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SUNNY ISLES BEACH | Development News


sunny_isles_beach by Roman Kazmierczak, on Flickr

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Jade Beach

$185M Funds Jade Beach Construction, Land Buy
By Marita Thomas
Last updated: May 25, 2005 02:04pm

SUNNY ISLES, FL-Miami-based Fortune International obtained just over $185 million in funding for development of its Jade Beach condominium towers on Collins Avenue. The financing, provided by HSBC Bank USA, consists of a $164-million construction loan for an initial 248-unit building and $21.2 million in land acquisition financing for the proposed Jade Beach Two, a twin tower containing 252 residential units.

Manuel de Zarraga, executive managing director; Robert Kaplan, senior managing director, and Kimberly Flores, associate director of the Miami office of Holiday Fenoglio Fowler represented Fortune in structuring the funding. They worked with Chris Whyte, who heads HSBC’s Miami real estate group, and Mark Nadler, VP. Terms and interest rates were not undisclosed. The two Jade buildings are the fourth Fortune projects for which HFF has arranged financing, and HSBC has also previously provided the developer with funds.

The first tower is expected to reach completion in early 2007. Both buildings are designed by Carlos Ott, an Uruguay-based architect who designed the L’Opera de la Bastille in Paris, among other projects. Miami-based Kobi Karp architects and interior designer Luis Revuelta are also collaborating on the design. All units have ocean views, and, according to published reports, for-sale prices reach to above $6 million. Calls to Fortune were not returned by deadline.

According to a September 2003 report by GlobeSt.com, the city approved zoning for the initial Jade Beach Tower, and Fortune obtained a $17-million land loan to acquire the property. Public records in the Miami-Dade County appraiser’s office indicate that Fortune Beach LLC acquired the site at 17001 Collins Ave. for the first building in June 2003 for $25 million. The records also show that Fortune Ocean LLP bought the adjacent beachfront property in October 2004 for $32.1 million.
 
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Discussion Starter · #4 ·
Ground breaking was scheduled for August, but it may happen a bit sooner. The sales center will likely be completed in July, the sales center is on the site of Jade Ocean (the art formerly known as Jade Beach II). They won't have to tear it down for a while.
 
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I drove by the sales center for the Jade Beaches yesterday and it looks like the sales center will have a replica of the fin thing that will go on top of Jade Beach I on it. Cool.

http://www.miamitodaynews.com/news/050602/fyi.shtml

TOWER APPROVAL: Jade Beach Two received development approval with $21.2 million of land-acquisition financing in Sunny Isles Beach, said Manuel de Zarraga, executive managing director of real estate investment firm HFF LP. He said construction of the 252-unit luxury waterfront condominium tower is set to begin in February. The 52-story tower designed by Carlos Ott is at 17121 Collins Ave. TOWER FINANCING: Jade Beach, meanwhile, gained $164 million in construction financing by HSBC Bank USA, Mr. Zarraga said. The 248-unit luxury waterfront condominium at 17001 Collins Ave. is expected to be completed in two years.
 

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DAVE :) , great news, I read that in the Miami Today newspaper today, that's great,; and Renner :) , the Sayan on the beach has started its foundation, and Sole on the beach has dug a hole on its site, but no foundation work has started yet, I'll let you know later this weekend. :cheers:
 

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RENNER :) , DAVE :) and ROARK :) and STREET :) , Construction on Sunny Isles Beach is now at its highest peak, its HOT, I drove up and down Collins Ave Today, and got so much Info.
#1, The Sole on the Beach has started its Foundation, its got two tall drill pounding cranes knocking away on the site.
#2, The Sayan on the Beach has gone vertical, tall blue Tower Construction Crane already installed, Foundation completed.
#3, The Trump Royale has got two tall Drilling pounding cranes putting huge long rebars foundation structures into the ground.
#4, The Jade Beach I Condo Tower has two drilling cranes and backhoes digging mounds of dirt on site, foundation has started.
#5, The Jade Beach II Condo Tower has almost completed its huge 3 story sales center on site.
#6, The Ocean 4 rising fast to its 45 floor completion in about a year.
#7, The Three Tower Trump Beach Towers have cleared most of the land except for the last Ocean Sands Motel which should close by the end of this year. A huge 20 foot concrete wall is being built from one end to the other on collins ave.
#8, The First Tower of the Turnberry Ocean Colony is almost completed, one Tower Construction Crane still remains. Tower Two has not started yet, but the Sales Center on the site told me their 50 % sold out and ready to break ground in late October, 2005.
#9, The Paramount Beach Condo Tower has built a wooden painted wall along Collins ave. and nothing is on the site, in fact, there's green grass rising knee high.
#10, The LaPerla 50 floor condo tower, up past 12 floors , has got the city of Sunny Isles beach Okay to close the Pier Park Parking Lot for over 6 months starting tomorrow June 13th, 2005 to the end of the year to install a huge entrance to the Condo tower with the new parking lot design, and paying the city each month for the parking fees.
#11, The Trump Palace, almost completed, paint is rising all over the tower, Tower construction Cranes are gone. :cheers:
 

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about paramount beach i think they want to sell park and bay before selling beach...kinda funny
 
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Trump Towers 825 foot wide parking podium nixed by Sunny Isles commission:

http://www.miamisunpost.com/thirdstoryfrontpage.htm

You’re Fired

Sunny Isles Commission Rejects Design for Trump Towers

Even if the garage plans came back at 20 feet tall, eliminating the need for a height variance, the site plan would still require commission approval.

By Randy Abraham
Contributing Writer



The Sunny Isles Beach City Commission sent developers of the proposed Trump Towers 1, 2, and 3 back to the drawing board, during its June 9 meeting.

The Commission criticized the plan for the three-tower, 813-unit condo project at 16001 Collins Avenue that featured an 825-foot-wide parking garage with three interconnected 39-story condo towers atop.

The developers got a one-month deferral to resubmit the project.

“You’re fired,” deadpanned Commissioner Dan Iglesias, referring to the tagline from The Apprentice that made Donald Trump, a partner in the condo project, a player in reality TV. “I don’t like this request,” he added. The feeling seemed unanimous on the dais, as each commissioner added to a list of criticisms.

Dozens of residents from the Arlen House and other nearby residential complexes criticized the project as overbuilt and expressed fears of worsening traffic and blocked ocean views.

At issue was the height of the 36-foot-tall garage. City codes limit any building taller than 20 feet to a width of 250 feet. The proposal called for an 825-foot-wide garage structure – almost the combined 900-foot width of the five separate parcels from 15811 to 16001 Collins Avenue assembled for the project.

The rest of the aricle at:
http://www.miamisunpost.com/thirdstoryfrontpage.htm
 

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wow thats plenty of parking an 825 fott garage a 36 feet, that is kind of mall-behemoth. Is the height really so limited there for the garage? it might be better to have a bigger garage under one tower, say the central one, and then have the other towers offer more street-facing residences and/or retail.

but it is trump and his developments are always awkwardly greedy looking. No offense to any trump fans out there.... :)

and whats the deal with the concrete wall i heard of earlier, are they really 'fencing' in the site like that? what negative urbanism (IMO)
 

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Discussion Starter · #16 ·
Elaborate sales offices build interest in condos in Sunny Isles Beach

by Robyn Friedman, Special to the Sun-Sentinel Posted June 20 2005

A Miami-based developer has begun construction of a $4 million project that will rise 30 feet in the air and will feature a luxurious kitchen and bath as well as spectacular views of the ocean and beach.

And that's just the sales office.

It will be used to sell units at Jade Ocean, a 50-story, 256-unit condominium planned for 17121 Collins Ave. in Sunny Isles Beach. The sales office, being constructed by Fortunate International, will be the most expensive ever built in Florida, according to company President Edgardo Defortuna.

"No one else would be that crazy," Defortuna said.

Architect Carlos Ott designed the 8,500-square-foot sales office, which will feature a full-size kitchen and bath similar to those that will be built in the units at the project. It will contain lots of glass and will mimic somewhat the details of the architecture of the condominium building, at which units will sell at prices ranging from the $650,000s to more than $11 million.

Developer sales offices have come a long way over the past few years, said Arturo Belkind, president of Salini Design in North Miami, an architect who has been designing and building sales offices in South Florida for 23 years.

In the past, developers would spend about $25,000 to set up temporary sales offices in trailers or small rooms, filled with just pictures and floor plans, he said. Now, however, sales centers are lavish, to sell potential buyers on the lifestyle they too can have if they purchase a unit.

"The competition is very tough right now," he said. "And with apartments so expensive, developers are trying to create confidence in the buyers that the building will be built."

Despite all the news reports about the booming condominium market, the long lines of buyers champing at the bit to buy in and the quick sellouts, developers say that elaborate sales centers are necessary to sell units.

"Buyers buy sight unseen," Defortuna said. "Our commitment is to try to show them the quality they will receive once the building is up, and the sales experience -- even if the building is sold out quickly -- continues during the duration of construction."

Defortuna said he doesn't consider a unit sold just because a buyer signs a contract and plunks down a deposit; to him, the unit is sold when the closing takes place two years down the line.

"You need to keep the interest of the buyer all throughout that period," he said. "To some people, it might be a waste of money, but I would certainly spend 1 percent of the cost of the overall project to show people what the building is all about."

The Jade Ocean sales office will open in September, and will be torn down to make way for construction about 18 months later, Defortuna said, as is generally the practice with onsite sales offices.

Other developers are building extravagant sales offices as well. Miami-based The Related Group of Florida Inc. is building Apogee, a 67-unit project on South Beach where units range from $4 million to $15 million. Related spent more than $1.5 million to create what it calls a "living space sales center" that gives buyers a preview of the lifestyle they can have if they purchase a unit there.

The sales center has an actual kitchen, bathroom, bedroom, living room and dining room and features details such as a sunken tub and gas cooking, said Joyce Bronson, Related's senior vice president.

Related even built an 11-foot-wide balcony on the sales center so that buyers can get a feel for life at Apogee. "Our sales center takes a static floor plan and makes it come to life," Bronson said, adding that the developer has held dinner parties in the sales office so buyers can attend with their friends to give them a taste of what life will be like there.

"Buyers are more sophisticated and want to see more before they make purchasing decisions," she said. "There's just no way you're going to be competitive unless you can portray what makes your building special."
 
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does anyone have a picture of it????
 
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Discussion Starter · #19 · (Edited)
Jade Ocean

These are just renderings...but pretty nice. It's amazing how Ott could improve on Jade Beach, but here it is. Notice that it is all glass and stainless steel. Every apartment has an Ocean view...and all but a few 1 bedrooms have private elevator entrances.

This I've never seen or heard of in my life...the valet drop off is on the ocean side under the pool! See how the cars drive into the building on the south and north sides of the structure and then circle around to front again...amazing.

The swimming pool flows from the front side of the building to the back, allowing you to swim and tan in the Florida sun all day long no matter where the sun is positioned in the sky. The pool flows through the lobby and creates a cascading waterfall the flows down to the street level.

You can see the valet and pool a bit better from this overhead view. Glass ceilings??? Not sure, but it looks like it!!
 
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