|
Getting your Trinity Audio player ready...
|
Edited by: TJVNews.com
In a groundbreaking deal set to shatter records, an oceanfront penthouse in Miami Beach, Florida, is in contract for over $120 million, according to sources familiar with the transaction, as was recently reported by the Wall Street Journal. If finalized, this sale would mark the highest price ever paid for a condominium in the Miami area, eclipsing the previous record by a significant margin.
The record-breaking sale of a waterfront estate in Miami’s Coconut Grove for over $100 million in 2022 exemplifies the city’s allure as a haven for high-net-worth individuals seeking the epitome of luxury living.
Located within the prestigious Shore Club Private Collection in Miami Beach, the penthouse offers unparalleled luxury and sophistication. Spanning approximately 10,500 square feet, with an additional 7,500 square feet of terraces and a private rooftop pool, the residence epitomizes the epitome of opulent seaside living, according to the information provided in the WSJ report. Despite the staggering price tag, the identity of the buyer remains undisclosed, adding an air of mystery to the already remarkable transaction.
The Shore Club redevelopment project, helmed by The Witkoff Group and Monroe Capital, has been years in the making, with plans to transform two iconic hotels: the historic Shore Club hotel dating back to the 1940s and the Cromwell Hotel, a revered Art Deco gem from the 1930s, the WSJ report indicated. Designed by the esteemed Robert A.M. Stern Architects, the project will feature 49 private residences housed within the original Cromwell Hotel and a newly constructed 200-foot tower, along with a standalone mansion facing the beach and a five-star resort operated by Auberge Resorts Collection.
Sales for the Shore Club residences commenced in early 2023, with prices ranging from approximately $6 million to $40 million, excluding the record-breaking penthouse. As per the information in the WSJ report, the project is slated for completion in 2026 and promises to redefine luxury living in Miami Beach with its unparalleled amenities and breathtaking oceanfront vistas.
The interiors of the residences, crafted in collaboration with Kobi Karp Architecture & Interior Design, draw inspiration from the sleek elegance of yachts, featuring a color palette reminiscent of the sun-drenched shores of Miami—dune, coral, and sky hues that evoke a sense of coastal tranquility, the WSJ report added.
Leading the sales efforts for the Shore Club residences is Douglas Elliman Development Marketing, a trusted name in luxury real estate marketing. The WSJ said that with their expertise and dedication to excellence, Douglas Elliman is poised to showcase the unparalleled lifestyle opportunities offered by the Shore Club project to discerning buyers worldwide.
The WSJ report also pointed out that in addition to these luxurious abodes, the development will feature a standalone mansion spanning approximately 6,000 square feet, boasting direct access to the pristine beaches of Miami. Furthermore, a five-star resort operated by Auberge Resorts Collection will provide residents with world-class amenities and unparalleled hospitality services.
The rise of Miami’s luxury market during the COVID-19 pandemic has been nothing short of remarkable, with wealthy Northeasterners flocking to Florida in search of spacious residences, favorable tax incentives, and a vibrant lifestyle, according to the WSJ report.
In response to the growing demand for premium properties, developers in Miami have introduced a slew of high-priced units aimed at redefining the city’s condo market. The WSJ also reported that projects such as Aman Miami Beach and the redevelopment of the historic Raleigh Hotel by New York-based developer SHVO are emblematic of this trend, with penthouses commanding prices upwards of $150 million—a testament to Miami’s status as a global hub for luxury real estate.
As the Shore Club project takes shape, it stands as a beacon of luxury living in Miami Beach, offering residents an unparalleled blend of sophistication, style, and seaside serenity. With its distinctive design, world-class amenities, and prime oceanfront location, the Shore Club promises to set a new standard for coastal living and cement Miami’s reputation as a premier destination for discerning buyers seeking the ultimate in luxury real estate.
In other real estate news from South Florida, it was reported by Traded.co in early February that Miami Beach is on the brink of a transformative shift, propelled by the visionary endeavors of real estate mogul Michael Shvo. With unwavering determination and a keen eye for innovation, Shvo is poised to revolutionize the city’s architectural landscape with his latest triumph—a cutting-edge office development poised to redefine the skyline.
In a resounding victory for Shvo’s ambitious vision, the city planning board recently granted approval for his proposed 62,500-square-foot building located at 1665 and 1667 Washington Avenue, according to the report on the Traded.co web site. This milestone achievement marks the second office project to receive final clearance in Miami Beach within the past two months, signaling Shvo’s unwavering commitment to reshaping the city’s urban fabric.
Named One Soundscape Park in homage to its proximity to the renowned Soundscape Park, this visionary project promises to set a new standard for corporate spaces in Miami Beach, the report on Traded.co said. Envisioned as a beacon of modernity and sophistication, One Soundscape Park will span five levels dedicated to offices, representing a monumental shift in the city’s architectural landscape.
Crafted by esteemed architects Peter Marino and Kobi Karp, One Soundscape Park embodies a harmonious blend of creativity, functionality, and sustainability. For Marino, renowned for his iconic designs in the realm of luxury retail and hospitality, this venture marks his inaugural foray into the realm of office design—a testament to the project’s pioneering spirit and creative vision.
Originally conceived to include ground-floor retail, including an enticing 1,000-square-foot coffee shop, the final plans for One Soundscape Park have undergone a transformation. Shvo, ever the visionary, has opted to forego the retail component in favor of prioritizing the creation of a dynamic and innovative office complex, the Traded.co report indicated. While the allure of grabbing a latte on-site may no longer be part of the picture, the development promises to captivate tenants with its visionary design and unparalleled amenities.
Speaking on the project’s significance, Michael Shvo remarked, “One Soundscape Park represents a bold step forward in redefining Miami Beach’s corporate landscape. With its striking architecture and forward-thinking design, this development will not only elevate the city’s skyline but also inspire a new era of creativity and innovation.”
As construction progresses on One Soundscape Park, anticipation continues to mount among tenants, investors, and city residents alike. With its promise of fostering collaboration, productivity, and success, this visionary project stands poised to leave an indelible mark on Miami Beach’s urban identity, cementing Michael Shvo’s legacy as a trailblazer in the world of real estate development.
