South Florida Report

Real estate news from South Florida

Jun.June 01, 2016 11:00 AM
Rendering of Fendi Chateau Residences in Surfside

Rendering of Fendi Chateau Residences in Surfside

City to watch: Surfside

Developers are transforming the oceanfront enclave of Surfside with some of the most expensive, luxurious condo projects in south Florida. One of the first new projects near completion is the Surf Club Four Seasons, a redeveloped landmark hotel and condo project by Fort Partners located at 9011 Collins Avenue. The project, which is being designed by Richard Meier, will have an 80-room hotel and two 12-story residential towers. It is nearly sold out with more than $900 million in sales. Units range between $3.4 million to $18 million.

Three blocks north, the Chateau Group is nearing completion of the world’s first Fendi-branded hotel and condo project at 9365 Collins Avenue. Fendi Chateau Residences, where units are going for an average of $1,900 a square foot and a two-story penthouse was listed for $25 million, is now 88 percent sold and expected to open this summer.

And last November, New York City-based JMH Development bought out the 36 owners of a 1960’s-era condo building in a $55 million bulk acquisition. The company plans to redevelop the 12-story tower at 8995 Collins Avenue into a luxury boutique condo called Surf House. The development site shares a cul-de-sac with the Surf Club Four Seasons.

Lawsuits allege shoddy construction at Trump Towers

trump-towers

Trump Towers in Sunny Isles Beach

There’s major trouble brewing over dozens of alleged construction defects at the Trump Towers I, II and III in Sunny Isles Beach.

In three separate lawsuits filed in Miami-Dade Circuit Court recently, the master condo association for the three buildings alleges that garages, façades and pool decks need extensive and expensive repairs due to shoddy work by the developers, The Related Group and Dezer Development.

The unit owners are collectively suing TRG Sunny Isles V, TRG Sunny Isles VI and TRG Sunny Isles VII, three entities formed by Related and Dezer to develop the towers at 18001 Collins Avenue. The lawsuits also name general contractor John Moriarty and Associates of Florida, architecture firm Sieger Suarez Architects and engineering firms Steven Feller P.E. and CHM Structural Engineers LLC as defendants. Dezer acquired all of Related’s interest in the project in 2010. The complaint accuses the developers, the general contractor, the architect and the engineering firms of negligence. It also claims that improper design and improper construction led to 150 defects throughout the towers and the common areas.

Gil Dezer, principal owner of Dezer Development, downplayed the lawsuit’s impact in a written statement. “We have been working amicably with the association on claims that are typical in the turnover of every condo development,” he said.

Bill Gates snaps up Wellington estate

Bill Gates

Bill Gates

Bill Gates, the world’s richest man, is now a land baron in Wellington, a city in Palm Beach County. The Microsoft founder recently closed on an $8.7 million cash purchase of a Wellington estate, a 5.2-acre estate at 13715 Quarter Horse Trail Road, which sits at the entrance to Gates’ street. That brings his purchases up to $35.87 million and his holdings to five of the six properties on the tiny street Mallet Hill Court.

Gates started off his Wellington purchases three years ago when he paid $8.7 million for his 4.5-acre horse ranch at 3155 Mallet Hill Court. His daughter Jennifer Gates is a noted equestrian.


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