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

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
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
From top left to bottom right: Eighty Seven Park, Oceana Key Biscayne, Jade Signature, Porsche Design Tower (Condo)
Summer slowdown: Here are Miami-Dade’s top condo sales in June
Summer slowdown: Here are Miami-Dade’s top condo sales in June
Alan Jay Wildstein and the Porsche Design Tower in Sunny Isles Beach (Alan Jay Automotive Network, Carl Lender, CC BY 2.0 - via Wikimedia Commons, Draper and Associates, iStock)
Car dealer doubles down on Porsche Design Tower condos, pays $14M for latest
Car dealer doubles down on Porsche Design Tower condos, pays $14M for latest
The Porsche Design Tower in Sunny Isles Beach (Porsche Design Tower Miami)
Porsche Design Tower closing tops Miami-Dade’s weekly condo sales
Porsche Design Tower closing tops Miami-Dade’s weekly condo sales
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
The Oceana in Key Biscayne (Condo.com, iStock)
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
arrow_forward_ios

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

Loading...