Jorge Pérez’s Related Group, Two Roads Development and Rockpoint Group scored approval from a Bal Harbour board for their plans for the oceanfront Carlton Terrace property.
The Bal Harbour Architectural Review Board voted unanimously in favor of the planned Residences at Bal Harbour, a 24-story, 61-unit luxury condo tower that would be built on the 2.7-acre property at 10245 Collins Avenue. Three board members, including chair Reinaldo Borges, an architect, were present for the vote.
The existing Carlton Terrace, a 15-story, 88-unit building built in 1956, will be demolished. The developers completed a roughly $130 million bulk buyout of the Carlton Terrace last year.
As proposed, the mixed-use project will include 22 levels of residential units, a lobby with amenities, sunrise and sunset pools, and two basement floors for parking, a spa and medical office space.
(Related, Two Roads)
The developers tapped Skidmore, Owings & Merrill (SOM) to design the project alongside Cohen Freedman Encinosa & Associates Architects. Enea Garden Design is the landscape architect. Rockpoint Group is a partner in the project.
Because it is a mixed-use project, the zoning code and FEMA requirements allow for underground parking. That bypasses the need for a parking pedestal and allows for a taller project.
The project attracted a mix of public support and opposition, with some criticizing the developers for incorporating an underground garage and medical office that could flood with storm surge, and others alleging that the developer is only including medical offices to take advantage of the increased height and design elements that provides.
(Related, Two Roads)
A Harbour House resident said, “We cannot imagine any of our neighbors would want the garage above ground.” Yet a representative from Bellini said he was “terrified of [a] subterranean garage,” especially in the aftermath of Hurricane Ian.
Regardless, the architectural board, led by Borges, was adamant that the developers were following the zoning code.
“Zoning codes don’t protect views,” Borges said after nearly two hours of presentation and debate on the project. “It’s very clear the neighbors don’t understand that.”
Amenities would include a gym, screening and virtual reality rooms, pickleball and paddle ball courts, gardens, an underground spa, and a fine dining restaurant. As part of the approval, the location of the sports courts would be moved.
(Related, Two Roads)
Developers are aggressively targeting bulk purchases of older oceanfront buildings along South Florida’s coast, especially after the 40-year-old Champlain Towers South condo building collapsed in June of last year in Surfside, killing 98 people. The tragedy has exposed the challenges of maintaining older properties.
A number of developers had attempted to purchase Carlton Terrace before Two Roads and Related were able to secure the majority of units. Property records show they recently closed on the remaining condos in September. In April, the developers closed on an $80 million loan from Cerberus Real Estate Capital Management.
Miami-based Related, one of the region’s most prolific condo developers, joined Two Roads, led by Reid Boren and Taylor Collins, which had already been approaching unit owners, sources previously told The Real Deal.
Read more
Development
South Florida
Soffer pays $100M for condo building on Jupiter Island
Development
South Florida
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
Commercial
South Florida
Deauville owners offer $200M for historic Casablanca Miami Beach