Latest news with #TheDelmore
Miami Herald
19-05-2025
- Business
- Miami Herald
A mortgage blacklist, Surfside ‘mansions' and other Miami real estate trends
Real Estate News A mortgage blacklist, Surfside 'mansions' and other Miami real estate trends Miami real estate in 2025 is marked by affordability challenges and key shifts in housing options. While rents have eased slightly, the city remains one of the least affordable rental markets, with median incomes falling short of what's needed to pay typical rent. Condo owners face new hurdles as hundreds of buildings land on secret mortgage blacklists, driven by stricter post-Surfside safety rules and soaring insurance costs. Developers are responding with both ultra-luxury condos like The Delmore, planned for the former Surfside collapse site, and new workforce housing projects such as The Era in Fort Lauderdale, aimed at first responders and city employees. These trends reveal a housing market grappling with rising costs, evolving regulations, and significant gaps in affordability for many Miamians. A rendering shows plans for The Delmore, an ultra-luxury condo building with units starting at $15 million, at the site of the 2021 condo collapse at 8777 Collins Ave. in Surfside. NO. 1: 'MANSIONS' PLANNED AT SURFSIDE COLLAPSE SITE. DO DEVELOPERS 'HOPE PEOPLE FORGET' TRAGEDY? 'They can pull out all their bells and whistles ... It doesn't change the fact that their entire site is a graveyard,' said a former town commissioner. | Published January 28, 2025 | Read Full Story by Aaron Leibowitz A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 2: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen The Era, Affiliated Development's latest project, is currently under construction in Fort Lauderdale. The apartment building is meant to help address the area's lack of affordable workforce housing. NO. 3: NEW FORT LAUDERDALE APARTMENT WILL OFFER 'LUXURY' AFFORDABLE HOUSING TO CITY'S WORKFORCE The ongoing development efforts come as an affordable housing crisis continues embroiling South Florida, where residents are the most rent-burdened people in the country. | Published March 25, 2025 | Read Full Story by Amanda Rosa Condos line the Intracoastal Waterway in Sunny Isles Beach. By MATIAS J. OCNER NO. 4: 'PERFECT STORM.' HUNDREDS OF SOUTH FLORIDA CONDOS NOW ON SECRET MORTGAGE BLACKLIST The number of Miami-Dade, Broward and Palm Beach condos on the list has more than doubled in just two years. | Published April 4, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Miami Herald
30-04-2025
- Business
- Miami Herald
Why is housing so costly? What to know about rentals and condos in South Florida
Real Estate News Why is housing so costly? What to know about rentals and condos in South Florida South Florida renters and condo owners continue to face high costs and new challenges. Miami remains one of the most rent-burdened cities, with many residents spending over 30% of their income on housing and median rents near $2,373. New state laws now require condo associations to keep more reserve funds for repairs, especially after the Surfside condo collapse, causing association fees to climb—some reaching $900 monthly in Miami-Dade. While some affordable housing projects like Sawyer's Walk and new plans by Jackson Memorial Hospital are underway, demand still far outpaces supply. Community groups push for more protections and assistance, as both renters and owners wrestle with rising costs, stricter safety rules, and limited affordable options. Stephania Germain, 24, who is on a Section 8 housing voucher, poses inside her apartment that she lives in with her daughter on Thursday, Oct. 3, 2024, in Miami. Germain was raised in foster care and is doing the best she can for herself and her baby. She says that even with the voucher, with recent increases it makes paying rent tough. 'It just keeps going up and I don't get a break to save, and I need new baby clothes, ya know they grow out of them so fast,' said Germain. By Alie Skowronski NO. 1: MIAMIANS ARE THE MOST RENT-BURDENED PEOPLE IN AMERICA — AND THEY'RE STRESSED ABOUT IT New Census Bureau data shows that Miamians spend a larger chunk of their incomes on housing than residents in all other major American cities. | Published October 8, 2024 | Read Full Story by Max Klaver Home buyers should review fees for homeowners and condominium association fees to see if the amenities are worth it, including pool, gym, clubhouse. NO. 2: ARE FEES FOR CONDO AND HOMEOWNER ASSOCIATIONS WORTH IT? ASK YOURSELF THESE QUESTIONS What buyers should know about the expense. | Published January 28, 2025 | Read Full Story by LEW SICHELMAN A rendering shows plans for The Delmore, an ultra-luxury condo building with units starting at $15 million, at the site of the 2021 condo collapse at 8777 Collins Ave. in Surfside. NO. 3: 'MANSIONS' PLANNED AT SURFSIDE COLLAPSE SITE. DO DEVELOPERS 'HOPE PEOPLE FORGET' TRAGEDY? 'They can pull out all their bells and whistles ... It doesn't change the fact that their entire site is a graveyard,' said a former town commissioner. | Published January 28, 2025 | Read Full Story by Aaron Leibowitz A view of a resurgent Northeast Second Avenue in the heart of Miami's Overtown neighborhood in April 2021, with the Plaza at the Lyric apartments at left and a Red Rooster restaurant in the background at right. By Pedro Portal NO. 4: RENTERS ARE PAYING LESS FOR APARTMENTS IN MIAMI, BUT THERE ARE ISSUES. SEE THE COSTS Here's a look at housing costs and ways to navigate the crisis. | Published March 14, 2025 | Read Full Story by Howard Cohen Attendees listen to Mayor Daniella Levine Cava make a pledge to the community during the PACT Nehemiah Action Assembly on Monday, April 7, 2025, at Sweet Home Missionary Baptist Church in Cutler Bay, Fla. By Alie Skowronski NO. 5: 'RENT IS TOO DAMN HIGH.' INTERFAITH GROUP DEMANDS ACTION FROM MIAMI-DADE LEADERS One of Miami-Dade's most politically engaged interfaith groups held their annual assembly to press elected leaders to make housing more affordable and reducing evictions in Miami-Dade County. | Published April 9, 2025 | Read Full Story by Lauren Costantino The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Mid East Info
06-02-2025
- Business
- Mid East Info
DAMAC INTERNATIONAL UNVEILS THE DELMORE, DESIGNED BY ZAHA HADID ARCHITECTS, AND COMMENCES CONSTRUCTION - Middle East Business News and Information
Site work is underway at the boutique oceanfront condominium, DAMAC's first real estate foray in the US. Situated in Miami's Billionaire's Triangle, The Delmore will feature mansions, averaging 7,000 sq ft, supported by 55,000+ sq ft of amenities. Dubai, United Arab Emirates,February 2025: DAMAC International, one of the world's premier developers of high-end residential properties, has announced the launch of The Delmore, a 12-story, ultra-luxury boutique oceanfront condominium located at 8777 Collins Avenue in the Town of Surfside, Miami. Construction has begun, with an anticipated completion of 2029, while sales of The Delmore are being exclusively brokered by Douglas Elliman. The beachside condominium will furthermore be a showpiece within Surfside. Adjacent to Indian Creek and minutes from Bal Harbour, the Town completes the coveted 'Billionaire's Triangle,' one of Miami's most revered destinations. Designed by internationally acclaimed Zaha Hadid Architects (ZHA) – the highly decorated British architecture and design firm founded by the late, Pritzker-prize winning architect Zaha Hadid – The Delmore features 200 linear feet of sandy beachfront, as well as unobstructed views of the Atlantic Ocean, Biscayne Bay, and Miami skyline. The plush, two-acre property will be ZHA's second residential project in the Miami area and one of the firm's select few in the US. 'We have been focused on delivering an ultra-luxury product to the South Florida market that is unlike anything the area has seen previously,' said Jeffery Rossely, Senior Vice President of Development for DAMAC International. 'Between Zaha Hadid Architects' stunning designs and our global expertise, we are confident that The Delmore will be an extraordinary project, especially as we are designing homes for permanent residents, reflecting the transition we see occurring throughout the region.' Comprising 37 mansions, The Delmore will be distinguished by a sculptural façade with sinuous curves and nested crescents that coalesce at the corners – hallmarks of Zaha Hadid's inimitable style. An impressive, flow-through canyon with sky views will delineate the building's north and south wings, leading seamlessly from the porte-cochère to the grand, glass-roofed double-height lobby, and out to the lush, oceanside meditation garden. The lobby – also designed by ZHA – will feature work by the project's interior designer, Hirsch Bedner Associates (HBA), a world-renowned hospitality design firm with offices throughout America, Asia, Europe, and the Middle East. Across the canyon, suspended 125 feet in the air, a see-through 75-foot-long acrylic swimming pool will further define the property as an architectural showplace. 'Our team was tasked with conceptualising an oceanfront development that would redefine the standard for bespoke residential in a region that has earned global acclaim for its luxury offerings,' said Chris Lepine, Director of Zaha Hadid Architects. 'We believe that The Delmore exceeds that standard.' Prices for four- to five-bedroom mansions in The Delmore – all fully finished, each with private elevator entry foyers – will start at $15 million. The residences – comparable to single-family retreats with sizes averaging 7,000 square feet and penthouses starting at 10,000 square feet – will have sweeping water panoramas. Each of the property's 12 floors will have no more than four residences. HBA will be designing all baths and wardrobes in the mansions, as well as custom Molteni&C kitchens – each anchored by intricately carved marble islands. White-glove services and more than 55,000 square feet of holistic amenities will further define the rarefied haven. Furthering The Delmore's connection to the surrounding environment, landscaping will be spearheaded by Miami-headquartered CLAD Landscape Architecture & Design, founded by Carolina Monteiro, whose origins and prowess extend from São Paulo, Brazil to cities across Europe and the U.S. The developer's vision for The Delmore is to go above and beyond traditional high-end condominium offerings – presenting an enclave that is replete with service, akin to what discerning buyers would expect and demand at preeminent destinations worldwide. DAMAC International's portfolio is reflective of this, with noteworthy projects including DAMAC Towers Nine Elms in London, with interiors by Versace, and the under-construction, 84-acre Mandarin Oriental Bolidhuffaru Reef Resort in the Maldives, among others. DAMAC International: DAMAC International is an award-winning global leader in luxury real estate and hospitality headquartered in Dubai. Led by founder Hussain Sajwani, DAMAC's portfolio includes iconic projects like DAMAC Tower Nine Elms (DTNE) in London, featuring interiors by Versace; iconic residential developments in Toronto, Canada, with local partners, and an upcoming 84-acre Mandarin Oriental Bolidhuffaru Reef Resort in the Maldives. The Delmore in Miami, designed in collaboration with Zaha Hadid Architects, marks its entry into the U.S. market, further expanding its international footprint. Through partnerships with world-renowned brands such as Versace Home, Roberto Cavalli, de GRISOGONO, and hospitality leaders, DAMAC consistently delivers exceptional living experiences and is known for setting new standards in design, architecture and craftsmanship.
Chicago Tribune
29-01-2025
- Business
- Chicago Tribune
A South Florida luxury condo project is planned for site where building collapse killed 98 people
SURFSIDE, Fla. — A Dubai-based developer plans to build a 12-story luxury condominium project on the South Florida site where a building collapsed in 2021, killing 98 people. DAMAC International said Tuesday that it planned to build The Delmore on the site where the Champlain Towers South partially collapsed in Surfside, Florida, outside Miami in June 2021. Construction has already started and the project is expected to be finished in 2029, the company said in a news release. The building with staggered floors designed by Zaha Hadid Architects will have 37 'mansions' with units averaging 7,000 square feet. The price of a four-or-five-bedroom unit will start at $15 million, and the project will include a private restaurant, residential butlers, a wellness spa and other resort-style amenities, according to the company. 'We have been focused on delivering an ultra-luxury product to the South Florida market that is unlike anything the area has seen previously,' Jeffery Rossely, senior vice president of development for DAMAC International, said in the statement. The news release makes no mention of the tragedy. What happened In June 2021, the 12-story, 136-unit oceanfront condo building came down with a thunderous roar, leaving a giant pile of rubble and claiming 98 lives — one of the deadliest structure collapses in U.S. history. Only two teenagers and a woman survived the collapse, while others escaped from the portion of the building that initially stood. A judge in 2023 approved a settlement topping $1 billion for victims of the Champlain Towers South collapse. The money comes from 37 different sources, including insurance companies, engineering firms and a luxury condominium whose recent construction next door is suspected of contributing to structural damage. None of the parties admitted any wrongdoing. The cause of the collapse remains under investigation by the National Institute of Standards and Technology. The investigation National Institute of Standards and Technology investigators told an advisory panel that tests show that some of the steel-reinforced concrete columns at Champlain Towers South were half the strength they should have been and were not up to construction standards in 1980 when the 12-story tower was built. The steel in some columns had become moderately to extremely corroded, weakening them further. Investigators have also confirmed eyewitness reports that the pool deck fell into the garage four to seven minutes before the beachside tower collapsed. Champlain Towers South had a long history of maintenance problems, and shoddy construction techniques were used in the early 1980s. Other possible factors include sea level rise caused by climate change and damage caused by saltwater intrusion. Legislation After the collapse, Florida Gov. Ron DeSantis signed into law new regulations requiring condo associations for buildings with three or more stories to file an inspection report focused on structure, maintenance and expected costs for repairs or renovations. The regulations require associations to have sufficient reserves to cover major repairs and to survey reserves every decade. Because of the law, older condos — found largely in South Florida, according to state records — face hefty increases to association payments to fund the reserves and repair costs.
Yahoo
29-01-2025
- Business
- Yahoo
A South Florida luxury condo project is planned for site where building collapse killed 98 people
SURFSIDE, Fla. (AP) — A Dubai-based developer plans to build a 12-story luxury condominium project on the South Florida site where a building collapsed in 2021, killing 98 people. DAMAC International said Tuesday that it planned to build The Delmore on the site where the Champlain Towers South partially collapsed in Surfside, Florida, outside Miami in June 2021. Construction has already started and the project is expected to be finished in 2029, the company said in a news release. The building with staggered floors designed by Zaha Hadid Architects will have 37 'mansions' with units averaging 7,000 square feet. The price of a four-or-five-bedroom unit will start at $15 million, and the project will include a private restaurant, residential butlers, a wellness spa and other resort-style amenities, according to the company. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. 'We have been focused on delivering an ultra-luxury product to the South Florida market that is unlike anything the area has seen previously,' Jeffery Rossely, senior vice president of development for DAMAC International, said in the statement. The news release makes no mention of the tragedy. What happened In June 2021, the 12-story, 136-unit oceanfront condo building came down with a thunderous roar, leaving a giant pile of rubble and claiming 98 lives — one of the deadliest structure collapses in U.S. history. Only two teenagers and a woman survived the collapse, while others escaped from the portion of the building that initially stood. A judge in 2023 approved a settlement topping $1 billion for victims of the Champlain Towers South collapse. The money comes from 37 different sources, including insurance companies, engineering firms and a luxury condominium whose recent construction next door is suspected of contributing to structural damage. None of the parties admitted any wrongdoing. The cause of the collapse remains under investigation by the National Institute of Standards and Technology. The investigation National Institute of Standards and Technology investigators told an advisory panel that tests show that some of the steel-reinforced concrete columns at Champlain Towers South were half the strength they should have been and were not up to construction standards in 1980 when the 12-story tower was built. The steel in some columns had become moderately to extremely corroded, weakening them further. Investigators have also confirmed eyewitness reports that the pool deck fell into the garage four to seven minutes before the beachside tower collapsed. Champlain Towers South had a long history of maintenance problems, and shoddy construction techniques were used in the early 1980s. Other possible factors include sea level rise caused by climate change and damage caused by saltwater intrusion. Legislation After the collapse, Florida Gov. Ron DeSantis signed into law new regulations requiring condo associations for buildings with three or more stories to file an inspection report focused on structure, maintenance and expected costs for repairs or renovations. The regulations require associations to have sufficient reserves to cover major repairs and to survey reserves every decade. Because of the law, older condos — found largely in South Florida, according to state records — face hefty increases to association payments to fund the reserves and repair costs.
