Kevin Tomlinson, the most respected name in Miami Beach luxury condos, presents MEi Miami Beach. Search listings live. View prices, floor plans and pictures.

The most significant Miami Beach real estate announcement since Apogee South Beach has arrived. MEi Miami Beach [pronounced may-e] has ever so discretely launched. MEi, Mandarin for beauty and femininity, commands nothing but the utmost in respect and awe. Only 135 units are available; owners will be an elite group.

The acclaimed hotel design firm of Hirsch Bedner Interior Designers [HBA] has been retained to infuse into MEi Miami Beach the same premiums and standards that have made them the designers of choice for industry leaders such as Hilton, Hyatt, Inter-Continental, Marriott, Regent/Four Seasons, and Ritz-Carlton. Local projects for HBA include the Mandarin Oriental Miami and the Sheraton Bal Harbour.

MEi is the last oceanfront site for luxury condominium construction in Miami Beach for the foreseeable future. This oceanfront icon in shimmering glass and flowing water will be crafted in limestone, teak and exotic fabrics from the east. Both of the one- and two-story elegant residences will boast panoramic walls of glass overlooking the bright green waters of the Atlantic Ocean.

Tranquility, privacy, and serenity is the mood of this incredible building. Public spaces are being designed with quiet coves and spaces throughout the property for MEi Miami Beach residents to enjoy the ultimate in privacy and relaxation.

MEi is a project on par with The Setai, though it will have a flavor more Mandarin similar to the exquisite Mandarin Oriental hotels. Those familiar with our local market and property offerings will easily see the fantastic offerings MEi brings to Miami Beach.

At the northern end of Millionaire's Row, MEi is being built on one of the last vacant oceanfront parcels of land on Miami Beach. The Bath Club is nearing completion and is MEi's neighbor to the north. Other nearby buildings include 6000 Indian Creek, which is also just finishing construction.

*All info on MEi Miami Beach is preliminary and subject to change. We will provide updates as we receive them.

From the Daily Business Review...

22-story condo on Collins Avenue a step closer

By: Oscar Pedro Musibay

May 19, 2005

New York-based development group has made its first South Florida investment with the $42 million purchase of 1.75 acres at 58th Street and Collins Avenue where it plans a luxury, 135-unit oceanfront condominium.

PMG Collins LLC, a subsidiary of New York-based Property Markets Group, bought the parcel at 5875 Collins Ave. and plans a 22-story condominium that has already received zoning approvals and building permits from the city of Miami Beach, said Mitchell Schneiderman, a principal of PMG.

The seller of the oceanfront parcel, First Ocean Estates Realty LLC, is led by the same developers who are proposing two huge skyscrapers in downtown Miami that would be the tallest residential towers in the world.

Mauricio and Leon Cohen, who want to develop Empire World Towers, bought the Collins Avenue property in 1999 for $8 million. They abandoned plans to develop the oceanfront site because they wanted to prioritize the downtown Miami project and other interests, said Miami-based Bruce M. Goldstein, a principal in PMG.

“He has two huge projects besides this,” said Goldstein, referring to Mauricio Cohen. “It became too much for him.”

Cohen could not be reached for comment before deadline Wednesday.

Peter Amoruso of AJR Realty and Jason Cohen at Ackman Ziff brokered the transaction that closed April 27.

Schneiderman, who is overseeing the project for the New York-based developer, was part of the group that developed the upscale Hidden Bay condo in Aventura in 1997.

PMG’s 22-story building will be called MEi (pronounced May-e), which is Mandarin for beauty and femininity. The units at MEi will range from 900 to 2,600 square feet at an average price of $1.3 million, Schneiderman said.

Construction is expected to begin next month and will take 18 months.

PB Capital of New York provided PMG with $98 million for the purchase of the land and to partially fund construction of the condo. The lender did not require pre-construction sales before approving the loan because of its confidence in the project and the company’s development track record, Goldstein said.

Ziel Feldman and Kevin Maloney founded Property Markets Group, developer of walk-up apartments in Manhattan, in 1992. Today, its portfolio includes hotel, resort, residential and commercial properties.

The sellout value is about $180 million, Schneiderman said. International Sales Group will handle unit sales.

In addition to the 135 units in the building, the development will have 10 condo cabanas as well as a 3,000- to 4,000-square-foot private spa.

MEi is coming onto the market as talk about an impending market correction heats up. Thousands of condos are in the planning stages and some people question how long the current development rate — driven largely by investors and speculators — can be sustained.

Many developers and brokers contend oceanfront developments will be insulated from any correction.

Kevin Tomlinson, a broker at Esslinger-Wooten-Maxwell who works in Miami Beach, echoes that sentiment, citing especially a shortage of developable oceanfront land the city.

“Biscayne Boulevard is a potential problem, but I think that Miami Beach, the ocean, the bay, are built-in insurance policies,” Tomlinson said. “Even if the market gets funky, there is always going to be demand for oceanfront, bayfront and the beach.”

Jo Sumberg, a board member of the Master Brokers Forum, recognizes the value of oceanfront properties, but also pointed to some concerns about the amount of product on the oceanfront market.

“I have to believe that the timing is bad,” said Sumberg, a broker at Avatar Real Estate Services in Coral Gables, which specializes in luxury homes and condos. “I would have to believe that with all the stuff that’s up there, you have Canyon Ranch … the Ritz-Carlton … Setai … 58th and Collins is a great spot. But what are they going to do that is different?”

Craig Studnicky, a principal at ISG, said MEi instantly differentiates itself because of the fact that there is very little new condo product being sold in Miami Beach. “It could be one of the last ones that ever gets built on Miami Beach,” Studnicky said about MEi.

Schneiderman said he’s aware of the challenges and potential pitfalls.

“We’ve all been flying high for many years. I can’t predict, nor can I rule out, a correction,” he said. “Depending on the severity of a correction we could ultimately be affected, but we would be the last to be affected. There will always be a need and a desire on the part of people who would like to live on the ocean.”