57 Ocean breaks ground in Miami Beach

Billionaire Jose Isaac Peres’ development firm has broken ground on 57 Ocean, an 81-unit condominium project along the ocean in Miami Beach. Prices in the 18-story tower at 5775 Collins Avenue range from $ 1.5 million to $ 31 million. Floor plans start at 1,245 square feet of interior space. There are two beach houses and two penthouses.

The project will feature an outdoor yoga deck, underground parking, and vertical gardens. Amenities include a spa, relaxation and meditation area, infinity pools, pool bar and lounge, club room, gym, library and much more.

Peres, whose equity is estimated at $ 1.3 billion, has previous ties to South Florida. He developed the Il Villaggio in Miami Beach, a luxury condominium and retail development on Ocean Drive, across from Lummus Park and the beach.

Marcelo Kingston, the managing partner in the Miami office of Peres’ Multiplan Real Estate Asset Management, said the developer decided to self-fund construction now so buyers would have a certainty about the date they will receive their condos. The project is expected to be completed in the fourth quarter of 2021.

“We hold control of our timeline, and we have one clear message to clients, and it translates into more confidence from the clients,” Kingston said.

The developer is targeting buyers from the Northeast US, Mexico, and Brazil. Multiplan has opened several sales offices for 57 Ocean in its Brazilian malls.