Plenty of happenings in South Florida real estate despite the summer heat. According to a recent article in The Real Deal/Miami, Surfside is a city to watch. Developers are transforming the oceanfront enclave of Surfside with some of the most luxurious – and expensive – condominium projects in South Florida.
Among the projects nearing completion is the exclusive Surf Club Four Seasons. This is a redeveloped landmark condo/hotel project at 9011 Collins Avenue led by Fort Partners and designed by famed architect, Richard Meier. The 80 room hotel and twin 12-story residential towers are nearly sold out, with an estimated $900 million in sales volume. The residential units are priced from $3.4 million to $18 million.
Just three blocks north, at 9365 Collins Avenue, is the world’s first Fendi-branded hotel and condo project by the Chateau Group. Nearly completed, the Fendi Chateau Residences are selling for an average price of $1,900 per square foot. The project, set to open this summer, is 88% sold and features a two-story penthouse at $25 million.
Last November, New York City based JMH Development bought out 36 owners of a 1960’s era condo tower as part of a $55 million bulk acquisition. JMH Development plans to redevelop the 12-story property at 8995 Collins Avenue into a luxury boutique condo called Surf House. This project shares a cul-de-sac with the aforementioned Surf Club Four Seasons.
Not all the news is rosy, however, as it appears there may be trouble ahead for Trump Towers I, II and III in Sunny Isles Beach. In three separate lawsuits, one per tower, the master condo association overseeing the buildings alleges that garages, facades, and pool decks need extensive repairs due to shoddy work by the developers, The Related Group and Dezer Development. Unit owners are collectively suing TRG Sunny Isles V, VI, and VII, the three entities that Dezer and Related formed to develop the properties at 18001 Collins Avenue. The suits also name the general contractor, the engineering firms, and architecture firm Sieger Sauarez claiming that improper design and construction led to 150 defects throughout the towers and common areas. Gil Dezer downplayed the lawsuits, maintaining that they are “working amicably with the association on claims that are typical in the turnover of every condo development.”
Finally, Bill Gates – the world’s richest man – is now the owner of a number of properties in Wellington, a major equine community in Palm Beach County. The Microsoft founder’s latest purchase was a cash deal of $8.7 million for a 5.2 acre estate. His holdings in the Wellington community now total five properties purchased for a combined $35.87 million. Gates began his acquisition of the Wellington estates five years ago for his daughter Jennifer, a noted equestrian.