Multiplan launches sales of boutique luxury condo project on Ocean Drive

10-unit project is priced from $1.5M to $6.8M

TRD MIAMI /
Jan.January 07, 2020 05:30 PM
  • An aerial rendering
    An aerial rendering (Credit: LPG)

UPDATED Jan. 8, 10:30 a.m.: Multiplan Real Estate Management, the developer of 57 Ocean in Miami Beach, is now betting on a boutique luxury condo project on Ocean Drive in the South-of-Fifth neighborhood.

José Isaac Peres

José Isaac Peres

The Brazilian real estate developer, led by José Isaac Peres, is launching sales of Ocean Park South Beach at 304-312 Ocean Drive in South Beach, The Real Deal has learned.

The four-story building will have 10 units, including two duplex penthouses. Prices range from $1.5 million to $6.8 million, said Marcelo Kingston, managing principal of Multiplan Real Estate Asset Management.

Eloy Carmenate and Mick Duchon

Mick Duchon and Eloy Carmenate

Douglas Elliman’s Eloy Carmenate and Mick Duchon are handling sales.

The project marks the first to launch in the luxury market so far this year. And despite the condo market slowdown, Kingston said Ocean Park South Beach’s location, across the street from the ocean and Marjory Stoneman Douglas Park and close to shops and restaurants, with little competition in new luxury projects, will give it an advantage. He said 20 percent of the units, or two condos, are under contract by friends and family buyers from Miami and Brazil.

“In our view, it’s good timing, a unique location, singular product and hard to replicate,” Kingston said.

Two- and three-bedroom units will range from 1,117 square feet to 1,715 square feet, with terraces ranging from 267 square feet to 1,194 square feet. Features will include private elevators, 10-foot ceilings, floor-to-ceiling windows, light solid oak wood and natural stone flooring, Wolf and Sub-Zero appliances, and kitchens by Poliform with Matte Touch cabinets.

The four-bedroom penthouses will each have 2,393 square feet with 1,564 square feet of terraces. The penthouses will include 12-foot ceilings, an upgraded appliance package with a tower wine cooler and double-refrigerator unit, and a rooftop deck with a private spa pool, summer kitchen and powder room.

Ocean Park South Beach will also have a second-floor amenity deck with a 36-foot pool, spa, Jacuzzi, poolside summer kitchen and outdoor dining area and lounge.

The project is designed by Revuelta Architecture International, with interiors by Marcela Lombana and landscaping by Gardner Semler Landscape Architecture.

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. In Miami Beach, Multiplan built Il Villaggio, a luxury condo and retail development at 1455 Ocean Drive. Forbes currently pegs Peres’ net worth at $1.7 billion.

The company is self-funding the Ocean Drive development, Kingston said. That allows the developer to “push the development schedule, not relying on banks, and takes away the lack of confidence buyers have not knowing the schedule.”

Construction is expected to begin in the fourth quarter, with completion in December 2021, he said.

Multiplan is also developing 57 Ocean, an 18-story, 70-unit luxury oceanfront condo project at 5775 Collins Avenue. Kingston said sales are approaching 50 percent. The project is starting to go vertical, and is expected to be completed in September 2021, Kingston said. Fortune Development Sales is handling sales.

The Ocean Drive project has been in the works for about a year, since Multiplan purchased the two adjacent empty lots for $10 million in December 2018. It’s within the Ocean Beach Historic District, and received approval from the historic preservation board last year.

Carmenate and Duchon have handled sales at other new Ocean Drive developments such as 1500 Ocean Drive, Il Villaggio and Glass. They said they will be targeting local buyers, including empty nesters from the surrounding areas who are looking for boutique buildings, as well as buyers from the Northeast.

“We find the South-of-Fifth area to be very active,” Duchon said.

“It’s priced right for the neighborhood,” added Carmenate. “You can’t get a three-bedroom for $2.65 million in new construction in South-of-Fifth.”


Related Articles

arrow_forward_ios
Miami Beach Mayor Dan Gelber (Credit: EVA MARIE UZCATEGUI/AFP via Getty Images)

Miami Beach shuts down short-term rentals due to coronavirus

Miami Beach shuts down short-term rentals due to coronavirus
Clevelander South Beach

Party’s over: Clevelander South Beach closes after employee tests positive for Covid

Party’s over: Clevelander South Beach closes after employee tests positive for Covid
Royal Management Group maintains four South Beach condo buildings

South Beach condo owners sue to remove management company

South Beach condo owners sue to remove management company
Lennox Miami Beach

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit

Lennox Miami Beach hotel exec sues father-in-law for ousting him: lawsuit
Stephen and Petra Levin, David Deshe and 4350 North Bay Road (Credit: Nicholas Hunt/Getty Images, LinkedIn, and Google Maps)

Drink to that: Beverage tycoon sells waterfront Miami Beach lot to Vero Water mogul

Drink to that: Beverage tycoon sells waterfront Miami Beach lot to Vero Water mogul
citizenM founder Rattan Chadha, Russell Galbut and a rendering of 1212 Lincoln

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project

CitizenM buys hotel portion of Crescent Heights’ 1212 Lincoln project
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
1 Hotel South Beach (Credit: Google Maps)

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement

Starwood Capital affiliate sues 1 Hotel & Homes South Beach condo association for trademark infringement
arrow_forward_ios

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

Loading...