MREAM Buys Oceanfront Surfside Building for New Condo
By Julia Echikson January 17, 2024 7:09 pm
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South Florida developer Multiplan Real Estate Asset Management (MREAM) paid $64 million for an oceanfront residential building in Surfside, Fla., with plans to build a luxury condo development, the buyer announced.
The three-story condominium, called Regent Palace, features 34 units in two adjacent buildings at 9309 Collins Avenue and 9317 Collins Avenue.
The seller, veteran broker and developer Vivian Dimond, bought the property from the individual owners for a combined $29.4 million between 2020 and 2022, and paid $7 million for the land. The total price was $36.4 million.
Following the deadly collapse of the Champlain Towers South condo nearby in 2021, developers have stepped up buyouts of aging waterfront condo properties. Regent Palace was constructed in 1951, making it 30 years older than the Champlain building.
In August, Dimond and MREAM filed a proposal with the City of Surfside to build a 12-story, 27-unit project on the site, to be called 93 Ocean.
Now, MREAM, led by Brazilian billionaire José Isaac Peres, has bought out Dimond, the founder and a principal of Bayshore Grove Capital and a broker at Brown Harris Stevens Miami. Phil Gutman represented MREAM in the all-cash transaction, and Dimond did not immediately respond to a request for comment.
MREAM — a Miami-based developer known for constructing the 57 Ocean, Ocean Park South Beach and Il Villaggio luxury condo complexes in Miami Beach — will move forward with a slightly smaller project: a 10-story condo with 25 units.
MREAM isn’t alone in Surfside. Dubai-based developer Damac Properties bought the site that was home to the Champlain building for $120 million in 2022, and got approval to build a boutique condo designed by Zaha Hadid Architects.
Last week, town officials greenlighted Kushner Companies’ proposal to build a 90-unit rental development, which will include about 1,200 square feet for a community or religious center, according to The Real Deal. The New York-based developer paid $40 million for the 3-acre site at 9300 Collins Avenue last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
