Eighty Seven Park Breaks Ground After Securing $91 Million Construction Financing

Construction is underway at the Eighty Seven Park condo project in North Beach.

The developers recently obtained a $91 million construction loan. Vertical construction will begin in the second quarter of 2016.

Renzo Piano is the design architect, with Stantec listed as the architect of record.

 

Terra and Partners Secure $91 Million Loan for Construction of Eighty Seven Park

Renzo Piano-designed tower in Miami Beach’s North Beach neighborhood will feature 70 residences on the Atlantic Ocean.

MIAMI, FL – January 6, 2016 – The partners behind Renzo Piano’s first residential project in the U.S. have finalized a construction loan that will open the door to development of the tower in early 2016. Terra, Bizzi & Partners and New Valley have secured $91,179,504 in construction financing for their Eighty Seven Park development from United Overseas Bank, prompting the start of initial site work at the property, located at 8701 Collins Avenue in Miami Beach. Vertical construction is expected to begin by the second quarter of 2016.

Comprising only 70-units, Eighty Seven Park will be one of South Florida’s most exclusive and intimate residences, bounded by the Atlantic Ocean on the east, a 35-acre public park to the south, and a two-acre private park to the north. The development is situated in Miami Beach’s North Beach neighborhood, just minutes from Bal Harbour and South Beach. Sales have been strong since news of the project became public, with buyers from across the U.S. and around the world securing pre-construction units.

Terra and partners have assembled a world-class design team for Eighty Seven Park, led by Pritzker Prize architect Renzo Piano and his firm, Renzo Piano Building Workshop. Piano will be joined by project architect Stantec and West 8, which will be designing the property’s landscapes, including a two-acre park serving residents and their guests. Meanwhile, Paris-based Rena Dumas (RDAI) will be creating the project’s interior and exterior living spaces.

“Our ability to secure favorable construction financing for Eighty Seven Park stems from the strength of the project’s development team, the uniqueness of its location, and the caliber of our design team led by one of the world’s best architects, Renzo Piano,” explains David Martin, Co-Founder and President of Terra. “Our experience with Eighty Seven Park is an example of how projects benefitting from premium locations and credible development teams are appealing to lenders and buyers alike.”

Eighty Seven Park will offer complete privacy and enhance the lives of future residents, with exclusive amenities including around-the-clock concierge and butler service, an outdoor juice bar, a full-service salon for residents, and a full-time botanist who will assist residents with their private balcony gardens. Residences at Eighty Seven Park will feature large outdoor living spaces with summer kitchens, which will equal approximately 70 percent of each unit’s interior space.