LD&D and its partners are thinking smaller.
The developers are relaunching sales of their planned Surf Row, a luxury condo project in Surfside, with smaller units and lower starting prices, according to a press release.
Miami-based LD&D, led by Diego and Alejandro Bonet, partnered with George Samarjian’s IGEQ and Daniel de la Vega’s One Capital to first launch Surf Row in 2022 as an eight-unit townhouse development, with units starting at 3,500 square feet and prices starting at $5 million.
The partners bought the 0.7-acre non-waterfront lot at 8800 Collins Avenue (formerly 8809 Harding Avenue) for $7.3 million in August 2021, just two months after the deadly Champlain Towers South collapse at 8777 Collins Avenue. That site is catty-corner to the Surf Row site.
Diego Bonet said that in the early days of the project, they anticipated consumer habits would be transformed by the pandemic.
“Everyone thought the world was going to be a different place,” he said. “As the market continued to evolve, and things went back to normal, we made the decision to make the units smaller.”
In the new Surf Row, units will have one to three bedrooms, and will range from 900 square feet to 2,000 square feet. Some units will include private rooftop terraces with the option to add plunge pools and outdoor kitchens. Amenities in the three-story building will include spa facilities, a rooftop pool and a coworking space.
One Sotheby’s International Realty, helmed by de la Vega, is handling sales and marketing for the project, with prices starting at $1.4 million and ranging up to $4 million. Groundbreaking is planned for summer 2025, and construction is slated for completion in 2026, Bonet confirmed.
The developers have also partnered with Restoration Hardware to furnish common spaces and sell furnishing packages for individual units, Bonet confirmed. Furnishing packages will cost $50 per foot to $80 per foot, he said.While prices have shifted for Surf Row units, Bonet said the developers’ target buyer is mostly the same –– mostly Northeasterners looking to relocate to or buy a second home in the Miami area. He pointed to the strength of demand in Surfside, where Four Seasons Residences at the Surf Club continues to set price records. Surf Club developer Fort Partners also recently completed the 34-unit Seaway at the Surf Club, where sales have exceeded $100 million.