Isaac Kodsi, a developer based in Coconut Grove, died earlier this month at the age of 59. He was nearing completion of Arbor Residences, a condominium project in Coconut Grove that he had acquired out of foreclosure last year. Kodsi worked on the project with his adult children, Joseph and Camilla.
Dan Kodsi, Isaac’s brother and also a condo developer, said he will collaborate with Camilla to finish the 45-unit building at 3034 Oak Avenue. The property is located just north of downtown Coconut Grove. According to Dan Kodsi, more than 60 percent of the units are under contract, with remaining units starting at $1.7 million. Sandra Masis from Cervera Real Estate has managed sales for the project.
Dan Kodsi emphasized that Camilla will lead efforts to complete Arbor Residences and continue her father’s legacy. “She’s got a great grip on what’s happening on the property,” he said. “For someone who doesn’t have that level of experience, she’s doing a great job.”
Isaac Kodsi lived nearby in Coconut Grove with his wife Teresita and their children.
Despite slow conditions in the residential market, Dan noted that Arbor Residences is priced slightly below comparable buildings in the area, which may provide an advantage. The building is expected to receive its temporary certificate of occupancy by year-end.
The project has faced delays since it was first launched by previous developers Nick Hamann and Jeremy Waks in 2017, who originally planned to deliver it in 2019. Construction was delayed before the pandemic.
Camilla Kodsi stated that completing Arbor alongside her brother and uncle “is deeply personal for me.”
When Isaac Kodsi purchased the property out of foreclosure, he returned buyers’ deposits and paid outstanding amounts owed to contractors and subcontractors. He previously explained that if the lender had foreclosed on the site instead, buyers likely would not have recovered their deposits.
In other residential news, billionaire Russell Weiner bought a waterfront mansion at 43 Star Island Drive in Miami Beach for $35.3 million from Linda Frankel; her late husband Dr. David Frankel was a well-known dermatologist. Weiner plans to renovate and expand the home before listing it for more than $100 million.
Commercially, Property Reserve—the real estate investment arm of The Church of Jesus Christ of Latter-day Saints—purchased Del Ola Apartments at 7801 North Federal Highway in Boca Raton for $152.5 million from Clarion Partners.
A seven-bedroom estate at 2315 South Ocean Boulevard in Palm Beach has been listed for $73 million after last trading hands for $44.9 million two years ago; Gary Pohrer (Serhant) and Nick Malinosky (Douglas Elliman) hold the listing.
Weiner has also been identified as owner of another luxury waterfront home at 5300 North Bay Road in Miami Beach as part of his ongoing acquisition of high-end properties in Miami Beach.
Florida’s Board of Education recently decided to stop awarding certificates of completion to students with disabilities—a move reported by Central Florida Public Media—which means these students will not receive formal recognition if they do not earn diplomas.
