Mutiny Park Tops Off Developers Say Sales Pace Brisk

By Sherri C. Ranta
Mutiny Park, a luxury condominium-hotel project in Coconut Grove expected to open late this year, has topped off at 21 floors amid brisk sales and optimism from developer Ricardo Dunin.

"Condo-hotels such as Mutiny Park are in great demand among South Americans and Europeans who travel here frequently," he said.

About 150 of the 224 units in the project have been sold, he said.

Mr. Dunin said the developers expect at least 85% of Mutiny Park buyers to enter the property’s hotel management program. Once opened, Mutiny Park will become Sonesta Hotel & Suites Coconut Grove, which will provide rental management services for unit owners.

Residents and visitors will also have reciprocity with Sonesta Beach Resort on Key Biscayne. "They can," Mr. Dunin said, "catch a shuttle here and be at the beach 15 minutes later. That’s part of our advertising: ‘Enjoy the beach by day, walk the Grove by night.’"

Developed by the Flagler Holding Group Inc. of Miami, he said another feature marketed to potential buyers at Mutiny Park, 2889 McFarlane Road, is that the project is within walking distance of CocoWalk, the Streets of Mayfair and Dinner Key Marina.

The price, including monthly maintenance fees, is about the same as what is charged for a comparable condominium unit, Mr. Dunin said.

He said the condo-hotel concept — a new trend in area development but well-known in South America — provides an added degree of flexibility, along with hotel amenities.

Prices start at $200,000 for studio units of about 500 square feet, Mr. Dunin said, and range up to $1.9 million for penthouse units as large as 3,500 square feet.

All units, he said, are turnkey, meaning equipped with furnishings, linens, kitchen supplies and appliances.

Amenities, Mr. Dunin said, include a heated pool with a bar and view of Sailboat Bay, exercise room, sauna and steam rooms, a Jacuzzi, a ball room, an executive center, meeting space, a cafe, two squash courts and a multi-use lawn court.

Mutiny Park officials say they are marketing their project quite heavily in Latin America and to some extent in Europe. Mutiny Park’s website is written in six languages — English, Spanish, Italian, German, French and Portuguese.

The US economic slowdown isn’t affecting sales as much among potential clients, Mr. Dunin said, as is the devaluation of currency and exchange rates. Sales to Europe and Brazil have slowed some since devaluations there last year, he said.