Developer JP Roosevelt has topped off 42 Pine, a 50-unit luxury condominium project in Miami Beach, Fla. Last year, BridgeCity Capital provided $35.5 million for the project’s construction. Completion is expected in the first quarter of 2024.
Designed by Arquitectonica, the eight-story building comprises residences ranging from 700 to 2,700 square feet, including eight penthouses, with remaining condos priced between $700,000 and $3 million. Units will feature marble countertops, floor-to-ceiling windows and private terraces. Common-area amenities are slated to include a spa, 52-foot rooftop swimming pool, fitness center, club room, children’s game room, as well as concierge service and 24-hour valet.
Located at 340 W. 42nd St., roughly 8 miles from downtown Miami, the development site is in a highly walkable area, featuring multiple retail, dining and entertainment options. The property is also close to Mount Sinai Medical Center and Miami Beach Golf Club.
In prepared remarks, BridgeCity CEO Allan Lebovits mentioned the high demand for luxury residential options. In the condominium sector, high-end properties are expected to fare better, being impacted by interest rate hikes to a lesser extent. Recently, construction started on multiple such assets in South Florida, including a 21-story tower in Pompano Beach, also designed by Arquitectonica.
