MIAMI BEACH-South Beach condo-hotel development pioneers Ron Molko and Gene Grabarnick are planning their second trophy property on the last remaining piece of developable dirt on Ocean Drive. The partners hope to break ground by the second quarter on De Soleil South Beach, a $20-million, 80-unit, five-story residential property whose individual units will sell for $295,000 to $750,000. Occupancy is expected by fourth quarter 2002.

The developers bought the three-quarters acre parcel (33,000 sf) between 14th and 15th Streets through their South Beach Resort Development firm from Whitehouse Properties for $6.5 million or $196.97 per sf. The property also fronts Collins Avenue, the main artery in Miami Beach.

Based on their total sellout of the 44-unit Mercury Resort at Collins Avenue and First Street, Molko-Grabarnick anticipate their newest venture will be the same.

“We sold the Mercury within a year,” Grabarnick tells “There’s 95% occupancy in season here, 80% year-round, so luxury is in demand.” The condo-hotel will offer 27 penthouses, a 90-car surface parking area, 15,000 sf of restaurant space and 8,000 sf of retail.

The units are also paying off as investments. Garett Grabarnick, the project’s exclusive listing broker and president of GG Investment Realty Inc., tells that most of the Mercury Resort residences have appreciated by 25% to 50% in over a year.

Miami-based Arquitectonica designed De Soleil.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.