Lefferts is launching sales of a 14-story, 126-unit non-waterfront condo project in Miami Beach’s North Beach, marking its third planned development in the neighborhood.
The Miami Beach-based developer tapped OneWorld Properties to lead sales for Palma Miami Beach Residences at 600 71st Street, a press release shows. The plan for condos is a switch from apartments: The project was initially planned as a 13-story, 110-unit apartment building when it won approval in 2021.
The condo building will allow short-term rentals, with no restrictions on the minimum length of leases, according to the release. Lefferts founder Mendy Chudaitov said he sees the short-term rental option as an affordability measure for buyers, but it won’t be the primary way the building is used.
Chudaitov said he expects many of his buyers to be empty nesters who travel for part of the year, and want the option to supplement their income while they’re gone. He also expects Palma’s prices will attract first-time home buyers.
Prices for units start at $650,000, the release shows. Palma’s condos will range from 405 square feet to 1,340 square feet, with options for one- and two-bedroom floor plans. There will be seven penthouses in the project, the release shows.
Amenities will include a pool, fitness center, outdoor kitchen, and media and game lounge, according to the release. Lefferts commissioned architecture firm Built Form to design the building, and Studio Ramirez to handle the interiors.
“I do anticipate that this will be a very quick sellout,” Chudaitov said. He expects to break ground later this year, with the project slated for completion in 2026.
The previous address for the site was 666 71st Street. NoBe Creek LLC, a Florida entity previously managed by Crescent Heights developer Russell Galbut, bought the site for $8.8 million in a trio of deals between 2019 and 2021, records show. The LLC’s name was changed to Palma Miami Beach LLC in November, according to Florida business records. Galbut is an investor in Lefferts’ North Beach developments.
Galbut spoke in favor of Lefferts’ planned condos at 600 72nd Street, dubbed 72 & Carlyle, at an October meeting of the Miami Beach Design Review Board, but the board delayed its vote on the project, calling it, “A complete miss.”Lefferts also plans 72 Park, a 22-story, 266-unit condo project at 580 72nd Street in Miami Beach.