Developers behind the 308-residence luxury development, Residences by Armani Casa have recently secured a $305 million construction loan after reaching the 70% sold milestone, according to a recent Curbed Miami article. The $1 billion project is a joint effort between Dezer Development and The Related Group and is located in Sunny Isles Beach. Construction broke ground in March, with a targeted completion date is early 2019. The loan marks the biggest financing deal of the year in South Florida.
“This is a proud moment as we come one step closer to making The Armani Group’s first real estate venture in the U.S. a reality,” said president of Dezer Development, Gil Dezer. “It is also a true testament to how this one-of-a-kind project has been received by our buyers, as well as the lending community.”
Armani Casa is designed by award winning architect Cesar Pelli and will have 260 luxury residences across 60 stories. Of course, the interior design will be completed by Giorgio Armani, and building amenities will include a full-service restaurant, world class spa and fitness center, and an oceanfront pool with sundeck and lavish landscaping. The building’s penthouse, with an asking price of $15 million, comes with a trip to Italy that includes meeting Armani himself. Other units begin at $2 million.
For more information about available properties in Sunny Isles Beach and surrounding areas, contact Oceanica Real Estate at (786) 270-1743 or [email protected].