New York developer Michael Stern is making his first entry into Miami Beach.
Stern’s JDS Development is officially launching sales for Monad Terrace, a 59-unit luxury condo building designed by Pritzker Prize winning architect Jean Nouvel. It’s slated to be delivered in two years, Stern told The Real Deal.
Stern, who is a co-developer of Echo Brickell, Echo Aventura and other projects in South Florida, said Monad is the first in Miami Beach. He assembled the land from 13 sellers, spending more than $51 million on the 14 parcels between 2015 and 2016. The final owner sold the holdout 3,500-square-foot parcel for $9.25 million, or $2,643 per square foot last year.
JDS is developing the project, at 1300 Monad Terrace, along with New Valley, an investment company owned by the Vector Group, which owns Douglas Elliman, Ackerman Development and Mink Development. Elliman is handling sales for Monad Terrace with prices starting at $2 million and units ranging from two to five bedrooms.
The development is targeting buyers who “appreciate great design and architecture,” including empty nesters, New Yorkers and Canadians, Stern said. It marks the first building for Nouvel in Miami, and incorporates light and reflectivity off the water. Each unit will also be designed by Nouvel. Kobi Karp is collaborating with Nouvel on the design, a spokesperson for Karp said.
Monad Terrace is registered for sales in New York, and Stern told TRD the developer will determine its New York marketing efforts in the coming months. He said he’s not worried about the slowdown in preconstruction condo sales. “I think there’s always a flight to quality,” he said. “I think the market will be very receptive to a thoughtful, great project.”
Amenities will include a sun deck with a bayfront swimming pool, a fitness and wellness center, cafe and juice lounge, dock access and a residents’ lounge. Condos will have custom kitchens, terraces with climbing gardens, and marble bathrooms.
Construction will begin in a couple of weeks. For now, it will be financed with developer equity, and eventually buyers’ deposits.
The company also plans to launch two large rental projects in Brickell and in Wynwood/Edgewater soon. “We’re very bullish on rentals in South Florida,” Stern told TRD.
JDS has owned land in South Florida for more than a decade, he said. In New York, Stern is co-developing the tallest building in the Western Hemisphere at 111 West 57th Street and the tallest building on the East Coast outside of Manhattan at 9 DeKalb Avenue in Brooklyn — as well as three other New York high-rises.