Multiplan pays $64M for oceanfront Surfside dev site
Vivian Dimond-led entity sold the Regent Palace condo site after completing bulk buyout
Brazilian developer Jose Isaac Peres’ firm bought an oceanfront site in Surfside for $64 million, following a complicated condo buyout and termination.
Multiplan Real Estate Asset Management acquired the site at 9309 and 9317 Collins Avenue from R Palace, an entity led by Vivian Dimond. Dimond, principal at Bayshore Grove Capital and broker at Brown Harris Stevens Miami, has been involved in other complex condo buyout deals.
The developer plans a 12-story luxury condo building on the 0.9-acre site. Bernardo Fort-Brescia’s Arquitectonica and Arquitectonica Geo, the landscaping firm, are designing the project. Sales are expected to launch by the end of the year, said Marcelo Kingston, executive managing partner of Multiplan.
The developer hasn’t decided yet if it will work with a brand on the “small-scale, very exclusive” project. It received approval for about 27 condos but will likely build fewer units.
Multiplan’s completed developments include 57 Ocean, Ocean Park South Beach and Il Villaggio, all in Miami Beach.
Kingston said Surfside’s code restrictions that limit the scale of new developments have contributed to the town becoming a destination for developers. The most successful project is likely the Four Seasons Hotel and Residences at The Surf Club, a Fort Partners project where resales surpassed nearly $6,000 per square foot.
Across the street from Multiplan’s site, on the non-waterfront side of Collins Avenue, Kushner Companies recently secured approval for a nearly 90-unit residential project that’s expected to be luxury rentals at 9300 Collins Avenue.
Broker Phil Gutman represented Multiplan in the cash purchase of the Surfside property, which has been in the works since 2022. Gutman said he will work with the developer on sales of the new project.
Dimond’s entity spent more than $35 million acquiring all the units of the Regent Palace Condominium and the land underneath the two existing buildings.
“[Dimond] had worked on the assemblage, and we came in as the capital sponsor,” Kingston said.
In its application to the town of Surfside submitted two years ago, Multiplan said the Regent Palace’s condition could only be described as “dire.” Residents evacuated after the June 2021 collapse of Champlain Towers South, farther south, where nearly 100 people died. Regent Palace, home to 34 units, was built in 1951.
Kingston said the “battle” of acquiring the land was the first phase. Phase two is more exciting and fun, he said.
“We still see the market [is] strong, not only Surfside but for premium high-end luxury product,” he said.
Because of the lack of available oceanfront land, South Florida developers are increasingly looking at acquiring older properties. Those buyout deals have become more challenging following the condo collapse, which resulted in new condo safety legislation statewide. Rising insurance premiums and the cost of required repairs are pushing more owners in older buildings to sell.
Dimond represented the buyer, Dubai developer Damac Properties, in the court-ordered $120 million sale of the collapse site at 8777 Collins Avenue in 2022. Damac plans to build a luxury condo building on the property, which will be adjacent to a memorial for the victims of the tragedy.