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13 Star Island Drive: Entrance

Located in the guarded island enclave, steps from South Beach, 13 Star Island Drive closed today for $25,500,000. Listed at the end of January 2011 for $32,000,000, this property was on the market for less than 60 days when it went under contract by a Russian oligarch.  Seller Tom Morgan purchased the tear down in 2000 for $3,700,000 and developed a 15,000 SF  luxury residence which was completed in 2003. Sited on a 40,000 SF lot, the property offers 100′ of Biscayne Bay frontage with western facing exposures of the Downtown Miami skyline.

Available on Star Island:

• 5 Star Island Drive: offered for $49,995,000. 40,000 SF lot / 11,308 SF interior. Built in 1996.
• 15 Star Island Drive: offered for $14,900,000. 40,000 SF lot / 8,699 SF interior. Built in 1986.
• 29 Star Island Drive: offered for $21,000,000. 40,000 SF lot / 10,160 SF interior. Built in 2000. Home of fashion designer, Donald Pliner.
• 28 Star Island Drive: (vacant land) offered for $7,900,000. 40,000 SF lot.
• 30 Star Island Drive: (vacant land) offered for $8,900,000. 40,000 SF lot.
• 40 Star Island Drive: offered for $27,000,000. 87,991 SF lot / 9,854 SF interior. Built in 1925.

2011 Sales on Star Island:

• 35 / 36 Star Island Drive: (vacant land) 80,000 SF lot closed for $12,250,000 on 2/25/11.

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Greystone Hotel / 1920 Collins Avenue: Exterior Rendering by Shulman + Associates

The Greystone, a Henry Hohauser Art Deco landmark, is located in the historic Collins Park neighborhood of South Beach. This PRIME Collins Avenue corner is steps away from South Beach’s luxist ocean front hotels and residences: Setai, W South Beach, Shore Club and Townhouse.  Also a hop, skip and a jump to the Miami Beach Convention Center, the New World Center designed by Frank Gehry, Lincoln Road and the city’s most beautiful sandy beaches.

Currently a raw space, plans are available for the Greystone by Shulman + Associates for a ground floor restaurant and retail outlet, roof top lounge and a spa-hotel suite concept. Whether you are a hotelier, restaurateur or retailer, this location offers the ultimate South Beach exposure.

Real estate inventories are falling in Miami Beach and South Beach’s commercial sector is no exception:

• The Peter Miller Hotel, an Art Deco building designed by Russell Pancoast and located on the same block as the Greystone, sold for $14.7 million in December 2010.
• The Seville Beach Hotel, located ten blocks north of the Greystone, was acquired by Marriott Hotels through a short sale for $56 million in June 2010. Marriott is in a joint venture with Delano Hotel pioneer, Ian Schrager, for this project.
• The Royal Palm Hotel , located four blocks south of the Greystone, was purchased by Sunstone Hotel Investors in August 2010 for $126 million. Sunstone just sold it for $130 million to KSL Capital Partners LLC. The hotel will be managed by New York family based Denihan Hospitality Group.

The Greystone is available for $8.5 million.

Capri South Beach-Newly Renovated Lobby

Life is good at Capri South Beach this Spring.

The construction for the newly designed Sam Robins lobby is complete. Upon entry, homeowners  and visitors are transported to an elegantly nautical space, naturally complementing this bayfront retreat.

Inventories are decreasing in Miami Beach’s market place overall, and Capri South Beach is no exception, the three buildings are more than 50% sold. Financing may now be available.

For those buyers seeking the ultimate turnkey experience, several units were recently upgraded by Artefacto as well as Sam Robins.

Capri South Beach sets the bar for tropical, luxury living.