Martin Margulies is so determine to finish his latest luxury condominium project before the next housing bubble bursts in Miami’s that he is doing something personal. The luxury Miami real estate developer is putting up some of his estimated $800 million art collection, including works by Mark Rothko and Jackson Pollock, as collateral to secure an $80 million personal loan from U.S. Trust. He hopes that this will instill confidence in buyers. The difference between Margulies and other Miami luxury real estate developers is that he is not keen on the model of financing construction through large cash deposits from foreign buyers. He is wary of the danger that if the real estate developer uses the money, except for the first 10 percent, and if he uses the money, and the construction costs escalate, he better have the money to cover those costs because the buyer is out there. He feels that by using our own money to build a luxury Miami building it would encourage people to have confidence in us and the real estate project.
We will learn whether Margulies’ uncommon financing decision will work out or not in October, when construction of the luxury 24-story condo tower in Aventura is scheduled to be finished. Margulies will not be clear on sales data, only saying that he is able to service the debt on the loan without any trouble. Bellini Williams Island was the first luxury Miami condo real estate development to break ground following Miami's real estate crash. It could be the 74-year-old real estate developer’s final project unless another great location becomes available.
Bellini Williams Island will be a 24-story luxury Miami tower that features a mere 70 exclusive residences. These residences are no more than four per floor. There will be an elegant entrance with porte-cochère and 24-hour valet parking. The lobby is richly appointed with a 24-hour front desk staff and concierge. Security is key as round-the-clock private security and computerized access systems control everything. Each residence gets a private elevator entry. Residences will have three large bedrooms and 10 foot ceilings throughout the unit. Corner units will have an amazing2,300-2,700 square feet of space with panoramic exposures, wraparound, glass-railed balconies with unobstructed water views, top-of-the-line interior appointments, fixtures and appliances like Sub-Zero and Poggenpohl.
The Miami real estate building will be landscaped with a sundeck, a resort-style pool and spa. There will be a fitness center with men’s and women’s locker rooms and saunas. Enjoy private screenings of your favorite movies and sporting events in the media room while your kids hang out in the kids' game room and lounge. The building is a mere few steps away from the 106-berth Williams Island Marina and Williams Island Club and its spectacular health spa, swimming pool, 16-court tennis complex and dining. Enjoy access to Williams Island Marina. Residents will enjoy living only a few minutes away from the world-famous Aventura Mall, where you can shop at Bloomingdale’s, Macy’s and Nordstrom. Bellini is also close to the ultra-luxury Bal Harbour Shops and a short drive from the South Beach nightlife.
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Andres Leiser is a local contributor for Constec Realty's Miami luxury real estate website. Andres Leiser has been involved in Miami real estate for over a decade. For more information please visit www.constecrealty.com
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