What is sure to be the central point of the Miami Beach luxury condominium market is continuing to push North. In fact, on Thursday Sergio and Manuel Grosskopf’s Chateau Beach Residences finally broke ground on Sunny Isles Beach.
This 84-unit, 33-story high Chateau Beach Tower is being built at 17475 Collins Avenue. It is planned to be just a couple blocks away from the future Mansions at Acqualina and the Porsche Design Tower. According to Manuel Grosskopf, they plan to have the project wrapped up by the end of December of 2014.
Manuel Grosskopf has stated that he is following the original Latin American financing model which involves the buyers making significantly large deposits up front and throughout the entire construction process. According to Grosskopf, this is a trend that was inspired by the ramp up development of the tower. Individuals are paying a minimum of 50 percent deposits for the construction of the project. Grosskopf claims that the large deposits give the construction team more confidence that they are working with a real buyer and are part of a genuine market.
Manuel Grosskopf has a Latin American real estate development background that primarily focuses on Uruguay and Argentina. His family is also the proud owner of 700 Biscayne which is located in Miami. 700 Biscayne has recently been approved for the development of both a condo and a hotel adjacent to the Freedom Tower which is located in downtown Miami.
According to Manuel Grosskopf, they do have big plans for a few other construction projects in the distant future.