The Real Deal Miami

101 Key Biscayne set to open next month

Building has only one unit left

May 27, 2015 05:15PM
By Sean Stewart-Muniz

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Renderings of 101 Key Biscayne, which is set to open next month

Renderings of 101 Key Biscayne, which is set to open next month

101 Key Biscayne, a boutique luxury condo development in the sleepy Village of Key Biscayne, is set to open its doors on June 18.

The five-story complex was designed by architect Gabriel Lopez and had been under construction for the past 14 months. It houses just 11 units, and all but one has been sold. The last will be marketed after the grand opening next month, with a price of $2.15 million.

Sale prices so far have ranged from $1.7 million to $2.2 million. Buyers have been predominantly from South America and will mostly use the residences as second homes, developer Eric Soulavy said.

The units have 10-foot ceilings and average 1,900 square feet. The building itself is packed with amenities for its size, including a ground-floor concierge, a rooftop pool and exercise studio, plus charging stations for electric cars and a barbecue area. The rooftop and lobby amenities were composed by Shay Interior Design

Eric Soulavy, co-developer of 101 Key Biscayne

Eric Soulavy, co-developer of 101 Key Biscayne

Its exterior is sleek and modern. The main entrance is a slender bridge that crosses a pond at the foot of the building, which Soulavy said makes the structure seem like it’s floating.

Soulavy, a Venezuelan who has a background in luxury car sales, moved to Key Biscayne three years ago. He developed 101 Key Biscayne with his partner Oscar Segall, who was a residential developer for 15 years in Brazil.

The project’s site, at 101 Sunrise Drive, is the former home of a 20-unit apartment complex that was demolished in 2013 by Soulavy and his team.

“We said ‘You know what?’ This city needs a new product,” Soulavy told The Real Deal.

The previous complex was built in 1965, and resembled many of the red-brick “Old Florida” structures found on the island.

Mayor Mayra Lindsay of Key Biscayne told TRD that the island is built out, meaning new development sites are a scarcity. Key Biscayne is going through a 30-year re-development period, where sites are being identified as good candidates for new construction. The old building at 101 Key Biscayne’s location was one such site, and other buildings in what Lindsay calls “the Garden District” — the area between Sunrise Drive and Galen Drive — will be looked at for possible reconstruction.

She said developments that replace older structures will need to blend with the village’s density, and Soulavy’s project is a good example of how to meet that requirement.

“This redevelopment really fits in,” Lindsay said. “They made an effort to be respectful of all the qualities of that neighborhood.”