Updated 8 yearss ago
Once a bastion of small, campy motels and condo towers full of senior citizens, 1. 78-square-mile Sunny Isles Beach has been a hot spot for luxury condo development for more than a decade. The city is home to one of three five-star hotels in the county, the Acqualina Resort & Spa.
With so many ultra-luxury properties under way, developers are going to greater and greater lengths to stand out. At Porsche Design Tower, for instance, where units start at $4 million, glass elevators will take residents’ cars directly to their units, most of which have display glass between the “sky garage” and living space. Estates at Acqualina, developed by the same company as the resort, will include an ice-skating rink, six pools, a “Wall Street Trader’s Club” with ticker tape and 24-hour valet and concierge service. Units start at $3.9 million. Jade Signature, designed by Herzog & de Meuron, will have street-level connections with the ocean and its lobby because its entire three-level garage will be buried underground, on a piece of land that’s three feet above sea level. The 50-foot-deep garage reportedly cost developer Fortune International $25 million.
Other Sunny Isles Beach’s projects:
Residences by Armani/ Casa: The first U.S. tower under this brand features interiors designed by Giorgio Armani. Dezer Development and the Related Group demolished an existing hotel to build the tower, where pre-sale prices started around $1.3 million.
Ritz-Carlton Residences: The tower, being developed by Château Group and Fortune International Group, will have private pools and service quarters in some residences, a personal chef on-site and full Ritz-Carlton concierge services. The partners demolished a partly built luxury condominium resort on the site. Units start at $2 million.
Turnberry Ocean Club: Units start about $3 million, and amenities include two 30th-floor, cantilevered infinity pools.
Norwegian Cruise Line Holdings promoted Andy Stuart to president and COO of its Norwegian Cruise Line brand, replacing Drew Madsen, who resigned after fewer than five months. Stuart had been Norwegian’s executive vice president of sales.
Brightstar hired Jaymin B. Patel as president and CEO, filling a role that had been vacant since founder Marcelo Claure left to become CEO of Sprint. Patel had been president and CEO of GTECH Americas.
Shopping center REIT Equity One hired Matthew Ostrower as CFO and executive vice president, replacing Mark Langer, who will leave in June. Ostrower had been managing director for Morgan Stanley’s European Andy Stuart research department.
AVENTURA — Kawa Capital Management acquired Germany- based solar energy firm Conergy and will make Aventura a twin headquarters with Hamburg. Conergy had $500 million in revenue last year. > Miamibased Integra Investments plans Aventura ParkSquare, a nearly 7. 5-acre mixed-use development that will include 55,000 square feet of retail space, a hotel, a 131-unit condo tower, an office building, outdoor event space and a wellness center.
DORAL — Two private equity firms, plus a few smaller investors, plan to invest $65 million into U.S. Century Bank.
KEY WEST — Hilton Worldwide Holdings will buy Key West’s 311-room Casa Marina and 150-room Reach Resort as part of a deal that includes two resorts in Orlando and is valued at $1.76 billion. > Mambi International Group will resume commercial flights between Key West International Airport and Cuba, with nine-passenger planes leaving every Friday for Havana and every Wednesday for Santa Clara.
MIAMI BEACH — Terranova is tearing down one existing building and redeveloping another to create two three-story retail buildings adjacent to the current Lincoln Road pedestrian mall. > Nash Holdings, an investment company controlled by the founders of Jordache Enterprises, partnered with the von Furstenberg family to purchase the Setai Miami Beach hotel for $90 million from a subsidiary of Lehman Brothers Holdings.
MIAMI — The Nicklaus Children’s Health Care Foundation pledged $60 million to Miami Children’s Health System, which renamed its Miami Children’s Hospital and network of outpatient facilities the Nicklaus Children’s Hospital. Golfer Jack Nicklaus started the foundation. Miami entrepreneur Phillip Frost and wife Patricia gave an additional $10 million to fund the 250-seat planetarium at the under-construction Patricia and Phillip Frost Museum of Science. They gave $35 million to name the museum in 2011.
Exquisite Import/Export Trading will build a $30.1-million headquarters campus on the Miami River, moving from South Carolina and creating at least 75 jobs. The company, which also operates under the names ETC Logistics USA and Talford-Guyana Agro Industries, plans a 250,000-sq.-ft. facility for palm oil processing and 100,000 square feet of bulk storage.
New York investment firms Yellow Side Ventures and East End Capital paid $11 million for a block of land, plus a parcel across the street, in the city’s Wynwood district. Downtown Towing had owned the land.
MIAMI-DADE COUNTY — Chemical company Platform Specialty Products acquired Dublinbased Arysta LifeScience for $2.9 billion in cash and $600 million in convertible preferred stock. > Lennar Homes plans to build 743 singlefamily homes on 92 acres near Homestead.
MIAMI LAKES — BankUnited will acquire the small-business finance unit of Greenville, S. C.-based CertusHoldings, as well as the unit’s $203-million loan portfolio, for about $223 million.
MARATHON — Baywood Hotels paid an undisclosed amount to purchase the 80-room Key Colony Bay Resort in Marathon from Peebles Corp. MONROE COUNTY — Mote Marine Laboratory will add five laboratories to its Summerland Key research facility in a $5.1-million expansion that should open at the end of next year.
NORTH MIAMI — Aventurabased Turnberry Associates entered into a partnership with New York-based LeFrak Organization to take over development of the 183-acre Biscayne Landing project. LeFrak had been developing the project in partnership with investors Michael Swerdlow and Ezra Katz, as Oleta Partners; LeFrak bought them out.
Floating the Boat
The 74th annual Miami International Boat Show & Strictly Sail Miami was held in February:
Watercraft on display at the Miami Beach Convention Center alone, up from 550 in 2014
Watercraft on display at other locations