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Developer plans 76-unit Sunny Isles Beach condo after $10.5M purchase

Verzasca Group plans to build this 76-unit condo at the site of the Denny's in Sunny Isles Beach.
Verzasca Group plans to build this 76-unit condo at the site of the Denny's in Sunny Isles Beach.

A Russian development team has acquired the site of Denny’s restaurant in Sunny Isles Beach, and plans to build a 76-unit condominium there.

Verzasca Group affiliate 17550 Collins Avenue LLC paid $10.5 million for the 1-acre lot with a 10,654-square-foot restaurant. It’s across the street from the beach.

The seller, Salah Abi Ghanem-managed Sal Ganem of Miami Shores, provided $7.5 million in financing to the buyer.

The price for the land equates to $243 a square foot.

The Miami-based developer is led by Darius Kapsaraitis, a former NHL defenseman, Gennady Barsky and Tim Lobanov. They already have two projects that have broken ground in Bay Harbor Islands. The Sunny Isles Beach condo would be their largest one yet.

Units in the 19-story building would be priced from just under $1 million to about $2 million, with most of them under $1,000 a square foot. That’s less expensive than the oceanfront units slated for bustling Sunny Isles Beach.

Verzasca Group plans to launch sales in August, pending development approval from the city.

The company is also working on securing a site for a condo tower in Miami’s Edgewater neighborhood.