Multiplan Real Estate Asset Management is launching sales of a planned boutique oceanfront condo building in Surfside, seven months after buying the site.
The 12-story building, dubbed Ocean House, at 9317 Collins Avenue, will have 25 units, according to a press release. Prices start at $5 million. Multiplan managing partner Marcelo Kingston said the firm plans to price the project’s penthouse at $50 million to $60 million, and estimated the total sellout will be north of $300 million. Phil Gutman is handling sales for the project in-house.
Multiplan, led by Brazilian billionaire José Isaac Peres, bought the 0.9-acre site for Ocean House for $64 million in January from an entity controlled by Bayshore Grove Capital principal and Brown Harris Stevens agent Vivian Dimond.
The two former condo buildings on the site, called Regent Palace, were deemed unsafe and evacuated in 2021. Dimond’s entity spent more than $35 million buying out the units. Gutman represented Multiplan in the purchase.
Built in 1951, the buildings were part of a wave of buildings deemed unsafe in the aftermath of the deadly Champlain Towers South tragedy. Many unit owners in these aging buildings couldn’t afford expensive repairs, and developers swooped in to offer buyouts.
When Multiplan submitted its plans for Ocean House two years ago, it described Regent Palace as in “dire” condition.
Multiplan tapped Bernardo Fort-Brescia’s Arquitectonica to design Ocean House, which will have two- to five-bedroom condos between 2,100 square feet and 6,300 square feet, the release shows. The project’s amenities will include a rooftop pool, spa facilities and a fitness center, according to the release.
Demolition on the site has already begun, and construction will start next year. The project is slated for completion in 2027, Kingston confirmed.
Kingston said Multiplan anticipates that most of the buyers at Ocean House will be from the U.S. Multiplan aims to attract affluent individuals relocating their lives and businesses to the region. International buyers are not factoring in as much as they have in the past, he said.
“I just don’t see Latin America with the purchase power to be a major consumer for that price point,” Kingston said. He emphasized that the firm is focusing on exclusivity and privacy as major value propositions for buyers.
“We’re being really thoughtful about the caliber of people we bring in,” he said.
Multiplan’s other South Florida projects have included 57 Ocean, Ocean Park and Il Villaggio, all condos in Miami Beach.