Casa Tua Miami Expands With New Brickell Condo Tower Named Ora

 
A few short years back, there was a trend of luxury brands diversifying into South Florida condo developments. This ushered in buildings such as Residences by Armani Casa, Missoni Baia, and Fendi Chateau. After this trend set in, we started to see new auto-themed developments, receiving Porsche Design Tower, Aston Martin Residences, and Bentley Residences. It seems that 2022-2023 is bringing us an era of new developments from famous restaurant brands, starting with Cipriani Residences in Brickell, and now Casa Tua’s Ora at 1210 Brickell Avenue.

Casa Tua has long been a staple in Miami’s social scene, operating in both Miami Beach and Brickell. The Brickell location is a well-known food hall that is an anchor in Brickell City Centre, being attached to Saks Fifth Avenue. The more exclusive Miami Beach location is a private members-only restaurant and night club that is one of the most coveted memberships to be granted in the 305. This combination of exclusivity, atmosphere and attention to detail will ring through to the new 70-story tower in the Brickell Financial District.

“Since opening Casa Tua more than 20 years ago, my wife Leticia and I have always dreamt of applying the warmth and soul of Casa Tua to a pioneering mixed-use development,” Casa Tua co-founder Miky Grendene said in a statement.

Inside Ora by Casa Tua

Ora by Casa Tua will include roughly 460 units, two new restaurant concepts, a rooftop lounge and a 24-hour gourmet market. These amenities along with a poolside restaurant, staffed wine bar and activated lobby are designed to appeal to a younger demographic.

“We want a building that connects people, following the pandemic when we were all isolated,” the developer said. “That’s why we created this building with a lot of potential interaction, a lot of programming.”

Since the Grendene’s are skilled in the restaurant and hospitality industries, they will certainly feature the most popular recipes from their Italian eateries, and have partnered with Fortune International, led by Edgardo Defortuna, to bring the concept into a residential mixed-use development.

Mr. Defortuna has announced that the residences will range from 500 square foot studios up to 2,400 square foot residences with four bedrooms. The prices will range from $800,000 to $2.5 million when reservations begin early in 2023. Buyers will be abe to rent their units on a short-term basis.

Once constructed, Ora will be located just across the street from Ken Griffin’s new Class A office tower that will house Citadel Securities. This will make for an incredibly convenient location for corporate visitors, who can use the residences during their stay for work.

Timelines for Ora by Casa Tua

The site for the development is currently in contract, with closing expected early in 2023. Once the site is in the developer’s control, the existing parking garage will be demolished. The office building at 1200 Brickell Avenue, which also is hope to Major Food Group’s  will remain. Construction of the tower could begin at the end of 2023 or at the beginning of 2024, depending upon sales milestones.

As reservations open in early 2023 with Tier 1 pricing, Defortuna said that buyers who enter into early contracts can use the purchase to hedge against inflation since they can lock in the lower purchase price without having to leverage the purchase through a mortgage until 2026. “The perception is that interest rates will be lower,” he added.

If you are interested in a private presentation with specific Tier 1 pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.