UPDATED, 5:00 p.m., Sept. 10: Property Markets Group paid $30 million for less than an acre of oceanfront in Sunny Isles Beach as the New York City-based developer expands its footprint in South Florida.
Together with development partners S2 Development of Aventura, PMG purchased the 0.85-acre parcel at 17141 Collins Avenue from Mexican developers Palermo Beach LLC, who had planned for architect Kobi Karp to design a 42-story condo high-rise called Unique. “We’re very excited to have brought Property Markets to this deal, and are excited to work together on future projects,” S2 principles Claudio Stivelman and Marc Schmulian said in a statement.
Palermo netted a 50-percent return on the $20 million it invested to buy the land, sandwiched on Sunny Isles’ increasingly busy shore between Jade Ocean and Trump International Resort, in March 2012, according to Miami-Dade County records.
Mario Borda, the chief of Engle & Volkers’ commercial division, brokered the sale, a spokesperson told The Real Deal.
Ryan Shear, PMG’s Miami chief, dispelled the possibility they would resurrect Palermo’s “Unique” project, but told TRD the new concept is “super-secret.”
“We’re going to bring in somebody that hasn’t done anything, it’s going to be a unique brand,” Shear said, adding that the architect and interior designer will both draw because of their “world-famous cache.”
Earlier today New York-based Mission Capital Advisors announced it had lined up $128.5 million in construction loans for PMG’s high-end residential projects, Echo Brickell and Echo Aventura.
The amount represents PMG’s debt financing needs for the condo developments. PMG is among a handful of South Florida condo developers that is receiving construction loans. “You have to have a long history of experience, you have to be well-capitalized. It’s not nearly as loose as lending was five, six years ago,” Shear said.
The pace of development, however, could be described as footloose.