The Real Deal Miami

Brazilian billionaire plans boutique luxury condo on Ocean Drive

Sales of 10-unit, four-story project could launch next year
By Katherine Kallergis | January 22, 2019 04:30PM

Rendering of 312 Ocean Park and Jose Isaac Peres

Brazilian billionaire developer Jose Isaac Peres submitted plans for a boutique, luxury condo building on Ocean Drive in South Beach.

An affiliate of Peres’ Multiplan Real Estate Asset Management is proposing to build 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive in the South-of-Fifth neighborhood, according to documents filed with the city.

Rio de Janeiro-based Multiplan is one of the biggest shopping mall owners in Latin America, and has also built a number of mixed-use projects connected to retail developments, according to its LinkedIn page. In Miami Beach, Multiplan built Il Villaggio, a luxury condo and retail development at 1455 Ocean Drive.

Peres, a part-time resident of Miami Beach, is also developing 57 Ocean at 5775 Collins Avenue. The luxury, 18-story, 81-unit condo building is under construction. Fortune Development Sales is handling presales of 57 Ocean, with prices ranging from $1.5 million to $31 million.

The developer paid $9.85 million for the 11,500-square-foot site of 312 Ocean Park in December, Marcelo Kingston, managing partner of Multiplan, said. The property hit the market in 2017 for about $11 million. Marcus & Millichap’s Joseph Thomas, Adam Duncan and Brett McMahon brokered the deal. Sea Spray Development LLC, a company controlled by Yair Wolff, sold the lots.

The vacant site is across the street from Marjory Stoneman Douglas Park, a beachfront 2.5-acre public park.

Luis Revuelta of Revuelta Architecture is designing 312 Ocean Park. The historic preservation board has to approve plans for the project because it’s in the Ocean Beach Historic District. Kingston said the developer began meeting with neighboring associations last summer and secured endorsements from the condo boards at 301 Ocean Drive, led by Frank Del Vecchio, and Royal Atlantic.

The building will include two duplex penthouses and two lanai-style homes, and a private amenity deck with a pool.

Depending on the approval process, construction and sales could launch as early as next year with the building delivered about 12 to 14 months from groundbreaking, Kingston said.