The project, which has been in the works for over a decade, also includes a 13-story office building designed by Henning Larsen, a second 23-story apartment from Studio Gang, and a commercial property by WORKac that will house biotech research firms.
The Caynon’s 283 rental units range from studios to three bedrooms, with about a third designated as below market rate housing. The building will also include street-level retail and dining and 58,000 square feet of office space.
MVRDV’s design was inspired by California’s iconic rock formations, with a narrow “valley” running between steep rocky walls that extend all the way up the building’s western façade.
According to Tishman Speyer senior managing director Carl Shannon, residents will be able to move on in starting in June.
Sales launch
Regency heads south for Miami’s La Maré
The Chicago-based Regency Development Group is stepping outside its usual playground for its next project: La Maré, a boutique condo complex coming to Miami’s Bay Harbor Islands.
The development is composed of two eight-story buildings: The 33-unit Regency Collection at 9927 East Bay Harbor Drive and the nine-unit Signature Collection at 9781 East Bay Harbor Drive.
Sale for the vertically stacked “tropical luxury villas,” as the press materials call them, launched this month. Regency bought the site in 2022 for $22.5 million and expects to break ground later this year, with the completion of both buildings slated for 2025.
Architect Kobi Karp, who renovated Miami’s Astor Hotel and the venerated Surf Club, is designing the exteriors, while Brazilian designer Debora Aguiar Arquitetos, who worked with Karp on 1 Hotel South Beach, is overseeing the interiors.
“The design ethos is centered around its respecting the natural surroundings—water and its movement—to create an ongoing connection to the environment,” Karp said in a statement.
Units range from two to four bedrooms, with four additional multilevel penthouses. Owners will have access to a private boat slip, rooftop pool, and waterfront sundeck. Pricing starts at $2.875 million and goes up to $6.3 million, though Regency managing partner Michael Troyanovsky told The Real Deal that he’s in no rush to sell out.
“We want to wait and see how the market plays out,” Troyanovsky said. “We don’t see the market going anywhere. We really think that the bubble of South Florida is here to stay.”
News
Florida bill would restrict certain foreign real estate purchases
Florida is one of the hottest real estate markets in the US, but if state lawmakers have their way, some international buyers will stick out.
House Bill 1355, now up for a full vote, would prohibit nationals from “countries of concern”—a label applied to China, Russia, Venezuela, and other nations—from purchasing real estate anywhere in the state, and require them to register any existing properties.
Similar initiatives have been floated in Texas, Virginia, and also in Congress, but HB 1355 has been described as a priority for Republican Governor Ron DeSantis.
“We don’t want to have holdings by hostile nations,” DeSantis said at a January press conference.
An equivalent measure was approved unanimously in the state Senate earlier this month. But critics compare the legislation to the Chinese Exclusion Act and Nazi-era laws that required German and Austrian Jews to register their properties.
“If approved, these two bills will mark Florida as the most discriminatory state in the 21st century,” Xuan Jiang wrote in an op-ed in the Orlando Sentinel.
Even if the bill became law, University of Miami business professor Jason Damm told The Tampa Bay Times, “It would be difficult to imagine it’s going to make a huge dent in our market. “
The majority of Miami’s foreign real estate investors come from Latin America, Damm said, calling HB 1355 “more of a political statement than anything else.”
The hottest neighborhood in America?
America’s most in-demand real estate market? No, not New York or Miami. It’s Dallas. Northeast Dallas, to be exact.
That’s according to HouseFresh’s examination of Zillow daily site traffic in October. HouseFresh, which normally rates indoor air quality devices, collected Zillow listings from America’s 100 biggest cities and found the most clicks in the region encompassing Lake Highland, with 36,113 hits a day.
That’s compared to the Hollywood Hill’s 32,216 clicks and the Upper East Side’s 24,125, the most popular neighborhoods in the two coastal metropolises.
While other sectors of Dallas appeared on HouseFresh’s roundup—Preston Hollow landed at Number 12 and Far North was Number 15—Phoenix, Arizona, also dominated the top ten, with areas in third (Camelback East), sixth (North Mountain), and tenth ( Deer Valley) place.
