Canadian construction mogul buys condo at Eighty Seven Park

Pomerleau paid $6M, or $1,451 psf for the sixth-floor unit

Miami /
Nov.November 27, 2019 10:44 AM
Pierre Pomerleau and a rendering of Eighty Seven Park

Pierre Pomerleau and a rendering of Eighty Seven Park

The head of one of Canada’s largest construction companies purchased a condo at Eighty Seven Park.

Pierre Pomerleau, president and CEO of Pomerleau, paid $6 million for unit 601 at the luxury North Beach condo development, according to a source. The deal marks the first known closing at the 66-unit, 18-story condo tower at 8701 Collins Avenue in Miami Beach. Terra, along with partners Bizzi & Partners Development, New Valley and Pacific Eagle, developed the building.

Pomerleau focuses on the construction of new buildings, civil and infrastructure projects, and alternative programs. It also owns and Beaubois, which specializes in architectural woodwork, and co-owns Borea Construction.

Pomerleau’s condo has three bedrooms, three-and-a-half bathrooms and spans 4,136 square feet. The $6 million price tag breaks down to $1,451 per square foot. Michael Martirena and Ivan Chorney of One Sotheby’s International Realty represented the buyer. The brokerage declined to comment on the buyer’s identity.

Douglas Elliman is handling sales for the project.

Eighty Seven Park marks architect Renzo Piano’s first residential project in the western hemisphere. The property features an underground parking garage, a gym and spa, wine bar, and two pools. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture are also working on the project’s design.

Buyers include tennis pro Novak Djokovic. A penthouse hit the market a year ago for $68 million. 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.

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


Related Articles

arrow_forward_ios
Michael Huffington and the condo building (Getty, Eighty Seven Park)
Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door
After the construction of Eighty Seven Park (Google Maps)
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Greenstone pays $41M for North Beach apartments along Tatum Waterway
Greenstone pays $41M for North Beach apartments along Tatum Waterway
Greenstone pays $41M for North Beach apartments along Tatum Waterway
Investors put waterfront Normandy Isle apartment complex on the market for $15M
Investors put waterfront Normandy Isle apartment complex on the market for $15M
Investors put waterfront Normandy Isle apartment complex on the market for $15M
North Beach multifamily portfolio trades for $31M
North Beach multifamily portfolio trades for $31M
North Beach multifamily portfolio trades for $31M
The Devon Apartments in North Beach (Google Maps)
North Beach apartment building deemed unsafe, ordered evacuated
North Beach apartment building deemed unsafe, ordered evacuated
Novak Djokovic with the unit (Eighty Seven Park unit photo via Lenny Kagan, Djokovic via Getty)
Novak Djokovic sells Miami Beach condo for modest profit
Novak Djokovic sells Miami Beach condo for modest profit
arrow_forward_ios

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

Loading...