Peloro, Miami Beach’s latest residential condominium tower, officially launched sales last night with an event at the Miami Beach Golf Club. The 118-unit project, designed by Revuelta Architecture, is the brainchild of SMG Development, the investment vehicle for the family of the late Roy Disney.
While areas like South of Fifth and downtown Miami have received most of the attention recently because of projects like Ocean House and MyBrickell, respectively, Peloro will rise in Mid-Beach. The quieter location forms something of a midpoint between SoFi and the booming areas further north on the Miami Beach barrier island, such as Bal Harbour and Sunny Isles.
“This project is kind of in between [those areas],” Alicia Cervera, managing partner at Cervera Real Estate, which is marketing the property for SMG, told The Real Deal. “It’s a unique opportunity because South Beach and Bal Harbour have gone nothing but up, up and away, with numbers where you don’t even see $1,000 per square foot right now.”
Peloro is starting at a price point of about $500 per square foot, she said.
As more of these projects begin to move forward, the question for developers in this new wave of Miami condo development is whether it’s any different than the previous one in 2005 and 2006.
Right now, they’re saying it is, with new financing models (patterned on the pay-as-you-go systems popular in Latin America) and boutique properties like this one with a smaller number of units.
“I think right now the new development phase is very rational, because developers know what went wrong — the calamity of 2008 was not just a real estate problem,” Meir Srebernik, managing partner and president of Peloro, told The Real Deal.
Compared to the 2005 era, there’s “not too much debt right now,” said Srebernik, who told TRD he planned to “continue to search for more development” in the area.
“There’s a lot of equity being deployed by investors, so it’s a more resilient market,” he said. “I think it’s totally different.”
For now, Peloro is one of two Disney fund projects rising in Miami Beach, along with the 50-unit Palau at Sunset Harbour.
“With the development that’s going on right now, there’s a big uptick in Miami Beach, and huge energy,” said Peloro Managing Partner Greg Martin. “It’s important to be an early mover.”