Verzasca’s Aurora luxury condo project hits 50% in sales, breaking ground soon

Developers paid $10.5M for the former Denny's on the west side of Collins Avenue

TRD MIAMI /
May.May 23, 2017 01:40 PM

Russian developer Verzasca Group announced it plans to break ground on its Aurora condo project in Sunny Isles Beach in mid-June after reaching 50 percent in sales.

Construction on the 61-unit project at 17550 Collins Avenue was on hold while developers focused on selling the two- and three-bedroom residences, which range from 1,385 square feet to more than 2,150 square feet.

Prices begin at about $880,000 and reach as high as $1.6 million, averaging to about $680 per square foot.

John Warsing, Aurora’s director of sales, told The Real Deal that Verzasca plans to be the first in line to develop a luxury condo on the west side of Collins Avenue. The project will be the first luxury condo development on that side of the street in more than a decade, he said.

“In Sunny Isles, beachfront properties start at $1,500 per square foot. We’re at $700,” Warsing said. “The price is half, and buyers are still right across the ocean.”

According to Miami-Dade County records, the developer paid $10.5 million for the former Denny’s site and financed it with a $7.5 million balloon mortgage from Sal Ganem in 2015.

Warsing told TRD the mixed-use tower is 50 percent sold, up from 30 percent in July.

Verzasca plans to move Aurora’s sales center to 17600 Collins Avenue, next to the project site. To accommodate the relocation, the existing sales center will be closed from May 29 to June 5.

Other developers that have their eyes west of Collins Avenue include Gil Dezer, who signed a contract to buy bayfront land from Publix in Sunny Isles, with plans to combine with his current holdings next door.


Related Articles

arrow_forward_ios
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
Gil Dezer with a rendering of Porsche Design Tower and Residences by Armani/Casa (Credit: ARX via Madison Global)

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits

Miami judge will rule if ex-Dezer COO is entitled to more than $10M in profits
A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property.

RK Centers alleges restaurant refused Covid relief, vacated property

RK Centers alleges restaurant refused Covid relief, vacated property
Alexander Nabutovsky and Regalia

Blockchain firm founder pays $5M for Regalia condo

Blockchain firm founder pays $5M for Regalia condo
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Joseph Milton and Parque Towers

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos

Parque Towers developer faces lawsuit seeking class action over allegedly mismarketed condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...