The Real Deal Miami

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
By Ina Cordle | February 14, 2019 03:30PM

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.