Multiplan Acquires Oceanfront Surfside Site for $64M, Plans 12-Story Luxury Condo BuildingJanuary 19, 2024
Brazilian developer Jose Isaac Peres’ firm, Multiplan Real Estate Asset Management, has successfully purchased an oceanfront site in Surfside for $64 million following a complex condo buyout and termination process. The 0.9-acre site, located at 9309 and 9317 Collins Avenue, was acquired from R Palace, led by Vivian Dimond, the principal at Bayshore Grove Capital and a broker at Brown Harris Stevens Miami, known for her involvement in intricate condo buyout deals.
Multiplan intends to develop a 12-story luxury condo building on the site, collaborating with renowned architects Bernardo Fort-Brescia’s Arquitectonica and Arquitectonica Geo for the project’s design. Sales for the “small-scale, very exclusive” development are anticipated to launch by the end of the year, as confirmed by Marcelo Kingston, the executive managing partner of Multiplan. Although approval has been granted for approximately 27 condos, the developer is considering building fewer units.
The developer, known for completed projects such as 57 Ocean, Ocean Park South Beach, and Il Villaggio in Miami Beach, acknowledges that Surfside’s code restrictions on the scale of new developments have contributed to the town’s appeal among developers. Kingston highlighted the success of the Four Seasons Hotel and Residences at The Surf Club, a Fort Partners project, as evidence of the town’s desirability.
Across the street from Multiplan’s site, Kushner Companies recently secured approval for a luxury rental project with nearly 90 units at 9300 Collins Avenue.
Broker Phil Gutman facilitated Multiplan’s cash purchase of the Surfside property, a transaction in progress since 2022. Gutman will continue to work with the developer on the sales of the upcoming project.
Vivian Dimond’s entity, involved in the complex buyout, had spent over $35 million acquiring all units of the Regent Palace Condominium and the land beneath the existing buildings. Two years ago, Multiplan’s application to the town of Surfside highlighted the dire condition of Regent Palace, which was evacuated after the collapse of Champlain Towers South in June 2021.
Marcelo Kingston views the acquisition’s “battle” as the first phase, expressing excitement about the upcoming development phase. Despite challenges in the real estate landscape, he sees a substantial market for premium high-end luxury products, particularly in Surfside. The scarcity of available oceanfront land has led South Florida developers to explore older properties, presenting new challenges in the post-condo collapse era with rising insurance premiums and repair costs.
Notably, Vivian Dimond represented the buyer, Dubai developer Damac Properties, in the court-ordered $120 million sale of the collapse site at 8777 Collins Avenue in 2022, where Damac plans to build a luxury condo building adjacent to a memorial for the tragedy’s victims.