Dezer, Related to close on $315M construction loan for Armani/Casa

The nearly $1 billion tower currently has more than $650M in sales

TRD MIAMI /
Mar.March 09, 2016 03:45 PM

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.


Related Articles

arrow_forward_ios
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
Gil Dezer with a rendering of Porsche Design Tower and Residences by Armani/Casa (Credit: ARX via Madison Global)

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits
Jeff Burns, Nick Rojo, The Bohemian Lake Worth

Affiliated Development’s Lake Worth Beach apartment project approved

Affiliated Development’s Lake Worth Beach apartment project approved
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
A rendering of the Intracoastal Mall and Gil Dezer

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer’s plans to remake Intracoastal Mall face opposition
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...