A Miami developer is moving ahead on a luxury beachfront condo project in Surfside that was first proposed more than a year ago.
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Multiplan Real Estate Asset Management closed on a $64M cash acquisition of the 0.9-acre oceanfront site where it plans to replace a dilapidated condo building with a 10-story tower consisting of 25 for-sale apartments, the firm announced.
Multiplan, led by Brazilian developer Joe Issac Peres, acquired the property at 9309 and 9317 Collins Ave. from an entity controlled by Vivian Dimond, founder of Bayshore Grove Capital and a broker at Brown Harris Stevens Miami.
Dimond had spent $36M between 2020 and 2022 to acquire the property and its condos, which had been the subject of a voluntary evacuation order in July 2021 “following the recognition of unsafe conditions,” The Real Deal reported at the time.
Phil Gutman, owner of the real estate firm Pgutman LLC and former president at BHS, represented Multiplan in the deal.
A 12-story tower with 27 units was previously approved for the site in 2022. The developer declined to give details about whether its current plans differ significantly from the original proposal.
The proposal submitted in 2022, drawn up by design firm Arquitectonica, included two or three units per floor with balconies wrapping around the building’s perimeter.
The proposal envisioned a basement parking deck with 70 spaces above a ground-floor lobby that featured an outdoor area with a lounge, two reflecting ponds and a spa. A second-floor fitness center and resistance pool, along with a rooftop pool deck, were also included.
Marcelo Kingston, executive managing partner of Multiplan, said in a statement that the firm’s plans underscored “the escalating demand for additional high-end residential development in Surfside.”
The average condo sale price across Miami Beach was $1.2M in the fourth quarter, up 8.8% from last year and 6.6% quarter-over-quarter, according to data from Douglas Elliman.
The average price per SF was $904, up less than a percentage point through the year, and the 661 sales in the fourth quarter represented a 16% decline from last year, suggesting buyers are purchasing larger units today.
Kushner Cos. earlier this month won approval for a luxury apartment building at 9300 Collins Ave., across the street from the Multiplan site.
The New York-based developer is planning a three-story project with 87 units and a 1,185 SF synagogue. The inclusion of the house of worship was necessary for Kushner to designate the project as mixed-use, which the developer needed to build a 184-space underground parking garage on the site.
Dubai-based developer Damac International is also moving ahead on a contentious plan to build a 12-story condo development a mile away from Muliplan's project, at the site of the 2021 Champlain Tower South collapse that killed 98 people.
The plan to build 52 condos met with pushback from many of the victims’ family members, who had hoped to build a memorial on the site. After a drawn-out battle, local officials approved the development in September.
Dimond and her partner at BHS, Jeff Cohen, represented Damac in the purchase of the land.
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