Multiplan Real Estate Asset Management is seeking approval of an oceanfront condo building in Surfside that would replace older buildings that are in “dire” condition.
Multiplan, led by Brazilian billionaire José Isaac Peres, plans to build 93 Ocean, a 12-story, 27-unit project at 9309 and 9317 Collins Avenue, according to documents filed with the city. The town’s planning and zoning board will vote on site plan approval for the project at its Thursday meeting.
R Palace Surfside LLC, managed by developer Vivian Dimond, bought out all the units at the development site, home to the existing 34-unit Regent Palace condominium complex, built in 1951. R Palace Surfside spent about $36 million acquiring the units and the land underneath the buildings between 2020 and August of this year, records show.
Multiplan commissioned a traffic study for the site. The developer provided R Palace Surfside with a $25 million purchase money mortgage in late July, according to records.
Multiplan declined to comment, and Dimond did not respond to a request for comment. Broker Phil Gutman of PGutman LLC is involved in the deal, according to a source.
In its letter of intent, the developer said that the property’s condition “can only be described as ‘dire’” and that a voluntary evacuation order was issued for the two buildings “following the recognition of unsafe conditions” in July 2021. The Champlain Towers South condo building collapsed June 23 of last year, killing 98 people.
A number of coastal properties were deemed unsafe following the tragedy. Though developers have long targeted bulk buyouts and terminations of older condo buildings, the trend has accelerated in popularity since the collapse. The high cost of repairs to older buildings is contributing to the movement.
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The developer hired Arquitectonica and ArquitectonicaGeo to design the new 93 Ocean building and its landscaping, respectively. The proposed design includes a rooftop pool deck.
Multiplan has built projects in Miami Beach. The company recently completed 57 Ocean, an oceanfront luxury condo where a penthouse sold for $37 million, and is also building Ocean Park, a boutique condo project on Ocean Drive in Miami Beach, that is expected to be completed next summer.
Surfside, a small town north of Miami Beach, has experienced a boom in development in recent years. Fort Partners is moving forward with additional projects near its Four Seasons-branded Surf Club project at 9011 Collins Avenue, where Miami Heat President Pat Riley and his wife Christine sold their unit earlier this year for a record $5,800 per square foot.
On the site of the condo collapse at 8777 Collins Avenue, Dubai-based developer Damac Properties plans to build a Cavalli-branded luxury condo building.
Dimond, who is a broker with Brown Harris Stevens Miami, and her partner Jeff Cohen represented Damac in its purchase of the land.