An Update On SHVO’s Redevelopment Of South Beach’s Historic Raleigh Hotel And Residences Posted on July 14, 2023March 8, 2024 by Sarah Elles Boggs Rendering of The Raleigh Miami Beach | Image Credit: DBOX for SHVO Coming off of a long and storied past, South Beach’s glamorous and historic Raleigh Hotel is poised for a new era. Under the direction of visionary developer Michael SHVO, the project has privately launched sales of the 44-unit Rosewood Residences at the Raleigh with a new two-story sales gallery on the property. The project, meant to breathe new life into the historic Art Deco District of Miami Beach, includes the Martini Bar and Tiger Room, as well as a private member’s club and a beachfront dining room along the 200+ feet of private beach that is associated with The Raleigh. Guests will enjoy a 60-room hotel in the historically redeveloped original structure of the hotel, and residents will have the new 17-story adjacent tower that houses 44 private residences. Rendering of The Raleigh Miami Beach Pool Area | Image Credit: DBOX for SHVO If The Raleigh’s redevelopment sounds familiar to you, it is because the project has been on a decade-long journey to its new era. Beginning in 2014, Tommy Hilfiger purchased the hotel with the vision of turning it into a private club. After a few years of turmoil between partners, differences in vision, storm damage to the jobsite, Hilfiger ultimately threw in the towel and sold the project to Michael SHVO in 2019. It was this point where the idea of the new 175-foot residential tower was born. Since 2019, SHVO and partners have been hard at work with the Miami Beach Historic Preservation Board, who approved the project in 2020 after some changes. The main factor that the preservation board had an issue with was the height of the project. SHVO had requested the residential tower to reach 200-feet high, but the community felt it was slightly too high and would negatively affect the design of the neighborhood. They settled at a slightly shorter 175-foot height and began putting together the specific offerings that the project would bring. “This fresh, historic restoration and renovation of The Raleigh joins a private beach club with a Latin beat and elegant residences of demure black, white and ivory. This mixture is the best Miami cocktail that I can imagine,” says project architect Peter Marino in a statement. Rendering of The Raleigh Miami Beach Historic Pool | Image Credit: DBOX for SHVO One feature that will be meticulously restored to its original grandeur is the iconic pool, which is known for its curvaceous design and tropical foliage. It was even honored as the most beautiful pool in America by Time Magazine. Bringing Rosewood Hotel Group into the project promises a seamless service experience for the global elite, whether they are guests of the hotel or in an ownership position in the residential tower. This is all executed under the elegance of Miami Beach’s early 1940’s-era. “At Rosewood, we are committed to preserving historical gems that truly embody their destinations, while also breathing new life into the properties,” says Sonia Cheng, Chief Executive Officer of Rosewood Hotel Group. “Our commitment to the local community is to ensure that The Raleigh honors its legacy for locals and visitors to once again relish this long-cherished property.” Historic Raleigh Hotel Miami Beach | Image Credit Samuel H Gottscho from the Gottscho Schleisner Collection in the US Library of Congress The new tower’s façade, inspired by Marino’s architectural commissions for Chanel, features white columns and black mullions while prioritizing floor-to-ceiling windows for maximum light, air and ocean views. The residences are accessible via private porte-cochere and two dedicated residential lobbies featuring art and furnishings curated by Marino. Prices of Rosewood Residences at The Raleigh are being kept private and detailed presentations are offered by invitation only. Rendering of The Raleigh Residences Miami Beach | Image Credit: DBOX for SHVO Disclaimer: Information within this article was obtained from a Press Release by the developer. Information herein is believed to be accurate, is for informative purposes only and should not be relied upon.
Our Thoughts On 1428 Brickell As Their $20 Million Sales Gallery Opens Posted on June 29, 2023 by Sarah Elles Boggs In preparation for the demolition of the current structure on their build site, YTech has unveiled its impressive sales center, to which they went to great expense in order to pay homage to the history of Brickell as well as embrace the future of the neighborhood. So what are our thoughts on the luxuriously innovative 1428 Brickell as forward-thinking participants in today’s real estate market? We will get to that. First, let’s go over what is happening now with the project. The New Sales Gallery At a cost of $20 Million, the development team has acquired one of the Brickell mansions from the golden ages of Brickell being Miami’s original Millionaire’s Row. While planning for the tower itself to rise a block away, YTech performed an ambitious gut renovation of the gorgeous home, preserving its integrity and at the same time outfitting it with a full-on immersive experience into the future of what is now Miami’s Financial District. “We ambitiously pursued maintaining the integrity of a 100-year-old historic mansion, restoring the façade and grounds to its former glory as a jewel on Brickell Avenue, all while ensuring the interior provided a modern and innovative approach so future residents can understand the privacy, luxuriousness, and freedom that living at The Residences of 1428 Brickell affords,” John Breistol, Chief Operating Officer, Ytech posted on the project’s Instagram page. The new sales gallery is now open, and we are happy to give you a tour, from the suspended and illuminated skyline model to the fully-immersive built-out residence, allowing buyers to experience what life will really be like once the building is complete. 1428 Brickell Sales Gallery Skyline Model Current Status of 1428 Brickell As of today, the demolition permit of the existing structure is nearly complete. According to The Next Miami, the only item remaining is a letter from FPL (Florida Power & Light) to be delivered, assuring the building department that the power has been disconnected from the structure. A vertical construction permit remains in the works, but won’t be needed for some time as the rubble from the demolition will need to be cleared, followed by official groundbreaking and site work. This will take a few months. 1428 Brickell Sales Gallery Patio Seating Our Professional Opinion of the Project Undoubtedly, the preconstruction market in Brickell is incredibly noisy these days. The neighborhood is abundantly popular, and for good reason. With that being said, each project has a unique set of offerings to set itself outside of the pack, and we really like the offerings at 1428 Brickell. The Location For starters, let’s look at the location. With Brickell being so popular, it is also quite dense. It is actually the second most dense neighborhood in the United States behind Manhattan. If you live closer to the north end of the neighborhood, traffic is really something to pay attention to if you need to come and go frequently. If you live toward the southern end of the neighborhood, the area is more residential. There are fewer office towers and entering/exiting the neighborhood to the highway is very easy. While you may not want to walk all the way to Brickell City Centre, but 1428 Brickell is less than a block from the Financial District stop of the Miami Metromover. This is the complimentary rail shuttle that will drop you off right there within Brickell City Centre. There is also a stop for Mary Brickell Village and you can go all the way to the Omni Station to visit the museums or catch a Miami Heat game. It is quite convenient. Additionally, with the location being directly across from the Four Seasons Miami, this is a location that will be more likely to hold its value long-term. Most of the buildings between 1428 Brickell and the Biscayne Bay are low- to mid-rise, so above a certain floor you still experience the big water views of the waterfront towers. Pair that with the reduced congestion, and you have a winning formula for a safe place to spend your money. Rendering of The Residences at 1428 Brickell Terrace The Building Design There is so much to be said about the design of 1428 Brickell. We have already discussed the impressive LEED Certification and solar-powered panels that will line the west spine of the structure. This is the only building in the marketplace that has these features. Aside from the LEED Certification, we have to discuss the size of the building. Upon looking at it from the street, it will appear that the building is quite dense. It’s 70-floors up! In actuality though, there are only 189 residences. This allows for larger residences as well as more convenience when it comes to utilizing the community spaces. There are not so many people that the line for gym equipment is long, there is always a pool lounger available. But at the same time, there are not so few residences that having so many amenities is cost prohibitive. It is a sweet spot of density, maximizing both comfort and offerings. The Residence Layouts As I mentioned above, one of the best things about the residences in 1428 Brickell is their sheer size. They actually provide a lifestyle like that of a single family residence. The units are even separated by concrete load bearing walls rather than drywall, to offer additional sound insulation between the neighbors. With two bedroom apartments starting at 2,000-square-feet and going up, they are incredibly spacious. The kitchens are thoughtfully-designed by Antonio Citterio with a variety of color palettes to choose from. You can also opt for sliding glass dividers if you are not one to prefer an open kitchen/living room layout. The designs are subtle yet elevated and offer ample space for actual family cooking, not just laying takeout on the counter as though you were traveling. These units are built for full-time life. The bathrooms also offer a subtle-yet-elevated style, particularly the primary bath.With spacious travertine showers and free-standing sculptural bathtubs designed and crafted in Rapolano, Italy, the luxurious ambiance is ever-present in the private areas of the house. Another spot that really stands out to us in 1428 Brickell is the closets, or dressing rooms as they actually are. The smallest primary closet is 100-square-feet, with the larger residences having closets of 425-square-feet. These are all built out with custom cabinetry and presented as a boutique-style wardrobe. It is incredibly elegant and a great use of space. Rendering of 1428 Brickell Kitchen Glass Dividers Rendering of 1428 Brickell Kitchen View Considering everything goes according to plan with the demolition and construction permits, we should see the finished product by 2027. Prices range from $2.4 million for a two-bedroom plus den, to four-bedrooms plus den starting at $5.5 million. Penthouse details are released upon request. For more information, please download the fact sheet and floor plans here: 1428 Brickell Fact Sheet 1428 Brickell Floor Plans If you are interested in a private presentation with current availability and specific 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.
Ugo Colombo Speaks To Haute Residence About What Makes Vita At Grove Isle Special Posted on June 28, 2023 by Sarah Elles Boggs As the piles are being driven into the ground on Coconut Grove’s Grove Isle in preparation for the foundation of Vita at Grove Isle, developer Ugo Colombo sits down with Haute Residence to discuss his career and how this project really stands out in a sea of new projects coming to market. About Ugo Colombo Of course, most Miamians have at least heard of Ugo Colombo. He is the Italian-born powerhouse developer of such projects as Epic Residences and Brickell Flatiron. In earlier decades, he was the visionary behind such buildings as Bristol Tower and Santa Maria in South Brickell’s “Millionaire’s Row.” Looking at the projects from the 1990’s, you would never know they were constructed some 30 years ago. He even sold new projects in the 1980’s that had been taken over by the FDIC during the S&L crisis. These projects include the iconic Villa Regina (the rainbow building in South Brickell) and Imperial at Brickell (one of Arquitectonica’s first large-scale projects). He is a reserved man, quiet even. But his mark on the Miami skyline speaks up. In Coconut Grove, Colombo’s CMC Group is also responsible for the long-celebrated Grovenor House, which was constructed in 2006. Again, you would never know the age of this project by looking at it. Today, his latest endeavor is the grand finale of Coconut Grove’s Grove Isle. On the last available build site the private island has to offer, Vita at Grove Isle recently broke ground and dirt is moving as quickly as the sales. Vita at Grove Isle Boat Dock Rendering Thoughts on Grove Isle In the Haute Residence piece, Mr. Colombo mentions the fact that 5 Grove Isle Drive is not only the last waterfront development spot on the island, it is also the last waterfront development site in the Grove. Pair that with the fact that Coconut Grove is the “it” neighborhood in Miami at the moment, evolving from Birkenstocks to Billionaires, old world glamour and charm with modern amenities such as the impressive schools nearby and proximity to other places (such as the airport) that one may need to travel to plus the privacy and exclusivity that the Isle offers, of course he took on this opportunity. Speaking candidly with him, another thing he loved about the site is its sheer size. He is able to build 65 large apartment homes without having to go so far into the sky, allowing the residences to truly feel like elevated homes, each with a panoramic water view. Rendering of Vita at Grove Isle Entry Thoughts on Vita at Grove Isle Admittedly, there is a sea of new construction product coming to market currently. But Mr. Colombo does not believe in trends or quantity over quality. He believes in timeless elegance, even if it takes developing fewer homes in a given time. He will do one or two projects at a time in order to preserve his focus to not miss any details. These include materials actually sourced from Italy (as opposed to Italian-inspired), book-matched marble for the bathrooms and kitchens. CMC Group was also the first to develop estate-size apartments. When he set out to begin his first building, apartments were seen as second-class. Having been raised in an estate-sized apartment in Milan, he knew that something different could be done and the market would come to see. And here we are. The market is hungry for larger apartments, conducive of full-time living. Some of the perks that stand out about Vita at Grove Isle are also the private marina, that makes boating easily accessible. The island is only accessible via the small bridge or boat, so is incredibly secure yet convenient. You truly have all of the comforts of a single-family home in a condo residence at Vita. Inventory at Vita at Grove Isle With only 65 residences and high demand, Vita has been selling steadily. The residences each have three to four bedrooms and 2,500-square-feet to 6,500-square-feet of interior space. Penthouses range from 3,400-square-feet to 6,600-square-feet. The upper penthouses will feature private rooftop terraces with full-sized swimming pools and summer kitchens. Delivery is anticipated in late 2024. Current prices range from $5.8 million – $23 million. If you are interested in a presentation and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman AND long-time Coconut Grove resident. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Images Courtesy of CMC Group Rendering of Vita at Grove Isle Lounge Rendering of Vita at Grove Isle Interior Rendering of Vita at Grove Isle Kitchen Rendering of Vita at Grove Isle Bedroom Rendering of Vita at Grove Isle Primary Bath Rendering of Vita at Grove Isle Balcony Vita at Grove Isle Penthouse Terrace Rendering Rendering of Vita at Grove Isle Dining Room Vita at Grove Isle Primary Bathroom Dual Vanity Rendering Vita at Grove Isle Primary Bathroom Rendering Vita at Grove Isle Pool Deck Rendering Rendering of Vita at Grove Isle Spa Rendering of Vita at Grove Isle Fitness Center
Ora By Casa Tua In Brickell Breezes Through The City Of Miami Approval Process Posted on May 23, 2023May 23, 2023 by Sarah Elles Boggs Casa Tua’s debut onto the residential development scene is going quite well. Their upcoming tower, Ora by Casa Tua has breezed through the Miami Urban Development Review Board unopposed. With a vote of 6-0, the board has unanimously voted to approve the 76-story tower that is a partnership between Casa Tua and Fortune International Development at 1210 Brickell Avenue. It should be noted that the developer did not seek any waivers on the design. Waivers push the envelope of which types of construction are allowed in which parts of the city, in effort for the city to grow at a managed pace without putting too much wear and tear on our infrastructure. Things such as height waivers and parking waivers are common in new developments, but were not sought for Ora. Not seeking waivers does not, however, mean that the project does not push the envelope with a uniquely indulgent set of offerings for its buyers. The project is home to 540 residences from studios up to four-bedroom options, all of which have the availability of short-term rentals. There will be four restaurant concepts onsite for the enjoyment of residents, which were revealed in March when the pre-sales began. The tower, which was designed by Arquitectonica will rise 930 feet, just shy of the 984-foot benchmark that would declare it a supertall structure. It will replace the existing 7-story parking garage on the corner of South Miami Avenue/SW 13th Street (Coral Way). Since there will be ingress/egress on Brickell Avenue, Ora by Casa Tua will have the coveted address of 1210 Brickell Avenue. The new parking podium will deliver 955 spots for vehicles and almost 2,000 spots for bicycles. With a curved structure reminiscent of a wave, the exterior Ora emulates the Carlos Ott-designed Echo Brickell at 1451 Brickell Avenue although this is the only similarity between the two projects. Echo is more of a boutique project with fewer residences and more strict rental policies. Ora is envisioned as a luxurious home that could also serve as corporate housing for the nearby office towers, and investors would have the option to utilize their apartments for vacation when they wish. The color schemes and interiors (designed by M2 Atelier at Ora) will also be vastly different. Inside Ora, the total square footage is set to be roughly 1.3 million square feet on the site, which is just over 1-acre. There will be almost 54,000 square feet of office space and nearly 25,000 square feet of commercial space. Among the eateries will be a 24-hour gourmet market, a wine bar, rooftop lounge and an intimate restaurant. Rendering of Ora by Casa Tua Brickell Patio Rendering of Ora by Casa Tua Brickell Restaurant Patio The next step for the super tower is to announce the general contractor who is chosen to undertake the construction and to file for a demolition permit of the existing parking garage. The office building at 1200 Brickell Avenue, which houses Dirty French Steakhouse, will not be affected. Sales began in late March with residences being spoken for at a rapid pace. Prices range from $800,000 for studios up to $2.5 million for 4-bedroom options. Floor plans have yet to be shared publicly as there are many different layouts, but are available in a private presentation with specific areas of the building in mind. If you are interested in a private presentation on Ora by Casa Tua 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. Photo Credit: Fortune International
A Glimpse Inside Residence 5 At The Links Estates At Fisher Island Posted on April 21, 2023April 21, 2023 by Sarah Elles Boggs Yesterday we introduced you to the only section of stand-alone homes on the super-luxury Fisher Island, The Links Estates at Fisher Island. We spoke about the timelessly opulent amenities, offering an idyllic living scenario for those who do not see price as an obstacle to practically anything. As the island is quickly filling up, the developers have introduced a section of 12 custom homes along the fairway of the private Fisher Island Golf Club course. Residence 5 is highlighted today, as it is slated to be completed in early 2025. The Links Estates at Fisher Island Villa Number 5 Located at 1005 Fisher Island Drive, along the fairway of the par 3 6th hole, you can enjoy the view of golfers avoiding the lake and “Flamingo Point.” Flamingo Point is the name of the small island in the lake, as it was once home to the Fisher Island flamingos. Flamingo Point is challenging in that the fairway is quite slender and curves along the water’s edge. When the wind offers a push, there is plenty of water action to be had. The Links Estates Fisher Island Plat Map Golf Course With nearly a half acre lot, the owners of Residence 5 will enjoy the golf and South Beach views from an elevated infinity pool and spa, or from any of the three light-filled floors of the residence itself. The first floor offers an indoor/outdoor ambiance with an expansive patio, above this a second floor houses a more private balcony setting from the primary suite, and the rooftop terrace is perfect for entertaining. With the colorful flowering vines curated by landscape architect Enzo Enea covering the pergolas, there are spaces to dine, lounge, sunbathe, meditate, or soak. Rendering of The Links Estates Fisher Island Residence 5 Backyard Inside the modern Tuscan residence, you will find almost 10,500 square feet of pristine living space with work areas, social areas, private spots and service accommodations designed by Portuondo Perotti. The main level is dedicated to social areas, with all of the living areas, the kitchen and formal dining, as well as the lounge and 2 ensuite guest rooms. On the second floor you will find the primary suite as well as the remaining ensuite bedrooms along with a more intimate family room. The rooftop is again dedicated to social space, the ground floor is a garage for 5 vehicles and a private elevator connects the four. This is certainly the house for those who are seeking an ultra-private setting yet with ample space. In total, Residence 5 offers: 7 Bedrooms 7 Bathrooms + 3 Powder Rooms 10,456 interior square feet + terraces 16,177 square foot lot 5 Car Garage Offered at $38,000,000 Floor Plan Residence Brochure Scroll down for additional photos of the bespoke layout of Residence 5. If you are interested in a a private presentation with details of this home or the other available sites, 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. Rendering of Residence 5 Street View Rendering of Residence 5 Wine Cocktail Bar Rendering of Residence 5 Social Area Rendering of Residence 5 Primary Suite Rendering of Residence 5 Primary Bedroom Rendering of Residence 5 Primary Bath Rendering of Residence 5 Primary Shower Rendering of Residence 5 Media Room Rendering of Residence 5 Living Room Rendering of Residence 5 Integrated Kitchen Rendering of Residence 5 Family Room Rendering of Residence 5 Breakfast Room
Dolce & Gabbana Teams Up With Michael Stern In Brickell Posted on April 8, 2023 by Sarah Elles Boggs Florals for Spring? Groundbreaking. Not in Miami, where residential developers partner with chic luxury fashion brands to build luxury branded buildings such as Fendi Chateau, Missoni Baia, Armani Casa and now, Dolce & Gabbana. It has been revealed via a Linkedin post that the Italian fashion house is making its real estate debut with Michael Stern in Miami. While the project and neighborhood are not disclosed, those who watch the Miami development scene closely will remember that Stern’s JDS Development has a sizable project in the works in Brickell that also recently lost its brand partner. Musical Towers (vs Musical Chairs) For those who have not been following, Michael Stern’s JDS Development announced last summer that they would be developing a 90-story tower in Miami’s Brickell Financial District under a partnership with Major Food Group. It was to be the first real estate development by the entertainment conglomerate, called The Major. After the release development continued, although something fell apart in the partnership between JDS and Major. The tower was granted approval for the 90-story height, but no new partnership was announced. Rendering of Major Brickell Miami Residences Exterior via JDS We had assumed that Major Food Group determined that it is not the time for them to expand into real estate development, but just last week they teamed up with Terra Group and the developers of 1000 Museum on The Villa Residences in Edgewater. The reasoning really isn’t important, it could have been that MFG was looking for a different neighborhood feel, a project with fewer units, something with a different foodservice opportunity, maybe they wanted a project with waterfront vs water view, or even a personality conflict. Nobody knows and it really isn’t the important point to take from this news. Our feeling is that there is plenty of opportunity in Miami for everyone who wants to participate, so we are eager to hear what is in store for Dolce & Gabbana! The Right Fit It is still unclear what changes will be made to 888 Brickell upon the release of the new partnership, but in looking at the current set of renderings, they already coordinate nicely with the Dolce & Gabbana aesthetic. With loads of gold, gleaming natural light and a heaping spoonful of drama, it looks to be a match made in heaven. We are keeping our ear to the ground and will be sure to keep you informed as the plans unfold. If you are interested in a private presentation and specific pricing once more details are ironed out, 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. Rendering of Major Residences Brickell Miami Gold Silver Pool via JDS Rendering of Major Residences Brickell Miami Views via JDS Rendering of Major Residences Brickell Miami Kitchen via JDS
Terra And Major Food Group Join All-Star Development Team For Villa Miami In Edgewater Posted on March 31, 2023April 1, 2023 by Sarah Elles Boggs It’s a new development party! An impressive team of creative minds have come together with plans to construct a new 55-story tower in Miami’s Edgewater district. The condo is slated to be called Villa Miami, and will replace a Zaha Hadid design that was planned a few years back. The all-star development team includes Louis Birdman, who was also one of the developers of 1000 Museum. As of this week, Terra Group and Major Food Group have also joined in the partnership, offering a new spin and a new design (pictured above). Located at 710 Northeast 29th Street, the initial development team secured FAA approval to build a 649-foot tower that was to be called 710 Edge (pictured below). Designed by Zaha Hadid, the tower’s design gave it the appearance of being a “little sister” to 1000 Museum just blocks away. Details of Villa Miami are still coming together, but we do know that the building will be 55-stories tall and include 72 fully-finished residences. Rendering of 710 Edge by Zaha Hadid – Previous Design Inside the building, residents and visitors will be able to experience the influence of Major Food Group, which is led by Mario Carbone, Jeff Zalaznick, and Rich Torrisi. They will naturally operate and brand the restaurants, lounges, bars and amenities including a waterfront restaurant on the ground floor. Upstairs, thoughtfully curated interiors will be done by Vicky Charles of Charles & Co from NYC. Prices have been released, with 2,939 +/- square foot half-floor residences starting at $4.550M and 6,083 +/- square-foot full-floor residences starting at $8.5 million. Villa Miami is the first residential tower that Major Food Group is to be a part of. The restaurant group had previous plans to take part in Michael Stern’s project at 888 in Brickell, before the arrangement fell apart. They have been present in the South Florida culinary scene with Carbone in South Beach that was opened over 2 years ago, adding Contessa in the fall. Contessa is their 10th restaurant in South Florida. Terra Group is a household name in the Miami residential development arena. They are currently building Mr. C Residences in Coconut Grove and are also undertaking a joint venture of Five Park in South Beach. If you are interested in a presentation, more details on Villa Miami Residences and/or specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, the exclusive broker for the project. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Waldorf Astoria Hotel & Residences Downtown Miami Construction Update Posted on March 28, 2023March 28, 2023 by Sarah Elles Boggs Site work for the Waldorf Astoria Residences in Downtown Miami is well underway and on track with the developer’s construction timeline, according to an update received today. In addition, a construction loan has been issued for the project provided by Mack Real Estate Credit Strategies. The issuance of the construction loan is a notable milestone in any development, indicating the strength of the developer as well as the project itself. Most construction loans are collateralized by contracts and deposits on the pre-sold residences, which are typically offered at more reasonable prices to those investors who are able and willing to make a purchase decision from a simple plan and set of renderings. Construction lenders also keep an eye on the portfolio of an active developer in order to hedge their risk against the project being started and not completed. Given the fact that Waldorf Astoria was nearly halfway sold far before groundbreaking, the strength of PMG’s portfolio and the fact that a timeless brand such as Waldorf Astoria is putting its name on the building, the construction loan was practically a no-brainer. “The outpouring of support we’ve received so far from our partners and key lenders has been nothing short of outstanding. It once again underscores Miami’s unprecedented demand for luxury residences and the eagerness from our buyers to explore truly revolutionary projects. We are looking forward to seeing Waldorf Astoria Hotel & Residences evolve in the coming years and bringing this remarkable living experience to the heart of Miami.” said Ryan Shear, Managing Partner of Property Markets Group. Rendering Of Waldorf Astoria Miami Over Clouds To prepare for vertical construction, the deep soil mix (DSM) work should be completed by May. From there, foundation piles will go in. The underground infrastructure for temporary power is complete and ready for FPL to activate. We should see the vertical structure begin to rise by the start of 2024. High rises such as these typically rise at a rate of 1 floor per week, followed by a year to trim out the structure with all of the luxurious finishes you can see pictured in the brochure and have come to expect from a brand like Waldorf Astoria. When all is said and done, closings should begin in early 2027, just in time for the opening of the new Miami Signature Bridge nearby. Prices are set to range from $3.8 million for studios to upwards of $43 million for a penthouse so high, it looks down upon incoming jets. We are incredibly eager to see this architectural gem come to fruition in our skyline and will keep you abreast of construction updates as the development team progresses. For more information including pre-construction sales of Waldorf Astoria Miami, please contact Douglas Elliman Real Estate broker Michael Light at 786-566-1700 or via email at michael@miamiluxuryhomes.com.