MIAMI-A joint-venture partnership between New York City-based Christa Development Corp. and Bluerock Real Estate is developing Caribbean, a 103-unit residential condo complex, at the site of the Caribbean Hotel at 3737 Collins Ave. As Caribbean Group Owners LLC, the JV acquired the existing hotel, located on almost 1.7 acres, for nearly $37.8 million, according to public records.
The new owners plan to gut the existing, six-story hotel, which was designed by architect Murray Dixon and built in 1941, and convert it into 35 residential condo units. The original black granite exterior facade will be restored, as will the lobby's terrazzo floors. This building will be designated the north tower of the planned two-building complex.
Next to it, plans call for construction of a 19-story south tower containing 68 residential condos. Both buildings front the ocean. Renovations and construction are scheduled to begin in early 2006. Locally based Kobi Karp is the architect, and Christopher Ciccone is interior designer. In addition to a full roster of luxury amenities, there will be a wine vault with dedicated space for each residence, a cigar humidor and four private cabanas available for sale.
John Casey, president of Christa, tells GlobeSt.com the estimated construction and renovation cost is "about $45 million." Residential units in the existing building will range from 651 sf to 1,761 sf and include seven different floor plans. Seven units will have private rooftop terraces. Units in the new building have eight different layouts ranging from 1,442 sf to 3,806 sf and include four penthouses. Prices for units in Caribbean will begin at $1 million, and selling prices for the penthouse units, which will have private pools, will be from the low $5-millions to near $8 million, Casey says. The cabanas' prices will range "from the low $350,000s to the upper $400,000s, depending on size and location," he adds. A total sellout of $175 million is anticipated, and completion is scheduled for fall 2007.
Locally based Majestic Properties, headed by Jeff Morr, executive president, is handling sales and marketing. Alex Ballerini heads the effort.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.