First E11even Residences in Miami Completed

E11even Partners and PMG completed their first E11even-branded condo tower, and have recorded nearly all of the unit closings, according to The Real Deal’s analysis of property records.

The 65-story tower at 20 Northeast 11th Street in Miami, across the street from the E11even nightclub in downtown’s Park West district, was the first high-rise condo tower in Miami to sell out in the post-pandemic frenzy. The developers reserved 90 percent of units at E11even Club Hotel & Residences Miami within two months of presales in 2021. The building has 457 units.

E11even Partners is led by Marc Roberts, Michael Simkins and Dennis DeGori.

The building marks the first phase of the two-tower development that will connect via a sky bridge.

Closings began in March, and about 400 deeds have been recorded so far, according to property records. Ryan Shear, managing partner of PMG, said the total sellout of the building is roughly $375 million. The tower also includes a hotel, which will open later this year.

The amenity package is “straight out of Las Vegas,” Shear said. That includes an E11even after-hours lounge, an E11even day club and pool deck with 22 hot tubs on the 11th floor, a rooftop bar by Riviera Dining Group and lounge, a casino-style sports lounge and a luxury spa. Fireman Derek’s pie shop and other branded concepts will have outposts at the tower.

“Not all of our buildings are the same. We love them all, we care about them all. E11even is very unique,” Shear said. We don’t get to showcase a lot of our buildings, but E11even is one of those things everyone in Miami is going to get to experience.”

Buyers will be able to enter their units into the hotel program. Shear estimates about 75 percent of owners will add their units to the hotel pool.

The developers secured nearly $150 million in construction financing from Starwood Property Trust for the first tower and paid that loan off in May.

Buyers will likely be able to flip their units for profits, given that they purchased in 2021. “In Miami in general there’s been mass price appreciation,” Shear said.

The priciest sale so far is $9 million for a unit on the 63rd floor, records show. A company managed by Jeff Walker, president of Alliance Entertainment electronics distribution firm, acquired the condo. Other buyers include DJ Irie (nearly $2M spent on a unit), Spanish soccer player Jesús Fernández Collado ($340,000 on a unit).

Some units are listed for sale, according to listings’ websites.

A handful of buyers chose out-of-the-box names for their LLCs purchasing units, including:

Your Sleeping on the Couch LLC, which paid $420,000 for a unit
Shoot the Breeze LLC, which paid just under $400,000 for a unit
ZIM Goes To Elleven and Sean Goes To Elleven, which paid $2 million for a unit

One unit on the 38th floor, which sold for $650,000, is listed for resale asking $895,000. It hit the market in March for just over $1 million. Property records show Felix Sabates, a member of the prominent Cuban-American family, owns the condo. Sabates is a partner in the Chip Ganassi Racing teams.

The second tower, called E11even Club Residences Beyond, is expected to be completed in May of next year, Shear said. Amenities in that building will include a helipad, residents’ only E11even social club, restaurant, staffed executive office suites, fitness centers, two pool decks, and a second social club called The Clayton.

PMG and E11even Partners teamed up on additional projects, including the nearby 38 West Eleventh Residences, a planned 44-story, 659-unit Airbnb-friendly tower.

South of Park West, PMG, Greybrook, Mohari Hospitality and S2 Hospitality are developing Waldorf Astoria Hotel & Residences, 1,049-foot supertall under construction at 300 Biscayne Boulevard Way.

Dozens of branded condo towers are planned, under construction or recently completed in Greater Downtown Miami. The branded market is hitting a saturation point, depending on the price point and brand.