Investor picks up Golden Beach site slated for $36M mansion

Renderings of 699 Ocean Boulevard

Renderings of 699 Ocean Boulevard

The ritzy town of Golden Beach is getting yet another ultra-luxury mansion.

Agostinho Calcada, a wealthy European investor, just paid $7.5 million for oceanfront land that came with plans for a $36 million mansion designed by Chad Oppenheim.

County records show Calcada, acting through an LLC called Sunny Ocean 699, just closed on his purchase of 699 Ocean Boulevard, a beachfront lot measuring 36,200 square feet. The deal breaks down to $207 per square foot.

The seller was a Delaware company named Residence Golden Beach Florida LLC, which had been marketing the land as a development opportunity along with Jacob Abramson’s Miami Golden Properties.

Oppenheim’s design for the property calls for a massive 22,000-square-foot mansion decked out with imported Italian marble, its own fitness center and a “green roof.” The eight-bedroom, 12.5-bathroom house would also include an eight-car garage, lap pool, private elevator and 8,000 square feet of terraces.

Abramson told The Real Deal that the ownership had always planned on selling the lot preconstruction. That meant building and marketing the finished mansion at $36 million was the secondary option, though his firm and the ownership had financing lined up just in case no buyers stepped up before it was time to break ground. According to county records, the seller had purchased the land for $4.77 million in 2012.

“Selling a home in preconstruction is a beautiful thing,” he said. “Instead of speculating on a turnkey home, we’re avoiding the risk factor on the front end.”

He said Miami Golden Properties is staying on as a consultant for Calcada, who will now seek the necessary entitlements to build the home. He expects construction to begin early next year.

Construction could take between 15 and 18 months after breaking ground, Abramson said, though Calcada likely won’t put the home up for sale once it’s completed.

But if the finished home was eventually listed for its spec price of $36 million, the asking price per square foot of $1,636 would be considerably cheaper than other oceanfront homes for sale in the neighborhood.

Coldwell Banker’s The Jills are marketing a $42.5 million, 16,344-square-foot waterfront mansion with an ask of $2,600 per foot, and Douglas Elliman’s Ben Zvi just listed a 4,620-square-foot teardown on the water for $20 million, or $4,329 per foot.


The Real Deal and Artefacto’s Fisher Island soiree: PHOTOS

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Much is said of the wealthy elite snapping up luxury real estate in Miami. But whether they’re financial bigwigs from the Northeastern United States or titans of industry from Latin America, they’re united by two major themes: the size of their checkbooks and their penchant for traveling the globe.

The Real Deal and luxury design firm Artefacto recently partnered to host an intimate discussion at the Palazzo Del Sol project on Fisher Island to try to better define the concept of global citizens and their relationship to the real estate market.

The fête was held in unit 7081 at the newly opened building, which is decked out with Artefacto furnishings and is on the market for $17.4 million.

More than 30 top-producing agents and brokers showed up for a night of cocktails, hors d’oeuvres and a living room-style discussion with architect Kobi Karp, TRD publisher Amir Korangy and Artefacto CEO Paulo Bacchi.

“Miami was a rough jewel but it has such a strong history. If you look into Florida, whether it’s 1929 or the ’50s when Morris Lapidus did the Fontainebleau Hotel, you can see repetition of continuous growth and investment here in South Florida, particularly since the invention of the air conditioning unit,” Karp said.

Then art and culture followed, Karp said. The global citizen, he said, will always be attracted to Miami, and those markets shift, whether it’s Latin America, Turkey or China. Direct flights are key to attracting buyers from new markets, Karp added.


Aston Martin and Coto family launch car maker’s first branded condo tower in downtown Miami

Renderings of the Aston Martin Residences. Inset: Marek Reichman, German Coto and Katia Bassi

Renderings of the Aston Martin Residences. Inset: Marek Reichman, German Coto and Katia Bassi

Another luxury brand is joining the likes of Porsche Design, Fendi, Armani/Casa and Bentley in South Florida: Aston Martin will brand its first residential tower, the company announced on Wednesday.

The high-end sports car company is partnering with the Coto family of Argentina to launch Aston Martin Residences on the former Epic East site at 300 Biscayne Boulevard Way.

Aston Martin finishes

Aston Martin finishes

Revuelta Architecture and Bodas Mian Anger are the architects of the sail-shaped building, a 66-story, 390-unit high-rise at the mouth of the Miami River. G and G Business Developments, the Coto family’s real estate arm, and Aston Martin plan to open the sales center in March, the developer announced during the launch Wednesday.

Katia Bassi, managing director of Aston Martin brands, said the development is “not a brand-slapping exercise” for the car maker. She said Aston Martin has been approached by multiple developers, in Miami too, in the past. “We are not everywhere for a reason,” Bassi said. “Entering into the real estate has been a priority but we wanted to do it the right way.”

Aston Martin’s design team, led by chief creative officer Marek Reichman, will design the interior spaces for the building, set to break ground next summer and open in 2021. The car company’s branding will touch door handles, leather, color palettes and reception desks, down to the stitching, Reichman said.

Sales will launch in November, German Coto said. The project is launching during a slowdown in the market, with some projects pausing or canceling altogether. When asked why now, Bassi said, “because we believe the location is incredible. We don’t believe a project like this with the Aston Martin brand could be affected by the markets.”

The project plans to have two private lobbies, a two-story fitness center with a spa, an infinity pool on the 55th floor, a screening room, British club, and a yacht marina, according to a press release. Reichman joked the screening room would only play James Bond films.

Units will range from one- to four-bedrooms, as well as seven penthouses and a duplex penthouse with private pools and terraces.

The developer, Riverwalk East Developments LLC, paid $125 million for the 1.25-acre parcel in 2014, out of a group of 15 bidders. Alfredo Coto’s family runs the large Coto Supermarkets chain in Argentina, with development projects in Latin America and Europe. They bought the site from developers Ugo Colombo and Diego Lowenstein, who originally planned to build Epic’s second phase.

The Coto LLC submitted plans to a Miami River committee earlier this year. The partnership with Aston Martin is about a year in the making, Coto said on Wednesday.

The developer also owns a 1-acre site south of the Miami River and near Brickell City Centre.


Pinnacle Housing and Ascend Properties plan 272 apartments at Waterford at Blue Lagoon


Rendering of Oasis at Blue Lagoon and Michael Wohl

Furthering the trend of incorporating apartments into office parks, Pinnacle Housing Group and Ascend Properties, both multifamily developers, are planning to build 272 apartments at the Waterford at Blue Lagoon in the Airport West submarket.

The developers said they plan to break ground on the roughly $70 million Oasis at Blue Lagoon in first quarter 2017.

The main target market for units at Oasis at Blue Lagoon will be the 11,000 employees at the Waterford at Blue Lagoon, the developers said. The park is home to more than 100 multi-national firms.

Michael Wohl, a partner of the Pinnacle Housing Group, which had been an affordable housing developer but has expanded to market rate housing, told The Real Deal that he is counting on the development to be successful because there are no Class A residential properties within three miles of the site. Miami International Airport is nearby, and the the 11-million-square-foot Airport West office market and the six-million-square-foot Coral Gables office market are a short distance away. The location also has easy access to major expressways.

The apartments at Oasis at Blue Lagoon, which will be located on a 22- acre lake, will be market rate. Some of the units will be dedicated to corporate tenants, Wohl told TRD.

Pinnacle partner Ascend Properties, received approval for rezoning the 7.2-acre parcel where Oasis at Blue Lagoon will be built about a year ago. The designation for the land in the Miami-Dade comprehensive plan was already office/residential, but the existing zoning at the time was industrial, Wohl said. The parcel was not part of the Waterford at Blue Lagoon’s original DRI (development of regional impact), although it is part of the park.

Ascend paid $7.6 million for the land on Northwest Seventh Street and east of Northwest 65th Avenue in May 2015. The seller was the Valls Group, which owns the La Carreta restaurant chain and Versailles, among other businesses.

In the future, “you will see more apartments in office parks,” Troy Ballard, senior managing director at Cushman & Wakefield in Fort Lauderdale told TRD.

According to the Cushman & Wakefield Marketbeat Office Snapshot Q3 2016, “One aspect of new office development has been the fierce competition from multifamily development for the same land. Traditionally, it was easier to finance” multifamily because these developments take less time to build than offices.

Nevertheless, the report says: “We may be approaching a shift in the market where office demand and rising rents make it more viable to go with office instead of multifamily.”    


Brexit fears are driving London home prices down: report

Kyoto Garden in London (credit Alan B. via Foursquare)

Kyoto Garden in London (credit: Alan B. via Foursquare)

From the New York website: London home prices are falling down, falling down, falling down.

Property values in London are forecast to fall next year as the uncertainty surrounding Brexit strangles the market, according to the U.K.-based economics consultancy Centre for Economics and Business Research (Cebr).

Home prices, especially in London’s priciest areas, are predicted to drop 5.6 percent in 2017, according to Cebr’s research. Property values across the United Kingdom are set grow 2.6 percent next year, down from 6.9 percent in 2016, Bloomberg reported.

The slowdown is expected to begin in the fourth quarter of 2016 and continue into the next year, Cebr economist Kay Daniel Neufeld told Bloomberg.

Inflation, increasing unemployment and slowing business investment are all factors weighing on housing prices and demand from international buyers, in the wake of June’s vote to leave the European Union. Investors are increasingly nervous about the possibility of a hard Brexit, if the U.K. fails to negotiate a trade agreement with Brussels that would keep it in Europe’s single market for goods and services. [Bloomberg]Chava Gourarie


Shahab Karmely on why he’s bought more than $100M in SoFla properties: VIDEO

Video by Alistair Gardiner

Shahab Karmely is developing arguably one of the Miami River’s most ambitious condo projects, a pair of 60-story luxury residential towers connected at the top by a ritzy “Sky Club.” But the New York developer didn’t get here all on his own: he took his cues from Swire Properties.

Karmely, CEO of KAR Properties, stopped to catch up with The Real Deal Managing Web Editor Hiten Samtani and explain how he ended up in Miami after spending years living abroad, and why he chose the river instead of the beach for his project.

It was 2013 when Karmely, who had read about Swire’s flagship Brickell City Centre project starting construction, decided to check out the real estate scene in Miami. He brought his wife and children down for a weekend stay at the Mandarin Oriential on Brickell Key, but the family vacation ended once he saw the new developments sprouting up in the city. Karmely said he sent his wife and kids home, and started ringing up local brokers to scope out development sites.

He’s since bought more than $100 million worth of properties in South Florida and said he plans on launching a new multifamily project within the next six months.

Despite assembling land on the river three years ago, his October 2015 launch of One River Point makes it a relative latecomer in Miami’s winding down development boom. Even so, the developer said his team won’t pull any financing until it’s time to break ground, citing the $30 million he has already sunk into predevelopment costs.

Karmely was one of more than a dozen expert panelists at TRD’s biggest ever South Florida Showcase & Forum last week at Wynwood’s Soho Studios. – Sean Stewart-Muniz


Expert Freediving and Spearfishing Tips

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By Cameron Kirkconnell

Take a look-and listen-to what’s going on down there.

Kirkconnell with narrow-barred mackerel speared on a liveaboard charter in Indonesia.

One of the most challenging things for me as a fisherman is knowing what is actually going on below the surface.

Some of the best in the world have never seen what happens when a mutton snapper picks up a bait, or how slowly a wahoo is usually swimming. They just have theories based on experience and the feel of the bite. You can have everything perfect. The right bait, hook, fluorocarbon to braid knot. You’re marking fish on the recorder. But you don’t get hit. It’s frustrating, but sometimes that is what it takes to get even the most stoic angler into the water.

As a Florida Sportsman, you likely have already gone scalloping on the West Coast or to the Keys for lobster season. Swimming at the surface with your mask, snorkel and fins, you at some point had to hold your breath and leave the comfort of unlimited air for just a few seconds to grab dinner or check under a coral head.

Little did you know you are now a freediver.

You stopped being a snorkeler the second you left the surface and entered a new realm and a sport that will challenge and reward you and combine three of your favorite things: hunting, fishing and diving.

As with any other sport on the water, there is a lot to learn and safety is the number one priority with anyone wanting to go past the snorkeling phase.

Freediving can be a dangerous sport when not done properly and before you do anything else, please take a freedive class. Over the next few months, I’m going to share tips, stories and techniques on freediving, spearfishing, lobstering, and fishing that will help you get the most out of your time above and below the water, but nothing can replace the knowledge you will gain in an actual class.

Dogtooth Tuna

Personally, I am a hunter. If I am leaving the surface and heading down 30, 60 or 100 feet, something is coming back up with me. I grew up watching my father and mother, cousins and extended family freedive and catch lobster, conchs and spear amazing fish in the Caribbean and here in Florida and there was nothing I wanted more than to be a part of that contagious excitement of each dive.

That thrill is one of the coolest parts about spearfishing and freediving. No matter what your age, you can freedive. Granted, the better the shape you are in, the more relaxed you are, the better you are going to dive, but in two days most freedive classes will have you diving 66 feet, holding your breath for three minutes, and teach you the safety to protect both yourself and your friends as you dive.

Each time you are in the water you are going to be more relaxed and everything around you will react accordingly. If you are swimming like you’re being chased, all the fish are going to think the same and not stick around to see what is chasing you. Act the way you want them to act.

The same goes for fishing. When you run up to your spot on a full plane and then do five circles over it before ramming it in reverse and dropping anchor, how do you think the fish are going to react?

When you are in the water, the sound of the engines going in and out of gear can be equated to a cannon shot and I’ve blamed more than one missed fish I was lining up on whomever was running the boat (not my poor marksmanship). Whether it is a school of tunas or groupers on a wreck, be mindful of your approach with the boat and even more so while you are diving.

Dive safe, fish smarter and each day on the water is going to be better than the last.

Editor’s Note: We’re proud to introduce a new FS Seminar Dive column with contributions by Cameron Kirkconnell, a globe-trotting, record-holding spearfisherman and resident of Southeast Florida. Kirkconnell will be covering a range of topics, from safety tips to gear selection to trip-planning. FS

First Published Florida Sportsman Magazine August 2016