Penthouse at Terra’s Eighty Seven Park hits the market at $68M

Two-story unit could set a record for resi sales in Miami-Dade

Miami /
Dec.December 04, 2018 04:30 PM

Rendering of the penthouse at Eighty Seven Park

A penthouse at the Renzo Piano-designed Eighty Seven Park in North Beach is hitting the market for $68 million, which could set a record in Miami-Dade if it sells at or near its asking price.

The two-story penthouse, with 12,410 square feet of interior space and 18,247 square feet of outdoor terraces, will feature six bedrooms, eight bathrooms, a service suite, a private gym and home theater and a rooftop terrace with two 45-foot long infinity pools, summer kitchens and an outdoor theater, according to a release.

When it sells, it could set a new record for residential sales in the county, blowing past the $60 million purchase by billionaire hedge fund manager Ken Griffin of two penthouses at Faena House in 2015.

Terra is developing the 66-unit, 18-story condo building at 8701 Collins Avenue in Miami Beach along with its partners, Bizzi & Partners Development, New Valley and Pacific Eagle. Douglas Elliman is handling sales of the building, which is expected to be delivered next year. Buyers include tennis pro Novak Djokovic.

Other features of the penthouse include a putting green and a Turkish hammam, and a design package by RDAI with furnishings by Hermes, Giorgetti, and Christopher Delcourt.

Last year, Terra and its partners closed on additional financing, boosting their loan from Singapore’s United Overseas Bank Limited to $155 million.

The tower will feature an underground parking garage, a gym/spa and a rooftop terrace. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture are also working on the project’s design.

Terra purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles Beach developer Michael Dezer for $65 million in 2013. That hotel, which was originally known as the Biltmore Terrace, was built in the early 1950s and demolished in 2015.

The Wall Street Journal first reported the penthouse listing.


Related Articles

arrow_forward_ios
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Stephen Ross, Miami Beach Commissioner Kristen Rosen Gonzalez, Miami Beach Mayor Dan Gelber and Frank Gehry with the Deauville Beach Resort (Wikipedia, Getty, Visit Florida, Related, Rosen Gonzalez)
“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville
Pierre on the Bay at 2050 Bay Drive in Miami Beach and Normandy Villas at 946 Bay Drive in Miami Beach (Marcus & Millichap, Apartments at Home)
Battle of Normandy? Waterfront Miami Beach apartment complexes sell for $22M
Battle of Normandy? Waterfront Miami Beach apartment complexes sell for $22M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...