The Related Group, Two Roads Development and Rockpoint are launching sales of Rivage, a planned oceanfront condo project in Bal Harbour.
The developers are betting on continued demand for large, ultra-luxury units on the water, and they’re looking to fill a gap in supply in Bal Harbour, where Oceana, built in 2016, ranks as the most recently completed building, said Jon Paul Pérez and Taylor Collins. Pérez is president of Miami-based Related, and Collins is a managing partner at Miami and West Palm-based Two Roads.
Prices at Rivage, a 24-story, 61-unit building, will range from about $8 million to over $65 million for the penthouse. Two lower penthouses, ranging from 8,700 square feet to about 9,500 square feet, will hit the market for $50 million and $45 million, respectively. Overall, prices will average about $4,000 per square foot, Pérez said.
The development team has already received “significant interest” from buyers and brokers, he said. Douglas Elliman’s Pablo Alfaro will be the sales director, according to a press release. The sales team also includes Ruthie and Ethan Assouline of The Assouline Team, and Silvia Lopez de Mesa.
Units will range from 3,300 square feet to about 13,000 square feet. Pérez expects buyers will combine units, a trend he has said is playing out at some of Related’s other luxury developments.
“We feel very confident about launching now. There really is no competition in Bal Harbour,” Pérez said, adding that the town “has always been a place where the wealthy have desired to live.”
Skidmore, Owings & Merrill (SOM) and Rottet Studio are designing Rivage, alongside Cohen Freedman Encinosa & Associates Architects. Enea Garden Design is the landscape architect. More than 25,000 square feet of amenities will include a spa with treatment rooms and plunge pools, pickle and paddleball courts, a restaurant and lounge, and sunset and sunrise pools.
It’s planned for the 2.7-acre property at 10245 Collins Avenue, which is still home to the Carlton Terrace condominium. In 2021, the developers completed a roughly $130 million bulk buyout of Carlton Terrace, a 15-story, 88-unit building built in 1956. The site has 200 feet of ocean frontage.
Both Collins and Pérez said they’re looking at completing other condo buyouts in South Florida, but noted how challenging the process can be to secure a majority of sellers.
“One of things you should understand is that getting a piece of real estate like this is very difficult,” Collins said.
The developers are aiming to break ground by the end of the year. The demolition of Carlton Terrace could start in a couple of months. From groundbreaking, the building is expected to be delivered in about 30 months.
Bal Harbour approved the project last year. The developers are incorporating medical office space in the building, which allows them to build a taller project and build underground parking.
The trend of condo buyouts accelerated after the deadly condo collapse in Surfside in June 2021. The tragedy shed light on the enormous upkeep required to maintain older properties, encouraging some owners of older buildings to sell in bulk deals to one investor or developer.
Related’s other planned developments include the St. Regis Residences in Brickell with Integra Investments, the boutique Six Fisher Island condo, Baccarat Residences and Casa Bella by B&B Italia. The firm, led by Jorge Pérez, has been aggressively expanding in South Florida. It recently joined the Bahia Mar development team, which is led by Jimmy Tate and Sergio Rok, in Fort Lauderdale.
Related’s partnership with Steve Ross’ Related Companies recently ended, allowing both firms to operate in each other’s so-called “territories.” Ross, who also owns the Miami Dolphins, expanded into Miami with Related Companies’ plan to co-develop a supertall office tower at Swire Properties’ Brickell City Centre.
Two Roads, led by Collins and Reid Boren, is also working on the planned Edition Residences in Miami’s Edgewater.