Armani/Casa condo developer pays off construction loan. More sales expected
The Sunny Isles project Residences by Armani/Casa is debt free. And that, say developers, is likely to encourage more sales.
The developers Bal Harbour-based Related Group and Sunny Isles-based Dezer Development paid the $315 million construction loan owed to Wells Fargo for the residential project at 18975 Collins Ave. in mid-January. The team took out the loan three-and-a-half years ago.
Closings that began in early December have brought strong proceeds that allowed developers to pay off the loan. And that will have a positive effect on future sales, predict developers.
“This encourages people to buy in, especially for those buyers who need to take out a mortgage,” said Gil Dezer, president of Dezer Development.
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The tower pre-sold 270 of the total 308 units. Buyers have now closed on 145 of those units. The remaining 125 buyers expected to close in the next 60 to 90 days, Dezer said.
About 35 units remain. They range from a 2,700-square-foot apartment with three bedrooms, a den, and five bathrooms, priced at $2.9 million, to a 6,000-square-foot penthouse with five bedrooms, six-and-a-half bathrooms, a rooftop terrace and pool for $17 million.
Building units range in size from 2,700 to 6,000 square feet priced from $2.9 to $17 million.
The project is the last by Argentine architect César Pelli, mastermind behind some of the world’s tallest buildings. He died in July 2019.
“This building is a love letter to South Florida from Giorgio Armani and César Pelli, and now stands as a landmark for design as striking as it is thoughtful,” Jon Paul Pérez, executive vice president at The Related Group.
