First look: Monaco Property Group reveals plans for new luxury Miami apartment development
A few days after confirming their $70 million purchase of an unrepeatable development site in Miami, Monaco Property Group has submitted plans for their luxury tower in Miami.
They're sticking with the name Nalu, which is the name of the current holiday block that was developed as Nobby's Outlook in the 1970s. It currently comprises four connected two-level buildings with 46 two and three-bedroom apartments, most recently operated as long-term rentals.
Monaco Property Group, directed by Jonathan Grasso and businessman Jay McPhee, has had Koichi Takada Architects work with BDA Architecture to create 46 apartments across a striking curved tower at 122 Marine Parade.
The two architecture firms shared in their design statement submitted to the Gold Coast City Council that Nalu "embraces the Miami context of lush landscape, open architecture, beachfront living and active lifestyle."
They said the building has been positioned to open out to the ocean, but also blend with the mountain behind.
The mostly four-level building, with a partial fifth level for private rooftop terraces in the more premium apartments, has been designed in a U-shape so the communal spaces face the ocean. Residents will have access to a central resort-style pool, lounge, gym, yoga area, hammam, steam rooms, and hot and cold plunge pools.
The 46 two, three, four and five-bedroom apartments have been designed to maximise views, ventilation, and solar protections, while also protecting the privacy of the residents. Each apartment features expansive wrap-around balconies that serve as outdoor living areas.
One basement level will provide parking for 139 residential vehicles and eight visitor vehicles, which will access Nalu from porte-cochère entrance on Fraser Avenue.
On the site acquisition, Grasso said the site was one of the best beachfront development sites on the eastern seaboard of Australia.
“The site is not only one of the largest beachfront development sites on the Gold Coast, but its position overlooking the beachfront and close proximity to the heart of Nobby Beach provides a truly unique opportunity for our team to create an incredible residential development that will be a legacy for years to come.”
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
