The Real Deal Miami

Sneak peek: José Isaac Peres unveils 57 Ocean sales gallery

Construction of 18-story, 81-unit condo project in Miami Beach set to begin in April
By Ina Cordle | January 23, 2019 06:00PM

Brazilian billionaire José Isaac Peres is unveiling a newly built sales gallery for his planned luxury condominium project 57 Ocean at an event on Thursday that will feature music by the New World Symphony and a fireworks show.

Peres’ Multiplan Real Estate Asset Management is developing the 18-story, 81-unit project at 5775 Collins Avenue in Miami Beach. Edgardo Defortuna’s Fortune Development Sales is handling sales and marketing.

The two-story, oceanfront sales gallery cost $3 million to build and spans 5,000 square feet, said Marcelo Kingston, managing partner of Multiplan Real Estate Asset Management.

A sneak peek tour led by Multiplan CEO Peres revealed scale models of the tower and neighborhood on the first floor, with a model unit upstairs, including a living room, kitchen, master bedroom with bathroom, walk-in closet and terrace.

Peres, who studied architecture before switching to economics, said he chose Arquitectonica to design the project after asking three U.S. companies and two from Brazil to compete for the design. Brazilian architect Patricia Anastassiadis is designing the interiors.

Units range from 1,200 square feet to 7,000 square feet, with prices from $1.5 million to $31 million, Kingston said. Prices average $2,000 per square foot.

Foundation work has started and construction will begin in April, regardless of the level of presales, though Peres said he expects to reach 30 percent by that time. He is self-funding construction of the project without financing. He said he has already spent $100 million so far, including about $90 million to buy out the condo owners of Marlborough House, the 110-unit building that previously occupied the site.

Despite the ongoing condo slowdown, Peres said he feels “confident in the product.” He expects units to be purchased by end-users, including local buyers, who will use them as primary or vacation homes.

Defortuna launched sales in the fall, and is targeting buyers from the Northeast, as well as Brazilians and Mexicans, among other prospective foreign buyers. “We have signed a few contracts and expect people to commit in the next month or so,” now that the sales gallery is open, he said.

Each unit at 57 Ocean will have a private elevator entrance, a 12-foot-wide terrace and Italian kitchens and bathrooms by Poliform. Some two-bedroom units are designed to be combined into four-bedroom units with staff quarters, Peres said.

Amenities will include an outdoor wellness garden, massage rooms, yoga deck and spa, steam room, two pools, a pool bar, summer kitchen pavilion, club room fitness center and library.

The project is expected to be completed in September 2021.

Peres previously developed Il Villagio on Ocean Drive, launching sales in 1994 with a beachfront concert by the late opera singer Luciano Pavarotti. His next project will be 312 Ocean Park, a 10-unit, four-story condominium at 304 and 312 Ocean Drive in Miami Beach’s South-of-Fifth neighborhood.

In addition to his privately owned Multiplan Real Estate Asset Management, Peres is also CEO of Rio de Janeiro-based, publicly traded Multiplan, one of the largest shopping mall developers and operators in Brazil, according to Forbes, which pegs Peres’ net worth at $1.4 billion.