JMH Brings Boutique Condos to Surfside
New York-based JMH Development sees a niche in the booming South Florida condo markets, and aims to fill it: smaller, boutique condos. That's why we're excited to hear more from JMH managing partner Jason Halpern, who'll be a speaker at Bisnow's 4th annual South Florida Residential Forum starting at 8am on Dec. 3 at the InterContinental Miami. (Register here.)
“We've seen a void in smaller, truly high-end buildings in this market, and so we're focused on developing more projects of that kind throughout Miami Beach," Jason tells us. The company recently acquired the '60s-vintage Surf House at 8995 Collins Ave for $46M, and plans to build a boutique condo in its place, one similar to its 19-unit Three Hundred Collins project under construction in the South of Fifth neighborhood, which launched sales in March, and is now 50% sold.
Jason points out that 8995 Collins is one of the last remaining beachfront sites in the area. "We're especially drawn to the privacy of the site, which shares a cul-de-sac with The Surf Club Four Seasons development next door,” he says. The company also opened Aloft Hotel in South Beach in June, and is developing Arbor Miami Beach, a 14-unit condo that will launch sales this winter, at 2901 Indian Creek Dr. Avatar Realty Services' Jeff Cohen repped JHM in the Surf House acquisition.
The deal involved the bulk sale of existing condos at Surf House. Avison Young’s Michael Fay (pictured) and John Crotty advised the sellers, 8995 Surf House and each respective resident owner and board representative (31 parties in all). “With the construction of the new Four Seasons and two additional upscale multifamily/hotel projects in the immediate area, Surf House was appealing to several developers competing for a rare waterfront redevelopment prospect,” Michael notes. Unit owners made an average of about $1.5M in the deal.