The Saxony 

Hotel Without the Condo

As the local condo market changes, so do some plans for condo-hotel units. There are signs that hotel-only development is back in favor now that many hotels are showing respectable occupancy rates at a new price point. Looking back less than a decade, Loews was the first new hotel to be built in Miami Beach in 30 years. Since then, almost every major flag has established a presence in Miami (and some also in Fort Lauderdale), and the area is now seen as an important market for upscale lodgings. The condo-hotel concept has a lot going for it, but may have run out of steam for various reasons. As a result, new Miami Beach projects, such as Rivage, are reported to be switching to hotel-only, while the Cipriani Resort and Residences in the former 15-story Saxony Hotel, Collins Avenue and 32nd Street, may soon announce a change in plans for the complex on a 3.3-acre oceanfront site. Instead of 170 condo-hotel units, they may return the vintage hotel building to a hotel catering to upscale guests.

Cipriani Ocean Resort and Club Residences, South Beach

Developer Patrinely Group, in partnership with Ugo Colombo and Giuseppe Cipriani, are continuing with plans to build 55 oceanfront residences in a 19-story tower directly adjacent to the restored hotel. (Prices range from $2.5 million to $8 million.) They will also construct a new spa building on the old parking lot on the west side of Collins Avenue. The main hotel building is being restored to its heyday by combining new and nostalgic design concepts. For example, the historic façade will be preserved, but with new impact-resistant glass windows, and the old concrete railings on the balconies will be replaced with glass. The lobby, including the bar, front desk and marble flooring, will also be restored to its original 1950s’ grandeur. Sales are being handled in an on-site office.

A Good Sign

No signs of a slowdown in ultra-luxury condo sales judging by sales reports from Viceroy Resort & Residences South Beach. According to IMI Living, the property’s exclusive marketing and sales firm, more than 100 reservations, double the original goal, were chalked up in a two-week period. Unit prices range from $600,000 to $6 million. The new Related Group project is targeting “style-conscious trendsetters” for its residences and boutique condo-hotel units designed by Sieger Suarez Architectural Partnership, with interiors styled by Kelly Wearstler of kwid. This property, the first Viceroy in Miami Beach, will span three separate blocks stretching from Alton Road to Ocean Drive in the hot “South of Fifth” area.

Developer Jorge Perez, Chairman and CEO of the Related Group, and Nick Clayton, President of KOR Hotel Group, of the famed LA Viceroy brand, celebrated the sales milestone at an event highlighted by the unveiling of the Viceroy South Beach sign outside the sales center.

Believe It or Not…

… there are some new condo developments priced well below the stratosphere, maybe not in trendy Miami Beach neighborhoods but in the Little Havana area, conveniently located for “workforce” buyers. URBANICE, a joint venture between national development firm Wood Partners and long-time South Florida builder ARKS LLC, is launching three new projects in Miami:

Aqua Briza will be a nine-story mid-rise with 57 one-bedroom condominiums at 637 NW First St., close to the Miami River. Each unit will offer ample living space, European-style kitchens and decorative features. Residents will have a multipurpose clubhouse on site. Prices start at $195,000.

Puerto Nuevo, at 1144 NW S. River Drive, is also close to the Miami River. The nine-story building of 98 one- and two-bedroom units will feature European-style kitchens with energy-efficient appliances and large balconies. Amenities include a meditation garden and a rooftop entertainment sundeck with a barbecue area. Condo prices start at $194,000.

El Colonial, a Mediterranean-style building at 833 SW 13th Court, will have 45 one- and two-bedroom homes that include a large multipurpose room, European-style kitchen, his and hers bathroom vanities, personal storage facility and a terrace. Preconstruction prices start at $205,000. The sales center is at 2550 SW 27th Ave., #101, Miami, 305-444-0708.

Buzz 

Miami rated 11th in the top 25 luxury markets expected to rate in 2007. Unique Homes magazine’s recent list describes Miami thusly: “One of the country’s most international cities, Miami’s appeal still sizzles even if real estate is on a slow burn. Still hot is demand for single-family homes on the water, particularly in the ultra high end. Condo sales are off and inventories are high, which makes this a buyer’s market to watch.” The only other South Florida area making the cut is Jupiter at number nine. The reason, according to the magazine, is Tiger Woods’ purchase of a 10-acre estate for $38 million, which started a trend there.

Coming up

Sunday, Feb. 25. 6:30 p.m.-midnight: OSCAR NIGHT America 2007, Miami Beach! Miami’s only official Oscar Night Party sanctioned by the Academy Of Motion Picture Arts and Sciences, proceeds to benefit Miami Beach Film Society’s Cinematheque. Red-carpet arrivals and cocktails followed by live telecast of the 79th Annual Academy Awards on WPLG-10, hosted by Laurie Jennings of WPLG-Local 10.

Also dinner, live and silent auction, etc. Black-tie optional. The party is outdoors overlooking Biscayne Bay (with rain plan ready just in case!) at Flamingo South Beach, 1500 Bay Road, Miami Beach. Tickets $175 per person or $145 MBC members. www.mbcinema.com or 305-673-4567. Information: Dana Keith, 305-300-5723.

Tuesday, Feb. 27. 11:30 a.m. CREW-Miami (Commercial Real Estate Women) monthly luncheon meeting. Topic: “Miami’s Real Estate Market in 2007: The Maddog’s View.” Speaker: Michael Y. Cannon, noted Miami real estate analyst. Country Club of Coral Gables, 997 N. Greenway Drive, Coral Gables, $35 members, $45 others. Walk-ins add $10. To register, visit www.crewmiami.org. 

Helen Hill is a freelance writer specializing in real estate and lifestyle topics.

Please send news items on Miami-Dade real estate to hhill@miamisunpost.com.