One of my favorite books. As a former resident of that neighborhood around Prytania St., and working near the Quarter, I relate very well to that novel.

It's an AMAZING book, agreed.

I guess the only bad thing is that the title is so memorable that it gets quoted all the time by people who never read it. I don't mean here on this site---not at all---just in general vernacular. It's become part of the language, y'know? I've heard policymakers using it without knowing the source---people using it in general conversation. John Kennedy Toole would be amazed, no doubt. Then again, maybe not.

You a Dave Eggers fan? "Heartbreaking Work of Staggering Genius" and all that? Good stuff.

It's an AMAZING book, agreed.
I guess the only bad thing is that the title is so memorable that it gets quoted all the time by people who never read it. I don't mean here on this site---not at all---just in general vernacular. It's become part of the language, y'know? I've heard policymakers using it without knowing the source---people using it in general conversation. John Kennedy Toole would be amazed, no doubt. Then again, maybe not. It is a great and memorable title for sure.
When I posted it here, of course for the great sounding title, and to allude to Ignacius Reilly's pointless and silly crusades. Ace responded to someone else's crusade against the evil car. Subtle, but I'm sure Ace got the reference.

Jade Ocean has it's Temporary Certificate of Occupancy.
Let the closings begin...

^^Is there an opening party on Thursday?

^^Is there an opening party on Thursday?No way! Are you kidding!
Did you see what happened when Northern Trust had a party to thank their customers?
The government chastised them and created overwhelming negative publicity. This is a very tough business climate.

Northern Trust had just received 1.6 billion dollars in government funds. I was not aware Jade Ocean had bail out money go directly it's way. People are living it up every night in Miami: Food and Wine Festival, WMC, every night at the Fountainbleu, all of the new + $150,000 cars in this town. People here like a party and are not going to be put off in the same way people in middle America would be as long as everything is on the up and up.

Northern Trust had just received 1.6 billion dollars in government funds. I was not aware Jade Ocean had bail out money go directly it's way. No..but a bank did provide financing to the project. The message sent by the Government with it's treatment of Northern Trust isn't lost on other banks and business leaders.

Bull Shit.

Hmmmm....I wonder how long roark is going to have a job if those jade ocean condos close at the rate of Icon Brickell.

http://www.bizjournals.com/southflorida/stories/2009/04/06/daily15.html

Its strategy of funding dozens of condo construction projects in South Florida has gone horribly wrong for Corus Bankshares, which announced that nearly all of its $1.1 billion in loans to South Florida projects were impaired at year-end.

In its 2008 earnings release late Monday, the Chicago-based bank (NASDAQ: CORS) said it lost $456.5 million last year, and its ability to continue operating as a “going concern” is in doubt.

For the entire bank, slightly more than half of Corus’ total $4.05 billion in loans were nonperforming at year-end.

Corus said that all five of its condo projects under construction in South Florida had nonaccrual loans at year-end. According to court records, the projects still under construction as of Dec. 31 were:

* Fortune International’s Jade Ocean Condominiums in Sunny Isles Beach, which has a $288.1 million mortgage.
* RPC Holdings’ Paramount Bay in Miami, which has a $216 million mortgage.
* Key International Development’s The Mint at Riverfront in Miami, which has a $191.8 million mortgage.
* Roy Stillman Organization’s Trump International Hotel and Tower in Fort Lauderdale, which has a $139 million mortgage.
* ATM Holding Corp.’s Dolcevita Luxury Oceanfront Condominium in Palm Beach Shores, which has a $34.2 million mortgage.

i think one should worry about there own job :ohno:

lot of busy bodies on here lately... nosey fuckers

The main source of trouble for Corus’ condo projects has been tepid sales.

“Unit sales of condominium buildings are typically a borrower’s sole source of funds to repay our loan,” Corus stated in its earning report. “In the absence of unit sales, the cost to carry the completed building can quickly overwhelm the borrower’s resources.


Now this is not my area of expertise, but I remember hearing JO had deposits for almost all of it's units and they just started closings in the past two weeks. Also the building seemed to be completed rather quickly from start date. So what were they expecting as of December?

Also, had Dolcevita and Paramount Bay started closings yet?

Something doesn't add up with this bank.

Now this is not my area of expertise, but I remember hearing JO had deposits for almost all of it's units and they just started closings in the past two weeks. Also the building seemed to be completed rather quickly from start date. So what were they expecting as of December? :) Mine too...Been watching Corus like a hawk.
That post was from 2008...old old news! Corus has been on the ropes for a while, and has no sign of recovery. The FDIC has had special oversight on them for months and months, and they still aren't a viable bank.
Corus did both construction and Mezz for JO. Deals with no personal garauntee by the developer.
As for the underlying assets, JB sold out with 20% deposits. Closings have been going on for about 8 months. They are over 60% sold and closed.
Jade Ocean was sold out with 20% deposits as well. The first closing is scheduled for April 20th.

Wow...in this loopy credit market, Jade Beach has closed both Penthouse Residences and over 80% of the dollar value of the building.
Jade Beach is the most exquisite condominium that I've ever been in... until the Jade Ocean tour a couple days ago!

They are magnificent, even if Carlos Ott couldn't pull off the full pool through the lobby trick as envisioned for Jade Ocean...it is still an incredible Porte Cochere and the Fendi furnishings and all the details are top notch.

^^Good to hear!

I still believe oceanfront---at least when done at a quality level such as this---has an almost bullet-proof quality when it comes to riding above the storm.

The demand for it virtually anywhere never really ceases, even with the inevitable dips.

Fortune International’s Jade Ocean Condominiums in Sunny Isles Beach, which has a $288.1 million mortgage.
* RPC Holdings’ Paramount Bay in Miami, which has a $216 million mortgage.
* Key International Development’s The Mint at Riverfront in Miami, which has a $191.8 million mortgage.
* Roy Stillman Organization’s Trump International Hotel and Tower in Fort Lauderdale, which has a $139 million mortgage.
* ATM Holding Corp.’s Dolcevita Luxury Oceanfront Condominium in Palm Beach Shores, which has a $34.2 million mortgage.
http://www.bizjournals.com/southflorida/stories/2009/04/06/daily15.html


When RPC defaults on Paramount, Corus is going to go belly up. FDIC will shut them down and liquidate assets.

When RPC defaults on Paramount, Corus is going to go belly up. FDIC will shut them down and liquidate assets.
What do you mean "when"...Corus has announced that only one of their loans out of 14 in South Florida are performing. They don't say which one, but my guess is Ivy at Riverfront. Corus didn't finance Jade Beach, but they financed Jade Ocean. Closings have just begun in JO.

The Comptroller of the Currency is already all over Corus...it will be the end of the line for them in Mid July.

What do you mean "when"...Corus has announced that only one of their loans out of 14 in South Florida are performing. They don't say which one, but my guess is Ivy at Riverfront. Corus didn't finance Jade Beach, but they financed Jade Ocean. Closings have just begun in JO.

The Comptroller of the Currency is already all over Corus...it will be the end of the line for them in Mid July.


I meant to say: the timing of Corus's demise is likley to coincide with RPC's. FDIC shut down is in the works.

http://southflorida.bizjournals.com/southflorida/stories/2009/06/29/daily40.html?surround=lfn

Regalia condo site in foreclosureSouth Florida Business Journal - by Brian Bandell

BankFirst has filed an $11.7 million foreclosure lawsuit against the developer of the proposed Regalia condominium in Sunny Isles Beach.

The Minneapolis-based bank filed the foreclosure action on June 15 against Aventura-based Regalia LLC and company members Jerold M. Kaufman, Abraham Cohen, Paul C. Murphy and Avra J. Jain, according to Miami-Dade County Circuit Court records. The action targets the vacant 1.14-acre beachfront site at 19505 Collins Ave. in Sunny Isles Beach.

Regalia got approval to build the 43-story, 40-unit condo, but construction never got under way. The preconstruction prices were from $6.3 million to $14.5 million for the 5,515-square-foot units with 2,100 square feet of balcony space.

BankFirst’s lawsuit also names British Virgin Islands-based Kannon Investment Business, which gave Regalia a $5 million second mortgage.

Regalia bought the site in 2001 for $9 million.

Tampa-based attorney Maggie Storino, who represents BankFirst in the lawsuit, didn’t immediately return a call seeking comment.

Whatever happened to the Chi Miami project? Did that ever get built? In progress? Cancelled? www.chitowermiami.com

Here are couple photos of Carlos Ott's Artech Residences.
It's two pictures of the same boat.

http://i113.photobucket.com/albums/n215/restainer/Skyscrapers/Artech-ViewfromWater.jpg

http://i113.photobucket.com/albums/n215/restainer/Skyscrapers/Artech-MainLobby.jpg

The beautiful city of "Sunny Isles"

http://www.youtube.com/watch?v=dyeI82uCPmU&feature=PlayList&p=DD05E6EADBDC6E79&playnext=1&playnext_from=PL&index=37

Whatever happened to the Chi Miami project? Did that ever get built? In progress? Cancelled? www.chitowermiami.com

Cancelled along with every other project that didnt break ground by 2007.

Jade Ocean prices are down 40% to 50% from original pre-construciton prices!!!

Jade Ocean prices are down 40% to 50% from original pre-construciton prices!!!
That sounds very hard to believe.
For those that purchased for $580 per square ft., are you saying that those apartments are selling for $290 to $348???
Very very hard to believe.

So I wonder what happens to this building which has been sitting dormant for over a year with about 10 floors constructed?

http://southflorida.bizjournals.com/southflorida/stories/2010/02/08/daily46.html?surround=lfn

Solis condo resort in Sunny Isles Beach in foreclosure

South Florida Business Journal - by Brian Bandell

Mercantil Commercebank plans to seize the Solis Resort Spa & Residences project in Sunny Isles Beach before it is completed.

The Coral Gables-based bank filed a foreclosure lawsuit on Jan. 26 against developer Mansiana Ocean Residences and managing member Alexander Forkosh, the CEO of New York City-based Forkosh Development Group, according to Miami-Dade County Circuit Court records. It concerns a mortgage last modified in January 2009 at $18.5 million. Mansiana Ocean Residences bought the beachfront site, at 15701 Collins Ave., for $26 million in 2005 and secured zoning approval for the 52-story Solis.

According to the developer’s Web site, the project was to feature 135 residential units, 140 guestrooms, a two-story fitness center and spa, a pool deck with waiters serving food, a private beach club and an outdoor terrace with a bar.

Units were preconstruction priced at $1.2 million to $3 million. Services planned for residents and guests included 24-hour valet, concierge, bellmen, housekeeping and room service.

Solis broke ground in early 2007. In late 2008, Forkosh Development issued a news release stating that Solis was on schedule to be completed in 2009.

However, numerous construction liens filed in 2008 and 2009 indicate that contractors had issues with payments from Mansiana Ocean Residences.

In July 2009, Olympia Plumbing won an $185,000 lawsuit against the developer over unpaid bills for work it performed in 2008.

Mercantil Commercebank’s foreclosure lawsuit also names the contractors, who could have their claims wiped out if the property is seized.

Miami attorney Mark R. King, who represents Mercantil Commercebank in the lawsuit, could not immediately be reached for comment.

So I wonder what happens to this building which has been sitting dormant for over a year with about 10 floors constructed?

http://southflorida.bizjournals.com/southflorida/stories/2010/02/08/daily46.html?surround=lfn


I hope no one tries to complete construction, this is one of those horrible designs by arquitectonica

I couldn't find a photo thread for Sunny Isles Beach so I put it here.
http://img440.imageshack.us/img440/5827/1011794.jpg (http://img440.imageshack.us/i/1011794.jpg/)
[/URL]
http://img220.imageshack.us/img220/3636/1011801.jpg (http://imageshack.us)

http://img440.imageshack.us/img440/3249/1011811.jpg (http://imageshack.us)

http://img220.imageshack.us/img220/3002/1011812.jpg (http://imageshack.us)

http://img215.imageshack.us/img215/4572/1011813t.jpg (http://imageshack.us)

http://img440.imageshack.us/img440/2072/1011815.jpg (http://imageshack.us)

http://img220.imageshack.us/img220/7624/1011823.jpg (http://imageshack.us)

http://img337.imageshack.us/img337/4430/1011829.jpg (http://imageshack.us)

http://img402.imageshack.us/img402/9343/1011842.jpg (http://imageshack.us)
[URL=http://imageshack.us]

^^This works here, and thanks for the photos.

what is the height of Jade Ocean?

549 feet. Jade Beach is 574 feet.

549 feet. Jade Beach is 574 feet.

Have you been able to nail down the heights of the Trump trio. I saw 540 feet once on SkyscraperPage in the Diagrams section, but then, the stats disappeared from there too. I wonder what the secrecy is all about. Were they built taller than what was originally approved?

Dunno, but around 540 sounds right.
Looking at Jade Beach and Jade Ocean, JB is taller but I don't know if it's as much as 25 feet. They look pretty close. In the SIB library they have a model of the town made a few years ago with all of the buildings that had been approved, and the Jade Beach model is significantly taller relative to the other buildings than the real JB.

Mario (of Mario the Baker fame has opened Mario's on the Bay inside Arlen House on 158th St)

Spectacular bay view dining on the bay with Oleta State park as the back drop

Best part: Pasta Buffet tues and wed after 4 is less than 8 bucks!

I saw dolphins in swimming the bay while eating great food today!

Mario (of Mario the Baker fame has opened Mario's on the Bay inside Arlen House on 158th St)

Spectacular bay view dining on the bay with Oleta State park as the back drop

Best part: Pasta Buffet tues and wed after 4 is less than 8 bucks!

I saw dolphins in swimming the bay while eating great food today!

Mario the Baker was an INSTITUTION growing up in North Miami. It was where we ate after Little League games...where our parents took us for a fun, inexpensive night out.

People who didn't grow up in Miami or moved there after 1985 or so probably don't even know that North Miami (and to a lesser extent North Miami Beach) was once a heavily Italian-American neighborhood. West Dixie in particular was home to not just Mario's but also famously busy locations like the more upscale Marcella's and Marty's (which I think is a Haitian funeral parlor these days).

Not much is still around from those days, and North Miami is a very different place. It's predominantly a Haitian neighborhood now, which is totally cool...just different. Keystone Point is about the only remaining "anglo" enclave around there.

So it's cool from a nostalgia perspective to see Mario's still kicking---and even trying a bit of upscale stuff which certainly was NOT the case with their traditional menu. Steve's Pizza at Biscayne and NE 120th is another survivor from that era still going pretty strong (and the eggplant, garlic, and sausage pie still kicks ass, too) :cheers:

http://www.mariothebakerpizza.com/images/north.jpg

Mario (of Mario the Baker fame has opened Mario's on the Bay inside Arlen House on 158th St)

Spectacular bay view dining on the bay with Oleta State park as the back drop

Best part: Pasta Buffet tues and wed after 4 is less than 8 bucks!

I saw dolphins in swimming the bay while eating great food today!

Awesome! I had no idea they had a location there! Only the one on W. Dixie North of Miami Gardens, and being beachside now I rarely venture over there now. We used to get delivery from them sometimes at FIU BBC, they are tight with the hospitality school. I'm gonna have to hit up that buffet soon.

Spell- don't forget Lorenzo's!

Spell- don't forget Lorenzo's!

My bad!

How about Franco's? I know it wasn't just a North Miami spot but it seemed like their ads were ALWAYS on during late-night TV. Didn't they also have some guy calling himself "Nick, the King of Pizza?"

(which begs the question of why they weren't called "Nick's") :cheers:

There's Nick's bar on Hollywood Boardwalk, and Nick's Diner on Hallandale Blvd.

The developer of Trump Grande, which consists of Trump International Beach Resort, the Trump Palace and the Trump Royale, and The three-tower Trump Towers is planning a new tower in Sunny Isles — an ultra-luxury high-rise that will carry an exclusive brand.

He plans to start the permitting process in a few months but will wait until the market rebounds before beginning the search for financing.

“The project is confidential, top secret, because it is going to be the most amazing thing that ever hit Miami,” he said. “I am going to outdo myself.”

http://www.dailybusinessreview.com/news.html?news_id=63139

Please let us know the specs on this as soon as any are available.

Related Group gives up Trump Hollywood
South Florida Business Journal - by Brian Bandell Thursday, November 18, 2010, 4:57pm

The Related Group has surrendered its Trump Hollywood beachfront condo tower to BH III, which recently purchased the mortgage on the property for $160 million.

Mark Pordes, CEO of Aventura-based Pordes Residential, brokered the deal for BH III, a Fort Lauderdale-based company managed by Charles C. Phelan, Daniel Lebensohn and Gregory M. Freedman. He said 175 of the 200 units at 2750 S. Ocean Drive are unsold.

BH III bought the original $226.6 mortgage made in 2007, from a consortium of lenders led by HSBC Realty. Pordes said Related Group then agreed to turn over the property in exchange for releasing its debt – a process referred to as a deed in lieu of foreclosure.

This the second major project for which Related Group has turned over the keys. It also gave Icon Brickell in Miami and CityPlace South Tower in West Palm Beach back to lenders.

“We’ve been working on this deal for six months,” Pordes said. “A lot of big funds were chasing this deal. HSBC took their time to make the decision. They were trying to drive the price up.”

Trump Hollywood units have sold for about $1.4 million each, he said. As part of the settlement with Related Group, the sales will be handled by Fortune International, Pordes said.He expects that Donald Trump will keep his name on the building.

“There are not many oceanfront luxury projects left in Broward County, and this was the trophy of all of them,” Pordes said.

This is the second major distressed condo purchase for BH III. It also bought the defaulted loan on Terra Beachside Villas in Miami Beach, where it took over the property and completed construction.

It has also been a big year for Pordes. He brokered the $120 million sale of 2700 North Ocean in Singer Island.

I recently spoke with people involved with the Regalia project. After a lot of legal issues the developers are now back on track and moving forward with the project.

http://www.regaliamiami.com/

I recently spoke with people involved with the Regalia project. After a lot of legal issues the developers are now back on track and moving forward with the project.

http://www.regaliamiami.com/

2011 might be the beginning of the re-resurrection of Miami.

They cleared the lot and did a little bit of digging around in the dirt before they stopped. They will need several really big ballers to buy for this to happen, these units and the maintenance fees will be stupid expensive. Maybe they are planning on getting some deposed dictators to move to town.

...

Another new luxury residential tower announcement coming to Sunny Isles soon. At 170th and Collins. No name yet, but it is a developer with experience in the area.

....

Proposed 35-story Chateau Beach tower:

http://www.condovultures.com/News/ViewArticle/tabid/77/ArticleId/59412/5th-Oceanfront-Condo-Tower-Proposed-For-Sunny-Isles-Beach.aspx

^^
So this seems to be the sliver of empty lot between Samson Oceanfront Park and the Travelodge.

Something is going on on the Solis site. Big crane appears last night and it looks like they taking down the concrete pump today:( Does anyboby know any details?

The old Paramount Beach site:

http://www.bizjournals.com/southflorida/blog/morning-edition/2012/04/fortune-realty-could-have-condo-plans.html

Fortune Realty could have condo plans in Sunny Isles

South Florida Business Journal by Brian Bandell, Senior Reporter

An affiliate of Fortune Realty bought an oceanfront site in Sunny Isles Beach that was previously planned for a condominium.
The 2.2-acre site at 16901 Collins Ave. was once owned by Boca Raton-based Royal Palm Homes, which planned a 47-story condo with 232 units called Paramount Beach. It is the same company that lost the Paramount Bay condo in Miami to foreclosure.
After iStar FM Loans filed a foreclosure lawsuit against Royal Palm, the loan was sold to Sunny Isles Property Holdings, which seized it after winning a $26.2 million foreclosure judgment. The new owner is managed by Carlos Mattos, the president of Hyundai Colombia Automotriz and a former member of the Colombian Senate.
Mattos’ company sold the site on April 16 for $22 million to Sunny Isles Beach Associates, which is affiliated with Miami-based Fortune Realty. Led by Edgardo Defortuna, the company has developed the Jade Beach and Jade Ocean condos in Sunny Isles Beach.

Another new luxury residential tower announcement coming to Sunny Isles soon. At 170th and Collins. No name yet, but it is a developer with experience in the area.And there you have it, the fourth Jade building from Fortune International.

http://www.bizjournals.com/southflorida/blog/2012/05/pair-of-eight-figure-penthouses-sold.html

Pair of eight-figure 'mansions' sold at Acqualina
South Florida Business Journal by Jeff Zbar, SoFla Luxe
Date: Friday, May 25, 2012, 12:20pm EDT

The Mansions at Acqualina is logging some impressive sales for The Trump Group. The views shouldn’t be too bad, either. The developer is reporting $253 million hard contracts – including the sale of two, $16 million penthouses sold since mid-May.
In all, some 62 percent of the 79 units have been sold – with contracts requiring 50 percent down for residences ranging from $5.7 million to a $50 million, 15,000-square-foot penthouse, Trump Group President Michael Goldstein said.
All this from a $5 million, 9,000-square-foot sales pavilion for a Sunny Isles Beach project slated to break ground in August and be ready for occupancy in 2015. The address is 17749 Collins Ave. – next door to the five-diamond Acqualina Ocean Resort, whose facilities it will share.
The latest buyers of these “sky mansions” are a Russian and South American. The two penthouses are among the highest end of products on the market, featuring one of the only furniture-ready – not just designer-ready – high-rises in South Florida, with unprecedented amenities like “backyards” with pools.
“We don’t call these condominiums,” Goldstein said. “We call them mansions.”