The Real Deal Miami

Chicago auto magnates buy $5M unit at Oceana Bal Harbour

Phillip H. Resnick is third-generation owner of Resnick Auto Group with several dealerships
By Ina Cordle | January 09, 2017 03:00PM

Oceana Bal Harbour and Phillip H. and Nancy Resnick

Chicago auto magnates and philanthropists Phillip H. and Nancy Resnick just bought a unit at Oceana Bal Harbour for $5.28 million.

Records show the Resnicks bought unit 1806 at the recently completed 28-story, 240-unit luxury condo tower at 10201 Collins Avenue. No financing was recorded.

Phillip Resnick owns the Resnick Automotive Group, which owns and operates Mercedes-Benz, Toyota, Scion and Lexus auto dealerships throughout the Greater Chicago area, including in St. Charles, Hoffman Estates and Schaumburg, as well as in Chicago.

He told TIME magazine in 2010 that he is carrying on the legacy of his father and grandfather as a third-generation auto dealer. Resnick purchased a controlling interest in the company in 1990 and all remaining stock in 1999 to assume 100 percent control, according to a Time release posted on the National Automobile Dealers Association’s website. Nancy Resnick plans and coordinates new vechicle launch events. The Resnicks are also involved in various charities.

Oceana Bal Harbour, developed by Eduardo Costantini‘s Consultatio, has an estimated $1.3 billion sellout, which would set a record in South Florida. The project would beat out Oceana Key Biscayne, also developed by Consultatio, which generated nearly $580 million in recorded closings.

Records show 80 units have closed so far at Oceana Bal Harbour since it opened in November. Owners include Fidelity Investments portfolio manager Mark Notkin, Accenture managing director Paul Rakowski and Estee Lauder Companies vice president Amy DiGeso, and NetApp vice chairman Tom Mendoza, as well as a list of foreign buyers.

Designed by Arquitectonica, Oceana Bal Harbour also has four upper penthouses, two of which were under contract for $26 million each earlier this year. Piero Lissoni designed the interiors, the private restaurant and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.

The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Consultatio purchased it in 2012 for $220 million. A year later, the developer closed on a $332 million construction loan from a group of lenders led by HSBC.