South Florida Report: Versace's mansion for rent, Miami prices flatten and more

Real estate news from the Sunshine State
By Ina Cordle and Katherine Kallergis | July 01, 2015 07:00AM
Casa Casuarina

Casa Casuarina

Rent Versace’s manse

The Nakash family has put Casa Casuarina, formerly known as the Versace Mansion, up for lease, less than two years after buying the storied property.

Cushman & Wakefield confirmed that it is marketing the estate at 1116 Ocean Drive in Miami Beach, where Italian fashion designer Gianni Versace was murdered in 1997.

The three-story property features 10 luxury suites, a wellness spa, restaurant, 24-karat gold-lined swimming pool, rooftop lounge and an event space. It was built in 1930.

Nakash’s Jordache Enterprises paid $41.5 million for the famed site at an auction in 2013. It was sold with the furnishings, stained glass and mosaics arranged in the eccentric, baroque style of Versace.

The listing describes potential uses for the mixed-use property, including luxury retail, financial advisory services office, high-end dining and lounge space, a hotel, auction house or art gallery.

The Nakash family has other holdings in South Florida, most recently, in December, paying nearly $90 million for the Setai Hotel in South Beach.

Miami prices flatten

BrickellHouse

A rendering of BrickellHouse

Downtown Miami condo prices and rental rates are leveling out after two years of rapid appreciation, in another sign of change in the market as supply and demand shift, according to the Miami Downtown Development Authority’s Q2 2015 residential market report.

The report, prepared by Integra Realty Resources, found a trend toward a market correction, and cited the impact of foreign currencies sliding against the dollar among the catalysts, because it has reduced the pool of potential buyers.

Average condo unit pricing leveled off in the first three months of the year at $430 per square foot, following annual increases of 22 percent and 16 percent in 2014 and 2013, respectively.

Rental rates also stabilized, as new condos came online and owners listed them for rent. For example, 45 percent of BrickellHouse‘s 374 condos have listed for rent.

The Greater Downtown Miami market is in the midst of expanding by nearly 10,000 units, or 27 percent of the market size.

SoLé Mia

A rendering of SoLé Mia

$4B SoLé Mia unveiled

Heralding the start of their $4 billion, 183-acre master-planned community in North Miami that is aimed at revitalizing a long-vacant former landfill site, LeFrak and Turnberry Associates broke ground on SoLé Mia last month.

The Soffer LeFrak joint venture will include 12 residential buildings with 4,390 units, nearly
1 million square feet of commercial space, 37 acres of parks, two swimmable lagoons and 4,171 parking spaces. The partnership will put in about $150 million for the development, originally called Biscayne Landing.

Turnberry principal Jackie Soffer said that they’re talking to major national and local tenants for the retail component, which will include a dine-in movie theater, gourmet grocery store, and a Warren Henry Group auto dealership.

Biscayne Landing languished for many years after attempts to develop the site fell apart early last decade.

SoLé Mia is slated for completion in 2018.