The Real Deal Miami

Russian developers pay $10.5M for Denny’s site in Sunny Isles Beach

Developers also obtained a $7.5M balloon mortgage from seller

April 03, 2015 01:30PM
By Katherine Kallergis and Ina Cordle

  • Print
Denny's site in Sunny Isles and a rendering of the planned development

Denny’s site in Sunny Isles and a rendering of the planned development

The Verzasca Group paid $10.5 million for the Denny’s site it’s planning to develop as a 19-story luxury tower in Sunny Isles Beach. 

The planned development will have 76 units priced from below $1 million to just under $2 million, and marks the third project in the United States for the Russian developers, who plan to invest $700 million on South Florida projects.

County records show that a company affiliated with the developers paid for the nearly 1-acre property at 17550 Collins Avenue on March 30. Sal Ganem Inc., headed by Salah Abi Ghanem, was the seller. The same private owner sold the group its Bay Harbor sites, Verzasca executive chairman Gennady Barsky previously told The Real Deal.

Developers obtained a $7.5 million balloon mortgage from Sal Ganem, according to Miami-Dade County records, for the Denny’s site, on the west side of Collins Avenue.

Units will average 1,600 square feet and will be priced at less than $1,000 per square foot, the developers told TRD.

“This is the first new construction on the west side of Collins in many years,” Barsky told TRD. “Not much has changed hands. The west side is commercial and there are very few [residential] buildings. We’re going to be the the first company to build a luxury condo project with the same quality finishes and amenities you get on the water — for less.”

  • stupid people

    whyyyyyyyyyyyyyyyyyyy does Sunny Isles zoning and city departments allow this. how many “Luxury towers” do we need in that city. the ones that got built in the last boom still are not fully fully sold. Traffic there is bad as it is because the amount of buildings, in what way did they think this is a good idea. if they were smart build a small shopping center / office building its what is needed if anything. than they ask why there was a real estate crash.

  • Andrew

    It would prove more profitable to build office work space on the beach. It would command a premium for office space.

    • roy

      I agree 100%. No more condos… Build offices!

  • Pop

    This is why we can’t have nice things!!!

  • miguel

    17550 collins 2 months ago there is a leak in a pipe next to your water meter because every night pass by the place the water is all over the street and it is difficult to cross by the side walk ,it happens mostly at night ,i think im going to complaint with the city or the water company.