UPDATED March 17, 4:40 p.m.: One River Point launches its new sales gallery Wednesday evening, and plans to break ground on the 60-story luxury condominium development by the end of the year.
The twin-tower project at the point of the Miami River, designed by architect Rafael Viñoly, is being developed by Shahab Karmely’s KAR Properties. When completed, it will feature an 85-foot waterfall, a three-story, floating glass skybridge, and a 55th floor, members-only “Sky Club” by Adrian Zecha — with two restaurants, a cigar lounge, wine cellar, screening room, and more.
KAR Properties spent $3.5 million to build out its new two-story, 4,500-square-foot new sales gallery at 90 Northwest Third Street, Andy Penev, project manager for the New York-based developer, told The Real Deal during a tour of the space while workers completed the finishing touches.
The sales center, across from One River Point’s site, features a media wall with touchscreen options and 3-D glasses offering virtual reality tours of the units, as well as a large-scale model of the project. The space includes a model kitchen by B & B Italia with a marble island, cabinets made of back painted glass and Gaggenau appliances. A model bathroom is outfitted with B & B Italia vanities, travertine walls and floors and a shower with an onyx accent wall. The second floor of the gallery is devoted to the Sky Club, with videos and a model.
One River Point, to be built on a park on the river at 24 Southwest Fourth Street and slated to rise more than 800 feet, marks KAR’s first project in South Florida. The company has other holdings throughout the U.S., Southeast Asia and Europe.
Sales at the 386-unit condo launched in October 2015, and reservations converted to contracts in mid-January. Douglas Elliman is handling sales and marketing. Sabine Otamendi, director of sales for Kar Properties, said sales are currently at more than 10 percent. “Sales have been strong, especially in light of the recent market conditions,” Karmely said in a statement.
Groundbreaking — which had been expected by the end of 2016 — is now pushed back to the end of this year, and the project could take about two years to be completed. Records show KAR paid $27.5 million for the 1.8-acre property in 2013.
Viñoly, the architect behind projects such as 432 Park Avenue and the Curve theater in Leicester, designed One River Point as two towers connected at the summit by the skybridge. A seventh-floor amenity deck will have an infinity-edge pool, lap pool, poolside cafe and restaurant, private cabanas and fitness center.
The condos feature private elevator landings, floor-to-ceiling glass walls, stone flooring, and 12-foot deep terraces. Prices range from about $870,000 to $12 million, with penthouses and villas priced higher. According to the Downtown Development Authority‘s recent report, average prices are $1,259 per square foot.
In all, Karmely and his unnamed U.S.-based financial partner, which he said is “affiliated with one of the most significant hedge funds in the world,” have spent $150 million in cash in South Florida, including buying parcels near the Miami River, in Wynwood and in Hallandale.
In addition to One River Point, the Miami River is spilling over with other new projects, including new restaurants, retail, offices and residential developments. River Yacht Club, a restaurant and boat marina at 401 Southwest Third Avenue, owned and developed by the Chetrit Group and Dupoux Partners, opened last year.
Nearby, Chetrit Group, Ari Pearl and JDS Development Group are planning a mixed-used project that includes four towers, a hotel, shops, restaurants, and a public river walk with boat slips.