The Related Group and Alta Developers completed their Casa Bella Residences by B&B Italia in Miami’s Arts & Entertainment neighborhood, with a projected sellout of $580 million.
Closings began in July for units at Casa Bella, a 56-story, 319-unit tower at 1400 Biscayne Boulevard, property records show. More than 200 unit sales have closed, and the developers also paid off their $240 million construction loan, developer Nick Pérez told The Real Deal at the opening party for the tower.
Cain International provided the construction loan nearly three years ago. Related, led by Jorge, Jon Paul and Nick Pérez, teamed up with Raimundo Onetto’s Alta and launched sales of the project about five years ago. The high-rise, immediately north of the Adrienne Arsht Center for the Performing Arts of Miami-Dade County, is B&B Italia’s first residential real estate project. Buyers also had the option to purchase B&B Italia furniture packages.
An affiliate of Related paid $57.7 million for the site in 2014, records show.
The building has 10 penthouses and is more than 95 percent sold, according to Related. The projected $580 million sellout amounts to $1.8 million per unit. Edgardo Defortuna’s Fortune Development Sales led sales and marketing of the project.
“Since we started closings in July, we’ve had six out of 10 sales, buyers who already have units to close are buying another one and/or upgrading,” Nick Pérez said, calling it a “great proof of concept.” About 60 percent of buyers are South American, and the remaining 40 percent are domestic buyers.
Pérez said that pricing has increased exponentially since the developers launched sales at about $900 per square foot. Remaining inventory is priced now at $1,400 to $1,500 per square foot, on average.
Arquitectonica designed the tower, with interiors by Piero Lissoni. Two floors of amenities include a wellness center with yoga studios, a cold plunge, a spa, and beauty salon; a private theater, wine cellar, game room and co-working space; and two pool decks, including one on the 56th floor. The building also has a poolside bar and cafe, and a rooftop lounge, according to a news release.
Pérez said Casa Bella is design-focused, aimed at buyers who want to “live their best Italian lives.” Short-term rentals are not allowed. Casa Bella is north of downtown Miami’s core, where a number of short-term rental-friendly condo towers have been completed or are in the pipeline.
Related is also working on branded condo towers across South Florida, teaming up with St. Regis, Rosewood and Baccarat.
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