Developers of Palazzo del Sol — the first condominium project to go up on Fisher Island in seven years — expects to top off construction next week.
The 10-story Mediterranean-style project, one of the last parcels on the exclusive island that can be developed, is planned for 47 units ranging in price from $5 million to $32.5 million.
The average price per square foot will be about $2,000, with the penthouse and other high-end units topping $3,000 per square foot.
And bigger is better in the ultra-luxury end of the condo market these days: Units at Palazzo del Sol will range from 4,000 square feet to about 10,000 square feet.
Palazzo, which boasts spectacular views of Biscayne Bay and the ocean, is scheduled for delivery to buyers in the first quarter of 2016. Palazzo della Luna, a sister project, is set to begin preliminary excavation and foundation work in 2015, with completion expected in 2018.
Thirty-five percent of the units are under contract at Palazzo del Sol, according to the developer, PDS Development LLC, a unit of Fisher Island Holdings.
Fisher Island, a 216-acre man-made island that is accessible by ferry or boat, has long been one of the nation’s wealthiest and most exclusive enclaves; over the years, celebrities like Oprah Winfrey, Andre Agassi and Boris Becker have kept vacation homes there. Only residents, guests and club members can access the island — a security feature that adds to its appeal.
The latest projects were delayed for years amid the real estate crash and a battle royale over who owns Fisher Island Holdings that stretched through courts in the United Kingdom, Liechtenstein, the Republic of Georgia, Gibraltar and the United States.
Arkady “Badri” Patarkatsishvili, of the Republic of Georgia, who amassed a fortune in the breakup of the Soviet Union, controlled Fisher Island’s undeveloped land and development rights through a complex structure of trusts and offshore corporations. After his death, court battles over who is the rightful heir ensued in jurisdictions around the world.
Earlier this year, the parties battling over the estate signed an agreement in federal bankruptcy court in Miami allowing the development to go forward even as the dispute continues in a federal appeals court. That agreement enabled the developer to carve out Palazzo Del Sol from the dispute and paved the way for the developer to obtain title insurance and finance the projects.
Given the red-hot appeal of Miami luxury properties, the developer says he believes the project is hitting the market at a good time.
“This project is obviously in one of the most incredible locations one could find and is one of the last buildings to be built on Fisher Island,” said Heinrich von Hanau, president and CEO of PDS Development.
Von Hanau, who was tapped to oversee the project, is a veteran developer who worked on the Continuum project in South Beach, among other things, and has lived on the island for 13 years. He said the design team is looking to bring the ultimate amenities to the building.
“Miami has gone to a different place in terms of prices and also buyers’ expectations in terms of quality,” von Hanau said.
The tony project will include multilingual concierge and doorman services and feature fur storage and floor-to-ceiling cabinets for private wine collections along with de rigueur poolside cabanas and lush landscaping. Miami Realtor Dora Puig is leading the sales team at a 6,000-square-foot sales center.