Louver House

Miami Beach, FL

Property Characteristics

  • 26,000 sellable square feet of luxury residences
  • Residential condo site in South of Fifth, arguably the most exclusive condo submarket in South Florida

Acquisition

  • September 2013 (land parcel) and January 2014 (adjacent condo teardown)

Investment Opportunity

  • Discovered opportunity in long underserved market—a lack of three-bedroom units in the submarket; the few trades of this unit type command substantial premiums
  • Many buyers prefer luxury finishes and world-class design over water views

Execution

  • Hired Rene Gonzalez, a local “starchitect” renowned for designing the nearby Glass tower and Miami-Dade County’s most expensive single-family residence
  • Assembled adjacent condo building to increase development site by 50%
  • Construction commenced in Nov-2015

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