Monaco Property Group pays $70m for Miami site, plots luxury apartment development
Monaco Property Group has acquired the Miami holiday destination Nalu for $70 million in one of the biggest residential deals on the Gold Coast in 2025.
The acquisition by Monaco Property Group, a Gold Coast company associated with seasoned developer Jonathan Grasso and Australian businessman Jay McPhee, positions the group to create a landmark beachfront project on a site that has been a popular drawcard for locals and holidaymakers for decades.
Formerly known as Nobby’s Outlook and originally developed in the early 1970s, Nalu comprises 46 two and three-bedroom apartments that are currently offered as long-term rentals.
It consists of four connected two-level buildings in a square configuration that includes a central recreation area with two swimming pools, and underwent a major refurbishment in 2019 after which it was renamed Nalu – a Hawaiian word that translates to ‘wave’.
The property benefits from an idyllic location fronting Thorn Park and Miami North Beach while offering 80 metres of uninterrupted ocean frontage and a central location which is just a short stroll from the popular Nobby Beach retail and dining precinct.
Monaco Property Group is leveraging its extensive development expertise to reimagine the expansive 7,238 sqm site, with the company currently laying plans for an ultra-luxury new residential development that takes advantage of its unique location in one of the most sought-after coastal enclaves on the Gold Coast.
Among the latest high-profile developments undertaken by Monaco Property Group is the $114 million award-winning Capri Villas, a collection of 48 architecturally designed villas at s Project on the central Gold Coast, which are due for completion in Q3 of this year.
“We’re extremely excited to have secured Nalu, one the best beachfront development sites on the eastern seaboard of Australia,” Grasso said.
“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.”
Nalu was secured by Monaco Property Group through an off-market deal in which the company dealt directly with the vendor. Monaco Property Group plans to lodge a development application for the site with the Gold Coast City Council.
“We are very excited to be working up plans for a truly world class project on such a unique site with an incredible 80 metres of beach frontage, which is certainly a rarity on the eastern seaboard of Australia,” Grasso added.
“It’s a property that locals know well, which is why we have decided to retain the name Nalu as it reflects the vision we have for this property. It’s very rare to have a site bound by two natural assets, being the pristine beach frontage and the lush elevation of Nobbys Hill and Lions Head Park. In line with our founding philosophy, our plans for Nalu will be defined by a commitment to quality, legacy, incredible landscape, world-class amenity and wellness, and an architectural statement of excellence.”
Located at 122-130 Marine Parade, Nalu backs onto Nobbys Hill and the untouched natural beauty of Lions Head Park to the west, while offering ocean views to the Miami North beachfront and south to Coolangatta and Rainbow Bay.
