One Thousand Museum Developers Close On Land; Site Work To Begin Immediately

The developers of One Thousand Museum have closed on the purchase of land where the Zaha Hadid-designed tower will be built for $36 million.

In addition, the developers of Regalia Sunny Isles have joined as partners in the project. In total, a third of units valued at $200 million have been presold.

Construction will begin this fall, with site preparation to begin immediately.

 

PreviouslyLawsuit Resolved, Developers Can Close On One Thousand Museum Site

 

MIAMI- FL [AUGUST 22, 2014] — 1000 Biscayne Tower, LLC developers Gregg Covin & Louis Birdman announced today that they have completed the closing on the purchase of two parcels of land located at 1000 Biscayne Blvd. and 1001 NE 2nd Ave. The site will be the location of One Thousand Museum, Zaha Hadid’s first skyscraper to be built in the Western Hemisphere. The combined transactions closed in all-cash deals for a total of $36 million.

Additionally, Covin and Birdman announced that in May 2014, their company formed a new partnership with the Regalia Group, which recently completed a 46-story ultra-luxury condominium tower with one residence per floor in Sunny Isles Beach, FL. Together, the partners will be co-developing the Zaha Hadid designed skyscraper One Thousand Museum, an ultra-luxury condominium tower of 62 stories having 83 large residences ranging from 4,600 square feet to over 10,000 square feet with one and two units per floor.

“The Regalia Group had the capital and resources to enable it to successfully complete Regalia,” Birdman said. “With the added strength of Regalia’s financial resources and experience in the luxury high rise market, One Thousand Museum’s successful completion of the Zaha Hadid-designed tower is assured.”

Harvey Daniels of ONE Sotheby’s International Realty, the exclusive broker for One Thousand Museum, indicated that over a third of the units have been pre-sold under contracts totaling nearly $200 million. Daniels stated that the interest in Hadid’s tower has come from a global market with buyers representing countries from around the world.

“One Thousand Museum by Zaha Hadid Architects is truly Miami’s premier new tower and will be known on a global scale. We are proud to bring our financial strength and South Florida luxury high-rise experience to ensure the successful completion of such a landmark project,” said, Kevin Venger, a member of the development team at Regalia and also a member of One Thousand Museum’s development team.

1000 Biscayne Tower expects to begin site preparations immediately and to commence construction later this fall.