The Real Deal Miami

Ground floor of Aurora condo sells for $5.5 million

Verzasca Group got $1,022 per square foot for the commercial space at the Sunny Isles Beach development
May 14, 2017 12:00PM

The Aurora sales gallery (Inset: Verzasca Group’s managing director Tim Lobanov)

Verzasca Group closed a $5.5 million pre-construction sale of the ground-floor commercial space at the developer’s Aurora condominium development in Sunny Isles Beach.

Verzasca, which expects to start construction of the 61-unit condo building this summer, sold the 5,382-square-foot commercial space on the ground floor to an unidentified buyer for $1,022 per square foot.

Alex De Leon of Fortune International Realty represented the buyer in the transaction. John Warsing, the director of sales for the Aurora development, represented the developer.

“We are thrilled to complete this commercial sale in advance of commencing vertical construction at Aurora,” Verzasca’s managing director Tim Lobanov said in a prepared statement. “This transaction shows that the demand for Sunny Isles real estate transcends the residential sector.”

Verzasca is marketing the condo development’s two- and three-bedroom units at prices starting in the $900,000s. The units range in size from 1,385 square feet to more than 2,150 square feet.

The developer will build Aurora on the former site of a Denny’s restaurant at 17750 Collins Avenue, the first major Sunny Isles Beach development west of Collins Avenue in more than a decade.