This Week's South Florida Deal Sheet: Cipriani Expands Luxury Footprint In Miami
Miami's branded condo and hotel surge shows no signs of slowing, with Casa Cipriani the latest name to join the skyline.
Miami-based 13th Floor Investments and New York-based Midtown Equities are joining forces to develop a Casa Cipriani Miami condo tower, according to a release.
The development at 3611 Collins Ave. will feature a 40-key hotel and 23 luxury units in a 17-story building. While pricing hasn't been finalized, units are expected to begin at $25M. The project, designed by New York architect Brandon Haw, will have a Cipriani restaurant, club lounge and spa, and it is expected to launch sales and break ground later this year.
13th Floor purchased the property, which was a 46-unit hotel named Westgate South Beach Oceanfront Resort, for $73M in 2023.
The Casa Cipriani brand has a luxury hotel in New York and Milan. In South Florida, Cipriani has a residential development named Cipriani Residences Miami under construction from developer Mast Capital, according to its website.
CONSTRUCTION AND DEVELOPMENT
Grupo T&C broke ground on Edge House Miami, a 57-story condo development in Edgewater, according to a release.
The 608-unit tower at 1837 NE Fourth Ave., designed by Kobi Karp, holds residences ranging from 410 SF to 1,240 SF. Pricing for residences starts at roughly $500K, and construction is expected to finish in late 2028.
Amenities include two resort-style pools, a sky lounge, wellness center, coworking spaces and a wraparound garden. Douglas Elliman was tapped to handle sales.
FINANCING
The Lynd Group secured a $132.5M bridge loan from MF1 Capital to refinance The Villas at Tuttle Royale, according to a release.
The loan retires a $126M construction loan S3 Capital issued in 2023 for the complex, part of the 200-acre Tuttle Royale mixed-use development.
The $170M, 401-unit luxury rental community in Royal Palm Beach delivered earlier this year and features 26 buildings and 55 townhomes with private garages. Amenities include a two-story clubhouse, resort-style pool, sauna, fitness center, putting green, pickleball courts, soccer fields and a lakefront running trail.
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Constellation Group, The Boschetti Group and Vietmar landed a $42.3M construction loan for their boutique condo project Ella Miami Beach, according to a release.
The development, which broke ground in February at 6940 Abbott Ave., achieved more than 50% in preconstruction sales and is expected to deliver in 2026.
The project, designed by Arquitectonica, features studios, one- and two-bedroom floor plans ranging between 340 SF and 1,090 SF, with pricing starting at $500K. Each unit will include indoor and outdoor space with terraces. Amenities include a rooftop pool, pickleball court, outdoor yoga and meditation deck, and more.
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Empira Group secured a $32M construction loan from Miami-based Abanca USA, a subsidiary of Spanish bank Grupo Abanca, for an 85-unit boutique multifamily project in Miami’s The Roads neighborhood, according to a release.
Newmark arranged the financing for the eight-story development, named Enso, at 3025 SW Third Ave. Enso will offer one-to-three-bedroom rentals, including 10 units with private terraces up to 1K SF. Amenities include a fitness center, yoga room, ground-floor retail and a rooftop terrace with a pool, barbecue area and lounge spaces. Groundbreaking for the project is planned for April, and delivery is expected in 2027.
SALES
An entity linked to Unicapital Asset Management Group, led by Ivan Herrera, purchased the 850 Living apartment complex from Century Homebuilders Group for $72.5M, according to records provided by Vizzda.
The seller traces to Nancy Pastor, who was designated as the successor trustee for the ownership. Century Homebuilders is selling assets in the wake of the death of the company’s former CEO, Sergio Pino.
The 230-unit apartment complex was facing a $45M foreclosure suit that was filed in October. That suit was dismissed this month, according to Vizzda. The six-story, 562K SF apartment complex was built in 2020.
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An entity tracing to Acadia Realty Trust purchased the Pinewood Square shopping center in Lake Worth Beach for $68M from an entity tied to Principal Financial Group, according to records collected by Vizzda.
The 208K SF shopping center at 6250-6350 Lantana Road holds nine buildings built between 1988 and 2024 on 26 acres. The property is anchored by a Ross Dress for Less, T.J. Maxx and HomeGoods. The retail center is 99% leased to 42 tenants, the South Florida Business Journal reported.
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Public Storage acquired two self-storage properties from an entity linked to Sam Jazayri for a total of $57.3M, according to property records provided by Vizzda.
The first property, at 231 SW 125th Ave. in Plantation, sold for $21.1M. The site includes a 113K SF, six-story facility built in 2023.
The second property, at 10600 W. State Road 84 in Davie, sold for $36.2M. Spanning 6 acres, it features a 165K SF storage complex with a four-story building and two single-story buildings.
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Tim Petrillo, CEO and co-founder of The Restaurant People, bought 3,700 SF of restaurant space on the ground floor of Related Group’s Andare Residences by Pininfarina in Fort Lauderdale for $3.7M, according to a release.
Petrillo’s TRP, behind concepts like Yolo and Boatyard, will also provide exclusive catering for Andare residents. The restaurant will feature indoor and outdoor dining with a 2K SF open-air seating area. It will sit at the base of a 45-story, 163-unit condo building at 521 E. Las Olas Blvd.
PERSONNEL
Related Group promoted President Jon Paul Pérez, the son of the company's founder, Jorge Pérez, to CEO, Commercial Observer reported.
Pérez joined the family business in 2012 after five years with Related Cos. in New York and has served as the company’s president since 2020. His father will now serve as the company’s executive chairman and continue to lead the overall company strategy with his son.
