The Real Deal Miami

Palazzo del Sol on Fisher Island nears completion: VIDEO

10-story building will begin recording closings at the end of February

February 09, 2016 09:45AM
By Ina Cordle, Katherine Kallergis and Sean Stewart-Muniz

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Palazzo del Sol, the first condominium project to be built on exclusive Fisher Island since 2007, is nearing completion.

Heinrich Von Hanau developed the 10-story condo building, with 47 units and six cabanas. The tower was designed by Kobi Karp, giving a modern twist to Fisher Island architecture, with landscaping by Enzo Enea.

Dora Puig, broker/owner of Luxe Living Realty, who is in charge of sales at Palazzo del Sol, told The Real Deal that the project is now 60 percent sold. Four of the units are studios that can be used for private pilots, chefs or nannies, she said. Prices range from $6.5 million to $35 million.

During a tour of the sales gallery and construction site, TRD got an early look at some of the building’s raw spaces, including a $35 million penthouse with a rooftop pool and deck that is under contract to an unnamed Russian buyer. Two other penthouses include one under contract to attorney Jim Ferraro that was listed at $27.2 million. Closings are expected to begin at the end of February, and each unit comes with a $25,000 Garia golf cart.

The condo tower’s common spaces were designed by Antrobus + Ramirez, and include a private movie theater, concierge, meeting room, fitness center, private massage rooms, hair and makeup salon, fur salon and children’s playroom.

“The developer did not cut any corners in this construction,” said Cedrik Denain, partner in ASR Construction, which is building Palazzo del Sol.

Fisher Island’s expansive common areas recently underwent $60 million in renovations, Puig said. The island, reached only by ferry or helicopter features such amenities as two marinas, 18 tennis courts, a golf course, eight dining establishments and a mile-long private beach. Membership to the Fisher Island Club, required with a condo purchase, is $250,000 for an equity membership with fees of $2,000 per month. 

The entire 216-acre Fisher Island has about 700 residents. Puig said 75 percent of current sales are to residents who are upgrading their units. In 2015, all sales were to domestic buyers with the exception of the Russian penthouse buyer, Puig said. Units generally range from three to seven bedrooms, with prices, other than for the penthouses, at about $2,636 per square foot. Previously, the highest sale on the island was $14.2 million, she said.

On the ground floor of Palazzo del Sol are two units with lanais: the west lanai with 12,800 square feet of terrace space and the east lanai with 3,700 square feet of terrace space. The west unit is on the market for $20 million. Both include 11.5-foot ceilings.

“It’s the only place in the city where lanais sell like penthouses,” Puig said.

ASR Construction started construction on Palazzo del Sol in March 2014, Denain said. More than 250 construction workers are currently on site, and the project is at least 95 percent complete. Next up is the adjacent construction site of Palazzo della Luna, where foundation work has already started.

“It’s a puzzle,” Denain said of the final stages of Palazzo del Sol’s construction. “Everything is here. It just needs to be assembled.”

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