The Verasca Group is planning its third site in the US, and it will be located at the Denny’s property on Collins Avenue. The .99 acres in Sunny Isles is slated to be the new home of a 19-story tower of luxury units, and it will be the first condos that provide luxury, amenities and the quality finishing touches that buyers expect on the water, but according to the Verzasca Group executive chairman Gennady Barsky, these units will cost less. As this is one of the first new projects in that area of Collins in years, it has certainly generated some excitement.
The Sunny Isles Tower
The planned 19-story tower will have 76 units, and Revuelta Architecture International’s Luis Revuelta is designing the architecture. The current information on these luxury condos is that they will start at under $1 million, and go as high as just under $2 million, with each square foot costing less than $1,000. Each unit will have an ocean view. The development will also have a street-level restaurant and commercial retail space, as well as a pool that faces the ocean.
The Verzasca Group ultimately intends to invest a total of $700 million into projects in South Florida. Currently, the group has two boutique projects going in Bay Harbor Islands. The Pearl House, which is located at 101st Street, has 15 units, with sizes that start at 1,440 square feet and go up to 2,259 square feet. The apartments start at $540,000 and go as high as $972,370. The second project is Le Jardin at 102nd Street, which has 30 condos with an average cost per square foot of around $400. These units are available from $500,000 up to just under $1 million. Both of these towers are currently around 50% sold.
The group is also planning other projects, such as an iconic building that will be the tallest in Edgewater.
Collins Avenue Poised for Discovery
The Verzasca Group’s attorney, Steve Bassin, along with other developers believe that this project could be the start of a discovery period for the west side of Collins Avenue. This is due to the considerable increase in Latin American and Russian buyers that have driven property values up, and the overall scarcity of available space on the ocean side of the avenue. As interest in South Florida continues to grow, developers are expecting further expansion, which will force investors to look at other areas for building new luxury properties that can still provide the ocean views that foreign investors are looking for.
The Verzasca Group was formed in 2014 by Tim Lobanov, Darius Kasparaitis, and Gennady Barksy. The group gained development experience through public infrastructure projects and residential communities that they built in Russia.
As work gets underway on the Sunny Isles development (see all Sunny Isles pre-construction projects here), it will remain to be seen if other developers follow suit to continue attracting new buyers to the area that are looking for luxury condos with all the amenities, even though they won’t be right on the water.