The Real Deal Miami

On the scene at One River Point’s broker preview: PHOTOS

Developer has said he won't pull any financing until it's time to break ground
November 22, 2016 11:15AM

Hoping to drum up more business ahead of the notorious Art Basel sales season, developer Shahab Karmely and Douglas Elliman headed to New York to showcase their One River Point condo project that’s set to rise on the Miami River.

A group of agents from Elliman and other brokerages like One Sotheby’s International Realty converged on the 980 Madison Avenue gallery to check out architect Rafael Viñoly’s design for the twin 60-story towers. Among the attendees: Elliman Chairman Howard Lorber and Chris Leavitt of “Million Dollar Listing Miami” fame.

While even the most bombastic of South Florida’s developers are scaling back or holding off on launching new projects, Karmely and his firm KAR Properties are pushing forward with their luxury 350-unit project on the river. Karmely has said his team won’t pull any financing until One River Point is ready to break ground, as the developer has already sunk roughly $30 million into project costs.

Arguably the project’s most distinctive feature — besides the 85-foot waterfall — is a “sky club” on the 55th floor that connects the two towers with restaurants, a cigar lounge and screening room. Its units range in price from $750,000 to $12 million. — Sean Stewart-Muniz and Katherine Kallergis