E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months

Developers plan to seek $155M to $170M in construction financing this summer

Miami /
Apr.April 20, 2021 06:19 PM
Ryan Shear and Michael Simkins (VC Consulting)

Ryan Shear and Michael Simkins (VC Consulting)

UPDATED, April 22, 11:30 a.m.: It’s last call for potential buyers of the E11even Hotel & Residences Miami.

Developers Property Markets Group and E11even Partners officially launched sales in February for the 375-unit hotel and condo tower planned for downtown Miami’s Park West neighborhood, and now have 90 percent of the units under contract, The Real Deal has learned.

Buyers put down a non-refundable deposit of 10 percent of the purchase price for about 340 units at the 65-story building. They will have to put down 30 percent more before closing, and the remainder at closing. Michael Simkins of E11even Partners said that so far, units have sold for a blended price of $1,100 per foot and are selling fully furnished. The majority of buyers are from the U.S.

PMG Managing Partner Ryan Shear attributed the fast pace of sales to good timing. “Obviously we have a great team and it’s a great brand,” Shear said. “It was the right place, right time.”

In addition to Simkins, E11even Partners includes Marc Roberts and Dennis DeGori. They own the E11even nightclub nearby.

The developers said they plan to break ground in the third quarter of this year, and will be in the market for a construction loan in the $155 million to $170 million range this summer. The tower will be completed roughly 30 months after construction begins.

Units will range from studios to two-bedrooms and a penthouse collection. Prices started at $300,000, and the units under contract range from $400,000 to more than $10 million for a penthouse, according to the developers.

Unit owners can put their condos into a hotel program to generate revenue, the developers said.

Simkins said buyers were attracted to the brand. And after a year of social isolation, many people were looking for a social environment to live in and invest in.

The project offers “Vegas-style amenities in the middle of downtown Miami,” Simkins said. It joins a number of condo-hotel projects in Greater Downtown Miami that are geared to offer hotel rental programs and short-term rental options, including the completed YotelPad and the planned Okan Tower.

Recently, a number of new luxury condo projects have launched sales in the Miami area, buoyed by the migration of wealthy buyers during the pandemic. Among them are Related Group’s Baccarat Residences, which is planned for Brickell. PMG also launched sales of the Waldorf Astoria Residences, planned for downtown Miami.

E11even Residences, designed by Sieger Suarez Architects with interiors by Avroko Hospitality Group and Studio Ramirez, will include Dr. Deepak Chopra’s Chopra Spa & Studio, a more than 10,000-square-foot space with a yoga center, Pilates and meditation rooms, hot and cold pools, treatment rooms and programming. The project will also have a 20,000-square-foot multi-level E11even Beach Day Club on the 11th floor, a casino-style sports lounge, a members-only rooftop, cabanas, plunge pools, and a 2,200-square-foot pool. It is planned to also have a gourmet food hall, wellness center, sports lounge, beach club and art installations.

The site is part of Simkins and Roberts’ larger 11-plus acre assemblage in Park West, which was one of the properties Amazon considered while on the hunt for its second headquarters.

Simkins and Shear said they are open to developing a second tower.

“A phase two is something that’s feasible and something we’re considering,” Simkins said. “E11even really has been visited by so many people. There is a familiarity with the brand by a lot of our buyers.”






    Related Articles

    arrow_forward_ios
    Fontainebleau Miami Beach, Jeffrey Soffer and former President Donald Trump (Ebyabe/Wikipedia, Getty, iStock)
    Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
    Gambling portability a no-go in Florida this year for Jeffrey Soffer, Trump
    Setai Miami Beach and owners Joe, Ralph and Avi Nakash. (Setai)
    Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
    Setai Miami Beach bans unwelcome hotel guest from using amenities: lawsuit
    Related Group’s Jorge Pérez and his Apogee Beach penthouse. (Related, Douglas Elliman)
    Jorge Pérez sells Hollywood penthouse for $6M
    Jorge Pérez sells Hollywood penthouse for $6M
    East End Capital’s Jonathon Yormak, BentallGreenOak’s Sonny Kalsi and 100 Biscayne Boulevard. (East End Capital, BentallGreenOak)
    East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
    East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
    Miami-Dade condo sales map and Oceana Key Biscayne (Google Maps)
    $18M Key Biscayne penthouse leads weekly condo sales
    $18M Key Biscayne penthouse leads weekly condo sales
    Russell Galbut and a rendering of the project (Studio MCG Architecture)
    Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
    Russell Galbut wants to turn South Beach hotel and adjacent building into offices and restaurants
    Ronny Finvarb with a rendering of 1790 Alton Road (GEK Architecture)
    Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
    Miami Beach to prohibit hotels in Sunset Harbour? Zoning overhaul could derail Ronny Finvarb’s project
    Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
    Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
    Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
    arrow_forward_ios

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

    Loading...