Residences by Armani/Casa Pays Off $315M Construction Loan
With $800 million in contracts expected to close quickly, the building is well on its way to a planned $1 billion sellout.
SUNNY ISLES BEACH, FL—Developers The Related Group and Dezer Development announced the payoff of a $315 million construction loan to Wells Fargo for Residences by Armani/Casa. The 308-unit tower located on the sands of Sunny Isles Beach celebrates the legendary vision of interior design firm Armani/Casa, led by the famed Giorgio Armani; architecture firm Pelli Clarke Pelli, founded by the late César Pelli; and Swiss landscape architecture firm Enzo Enea.
This milestone comes weeks after the tower received its temporary certificate of occupancy (TCO), signaling imminent move-ins for buyers. With $800 million in contracts expected to close quickly, the building is well on its way to a planned $1 billion sellout.
Construction of the 56-story building began in 2016.
“Paying off this loan so quickly is testament to the caliber of industry leaders this tower unites, from my partner on the project, Related, to the design icons who curated every inch of the building,” said Gil Dezer, president of Dezer Development. “Since TCO, we’ve seen multiple closings per day and could not be prouder to deliver a tower that exceeds all expectations.”
The residences feature floor-to-ceiling windows framing the Atlantic Ocean, expansive terraces with glass railings and summer kitchens and kitchens with premium Armani Dada-designed cabinetry and Sub-Zero and Wolf appliances. The master suites feature Armani Dada designed midnight bar with marble countertop and sink, and in the master bath Armani Roca design sink, tub & plumbing fixtures.
Residences are available for immediate occupancy, ranging from 1,800 to 6,000 square feet. from $2.9 to $17 million.