Thursday, December 29, 2011

Disney Family Fund Proposes 70-Unit Condo Project For South Beach, FL


MIAMI, FL -- An investment fund founded by the late Roy E. Disney (top right photo) - former executive of The Walt Disney Co. and nephew of entertainment titan Walt Disney (middle left photo) - plans to construct a five-story condo project with 70 units in the South Beach neighborhood of Miami Beach, according to a new report from CondoVultures.com.

The developer - Palau Sunset Harbor LLC with members of Roy E. Disney's Shamrock Holdings of Southern California - is scheduled to formally unveil its plans for the new project - Palau At Sunset Harbour - on Jan. 24, 2012 at a Miami Beach Planning Board meeting, according to a public notice published in the Miami Herald.

 Plans call for 43 units with 500 square feet to 999 square feet, a dozen units with 1,000 square feet to 1,200 square feet, and 15 units with more than 1,200 square feet, according to plans filed with the Miami Beach Planning Department. 

The proposed 109,300-square-foot project - with 13,100 square feet of ground floor commercial space - is slated to be developed on three lots with a combined 54,700-square-foot property at 1201 20th St. - site of the longtime Mark's Quality Cleaners - just west of Alton Road and east of Publix Super Market.

The development site was acquired in a pair of transactions for a combined $8.2 million - an average of $150 per square foot - that were recorded in November 2011, according to Miami-Dade County records.

Plans for a condo project in the Sunset Harbour area of South Beach were first reported on Nov. 29, 2011 by the Miami Herald.

The Condo Vultures® Market Intelligence Report™ profiled the project on Dec. 1, 2011.

Despite the existence of about 4,700 coastal units that remain unsold from the last real estate boom as of Sept. 30, 2011, developers are proposing to construct a combined 20 towers with more than 4,200 units east of Interstate 95 in the tricounty region of Miami-Dade, Broward, and Palm Beach counties, according to a recent CondoVultures.com report.

 Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

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