation. Companion tickets for guests of Veterans and Active Military Personnel can be purchased for $20 each at the box office only on day of game.

Panthers players will wear camouflage warm-up sweaters prior to their matchup with the Blue Jackets. Select players’ warm-up jerseys will be entered into an in-game auction outside of Club Lexus. The remaining jerseys will be available in an online auction. Visit auctions.nhl.com to bid on a jersey.

Additionally, the Panthers will honor Carl Muscarello as their Community Coffee Military Hero on Nov. 2. Muscarello is known for being the “Kissing Navy Sailor” in the famous photo taken on V-J Day in Times Square.

About Auberge Beach Residences & Spa Fort Lauderdale:

The Related Group, Fortune International Group and The Fairwinds Group have partnered to develop Auberge Beach Residences & Spa Fort Lauderdale, a distinctive 171-unit beachfront condominium located on the 4.6-acre former site of the iconic Ireland’s Inn. The first project of its kind in Fort Lauderdale, Auberge sits on 450 linear feet of oceanfront property and is the only luxury residential project in the city located directly on the sand. The two-tower property features unparalleled luxury residences with sweeping ocean views and expansive terraces for year-round indoor-outdoor living. With a world-class spa, restaurant and resort amenities, the market-making property is poised to become the go-to luxury destination for those seeking incomparable design and resort living in a rare beachfront setting. Overseeing every aspect of the lifestyle will be Auberge Resorts Collection, the preeminent luxury hotel operator acclaimed for its timeless resorts that embrace intimate, understated elegance.

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TRD‘s Miami event tackles sea level rise, new development, Moishe Mana and more

More than 4,500 real estate brokers, investors and developers flocked to The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum on Thursday to get the latest intel from the industry’s movers and shakers, including Moishe Mana, Alicia Cervera Lamadrid and Art Falcone.

Forty-six exhibitors, including new development projects, lenders and brokerages, lined the path to the panel room at Soho Studios. Fortune International Group showcased its “Very Important Properties” with a VIP champagne lounge, while boutique development 303 Surfside enticed attendees with a chocolate fountain. Tesla displayed its Model X on the showcase floor, as attendees networked.

Moishe Mana sounds off

The event, held at Soho Studios in Wynwood on Thursday, kicked off with a one-on-one by TRD South Florida Managing Editor Ina Cordle with developer Moishe Mana, who stood up to condemn President Trump and his “destructive” actions. “When he was chosen to be the Republican nominee, I declared it the moral bankruptcy of America,” Mana said, drawing applause.

The Israeli investor began exploring Miami neighborhoods in 2011 as he was traveling back and forth to Asia, he told the crowd. In Wynwood, Mana has assembled 40 acres where he plans to build the Mana Wynwood Americas-Asia Trade Center & International Financial Center, a trade hub and cultural campus set to break ground next year. He expects to bring Chinese partners and companies to the city. “There is no reason Miami can’t become the Hong Kong of the future,” Mana said.

Is South Florida drowning?

The controversial topic of sea level rise packed the forum with attendees hungry for intel on how it will impact South Florida real estate.

Miami City Commissioner Francis Suarez, former U.S. Congressman Patrick Murphy, city of Miami Beach Engineer Bruce Mowry, and architect Kobi Karp spoke candidly about encouraging resilient buildings, changing city codes, engaging politicians and more to combat climate change. TRD‘s Editorial Director, Digital Hiten Samtani moderated the panel.
“Florida is at the forefront of design, innovation and code,” Mowry said. “Every developer wants to be on the cutting edge of that.”

Sea level rise, he said, is nothing to be afraid of but something to prepare for.

Over the next 15-20 years, if sea level rise continues at its current pace, Murphy asked, what does that mean for underground parking garages, streets and for real estate investment?

“What can I sell that for if there’s no place to park my car, [if I] can’t get to the streets? If that starts to happen, we have a big problem here in South Florida,” he said.

In Miami Beach, the city has been investing millions in raising streets – a measure that has drawn controversy as well as support. “At least we’re taking a step forward,” Mowry said. “Is there resistance? Yes. Are we making mistakes? Yes.”

Suarez, who’s running for mayor of Miami, is planning to propose incentives to reduce the carbon footprint within the city, including for owners of homes with solar panels and drivers of electric cars.

Commercial’s hot pockets

Miami is somewhat immune to the doom and gloom that retail across the U.S. is facing, top brokers said at TRD’s last panel of the day.

But there are concerns about vacant storefronts and high rents, Chariff Realty Group’s Lyle Chariff said. He was joined by Tere Blanca of Blanca Commercial Real Estate, Avra Jain of the Vagabond Group and Jonathon Yormak of East End Capital. Cordle moderated the panel.

“As retail changes and fashion retailers change, we’re seeing a different trend. I believe the spaces we have will get filled up,” Chariff said.

Jain, who focuses on submarkets like MiMo and Little Haiti, said developers and brokers are working harder to keep their tenants. “When is it retail and when is it office? We’re seeing that there’s a shift and having adaptable spaces certainly helps,” she said.

Affordability on the retail side is almost as important as affordability on the rental side, Yormak said. His firm owns the Wynwood Arcade in Wynwood, home to the popular Salty Donut cafe. Food and beverage is a dominant force toward creating successful tenant mixes.

“How many retailers generate enough sales annually? We have to be very focused as we’re building on how much we’re going to change,” he said. “We’re at risk of destroying the fabric of what the community [Wynwood] has been as national retailers enter the market.”

Developers on moving product, launching new projects and more

A trio of developers joined TRD for the “Sizing up the development cycle” panel. Edgardo Defortuna of Fortune International Group, Terra’s David Martin and Miami Worldcenter developer Art Falcone discussed the challenges they’re facing in a stagnant residential market with moderator Samtani. Defortuna spoke candidly about the slew of condo projects and the expectation that the market would have stayed hotter for longer.

In 2010, “there was a lot of need and a lot of demand and we all thought it was going to last for a long time,” he said. Since early last year, fewer projects have launched. Some developers are holding onto their land and some are forging ahead, like Falcone, who said he’s in his 14th year of working on Miami Worldcenter.

Issues like sea level rise and the further limits on legal immigration could hurt development, Martin added.
Tackling a shifting resi landscape

South Florida’s top residential brokers led the panel on “Finding the buyers,” moderated by TRD’s Editor-in-Chief Stuart Elliott. EWM Realty International’s Ron Shuffield, Douglas Elliman’s Jay Parker, Cervera Real Estate’s Cervera Lamadrid, Coldwell Banker’s Nancy Klock Corey and Miami Real Estate Group’s Andres Asion were quick to acknowledge slow sales this year and an especially sluggish September thanks to Hurricane Irma.
Asion said social media images of flooded streets in Miami’s Brickell area belied the limited property damage in South Florida due to Hurricane Irma.

Pricing correctly is also key to closing a deal in this market, otherwise six months of work could amount to nothing, Shuffield said.

Elliott also surveyed panelists on sexual harassment in the industry in the wake of the Harvey Weinstein firestorm. They spoke of the importance of responsive leadership, reporting abusers and the frequency in which it happens.
Lamadrid’s advice to women: “You are who you are. You’re going to stand your ground the way you think you should stand your ground. It doesn’t matter how they want to treat you. It’s how you’re going to respond to that treatment,” she said. “Many times I have looked at guys and said ‘Would your mom be proud of you right now?’ That works pretty well.”

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Snaidero USA Selected as Kitchen Cabinets Provider for the Brickell Flatiron Luxury Condos in Downtown Miami

LOS ANGELES, Oct. 26, 2017 (GLOBE NEWSWIRE) — Snaidero USA, the leader in North American imports of European kitchen cabinets, has been chosen as the kitchen supplier for the 549 ultra-luxury condos of the Brickell Flatiron, a new Downtown Miami development by Ugo Colombo’s CMC Group with architecture by Luis Revuelta. With this project, Snaidero USA continues to fulfill its mission of bringing the finest Italian design and craftsmanship to high-end multihousing projects all over North and Central America, helping raise the bar of luxury living.

The kitchen cabinetry selected for Brickell Flatiron is Snaidero’s WAY, a North America best seller and winner of the 2012 GOOD DESIGN™ Award. The model is 100% made in Italy and manufactured with strict environmentally-friendly practices. It features very modern and clean aesthetics, interior cabinetry and countertop LED lights, and a highly functional array of accessories.

The slender glass tower soars sixty-four stories high with curvilinear forms to accommodate spacious floor plans and provide expansive city views. The interiors of the public areas – following a dynamic “art gallery” concept – are by Italian architect/designer Massimo Iosa Ghini, himself a long-time Snaidero design partner.

The five-star grade amenities include a Sky Spa, gym, and pool, a rooftop garden, a theatre, billiard and cigar room, wine cellar, outdoor lap pool, children’s playroom, and personal concierge services.

The project joins a prestigious list of over 55 high-end residential towers that Snaidero USA has furnished in Florida since 1992 and more than 170 across North and Central America (including California, Canada, Hawaii, Chicago, New York, Las Vegas, Washington DC, Pennsylvania, Virginia, Honduras, Puerto Rico, and Turks and Caicos.)

About Snaidero USA

Snaidero USA is the exclusive North American distributor of Snaidero kitchen cabinets. For almost 40 years, Snaidero USA has offered the finest in luxury Italian kitchen design to North America and Central America through a retail network of 22 showrooms. Snaidero USA also serves the multihousing industry, partnering with top developers like Howard Hughes Corporation, Fortune International Group, Turnberry, AEG, ASPAC Developments and the CMC Group, for over 170 projects completed to date. Today, under the leadership of its President, Comm. Dario Snaidero, Snaidero USA is the leader in North American imports of European kitchen cabinets. Through its Snaidero USA Living collection, the company also offers made-in-Italy furniture for bathrooms and closets. The kitchens are made of eco-friendly, non-toxic materials through production processes with limited impact towards the environment. Snaidero USA is a member of the US Green Building Council. For more information, please visit www.snaidero-usa.com.

About Snaidero R. SpA (Italy)

Founded in 1946, Snaidero is Italy’s leading manufacturer of high-end kitchen cabinets. A wealth of experience built over 70 years of tradition and innovation. Always at the forefront of style and innovation, Snaidero partners with world-renowned artists, architects, and industrial designers, such as Ferrari stylist Pininfarina, international architect Massimo Iosa Ghini and acclaimed Italian designers Lucci and Orlandini, to create top-of-the-line products manufactured with environmental responsibility.

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Lanzan penthouses de lujo en un proyecto de Miami

Brickell Flatiron, torre de 64 pisos de CMC Group, presentó sus espacios más exclusivos en la zona del distrito financiero de Brickell.

Da desarrolladora CMC Group, que está levantando en Miami la torre Brickell Flatiron, en la zona del distrito financiero de Brickell -una de las más dinámicas de la ciudad-, lanzó su colección de penthouses correspondientes al emprendimiento.

Diseñada por el famoso arquitecto Luis Revuelta y con la firma del proyectista de interiores Massimo Iosa Ghini, Brickell Flatiron cuenta con 64 pisos y está ubicada a solo una cuadra de Brickell Avenue, en el 1001 de South Miami Avenue. Con 549 unidades de entre una a cinco habitaciones o dúplex, será el edificio residencial más alto en el sureste de los Estados Unidos, entre Nueva York y los Cayos de la Florida.

Los exclusivos penthouses del emprendimiento presentan grandes vistas del downtown de Miami y consisten en una selección de ocho únicos planos de piso, donde cada espacio está diseñado bajo altos estándares de confort y estética, destacó el desarrollador Ugo Colombo, presidente de CMC Group.

La desarrolladora es la creadora de edificios que marcaron el inicio de la nueva Miami hace dos décadas, como las torres Santa María, Bristol Tower y Grovenor House, señaladas como pioneras en el estilo de vida de mansiones en altura y comodidades de hoteles cinco estrellas.

Entre las características distintivas de Brickell Flatiron, explica Colombo, figura su Sky Spa en el último piso, único en la zona. “El último piso, la mejor vista, ha sido destinado a todos los residentes. En su lugar hemos podido construir un penthouse que tendría un precio altísimo pero tomamos la decisión de diseño que crea un valor agregado en el tiempo para los compradores. En característica marcará la diferencia de nuestras unidades hoy, y en 10 o 20 años”, señaló Colombo.

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Missoni Baia, la lujosa torre de condominios, estará en Expo Real Estate Perú

La torre de 57 pisos representa el primero de cuatro proyectos de OKO Group en Miami. Serán las primeras residencias que llevan la marca Missoni, la legendaria casa de moda y diseño italiano. Ubicado en Edgewater, uno de los vecindarios de moda en Miami

Missoni Baia, la lujosa torre de condominios de 57 pisos ubicada en Edgewater, uno de los vecindarios de más rápido crecimiento en Miami, estará en la Expo Real Estate Perú que se llevará a cabo los días 2 y 3 de noviembre. Este proyecto de OKO Group, la firma de desarrollos inmobiliarios fundada por el magnate de bienes raíces y prolífico desarrollador internacional, Vladislav Doronin, será el primer proyecto residencial que llevará la marca de la legendaria casa de moda italiana.

Los mundos de la moda y el diseño sellaron su fusión cuando el equipo de diseño de OKO Group, incluyendo a los internacionalmente aclamados Hani Rashid y Lise Anne Couture, de Asymptote Architecture, y la diseñadora de Nueva York, Paris Forino, se unieron el pasado septiembre, para celebrar el inicio de obra de esta torre sin precedentes frente a la Bahía de Biscayne.

“Missoni Baia está marcando la pauta del mercado residencial de lujo en Edgewater”, comentó Vladislav Doronin, CEO de OKO Group. “Estamos muy orgullosos de unir a talentos tan creativos y particulares como la visión arquitectónica experta de Hani Rashid, la dirección creativa de Angela y Rosita Missoni, la habilidad para el diseño de interiores de Paris Forino y el paisajismo sensible de Enzo Enea, para colaborar en este proyecto residencial, que definirá el lujo en este floreciente vecindario”.

Missoni Baia representa el primero de cuatro proyectos de OKO Group en Miami, así como las primeras residencias que llevan la marca Missoni, la legendaria casa de moda y diseño italiana. Una torre de 649 pies de altura, con 249 residencias elegantemente elaboradas, cada una de entre una y cinco alcobas, y de 72 a 352 metros cuadrados.

Los residentes tendrán acceso a un conjunto completo de lujosas comodidades, ofreciendo el confort de un lujoso resort en un ambiente residencial privado. Entre las características se incluirá una cubierta diseñada para tomar el sol con cabañas bien equipadas, una piscina olímpica, piscinas pequeñas de agua caliente y fría, piscina para niños, y piscina de borde infinito en la terraza frente a la bahía, así como cancha de tenis elevada y una espacioso gimnasio y spa.

La arquitectura contemporánea de Missoni es la visión de Asymptote Architecture, una firma con sede en Nueva York liderada por Hani Rashid y Lise Anne Couture, pioneros en la convergencia entre tecnología y arte, en arquitectura. La firma es mejor conocida por sus proyectos internacionales que incluyen al hotel Yas Viceroy Abu Dhabi y el próximo a abrirse Hermitage Modern Contemporary Museum, en Moscú.

Edgardo Defortuna, presidente de Fortune International Realty, una de las firmas desarrolladoras de finca raíz más prestigiosas y reconocidas de Miami, estará dando entrevistas acerca de esta excelente oportunidad para los inversionistas de Perú, en uno de los distritos de mayor proyección en Miami.

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Top developers discuss Miami’s post-boom market at TRD forum

As Miami’s condo market lags, developers are working hard to sell their remaining inventories and looking long term when it comes to completing major projects like Miami Worldcenter.

In 2010, “there was a lot of need and a lot of demand and we all thought it was going to last for a long time,” Edgardo Defortuna, president and CEO of Fortune International Group, said at The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum on Thursday.

Fifty percent deposits coupled with a lack of financing forced developers to lower their leverage. Projects under construction now are mostly 60, 70 and 80 percent sold, Defortuna said during the development panel. Fewer projects have launched since the beginning of 2016.

“We’re controlling our supply better,” said David Martin, president of Terra. Martin said the restrictive zoning in Miami Beach is protecting his land from competition. The Coconut Grove developer is building Eighty Seven Park, a luxury condo tower in Miami Beach.

Art Falcone, co-founder and managing principal of Encore Capital Management, said the key to developing a major mixed-use project like Miami Worldcenter is that he doesn’t use debt to finance land acquisitions. “I’m in my 14th year, before we make our first dollar we will be in our 16th year,” he said.

Finding construction financing for Paramount, the luxury condo component of Worldcenter, was especially challenging.
“There’s never a bad real estate cycle as long as you have time and no debt,” Falcone joked.

The slowdown has sent developers to other foreign markets in search of buyers, like Turkey, Europe and China. Latin Americans still consider Miami a safe haven for investment, but “the perception today is the urgency is not that much anymore,” Defortuna said.

Among Fortune’s increased sales efforts is participating in international real estate fairs. “We have to work a lot harder to make a little bit less money,” he added.

During the residential slowdown, other sectors like industrial and multifamily have picked up. Policy changes like potentially reducing the number of H-1B visas could have a detrimental impact on Miami real estate, Martin said.
The beauty of Miami, Defortuna said, is that “anyone [moving] here can feel like home.”

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Missoni Baia: Luxury Condos Inspired By Legendary Fashion Designer

MIAMI (CBSMiami) – Known as one of the leading and most distinctive fashion houses in the world, the Missoni style began as a collaboration between the husband and wife team of Ottavio and Rosita Missoni.

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“It really began in the 1950s with you and your husband, yes?” asked CBS4’s Lisa Petrillo.

“Absolutely. We were married in 1953 and I was coming from a family where I grew up among fabrics, embroidery, silks, prints in a factory. That was my playground when I was a child,” Said Rosita.

They met when he designed the uniforms for the London Olympic Games in 1948.

After they married in 1953, they began making items of knitwear in a small workshop in the basement of their home. Color, strips and zigzags became their signature style. The rest as they say is history.

“The brand hasn’t really changed that much except for modernizing. It’s still about stripes and colors, right?” Asked Petrillo.

“Yes, stripes and colors. But back at that time we couldn’t do checks for instance. It’s grown a lot because of the high-tech machines,” Rosita said.

In the 90s their daughter Angela took over the reins as head of the fashion empire. Then Rosita started Missoni Home.

“Missoni Home is the business I developed when Angela my daughter at end of 1990s when she decided she was ready to take the reins of fashion,” she explained.

Not “feeling” retirement, Rosita soon took Missoni Home from bed and bath to everything for the home – furniture, accessories and more.

Just recently, Rosita was on hand for the groundbreaking party of Missoni Baia, a brand new 57-story waterfront building with 249 residences in the Edgewater district of Miami.

The interior design of the building incorporates Missoni’s trademark colorful design palette and Missoni Home furniture collection in inventive ways, including in all public spaces and amenities.

“It’s an adventure because we are going to see how it will be. People have the chance to choose a Missoni designer apartment if they want, and of course we are prepared for that. We have all kinds of fabrics, items and pieces of furniture, so it’s very exciting,” Rosita said.

And at age 85, Rosita, now a great grandmother, isn’t slowing down one bit. She spends most of her time living in her native Italy, but plans on being back to South Florida often to work on the project.

Missoni Baia is expected be completed sometime at the end of 2020.

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Missoni Baia Breaks Ground In Edgewater Miami

Fashion and real estate are coming together in one of the latest real estate projects to hit Miami. OKO Group, the Miami-based development company founded by real estate magnate and international developer, Vladislav Doronin, hosted an event on October 12th in celebration of Missoni Baia’s groundbreaking.

City of Miami Commissioner Francis Suarez and Miami Dade Commissioners Xavier Suarez and Audrey Edmonson took part in the ceremonial groundbreaking of the 649-foot-tall tower, representing the first of OKO Group’s five Miami projects, as well as the first-ever branded residences from the legendary Italian fashion and design house.

Over 100 VIPs, local dignitaries, and brokers attended the event, which made way for the new waterfront development in the burgeoning neighborhood of Edgewater. A convergence of fashion and design, Rosita Missoni, along with the project’s design team consisting of Hani Rashid and Lise Anne Couture of Asymptote Architecture and New York designer Paris Forino, were in attendance to usher in the significant milestone for the highly-anticipated project.

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The Ritz-Carlton Residences Sunny Isles Beach se presenta como una inversión de lujo en Perú

The Ritz-Carlton Residences es la marca favorita del mercado de lujo en el mundo. El proyecto es una obra de Château Group y Fortune International Group. Edgardo Defortuna, presidente de Fortune International estará dando entrevistas acerca de este impresionante proyecto en el marco del Expo Real Estate Perú 2017

Una imponente torre de 52 pisos dispuesta directamente frente a la playa, con el servicio, la calidad y el toque personal de la marca favorita del mercado de lujo en el mundo, llega a Sunny Isles Beach, uno de los vecindarios preferidos por inversores, turistas y residentes de Miami. The Ritz-Carlton Residences Sunny Isles Beach estará en Expo Real Estate Perú 2017, que se llevará a cabo el 2 y 3 de noviembre.

The Ritz-Carlton Residences Sunny Isles Beach se elevará entre las prestigiosas Bal Harbour Shops y el fabuloso Aventura Mall, en una propiedad donde el lujo sin precedentes, un espléndido diseño y arquitectura, se complementarán con un escenario que acercará a sus propietarios a toda la emoción, cultura y belleza del Sur de la Florida.

El proyecto es una obra de Château Group y Fortune International Group, dirigidas por los exitosos argentinos Manuel Grosskopf y Edgardo Defortuna, ambas compañías líderes en el desarrollo de bienes raíces de lujo en la región. Defortuna estará dando entrevistas acerca de este impresionante desarrollo en el marco de la feria.

“Este proyecto marcará un hito en la construcción en Sunny Isles Beach. Estamos hablando de una magnifica torre de 649 pies (197.8 metros) construida directamente en un frente de playa de 250 pies (76 m), en una propiedad de 2.2 acres”, comenta el señor Defortuna. “Contamos con un diseño espectacular, llevado a cabo por Arquitectonica, la prestigiosa e internacionalmente reconocida firma de arquitectos, y con exuberantes jardines diseñados por Arquitectonica GEO. Tan solo el impresionante lobby de dos pisos con un panel de cristal de cuatro pisos, con vista a la piscina y a la playa es en sí , una obra de arte”.

The Ritz-Carlton Residences Sunny Isles Beach contará con 212 residencias desde los 1,605 pies2 a 3,640 pies2 (149 m2 -338 m2), y penthouses de hasta 6,320 pies2 (587 m2), con interiores creados por el reconocido diseñador Michele Bönan.

“Además de comodidades como el acceso directo a la playa, con sombrillas y camas asoleadoras , restaurante con servicio a la piscina y a la playa, club para niños con instalaciones de juegos bajo techo y al aire libre , y un moderno gimnasio frente al océano. También contará con un exclusivo Club Privado en el piso 33, con vistas infinitas en todas las direcciones , sala de medios, lounge, dos áreas de bar, cocina totalmente equipada, la cual sirve al área VIP para cenas privadas , centro de negocios y biblioteca”, comentó Manuel Grosskopf.

Una vez terminada su construcción en el 2018, The Ritz-Carlton Hotel Co. administrará la propiedad, brindándole a los residentes el servicio, la calidad y el toque personal ya legendarios y sinónimos de esta célebre marca.

The Ritz-Carlton Residences Sunny Isles Beach es una oportunidad única para los inversionistas peruanos, interesados en el lujo y la vida cosmopolita del Sur de la Florida.

Pueden encontrar The Ritz-Carlton Residences Sunny Isles durante el Expo Real Estate Perú en el puesto numero 29.

Para información adicional acerca del proyecto , por favor llame al 305-901-0039 o visite http://www.theresidencessunnyislesbeach.com/.

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Missoni Baia Groundbreaking

El pasado 12 de Octubre Missoni Baia Residences, un proyecto de la casa de moda italiana Missoni, festejó junto con familiares y amigos el inicio de la construcción del lujoso desarrollo con un singular espectáculo.

En el evento se encontraba la legendaria Rosita Missoni que junto con su esposo Ottavio Missoni fundaron la marca que lleva el mismo nombre y que revolucionó al mundo de la moda. En 1969 Rosita y Octavio fundaron la firma Missoni desde su casa junto con sus telares. Hoy en día, el complejo alberga la empresa más importante del diseño ubicado en un vergel rodeado de un frondoso bosque en Varese, Italia. El estampado caracterísico de la marca es el tejido en diagonal mismo que Rosita lució para esta ocasión.

Además estuvieron presentes grandes empresarios como el desarrollador del proyecto Vladislav Doronin, aruitectos del proyecto, Hani Rashid, Lise Anne’s Couture y la diseñadora Paris Forino así como Edgardo Defortuna , presidente de Fortune Realty, la firma de ventas del proyecto junto con su esposa y figuras públicas como Francis Suarez.
El show del evento se realizó frente la Bahia de Edgwater con un flyboard que cautivo a los invitados junto con una atractiva rubia saxofonista que tocó desde el aire. Posteriormente se realizo el simbólico inicio de construcción con los realizadores del proyecto.

Missoni Baia Miami Residences contará con 249 departamentos de lujo entre 1 y 5 habitaciones, Ubicado entre Biscayne Bay y Design District, www.missonibaia.com

El mundo Missoni

UNA FUERZA VISIONARIA EN EL 
MUNDO DE LA MODA Y EL DISEÑO

Cuando la gente habla de Missoni, tienden a referirse a “los Missoni”, ya que la historia de la marca es inseparable de la historia de la pareja. Ottavio era un campeón de atletismo de Dalmacia con experiencia en ropa deportiva y Rosita, una estudiante inglesa cuya familia era propietaria de un negocio de ropa y blancos para el hogar. Se conocieron en 1948 y se casaron en 1953. La combinación de sus experiencias resultó en el nacimiento de una empresa que creó uno de los mayores ejemplos de productos italianos: un estilo que es absolutamente inconfundible por su mezcla de colores, tipo de punto y combinación de tonos iridiscentes. Un estilo nunca antes visto que pronto se hizo conocido en todo el mundo. Al principio, había sólo líneas, ya que eso era todo lo que las máquinas podían producir en ese momento, pero a medida que la tecnología avanzó, la pareja desarrolló más estampados que fueron tornándose cada vez más originales y complejos, hasta que cada diseño se convirtió en una obra de arte.

Hoy, toda la familia continúa involucrada en el negocio. La hija de los Missoni, Angela, ha sido la directora creativa de la empresa desde 1997, cuando Rosita le cedió el puesto. Su hermano, Luca, supervisa los archivos de Missoni y las muestras de arte de la empresa. Desde 1997, Rosita ha sido la directora creativa de la línea Missoni Home, una traducción exitosa de los colores brillantes y los patrones audaces de la marca, al mobiliario y los tapices residenciales.

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Vladislav Doronin’s OKO Group Breaks Ground on Missoni Baia in Edgewater

Vladislav Doronin’s OKO Group officially broke ground on Missoni Baia in Edgewater on October 12 in a stunning style that has set the stage for the first-ever Missoni branded residences. The event was attended by some of Miami real estate’s biggest players and featured speeches by Edgardo Defortuna & Vladislav Doronin, capped off with a live flyboard performance and live saxophone. Missoni Baia will be a 57-story luxury condominium tower which will rise 649′. The tower represents the first of OKO Group’s four Miami projects as well as their first residential development. Missoni Baia will also be the first-ever branded residences from the legendary Italian fashion and design house, Missoni. Check-out the video and gallery of the swanky groundbreaking below.

Tags: OKO Group, Vladislav Doronin, Missoni Baia, News, New Construction, Events, Missoni, Angela Missoni, Edgardo Defortuna, Edgewater, Construction Update, Featured

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Las torres más caras de Miami

Los proyectos de ultra lujo tienen servicios cada vez más excéntricos, que van desde ascensores para autos hasta suites para invitados y chef a disposición de los propietarios; cuánto cuesta vivir en ellos

Todo vale a la hora de sorprender a los compradores y los desarrolladores comienzan a replicar la fórmula de asociarse con marcas de otros sectores para diferenciarse e invitar a experiencias diferenciales.

Por caso, la torre Porsche en Miami es el debut en el rubro inmobiliario de la famosa marca de automóviles. Es la primera en el mundo con un ascensor para autos que permite a los dueños seguir luciendo su Porsche desde la sala de estar. La torre de concreto y cristal con forma circular diseñada tiene tres elevadores para autos. Cada uno puede subir hasta 60 pisos y luego depositarlo en el garaje privado del conductor, sin necesidad de bajar del vehículo. Una vez en su casa, algunas unidades ofrecen ver el auto desde la sala de estar, separada por un vidrio con el guardacoches. Además, el propietario tiene la privacidad para que nadie lo vea entrar o salir de su departamento, ni cruzarse en el lobby o el ascensor, lo cual hace que el edificio sea buscado por gente de muy alto perfil.

¿Y si el comprador no tiene un Porsche? No es problema, pero probablemente lo tenga, si pudo adquirir un departamento que va de los US$ 5,3 a los US$ 33 millones. Las unidades vienen con piletas en los balcones que, al encenderse, emiten una corriente contra la cual es posible nadar.

Los departamentos van desde los 442 m2 a 1300 m2. La más cara, se vende a US$ 16,5 millones: tiene cuatro dormitorios, seis baños y un toilette.

El proyecto Residences by Armani Casa, ubicado en Sunny Isles es el primer proyecto inmobiliario del diseñador en los Estados Unidos. Con 200 metros de alto, esta moderna torre de vidrio tiene la firma del famoso arquitecto argentino César Pelli, mientras que el paisajismo también estuvo a cargo de un multipremiado suizo, Enzo Enea. El edificio tiene 54 pisos que reúnen 308 exclusivas residencias sobre el océano.

Como no podía ser de otra manera, los interiores estuvieron a cargo de Giorgio Armani. La exagerada atención al detalle es una de sus características. Solamente la construcción del centro de ventas costó más de US$ 10 millones. Los baños tienen sector para ellas y ellos. El vestidor ofrece hasta 28 m2 de superficie, mucho más que una habitación regular. A la hora de hablar de precios, el rango oscila entre US$ 1,5 y US$ 5,5 millones. Los servicios del edificio incluyen paseador de perros, sala de cigarros, chef a disposición y hotelería con servicio de mucama.

El penthouse tiene seis dormitorios en los pisos 53 y 54 y se vende a US$ 15 millones. El comprador recibe dos pasajes en primera clase a Milán para tener una reunión privada con Giorgio Armani y permanecer dos noches en su hotel.

Por otra parte, 1000 Museum by Zaha Hadid, Downtown es una torre que combina el arte con la arquitectura. Su figura se diferencia del resto de los edificios ya que su esqueleto forma curvas que atraviesan su estructura de vidrio. El exoesqueleto, su armazón de acero y vidrio, en lugar de estar por dentro, como la columna vertebral humana, está por fuera. Sólo dos edificios en Miami tienen esa técnica de construcción. Será el único edificio residencial de la ciudad que contará con helipuerto privado. Las unidades van de US$ 5,5 millones a US$ 19 millones.

Chateau Group y Fortune International Group, líderes renombrados en desarrollos inmobiliarios, se unieron para construir en Sunny Isles, el Ritz Carlton Residences. La torre de 52 pisos tendrá 212 residencias rodeadas de espacios abiertos y múltiples balcones para maximizar las vistas del océano en toda la casa. Los cuatro pisos superiores incluyen unas enormes terrazas escalonadas, cocina, pileta y jardín privado. Cada unidad contará con un ascensor privado para un acceso directo y discreto. El proyecto incluye amenities como restaurantes, salas y bares exclusivos para los residentes y suites para invitados y familiares, entre otros. Los precios para un tres ambientes arrancan en US$ 2,5 millones. Los penthouses se vendieron en US$ 16,5 y US$ 21 millones.

Park Grove desarrollado por Terra Group y the Related Group está situado sobre la bahía en Conocut Grove. Son tres torres con 297 unidades, que también tendrán un restaurante de Michael Schwartz, reconocido chef en la Florida.

La arquitectura pertenece a Rem Koolhaas, considerado uno de los más importantes arquitectos y urbanistas de su generación, con obras en Copenhague, Nueva York, Dubai, Qatar, China, y Singapur, entre otros. El edificio es por completo de vidrio, lo cual otorga ventanales del piso al techo en todos sus ambientes. Los precios van de un millón a US$ 14 millones.

Elysee Miami en Edgewater es un edificio de lujo boutique. Tendrá 57 pisos con vista directa a la bahía de Biscayne albergará 100 residencias de lujo con unidades de tres a cinco habitaciones que miden entre 205 y 361 metros cuadrados, con valores de U$S 1,39 millones a más de U$S 10 millones. La delgada torre de cristal tiene una forma única de telescopio de tres niveles con solo dos unidades por piso, lo cual permite una vista de 180 grados. Una pileta de 22 metros de largo, gimnasio y estudio de yoga y un salón de belleza son algunas de sus instalaciones comunes. Todas las residencias tendrán muebles italianos de primera línea para las cocinas y los baños, así como dos terrazas frente al este y oeste con una vista de 180 grados. Miami Worldcenter es el segundo emprendimiento inmobiliario más grande de los Estados Unidos. Además de viviendas ofrece un sector comercial con calles interiores para peatones. Dentro del complejo, el Paramount Miami Worldcenter ofrecerá departamentos desde 110 m2 a 243 m2, con valores que van desde U$S 750.000 a U$S 1,4 millones. Uno de los elementos más atractivos es su Upper Deck de primera clase, que se estrenará como la plataforma de recreo más grande de los Estados Unidos.

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Missoni Baia, pasión por el diseño visionario

Missoni Baia, pasión por el diseño visionario / ENTORNOINTELIGENTE.COM / Los grandes diseñadores de moda apuestan desde hace años por diversificar mercados en las grandes metrópolis del mundo. Por ello, más allá de sus colecciones de vestuario y accesorios de lujo, las marcas de moda ahora han decidido innovar en áreas como la arquitectura y el diseño de interiores.

Missoni, la icónica casa de moda y diseño de lujo fundada en 1953, se une a esta tendencia con Missoni Baia, la primera torre de condominios de lujo de la marca. Con 57 pisos distribuidos en un aproximado de 200 pies de altura frente en la Bahía de Biscayne, la apuesta está enfocada en el mantenimiento del patrimonio artesanal de Missoni, integrando estilo, artesanía e ingeniería para hacer de la experiencia residencial un proyecto de calidad incomparable, una edificación impactante que sobresale con una presencia imponente tanto en el horizonte de la ciudad como en el paisaje de la línea costera.

Missoni Baia captura el espíritu alegre de la familia Missoni, e infunde toda la experiencia del edificio con su pasión por el diseño visionario, la calidad e innovación. La colorida paleta de diseño de Missoni se incorpora en el diseño interior del edificio tanto como la colección de mobiliario Missoni Home, en formas muy creativas, incluyendo todos los espacios y áreas públicas del edificio. Los residentes podrán disfrutar de las comodidades de un lujoso resort en un entorno residencial privado con acceso a un conjunto de espacios con estilo diseñados en colaboración con Missoni, que incluyen una cubierta sobre el agua creada para tomar el sol con cabañas bien equipadas; cinco piscinas diferentes -una olímpica, de inmersión caliente y fría, infantil y una piscina infinita, además de canchas de tenis elevadas y un amplio gimnasio y spa, todos con vista a la bahía de Biscayne.

Cada una de las 249 residencias ofrece diseños de piso por nivel con múltiples vistas a la ciudad, Miami Beach y el horizonte del Océano Atlántico. La edificación cuenta con tres espectaculares residencias dúplex con amplias terrazas privadas, y dos penthouses equipados con piscinas y ventanales de cielo abierto. En armónica fusión con los diseños de Missoni, la diseñadora de interiores Paris Forino ha dispuesto de fondos neutros pero lujosos que resaltarán magistralmente el mobiliario y arte que exhibirá Missoni Baia.

Missoni Baia se convertirá en el nuevo referente paisajístico de la Bahía de Biscayne con su universo de colores y líneas. OKO Group, compañía de desarrollo urbanístico, fue la encargada de revelar los detalles del proyecto con el sello Missoni.

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Missoni Baia to Break Ground on 57-Story Condo In Edgewater

A development group led by Russian billionaire Vladislav Doronin will break ground on the Missoni Baia condo tower in Miami’s Edgewater neighborhood on Oct. 12.

The groundbreaking ceremony will take place at 5 p.m. at 777 N.E. 26th Terrace.

Developed by Doronin’s OKO Group and Cain International, Missoni Baia will be the first residential building branded by luxury Italian fashion house Missoni. It was designed by Hani Rashid and Lise Anne Couture of Asymptote Architecture and New York designer Paris Forino, with landscaping by Enzo Enea.

See renderings of the Missoni Baia and its amenities in the slideshow.

“Missoni Baia is leading the way in Edgewater; setting a new standard for a sophisticated living with amenities worthy of a luxury resort, ” Doronin said. “OKO Group is investing over $700 million into the Edgewater neighborhood, further bolstering this emerging, vibrant community. The Missoni Baia residences bring to the market an opportunity to invest in a unique lifestyle with a broad range of unparalleled amenities and panoramic waterfront views.”

The 57-story tower will have 249 units ranging from 766 to 3,788 square feet. Prices start at $500,000.

Missoni Baia should be completed near the end of 2020.

OKO Group, which is in negotiations with general contractors, declined to say how many units in the project were presold.

Craig Studnicky, principal of residential brokerage ISG World, said his research found that Missoni Baia has less than 20 units presold. Most developers don’t break ground until they have at least 60 percent presales, he noted. The Aston Martin condo in Miami is also set to break ground later this month at far short of 60 percent presales, he said.

“These might turn out to be good bets, as both projects will take three years to complete construction and delivery in late 2020 with very little new inventory for buyers to choose from then,” Studnicky said. “At the moment, both the Missoni and Aston Martin developers are taking a step that most of their competitions will not; however, time might prove these gambles as wise.”

Doronin said he’s happy with the progress of sales.

“We are fortunate to have strong financial partners with OKO Group and Cain International, which allows us to fund construction with equity,” Doronin said. “We expect to obtain a construction loan shortly.”

He said that many buyers have come from Brazil, Argentina, Colombia, Turkey, Russia and the U.K. The northeastern U.S. is also a focus of its sale efforts.

“Collaborating with a brand like Missoni helps us to tell the story of the building in a way that can be easily understood globally because people are already familiar with this historic Italian fashion house,” Doronin said. “This story resonates with our core markets, particularly in South and Central America, where the brand has a loyal following.”

Amenities at Missoni Baia include a sun deck with cabanas, spa, fitness center, tennis court and five pools, including an infinity-edge pool facing the bay and an Olympic-size lap pool. It will also include a walkway along Biscayne Bay.

This is the first of four projects that OKO Group is planning in Miami. It owns additional sites in Edgewater and Brickell.

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Movers & Shakers: Missoni Baia Hired Liliana Pinto-Torres

Two Roads Development named Cervera Real Estate’s Sandra Masis director of sales for Elysee Miami. The developer launched sales of the 57-story, 100-unit tower about two years ago and has sold roughly 45 percent of the building. Masis is a top producer at Cervera, where she closed more than $83 million in sales.

Peter Mekras has returned to Aztec Group as managing director. Mekras left CREC, where as senior vice president he closed more than 100 deals totaling nearly $1 billion. He was previously managing director at Aztec, as well. Mekras will focus on investment sales, debt and equity deals for investors and developers in Florida, with an emphasis on multifamily.

Douglas Elliman’s Tracy Galya was promoted to residential sales director of 1 Hotel & Homes South Beach. Galya was previously director of the Bill and Bryan Team, one of Elliman’s top teams in Florida.

The brokerage recently lost Carolina Rainer, who handled sales of 1 Hotel & Homes’ penthouse collection, to Fortune International Group. Galya will oversee sales of remaining penthouse units.

The Levy Group left Coldwell Banker for EWM Realty International. It’s led by Wendy Levy-Jackson and Adam Levy and includes Jennifer McDonald Levy, Maria Eugenia Escagedo, Jodie Mesa and Evelyn Alfaro. The Levy Group focuses on luxury sales in Pinecrest and Palmetto Bay.

Eric D. Swanson will lead Avison Young’s Development Advisory Services. Swanson, senior vice president at Avison Young, will lead strategic planning, property analysis, entitlements, financing and more. He was previously a partner at Treadwill Franklin Infrastructure Capital.

Missoni Baia hired Liliana Pinto-Torres as a sales agent. She left Douglas Elliman for the Fortune Development Sales project. At Elliman, Pinto-Torres was part of the One River Point sales team.

Shelby G. Smith III joined Berger Commercial Realty/CORFAC International as a senior property manager. He was previously president of the property management division at The Fitzgerald Group.

Brightline named David Helfman vice president of corporate partnerships as the high-speed rail service prepares to launch. He was most recently director of corporate partnerships for the Miami Dolphins.

Coldwell Banker brought on Melissa Pierre Kelly as a sales associate in Pinecrest, Stephen Tendrich and Jennifer Salerno at the Las Olas office in Fort Lauderdale, and Yiyin “Angie” Perkins and Liane Lowy in Aventura.

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Liliana Pinto-Torres Joins Missoni Baia Sales Team

The newest luxury condominium tower set to rise in the fast-growing Edgewater neighborhood, Missoni Baia is pleased to announce that Liliana Pinto-Torres has joined their sales team. Sales and marketing for the residences of Missoni Baia are being exclusively handled by Fortune Development Sales.

Pinto-Torres joins Missoni Baia from Douglas Elliman, where she served on the One River Point sales team. Prior to her time at Douglas Elliman, she worked for Cervera Real Estate where she surpassed sales benchmarks and held the record for the fastest, most profitable sales in several of the most sought-after condominium properties in Hollywood, Hallandale Beach and Sunny Isles Beach.

An established realtor with an affinity and expertise focused on the luxury market, Pinto-Torres is regarded for her marketing prowess and unmatched business acumen. She possesses extensive insight into the South Florida market and is empowered with a personal network of buyers and investors within both the Latin American and European markets. A native of Colombia, Pinto-Torres is fluent in both English and Spanish, with comprehension in Portuguese and German. She is actively involved in several local charitable organizations, including the Children’s Cancer Caring Center and Camillus House.

“We are thrilled to have Liliana join our Missoni Baia sales team,” said Edgardo Defortuna, President and CEO of Fortune International Group. “With over three decades of combined sales, marketing, strategic communications and project development experience, in addition to nearly a decade in the real estate market, Liliana is the ideal candidate to elevate Missoni Baia’s sales to new heights.”

Designed by internationally acclaimed Hani Rashid of Asymptote Architecture and developed by OKO Group under the leadership of Vladislav Doronin, a real estate magnate who has developed over 75 million square foot of property and 71 projects, Missoni Baia will set a new standard for quality and sophistication in East Edgewater. Designed by New York designer Paris Forino, who envisioned the tower’s 249 elegantly crafted one- to five-bedroom residences and dressed in Missoni fabrics, furnishings, and artwork that complement Asymptote’s forward-thinking, high performance architectural design. The building offers expansive amenities worthy of a luxury resort and unrivaled in Miami—including an Olympic-sized pool and one of the city’s largest and most elegantly appointed spas—and a richly layered landscape designed by Enzo Enea. Missoni Baia is slated to break ground on October 12th.

For additional information on Missoni Baia or to schedule a tour, please contact 305.800.7000 or visitmissonibaia.com.

ABOUT OKO GROUP

OKO Group is an international real estate development firm established by Chairman and CEO, Vladislav Doronin. OKO Group builds on the formidable expertise of Mr. Doronin, one of the most successful and respected international developers, and his peerless track record in constructing more than 75 million square feet of world-class commercial, retail and luxury residential space over a total of 71 buildings as Founder of Capital Group.

OKO Group brings not only considerable financial strength to the U.S. market, but also a passion for working with the very best architects and designers in the world, including Pritzker Prize–winning architect Zaha Hadid, the preeminent architecture firm Skidmore, Owings & Merrill, known for designing some of the world’s tallest towers, visionary Hani Rashid of Asymptote Architecture, acclaimed interior designer Iosa Ghini Associati, and the legendary designer Jacques Grange. OKO Group’s current U.S. portfolio includes prime properties and development projects in Miami and New York City. As owner and Chairman of Aman, one of the most admired hospitality brands in the world, Mr. Doronin’s global business portfolio spans across Europe, Asia and the U.S. More information about OKO Group is available at okogroup.com

ABOUT MISSONI

Missoni is one of the leading and most distinctive fashion houses in the world. The Missoni style has evolved out of a long-standing collaboration between the husband and wife team of Ottavio and Rosita Missoni. Ottavio Missoni came to London in 1948 for the London Olympics, where he qualified for the final 400m hurdle race. While in London he met Rosita Jelmini, the granddaughter of a family of manufacturers from Golasecca, in Northern Italy. After marrying in 1953 they began making items of knitwear in a small workshop in the basement of their first home in Gallarate. Ottavio and Rosita’s path has been followed by their children and grandchildren, who today continue to keep alive the spirit of the Missoni style all over the world. Angela Missoni has been the creative director of the company since 1997 and is committed to infusing the family’s brand with new energy, confidently communicating trends and ideas. Under her direction, Missoni’s runway shows and communication continually make an authoritative, international statement. Luca Missoni, brother of Angela, is the Artistic Director of the Missoni Archive which he is developing into a project to promote and valorize the Company’s artistic and fashion heritage. More information about Missoni is available at missoni.com.

About Fortune Development Sales

Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having represented more than eighty of South Florida’s most successful projects. Led by visionary founder Edgardo Defortuna, Fortune has 18 offices around the world with nearly 1,000 associates and a worldwide brokerage network reaching prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris. Fortune Development Sales is an affiliate of Fortune International Group, a recognized leader in development, sales and marketing since 1983. The company’s current development portfolio includes many of the most prominent residential in South Florida including Jade Signature, The Ritz-Carlton Sunny Isles, Auberge Beach Residences and Spa Fort Lauderdale and Hyde Resort & Residences Hollywood. www.fortuneintlgroup.com

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Movers & Shakers: Fortune International Group Brought On Alicia McCormack To The Glasshaus In The Grove Sales Team

Brian Batchelder left Stiles Realty to join Berger Commercial Realty/CORFAC International as vice president of the brokerage. He’ll be based at the firm’s Palm Beach County office, where he will handle leasing assignments totaling 500,000 square feet of space.

City of Miami Commissioner and candidate for mayor Francis X. Suarez left GrayRobinson for Carlton Fields. Suarez joined the law firm’s real estate and commercial finance practice group.

A former publisher of Vogue in Latin America just joined Douglas Elliman as a Realtor associate. Vanessa Maggi, who led Vogue as publisher for more than a decade, left Keller Williams Realty for Elliman. She’ll be working out of the brokerage’s Miami Design District office.
Eddie Yarmer joined Rivergate KW Residential as senior vice president of operations for the Florida, Georgia and Texas markets. He was previously managing director for Greystar Real Estate Partners, where he oversaw about 16,000 units.

Fortune International Group brought on Alicia McCormack to the Glasshaus in the Grove sales team. McCormack previously worked on the Paramount Miami Worldcenter sales team.
Cervera Real Estate’s Elmir Group, led by Karen Elmir, brought on Crystal Tejera as a Realtor associate.

EWM Realty International hired eight agents at its Las Olas office: Carline Douze, Allison Fleck, Kristen Paulson, Richard Poirier, Ilana Pool, Homer Rollins, Kristina Sentance and Keith Stewart.

Coldwell Banker hired Oraivis Otero as a sales associate in its Pinecrest office, Ted Burns in Delray Beach office, and Maritere Rivera in the company’s Brickell/Key Biscayne office.

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Glasshaus Condo; Perfect Fit For The Grove

I asked Jim Cohen and Javier Llunch about the new Glasshaus condominium going up on 27th Avenue.

For more than 20 years Jim Cohen has been a leader in the luxury residential real estate industry. As the Senior Vice President of Development Sales for Fortune, Jim leads all sales efforts for the firm’s entire development marketing portfolio (both domestic and international) including Fortune’s own developments as well as third-party developments. G.D8 with Element Development LLC, are the developers of Glasshaus condominium on SW 27th Avenue in Coconut Grove.

Javier Lluch has successfully developed and managed real estate projects, properties and investment funds from Florida to Illinois for almost two decades, including partnerships with some of the largest U.S. real estate firms, articulating real estate investment transactions close to a billion dollars. While working for Citigroup and Morgan Stanley, Mr. Lluch negotiated and established important institutional relationships in the U.S. and Latin America, managing relationships worth upwards of a billion dollars of investment funds.

Glasshaus offers very intimate and private residences, home to only 23 owners. Pricing starts at $595.000.

I asked Jim if he felt that the Glasshaus was one of their luxury collection, for which Fortune is known.

“Absolutely. Familiarize yourself with Daniel Ribeiro, Brazilian co-developer for Glasshaus and a few of his developments recognized for their innovative designs and emphasis on ultra-luxury residential projects. GD8 has been honored by FIABCI International Real Estate Federation with the prestigious Prix D’ Excellence award,” said Jim.

I asked Javier Lluch what made him choose Coconut Grove for his latest project.

“Coconut Grove is strategically situated in a pivotal location within Miami, offering prime real estate property for residents who enjoy walking to a bohemian village, waterfront parks and playgrounds also to include Dinner Key Marina, the city’s largest marina. Lifestyle the neighborhood calls for walking distance to the heart of the village, bay front parks and playgrounds, sailing and yacht clubs, art galleries, museums, gourmet restaurants, street side cafes and lounges playing live music with on-going community events and festivals coupled with its close proximity to Downtown Miami, Brickell, Key Biscayne and South Beach, were key factors in choosing Coconut Grove as home to Glasshaus Residences,” said Javier.

G.D8 with Element Development LLC, the developers of Glasshaus, own several properties in the Grove where they will develop similar boutique style buildings in the future.

Javier has lived in Coconut Grove for the last 20 years. Coconut Grove is his home, “where my family resides and I am currently raising my children,” he said.

He went on, “Coconut Grove is a hidden treasure offering a unique lifestyle, few other neighborhoods in the city can compare to. Founded by yachtsmen, made famous by artists best described as casual wealth, flip flops and Maserati’s offering an urban core lifestyle in one of the few walkable waterfront parks the city has to offer.

“A neighborhood like no other where you will find luxury high-rise bayfront towers, smaller intimate boutique style buildings and million dollar homes adjacent to charming private cottages coupled with high end hotels, sailing and yacht clubs is very unique to the Coconut Grove community.

“My favorite thing about Coconut Grove is its natural beauty and vegetation the neighborhood offers; oak trees, pelicans and peacocks roaming the streets of our amazing bayside village in an ecological friendly community.”

A special feature of Glasshaus is the exotic Zen Garden located on the ground level where their Garden Villa Lanai’s and glass to ceiling fitness center is located, it capitalizes on the natural beauty and charm the Grove has to offer, an amenity exclusive to Glasshaus residents enjoying the beauty of the Grove while relaxing in the privacy of their home.

Ground breaking is December, 2017. The estimated completion of project is Q4 2018.

Here is the deposit structure:
20% at Contract (Now)
20% at Ground breaking (Estimated 4th Quarter of 2017)
10% at Top Off

50% Balance at Closing (Estimated 4th Quarter of 2018)

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Cover story for the “Island Life” featuring The Ritz-Carlton Residences, Sunny Isles Beach

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Fort Lauderdale Condo Inventory, Sales Up: ISG Report

Of 1,410 units in Fort Lauderdale, nearly 800 or 57% are sold and 611 on the market

Most new condo projects in east Fort Lauderdale have made sales progress over the last year, a newly released report shows.

Developers have sold nearly 800 units or 57 percent of the inventory of new development condos in Fort Lauderdale so far this cycle, according to RelatedISG’s Fall 2017 Miami Report | Fort Lauderdale Edition. The company surveys the sales centers and sales teams of each project in east Fort Lauderdale.

Of 1,410 units in Fort Lauderdale, 611 remain on the market. The inventory has nearly doubled since ISG released its last report a year ago thanks to projects like the Ocean Resort Residences at the Conrad coming back online, an increase in units at the Four Seasons Private Residences, and the addition of 100 Las Olas, a 120-unit luxury condo project. The Residences at the W Fort Lauderdale was also added to the list.

In September 2016, 59 percent of the 781 units on the market had been sold. Since then, developers and their sales teams boosted sales at projects like Auberge Beach Residences & Spa in Fort Lauderdale, the Gale Residences Fort Lauderdale Beach and Adagio Fort Lauderdale Beach, according to the report.

At Auberge, which the Related Group, Fortune International Group and The Fairwinds Group plan to deliver early next year, sales increased year-over-year from 87 percent to 95 percent in the north tower and from 28 percent in the south tower to 53 percent. The Gale, a 129-unit development under construction at 401 Bayshore Drive, announced earlier this year that it sold out.

Projects that are new to the list reported the following sales figures:

  • The Residences at W Fort Lauderdale: 52 percent sold of 171 units
  • The Ocean Resort Residences at Conrad: 40 percent sold of 290 units
  • 100 Las Olas: 13 percent sold of 120 units

Fort Lauderdale is faring slightly better than Miami, according to ISG principal Craig Studnicky.
Projects that are under construction, like Jade Signature, Muse Residences and Residences by Armani/Casa in Sunny Isles Beach, are discounting their remaining inventory, he said.

In Sunny Isles, developers sold 146 units more by August as compared to April, according to ISG data. Less than 400 units are available for sale in Sunny Isles of more than 2,100 units planned, under construction or completed this cycle. Developers have sold 1,720 units in the Sunny Isles market since the beginning of the cycle.

Discounts range from 10 percent to a whopping 30 percent to attract Latin Americans who have stayed away from South Florida because of the dollar’s strength.

“It’s been a solid two years since we’ve seen robust sales from South America,” Studnicky said. “The South American buyer will return.”

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MEET SIX SOUTH FLORIDA REAL ESTATE PROFESSIONALS WHO IMPART INDUSTRY WISDOM—WITH A TOUCH OF STYLE

CLICK HERE to read article

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Brickell Flatiron Taps Fortune to Handle Sales

About a month after cutting ties with Cervera Real Estate, developer Ugo Colombo hired a new sales and marketing firm.

Colombo’s CMC Group brought on Fortune International Group to handle the exclusive sales and marketing of Brickell Flatiron, a 64-story, 549-unit condo tower under construction at 1001 South Miami Avenue, according to a marketing email blast. Cervera lost the project in late August.

Fortune’s newly hired Carolina Rainer will be the sales director, and agents Adriana Brito, Christopher Suarez and Andres Villalobos will be part of the sales team.
Brickell Flatiron is 70 percent sold, a spokesperson said. Prices range from about $500,000 to $2.5 million, and up to $15.5 million for penthouses. Units will range from one to five bedrooms and will go up to nearly 6,300 square feet.

The new assignment comes as Fortune wraps up sales and marketing of its other Brickell projects, including the Related Group’s SLS Lux and Brickell Heights, the latter of which was delivered earlier this year and sold out for about $500 million.

Brickell Flatiron, which was designed by architect Luis Revuelta, will be delivered in June 2019. Construction is on the 16th floor. In March, the developer closed on $236 million in construction financing, including $138.3 million from Bank of the Ozarks.

At 736 feet, the building will be among the tallest towers in Miami, behind Panorama Tower, which will be 830 feet tall when it opens later this year. Brickell Flatiron’s amenities include a rooftop spa, pool and gym, a theater, billiard and cigar room, a wine cellar and a 24-hour concierge and parking valet. The condo tower will also feature interiors by Massimo Iosa Ghini of Italy’s Iosa Ghini Associati.

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Vladislav Doronin’s OKO Group Announces Groundbreaking of Missoni Baia in Edgewater

OKO Group, the Miami-based development company founded by real estate magnate and prolific international developer, Vladislav Doronin, has announced the groundbreaking of its 57-story luxury condominium tower Missoni Baia. The 649-foot-tall tower, represents the first of OKO Group’s four Miami projects as well as their first residential development. Missoni Baia will also be the first-ever branded residences from the legendary Italian fashion and design house, Missoni. The project will host a groundbreaking event to commemorate the start of construction on Thursday, October 12th.

“Missoni Baia is leading the way in Edgewater; setting a new standard for a sophisticated living with amenities worthy of a luxury resort, ” said Vladislav Doronin, Chairman and CEO of OKO Group. “We are proud to bring these distinctive, creative talents together; Hani Rashid’s expert architectural vision, the creative direction of Angela and Rosita Missoni, Paris Forino’s skilled interior design and Enzo Enea’s sensitive landscaping, to collaborate on this residential project which will define luxury in this burgeoning neighborhood. OKO Group is investing over $700 million into the Edgewater neighborhood, further bolstering this emerging, vibrant community. The Missoni Baia residences bring to the market an opportunity to invest in a unique lifestyle with a broad range of unparalleld amenities and panoramic waterfront views.”

“I could not envision a more exceptional project for my brand,” said Angela Missoni, Creative Director of Missoni. “I look forward to bringing the Missoni lifestyle to Miami and delivering a product with the timeless elegance and superlative quality that is synonymous with Missoni.”

Missoni Baia will feature 249 condo residences situated along 200′ of frontage on Biscayne Bay. Prices start in the $500,000’s for a 1 bedroom residence. Units range from 1 to 5 bedrooms, and 776 SF to 3,788 SF. Missoni Baia was designed by Hani Rashid of Asymptote Architecture, who are pioneers in the convergence of art and technology in architectural design. The firm is best known for its eye-catching international projects including the Yas Viceroy Abu Dhabi Hotel. Missoni Baia will feature minimalist modern design and architecture to maximize natural light with exterior sculptural, structural columns wrapped in aluminum framing the building. The interior design of the building incorporates Missoni’s trademark colorful design palette and Missoni Home furniture collection in inventive ways, including in all public spaces and amenities. Amenities were designed in collaboration with Missoni and offer the comforts of a luxurious resort in a private residential setting. Features include a flow-through deck designed for all-day sunbathing with well-appointed cabanas, 5 swimming pools including an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool, and an infinity-edge pool on the Bayfront Terrace, elevated tennis court and an expansive fitness center and spa overlooking the bay.

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Missoni Baia to break ground shortly in Edgewater

The first of four OKO Group projects plans to break ground in Miami in the coming weeks, the developer announced today, with the 649-foot Missoni Baia beginning its rise at 777 Northeast 26th Terrace in Edgewater.

The 57-story luxury tower will be the first-ever branded residences from the Italian fashion and design house, Missoni. Comprised of 249 units ranging from 776 to 3,788 square feet, the project holds its official groundbreaking ceremony Thursday, October 12. Residences are now priced from $500,000 with the developer reducing the size of floor plans.

Amenities include five swimming pools, an elevated tennis court and fitness center, a spa overlooking the bay, a media room, a beauty salon, a children’s playroom, and a pet spa.

“Missoni Baia is leading the way in Edgewater; setting a new standard for a sophisticated living with amenities worthy of a luxury resort,” said Vladislav Doronin, Chairman and CEO of OKO Group. “We are proud to bring these distinctive, creative talents together; Hani Rashid’s expert architectural vision, the creative direction of Angela and Rosita Missoni, Paris Forino’s skilled interior design and Enzo Enea’s sensitive landscaping, to collaborate on this residential project which will define luxury in this burgeoning neighborhood. OKO Group is investing over $700 million into the Edgewater neighborhood, further bolstering this emerging, vibrant community. The Missoni Baia residences bring to the market an opportunity to invest in a unique lifestyle with a broad range of unparalleled amenities and panoramic waterfront views.”

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Top Athletes Purchase At Auberge Beach Residences And Spa Fort Lauderdale: Jacob Trouba And Dan Marino

When you think of buying a luxurious property in South Florida as a young professional, Fort Lauderdale might not be the first city you think of. However, with its changing demographics from retirees to young professionals, it seemed like the perfect choice for the Winnipeg Jets’ Jacob Trouba.

Trouba is a 23-year-old Michigan native who decided to make Auberge Beach Residences and Spa his primary residence along with his girlfriend, Kelly Tyson. Trouba is excelling in his career as he was a first round, ninth overall pick and has scored 31 goals for the Winnipeg Jets.

Like other Related Group, Fortune International Group, and The Fairwinds Group properties, you can expect the same level of luxury and amenities throughout the building, particularly stunning architecture by Nichols Brosch Wurst Wolfe & Associates. Other world-class amenities include a state-of-the art spa, gourmet dining experiences, personalized concierge services and the 24/7 valet parking.

Auberge Beach Residences and Spa will be gaining another professional athlete as well, former Miami Dolphin quarterback Dan Marino. It seems like this residence is sure to be a place where you can find your favorite athletes in the 6,000+ sq. ft. fitness center with you.

Trouba may be use to the cold in Winnipeg and Michigan, but he will sure feel the warmth from the amazing community of South Florida.

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Edgardo Defortuna: “Miami tendrá una reducción de su inventario”

El desarrollador argentino, que desembarcó en los Estados Unidos en la década del ochenta, analiza en detalle el potencial de la ciudad

El empresario argentino que en 1983 fundó Fortune International Group en Miami explica cómo funciona el desarrollo del mercado inmobiliario en la ciudad americana.

-¿Cómo analiza el mercado en Miami, cree que hay exceso de unidades en construcción, y que los precios bajarán?

– No veo que vayan a caer significativamente, porque el comprador ha puesto 50 por ciento de depósito en su compra y puede financiar el otro 50 por ciento, de manera que sin poner más dinero, toma posesión sin problema. Lo que sí veo es una reducción de potencial inventario para futuros proyectos.

En Miami hay dos mercados, uno más para el inversor en el área de Brickell. Ahí hay mucho producto disponible, ya que se construyó demasiado. El otro mercado es más de lujo y está sobre la playa. Hay menos producto, los terrenos son más difíciles de conseguir, y está prevendido. No hay proyectos en camino de ser lanzados porque no hay tierra, y porque la demanda ha caído un poco. Pero si me pregunta en rasgos generales ¿va a haber nuevos lanzamientos? Lo más probable es que no.

– ¿Podría ser un final de ciclo?

– Lo que pasó en el ciclo anterior es que pedían sólo el 10 o 20 por ciento de depósito y no hubo financiación cuando llegó la hora de tomar posesión. El comprador decidió abandonar su depósito y quedaron un montón de unidades disponibles que los desarrollistas pusieron a la venta a precios muy inferiores. Este ciclo es diferente. No hemos visto ningún edificio donde una cantidad de dueños resignaran sus señas. Después lógicamente algunos lo ponen a la venta, pero en general lo usan o lo alquilan, ya que el mercado de alquiler se ha mantenido fuerte.

– ¿Hay muchos proyectos de pozo en ejecución?

– Recientes estudios revelan que hay aproximadamente 14.901 departamentos en preconstrucción en Miami -incluyendo Brickell, Miami Downtown, Edgewater y las playas: Miami Beach, Hollywood, Sunny Isles- y estiman que el 80 por ciento ya está vendido.

– ¿Cuáles son los precios promedio para nuevas unidades?

– Dependen del área y el tipo de proyecto. Las más exclusivas frente a la playa en Sunny Isles van de US$12.000 a US$ 15.000/m2, según precios promedios de nuestros dos proyectos allí: The Ritz-Carlton Residences Sunny Isles Beach y Jade Signature. Si hablamos de propiedades con un perfil más de inversionista en áreas como Brickell, Midtown, y Edgewater que está en pleno auge, el promedio oscila entre de US$ 4800 y US$ 8000/m2.

– ¿Hay una tendencia de asociar los proyectos con las marcas de lujo?

– Como desarrollista hay mucho producto y una forma de diferenciarnos es con marcas. En algunos casos como Missoni o Fendi, marcas de lujo no asociadas al real estate. En otros casos se relacionan con la hotelería. Nosotros trabajamos con el Ritz Carlton. Teníamos la oportunidad de ponerle una marca de lujo de producto y nos inclinamos por ésta que ofrece servicio garantizado, entrenamiento de la gente, que saben y conocen lo que requiere el residente que busca algo de lujo. La marca te da un estilo, y la de hotelería te indica el servicio y tipo de tratamiento.

– ¿Cómo se compara el mercado de Miami con el de New York?

– Este último es más maduro. Hasta hace unos 15 años atrás, Miami atraía al inversor latinoamericano. El resto del mundo era casi insignificante con respecto a los capitales de New York. Hoy se ha balanceado más, hay mucho inversor europeo y asiático. Incluso el mismo comprador de Nueva York está apostando a Miami.

-¿A futuro se podrían equiparar los precios?

– Mientras más escasas sean las tierras en Miami, sobretodo frente al mar, hay espacio para crecer. Antes las propiedades en Nueva York estaban 4 veces por encima de Miami en precio. Hoy lo mejor de esa ciudad está al doble que lo mejor de Miami. Hemos crecido fuerte.

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Movers & Shakers: Fortune Hires Former Elliman Sales Director & More

Fortune International Group hired a former sales director of 1 Hotel & Homes South Beach, Carolina Rainer.

Rainer joined Douglas Elliman about a year and a half ago and closed about $50 million in sales last year, focusing on the 1 Hotel & Homes’ penthouse collection.

At Fortune, she’ll handle sales for a project that has not been announced. Rainer decline to name the development. Rainer has previously worked for ISG and owned her own real estate firm.

A former New York City-based Corcoran Group agent moved south and joined Douglas Elliman’s Miami Luxury Homes group. Andrew K. Becerra was part of the Albert & Rice team at Corcoran, and previously sold luxury real estate in Northern California.

Mike Moore joined Tower Commercial Real Estate as the director of business development for tenant representation. He has 22 years of accounting experience, all of which was with Deloitte Consulting.

Franklin Street hired Justin Berryman as director for retail landlord services in the Miami office. He transferred from the company’s Atlanta office, where he leased more than 3 million square feet of space between Atlanta and South Florida. His clients have included Kimco, Westwood Financial and Sandor Development.

Gerald Radtke joined Berger Commercial Realty/CORFAC International as a senior property manager. Radtke will oversee the firm’s 7-million-square-foot portfolio. He previously worked for Liberty Property Trust.

Coldwell Banker hired Ursula Pardo Smith as an agent in the brokerage’s Aventura office.

Kerdyk Real Estate hired Michael Loeb as a Realtor. His experience is in sales and hospitality, and plans to represent tenants and landlords in South Florida’s hospitality industry.

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Ranking The Top Resi Firms in SoFla

What does it mean to go “above and beyond” to close a sale? For one broker, it was a matter of ferrying a buyer who, post-back surgery, needed a ride to the airport.

“The associate picked up her from her hotel, carefully helped her into the car and brought her to the airport to get the [closing] documents signed prior to the flight taking off,” said Nancy Klock Corey, Coldwell Banker’s regional vice president of Southeast Florida, who manages the Miami Beach office in addition to her regional role.

Chauffeur is just one of the many hats a broker might wear while working to close a deal. “There’s a hundred different things the sales associates face. Negotiations get difficult,” Corey said. “They start early in the morning and work late at night.”

In a market that is not as bustling as it once was — and which may see more sluggishness in the aftermath of Hurricane Irma — the residential brokerages that are doing better than the rest attribute their success to the resources they provide to their clients, like financing tools, and those they provide to agents — including coaching on sales techniques and exclusive intel on foreign markets, pricing and style trends. They also seek to cultivate in their brokers the sort of anything-it-takes attitude that earns the loyalty of a dwindling pool of buyers.

That approach seems to be paying off for Corey’s firm, Coldwell Banker. In Broward County, the firm was at the top of the heap, according to The Real Deal’s ranking of residential brokerages, with just over $987 million in sales in the county over the last twelve months.

To rank the top brokerages of Miami-Dade, Broward and Palm Beach counties, TRD analyzed brokerages’ total sales volume over the last twelve months using data pulled from Redfin, which compiles MLS data. Only single-family home, condo and townhouse sales posted to the MLS were considered. Most new development sales, which are rarely put in the MLS, were not included, resulting in lower numbers for firms that heavily focus on new condo projects. Firms received credit for every sale they participated in, whether on the listing or selling side. However, when a firm represented both sides, each sale was only counted once. As a result, the sales figures in TRD’s ranking were lower than what appears on the MLS. All firms were contacted.

Top Residential Brokerages in Miami

Corey told TRD that Coldwell — which ranked second in Miami-Dade with just over $1 billion in sales and third in Palm Beach County with about $646 million in sales — communicates with its offices in countries like Italy and Turkey via Whatsapp to find out what’s happening and how that will impact the South Florida market, the brokerage and its agents. This is one of the advantages the large firm has over other brokerages, she said.

She’s also on the phone with her 19 South Florida offices on a weekly basis, tracking what’s selling and what’s not. “Sometimes, what’s moving is style — clean or modern — and some of it is price-sensitive,” she said.

In uncertain times, a wealth of data also helps EWM Realty International, which reigned supreme in Miami-Dade county, with over $1.19 billion in sales, according to TRD’s ranking.

As a self-described “numbers guy,” EWM President Ron Shuffield is forever tracking the absorption rates of inventory for both condos and houses in addition to keeping an eye on the price brackets that are selling best. He’s also quick to detail employment and population stats to help sell South Florida to buyers and agents.

Shuffield recently created a research position to look at the “big data picture.” Speaking before Hurricane Irma struck, Shuffield said he wasn’t fazed by the current slowdown. “We know how to prepare and when to make adjustments with pricing and marketing,” he said. “The markets change weekly. People get anxious.”

Support is key to quelling broker worries, he said. The company holds weekly sales meetings lasting about 45 minutes, and the company’s offices are staffed with managers who don’t sell real estate — for the most part — to ensure that they’re focused on helping EWM’s agents, not competing with them. The firm hosts lunch-and-learns and webinars for its brokers. It also publishes a monthly currency overview report internally, to show the brokers what’s happening in the minds of international buyers.

Coldwell Banker, too, focuses on boosting its agents’ skills. The brokerage offers long-term financial planning via webinars, one-on-one sessions and individual training. All new associates are put through a four-week training program. Top producers, like Jill Eber and Jill Hertzberg of the Jills, have access to a VIP program and a coach. Corey is also in charge of coaching the Jills, which includes pushing and redirecting them, as well as getting out of their way when needed.

On the flip side, firms that lack the heft of a national name brand use their boutique status to their advantage when it comes to attracting top talent. Beachfront Realty owner and broker Ed Roberts, for example is proud to distinguish his firm — ranked ninth in Miami-Dade with nearly $307 million in sales — from the larger players. Beachfront is “the opposite of a lot of major franchises like Keller Williams and Coldwell Banker,” he said of the company, which has three offices, including one on 41st Street in Miami Beach and one in Pembroke Pines.

Roberts said that he makes himself available to his agents seven days a week and claimed that Beachfront offers more one-on-one support than any other company. The brokerage “doesn’t really have meetings,” unless an annual party counts, he said. It sends out a Monday morning newsletter geared at informing agents of what’s happening in the market and at Beachfront, in addition to offering online training for contracts, listings, mortgage classes and more.

Top Residential Brokerages in Broward County

Roberts said he has at least 500 agents who have been with Beachfront for more than 15 years, and attributes their longevity to a balance of independence and support — if they need it. He’ll also give advances on commissions if an agent is down and out. “We treat [brokers] as customers. We need them, so we treat them accordingly,” he said. “They all love us because we don’t monkey with their money. We pay instantly. They walk in with a check, they leave with a check.”

Based in Aventura, Beachfront charges zero fees to its agents and does not recruit them, Roberts said. The firm takes on about 300 agents a year and is up to nearly 2,000 agents. “Everybody who joins us is by word of mouth,” Roberts said.

Attractive commission splits certainly sweeten the deal. Beachfront agents receive 90 percent commissions on most deals, which is higher than the industry standard of about 75 to 80 percent, he said. “I owned a Century 21 franchise in a prior life, so I understand the mentality of Realtors. They don’t like working their asses off and getting 75 percent,” he added.

United Realty Group, ranked third in Broward with over $368 million in sales, is among the few brokerages in South Florida that offer agents full commissions with a flat per-transaction fee. Charles Rutenberg Realty, ranked fifth in Broward with just under $250 million in sales, offers full commissions as well.

Another top 10 firm, Fortune International Realty — which ranked sixth in Miami-Dade with about $376 million in sales volume — accentuates its broker support as a factor that distinguishes it from other firms. “We’re just not a big company or big franchise that doesn’t know their agents. I know them personally, my wife knows them personally,” President Edgardo Defortuna told TRD.

The company has weekly office meetings and lunches, and it hosts focus groups for its 800 agents. In a slow market, Fortune doesn’t have time for agents who “treat this as a part-time job,” Defortuna said.

And to better compete with the likes of Coldwell Banker and EWM, which are owned by Realogy and HomeServices of America, respectively, South Florida’s homegrown brokerages like Fortune International Realty are beefing up their extra services.

Fortune partnered with Rialto Capital Management this year to launch a private bridge lending firm. “Anything that makes their decision to buy easier,” Defortuna said, stressing the importance of this in a slowdown.

Fortune and Rialto are about to hit the $100 million mark on loans since launching Vaster Capital in the spring. Defortuna said the joint venture is filling a need for foreign buyers seeking bridge loans due to weakened currencies in their home countries. “The one-stop shop is very important for the buyer,” Defortuna said. “We have to really cater to every potential buyer because the urgency to buy is not there anymore.”

Fortune, which is also one of South Florida’s biggest condo development and marketing firms, also offers property management services. On the brokerage side, the majority of its business comes from preconstruction.

Top Residential Brokerages in Palm Beach County

But even the bigger firms are feeling the need to make moves that will keep them at the front of the pack. The rush of acquisitions by competitors like One Sotheby’s International Realty (ranked fourth in Miami-Dade with almost $765 million in sales and seventh in Broward with $215 million in sales) and Douglas Elliman (ranked third in Miami-Dade with about $785 million in sales and fifth in Palm Beach County with close to $639 million) has led Fortune International Realty to consider buying smaller firms (see TRD’s story on brokerage acquisitions on page 32).

However, Defortuna said that ultimately, Fortune would rather grow organically because the expense associated with acquisitions can outweigh the benefits.

But if you can’t acquire other firms wholesale, some good old-fashioned broker poaching works. Corcoran Group, a powerhouse in the New York City market, ranked fourth in Palm Beach County with over $643 million in sales but does not operate in Miami-Dade or Broward. The firm, while owned by Realogy, is independently managed and run by CEO Pamela Liebman. It focuses mostly on waterfront condos and homes in Boca Raton east of Interstate 95.

Bill Yahn, a Corcoran regional senior vice president, said he reaches out to top agents at other firms “every day.” The firm, which has about 140 full-time agents, is considering opening a third office in Palm Beach County. Yahn declined to provide commission splits but said they’re in line with the market.

He added that the firm is fortunate that “most of our clientele for Palm Beach County is ultimately coming from the New York City area.”

On the island of Palm Beach, Yahn said, its biggest competitor is Sotheby’s International Realty. In the coastal markets of the county, Premier Estate is Corcoran’s toughest rival, he said.

In Palm Beach County, Premier ranked seventh with over $349 million in sales, while Sotheby’s didn’t make the top 10. Leading the ranking was the Keyes Company, with $1.09 billion, followed by Lang Realty with nearly $727 million. (Keyes’ self-reported sales numbers in the three counties were higher than those found using TRD’s methodology.)

In addition to mergers and acquisitions, Keyes has remained a top competitor by offering the industry’s slate of services – mortgage, title, property management and insurance — said Keyes’ owner, Mike Pappas. The brokerage purchased Illustrated Properties about a year ago, propelling Keyes right to the top of TRD’s ranking of firms in Palm Beach County.

The industrywide trend toward ever-increasing commission splits is what made Keyes start gobbling up smaller brokerages over 15 years ago, Pappas said, going on to explain that “100 percent companies” like Premier Estate have thousands of agents and have stripped out all of the components of a branch, offering full or nearly full commissions with basic services and flat fees. “The admin staff and rent is minimal. They’re attracting the lower producers,” he said.

But the firms that continue growing via acquisition don’t pose any kind of threat to local firms, EWM’s Shuffield said: “Unless UPS is going to start shipping houses, you’re still going to need some people.

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The Ritz-Carlton Residences, Sunny Isles Beach Releases Exclusive Drone Footage Showcasing Sleek Arquitectonica Design

The Ritz-Carlton Residences, Sunny Isles Beach has released exclusive drone footage showcasing the progress of the tower’s construction and highlighting its unique Arquitectonica-designed shape. The luxury condo-tower, which is under development by Fortune International Group and Chateau Group and was designed by Arquitectonica with interiors by Michele Bönan. The Ritz-Carlton Residences, Sunny Isles Beach will rise 52-stories and feature 212 residential condo units. Units start at $2.5 million and include Caesarstone Quartz countertops and Gaggenau appliances. Amenities include a beachfront restaurant, concierge, personal chef service, fuel-delivery service and a private club on the 33rd floor for residents. Completion is expected in 2018.

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Why The Ritz-Carlton Residences, Sunny Isles Beach Is Perfect For Families

When looking for a new property, kids are often left out the equation. As parents, it’s important to not only make sure the area is safe for your family, but also that there is something for everyone to enjoy. After checking the boxes, like making sure the schools are good, we don’t think about what is available for the kids to enjoy.

Now, there is a place made with kids in mind. If you have a family or looking to start one in the future, The Ritz-Carlton Residences has the answer to that. In 2019, their new development will be coming to Sunny Isles Beach, FL that is sure to be family-friendly.

The Kids Club will be tailored with children in mind and will have indoor and outdoor play facilities, a game room along with arts and crafts classes. There will also be physical activities, beach and pool care and meal plans. The program will ensure that children have many daily activities, especially ones that let them experience everything Sunny Isles Beach has to offer.

Fortune International Group and Château Group, who are joint developers of the 52-story development, have revealed new renderings of the Kids Club, which will be exclusive to residents. “Appreciating the needs of today’s luxury buyer, and understanding that parents want their children to feel as though they are an integral part of a community, we want to ensure that the day-to-day living experiences of our young families are maximized,” said Manuel Grosskopf, CEO of Château Group. “This project will be one of the few of its kind in South Florida that puts such an added emphasis on catering to those essentials.”.

The Ritz-Carlton Residences, Sunny Isles Beach features designs by Arquitectonica with interiors by Florentine architect Michele Bönan. Constructed with families in mind, spacious floor plans in the 212-unit building will have Atlantic Ocean, city and intracoastal waterway views. Ceiling heights will be 10 feet in the homes and 13 feet in the penthouses, while oversized terraces with private pools will be offered in select residences. Italian-design kitchens will be filled with Caesarstone quartz countertops and Gaggenau appliances. Some features of each residence are walk-in closets, laundry rooms with full-size washers and dryers, smart home technology and pre-wiring for high-speed internet access and Wi-Fi. The Penthouses include garden terraces spanning 2,000 sq. ft. – 4,000 sq. ft., private pools, outdoor kitchens, custom-designed Italian cabinetry and master suites with separate service quarters.

“It’s a rarity for a high-end condominium tower to offer such in-depth, multi-layered programming specifically geared toward children, and we are thrilled to be bringing this type of luxury service to our buyers through the construction of this project,” said Edgardo Defortuna, CEO of Fortune International Group. “It’s indicative of the kind world-class service we have planned for this luxury residential project.”

In addition to the Kids Club, the building will include a private club level on the 33rd floor, beachside restaurant, pool deck, spa, fitness center and wellness center, along with more luxurious amenities. Residences range from $2.5 million to $5.2 million, with penthouses starting at $25 million.

So families, if you want to be in the Miami area, but not directly in the city, this may be the place for you.

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Lujo en Miami, The Ritz Carlton Residences Sunny Isles

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Si Quieres Una Casa De Diseño, Vete A Miami

Dubái, Beijing y Londres. Tres ciudades que están llamadas a convertirse en pura moda. Y desde dentro. Los conjuntos residenciales son obra de arquitectos modernistas que crean, cada vez, edificios más impresionantes; mientras el interior se deja en manos de los que saben: los directores creativos de las firmas fashion más lujosas. Y, de momento, Miami mantiene su reinado como la ciudad donde conseguir una casa que sea, literalmente, tendencia.

Con permiso de los decoradores, son los diseñadores de moda quienes están llamados a convertir un simple apartamento en “el apartamento”. Firmas como Calvin Klein, Tommy Hilfiger o Gianni Versace llegaron a la ciudad norteamericana hace ya varios años; mientras que otras como Fendi, Armani o Missoni no han dudado en sumarse a este boom inmobiliario. Casas de moda que han firmado con su nombre torres residenciales de súper lujo y en las que fashionistas de todo el mundo se dejan millones de dólares.

GIORGIO ARMANI, LA NUEVA INCORPORACIÓN

El último en llegar a la ciudad ha sido Armani. En las tranquilas playas de Sunny Isles Beach, el diseñador italiano ha colaborado en el diseño de más de 300 apartamentos con precios que van desde los 2 a los 15 millones de dólares cada uno. Un proyecto que no se completará hasta 2019, pero que ya ha vendido el 72% de sus inmuebles.

Gil Dezer, desarrollador del proyecto en Dezer Development y que ya ha trabajado con Donald Trump en varios de sus edificios, aseguraba a WWD hace apenas unos meses que, tras arduas negociaciones con la casa italiana, consiguió la licencia para ello. “Estaba en Dubái cuando me alojé en el Armani Hotel y pensé: esto es increíble, tengo que traerlo a Estados Unidos”. Un trabajo en el que Giorgio Armani ha querido estar presente en todo momento, teniendo el control completo del diseño del interior del edificio que ha seguido de forma personal.

FENDI, SU PRIMERA INCURSIÓN INMOBILIARIA

Para la casa italiana, el edificio de doce pisos localizado al sur de Bal Harbour ha sido su primer paso en el mundo del real estate. Un total de 58 residencias bajo el nombre de Château Residences, con vistas al océano y unos precios que oscilan entre los 5 y los 22 millones de dólares. Un proyecto que finalizaba el año pasado y cuyos apartamentos han sido adquiridos –solo quedan cuatro- por auténticos amantes de la firma. Algunos, incluso, fueron regalados por maridos multimillonarios a sus esposas. Los más exclusivos cuentan con spa, chef privado, cine y habitaciones dedicadas para los niños.

MISSONI BAIA, UN COMPLEJO PARA 2020

La colaboración entre la marca italiana y OKO Group, propiedad del billonario ruso Vladislav Doronin, llegará a Biscayne Bay durante el verano de 2020. Con residencias que oscilarán entre los 500.000 y los 3,5 millones de dólares, estará decorado (en sus zonas comunes) con los coloridos estampados de la firma; mientras que quienes quieran llevar su originalidad al interior de su apartamento deberán abonar el coste adicional.

Y es que los diseñadores ya no se conforman con las típicas colecciones para el hogar, como es el caso de las últimas colecciones creadas por Gucci para alegrar tu hogar (y que prometen convertirse en la sensación de la temporada) o las divertidas opciones que ofrece Jeremy Scott. Ni siquiera, con erigir sus propios hoteles y restaurantes; ahora también aceptan el reto de firmar el interior de los edificios residenciales más lujosos del momento. Como ya hizo Karl Lagerfeld, con el lobby de las lujosas torres de Sunshine City, con 245 apartamentos, que abrió el camino a estos nuevos vecinos de Miami.

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Around the state Miami-Dade

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Presentación de “Missoni Baia Miami Residences

La noche del 22 de agosto será imborrable: una velada parisina, elegante y discreta. ¿El anfitrión de la noche? Un cordobés nacido en Buenos Aires, un emprendedor voluntarioso y un hombre de confianza: Edgardo Defortuna, Presidente y fundador de Fortune International.

¿Qué se presentaba? Missoni Baia Miami Residences, un condominio de 249 residencias ubicadas en East Edgewater, Miami. Con un diseño visionario, una vista despampanante y una destreza innovadora, Missoni reúne características de exclusividad, lujo y simpleza a la vez. La legendaria casa de modas italiana decidió condensar su sensibilidad a través de esta pieza arquitectónica: Missoni Baia.

A las 19:30hs “La Mansión” del Four Seasons abrió sus puertas e invitó a personalidades destacadas de la talla de Hugo Pulenta, Presidente de Porsche Argentina, Fabián Zitta, diseñador de alta costura, y el cirujano de renombre, Alejandro Druetto. “En Miami hemos crecido como ciudad y somos una de las principales capitales del mundo. Venir a Argentina a presentar productos como Missoni me enorgullece”, aseveró Edgardo Defortuna. “Este proyecto es el que considero de mayor valor en Miami porque el área donde está localizado es un área en la que se puede comprar algo por la mitad del valor de lo que uno puede acceder en Miami Beach”, aseguró Edgardo.

Aún hay muchas unidades disponibles y hay muy buenas posibilidades para poder elegir las mejores residencias. Mientras se brindaba con champagne de la mejor calidad, los invitados disfrutaron de la música de los tenores Claudia Menkarsky y Gabriel Centeno, cantantes líricos del Teatro Colón. Además, mientras se tomaban decisiones sobre posibles inversiones y se deliberaba sobre aspectos económicos, André Fontana escoltaba el encuentro con las melodías de su piano.

“Todos deberían tener la posibilidad de ir a Miami porque lo que está ocurriendo en esa ciudad es digno de ser visto y digno de disfrutar”, manifestó Walter Ramírez Moyano, empresario argentino y diplomado en Marketing en la Universidad de Belgrano. “Lo más lindo de Miami es volver porque es un paraíso. Los invito a aprovechar de todas las posibilidades de inversión que hay y los espero para mostrarles las residencias en Estados Unidos”, concluyó Edgardo Defortuna.

Fortune International Group es uno de los principales referentes y protagonistas del Real Estate, no solo de Florida sino de todo Estados Unidos, con 18 oficinas y más de 1000 brokers. La firma, encabezada por Edgardo Defortuna, celebró un evento radiante en Buenos Aires y te espera en Miami, ¿qué esperás para aceptar la invitación?

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NHL’s Jacob Trouba joins Dan Marino as celeb buyers at Auberge Fort Lauderdale

Rising young hockey professional Jacob Trouba, a former first-round pick who currently plays for the NHL’s Winnipeg Jets, has joined Miami Dolphins legend Dan Marino as celebrity buyers at the upcoming Auberge Beach Residences & Spa Fort Lauderdale.

Trouba purchased a $1.4 million unit at the beachfront condominium rising at 2200 North Ocean Boulevard. A collaboration between The Related Group, Fortune International Group and the Fairwinds Group, the project’s 17-story North tower topped off recently and is expected to be completed in 2018. The North Tower has two remaining units while the South Tower is over 60 percent sold.

The 23-year-old’s residence will be in the South Tower, overlooking the ocean. It has one bedroom, two bathrooms, and a den.

In July, the penthouse at Auberge sold for $9.5 million ($1,670 per square foot), a record sale for a condo in the area. Building amenities include a spa, a restaurant, a Napa Valley Wine Cellar, a fitness center, a Golf golf simulator, a children’s playroom, and a club room with multimedia facilities, billiards and gaming tables.

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Winnipeg Jets’ Jacob Trouba pays $1.4M for Auberge Fort Lauderdale condo

Winnipeg Jets’ Jacob Trouba just bought a preconstruction condo in Fort Lauderdale’s Auberge Beach Residences and Spa for $1.4 million, according to a release.

At the age of 18, Trouba was drafted by the Winnipeg Jets in the first round of the 2012 National Hockey League Entry Draft. Since then, he has had a successful career playing in over 270 games, assisting in 74 and scoring 31 goals, as well as representing Team USA.

His future 1,355-square-foot condo traded for about $1,030 per square foot. The one-bedroom, two-bathroom unit is located at the south tower of the planned 171-unit, two-tower development at 2200 North Ocean Boulevard.
Auberge, developed by Related Group, Fortune International Group and The Fairwinds Group, is expected to open by early 2018. Construction on the project began in 2015.

Trouba’s new home will feature a gourmet kitchen with Italian cabinetry and stone countertops as well as views of the Atlantic Ocean. Shared amenities at Auberge will include two restaurants, a spa, oceanfront swimming pools, a golf simulator and a gym. New York-based interior design firm Meyer Davis created the design.

Last month, the nearly completed development saw one of Broward’s priciest condo sales. An unidentified buyer agreed to pay a record $9.5 million for a penthouse at the project. Former Miami Dolphins quarterback Dan Marino is also a future resident.

Florida Panthers’ Aaron Ekblad is another NHL hockey player to call Broward County home. Last month the Canadian ice hockey player bought a three-story house in Fort Lauderdale’s Las Olas Isles for $5.7 million.

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Hockey pro ices deal for hot Fort Lauderdale home

NHL defenseman Jacob Trouba, of the Winnipeg Jets, bought a unit at the Fort Lauderdale, Fla., Auberge Beach Residences & Spa, developed by The Related Group, Fortune International Group and the Fairwinds Group.

Michigan-born Trouba, 23, bought a one-bedroom, two-bathroom unit for $1.4 million.

The 1,355-square-foot home features a chef’s kitchen and views of the Atlantic Ocean.

Building amenities include a spa, restaurants, a wine room, a cigar lounge and a club/screening room with billiards and gaming tables.

Trouba will reside there when he’s not on the road during the ice hockey season.`

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Se presenta nuevo emprendimiento inmobiliario de lujo en Miami

Se trata de Missoni Baia Miami, presentado por Edgardo Defortuna, presidente y fundador de Fortune International.

Un nuevo emprendimiento inmobiliario sorprende en Miami. El pasado 22 de agosto se presentó “Missoni Baia Miami Residences”, un condominio de 249 residencias ubicadas en East Edgewater. Con un diseño visionario, una vista despampanante y una destreza innovadora, Missoni reúne características de exclusividad, lujo y simpleza a la vez.
El anfitrión de la presentación fue un cordobés nacido en Buenos Aires, un emprendedor voluntarioso y un hombre de confianza: Edgardo Defortuna, Presidente y fundador de Fortune International.

Cómo fue la velada

A las 19.30 “La Mansión” del Four Seasons abrió sus puertas e invitó a personalidades destacadas de la talla de Hugo Pulenta, Presidente de Porsche Argentina, Fabián Zitta, diseñador de alta costura, y el cirujano de renombre, Alejandro Druetto. “En Miami hemos crecido como ciudad y somos una de las principales capitales del mundo. Venir a Argentina a presentar productos como Missoni me enorgullece”, aseveró Edgardo Defortuna. “Este proyecto es el que considero de mayor valor en Miami porque el área donde está localizado es un área en la que se puede comprar algo por la mitad del valor de lo que uno puede acceder en Miami Beach”, aseguró Edgardo.

Aún hay muchas unidades disponibles y hay muy buenas posibilidades para poder elegir las mejores residencias. Mientras se brindaba con champagne de la mejor calidad, los invitados disfrutaron de la música de los tenores Claudia Menkarsky y Gabriel Centeno, cantantes líricos
del Teatro Colón. Además, mientras se tomaban decisiones sobre posibles inversiones y se deliberaba sobre aspectos económicos, André Fontana escoltaba el encuentro con las melodías de su piano.

“Todos deberían tener la posibilidad de ir a Miami porque lo que está ocurriendo en esa ciudad es digno de ser visto y digno de disfrutar”, manifestó Walter Ramírez Moyano, empresario argentino y diplomado en Marketing en la Universidad de Belgrano. “Lo más lindo de Miami es volver porque es un paraíso. Los invito a aprovechar de todas las posibilidades de inversión que hay y los espero para mostrarles las residencias en Estados Unidos”, concluyó Edgardo Defortuna.

Fortune International Group es uno de los principales referentes y protagonistas del Real Estate, no solo de Florida sino de todo Estados Unidos, con 18 oficinas y más de 1000 brokers.

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Casas De Moda Dan Un Paso Hacia La Arquitectura

Más allá de sus colecciones de ropa y accesorios de lujo, las marcas de moda ahora han decidido innovar en otros campos como la arquitectura y el diseño de interiores. Muchas marcas como Fendi, Del Pozo, Armani, Chloé y Phillip Lim han inspirado sus diseños en piezas arquitectónicas, sin embargo, la tendencia actual consiste en desarrollar proyectos residenciales en las mejores ciudades del mundo. Estos proyectos además de ser innovadores, representan una nueva oportunidad de inversión para todos los interesados en el mercado de lujo.

Missoni, la icónica casa de moda italiana, es una de las primeras en ser parte de esta tendencia con su proyecto Missoni Baia, el cual tiene lugar en Miami.

El Grupo OKO, la compañía de desarrollo urbanístico con sede en Miami fundada por el magnate inmobiliario y hotelero internacional Vladislav Doronin, reveló detalles sobre Missoni Baia, su torre de condominios de lujo de 57 pisos, que se eleva a lo largo de 200 pies de frente en la Bahía de Biscayne.

Missoni Baia es la primera residencia de la marca Missoni, la icónica casa de moda y diseño de lujo fundada en 1953. Enfocada en el mantenimiento del patrimonio artesanal de Missoni, la integración experta de estilo, artesanía e ingeniería, hacen de la experiencia residencial un proyecto de calidad incomparable y presenta al público de clase mundial una edificación impactante, que sobresale con una presencia imponente tanto en el horizonte de la ciudad como en el paisaje de la línea costera.

La torre de 649 pies de altura, situada en el 777 N.E. 26th Terrace, directamente frente al agua, consta de 249 residencias elegantemente diseñadas, cada una con vista al mar, que ofrecen entre uno y cinco dormitorios, en un área que va entre los 72 a 352 metros cuadrados.

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HOTTEST SOUTH FLORIDA PROPERTIES

As summer comes to a close, Hamptonites can ward off the cold a little longer by jetting off to one of the most popular (and year-round) warm weather locales: South Florida. Check out some of South Florida’s hottest residences below:
Located in the heart of Downtown Miami, One Thousand Museum by Zaha Hadid Architects is the first and final residence in the Western Hemisphere by Pritzker Prize-winning architect, Zaha Hadid. Overlooking Museum Park and Biscayne Bay, One Thousand Museum is a few steps away from Miami’s famed cultural hotspots including the Pérez Art Museum Miami and Patricia and Phillip Frost Museum of Science. With a two-story health spa, an aquatic center and the city’s only private rooftop helipad, this skyscraper is next-level luxurious.

Adjacent to Downtown, Brickell, a bustling Miami neighborhood, is home to Brickell Heights, a two-tower condo complete with a SoulCycle studio, Equinox fitness club, 4 pools, tanning deck and a media center. A colorful mural by Argentinean artist Fabian Burgos surrounds the parking podium and decorate Miami’s skyline. Also situated in Brickell, is SLS LUX Brickell Hotel & Residences, the second evolution and a more elevated series from the award-winning SLS Hotels and Residences brand.

Nestled between Miami’s Design District and Wynwood, an artsy neighborhood known for its hip bars and galleries, Hyde Midtown Suites and Residences is designed with tech-savvy, culturally fluent young professionals in mind. In addition to close proximity to some of Miami’s favorite restaurants, Hyde Midtown residents can enjoy signature cuisine by sbe’s renowned restaurant group. Additional perks include poolside cabanas and VIP access to Hyde Beach Club & Lounges at SLS Hotel South Beach.

Neighboring Midtown, The Paraiso District, built in the up-and-coming Edgewater neighborhood, will feature four luxury towers. It has already attracted a slew of celebrities and athletes like DJ/producer David Guetta, NY Yankees designated hitter Alex “A-Rod” Rodriguez, four time NBA champ Manu Ginobli, and World #1 tennis player Aranxta Sanchez-Vicario. Italian superstar Piero Lissoni will design ONE Paraiso and GranParaiso, Karim Rashid will design Paraiso Bayviews and Keith Hobbs will design Paraiso Bay.

Miami’s Fisher Island is an ultra-exclusive hideaway, similar to the Hamptons. The 216-acre private island community features an extensive roster of amenities including tennis center, championship golf course, marinas, spa, various dining venues and white-sand beaches. The island recently delivered Palazzo Del Sol, giving homeowners a refreshed version of private island living that includes poolside cabanas, private massage rooms and six-star services.
Down the street from the ferry terminal lies South of Fifth, a quiet tree-lined neighborhood just walking distance to some of the city’s best restaurants and the beach. Louver House, a boutique property, is nestled in the Miami Beach neighborhood and has recently completed. The move-in ready building was inspired by natural landscapes and tropical vegetation. Architect Rene Gonzalez designed spacious and open floorplans with lush gardens and oversized private terraces.

Park Grove features three exclusive towers designed by renowned architecture firm OMA/Rem Koolhaas in Miami’s Coconut Grove community. Developed by Terra and The Related Group, the residences will feature custom kitchens and baths designed by William Sofield and floor-to-ceiling windows offering sweeping views of the Grove Harbour Marina and Biscayne Bay. Luxury amenities include a wine tasting room, nautical concierge, outdoor theatre, art gallery and sculpture garden.

Just north of Miami in Fort Lauderdale, Auberge Beach Residences and Spa Fort Lauderdale will bring an incomparable luxury to the city. Complete with sweeping ocean views and Auberge Resort Collection’s famous, world-class spa, residents are sure to find ultimate relaxation in Fort Lauderdale’s only on-the-sand residence. Hyde Beach House, another hotel and residence going vertical in Fort Lauderdale, will give residents the VIP experience with exclusive access to Hyde Beach Club, a private Aqua Club and expansive pool deck.

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Tendencia pensando en los mas pequenos de la casa

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Missoni Baia Miami: hábitat iridiscente

El universo de colores y líneas de la reconocida marca italiana también será un referente arquitectónico de la Bahía de Biscayne

Con 57 pisos distribuidos en un aproximado de 200 pies de altura, Missoni Baia custodiará la costa de Biscayne con un poderoso tesoro en su interior: el legado artesanal y creativo que Ottavio y Rosita Missoni imprimieron a la marca desde su creación en 1953. La colorida paleta de la casa de moda será la principal protagonista distribuida en varios espacios y en varias piezas de la colección Missoni Home. Con las comodidades de un resort de lujo, sus residentes habitarán en la privacidad pero con la libertad suficiente como para disfrutar de un spa, canchas tenis elevadas, amplios gimnasios o de un día de sol en cualquiera de sus piscinas, una de ellas con vista infinita a la bahía.

Cada una de las 249 residencias –entre las que cuentan tres dúplex y dos penthouses– cuenta con increíbles vistas de la ciudad y del Océano Atlántico en fusión con diseños exclusivos de la marca divinamente curados por Paris Forino, quien dispuso fondos neutros para resaltar mucho más las piezas de mobiliario y arte bajo la dirección de Ángela Missoni, directora creativa de la marca; OKO Group, compañía de desarrollo urbanístico fundada por Vladislav Doronin y Edgardo De Fortuna de Fortune Group.

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The Ritz-Carlton Residences, Lujo Entre El Mar Y Bal Harbour

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Missoni propone una arquitectura a la moda

La fama de la reconocida casa de moda italiana se afirma en sus diseños de punto de gran colorido, que ha seducido, desde 1953, a varias generaciones. Hoy presenta la primera residencia de la marca Missoni de 57 pisos frente al mar, que será el nuevo referente paisajístico de la Bahía de Biscayne.

Como muchas marcas de lujo y moda, tales como Fendi, Armani, Chloé y Phillip Lim, la firma italiana ha decidido innovar en otros campos, y eligió el mundo de la arquitectura y el diseño de interiores. Como parte de la tendencia actual, Missoni ha preferido desarrollar proyectos residenciales en las mejores ciudades del mundo.

Missoni Baia, su primera residencia, está enfocada en el mantenimiento del patrimonio artesanal de Missoni. La integración experta de estilo, artesanía e ingeniería hacen de la experiencia residencial, un proyecto de calidad incomparable y presenta al público de clase mundial una edificación impactante, que sobresale con una presencia imponente, tanto en el horizonte de la ciudad como en el paisaje de la línea costera.

El diseño interior del edificio incorpora tanto la colorida paleta de diseño de Missoni como la colección de mobiliario Missoni Home, en formas muy creativas, incluyendo todos los espacios y áreas públicas del edificio. Los residentes tienen acceso a un conjunto completo de espacios con estilo diseñados en colaboración con Missoni, que ofrecen las comodidades de un lujoso resort en un entorno residencial privado. Las características incluyen una cubierta sobre el agua, diseñada para tomar el sol todo el día, con cabañas bien equipadas; cinco piscinas diferentes, incluyendo una olímpica, piscinas de inmersión caliente y fría, una piscina para niños y una piscina infinita con vista a la bahía; cancha de tenis elevadas y un amplio gimnasio y spa, también con vista a la bahía.

Muchas de las 249 residencias ofrecen diseños de piso por nivel con múltiples vistas a la ciudad, la bahía, Miami Beach y el horizonte del Océano Atlántico. La edificación cuenta con tres espectaculares residencias dúplex con amplias terrazas privadas cerca del borde del agua, y dos penthouse equipados con piscinas con vista a la bahía y ventanales completos de cielo abierto. La diseñadora de interiores Paris Forino ha ideado fondos neutros, pero lujosos, para permitir la conjugación de una amplia gama de mobiliario y arte.

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Design vision for Auberge Beach Residences & Spa

Internationally acclaimed design team, curated contemporary art collection will set the stage for the ultimate coastal lifestyle

Fort Lauderdale, Fla. — Unparalleled luxury residences and world-class lifestyle amenities are on the horizon on Florida’s Gold Coast, courtesy of Auberge Beach Residences & Spa Fort Lauderdale, the most refined high-rise and only on-the-sand luxury residential offering on Fort Lauderdale Beach. The veteran development team—The Related Group, Fortune International Group and The Fairwinds Group—personally selected esteemed New York-based interior design firm Meyer Davis Studio, Inc. to envision a setting that will complement Auberge Resorts Collection’s signature authentic luxury.

Meyer Davis, whose award-winning portfolio includes 1 Hotel South Beach, W Chicago Lakeshore, and Paramount Hotel in New York City, believes that great design works on multiple levels, weaving together bold design moves with striking details to create both immediate impact and lasting memory. The firm’s one-of-a-kind concept for the recently announced 171-residence beachfront condominium property celebrates honest, natural materials that are elevated by refined and unexpected applications. Interiors will be infused with a sense of understated luxury and sanctuary that complements the singular natural setting with a feeling of lightness and effortless elegance.

“Auberge Beach Residences is located on one of the most beautiful stretches of coastline in South Florida,” said Will Meyer, principal of Meyer Davis Studio, Inc., along with Gray Davis. “The site’s serenity and calm environs informed our design direction—from palette to material choices. It is an honor to work with Related, Fortune and Fairwinds to create a landmark community that creates a sense of place unique to the destination and takes cues from the graceful style of Auberge Resorts, whose properties are acclaimed for their timelessness and intimate, understated elegance.”

Two iconic glazed structures, designed by internationally recognized architecture firm Nichols, Brosch, Wurst, Wolf & Associates, will rise above the Atlantic Ocean. The sleek, organic façades will be a departure from both coastal contemporary and traditional designs, striking a balance between natural forms and luxury rooted in a restrained sophistication and orienting each residence to capture sweeping ocean views. Set on 450 linear feet of pristine beachfront, the design blurs the boundaries between interior spaces and the exquisite environs beyond through the use of tones and textures lent from the location itself.

Auberge Beach Residences will welcome residents with a sense of community rooted in a casual, yet refined urban beach retreat. The light-filled lobby will feature sophisticated, relaxed seating groups arranged to spark conversation and interaction among residents. Bright, neutral tones and natural wood finishes will provide a gallery-like environ to showcase the museum-quality contemporary art collection that will be installed throughout the property. The cornerstone of the collection is La Maternidad, a monumental bronze sculpture by celebrated contemporary master Fernando Botero.

“Original works of art will infuse Auberge Beach Residences & Spa with energy and sophistication,” said Jorge M. Pérez, Founder, Chairman and CEO of The Related Group. “Artist Fernando Botero is among the most renowned artists of his generation. The introduction of his La Maternidad sculpture to the property’s permanent collection signifies our commitment to introduce an unmatched luxury lifestyle and cultural experience to Fort Lauderdale.”

The interior design of each residence, ranging in size from 1,500 to 5,000 square feet, will reflect Auberge Beach Residences’ signature style of relaxed coastal elegance. Flow-through contemporary floor plans will feature nearly 10-foot floor-to-ceiling windows for a seamless indoor/outdoor experience. Continuous glass railings will enclose oversized terraces, some boasting private pools, for unobstructed city and ocean views. Paying homage to Auberge’s culinary legacy, Meyer Davis designed the living spaces around a spacious contemporary chef’s kitchen at the heart of each home.

The open, flexible design of the beachfront Auberge restaurant will showcase unsurpassed views of the Atlantic Ocean’s eternal blue tones to meld the indoors with the pristine shoreline beyond. Meyer Davis has become the foremost design firm for the world’s most prominent restaurateurs and celebrity chefs, with their work receiving accolades in design competitions and the press. “This site has a long history as a dining destination in the days of the Ireland’s Inn,” said Meyer. “Auberge is renowned for exceptional culinary offerings, and the new restaurant is poised to become an unrivalled dining experience. The spectacular outdoor bar and veranda will be one of South Florida’s most breathtaking dining destinations.” The flexible design will cater to year-round dining, accommodating large and intimate gatherings from sunup to sundown and deep into the night. At the center of the restaurant’s design are casually elegant indoor/outdoor seating arrangements and an expansive outdoor bar, which are designed to enhance the beachside setting and signature restaurant’s lively American bistro concept. The restaurant will feature unique dining experiences created by highly skilled chefs using the finest ingredients.

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The New Home of Style? Miami’s Residential Fashion Boom

Designers have long been drawn to Miami, with Gianni Versace, Calvin Klein and Tommy Hilfiger all having owned homes there over the years.

But today, the Miami real estate market is hotter than ever among the fashion set — especially in a business sense. Fendi, Armani and Missoni are plastering their names on superluxury residential towers springing up across the city after having dabbled in the hotel world. Meanwhile, hard-core fashion followers (or in some cases their generous spouses looking for an original gift) appear willing to drop millions of dollars on apartments in the designer-branded buildings.

Setting the trend is Armani, which has partnered with developers Dezer Development and The Related Group on Residences by Armani/Casa in Sunny Isles Beach. The 56-story César Pelli-designed building, comprising 308 apartments priced between $2 million and $15 million each, isn’t due for completion until 2019, but already 72 percent of the apartments have been sold.

Gil Dezer of Dezer Development is no stranger to branded buildings, having worked on six with Donald Trump (before he became President, of course). He recently completed the Porsche Tower in Miami, the world’s first condominiums to have elevators that take residents directly to their apartments while sitting in their cars. “I was in Dubai when I stayed at the Armani Hotel and I said, ‘This is wow. We need to bring this to America,’” he said.

However, he admitted that it was a challenge to convince the famed Italian fashion house to take part. “It was not easy. They do their homework very well. We can do more damage than good as Armani is doing $9 billion a year in sales. They don’t need the few bucks that I’m going to give them. This is more about that they want to have a real strong presence and it helps their brand and it also helps sell [their] furniture.”

Dezer finally succeeded in persuading the Italian company to license their brand to him and today Armani is designing all the communal areas and for an additional cost to the buyer can also offer interior design, at about $300 a square foot. For the largest apartments, that works out at just over $1 million.

Armani has complete control of the interior design of the wider building, with Dezer admitting he has had to become “opinionless” on it. And, as with everything his company does, Giorgio Armani is personally involved. “He’s actually very involved, which is good and bad,” admitted Dezer. “It’s good because we get his stamp of approval, so we really know it’s an Armani thing and not just slapping a brand on. But we have to wait for him to get off his boat to approve something and we have to wait for him to fly here and fly there. Even if we need to approve an ad, he approves everything.”

Three blocks south of Bal Harbour, Fendi Château Residences, a 12-story, 58-unit boutique building, has attracted a range of buyers since it was completed last year (only four apartments are left), including some devoted Fendi shoppers. “We have some buyers that are truly, truly Fendi lovers who normally furnish everything Fendi. We had somebody who purchased a unit for his wife as a gift for their anniversary and he designed everything in Fendi because she loves the brand,” said Helen Ashford of the Château Group, the developer.

At $6.5 million for a three-bedroom apartment, these pads — which come with a use of a communal indoor spa, private chef, cinema and children’s room — have the highest starting prices of all the fashion-branded residences in Miami, with a penthouse setting buyers back as much as $25 million.

Meanwhile at the budget end of the market (if one can call half-a-million dollars budget), is Missoni Baia, a partnership between the Italian fashion family and OKO Group, the Miami-based property development firm founded by Russian billionaire real estate mogul Vladislav Doronin, in the up-and-coming Edgewater neighborhood.

Prices at the 57-story, 249-unit building overlooking Biscayne Bay, which is yet to break ground but is due for completion in the summer of 2020, range from $500,000 to $3.5 million. When it is ready, the communal areas will be decked out in Missoni’s trademark colorful designs, while residents will have access to five pools. Like Armani and Fendi, Missoni will decorate apartments at an additional cost.

And finally, also jumping in on the trend to join the apartment fray in Sunshine City is Karl Lagerfeld. The couturier has designed a lobby in The Estates at Acqualina, twin, 50-story luxury towers with 245 units that come complete with an ice rink and traders’ room where apartments cost between $4 million and $9 million.

Much like Armani, Lagerfeld has complete design control and is very hands-on. “The guy is legendary. He has come up with enormous creative solutions for our lobbies. Everything in the lobby will be his touch,” said South African-born developer Jules Trump of The Trump Group (no relation to the President). “Karl’s aesthetic, in particular, will be appreciated and valued by our guests, who desire an incomparable level of opulence, luxury, design and style.”

Why Miami?

Dubai, Beijing and London are among other cities that are home — or soon will be — to residential buildings with interiors designed by famous fashion houses. But Miami is at the heart of this booming trend, partly a result of slowing luxury residential sales and political and economic uncertainty. Combined, these trends have made competition tougher and Miami developers more determined than ever to make their projects stand out.

“I see it as a way that developers are trying to differentiate themselves among all the competition in new development. Before this, it was cars with the Porsche Tower and the Aston Martin Residences and then the use of ‘star-chitects’ and famous interior designers,” said Jonathan Miller, chief executive officer of appraisal firm Miller Samuel.

“It’s not enough to say that I have the most beautiful building, the best views or the most welcoming lobby. They have to differentiate and they have to go to another level. We haven’t seen much of that in other U.S. markets. If it proves to be an effective branding mechanism, we will absolutely see it elsewhere.”

Yet its effectiveness is still uncertain. While sales figures seem healthy (not all buildings have released data), satisfaction levels remain to be seen — and won’t be until the new owners have settled in.

Jay Parker, ceo of Douglas Elliman Real Estate Florida, said while Armani, Fendi and Missoni are recognizable and influential brands synonymous with luxury, what remains unclear is whether the quality of the fashion houses’ products will carry over into all aspects of the residential developments from the food to service.

“When people buy in Ritz-Carlton, the level of service is established. We don’t know that yet with Armani or the others,” he said. “After all, fashion houses are not expected to influence the service element as much as the design element.”

As for why these big fashion houses want a slice of residential real estate, Robert Burke, the chairman and ceo of retail consultancy Robert Burke Associates, said one of the biggest desires of any label is to be a lifestyle brand and “this just allows them to be even more of a lifestyle brand because ultimately that’s what people are living.”

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Missoni Baia Releases Redesigned Floor Plans Based Off of Buyer Feedback

Russian real estate magnate and property developer, Vladislav Doronin, of OKO Group, the developers behind Edgewater’s Missoni Baia, has released redesigned their floorplans that they tailored based off of buyer feedback. After tapping Fortune International Group in the spring (2017) to take over sales of Missoni Baia following a successful pre-sales campaign, the Missoni Baia sales team has been busy hosting events in the Hamptons and south of the border in Colombia, Chile, and Argentina while they gear up for a September groundbreaking. The project is the first to be branded by the Italian fashion house. 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 project, along with landscaping by Swiss architect Enzo Enea and interiors by Paris Forino Design.

“Domestic and foreign buyers looking to purchase second or third homes in Miami, their primary residence is generally a larger home so when they come on vacation they still want the high level of quality, services, and amenities that the Missoni Baia brand offers but prefer to have a smaller size residents to simplify their overall vacation experience. The introduction of the smaller floorplans has proven to be successful with our recent sales,” said Jim Cohen, Senior Vice President of Development Sales, Fortune International Group.

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Auberge Beach Residences and Spa Sells Penthouse at a Record-Breaking $9.5 Million

The final penthouse residence at Auberge Beach Residences and Spa in Fort Lauderdale has sold with a record-breaking price tag at $9.5 million. The two-story, five-bedroom, six-and-a-half bathroom penthouse boasts 5,686 square feet, equaling $1,670 per square foot, the highest price per square foot ever sold in Fort Lauderdale and Broward County.

With more than 3,700 square feet of outdoor space, the penthouse will have a balcony wrapping around three sides of the unit, as well as floor-to-ceiling windows which showcase panoramic views of the Atlantic coastline, and a spiral staircase leading to the private rooftop terrace and pool. Residents will have access to first-class amenities including two gourmet restaurants, a world-class spa, a wine cellar, oceanfront swimming pools, the world’s best aboutGolf simulator, a state-of-the-art fitness center, among others.

Auberge Beach Residences has seen $75 million in purchases in the first half of 2017 alone. The North Tower, which was topped off last month, is expected to be complete in late 2017, with only three residences remaining. The South Tower is over 60 percent sold and is set to open in Spring 2018.

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Quique Usales Visits Missoni Bai

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KDHAMPTONS REAL ESTATE: THE NEW RITZ-CARLTON RESIDENCES, SUNNY ISLES BEACH HAS HAMPTONITES HEADING FOR MIAMI

New Yorkers have always invested in Miami real estate, and in recent years there has been a fast growing number of Hamptonites specifically who are migrating south for an extended off-season. With the power of new world class developments like the Ritz-Carlton Residences, Sunny Isles Beach it’s no surprise that many East Enders are trading in their snow boots and choosing to maintain an oceanfront lifestyle year round. With a quick and easy two and a half hour flight, multiple private airports, and a new level of buildings, service, art, dining, shopping….Miami checks every box!

The Ritz-Carlton is synonymous with unparalleled service and unrivaled excellence. Renowned developers Fortune International Group and Château Group aim to transform oceanfront living with this stunning new property which begins with a winding drive, facing the ocean, leading up to the stunning 649 ft. residential tower, comprised of 212 residences and managed by The Ritz-Carlton.

Sitting on 250 feet of oceanfront property along South Florida’s pristine Sunny Isles Beach, the building’s curvilinear structure was designed by world-class architectural firm Arquitectonica and references the organic landscape of swaying dunes. Its fluid droplet silhouette ensures all homes are bathed in natural light and respect the basic principles of Feng Shui.

Designed to provide sweeping views of the Atlantic Ocean, the tower features cascading terraces with ample 360-degree views. Penthouse gardens dissolve at its uppermost crest, creating the silhouette of an impressive yacht or cruise liner. In addition, The Residences features a grand porte-cochere and lush landscaping created by Arquitectonica GEO. A fully equipped private residential building, with no transient use or hotel on the premises means residents of the property enjoy a private elevator lobby, and select homes include service quarters.

Inspired by Monaco’s elite Yacht Club and referencing the beauty of the natural environment, Michele Bönan’s timeless interiors are a mosaic of details brought to life in a refined, neutral palette. Bönan’s unique philosophy adheres to the building’s soft curvature, introducing floor-to-ceiling glass panels and custom-designed furnishings that perfectly evoke the exclusive Sunny Isles Beach.

The Residences’ interiors epitomize a contemporary minimalist aesthetic, complemented by a vast array of exceptional materials, textiles and environmental innovations, all selected to ensure unrivaled comfort and relaxation. Relying on skilled artisans, everything from furniture to flooring has been conceived to honor the luxurious beach lifestyle.

Upon arrival, owners are greeted by a striking four-story glass lobby, overlooking a tranquil pool and manicured garden connecting to the beach. An airy double height atrium leads directly to a luxurious spa and fitness center with unobstructed views of the Atlantic Ocean. Whether intimate or grand, Bönan’s common spaces are created to enhance the experience of residents across the property.

Drawing from South Beach’s 1960s heyday, Michele Bönan’s design blends the spirit of modern day Miami with its rich architectural past. Residences boast soaring 10 ft. ceilings, and kitchens designed with the finest Italian cabinetry, stone countertops and European appliances – including a wine cooler and cappuccino maker. Expansive living spaces look onto the beach below. Master bedrooms, equipped with glass walls and enviable panoramic views, feature walk-in closets and generously appointed en suites rendered in Italian marble.

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PRIVATE HAMPTONS PREVIEW OF RITZ-CARLTON RESIDENCES, SUNNY ISLES BEACH

The Hamptons recently served as a unique backdrop for a special private preview of The Ritz-Carlton Residences, Sunny Isles Beach. Joint developers Fortune International Group and Château Group hosted an intimate cocktail at Kozu Hamptons restaurant in Southampton to showcase their project and its remaining homes to prospective buyers. Completion of the 212-residence building is slated for 2019. The condominium tower, which will have no hotel on the premises, is being touted as one of the most anticipated offerings to enter the market. While enjoying hors d’oeuvres and signature drinks, guests of the exclusive outdoor event, which took place July 16, were treated to highlights of the condominium tower, which features designs by Arquitectonica and interiors by acclaimed Florentine architect Michele Bönan. The event coincided with the developers securing registration in New York to market and sell the last available residences. For additional information about The Ritz-Carlton Residences, Sunny Isles Beach, call 305.503.5811 or visit http://www.theresidencessunnyislesbeach.com.

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Construction Update: Auberge Beach Residences & Spa Tops-Off in Fort Lauderdale

Auberge Beach Residences and Spa has officially topped-off the north tower. The north tower is almost sold out, with just 3 residences for sale remaining, and the south tower is over 60% sold. Auberge Beach Residences & Spa features 171 flow-through condominium residences spread over two towers designed by Nichols Brosch Wurst Wolfe & Associates with interiors by Meyer Davis Design Studio. Units feature private elevator access, sunrise and sunset terraces, and floor-to-ceiling glass for unobstructed ocean views. The project is being developed by PRH Fairwinds, a partnership between Related Group, Fairwinds Group and Fortune International. The building’s amenities include 2 beachfront swimming pools, full-service spa, 2 restaurants, golf simulator and a state-of-the-art fitness center. Delivery is expected in the summer of 2018.

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The Ritz-Carlton Residences, Sunny Isles Beach Unveil Sneak Preview Video Tour

Following the completion of its concrete foundation pour and subsequent vertical rise, The Ritz-Carlton Residences, Sunny Isles Beach have released new, fly-through-style, computer-generated videos of two of the building residences, offering the most in-depth, breathtaking views of these ocean-facing homes to date. The Ritz Carlton Residences, Sunny Isles Beach is being developed as a joint venture between Fortune International Group and Château Group. The luxury-residential is designed by Arquitectonica, with interiors by acclaimed Florentine architect Michele Bönan. Take the video tour of an A Unit and an E Unit below.

The A Unit (shown above) is a 3 bedroom, 4.5 bathroom residence complete with a den and a service quarters with a separate entrance. The unit features north-facing, large living spaces with floor-to-ceiling glass, a lavish master bath, and an Italian-designed kitchen outfitted with top-of-the-line Caesarstone quartz countertops and Gaggenau appliances. The E Unit (shown below) is a southeast/southwest-facing 4 bedroom, 5.5 bathroom residence complete with a family room and service quarters.

“We feel that images alone are not enough to capture the essence of what daily life will look and feel like within these incredible residences,” said Edgardo Defortuna, CEO of Fortune International Group. “A state-of-the-art video tour takes buyers one step closer toward visualizing their dream homes on the water.”

“When we started designing this project, we knew we wanted to create spaces that focused on livability and long-term use,” said Manuel Grosskopf, CEO of Château Group. “The outcome of that vision is all the more encapsulated through these new tours, each of which highlights the units’ immense sizes and artful details — all complemented by what are arguably the best views of the water.”

The Ritz Carlton Residences, Sunny Isles Beach will feature 212 residential condo units. Residences range from $2.6 million to $5.2 million, with penthouses offered upwards of $25 million. Amenities include a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Construction has completed their foundation pour and has begun vertical rise. The building is slated for delivery in 2019.

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HAMPTONS DINNER WITH COVER STAR KAROLINA KURKOVA

On Thursday, July 13th Hamptons Magazine hosted a dinner with cover star Karolina Kurkova. The model, actress, philanthropist and mother of two joined VIP guests of the magazine at the elegant Baron’s Cove in Sag Harbor for a dinner presented by Missoni Baia and Matthew Breitenbach and featuring gourmet dishes from Baron’s Cove executive chef Matty Boudreau and signature cocktails by EFFEN Vodka.

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CULTURED IN THE HAMPTONS

On July 14, Cultured founder Sarah Harrelson and KDHamptons founder Kelli Delaney toasted the grand opening of the Ritz-Carlton Residences, Sunny Isles Beach. The celebrations at Maple Shade, Kelli’s Water Mill home, featured farm-to-table and dock-to-dish delicacies and refreshing summer cocktails by Whispering Angel Rosé.

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Snaidero USA Confirmed as Kitchen Cabinet Provider for Ritz Carlton Residences in Sunny Isles Beach, FL

LOS ANGELES, July 11, 2017 (GLOBE NEWSWIRE) — Snaidero USA, the leader in North American imports of European kitchen cabinets, is set to supply the kitchens for the 212 units of the Ritz Carlton Residences; a new Sunny Isles Beach, Miami project by Fortune International Group and Château Group.

The project – currently under construction – is the latest in a list of over 170 luxury high-rises (45,000+ units) that Snaidero USA has furnished since 1992, bringing the finest Italian design and craftsmanship all over North and Central America. Of these projects, more than 55 are in Florida.

The kitchen model chosen for the Ritz Carlton Residences is Snaidero LUX by Pietro Arosio. LUX’s minimalist aesthetic is rich in details and designed with respect for the environment – qualities that mirror the concept for the project’s interiors, designed by Michele Bönan and inspired by Monaco’s elite Yacht Club. Playing with light and clean lines, LUX creates a kitchen space that offers an intelligent blend of function, emotion, and personality.

The architecture of the Ritz Carlton Residences follows a design by world-class architectural firm Arquitectonica: the curvilinear structure references the organic landscape of swaying dunes and ensures all homes are bathed in natural light and respect the basic principles of Feng Shui.

The tower will include cascading terraces with 360-degree views and penthouse gardens dissolving at the uppermost crest, creating a yacht-like silhouette.

About Snaidero USA

Snaidero USA is the exclusive North American distributor of Snaidero kitchen cabinets, for almost 40 years, Snaidero USA has offered the finest in luxury Italian kitchen design to North America and Central America through a retail network of 22 showrooms. Snaidero USA also serves the multi-housing industry, partnering with top developers like, Howard Hughes Corporation, Fortune International Group, Turnberry, AEG, ASPAC Developments and the CMC Group, for over 170 projects completed to date. Today, under the leadership of its President, Comm. Dario Snaidero, Snaidero USA is the leader in North-American imports of European kitchen cabinets. Through its Snaidero USA Living collection, the company also offers made-in-Italy furniture for bathrooms and closets. The kitchens are made of eco-friendly, non-toxic materials through production processes with limited impact towards the environment. Snaidero USA is a member of the US Green Building Council. For more information, please visit www.snaidero-usa.com.

About Snaidero R. SpA (Italy)

Founded in 1946, Snaidero is Italy’s leading manufacturer of high-end kitchen cabinets. A wealth of experience built over 70 years of tradition and innovation. Always at the forefront of style and innovation, Snaidero partners with world-renowned artists, architects, and industrial designers, such as Ferrari stylist Pininfarina, international architect Massimo Iosa Ghini and acclaimed Italian designers Lucci and Orlandini, to create top-of-the-line products manufactured with environmental responsibility.

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In vogue: resident curators, sommeliers in luxury properties

Developers are bringing in resident experts in high living to cater to luxury home owners as a doorman and concierge are no longer enough.

These days, however, buyers of luxury flats can expect an altogether different level of service. Developers are hiring everything from art curators, nutritionists, sommeliers, tech experts and even lifestyle consultants to be permanently on site, available at a moment’s notice to make the lives of the inhabitants easier.

“These are people who are spending millions of dollars on a unit,” said Patrick Campbell, vice president of developer the Related Group in Miami. “They want to leave their burdens behind and they have tastes that need to be fulfilled on a regular basis.”

At the Rem Koolhaas-designed Park Grove in Miami, which is slated for completion in 2018, a nautical concierge will be on staff, tasked with setting up activities like yachting, paddle-boarding, or kayaking through the mangroves.

“We are across the street from the marina and decided to push that theme,” said Campbell. Interested buyers get a taste of the service by being invited to try one of the marine activities while they’re inspecting the property.

The league of specialist employees being tapped by developers is largely contingent on the location and vibe of the building.

Urby, a building on Staten Island in New York, encourages its residents to pick fruit and vegetables at its 5,000 square foot on-site urban farm. They can also learn gardening tips from the building’s farmer-in-residence, who runs workshops on everything from bee-keeping to fermentation. At 555Ten, a new 600-unit building in New York, the anticipated 300 pet owners in residence will have access to an in-house dog-groomer, there exclusively for their use.

And at the Auberge Beach Residences & Spa in Fort Lauderdale, Florida, developers are operating on the assumption that residents want to lead healthier lives, and have hired a yoga specialist and lifestyle consultant, who works with buyers to personalise their diet regimens and guide them towards “a fully fledged lifestyle experience”, said Campbell.

Those being hired for these jobs are aware that they are in a rarefied group, but say the shift reflects this age of instant gratification.

“People are used to getting things as soon as they want them, and having everything available at their finger tips,” said J Kipton Cronkite, an art expert who parlayed a position curating art for public spaces in residential buildings into being the resident curator, available to weigh in on the private collections of buyers at the Prive Island Aventura development in South Florida.

The initiative taps into the assumption that buyers at the elite US$2.2 million to US$8.3 million homes have some sort of art collection, or at the least an interest in acquiring one. Cronkite says he can leverage his decade-plus experience in that world to advise buyers.

“People are decorating their spaces and art becomes part of the conversation,” he said. “They bring it up earlier in the conversation, especially if there is enough wall space, and I can recommend how their existing tastes and pieces fit in with the new space and help them navigate the gallery world.”

Mike Lavora and Adam Light are co-founders of Throw Me A Bone, a New York-based company that offers dog walking, grooming, training, boarding and veterinarian care around the city.

But they have taken up residence in an 800 square foot space at 555Ten, a midtown Manhattan apartment building, where they can service up to half of the residents in the 600-unit buildings.

“Our services are exclusive to the property,” said Light. “Pet owners drop their dogs off here when they go out for the day. It’s like childcare. It’s part of the evolution in the world of amenities – at least in Manhattan.”

And sometimes, the niche, specialist job is just for a bit of fun.

Colin Hannan, co-founder and managing director of Itz’ana Resort and Residences in Belize, was committed to finding a rum sommelier to add to his staff list at the property, where people are buying second homes.

“People move here, they want to get a sense of history,” said Hannan. “What’s more South American or Central American than rum?”

The homes, which are three-quarters sold and will open for move-ins in August, will be adjacent to a specialist rum room that will be stocked with 120 varieties. The rum sommelier, Enrico Cordenons, was sent to distilleries in Miami, New York and Guatemala to be trained and mentored by master distillers, and attended forums in India, Thailand and Mauritius.

“[Cordenons] will be on hand to set up tasting sessions with our owners and make them feel a part of the lifestyle,” said Hannan. “We’ll have to see how it evolves.”

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Auberge Beach Residences & Spa Introduces Luxury Spa, Restaurant and Record-Breaking Penthouses

Auberge Beach Residences & Spa is taking luxury living to the next level in its exclusive new beachfront property in Fort Lauderdale, recently setting a new price record in the Broward County real estate market.

The first and only on-the-sand luxury residential project in Fort Lauderdale is highly anticipated by the community for its world-class restaurant and spa.

The project is the newest addition to the timeless portfolio of exceptional properties that together comprise The Auberge Collection. The Related Group, Fortune International Group and The Fairwinds Group, which make up the development team behind Auberge Beach Residences & Spa, have worked to make this vision become a reality, as completion is currently anticipated in mid-2018.

The development team recently announced the $9.5 million sale of the final residence within the penthouse collection, which tops the previous record-breaking penthouse sale at Auberge Beach Residences & Spa in April 2016 for $8.9 million.

An intimate, on-site event celebrating the topping off of the first of the two 17-story towers took place last month. The North Tower, which features 57 residences, is approaching sellout with only three residences remaining. The South Tower is over 60 percent sold and includes residences that range from 1,350 to 4,000 square feet, with pricing from $1.8 million to $5 million.

When completed, the two-tower 171-unit project will feature spacious floorplans, expansive oceanfront terraces, gourmet kitchens and property amenities and services that will include the brand’s world-class spa and restaurant – both of which will be open to the public, a Napa Valley wine cellar, 24/7 valet and concierge, a state-of- the-art fitness center overlooking the pool deck, the world’s best aboutGolf golf simulator, family-friendly children’s playroom and a clubroom with multimedia facilities, billiards and gaming tables.

Auberge Beach Residences & Spa Fort Lauderdale recently unveiled never-before-seen renderings of the highly anticipated Auberge spa and restaurant designed by award-winning New York-based interior design studio Meyer Davis. The design of the spa embodies sophistication with sleek floor-to-ceiling windows and soft mood lighting for residents and guests to enjoy.

The restaurant, when completed, will feature a wine program and farm-to-table concept centered around local and fresh ingredients.

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Auberge Beach Residences and Spa Penthouse Sells for $9.5 Million: A Record Breaking Price for Fort Lauderdale Market

At $9.5 million, the final penthouse residence at Auberge Beach Residences and Spa in Fort Lauderdale has sold with a record-breaking price tag. The two-story, five-bedroom, six-and-a-half bathroom penthouse boasts 5,686 square feet, equaling $1,670 per square foot, the highest price per square foot ever sold in Fort Lauderdale and Broward County.

The sale beat out the previous record also set by Auberge Beach Residences & Spa in April 2016 for $8.9 million.

With more than 3,700 square feet of outdoor space, the penthouse will have a balcony wrapping around three sides of the unit, as well as floor-to-ceiling windows which showcase panoramic views of the Atlantic coastline, and a spiral staircase leading to the private rooftop terrace and pool.

Residents will also have access to first-class amenities including two gourmet restaurants, a world-class spa, a wine cellar, oceanfront swimming pools, the world’s best aboutGolf simulator, a state-of-the-art fitness center, among others.

Auberge Beach Residences has seen $75 million in purchases in the first half of 2017 alone. The North Tower, which was topped off last month, is expected to be complete in late 2017, with only three residences remaining. The South Tower is over 60 percent sold and is set to open in Spring 2018.

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Auberge Beach Residences & Spa Introduces Luxury Spa, Restaurant and Record-Breaking Penthouses

Auberge Beach Residences & Spa is taking luxury living to the next level in its exclusive new beachfront property in Fort Lauderdale, recently setting a new price record in the Broward County real estate market.

The first and only on-the-sand luxury residential project in Fort Lauderdale is highly anticipated by the community for its world-class restaurant and spa.

The project is the newest addition to the timeless portfolio of exceptional properties that together comprise The Auberge Collection. The Related Group, Fortune International Group and The Fairwinds Group, which make up the development team behind Auberge Beach Residences & Spa, have worked to make this vision become a reality, as completion is currently anticipated in mid-2018.

The development team recently announced the $9.5 million sale of the final residence within the penthouse collection, which tops the previous record-breaking penthouse sale at Auberge Beach Residences & Spa in April 2016 for $8.9 million.

An intimate, on-site event celebrating the topping off of the first of the two 17-story towers took place last month. The North Tower, which features 57 residences, is approaching sellout with only three residences remaining. The South Tower is over 60 percent sold and includes residences that range from 1,350 to 4,000 square feet, with pricing from $1.8 million to $5 million.

When completed, the two-tower 171-unit project will feature spacious floorplans, expansive oceanfront terraces, gourmet kitchens and property amenities and services that will include the brand’s world-class spa and restaurant – both of which will be open to the public, a Napa Valley wine cellar, 24/7 valet and concierge, a state-of- the-art fitness center overlooking the pool deck, the world’s best aboutGolf golf simulator, family-friendly children’s playroom and a clubroom with multimedia facilities, billiards and gaming tables.

Auberge Beach Residences & Spa Fort Lauderdale recently unveiled never-before-seen renderings of the highly anticipated Auberge spa and restaurant designed by award-winning New York-based interior design studio Meyer Davis. The design of the spa embodies sophistication with sleek floor-to-ceiling windows and soft mood lighting for residents and guests to enjoy.

The restaurant, when completed, will feature a wine program and farm-to-table concept centered around local and fresh ingredients.

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Fort Lauderdale penthouse sells for record $9.5M

An unidentified buyer agreed to pay a record $9.5 million for a penthouse at the Auberge Beach Residences and Spa condominium development in Fort Lauderdale.
The five-bedroom penthouse is the first condo unit in Broward County to sell for more than $9 million.

The old record for Broward County was set in April 2016 when a four-bedroom penthouse at Auberge sold for $8.9 million.

The recently sold five-bedroom penthouse is a two-story unit in the north tower of the two-tower, 171-unit Auberge development, which is expected to open by early 2018.
The developers of Auberge are Related Group, Fortune International Group and The Fairwinds Group.

The $9.5 million price of Broward’s priciest condo ever equates to $1,670 per square foot. The 5,686-square-foot penthouse will have a balcony wrapping around three sides of the unit, which will have more than 3,700 square feet of outdoor space, including a private roof deck equipped with a plunge pool.

All five bedrooms will have entries to the balcony and views of the Atlantic Ocean. Each bedroom also will have a full bathroom. The penthouse will have two other bathrooms.
Shared amenities at Auberge will include two restaurants, a spa, oceanfront swimming pools, a golf simulator and a gym.

In addition to the unidentified buyer, other future residents of Auberge include former Miami Dolphins quarterback Dan Marino.

Patrick Campbell, vice president of Miami-based Related Group, told Mansion Global that the $9.5 million penthouse sale indicates strong demand for resort-style housing in Fort Lauderdale, where the luxury condo market has ballooned since 2012.

According to market research by Douglas Elliman and appraisal firm Samuel Miller, the median price of a high-end condo in Fort Lauderdale was $1.113 million in the first quarter after surpassing the $1 million mark in 2013.

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North Tower Topped Off at Auberge Beach Residences and Spa

The North Tower at Auberge Beach Residences and Spa Fort Lauderdale was topped off last week. The highly anticipated project is selling out quickly, and only three residences remain in the North Tower. The South Tower is currently over 50-percent sold out. New renderings of the oceanfront development’s world-class spa and farm-to-table restaurant were also released, and the spaces look absolutely breathtaking!

Once complete, Auberge Beach Residences and Spa will be comprised of two towers located directly on the sand in beautiful Fort Lauderdale. The ultra-exclusive development will offer 171 condos, boasting oceanfront terraces, gourmet kitchens, private elevators and floor-to-ceiling glass. Select Auberge Beach condos will offer private pools on the wide balconies. All condominiums above the second floor will showcase unobstructed northern views of the coastline.

Amenities at Auberge Beach Fort Lauderdale include a world-class spa, multiple oceanfront swimming pools, a state-of-the-art fitness center and multiple restaurants. A beautiful beach club will be located on the 450 feet of pristine ocean and beach frontage.

Auberge Beach Residences and Spa is one of the most exciting residential projects to ever hit Fort Lauderdale Beach. The remaining residences are not expected to last long, and the building will sell out!

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Auberge Beach Residences & Spa Fort Lauderdale Unveils Restaurant and Spa Plans

When it opens next year, Auberge Beach Residences & Spa Fort Lauderdale—a 171-condominium project situated on 450 feet of beachfront abutting the Atlantic Ocean—will bring a new standard of living to Floridians. The residential property has tapped interior design firm Meyer Davis to create an elevated dining concept and spa that will be open to both residents and the public. Though names have yet to be announced for the restaurant and spa, some design details have officially emerged.

Inside the 10,000-square-foot spa, Meyer Davis has chosen floor-to-ceiling windows and mood lighting to set the tone. Oak flooring, terrazzo countertops, and teak wood slates converge to create a refined retreat, and blue marble finishes mirror the azure ocean. After being pampered to the nines at the full-service spa and salon, guests can relax in oceanfront cabanas. The wave-kissed shore beckons just beyond, inviting guests to unfurl umbrellas and sunbathe to their hearts’ content.

The upscale restaurant will feature a farm-to-table menu and sophisticated wine program. A glass-encased wine wall and gray tile floor lead the way into the main dining area, where floor-to-ceiling windows overlook the ocean. Reclaimed wood floors, hanging light fixtures, and Calacatta Gold marble give the space an airy aesthetic.

Two bars—one indoors, one just steps from the shore—serve as gathering places for groups of friends. With state-of-the-art amenities like these, it’s not hard to see why the project boasts record-breaking pre-construction sales.

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Fortune International Group, Rialto Capital Management launch bridge lending firm, Vaster Capital

Fortune International Group and Rialto Capital Management launched a private bridge lending firm to fill what they see as a void in the marketplace, particularly for foreign buyers of Miami real estate, Edgardo Defortuna told The Real Deal.

Vaster Capital has been up and running for about two months with the goal of issuing at least $100 million in bridge loans a year, Defortuna said. “We’re obviously very, very involved in sales, especially preconstruction sales, and a lot of them are closing this year and next year. Many have been bought by foreign investors and individuals who want bridge loans for two to three years to take possession of the unit and decide what they want to do,” he added.

The target borrower is a foreign investor who was expecting to pay cash to close on their residential unit, or units, and is looking for an alternate to traditional financing due to a decline in their home country’s currency. Vaster’s core business will focus on residential loans, which is where Defortuna said the biggest need is.

“We saw a void in this market based on the fact that even though there are some players, they’re not institutional or sophisticated,” he said. “The demand is really strong because a great number of buildings are coming to close in 2017, 2018, 2019.”

Defortuna also feels “very comfortable we can dispose of the asset should that issue arise.”

The bridge lender is giving loans within 15 days that are typically between $600,000 to $700,000 and between 50 percent to 60 percent loan-to-value. Interest rates are between 8 percent and 9 percent. Eventually it plans to expand geographically.

Vaster also formed a joint venture with the Related Group for Vaster Capital II to provide financing to buyers at Related projects represented by Fortune, including Paraiso Bay and Brickell Heights.

Realto, a Miami-based real estate investment and asset management firm, is a subsidiary of Lennar Corp. Fortune’s development projects include Jade Signature and the Ritz-Carlton-Residences, Sunny Isles Beach.

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As Miami Developments Take a Breather, New Projects Are Rising in Nearby Cities

Both developers and buyers are taking a wait-and-see approach to the launch of new developments in Miami.

For developments that have broken ground and are moving forward, between 60% and 100% of the units have been sold, said Edgardo Defortuna, president and CEO of Fortune International Group, a real estate development, sales and brokerage firm founded by Defortuna.

At his company’s 192-unit Jade Signature development in Sunny Isles Beach, which is directly north of Miami Beach, “we sold $51 million worth of units in the first quarter,” Mr. Defortuna said. The building, which launched sales in 2013, is “95% or 96% sold out.”

But for Miami projects that have launched sales but not broken ground, “sales are slow, with few exceptions,” he said.

“They’re waiting for the rescue boat to come in and lift them out of the water,” Mr. Defortuna said.

Carlos Rosso, president of condo development at The Related Group, said that sales have slowed compared to six months to a year ago. “We were selling 30 units per week. Now we’re selling five, six or seven per week, but we’re still selling,” he said. “Things are moving.”

Both Messrs. Rossos and Defortuna said, however, that the nearby Fort Lauderdale market has become increasingly attractive.

“We’ve been surprised by the numbers we’re getting,” Mr. Defortuna said. “The Fort Lauderdale absorption rates are as good as anything in Sunny Isles.”

Fortune International and The Related Group are teaming up to build Auberge Beach Residences & Spa right on the beach in Fort Lauderdale. The first tower is 95% sold and Tower 2 is 60% sold, Mr. Defortuna said.

“The Fort Lauderdale airport is very convenient for people from New York” and other U.S. cities,“ he said.

Fort Lauderdale is also significantly less expensive than Miami. “It’s one-third the price of South Beach,” Mr. Rosso estimated.

In Fort Lauderdale, 80% to 85% of pre-construction sales have been to U.S. buyers, compared to 15% nondomestic, Mr. Defortuna said. In Miami, that flips to 75% to 80% foreign sales and around 20% domestic.

And that largely international market that’s key for Miami has been hurt by a strong dollar.

“We need the dollar to lower itself a bit compared to other currencies around the world,” Mr. Rosso said.

But there’s hope. Mr. Defortuna mentioned Argentina and Brazil as two countries whose buyers seem to be coming back. “In Brazil, there is the perception that the Miami market is really attractive and it’s time to get back in.”

He expects the Asian market to improve next year, too, with the addition of direct flights from select Asian cities to Miami.

So far this year, Turkish buyers are a visible presence in the Miami real estate market since direct flights were launched late last year from Istanbul to Miami, Mr. Defortuna said. “If you have direct flights, then you have the lifestyle and the convenience–that makes the decision to buy much easier.”

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The Miami Real Estate Show Interviews Edgardo Defortuna, President & CEO Of Fortune International Group

2017 will be a great year for The Miami Real Estate Show. We look forward to bringing you even bigger names in real estate with the re-vamped web series hosted by The Montiel Organization’s founder Orlando Montiel.

The Miami Real Estate Show is dedicated to bringing you the truth behind the success of the most prominent real estate celebrities including Ugo Colombo, Carlos Rosso , Nitin Motwani, Craig Studnicky, Jay Parker, Alicia Cervera Lamadrid, Alicia Cervera Sr, Jeff Morr, Eloy Carmenate, Esther Percal, Nancy Batchelor, and Philip Spiegelman, among others.

Introducing 2017’s first episode of The Miami Real Estate Show featuring host Orlando Montiel and Edgardo Defortuna, President, CEO & Founder of Fortune International Group. Mr. Defortuna achieved the ultimate success in real estate; escalating from an agent, to a mega-broker, and now to one of South Florida’s most legendary developers, and has built an empire here.

It all began when he immigrated to Miami in late 1970 accompanying his sister on her medical internship at the order of their father. A move that may have been happenstance at the time, turned into one that would have an immensely purposeful impact on the area, shaping the local real estate landscape into what it is today.

Mr. Defortuna played a pioneering role in developing some of the most luxurious buildings in South Florida including Jade Signature, Hyde Resort & Residences, Auberge Beach Residences & Spa, Ritz-Carlton Residences, and many more.

The following are some of Defortuna’s professional accomplishments:

• Recognized as a household name for having made a significant contribution to the internalization of Miami.
• CEO and Founder of one of the top Real Estate Development companies that generates about $1 billion annually in sales alone.
• Member of the Mayor of Miami’s International Council and Director of the Argentine-U. S. Chamber of Commerce.
During this interview, you will learn:
• Growing Development Areas in Miami.
• How to Identify Your Competitive Advantage.
• Time & Effort: Key in this industry.
• How to Transition from Broker to Developer.
• The Importance of Understanding your Customer’s Needs.
Great takeaways from this interview:
• “There’s no replacement for effort; you can be as intelligent as you can be but if you don’t put in the hours into the chair or in front of the desk, the chances to be successful are relatively small.”
• “Always analyze and make sure you understand the level of downsizing & put a limit to it before making a decision.”
• “Identify what works for you, identify what your particular strengths are and focus on potentiating them.”

Featured development: Jade Signature

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New luxury apartments rise in growing Fort Lauderdale

FORT LAUDERDALE, Fla. – The proliferation of high-rise buildings with high-design architecture and resort-style amenities in South Florida has been heading north. While in Miami-Dade County foreign buyers dominate the condo-flipping mania, Broward County offers more stability.

Fort Lauderdale’s skyline is changing, but at a slower pace than Miami’s. Patrick Campbell, a vice president at the Related Group, said the majority of the buyers in Fort Lauderdale are end users from South Florida who are transitioning into the next stage of their lives.

“We see that the demographic is largely empty nesters, professionals and second-home buyers with ties to the community,” Campbell said.

Fort Lauderdale’s residential real estate inventory is growing in both the Las Olas and beachfront areas. Despite the rising real estate prices, the city’s luxury units remain a bargain compared to those in Miami Beach, Bal Harbour, Sunrise and downtown Miami.

Campbell said the Auberge Beach Residences and Spa is $1,300 per square foot versus $3,000 per square foot in Miami Beach. The 171-unit oceanfront two-tower project is breaking records in Broward County. In April, the developers announced a penthouse in the South Tower sold for $8.9 million.

Ron Drew, of the Greater Fort Lauderdale Alliance, attributes the rising condo market to the growing job market. Drew said that from June 2014 to March 2017, there were 77,600 jobs added in Broward County. And more jobs are coming.

Companies including Magic Leap in Plantation, Hotwire Communications in Fort Lauderdale and Ecolab in Miramar have announced expansions in the last two years. And Fort Lauderdale Las Olas will soon have a supply of condos for young professionals who are not ready to buy real estate, but are ready for luxury living.

The Related Group will complete Fort Lauderdale’s tallest building this summer. The 45-story Icon Las Olas will stand higher than the 42-story Las Olas River House, built in 2004. Liz Caldwell, an agent for Premier Estate Properties, said there is a demand for the units.

In partnership with Rabina Properties and Perella Weinberg Partners, the Icon Las Olas will have 272 units for rent from $2,500 to $7,000 a month, starting in June. Residents will have access to a spa, concierge, a wine room, a movie room, a gym and two pools.

“Why buy when you can rent? It’s all about the millennials,” Caldwell said. “They want the experience of living in downtown without the permanence and they don’t mind living from paycheck to paycheck.”

The Icon Las Olas is just the beginning. There are more high-rise buildings lining along the Tarpon River. The other projects are The 42-story Residences of Las Olas, the 25-story 4 West Las Olas, the 45-story 100 Las Olas and the 45-story Las Olas Riverfront Tower 1 and 28-story Tower 2.

The Greater Fort Lauderdale Alliance projects 7.7 percent population growth by 2021. Jessica Savage, of the Greater Fort Lauderdale Conventions and Visitor Bureau, said to cater to the growing population the city also has developed a more dynamic dining and restaurant scene that is attracting well-known chefs, such as Geoffrey Zakarian.

Aside from the new restaurants, there are also new brewpubs, coffee shops and ale houses that have “popped up over the past few years,” Savage said.

The growth is not limited to the condo market. The hospitality industry is also getting an upgrade with the Hyde Resorts and Residences, Ocean Resort Residences at Conrad Fort Lauderdale Beach Resort, the Four Seasons Private Residences Fort Lauderdale and the W Fort Lauderdale.

“The destination is attracting a more affluent demographic and developing a cooler vibe,” Savage said.

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Glasshaus Coconut Grove is Miami’s sexiest new boutique condo

23 contemporary residences, starting at $595,000

There’s no direct view of Biscayne Bay but the glassy and dazzling GlassHaus in Coconut Grove has certainly joined the conversation of Miami’s most alluring condo projects if the real thing ends up looking anything like the renderings.

Set to open its on-site sales center to the public in early June, the five-story boutique condo will rise at 3161 Center Street while offering 23 contemporary residences priced from $595,000 to $1.2 million (starting around $575 per square foot).

The development team is comprised of GD.8 and Element Development LLC, with the Bauhaus-inspired design spearheaded by Varabyeu Partners, an architecture and design firm with offices in Coral Gables and Minsk.

The exquisite lobby will be outfitted with textured stone, polished wood, burnished steel and panoramic glass.

Residences will range in size from 1,080 to 2,380 square feet, offered in one, two, and three bedrooms. The standard units will feature 11-foot finished ceilings; floor-to-ceiling windows; kitchens equipped with Italkraft cabinetry and stone countertops; and a choice of porcelain, wood or tile flooring throughout the interior.

Parking will be underground with amenities including a detached fitness center; electric bicycles for owner use; Zen garden; and a resort-style rooftop deck with a pool, cabanas, summer kitchen, and lounge. Every GlassHaus owner will also be a member of the nearby Coconut Grove Sailing Club.

Fortune International is handling sales.

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‘Designer Wellness’ Is Newest Status Symbol for Luxury Buyers

To appeal to wealthy buyers who want healthy lifestyles, luxury real estate developers in New York, Los Angeles and Miami are meticulously curating holistic wellness amenities—getting starchitects, fitness gurus and branded spa chains involved.

At The Greenwich Lane, a residential complex built on the former site of St. Vincent’s Medical Center in the West Village, a full floor of fitness amenities is available to all residents of the complex’s five condominiums and five townhouses, who began moving in in 2015.

The developers signed The Wright Fit to manage their state-of-the-art fitness center, which includes two training studios, a golf simulator, a swimming pool, spa and treatment room. The company is known for functional performance training, an exercise philosophy that emphasizes making body movements more functional and efficient.

Working with The Wright Fit, interior designer Thomas O’Brien of Aero Studios curated the swimming pool. The 82-foot pool features a vaulted, glass mosaic ceiling, translucent glass walls and a separate hot tub.

“The swimming pool is pivotal to us. We have at least two sales done just because of it,” said Michael Rudin, vice president of Rudin Management Company, which has developed The Greenwich Lane along with Global Holdings.

In fact, The Greenwich Lane is only one of the latest New York condominiums to adopt The Wright Fit brand to attract health-conscious buyers.

The company, founded by celebrity trainer Jay Wright in 2007, made its residential building debut at 15 Central Park West and was considered to have contributed to the building’s appeal when it opened in 2008. Now The Wright Fit has a client list that features some of the city’s toniest buildings, including 432 Park Avenue, 56 Leonard, 50 United Nations Plaza and 443 Greenwich.

The Wright Fit has also expanded to the West Coast. Ten Thousand, a new residential building in Los Angeles, features a cantilevered, glass-enclosed Wright Fit-branded fitness center, overlooking Beverly Hills and Downtown Los Angeles. Its Wellness and Performance Program, led by fitness veteran, Lakei Herman, is designed to provide residents with personal training, injury prevention and rehabilitation, nutritional guidance, as well as stress and time management.

In San Francisco, Mr. Wright designed the 7,000-square-foot fitness center at LUMINA, a 656-unit luxury tower soaring above San Francisco Bay. The fitness center is equipped with both yoga and high impact aerobics studios, a 70-foot lap pool and a 20-foot rock climbing wall. The building itself, completed in 2016, is designed by world-renowned Bernardo Fort-Brescia of Arquitectonica in collaboration with Heller Manus, a San Francisco-based architecture firm that has a wide-range of residential portfolio both in the U.S. and China.

In striking a balance between exercise and relaxation, Miami luxury developers have invested in spas and water features. At Missoni Baia, a waterfront luxury condo tower in the Edgewater neighborhood slated for completion in summer 2020, the residents-only spa, comprising of 2,825 square feet, will be one of the largest spas in Miami. It’s conceived by the designers of Aman Spas, with interiors by New York-based Paris Forino.

Fitness amenities include a 1,700-square-foot gym with 180-degree view of Biscayne Bay views, an Olympic-sized lap pool and an elevated tennis court.

Another new luxury condominium in Miami’s Bal Harbour neighborhood, Oceana Bal Harbour, boasts a world-class spa operated by the WTS International. The members-only spa includes a sauna and steam room, as well as a meditation pavilion for yoga and pilates classes. There is a sparkling pool and a state-of-the-art fitness center overlooking the oceanic horizon through its floor-to-ceiling glass windows.

The 240-unit tower also offers residents a private restaurant, Ballerina, run by Philadelphia-based Starr Catering, which will operate in synergy with the spa by offering “eating-conscious” and farm-to-table selections.

And back in New York, 50 West, a new 64-story condominium in the heart of Downtown Manhattan, which opened earlier this year, has hired husband-and-wife duo Michael and Thea Wittich, fitness gurus and founders of WittichFit, to assemble and staff its fitness amenities.

Designed by architect Helmut Jahn and interior designer Thomas Juul-Hansen, the tower has four full floors dedicated to fitness and wellness, including state-of-the-art training facilities, spin and yoga studios, a golf simulator, a subterranean ‘Water Club’ equipped with a 60-foot lap pool, a hot tub, a sauna and steam room, spa and an entertainment floor.

“What’s going to set us apart is how the space is used,” Mrs. Wittich said. “We strive to provide a sense of community through a range of programs, including yoga for children or nutrition classes by local farmers.”

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Haute Secrets: Edgardo Defortuna Shares His Guide to Miami

Founder and president of Fortune International Group, Edgardo Defortuna has become an esteemed leader in high-end luxury real estate in Miami, with global reach in Latin America and Europe. In 1998, alongside his wife, Ana Cristina, the couple launched their luxury-development arm shaping Miami’s landscape into what it is today — with breathtaking projects like The Ritz-Carlton Residences Sunny Isles Beach, Auberge Beach Residences & Spa Fort Lauderdale and Hyde Resort & Residences. Haute Living caught up with the real estate tycoon and uncovered some of his haute secrets to living in Miami.

Where were you born: Buenos Aires

How long in Miami: 32 Years

Neighborhood: Key Biscayne

Occupation: CEO

Favorite Restaurant: Cipriani

Best Sushi: Zuma

Best Italian: Caffe Abbracci

Best dessert: Tres Leches, Hillstone

Best place for a romantic date: My living room

Best Sunday brunch: Grand Bay Club at Key Biscayne

Best place for a power business meeting: Coya, Brickell

If you have out of town guests, which hotel would you recommend? 1 Hotel, South Beach

Favorite shopping venue/boutique: Bal Harbour Shops

Favorite place to buy jewelry/watches: Hublot

Best Spa: The Standard

Favorite Charity Event: United Cerebral Palsy, South Florida

Favorite Cultural Event: Art Basel

Favorite Cultural Institution: PAMM

Best Steakhouse: Capital Grille

Best Pizza: Puntino Pizzeria, Key Biscayne

Best Lunch: Baires Grill

Best Gym/Athletic Facility: Equinox

Best Massage: My wife

Best Limousine/Driving Service: Aventura Limousine

Best Museum/Exhibit: Julio Le Parc, PAMM

Describe your city in three words: It is hard to say in just three words, Miami is: Exciting, Vibrant, Current, Trendy, Modern, Smart

Favorite historic/legendary place to see or explore: Vizcaya Museum & Gardens

All-around favorite spot in Miami: Key Biscayne

Best Aspect of Miami: Miami’s diversity and culture

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Edgardo Defortuna Receives Haute Residence’s “Florida Titan of the Year” Award

The biggest developers and brokers in East Coast real estate joined Haute Residence, as it hosted its 2017 Luxury Real Estate Summit at New York City’s CORE: Club, on April 28, to discuss what’s next for the New York City and South Florida homebuyer.

With notable names, like Don Peebles, Ugo Colombo, and Senada Adzem, the event featured three panels––the NYC Titans of Business, Florida Titans of Business, and Power Brokers––moderated by Peter Grant of the Wall Street Journal, and Jennifer Gould Keil of the New York Post.

Beginning with the NYC Titans of Business, which included Bruce Eichner, Elie Hirschfeld, Billy Macklowe, Mitchell Moinian, Don Peebles, Michael Stern, the panelists discussed from where major capital has been coming in recent years, as well as the target markets for investors.

“Over the years, you’ve seen that maturation of the global markets and how the global markets have become one,” Macklowe said. “So, it’s really hard to pull New York out of that… we now stand as the safe haven capital market, globally. And you’ve seen such diversity and inflows of capital from all over the world… and that has yet to really pull back.”
The Power Brokers panel followed, with Senada Adzem, Noble Black, Stephen G. Kliegerman, Dolly Lenz, Adam Modlin, Lauren Muss, Neal Sroka, and Cody Vichinsky.

Commenting on what type of buyer has been investing in the New York City market, Adam Moldin said, “I’ve actually seen more recently that some of the most important buyers in the market are domestic buyers. That’s what I’m seeing as a trend¬: fewer of the foreigners at the high end of the market, and more domestically.”

Concluding the summit, the Florida Titans of Business––Louis Birdman, Ugo Colombo, Edgardo Defortuna, Shahab Karmely, and Dan Kodsi––spoke about their respective residential developments that are going up in and around Miami, as well as the current state of the market.

One Thousand Museum developer Louis Birdman highlighted the draw of the project: “We had an opportunity to acquire a site that was very sought-after… it was probably the single most important skyscraper site in downtown Miami because of its location… Because the units are so large, we’re attracting buyers who are coming from all parts of the world, and domestic, that would typically come to Miami to buy a big house on the water somewhere.”

Lastly, Defortuna recieved Haute Residence’s “Florida Titan of the Year” award.

Haute Residence’s most recent magazine issue, showcasing The Moinian Group’s Sky residential development, a design collaboration with New York Knicks’ Carmelo Anthony, as its cover story, was distributed at the event.

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Related, Fortune Pay Off $102M Loan For Hyde Resort & Residences In Hollywood

The Related Group and Fortune International Group have paid off their $102 million loan for Hyde Resort & Residences in Hollywood, marking one of the first large construction loans to be repaid in Broward County this cycle.
BREDS II Loan Holdings, an affiliate of the Blackstone Group’s Real Estate Debt Strategies fund, provided the loan in 2014 – at a time when some banks were still reluctant to issue real estate debt. It was repaid about eight months ahead of its due date, Carlos Rosso, president of Related’s condo development division, told The Real Deal.

In December, Dezer Development announced it had paid off its $214 million construction loan for Porsche Design Tower in Sunny Isles Beach, which it secured from Wells Fargo in 2013.

Hyde, a $360 million condo and hotel development at 4111 South Ocean Drive, opened earlier this year with 40 condo units and 367 condo-hotel rooms, an Emena spa, and the Terrazas at Hyde Hollywood restaurant, pool bar and cafe. Prices ranged from $750,000 to $2 million.

Rosso expects to close out the project in the next 60 days. So far, about 206 units have closed to investors from Latin America, Europe, Turkey, Canada and the U.S. The units, part of a hotel rental program, provide income to their condo-hotel owners.

Records show a Fortune affiliate, led by Edgardo Defortuna, paid $23 million for the property in 2005, then Related paid $17 million for its interest in the site in 2013. Rosso said Related is “very bullish on the area. We still think there’s tremendous value in that location.”

The Miami-based developer said it’s making a combined $620 million investment in Hollywood Beach for Hyde Hollywood and Hyde Beach House, which launched sales in 2014 and 2015, respectively. Hyde Beach House, which is also being developed by 13th Floor Investments and Key International, is 70 percent sold, according to Related.

Other projects in the area include the $180 million condo-hotel Meliá Costa Hollywood Beach Resort and Sage Beach, which was completed in September.

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Trump, The Russians, And The Future Of Ultra Luxury Real Estate

Whatever your political optics no one can avoid the word “Trump” these days. So amid all of the executive orders, cabinet hearings, and media ju-jitsu doesn’t anyone else find it surprising that we haven’t heard much about the segment of the economy closest to the new President’s heart: luxury real estate?

If the sparkling, new multi-million dollar Sunny Isles Ritz-Carlton Residences sales center just north of Miami Beach is any indication of what the “Trump Effect” means for international real estate investment in the U.S., it’s already giving it a nice tailwind. It’s also a telling symbol in some ways of what a Trump Presidency represents economically and globally from the outside in.

Even during the Great Recession and Trump v. Clinton, luxury American real estate never lost its appeal to high net worth international buyers, particularly from emerging economies like Turkey, Brazil, Russia, and China. The U.S. dollar and stock markets remain strong. The rule of law still prevails. And despite recent financial disclosure requirements for residential purchases over $5 million, the American pied-a-terre is still one of the world’s safest (and most enjoyable) financial investments. Miami and Beverly Hills are also a lot more climatologically hospitable than Europe in the winter (sorry London).

That this inflow of high net worth international buyers—and capital—into the U.S. might increase with real estate mogul-cum-President Trump now in office has many developers cautiously buzzing.
“We weren’t hedging our bets on the election outcome,” says Edgardo Defortuna, President and CEO of the global real estate development company Fortune International Group, which is spearheading the Sunny Isles’ Ritz-Carlton Residences. “But on a real estate basis a lot of us (developers) are very happy. If Trump wants to give the economy a jump start through infrastructure and taxes and making investment in the U.S. more attractive it’s definitely going to have a positive impact on the real estate market so from that point of view I’m very optimistic.”

It’s actually a bit of surprise that some investors and developers are getting bullish on the U.S. luxury real estate market so soon after an election, particularly in South Florida.

Over the past year luxury properties in Miami-Dade County have taken a beating. Zika, a strong dollar, continuing economic instability in parts of Latin America, and white hot over-supply since the Great Recession have all combined to pummel luxury prices and sales down by almost 20% year over year since 2015. And despite the Dow climbing towards 21,000, uncertainty remains with respect to President Trump’s upcoming policy directives on taxes, deregulation, the EPA, and immigration—all of which have a direct impact on the ebb and flow of international real estate dollars.

So why is Defortuna, who recently secured another $163 million in construction financing for his 52-story sail-shaped beachfront tower, so optimistic?

The Bear (Market) Is Back

For starters, say many people on the ground in Miami—the “Russians”.

Notwithstanding the recent resignation of General Flynn as National Security Advisor over his conversations with the Russian ambassador, the mere possibility of a Trump “reset” with Putin and a diplomatic thaw appears to be breathing oxygen back into the Russian appetite for American real estate. In the months leading up to the 2016 U.S. Presidential election—just as the Defortuna was breaking ground on his Ritz-Carlton Residences project— the number of Russian buyers searching for luxury properties in Miami-Dade County surged to its highest level since 2013.

High net worth Russian buyers largely went soft during the Obama administration. So the current Russian reset has potentially far reaching implications for U.S. foreign investment, the domestic construction economy, and the continued growth of speculative real estate markets in coastal cities like Miami, New York, and Los Angeles where the most expensive buildings are often occupied by up to 70% in-absentia, foreign “residents”.

“Just the possibility of Trump becoming President was a catalyst to what you’re seeing happening now in Miami real estate when it comes to Russian buyers,” says John Harris, Managing Partner and Chief Wealth Advisor for Coral Gables Trust which represents dozens of high net worth international clients, including many Russians.

“Trump early on back in the 1980s made entrees into the Russian market in terms of soliciting buyers for his condominium buildings. Those connections with very high net worth Russians haven’t gone away. Now he’s the President of the United States. So if you’re an affluent Russian with the ability to invest somewhere in the $1 million to $10 million price range in a luxury property outside of Russia, there’s a feeling in general that his administration is going to be favorable to real estate interests.”

Say Hello To My “Little Moscow”

Few places is this on display more overtly than Sunny Isles, Florida known since the 1990s as Miami’s “Little Moscow” when the first wave of wealthy Russians started snatching up waterfront condominiums here. In many restaurants and bars you’ll hear more Russian than English and find Borscht, Chicken Kiev, and Siberian Pelmeni on the menu above the spiny lobster. There are two Trump branded developments in Sunny Isles within blocks of one another.

It’s difficult to say how much politics—or Russia—is involved in Sunny Isles’ currently screaming hot luxury real estate market. Many of the current projects wrapping up or breaking ground, including the Muse Residences, Turnberry Ocean Club Residences, and the Porsche Design Tower, were on the boards long before Trump contemplated a Presidential run. But everyone locally seems to think that Trump’s possible rapprochement with Putin—and the potential relaxing of economic sanctions with Russia—will only add more heat to the market.

Ironically, courting Russian buyers wasn’t part of Defortuna’s development calculus. Because it didn’t have to be. He has the best piece of the property on Sunny Isles’ beach—the first building north of Bal Harbour with protected land and waterfront stretching almost two miles to the south. His brand partnership with Ritz-Carlton excluding a transient hotel component also ensures that his residents get the ultimate hospitality experience without the constant traffic and having to wonder who their neighbors are every weekend—a rarity in some parts of Miami these days.

But a potential resurgence of high net worth Russian buyers into Miami doesn’t hurt, Defortuna says.

Part of the rosy Russian forecast for American luxury real estate is purely economic. After years of enduring a weak rubble, sluggish growth, and recent financial sanctions, Russians’ purchasing power is coming back.

“Russia was turning the corner in many ways economically even before the election and the possibility of relaxing sanctions was even theoretically put on the table,” Harris explains. “Russian GDP is forecast to grow by 1.3% in 2017 and 1.8% in 2018. That’s a lot faster than most other countries who have traditionally invested in U.S. real estate so there are going to be a lot of developers especially given the Trump Presidency who will be looking hard at the Russian market and Russian buyers on pure economic terms since many Latin American countries are still struggling.”

The other part of the Russian real estate resurgence never left, says Harris. “Russians just like the culture in Miami. The beaches, the high-end shops, South Beach, Bal Harbor, the gourmet restaurants, that’s all appealing to them in a quasi-European kind of way so beyond just the financial stability of the investment in real estate here, Russians like the lifestyle. I’d expect the ‘Russian factor’ to have a significant impact on Miami real estate for a while as well as places like LA and New York.”

Defortuna agrees. While he’s wary that Trump’s stance on immigration could scare away some potential buyers, particularly from Mexico and the Middle East, he also knows that the potential Russian offset could be key to selling his building out.
“The Russian factor is very real,” says Defortuna, who works with a global network of brokers to market his properties specifically to Russian buyers among others. “Especially in Sunny Isles which was very attractive to Russians in the previous cycle. The past administration wasn’t very favorable to people from Russia. But with a better investment climate, better access to the U.S., and a growing economy that could all change very quickly.”

You Can’t Put A Price On Privacy

The potential Russian reinvigoration of the U.S. real estate market also points to broader trends that can be expected from the Trump Administration, say many investment and tax experts.

“A number of factors are driving non-resident, international buyers to continue investing in U.S. real estate,” says Bill Rohrer, an international tax partner at Duane Morris LLP, whose practice includes planning for inbound foreign U.S. investment. “Some of the increase in interest you’re seeing right now is more ‘expectation’ than anything else. We have deregulation taking place, we have a commitment for more infrastructure, and because of the possible reduction of individual tax rates and the repeal of the estate tax a lot of wealthy non-residents are going to be interested in moving permanently to the U.S., bringing their families here, and becoming residents. As much as Trump may be anti-immigration, I don’t think he’s going to be anti-immigration of the wealthy. This is all going to encourage real estate investment especially in the coastal cities like Miami, New York, and Los Angeles.”

While this is good news for developers and cities that would love the extra property tax revenue, it revives a long-standing concern about where all that international money is coming from—especially when it comes to Russia.

That some of Russia’s money invested in U.S. real estate may not have originated from the purest sources has never been in doubt. But Rohrer is quick to point out that, while tax evasion and dirty money are real issues, most international buyers investing in a second, third, or fourth residence in the U.S. are looking for the “privacy premium” above all else.

“In many countries no matter how much you’re worth,” says Rohrer, “You’re on a roller coaster when it comes to the domestic investment economy. But it’s often the security concerns that are first and foremost for (my clients). Kidnapping and extortion are still very real issues in a lot of Latin American and other countries. So when many international buyers are looking for ‘privacy’ it’s not that they’re looking to hide anything or avoid paying taxes. It’s about their family’s safety because once the government knows what you have in some countries you never know where that information goes or how it’s going to be used.”

So what’s the scorecard so far on President Trump when it comes to luxury real estate? Apolitical and optimistic, says Rohrer, noting that a growing economy for any reason is something that all Americans should be happy about. All buildings create jobs.

“Most people outside of the U.S. are betting that Trump won’t be self-destructive, that he’ll be more methodical—not necessarily in what he says—but in what he does,” Rohrer speculates. “The cabinet members he’s selected all know about wealth creation, about creating the environment for investment. He’s surrounded himself with smart people. And investors are showing that they’re generally feeling good about that, particularly in the real estate markets.”

Regardless of what the Russians do, Defortuna’s Ritz-Carlton Sunny Isles Residences will likely sell out within the next few months. It’s already 65% pre-sold, including three full floor penthouses on the 48th, 51st, and 52nd floors which have already gone under contract for $8.9 million, $21 million, and $16.5 million respectively.

Meanwhile anyone who wants to give President Trump any credit for the cautiously improving luxury real estate market is probably doing it in private.

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Why Miami Luxury Developers Are Targeting Toronto Buyers

Wealthy Canadians love Florida luxury real estate, but have been largely ignored by Sunshine State developers and brokers. A new JV between Toronto’s Milborne Group and Miami-based Pordes Residential is aiming to change that.

The two brokerages have joined forces to attract high-end Canadian purchasers to Florida projects, starting with two ultra-luxe Miami offerings: The Ritz-Carlton Residences, Sunny Isles Beach — developed by Fortune International Group and Château Group (whose principals are pictured above) — and Fendi Château Residences, by Château Group. “Canada’s been overlooked in marketing efforts from sales groups like ours,” said Pordes CEO Mark Pordes, in town last week to unveil the partnership. “We keep hearing about Canadians buying in Florida, yet no one has been coming up here and putting forth any real effort.”

Business has been booming in Miami, but the market has been “heavily weighted with South American buyers,” Pordes said. He’s known Hunter Milborne, whose firm is Toronto’s top condo brokerage, for years and tried to make an alliance before. “But it was difficult.” Milborne’s firm has worked on 700 developments and has a 20% market share of all new condos sold in the GTA, including 5,200 units in 2016. Recently, Milborne came south looking to purchase a Florida property. He ended up buying a suite at the Ritz-Carlton, and along the way forged an alliance with Pordes’ team to convince other Canadians to follow suit.

The Ritz-Carlton Residences — now under construction — will be 52 stories with a beach restaurant, two pools, kids club, spa and fitness centre, but no hotel. Fendi Chateau Residences (above), a 12-story beachfront boutique project near Bal Harbour, has 57 residences (plus a pool whose bottom rises up to become a dance floor). The robust Canadian market is ripe for Florida developers to court, said Pordes’ vice president Adam Kaufman. Canada overtook longtime leader Colombia to become the top international country using MiamiRE.com, according to Kaufman, and Canadians represent 32% of all foreign buyers in Florida.

Pordes’ group plans to be a constant presence here in coming years, opening a dedicated Toronto office, expanding the portfolio of projects for sale, and bringing on board more local sales agents. “Toronto brokers will know about us,” he said. “The ones who are smart are going to say, ‘How do I sign up to be a part of your network?’ [Having access to Miami luxury listings] gives them a certain status.” Canadians are natural buyers of Florida real estate, and Pordes is confident teaming up with Milborne — whose local connections and influence are unparalleled — will yield lucrative results. “We think we’ll have a good capture rate. We’re feeling very positive.”

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Auberge Beach Fort Lauderdale approaches sellout in north tower

Auberge Beach Residences & Spa Fort Lauderdale is approaching a sellout in its North Tower while announcing $54 million in sales over the last 45 days for the two-tower luxury oceanfront development.

The North Tower, which is expected to be completed this year and will feature a Michelin-starred restaurant, is 90 percent sold. The South Tower, along with its full-service spa, is 45 percent sold and is expected to be delivered in 2018.

A penthouse sold last Spring for just under $9 million. Totaling 171 units, the project is a collaboration between The Related Group, Fortune International Group, and Fairwinds Group.

Miami Dolphins legend Dan Marino and The Related Group CEO Jorge Pérez are among the notable buyers.

Another Auberge-branded project is in the pipeline in Miami, but isn’t experiencing quite the same level of success amid a slowing market. It was announced last summer construction could be on hold until late 2018.

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Fortune hires Jim Cohen to lead new development sales

Edgardo Defortuna’s Fortune International Group brought on Jim Cohen to lead all development sales, replacing a role previously filled by Andres Asion, as the firm prepares to launch several new projects this year.

Cohen was brought on at the start of 2017 as senior vice president of development sales, he told The Real Deal. He previously handled sales for the Four Seasons Hotel & Private Residences in Fort Lauderdale, and before that the St. Regis Hotel and Residences in Bal Harbour. Cohen also worked for Turnberry Associates for 17 years.

At Fortune, he’s now leading sales for the company’s nearly $9 billion portfolio of new development sales, which includes projects like Naranza at Edgwater and Jade Signature. This year, Fortune’s sales and marketing arm will launch four third-party projects within the next two months, in areas like Wynwood, Coconut Grove, Miami Beach and the Miami River. The developer may also launch a project of its own by the end of the year depending on market conditions, Defortuna said.

Asion, who previously handled Fortune’s new development sales, left the company at the end of July to return to his company Miami Real Estate Group to capitalize on the condo market slowdown, and branch out beyond new development sales. Around the same time, Fortune brought on Susie Glass from Douglas Elliman as vice president of marketing to replace Andrea Greenberg’s role.

Preconstruction sales have remained stagnant in recent months, but Defortuna said the slowdown didn’t affect prices. He said there’s room for negotiating, but price cuts are not happening across the board. Both Defortuna and Cohen said sales will bounce back this year, but that they are up to 50 percent off the peak. “Sales are very good considering the conditions of the market,” Defortuna, Fortune’s president and CEO, told TRD. “We’re very optimistic that Miami is still very healthy and preparing for the next wave.”

The traffic of buyers at sales centers and contracts signed since the start of the new year are both up for Fortune, Cohen told TRD. “I think everyone is reloading their ammunition,” he said.

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Flow rider: Nichols Brosch Wurst Wolfe designs a cascading East Coast condominium

For anyone who knows even a little about large-scale real estate development, long planning and gestation periods are par for the course. Sometimes – as in the case of Auberge Beach Residences & Spa – these delays can be serendipitous.

Comprised of two asymmetrical towers, one of which almost seems to cascade like white crystallised lava towards a huge glassed atrium, the condominium is handily located on a pristine, untouched five-acre ocean-front block of Fort Lauderdale Beach that was once the site of local landmark Ireland Inn.

‘When we first designed it as a mixed-use project,’ says Bruce Brosch of architects Nichols Brosch Wurst Wolfe, ‘we were pre-recession – the lower north tower was a four-star hotel, and the taller south tower was a condominium. Then the project went to sleep for several years. When it came back to life, the north tower was changed to a condominium as well.’

Its earlier incarnation as a hotel has endowed the Auberge with an unusual amount of generously proportioned public spaces and hotel-style amenities. The architects were also careful to position and orient the towers in a way that minimises the shadow-fall on the beach. ‘The closer to the north property line, the lower in scale the north tower gets,’ says Brosch.

Meanwhile, the project’s lead developer, The Related Group, was canny enough to tap hotel management company Auberge to manage and service the units and amenities, including the soigné spa.

The Meyer Davis-designed units themselves are palatial. Rooms with almost 10ft high ceilings open out onto oversized terraces, some of which feature private plunge pools, overlooking Fort Lauderdale and the Atlantic, while the kitchens are kitted out with Sub-Zero and Wolf appliances.

With prices starting at $1.5m and inching up towards the $10m mark, The Related Group is particularly bullish about the Auberge. ‘Nothing like this will ever be possible in Fort Lauderdale again,’ says its vice president, Patrick Campbell. A case of all’s well that ends well, it seems.

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Edgardo Defortuna Honored As “Entrepreneur Of The Year” By The Argentine-American Chamber

Fortune International Group’s Edgardo Defortuna was honored as “Entrepreneur of the Year” at the Argentine-American Chamber Gala this past May.

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Edgardo Defortuna Named “Power Leader In Real Estate”

South Florida’s Power Leaders in Real Estate truly have transformed the region’s landscape and skyline.

They are the developers who turned beachfronts and downtowns into iconic luxury or business destinations; the homebuilders who created neighborhoods out of vast swaths of open lands; the engineers, architects, and planners who maximize use of space; and the commercial builders and real estate brokers whose deals helped bring tenants and buyers to South Florida.

This year’s list features 17 executives who did not make last year’s class, but whose efforts to transform the region helped them rise to the top.
There are certainly more executives that likely could have qualified for this list, as South Florida is known for its thriving real estate industry. But we keep the list to 100 and attempt to “share the wealth” and feature as many new Power Leaders as we can.

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Miami’s condo market continues to be global magnet

Miami’s condo market continues to be a strong magnet for international investment, but many brokers say the line between residents and investors may now be fuzzier than ever.

Christian Kawas, director of luxury sales at Douglas Elliman, says condo buyers today fit into one of three categories that are about equally populated.

“From what I see and what I’m hearing from developers,” he says, “about a third are buying for their own use as a permanent residence, a third for a second home and a third as an investment to rent out.

“Over the past two years rental inventory had been extremely low, so this is a very sought-after alternative.”

That three-way split applies to the Greater Miami market as a whole, Mr. Kawas says; specific areas vary widely. Investors are much more prevalent in downtown, Brickell and Miami Beach, he says, “but if you go to Doral or Coral Gables or Coconut Grove there’s a much higher percentage of end-users – probably more like 60% end-users and 20% for each of the other categories.”

Investors, Mr. Kawas says, can be further broken down into several different types.

“Some,” he says, “are buying in the lower to midrange price point – under $1 million – and are looking for a return of 5% to 7% or 8%. Then there are high-end buyers who are looking for more upside and capital preservation; they are happy with a lower return.”

A third trend that is gaining momentum, Mr. Kawas says, is “a marriage between second homes and investment. For example, 60% of units at 6080 Collins Ave., which launched in August, are reserved, most of them by investors.

“There’s a very high demand for properties with very liberal rental policies that will allow them to use it for a couple of months as a vacation home and then rent it out the rest of the year.”

Edgardo Defortuna, president of Fortune International Realty, says the trend for foreign investors to live in their units part of the year is particularly strong in Miami Beach, where he estimates about 65% of condos are owned by buyers from other countries.

“They will spend two or three months here,” he says, “or the family will move here while the man of the house moves back and forth. This is happening much more, especially with investors from countries such as Venezuela and Brazil.”

As much as 85% of buyers of new product in the central business district and along the Biscayne corridor are investors, Mr. Defortuna says, and will likely put their units on the rental market.

“Doral, which is heavily populated by Venezuelans, is an exception,” he says. “Most plan to stay here if they can figure out a way to become permanent residents.”

ISG principal Craig Studnicky calculates that countywide the ratio of absentee to permanent condo owners is about 40/60.

“It was higher 10 years ago,” he says, “but many now have their green cards and live here permanently or are early retirees from the New York area.”

While Brickell buyers are almost exclusively from South or Central America, Mr. Studnicky says, “moving north to Aventura and Sunny Isles there’s a bigger mix of people from the Northeast.”

Miami sees two annual influxes of snowbirds, he says – “those from the Northeast, who are here now, and South Americans who come here to escape their winter in June, July and August. So none of these buildings is ever fully occupied.”

EWM’s David Siddons cautions against too much generalization. While he says his impression is that the downtown-Brickell market where he is active is about 80% either snowbirds or investors renting their units out, “that said, a number of buildings such as The Palace, Santa Maria or buildings on Brickell Key are not anywhere near that. They are family-friendly buildings that attract primary residents.”

Like many other brokers, Mr. Siddons says, he is seeing more clients in the past three years who initially planned to live in their unit for only a couple of months a year but “end up using it a lot more than they ever anticipated.”

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Fortune International and Savills announce partnership

Global RE firm has more than 600 offices and 30,000 employees
August 13, 2015 09:45AM

London-based Savills PLC and Miami-based Fortune International Group have formed an alliance, Fortune announced on Thursday.

“The Miami real estate market is now one of the strongest and most international residential markets in the world, making Fortune’s membership of an international network all the more relevant,” Rupert Sebag-Montefiore, head of global residential for Savills, said in a statement.

Savills, which is listed on the London Stock Exchange, has more than 600 offices and 30,000 employees in Europe, Asia Pacific, Africa, North and South America and the Middle East. Savills acquired Studley in 2014, which is now Savills Studley.

Fortune International Group and its brokerage, Fortune International Realty, have about 1,000 associates in 15 offices in Florida, as well as a presence in Latin America. Eighty percent of its sales in the last two years have been to foreign nationals from 82 countries, according to a press release.

“Fortune International Group’s expertise in working with international buyers and sellers makes our alliance with Savills an exciting one,” Fortune President and CEO Edgardo Defortuna said in the release. “Our strong US and Latin American presence complements Savills’ reach into other parts of the world.”

Fortune has worked as the exclusive sales and marketing firm for projects such as Jade Signature, the Ritz-Carlton Residences Sunny Isles Beach and Hyde Resort & Residences in Hollywood.

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South Florida Business Journal

Edgardo Defortuna came to the U.S. from Argentina simply to master English. But he ended up altering Miami’s skyline with his own projects and by finding foreign investors for others.

Defortuna’s Fortune International Group, which has more than 1,000 real estate agents worldwide, specializes in generating a buzz for Miami projects overseas. The brokerage also has a commercial real estate division.

Fortune International’s development arm is involved in projects with a cost of about $2.5 billion, including Jade Signature in Sunny Isles Beach, Hyde Resort & Residences in Hollywood Beach, Auberge Beach Residences & Spa in Fort Lauderdale and the Ritz-Carlton Residences Sunny Isles Beach.

Defortuna said the strengthening of the U.S. dollar against many foreign currencies has caused a slowdown of buyers in parts of Miami, but there’s still tremendous opportunity for growth in the city, and real estate there is a good value compared to other major world cities.

What was your first job? I was an electrical design engineer for my father’s company in Argentina. … I always looked forwarded to studying engineering – until I figured out this business was a lot more profitable.

How did you end up in real estate? My dad started diversifying in real estate and had some assets in different classes in his company. I helped him manage those assets, and that really increased my desire and understanding for real estate development.

Why did you move to the U.S.? I came with my sister about 30-some years ago to do an English as a second language course for three months. I thought I would go back to Argentina. I loved the lifestyle so much, they are still waiting for me to come back. The safety, the level of professionalism, and both the physical and financial security was significantly better than in Argentina, and the parameters to do business in the U.S. were more stable.

How did you start your U.S. business? I started a real estate brokerage and management firm. That led to a big real estate brokerage and marketing organization that developed into the development side of the business.

Who helped you learn the ropes? My first big development was with a joint venture, Jade Residences at Brickell with Swire Properties. Steve Owens was very helpful and open to teaching me the key components of real estate development.

Who are your favorite architects? I am somewhat biased, but I love to work with Herzog & de Meuron, the Swiss architects who are designing Jade Signature for us. I am also a fan of Carlos Ott, who designed Jade Ocean, [and] Bernardo Fort-Brescia from Arquitectonica. He always comes up with creative solutions.

Where are your favorite vacation spots? I love skiing in Colorado in the winter. The south of France – pretty much anywhere there – is beautiful in the summer. I must have been Italian in my past life because anywhere in Italy is wonderful for me.

Which areas in South Florida do you expect to have the most growth in property values over the next five years? I’m a huge fan of Sunny Isles Beach because, if you compare that on the ocean to values a few minutes south in Bal Harbour or South Beach, then it has tremendous growth appreciation potential. Edgewater and the Biscayne corridor from 21st to 36th streets is attractive for waterfront property. Fort Lauderdale is coming up and will eventually mirror the values we are getting in Miami.

How has your firm been so successful at reaching international buyers? [With] a lot of work and consistency … attending events, seminars and fairs, and being [at the forefront] for over 25 years. It’s about relationships and people trusting you to provide the right products and services. In some cases, we have offices in Argentina, Brazil, Mexico. In others, our international team of 12 to 15 brokers from Miami travel all over the world. We have people who understand their idiosyncrasies and speak their language.

EDGARDO DEFORTUNA

Age: 58

Born: Buenos Aires, Argentina

Residence: Key Biscayne

Current position: President and CEO, Fortune International Group

Current boards: University of Miami, Argentine American Chamber of Commerce of Florida

Education: Electrical engineering degree, University of Argentina; M.B.A., University of Miami

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Edgardo DeFortuna Awarded Residential Developer of the Year At The South Florida Real Estate Achiever & Leaders Awards

W. Allen Morris says Miami is not immune from another “boom and bust” cycle nor can it see valuations of property sustained but developers should feel positive about the future if they maintain memory, remain balanced and strive for adaptability.

Giving the keynote address for the fifth annual South Florida Real Estate Achiever and Leaders awards March 27 at Jungle Island, the chairman and CEO of the Allen Morris Co. said the real estate market is much like the stock market, where the only constant is change. Mr. Morris referenced a recent report about the condo market that indicates Miami is overbuilding.

“This was disturbing to a lot of people,” he said. “I think it’s a positive thing to say.”

Mr. Morris said only one-third of announced condo projects were built in the last cycle. “As developers with less experience pause for the condos to be absorbed, the more profitable the market will be,” he said. “We’ve laid a great foundation for positive change and growth in Miami and we’re looking at that in the residential market.”

Also positive is the condition of the retail market with a 3.5% vacancy and more projects coming online, Mr. Morris said, along with the office market, where he characterized the numbers as ones “we never thought we’d see” with 100 million square feet represented and 11.6% vacancies.

“I think about real estate as long-term and it’s very exciting in every sector long-term,” Mr. Morris said. What’s most important for Miami going forward, he said, is that its developers keep a memory of past cycles and “not get sucked in by the hype;” maintain a sense of balance, which will discourage gross overbuilding; and search for adaptability by continuing to learn as a community and as individuals.

“We must challenge our brand and adapt to a changing world,” Mr. Morris said.
Leadership awards were given to:

• Tere Blanca, founder, president and CEO of Blanca Commercial Real Estate Inc., for individual commercial real estate broker, with special recognition for Rodney C. Langer, president of Investors CRE Inc., in the same category.

• Robert Given’s CBRE South Florida multifamily brokers for commercial real estate broker team.

• Chad Carroll, executive vice president for Douglas Elliman, for residential real estate broker.

• Avra Jain, who has developed 26 boutique projects, for commercial developer.

• Edgardo DeFortuna, president and founder of Fortune International Group, for residential developer.

• Steven Cohen, executive vice president of commercial real estate at Sabadell United Bank, for real estate finance.

The chamber also recognized Stephen Owens, president of Swire Properties Inc., with a lifetime achievement award.

Finalists for the other awards were Christian Lee, CBRE Inc.; Jack Lowell and Adriana Rosillo, Pointe Group Advisors; Ike Ojala, Jorge Portela and Hermen Rodriguez, HFF LP; Anthony Askowitz, RE/MAX Advance Realty; Nancy Batchelor, EWM Realty International; Stiles Construction; The Plaza Group/The DevStar Group; The Related Group; Jim Dockerty, HFF LP; and Charles J. Foschini, CBRE Inc.

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The Real Deal

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South Florida Business Journal

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International Real Estate

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Edgardo Defortuna Presented With CEO Of The Year For The Miami-Dade SFBW Apogee Awards

2014 APOGEE AWARDS

Welcome to the inaugural Apogee Awards, a tribute to the success of twenty-four C-level executives throughout South Florida.

The region has many business awards programs, but this one is unique. Rather than having an awards program for each position, such as a CEO awards program one month and a CFO awards program another month, we thought it would be great to bring in the C-suite for our awards program, which was held on Nov. 6 at the Museum of Art Fort Lauderdale.

For example, this allowed the chairman of one company to meet and network with a chief marketing officer from another company or the top HR executive of one company to meet the CEO of another company.

We think there is a huge benefit in allowing these savvy, driven achievers to be able to share important experiences, challenges and lessons learned. South Florida has a broad geographic sweep, so it is rare to have this group all in one place at one time.

How did we get to twenty-four honorees? It’s simple math: Eight categories and one honoree in each county per category.

To get our nominations, we sent emails and did outreach throughout the South Florida business community. Our editorial staff did substantial research to help vet the quality and achievements of our honorees.

One of the things we like about the Apogee Awards is that it gives widespread public recognition to positions that often play key behind-the-scenes roles in the success of a business. Chief operating officers and chief marketing officers, for example, can be incredible drivers in the success of a business, but often are not highly visible public faces.

All of this would not be possible without our sponsors. Special thanks goes to presenting sponsor Mitch Kramer and his Octagon Family of Recruiting Companies (including its divisons of Octagon Technology Staffing and Octagon Professional Recruiting).

We would also like to thank our additional sponsors, BankUnited, Index and DataFile, Coral Gables Trust and the Museum of Art Fort Lauderdale.

Top Business Event

Eight honoree categories. Three counties. Twenty-four total honorees representing a “who’s who” of the most accomplished business executives in South Florida! What an exciting event – the 1st Annual Apogee Awards, presented by the Octagon Family of Recruiting Companies in partnership with Lifestyle Media Group and its magazine, South Florida Business & Wealth (SFBW). An octagon has eight sides to it and theApogee Awards is honoring eight in each county. What makes this event so special? Most of the events that I have gone to over the years in South Florida have recognized one category by itself and I think that is great, but when SFBW Chairman and CEO Gary Press and I sat down and started discussing what Corporate America is really about these days, we felt the collaboration of all the C-suite executives being recognized in one function was a powerful statement of how closely departments are working together these days and how critical it is for Finance, Information Technology, Human Resources, Operations, Marketing, along with the offices of the President, CEO, COO, and Chairman to work hand-in-hand to run their companies effectively and with the highest level of success.

The match between Lifestyle Media Group and the Octagon Family of Recruiting Companies (including its divisions Octagon Professional Recruiting and Octagon Technology Staffing) couldn’t make more sense to me. SFBW is an entrepreneurial magazine targeting the South Florida business community with a circulation unmatched by its competitors. Octagon is an entrepreneurial, explosively growing professional recruiting firm with offices in Fort Lauderdale, Miami-Dade, and Boca Raton. SFBW shares cutting-edge information on all types of interesting people and topics in the community. Octagon connects the top-talent in the marketplace with those same companies, specializing in the areas of accounting/finance, technology, human resources, and general search.

On behalf of the entire Octagon family, I am both proud and humbled to have attended this event with such a remarkable group of honorees, many of whom I already know. I would like to personally congratulate each and every honoree for being selected by the editorial panel of SFBW. 2014 marks the first of many years of partnership with SFBW and I want to thank the SFBW team for making this a wonderful experience for us!

Warm regards,

Mitch Kramer, CEO of Octagon

The Honorees are:

Chief Executive Officer
Dade County
Edgardo Defortuna
Fortune International Group

Edgardo Defortuna founded Fortune International Group in 1983 and has grown the company to become a full-service real estate firm recognized throughout South Florida, Latin America and Europe as a leader in high-end luxury real estate.

The firm has sold luxury condominiums across South Florida’s best neighborhoods, including Brickell Avenue, Key Biscayne, Coral Gables, Miami Beach, Aventura and Sunny Isles Beach. The firm has a presence in Brazil, Colombia, Peru, Venezuela, Mexico and his homeland, Argentina.

Defortuna is expanding Fortune’s presence into Europe, with initial focus on such markets as Spain, Britain, France and Russia. He is widely recognized for making a significant contribution to the internationalization of Miami and its reputation as a global business, trade and vacation hub.

Defortuna is a member of the Mayor of Miami’s International Council and serves as president of the Argentine-U.S. Chamber of Commerce in Miami.

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Forbes Magazine

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La Nacion

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Executive Magazine

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Dujour Magazine

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The Real Deal

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Miami Today – Residential Real Estate

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South Florida Business Journal

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South Florida Business Journal – Heavy Hitters

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Florida International Magazine – Power Players

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Miami Herald.com

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Brickell Magazine

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South Florida Business Journal

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Miami Agent

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Nexos

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Poder – 23 under 40

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Key Biscayne Magazine

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Luxury Condo Living

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Ocean Drive

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Diaro Las Americas

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