In a bold move that signals the ongoing transformation of South Florida’s real estate landscape, Multiplan Real Estate Asset Management (MREAM) recently acquired the oceanfront residential gem, Regent Palace, in Surfside Beach for a whopping $64 million. With plans to craft a luxurious condo development, this acquisition adds a new chapter to the evolving story of this coveted address.
Regent Palace: A Legacy Reimagined:
The three-story condominium, Regent Palace, stands proudly on the shores of Surfside Beach, offering 34 units across two adjacent buildings at 9309 Collins Avenue and 9317 Collins Avenue. Originally constructed in 1951, this iconic structure has witnessed decades of change, and now, under MREAM’s ownership, it is set to undergo a remarkable transformation into a modern luxury haven.
A Strategic Deal: The Journey of Ownership:
The seller, veteran broker and developer Vivian Dimond, orchestrated a strategic acquisition, purchasing the property from individual owners for a combined $29.4 million between 2020 and 2022. With an additional $7 million investment in the land, Dimond secured the prized possession for a total of $36.4 million. The deal unfolded against the backdrop of heightened interest in aging waterfront condo properties following the tragic collapse of Champlain Towers South in 2021.
New Vision for 93 Ocean:
In collaboration with Dimond, MREAM initially proposed a visionary 12-story, 27-unit project named 93 Ocean in August. However, with the recent acquisition, MREAM is set to refine this vision, opting for a slightly smaller but equally opulent 10-story condo with 25 units. The shift in plans reflects MREAM’s commitment to creating a project that seamlessly integrates luxury, functionality, and architectural excellence.
Leadership and Expertise:
MREAM, under the leadership of Brazilian billionaire José Isaac Peres, stands as a prominent Miami-based developer renowned for crafting upscale condo complexes such as 57 Ocean, Ocean Park South Beach, and Il Villaggio in Miami Beach. With a proven track record in delivering luxurious living spaces, MREAM’s foray into Surfside signifies an exciting chapter in the evolution of the local real estate scene.
Phil Gutman, representing MREAM, facilitated the all-cash transaction that sealed the deal, solidifying MREAM’s ownership of Regent Palace. While Dimond, the visionary behind the initial proposal, has not yet commented on the transaction, the transition of ownership sets the stage for a new era of sophistication along the Surfside Beach, FL shoreline.
As Multiplan Real Estate Asset Management embarks on the journey to reimagine Regent Palace, the promise of a refined and luxurious residential experience unfolds. The 10-story condo with 25 units represents a harmonious blend of history, visionary design, and MREAM’s commitment to elevating the standards of luxury living in South Florida. Surfside awaits the unveiling of this masterpiece, anticipating a new symbol of opulence along its oceanfront.