DEVELOPER NITIN MOTWANI IS CULTIVATING THE RELATIONSHIP BETWEEN INDUSTRY, COMMUNITY, AND REAL ESTATE TO SUSTAIN THE CITY’S GROWTH.
Fort Lauderdale native and Wall Street veteran Nitin Motwani, 34, is the economic development and marketing chairman of Miami’s Downtown Development Authority and We spoke with him about Miami’s evolving economic engine and why developing intellectual capital is key to our future.
OCEAN DRIVE: How has downtown’s reputation changed? NITIN MOTWANI: When we first got involved with Miami Worldcenter, we used to have to show people that one day the performing arts center will be completed, one day there will be a museum of art and science, a tunnel to get the 18-wheelers off the street. There were a lot of “what ifs.”
Are we growing too fast? While there was never more excess than during the last boom, it was heavily leveraged. But the flip side is, this go around, most of it is equity. There’s very little leverage.
How is the DDA looking at sustainable growth? Today, there are 1,000 units [in downtown] under construction that are paid for with cash. So there’s been a lot of development, but our city as a whole can sustain more. The city and county need to continue collaborating on big things such as infrastructure—the last thing you want to do when people want to invest here is tell them they can’t because we’re having a problem with infrastructure, and that goes for water and sewer, bridges and tunnels, etc. Also, by the FECI [Florida East Coast Industries] creating Grand Central Station and a train hub downtown that connects into the Metrorail and Metromover, you won’t need a car. There are talks about expanding the Metromover at the county, which I think is great if they connect it to the Beach and up into Midtown, Wynwood, and the Design District.
What about developing intellectual capital? We’ve been trying to figure out other economic drivers for Miami. The Venture Hive building is a perfect example. Miami Worldcenter contributed the space and the build-out. The DDA is funding the accelerator itself. And the county is funding $1 million—$25,000 per 10 companies for four years. There are also 25 other companies that are “friends of,” so they benefit from the mentors, the programming, the attorneys, the collaboration. So in this building, there are more than 35 companies and over 70 employees that weren’t here two months ago in downtown. The only way to create a sustainable city is to have a diversity of people. When you walk through these spaces, these entrepreneurs are from all over the world. And they have nothing in common except that all of them are making sacrifices to create a great company in Miami.
The residences at Porsche Design Tower starts at $4.5 Million, this bargain gets you a duplex apartment with 3 bedrooms 3 and 1/2 Baths, a total of 4,252 Sq Ft (394 M2) of area.
“Amazing intercoastal and sunset views spoil those to dare to live life to its fullest.”
Bringing toys home with you! Car lovers will inspire designers where cars are part of the design of the living room. You can also opt for a different floor plan that use the extra space for entertaining living area or perhaps an extra Bedroom. At this reservation stage owners will have the chance to change lay outs and customize their units to their liking.
Featuring fire place, Pogen Paul Kitchens, Garage inside the unit and much more.
Ocean View Residences starts around 6 Million with a private pool, summer kitchen and located up high featuring breathtaking views to the Atlantic Ocean.
This project has unseen technology and unique features and services featuring resort style services and Restaurant to indulge residents.
Porsche Design Tower also offers climate controlled garages sold separately (up to 5 cars per garage) to protect your most precious collection of exotics.
Oral representations cannot be relied upon as correctly stating the representations of the developer. for correct representations, reference should be made to the purchase agreement and the documents required by section 718.503, Florida statutes, to be furnished by a developer to a purchaser or lessee. Not an offering where prohibiting by state law. Prices subject to change without notice. Photography and artwork in this website might be stock photography used to depict the lifestyle to be achieved rather than any that may exist. We are pledged to the letter and spirit of us policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.
Zaha Hadid Is Designing A Skyscraper In Downtown Miami
According to Curbed Maimi, Zaha Hadid, the internationally acclaimed Pritzker Prize winning star architect, and one of the most revered architects of our time, is designing a condo tower at 1000 Biscayne Boulevard, her first skyscraper in the western hemisphere.
Curbed Miami has learned via email from Gregg Covin, one of the developers of the project, the other is Louis Birdman. The building will fill a gap in the section of the “Biscayne Wall” of condo towers across from Museum Park in Downtown Miami. The site is currently occupied by a BP Station, which Curbed Miami had theorized months ago might soon be built upon. The tower’s designs will be unveiled early next year and will be the “most iconic tower ever to be built in Miami.”
Faena House, Impressive 68 unit high luxury condo, featuring design by Norman Foster and located at the site of the former Saxony Hotel in Miami Beach.
Alan Faena, The Developer Behind The $550M Revival Of Miami’s Saxony Hotel to called Faena House.
The man behind one of Miami’s most ambitious real estate and architectural projects, the revival of the Saxony Hotel, finally opened up about the project. Alan Faena, the developer which counts with the support of billionaire Len Blavatnik, is set to revolutionize the Miami beachfront with the Faena Saxony, featuring the work of all-star architects Norman Foster and Rem Koolhaus.
The project has been surrounded by a shroud of mystery since day one, a mystery that characterizes Faena himself. “I’m working on one of the best projects in all of the Americas,” Faena told Forbes, “we are creating a whole district,” he added.
The $550 million project resembles what Faena did in the Buenos Aires neighborhood of Puerto Madero, where he took a set of rundown buildings and created a thriving neighborhood that counts with some of the city’s most expensive and luxurious hotels and apartments. “We don’t just develop this, we also deliver product, service, we operate, and so we give this project soul,” explained Faena.
Official details regarding the whole project have been hard to come by, but plans and renderings have been leaked. Faena House will be a 19-story, 62,000 square feet residential tower designed by starchitect Norman Foster according to the Miami Herald’s Real Deal and Hotel Chatter. “Super-celebrity-architect of mystery” Rem Koolhaas will join the project building a structure that will contain a hotel and a ballroom, retail space and a robotic garage, according to Curbed. There will also be a 300-person theater, an “intimate cabaret” and a possible re-design of the beach boardwalk at the site of the former Saxony Hotel, which at one point was slated to become a Cipriani project.
“We are creating a neighborhood here, a five block district that will include the best residential building, […] a theatre, a cultural center, and a parking garage,” Faena confirmed. What differentiates Faena’s from other mega-projects going up in Miami is that this is “the first time something so spectacular comes from the South.” Miami, he said “is our door to the North,” to which he wants to bring “a concept that has never been offered here.” Faena, as Curbed put it, “as grand conductor of his architectural orchestra, will then have built a campus of architectural fantasias.”
The Argentine developer indeed has a thing for pomp and splendor. In Buenos Aires, he developed a whole district which includes one of the city’s most eccentric and highest rated hotels with everything with a pool bar featuring a giant crown fountain and a fully white restaurant with unicorn heads lining the walls. Faena has also built several residences and an impressive cultural center. Most of his projects carry his name.
Faena’s project also fits in the bigger story of a comeback in real estate across certain states, in many cases backed by foreigners. As my colleague Morgan Brenan reported, foreigners accounted for $82.5 billion, or 8.9% of total U.S. residential real estate spend from April 2011 to March 2012. And that is up 24% from a year ago, with five states taking the majority of that investment: Florida, California, Texas, Arizona, and New York.
Home prices, according to the Case-Shiller indexes, are still about 30% below their pre-crisis levels across the country. At the same time, hot-money flows into emerging markets have inflated real estate bubbles across many major global cities. While many Chinese and Russian buyers have been looking into New York, Miami is home to the Latin Americans, with Argentines, Brazilians, and Venezuelans leading the way.
While the recovery in housing can be seen in the incredible stock prices of major homebuilders like KB Home, Lennar, and Toll Brothers, the luxury sector is also booming. And Faena is looking to take advantage of this momentum. “Our project is international, it’s open to all, we are trying to bring a new concept, a culture [to Miami],” he says.
And he may be about to make it. While he didn’t disclose anything on sales, he did hint that they are going for the top of the market. That shouldn’t surprise anyone. Given what he’s done in the past, and the caliber of the people he’s brought on board, no one should expect anything less.
Hallandale Beach commissioners gave final approval Wednesday night to developer Jorge Perez’s plan to construct Beachwalk – a $100-million, 31-story hotel-residential complex on the Intracoastal Waterway.
The proposed 305-foot tower at 2600 E. Hallandale Beach Boulevard will contain 216 two-bedroom hotel-condominium suites, 84 residential units, a 1,225-square-foot restaurant and a five-story parking garage.
Commissioners also gave approval for Perez’s Related Group of Florida to spend $2.5 million to create a lush park, with a two-story restaurant and concessions, at the city’s nearby oceanfront North Beach Park.
The group will manage the facility, but the city commission said the public would still have access to the oceanfront. The term of the lease was reduced from a proposed 30-year agreement to 15 years.
In approving the project, the developer received various zoning exemptions and concessioners, including a giveway by the city of more than a third of an acre of right-of-way along portions of Diana Drive to allow for more residential units. – William Gjebre
June 7 – Hallandale Beach commissioners unanimously gave a tentative green light Wednesday night to Miami developer Jorge Perez’s plans to construct Beachwalk — a $100-million, 31-story, hotel-residential complex on the Intracoastal Waterway where the popular Manero’s restaurant once stood.
At the same time, commissioners put off until later this month a vote on a another aspect of the deal that would give Perez long-term control of a nearby prime parcel of city-owned oceanfront property to develop as a park with a restaurant.
The proposed 305-foot tower, at 2600 E. Hallandale Beach Blvd., would contain 216 two-bedroom suites that could serve as hotel rooms or condominiums, as well as an additional 84 apartments dedicated to being condominiums only. Plans include a 1,225-square foot restaurant and a five-story parking garage.
Final approvals are to be voted on June 20.
The developer, PRH-2600 Hallandale Beach LLC, is a Miami company controlled by Perez, chairman of the Related Group of Florida. If finally approved, the developer will receive various zoning exemptions and concessions, including a giveaway by the city of more than a third of an acre of right-of-way along a portion Diana Drive to allow for more residential units.
Local activist and commission candidate Csaba Kulin complained the project was too massive and that the city should not be awarding a 30-year contract for the development of the city’s one-acre oceanfront parcel.
“I’m against any giveaway of the beachfront area,” said candidate Kulin.
Kulin believes the deal would give another nearby Perez development access to the ocean and the developer control of 91 public parking spaces at the nearby residential Beach Club.
Kulin previously urged commissioners to defer the tower project because many of the residents are snowbirds and won’t be back in town until the fall.
“The problem is they are trying to shoehorn too big a building on a small site,” Kulin said.
The total site is 1.68 acres, including the land from Diana Drive.
Mayor Joy Cooper said earlier that negotiations with the developer were continuing.
“A lot of things can change,” said Cooper said, who noted that a parking shortage at the tower might not be as severe as it appears.
Cooper said she was not necessarily concerned about Perez’s group developing and managing the city’s North Beach park property, especially since he will pay for the improvements in accordance with the city’s master plan for parks. The city will be paid a percentage of the revenues from the restaurant and other concessions made available in the park, she said.
Cooper said Hallandale Beach needs new hotel space, especially at the oceanfront to attract tourists and visitors. The restaurant in the park will provide a wonderful oceanfront setting for dinners, she added.
Commissioner Keith London, who is running against Cooper, agreed.
“There is a need for quality hotel space in Hallandale.”
Perez, known as Miami’s “condo king,” did not appear at Wednesday’s meeting to talk about Beachwalk.
His Fort Lauderdale attorney, Debbie Orshefky of Greenberg Traurig, told commissioners, “We are confident that it will be successful.”
London and other commissioners hope to extract some concessions before the final vote, including a pledge from the developer that the beach park project will be completed first. Another request: regular monitoring of parking around the facility.
Residents who spoke at the meeting were equally divided on both sides of the project.
City staff endorsed the project. London, however, said he wasn’t happy that it took nearly two years to reach the commission, and that some agreements between the city and developer were incomplete.
City documents say the developer has vowed to spend up to $2.5 million to reshape the rundown North Beach park area with a two-story, 4,000-square foot structure to include the restaurant, restrooms and changing facilities for both beach goers and diners. There would be an additional 3,000 square feet of patio area facing the ocean.
Plans for the full-service restaurant call for indoor seating for 80 persons and outdoor seating for 100. Patrons could rent beach chairs, umbrellas, paddle boards and canoes. A volleyball area is planned.
For the first 10 years of the 30-year lease, the city would collect a minimum of $5,000 a month or 2.5% of gross park concession receipts, whichever is greater. The percentage would go up a notch to 3% in years 11 through 20, and rise another half-percent to 3.5% from years 21-30.
The concessionaire would pay all operating and maintenance for the park facility, and also give the city $200,000 to maintain other city parks.
Prior to issuance of the first building permit for the high-rise tower, the developer would give the city another $550,000 — $250,000 to be used for public improvements and $300,000 for improvements to affordable housing.
By William Gjebre, BrowardBulldog.org William Gjebre can be reached at firstname.lastname@example.org Hallandale approves condo king Jorge Perez’s $100 million, high-rise Beachwalk project
Seeking to cement his “legacy” in Miami Beach, developer Jorge Perez has recruited Enrique Norten of Mexico’s TEN Arquitectos and landscape architect Enzo Enea, creator of Switzerland’s Tree Museum, to collaborate on the design of the ultra-luxury One Ocean condo project.
“Enea, known for creating the world’s only Tree Museum in Switzerland, works with Norten to envision a gorgeous mixture of living spaces, nature and art,” according to The Related Group statement announcing the project.
Perez also plans to incorporate into the property the artistic work of modern Latin American artists such as Jose Bedia, Eugenio Cuttica, Michelle Oka Doner and Daniel Azouley.
“We have built over 80,000 units thus far. One Ocean is my legacy for Miami Beach,” Perez, the chairman and CEO of The Related Group, said in a statement.
Perez’s connection to art is well known: not only is he a collector of the work of modern Latin American artists, but he has given a donation to the Miami Art Museum of art and cash totaling $40 million. As a result, the new museum, now under construction, is going to be called the Jorge M. Perez Art Museum of Miami-Dade County.
In addition to 46 residences, the project will have four villas. Typical residences will have about 3,000 square feet of space, and would include private elevators, underground parking, beach club membership, a gym and a pool, according to a statement from the company. Some residences will also feature rooftop spas and solariums designed by Enea, as well as front and back terraces. Enea will apply his aesthetic to a range of areas from the private gardens, to the park and common areas at the 1 Collins Ave.
“Our vision was to design outdoor spaces that create a consistent language among the unique architectural elements of One Ocean,” Enea said. “This language is used throughout the entire site, providing lush private gardens, luxurious pool top cabanas, and elegant rooftop terraces with Miami’s aqua blue waters as their backdrop.”
Perez has told the Business Journal that every project is an opportunity to incorporate art into his work through design, architecture and the installation of art pieces on site. He provided his Top Ten South Florida project, in his own words, to the Business Journal.
One Ocean is part of a big push by The Related Group to grow its condo development division as part of an overall plan to diversify the company.
Related has several other condo projects either under construction including Millecento in the Brickell area of downtown Miami. Perez’s previous projects near One Ocean include Apogee Miami Beach and Murano at Portofino. Sales for One Ocean are handled by Related Realty and Fortune International. The sales center, located at 91 Collins Ave., is set to open in time for Miami Art Week and Art Basel.