The Real Deal New York

South Florida market report

A snapshot of real estate news from the Sunshine State
By Ina Cordle | June 01, 2015 07:00AM
Paraiso Bay Restaurant and Beach Club rendering

Paraiso Bay Restaurant and Beach Club rendering

Paraiso Bay restaurant reveal

Related Group unveiled designs for a planned Michael Schwartz-helmed restaurant at its Paraiso Bay development in Miami’s Edgewater neighborhood. Meyer Davis Studio, a New York City-based design boutique, was tapped to create the two-story restaurant and beach club, which will feature white-painted walls, wooden trusses, leather chairs, concrete tile floors and marble bars against a backdrop of Biscayne Bay.

When completed late next year, the Paraiso Bay Restaurant and Beach Club will have a “lofty,” industrial look with high ceilings, an open kitchen and bar, said Gray Davis, co-founder of Meyer Davis. The second floor will feature a private club, with an outdoor patio and pool.

When completed late next year, Paraiso Bay will have four towers, with 1400 residences, a bayfront park and marina.

Sapir’s $40M Surfside buy

A publicly traded Israeli company with major holdings in New York is making its first foray into South Florida with plans to build an ultra-high-end, 80-room hotel, beach club and condos.

8955 Collins Avenue

8955 Collins Avenue

Israel-based ASRR Capital, controlled by Alex Sapir and Rotem Rosen, in a joint venture with the Istanbul-based Suzer Group, inked a deal to pay $40 million for an oceanfront building at 8955 Collins Avenue in an off-market transaction, Rosen said.

The deal with the building’s 41 condo owners and the condo board includes the nearly one-acre property on the ocean, next to the Surf Club Four Seasons Hotel & Private Residences, as well as a property on the west side of Collins Avenue. The purchase was slated to close in mid-June.

In Manhattan, the Sapir Organization owns 6.5 million square feet of real estate, including the New York headquarters for Coca Cola, Sony, Credit Suisse, William Morris and the Metropolitan Transportation Authority. Sapir also owns 260 Madison Avenue and 261 Madison Avenue, and is partners in Zuma restaurant.

“Practically, we view Miami as a continuation of New York,” Rosen said. “We are planning to do more things over there in the future.”

Shore Club hits snag

Rendering of the rejected  Shore Club plans

Rendering of the rejected Shore Club plans

Despite three hearings before the Miami Beach Historic Preservation Board, Ziel Feldman’s New York-based HFZ Capital Group was unable to win approval to demolish a large portion of the Cromwell Hotel, as part of the construction of a luxury condo-hotel complex anchored by the iconic Shore Club hotel at 1901 Collins Avenue. 

The project is one of the biggest in South Beach and has pitted preservationists and residents of the neighboring Setai Resort & Residences against HFZ.