Monaco Property Group approved for $500 million NALU apartments on Miami beach
One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward. Monaco Property Group has secured approval for NALU, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.
Acquired by Monaco Property Group in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.
With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by BDA Architecture, who collaborated with LDG Landscape Architecture and Tom Mark Henry Interiors to create the low-rise building, its landscaping, and interiors.
Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.
At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.
Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.
“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.
“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”
Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.
Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.
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
