Isaac Kodsi, a developer known for his work in Coconut Grove, died in early August at the age of 59. Before his passing, he was close to finishing Arbor Residences, a 45-unit condominium project located at 3034 Oak Avenue, just north of downtown Coconut Grove. Kodsi had acquired the property out of foreclosure in 2023 and was working with two of his adult children, Joseph and Camilla, through their family firm.
Dan Kodsi, Isaac’s brother and also a condo developer, said he will collaborate with Camilla to complete the building. “She’s got a great grip on what’s happening on the property,” Dan said. “For someone who doesn’t have that level of experience, she’s doing a great job.” He emphasized that while he will help ensure completion of the project, Camilla will take the lead and continue her father’s legacy.
The development has secured contracts for more than 60 percent of its units. The remaining residences are listed starting at $1.7 million. Sandra Masis from Cervera Real Estate is handling sales for Arbor Residences. According to Dan Kodsi, despite a slow residential market in the area, Arbor’s slightly lower pricing compared to other buildings gives it an advantage. The team expects to receive a temporary certificate of occupancy by year-end.
The project marks another chapter for Arbor Residences after previous delays under earlier developers Nick Hamann and Jeremy Waks, who began sales in 2017 but did not deliver as planned before the pandemic.
Camilla Kodsi commented on her involvement: Completing the project alongside her brother and uncle “is deeply personal for me.”
Isaac Kodsi had taken over the property after foreclosure proceedings and returned buyers’ deposits while paying outstanding contractors—a move he explained would not have been possible if lenders had foreclosed on the site.
Elsewhere in South Florida real estate activity: Billionaire Russell Weiner purchased an eight-bedroom waterfront mansion at 43 Star Island Drive in Miami Beach for $35.3 million from Linda Frankel; Weiner plans significant renovations before listing it for more than $100 million. Weiner has also been assembling other luxury waterfront properties across Miami Beach.
In commercial real estate transactions this week, Property Reserve—the real estate investment arm of The Church of Jesus Christ of Latter-day Saints—bought Del Ola Apartments at 7801 North Federal Highway in Boca Raton from Clarion Partners for $152.5 million (https://therealdeal.com/miami/2024/08/21/church-of-jesus-christ-of-latter-day-saints-buys-boca-apartments-for-153m/).
A Palm Beach estate at 2315 South Ocean Boulevard is now listed for $73 million with Gary Pohrer (Serhant) and Nick Malinosky (Douglas Elliman), having last traded hands two years ago for $44.9 million (https://therealdeal.com/palm-beach/2024/08/20/oceanfront-palm-beach-mansion-lists-for-73m-up-from-45m-in-2022/). The home spans over 14,000 square feet on nearly two acres.
Separately, Florida’s Board of Education recently voted to end certificates of completion for students with disabilities; these students will no longer receive formal recognition upon graduation if they do not earn diplomas.
Research contributed by Mary Diduch.
