Brazilian billionaire José Isaac Peres is moving forward with plans to build a luxury condo building, 57 Ocean, in Mid-Miami Beach.
Peres’ Multiplan Real Estate Asset Management is launching sales of the 81-unit, 18-story project at 5775 Collins Avenue with Fortune Development Sales. The beachfront property was previously home to the Marlborough House condo building, which unexpectedly collapsed at once during its planned demolition in July, killing a project manager. An OSHA investigation is ongoing.
Marcelo Kingston of Multiplan said construction of the on-site sales center is underway. The developer is aiming to complete the $2 million sales center in time for Art Basel, and to break ground in March, delivering the building about 30 months from groundbreaking.
UPDATED, Oct. 23, 8:55 a.m.: Kingston said the developer is launching sales now because there’s very little comparable product on the market. Further north at 8701 Collins Avenue, developer David Martin is building Eighty Seven Park, a luxury condo project.
57 Ocean’s units will range in price from $1.5 million to $31 million, and will feature 12-foot terraces, Italian kitchens, 10-foot ceilings and private elevator entrances. Arquitectonica designed the building.
Multiplan is self-financing the project, which Kingston said builds “confidence we feel is lacking in the market.”
Carolina Rainer of Fortune and a team of three agents are handling sales, Edgardo Defortuna, president of Fortune International Realty, said. They’re reaching out to a “select group of brokers and buyers” and planning a full launch later this year.
The property will feature an outdoor yoga deck, underground parking and vertical gardens. Amenities will include a spa with a thermal suite, relaxation and meditation area, infinity pools, a sundeck on the third floor, a pool bar and lounge, club room, fitness center, library and more.
Multiplan secured approval from the Miami Beach Design Review Board for the project in December 2017 after modifying designs to include public beach access and reduce the building’s width.
Peres, whose net worth is estimated at $1.3 billion, has previous ties to South Florida. He developed the Il Villaggio in Miami Beach, a luxury condo and retail development on Ocean Drive, which faces Lummus Park and the beach.
An earlier version of this story misspelled Carolina Rainer’s name.