Developers Secure $155M Loan to Begin Construction on Miami Beach High-Rise

September 7, 2017   |   Council on Tall Buildings and Urban Habitats

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The finalization of a construction loan is enabling vertical construction to begin on the Eighty Seven Park project in Miami Beach, Florida. The first US residential project for Italian architect and engineer Renzo Piano, the 66-unit tower is located between the Atlantic Ocean and a 35-acre (14-hectare) public park to the south.

The development partners, Terra, New Valley, Great Eagle Holdings, and Bizzi & Partners, secured $155 million in construction financing from United Overseas Bank.

The loan was finalized as the development reached the 60 percent sold mark, with unit sales exceeding $250 million. The start of vertical construction followed initial site work featuring installation of 300 foundation pilings.

For Eighty Seven Park, Terra and partners convened an internationally renowned design team. Piano will be joined in the endeavor by West 8, the firm designing the landscapes for the property. Those landscapes include a two-acre (0.8-hectare) private park that will serve residents and their guests. Paris-based Rena Dumas RDAI) is creating the tower’s interior and exterior living spaces.

The development will offer floor plans ranging from one to five bedrooms, measuring from 1,400 to more than 7,000 square feet (130 to 650 square meters). The suite of amenities includes a 24-hour concierge and butler service, outdoor juice bar, full-service salon, and full-time botanist to assist owners with their private balcony-based gardens. Each unit will feature expansive outdoor living spaces with summer kitchens, comparable to approximately 70 percent of each unit’s interior space.

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