Verzasca Group has broken ground on Pearl House and the Le Jardin Residences, its two boutique condo projects in Bay Harbor Islands.
Pearl House was the first announced project by the Russian development team in the United States. The group began pre-sales for the 15-unit project at 1170 101st Street in December, and has since sold out. Units are sized between 1,300 square feet and 2,200 square feet.
Following Pearl House, the group announced its Le Jardin Residences project, a 30-unit condo building at 1150 and 1160 102nd Street. Developers said Thursday that the project is 50 percent sold.
Both projects are seven-story condominiums designed by Frankel Benayoun Architects. As The Real Deal reported in July, prices for both projects range from the upper $500,000s to the lower $900,000s.
“Since Verzasca Group’s inception, we had our eyes and minds set on South Florida, particularly Bay Harbor Islands. We saw that there were gaps in what developers were doing and building here; everything was luxury,” Tim Lobanov, Verzasca’s managing director, said in a news release. “That’s why we designed our buildings to meet the growing demand for affordable luxury in one of the hottest up and coming neighborhoods in South Florida – Bay Harbor Islands.”
The team is also working on a condo project in Sunny Isles Beach, at the site of a former Denny’s restaurant. The project, planned for 17550 Collins Avenue, drew flack from city commissioners over its relatively large size — though a revised plan that shrunk the condo tower’s scope won approval at a second vote.
Verzasca is also planning a project in the Edgewater neighborhood of Miami.