• Icon South Beach #2206 - $1.275M

    Icon South Beach #2206 - $1.275M

  • Faena House - Miami Beach

    Faena House - Miami Beach

  • One Ocean - Miami Beach

    One Ocean - Miami Beach

Building on the Water, Literally

As pricing and availability of prime bay-front sites become an increasing challenge for Miami developers, a Dutch outfit is considering building directly on the water.  The Netherlands-based company Dutch Docklands has its eye on Biscayne Bay for the construction of a $200M floating development.  At a scale of about 500 to 1000 acres, Docklands wants to create a floating city, complete with housing, schools, hotels, shopping centers, and possibly a golf course.  In addition to Biscayne Bay, other sites in New York, Ohio and New Jersey are also being looked at for their first US project.  

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Two New Condo Conversions

Originally planned as rental communities, two projects in the Miami area have recently announced plans to convert into condominiums.  About a week ago, Miami based Gold Krown Financial discussed the benefits of converting their rental building, Midblock, in Midtown.  Gold Krown feels they will be able to offer a product that is more competitive than the array of new-construction projects currently underway, as they aim to sell at a level below replacement cost.  They believe the time is right to perform the conversion, as prices have risen swiftly during the last year, while demand continues to remain strong from purchasers.

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Abu Dhabi Fund to Buy MB Edition?

The Wall Street Journal reported that a fund of the Abu Dhabi government is nearing a deal to purchase three hotels currently being developed by Marriott International Inc.  The three properties are part of Edition, Mariott's new brand of boutique-style hotels being developed together with world renowned hotelier Ian Schrager.  In addition to the Miami Beach location the fund is also looking at one in New York and another in London.

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Faena District Growing w/ Versailles

Alan Faena and his financial backer, Len Blavatnik, have purchased the Versailles hotel and condominium in Miami Beach. Located just one block to the north of where Faena House is being constructed, the Versailles acquistion will make a convenient addition to the Faena District.  The 289 unit hotel was sold by Chetrit Group LLC for an undisclosed amount on Tuesday after Chetrit completed purchasing its constituent parts over the course of about 2 years.  It was reported that the New York investment firm invested over $50M to achieve complete ownership of the property, leading one to conclude that Faena's purchase price was greater than this amount.

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