The Real Deal Miami

Finance exec, Spanish architect among first buyers at Surfside’s Fendi Château

Building is the first luxury condo tower to open in Surfside this cycle

September 30, 2016 02:25PM
By Katherine Kallergis

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Rendering of Fendi Chateau Residences. Inset from left: Buyers Thompson Dean, Octovio Mestre and Luiz Alexandre Garcia

Rendering of Fendi Chateau Residences. Inset from left: Buyers Thompson Dean, Octovio Mestre and Luiz Alexandre Garcia

The first Fendi-branded residential building in the world is now completed and recording closings. Records filed with Miami-Dade County this week show eight units have closed so far for a total of $58.7 million.

Buyers include Russian tourism minister Amir Gallyamov, private equity investor Thompson Dean, start-up founder and adviser Santiago Matheus, a company controlled by the CEO of a Brazilian-based conglomerate Luiz Alexandre Garcia, and a company controlled by Spanish architect Octavio Mestre.

Here’s a breakdown of recorded sales at Fendi Château Residences, at 9365 Collins Avenue:

  • Emalu Projects Corporation, controlled by Jesus A. del Palacio Robles and Angela M. Beyruti Espinosa, paid $11.9 million for unit 406
  • Thompson Dean, co-managing partner of the private equity firm Avista Capital Partners, paid $12 million for unit 1006
  • Aquastar Holdings, controlled by Spanish architect Octavio Mestre, paid $8.132 million for unit 1104
  • British Virgin Islands-based Shermar Intertrading Corp. paid $6.86 million for unit 701
  • Amir Gallyamov, a Russian minister of Culture, sports, tourism and youth, paid $5.55 million for unit 903
  • Luar Property Investments, controlled by Brazil-based Grupo Algar CEO Luiz Alexandre Garcia, paid $4.89 million for unit 905
  • Two LLCs controlled by Santiago Matheus, a startup-founder, paid $4.61 million and $4.78 million for units 604 and 605, which total $9.39 million

As of May, the 12-story, 58-unit building was 88 percent presold with prices up to $25 million. It was designed by Arquitectonica and includes multiple pools, a Jacuzzi, 12 private cabanas, a restaurant and bar, a fitness center and a spa, kids’ club, private theater, a private dining room, wine cellar and Shabbat elevators.

The building is the first luxury condo tower to open in Surfside this cycle.

The Surf Club Four Seasons, currently under construction at 90th Street and Collins, will have an 80-room hotel, two 12-story residential towers, a private club, two restaurants and more. Fort Partners is the developer and Richard Meier the designer. Units there ranged from $3.4 million to $18 million.

Jason Halpern is also planning to develop a Surfside site he owns at 8955 Collins Avenue. Halpern’s JMH Development bought out a 1960’s-era condo building at 89th Street with plans to build a new, 12-story boutique luxury condo called Surf House. Halpern has not released an updated timeframe for that project since he bought the property last year.

Israel-based ASRR Capital and Istanbul-based Suzer Group also have plans for a luxury project next to Halpern’s development site.

Château Group also owns six other properties on 93rd Street and Collins that it’s assembled for a combined $13 million since 2013. The developer paid $50 million for the Fendi Château site in 2012.