The Real Deal Miami

Two penthouses under contract at upcoming Oceana Bal Harbour: $52M

Oceana Bal Harbour has an estimated $1.3B sellout, a South Florida record

July 22, 2016 02:15PM
By Katherine Kallergis

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Renderings of Oceana Bal Harbour

Renderings of Oceana Bal Harbour

Two penthouses at Oceana Bal Harbour are now under contract, both for $26 million, as the development nears its November delivery date, The Real Deal has learned.

Developer Eduardo Costantini

Developer Eduardo Costantini

Both decorator-ready units span 9,371 square feet, with a domestic buyer purchasing an unfinished unit for $2,780 a foot and a Latin American family buying the other for the same price, although the family may spend an additional $495 a foot at closing for finishes, director of sales and marketing Ernesto Cohan told TRD. He declined to identify the buyers. Linda Gustafson of ONE Sotheby’s International Realty represented the buyer of the upper north penthouse, according to a spokesperson.

So far, the building is 75 percent under contract to a majority of U.S and Latin American families, including from Brazil, Colombia and Mexico.

Oceana Bal Harbour has an estimated $1.3 billion sellout, Cohan said, which would set a record for South Florida. The project would beat out Oceana Key Biscayne, also developed by Consultatio, which generated nearly $580 million in recorded transactions as of earlier this year.

The 28-story, 240-unit development topped off in February and will begin recording closings by the end of November. The tower was designed by Arquitectonica, and will feature large sculptures by Jeff Koons, which developer Eduardo Costantini purchased for $14 million: “Ballerina,” which is now on display at MALBA, and “Pluto and Proserpina.” Both will be flown in when the building is completed.

In all, Oceana Bal Harbour has four upper penthouses, with one remaining that is currently being negotiated. Piero Lissoni designed the interiors for Oceana Bal Harbour, the private restaurant and the penthouse bathrooms. Enzo Enea design the pool deck landscape, according to a spokesperson.

The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Consultatio purchased it in 2012 for $220 million. A year later, the developer closed on a $332 million construction loan from a group of lenders led by HSBC and began site work.

Correction: An earlier version of this story incorrectly identified the unit price. Both units are priced at $26 million for a total of $52 million.