2 New Armani-Branded Condo Towers Proposed For Sunny Isles Beach Site Published on 11/8/2013 5:42:00 PM
As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a pair of high-profile residential developers are partnering to build up to two new condo towers that would feature the Italian fashion design brand of Giorgio Armani on an oceanfront site in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County.
The proposed project - dubbed the Armani Residences By Cesar Pelli - is slated to be designed by the internationally acclaimed architecture firm Pelli Clarke Pelli and developed by a joint-venture entity of Dezer Properties and the Related Group - which joined forced during the last boom-and-bust cycle to build the three Trump Towers in Sunny Isles Beach - around the 190th block of Collins Avenue, according to the South Florida Business Journal.
A Dezer Properties executive declined to comment on the project's number of towers or units but did confirm the proposed project would be "released" in December 2013.
In anticipation of the presale launch next month, CondoVultures.com has learned that exclusive broker presentations that detail the project have already occurred.
Even though the project's developers are not talking, Sunny Isles Beach real estate professional Lana Bell of One Sotheby's International Realty shared a sneak peek of the soon-to-be-announced project - which she calls a slightly revised name of "Armani House By Cesar Pelli" - that is to feature a pair of 55-story towers that each have about 250 units, according to Bell's November 8, 2013 market report.
In the Sunny Isles Beach market, a combination of domestic and international developers - in unrelated projects - were already proposing - prior to the news of the Armani Residences project - at least 10 new towers with nearly 1,150 condo units in a market that stretches from Haulover Beach Park north to the town of Golden Beach, and the Atlantic Ocean west to Biscayne Bay as of November 8, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 176 new condo towers with nearly 23,100 units are now proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of November 8, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
CondoVultures.com is scheduled to profile condo trends in the third quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of October 14, 2013.
The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
In Sunny Isles Beach, the proposed Armani Residences By Cesar Pelli project is slated to go up on the site of the former 172-unit Seashore Club South motel-condominium at 18975 Collins Ave. that was terminated as an association on August 29, 2013, according to Miami-Dade County records.
As part of the paperwork filed, the termination plan disclosed that a Florida corporation - Dezer Larouche Holdings LLC - has a "purchase and sale agreement dated December 18, 2012" to acquire the Seashore Club South motel-condominium property for an unknown price, according to Miami-Dade County records.
The Dezer Larouche Holdings LLC has not taken title to recently terminated Seahorse Club South motel-condominium site as of November 8, 2013, according to Miami-Dade Property Appraiser records.
Some six years after the South Florida real estate crash began in 2007, three new condo projects - 23 Biscayne Bay, 4001 North Ocean, and Apogee Beach - have already been completed in the tricounty region and 42 other buildings - Aventura's Bellini At Williams Island, Echo Aventura (two towers), and Marina Palms Yacht Club & Residences (two towers); Bal Harbour's Oceana Bal Harbour; Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, MyBrickell, Nine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Costa Hollywood (two towers), H3, Sage Beach (two towers); Key Biscayne's 101 Key Biscayne and Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in Coconut Grove; Miami Beach's 321 Ocean Drive (two towers), Faena House, Marea South Beach, One Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau Beach, Jade Signature, Mansions At Acqualina, Porsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.
Fueled by investors primarily from overseas, about 1,925 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 2013, according to a recent CondoVultures.com report.
The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.
A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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