ApartmentsLeon Della BoscaTue 06 Oct 26
Monaco’s $500m Miami Beachfront Apartments Hit the Market
Sixteen years after a single unit owner blocked Sunland Group’s $40-million bid for a Miami beachfront resort, a $500-million apartment project is under way on the same site.
Early works have started on Monaco Property Group’s Nalu by Monaco, where prices for the 44 apartments start at $6.95 million. The six-bedroom penthouse is priced above $30 million.
The five-storey scheme, approved in October 2025, is on a 7238sq m site at 122 Marine Parade, at the base of the Nobby’s headland. The site has three street frontages and 80m of beach frontage.
Sunland contracted to buy the resort, then known as Nobby’s Outlook, for $40 million in 2010, but the deal collapsed when one unit owner held out. A 2013 court order dissolved the community titles scheme, clearing the way for a sale.
Moose Toys boss Paul Solomon bought the vacant 46-unit complex at auction for $23.75 million in 2017 and renamed it Nalu, before selling to Monaco for $70 million in 2024.
BDA Architecture designed the Nalu project, with interiors by Tom Mark Henry and landscaping by LDG Landscape Architecture.
Residents would share more than 3000sq m of amenity, including a bathhouse with a thermal mineral pool, snow room and sauna, gymnasium, two swimming pools, golf simulator and a boardroom.
Plans lodged in April 2025 had proposed 46 apartments and 2000sq m of communal space.
Kollosche principal Michael Kollosche said that Nobby’s Beach retail and dining precinct being within 450m is a “combination [that] is exceptionally difficult to replicate”.
Site size and location were fundamental to the design, according to Monaco co-founder Jonathan Grasso.
“The scale and rarity of the site presented an opportunity to do something not seen before,” Grasso said.
Kollosche said the project specifically targets downsizers.
“People moving from large beachfront and waterfront homes are accustomed to space, privacy and the ability to entertain family and friends comfortably,” he said.
“They want less maintenance without compromising on how they live.”
Enquiry has come from owners on nearby Hedges and Albatross avenues, as well as buyers from Brisbane, Sydney, Melbourne and New Zealand, according to the agency.
G&H Civil is carrying out early civil works with Monaco’s construction arm EastBuild Partners appointed to build.
Eastview is the project and construction manager, with Graham Goldman leading the delivery team.
“This is a project we want to stand the test of time,” Grasso said.
“Nobby’s Outlook is part of the Gold Coast’s history. We recognise the responsibility that comes with this location and want Nalu to make an enduring contribution to it.”
