Michael Jordan

From the New York website: Michael Jordan may be a basketball legend — but he’s no whiz at selling real estate. His mega-estate outside of Chicago has been on the market since 2012, and just saw its price slashed to $14.855 million, down from an original ask of $29 million.

The new asking price is Jordan’s lucky number — the digits add up to 23, the iconic jersey number he wore during his storied career.

2700 Point Lane in Highland Park

2700 Point Lane in Highland Park

2700 Point Lane in Highland Park

2700 Point Lane in Highland Park

2700 Point Lane in Highland Park

The 56,000-square-foot house is located in Highland Park on 7.4 acres, and features an NBA-quality basketball court, a putting green, a tennis court, and a  wrought iron gate with “23” across the front, according to the New York Post. The home has a total of nine bedrooms and fifteen bathrooms.

The Agency’s CEO Mauricio Umansky and its sports and entertainment division director Kofi Nartey share the listing with Katherine Malkin of Baird & Warner. [NYP] — Tess Hofmann

Miami Beach’s North Beach

A proposal to create a mixed-use residential, retail and hotel development along Ocean Terrace in Miami Beach’s North Beach has moved a step closer to reality.

An ordinance to raise the allowable height limit and maximum floor area ratio (FAR) for a roughly two block area of North Beach was endorsed by the Miami Beach Land Use and Development Committee late Wednesday over the objections of preservationists and neighborhood activists.

The committee passed the motion on to the Miami Beach Planning Board, which will discuss the ordinance at its next meeting on June 23. From there, it is likely to move to the Miami Beach City Commission which must decide whether to include it as a ballot measure in November.

The measure would ask voters to approve an increase in the maximum floor area ratio (FAR) for a new Overlay District that is being proposed between 73rd Street and 75th Street, and between Ocean Terrace and Collins Avenue. The FAR increase would be from 2.0 to 3.0, allowing for a potential two hundred thousand square feet development depending on lot size. The proposal would also increase the maximum height allowance in the area to 250 feet or 22 stories for residential uses, from the current 75 feet or eight stories.

If the measure is approved by the commission, and eventually voters, it would allow Ocean Terrace Holdings to build a 250-foot-high mixed use residential retail and hotel development along Ocean Terrace, adjacent to the St. Tropez condominium, a 28-story 91-unit building, built in 1999 under a provision that grandfathered it into the Ocean Terrace historic district created in 1996. The project is projected to have 55 residential units.

As reported by The Real Deal in March, over the past few months, Ocean Terrace Holdings has bought three North Beach hotels adjacent to each other along Ocean Terrace. Developer Sandor Scher has been involved in some of the biggest renovation and development projects in South Beach over the past decade including the Standard, the Raleigh Hotel, Soho Beach House and the Shelborne, among others.

Scher has been praised for maintaining preservation standards, but his latest proposal to build a 250-foot-high mixed-use residential, retail and hotel development along Ocean Terrace is raising hackles among preservationists and neighborhood activists. Kirk Paskal, who has been organizing North Beach residents against the measure, said no renderings have been made available to the public, so few people are aware of the proposal.

“We enjoy the neighborhood, we want improvement, but we’re not desperate. We did not ask for a 22-story building,” he told the committee.

The proposal is supported by several Miami Beach commissioners, including Jonah Wolfson, vice-chair of the Land Use Committee. He said that without incentives like raising height limits and FAR limits on the block, little can be done to revitalize what many call a blighted stretch of North Beach that contains many noteworthy older buildings. “Without incentives to make money you are not going to get buildings saved,” he said. “These guys are going to renovate those buildings.”

Scher defends his project, saying his vision is of a project that will benefit and support all of North Beach.

“We are trying to accomplish a beautiful mixed-use development that becomes a world-class destination for everybody in Miami Beach and specifically for the people in North Beach who have been so underserved for so long,” he told TRD.

Scher said that his company is committed to maintaining “the unique character and vibe” of Ocean Terrace and has already begun renovating some of the older buildings he has bought recently, including the old Broadmoor Hotel. But to move forward, he said he will eventually need voter approval.

“The first thing is getting on the ballot, so that is what our focus is right now,” he told TRD. “We need to go to the commission and ask the commission to put it on the ballot.”

A rendering of 500 Ocean (Credit: LeCesse Development Corp.)

The LeCesse Development Corp., a multifamily builder based out of Altamonte Springs, just picked up a chunk of vacant land it was eyeing to build a 4.7-acre mixed-use development in downtown Boynton Beach.

The developer also took out $51 million in financing from SunTrust for the property at 101 South Federal Highway, according to Broward County records.

LeCesse had proposed plans to city officials last year for 500 Ocean, a massive mixed-use development that aimed to breathe life into the downtown area, the Palm Beach Post previously reported.

The city commission approved site plans last year, and the Community Redevelopment Agency approved a $4.4 million incentive package to be dispersed over the next decade.

The project will include 341 rental units, offices, retail space and restaurants. Most of the rentals, which average 972 square feet, will be housed in a six-story building. The office and retail space will be located in a separate building, along with a seven-story parking garage with up to 700 spaces.

The Palm Beach Post reported in April that a groundbreaking would happen in May, but it is unclear when construction will begin on the project.

The site itself has a history of failed developments. It was the former home of The Arches, a planned $105 million mixed-use project that fell through after spending years in limbo. The developer, Boynton Ventures I, first purchased the 4.7-acre plot in 2004 for $650,000, according to Broward County property records. The property ended up in foreclosure in 2011 after PNC Bank won a $20 million foreclosure judgment, after which it picked up the lot for only $6,600.

Now, in a deed filed Thursday, an affiliate of LeCesse paid $4.7 million for the property.

The sales gallery of the Ritz-Carlton Residences Miami Beach hosted a design dialogue during the week of Maison & Objet Interior Design and Lifestyle Summit in Miami Beach earlier this month.

Event attendees included Piero Lissoni, Brazilian interior designer Leo Capote, Founder and CEO of Sao Paulo Design Festival Lauro Andrade, and Casa Vogue’s Editor-in-chief Taissa Buesca.

Lionheart Capital is developing the luxury tower at 4701 North Meridian Avenue, on the site of the former Miami Heart Institute. It will have 111 residences and 15 stand-alone villas, with prices ranging from $2 million to $40 million. — Katherine Kallergis and Sean Stewart-Muniz

Miami International Boat Show, formerly at the Miami Beach Convention Center

The Miami City Commission on Thursday voted to authorize a 10-year contract with a local company that plans to erect custom tents and temporary structures for the Miami International Boat Show, which next year is moving to Marine Stadium, despite vehement opposition from Key Biscayne.

Mayra Lindsay, the opposing village’s mayor, blasted Miami city officials following the vote. “Today’s actions prove there really is no measure the city won’t take to keep the Miami International Boat Show’s operator happy and evade the public process,” Lindsay said in a statement. “Every step of the way they have hidden the true intent and scope of this plan, which is clearly far more invasive and permanent than they’d like taxpayers to believe.”

Key Biscayne is suing the city of Miami and the boat show’s parent company, The National Marine Manufacturers Association, or NMMA, to stop the event from being held at Marine Stadium on Virginia Key. Last week, Lindsay sent a memo to Miami-Dade County officials, including Mayor Carlos Gimenez, urging them to join Key Biscayne’s fight against the boat show relocating from the Miami Beach Convention Center, which is supposed to undergo renovations in 2016.

Lindsay and village officials argue that holding large scale events at Virginia Key is going to clog the only bridge to the mainland with traffic, and that temporary docks erected for the boat show are going to damage the sensitive underwater ecosystem that is part of Marine Stadium.

Lindsay told The Real Deal the agreement between the city, NMMA and Eventstar, a Medley firm that builds structures for large scale events, indicates Miami officials plan to use Marine Stadium for other high-traffic events.

However, city staffers told Miami commissioners that the arrangement, which requires Eventstar to install $350,000 worth of infrastructure at the site, is necessary so the company can effectively erect tents on the lawn.

Miami is investing $18 million to create an event space and park outside Marine Stadium. Deputy City Attorney Alice Bravo said Eventstar needs to install anchors into the loose ground near the entrance of Marine Stadium that will be used to strap down the tents.

City commissioners also approved another half-dozen items related to preparing Marine Stadium for the 2016 boat show including granting NMMA access to Virginia Key Beach Park for parking, and the Miami Rowing Club, Bayside Seafood and Rusty Pelican restaurants for concessions. Commissioners also greenlit a deal to allow the parent company to take over the Rickenbacker Marina for 40 days in exchange for $130,000 and 600 tickets to the boat show.

“We look forward to bringing the 2016 Miami International Boat Show to the Miami Marine Stadium Park and Basin, and continuing to support the Miami-Dade economy while generating $600 million in economic impact,” Cathy Rick-Joule, NMMA vice president and Miami Boat Show manager said in a statement.

Lindsay vowed Key Biscayne will not stop its efforts. “We will continue our fight through the courts to protect Virginia Key,” she said. “And ensure all those who frequent the island can continue to enjoy its recreational offerings and natural beauty.”

16875 Stratford Court

A sprawling, 10,123-square-foot estate in Southwest Ranches, home to local radio host “Mobile Mike,” sold to the founder of a pharmaceutical company, The Real Deal has learned.

The Landmark Ranch Estates mansion, once the former home of Dwayne “The Rock” Johnson and later Miami Dolphins player Vernon Carey, has six bedrooms, six bathrooms and two half-baths, and sits on 2.3 acres.

Jason Kapit

The buyer was Serge Francois, according to Broward County records. Francois is the founder of Atlantic Pharmacy & Compounding, a Pompano Beach-based pharmaceutical company, according to LinkedIn.

The French-inspired chateau features a home theater, five-car garage, yoga studio, offices and a wine bar, according to a press release.

Jason Kapit of EWM Realty International was the listing agent. Kapit told TRD that the $3.6 million sale is indicative of the market’s strength.

“Mobile Mike,” who works with Y100, paid $3 million in April 2013, marking a 20 percent increase for the sale this spring, according to Broward County property records. Landmark Custom Homes developed the mansion in 2008.

The seller was Southwest Global Land Trust, headed by Kevin L. Hagen.

There are 45 homes within Landmark Ranch Estates, a private community in the equestrian-friendly Southwest Ranches. Kapit is the community’s exclusive listing agent.

Washington Avenue and 15th Street in Miami Beach

The Miami Beach Land Use and Development Committee gave approval on Wednesday to a series of wide proposals designed to breathe new life into Washington Avenue — a street that has lagged far behind it’s more famous neighbors like Lincoln Road, Collins Avenue and Ocean Drive in attracting quality retail, restaurant and hotel development.

The proposals, which will be forwarded to the Miami Beach Planning Board for its June 23rd meeting, include raising height limits for buildings on Washington Avenue from 50 feet to 55 feet, widening sidewalks, adding bike lanes and even closing down one lane of traffic along much of the avenue to allow parklets — parking spaces converted to temporary patios for outdoor dining.

The proposals come out of the so-called Mayor’s Blue Ribbon Panel for Washington Avenue, chaired by former commissioner Saul Gross, president of Streamline Properties, and a longtime business owner on Washington Avenue. Gross says no real capital improvements are required to make the changes, and they should help businesses whose rents have skyrocketed recently.

“We think there is an opportunity to rent to restaurants that are being priced off Lincoln Road, and we want to make Washington Avenue attractive to them,” said Gross. He says outdoor spaces drive the success of restaurants on Miami Beach and the proposed parklets will be “a positive game changer that will change people’s perception of what is going on, on Washington Avenue, very quickly.”

Gross is also proposing a five-year waiver of hotel and parking impact fees which he says adversely affect the types of small businesses and hotels needed to revitalize Washington Avenue. And he says he supports a slight reduction in retail parking requirements.

Preservationists largely support the measures, but have expressed concerns about a proposal to build a 75-foot high parking garage on the corner of Drexel Avenue and 13th Street. The new proposals would allow a 75-foot height limit for some buildings, but only for those that occupy lots larger than 200 feet, and any such building would be required to include a 40-foot setback to minimize any street impact.

Downtown Miami

When it comes to selling real estate, should you tweet, or should you share?

A survey of nearly 100 real estate agents in Miami shows that Facebook received more likes than Twitter when used as an industry sales and marketing tool.

South Florida-based Master Brokers Forum surveyed its members and released the following:

• 58 percent use Facebook for business
• 47 percent have a Twitter account, and 28 percent use it for business
• 49 percent find social media “somewhat useful” as a sales and marketing tool

“Facebook is relatively easy to use, and it is populated with more people who are in the market for homes. It is also an inherently visual platform, which allows Realtors to easily add multiple images and to describe a home with as much detail as they want,” Jeff Morr, Miami Master Brokers Forum chair, said in a press release. “Twitter is less easy to use, it doesn’t lend itself to images nearly as well, and its user base is much younger. And of course, there’s the character limitation issue — it’s very hard to describe a nice kitchen in 140 characters, to say nothing of an entire residence.” — Katherine Kallergis

A rendering of the proposed SkyRise Miami tower

1. SkyRise lawsuit gets tossed out [The Next Miami]
2. Florida Supreme Court ruling is bad news for condo associations [Daily Business Review]
3. Airbnb capitalizes on island traditions for brisk growth in Cuba listings [Miami Herald]
4. Olivia Newton-John pulls “cursed” Jupiter Inlet Colony mansion off the market [GossipExtra]
5. In real estate, golf ups its game [Wall Street Journal]

— Sean Stewart-Muniz

Current reader favorites:
1. Ugo Colombo’s 830 Brickell is back on the market
2. Miami Design District property triples in three years
3. NY investors nab Alton Road site for $21M
4. U.S. may seize these SoFla properties owned by arrested FIFA officials
5. 101 Key Biscayne set to open next month

Palm Harbor in Islamorada

Real estate developer Michael Swerdlow, a principal of the Coconut Grove-based development company the Swerdlow Group, has sold his oceanfront Islamorada estate for $13.1 million, The Real Deal has learned.

The sale, which closed on May 22, was brokered by Kelly Shaw of American Caribbean Real Estate.

Known as Palm Harbor, the 6.5-acre property at 80999 Old Highway is located on Upper Matecumbe Key, just south of Islamorada’s small central business district. The primary residence on the estate was built in 1996 and has four bedrooms and 5-and-a-half bathrooms. A separate two-bedroom/two-bath guest house also sits on the property.

Palm Harbor’s expansive tropical gardens were designed by well-known landscape architect Raymond Jungles. The 7,522 square-foot estate’s other amenities include a pool, spa, boat basin and private beach, according to the Realtor.com listing for the property. Photos of the property also show a lagoon-front tiki hut and a wooden walkway along the waterfront.

Swerdlow, the original developer of Biscayne Landing in the city of North Miami, sold Palm Harbor along with wife Sherie to Timothy and Charene Murray. The address listed on the sales deed for the Murrays is the same as the Swerdlow Group headquarters in Coconut Grove. However, the sales agent Shaw, while declining to provide any other information on the Murrays, told TRD that the couple is not associated with the development company.

The Swerdlows bought the property in 1994 for $1,112,000, according to the Monroe County property appraiser’s site.

Palm Harbor was originally listed in late 2013 for $16 million.

Another multi-million dollar home in the Keys just went in the market last month, for $14.5 million. The estate is owned by the billionaire founder of a hedge fund Paul Tudor Jones II, who founded the Tudor Investment Corp. The home, at at 8291 Overseas Highway, sits on a sizable 6.5-acre lot on the bayfront side of the island. It is surrounded by gardens, a swimming pool, a tennis court and waterfront decks, according to Realtor.com. The property is being listed by Cheri Tindall of Sotheby’s International Realty.

Dan Teixeira, Christian Peter, Stephen Nostrand, Jeremy Larkin and Edward Schmidt

Douglas Elliman Florida appointed Dan Teixeira as vice president of business development for the Realty Marketing International team. The new Douglas Elliman office will be in the Ritz-Carlton Fort Lauderdale Beach. Teixeira has more than 25 years of real estate experience.

Christian Peter joined Sperry Van Ness’ Miami office as a senior adviser. Peter was previously a broker with NAI Miami.

And at NAI, Stephen Nostrand was brought on as CEO and COO. Jeremy Larkin and Edward Schmidt, who formerly held those titles, were promoted to co-chairmen and board members. Larkin and Schmidt will focus on revenue production and strategic growth initiatives.

Nostrand was most recently CEO of Colliers International South Florida, where he led the client service platforms and 35 brokers in three offices. Colliers South Florida was acquired by Avison Young in December.

From left: the former Neverland Ranch and Michael Jackson

From the New York website: For $100 million, you can live like a king.

The King of Pop, that is.

Michael Jackson’s former Neverland Ranch — which has been renamed “Sycamore Valley Ranch” — has hit the market for $100 million, according to the Wall Street Journal.

Sotheby’s International Realty’s Suzanne Perkins and Harry Kolb have the listing, together with Hilton & Hyland’s Jeffrey Hyland.

The California estate is located about 40 miles from Santa Barbara. Jackson lived on the ranch for 15 years after paying $19.5 million for it in 1987. After the king of pop defaulted on a $24.5 million loan on the property, real estate investment firm Colony Capital bought the note for $23 million in 2008, the newspaper reported.

The 2,700-acre property no longer features amusement park rides. The floral arrangement in the form of a clock that spells out “Neverland” is still there, according to the Journal. The main, six-bedroom house spans about 12,000 square feet. The ranch also includes — among other things — a 50-seat movie theater, a four-bedroom guesthouse and a swimming pool. [WSJ]  — Claire Moses

The top three most expensive listings to hit each of the tri-county real estate markets — Miami-Dade, Broward and Palm Beach — over the past week ranged from $4 million to $10 million, according to Zillow data. Miami-Dade had the priciest property and a home in Palm Beach was on the low end.

Miami-Dade

#1 A five-bedroom, six-bathroom home in Miami Beach is on the market for $10 million. The 5,768-square-foot house at 4424 North Bay Road was built in 1975 and last sold in October 2005 for $5.6 million. Albert Justo of One Sotheby’s International Realty is the listing agent.

#2 Unit 1001 at the St. Regis Bal Harbour was listed for $9.5 million. The 3,884-square-foot unit at 9705 Collins Avenue has three bedrooms and three-and-a-half bathrooms. Lana Bell of One Sotheby’s International Realty is the listing agent.

#3 A condo at 900 Brickell Avenue is on the market for $9 million. Unit 3401 has five bedrooms and seven bathrooms. The 4,635-square-foot unit was developed in 2008. Colleen Crewe of M&A Real Estate has the listing.

Palm Beach

#1 A 2.53-acre estate in Delray Beach was relisted for $6.25 million. The 10,560-square-foot house at 16201 Quiet Vista Circle was last sold for $4.6 million in July 2005. It has six bedrooms and six-and-a-half bathrooms. Matthew H. Maschler is the listing agent.

#2 The 7,963-square-foot waterfront estate at 6928 Northeast Eighth Drive in Boca Raton was listed. The six-bedroom, seven-and-a-half-bathroom home was built in 2001. It’s on the market for $4.35 million. Robin Winistorfer of Lang Realty is the listing agent.

#3 Carol Sollack of Engel and Voelkers has the listing for 211 Seabreeze Avenue, a three-bedroom, four-bathroom home in Palm Beach. The 2,920-square-foot house was listed for $4 million. It last sold in September 2014 for $2.4 million, and was built in 1925.

Broward

#1 A six-bedroom, eight-bathroom home at 11625 Southeast 11th Street in Fort Lauderdale was listed for $4.75 million. The 7,538-square-foot house last sold in April 2012 for $3.25 million. It was built in 2006. Greg Jaxtheimer of Harbor Realty of Florida is the listing agent.

#2 Coldwell Banker’s Peter Barkin has the listing for 248 Isla Bahia Drive. The Fort Lauderdale home has five bedrooms, five-and-a-half bathrooms, and was built in 1978. It’s on the market for $4.5 million. The 5,280-square-foot house last sold for $2.6 million in October 2003.

#3 A Pompano Beach Victorian was relisted for $4.2 million. The three-story, five-bedroom, six-bathroom home at 7741 Northwest 39th Avenue has 10,841 square feet. It was last sold in 1987 for $425,000.

Midtown Miami

Developer Alex Vadia has started laying the groundwork for a new residential, retail and restaurant project on nearly seven acres of vacant land just east of Midtown Miami.

At its regular planning and zoning hearing Thursday, Miami city commissioners authorized a request by three entities affiliated with Vadia to close some side streets and alleys within the proposed site, which is bounded by the Florida East Coast railroad tracks on the west, Northeast 2nd Avenue on the east, Northeast 29th Street to the south, and Northeast 31st Street to the north.

Midtown area land to be developed

The application filed by Midtown Opportunities XIIB, Midtown Opportunities XIVB, and Midtown Opportunities XVB did not provide any specific details on Vadia’s plans. The companies’ attorney, Ines Marrero-Priegues, of Holland & Knight, declined comment. However, in a November 2014 letter to Miami Planning and Zoning Director Francisco Garcia, Marrero-Priegues said the project would be similar to Midtown Miami’s retail and restaurant components.

“Redevelopment of these properties is a natural extension of the successful Midtown Miami District,” she wrote. “The revitalization of this site with development mirroring the urban mixed-uses of Midtown will bridge the gap between Midtown and Biscayne Boulevard.”

Proposed streets to be closed

According to a planning and zoning department staff analysis, closing portions of Northeast 1st Court, Northeast 30th Street, and Northeast 31st Street allows Midtown Opportunities to create a unified site “consistent in size to the nearby Midtown Miami.”

Building retail and restaurants on the ground level will help increase pedestrian activity on a stretch of Northeast 2nd Avenue that is largely deserted today, the analysis states. “The closures of these roadways will promote and facilitate cohesive development, economic growth and revitalization of the lots that it abuts,” the analysis states.

Miami city commissioners voted unanimously to approve Midtown Opportunities’ request without discussion. According to Miami-Dade property records, Vadia’s corporations scooped up the land between 2011 and 2012, paying a combined $11.9 million for the roughly 6.6 acres.

Design took the spotlight of a cocktail party held at 1 Hotel & Homes South Beach earlier this month. The environmentally conscious hotel brand opened its South Florida property in March, and condo closings began in May.

Will Meyer and Gray Davis, of Meyer Davis Studio; architect Debora Aquiar; Edgardo Defortuna of Fortune International; Artefacto’s Paulo Bacchi and Samuel Amoia; and Liubasha Rose, vice president of design at 1 Hotels and Starwood Capital Group were among the attendees.

1 Hotel & Homes South Beach was developed on the site of the former Gansevoort Hotel, which was last branded as the Perry South Beach. The property was sold to affiliates of Starwood, LeFrak and Invesco in February of 2012. 1 Hotel is located at 2341 Collins Avenue in Miami Beach. The residences are located at 2399 Collins Avenue. — Katherine Kallergis and Sean Stewart-Muniz

Rendering of a Paramount Miami Worldcenter penthouse

Amid a sea of extravagant amenities, starchitects and picture-perfect views, lies an option South Floridians often take for granted: space.

Owners and developers are combining up to five units and cashing in on these mega condos.

Rendering of Marina Palms

At Marina Palms Yacht Club & Residences, a two 25-story tower development in North Miami Beach, developers created the “Perfect Ten” line — about 20 preconstruction units in the north tower that are about 30 percent larger than the project’s other units.

“We realized the real definition of luxury circles around the idea of size and space,” George Helmstetter, developer and principal of the DevStar Group, told The Real Deal.

“Perfect 10” condos are typically 2,600 square feet in size, range from $1.5 million to $2 million, and include wraparound balconies, bigger kitchens and great rooms. The three-bedroom units have a fourth flex room for “whatever your imagination can think of,” Helmstetter said.

The same goes for 327 Royal Palm, a luxury condo project in downtown Boca Raton developed by Group P6.

“From the get-go, you were looking at very large units — 3,200 square feet to 3,800 square feet,” Ignacio Diaz of Group P6 told TRD. “We were really surprised that buyers were looking for larger units.”

At The Mansions at Acqualina in Sunny Isles Beach, units start at 4,600 square feet and penthouses range from 9,000 square feet to 12,000 square feet, with prices topping out at $55 million. Many of the buyers upgraded from smaller spaces at Acqualina Ocean Residences, next door, said President Michael Goldstein.

A handful of condos at 327 Royal Palm, a 25-unit development, are being combined and customized into 5,100 square feet with the potential for an 8,000-square-foot residence. They average $3 million, he said, and options exceeding 6,700 square feet at more than $5 million are already available. (Mansions typically start at 8,000 square feet.)

Fifteen units, two of which are larger, customized condos, have been sold — all to domestic buyers. Diaz said they’re empty nesters, moving from large houses into large condos. The development is set to break ground in September.

At Paramount Miami Worldcenter, a Colombian investor paid $4 million for three preconstruction units on the building’s east side, directly under the penthouse floor.

Average units at the planned residential tower range from 1,300 square feet to 2,300 square feet, excluding their expansive balconies.

Michael Light of Miami Luxury Homes told TRD earlier this month that his client — the investor — was considering splicing those units together for a massive 5,500-square-foot residence that would rival the penthouse above.

Those plans aren’t set in stone, and Light said his client has three years to decide before the complex is built.

A mega unit at the Setai Miami Beach

When it comes to existing condos, one Russian family took the “mega-unit” concept to the extreme at Miami Beach’s Setai. They first purchased a pair of side-by-side units in the building, but decided those weren’t big enough.

So, they began offering buyouts to their neighbors, and over the course of eight years, the family pieced together five units for a total of 5,400 square feet.

The residence now takes up the entire east side of the building’s 33rd floor, along with major chunks of the north and south sides. Two of the units are used as a private entertainment area complete with a billiards room, full sauna and massage areas, plus a 100-bottle wine cellar.

The assemblage sold in April for a whopping $16.1 million to the David C. Bloom Revocable Trust, which lists a New York-based law firm as its address, according to Miami-Dade County property records.

David Bloom, CEO of the Chelsea Property Group that merged with real estate giant Simon in a deal valued at $3.5 billion, purchased the residence.

Jeff Greene

Renowned real estate investor Jeff Greene, who reportedly became a billionaire by betting against sub-prime mortgages in last decade’s real estate crash, is bullish on real estate in West Palm Beach, particularly downtown West Palm Beach.

He has bought land to develop condominiums, office buildings and residential space in several areas downtown and in the Currie Park area north of downtown. The Currie Park properties could turn into a $1 billion project with eight 15-story buildings, Greene told The Real Deal.

His downtown holdings include a site on Dixie Highway between Quadrille Boulevard and 5th Street for which the city has approved two 30-story towers. One is slated for Class A office space and the other for a hotel and luxury condominiums.

At Dixie and Datura Street, Greene bought a property that is zoned for 10 to 12 stories and could be turned into a mixed-use project with residential and retail, he said.

Greene recently took time to chat on the phone with TRD about his activity in West Palm Beach.

What got you interested in the city?

In 1970, my parents moved to South Flagler Drive in West Palm Beach, and my mom has lived in Century Village since 1976. I went there during my vacations in high school and college and worked at the Breakers as a busboy. I saw downtown as a cute southern town, and I saw the Palm Beach Mall soon after it opened [in 1967].

When I came back [years later,] the mall and downtown were falling apart.

And what have you seen since then?

West Palm really should be a case study in urban planning for the Harvard Graduate School of Design. To turn around downtown like this from 15 to 20 years ago is amazing. The mall came back [Palm Beach Outlets opened last year]. The private sector and city created an environment that’s attractive to developers for downtown and the mall. The city government is very easy to work with.

I now see the pieces in place to become a viable and dynamic South Florida city. It’s pedestrian-oriented, the All Aboard train line is coming through. I think the town will really go to the next level soon, with extra sophistication to draw people who will create more jobs and businesses.

Has West Palm been overlooked?

Yes, I think it’s a very unique part of the South Florida experience, and most people don’t know it exists. I’m in California as we speak, and most people here say they’ve been to Miami, and maybe they’ve been to the Breakers for a wedding, but they haven’t experienced what it’s like in downtown West Palm Beach.

The nightlife on Clematis isn’t New York City, but it’s cool for a city of its size. You have CityPlace, the Kravis and an airport that’s just five to 10 minutes away.  The Mayor and city commissioners know what the problems are and are addressing them.

How much do you think your properties will rise in value?

As a businessman, I want to make as much as possible, but I don’t have a specific target. Real estate seems undervalued here compared to other South Florida cities. You get more bang for your buck than in Miami or Fort Lauderdale. And I think it’s better to live here. As people discover you can get what Miami offers without the hassles, I think prices will go up. How much is anyone’s guess.

What will determine that?

A lot of this will be fate. A city does all it can. It’s very helpful to allow us to get towers. Maybe that will attract hedge funds and big financial service firms — companies that may not have come otherwise. Jobs would move real estate prices.

Will you look to buy more in West Palm Beach?

I have my plate pretty full. I sold properties I owned in California, so I was doing tax-free exchanges. I’m not doing that anymore. But I’m all in on West Palm Beach. I have enough to keep busy for 10 years.

Bahia Mar Fort Lauderdale Beach

Developers behind three of the biggest real estate projects in Broward County are wary of a possible slowdown, but expect the brisk pace of construction in Broward will prove persistent.

“It has some legs,” said Jimmy Tate, president of Tate Capital in North Miami Beach, citing slower land price appreciation in Broward than in Miami-Dade County and Palm Beach County.

“It really hasn’t followed suit with Palm Beach and Miami-Dade County,” Tate said. As a result, “we’re witnessing a little bit of land rush [in Broward] right now.”

Tate and the other developers spoke publicly Thursday night at a meeting of the real estate division of the Jewish Federation of Broward County.

Lon Tabatchnick, vice president of construction at Lojeta Group, developer of the Margaritaville Hollywood Beach Resort, said subcontractor prices have spiked amid heightened construction activity.

“The subs are maxed out. We don’t have enough subcontractors in the market to meet the current demand,” Tabatchnick said.  Infrastructure upgrades at Fort Lauderdale-Hollywood International Airport, Port Everglades and Interstate 595 have been a magnet for new development, he said. “We just have to take care …. Hopefully, we don’t overbuild.”

Broward is neither in the early nor late stages of a real estate development cycle, said Terry Salzman, principal of Salzman Real Estate Advisors. “I think we’re still in the middle part of the game,” he said. “For now, I don’t see anything really clouding the water for us.”

The developers also provided updates of their projects: the 349-room, 17-story Margaritaville hotel under construction in Hollywood; the Bahia Mar hotel on Fort Lauderdale Beach, which Tate Capital plans to upgrade; and Dania Point, a mixed-use development in Dania Beach on 102 acres next to Interstate 95, where a highly visible wooden roller coaster no longer operates.

“The roller coaster is officially closed,” Salzman said. He and his partner Bob Shapiro, in partnership with Kimco Realty Corp., are developing the 102-acre site, assembled since 2007 in acquisitions from “eight different property owners.” Underground infrastructure work will be underway for the rest of the year at the Dania Point development, which eventually will include office space, retail stores, multifamily residential buildings with as many as 1,000 units or more and “a couple of hotels,” Salzman said.

Margaritaville rendering

The Margaritaville Hollywood Beach Resort has begun taking room reservations for the month of October, Tabatchnick said, and the property is expected to be certified for occupancy sometime around Labor Day, September 7, later than the original planned opening in July.

“We went live with reservations last week,” he said, and average daily rates [ADRs] for rooms are exceeding expectations. “Our ADRs are well over what our pro forma was.”

Tabatchnick also said Margaritaville is attracting price-sensitive organizations because “group bookings … are getting priced out of South Beach.”

Tate said the Bahia Mar is an “underutilized” 16-story hotel with almost 300 rooms and a marina that serves as the home of the annual Fort Lauderdale International Boat Show. His investment group plans a “phased” redevelopment of the Bahia Mar hotel that “will take seven to 10 years” to complete.

“We’re committed to putting $40 million into the hotel on day-one,” Tate said. The project would add two condominium towers flanking the hotel, four waterfront restaurants and an indoor home for the Fort Lauderdale International Boat Show spanning 200,000 square, which would double as a parking garage when the show isn’t being held.

Tate said the first condo tower will have 256 units priced at $1 million to $2 million each. “We are very excited about what we are going to bring to the city” for approval, he said.

Higher interest rates in the United States could hurt the condo market, however, by lowering the value of foreign currencies relative to the U.S. dollar, which could sap the buying  power of foreign nationals shopping for South Florida condos.

The risk is if “the dollar goes much higher and it cuts off all that foreign money from coming in,” Tabatchnick said.

Renderings of the Santander townhouses and Shoma President Masoud Shojaee

One of the City Beautiful’s newest townhouse projects has broken ground and is selling out quickly, according to the developer.

The Santander townhomes, at 625 Santander Avenue in Coral Gables, is a 10-unit development by the Shoma Group.

Each of its residences is 3,200 square feet and has three bedrooms and three-and-a-half bathrooms. The interiors are customizable, but the standard finishes include kitchens with Italian cabinetry and quartz countertops, plus bathrooms with stand-alone Roman bathtubs and his-and-her vanities. The units, which start at $1.345 million, also come with two-car garages and individual courtyards with outdoor kitchens.

Masoud Shojaee, president and chairman of Shoma Group, told The Real Deal that the project is already 60-percent sold, and he expects the remaining units will sell within the next two months.

Coral Gables is a great location for new construction, Shojaee told TRD, because the neighborhood doesn’t have much new residential construction underway.

Santander is replacing a low-rise residential structure that was built in 1948. A Shoma affiliate picked up the site in 2012 for $2.5 million, and development on Shojaee’s townhomes began soon after.

“This market, Coral Gables, has been sleeping for a while,” he said. “[There is] tons of money going into renovations for Miracle Mile; a lot of restaurants are headed to the Gables.”

Shoma is working on a bevvy of other projects around Miami-Dade County, including another residential project in the Gables dubbed Collection Residences, a high-end apartment development, for which hard details have not yet been released.

Recently, the development group has completed the Anastasia townhome complex in the Gables and the gated Las Ramblas community near Sweetwater, among others.