Veteran broker/developer Vivian Dimond and Multiplan, led by Brazilian billionaire Jose Isaac Peres, are working on plans to terminate and redevelop an oceanfront condominium in Surfside.
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The 93 Ocean condo planned at 9317 Collins Ave., Surfside. |
R Palace Surfside
recently obtained a $25 million mortgage from Multiplan
affiliate Mream LLC. Officials with Multiplan, which is
typically a condo developer and not a lender, declined
comment.
“The condition of the existing structures on the property
can only be described as ‘dire,’” Miami-based attorney
Graham Penn, who represents the applicant, stated in the
letter to the town. “A voluntary evacuation order was issued
for the buildings following the recognition of unsafe
conditions in July 2021, and the condition of the buildings
is a continuing risk.”
Since the collapse of the Champlain Towers South in Surfside
in June 2021, there’s been a crackdown on unrepaired damage
and deferred maintenance in older condominiums. Some unit
owners have elected to sell in bulk instead of fund costly
repairs. That has created prime redevelopment opportunities
for oceanfront sites.
Surfside is one of the most desirable places to build
condominiums in South Florida, as its new buildings have
among the highest prices per square foot.
R Palace Surfside tapped Miami-based Arquitectonica to
design the plans for its new building, 93 Ocean. Totaling
130,584 square feet in 12 stories with a basement parking
level, the building would have 27 units and 71 parking
spaces. There would be nine two-bedroom units and 18
four-bedroom units.
Amenities would include a rooftop pool deck, a steam room, a
sauna, a clubroom, a fitness center, a resistance pool and a
reflecting pond along a private path leading to the beach.
Two of the rooftop units would have terraces with private
pools.
The application notes the first floor of residences would be
12 feet above the maximum height of a wave's crest, which is
18 feet and 3 inches above sea level, because the developer
wants to take sea level rise into account.
Multiplan has developed two condominiums in Miami Beach: It
completed and sold out 57 Ocean along the beach. Ocean Park
in the South of Fifth neighborhood is also sold out, and
should be completed by the end of the year.