The Real Deal Miami

Most expensive condo in Sunny Isles hits the market for $35M

Last summer, developers took out $27M in financing for interior buildout

May 02, 2016 05:15PM
By Katherine Kallergis

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Regalia Beach Developers are giving a new meaning to the phrase “beach house.”

A two-story unit at the Sunny Isles Beach tower hit the market for $35 million, making it the most expensive listing currently in the city.

The 17,015-square-foot unit takes up the entire third and fourth floors of Regalia, a 39-story condominium tower at 19505 Collins Avenue. When completed this summer, it will include six bedrooms, six full bathrooms, two half-bathooms and a pool bath, according to a press release. Rose Marie Minio of ONE Sotheby’s International Realty is listing the two-story unit.

The fully furnished unit was designed by Charles Allem, who also designed Regalia’s interiors, and features onyx, leather and lacquer finishes, a custom stone and glass wine cellar with room for 600 bottles, and a 2,000-square-foot entertainment and game lounge with a billiard table and home theater. It also includes 6,500 square feet of terrace space.

Last summer, the developers took out $27 million in financing for the beach house and penthouse, and filed a notice of commencement for the interior buildout. C1 Bank is the lender. Both units were previously listed at a lower price unfinished and unfurnished, Kevin Venger of Regalia Beach Developers told The Real Deal.

“We find that buyers spending $20 million to $40 million prefer a turnkey unit versus taking on the logistics of a project of that magnitude,” Venger told TRD.

At $2,057 per square foot, the turnkey condo also includes a sun deck, summer kitchen, wraparound terrace, glass-faced pool, staff quarters, a spa with a steam and Hammam room, massage beds and Jacuzzi, and two master bedrooms with drop-down ceiling TVs and midnight bars.

Regalia was completed in 2014 and developers have sold more than 90 percent of its units. Remaining units include a nearly 17,000-square-foot penthouse, priced at $40 million, and a 5,515-square-foot condo on the 18th floor, priced at nearly $12 million. The tower has six pools, a spa, cabanas, a fitness center, yoga studio, children’s playhouse, a chef’s kitchen and a champagne bar and wine cellar.

Last month, a Miami law firm sued the project’s original developers and one of their creditors in Miami-Dade Circuit Court over unpaid attorney fees totaling more than $1 million at Regalia.

Forbes first reported the $35 million listing.