Ocean House

Property type: Condo
Business line: Operating Properties
Location: Miami, FL

Ocean House
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When iStar assumed ownership of this high-end condo development, the units were decorator ready but the common areas had been value-engineered into unremarkable, commodity spaces that belied the worth of such an exclusive location right on the ocean in Miami’s South Beach. Even the development’s name, South of Fifth, was confusing since that was also the name of the neighborhood. Despite the market still in an early stage of climbing out of a trough, we were optimistic about the market’s future and went all in on the property—giving it a new concept, a new name and, working with a premium designer, a reengineered experience worthy of the location. Instead of a lobby, the entry was made to feel like an exquisite home with a large living room, butler pantry, sweeping staircase and even a library. The changes created a cachet for the property that brought in premium buyers and top dollar for these unique homes on the beach.