Dezer Development and the Related Group plan to close on a $315 million construction loan for Residences by Armani/Casa in Sunny Isles Beach, and held a groundbreaking ceremony for the project on Wednesday.
The developers have more than 65 percent of the 308-unit tower under contract and will close on a the construction financing at the end of the month, Gil Dezer and Carlos Rosso told The Real Deal. Wells Fargo and Blackstone are the lenders.
Dezer said about 200 units have sold to a “cross section of who buys in Miami. What you’re seeing here is the demographic is a bit higher due to our price point.” Prices for condos range from about $2 million to more than $15 million for the Giorgio Armani-furnished penthouse, which comes with a trip to Italy to meet Armani himself.
Construction crews have installed piles 180 feet deep to allow for two levels of underground parking, Rosso and Dezer said. Coastal Construction is the general contractor, according to a spokesperson. The beachfront project is located at 18975 Collins Avenue between condo towers Ocean II and Ocean III.
The Residences by Armani/Casa, a planned 56-story, 649-foot tall tower designed by César Pelli, will also include more than 35,000 square feet of amenities: a lobby lounge, fine dining restaurant, cigar room and wine cellar, heated swimming pool, oceanfront fitness center, two-story spa, movie theater and clubroom, as well as beach amenities. Landscape architect Enzo Enea designed the three-acre garden.
Dezer said he expects the building to be completed by February of 2019. The nearly $1 billion project has more than $650 million in sales under contract, with units ranging from 1,350 square feet to 4,160 square feet.
The development opened a $10 million sales gallery earlier this year complete with a model area, media area and design gallery. Related and Dezer are also collaborating on Hyde Midtown, a mixed-use residential tower in Midtown Miami.