Monaco Readies $500m NALU in Miami: 44 Homes From $6.95m
The developer paid $70 million for the former Nobby's Outlook site in 2024. Early works are under way ahead of the sales launch.
Monaco Property Group is preparing to bring NALU, a $500 million beachfront project at 122 Marine Parade, Miami, to market, apartments.com.au reported on 6 October. The project has 44 residences priced from $6.95 million to more than $30 million.
Works are already under way. G&H Civil is carrying out early works, and EastBuild Partners, Monaco’s construction arm, will lead delivery with Eastview managing the project.
Why it matters
NALU goes to market at the very top end while regional Queensland values are falling, down 0.9 per cent in September per Cotality. Every residence is priced above $6.95 million, and the marketing is aimed at downsizers leaving nearby beachfront houses and at interstate buyers.
The site is the former Nobby’s Outlook, which Monaco bought for $70 million in 2024. On the reported figures, land represents about 14 per cent of the $500 million project value. That is our arithmetic, not a figure Monaco has published.
Monaco co-founder Jonathan Grasso said: “This is a project we want to stand the test of time.”
The numbers
- Address: 122 Marine Parade, Miami.
- Site: 7,238 sqm with about 80 metres of beach frontage.
- Residences: 44, from 237 sqm to more than 1,400 sqm.
- Prices: from $6.95 million to above $30 million.
- Amenity: more than 3,000 sqm.
- Team: BDA Architecture, interiors by Tom Mark Henry, landscape by LDG Landscape Architecture. Kollosche is handling sales.
The report did not state the building’s height or its planning approval status.
What’s next
The sales launch will show whether ultra-prime demand on the southern Gold Coast is holding while the broader market falls. For agents, the downsizer pitch is the one to watch, since each sale to a local owner can bring an established beachfront house to market. More Gold Coast residential coverage.