The Real Deal Miami

VIDA at the Point to begin construction later this month

Six-unit project's remaining three units are priced from $2.9M and $3.26M

January 05, 2016 10:30AM
By Ina Cordle

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Renderings of VIDA at the Point

VIDA at the Point, a planned waterfront condominium project in Aventura, is set to begin construction this month, after reaching its 50 percent sales target.

The six-unit luxury development at 3750 Yacht Club Drive in Aventura, has sold three condos, and will demolish its existing sales office, then start construction in the third week of January, David Markovich, president of development sales for Decorus Realty, the project’s exclusive sales and marketing firm, told The Real Deal.

Decorus Realty’s principals, David Koster and Gabriel Markovich, are the developers of VIDA at the Point, as the managers of VIDA Development Group LLC, public records show.

According to Miami-Dade property records, the entity purchased Vida’s 26,876-square-foot lot for $3.8 million in February 2015.

Designed by KZ Architecture, VIDA’s residences will have between 3,260 square feet and 3,717 square feet, with three and four bedrooms, four to five baths and a half-bath. Some of the units will also have an elevator and a rooftop terrace, and each residence will have an optional boat slip for yachts up to 90 feet.

Sales launched about six months ago, and reservations were converted to contracts six weeks ago, David Markovich told TRD. To date, the buyers hail from Brazil and Venezuela, and each buyer has also purchased a yacht slip, sold independently by the Waterways marina, for $225,000 to $300,000, Markovich said.

Prices for remaining residences range from $2.9 million to $3.26 million, he said.

The units will have custom finishing from Interiors By Steven G., with porcelain floors, Italian cabinetry from MiaCucina, and Subzero and Wolf appliances, according to marketing materials.

VIDA residences will have access to services at The Point, including the 25,000-square-foot spa, fitness center, restaurant, community room, three swimming pools, four tennis courts, and a playground.

The project is expected to be completed in May 2017, Markovich said.

VIDA is among at least 21 new condo buildings with more than 2,625 units announced for the Aventura market that stretches from the Broward County line south to Northeast 163rd Street, and the Intracoastal Waterway west to I-95, according to data. Aventura Place and Bellini Williams Island are among the projects already completed this cycle.

Avva Residences & Marina, a five-unit luxury waterfront condominium is among those that are planned. The project recently launched sales, and Decorus Realty is also the exclusive sales and marketing firm for that project.