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%