Just when it felt like fewer branded condo projects were launching sales, Edgardo Defortuna and Shahab Karmely unveiled another.
The joint venture partners on a Miami River development teamed up with Alan Faena to bring a Faena-branded luxury condo tower to the former One River Point site.
The 60-story, 440-unit development is part of the now-planned Faena District along the Miami River. Faena co-developed the Faena District in Miami Beach, which is home to the ultra luxury Faena House condo, the Faena Hotel, Faena Forum and more. Faena House attracted heavy hitters, including billionaire hedge fund manager Ken Griffin.
On the river, Faena is breathing new life into a previously stalled development that was designed by the late architect Rafael Viñoly. That could also help prop up nearby projects.
Defortuna tells me that the sales team will “be in full force by the time Art Basel rolls around.” Faena is usually a big fixture during Miami Art Week in early December, one of the biggest events in Miami.
The Miami River condo project will be part of a three-block, phased development with a private park, wellness facilities, a marina and public art, according to a press release. The sky bridge between the project’s two condo towers will include a two-story, 45,000-square-foot amenity space that Faena will program.
The announcement is another sign that branded residences continue to proliferate. Also last week, David Martin and Michael Simkins revealed they are working with French Michelin-starred chef Jean-Georges Vongerichten on a 48-story, 320-unit tower planned for Midtown Miami. That will be called Jean-Georges Miami Tropic Residences.
While Faena has branded developments before, it’s less common for a person to be the brand. We’re used to hospitality, automotive and other luxury companies working with developers. I’m curious how both the Faena and Jean-Georges projects will fare amid the sea of thousands of branded condos.
What we’re thinking about: I launched a public Instagram account where I’ll be sharing stories and am open to receiving tips. Give me a follow here.
CLOSING TIME
Residential: Billy Joel sold his oceanfront mansion at 1110 South Ocean Boulevard in Manalapan for $42.6 million to an unknown buyer. He bought the 13,400-square-foot, eight-bedroom estate for $22.1 million in 2015.
Commercial: Integra Investments paid $55.5 million for Monaco Isles, a 317-unit apartment complex at 800 The Pointe Drive in West Palm Beach. New York-based Axonic Properties sold the property for about $175,000 per unit.
NEW TO THE MARKET
A spec mansion in Southwest Ranches hit the market for $39.5 million. The 24,000-square-foot (!!), 10-bedroom estate at 16745 Stratford Court includes 11 bathrooms, six half-bathrooms, a guest house, 15-car garage, a 500-plus bottle wine cellar, spa, pool, summer kitchen and a full gym. It’s listed with Tommy Crivello of Tommy Crivello Real Estate Group. An affiliate of RCR Homes owns the 2.4-acre property.
A thing we’ve learned
A residents association inked a $1.2 million settlement with the developers of the Standard Miami Beach in exchange for their public support of the project. While it’s kosher to settle with developers in exchange for cash payments, the city of Miami Beach does not allow those settlements to be contingent on city approvals, so the Miami-Dade Commission on Ethics and Public Trust is expected to opine on whether the deal violated the city’s ethics code.
Elsewhere in Florida
- Miami-Dade County schools teachers’ union, the United Teachers of Dade, won its recertification vote that allows it to continue representing Miami-Dade teachers, the Miami Herald reports. A group funded by the right-wing Freedom Foundation was attempting to challenge UTD.
- Grammy Award-winning rapper Lil Durk was arrested in Florida as part of a federal case in the murder-for-hire of rapper Quando Rondo, the Palm Beach Post reports.
A Burmese python ingested a 77-pound white-tailed deer in a Florida swamp, suggesting that the snakes can consume larger prey than previously known. No thanks!