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Posted on Fri, Nov. 12, 2004

South Pointe parcels secure luxury condos

A super-pricey condominium is being planned on one of Miami Beach's last remaining underdeveloped waterfront parcels.

BY MATTHEW HAGGMAN
mhaggman@herald.com

One of South Beach's last underdeveloped beachfront parcels has been snapped up by developer Michael Samuel, in a move that continues South Pointe's transformation from a once-blighted area to among South Florida's priciest.

Samuel, part of the team behind the massive Midtown Miami mixed-use project at the former Buena Vista Rail Yard in Miami, said he plans to erect a 42-unit condominium building on 1.6 acres of waterfront property near the southern tip of Miami Beach.

''It is probably the last waterfront property in South Beach that is viable for midrise residential,'' said Edie Laquer, who brokered the sale with Vincent Pastore.

AGING BUILDINGS

Three aging buildings -- located at 121, 125 and 135 Ocean Dr. -- currently sit on the property. Two of the three existing buildings -- the Seacrest Apartments and Villa Luisa Hotel -- will be included in the development.

Unlike many other new waterfront condos on South Pointe, Samuel's project will not be a high-rise. Instead, zoning restrictions limit its height to 75 feet.

A Samuel-led investment group paid $25 million for the three contiguous lots, he said. Samuel said he bought the property from another developer who originally had the contract on the properties, but declined to name that person.

Over the last decade, the neighborhood south of Fifth Street in Miami Beach has rapidly changed from a struggling, seedy neighborhood to one of the most sought-after in South Florida.

Units at the 135 Ocean Drive Atlantic View Towers -- which will be torn down -- rented in recent years between $500 and $1,400 a month. But, in a glaring indication of the shift, condo units in Samuel's development will start at a whopping $4 million.

''When I moved to South Beach 14 years ago, I had a friend living at Third and Meridian and I couldn't believe he lived in such a slum,'' said Jeff Morr, chief executive of Majestic Properties, which will sell the condo units. ``It is amazing. The area is now getting some of the finest restaurants and shops.''

And the project underlines another trend: non-Florida developers and investors continue to pursue South Florida real estate.

Samuel and his wife, Deborah, who own Samuel & Co., moved their 29-year-old real estate company from New York to Miami two years ago.

THE INVESTORS

The project's investors include Ramin Kamfar, the former chairman and CEO of the Colorado-based New World Restaurant Group, which owned Einstein Bros. Bagels. Kamfar, who could not be reached for comment, left the company in 2002 amid allegations of financial irregularities.

To be called ''South of 5th,'' the new development will occupy 150 feet of the beachfront. It is located between the Marriott Hotel and Bentley Beach condominium. One block south is the Nikki Beach Club, a restaurant and nightclub.

Designed by Coral Gables architect John Nichols, the seven-story project will connect the Seacrest Apartments and Villa Luisa Hotel. Samuel hopes to begin selling units in February and break ground in the summer.