The Real Deal Miami

Inside look: Kar Properties unveils interiors at One River Point

60-story condominium plans to open a $7M, 5,000 sf sales gallery in October

May 20, 2016 09:45AM
By Katherine Kallergis

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After launching One River Point in November, developer Kar Properties is unveiling an inside look at the Rafael Viñoly-designed tower.

The 60-story condominium plans to open a $7 million, 5,000-square-foot sales gallery in October, break ground during the first quarter of next year, and be completed within three years.

Kar Founder and CEO Shahab Karmely said sales at the Miami River project are strong, given where the market is. The developer will begin converting reservations to contracts within the next 90 days, Karmely told The Real Deal. He said up to 80 percent of reservations are foreign buyers. According to the first quarter ISG Miami Report, about 50 units, or 12.5 percent, have been reserved at the 400-unit, 1.8-acre development. Prices range from about $750,000 to $12 million.

One River Point, at 24 Southwest Fourth Street, promises to be loaded with amenities, including the development’s three-story, 35,000-square-foot Sky Club that will feature two restaurants, a cigar lounge, wine cellar, screening room, chef’s kitchen, wine cellar and tasting room. The condominium will also include an 85-foot waterfall and “floating” glass skybridge.

It marks the first South Florida project for Kar Properties, which has holdings throughout the U.S., Southeast Asia and Europe. In all, Karmely and his unnamed U.S.-based financial partner have spent $150 million in cash in South Florida, including buying parcels near the Miami River, in Wynwood and in Hallandale.

Units will come with private elevator landings, ceiling heights of 10 to 12 feet, layouts with floor-to-ceiling glass walls, stone flooring, and 12-foot deep terraces. “The only thing you have to bring is furniture,” he said.

An earlier version of this article stated that 25 percent of units have sold, according to a market update. It is actually 12.5 percent.