Long-delayed Ritz-Carlton Residences in Miami Beach now expects TCO in April

Closings at the luxury condo development may begin in April, said developer Ricardo Dunin

TRD MIAMI /
Feb.February 14, 2019 03:30 PM

Ricardo Dunin and the Ritz-Carlton Residences in Miami Beach (Credit: Golden Dusk Photography)

The long-delayed Ritz-Carlton Residences, Miami Beach, is now expected to receive its temporary certificate of occupancy in April and begin closings later that month or in early May.

Developer Ricardo Dunin, founding partner of Lionheart Capital, said construction of the luxury condominium project is nearly completed.

“Many units are finished and locked, and most of the building is done,” Dunin said. “We just have to go through all the fire safety inspections and get the city’s approval.”

The development, with 111 condos and 15 standalone villas, has prices ranging from $2 million to $40 million. Designed by Italian architect Piero Lissoni, the project is on Surprise Lake at 4701 North Meridian Avenue, on the former site of the Miami Heart Institute in a residential area of Mid-Beach. It is being developed by Miami-based Lionheart Capital with New York-based Elliott Management Corp.

Since launching sales in 2014, the Ritz-Carlton Residences, Miami Beach has presold about 75 condos or nearly 70 percent of the units, Dunin confirmed.

Plaza Construction is the general contractor for the development, which was originally expected to begin closings by the end of 2017. Lionheart said last year that the condo project would be finished by the end of 2018.

Several buyers have filed lawsuits against the developers since March 2018 seeking the return of their deposits due to the construction delays. The suits, including one from Marsha Soffer of the Turnberry Associates family, remain pending.

“To compensate that we were late we are going to deliver a product a lot beyond what people expect,” Dunin said, including importing furniture for the common areas from top European designers, purchased at the Salone del Mobile in Milan, Italy, last April.

In addition to the condos and villas, Ritz-Carlton Residences, Miami Beach will feature gardens, pools and 36 private boat slips. Shared amenities will include an art studio, a rooftop pool deck with private cabanas and a restaurant, a waterfront bar and social room, pet grooming facilities, indoor and outdoor yoga studios, a meditation garden and car wash facilities.

Lionheart Capital paid Mount Sinai Medical Center $20 million for the property in February 2012.


Related Articles

arrow_forward_ios
A rendering of the monorail

Miami-Dade approves interim contract for monorail to Miami Beach

Miami-Dade approves interim contract for monorail to Miami Beach
Lord Balfour Hotel

Mezz lender forecloses on Ocean Drive hotel in South Beach

Mezz lender forecloses on Ocean Drive hotel in South Beach
Oceanside Fisher Island and a map of condo sales (Credit: Google Maps)

Weekly condo sales volume in Miami drops below $40M

Weekly condo sales volume in Miami drops below $40M
121 N Hibiscus Drive (Realtor)

Waterfront Hibiscus Island mansion sells for $8M

Waterfront Hibiscus Island mansion sells for $8M
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
Developer Camilo Miguel Jr. and renderings of the project

Mast Capital wins initial approval for shorter Mid-Miami Beach condo project

Mast Capital wins initial approval for shorter Mid-Miami Beach condo project
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
arrow_forward_ios

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

Loading...