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The Real Deal Miami

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
By Amanda Rabines | May 23, 2017 01:40PM

The newly opened Aurora sales gallery (Inset: Verzasca Group Managing Director Tim Lobanov)

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.