The Real Deal Miami

Paper magnates pay $10M for condo at Oceana Bal Harbour

Grossmans sold their paper company, Southern Container Corp., for $851M in 2008
By Katherine Kallergis | February 20, 2017 01:30PM

Renderings of Oceana Bal Harbour

Renderings of Oceana Bal Harbour

A couple who made millions from the sale of their family paper manufacturing business just spent a whole lot of paper on a unit at Oceana Bal Harbour.

Records show Open Mind Bal Harbour LLC, controlled by Bob and Lynne Grossman, paid $10 million for unit 2201 in the north tower of Oceana, at 10201 Collins Avenue. Bob Grossman and his brother Steven Grossman sold their container board manufacturing and corrugated packaging company, Southern Container Corp., in 2008 for $851 million, according to the Gwinnett Daily Post.

Bob and Lynne Grossman, who list a Jupiter address on the deed for their Bal Harbour condo, also own a number of super yachts, according to SuperYachtFan. The Grossmans are also reportedly now active in real estate investment and development.

No financing was recorded for the Oceana unit.

Consultatio, led by developer Eduardo Costantini, completed Oceana Bal Harbour in November. Since then, 129 units have closed out of the 28-story development’s 240 condos. The project has an estimated $1.3 billion sellout, which would set a South Florida record.

Other Oceana Bal Harbour buyers include companies tied to the CEO of the Puerto Madero steakhouse chain, a Russian helicopter operator, Chicago auto magnates Phillip H. and Nancy Resnick, Fidelity Investments portfolio manager Mark Notkin, Accenture managing director Paul Rakowski and Estee Lauder Companies vice president Amy DiGeso.

Arquitectonica designed the development, and 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.