The Real Deal Miami

Closings underway at Louver House

One Sotheby’s launched sales in January 2015
By Katherine Kallergis | October 03, 2017 03:00PM

Camilo Miguel Jr. and Louver House (Credit: Mast Capital)

Closings are underway at Louver House, a boutique condo project in Miami Beach’s South-of-Fifth neighborhood.

Mast Capital, led by CEO Camilo Miguel Jr., completed the 12-unit, four-story development at 311 Meridian Avenue in late August. Property records show buyers so far include healthcare executive Robert Coward, Miami businessman Gino Bertuccio and philanthropist Claudia Cisneros.

Miguel said the estimated sellout of the building, designed by Rene Gonzalez, is $35 million. Seven units have closed so far in county records for a combined $20.13 million, including two adjacent penthouses to the same buyer. Cisneros, who sits on the board of the The Cisneros Fontanals Art Foundation, paid $6.1 million for two penthouse units at the end of last month. Bertuccio, owner of the Venezuelan cosmetics company Ligi Import Corp., just paid $3.2 million for a unit on the third floor, according to property records. Coward paid $3.8 million for a penthouse.

Four units, or one third of the building, are left for sale, ranging from $2.5 million to $3.1 million and from 2,088 square feet to 2,432 square feet, or nearly $1,200 per square foot to $1,275 per square foot.

One Sotheby’s International Realty launched sales for the project in January 2015 and broke ground in December of that year.

Michele Oka Doner created artwork for the lobby and landscape architect Savino & Miller selected plans for the space, according to a press release. Amenities include a pool deck, landscaped lounge area, rooftop terrace, lobby gardens and electric car charging stations.

Mast Capital’s M 311 Meridian Owner LLC paid about $4.73 million, or $225 per square foot, for the 21,000-square-foot development site in 2013.

The project is four blocks away from the ocean. Other projects in the area include the Related Group’s One Ocean, an eight-story, 50-unit luxury project the developer completed last year.