MIAMI-Residential units in Ten Museum Park are 100% sold, and the developers are progressing on a re-sale program to turn investor-bought units over to user-owners, according to Kevin Venger, project director and a member of the ownership team. The construction cost was $110 million, and Venger tells GlobeSt.com, "initially, the residential component resulted in a gross sell-out of more than $130 million."
The initial unit pricing averaged $450 per sf. The re-sales, Venger says, are going for about $550 per sf. The largest residential sale combined two penthouses into a single unit that sold for $700 per sf for a total in excess of $4 million. "Similar size penthouse condos in this area are selling for $1,000 per sf," he says. "We were advised to keep some units on the table, because prices would go up, but we wanted to get on with the other components of the project."
In addition to the 200 residential condos, the 50-story building at 1040 Biscayne Blvd. contains a 10,000-sf Clinique la Prairie spa, 20,000 sf of office space on four floors, and 10,000 sf of ground-floor retail/restaurant. The commercial space is for lease, "for now," Venger says. "Our current business plan is to lease up all the commercial space and then sell it as a package." He anticipates it will add between $30 million and $35 million to revenue. "It may be that leasing is so lucrative, we'll keep it as rental," he adds. "We're keeping our options open."
Armin Mattli, founder and owner of Clinique la Prairie, is a development partner. The others in the partnership organized as 1040 Biscayne Associates LLC include Gregg Covin of Greg Covin Real Estate Development, which is the management company; Chad Oppenheim, the architect and head of Oppenheim Architecture + Design; Brian Gaines, and Michael Capponi, a developer of celebrity nightspots. Venger says the developers are "looking for an internationally known restaurant for the ground floor. The space may be split into a restaurant, café and nutrition center, which would tie in with the spa."
The building will reach completion and residences will be delivered by the end of this year. Venger expects the remaining components to be occupied and "fully operational" by second-quarter 2007.
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